Tiaa-Cref Life Funds – ‘N-CSR’ for 12/31/02

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Certified Annual Shareholder Report of a Management Investment Company   —   Form N-CSR
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Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR       Certified Shareholder Report                         235±   888K 
 3: EX-99.1350.CERT  Certifications                                    1      6K 
 2: EX-99.CERT  Certifications                                         2      8K 

N-CSR   —   Certified Shareholder Report
Document Table of Contents

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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 Investment Company Act file number File No. 811-08961
                                    ------------------

TIAA-CREF LIFE FUNDS
--------------------
(Exact name of registrant as specified in charter)

730 Third Avenue, New York, New York 10017
------------------------------------------
 (Address of principal executive offices) (Zip code)

 Lisa Snow, Esq.
 c/o TIAA-CREF
 730 Third Avenue,
 New York, New York 10017-3206
 -----------------------------
 (Name and address of agent for service)

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

Date of fiscal year end: December 31
                         -----------

 Date of reporting period: December 31, 2002
                           -----------------

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ITEM 1. REPORTS TO STOCKHOLDERS.                                                

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December 31, 2002                                               [TIAA-CREF LOGO]

Audited financial statements,                                                   
including statement of investments                                              

TIAA-CREF LIFE FUNDS                                                            

ANNUAL REPORT                                        2002                       

                                            GROWTH EQUITY FUND

                                              GROWTH & INCOME FUND

                                                   INTERNATIONAL EQUITY FUND

                                          STOCK INDEX FUND

                                                   SOCIAL CHOICE EQUITY FUND

                                              LARGE-CAP VALUE FUND

                                               SMALL-CAP EQUITY FUND

                                                     REAL ESTATE SECURITIES FUND

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FROM THE VICE CHAIRMAN                                                          

[PHOTO OF MARTIN L. LEIBOWITZ]                                                  

MARTIN L. LEIBOWITZ                                                             

This report contains the performance and financial statements for the TIAA-CREF 
Life Funds for the year ended December 31, 2002. These funds serve as the       
underlying investment vehicles for the variable annuity accounts of the Personal
Annuity Select, the Single Premium Immediate Annuity, and Flexible Premium      
Variable Universal Life Insurance Policies.                                     

    During 2002 the Russell 3000(R) Index dropped 21.54%, despite a year-end
rally. The Russell 3000 Growth Index, with its large component of technology    
companies, lost 28.04% during the year. Foreign stocks performed better, but    
were still in negative territory. The Morgan Stanley EAFE Index, which tracks   
stocks in Europe, Australasia and the Far East, posted a loss of 15.64%. It has 
been a painful time for stock investors, and we share the disappointment they   
feel about these reversals in the market.                                       

      The force driving these events has been the condition of the real economy.
The high rates of growth achieved during the late 1990s--which generated stock  
market returns averaging over 25% for five straight years from 1995-99--have led
to excess capacity and reduced corporate earnings in many industries. Accounting
scandals and concern about a possible war with Iraq have further shaken investor
confidence.                                                                     

 The pervasive trends in the world economy and its equity markets during
2002 affected virtually every fund or account that invests in stocks, here or   
abroad, and the TIAA-CREF Life Funds were no exception. The Stock Index Fund,   
which is designed to track the broad domestic stock market, posted a return of  
-21.38%, slightly better than its benchmark. The Social Choice Equity Fund      
changed its benchmark at mid-year from the S&P 500 Index to the Russell 3000    
Index, due to the introduction of a new system of social screens, as explained  
in the prospectus. The fund outperformed both indexes for the year. Individual  
stock selections allowed the International Equity Fund to outperform its        
benchmark but caused the Growth Equity Fund and Growth & Income Fund to trail   
their benchmarks. This report provides details of each fund's holdings and      
performance as of December 31, 2002.                                            

While the overall equity market has suffered a serious decline, many  
individual stock prices have dropped more sharply. Our selection of stocks      
occurs in a disciplined framework designed to limit exposure to any one company 
or industry. Many of our equity accounts use TIAA-CREF's Dual Investment        
Management Strategy(R), which combines active and quantitative methods. This    
approach enables investors to benefit from the skills of active managers, who   
conduct in-depth research and analysis to identify individual stocks that may   
outperform or underperform the fund's benchmark index. At the same time,        
quantitative managers use financial modeling software and other tools to build a
portfolio that reflects the overall risk and investment characteristics of the  
benchmark.                                                                      

      As we gain experience with using this method over different market cycles,
we make periodic adjustments to improve its efficiency and effectiveness. Our   
current focus is on achieving greater integration of our active and quantitative
management efforts. Our basic application of the methodology, however, remains  
constant, as does its fundamental purpose: to maintain an optimal balance       
between risk and opportunity.                                                   

On October 28 we launched three new funds to provide broader        
diversification to Personal Annuity and Single Premium Immediate Annuity        
contract owners. These include a large-cap value fund, a small-cap equity fund, 
and a real estate securities fund. We have not provided commentaries on the new 
funds' performance because their investment experience has been too brief.      
Returns for the three accounts using these funds as their underlying investment 
vehicles can be found on the accompanying insert. Full descriptions of the funds
appear in the prospectus that was sent to you last fall.                        

      During this period, our fixed accounts have helped many contract owners to
weather the markets' volatility. These accounts, which guarantee principal and a
minimum interest rate, are backed by TIAA-CREF Life's claims-paying ability and 
also offer the opportunity for additional interest as declared. Combining a     
fixed account with one or more variable accounts may be an appealing option, and
our consultants would be happy to discuss them with you.                        

/s/ Martin L. Leibowitz                                                         

Martin L. Leibowitz                                                             
Vice Chairman and                                                               
Chief Investment Officer                                                        

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CONTENTS                                                                        

                                                                [Download Table]
                                                                                
TIAA-CREF LIFE FUNDS                                                            

     Growth Equity Fund Performance Report ................................    2
     Growth & Income Fund Performance Report ..............................    3
     International Equity Fund Performance Report .........................    4
     Stock Index Fund Performance Report ..................................    5
     Social Choice Equity Fund Performance Report .........................    6

STATEMENT OF INVESTMENTS                                                        

     Growth Equity Fund ...................................................    7
     Growth & Income Fund .................................................   12
     International Equity Fund ............................................   17
     Stock Index Fund .....................................................   26
     Social Choice Equity Fund ............................................   50
     Large-Cap Value Fund .................................................   57
     Small-Cap Equity Fund ................................................   60
     Real Estate Securities Fund ..........................................   77

FINANCIAL STATEMENTS                                                            

     Report of Management Responsibility ..................................   78
     Report of the Audit Committee ........................................   79
     Statements of Assets and Liabilities .................................   80
     Statements of Operations .............................................   82
     Statements of Changes in Net Assets ..................................   84
     Financial Highlights .................................................   86
     Notes to Financial Statements ........................................   88
     Report of Independent Auditors .......................................   92
     Trustees and Officers ................................................   93

PRODUCTS FROM THE                                                               
TIAA-CREF GROUP OF COMPANIES ................................. INSIDE BACK COVER

The Investment Company Act of 1940 requires the TIAA-CREF Life Separate Account 
VA-1 and Separate Account VLI-1 to provide their contract owners with an annual 
report on the financial condition and portfolio holdings of the funds in which  
the accounts invest. The funding vehicles for the accounts are the TIAA-CREF    
Life Funds. A semiannual report is also provided each year towards the end of   
August.                                                                         

Beginning with the 2003 Semiannual Report, we will include commentaries on the  
performance of the three new TIAA-CREF Life Funds that were launched on October 
28, 2002. These new funds--Large-Cap Value Fund, Small-Cap Equity Fund and Real 
Estate Securities Fund--can be used as funding vehicles for the Personal Annuity
Select and Single Premium Immediate Annuities. Information about these funds and
their holdings appears in the Statement of Investments and the Financial        
Statements. There are no performance commentaries or graphs for the new funds   
because their investment experience has been too brief.                         

(C)2003 Teachers Insurance and Annuity Association-College Retirement Equities  
Fund (TIAA-CREF), New York, NY 10017                                            

FUND MANAGEMENT: The TIAA-CREF Life Funds are managed by Teachers Advisors, Inc.

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GROWTH EQUITY FUND                        TIAA-CREF                             
              LIFE FUNDS

PORTFOLIO PROFILE                                                               

o     Employs TIAA-CREF's Dual Investment Management Strategy(R). Quantitative  
   managers aim to exceed the fund's benchmark, the Russell 1000(R) Growth
   Index, with low relative volatility. Active managers focus on stocks of
rapidly growing companies.                                          

o     Active managers may select foreign investments. Foreign securities are    
   subject to special risks, including erratic market conditions, economic
   and political instability, and fluctuations in currency exchange rates.

PERFORMANCE IN 2002                                                             

The Growth Equity Fund posted a total return of -30.01% for 2002, compared with 
-28.04% for the Russell 3000 Growth Index, its benchmark during the first three 
quarters of the year, and -27.88% for the Russell 1000 Growth Index, the fund's 
benchmark for the last quarter. The average similar fund returned -27.72%, as   
measured by the Morningstar Large Growth category.                              

    While the slow recovery in the United States contributed to a decline in
domestic stocks in general during the year, growth stocks were especially hard  
hit. Losses in the technology sector intensified the decline among growth       
stocks.                                                                         

      Throughout the year, the account's sector allocations were roughly in line
with those of the benchmark, which helped to control risk exposure. The fund    
lagged its benchmark primarily because of several individual stock selections   
that did not perform as expected. Performance relative to the benchmark was     
helped by holdings that included Avon Products, managed care companies Tenet    
Healthcare (which did well early in the year) and Anthem, and energy firm       
Apache. Underweight positions in AT&T Wireless Services, Electronic Data Systems
and Bristol-Myers Squibb also enhanced relative performance.                    

    These positive factors were more than offset by holdings in Tyco, Sprint
PCS Group, Agere Systems and Microsoft. Underweight positions in Merck,         
Coca-Cola, Philip Morris and wireless company Qualcomm also detracted from      
relative performance.                                                           

    As of October 1, 2002, the fund's benchmark was changed from the Russell
3000 Growth Index to the Russell 1000 Growth Index. Since the two Russell       
indexes have an overlap of about 93%, there will be considerable continuity in  
the fund's portfolio.                                                           

INVESTMENT OBJECTIVE                                                            

The Growth Equity Fund seeks a favorable long-term return, mainly through       
capital appreciation, primarily from equity securities.                         

$10,000 OVER LIFE OF FUND                                                       

[LINE GRAPH]                                                                    

                                                                [Download Table]


                                             Lipper                    
                              Russell        Growth         Morningstar
               Growth         3000           Fund           Large      
Date           Equity         Growth         Index          Growth     
                                                                       
Apr 00     $   10000      $   10000      $   10000       $   10000     
Apr 00          9576           9486           9500            9361     
May 00          9022           8984           9081            8795     
Jun 00          9752           9697           9583            9484     
Jul 00          9308           9263           9370            9283     
Aug 00         10233          10110          10070           10125     
Sep 00          9240           9184           9455            9506     
Oct 00          8819           8728           9189            9002     
Nov 00          7482           7421           8207            7788     
Dec 00          7271           7231           8306            7833     
Jan 2001        7738           7736           8523            8032     
Feb 2001        6359           6441           7535            6874     
Mar 2001        5628           5748           6942            6189     
Apr 2001        6359           6474           7593            6835     
May 2001        6283           6396           7584            6770     
Jun 2001        6145           6273           7427            6599     
Jul 2001        5953           6090           7222            6349     
Aug 2001        5428           5600           6718            5843     
Sep 2001        4850           5018           5995            5217     
Oct 2001        5110           5295           6216            5452     
Nov 2001        5628           5799           6746            5955     
Dec 2001        5612           5812           6812            5993     
Jan 2002        5501           5702           6644            5865     
Feb 2002        5220           5456           6380            5591     
Mar 2002        5420           5664           6667            5832     
Apr 2002        4967           5225           6316            5468     
May 2002        4832           5086           6234            5341     
Jun 2002        4332           4618           5730            4901     
Jul 2002        4071           4333           5311            4524     
Aug 2002        4087           4345           5354            4529     
Sep 2002        3660           3902           4836            4143     
Oct 2002        3998           4260           5228            4445     
Nov 2002        4225           4492           5521            4648     
Dec 2002        3928           4181           5164            4332     


TEN LARGEST HOLDINGS AS OF 12/31/2002                                           

                                                                [Download Table]

                                           PERCENT OF                  
COMPANY                                    NET ASSETS      MARKET VALUE
                                                                       
Microsoft Corp                                5.68          $2,300,650 

General Electric Co                           4.67           1,893,578 

Pfizer, Inc                                   4.46           1,809,744 

Johnson & Johnson                             3.78           1,530,735 

Intel Corp                                    3.11           1,259,613 

Cisco Systems, Inc                            2.78           1,125,015 

Fannie Mae                                    2.52           1,022,847 

PepsiCo, Inc                                  2.44             987,948 

International Business                        2.42             982,623 
  Machines Corp                                                        

Amgen, Inc                                    2.37             961,193 

PERFORMANCE AT A GLANCE AS OF 12/31/2002                                        

                                                        [Enlarge/Download Table]

                                   AVERAGE ANNUAL COMPOUND    CUMULATIVE RATES OF                          
                                   RATES OF TOTAL RETURN(1)     TOTAL RETURN(1)         2002     NET ASSETS
                                                  SINCE                     SINCE      ACTUAL       (in    
                                    1 YEAR     INCEPTION(2)  1 YEAR     INCEPTION(2)  EXPENSES    millions)
                                                                                                           
GROWTH EQUITY FUND                  -30.01%       -28.78%    -30.01%       -60.72%     0.25%(3)   $   40.54
Russell 1000(R) Growth Index (4)    -27.88        -27.31     -27.88        -58.44        --              --
Russell 3000(R) Growth Index (4)    -28.04        -27.18     -28.04        -58.18        --              --
Morningstar Large Growth category   -27.72        -24.94     -27.72        -54.40        --              --
Lipper Growth Fund Index            -24.20        -21.36     -24.20        -48.35        --              --

----------                                                                      

(1) Past performance shouldn't be taken as a guarantee of the same future rates 
of return from the Growth Equity Fund. Future returns will fluctuate, as will   
the value of investment principal. The shares you own may be worth more or less 
than their original value upon redemption.                                      

(2) Inception date of the Growth Equity Fund was 4/3/2000.                      

(3) Effective October 28, 2002, Teachers Advisors, Inc., the fund's investment  
manager, eliminated the waiver of a portion of the investment management fee in 
effect from the fund's inception and simultaneously reduced fund expenses.      

(4) Russell 1000(R) Growth Index and Russell 3000(R) Growth Index (Russell 1000 
and Russell 3000 are trademarks and service marks of the Frank Russell Company).

2   2002 ANNUAL REPORT TIAA-CREF Life Funds                                     

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GROWTH & INCOME FUND                      TIAA-CREF                             
              LIFE FUNDS

PORTFOLIO PROFILE                                                               

o     Employs TIAA-CREF's Dual Investment Management Strategy(R). Quantitative  
   managers aim to exceed the fund's benchmark, the S&P 500(R) Index, with
low relative volatility. Active managers buy stocks believed to be  
attractively priced that show growth potential and offer a stream of
income.                                                             

o     Occasionally acquires stocks of foreign-based companies not in the        
benchmark. Foreign securities are subject to special risks including
erratic market conditions, economic and political instability, and  
fluctuations in currency exchange rates.                            

PERFORMANCE IN 2002                                                             

The Growth & Income Fund posted a return of -23.95% for 2002, compared with     
-22.10% for its benchmark, the S&P 500 Index, and the -22.02% average return of 
similar funds as measured by Morningstar Large Blend category.                  

    With the U.S. business recovery faltering, the stocks tracked by the S&P
500 Index dropped steeply during much of the year. A year-end rally failed to   
erase earlier losses. All ten sectors of the index registered declines during   
2002; they ranged from 6.31% for consumer staples to 37.57% for information     
technology. Heavy losses were also sustained by the telecommunications sector,  
down 35.89%, and utilities, which lost 32.99%.                                  

    We used a defensive strategy during the year, increasing our holdings in
companies that combined strong business fundamentals, sound management, and     
attractive share prices. We limited our exposure in stocks that appeared to be  
more speculative. This strategy worked well during the third quarter, which saw 
the year's sharpest declines, but it prevented our fully participating in the   
rally of the fourth quarter, when beaten-down stocks like Lucent and            
Hewlett-Packard staged unexpectedly strong comebacks.                           

      The fund's performance, relative to the benchmark, benefited from holdings
that spanned many industries, including Nissan Motor, health-care companies     
Aetna and UnitedHealth Group, energy companies Burlington Resources and Apache, 
insurer Safeco, and financial services companies Bank of America and U.S.       
Bancorp.                                                                        

  These positive results were more than offset by other positions. These
included Tyco International, which was dropped from the index during the year.  
Also detracting from relative performance were holdings in drug makers that     
included King Pharmaceuticals and Wyeth, as well as Sprint PCS, Ciena, AT&T     
Wireless and other technology and telecommunications companies.                 

INVESTMENT OBJECTIVE                                                            

The Growth & Income Fund seeks a favorable long-term return through capital     
appreciation and investment income, primarily from income-producing securities. 

$10,000 OVER LIFE OF FUND                                                       

[LINE GRAPH]                                                                    

                                                                [Download Table]

                                                                   LIPPER    
                 GROWTH &        S&P             MORNINGSTAR       GROWTH &  
                 INCOME          500 (R)         LARGE BLEND       INCOME    
DATE             FUND            INDEX           CATEGORY          FUND INDEX
                                                                             
APR 00          $10000           $10000           $10000             $10000  
APR 00            9713             9699             9679               9822  
MAY 00            9504             9500             9438               9786  
JUN 00            9765             9734             9724               9748  
JUL 00            9661             9582             9582               9713  
AUG 00           10287            10177            10216              10318  
SEP 00            9713             9640             9728              10035  
OCT 00            9653             9599             9610              10064  
NOV 00            8844             8842             8821               9512  
DEC 00            8897             8886             8953               9872  
JAN 2001          9195             9201             9189              10071  
FEB 2001          8331             8362             8379               9528  
MAR 2001          7753             7832             7825               9096  
APR 2001          8353             8441             8429               9704  
MAY 2001          8410             8498             8463               9828  
JUN 2001          8176             8291             8243               9589  
JUL 2001          8082             8209             8104               9504  
AUG 2001          7557             7695             7620               9066  
SEP 2001          6983             7074             6980               8337  
OCT 2001          7130             7209             7142               8443  
NOV 2001          7659             7762             7663               8992  
DEC 2001          7728             7830             7742               9139  
JAN 2002          7538             7715             7597               9006  
FEB 2002          7344             7567             7433               8947  
MAR 2002          7648             7851             7718               9297  
APR 2002          7195             7375             7319               8947  
MAY 2002          7096             7321             7246               8935  
JUN 2002          6558             6799             6777               8351  
JUL 2002          6032             6269             6264               7686  
AUG 2002          6090             6310             6298               7762  
SEP 2002          5472             5624             5699               6977  
OCT 2002          5930             6119             6089               7434  
NOV 2002          6261             6479             6378               7845  
DEC 2002          5877             6098             6037               7504  

TEN LARGEST HOLDINGS AS OF 12/31/2002                                           

                                                                [Download Table]

                                            PERCENT OF                 
COMPANY                                     NET ASSETS     MARKET VALUE
                                                                       
Microsoft Corp                                 4.57         $2,356,538 

Pfizer, Inc                                    3.55          1,827,903 

Citigroup, Inc                                 3.40          1,753,377 

Johnson & Johnson                              3.17          1,633,966 

ExxonMobil Corp                                3.13          1,613,844 

International Business                         2.88          1,487,070 
  Machines Corp                                                        

General Electric Co                            2.51          1,293,034 

Bank of America Corp                           2.50          1,290,663 

Verizon Communications, Inc                    2.50          1,289,794 

Cisco Systems, Inc                             2.39          1,230,234 

PERFORMANCE AT A GLANCE AS OF 12/31/2002                                        

                                                        [Enlarge/Download Table]

                                   AVERAGE ANNUAL COMPOUND    CUMULATIVE RATES OF                          
                                   RATES OF TOTAL RETURN(1)     TOTAL RETURN(1)         2002     NET ASSETS
                                                  SINCE                     SINCE      ACTUAL       (in    
                                    1 YEAR     INCEPTION(2)  1 YEAR     INCEPTION(2)  EXPENSES    millions)
                                                                                                           
GROWTH & INCOME FUND                -23.95%       -17.55%    -23.95%       -41.23%     0.23%(3)   $   51.55
S&P 500(R)Index                     -22.10        -16.47     -22.10        -39.02        --              --
Morningstar Large Blend category    -22.02        -15.25     -22.02        -34.31        --              --
Lipper Growth & Income Fund Index   -17.89        -9.91      -17.89        -24.95        --              --

----------                                                                      

(1) Past performance should not be taken as a guarantee of the same future rates
of return from the Growth & Income Fund. Future returns will fluctuate, as will 
the value of investment principal. The shares you own may be worth more or less 
than their original value upon redemption.                                      

(2) Inception date of the Growth & Income Fund was 4/3/2000.                    

(3) Effective October 28, 2002, Teachers Advisors, Inc., the fund's investment  
manager, eliminated the waiver of a portion of the investment management fee in 
effect from the fund's inception and simultaneously reduced fund expenses.      

                                     TIAA-CREF Life Funds 2002 ANNUAL REPORT   3

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INTERNATIONAL EQUITY FUND                 TIAA-CREF                             
              LIFE FUNDS

PORTFOLIO PROFILE                                                               

o     Employs TIAA-CREF's Dual Investment Management Strategy(R). Quantitative  
   managers aim to exceed the fund's benchmark, the Morgan Stanley Europe,
    Australasia, Far East (EAFE) Index, with low relative volatility. Active
managers focus on stocks of companies that we believe have strong   
management and excellent growth prospects.                          

o     Investments in foreign securities are subject to special risks, including 
erratic market conditions, economic and political instability, and  
fluctuations in currency exchange rates.                            

PERFORMANCE IN 2002                                                             

The International Equity Fund returned -14.40% for the year, compared with      
-15.64% for its benchmark, the Morgan Stanley EAFE Index, and the -16.34%       
average return for similar funds as measured by the Morningstar Foreign Stock   
category.                                                                       

   Despite a year-end rally in many world stock markets, the third-quarter
decline in all three regions tracked by the EAFE Index left it with a loss for  
the year. Low levels of growth in many nations, particularly Germany and Japan, 
two of the world's largest economies, contributed to the decline.               

  We limited the fund's risk exposure by keeping its holdings roughly in
line with the regional and sector segments of the benchmark. The fund's managers
sought additional value by selecting companies they believed had superior       
prospects or whose stocks appeared undervalued.                                 

      Our stock selections in the European region helped the fund's performance.
They included holdings in British American Tobacco and other consumer stocks, in
Swiss health-care company Centerpulse, and in Dutch energy firm IHC Caland, as  
well as underweight positions in such firms as Elan in Ireland and Ericsson in  
Sweden. These more than compensated for several European holdings that did less 
well, including Dutch retailer Ahold and British music company EMI.             

    The fund's return for the year, relative to the benchmark's, was hurt by
several holdings in Japan and Australia. These included Hankyu Department       
Stores, Nippon Television, Nintendo, and Brambles Industries. These were more   
than offset by positive results from holdings that included Japanese appliance  
firm Rinnai and Australian food producer Goodman Fielder.                       

INVESTMENT OBJECTIVE                                                            

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

$10,000 OVER LIFE OF FUND                                                       

[LINE GRAPH]                                                                    

                                                                [Download Table]

                                                            MORNINGSTAR
                 INTERNATIONAL       MS EAFE     LIPPER       FOREIGN  
DATE                EQUITY            INDEX     INTERNAT       STOCK   
                                                                       
APR 00              10000             10000       10000         10000  
APR 00               9092              9474        9366          9317  
MAY 00               8508              9242        9108          8995  
JUN 00               8938              9604        9530          9412  
JUL 00               8477              9201        9221          9089  
AUG 00               8706              9281        9377          9275  
SEP 00               8135              8829        8831          8751  
OCT 00               7850              8621        8530          8389  
NOV 00               7293              8297        8170          7964  
DEC 00               7576              8592        8475          8234  
JAN 2001             7501              8595        8525          8286  
FEB 2001             6851              7953        7927          7651  
MAR 2001             6391              7412        7369          7043  
APR 2001             6798              7921        7817          7508  
MAY 2001             6559              7628        7628          7319  
JUN 2001             6276              7315        7413          7056  
JUL 2001             6148              7136        7220          6839  
AUG 2001             5989              6971        7075          6646  
SEP 2001             5370              6293        6304          5912  
OCT 2001             5574              6471        6475          6092  
NOV 2001             5724              6675        6716          6343  
DEC 2001             5772              6720        6836          6428  
JAN 2002             5467              6368        6560          6170  
FEB 2002             5512              6412        6652          6192  
MAR 2002             5848              6759        7003          6519  
APR 2002             5857              6800        7053          6547  
MAY 2002             5938              6909        7153          6619  
JUN 2002             5736              6634        6871          6351  
JUL 2002             5185              5979        6185          5736  
AUG 2002             5158              5966        6190          5708  
SEP 2002             4634              5387        5524          5107  
OCT 2002             4898              5676        5810          5328  
NOV 2002             5096              5934        6085          5556  
DEC 2002             4941              5735        5890          5378  

TEN LARGEST HOLDINGS AS OF 12/31/2002                                           

                                                                [Download Table]

                                                   PERCENT OF              
COMPANY                            COUNTRY         NET ASSETS  MARKET VALUE
                                                                           
BP Plc                             United Kingdom     2.40       $809,191  
Vodafone Group plc                 United Kingdom     2.13        717,172  
Royal Dutch Petroleum Co           Netherlands        1.98        667,423  
Royal Bank of Scotland Group plc   United Kingdom     1.83        617,401  
GlaxoSmithKline plc                United Kingdom     1.74        585,391  
Total Fina Elf S.A.                France             1.58        532,731  
UBS AG. (Regd)                     Switzerland        1.57        528,385  
HSBC Holdings plc                  United Kingdom     1.56        525,496  
Roche Holdings AG.                 Switzerland        1.55        523,664  
Nokia Oyj                          Finland            1.39        469,480  

PERFORMANCE AT A GLANCE AS OF 12/31/2002                                        

                                                        [Enlarge/Download Table]

                                    AVERAGE ANNUAL COMPOUND    CUMULATIVE RATES OF                          
                                    RATES OF TOTAL RETURN(1)     TOTAL RETURN(1)         2002     NET ASSETS
                                                   SINCE                     SINCE      ACTUAL       (in    
                                     1 YEAR     INCEPTION(2)  1 YEAR     INCEPTION(2)  EXPENSES    millions)
                                                                                                            
INTERNATIONAL EQUITY FUND            -14.40%       -22.59%    -14.40%       -50.59%     0.29%(3)   $   33.74
Morgan Stanley EAFE Index (4)        -15.64        -18.57     -15.64        -43.14        --              --
Morningstar Foreign Stock category   -16.34        -19.00     -16.34        -43.02        --              --
Lipper International Fund Index      -13.83        -17.50     -13.83        -41.08        --              --

----------                                                                      

(1) Past performance should not be taken as a guarantee of the same future rates
of return from the International Equity Fund. Future returns will fluctuate, as 
will the value of investment principal. The shares you own may be worth more or 
less than their original value upon redemption.                                 

(2) Inception date of the International Equity Fund was 4/3/2000.               

(3) Effective October 28, 2002, Teachers Advisors, Inc., the fund's investment  
manager, eliminated the waiver of a portion of the investment management fee in 
effect from the fund's inception and simultaneously reduced fund expenses.      

(4) From May 31, 2001 through May 31, 2002, MSCI published two official versions
of this index, a "standard" and a "provisional," in order to provide a          
transition to a new way of calculating the index. We adopted the "provisional"  
version on July 1, 2001, and the returns shown above include "provisional" data 
from July 1, 2001 through May 31, 2002. As of June 1, 2002, the index was once  
again available in only one version.                                            

4   2002 ANNUAL REPORT TIAA-CREF Life Funds                                     

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STOCK INDEX FUND                          TIAA-CREF                             
              LIFE FUNDS

PORTFOLIO PROFILE                                                               

-     Benchmarked to the Russell 3000(R) Index.                                 

-     May use a sampling approach to create a portfolio that closely matches the
 investment characteristics of the Russell 3000 Index without actually
investing in all stocks in the index.                               

PERFORMANCE IN 2002                                                             

The Stock Index Fund posted a return of -21.38% for 2002, slightly ahead of the 
-21.54% return of its benchmark, the Russell 3000 Index. By definition, the     
index does not factor in any charge for expenses.                               

Although equity investors had looked towards 2002 with optimism, the Russell    
3000 Index, which reflects about 98% of the U.S. equity market, suffered losses 
during the year that were greater than those of 2000 and 2001 combined. Nearly  
two-thirds of all stocks in the Russell 3000 finished in negative territory, and
almost a fifth of them declined more than 50%. In general, growth stocks were   
harder hit than value stocks, as evidenced by the 28.04% decline in the Russell 
3000 Growth Index versus the 15.18% drop in the Russell 3000 Value Index.       

Several factors contributed to last year's lackluster performance, but the main 
problems were a less-than-robust economic recovery and falling corporate        
earnings. With profits low, business spending plans were scaled back, and       
unemployment rose. Other factors also contributed to the market's decline:      
higher energy prices, which eroded consumer purchasing power; corporate         
governance and accounting scandals; and the threat of war with Iraq.            

In November, the Federal Reserve's surprise half-point cut in short-term        
interest rates, together with the promise of an economic stimulus package from  
Washington, encouraged stock investors and sent the Russell 3000 up 8.02% during
the fourth quarter. The gains, however, were not nearly enough to erase the     
year's losses.                                                                  

Index portfolios, which seek to match the risk/return profile of the market,    
generally perform accordingly, with differences due to slight deviations between
a fund's holdings and those of its benchmark, the size of a fund's cash         
holdings, or both. In addition, indexes, by definition, do not charge annual    
expenses.                                                                       

INVESTMENT OBJECTIVE                                                            

The Stock Index Fund seeks a favorable long-term return mainly from capital     
appreciation, by investing in a portfolio of equity securities selected to track
the overall U.S. equity markets.                                                

$10,000 OVER LIFE OF FUND                                                       

[LINE GRAPH]

                                                                [Download Table]

                  STOCK          RUSSELL 
                  INDEX          3000 (R)
DATE              FUND           INDEX(4)
                                         
JAN 99          $  10000       $  10000  
JAN 99             10380          10340  
FEB 99             10035           9973  
MAR 99             10392          10339  
APR 99             10845          10806  
MAY 99             10626          10601  
JUN 99             11175          11136  
JUL 99             10848          10799  
AUG 99             10741          10676  
SEP 99             10461          10403  
OCT 99             11098          11056  
NOV 99             11401          11365  
DEC 99             12120          12090  
JAN 00             11629          11616  
FEB 00             11730          11724  
MAR 00             12630          12643  
APR 00             12205          12197  
MAY 00             11874          11854  
JUN 00             12221          12205  
JUL 00             12010          11990  
AUG 00             12910          12879  
SEP 00             12318          12296  
OCT 00             12159          12121  
NOV 00             11044          11003  
DEC 00             11226          11188  
JAN 01             11607          11571  
FEB 01             10551          10514  
MAR 01              9868           9828  
APR 01             10651          10617  
MAY 01             10735          10702  
JUN 01             10539          10505  
JUL 01             10370          10332  
AUG 01              9759           9722  
SEP 01              8899           8864  
OCT 01              9104           9070  
NOV 01              9803           9769  
DEC 01              9941           9906  
JAN 02              9815           9782  
FEB 02              9616           9582  
MAR 02             10030          10002  
APR 02              9510           9477  
MAY 02              9400           9368  
JUN 02              8725           8693  
JUL 02              8042           8002  
AUG 02              8079           8040  
SEP 02              7237           7195  
OCT 02              7810           7768  
NOV 02              8282           8238  
DEC 02              7815           7772  

TEN LARGEST HOLDINGS AS OF 12/31/2002                                           

                                                                [Download Table]

                                            PERCENT OF                   
COMPANY                                     NET ASSETS     MARKET VALUE  
                                                                         
   General Electric Co                            2.64         $2,347,863
   ExxonMobil Corp                                2.59          2,298,738
   Microsoft Corp                                 2.53          2,248,175
   Pfizer, Inc                                    2.09          1,851,839
   Citigroup, Inc                                 2.00          1,779,163
   Johnson & Johnson                              1.77          1,570,050
   Wal-Mart Stores, Inc                           1.51          1,336,545
   American International Group, Inc              1.45          1,289,013
   International Business Machines Corp           1.45          1,286,578
   Merck & Co, Inc                                1.40          1,241,966

--------------------------------------------------------------------------------

PERFORMANCE AT A GLANCE AS OF 12/31/2002                                        

                                                        [Enlarge/Download Table]

                                         AVERAGE ANNUAL COMPOUND       CUMULATIVE RATES OF                            
                                         RATES OF TOTAL RETURN(1)        TOTAL RETURN(1)          2002      NET ASSETS
                                                        SINCE                        SINCE       ACTUAL        (in    
                                          1 YEAR     INCEPTION(2)     1 YEAR     INCEPTION(2)   EXPENSES     millions)
----------------------------------------------------------------------------------------------------------------------
                                                                                                                      
STOCK INDEX FUND                          -21.38%       -5.97%        -21.38%       -21.85%      0.07%(3)    $   88.78
Russell 3000(R)Index(4)                   -21.54        -6.11         -21.54        -22.27         --               --
----------------------------------------------------------------------------------------------------------------------

----                                                                            

(1) Past performance should not be taken as a guarantee of the same future rates
   of return from the Stock Index Fund. Future returns will fluctuate, as will
  the value of investment principal. The shares you own may be worth more or
less than their original value upon redemption.                         

(2) Inception date of the Stock Index Fund was 1/4/1999.                        

(3) Effective October 28, 2002, Teachers Advisors, Inc., the fund's investment  
    manager, eliminated the waiver of a portion of the investment management fee
in effect from the fund's inception and simultaneously reduced fund     
 expenses. Also on that date, expenses on the fund were further reduced to
0.06%.                                                                  

(4) Russell 3000 is a trademark and a service mark of the Frank Russell Company.

                                     TIAA-CREF Life Funds 2002 ANNUAL REPORT   5

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SOCIAL CHOICE EQUITY FUND                 TIAA-CREF                             
              LIFE FUNDS

PORTFOLIO PROFILE                                                               

o     Effective July 1, 2002, the account invests primarily in stocks from the  
Russell 3000 that pass two kinds of social screens:                 

       First, the account excludes certain companies based on revenues
         derived from involvement with alcohol, tobacco, gambling, weapons
production, or nuclear power.                           

        The remaining companies are then evaluated and selected based on
        additional criteria, such as respect for the environment and for
  human rights, charitable giving, fair labor and governance
   practices, quality products, and leadership in research and
development.                                            

o     The new screens combine exclusionary screens with a more qualitative      
process for evaluating companies with respect to social criteria.   

PERFORMANCE IN 2002                                                             

The Social Choice Equity Fund posted a return of -20.68% for 2002, compared with
-22.10 % for the S&P 500, its benchmark for the first half of the year, and     
-21.54% for the Russell 3000 Index, its benchmark for the second half. The      
average return of similar funds was -22.02%, as measured by the Morningstar     
Large Blend category. The benchmark and Morningstar do not screen investments   
for social criteria.                                                            

 Prior to July 1, 2002, the fund's screens excluded companies that: 1)
failed to adhere to sound environmental practices; 2) operated in Northern      
Ireland without complying with certain acts and principles; 3) had significant  
involvement in weapons manufacturing; 4) had significant involvement in gambling
operations; 5) produced and marketed alcohol or tobacco; or 6) produced nuclear 
energy. On July 1 we began using a new set of social screens, as described in   
the portfolio profile above.                                                    

      During 2002, the fund's social screens boosted performance relative to the
benchmark's by preventing ownership of a number of companies that underperformed
the broader markets. These included Tyco International, General Electric, El    
Paso Corporation, Wyeth and Duke Energy. However, the screens also detracted    
from the fund's performance by preventing ownership of several well-performing  
stocks, including ExxonMobil, Royal Dutch Petroleum, Pharmacia, Anheuser-Busch, 
and Lockheed Martin.                                                            

INVESTMENT OBJECTIVE                                                            

The Social Choice Equity Fund seeks favorable long-term returns that track the  
investment performance of the U.S. stock market while giving special            
consideration to certain social criteria.                                       

$10,000 OVER LIFE OF FUND                                                       

[LINE GRAPH]                                                                    

[PLOT POINTS TO COME]                                                           

                                                                [Download Table]


Date      Social Choice   S&P 500  Lipper growth/income  Morningstar Large Blend

                                                                                
APR 00      $ 10000      $ 10000        $ 10000                  $ 10000        
APR 00         9727         9699           9822                     9679        
MAY 00         9584         9500           9786                     9438        
JUN 00         9843         9734           9748                     9724        
JUL 00         9723         9582           9713                     9582        
AUG 00        10258        10177          10318                    10216        
SEP 00         9723         9640          10035                     9728        
OCT 00         9656         9599          10064                     9610        
NOV 00         8944         8842           9512                     8821        
DEC 00         9098         8886           9872                     8953        
JAN 2001       9384         9201          10071                     9189        
FEB 2001       8497         8362           9528                     8379        
MAR 2001       7990         7832           9096                     7825        
APR 2001       8523         8441           9704                     8429        
MAY 2001       8558         8498           9828                     8463        
JUN 2001       8325         8291           9589                     8243        
JUL 2001       8299         8209           9504                     8104        
AUG 2001       7804         7695           9066                     7620        
SEP 2001       7221         7074           8337                     6980        
OCT 2001       7370         7209           8443                     7142        
NOV 2001       7884         7762           8992                     7663        
DEC 2001       7941         7830           9139                     7742        
JAN 2002       7841         7715           9006                     7597        
FEB 2002       7679         7567           8947                     7433        
MAR 2002       7991         7851           9297                     7718        
APR 2002       7575         7375           8947                     7319        
MAY 2002       7521         7321           8935                     7246        
JUN 2002       6951         6799           8351                     6777        
JUL 2002       6404         6259           7686                     6264        
AUG 2002       6439         6288           7762                     6298        
SEP 2002       5807         5627           6977                     5699        
OCT 2002       6292         6075           7434                     6089        
NOV 2002       6655         6443           7845                     6378        
DEC 2002       6299         6079           7504                     6037        

TEN LARGEST HOLDINGS AS OF 12/31/2002                                           

                                                                [Download Table]

                                              PERCENT OF                
COMPANY                                       NET ASSETS    MARKET VALUE
                                                                        
Microsoft Corp                                   2.87         $651,420  

Merck & Co, Inc                                  2.75          622,710  

Johnson & Johnson                                2.63          596,987  

American International Group, Inc                2.17          491,725  

Procter & Gamble Co                              1.97          446,888  

Bank of America Corp                             1.84          417,420  

International Business Machines Corp             1.78          403,000  

Coca-Cola Co                                     1.60          363,706  

Wells Fargo & Co                                 1.47          332,777  

Verizon Communications, Inc                      1.45          328,445  

PERFORMANCE AT A GLANCE AS OF 12/31/2002                                        

                                                        [Enlarge/Download Table]

                                   AVERAGE ANNUAL COMPOUND    CUMULATIVE RATES OF                          
                                   RATES OF TOTAL RETURN(1)     TOTAL RETURN(1)         2002     NET ASSETS
                                                  SINCE                     SINCE      ACTUAL       (in    
                                    1 YEAR     INCEPTION(2)  1 YEAR     INCEPTION(2)  EXPENSES    millions)
                                                                                                           
SOCIAL CHOICE EQUITY FUND           -20.68%       -15.45%    -20.68%       -37.01%     0.17%(3)   $   22.68
S&P 500(R)Index                     -22.10        -16.47     -22.10        -39.02        --              --
Russell 3000(R)Index                -21.54        -16.22     -21.54        -38.52        --              --
Morningstar Large Blend category    -22.02        -15.25     -22.02        -34.31        --              --
Lipper Growth & Income Fund Index   -17.89        -9.91      -17.89        -24.95        --              --

----------                                                                      

(1) Past performance shouldn't be taken as a guarantee of the same future rates 
of return from the Social Choice Equity Fund. Future returns will fluctuate, as 
will the value of investment principal. The shares you own may be worth more or 
less than their original value upon redemption.                                 

(2) Inception date of the Social Choice Equity Fund was 4/3/2000.               

(3) Effective October 28, 2002, Teachers Advisors, Inc., the fund's investment  
manager, eliminated the waiver of a portion of the investment management fee in 
effect from the fund's inception and simultaneously reduced fund expenses. Also 
on that date, expenses on the fund were further reduced to 0.07%.               

6   2002 ANNUAL REPORT TIAA-CREF Life Funds                                     

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Statement of Investments - GROWTH EQUITY FUND - December 31, 2002 
--------------------------------------------------------------------------------

                                                                [Download Table]

   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
COMMON STOCK--99.22%                                                
  AEROSPACE AND DEFENSE--0.35%                                      
       300     *Alliant Techsystems, Inc...............  $    18,705
     2,300     Boeing Co...............................       75,877
       400     General Dynamics Corp...................       31,748
       100     *PanAmSat Corp..........................        1,464
       462     PerkinElmer, Inc........................        3,812
       200     Rockwell Collins, Inc...................        4,652
       625     *Titan Corp.............................        6,500
                                                         -----------
               TOTAL AEROSPACE AND DEFENSE                   142,758
                                                         -----------
 BASIC INDUSTRIES--0.90%                                            
       700     Avery Dennison Corp.....................       42,756
       100     Ball Corp...............................        5,119
       700     Black & Decker Corp.....................       30,023
       200     Consol Energy, Inc......................        3,456
       200     D.R. Horton, Inc........................        3,470
     1,200     Ecolab, Inc.............................       59,400
       100     Fluor Corp..............................        2,800
       300     *Jacobs Engineering Group, Inc..........       10,680
     2,500     Kimberly-Clark Corp.....................      118,675
       200     Masco Corp..............................        4,210
        35     Monsanto Co.............................          674
     1,099     Newmont Mining Corp.....................       31,933
       700     *Sealed Air Corp........................       26,110
       200     *Shaw Group, Inc........................        3,290
       100     Sigma-Aldrich Corp......................        4,870
       400     Stanley Works...........................       13,832
       100     Valspar Corp............................        4,418
                                                         -----------
               TOTAL BASIC INDUSTRIES                        365,716
                                                         -----------
 CONSUMER CYCLICAL--10.49%                                          
       400     *99 Cents Only Stores...................       10,744
       800     *Abercrombie & Fitch Co (Class A).......       16,368
       100     *Advance Auto Parts.....................        4,890
       425     *American Eagle Outfitters, Inc.........        5,857
       500     Applebee's International, Inc...........       11,596
     2,800     *Bed Bath & Beyond, Inc.................       96,684
       600     *Big Lots, Inc..........................        7,938
       100     Blockbuster, Inc (Class A)..............        1,225
       900     *Brinker International, Inc.............       29,025
       200     Callaway Golf Co........................        2,650
       400     *Catalina Marketing Corp................        7,400
       200     *CEC Entertainment, Inc.................        6,140
       500     *Chico's FAS, Inc.......................        9,455
    10,380     *Clear Channel Communications, Inc......      387,070
       862     *Coach, Inc.............................       28,377
       100     *Columbia Sportswear Co.................        4,442
     1,000     *Comcast Corp...........................       23,570
       200     *Comcast Corp Special...................        4,518
       600     *Copart, Inc............................        7,110
        30     *Cox Communications, Inc (Class A)......          852
       200     *Cox Radio, Inc (Class A)...............        4,562
       100     *Cumulus Media, Inc (Class A)...........        1,487
     1,600     Darden Restaurants, Inc.................       32,720
     2,600     Dollar General Corp.....................       31,070
     1,100     *Dollar Tree Stores, Inc................       27,027
       200     Donaldson Co, Inc.......................        7,200
       300     Dow Jones & Co, Inc.....................       12,969
       300     *Entercom Communications Corp...........       14,076
       200     *Extended Stay America, Inc.............        2,950
     1,500     Family Dollar Stores, Inc...............       46,815
       500     Foot Locker, Inc........................        5,250
       600     *Fox Entertainment Group, Inc (Class                 
                 A)....................................       15,558

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    1,100     *Gemstar-TV Guide International, Inc....  $     3,575
      100     *Genesisintermedia, Inc.................            0
      700     *Gentex Corp............................       22,148
      500     Graco, Inc..............................       14,325
    2,900     Harley-Davidson, Inc....................      133,980
      200     Harman International Industries, Inc....       11,900
      400     Harte-Hanks, Inc........................        7,468
      400     *Hispanic Broadcasting Corp.............        8,220
    3,600     *International Game Technology..........      273,312
      100     International Speedway Corp (Class A)...        3,729
    2,800     *Kohl's Corp............................      156,660
      400     *Krispy Kreme Doughnuts, Inc............       13,508
      500     *Lamar Advertising Co...................       16,825
      600     Leggett & Platt, Inc....................       13,464
    1,600     Limited Brands, Inc.....................       22,288
      110     *Lin TV Corp (Class A)..................        2,679
      700     Maytag Corp.............................       19,950
    1,600     McGraw-Hill Cos, Inc....................       96,704
      200     *Metro-Goldwyn-Mayer, Inc...............        2,600
      600     *Michaels Stores, Inc...................       18,780
      500     *Mohawk Industries, Inc.................       28,475
      200     *MSC Industrial Direct Co (Class A).....        3,550
      900     New York Times Co (Class A).............       41,157
      600     Nike, Inc (Class B).....................       26,682
      203     Omnicom Group, Inc......................       13,114
      285     *O'Reilly Automotive, Inc...............        7,208
      300     Outback Steakhouse, Inc.................       10,332
      300     *Performance Food Group Co..............       10,188
      300     Pier 1 Imports, Inc.....................        5,679
      200     *Pixar, Inc.............................       10,598
      200     Polaris Industries, Inc.................       11,720
      400     *Radio One, Inc (Class D)...............        5,772
      300     Reader's Digest Association, Inc (Class              
                A)....................................        4,530
      100     Regal Entertainment Group (Class A).....        2,142
      300     *Rent-A-Center, Inc.....................       14,985
      800     Ross Stores, Inc........................       33,912
      600     Ruby Tuesday, Inc.......................       10,374
      100     *Scholastic Corp........................        3,595
      100     *Scotts Co (Class A)....................        4,904
      300     Scripps (E.W.) Co (Class A).............       23,085
      200     *Sonic Automotive, Inc..................        2,974
    3,700     *Starbucks Corp.........................       75,406
    9,600     Starwood Hotels & Resorts Worldwide,                 
                Inc...................................      227,904
      200     Talbots, Inc............................        5,506
    8,600     Target Corp.............................      258,000
      500     *The Cheesecake Factory, Inc............       18,075
    1,043     Tiffany & Co............................       24,938
      200     *Timberland Co (Class A)................        7,122
    5,100     TJX Cos, Inc............................       99,552
    1,500     *U.S.A. Interactive, Inc................       34,290
       88     *Univision Communications, Inc (Class                
                A)....................................        2,156
   10,526     *Viacom, Inc (Class B)..................      429,080
   18,828     Wal-Mart Stores, Inc....................      951,002
      700     Wendy's International, Inc..............       18,949
      700     *Westwood One, Inc......................       26,152
      400     Wiley (John) & Sons, Inc (Class A)......        9,604
      800     *Williams-Sonoma, Inc...................       21,720
    3,530     *Yahoo!, Inc............................       57,723
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     4,251,865
                                                        -----------
CONSUMER NON-CYCLICAL--13.76%                                      
      400     *Amazon.Com, Inc........................        7,556
    3,500     Anheuser-Busch Cos, Inc.................      169,400
      300     *Aramark Corp (Class B).................        7,050

See Notes To Financial Statements 
                                     2002 ANNUAL REPORT TIAA-CREF Life Funds   7

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Statement of Investments - GROWTH EQUITY FUND - December 31, 2002 
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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER NON-CYCLICAL--(CONTINUED)                                 
    7,900     Avon Products, Inc......................  $   425,573
      100     Barnes & Noble, Inc.....................        1,807
   10,650     *Best Buy Co, Inc.......................      257,198
      700     *BJ's Wholesale Club, Inc...............       12,810
      300     Brown-Forman Corp (Class B).............       19,608
      694     *Carmax, Inc............................       12,409
      522     *CDW Computer Centers, Inc..............       22,890
      200     Church & Dwight Co, Inc.................        6,086
      300     Circuit City Stores, Inc (Circuit City               
                Group)................................        2,226
      800     Clorox Co...............................       33,000
   14,048     Coca-Cola Co............................      615,583
    4,551     Colgate-Palmolive Co....................      238,609
      300     *Constellation Brands, Inc (Class A)....        7,113
    2,200     *Costco Wholesale Corp..................       61,732
      500     Dial Corp...............................       10,185
        1     *Dianon Systems, Inc....................           21
      200     Dreyer's Grand Ice Cream, Inc...........       14,192
    1,400     *eBay, Inc..............................       94,948
      100     *Energizer Holdings, Inc................        2,790
      700     Estee Lauder Cos (Class A)..............       18,480
      100     Ethan Allen Interiors, Inc..............        3,437
      600     Fastenal Co.............................       22,434
      300     *Furniture Brands International, Inc....        7,155
      100     *Gamestop Corp..........................          980
    2,500     General Mills, Inc......................      117,375
    5,902     Gillette Co.............................      179,185
      700     Herman Miller, Inc......................       12,880
      400     Hershey Foods Corp......................       26,976
   18,320     Home Depot, Inc.........................      438,947
      300     International Flavors & Fragrances,                  
                Inc...................................       10,530
      700     Kraft Foods, Inc (Class A)..............       27,251
   13,570     Lowe's Cos..............................      508,875
      600     McCormick & Co, Inc (Non-Vote)..........       13,920
      100     Newell Rubbermaid, Inc..................        3,033
    1,600     Pepsi Bottling Group, Inc...............       41,120
   23,400     PepsiCo, Inc............................      987,948
    1,300     *Petsmart, Inc..........................       22,269
    4,900     Philip Morris Cos, Inc..................      198,597
    2,500     Procter & Gamble Co.....................      214,850
    1,600     RadioShack Corp.........................       29,984
    3,200     Sara Lee Corp...........................       72,032
    4,400     *Staples, Inc...........................       80,520
      200     *Ticketmaster (Class B).................        4,244
      200     Tootsie Roll Industries, Inc............        6,136
      800     UST, Inc................................       26,744
    9,700     Walgreen Co.............................      283,143
    2,523     *Weight Watchers International, Inc.....      115,982
      500     *Whole Foods Market, Inc................       26,365
    1,000     Wrigley (Wm.) Jr Co.....................       54,880
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 5,579,058
                                                        -----------
ENERGY--1.83%                                                      
    5,310     Apache Corp.............................      302,617
    3,100     Baker Hughes, Inc.......................       99,789
    1,500     *BJ Services Co.........................       48,465
      200     *Cimarex Energy Co......................        3,580
      400     *Cooper Cameron Corp....................       19,928
        1     Devon Energy Corp.......................           23
      325     Diamond Offshore Drilling, Inc..........        7,101
    1,165     ENSCO International, Inc................       34,309
      100     *Forest Oil Corp........................        2,756
      800     *Grant Prideco, Inc.....................        9,312
    2,000     Halliburton Co..........................       37,420

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
       20     *Magnum Hunter Resources, Inc Wts                    
                03/21/05..............................  $         6
      600     Murphy Oil Corp.........................       25,710
      500     *National-Oilwell, Inc..................       10,920
      200     *Newfield Exploration Co................        7,210
      300     Noble Energy, Inc.......................       11,265
    1,200     Ocean Energy, Inc.......................       23,964
      600     *Patterson-UTI Energy, Inc..............       18,102
      200     *Pioneer Natural Resources Co...........        5,050
      100     Pogo Producing Co.......................        3,725
      500     *Pride International, Inc...............        7,450
      500     Rowan Cos, Inc..........................       11,350
    1,000     *Smith International, Inc...............       32,620
      300     Tidewater, Inc..........................        9,330
      500     *Varco International, Inc...............        8,700
                                                        -----------
              TOTAL ENERGY                                  740,702
                                                        -----------
FINANCIAL SERVICES--9.72%                                          
      200     *Affiliated Managers Group, Inc.........       10,060
    2,400     Aflac, Inc..............................       72,288
      415     Allied Capital Corp.....................        9,059
   14,900     American Express Co.....................      526,715
    4,700     American International Group, Inc.......      271,895
    1,100     *AmeriCredit Corp.......................        8,514
    2,400     Bank Of New York Co, Inc................       57,504
      200     *Blackrock, Inc.........................        7,880
      500     Brown & Brown, Inc......................       16,160
      600     *Catellus Development Corp..............       11,910
   10,338     Charles Schwab Corp.....................      112,178
      801     *ChoicePoint, Inc.......................       31,631
    6,232     Citigroup, Inc..........................      219,339
      500     Commerce Bancorp, Inc...................       21,595
      450     Doral Financial Corp....................       12,870
    1,200     *E*trade Group, Inc.....................        5,832
      600     Eaton Vance Corp........................       16,950
   15,900     Fannie Mae..............................    1,022,847
      800     Federated Investors, Inc (Class B)......       20,296
    4,800     Fifth Third Bancorp.....................      281,040
    6,100     Freddie Mac.............................      360,205
      800     Gallagher (Arthur J.) & Co..............       23,504
      100     Greater Bay Bancorp.....................        1,729
        1     Household International, Inc............           28
      100     Hudson United Bancorp...................        3,110
      500     *Investment Technology Group, Inc.......       11,180
      600     Investors Financial Services Corp.......       16,434
      300     Janus Capital Group, Inc................        3,921
      200     John Nuveen Co (Class A)................        5,070
      300     Legg Mason, Inc.........................       14,562
    4,900     Marsh & McLennan Cos, Inc...............      226,429
    1,000     Mellon Financial Corp...................       26,110
      500     Neuberger Berman, Inc...................       16,745
      300     New York Community Bancorp, Inc.........        8,664
      400     North Fork Bancorp, Inc.................       13,496
      900     Northern Trust Corp.....................       31,545
    1,100     Progressive Corp........................       54,593
      100     Provident Financial Group, Inc..........        2,603
    1,000     *Providian Financial Corp...............        6,490
      100     Rouse Co................................        3,170
      700     SEI Investments Co......................       19,026
       49     Sky Financial Group, Inc................          976
      300     St. Joe Co..............................        9,000
    2,100     State Street Corp.......................       81,900
    2,766     Synovus Financial Corp..................       53,660
      300     T Rowe Price Group, Inc.................        8,184
      400     TCF Financial Corp......................       17,476

8  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                    
See Notes To Financial Statements 

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
       20     *Travelers Property Casualty Corp (Class             
                B)....................................  $       293
      100     *United Rentals, Inc....................        1,076
    2,100     UnumProvident Corp......................       36,834
      700     Waddell & Reed Financial, Inc (Class                 
                A)....................................       13,769
    2,800     Wells Fargo & Co........................      131,236
                                                        -----------
              TOTAL FINANCIAL SERVICES                    3,939,581
                                                        -----------
HEALTH CARE--28.30%                                                
   21,142     Abbott Laboratories.....................      845,680
      450     *Accredo Health, Inc....................       15,863
       33     *Advanced Medical Optics, Inc...........          395
      700     *AdvancePCS.............................       15,547
      500     *Affymetrix, Inc........................       11,445
    7,937     *Alcon, Inc.............................      313,115
       37     AmerisourceBergen Corp..................        2,009
   19,884     *Amgen, Inc.............................      961,193
      100     *AMN Healthcare Services, Inc...........        1,691
      600     *Andrx Corp.............................        8,802
    9,551     *Anthem, Inc............................      600,758
      500     *Apogent Technologies, Inc..............       10,400
    1,900     Applera Corp (Applied Biosystems                     
                Group)................................       33,326
      225     *Barr Laboratories, Inc.................       14,645
   13,620     Baxter International, Inc...............      381,360
      600     Beckman Coulter, Inc....................       17,712
      400     Becton Dickinson & Co...................       12,276
    2,500     Biomet, Inc.............................       71,650
      300     Bristol-Myers Squibb Co.................        6,945
    5,000     Cardinal Health, Inc....................      295,950
      700     *Celgene Corp...........................       15,029
      300     *Cerner Corp............................        9,378
      400     *Charles River Laboratories                          
                International, Inc....................       15,392
      900     *Chiron Corp............................       33,840
      300     *Community Health Systems, Inc..........        6,177
      200     *Coventry Health Care, Inc..............        5,806
    1,100     *Cytyc Corp.............................       11,220
      550     *DaVita, Inc............................       13,569
      700     Dentsply International, Inc.............       26,067
      200     Diagnostic Products Corp................        7,724
      400     *Edwards Lifesciences Corp..............       10,188
       97     *Elan Corp PLC (Contingent Value Rts)...            0
      600     *Express Scripts, Inc (Class A).........       28,824
    1,000     *First Health Group Corp................       24,350
      300     *Fisher Scientific International, Inc...        9,024
    1,500     *Forest Laboratories, Inc...............      147,330
      600     *Genentech, Inc.........................       19,896
      400     HCA, Inc................................       16,600
    2,300     Health Management Associates, Inc (Class             
                A)....................................       41,170
      200     *Health Net, Inc........................        5,280
      300     *Henry Schein, Inc......................       13,500
      600     *Human Genome Sciences, Inc.............        5,286
    2,700     IMS Health, Inc.........................       43,200
      200     *Invitrogen Corp........................        6,266
    1,400     *IVAX Corp..............................       16,982
   28,500     Johnson & Johnson.......................    1,530,735
      400     *LifePoint Hospitals, Inc...............       11,972
    1,931     Lilly (Eli) & Co........................      122,619
    1,000     *Lincare Holdings, Inc..................       31,620
      400     *Manor Care, Inc........................        7,444
      200     *Medicis Pharmaceutical Corp (Class                  
                A)....................................        9,934
        7     *Medimmune, Inc.........................          204
   11,500     Medtronic, Inc..........................      524,400
    5,800     Merck & Co, Inc.........................      328,338

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      400     *Mid Atlantic Medical Services, Inc.....  $    12,960
      200     *Millennium Pharmaceuticals, Inc........        1,592
      412     Millipore Corp..........................       14,008
    1,100     Mylan Laboratories, Inc.................       38,390
      400     Omnicare, Inc...........................        9,532
      176     b*Organogenesis, Inc....................           16
      401     *Orthodontic Centers Of America, Inc....        4,375
      800     *Oxford Health Plans, Inc...............       29,160
      100     Pall Corp...............................        1,668
      500     *Patterson Dental Co....................       21,870
   59,200     Pfizer, Inc.............................    1,809,744
      400     *Pharmaceutical Product Development,                 
                Inc...................................       11,708
   22,041     Pharmacia Corp..........................      921,314
      600     *Quintiles Transnational Corp...........        7,260
      400     *Renal Care Group, Inc..................       12,656
      200     *Ribapharm, Inc.........................        1,310
   28,373     Schering-Plough Corp....................      629,881
      600     *SICOR, Inc.............................        9,510
    1,500     *St. Jude Medical, Inc..................       59,580
      600     *Steris Corp............................       14,550
      900     Stryker Corp............................       60,408
       72     *Tenet Healthcare Corp..................        1,181
    2,300     UnitedHealth Group, Inc.................      192,050
      500     *Universal Health Services, Inc (Class               
                B)....................................       22,550
      600     *Varian Medical Systems, Inc............       29,760
    1,200     *Waters Corp............................       26,136
      400     *Watson Pharmaceuticals, Inc............       11,308
    1,400     *WebMD Corp.............................       11,970
    1,400     *Wellpoint Health Networks, Inc.........       99,624
   18,300     Wyeth...................................      684,420
                                                        -----------
              TOTAL HEALTH CARE                          11,470,617
                                                        -----------
OTHER--2.10%                                                       
    1,100     *Apollo Group, Inc (Class A)............       48,400
      100     *Apollo Group, Inc (University Of                    
                Phoenix Online).......................        3,584
      400     *Career Education Corp..................       16,000
    1,100     Cintas Corp.............................       50,325
      500     *DeVry, Inc.............................        8,305
      600     *Dun & Bradstreet Corp..................       20,694
      200     *Education Management Corp..............        7,520
      200     *Getty Images, Inc......................        6,110
      400     *GTECH Holdings Corp....................       11,144
    1,700     H & R Block, Inc........................       68,340
      300     Honeywell International, Inc............        7,200
      500     Manpower, Inc...........................       15,950
      200     R.R. Donnelley & Sons Co................        4,354
    1,500     *Robert Half International, Inc.........       24,165
    6,300     Sysco Corp..............................      187,677
      500     *TMP Worldwide, Inc.....................        5,655
   14,784     Tyco International Ltd..................      252,511
    1,600     United Technologies Corp................       99,104
      700     Viad Corp...............................       15,645
                                                        -----------
              TOTAL OTHER                                   852,683
                                                        -----------
PRODUCER DURABLES--5.96%                                           
    2,600     3M Co...................................      320,580
      400     AGCO Corp...............................        8,840
      100     b*Covanta Energy Corp...................            1
    1,000     Danaher Corp............................       65,700
      500     *Flowserve Corp.........................        7,395
   77,765     General Electric Co.....................    1,893,578
    1,000     Illinois Tool Works, Inc................       64,860

See Notes To Financial Statements 
                                     2002 ANNUAL REPORT TIAA-CREF Life Funds   9

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
PRODUCER DURABLES--(CONTINUED)                                     
      300     *National Instruments Corp..............  $     9,747
    1,400     Pitney Bowes, Inc.......................       45,724
                                                        -----------
              TOTAL PRODUCER DURABLES                     2,416,425
                                                        -----------
TECHNOLOGY--24.30%                                                 
      500     *Activision, Inc........................        7,295
      500     *Acxiom Corp............................        7,690
      500     *Adaptec, Inc...........................        2,825
    3,000     *ADC Telecommunications, Inc............        6,270
      400     Adobe Systems, Inc......................        9,964
      400     *Advanced Fibre Communications, Inc.....        6,672
    1,000     *Advanced Micro Devices, Inc............        6,460
      300     *Advent Software, Inc...................        4,089
      500     *Affiliated Computer Services, Inc                   
                (Class A).............................       26,325
    2,200     *Agere Systems, Inc (Class A)...........        3,168
    6,333     *Agere Systems, Inc (Class B)...........        8,866
    1,300     *Agilent Technologies, Inc..............       23,348
      454     *Alliance Data Systems Corp.............        8,045
      200     *American Power Conversion Corp.........        3,030
      500     *Amkor Technology, Inc..................        2,380
      200     *Amphenol Corp (Class A)................        7,600
    7,500     *Analog Devices, Inc....................      179,025
   30,600     *Applied Materials, Inc.................      398,718
    1,399     *Applied Micro Circuits Corp............        5,166
      200     *Arrow Electronics, Inc.................        2,558
    2,700     *Atmel Corp.............................        6,021
      300     Autodesk, Inc...........................        4,290
   13,259     Automatic Data Processing, Inc..........      520,416
    1,600     *BearingPoint, Inc......................       11,040
    1,000     *Bisys Group, Inc.......................       15,900
    1,300     *BMC Software, Inc......................       22,243
       23     *Brightpoint, Inc.......................          182
        2     *Broadvision, Inc.......................            7
    2,256     *Brocade Communications Systems, Inc....        9,340
    2,400     *Cadence Design Systems, Inc............       28,296
    1,100     *Ceridian Corp..........................       15,862
      600     *Certegy, Inc...........................       14,730
      300     *Checkfree Corp.........................        4,800
   85,878     *Cisco Systems, Inc.....................    1,125,015
    1,500     *Citrix Systems, Inc....................       18,480
      100     *Computer Sciences Corp.................        3,445
    1,400     *Compuware Corp.........................        6,720
      900     *Comverse Technology, Inc...............        9,018
    4,800     *Concord EFS, Inc.......................       75,552
    1,200     *Conexant Systems, Inc..................        1,932
    1,600     *Convergys Corp.........................       24,240
      500     *CSG Systems International, Inc.........        6,825
      300     *Cymer, Inc.............................        9,675
      900     *Cypress Semiconductor Corp.............        5,148
    6,487     *Dell Computer Corp.....................      173,462
      600     Deluxe Corp.............................       25,260
    1,100     *DST Systems, Inc.......................       39,105
      300     *Electronic Arts, Inc...................       14,931
      600     *Emulex Corp............................       11,130
        1     *Epicor Software Corp...................            1
    1,300     Equifax, Inc............................       30,082
      451     Fair, Isaac & Co, Inc...................       19,258
    1,000     *Fairchild Semiconductor International,              
                Inc (Class A).........................       10,710
      500     First Data Corp.........................       17,705
    1,800     *Fiserv, Inc............................       61,110
      300     Global Payments, Inc....................        9,603
      300     Harris Corp.............................        7,890

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    600     Henry (Jack) & Associates, Inc..........  $     7,224
  1,400     *i2 Technologies, Inc...................        1,610
    200     *Ingram Micro, Inc (Class A)............        2,470
    400     *Integrated Circuit Systems, Inc........        7,300
    600     *Integrated Device Technology, Inc......        5,022
 80,900     Intel Corp..............................    1,259,613
 12,679     International Business Machines Corp....      982,623
    500     *International Rectifier Corp...........        9,230
    700     *Intersil Corp (Class A)................        9,758
      2     *InterWorld Corp........................            0
  1,800     *Intuit, Inc............................       84,456
    400     *Iron Mountain, Inc.....................       13,204
  1,000     *J.D. Edwards & Co......................       11,280
  1,300     *Jabil Circuit, Inc.....................       23,296
  5,600     *JDS Uniphase Corp......................       13,832
  3,091     *KLA-Tencor Corp........................      109,329
  1,200     *Lam Research Corp......................       12,960
  1,200     *Lexmark International, Inc.............       72,600
    400     *Macromedia, Inc........................        4,260
  5,999     Maxim Integrated Products, Inc..........      198,240
    700     *Mercury Interactive Corp...............       20,755
    300     *Mettler-Toledo International, Inc......        9,618
    600     *Micrel, Inc............................        5,388
  1,900     Microchip Technology, Inc...............       46,455
 44,500     *Microsoft Corp.........................    2,300,650
    200     *MKS Instruments, Inc...................        3,286
  1,100     Molex, Inc..............................       25,344
 36,500     Motorola, Inc...........................      315,725
    100     *National Processing, Inc...............        1,605
  1,411     *National Semiconductor Corp............       21,179
  2,800     *Network Appliance, Inc.................       28,000
  1,423     *Network Associates, Inc................       22,896
     65     *Novellus Systems, Inc..................        1,825
  1,200     *Nvidia Corp............................       13,812
 47,600     *Oracle Corp............................      514,080
  3,100     Paychex, Inc............................       86,490
    600     *Perot Systems Corp (Class A)...........        6,432
  1,600     *PMC-Sierra, Inc........................        8,896
    700     *Polycom, Inc...........................        6,664
    800     *QLogic Corp............................       27,608
  1,400     *Rational Software Corp.................       14,546
    700     *RealNetworks, Inc......................        2,667
    600     Reynolds & Reynolds Co (Class A)........       15,282
  1,400     *RF Micro Devices, Inc..................       10,262
    400     *Sanmina-SCI Corp.......................        1,796
    600     *Semtech Corp...........................        6,552
    200     *Storage Technology Corp................        4,284
 75,536     *Sun Microsystems, Inc..................      234,917
  2,000     *Sungard Data Systems, Inc..............       47,120
    400     *Sybase, Inc............................        5,360
  1,100     Symbol Technologies, Inc................        9,042
    700     *Synopsys, Inc..........................       32,305
    100     *Tech Data Corp.........................        2,696
    100     *Tektronix, Inc.........................        1,819
  1,800     *Tellabs, Inc...........................       13,086
  1,400     *Teradyne, Inc..........................       18,214
    500     *Thermo Electron Corp...................       10,060
    300     Total System Services, Inc..............        4,050
    500     *Unisys Corp............................        4,950
    600     *Utstarcom, Inc.........................       11,898
  1,000     *VeriSign, Inc..........................        8,020
    298     *Vishay Intertechnology, Inc............        3,332

10  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
       99     *Xilinx, Inc............................  $     2,039
      200     *Zebra Technologies Corp (Class A)......       11,460
                                                        -----------
              TOTAL TECHNOLOGY                            9,849,690
                                                        -----------
TRANSPORTATION--0.91%                                              
      600     C.H. Robinson Worldwide, Inc............       18,720
      900     Expeditors International Of Washington,              
                Inc...................................       29,385
    1,400     *Sabre Holdings Corp....................       25,354
      300     Skywest, Inc............................        3,921
    3,700     Southwest Airlines Co...................       51,430
      300     *Swift Transportation Co, Inc...........        6,005
    3,700     United Parcel Service, Inc (Class B)....      233,396
                                                        -----------
              TOTAL TRANSPORTATION                          368,211
                                                        -----------
UTILITIES--0.60%                                                   
    1,600     *AES Corp...............................        4,832
      309     b*Arch Wireless, Inc....................            0
    1,000     *Calpine Corp...........................        3,260
    2,000     b*Enron Corp............................          124
        2     b*Focal Communications Corp.............            0
      600     *Mirant Corp............................        1,134
      100     b*NewPower Holdings, Inc................           14
      100     *Pinnacle Holdings, Inc (Old)...........            1
    1,200     b*Spectrasite Holdings, Inc.............           72

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
 52,489     *Sprint Corp (PCS Group)................  $   229,902
    200     *West Corp..............................        3,320
    463     b*WorldCom, Inc (MCI Group).............           84
                                                      -----------
            TOTAL UTILITIES                               242,743
                                                      -----------
            TOTAL COMMON STOCK                                   
              (Cost $56,476,005)                       40,220,049
                                                      -----------
            TOTAL PORTFOLIO--99.22%                              
              (Cost $56,476,005)                       40,220,049
            OTHER ASSETS & LIABILITIES, NET--0.78%        316,691
                                                      -----------
            NET ASSETS--100.00%                       $40,536,740
                                                      ===========

------------                                                                    
*  Non-income producing                                                       
b  In bankruptcy                                                              

At December 31, 2002, the aggregate cost of portfolio investments for federal   
income tax purposes was $58,648,693. Net unrealized depreciation of portfolio 
investments aggregated $18,428,644 of which $661,475 related to appreciated   
portfolio investments and $19,090,119 related to depreciated portfolio        
investments.                                                                  

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

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   11

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                                                                [Download Table]

   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
COMMON STOCK--99.30%                                                
  AEROSPACE AND DEFENSE--0.53%                                      
         88    Boeing Co...............................  $     2,903
      2,918    General Dynamics Corp...................      231,602
        954    Goodrich Corp...........................       17,477
         31    Lockheed Martin Corp....................        1,790
         20    Northrop Grumman Corp...................        1,940
        324    PerkinElmer, Inc........................        2,673
         86    Raytheon Co.............................        2,645
        536    Rockwell Collins, Inc...................       12,467
                                                         -----------
               TOTAL AEROSPACE AND DEFENSE                   273,497
                                                         -----------
 BASIC INDUSTRIES--4.16%                                            
      4,132    Air Products & Chemicals, Inc...........      176,643
         16    Alcoa, Inc..............................          364
         19    Allegheny Technologies, Inc.............          118
        200    *American Standard Cos, Inc.............       14,228
        362    Avery Dennison Corp.....................       22,111
          1    Barrick Gold Corp (U.S.)................            7
         98    Black & Decker Corp.....................        4,203
         24    Centex Corp.............................        1,205
         80    Dow Chemical Co.........................        2,405
         25    Du Pont (E.I.) de Nemours & Co..........        1,060
        282    Eastman Chemical Co.....................       10,369
        506    Ecolab, Inc.............................       25,047
        296    Engelhard Corp..........................        6,616
        473    Fluor Corp..............................       13,244
         91    *Freeport-McMoran Copper & Gold, Inc                 
                 (Class A).............................        1,527
         18    Georgia-Pacific Corp....................          307
         43    *Hercules, Inc..........................          378
         11    International Paper Co..................          385
      1,863    Kimberly-Clark Corp.....................       88,437
         29    *Louisiana-Pacific Corp.................          234
      2,035    Masco Corp..............................       42,837
         60    MeadWestvaco Corp.......................        1,507
     36,971    Monsanto Co.............................      711,692
         93    Newmont Mining Corp.....................        2,700
          7    Nucor Corp..............................          289
         93    *Pactiv Corp............................        2,033
         86    *Phelps Dodge Corp......................        2,722
        400    Plum Creek Timber Co, Inc...............        9,440
        508    PPG Industries, Inc.....................       25,476
      3,269    Praxair, Inc............................      188,850
          7    Rohm & Haas Co..........................          227
        194    *Sealed Air Corp........................        7,236
        880    Sherwin-Williams Co.....................       24,860
        140    Sigma-Aldrich Corp......................        6,818
        706    Stanley Works...........................       24,413
          2    United States Steel Corp................           26
        236    Vulcan Materials Co.....................        8,850
     14,441    Weyerhaeuser Co.........................      710,642
        222    Worthington Industries, Inc.............        3,383
                                                         -----------
               TOTAL BASIC INDUSTRIES                      2,142,889
                                                         -----------
 CONSUMER CYCLICAL--7.13%                                           
         28    *AOL Time Warner, Inc...................          367
     24,662    Autoliv, Inc............................      516,176
         45    *Bed Bath & Beyond, Inc.................        1,554
         60    *Big Lots, Inc..........................          794
        430    Brunswick Corp..........................        8,540
         93    Carnival Corp...........................        2,320
     20,678    *Clear Channel Communications, Inc......      771,083
         74    *Comcast Corp...........................        1,744
        200    Cooper Tire & Rubber Co.................        3,068

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
        50    *Cox Communications, Inc (Class A)......  $     1,420
        88    Dana Corp...............................        1,035
       295    Darden Restaurants, Inc.................        6,033
        33    Delphi Corp.............................          266
        43    Dillard's, Inc (Class A)................          682
     1,078    Dollar General Corp.....................       12,882
        10    Dow Jones & Co, Inc.....................          432
        49    Eastman Kodak Co........................        1,717
     5,238    Family Dollar Stores, Inc...............      163,478
       882    *Federated Department Stores, Inc.......       25,366
        53    Ford Motor Co...........................          493
       846    Gannett Co, Inc.........................       60,743
        97    Gap, Inc................................        1,505
        18    General Motors Corp.....................          663
       518    Genuine Parts Co........................       15,954
        60    Goodyear Tire & Rubber Co...............          409
     1,218    Harley-Davidson, Inc....................       56,272
         7    *Harrah's Entertainment, Inc............          277
       679    Hilton Hotels Corp......................        8,630
        59    Interpublic Group Of Cos, Inc...........          831
       398    Johnson Controls, Inc...................       31,908
       400    *Jones Apparel Group, Inc...............       14,176
       191    Knight Ridder, Inc......................       12,081
        58    *Kohl's Corp............................        3,245
       355    Leggett & Platt, Inc....................        7,966
        16    Limited Brands, Inc.....................          223
       202    Liz Claiborne, Inc......................        5,989
     1,192    Marriott International, Inc (Class A)...       39,181
       576    May Department Stores Co................       13,236
       188    Maytag Corp.............................        5,358
        35    McDonald's Corp.........................          563
       858    McGraw-Hill Cos, Inc....................       51,858
       222    Meredith Corp...........................        9,126
       296    New York Times Co (Class A).............       13,536
       679    Nike, Inc (Class B).....................       30,195
    37,800    Nissan Motor Co Ltd.....................      294,959
       432    Nordstrom, Inc..........................        8,195
       617    Omnicom Group, Inc......................       39,858
       155    *Reebok International Ltd...............        4,557
       968    Sears Roebuck & Co......................       23,184
     3,146    Target Corp.............................       94,380
       300    Tiffany & Co............................        7,173
     1,848    TJX Cos, Inc............................       36,073
        50    Tribune Co..............................        2,273
       700    *Univision Communications, Inc (Class                
                A)....................................       17,150
       521    VF Corp.................................       18,782
     1,514    *Viacom, Inc (Class A)..................       61,786
    25,015    *Viacom, Inc (Class B)..................    1,019,611
        69    Visteon Corp............................          487
        60    Wal-Mart Stores, Inc....................        3,031
     6,174    Walt Disney Co..........................      100,698
       264    Wendy's International, Inc..............        7,146
        68    Whirlpool Corp..........................        3,551
        41    *Yahoo!, Inc............................          670
     1,108    *Yum! Brands, Inc.......................       26,836
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     3,673,775
                                                        -----------
CONSUMER NON-CYCLICAL--12.21%                                      
       133    Alberto-Culver Co (Class B).............        6,703
         1    Albertson's, Inc........................           22
        35    *American Greetings Corp (Class A)......          553
     2,904    Anheuser-Busch Cos, Inc.................      140,554
        76    Archer Daniels Midland Co...............          942
        43    *Autozone, Inc..........................        3,038

12  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER NON-CYCLICAL--(CONTINUED)                                 
    13,907    Avon Products, Inc......................  $   749,170
        14    *Best Buy Co, Inc.......................          338
       247    Brown-Forman Corp (Class B).............       16,144
     6,893    Campbell Soup Co........................      161,779
        16    *Carmax, Inc............................          286
        71    Circuit City Stores, Inc (Circuit City               
                Group)................................          527
     1,043    Clorox Co...............................       43,024
    18,137    Coca-Cola Co............................      794,763
        88    Coca-Cola Enterprises, Inc..............        1,911
     1,850    Colgate-Palmolive Co....................       96,996
     1,337    Conagra Foods, Inc......................       33,438
       169    Coors (Adolph) Co (Class B).............       10,351
     1,400    *Costco Wholesale Corp..................       39,284
     1,219    CVS Corp................................       30,438
       637    *Del Monte Foods Co.....................        4,905
    16,503    General Mills, Inc......................      774,816
     3,786    Gillette Co.............................      114,943
     1,427    H.J. Heinz Co...........................       46,905
       862    Hasbro, Inc.............................        9,956
       517    Hershey Foods Corp......................       34,866
        58    Home Depot, Inc.........................        1,390
       242    International Flavors & Fragrances,                  
                Inc...................................        8,494
     1,043    Kellogg Co..............................       35,744
     2,848    *Kroger Co..............................       44,002
        85    Lowe's Cos..............................        3,188
        92    Mattel, Inc.............................        1,762
       652    Newell Rubbermaid, Inc..................       19,775
       965    *Office Depot, Inc......................       14,243
    27,024    Pepsi Bottling Group, Inc...............      694,517
    26,704    PepsiCo, Inc............................    1,127,443
        13    Philip Morris Cos, Inc..................          527
     9,670    Procter & Gamble Co.....................      831,040
       649    RadioShack Corp.........................       12,162
        90    *Safeway, Inc...........................        2,102
     2,951    Sara Lee Corp...........................       66,427
     1,500    *Staples, Inc...........................       27,450
     1,068    *Toy 'R' Us, Inc........................       10,680
     8,900    Tupperware Corp.........................      134,212
         9    UST, Inc................................          301
     3,248    Walgreen Co.............................       94,809
        68    Winn-Dixie Stores, Inc..................        1,039
       838    Wrigley (Wm.) Jr Co.....................       45,989
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 6,293,948
                                                        -----------
ENERGY--7.38%                                                      
        15    Amerada Hess Corp.......................          826
        79    Anadarko Petroleum Corp.................        3,832
    11,999    Apache Corp.............................      683,823
        62    Ashland, Inc............................        1,769
    21,319    Baker Hughes, Inc.......................      686,259
    16,359    Burlington Resources, Inc...............      697,711
        83    ChevronTexaco Corp......................        5,518
        30    ConocoPhillips..........................        1,452
    46,189    Exxon Mobil Corp........................    1,613,844
        24    Halliburton Co..........................          449
        23    Kerr-McGee Corp.........................        1,019
        99    Marathon Oil Corp.......................        2,108
        22    *McDermott International, Inc...........           96
        78    Occidental Petroleum Corp...............        2,219
        13    Rowan Cos, Inc..........................          295
     2,277    Schlumberger Ltd........................       95,839
        86    Sunoco, Inc.............................        2,853

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
        77    Transocean, Inc.........................  $     1,786
        73    Unocal Corp.............................        2,232
                                                        -----------
              TOTAL ENERGY                                3,803,930
                                                        -----------
FINANCIAL SERVICES--18.60%                                         
     1,524    Aflac, Inc..............................       45,903
        45    Allstate Corp...........................        1,665
       400    Ambac Financial Group, Inc..............       22,496
    25,669    American Express Co.....................      907,399
       235    American International Group, Inc.......       13,652
        21    AmSouth Bancorp.........................          403
       888    AON Corp................................       16,774
    18,552    Bank Of America Corp....................    1,290,663
        22    Bank Of New York Co, Inc................          527
    24,657    Bank One Corp...........................      901,213
        25    BB&T Corp...............................          925
       474    Bear Stearns Cos, Inc...................       28,156
       653    Capital One Financial Corp..............       19,407
     4,454    Charles Schwab Corp.....................       48,326
        62    Charter One Financial, Inc..............        1,781
         3    Chubb Corp..............................          157
       585    Cincinnati Financial Corp...............       21,967
    49,825    Citigroup, Inc..........................    1,753,377
        70    Comerica, Inc...........................        3,027
       335    b*Conseco, Inc..........................           13
        54    Countrywide Financial Corp..............        2,789
     1,700    Equity Office Properties Trust..........       42,466
       500    Equity Residential......................       12,290
    16,422    Fannie Mae..............................    1,056,427
        87    Fifth Third Bancorp.....................        5,094
        54    FleetBoston Financial Corp..............        1,312
       784    Franklin Resources, Inc.................       26,719
     6,548    Freddie Mac.............................      386,659
        58    Golden West Financial Corp..............        4,165
       607    Hartford Financial Services Group,                   
                Inc...................................       27,576
     1,191    Household International, Inc............       33,122
         6    Huntington Bancshares, Inc..............          112
        56    JP Morgan Chase & Co....................        1,344
       908    *Janus Capital Group, Inc...............       11,868
       263    Jefferson-Pilot Corp....................       10,023
     1,100    John Hancock Financial Services, Inc....       30,690
        49    KeyCorp.................................        1,232
        52    Lehman Brothers Holdings, Inc...........        2,771
       442    Lincoln National Corp...................       13,958
     1,638    Marsh & McLennan Cos, Inc...............       75,692
       492    MBIA, Inc...............................       21,579
        85    MBNA Corp...............................        1,617
        85    Mellon Financial Corp...................        2,219
        14    Merrill Lynch & Co, Inc.................          531
       441    MGIC Investment Corp....................       18,213
        87    Morgan Stanley..........................        3,473
        71    National City Corp......................        1,940
       823    Northern Trust Corp.....................       28,846
     1,090    PNC Financial Services Group, Inc.......       45,671
         7    Progressive Corp........................          347
        50    *Providian Financial Corp...............          325
        21    Regions Financial Corp..................          701
    18,861    Safeco Corp.............................      653,911
       600    Simon Property Group, Inc...............       20,442
       368    SLM Corp................................       38,220
        68    SouthTrust Corp.........................        1,690
        20    St. Paul Cos, Inc.......................          681
        48    State Street Corp.......................        1,872
        54    SunTrust Banks, Inc.....................        3,074

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   13

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
       181    Synovus Financial Corp..................  $     3,511
       480    T Rowe Price Group, Inc.................       13,094
       691    Torchmark Corp..........................       25,242
       715    *Travelers Property Casualty Corp (Class             
                A)....................................       10,475
     2,267    *Travelers Property Casualty Corp (Class             
                B)....................................       33,212
    41,432    U.S. Bancorp............................      879,187
         8    Union Planters Corp.....................          225
       737    UnumProvident Corp......................       12,927
    25,719    Wachovia Corp...........................      937,200
        65    Washington Mutual, Inc..................        2,244
        23    Wells Fargo & Co........................        1,078
                                                        -----------
              TOTAL FINANCIAL SERVICES                    9,587,887
                                                        -----------
HEALTH CARE--18.08%                                                
     4,972    Abbott Laboratories.....................      198,880
        68    *Advanced Medical Optics, Inc...........          814
    16,645    Aetna, Inc..............................      684,442
       307    Allergan, Inc...........................       17,689
       300    AmerisourceBergen Corp..................       16,293
    20,617    *Amgen, Inc.............................      996,626
       877    Applera Corp (Applied Biosystems                     
                Group)................................       15,383
        18    Bard (C.R.), Inc........................        1,044
        61    Bausch & Lomb, Inc......................        2,196
     8,388    Baxter International, Inc...............      234,864
     1,181    Becton Dickinson & Co...................       36,245
       448    *Biogen, Inc............................       17,947
     1,186    Biomet, Inc.............................       33,991
        61    *Boston Scientific Corp.................        2,594
    11,112    Bristol-Myers Squibb Co.................      257,243
    14,188    Cardinal Health, Inc....................      839,788
       626    Cigna Corp..............................       25,741
        55    *Genzyme Corp (General Division)........        1,626
       913    *Guidant Corp...........................       28,166
        47    HCA, Inc................................        1,951
       700    Health Management Associates, Inc (Class             
                A)....................................       12,530
        16    *Healthsouth Corp.......................           67
        11    *Humana, Inc............................          110
     1,320    IMS Health, Inc.........................       21,120
    30,422    Johnson & Johnson.......................    1,633,966
        65    *King Pharmaceuticals, Inc..............        1,134
     3,538    Lilly (Eli) & Co........................      224,663
        64    *Manor Care, Inc........................        1,191
        53    McKesson Corp...........................        1,433
     3,476    Medtronic, Inc..........................      158,506
     7,536    Merck & Co, Inc.........................      426,613
       200    Millipore Corp..........................        6,800
       293    Pall Corp...............................        4,887
    59,794    Pfizer, Inc.............................    1,827,903
    23,575    Pharmacia Corp..........................      985,435
        66    *Quintiles Transnational Corp...........          799
    21,938    Schering-Plough Corp....................      487,024
       588    *St. Jude Medical, Inc..................       23,355
        34    *Tenet Healthcare Corp..................          558
         8    UnitedHealth Group, Inc.................          668
       400    *Waters Corp............................        8,712
       323    *Watson Pharmaceuticals, Inc............        9,131
        21    *WellChoice, Inc........................          503
       512    *Wellpoint Health Networks, Inc.........       36,434
        74    Wyeth...................................        2,768
       801    *Zimmer Holdings, Inc...................       33,258
                                                        -----------
              TOTAL HEALTH CARE                           9,323,091
                                                        -----------

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
OTHER--1.11%                                                       
        63    *Cendant Corp...........................  $       660
       700    Cintas Corp.............................       32,025
       251    Crane Co................................        5,002
       771    Dover Corp..............................       22,482
        79    Fortune Brands, Inc.....................        3,674
        46    H & R Block, Inc........................        1,849
     2,743    Honeywell International, Inc............       65,832
        10    ITT Industries, Inc.....................          607
        94    Loews Corp..............................        4,179
       384    Moody's Corp............................       15,855
     6,587    R.R. Donnelley & Sons Co................      143,399
       300    *Robert Half International, Inc.........        4,833
       818    Supervalu, Inc..........................       13,505
     2,128    Sysco Corp..............................       63,393
        48    Textron, Inc............................        2,064
     4,919    Tyco International Ltd..................       84,033
     1,715    United Technologies Corp................      106,227
                                                        -----------
              TOTAL OTHER                                   569,619
                                                        -----------
PRODUCER DURABLES--5.26%                                           
     1,332    3M Co...................................      164,236
     5,500    Advantest Corp..........................      246,566
         9    *Allied Waste Industries, Inc...........           90
       841    Caterpillar, Inc........................       38,451
       204    Cooper Industries Ltd (Class A).........        7,436
       428    Danaher Corp............................       28,120
    15,031    Deere & Co..............................      689,171
       369    Eaton Corp..............................       28,823
     1,197    Emerson Electric Co.....................       60,867
    53,102    General Electric Co.....................    1,293,034
       999    Illinois Tool Works, Inc................       64,795
       785    Ingersoll-Rand Co (Class A).............       33,802
        26    Paccar, Inc.............................        1,199
       261    Parker Hannifin Corp....................       12,040
     1,018    Pitney Bowes, Inc.......................       33,248
        36    Rockwell Automation, Inc................          746
       214    W.W. Grainger, Inc......................       11,032
         1    Waste Management, Inc...................           23
        37    *Xerox Corp.............................          298
                                                        -----------
              TOTAL PRODUCER DURABLES                     2,713,977
                                                        -----------
TECHNOLOGY--17.94%                                                 
        84    *ADC Telecommunications, Inc............          176
       758    Adobe Systems, Inc......................       18,882
        98    *Advanced Micro Devices, Inc............          633
        14    *Agere Systems, Inc (Class A)...........           20
        65    *Agilent Technologies, Inc..............        1,167
     1,200    *Altera Corp............................       14,808
       600    *American Power Conversion Corp.........        9,090
        88    *Analog Devices, Inc....................        2,101
       185    *Andrew Corp............................        1,902
        46    *Apple Computer, Inc....................          659
        32    *Applied Materials, Inc.................          417
       200    Autodesk, Inc...........................        2,860
     2,065    Automatic Data Processing, Inc..........       81,051
        72    *Avaya, Inc.............................          179
        60    *BMC Software, Inc......................        1,027
        50    *Broadcom Corp (Class A)................          753
    93,911    *Cisco Systems, Inc.....................    1,230,234
       616    *Citrix Systems, Inc....................        7,589
        53    Computer Associates International,                   
                Inc...................................          716
       588    *Computer Sciences Corp.................       20,257
     1,127    *Compuware Corp.........................        5,410

14  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      Gz73    *Comverse Technology, Inc...............  $       731
     1,800    *Concord EFS, Inc.......................       28,332
       500    *Convergys Corp.........................        7,575
        93    *Corning, Inc...........................          308
    39,753    *Dell Computer Corp.....................    1,062,995
       167    Deluxe Corp.............................        7,031
     1,700    Electronic Data Systems Corp............       31,331
        28    *EMC Corp...............................          172
       629    Equifax, Inc............................       14,555
     2,556    First Data Corp.........................       90,508
       800    *Fiserv, Inc............................       27,160
        34    *Gateway, Inc...........................          107
     9,715    Hewlett-Packard Co......................      168,652
    21,915    Intel Corp..............................      341,217
    19,188    International Business Machines Corp....    1,487,070
        14    *KLA-Tencor Corp........................          495
        96    *Lexmark International, Inc.............        5,808
     1,000    Linear Technology Corp..................       25,720
        97    *LSI Logic Corp.........................          560
        76    *Lucent Technologies, Inc...............           96
        60    *Micron Technology, Inc.................          584
    45,581    *Microsoft Corp.........................    2,356,538
       453    Molex, Inc..............................       10,437
    43,961    Motorola, Inc...........................      380,263
         4    *National Semiconductor Corp............           60
       224    *NCR Corp...............................        5,318
        94    *Network Appliance, Inc.................          940
        72    *Novell, Inc............................          240
        76    *Oracle Corp............................          821
         4    *Palm, Inc..............................           63
       425    *Parametric Technology Corp.............        1,071
     1,167    Paychex, Inc............................       32,559
        20    *Peoplesoft, Inc........................          366
     1,600    *Sanmina-SCI Corp.......................        7,184
        62    Scientific-Atlanta, Inc.................          735
        56    *Solectron Corp.........................          199
   105,500    *Sun Microsystems, Inc..................      328,105
       700    *Sungard Data Systems, Inc..............       16,492
    15,262    *Symantec Corp..........................      617,348
        14    *Tektronix, Inc.........................          255
     1,130    *Tellabs, Inc...........................        8,215
        95    *Teradyne, Inc..........................        1,236
    51,842    Texas Instruments, Inc..................      778,148
        65    *Thermo Electron Corp...................        1,308
        20    *Unisys Corp............................          198
        58    *Veritas Software Corp..................          921
        47    *Xilinx, Inc............................          968
                                                        -----------
              TOTAL TECHNOLOGY........................    9,250,926
                                                        -----------
TRANSPORTATION--0.79%                                              
        52    *AMR Corp...............................          343
       839    Burlington Northern Santa Fe Corp.......       21,822
       972    CSX Corp................................       27,517
        17    Delta Air Lines, Inc....................          206
     1,147    FedEx Corp..............................       62,190
       969    Norfolk Southern Corp...................       19,370
       142    Ryder System, Inc.......................        3,186
       655    *Sabre Holdings Corp....................       11,862
     2,404    Southwest Airlines Co...................       33,416
        66    Union Pacific Corp......................        3,951
     3,500    United Parcel Service, Inc (Class B)....      220,780
                                                        -----------
              TOTAL TRANSPORTATION                          404,643
                                                        -----------

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
UTILITIES--6.11%                                                   
        60    *AES Corp...............................  $       181
     1,229    Alltel Corp.............................       62,679
       330    Ameren Corp.............................       13,718
     1,472    American Electric Power Co, Inc.........       40,230
    14,671    AT&T Corp...............................      383,060
    61,318    *AT&T Wireless Services, Inc............      346,452
     6,076    BellSouth Corp..........................      157,186
        81    Centerpoint Energy, Inc.................          689
       425    CenturyTel, Inc.........................       12,487
       376    Cinergy Corp............................       12,679
        46    CMS Energy Corp.........................          434
       413    Consolidated Edison, Inc................       17,685
       351    Constellation Energy Group, Inc.........        9,765
       966    Dominion Resources, Inc.................       53,033
       338    DTE Energy Co...........................       15,683
     3,300    Duke Energy Corp........................       64,482
    34,400    Dynegy, Inc (Class A)...................       40,592
         8    *Edison International...................           95
        35    El Paso Corp............................          244
       677    Entergy Corp............................       30,864
        80    Exelon Corp.............................        4,222
       713    FirstEnergy Corp........................       23,508
       318    FPL Group, Inc..........................       19,121
       500    KeySpan Corp............................       17,620
        86    *Mirant Corp............................          164
        25    *Nextel Communications, Inc (Class A)...          289
       500    Nicor, Inc..............................       17,015
       406    NiSource, Inc...........................        8,140
       108    *NiSource, Inc (Sails)..................          240
        94    *PG&E Corp..............................        1,307
       598    Pinnacle West Capital Corp..............       20,386
       742    PPL Corp................................       25,733
       776    Progress Energy, Inc....................       33,640
       224    *Progress Energy, Inc (Cvo).............          101
     1,105    Public Service Enterprise Group, Inc....       35,471
        30    Qwest Communications International,                  
                Inc...................................          150
     9,835    *Reliant Resources, Inc.................       31,472
     2,626    SBC Communications, Inc.................       71,191
       450    Sempra Energy...........................       10,643
     2,681    Southern Co.............................       76,114
     2,826    Sprint Corp (FON Group).................       40,920
         4    *Sprint Corp (PCS Group)................           18
     9,300    TECO Energy, Inc........................      143,871
        48    TXU Corp................................          897
    33,285    Verizon Communications, Inc.............    1,289,794
     1,578    b Xcel Energy, Inc......................       17,377
                                                        -----------
              TOTAL UTILITIES                             3,151,642
                                                        -----------
              TOTAL COMMON STOCK                                   
                (Cost $57,441,747)                       51,189,824
                                                        -----------

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   15

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Statement of Investments - GROWTH & INCOME FUND - December 31, 2002 
--------------------------------------------------------------------------------

                                                                [Download Table]

PRINCIPAL                                                  VALUE    
---------                                                  -----    
                                                                    
 SHORT TERM INVESTMENT--2.13%                                       
U.S. GOVERNMENT AND AGENCY--2.13%                                   
              Federal Home Loan Bank (FHLB)                         
$1,100,000      1.180%, 01/02/03......................  $ 1,099,929 
                                                        ----------- 
              TOTAL SHORT TERM INVESTMENT                           
                (Cost $1,099,954)                         1,099,929 
                                                        ----------- 
              TOTAL PORTFOLIO--101.43%                              
                (Cost $58,541,701)                       52,289,753 
              OTHER ASSETS & LIABILITIES, NET--(1.43%)     (736,717)
                                                        ----------- 
              NET ASSETS--100.00%                       $51,553,036 
                                                        =========== 

------------                                                                    
*  Non-income producing                                                         
b  In bankruptcy                                                                

At December 31, 2002, the aggregate cost of portfolio investments for federal   
income tax purposes was $62,242,841. Net unrealized depreciation of portfolio   
investments aggregated $9,953,088 of which $805,113 related to appreciated      
portfolio investments and $10,758,201 related to depreciated portfolio          
investments.                                                                    

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

16  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   

See Notes To Financial Statements 

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Statement of Investments - INTERNATIONAL EQUITY FUND - December 31, 2002
--------------------------------------------------------------------------------

                                                                [Download Table]

                         Summary by Country                           
                                                    VALUE        %    
--------------------------------------------------------------------- 
                                                                      
DOMESTIC:                                                             
United States..................................  $         4     0.00%
                                                 -----------   ------ 
TOTAL DOMESTIC.................................            4     0.00 
                                                 ===========   ====== 

                                                                [Download Table]
                                                                      
FOREIGN:                                                              
Australia......................................    1,551,429     4.60 
Austria........................................       22,711     0.07 
Belgium........................................      177,587     0.53 
Denmark........................................      134,407     0.40 
Finland........................................      561,892     1.67 
France.........................................    3,027,313     8.98 
Germany........................................    1,512,981     4.49 
Greece.........................................       48,575     0.14 
Hong Kong......................................      523,425     1.55 
Ireland........................................      257,804     0.76 
Italy..........................................      828,852     2.46 
Japan..........................................    7,104,743    21.07 
Korea..........................................       83,555     0.25 
Netherlands....................................    2,826,541     8.38 
New Zealand....................................       60,153     0.18 
Norway.........................................       69,944     0.21 
Portugal.......................................       56,342     0.17 
Singapore......................................      248,900     0.74 
Spain..........................................    1,217,968     3.61 
Sweden.........................................      500,057     1.48 
Switzerland....................................    4,270,867    12.67 
United Kingdom.................................    8,626,256    25.59 
                                                 -----------   ------ 
TOTAL FOREIGN..................................   33,712,302   100.00 
                                                 -----------   ------ 
TOTAL PORTFOLIO................................  $33,712,306   100.00%
                                                 ===========   ====== 

--------------------------------- 

                                                                [Download Table]


   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
  PREFERRED STOCK--0.12%                                            
 CONSUMER CYCLICAL--0.12%                                           
       110     Hugo Boss AG. ..........................  $     1,109
     4,855     News Corp Ltd...........................       26,108
        25     Porsche AG. ............................       10,389
       256     ProSieben SAT.1 Media AG. ..............        1,690
                                                         -----------
               TOTAL CONSUMER CYCLICAL                        39,296
                                                         -----------
 HEALTH CARE--0.00%                                                 
        60     Fresenius Medical Care AG. .............        1,826
                                                         -----------
               TOTAL CONSUMER CYCLICAL                         1,826
                                                         -----------
               TOTAL PREFERRED STOCK                                
                 (Cost $44,878)                               41,122
                                                         -----------
COMMON STOCK--99.80%                                                
 AEROSPACE AND DEFENSE--0.16%                                       
     9,440     BAE Systems plc.........................       18,845
       751     European Aeronautic Defense & Space                  
                 Co....................................        7,763
     3,132     Rolls-Royce plc.........................        5,397
     1,570     Smiths Group plc........................       17,579
        91     Thales S.A. ............................        2,409
       120     Zodiac S.A. ............................        2,442
                                                         -----------
               TOTAL AEROSPACE AND DEFENSE                    54,435
                                                         -----------
 BASIC INDUSTRIES--7.98%                                            
        67     Acerinox S.A. ..........................        2,460
       165     ACS Actividades de Construccion y                    
                 Servicios S.A. .......................        5,307
       815     Aggreko plc.............................        1,935
       777     Akzo Nobel NV...........................       24,649
    15,112     Alumina Ltd.............................       41,697

                                                                [Download Table]


SHARES                                                   VALUE   
------                                                   -----   
                                                                 
     28     Aluminum of Greece S.A.I.C. ............  $       518
 20,673     Amcor Ltd...............................       98,832
    725     Amec plc................................        1,672
 10,228     *Arcelor................................      125,794
  4,000     Asahi Kasei Corp........................        9,910
  1,249     Barratt Developments plc................        7,862
  1,425     BASF AG. ...............................       53,685
  1,982     Bayer AG. ..............................       41,598
    408     Berkeley Group plc......................        3,898
 26,216     BHP Billiton Ltd........................      149,837
 11,028     BHP Billiton plc........................       58,899
  1,939     *BHP Steel Ltd..........................        3,527
     64     Billerud AB.............................          698
  1,146     BOC Group plc...........................       16,383
  1,540     Boral Ltd...............................        3,772
    674     BPB plc.................................        2,669
     78     Buderus AG. ............................        1,816
    296     Buhrmann NV.............................        1,292
  3,000     Carter Holt Harvey Ltd..................        2,746
  1,000     Cheung Kong Infrastructure Holdings                  
              Ltd...................................        1,712
    189     Ciba Specialty Chemicals AG. (Regd).....       13,177
    996     Compagnie De Saint-Gobain...............       29,224
     78     Cimpor Cimentos de Portugal S.A. .......        1,310
    212     Clariant AG. (Regd).....................        3,388
  5,061     *Corus Group plc........................        2,220
  1,508     CRH plc (Ireland).......................       18,595
  2,714     CSR Ltd.................................        9,659
 28,700     Daicel Chemical Industries Ltd..........       81,019
  2,000     Dainippon Ink & Chemicals, Inc..........        3,202
    300     Daito Trust Construction Co Ltd.........        6,636
  2,000     Daiwa House Industry Co Ltd.............       11,258
  1,000     Denki Kagaku Kogyo KK...................        2,183
  1,100     *Fletcher Challenge Forests Ltd.........          570
    157     Fomento de Construcciones y Contratas                
              S.A. .................................        3,526
      4     Forbo Holding AG. (Regd)................        1,192
    522     Grupo Dragados S.A. ....................        8,874
  3,938     Grupo Ferrovial S.A. ...................       99,801
  1,012     Hanson plc..............................        4,497
     88     Heidelberger Zement AG. (Germany).......        3,264
    287     Hellenic Technodomiki Tev S.A. .........        1,777
     81     Hoganas AB (B Shs)......................        1,534
     74     Holcim Ltd (Br).........................       13,433
    133     Holmen AB (B Shs).......................        3,228
     41     Imerys S.A. ............................        5,180
  3,809     Imperial Chemical Industries plc........       14,104
    511     Italcementi S.p.A. .....................        5,148
    679     James Hardie Industries NV..............        2,611
  1,400     *JFE Holdings, Inc......................       17,000
  1,000     JGC Corp................................        5,595
    338     Johnson Matthey plc.....................        4,353
 24,800     Kajima Corp.............................       55,380
  1,000     Kaneka Corp.............................        5,351
    355     Lafarge S.A. (Br).......................       26,748
    265     L'Air Liquide S.A. .....................       34,956
    623     Leighton Holdings Ltd...................        3,568
    267     Linde AG. ..............................        9,807
  5,304     Lonza Group AG. (Regd)..................      322,222
  1,000     Matsushita Electric Works Ltd...........        6,185
     30     Mayr-Melnhof Karton AG. ................        2,219
 39,853     MIM Holdings Ltd........................       33,886
  5,000     Mitsubishi Chemical Corp................        9,986
  1,000     Mitsubishi Gas Chemical Co, Inc.........        1,390
  3,000     Mitsubishi Materials Corp...............        3,286
  1,000     Mitsubishi Paper Mills Ltd..............        1,213

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   17

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Statement of Investments - INTERNATIONAL EQUITY FUND - December 31, 2002
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                                                                [Download Table]


   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
BASIC INDUSTRIES--(CONTINUED)                                       
     1,000     Mitsui Chemicals, Inc...................  $     4,458
     1,000     Mitsui Mining & Smelting Co Ltd.........        2,309
     1,100     Newcrest Mining Ltd.....................        4,460
    16,000     Nippon Steel Corp.......................       18,741
         2     Nippon Unipac Holding...................        8,680
     1,000     Nishimatsu Construction Co Ltd..........        2,941
       187     Norske Skogindustrier ASA...............        2,645
     1,507     Novar plc...............................        2,632
       200     Novozymes a/s (B Shs)...................        4,182
     1,000     Obayashi Corp...........................        2,225
    11,700     OJI Paper Co Ltd........................       50,282
     1,245     OneSteel Ltd............................        1,262
     1,102     Orica Ltd...............................        6,516
       486     Outokumpu Oyj...........................        4,233
       719     PaperlinX Ltd...........................        2,061
        97     Pechiney S.A. (A Shs)...................        3,404
     2,996     Pilkington plc..........................        2,797
         1     Portucel Empresa Produtore de Pasta e                
                 Papel S.A. ...........................            1
     1,505     Rexam plc...............................       10,273
        83     RHI AG. ................................          640
     2,897     Rio Tinto Ltd...........................       55,383
     2,892     Rio Tinto plc...........................       57,732
       366     RMC Group plc...........................        2,162
       141     Sapa AB.................................        2,589
     2,000     Sekisui Chemical Co Ltd.................        5,174
     2,000     Sekisui House Ltd.......................       14,157
    10,700     Shimizu Corp............................       26,779
     5,200     Shin-Etsu Chemical Co Ltd...............      170,456
     2,000     *Showa Denko KK.........................        2,545
     1,268     Skanska AB (B Shs)......................        7,422
       158     Solvay S.A. ............................       10,893
       343     Sons of Gwalia Ltd......................          501
       193     Ssab Svenskt Stal AB (Series A).........        2,281
     1,771     Stora Enso Oyj (R Shs)..................       18,678
    11,000     Sumitomo Chemical Co Ltd................       43,474
     5,000     *Sumitomo Metal Industries Ltd..........        1,812
     1,000     Sumitomo Metal Mining Co Ltd............        4,171
     1,000     Sumitomo Osaka Cement Co Ltd............        1,315
       935     Svenska Cellulosa AB (B Shs)............       31,548
       285     Syngenta AG. ...........................       16,500
     3,000     Taiheiyo Cement Corp....................        3,792
     2,000     Taisei Corp.............................        3,185
     1,845     Taylor Woodrow plc......................        5,035
     1,178     ThyssenKrupp AG. .......................       13,277
        81     Titan Cement Co S.A. ...................        3,108
     1,300     Tokyo Ohka Kogyo Co Ltd.................       17,539
     1,000     Tosoh Corp..............................        2,410
     1,240     Tostem Inax Holding Corp................       18,808
     1,000     Toto Ltd................................        3,699
     1,000     Toyo Seikan Kaisha Ltd..................       11,924
       638     Transurban Group........................        1,444
       296     Trelleborg AB (B Shs)...................        2,395
     2,000     UBE Industries Ltd......................        2,006
        54     Umicore.................................        2,331
       740     UPM-Kymmene Oyj.........................       23,763
        67     Uponor Oyj..............................        1,370
     3,377     Vinci S.A. .............................      190,303
       263     Viohalco S.A. ..........................        1,043
       200     Wienerberger AG. .......................        3,557
     1,165     Wimpey (George) plc.....................        4,989

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
   13,828     *WMC Resources Ltd......................  $    32,859
   21,123     Wolseley plc............................      177,341
                                                        -----------
              TOTAL BASIC INDUSTRIES                      2,693,415
                                                        -----------
CONSUMER CYCLICAL--12.96%                                          
      558     Accor S.A. .............................       16,899
      100     Aderans Co Ltd..........................        2,233
    1,000     Aeon Co Ltd.............................       23,679
      200     Aoyama Trading Co Ltd...................        2,756
    1,213     Aristocrat Leisure Ltd..................        3,197
      479     Arnoldo Mondadori Editore S.p.A. .......        2,966
      100     Asatsu-DK, Inc..........................        1,774
      100     Autobacs Seven Co Ltd...................        2,014
      412     Autogrill S.p.A. .......................        3,208
    1,721     BBA Group plc...........................        5,119
       51     Bekaert S.A. ...........................        2,309
      297     Benetton Group S.p.A. ..................        2,649
    2,000     Bridgestone Corp........................       24,775
   25,722     *British Sky Broadcasting Group plc.....      264,609
      491     Bulgari S.p.A. .........................        2,329
      310     Canal Plus..............................        1,457
      100     Capcom Co Ltd...........................        1,506
    3,457     Carlton Communications plc..............        7,472
    1,000     Casio Computer Co Ltd...................        5,570
       14     Club Mediterranee S.A. .................          336
    2,682     Coles Myer Ltd..........................        9,514
    6,895     Compass Group plc.......................       36,631
      420     Continental AG. ........................        6,457
      636     Cycle & Carriage Ltd....................        1,247
      500     *Daiei, Inc.............................          544
      633     Daily Mail & General Trust plc..........        5,926
    3,552     DaimlerChrysler AG. (Regd)..............      108,656
      166     DaimlerChrysler AG. (U.S.)..............        5,088
    1,783     David Jones Ltd.........................        1,084
    1,300     Denso Corp..............................       21,329
       13     D'ieteren S.A. .........................        1,760
    2,662     Dixons Group plc........................        6,214
      112     Douglas Holding AG. ....................        1,881
    2,435     EMI Group plc...........................        5,449
   11,057     Esprit Holdings Ltd.....................       18,646
      100     FamilyMart..............................        1,959
      100     Fast Retailing Co Ltd...................        3,522
      649     Fiat S.p.A. ............................        5,278
       55     Fisher & Paykel Appliances Holdings                  
                Ltd...................................          289
       52     Fisher & Paykel Healthcare Corp.........          261
       69     Folli-Follie S.A .......................        1,167
    8,000     Fuji Photo Film Co Ltd..................      260,892
        1     Fuji Television Network, Inc............        4,028
    4,043     Giordano International Ltd..............        1,581
    2,084     GKN plc.................................        6,735
    5,754     Granada plc.............................        7,388
      229     Groupe Bruxelles Lambert S.A. ..........        9,375
      138     Grupo Prisa S.A. .......................          899
      310     Gruppo Editoriale L'Espresso S.p.A. ....        1,012
    1,000     Gunze Ltd...............................        3,682
    5,569     GUS plc.................................       51,731
   12,000     Hankyu Department Stores, Inc...........       57,942
    2,003     Harvey Norman Holdings Ltd..............        2,966
       70     Hellenic Duty Free Shops S.A. ..........          445
    2,446     Hennes & Mauritz AB (B Shs).............       47,161
    7,639     Hilton Group plc........................       20,538
    3,800     Honda Motor Co Ltd......................      140,575
    1,400     Independent News & Media plc............        2,204

18  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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Statement of Investments - INTERNATIONAL EQUITY FUND - December 31, 2002
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                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
      500     Inditex S.A. ...........................  $    11,811
    1,000     Isetan Co Ltd...........................        6,859
    1,000     Ito-Yokado Co Ltd.......................       29,494
    1,201     John Fairfax Holdings Ltd...............        2,178
    1,000     *Kanebo Ltd.............................          952
      154     KarstadtQuelle AG. .....................        2,586
      244     Kesko Oyj (B Shs).......................        3,098
    1,360     *Kia Motors Corp........................       10,091
   64,490     Kingfisher plc..........................      231,005
      200     Konami Corp.............................        4,618
      273     Koninklijke Vendex KBB NV...............        2,976
        7     Kuoni Reisen Holding (Regd).............        1,321
    1,000     Kuraray Co Ltd..........................        6,202
      433     Lagardere S.C.A. .......................       17,589
      100     Lawson, Inc.............................        2,410
    1,059     LVMH Moet Hennessy Louis Vuitton                     
                S.A. .................................       43,508
      150     Man AG. ................................        2,078
   10,825     Marks & Spencer Group plc...............       54,896
    1,000     Marui Co Ltd............................        9,792
    6,000     Matsushita Electric Industrial Co Ltd...       59,156
    2,730     Mediaset S.p.A. ........................       20,799
      370     Michelin (C.G.D.E.) (B Shs).............       12,759
    1,000     Mitsubishi Rayon Co Ltd.................        2,284
    1,000     Mitsukoshi Ltd..........................        2,081
      174     *Modern Times Group AB (B Shs)..........        1,408
    1,000     *Mycal Corp.............................            8
      897     MyTravel Group plc......................          278
      100     Namco Ltd...............................        1,675
   12,262     News Corp Ltd...........................       79,272
    1,551     Next plc................................       18,390
    1,000     NGK Insulators Ltd......................        5,461
      185     *NH Hoteles S.A. .......................        1,590
      300     Nintendo Co Ltd.........................       27,935
      550     Nippon Television Network Corp..........       82,034
    6,000     Nissan Motor Co Ltd.....................       46,819
    1,000     Nisshinbo Industries, Inc...............        3,472
      200     Oriental Land Co Ltd....................       12,118
    2,822     P & O Princess Cruises plc..............       19,581
    2,700     Paris Miki, Inc.........................       38,019
    1,735     Pearson plc.............................       16,047
    1,056     Peugeot Citroen S.A. ...................       43,063
      167     Pinault-Printemps-Redoute S.A. .........       12,285
      400     Pioneer Corp............................        7,500
    1,376     Pirelli S.p.A. .........................        1,271
      116     Publicis Groupe S.A. ...................        2,459
        4     PubliGroupe S.A. (Regd).................          636
    3,656     Publishing & Broadcasting Ltd...........       17,808
    1,950     Puma AG. Rudolf Dassler Sport...........      133,073
      862     Rank Group plc..........................        3,698
   10,319     Reed Elsevier NV........................      126,155
    7,209     Reed Elsevier plc.......................       61,743
    1,131     Renault S.A. ...........................       53,148
    3,039     Reuters Group plc.......................        8,684
      100     Saizeriya Co Ltd........................        1,481
    2,700     Sankyo Co Ltd (Gunma)...................       67,233
      100     Sanrio Co Ltd...........................          497
    4,000     Sanyo Electric Co Ltd...................       10,415
       69     Schibsted ASA...........................          717
    3,266     SCMP Group Ltd..........................        1,361
   13,229     Seat-Pagine Gialle S.p.A. ..............        9,010
      300     *Sega Corp..............................        2,958
    1,000     Seven-Eleven Japan Co Ltd...............       30,505

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    3,047     Shangri-La Asia Ltd.....................  $     1,993
    2,000     Sharp Corp..............................       18,994
      100     Shimachu Co Ltd.........................        2,022
      100     Shimamura Co Ltd........................        6,371
      200     Shimano, Inc............................        2,985
    5,448     Signet Group plc........................        5,964
    1,000     Singapore Press Holdings Ltd............       10,493
    2,181     Six Continents plc......................       17,626
      438     Sky City Entertainment Group Ltd........        1,855
      100     Skylark Co Ltd..........................        1,326
      267     Societe Television Francaise 1                       
                (T.F.1)...............................        7,134
      133     Sodexho Alliance S.A. ..................        3,071
      346     Sol Melia S.A. .........................        1,369
    8,300     Sony Corp...............................      346,912
    1,838     TAB Ltd.................................        3,136
    9,874     TABCORP Holdings Ltd....................       59,215
   13,600     Takashimaya Co Ltd......................       53,291
    3,000     Teijin Ltd..............................        7,180
      414     Telefonica Publicidad e Informacion                  
                S.A. .................................        1,316
      372     *Telepizza S.A. ........................          293
    1,000     Television Broadcasts Ltd...............        3,154
      518     The Swatch Group AG. (Regd).............        8,766
      300     Toho Co Ltd.............................        2,879
    2,000     Toray Industries, Inc...................        4,247
    1,000     Toyobo Co Ltd...........................        1,306
      100     Toyoda Gosei Co Ltd.....................        1,879
   11,000     Toyota Motor Corp.......................      295,694
      477     TUI AG. ................................        7,984
      466     United Business Media plc...............        2,176
    1,000     UNY Co Ltd..............................        9,783
      131     Valeo S.A. .............................        4,110
       22     Valora Holding AG. .....................        4,216
   14,699     Vivendi Universal S.A. .................      237,393
      990     VNU NV..................................       25,840
      912     Volkswagen AG. .........................       33,018
      803     Volvo AB (B Shs)........................       13,086
      600     Warehouse Group Ltd.....................        2,297
      917     Whitbread plc...........................        7,987
      720     Wolters Kluwer NV.......................       12,542
    4,987     Woolworths Ltd..........................       32,013
      100     World Co Ltd............................        1,913
   48,654     WPP Group plc...........................      371,666
      300     Yamada Denki Co Ltd.....................        6,333
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     4,372,091
                                                        -----------
CONSUMER NON-CYCLICAL--10.89%                                      
      130     Adidas-Salomon AG. .....................       11,050
      412     AGFA Gevaert NV.........................        9,188
    7,000     Ajinomoto Co, Inc.......................       73,085
      920     Altadis S.A. ...........................       20,989
    1,100     Asahi Breweries Ltd.....................        7,212
      156     Baycorp Advantage Ltd...................          166
       41     Beiersdorf AG. .........................        4,561
    2,515     Boots Co plc............................       23,727
   18,301     British American Tobacco plc............      182,816
    6,112     BRL Hardy Ltd...........................       24,265
      716     Bunzl plc...............................        4,380
    6,361     Cadbury Schweppes plc...................       39,631
       73     Carlsberg a/s (A Shs)...................        2,991
    1,393     Carrefour S.A. .........................       62,025
       88     Casino Guichard-Perrachon S.A. .........        6,534
       17     *Casino Guichard-Perrachon A Wts                     
                12/15/03..............................            2
       17     *Casino Guichard-Perrachon B Wts                     
                12/15/05..............................           21

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   19

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                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER NON-CYCLICAL--(CONTINUED)                                 
    1,776     Coca-Cola Amatil Ltd....................  $     5,271
      221     Coca-Cola Hellenic Bottling Co S.A. ....        3,071
       26     Colruyt S.A. ...........................        1,432
    1,593     Compagnie Financiere Richemont AG.                   
                (Units) (A Shs).......................       29,724
      215     Danisco a/s.............................        7,305
      141     Delhaize Group..........................        2,622
   27,624     Diageo plc..............................      300,185
    1,900     Doutor Coffee Co Ltd....................       32,182
      805     Electrolux AB Series B..................       12,703
      303     Essilor International S.A. .............       12,480
    4,447     Foster's Group Ltd......................       11,269
      900     Fraser & Neave Ltd......................        4,047
    3,800     Fuji Oil Co Ltd.........................       33,943
      623     Givaudan S.A. (Regd)....................      279,352
   36,137     Goodman Fielder Ltd.....................       36,221
      469     Greencore Group plc.....................        1,255
    2,056     Groupe Danone...........................      276,600
      594     Heineken NV.............................       23,188
      115     Henkel Kgaa.............................        7,277
      410     *Hite Brewery Co Ltd....................       16,973
    1,486     Imperial Tobacco Group plc..............       25,239
      475     Interbrew S.A. .........................       11,215
        2     Japan Tobacco, Inc......................       13,382
      199     Jeronimo Martins SGPS S.A. .............        1,451
    7,900     Kao Corp................................      173,418
      100     Katokichi Co, Ltd.......................        1,500
      411     Kerry Group (Class A)...................        5,499
    1,000     Kikkoman Corp...........................        6,935
    1,000     Kirin Brewery Co Ltd....................        6,362
    1,900     Kose Corp...............................       60,521
    5,000     Li & Fung Ltd...........................        4,745
    1,760     L'Oreal S.A. ...........................      133,996
      354     Luxottica Group S.p.A. .................        4,670
    1,000     Meiji Seika Kaisha Ltd..................        2,941
      392     Metro AG. ..............................        9,461
    1,996     Nestle S.A. (Regd)......................      422,961
    1,000     Nichirei Corp...........................        2,806
    1,000     Nippon Meat Packers, Inc................        9,986
    1,000     Nisshin Seifun Group, Inc...............        6,657
      200     Nissin Food Products Co Ltd.............        4,466
      207     Numico NV...............................        2,607
      457     Orkla ASA...............................        7,784
    1,846     Parmalat Finanziaria S.p.A. ............        4,397
      196     Pernod-Ricard...........................       18,985
      300     QP Corp/Japan...........................        2,376
   17,844     Reckitt Benckiser plc...................      346,161
    3,200     Rinnai Corp.............................       72,942
    1,197     Royal Ahold NV..........................       15,207
    1,300     SABMiller plc...........................        9,240
    2,741     Safeway plc.............................        9,410
    3,768     Sainsbury (J) plc.......................       16,909
    1,638     Scottish & Newcastle plc................       12,226
    1,000     Shiseido Co Ltd.........................       13,002
      617     Singapore Food Industries Ltd...........          249
       97     Societe BIC S.A. .......................        3,344
    2,699     Sonae SPGS S.A. ........................        1,133
    2,109     Southcorp Ltd...........................        5,463
    1,078     Swedish Match AB........................        8,475
    1,000     Takara Holdings, Inc....................        4,357
    1,043     Tate & Lyle plc.........................        5,289
   18,709     Tesco plc...............................       58,432
       59     Uni-Charm Corp..........................        2,342

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    7,442     Unilever NV (Cert)......................  $   457,254
   11,516     Unilever plc............................      109,569
    1,901     Waterford Wedgwood plc (Units)..........          978
       48     Wella AG. ..............................        2,846
    1,000     Yamazaki Baking Co Ltd..................        5,604
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 3,674,535
                                                        -----------
ENERGY--9.51%                                                      
   18,838     BG Group plc............................       81,277
  105,425     BP plc..................................      724,720
    2,078     BP plc (Spon ADR).......................       84,471
   11,545     Centrica plc............................       31,783
   34,100     CNOOC Ltd...............................       44,383
      324     Energy Developments Ltd.................          476
   10,427     ENI S.p.A. .............................      165,773
      906     Fortum Oyj..............................        5,942
      622     Gas Natural SDG S.A. ...................       11,795
      197     Hellenic Petroleum S.A. ................        1,145
   34,798     Hong Kong & China Gas Co Ltd............       45,068
    5,445     IHC Caland NV...........................      287,448
      310     Italgas S.p.A. .........................        4,216
    1,000     Nippon Mining Holdings, Inc.............        1,340
    5,000     Nippon Oil Corp.........................       22,668
      452     Norsk Hydro ASA.........................       20,258
       50     OMV AG. ................................        4,910
   24,228     Origin Energy Ltd.......................       50,615
    6,000     Osaka Gas Co Ltd........................       14,814
    2,192     Repsol YPF S.A. ........................       28,984
   15,161     Royal Dutch Petroleum Co................      667,423
    2,083     Santos Ltd..............................        7,061
   47,360     Shell Transport & Trading Co plc........      311,841
    1,000     Showa Shell Sekiyu KK...................        6,944
      161     Smedvig ASA.............................          767
    3,126     Snam Rete Gas S.p.A. ...................       10,661
    1,035     Statoil ASA.............................        8,740
       24     Technip-Coflexip S.A. ..................        1,718
    6,000     Tokyo Gas Co Ltd........................       18,808
    3,730     Total Fina Elf S.A. ....................      532,731
    1,409     Woodside Petroleum Ltd..................        9,822
                                                        -----------
              TOTAL ENERGY                                3,208,602
                                                        -----------
FINANCIAL SERVICES--22.05%                                         
    1,889     *3i Group plc...........................       16,878
    1,000     77 Bank Ltd.............................        4,095
       92     Abbey National plc......................          767
   18,507     ABN Amro Holding NV.....................      302,598
      200     Acom Co Ltd.............................        6,573
   11,748     Aegon NV................................      151,146
      150     Aiful Corp..............................        5,637
   23,000     Aioi Insurance Co Ltd...................       44,384
      952     Alleanza Assicurazioni S.p.A. ..........        7,213
      892     Allgreen Properties Ltd.................          489
      783     Allianz AG. (Regd)......................       74,033
   10,451     Allied Irish Banks plc..................      141,039
      408     Alpha Bank S.A. ........................        4,924
    1,522     AMP Diversified Property Trust..........        2,237
    2,713     AMP Ltd.................................       17,080
    3,131     Amvescap plc............................       20,062
    2,000     *Ashikaga Bank Ltd......................        2,309
    6,139     Assicurazioni Generali S.p.A. ..........      126,268
    9,688     Australia & New Zealand Banking Group                
                Ltd...................................       94,650
      307     Australian Stock Exchange Ltd...........        1,972
   12,714     Aviva plc...............................       90,674

20  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
    7,011     AXA.....................................  $    94,100
      727     Banca Fideuram S.p.A. ..................        3,418
    7,713     Banca Intesa S.p.A. ....................       16,269
    1,981     Banca Intesa S.p.A. (Rnc)...............        3,264
    2,708     Banca Monte dei Paschi di Siena                      
                S.p.A. ...............................        6,380
    2,554     Banca Nazionale Del Lavoro S.p.A. ......        2,828
      904     Banca Popolare di Milano................        3,292
   15,832     Banco Bilbao Vizcaya Argentaria S.A. ...      151,521
    1,543     Banco BPI S.A. (Regd)...................        3,530
    6,201     Banco Comercial Portugues S.A. (Regd)...       14,837
      243     Banco Espirito Santo S.A. (Regd)........        3,188
   55,075     Banco Santander Central Hispano S.A. ...      377,984
    3,800     Bank Of East Asia Ltd...................        6,505
    2,000     Bank Of Fukuoka Ltd.....................        8,022
    2,309     Bank Of Ireland (Dublin)................       23,698
    3,124     Bank Of Ireland (London)................       32,095
    3,000     Bank Of Yokohama Ltd....................       11,856
   36,766     Barclays plc............................      227,880
    1,468     Bayerische Hypo-und Vereinsbank AG. ....       22,800
    6,036     BNP Paribas.............................      245,956
    6,000     *BOC Hong Kong Holdings Ltd.............        6,155
    2,438     British Land Co plc.....................       17,741
      332     *BTG plc................................          604
      743     Canary Wharf Group plc..................        2,817
   22,512     CapitaLand Ltd..........................       14,407
    3,088     Capitalia S.p.A. .......................        3,947
    6,009     CFS Gandel Retail Trust.................        4,636
    4,600     Cheung Kong Holdings Ltd................       29,936
    2,000     Chiba Bank Ltd..........................        6,371
    2,600     City Developments Ltd...................        6,236
      448     Close Brothers Group plc................        4,010
      211     Commercial Bank Of Greece...............        3,211
    7,323     Commonwealth Bank of Australia..........      111,337
    5,349     Commonwealth Property Office Fund.......        3,525
      408     Corporacion Mapfre S.A. ................        3,310
      300     Credit Saison Co Ltd....................        5,119
    6,169     Credit Suisse Group.....................      133,847
       42     Daido Life Insurance Co Ltd.............       88,127
    3,000     Daiwa Securities Group, Inc.............       13,323
    1,903     Danske Bank a/s.........................       31,455
    8,019     DBS Group Holdings Ltd..................       50,856
    2,670     Deutsche Bank AG. (Regd)................      123,003
      166     Deutsche Boerse AG. ....................        6,620
    4,140     Deutsche Office Trust...................        2,774
    1,674     Dexia...................................       20,782
    1,400     Diamond Lease Co Ltd....................       26,780
    1,700     DnB Holding ASA.........................        8,000
      313     Drott AB (B Shs)........................        3,484
      355     EFG Eurobank Ergasias S.A. .............        4,172
       76     Erste Bank Der Oesterreichischen                     
                Sparkassen AG. .......................        5,116
    2,924     Fineco Group S.p.A. ....................        1,365
    3,458     Fortis..................................       60,964
   25,700     Fuji Fire & Marine Insurance Co Ltd.....       48,944
    5,418     General Property Trust..................        9,061
      277     Gjensidige Nor ASA......................        9,076
      725     Great Portland Estates plc..............        2,603
    1,000     Gunma Bank Ltd..........................        4,348
      964     Hammerson plc...........................        7,310
   17,155     Hang Lung Properties Ltd................       16,609
    4,100     Hang Seng Bank Ltd......................       43,637
   17,496     HBOS plc................................      184,492
   10,100     Henderson Land Development Co Ltd.......       30,306

                                                                [Download Table]


SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  2,000     *Hokuriku Bank Ltd......................  $     2,697
  2,229     Hong Kong Exchanges & Clearing Ltd......        2,801
 47,547     HSBC Holdings plc (United Kingdom)......      525,496
  2,136     Hysan Development Co Ltd................        1,589
  8,809     ING Groep NV............................      149,201
 20,732     Insurance Australia Group Ltd...........       31,987
  1,564     Irish Life & Permanent plc..............       16,905
  2,000     Joyo Bank Ltd...........................        5,562
    479     KBC Bancassurance Holding NV............       15,276
    580     *Kookmin Credit Card Co Ltd.............       14,133
    656     Land Securities Group plc...............        8,290
 30,692     Legal & General Group plc...............       47,435
    746     Lend Lease Corp Ltd.....................        4,083
 22,484     Lloyds TSB Group plc....................      161,438
    542     Macquarie Bank Ltd......................        7,203
  5,459     Macquarie Infrastructure Group..........        9,837
  1,069     Man Group plc...........................       15,265
    745     Mediobanca S.p.A. ......................        6,129
    575     Mediolanum S.p.A. ......................        2,963
    246     Metrovacesa S.A. .......................        5,215
      3     Millea Holdings, Inc....................       21,589
  2,941     Mirvac Group............................        6,856
  2,000     Mitsubishi Estate Co Ltd................       15,236
     10     Mitsubishi Tokyo Financial Group, Inc...       54,352
  5,900     Mitsui Fudosan Co Ltd...................       38,283
  4,300     Mitsui Sumitomo Insurance Co Ltd........       19,784
  1,000     Mitsui Trust Holdings, Inc..............        1,626
     15     Mizuho Holdings, Inc....................       14,031
    115     MLP AG. ................................        1,159
    399     Muenchener Rueckver AG. (Regd)..........       47,691
  9,302     National Australia Bank Ltd.............      166,305
    568     National Bank Of Greece S.A. ...........        8,047
  5,000     New World Development Co Ltd............        2,501
  4,000     Nikko Cordial Corp......................       13,483
  5,000     Nipponkoa Insurance Co Ltd..............       18,834
  6,000     Nissay Dowa General Insurance Co Ltd....       22,398
  4,600     Nomura Holdings, Inc....................       51,710
  2,540     Nordea AB (Finland).....................       11,411
  7,406     Nordea AB (Sweden)......................       32,639
  1,100     ORIX Corp...............................       70,911
  7,000     Oversea-Chinese Banking Corp Ltd........       38,945
  2,000     Parkway Holdings Ltd....................          871
    385     Piraeus Bank S.A. ......................        2,432
     30     Pohjola Group plc.......................          468
  3,702     Principal Office Fund...................        3,127
    200     Promise Co Ltd..........................        7,129
    468     Provident Financial plc.................        4,475
  9,564     Prudential plc..........................       67,593
  1,182     QBE Insurance Group Ltd.................        5,428
  1,599     RAS S.p.A. .............................       19,465
  9,000     Resona Holdings, Inc....................        4,930
  4,636     Royal & Sun Alliance Insurance Group                 
              plc...................................        9,012
 25,773     Royal Bank of Scotland Group plc........      617,401
    484     Sampo Oyj (A Shs).......................        3,682
  3,657     Sanpaolo IMI S.p.A. ....................       23,793
    457     Schroders plc...........................        3,760
  1,380     SFCG Co Ltd.............................      100,008
  2,000     Shizuoka Bank Ltd.......................       12,893
  6,185     Sino Land Co Ltd........................        1,983
  4,578     Skandia Forsakrings AB..................       12,189
  1,216     Skandinaviska Enskilda Banken (A Shs)...       10,118
  1,394     Slough Estates plc......................        7,608
  1,441     Societe Generale (A Shs)................       83,926

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   21

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                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
    2,000     Sompo Japan Insurance, Inc..............  $    11,679
   12,328     Standard Chartered plc..................      140,119
    1,370     Stockland Trust Group...................        3,720
      218     Storebrand ASA..........................          818
    2,600     Sumisho Lease Co Ltd....................       30,038
        9     Sumitomo Mitsui Financial Group Inc.....       28,137
   14,000     Sumitomo Realty & Development Co Ltd....       56,982
    2,000     Sumitomo Trust & Banking Co Ltd.........        8,107
    4,100     Sun Hung Kai Properties Ltd.............       24,290
    1,234     Suncorp-Metway Ltd......................        7,748
    2,909     Svenska Handelsbanken AB (A Shs)........       38,727
    1,310     Swiss Reinsurance Co (Regd).............       85,931
      180     Takefuji Corp...........................       10,390
   10,872     UBS AG. (Regd)..........................      528,385
        8     UFJ Holdings, Inc.......................        8,090
      105     Unibail.................................        7,471
   18,069     UniCredito Italiano S.p.A. .............       72,244
    3,000     United Overseas Bank Ltd................       20,409
      629     Vallehermoso S.A. ......................        6,535
      312     WCM Beteiligungs & Grundbesitz AG. .....          861
      850     Westfield Holdings Ltd..................        6,438
      183     *Westfield Trust (New)..................          350
    5,039     Westfield Trust (Units).................        9,846
    5,046     Westpac Banking Corp....................       39,069
    2,000     Wing Tai Holdings Ltd...................          600
      662     Zurich Financial Services AG. ..........       61,854
                                                        -----------
              TOTAL FINANCIAL SERVICES                    7,437,292
                                                        -----------
HEALTH CARE--11.48%                                                
      206     Altana AG. .............................        9,360
    1,979     Amersham plc............................       17,714
    7,045     AstraZeneca plc (United Kingdom)........      251,787
    3,318     Aventis S.A. ...........................      180,363
      872     *Celltech Group plc.....................        4,843
    1,487     Centerpulse AG. (Regd)..................      259,179
      607     Chugai Pharmaceutical Co Ltd............        5,780
      169     Cochlear Ltd............................        3,709
      464     CSL Ltd.................................        5,644
    1,000     Daiichi Pharmaceutical Co Ltd...........       14,351
      700     Eisai Co Ltd............................       15,720
      981     *Elan Corp plc..........................        2,110
       83     Fresenius Medical Care AG. .............        3,484
      609     Gambro AB (A Shs).......................        3,390
      232     Gambro AB (B Shs).......................        1,289
      127     Gehe AG. ...............................        4,924
   30,505     GlaxoSmithKline plc.....................      585,391
      166     H. Lundbeck a/s.........................        4,409
       68     Instrumentarium Oyj.....................        2,725
    1,000     Kyowa Hakko Kogyo Co Ltd................        4,146
       64     Merck KGaA..............................        1,686
    5,421     *Nobel Biocare Holding AG. .............      348,540
   12,139     Novartis AG. (Regd).....................      442,911
    1,289     Novo Nordisk a/s (B Shs)................       37,240
    2,000     Ono Pharmaceutical Co Ltd...............       59,998
       50     Orion-Yhtymae OY (B Shrs)...............        1,118
      100     Phonak Holding AG. .....................          940
      291     Qiagen NV...............................        1,527
    7,515     Roche Holding AG. (Genusscheine)........      523,664
    1,000     Sankyo Co Ltd...........................       12,547
    2,244     Sanofi-Synthelabo S.A. .................      137,170
      509     Schering AG. ...........................       22,167
    4,500     Schwarz Pharma AG. .....................      163,675

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      550     *SciGen Ltd.............................  $        24
       25     Serono S.A. (B Shs).....................       13,398
    1,000     Shionogi & Co Ltd.......................       14,140
    1,903     Smith & Nephew plc......................       11,657
      550     Sonic Healthcare Ltd....................        2,025
      601     SSL International plc...................        2,491
      477     Synthes-Stratec, Inc....................      292,541
    1,000     Taisho Pharmaceutical Co Ltd............       14,705
    6,900     Takeda Chemical Industries Ltd..........      288,396
       40     Tecan Group AG. ........................        1,316
    4,600     Terumo Corp.............................       63,649
      189     UCB S.A. ...............................        5,950
      115     William Demant Holding..................        2,478
      800     Yamanouchi Pharmaceutical Co Ltd........       23,190
      360     Zeltia S.A. ............................        2,048
                                                        -----------
              TOTAL HEALTH CARE                           3,871,509
                                                        -----------
OTHER--2.66%                                                       
      697     Acesa Infraestructuras S.A. Rts.........          402
      287     Adecco S.A. (Regd)......................       11,250
    1,536     Aegis Group plc.........................        1,935
      602     Amadeus Global Travel Distribution S.A.              
                (A Shs)...............................        2,483
       88     Amer Group plc..........................        3,223
      791     Amey plc................................          344
      483     Ansell Ltd..............................        2,040
    7,205     Assa Abloy AB (B Shs)...................       82,276
      504     Auckland International Airport Ltd......        1,463
    3,856     BAA plc.................................       31,287
       10     Bellsystem 24, Inc......................        1,952
      200     Benesse Corp............................        2,242
    1,390     Capita Group plc........................        5,538
    2,697     Chubb plc...............................        3,810
      181     DCC plc.................................        1,865
      633     De La Rue plc...........................        2,971
      971     Deutsche Post AG. (Regd)................       10,200
      600     Electrocomponents plc...................        2,772
       36     Flughafen Wien AG. .....................        1,209
      100     Fuji Soft ABC, Inc......................        1,580
      228     Group 4 Falck a/s.......................        4,816
      448     Hagemeyer NV............................        3,244
      122     Haw Par Corp Ltd........................          229
    2,462     Hays plc................................        3,676
   10,800     Hutchison Whampoa Ltd...................       67,583
      100     *ISS a/s................................        3,603
    4,000     Itochu Corp.............................        8,663
   25,000     Keppel Corp Ltd.........................       53,329
    2,696     Kidde plc...............................        3,071
      323     M.J. Maillis S.A. ......................        1,363
    2,000     Marubeni Corp...........................        1,837
      100     Meitec Corp.............................        2,444
    3,000     Mitsubishi Corp.........................       18,328
    4,000     Mitsui & Co Ltd.........................       18,674
      264     OCE NV..................................        2,909
      187     OM AB...................................          893
      100     Oracle Corp Japan.......................        2,423
    7,405     Rentokil Initial plc....................       26,227
    1,600     Secom Co Ltd............................       54,875
    2,017     Securicor plc...........................        2,752
    1,485     Securitas AB (B Shs)....................       17,725
    1,280     Serco Group plc.........................        3,153
    1,014     SGS Societe Generale Surveillance                    
                Holdings S.A. ........................      305,073
      500     Softbank Corp...........................        5,709
    2,000     Sumitomo Corp...........................        8,595

22  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
OTHER--(CONTINUED)                                                 
    2,500     Swire Pacific Ltd (A Shs)...............  $     9,553
    1,073     *Terra Networks S.A. ...................        4,515
      100     TIS, Inc................................        1,476
      889     TPG NV..................................       14,414
      328     Vedior NV...............................        1,872
    2,340     Wesfarmers Ltd..........................       35,060
   20,000     Wharf Holdings Ltd......................       37,700
                                                        -----------
              TOTAL OTHER                                   896,626
                                                        -----------
PRODUCER DURABLES--4.44%                                           
    1,298     ABB Ltd.................................        3,689
    1,240     Advantest Corp..........................       55,589
      137     Aixtron AG. ............................          653
      419     Alstom..................................        2,089
    1,000     Amada Co Ltd............................        2,730
      540     Atlas Copco AB (B Shs)..................        9,575
    1,327     Balfour Beatty plc......................        3,087
       28     Barco NV................................        1,468
    2,000     *Chartered Semiconductor Manufacturing               
                Ltd...................................          819
    1,000     Daikin Industries Ltd...................       15,842
    1,000     Ebara Corp..............................        3,093
      200     Fanuc Ltd...............................        8,848
       20     Fischer (Georg) Ltd (Regd)..............        2,025
    1,850     FKI plc.................................        2,621
      190     FLS Industries a/s (B Shs)..............        1,517
    1,000     Fuji Electric Co Ltd....................        1,744
      100     Fuji Machine Manufacturing Co Ltd.......          944
    4,000     Fujitsu Ltd.............................       11,427
    2,300     Futaba Corp.............................       45,740
    8,000     Hitachi Ltd.............................       30,673
    2,000     *Hitachi Zosen Corp.....................          421
      200     Hoya Corp...............................       14,005
    1,036     IMI plc.................................        4,378
   11,795     Invensys plc............................       10,017
    3,000     Ishikawajima-Harima Heavy Industries Co              
                Ltd...................................        2,730
    2,000     Kawasaki Heavy Industries Ltd...........        1,584
       46     KCI Konecranes International............        1,124
    3,000     Komatsu Ltd.............................        9,783
      151     Kone Oyj (B Shs)........................        4,534
    7,005     Koninklijke Philips Electronics NV......      122,763
    2,000     Kubota Corp.............................        5,427
    3,144     *Logitech International S.A. (Regd).....       93,795
    1,200     Mabuchi Motor Co Ltd....................      110,424
      219     Metso Oyj...............................        2,367
    5,000     Mitsubishi Electric Corp................       11,545
    8,000     Mitsubishi Heavy Industries Ltd.........       19,550
    1,000     *Mitsui Engineering & Shipbuilding Co                
                Ltd...................................          725
      100     Mori Seiki Co Ltd.......................          509
    2,600     Murata Manufacturing Co Ltd.............      104,289
    4,000     NEC Corp................................       14,966
       49     *NEG Micon a/s..........................          827
    1,000     Nikon Corp..............................        7,517
      300     Nitto Denko Corp........................        8,545
      115     NKT Holding a/s.........................        1,202
    1,000     NSK Ltd.................................        2,579
    1,000     NTN Corp................................        3,455
    1,000     Oki Electric Industry Co Ltd............        1,618
      800     Rohm Co Ltd.............................      102,267
      160     Samsung Electronics Co Ltd..............       42,359
    4,042     Sandvik AB..............................       90,226
       20     Schindler Holding AG. (Regd)............        3,761
      874     Schneider Electric S.A. ................       41,355

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    3,000     SembCorp Industries Ltd.................  $     1,358
       41     SGL Carbon AG. .........................          340
    3,023     Siemens AG. ............................      128,480
    5,000     Singapore Technologies Engineering                   
                Ltd...................................        4,756
      248     SKF AB (B Shs)..........................        6,432
      800     SMC Corp................................       75,099
        7     Sulzer AG. (Regd).......................          952
    1,000     Sumitomo Heavy Industries Ltd...........          556
      405     Tandberg ASA............................        2,338
      300     THK Co Ltd..............................        3,304
      506     *Thomson................................        8,634
    1,200     Tokyo Electron Ltd......................       54,302
      245     Tomra Systems ASA.......................        1,595
    9,000     Toshiba Corp............................       28,213
    8,400     Toyota Industries Corp..................      126,350
       35     VA Technologie AG. .....................          569
      351     Vestas Wind Systems a/s.................        3,496
      122     Wartsila Oyj (B Shs)....................        1,539
    1,000     Yokogawa Electric Corp..................        6,211
                                                        -----------
              TOTAL PRODUCER DURABLES                     1,499,344
                                                        -----------
TECHNOLOGY--5.93%                                                  
   16,167     Alcatel S.A. ...........................       70,916
      161     Altran Technologies S.A. ...............          772
    2,420     *ARM Holdings plc.......................        1,870
    2,000     Asahi Glass Co Ltd......................       12,252
      500     ASM Pacific Technology Ltd..............          962
   12,799     *ASML Holding NV........................      106,913
       50     *Atos Origin............................        1,217
      144     *Business Objects.......................        2,120
    5,000     Canon, Inc..............................      188,337
      290     Cap Gemini S.A. ........................        6,628
    1,000     Citizen Watch Co Ltd....................        4,458
    1,309     Computershare Ltd.......................        1,364
      200     Creative Technology Ltd.................        1,418
      200     CSK Corp................................        4,197
    9,000     Dai Nippon Printing Co Ltd..............       99,579
       56     Dassault Systemes S.A. .................        1,207
      110     EDB Business Partner ASA................          294
      102     Epcos AG. ..............................        1,045
    1,531     ERG Ltd.................................           86
   38,204     Ericsson (LM) (B Shs)...................       26,746
    1,000     Fujikura Ltd............................        2,376
      100     Fujitsu Support & Service, Inc..........        1,163
    2,000     Furukawa Electric Co Ltd................        4,197
    1,575     Futuris Corp Ltd........................        1,162
      717     Getronics NV............................          436
      534     GN Store Nord...........................        1,562
    1,200     Hirose Electric Co Ltd..................       91,615
      966     Infineon Technologies AG. ..............        7,096
      143     Intracom S.A. ..........................          639
       57     *Iona Technologies plc..................          144
   33,720     Johnson Electric Holdings Ltd...........       36,970
      500     Keyence Corp............................       87,006
    1,000     Konica Corp.............................        7,255
       49     *Kudelski S.A. (Br).....................          664
      500     Kyocera Corp............................       29,114
    2,239     LogicaCMG plc...........................        5,407
    8,665     Marconi plc.............................          254
    2,800     Melco, Inc..............................       40,819
      357     *Merkantildata ASA......................          268
    1,000     Minebea Co Ltd..........................        3,480
    1,834     Misys plc...............................        5,197

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   23

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                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      300     Mitsumi Electric Co Ltd.................  $     2,733
      239     Nera ASA................................          259
    1,000     NGK Spark Plug Co Ltd...................        6,472
    2,200     Nichicon Corp...........................       25,454
      100     Nidec Corp..............................        6,253
    1,000     Nippon Sheet Glass Co Ltd...............        1,795
   29,530     Nokia Oyj...............................      469,480
        3     NTT Data Corp...........................        8,292
    1,000     Olympus Optical Co Ltd..................       16,297
    1,000     Omron Corp..............................       14,848
    2,000     Ricoh Co Ltd............................       32,814
    1,614     Sage Group plc..........................        3,456
       41     Sagem S.A. .............................        2,775
    2,483     SAP AG. ................................      194,643
       54     Software AG. (Regd).....................          514
    4,096     Spirent plc.............................        1,105
   14,425     STMicroelectronics NV...................      282,770
    2,000     Sumitomo Electric Industries Ltd........       12,960
      300     TDK Corp................................       12,084
      230     Tietoenator Corp........................        3,138
    2,000     Toppan Printing Co Ltd..................       15,050
       26     Unaxis Holding AG. (Regd)...............        1,739
    2,000     Venture Corp Ltd........................       16,028
      825     WM-Data AB (B Shs)......................          720
    1,000     Yamaha Corp.............................        9,244
                                                        -----------
              TOTAL TECHNOLOGY                            2,000,128
                                                        -----------
TRANSPORTATION--1.68%                                              
      409     Air France..............................        3,966
    2,574     *Alitalia S.p.A. .......................          654
    1,000     *All Nippon Airways Co Ltd..............        1,845
      465     Associated British Ports Holdings plc...        2,991
      290     Attica Enterprise Holding S.A. .........          752
       82     Bergesen DY a/s (B Shs).................        1,326
    5,870     Brambles Industries Ltd.................       15,538
    1,970     Brambles Industries plc.................        4,821
    1,539     British Airways plc.....................        3,345
    3,000     Cathay Pacific Airways Ltd..............        4,097
        3     Central Japan Railway Co................       18,682
       30     Compagnie Maritime Belge S.A. ..........        1,615
        1     Dampskibsselskabet Af 1912 (B Shs)......        7,021
        1     Dampskibsselskabet Svendborg (B Shs)....       10,172
      282     Deutsche Lufthansa AG. (Regd)...........        2,666
        8     East Japan Railway Co...................       39,707
      453     Exel plc................................        5,017
      581     Firstgroup plc..........................        2,203
      143     Frontline Ltd...........................        1,249
   13,000     Hankyu Corp.............................       35,165
    2,410     Iberia Lineas Aereas de Espana..........        3,541
    2,000     *Japan Airlines System Corp.............        4,264
    1,000     Kawasaki Kisen Kaisha Ltd...............        1,719
    1,000     Keihin Electric Express Railway Co                   
                Ltd...................................        4,550
    1,000     Keio Electric Railway Co Ltd............        5,300
    4,120     Kinki Nippon Railway Co Ltd.............        8,888
      121     KLM (Royal Dutch Airlines) NV...........        1,166
    1,260     Mayne Group Ltd.........................        2,313
    1,000     Mitsui O.S.K. Lines Ltd.................        2,073
   15,000     Mitsui-Soko Co Ltd......................       26,923
    3,075     MTR Corp................................        3,253
    2,000     *Neptune Orient Lines Ltd...............        1,061
   14,000     Nippon Express Co Ltd...................       54,858
    3,000     Nippon Yusen Kabushiki Kaisha...........       10,112

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    8,105     Patrick Corp Ltd........................  $    59,787
    1,585     Peninsular & Oriental Steam Navigation               
                Co....................................        4,198
    1,636     *Ryanair Holdings plc...................       11,417
      206     *SAS AB.................................        1,168
    1,000     Seino Transportation Co Ltd.............        5,857
    2,000     Singapore Airlines Ltd..................       11,761
    4,252     Stagecoach Group plc....................        2,019
   14,000     Sumitomo Warehouse Co Ltd...............       28,904
    2,000     Tobu Railway Co Ltd.....................        5,309
    2,000     Tokyu Corp..............................        7,045
        2     West Japan Railway Co...................        7,095
   10,000     Yamato Transport Co Ltd.................      130,614
                                                        -----------
              TOTAL TRANSPORTATION                          568,027
                                                        -----------
UTILITIES--10.06%                                                  
      219     ACEA S.p.A. ............................          970
      697     Acesa Infraestructuras S.A. ............        7,899
       83     Aguas de Barcelona S.A. ................          836
      182     Athens Water Supply & Sewage Co S.A. ...          691
    1,021     Australian Gas Light Co Ltd.............        6,061
    5,584     Autoroutes du Sud de La France..........      134,952
    2,260     Autostrade-Concessioni e Costruzioni                 
                Autostrade S.p.A. ....................       22,483
      530     AWG plc.................................        3,699
      566     Bouygues S.A. ..........................       15,811
      908     Brisa-Auto Estradas de Portugal S.A. ...        5,031
   78,794     BT Group plc............................      247,358
    4,850     Cable & Wireless plc....................        3,494
    1,600     Chubu Electric Power Co, Inc............       28,583
    5,100     CLP Holdings Ltd........................       20,535
    1,000     Contact Energy Ltd......................        2,077
    5,811     Deutsche Telekom AG. (Regd).............       74,518
       20     *e.Biscom S.p.A. .......................          573
    2,640     E.ON AG. ...............................      106,384
       84     Electrabel S.A. ........................       20,407
    3,738     Electricidade de Portugal S.A. .........        6,237
    2,550     Endesa S.A. ............................       29,837
   11,131     Enel S.p.A. ............................       57,937
    1,038     France Telecom S.A. ....................       18,169
      618     Hellenic Telecommunications Organization             
                S.A. .................................        6,810
   13,000     Hong Kong Electric Holdings Ltd.........       49,177
   15,068     Iberdrola S.A. .........................      211,095
    1,696     *International Power plc................        2,614
    2,000     Kansai Electric Power Co, Inc...........       30,218
    1,211     Kelda Group plc.........................        8,266
    6,229     KPN NV..................................       40,528
    1,200     Kyushu Electric Power Co, Inc...........       17,555
   40,901     National Grid Transco plc...............      300,589
       33     Nippon Telegraph & Telephone Corp.......      119,853
       46     NTT Docomo, Inc.........................       84,891
        8     Oesterreichische                                     
                Elektrizitaetswirtschafts AG. (A                   
                Shs)..................................          681
   29,419     *Pacific Century CyberWorks Ltd.........        4,640
    2,855     Portugal Telecom SGPS S.A. (Regd).......       19,624
    1,127     RWE AG. ................................       28,976
    3,918     Scottish & Southern Energy plc..........       42,892
    4,847     Scottish Power plc......................       28,287
    1,042     Severn Trent plc........................       11,642
   13,000     Singapore Telecommunications Ltd........        9,294
        3     *Sociedad General de Aguas de Barcelona              
                S.A. .................................           29
    2,065     Suez S.A. ..............................       35,842
      133     Swisscom AG. (Regd).....................       38,524
      417     TDC a/s.................................       10,133

24  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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Statement of Investments - INTERNATIONAL EQUITY FUND - December 31, 2002
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                                                                [Download Table]


 SHARES                                                   VALUE   
 ------                                                   -----   
                                                                  
UTILITIES--(CONTINUED)                                            
     290     *Tele2 AB (B Shs).......................  $     7,672
  20,437     Telecom Corp of New Zealand Ltd.........       48,428
  13,040     Telecom Italia S.p.A. ..................       98,937
   4,650     Telecom Italia S.p.A. (Rnc).............       23,471
  23,188     *Telefonica S.A. .......................      207,562
     376     *Telekom Austria AG. ...................        3,808
     996     Telenor ASA.............................        3,810
   5,382     TeliaSonera AB..........................       20,260
  11,485     Telstra Corp Ltd........................       28,520
  17,585     TIM S.p.A. .............................       80,274
     296     *Tiscali S.p.A. ........................        1,329
   1,300     Tohoku Electric Power Co, Inc...........       19,138
  10,300     Tokyo Electric Power Co, Inc............      195,723
     314     Union Fenosa S.A. ......................        4,135
   1,491     United Utilities plc....................       14,978
 321,153     Vodafone Group plc......................      585,530
   7,265     Vodafone Group plc (Spon ADR)...........      131,642
     563     Vodafone-Panafon S.A. ..................        3,261
                                                       -----------
             TOTAL UTILITIES                             3,395,180
                                                       -----------
             TOTAL COMMON STOCK                                   
               (Cost $41,578,068)                       33,671,184
                                                       -----------
             TOTAL PORTFOLIO--99.92%                              
               (Cost $41,622,946)                       33,712,306
             OTHER ASSETS & LIABILITIES, NET--0.08%         25,679
                                                       -----------
             NET ASSETS--100.00%                       $33,737,985
                                                       ===========

------------                                                                    
*  Non-income producing                                                         

At December 31, 2002, the aggregate cost of portfolio investments for federal   
income tax purposes was $42,929,505. Net unrealized depreciation of portfolio   
investments aggregated $9,217,199 of which $892,737 related to appreciated      
portfolio investments and $10,109,936 related to depreciated portfolio          
investments.                                                                    

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

See Notes To Financial Statements 

                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   25

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Statement of Investments - STOCK INDEX FUND - December 31, 2002 
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                                                                [Download Table]

   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
COMMON STOCK--98.33%                                                
  AEROSPACE AND DEFENSE--1.36%                                      
       200     AAR Corp................................  $     1,030
       337     *Alliant Techsystems, Inc...............       21,012
       200     *Armor Holdings, Inc....................        2,754
       138     *Aviall, Inc............................        1,111
     7,868     Boeing Co...............................      259,565
       251     *DRS Technologies, Inc..................        7,864
        63     *Ducommun, Inc..........................          999
        61     *Dynamics Research Corp.................          855
     2,521     *EchoStar Communications Corp (Class                 
                 A)....................................       56,117
       118     Engineered Support Systems, Inc.........        4,344
     1,789     General Dynamics Corp...................      141,993
     8,941     *General Motors Corp....................       95,669
       886     Goodrich Corp...........................       16,232
       100     Heico Corp..............................        1,061
       109     *Herley Industries, Inc.................        1,897
       100     *Hexcel Corp............................          300
        64     *Integrated Defense Technology, Inc.....          928
       200     Kaman Corp (Class A)....................        2,200
       635     *L-3 Communications Holdings, Inc.......       28,518
       100     *Ladish Co, Inc.........................          806
     3,594     Lockheed Martin Corp....................      207,554
       100     *Moog, Inc (Class A)....................        3,104
     1,439     Northrop Grumman Corp...................      139,600
       300     *Orbital Sciences Corp..................        1,266
       300     *PanAmSat Corp..........................        4,392
       990     PerkinElmer, Inc........................        8,176
       500     Precision Castparts Corp................       12,125
     3,857     Raytheon Co.............................      118,603
       535     *Remec, Inc.............................        2,076
     1,721     Rockwell Collins, Inc...................       40,030
       156     *Sequa Corp (Class A)...................        6,101
       285     *Teledyne Technologies, Inc.............        4,469
       600     *Titan Corp.............................        6,240
       129     *Triumph Group, Inc.....................        4,120
       194     *United Defense Industries, Inc.........        4,520
       100     *Viasat, Inc............................        1,154
                                                         -----------
               TOTAL AEROSPACE AND DEFENSE                 1,208,785
                                                         -----------
 BASIC INDUSTRIES--4.06%                                            
        86     *Aaon, Inc..............................        1,585
     2,191     Air Products & Chemicals, Inc...........       93,665
       500     *Airgas, Inc............................        8,625
     1,000     *AK Steel Holding Corp..................        8,000
       170     Albany International Corp (Class A).....        3,512
       237     Albemarle Corp..........................        6,743
     8,389     Alcoa, Inc..............................      191,101
       700     Allegheny Technologies, Inc.............        4,361
       200     Amcol International Corp................        1,160
       645     *American Standard Cos, Inc.............       45,885
        40     American Woodmark Corp..................        1,900
        27     Ameron International Corp...............        1,489
       101     *Applied Films Corp.....................        2,019
       300     Aptargroup, Inc.........................        9,372
       200     Arch Chemicals, Inc.....................        3,650
       447     Arch Coal, Inc..........................        9,672
        39     *Avatar Holdings, Inc...................          897
       924     Avery Dennison Corp.....................       56,438
       522     Ball Corp...............................       26,721
       562     Bemis Co................................       27,892
       739     Black & Decker Corp.....................       31,696
       463     Boise Cascade Corp......................       11,677
       570     Bowater, Inc............................       23,912

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    100     *Brush Engineered Materials, Inc........  $       550
    200     *Buckeye Technologies, Inc..............        1,230
    100     Building Materials Holding Corp.........        1,430
    200     Butler Manufacturing Co.................        3,870
    100     *BWAY Corp..............................        1,978
    600     Cabot Corp..............................       15,924
    350     *Cabot Microelectronics Corp............       16,567
    300     Calgon Carbon Corp......................        1,482
    206     Cambrex Corp............................        6,223
    200     Caraustar Industries, Inc...............        1,896
    300     Carlisle Cos, Inc.......................       12,414
    200     Carpenter Technology Corp...............        2,490
     65     *Castle (A.M.) & Co.....................          296
    100     Centex Construction Products, Inc.......        3,515
    636     Centex Corp.............................       31,927
    100     Century Aluminum Co.....................          741
    400     *Champion Enterprises, Inc..............        1,140
    100     Chemed Corp.............................        3,535
    100     Chesapeake Corp.........................        1,785
    200     Clarcor, Inc............................        6,454
    843     Clayton Homes, Inc......................       10,268
    100     Cleveland-Cliffs, Inc...................        1,985
    182     *Collins & Aikman Corp..................          810
    348     *Comfort Systems U.S.A., Inc............        1,166
    200     Commercial Metals Co....................        3,248
    200     Consol Energy, Inc......................        3,456
  1,000     Crompton Corp...........................        5,950
  1,500     *Crown Cork & Seal Co, Inc..............       11,925
    400     *Cytec Industries, Inc..................       10,912
    983     D.R. Horton, Inc........................       17,055
    100     Deltic Timber Corp......................        2,670
    184     *Dionex Corp............................        5,467
  8,738     Dow Chemical Co.........................      259,519
  9,677     Du Pont (E.I.) de Nemours & Co..........      410,347
    400     *Earthshell Corp........................          232
    800     Eastman Chemical Co.....................       29,416
  1,206     Ecolab, Inc.............................       59,697
    200     ElkCorp.................................        3,460
    136     *EMCOR Group, Inc.......................        7,209
    100     *Encore Wire Corp.......................          905
    100     *Energy Conversion Devices, Inc.........          980
  1,279     Engelhard Corp..........................       28,586
    298     Ferro Corp..............................        7,280
    300     *Fleetwood Enterprises, Inc.............        2,355
    182     Florida Rock Industries, Inc............        6,925
    741     Fluor Corp..............................       20,748
    377     *FMC Corp...............................       10,300
    100     *Foamex International, Inc..............          316
    674     *Freeport-McMoran Copper & Gold, Inc                 
              (Class A).............................       11,310
    200     Georgia Gulf Corp.......................        4,628
  2,517     Georgia-Pacific Corp....................       40,675
     78     Gibraltar Steel Corp....................        1,485
     97     Glatfelter..............................        1,277
    296     Granite Construction, Inc...............        4,588
    483     Great Lakes Chemical Corp...............       11,534
    100     Greif Brothers Corp (Class A)...........        2,380
    300     H.B. Fuller Co..........................        7,764
    687     *Hecla Mining Co........................        3,476
    747     *Hercules, Inc..........................        6,574
    199     *Hovnanian Enterprises, Inc (Class A)...        6,308
  1,000     IMC Global, Inc.........................       10,670
    109     *Imco Recycling, Inc....................          886
    200     *Insituform Technologies, Inc (Class                 
              A)....................................        3,410

26  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
BASIC INDUSTRIES--(CONTINUED)                                      
      200     *Integrated Electrical Services, Inc....  $       770
    4,655     International Paper Co..................      162,785
      100     *International Specialty Products,                   
                Inc...................................        1,021
       52     Interpool, Inc..........................          835
      400     *Jacobs Engineering Group, Inc..........       14,240
      105     *Jarden Corp............................        2,506
      364     KB Home.................................       15,597
    5,011     Kimberly-Clark Corp.....................      237,872
      488     Lennar Corp.............................       25,181
      400     Lennox International, Inc...............        5,020
      262     *Lone Star Technologies, Inc............        3,901
      500     Longview Fibre Co.......................        3,615
    1,200     *Louisiana-Pacific Corp.................        9,672
      105     LSI Industries, Inc.....................        1,454
      500     Lubrizol Corp...........................       15,250
      100     *Lydall, Inc............................        1,135
    1,285     Lyondell Chemical Co....................       16,242
      111     M/I Schottenstein Homes, Inc............        3,086
      200     MacDermid, Inc..........................        4,570
    4,646     Masco Corp..............................       97,798
      600     Massey Energy Co........................        5,832
       93     *Material Sciences Corp.................        1,203
      193     *Mattson Technology, Inc................          552
      179     MDC Holdings, Inc.......................        6,849
    1,933     MeadWestvaco Corp.......................       47,781
      600     Millennium Chemicals, Inc...............        5,712
      246     Minerals Technologies, Inc..............       10,615
      100     *Mobile Mini, Inc.......................        1,567
      100     *Modtech Holdings, Inc..................          970
    2,497     Monsanto Co.............................       48,086
      283     *Mueller Industries, Inc................        7,712
      200     *NCI Building Systems, Inc..............        4,364
    3,247     Newmont Mining Corp.....................       94,260
      113     NL Industries, Inc......................        1,921
      100     *Nortek Holdings, Inc...................        4,575
       52     *Northwest Pipe Co......................          900
      200     *NS Group, Inc..........................        1,304
      717     Nucor Corp..............................       29,612
       81     *NVR, Inc...............................       26,366
       90     Octel Corp..............................        1,422
      481     Olin Corp...............................        7,480
      200     OM Group, Inc...........................        1,376
      300     *Omnova Solutions, Inc..................        1,209
      200     *Oregon Steel Mills, Inc................          804
      100     *Osmonics, Inc..........................        1,694
    1,023     *Owens-Illinois, Inc....................       14,915
      500     *Packaging Corp Of America..............        9,120
    1,454     *Pactiv Corp............................       31,784
      100     *Palm Harbor Homes, Inc.................        1,747
      173     Peabody Energy Corp.....................        5,057
       70     Penford Corp............................          986
       89     Penn Engineering & Manufacturing Corp...          948
       60     Penn Virginia Corp......................        2,181
      100     *Penwest Pharmaceuticals Co.............        1,060
      871     *Phelps Dodge Corp......................       27,598
    1,770     Plum Creek Timber Co, Inc...............       41,772
      681     PolyOne Corp............................        2,670
      200     Pope & Talbot, Inc......................        2,852
      300     Potlatch Corp...........................        7,164
    1,653     PPG Industries, Inc.....................       82,898
    1,500     Praxair, Inc............................       86,655
      423     Pulte Homes, Inc........................       20,249

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      100     Quaker Chemical Corp....................  $     2,320
      124     Quanex Corp.............................        4,154
      300     Rayonier, Inc...........................       13,575
      200     Reliance Steel & Aluminum Co............        4,168
      100     Roanoke Electric Steel Corp.............          950
      100     Rock-Tenn Co (Class A)..................        1,348
    1,540     Rohm & Haas Co..........................       50,019
      115     Royal Gold, Inc.........................        2,866
    1,200     RPM International, Inc..................       18,336
      200     *RTI International Metals, Inc..........        2,020
      200     Ryerson Tull, Inc.......................        1,220
      200     Ryland Group, Inc.......................        6,670
      353     Schulman (A.), Inc......................        6,569
      791     *Sealed Air Corp........................       29,504
      400     *Shaw Group, Inc........................        6,580
    1,200     Sherwin-Williams Co.....................       33,900
      688     Sigma-Aldrich Corp......................       33,506
      100     *Silgan Holdings, Inc...................        2,468
      200     *Simpson Manufacturing Co, Inc..........        6,580
      100     Skyline Corp............................        2,950
    1,586     *Smurfit-Stone Container Corp...........       24,410
      600     Snap-On, Inc............................       16,866
    1,200     Solutia, Inc............................        4,356
      900     Sonoco Products Co......................       20,637
      113     Southern Peru Copper Corp...............        1,627
      100     Spartech Corp...........................        2,063
      435     Standard-Pacific Corp...................       10,766
      629     Stanley Works...........................       21,751
      346     *Steel Dynamics, Inc....................        4,162
      396     *Stillwater Mining Co...................        2,119
      400     Temple-Inland, Inc......................       17,924
      300     *Terra Industries, Inc..................          459
      200     Texas Industries, Inc...................        4,860
      400     *Toll Brothers, Inc.....................        8,080
      314     Tredegar Corp...........................        4,710
       60     *Trex Co, Inc...........................        2,118
      200     *U.S. Concrete, Inc.....................        1,094
      918     United States Steel Corp................       12,044
      200     Universal Forest Products, Inc..........        4,264
      300     *URS Corp...............................        4,269
      700     USEC, Inc...............................        4,214
      300     b*USG Corp..............................        2,535
      500     Valspar Corp............................       22,090
      900     Vulcan Materials Co.....................       33,750
      200     Watsco, Inc.............................        3,276
      334     Wausau-Mosinee Paper Corp...............        3,747
       63     *WCI Communities, Inc...................          643
      146     WD-40 Co................................        3,857
      300     Wellman, Inc............................        4,047
      100     West Pharmaceutical Services, Inc.......        2,440
    2,100     Weyerhaeuser Co.........................      103,341
       45     *William Lyon Homes, Inc................          982
      600     Worthington Industries, Inc.............        9,144
      602     *WR Grace & Co..........................        1,180
      362     York International Corp.................        9,256
                                                        -----------
              TOTAL BASIC INDUSTRIES                      3,606,727
                                                        -----------
CONSUMER CYCLICAL--10.55%                                          
      100     *1-800 Contacts, Inc....................        2,757
      312     *99 Cents Only Stores...................        8,380
      100     Aaron Rents, Inc........................        2,187
      784     *Abercrombie & Fitch Co (Class A).......       16,041
      210     *Acacia Research - Acacia                            
                Technologies..........................          506
      500     *Acclaim Entertainment, Inc.............          330

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   27

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
      200     *Acme Communication, Inc................  $     1,594
      102     Action Performance Cos, Inc.............        1,938
      129     *Advance Auto Parts.....................        6,308
      100     Advanced Marketing Services, Inc........        1,470
      114     *Aeropostale, Inc.......................        1,205
      100     *AFC Enterprises, Inc...................        2,101
       69     *Aftermarket Technology Corp............        1,001
      704     *Alliance Gaming Corp...................       11,989
      300     *AMC Entertainment, Inc.................        2,655
      100     *Amerco, Inc............................          442
      241     *American Axle & Manufacturing Holdings,             
                Inc...................................        5,644
      568     *American Eagle Outfitters, Inc.........        7,827
       65     *Ameristar Casinos, Inc.................          917
       79     Angelica Corp...........................        1,631
      360     *AnnTaylor Stores Corp..................        7,351
   41,606     *AOL Time Warner, Inc...................      545,039
      311     Apogee Enterprises, Inc.................        2,784
      495     Applebee's International, Inc...........       11,480
      200     Arctic Cat, Inc.........................        3,200
      200     *Argosy Gaming Co.......................        3,786
      600     ArvinMeritor, Inc.......................       10,002
    1,000     Autoliv, Inc............................       20,930
      300     *Aztar Corp.............................        4,284
      300     *Bally Total Fitness Holding Corp.......        2,127
      100     Bandag, Inc.............................        3,868
      100     Barnes Group, Inc.......................        2,035
      100     Bassett Furniture Industries, Inc.......        1,432
      100     *Beasley Broadcast Group, Inc (Class                 
                A)....................................        1,196
      100     *Bebe Stores, Inc.......................        1,340
    2,815     *Bed Bath & Beyond, Inc.................       97,202
      755     Belo Corp (Class A).....................       16,097
      100     *Benihana, Inc (Class A)................        1,350
    1,066     *Big Lots, Inc..........................       14,103
       73     Blair Corp..............................        1,702
      400     Blockbuster, Inc (Class A)..............        4,900
      300     Bob Evans Farms, Inc....................        7,005
      300     *Boca Resorts, Inc (Class A)............        3,210
      244     BorgWarner, Inc.........................       12,302
      300     Bowne & Co, Inc.........................        3,585
      300     *Boyd Gaming Corp.......................        4,215
      164     *Boyds Collection Ltd...................        1,091
      900     *Brinker International, Inc.............       29,025
       77     *Brookstone, Inc........................        1,113
      162     Brown Shoe Co, Inc......................        3,860
      800     Brunswick Corp..........................       15,888
      100     *Buca, Inc..............................          832
       65     *Buckle, Inc............................        1,170
      200     Burlington Coat Factory Warehouse                    
                Corp..................................        3,590
      100     Bush Industries, Inc (Class A)..........          484
    1,246     *Cablevision Systems Corp (Class A).....       20,858
      111     *California Pizza Kitchen, Inc..........        2,797
      625     Callaway Golf Co........................        8,281
       86     Cascade Corp............................        1,372
      304     *Catalina Marketing Corp................        5,624
      100     Cato Corp (Class A).....................        2,159
      500     CBRL Group, Inc.........................       15,065
      329     *CEC Entertainment, Inc.................       10,100
      131     *Central Garden & Pet Co................        2,425
      100     *Championship Auto Racing Teams, Inc....          370
      200     *Champps Entertainment, Inc.............        1,902
       70     *Charlotte Russe Holding, Inc...........          743
    1,100     *Charming Shoppes, Inc..................        4,598

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  1,000     *Charter Communications, Inc (Class                  
              A)....................................  $     1,180
    200     *Checkers Drive-In Restaurant...........        1,252
    669     *Chico's FAS, Inc.......................       12,651
    100     *Children's Place Retail Stores, Inc....        1,064
    215     *Choice Hotels International, Inc.......        4,881
    260     *Christopher & Banks Corp...............        5,405
    134     Churchill Downs, Inc....................        5,116
    467     *CKE Restaurants, Inc...................        2,008
    389     Claire's Stores, Inc....................        8,585
  5,144     *Clear Channel Communications, Inc......      191,856
    852     *Coach, Inc.............................       28,048
    200     Coachmen Industries, Inc................        3,160
    100     *Coldwater Creek, Inc...................        1,920
    100     *Cole National Corp.....................        1,140
    100     *Columbia Sportswear Co.................        4,442
 12,610     *Comcast Corp...........................      297,218
  9,059     *Comcast Corp Special...................      204,643
    600     Cooper Tire & Rubber Co.................        9,204
    617     *Copart, Inc............................        7,305
  2,005     *Cox Communications, Inc (Class A)......       56,970
    300     *Cox Radio, Inc (Class A)...............        6,843
     66     CPI Corp................................          956
    200     *Crown Media Holdings, Inc (Class A)....          452
     35     *CSS Industries, Inc....................        1,159
    370     *Cumulus Media, Inc (Class A)...........        5,502
  1,400     Dana Corp...............................       16,464
  1,630     Darden Restaurants, Inc.................       33,334
    101     *Dave & Buster's, Inc...................          874
  5,187     Delphi Corp.............................       41,763
    101     *Department 56, Inc.....................        1,303
    633     Dillard's, Inc (Class A)................       10,039
  2,601     Dollar General Corp.....................       31,082
    200     *Dollar Thrifty Automotive Group, Inc...        4,230
  1,045     *Dollar Tree Stores, Inc................       25,676
    453     Donaldson Co, Inc.......................       16,308
     70     Dover Downs Gaming & Entertainment,                  
              Inc...................................          636
    100     Dover Motorsport, Inc...................          465
    529     Dow Jones & Co, Inc.....................       22,869
    300     *Dress Barn, Inc........................        3,990
    100     *Dura Automotive Systems, Inc...........        1,004
  2,834     Eastman Kodak Co........................       99,303
    170     *Elizabeth Arden, Inc...................        2,516
    358     *Emmis Communications Corp (Class A)....        7,457
    321     *Entercom Communications Corp...........       15,061
    390     *Entravision Communications Corp (Class              
              A)....................................        3,892
    300     Equity Inns, Inc........................        1,806
    100     *Escalade, Inc..........................        2,000
    889     *Extended Stay America, Inc.............       13,113
    200     Factset Research Systems, Inc...........        5,654
  1,570     Family Dollar Stores, Inc...............       49,000
  1,962     *Federated Department Stores, Inc.......       56,427
    300     *Finish Line, Inc (Class A).............        3,165
     30     Fisher Communications, Inc..............        1,582
     45     Florida East Coast Industries, Inc                   
              (Class B).............................        1,015
  1,291     Foot Locker, Inc........................       13,556
    200     *Footstar, Inc..........................        1,392
 17,513     Ford Motor Co...........................      162,878
    303     Forest City Enterprises, Inc (Class                  
              A)....................................       10,105
    150     *Fossil, Inc............................        3,051
  1,181     *Fox Entertainment Group, Inc (Class                 
              A)....................................       30,623
    187     Fred's, Inc.............................        4,819
    100     Friedman's, Inc (Class A)...............          868
    187     G & K Services, Inc (Class A)...........        6,620

28  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
    2,653     Gannett Co, Inc.........................  $   190,485
    5,778     Gap, Inc................................       89,675
      200     *Gaylord Entertainment Co...............        4,120
    2,003     *Gemstar-TV Guide International, Inc....        6,510
      300     GenCorp, Inc............................        2,376
    5,559     General Motors Corp.....................      204,938
      200     *Genesco, Inc...........................        3,726
      700     *Gentex Corp............................       22,148
    1,600     Genuine Parts Co........................       49,280
    2,309     Goodyear Tire & Rubber Co...............       15,724
      145     *Goody's Family Clothing, Inc...........          644
      675     Graco, Inc..............................       19,339
      100     Gray Television, Inc (Class A)..........        1,185
        5     Grey Global Group, Inc..................        3,056
      300     *Group 1 Automotive, Inc................        7,164
      100     *GSI Commerce, Inc......................          365
      100     *Guess?, Inc............................          419
      100     *Guitar Center, Inc.....................        1,656
      200     *Gulfmark Offshore, Inc.................        2,950
      210     *Gymboree Corp..........................        3,331
      200     Hancock Fabrics, Inc....................        3,050
      200     *Handleman Co...........................        2,300
    2,967     Harley-Davidson, Inc....................      137,075
      239     Harman International Industries, Inc....       14,221
    1,149     *Harrah's Entertainment, Inc............       45,500
      340     *Harris Interactive, Inc................        1,003
      600     Harte-Hanks, Inc........................       11,202
      100     Haverty Furniture Cos, Inc..............        1,390
      126     *Hearst-Argyle Television, Inc..........        3,038
       65     *Hibbett Sporting Goods, Inc............        1,555
    3,053     Hilton Hotels Corp......................       38,804
      556     *Hispanic Broadcasting Corp.............       11,426
      621     Hollinger International, Inc............        6,309
      100     *Hollywood Casino Corp (Class A)........        1,228
      500     *Hollywood Entertainment Corp...........        7,550
      300     *Hot Topic, Inc.........................        6,864
      128     *iDine Rewards Network, Inc.............        1,359
      182     *IHOP Corp..............................        4,368
      100     *IMPCO Technologies, Inc................          469
      112     *Information Holdings, Inc..............        1,738
      500     *Insight Communications Co, Inc.........        6,190
      275     *Interactive Data Corp..................        3,781
      197     Intermet Corp...........................          827
      929     *International Game Technology..........       70,530
      254     International Speedway Corp (Class A)...        9,472
    3,577     Interpublic Group Of Cos, Inc...........       50,364
      650     *Intertan, Inc..........................        4,648
      162     *Isle Of Capri Casinos, Inc.............        2,145
    2,700     J.C. Penney Co, Inc.....................       62,127
      339     *Jack In The Box, Inc...................        5,861
      211     *Jakks Pacific, Inc.....................        2,842
      131     *Jo-Ann Stores, Inc (Class A)...........        3,009
      850     Johnson Controls, Inc...................       68,145
    1,170     *Jones Apparel Group, Inc...............       41,465
      201     *Journal Register Co....................        3,574
      300     *K2, Inc................................        2,820
      200     Kellwood Co.............................        5,200
      100     *Kenneth Cole Productions, Inc (Class                
                A)....................................        2,030
       94     *Keystone Automotive Industries, Inc....        1,412
      300     Kimball International, Inc (Class B)....        4,275
      156     *Kirby Corp.............................        4,273
      809     Knight Ridder, Inc......................       51,169

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  2,881     *Kohl's Corp............................  $   161,192
    406     *Krispy Kreme Doughnuts, Inc............       13,711
    556     *Kroll, Inc.............................       10,608
    200     K-Swiss, Inc (Class A)..................        4,342
    821     *Lamar Advertising Co...................       27,627
    100     Landry's Restaurants, Inc...............        2,124
    200     LaSalle Hotel Properties................        2,800
    600     La-Z-Boy, Inc...........................       14,388
    596     *Lear Corp..............................       19,835
    400     Lee Enterprises, Inc....................       13,408
  1,869     Leggett & Platt, Inc....................       41,940
    141     Libbey, Inc.............................        3,666
 25,806     *Liberty Media Corp (Class A)...........      230,714
  4,105     Limited Brands, Inc.....................       57,183
    156     *Lin TV Corp (Class A)..................        3,799
    300     *Linens 'n Things, Inc..................        6,780
    981     Liz Claiborne, Inc......................       29,087
    100     *Lodgenet Entertainment Corp............        1,068
    176     Lone Star Steakhouse & Saloon, Inc......        3,404
    200     *Luby's, Inc............................          582
    373     *Mandalay Resort Group..................       11,418
    200     Marcus Corp.............................        2,840
  1,838     Marriott International, Inc (Class A)...       60,415
    100     *Martha Stewart Living Omnimedia, Inc                
              (Class A).............................          987
    126     *Maxwell Shoe Co, Inc (Class A).........        1,464
  2,748     May Department Stores Co................       63,149
    700     Maytag Corp.............................       19,950
    169     McClatchy Co (Class A)..................        9,587
 12,247     McDonald's Corp.........................      196,932
  1,952     McGraw-Hill Cos, Inc....................      117,979
    100     Media General, Inc (Class A)............        5,995
    493     *Mediacom Communications Corp...........        4,343
    140     *Medis Technologies Ltd.................          700
    283     *Men's Wearhouse, Inc...................        4,853
    400     Meredith Corp...........................       16,444
    233     *Metro One Telecommunications, Inc......        1,503
    413     *Metro-Goldwyn-Mayer, Inc...............        5,369
    700     *MGM Mirage.............................       23,079
    600     *Michaels Stores, Inc...................       18,780
    200     *Micros Systems, Inc....................        4,484
     51     Midas, Inc..............................          328
    300     *Midway Games, Inc......................        1,251
    300     Modine Manufacturing Co.................        5,304
    473     *Mohawk Industries, Inc.................       26,937
    220     *Monaco Coach Corp......................        3,641
     49     *Monro Muffler Brake, Inc...............          828
    159     *Movie Gallery, Inc.....................        2,067
    257     *MSC Industrial Direct Co (Class A).....        4,562
    194     *MTR Gaming Group, Inc..................        1,544
     94     *Multimedia Games, Inc..................        2,581
    151     Myers Industries, Inc...................        1,616
     43     National Presto Industries, Inc.........        1,263
    200     *Nautica Enterprises, Inc...............        2,222
    275     *Nautilus Group, Inc....................        3,674
    300     *Neiman Marcus Group, Inc (Class A).....        9,117
    100     *Netratings, Inc........................          720
  1,338     New York Times Co (Class A).............       61,187
    742     Nike, Inc (Class B).....................       32,997
    990     Nordstrom, Inc..........................       18,780
    200     *Oakley, Inc............................        2,054
    300     *O'Charley's, Inc.......................        6,159
  1,821     Omnicom Group, Inc......................      117,637
    400     *O'Reilly Automotive, Inc...............       10,116

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   29

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
      100     Oshkosh B'gosh, Inc (Class A)...........  $     2,805
      137     Oshkosh Truck Corp......................        8,426
      552     Outback Steakhouse, Inc.................       19,011
      100     Oxford Industries, Inc..................        2,565
      315     *P.F. Chang's China Bistro, Inc.........       11,435
      417     *Pacific Sunwear Of California, Inc.....        7,377
      276     *Panera Bread Co (Class A)..............        9,608
      100     *Papa John's International, Inc.........        2,788
    2,498     *Park Place Entertainment Corp..........       20,983
      100     *Parkervision, Inc......................          816
      200     *Payless Shoesource, Inc................       10,294
      234     *Penn National Gaming, Inc..............        3,711
      400     *Performance Food Group Co..............       13,584
      200     Phillips-Van Heusen Corp................        2,312
      900     Pier 1 Imports, Inc.....................       17,037
      200     *Pinnacle Entertainment, Inc............        1,386
      500     *Pinnacle Systems, Inc..................        6,805
      163     *Pixar, Inc.............................        8,637
       97     *PLATO Learning, Inc....................          576
      100     *Playboy Enterprises, Inc (Class B).....        1,013
      200     Polaris Industries, Inc.................       11,720
      392     *Polo Ralph Lauren Corp.................        8,530
      300     *Presstek, Inc..........................        1,383
       34     *Pricesmart, Inc........................          790
      400     *Prime Hospitality Corp.................        3,260
    1,202     *Primedia, Inc..........................        2,476
      100     *Private Media Group, Inc...............          325
       83     Pulitzer, Inc...........................        3,731
      100     *Quaker Fabric Corp.....................          695
      179     *Quiksilver, Inc........................        4,772
       78     *Racing Champions Ertl Corp.............        1,065
      400     *Radio One, Inc (Class A)...............        5,848
      400     *Radio One, Inc (Class D)...............        5,772
      160     *Rare Hospitality International, Inc....        4,419
      382     *Raytech Corp...........................        2,177
    1,000     Reader's Digest Association, Inc (Class              
                A)....................................       15,100
      454     *Reebok International Ltd...............       13,348
      166     Regal Entertainment Group (Class A).....        3,556
      400     *Regent Communications, Inc.............        2,364
      352     Regis Corp..............................        9,148
      354     *Rent-A-Center, Inc.....................       17,682
      175     *Resources Connection, Inc..............        4,062
       77     *Rex Stores Corp........................          786
       55     Riviana Foods, Inc......................        1,486
      727     Ross Stores, Inc........................       30,818
      599     Ruby Tuesday, Inc.......................       10,357
      200     Russell Corp............................        3,348
      450     *Ryan's Family Steak Houses, Inc........        5,108
      125     *Saga Communications, Inc (Class A).....        2,375
    1,100     *Saks, Inc..............................       12,914
       87     *Salem Communications Corp (Class A)....        2,172
       60     *Salton, Inc............................          577
      100     Schawk, Inc.............................          991
      300     *Scholastic Corp........................       10,785
      254     *Scientific Games Corp (Class A)........        1,844
      232     *Scotts Co (Class A)....................       11,377
      188     *SCP Pool Corp..........................        5,490
      309     Scripps (E.W.) Co (Class A).............       23,778
    2,684     Sears Roebuck & Co......................       64,282
       66     *Shoe Carnival, Inc.....................          925
      200     *ShopKo Stores, Inc.....................        2,490
      125     *Shuffle Master, Inc....................        2,389

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    383     *Sinclair Broadcast Group, Inc (Class                
              A)....................................  $     4,454
    600     *Sirius Satellite Radio, Inc............          384
    800     *Six Flags, Inc.........................        4,568
    153     Smith (A.O.) Corp.......................        4,133
    200     *Sonic Automotive, Inc..................        2,974
    335     *Sonic Corp.............................        6,864
    375     *Sotheby's Holdings, Inc (Class A)......        3,375
    300     *Spanish Broadcasting System, Inc (Class             
              A)....................................        2,160
     82     Spartan Motors, Inc.....................          933
    100     Speedway Motorsports, Inc...............        2,578
    200     *Sports Resorts International, Inc......        1,174
    183     *Stage Stores, Inc......................        3,850
    100     Standard Motor Products, Inc............        1,300
     47     *Stanley Furniture Co, Inc..............        1,093
  3,682     *Starbucks Corp.........................       75,039
  1,888     Starwood Hotels & Resorts Worldwide,                 
              Inc...................................       44,821
    356     *Station Casinos, Inc...................        6,301
    290     Steelcase, Inc (Class A)................        3,178
    200     *Stein Mart, Inc........................        1,220
    100     *Steven Madden Ltd......................        1,807
    100     *Stoneridge, Inc........................        1,190
    400     Stride Rite Corp........................        2,868
    200     Sturm Ruger & Co, Inc...................        1,914
    200     Superior Industries International,                   
              Inc...................................        8,272
    300     *Sylvan Learning Systems, Inc...........        4,920
    232     Talbots, Inc............................        6,387
     47     Tanger Factory Outlet Centers, Inc......        1,457
  8,742     Target Corp.............................      262,260
    200     *TBC Corp...............................        2,402
    347     *Tenneco Automotive, Inc................        1,402
    463     *The Cheesecake Factory, Inc............       16,737
    300     *The Sports Authority, Inc..............        2,100
    100     *The Steak n Shake Co...................        1,000
    200     *Thomas Nelson, Inc.....................        2,004
    200     Thor Industries, Inc....................        6,886
    525     *THQ, Inc...............................        6,956
  1,024     Tiffany & Co............................       24,484
    184     *Timberland Co (Class A)................        6,552
  5,268     TJX Cos, Inc............................      102,831
    310     *Too, Inc...............................        7,314
    300     *Topps Co, Inc..........................        2,610
    700     *Tower Automotive, Inc..................        3,150
  1,887     Tribune Co..............................       85,783
    100     *Tropical Sportswear International                   
              Corp..................................          897
  1,802     *U.S.A. Interactive, Inc................       41,194
    400     *Unifi, Inc.............................        2,100
    600     *UnitedGlobalcom, Inc (Class A).........        1,440
    100     *Universal Electronics, Inc.............          974
  1,497     *Univision Communications, Inc (Class                
              A)....................................       36,677
    100     *Urban Outfitters, Inc..................        2,357
     78     *Vail Resorts, Inc......................        1,183
    466     *Valassis Communications, Inc...........       13,714
    100     *Vans, Inc..............................          568
    236     *Vastera, Inc...........................        1,334
    881     VF Corp.................................       31,760
 15,041     *Viacom, Inc (Class B)..................      613,071
  1,202     Visteon Corp............................        8,372
    200     *Wabash National Corp...................        1,676
 26,461     Wal-Mart Stores, Inc....................    1,336,545
 19,968     Walt Disney Co..........................      325,694
     32     Washington Post Co (Class B)............       23,616
  1,081     Wendy's International, Inc..............       29,263
     95     *West Marine, Inc.......................        1,301

30  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
      300     *Westpoint Stevens, Inc.................  $       177
      735     *Westwood One, Inc......................       27,460
      229     *Wet Seal, Inc (Class A)................        2,464
      590     Whirlpool Corp..........................       30,810
      400     Wiley (John) & Sons, Inc (Class A)......        9,604
      800     *Williams-Sonoma, Inc...................       21,720
      100     *Wilsons The Leather Experts, Inc.......          500
      100     Winnebago Industries, Inc...............        3,923
      200     *WMS Industries, Inc....................        2,996
      400     Wolverine World Wide, Inc...............        6,044
       67     Woodward Governor Co....................        2,915
      100     *World Wrestling Federation                          
                Entertainment, Inc....................          805
      420     *XM Satellite Radio Holdings, Inc.......        1,130
    3,657     *Yahoo!, Inc............................       59,807
      100     *Young Broadcasting, Inc (Class A)......        1,317
    2,827     *Yum! Brands, Inc.......................       68,470
      345     *Zale Corp..............................       11,006
      300     *Zomax, Inc.............................        1,275
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     9,364,036
                                                        -----------
CONSUMER NON-CYCLICAL--10.26%                                      
      100     *1-800-Flowers.com, Inc (Class A).......          625
      240     *7-Eleven, Inc..........................        1,800
      110     *AC Moore Arts & Crafts, Inc............        1,398
      325     Alberto-Culver Co (Class B).............       16,380
    3,625     Albertson's, Inc........................       80,693
    1,900     *Amazon.Com, Inc........................       35,891
      600     *American Greetings Corp (Class A)......        9,480
      200     *American Italian Pasta Co (Class A)....        7,196
    8,521     Anheuser-Busch Cos, Inc.................      412,416
      100     *Applica, Inc...........................          500
      276     *Aramark Corp (Class B).................        6,486
    5,651     Archer Daniels Midland Co...............       70,072
      200     *Asbury Automotive Group, Inc...........        1,682
      200     *Aurora Foods, Inc......................          156
    1,839     *Autonation, Inc........................       23,098
      766     *Autozone, Inc..........................       54,118
    2,264     Avon Products, Inc......................      121,962
      409     Barnes & Noble, Inc.....................        7,391
    2,402     *Best Buy Co, Inc.......................       58,008
      655     *BJ's Wholesale Club, Inc...............       11,987
      300     Blyth, Inc..............................        8,028
      800     *Borders Group, Inc.....................       12,880
      100     *Boston Beer Co, Inc (Class A)..........        1,430
      322     Brown-Forman Corp (Class B).............       21,046
      300     *Cadiz, Inc.............................          165
    2,363     Campbell Soup Co........................       55,460
      905     *Carmax, Inc............................       16,181
      300     Casey's General Stores, Inc.............        3,663
      542     *CDW Computer Centers, Inc..............       23,767
      330     *Chiquita Brands International, Inc.....        4,376
      331     Church & Dwight Co, Inc.................       10,072
    1,968     Circuit City Stores, Inc (Circuit City               
                Group)................................       14,603
    1,585     Clorox Co...............................       65,381
   19,701     Coca-Cola Co............................      863,298
    2,247     Coca-Cola Enterprises, Inc..............       48,805
    5,334     Colgate-Palmolive Co....................      279,662
    5,153     Conagra Foods, Inc......................      128,901
      675     *Constellation Brands, Inc (Class A)....       16,004
      219     Coors (Adolph) Co (Class B).............       13,414
      300     Corn Products International, Inc........        9,039
      327     *Cost Plus, Inc.........................        9,375
    4,378     *Costco Wholesale Corp..................      122,847

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  3,806     CVS Corp................................  $    95,036
    829     *Dean Foods Co..........................       30,756
  1,707     *Del Monte Foods Co.....................       13,144
    300     Delta & Pine Land Co....................        6,123
  1,000     Dial Corp...............................       20,370
    311     DIMON, Inc..............................        1,866
    400     Dole Food Co............................       13,032
    188     Dreyer's Grand Ice Cream, Inc...........       13,340
    265     *Duane Reade, Inc.......................        4,505
  1,471     *eBay, Inc..............................       99,763
    100     *Electronics Boutique Holdings Corp.....        1,581
    839     *Energizer Holdings, Inc................       23,435
  1,063     Estee Lauder Cos (Class A)..............       28,063
    291     Ethan Allen Interiors, Inc..............       10,002
    100     *Expedia, Inc (Class A).................        6,693
     12     *Expedia, Inc Wts 02/04/09..............          433
    100     *Factory 2-U Stores, Inc................          341
    153     *FAO, Inc...............................           72
    500     Fastenal Co.............................       18,695
    200     *Finlay Enterprises, Inc................        2,412
    363     Fleming Cos, Inc........................        2,385
    327     Flowers Foods, Inc......................        6,380
    170     *FTI Consulting, Inc....................        6,826
    461     *Furniture Brands International, Inc....       10,995
     95     *Galyans Trading Co, Inc................          950
    166     *Gamestop Corp..........................        1,627
     57     *Gart Sports Co.........................        1,103
  3,519     General Mills, Inc......................      165,217
 10,322     Gillette Co.............................      313,376
    174     *Great Atlantic & Pacific Tea Co, Inc...        1,402
  3,401     H.J. Heinz Co...........................      111,791
    217     *Hain Celestial Group, Inc..............        3,298
  1,267     Hasbro, Inc.............................       14,634
    700     Herman Miller, Inc......................       12,880
    886     Hershey Foods Corp......................       59,752
 22,793     Home Depot, Inc.........................      546,120
     60     *Horizon Organic Holding Corp...........          971
    700     Hormel Foods Corp.......................       16,331
    200     Hughes Supply, Inc......................        5,464
    100     Ingles Markets, Inc (Class A)...........        1,177
    468     *Insight Enterprises, Inc...............        3,889
    400     Interface, Inc (Class A)................        1,228
    666     International Flavors & Fragrances,                  
              Inc...................................       23,377
    100     *International Multifoods Corp..........        2,119
    400     Interstate Bakeries Corp................        6,100
    156     *J & J Snack Foods Corp.................        5,571
    431     J.M. Smucker Co.........................       17,158
    318     *Jill (J.) Group, Inc...................        4,446
  2,403     Kellogg Co..............................       82,351
  2,685     Kraft Foods, Inc (Class A)..............      104,527
  7,716     *Kroger Co..............................      119,212
    300     Lancaster Colony Corp...................       11,724
    200     Lance, Inc..............................        2,368
    100     *Lithia Motors, Inc (Class A)...........        1,569
    239     Loews Corp (Carolina Group).............        4,845
    300     Longs Drug Stores Corp..................        6,222
  7,562     Lowe's Cos..............................      283,575
    200     *MarineMax, Inc.........................        2,362
    200     *Marvel Enterprises, Inc................        1,796
  4,280     Mattel, Inc.............................       81,962
  1,300     McCormick & Co, Inc (Non-Vote)..........       30,160
    129     *Monterey Pasta Co......................          484
    100     Movado Group, Inc.......................        1,881

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   31

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER NON-CYCLICAL--(CONTINUED)                                 
       80     Nash Finch Co...........................  $       618
      100     Nature's Sunshine Products, Inc.........          971
      377     *NBTY, Inc..............................        6,628
    2,507     Newell Rubbermaid, Inc..................       76,037
      300     Nu Skin Enterprises, Inc (Class A)......        3,591
    3,050     *Office Depot, Inc......................       45,018
      900     *OfficeMax, Inc.........................        4,500
      200     Oneida Ltd..............................        2,206
      325     *Pathmark Stores, Inc...................        1,648
      100     *PC Connection, Inc.....................          507
       79     *Peets Coffee & Tea, Inc................        1,116
      400     Pep Boys-Manny Moe & Jack...............        4,640
    1,710     Pepsi Bottling Group, Inc...............       43,947
      935     PepsiAmericas Inc.......................       12,557
   17,174     PepsiCo, Inc............................      725,086
      500     *Perrigo Co.............................        6,075
      133     *Petco Animal Supplies, Inc.............        3,117
    1,200     *Petsmart, Inc..........................       20,556
   20,783     Philip Morris Cos, Inc..................      842,335
      100     Pilgrim's Pride Corp (Class B)..........          820
      200     *Playtex Products, Inc..................        1,976
      800     *Priceline.com, Inc.....................        1,280
      147     *Princeton Review, Inc..................          728
   12,662     Procter & Gamble Co.....................    1,088,172
      912     R.J. Reynolds Tobacco Holdings, Inc.....       38,404
    1,700     RadioShack Corp.........................       31,858
      275     *Ralcorp Holdings, Inc..................        6,914
      164     *Restoration Hardware, Inc..............          822
      100     *Revlon, Inc (Class A)..................          306
    4,231     *Rite Aid Corp..........................       10,366
       86     *Robert Mondavi Corp (Class A)..........        2,666
      300     Ruddick Corp............................        4,107
      100     Russ Berrie & Co, Inc...................        3,378
    4,446     *Safeway, Inc...........................      103,859
    7,561     Sara Lee Corp...........................      170,198
      136     Schweitzer-Mauduit International, Inc...        3,332
      400     Sensient Technologies Corp..............        8,988
       65     *Sharper Image Corp.....................        1,133
      100     *Skechers U.S.A., Inc (Class A).........          849
      100     *Smart & Final, Inc.....................          520
    1,400     *Smithfield Foods, Inc..................       27,776
      200     *Stamps.com, Inc........................          934
      100     Standard Commercial Corp................        1,810
    4,396     *Staples, Inc...........................       80,447
      100     *Steinway Musical Instruments, Inc......        1,627
      100     Stepan Co...............................        2,500
      200     Tasty Baking Co.........................        1,740
      304     *The Bombay Co, Inc.....................        1,520
      100     Thomas Industries, Inc..................        2,606
      255     *Ticketmaster (Class B).................        5,411
      212     Tootsie Roll Industries, Inc............        6,504
    1,826     *Toys 'R' Us, Inc.......................       18,260
      124     *Tractor Supply Co......................        4,662
      200     *Trans World Entertainment Corp.........          726
      100     *Triarc Cos, Inc........................        2,624
      100     *Tuesday Morning Corp...................        1,710
      500     Tupperware Corp.........................        7,540
      200     *Tweeter Home Entertainment Group,                   
                Inc...................................        1,156
    2,218     Tyson Foods, Inc (Class A)..............       24,897
      155     *United Auto Group, Inc.................        1,933
      175     *United Natural Foods, Inc..............        4,436
      241     Universal Corp..........................        8,907

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    1,653     UST, Inc................................  $    55,260
      180     *Valuevision International, Inc (Class               
                A)....................................        2,696
      220     Vector Group Ltd........................        2,556
   10,023     Walgreen Co.............................      292,571
       97     *Water Pik Technologies, Inc............          713
      230     *Weight Watchers International, Inc.....       10,573
      100     Weis Markets, Inc.......................        3,105
      102     *Whitehall Jewellers, Inc...............          969
      562     *Whole Foods Market, Inc................       29,634
      178     *Wild Oats Markets, Inc.................        1,837
      595     Winn-Dixie Stores, Inc..................        9,092
    1,559     Wrigley (Wm.) Jr Co.....................       85,558
      209     *Yankee Candle Co, Inc..................        3,344
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 9,110,466
                                                        -----------
ENERGY--5.59%                                                      
      101     *3TEC Energy Corp.......................        1,433
      725     Amerada Hess Corp.......................       39,911
    2,382     Anadarko Petroleum Corp.................      114,098
    1,325     Apache Corp.............................       75,512
      638     Ashland, Inc............................       18,202
       69     *Atwood Oceanics, Inc...................        2,077
    3,274     Baker Hughes, Inc.......................      105,390
      200     Berry Petroleum Co (Class A)............        3,410
    1,541     *BJ Services Co.........................       49,790
    2,051     Burlington Resources, Inc...............       87,475
      278     Cabot Oil & Gas Corp (Class A)..........        6,889
      300     *Cal Dive International, Inc............        7,050
       85     CARBO Ceramics, Inc.....................        2,865
    1,500     Chesapeake Energy Corp..................       11,610
   10,394     ChevronTexaco Corp......................      690,993
      765     *Cimarex Energy Co......................       13,694
      200     *Comstock Resources, Inc................        1,858
    6,597     ConocoPhillips..........................      319,229
      446     *Cooper Cameron Corp....................       22,220
      200     *Denbury Resources, Inc.................        2,260
    1,327     Devon Energy Corp.......................       60,909
      520     Diamond Offshore Drilling, Inc..........       11,362
       59     *Dril-Quip, Inc.........................          997
      100     *Encore Acquisition Co..................        1,842
      164     *Energy Partners Ltd....................        1,755
    1,453     ENSCO International, Inc................       42,791
    1,067     EOG Resources, Inc......................       42,595
      175     *Evergreen Resources, Inc...............        7,849
      143     *Exploration Co Of Delaware, Inc........          426
   65,791     Exxon Mobil Corp........................    2,298,738
      280     *Forest Oil Corp........................        7,717
      300     Frontier Oil Corp.......................        5,166
      100     Getty Realty Corp.......................        1,895
      900     *Global Industries Ltd..................        3,753
      817     *Grant Prideco, Inc.....................        9,510
    1,800     *Grey Wolf, Inc.........................        7,182
      100     *Gulf Island Fabrication, Inc...........        1,625
    4,508     Halliburton Co..........................       84,345
      444     *Hanover Compressor Co..................        4,076
      318     *Harvest Natural Resources, Inc.........        2,099
      500     Helmerich & Payne, Inc..................       13,955
      100     Holly Corp..............................        2,185
      100     *Horizon Offshore, Inc..................          498
      100     *Houston Exploration Co.................        3,060
       96     *Hydril Co..............................        2,263
      400     *Input/Output, Inc......................        1,700
    1,027     Kerr-McGee Corp.........................       45,496
      900     *Key Energy Services, Inc...............        8,073

32  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
ENERGY--(CONTINUED)                                                
      100     Lufkin Industries, Inc..................  $     2,345
      516     *Magnum Hunter Resources, Inc...........        3,070
       43     *Magnum Hunter Resources, Inc Wts                    
                03/21/05..............................           12
    2,849     Marathon Oil Corp.......................       60,655
      300     *Maverick Tube Corp.....................        3,909
      200     *Meridian Resource Corp.................          180
      676     Murphy Oil Corp.........................       28,967
      705     *National-Oilwell, Inc..................       15,397
      400     *Newfield Exploration Co................       14,420
      500     Noble Energy, Inc.......................       18,775
      100     *Nuevo Energy Co........................        1,110
    3,649     Occidental Petroleum Corp...............      103,814
    1,800     Ocean Energy, Inc.......................       35,946
      200     *Oceaneering International, Inc.........        4,948
      700     *Parker Drilling Co.....................        1,554
      250     Patina Oil & Gas Corp...................        7,913
      700     *Patterson-UTI Energy, Inc..............       21,119
    1,177     *Pioneer Natural Resources Co...........       29,719
      200     *Plains Exploration & Production........        1,950
      200     *Plains Resources, Inc..................        2,370
      474     Pogo Producing Co.......................       17,657
      165     *Premcor, Inc...........................        3,668
    1,019     *Pride International, Inc...............       15,183
      100     *Prima Energy Corp......................        2,236
      757     *Range Resources Corp...................        4,088
      219     *Remington Oil & Gas Corp...............        3,594
      979     Rowan Cos, Inc..........................       22,223
      100     RPC, Inc................................        1,160
      160     *Seacor Smit, Inc.......................        7,120
      988     *Smith International, Inc...............       32,229
      215     *Spinnaker Exploration Co...............        4,741
      300     St. Mary Land & Exploration Co..........        7,500
      239     *Stone Energy Corp......................        7,973
      646     Sunoco, Inc.............................       21,434
      400     *Superior Energy Services, Inc..........        3,280
      200     *Swift Energy Co........................        1,934
    1,000     *Tesoro Petroleum Corp..................        4,520
      456     Tidewater, Inc..........................       14,182
      300     *Tom Brown, Inc.........................        7,530
      200     *Transmontaigne, Inc....................          928
      200     *Trico Marine Services, Inc.............          666
      300     *Unit Corp..............................        5,565
      150     *Universal Compression Holdings, Inc....        2,870
    2,355     Unocal Corp.............................       72,016
    1,007     Valero Energy Corp......................       37,199
      694     *Varco International, Inc...............       12,076
      300     *Veritas DGC, Inc.......................        2,370
      500     Vintage Petroleum, Inc..................        5,275
      148     *Westport Resources Corp................        3,078
      237     *W-H Energy Services, Inc...............        3,458
       81     World Fuel Services Corp................        1,661
    1,025     XTO Energy, Inc.........................       25,318
                                                        -----------
              TOTAL ENERGY                                4,962,733
                                                        -----------
FINANCIAL SERVICES--21.25%                                         
      110     1st Source Corp.........................        1,843
      300     21st Century Insurance Group............        3,756
      941     A.G. Edwards, Inc.......................       31,015
       90     ABC Bancorp.............................        1,166
      200     Acadia Realty Trust.....................        1,484
      200     Advanta Corp (Class A)..................        1,796
      200     *Affiliated Managers Group, Inc.........       10,060
    5,141     Aflac, Inc..............................      154,847

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
     90     Alabama National Bancorp................  $     3,915
    200     Alexandria Real Estate Equities, Inc....        8,520
    321     Alfa Corp...............................        3,856
     42     *Alleghany Corp.........................        7,455
    108     Allegiant Bancorp, Inc..................        1,969
  1,050     Allied Capital Corp.....................       22,922
    500     Allmerica Financial Corp................        5,050
  6,980     Allstate Corp...........................      258,190
    925     AMB Property Corp.......................       25,308
    771     Ambac Financial Group, Inc..............       43,361
    200     Amcore Financial, Inc...................        4,340
    336     American Capital Strategies Ltd.........        7,254
 11,361     American Express Co.....................      401,611
    281     American Financial Group, Inc...........        6,483
    200     American Financial Holdings, Inc........        5,976
 22,281     American International Group, Inc.......    1,289,013
     53     American National Bankshares, Inc.......        1,378
    100     American National Insurance Co..........        8,202
     87     *American Physicians Capital, Inc.......        1,636
  1,656     *AmeriCredit Corp.......................       12,817
    846     *Ameritrade Holding Corp................        4,788
    424     AmerUs Group Co.........................       11,986
    100     AMLI Residential Properties Trust.......        2,128
  3,535     AmSouth Bancorp.........................       67,872
    200     Anchor Bancorp Wisconsin, Inc...........        4,150
    834     Annaly Mortgage Management, Inc.........       15,679
    336     Anthracite Capital, Inc.................        3,662
    112     Anworth Mortgage Asset Corp.............        1,408
  2,701     AON Corp................................       51,022
    821     Apartment Investment & Management Co                 
              (Class A).............................       30,771
    268     Apex Mortgage Capital, Inc..............        1,753
  1,720     Archstone-Smith Trust...................       40,489
    500     Arden Realty, Inc.......................       11,075
    200     Argonaut Group, Inc.....................        2,950
    105     Arrow Financial Corp....................        3,231
    704     Associated Banc-Corp....................       23,894
    100     Associated Estates Realty Corp..........          675
    776     Astoria Financial Corp..................       21,068
    623     AvalonBay Communities, Inc..............       24,384
    100     Baldwin & Lyons, Inc (Class B)..........        2,355
    120     Banc Corp...............................          931
    100     Bancfirst Corp..........................        4,700
  1,112     Bancorpsouth, Inc.......................       21,595
    100     Bank Mutual Corp........................        2,313
 14,961     Bank Of America Corp....................    1,040,837
    125     Bank Of Granite Corp....................        2,188
    700     Bank Of Hawaii Corp.....................       21,273
  7,244     Bank Of New York Co, Inc................      173,566
 11,430     Bank One Corp...........................      417,767
    300     BankAtlantic Bancorp, Inc (Class A).....        2,835
  1,351     Banknorth Group, Inc....................       30,533
    200     *Bankunited Financial Corp (Class A)....        3,236
     79     Banner Corp.............................        1,490
    546     *Bay View Capital Corp..................        3,140
  4,628     BB&T Corp...............................      171,190
    975     Bear Stearns Cos, Inc...................       57,915
    220     *Beazer Homes U.S.A., Inc...............       13,332
    300     Bedford Property Investors, Inc.........        7,707
    548     Berkley (W.R.) Corp.....................       21,706
     57     Berkshire Hills Bancorp, Inc............        1,342
     53     *BKF Capital Group, Inc.................          935
    127     *Blackrock, Inc.........................        5,004
    106     *BOK Financial Corp.....................        3,433

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   33

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      287     Boston Private Financial Holdings,                   
                Inc...................................  $     5,700
      645     Boston Properties, Inc..................       23,775
       36     Bostonfed Bancorp, Inc..................          961
      300     Boykin Lodging Co.......................        2,799
      232     Brandywine Realty Trust.................        5,060
      600     BRE Properties, Inc (Class A)...........       18,720
      518     Brookline Bancorp, Inc..................        6,164
      444     Brown & Brown, Inc......................       14,350
       34     Bryn Mawr Bank Corp.....................        1,245
      100     BSB Bancorp, Inc........................        2,097
       74     Camden National Corp....................        1,791
      331     Camden Property Trust...................       10,923
      200     Capital Automotive REIT.................        4,740
       65     Capital City Bank Group, Inc............        2,547
    2,124     Capital One Financial Corp..............       63,125
       70     Capitol Bancorp Ltd.....................        1,624
      232     Capitol Federal Financial...............        6,682
      100     Capstead Mortgage Corp..................        2,465
      765     CarrAmerica Realty Corp.................       19,163
      114     Cascade Bancorp.........................        1,575
      200     Cash America International, Inc.........        1,904
      842     *Catellus Development Corp..............       16,714
      200     Cathay Bancorp, Inc.....................        7,598
       30     CB Bancshares, Inc......................        1,276
      186     CBL & Associates Properties, Inc........        7,449
       64     CCBT Financial Cos, Inc.................        1,644
      113     *CCC Information Services Group, Inc....        2,006
      300     Center Trust, Inc.......................        2,340
      300     Centerpoint Properties Corp.............       17,145
       68     *Central Coast Bancorp..................        1,344
      120     CFS Bancorp, Inc........................        1,716
   11,064     Charles Schwab Corp.....................      120,044
       36     Charter Financial Corp..................        1,119
      300     Charter Municipal Mortgage Acceptance                
                Co....................................        5,211
    2,202     Charter One Financial, Inc..............       63,263
      200     Chateau Communities, Inc................        4,600
      355     Chelsea Property Group, Inc.............       11,825
      213     Chemical Financial Corp.................        6,853
      350     Chittenden Corp.........................        8,918
      837     *ChoicePoint, Inc.......................       33,053
    1,616     Chubb Corp..............................       84,355
    1,458     Cincinnati Financial Corp...............       54,748
   50,558     Citigroup, Inc..........................    1,779,163
      400     Citizens Banking Corp...................        9,912
       83     Citizens First Bancorp, Inc.............        1,748
      230     *Citizens, Inc..........................        1,725
       81     City Bank...............................        2,005
      155     City Holding Co.........................        4,379
      400     City National Corp......................       17,596
      200     *Clark/Bardes, Inc......................        3,850
      303     *CNA Financial Corp.....................        7,757
      100     CNA Surety Corp.........................          785
       39     Coastal Bancorp, Inc....................        1,262
       76     Coastal Financial Corp..................        1,037
      100     CoBiz, Inc..............................        1,485
    1,000     Colonial Bancgroup, Inc.................       11,930
      139     Colonial Properties Trust...............        4,718
       53     Columbia Bancorp........................        1,168
      105     *Columbia Banking System, Inc...........        1,324
    1,737     Comerica, Inc...........................       75,108
      510     Commerce Bancorp, Inc...................       22,027
      613     Commerce Bancshares, Inc................       24,104

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    225     Commerce Group, Inc.....................  $     8,438
    400     Commercial Federal Corp.................        9,340
    358     Commercial Net Lease Realty, Inc........        5,488
    100     Commonwealth Bancorp, Inc...............        4,637
    200     Community Bank System, Inc..............        6,270
    105     Community Banks, Inc....................        2,909
    500     Community First Bankshares, Inc.........       13,230
    116     Community Trust Bancorp, Inc............        2,916
  1,183     Compass Bancshares, Inc.................       36,992
    100     *CompuCredit Corp.......................          707
     84     Connecticut Bancshares, Inc.............        3,230
    400     Cornerstone Realty Income Trust, Inc....        3,184
    200     Corporate Office Properties Trust.......        2,806
     65     Correctional Properties Trust...........        1,411
    220     *Corrections Corp Of America............        3,773
    100     Corus Bankshares, Inc...................        4,366
  1,056     Countrywide Financial Corp..............       54,542
    300     Cousins Properties, Inc.................        7,410
    200     CPB, Inc................................        5,490
    245     Crawford & Co (Class B).................        1,225
    100     *Credit Acceptance Corp.................          638
    749     Crescent Real Estate Equities Co........       12,463
    200     Crown American Realty Trust.............        1,840
    229     *CSK Auto Corp..........................        2,519
    500     Cullen/Frost Bankers, Inc...............       16,350
     25     Curtiss-Wright Corp (Class B)...........        1,617
    262     CVB Financial Corp......................        6,675
    100     Delphi Financial Group, Inc (Class A)...        3,796
    515     Developers Diversified Realty Corp......       11,326
    206     Dime Community Bancshares...............        3,945
    673     Doral Financial Corp....................       19,248
    197     Downey Financial Corp...................        7,683
  1,348     Duke Realty Corp........................       34,307
  4,205     *E*trade Group, Inc.....................       20,436
    200     East West Bancorp, Inc..................        7,216
    100     Eastgroup Properties, Inc...............        2,550
    539     Eaton Vance Corp........................       15,227
    100     *Electro Rent Corp......................        1,212
    300     Entertainment Properties Trust..........        7,056
  4,034     Equity Office Properties Trust..........      100,794
    100     Equity One, Inc.........................        1,335
  2,600     Equity Residential......................       63,908
    187     Erie Indemnity Co (Class A).............        6,781
    132     Essex Property Trust, Inc...............        6,712
    131     *Euronet Worldwide, Inc.................          984
    100     F & M Bancorp...........................        3,200
  9,664     Fannie Mae..............................      621,685
    100     Farmers Capital Bank Corp...............        3,325
     79     FBL Financial Group, Inc (Class A)......        1,538
    142     FBR Asset Investment Corp...............        4,814
     60     Federal Agricultural Mortgage Corp                   
              (Class C).............................        1,838
    300     Federal Realty Investment Trust.........        8,436
    843     Federated Investors, Inc (Class B)......       21,387
    408     FelCor Lodging Trust, Inc...............        4,668
    117     Fidelity Bankshares, Inc................        2,094
    927     Fidelity National Financial, Inc........       30,453
  4,972     Fifth Third Bancorp.....................      291,111
    100     *Financial Federal Corp.................        2,513
     72     Financial Industries Corp...............        1,025
    100     Financial Institutions, Inc.............        2,936
    600     First American Corp.....................       13,320
     67     First Bancorp (North Carolina)..........        1,575
    300     First Bancorp (Puerto Rico).............        6,780

34  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      100     First Busey Corp (Class A)..............  $     2,306
      300     First Charter Corp......................        5,400
       55     First Citizens Bancshares, Inc (Class                
                A)....................................        5,313
      500     First Commonwealth Financial Corp.......        5,750
       44     First Community Bancorp.................        1,449
       66     First Community Bancshares, Inc.........        2,030
      100     First Defiance Financial Corp...........        1,890
      100     First Essex Bancorp, Inc................        3,340
      159     First Federal Capital Corp..............        3,070
      315     First Financial Bancorp.................        5,163
      114     First Financial Bankshares, Inc.........        4,332
      150     First Financial Corp (Indiana)..........        7,295
      100     First Financial Holdings, Inc...........        2,476
      125     First Indiana Corp......................        2,315
      109     First Merchants Corp....................        2,484
      445     First Midwest Bancorp, Inc..............       11,886
       69     First National Corp.....................        1,656
      100     First Niagara Financial Group, Inc......        2,612
       39     First Oak Brook Bancshares, Inc.........        1,225
      100     First Place Financial Corp..............        1,663
       79     *First Republic Bank....................        1,579
      200     First Sentinel Bancorp, Inc.............        2,878
       25     First South Bancorp, Inc................          890
       37     First State Bancorp.....................          918
    1,261     First Tennessee National Corp...........       45,320
      667     First Virginia Banks, Inc...............       24,832
       51     Firstfed America Bancorp, Inc...........        1,267
      158     *FirstFed Financial Corp................        4,574
      853     FirstMerit Corp.........................       18,476
      300     Flagstar Bancorp, Inc...................        6,480
   10,358     FleetBoston Financial Corp..............      251,699
      100     Flushing Financial Corp.................        1,638
      437     FNB Corp................................       12,031
       53     FNB Corp (Virginia).....................        1,258
       80     *FPIC Insurance Group, Inc..............          552
    1,670     Franklin Resources, Inc.................       56,914
    6,725     Freddie Mac.............................      397,111
      800     Fremont General Corp....................        3,592
      137     *Friedman, Billings, Ramsey Group,                   
                Inc...................................        1,282
      148     Frontier Financial Corp.................        3,786
    1,085     Fulton Financial Corp...................       19,161
       39     *Gabelli Asset Management, Inc (Class                
                A)....................................        1,172
      500     Gables Residential Trust................       12,465
      800     Gallagher (Arthur J.) & Co..............       23,504
    1,100     *Gartner, Inc (Class A).................       10,120
       91     *Gartner, Inc (Class B).................          860
      100     GBC Bancorp.............................        1,936
      600     General Growth Properties, Inc..........       31,200
      110     German American Bancorp.................        1,711
      101     Glacier Bancorp, Inc....................        2,381
       81     Gladstone Capital Corp..................        1,334
      210     Glenborough Realty Trust, Inc...........        3,742
      600     Glimcher Realty Trust...................       10,650
      400     Gold Banc Corp, Inc.....................        3,968
    1,253     Golden West Financial Corp..............       89,978
    2,319     Goldman Sachs Group, Inc................      157,924
       47     Granite State Bankshares, Inc...........        2,053
       68     Great American Financial Resources,                  
                Inc...................................        1,170
      100     Great Lakes REIT, Inc...................        1,665
       52     Great Southern Bancorp, Inc.............        1,911
      451     Greater Bay Bancorp.....................        7,798
      829     Greenpoint Financial Corp...............       37,454

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    123     Hancock Holding Co......................  $     5,492
     80     *Hanmi Financial Corp...................        1,342
    200     Harbor Florida Bancshares, Inc..........        4,504
    316     Harleysville Group, Inc.................        8,352
    210     Harleysville National Corp..............        5,611
  2,377     Hartford Financial Services Group,                   
              Inc...................................      107,987
     54     *Hawthorne Financial Corp...............        1,541
    572     HCC Insurance Holdings, Inc.............       14,071
    724     Health Care Property Investors, Inc.....       27,729
    339     Health Care REIT, Inc...................        9,170
    400     Healthcare Realty Trust, Inc............       11,700
    165     Heritage Property Investment Trust......        4,120
  1,522     Hibernia Corp (Class A).................       29,283
    500     Highwoods Properties, Inc...............       11,050
    300     Hilb, Rogal & Hamilton Co...............       12,270
    238     Home Properties Of New York, Inc........        8,199
    600     *Homestore, Inc.........................          510
    500     Hooper Holmes, Inc......................        3,070
    347     Horace Mann Educators Corp..............        5,320
    700     Hospitality Properties Trust............       24,640
  2,500     *Host Marriott Corp.....................       22,125
  4,383     Household International, Inc............      121,891
  1,100     HRPT Properties Trust...................        9,064
    698     Hudson City Bancorp, Inc................       13,004
    114     Hudson River Bancorp, Inc...............        2,822
    443     Hudson United Bancorp...................       13,777
     98     Humboldt Bancorp........................        1,029
  2,510     Huntington Bancshares, Inc..............       46,962
    362     IMPAC Mortgage Holdings, Inc............        4,163
    477     Independence Community Bank Corp........       12,106
    100     Independent Bank Corp (Massachusetts)...        2,280
     93     Independent Bank Corp (Michigan)........        2,814
    557     *IndyMac Bancorp, Inc...................       10,299
    208     Innkeepers U.S.A. Trust.................        1,593
    200     *Insignia Financial Group, Inc..........        1,450
    339     Instinet Group, Inc.....................        1,434
    100     *Insurance Auto Auctions, Inc...........        1,659
    100     Integra Bank Corp.......................        1,782
     78     Interchange Financial Services Corp.....        1,256
    209     International Bancshares Corp...........        8,245
    452     *Investment Technology Group, Inc.......       10,107
    674     Investors Financial Services Corp.......       18,461
    200     Investors Real Estate Trust.............        1,996
    300     IRT Property Co.........................        3,561
    100     Irwin Financial Corp....................        1,650
    417     iStar Financial, Inc....................       11,725
     42     *Itla Capital Corp......................        1,396
    390     *ITT Educational Services, Inc..........        9,185
 19,332     JP Morgan Chase & Co....................      463,968
  2,046     Janus Capital Group, Inc................       26,741
    307     JDN Realty Corp.........................        3,362
    178     Jefferies Group, Inc....................        7,471
  1,381     Jefferson-Pilot Corp....................       52,630
  2,875     John Hancock Financial Services, Inc....       80,213
    446     John Nuveen Co (Class A)................       11,306
    300     *Jones Lang LaSalle, Inc................        4,614
     77     Kansas City Life Insurance Co...........        2,918
  4,119     KeyCorp.................................      103,552
    100     Keystone Property Trust.................        1,697
    200     Kilroy Realty Corp......................        4,610
    850     Kimco Realty Corp.......................       26,044
    800     *Knight Trading Group, Inc..............        3,832
    178     Koger Equity, Inc.......................        2,777

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   35

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      312     Kramont Realty Trust....................  $     4,571
    1,264     *La Quinta Corp.........................        5,562
      600     *LaBranche & Co, Inc....................       15,984
      110     Lakeland Bancorp, Inc...................        1,966
       46     Lakeland Financial Corp.................        1,079
      200     Landamerica Financial Group, Inc........        7,090
      592     Legg Mason, Inc.........................       28,736
    2,389     Lehman Brothers Holdings, Inc...........      127,310
      100     *LendingTree, Inc.......................        1,288
      331     Leucadia National Corp..................       12,350
      200     Lexington Corporate Properties Trust....        3,180
      200     Liberty Corp............................        7,760
    1,700     Lincoln National Corp...................       53,686
      200     LNR Property Corp.......................        7,080
      177     *Local Financial Corp...................        2,593
       77     LSB Bancshares, Inc.....................        1,247
      129     LTC Properties, Inc.....................          867
      727     M & T Bank Corp.........................       57,687
       61     Macatawa Bank Corp......................        1,211
      300     Macerich Co.............................        9,225
      400     Mack-Cali Realty Corp...................       12,120
      166     MAF Bancorp, Inc........................        5,632
      100     Main Street Banks, Inc..................        1,920
       53     MainSource Financial Group, Inc.........        1,273
      100     Manufactured Home Communities, Inc......        2,963
      177     *Markel Corp............................       36,374
    5,340     Marsh & McLennan Cos, Inc...............      246,761
    1,989     Marshall & Ilsley Corp..................       54,472
       35     MASSBANK Corp...........................          991
      100     MB Financial, Inc.......................        3,479
    1,358     MBIA, Inc...............................       59,562
   10,396     MBNA Corp...............................      197,732
      185     MCG Capital Corp........................        1,987
    4,158     Mellon Financial Corp...................      108,565
      743     Mercantile Bankshares Corp..............       28,672
       36     Merchants Bancshares, Inc...............          811
      237     Mercury General Corp....................        8,906
      300     Meristar Hospitality Corp...............        1,980
      200     *Meritage Corp..........................        6,730
    8,310     Merrill Lynch & Co, Inc.................      315,365
    2,833     MetLife, Inc............................       76,604
      270     Metris Cos, Inc.........................          667
      319     MFA Mortgage Investments, Inc...........        2,680
      938     MGIC Investment Corp....................       38,739
      300     Mid Atlantic Realty Trust...............        5,220
      100     Mid-America Apartment Communities,                   
                Inc...................................        2,445
       70     Midland Co..............................        1,330
      200     Mid-State Bancshares....................        3,284
       85     Midwest Banc Holdings, Inc..............        1,611
      200     Mills Corp..............................        5,868
      114     Mission West Properties, Inc............        1,129
      400     MONY Group, Inc.........................        9,576
   10,687     Morgan Stanley..........................      426,625
    5,904     National City Corp......................      161,297
    2,190     National Commerce Financial Corp........       52,232
      200     National Health Investors, Inc..........        3,216
       54     National Health Realty, Inc.............          788
      218     National Penn Bancshares, Inc...........        5,792
       19     *National Western Life Insurance Co                  
                (Class A).............................        1,824
      190     Nationwide Financial Services, Inc                   
                (Class A).............................        5,444
      400     Nationwide Health Properties, Inc.......        5,972
       37     *Navigators Group, Inc..................          849

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
     64     NBC Capital Corp........................  $     1,613
    274     NBT Bancorp, Inc........................        4,677
    400     *NetBank, Inc...........................        3,872
    515     Neuberger Berman, Inc...................       17,247
    100     New Century Financial Corp..............        2,539
    893     New Plan Excel Realty Trust.............       17,047
  1,039     New York Community Bancorp, Inc.........       30,006
  1,507     North Fork Bancorp, Inc.................       50,846
  1,903     Northern Trust Corp.....................       66,700
    200     Northwest Bancorp, Inc..................        2,958
     95     Novastar Financial, Inc.................        2,948
    150     OceanFirst Financial Corp...............        3,368
    300     *Ocwen Financial Corp...................          840
    154     Odyssey Re Holdings Corp................        2,726
    468     *Ohio Casualty Corp.....................        6,061
    546     Old National Bancorp....................       13,268
  1,100     Old Republic International Corp.........       30,800
    147     Old Second Bancorp, Inc.................        5,439
    100     Omega Financial Corp....................        3,585
    110     Oriental Financial Group, Inc...........        2,704
    321     Pacific Capital Bancorp.................        8,169
    100     Pacific Northwest Bancorp...............        2,500
     97     *Pacific Union Bank.....................        1,116
    443     Pan Pacific Retail Properties, Inc......       16,183
    100     Park National Corp......................        9,880
     44     Parkvale Financial Corp.................        1,014
    100     Parkway Properties, Inc.................        3,508
     54     Peapack Gladstone Financial Corp........        1,850
     45     Pennfed Financial Services, Inc.........        1,222
     64     Pennrock Financial Services Corp........        1,776
    100     Pennsylvania Real Estate Investment                  
              Trust.................................        2,600
     72     Peoples Bancorp, Inc....................        1,843
    200     People's Bank...........................        5,028
    251     Peoples Holding Co......................       10,228
    100     PFF Bancorp, Inc........................        3,125
    103     *Philadelphia Consolidated Holding                   
              Corp..................................        3,646
    922     Phoenix Cos, Inc........................        7,007
     61     *Pico Holdings, Inc.....................          819
    400     PMA Capital Corp (Class A)..............        5,732
    906     PMI Group, Inc..........................       27,216
  2,718     PNC Financial Services Group, Inc.......      113,884
  1,290     Popular, Inc............................       43,602
    100     Port Financial Corp.....................        4,462
    300     Post Properties, Inc....................        7,170
    453     Prentiss Properties Trust...............       12,811
    200     Presidential Life Corp..................        1,986
    600     *Price Legacy Corp......................        1,680
  2,928     Principal Financial Group...............       88,221
     33     PrivateBancorp, Inc.....................        1,249
    196     *ProAssurance Corp......................        4,116
  1,871     Progressive Corp........................       92,858
  1,477     Prologis................................       37,147
    101     Prosperity Bancshares, Inc..............        1,919
    631     Protective Life Corp....................       17,365
    215     Provident Bankshares Corp...............        4,969
    387     Provident Financial Group, Inc..........       10,074
  2,458     *Providian Financial Corp...............       15,952
  5,630     Prudential Financial, Inc...............      178,696
    112     PS Business Parks, Inc..................        3,562
    914     Public Storage, Inc.....................       29,531
    100     R & G Financial Corp (Class B)..........        2,325
    827     Radian Group, Inc.......................       30,723
    143     RAIT Investment Trust...................        3,089

36  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
       74     Ramco-Gershenson Properties.............  $     1,462
      500     Raymond James Financial, Inc............       14,790
      300     Realty Income Corp......................       10,500
      503     Reckson Associates Realty Corp..........       10,588
      100     Redwood Trust, Inc......................        2,770
      200     Regency Centers Corp....................        6,480
    2,265     Regions Financial Corp..................       75,560
      350     Reinsurance Group Of America, Inc.......        9,478
      520     Republic Bancorp, Inc...................        6,120
      100     Republic Bancorp, Inc (Class A)                      
                (Kentucky)............................        1,127
      100     *Republic Bancshares, Inc...............        1,965
      115     Resource America, Inc (Class A).........        1,036
      300     RFS Hotel Investors, Inc................        3,258
      100     Riggs National Corp.....................        1,549
      200     RLI Corp................................        5,580
      690     Roslyn Bancorp, Inc.....................       12,441
      890     Rouse Co................................       28,213
      400     S & T Bancorp, Inc......................       10,020
      100     S.Y. Bancorp, Inc.......................        3,710
    1,383     Safeco Corp.............................       47,949
      250     Sandy Spring Bancorp, Inc...............        7,875
      110     Santander Bancorp.......................        1,430
      100     Saul Centers, Inc.......................        2,380
      258     *Saxon Capital, Inc.....................        3,228
       93     Seacoast Banking Corp Of Florida........        1,752
      200     Seacoast Financial Services Corp........        4,002
      100     Second Bancorp, Inc.....................        2,650
      880     SEI Investments Co......................       23,918
      237     Selective Insurance Group, Inc..........        5,968
      418     Senior Housing Properties Trust.........        4,435
      400     *Silicon Valley Bancshares..............        7,300
       54     Simmons First National Corp (Class A)...        1,979
    1,400     Simon Property Group, Inc...............       47,698
      105     Sizeler Property Investors..............          975
      641     Sky Financial Group, Inc................       12,762
      242     SL Green Realty Corp....................        7,647
    1,455     SLM Corp................................      151,116
      700     *SoundView Technology Group, Inc........        1,050
      400     South Financial Group, Inc..............        8,264
    3,304     SouthTrust Corp.........................       82,104
      200     *Southwest Bancorp Of Texas, Inc........        5,762
       47     Southwest Bancorp, Inc..................        1,222
    2,400     Sovereign Bancorp, Inc..................       33,720
      100     Sovran Self Storage, Inc................        2,836
      100     St. Francis Capital Corp................        2,342
      200     St. Joe Co..............................        6,000
    2,100     St. Paul Cos, Inc.......................       71,505
      333     Stancorp Financial Group, Inc...........       16,267
      100     State Auto Financial Corp...............        1,550
       67     State Bancorp, Inc......................        1,206
    3,109     State Street Corp.......................      121,251
      578     Staten Island Bancorp, Inc..............       11,641
       76     Sterling Bancorp........................        2,024
      400     Sterling Bancshares, Inc................        4,888
      205     Sterling Financial Corp                              
                (Pennsylvania)........................        4,848
      106     *Sterling Financial Corp (Spokane)......        1,995
      100     *Stewart Information Services Corp......        2,139
       29     Student Loan Corp.......................        2,836
       88     Suffolk Bancorp.........................        2,783
       48     Summit Bancshares, Inc..................          936
      200     Summit Properties, Inc..................        3,560
       45     Sun Bancorp, Inc (Pennsylvania).........          823

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    136     Sun Communities, Inc....................  $     4,974
  2,396     SunTrust Banks, Inc.....................      136,380
     64     Superior Financial Corp.................        1,176
    400     Susquehanna Bancshares, Inc.............        8,336
    121     SWS Group, Inc..........................        1,641
  2,916     Synovus Financial Corp..................       56,570
    200     *Syntroleum Corp........................          346
    984     T Rowe Price Group, Inc.................       26,844
    300     Taubman Centers, Inc....................        4,869
    700     TCF Financial Corp......................       30,583
    202     Texas Regional Bancshares, Inc (Class                
              A)....................................        7,179
    262     Thornburg Mortgage, Inc.................        5,266
    149     Tompkins Trustco, Inc...................        6,571
  1,317     Torchmark Corp..........................       48,110
    100     Town & Country Trust....................        2,110
    200     *Trammell Crow Co.......................        1,800
    250     Transatlantic Holdings, Inc.............       16,675
  4,556     *Travelers Property Casualty Corp (Class             
              A)....................................       66,745
  4,677     *Travelers Property Casualty Corp (Class             
              B)....................................       68,518
     73     *Triad Guaranty, Inc....................        2,691
     46     Trico Bancshares........................        1,132
    827     Trizec Properties, Inc..................        7,766
     38     Troy Financial Corp.....................        1,025
    171     Trust Co Of New Jersey..................        4,759
    626     Trustco Bank Corp NY....................        6,748
    391     Trustmark Corp..........................        9,278
 18,657     U.S. Bancorp............................      395,923
    180     U.S. Restaurant Properties, Inc.........        2,534
    110     U.S.B. Holding Co, Inc..................        1,947
    185     UCBH Holdings, Inc......................        7,853
    354     *UICI...................................        5,505
    251     UMB Financial Corp......................        9,623
    213     Umpqua Holdings Corp....................        3,887
     69     Union Bankshares Corp...................        1,880
  2,001     Union Planters Corp.....................       56,308
    480     UnionBanCal Corp........................       18,850
    337     United Bankshares, Inc..................        9,794
    152     United Community Banks, Inc.............        3,704
    400     United Community Financial Corp.........        3,460
    987     United Dominion Realty Trust, Inc.......       16,147
     67     United Fire & Casualty Co...............        2,241
    143     United National Bancorp.................        3,296
    484     *United Rentals, Inc....................        5,208
    400     Unitrin, Inc............................       11,688
    215     *Universal American Financial Corp......        1,251
    100     Universal Health Realty Income Trust....        2,625
    232     Unizan Financial Corp...................        4,592
  2,300     UnumProvident Corp......................       40,342
    213     Urstadt Biddle Properties, Inc (Class                
              A)....................................        2,360
    920     Valley National Bancorp.................       24,260
    283     Vesta Insurance Group, Inc..............          778
     67     Virginia Financial Group, Inc...........        1,997
    662     Vornado Realty Trust....................       24,626
    367     W Holding Co, Inc.......................        6,031
 13,292     Wachovia Corp...........................      484,360
    802     Waddell & Reed Financial, Inc (Class                 
              A)....................................       15,775
     33     Warwick Community Bancorp...............          935
    708     Washington Federal, Inc.................       17,594
  9,389     Washington Mutual, Inc..................      324,202
    338     Washington Real Estate Investment                    
              Trust.................................        8,619
     90     Washington Trust Bancorp, Inc...........        1,758
    261     Waypoint Financial Corp.................        4,646
    469     Webster Financial Corp..................       16,321

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   37

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      420     Weingarten Realty Investors.............  $    15,481
   16,637     Wells Fargo & Co........................      779,823
       48     *Wellsford Real Properties, Inc.........          756
      200     Wesbanco, Inc...........................        4,678
       10     Wesco Financial Corp....................        3,100
      200     West Coast Bancorp......................        3,030
      300     Westamerica Bancorp.....................       12,054
      121     Westcorp................................        2,541
       90     *WFS Financial, Inc.....................        1,882
      400     Whitney Holding Corp....................       13,332
      600     Wilmington Trust Corp...................       19,008
      100     Winston Hotels, Inc.....................          780
      100     Wintrust Financial Corp.................        3,132
      100     *World Acceptance Corp..................          761
      100     WSFS Financial Corp.....................        3,297
    1,200     *Wyndham International, Inc (Class A)...          276
       54     Yardville National Bancorp..............          931
      100     Zenith National Insurance Corp..........        2,352
      844     Zions Bancorp...........................       33,211
                                                        -----------
              TOTAL FINANCIAL SERVICES                   18,863,102
                                                        -----------
HEALTH CARE--15.03%                                                
      100     *aaiPharma, Inc.........................        1,402
   15,093     Abbott Laboratories.....................      603,720
      745     *Abgenix, Inc...........................        5,491
      100     *Abiomed, Inc...........................          364
      117     *Acacia Research - CombiMatrix..........          426
      406     *Accredo Health, Inc....................       14,329
      309     *Adolor Corp............................        4,239
      274     *Advanced Medical Optics, Inc...........        3,280
       82     *Advanced Neuromodulation Systems,                   
                Inc...................................        2,878
      678     *AdvancePCS.............................       15,058
       42     *Advisory Board Co/The..................        1,256
    1,442     Aetna, Inc..............................       59,295
      703     *Affymetrix, Inc........................       16,092
      400     *Aksys Ltd..............................        2,120
      200     *Albany Molecular Research, Inc.........        2,958
      367     *Alderwoods Group, Inc..................        1,740
      200     *Alexion Pharmaceuticals, Inc...........        2,824
      800     *Align Technology, Inc..................        2,209
      502     *Alkermes, Inc..........................        3,148
    1,335     Allergan, Inc...........................       76,923
      107     *Alliance Imaging, Inc..................          567
      211     *Allos Therapeutics, Inc................        1,587
      200     *Allscripts Healthcare Solutions, Inc...          478
      334     Alpharma, Inc (Class A).................        3,978
       72     *American Healthways, Inc...............        1,260
       56     *American Medical Security Group, Inc...          783
      190     *American Medical Systems Holdings,                  
                Inc...................................        3,080
       82     *American Pharmaceutical Partners,                   
                Inc...................................        1,460
       88     *AMERIGROUP Corp........................        2,667
      400     *Ameripath, Inc.........................        8,600
    1,064     AmerisourceBergen Corp..................       57,786
   11,442     *Amgen, Inc.............................      553,106
      128     *AMN Healthcare Services, Inc...........        2,164
      188     *Amsurg Corp............................        3,841
      600     *Amylin Pharmaceuticals, Inc............        9,684
      570     *Andrx Corp.............................        8,362
    1,401     *Anthem, Inc............................       88,123
      300     *Antigenics, Inc........................        3,072
      100     *Aphton Corp............................          389
      934     *Apogent Technologies, Inc..............       19,427
    1,953     Applera Corp (Applied Biosystems                     
                Group)................................       34,256

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    644     *Applera Corp (Celera Genomics Group)...  $     6,150
    100     *Applied Molecular Evolution............          205
    400     *Apria Healthcare Group, Inc............        8,896
    111     *Arena Pharmaceuticals, Inc.............          723
    200     *Ariad Pharmaceuticals, Inc.............          480
    243     *Arqule, Inc............................          741
    100     *Array Biopharma, Inc...................          555
     86     Arrow International, Inc................        3,498
    200     *Arthrocare Corp........................        1,970
    229     *Atherogenics, Inc......................        1,697
    188     *Atrix Laboratories, Inc................        2,884
  1,600     *AVANIR Pharmaceuticals (Class A).......        1,600
    200     *Avigen, Inc............................        1,142
    494     Bard (C.R.), Inc........................       28,652
    354     *Barr Laboratories, Inc.................       23,106
    460     Bausch & Lomb, Inc......................       16,560
  5,784     Baxter International, Inc...............      161,952
    600     Beckman Coulter, Inc....................       17,712
  2,463     Becton Dickinson & Co...................       75,589
    111     *Benthley Pharmaceuticals, Inc..........          894
    900     *Beverly Enterprises, Inc...............        2,565
  1,486     *Biogen, Inc............................       59,529
    500     *BioMarin Pharmaceutical, Inc...........        3,525
  2,566     Biomet, Inc.............................       73,542
    100     *Biopure Corp...........................          372
    256     *Bio-Rad Laboratories, Inc (Class A)....        9,907
    100     *Biosite, Inc...........................        3,402
    500     *Bio-Technology General Corp............        1,601
    100     *Bone Care International, Inc...........          973
  3,081     *Boston Scientific Corp.................      131,004
 18,821     Bristol-Myers Squibb Co.................      435,706
    100     *Britesmile, Inc........................           33
    104     *Bruker Daltonics, Inc..................          505
    220     *Caliper Technologies Corp..............          660
     61     *Cantel Medical Corp....................          772
    504     *Cardiac Science, Inc...................        1,114
  4,392     Cardinal Health, Inc....................      259,962
    300     *Cardiodynamics International Corp......          921
  2,500     *Caremark Rx, Inc.......................       40,625
    700     *Celgene Corp...........................       15,029
    300     *Cell Genesys, Inc......................        3,345
    300     *Cell Therapeutics, Inc.................        2,181
     46     *Centene Corp...........................        1,545
    409     *Cephalon, Inc..........................       19,905
    209     *Cepheid, Inc...........................        1,065
    322     *Cerner Corp............................       10,066
    177     *Cerus Corp.............................        3,806
    386     *Charles River Laboratories                          
              International, Inc....................       14,853
     94     *Chattem, Inc...........................        1,932
    957     *Chiron Corp............................       35,983
    107     *Cholestech Corp........................          745
  1,291     Cigna Corp..............................       53,086
    108     *Cima Labs, Inc.........................        2,613
    100     *Ciphergen Biosystems, Inc..............          345
    100     *Closure Medical Corp...................        1,048
    100     *Cobalt Corp............................        1,380
    265     *Coherent, Inc..........................        5,287
    200     *Columbia Laboratories, Inc.............          672
    434     *Community Health Systems, Inc..........        8,936
    200     *Conceptus, Inc.........................        2,396
    450     *Conmed Corp............................        8,816
    300     *Connetics Corp.........................        3,606
    200     Cooper Cos, Inc.........................        5,004

38  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
      400     *Corixa Corp............................  $     2,556
       60     *Corvel Corp............................        2,145
      600     *Covance, Inc...........................       14,754
      401     *Coventry Health Care, Inc..............       11,641
      296     *Cross County, Inc......................        4,129
      151     *CryoLife, Inc..........................        1,031
      200     *Cubist Pharmaceuticals, Inc............        1,646
      360     *CuraGen Corp...........................        1,674
       94     *Curative Health Services, Inc..........        1,622
      200     *CV Therapeutics, Inc...................        3,644
      200     *Cyberonics, Inc........................        3,680
    1,100     *Cytyc Corp.............................       11,220
      118     D&K Healthcare Resources, Inc...........        1,208
      100     Datascope Corp..........................        2,480
      712     *DaVita, Inc............................       17,565
      328     *Decode Genetics, Inc...................          607
      100     *Deltagen, Inc..........................           48
      500     *Dendrite International, Inc............        3,735
      641     Dentsply International, Inc.............       23,870
      200     Diagnostic Products Corp................        7,724
       76     *Dianon Systems, Inc....................        3,626
      100     *Digene Corp............................        1,146
      188     *Diversa Corp...........................        1,701
      241     *Durect Corp............................          487
      100     *DVI, Inc...............................          755
      200     *Dynacq International, Inc..............        2,874
      318     *Eclipsys Corp..........................        1,701
      548     *Edwards Lifesciences Corp..............       13,958
       66     *Embrex, Inc............................          734
      200     *Endo Pharmaceuticals Holdings, Inc.....        1,540
      100     *Endocare, Inc..........................          344
      220     *Enzo Biochem, Inc......................        3,080
      400     *Enzon, Inc.............................        6,688
       90     *Eon Labs, Inc..........................        1,702
      114     *EPIX Medical, Inc......................          824
       73     *eResearch Technology, Inc..............        1,223
      200     *Esperion Therapeutics, Inc.............        1,430
      100     *Exact Sciences Corp....................        1,083
      753     *Exelixis, Inc..........................        6,024
      582     *Express Scripts, Inc (Class A).........       27,959
    1,009     *First Health Group Corp................       24,569
      175     *First Horizon Pharmaceutical...........        1,309
      500     *Fisher Scientific International, Inc...       15,040
    1,508     *Forest Laboratories, Inc...............      148,116
      200     *Gene Logic, Inc........................        1,258
      100     *Genencor International, Inc............          978
    2,130     *Genentech, Inc.........................       70,631
      257     *Genesis Health Ventures, Inc...........        3,971
      400     *Genta, Inc.............................        3,076
      279     *Genzyme Corp (Biosurgery Division).....          714
    1,887     *Genzyme Corp (General Division)........       55,799
      200     *Geron Corp.............................          720
    1,685     *Gilead Sciences, Inc...................       57,290
    2,915     *Guidant Corp...........................       89,928
      158     *Guilford Pharmaceuticals, Inc..........          629
      151     *Haemonetics Corp.......................        3,240
      177     *Hanger Orthopedic Group, Inc...........        2,328
      100     *Harvard Bioscience, Inc................          330
    4,735     HCA, Inc................................      196,503
    2,200     Health Management Associates, Inc (Class             
                A)....................................       39,380
    1,025     *Health Net, Inc........................       27,060
       85     *Healthcare Services Group..............        1,108

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    100     *HealthExtras, Inc......................  $       405
  3,600     *Healthsouth Corp.......................       15,120
     72     *HealthTronics Surgical Services, Inc...          577
    368     *Henry Schein, Inc......................       16,560
    474     Hillenbrand Industries, Inc.............       22,899
    177     *Hologic, Inc...........................        2,161
  1,297     *Human Genome Sciences, Inc.............       11,427
  1,700     *Humana, Inc............................       17,000
    700     ICN Pharmaceuticals, Inc................        7,637
    631     *ICOS Corp..............................       14,772
     63     *ICU Medical, Inc.......................        2,350
  1,234     *IDEC Pharmaceuticals Corp..............       40,932
    300     *Idexx Laboratories, Inc................        9,990
    200     *IDX Systems Corp.......................        3,406
    100     *Igen International, Inc................        4,285
    300     *Ilex Oncology, Inc.....................        2,118
    200     *Illumina, Inc..........................          674
    249     *I-many, Inc............................          354
    512     *ImClone Systems, Inc...................        5,438
     85     *Immucor, Inc...........................        1,721
    300     *Immunogen, Inc.........................          930
    300     Immunomedics, Inc.......................        1,386
    137     *Impath, Inc............................        2,702
    200     *Impax Laboratories, Inc................          802
  2,857     IMS Health, Inc.........................       45,712
    100     *Inamed Corp............................        3,080
    500     *Incyte Genomics, Inc...................        2,280
    267     *Indevus Pharmaceuticals, Inc...........          571
    400     *Inhale Therapeutic Systems, Inc........        3,232
    159     *Integra LifeSciences Holding...........        2,806
    200     *Integrated Silicon Solution, Inc.......          872
    314     *InterMune, Inc.........................        8,010
    158     *Interpore International................        1,011
    328     *Intuitive Surgical, Inc................        2,020
    216     Invacare Corp...........................        7,193
     39     *Inverness Medical Innovations, Inc.....          513
    492     *Invitrogen Corp........................       15,414
    400     *Isis Pharmaceuticals, Inc..............        2,636
  1,394     *IVAX Corp..............................       16,909
 29,231     Johnson & Johnson.......................    1,570,050
    100     *Kendle International, Inc..............          880
     66     *Kensey Nash Corp.......................        1,206
    103     *Kindred Healthcare, Inc................        1,879
  2,480     *King Pharmaceuticals, Inc..............       42,648
     60     *Kos Pharmaceuticals, Inc...............        1,140
    100     *Kosan Biosciences, Inc.................          607
    188     *KV Pharmaceutical Co (Class A).........        4,362
    338     *La Jolla Pharmaceutical Co.............        2,197
     48     *LabOne, Inc............................          851
  1,311     *Laboratory Corp Of America Holdings....       30,468
     59     Landauer, Inc...........................        2,050
    300     *Lexicon Genetics, Inc..................        1,419
    200     *Lifecore Biomedical, Inc...............        1,716
    383     *LifePoint Hospitals, Inc...............       11,493
    699     *Ligand Pharmaceuticals, Inc (Class                  
              B)....................................        3,754
  9,400     Lilly (Eli) & Co........................      596,900
  1,085     *Lincare Holdings, Inc..................       34,308
    182     *Luminex Corp...........................          748
    922     *Manor Care, Inc........................       17,158
    112     *Martek Biosciences Corp................        2,818
    200     *Matria Healthcare, Inc.................        1,738
    141     *MAXIMUS, Inc...........................        3,680
    317     *Maxygen, Inc...........................        2,416

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   39

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
    2,575     McKesson Corp...........................  $    69,602
      600     *Medarex, Inc...........................        2,370
      100     *Med-Design Corp........................          806
       71     *Medical Staffing Network Holdings,                  
                Inc...................................        1,136
      247     *Medicines Co...........................        3,957
      300     *Medicis Pharmaceutical Corp (Class                  
                A)....................................       14,901
    2,415     *Medimmune, Inc.........................       65,616
      136     *MedQuist, Inc..........................        2,755
   11,790     Medtronic, Inc..........................      537,624
      185     Mentor Corp.............................        7,123
   21,938     Merck & Co, Inc.........................    1,241,966
       31     *Meridian Medical Technologies, Inc.....        1,376
      105     *Merit Medical Systems, Inc.............        2,092
      200     *MGI Pharma, Inc........................        1,450
      433     *Mid Atlantic Medical Services, Inc.....       14,029
    2,594     *Millennium Pharmaceuticals, Inc........       20,604
      552     Millipore Corp..........................       18,768
      210     *MIM Corp...............................        1,218
      100     *Molecular Devices Corp.................        1,647
      143     *Mright Medical Group, Inc..............        2,497
      338     *Mykrolis Corp..........................        2,469
    1,283     Mylan Laboratories, Inc.................       44,777
      175     *Myriad Genetics, Inc...................        2,555
      300     *Nabi Biopharmaceuticals................        1,860
      176     *Napro Biotherapeutics, Inc.............          120
       72     *Nastech Pharmaceutical Co..............          616
      100     *National Healthcare Corp...............        1,750
       83     *Neopharm, Inc..........................          848
      100     *Neose Technologies, Inc................          887
      259     *Neurocrine Biosciences, Inc............       11,826
      100     *Neurogen Corp..........................          363
      200     *Noven Pharmaceuticals, Inc.............        1,846
      400     *NPS Pharmaceuticals, Inc...............       10,068
      155     *Ocular Sciences, Inc...................        2,406
      109     *Odyssey HealthCare, Inc................        3,782
      147     *Omega Healthcare Investors, Inc........          550
      919     Omnicare, Inc...........................       21,900
      300     *Omnicell, Inc..........................          795
      200     *On Assignment, Inc.....................        1,704
      138     *Onyx Pharmaceuticals, Inc..............          802
      125     *Option Care, Inc.......................          995
      191     *OraSure Technologies, Inc..............        1,041
      358     *Orthodontic Centers Of America, Inc....        3,906
      293     *Orthologic Corp........................        1,058
      400     *OSI Pharmaceuticals, Inc...............        6,560
      300     Owens & Minor, Inc......................        4,926
      800     *Oxford Health Plans, Inc...............       29,160
      300     *Pacificare Health Systems, Inc.........        8,430
      100     *Pain Therapeutics, Inc.................          239
    1,043     Pall Corp...............................       17,397
      200     *Parexel International Corp.............        2,198
      556     *Patterson Dental Co....................       24,319
       76     *PDI, Inc...............................          820
      218     *Pediatrix Medical Group, Inc...........        8,733
      800     *Peregrine Pharmaceuticals, Inc.........          624
      300     *Per-Se Technologies, Inc...............        2,691
   60,577     Pfizer, Inc.............................    1,851,839
      400     *Pharmaceutical Product Development,                 
                Inc...................................       11,708
      229     *Pharmaceutical Resources, Inc..........        6,824
   12,569     Pharmacia Corp..........................      525,425
      200     *Pharmacopeia, Inc......................        1,784
      100     *PolyMedica Corp........................        3,084

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    100     *Possis Medical, Inc....................  $     1,800
    200     *Pozen, Inc.............................        1,030
     96     *PracticeWorks, Inc.....................          758
    380     *Praecis Pharmaceuticals, Inc...........        1,235
    115     *Prime Medical Services, Inc............          997
    200     *Priority Healthcare Corp (Class B).....        4,640
    200     *ProcureNet, Inc........................           30
    100     *Progenics Pharmaceuticals..............          666
    754     *Protein Design Labs, Inc...............        6,409
    675     *Province Healthcare Co.................        6,568
    100     *Proxymed, Inc..........................        1,044
    600     *PSS World Medical, Inc.................        4,104
    200     *QMed, Inc..............................        1,252
    249     *Quadramed Corp.........................          652
    727     *Quest Diagnostics, Inc.................       41,366
    235     *Quidel Corp............................          815
  1,308     *Quintiles Transnational Corp...........       15,827
    192     *Quovadx, Inc...........................          465
    175     *Radiologix, Inc........................          404
    300     *Regeneron Pharmaceuticals, Inc.........        5,553
    300     *RehabCare Group, Inc...................        5,724
    460     *Renal Care Group, Inc..................       14,554
    400     *Res-Care, Inc..........................        1,452
    314     *Resmed, Inc............................        9,599
    282     *Respironics, Inc.......................        8,582
    238     *Ribapharm, Inc.........................        1,559
    200     *Rigel Pharmaceuticals, Inc.............          218
    163     *Salix Pharmaceuticals Ltd..............        1,139
    100     *Sangamo Biosciences, Inc...............          301
    200     *Sangstat Medical Corp..................        2,260
 14,287     Schering-Plough Corp....................      317,171
    396     *Scios, Inc.............................       12,902
    100     *Seattle Genetics, Inc..................          310
    100     *Select Medical Corp....................        1,349
    637     *Sepracor, Inc..........................        6,160
    300     *Sequenom, Inc..........................          540
    199     *Serologicals Corp......................        2,189
  3,100     *Service Corp International.............       10,292
    675     *SICOR, Inc.............................       10,699
    200     *Sierra Health Services, Inc............        2,402
    168     *Sola International, Inc................        2,184
    100     *SonoSite, Inc..........................        1,307
    200     *Specialty Laboratories, Inc............        1,932
  1,684     *St. Jude Medical, Inc..................       66,888
    400     *Stericycle, Inc........................       12,952
    700     *Steris Corp............................       16,975
    800     *Stewart Enterprises, Inc (Class A).....        4,457
  1,285     Stryker Corp............................       86,249
    164     *Sunrise Assisted Living, Inc...........        4,082
    200     *SuperGen, Inc..........................          726
    100     *SurModics, Inc.........................        2,868
    300     *Sybron Dental Specialties, Inc.........        4,455
    174     *Syncor International Corp..............        4,825
    176     *Tanox, Inc.............................        1,593
    400     *Techne Corp............................       11,427
    200     *Telik, Inc.............................        2,332
  4,668     *Tenet Healthcare Corp..................       76,555
    300     *Texas Biotechnology Corp...............          420
    300     *Theragenics Corp.......................        1,209
    203     *Therasense, Inc........................        1,695
    483     *Thoratec Corp..........................        3,685
    277     *Transkaryotic Therapies, Inc...........        2,742
    668     *Triad Hospitals, Inc...................       19,956

40  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
      300     *Triangle Pharmaceuticals, Inc..........  $     1,782
      148     *Trimeris, Inc..........................        6,377
      200     *TriPath Imaging, Inc...................          536
      351     *Tularik, Inc...........................        2,618
      674     *U.S. Oncology, Inc.....................        5,844
      200     *U.S. Physical Therapy, Inc.............        2,230
      171     *Unilab Corp............................        3,129
      139     *United Surgical Partners International,             
                Inc...................................        2,171
      100     *United Therapeutics Corp...............        1,670
    2,667     UnitedHealth Group, Inc.................      222,695
      396     *Universal Health Services, Inc (Class               
                B)....................................       17,860
       80     *Urologix, Inc..........................          265
      625     *Varian Medical Systems, Inc............       31,000
      283     *Varian, Inc............................        8,119
      164     *VCA Antech, Inc........................        2,460
      100     *Ventana Medical Systems, Inc...........        2,305
    1,100     Ventas, Inc.............................       12,595
      100     *Versicor, Inc..........................        1,079
      695     *Vertex Pharmaceuticals, Inc............       11,016
      203     *Viasys Healthcare, Inc.................        3,037
      200     *Vical, Inc.............................          694
      400     *Visx, Inc..............................        3,832
      328     *VitalWorks, Inc........................        1,263
      302     *Vivus, Inc.............................        1,126
    1,200     *Waters Corp............................       26,136
    1,006     *Watson Pharmaceuticals, Inc............       28,440
      167     *Watson Wyatt & Co Holdings.............        3,632
    2,697     *WebMD Corp.............................       23,068
    1,337     *Wellpoint Health Networks, Inc.........       95,141
      142     *Women First Healthcare, Inc............          648
   12,901     Wyeth...................................      482,497
      300     X-Rite, Inc.............................        2,097
    1,867     *Zimmer Holdings, Inc...................       77,518
      100     *Zoll Medical Corp......................        3,567
                                                        -----------
              TOTAL HEALTH CARE                          13,346,216
                                                        -----------
OTHER--2.16%                                                       
      300     *4Kids Entertainment, Inc...............        6,624
      347     ABM Industries, Inc.....................        5,379
      380     Acuity Brands, Inc......................        5,145
      200     *Administaff, Inc.......................        1,200
      174     *Advo, Inc..............................        5,712
      400     Alexander & Baldwin, Inc................       10,316
       52     *Ambassadors Group, Inc.................          673
    1,203     *Apollo Group, Inc (Class A)............       52,932
      285     *Apollo Group, Inc (University Of                    
                Phoenix Online).......................       10,214
      230     Banta Corp..............................        7,192
      100     *Bell Microproducts, Inc................          554
      170     Brady Corp (Class A)....................        5,670
      100     *Bright Horizons Family Solutions,                   
                Inc...................................        2,812
      600     *Career Education Corp..................       24,000
      100     *CDI Corp...............................        2,698
   10,409     *Cendant Corp...........................      109,097
      300     Central Parking Corp....................        5,658
      600     *Century Business Services, Inc.........        1,590
       67     *Charles River Associates, Inc..........          949
    1,191     Cintas Corp.............................       54,488
      348     *Corinthian Colleges, Inc...............       13,175
      120     *Cornell Cos, Inc.......................        1,080
      340     *Corporate Executive Board Co...........       10,853
      100     *CoStar Group, Inc......................        1,845
       33     Courier Corp............................        1,513
      481     Crane Co................................        9,586

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    100     Curtiss-Wright Corp.....................  $     6,382
    232     *Daisytek International Corp............        1,840
    525     *DeVry, Inc.............................        8,720
  1,973     Dover Corp..............................       57,533
    689     *Dun & Bradstreet Corp..................       23,764
    400     *Education Management Corp..............       15,040
    149     Ennis Business Forms, Inc...............        1,731
    100     *ESCO Technologies, Inc.................        3,700
    435     *Exult, Inc.............................        1,383
    119     *Fidelity National Information                       
              Solutions, Inc........................        2,053
    100     *First Consulting Group, Inc............          576
    400     First Industrial Realty Trust, Inc......       11,200
    100     *Forrester Research, Inc................        1,557
  1,485     Fortune Brands, Inc.....................       69,067
    100     *General Binding Corp...................          848
    175     Gentiva Health Services, Inc............        1,542
    274     *Getty Images, Inc......................        8,371
    527     *GTECH Holdings Corp....................       14,682
  1,775     H & R Block, Inc........................       71,355
    300     *Hall Kinion & Associates, Inc..........        1,677
    268     Harland (John H.) Co....................        5,931
    200     *Heidrick & Struggles International,                 
              Inc...................................        2,934
    541     HON Industries, Inc.....................       15,299
  7,843     Honeywell International, Inc............      188,232
     87     *Hotels.Com (Class A)...................        4,753
    200     *infoUSA, Inc...........................          994
    106     *Invision Technologies, Inc.............        2,794
    304     *Itron, Inc.............................        5,828
    808     ITT Industries, Inc.....................       49,038
    300     Kelly Services, Inc (Class A)...........        7,413
    300     *Korn/Ferry International...............        2,244
    350     *Labor Ready, Inc.......................        2,247
    700     Liberty Property Trust..................       22,358
  1,333     Loews Corp..............................       59,265
    700     Manpower, Inc...........................       22,330
    272     Matthews International Corp (Class A)...        6,074
     85     McGrath RentCorp........................        1,975
    100     *Memberworks, Inc.......................        1,798
  1,300     Moody's Corp............................       53,677
    800     *MPS Group, Inc.........................        4,432
    306     *MSC.Software Corp......................        2,362
    300     *Navigant Consulting, Inc...............        1,770
    172     *NCO Group, Inc.........................        2,743
    100     New England Business Services, Inc......        2,440
    181     *Offshore Logistics, Inc................        3,968
    553     Pentair, Inc............................       19,106
    496     Pittston Brink's Group..................        9,166
    100     *Pre-Paid Legal Services, Inc...........        2,620
    100     *ProQuest Co............................        1,960
    276     *R.H. Donnelley Corp....................        8,090
  1,014     R.R. Donnelley & Sons Co................       22,075
    100     *Remedytemp, Inc (Class A)..............        1,400
    200     *Rent-Way, Inc..........................          700
    151     *Right Management Consultants, Inc......        2,007
    107     *RMH Teleservices, Inc..................        1,124
  1,413     *Robert Half International, Inc.........       22,763
    100     Rollins, Inc............................        2,545
    100     *School Specialty, Inc..................        1,998
  3,176     Servicemaster Co........................       35,254
    500     *Spherion Corp..........................        3,350
    800     *SPX Corp...............................       29,960
    235     Standard Register Co....................        4,230
    100     Standex International Corp..............        2,384

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   41

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
OTHER--(CONTINUED)                                                 
      100     *Startek, Inc...........................  $     2,760
       68     Strayer Education, Inc..................        3,910
    1,156     Supervalu, Inc..........................       19,086
      200     *Symyx Technologies, Inc................        2,518
    6,393     Sysco Corp..............................      190,447
       64     Talx Corp...............................          827
      100     *Tejon Ranch Co.........................        2,970
      458     Teleflex, Inc...........................       19,644
      300     *TeleTech Holdings, Inc.................        2,178
    1,088     Textron, Inc............................       46,773
      852     *TMP Worldwide, Inc.....................        9,636
      600     *U.S. Industries, Inc...................        1,578
      100     Unifirst Corp...........................        2,020
      279     *United Stationers, Inc.................        8,035
    4,562     United Technologies Corp................      282,570
      853     Viad Corp...............................       19,065
      100     *Wackenhut Corrections Corp.............        1,111
      264     Walter Industries, Inc..................        2,859
                                                        -----------
              TOTAL OTHER                                 1,915,594
                                                        -----------
PRODUCER DURABLES--5.06%                                           
    3,788     3M Co...................................      467,060
      234     *Active Power, Inc......................          417
       84     *Actuant Corp...........................        3,902
      649     AGCO Corp...............................       14,343
    1,207     *Allied Waste Industries, Inc...........       12,070
      150     American States Water Co................        3,473
      470     American Water Works Co, Inc............       21,376
      300     Ametek, Inc.............................       11,547
      200     Applied Industrial Technologies, Inc....        3,780
      100     *Astec Industries, Inc..................          993
      259     Baldor Electric Co......................        5,115
      200     Briggs & Stratton Corp..................        8,494
      304     *Brooks-PRI Automation, Inc.............        3,484
      100     California Water Service Group..........        2,365
      475     *Capstone Turbine Corp..................          428
      100     *Casella Waste Systems, Inc (Class A)...          889
    3,364     Caterpillar, Inc........................      153,802
      100     CIRCOR International, Inc...............        1,590
      200     *Coinstar, Inc..........................        4,530
      300     *Columbus Mckinnon Corp.................        1,146
      100     *Consolidated Graphics, Inc.............        2,225
      318     Cummins, Inc............................        8,945
      100     *Cuno, Inc..............................        3,312
    1,094     Danaher Corp............................       71,876
    2,266     Deere & Co..............................      103,896
      750     *Dycom Industries, Inc..................        9,938
      745     Eaton Corp..............................       58,192
    4,082     Emerson Electric Co.....................      207,570
      400     Federal Signal Corp.....................        7,768
      100     *Flow International Corp................          255
      500     *Flowserve Corp.........................        7,395
      488     *FMC Technologies, Inc..................        9,976
       64     Franklin Electric Co, Inc...............        3,073
      300     *FuelCell Energy, Inc...................        1,966
      100     *Gardner Denver, Inc....................        2,030
      438     GATX Corp...............................        9,995
   96,421     General Electric Co.....................    2,347,863
      100     *Genlyte Group, Inc.....................        3,116
      100     *Global Power Equipment Group, Inc......          493
      100     Gorman-Rupp Co..........................        2,350
      208     *Graphic Packaging International Corp...        1,173
      368     Harsco Corp.............................       11,736

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    171     *Headwaters, Inc........................  $     2,652
    449     Hubbell, Inc (Class B)..................       15,778
    255     IDEX Corp...............................        8,339
  2,213     Illinois Tool Works, Inc................      143,535
    249     *Imagistics International, Inc..........        4,982
    200     *Ionics, Inc............................        4,560
    400     JLG Industries, Inc.....................        3,012
    396     *Joy Global, Inc........................        4,459
     84     *Kadant, Inc............................        1,274
    300     Kaydon Corp.............................        6,363
    286     Kennametal, Inc.........................        9,861
    300     Lafarge North America, Inc..............        9,855
     45     Lawson Products, Inc....................        1,394
    300     Lincoln Electric Holdings, Inc..........        6,945
    100     Lindsay Manufacturing Co................        2,140
    200     *Littelfuse, Inc........................        3,372
    500     Magna Entertainment Corp (Class A)......        3,100
    200     *Magnetek, Inc..........................          888
    200     Manitowoc Co, Inc.......................        5,100
    446     Martin Marietta Materials, Inc..........       13,674
    164     Milacron, Inc...........................          976
    100     Mine Safety Appliances Co...............        3,225
    137     Nacco Industries, Inc (Class A).........        5,996
    300     *National Instruments Corp..............        9,747
    540     *Navistar International Corp............       13,127
  1,000     *Newpark Resources, Inc.................        4,350
    100     NN, Inc.................................          999
    200     Nordson Corp............................        4,966
  1,068     Paccar, Inc.............................       49,267
  1,102     Parker Hannifin Corp....................       50,881
    687     Philadelphia Suburban Corp..............       14,163
    200     *Photon Dynamics, Inc...................        4,560
  2,319     Pitney Bowes, Inc.......................       75,739
    100     *Plug Power, Inc........................          449
    500     *Power-One, Inc.........................        2,835
    200     *Quanta Services, Inc...................          700
    294     *Rayovac Corp...........................        3,919
    200     Regal-Beloit Corp.......................        4,140
  1,439     *Republic Services, Inc.................       30,190
     78     Robbins & Myers, Inc....................        1,435
  1,703     Rockwell Automation, Inc................       35,269
    400     Roper Industries, Inc...................       14,640
    200     Sauer-Danfoss, Inc......................        1,580
     73     *SPS Technologies, Inc..................        1,734
     59     Starrett (L.S.) Co (Class A)............          979
    400     Stewart & Stevenson Services, Inc.......        5,656
     32     *Strattec Security Corp.................        1,534
    139     Tecumseh Products Co (Class A)..........        6,134
    100     Tennant Co..............................        3,260
    458     *Terex Corp.............................        5,102
    875     *Tetra Tech, Inc........................       10,675
     89     *Tetra Technologies, Inc................        1,902
    399     *Thomas & Betts Corp....................        6,743
    600     Timken Co...............................       11,460
    100     Toro Co.................................        6,390
    100     *Trikon Technologies, Inc...............          500
    329     Trinity Industries, Inc.................        6,238
    400     *UNOVA, Inc.............................        2,400
    193     Valhi, Inc..............................        1,602
    100     Valmont Industries, Inc.................        1,940
    800     W.W. Grainger, Inc......................       41,240
    304     Wabtec Corp.............................        4,268
    300     *Waste Connections, Inc.................       11,583

42  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
PRODUCER DURABLES--(CONTINUED)                                     
    5,554     Waste Management, Inc...................  $   127,298
      100     Watts Industries, Inc (Class A).........        1,574
    6,900     *Xerox Corp.............................       55,545
                                                        -----------
              TOTAL PRODUCER DURABLES                     4,496,140
                                                        -----------
TECHNOLOGY--14.81%                                                 
    3,100     *3Com Corp..............................       14,353
      100     *3D Systems Corp........................          780
      200     *Actel Corp.............................        3,244
      246     *Acterna Corp...........................           39
      595     *Activision, Inc........................        8,681
      400     *Actuate Corp...........................          708
      734     *Acxiom Corp............................       11,289
      900     *Adaptec, Inc...........................        5,085
    8,544     *ADC Telecommunications, Inc............       17,857
      100     *ADE Corp...............................          597
    2,400     Adobe Systems, Inc......................       59,784
      200     *Adtran, Inc............................        6,580
      572     *Advanced Digital Information Corp......        3,838
      218     *Advanced Energy Industries, Inc........        2,773
      759     *Advanced Fibre Communications, Inc.....       12,660
    3,355     *Advanced Micro Devices, Inc............       21,673
      300     *Advent Software, Inc...................        4,089
      950     *Aeroflex, Inc..........................        6,555
      200     *Aether Systems, Inc....................          752
      927     *Affiliated Computer Services, Inc                   
                (Class A).............................       48,807
    5,644     *Agere Systems, Inc (Class A)...........        8,127
    9,206     *Agere Systems, Inc (Class B)...........       12,888
      300     *Agile Software Corp....................        2,322
    4,377     *Agilent Technologies, Inc..............       78,611
      600     *Akamai Technologies, Inc...............        1,038
      550     *Alliance Data Systems Corp.............        9,746
      200     *Alliance Semiconductor Corp............          786
      247     *Alloy, Inc.............................        2,705
    3,628     *Altera Corp............................       44,770
      371     *American Management Systems, Inc.......        4,448
    1,500     *American Power Conversion Corp.........       22,725
      200     *American Superconductor Corp...........          602
      805     *Amkor Technology, Inc..................        3,832
      183     *Amphenol Corp (Class A)................        6,954
      650     *Anadigics, Inc.........................        1,677
    3,532     *Analog Devices, Inc....................       84,309
      100     Analogic Corp...........................        5,029
      200     *Anaren Microwave, Inc..................        1,760
    1,200     *Andrew Corp............................       12,336
      200     *Anixter International, Inc.............        4,650
      300     *Answerthink, Inc.......................          750
      107     *Ansys, Inc.............................        2,161
      137     *Anteon International Corp..............        3,288
      200     *APAC Customer Services, Inc............          468
    3,817     *Apple Computer, Inc....................       54,698
   16,193     *Applied Materials, Inc.................      210,995
    3,146     *Applied Micro Circuits Corp............       11,609
      380     *Arbitron, Inc..........................       12,730
    4,227     *Ariba, Inc.............................       10,483
      900     *Arris Group, Inc.......................        3,213
      900     *Arrow Electronics, Inc.................       11,511
      300     *Artesyn Technologies, Inc..............        1,152
      100     *Artisan Components, Inc................        1,543
    2,650     *Ascential Software Corp................        6,360
      157     *Asiainfo Holdings, Inc.................          995
      400     *Aspect Communications Corp.............        1,136
      300     *Aspen Technology, Inc..................          849

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    135     *AstroPower, Inc........................  $     1,079
    300     *Asyst Technologies, Inc................        2,205
    192     *At Road, Inc...........................          793
  3,600     *Atmel Corp.............................        8,028
    249     *ATMI, Inc..............................        4,611
    200     *Audiovox Corp (Class A)................        2,068
  1,100     Autodesk, Inc...........................       15,730
  6,021     Automatic Data Processing, Inc..........      236,324
    200     *Avanex Corp............................          210
  3,405     *Avaya, Inc.............................        8,344
    800     *Avenue A, Inc..........................        2,320
    200     *Avid Technology, Inc...................        4,590
  1,039     Avnet, Inc..............................       11,252
    383     *Avocent Corp...........................        8,510
    484     AVX Corp................................        4,743
    899     *Axcelis Technologies, Inc..............        5,048
    200     *AXT, Inc...............................          360
    148     *Barra, Inc.............................        4,489
  3,315     *BEA Systems, Inc.......................       38,023
  2,100     *BearingPoint, Inc......................       14,490
     80     BEI Technologies, Inc...................          895
    100     Bel Fuse, Inc (Class B).................        2,015
    200     Belden, Inc.............................        3,044
    200     *Benchmark Electronics, Inc.............        5,732
  1,000     *Bisys Group, Inc.......................       15,900
    243     Black Box Corp..........................       10,886
  2,654     *BMC Software, Inc......................       45,410
    600     *Borland Software Corp..................        7,380
    112     *Boston Communications Group............        1,424
  1,779     *Broadcom Corp (Class A)................       26,792
  2,295     *Brocade Communications Systems, Inc....        9,501
    200     C&D Technologies, Inc...................        3,534
    400     *Cable Design Technologies Corp.........        2,360
    250     *CACI International, Inc (Class A)......        8,910
  2,566     *Cadence Design Systems, Inc............       30,253
    100     *Caminus Corp...........................          234
    100     *Carreker Corp..........................          453
    300     *C-COR.net Corp.........................          996
    157     *Centillium Communications, Inc.........          355
  1,559     *Ceridian Corp..........................       22,481
    678     *Certegy, Inc...........................       16,645
    573     *Checkfree Corp.........................        9,169
    300     *Checkpoint Systems, Inc................        3,102
    242     *ChipPAC, Inc...........................          859
    200     *Chordiant Software, Inc................          288
    400     *Ciber, Inc.............................        2,060
  4,466     *CIENA Corp.............................       22,955
    600     *Cirrus Logic, Inc......................        1,728
 71,208     *Cisco Systems, Inc.....................      932,825
  1,654     *Citrix Systems, Inc....................       20,377
    965     *CNET Networks, Inc.....................        2,615
    359     *Cognex Corp............................        6,616
     75     *Cognizant Technology Solutions Corp....        5,417
    200     Cohu, Inc...............................        2,940
    400     *CommScope, Inc.........................        3,160
    300     *Compucom Systems, Inc..................        1,683
  4,389     Computer Associates International,                   
              Inc...................................       59,252
    288     *Computer Horizons Corp.................          942
    300     *Computer Network Technology Corp.......        2,130
  1,492     *Computer Sciences Corp.................       51,399
  3,000     *Compuware Corp.........................       14,400
  1,718     *Comverse Technology, Inc...............       17,214
    200     *Concord Camera Corp....................        1,086

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   43

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      146     *Concord Communications, Inc............  $     1,313
    4,997     *Concord EFS, Inc.......................       78,653
      500     *Concurrent Computer Corp...............        1,440
    2,200     *Conexant Systems, Inc..................        3,542
    1,645     *Convergys Corp.........................       24,922
      100     *CoorsTek, Inc..........................        2,555
   11,012     *Corning, Inc...........................       36,450
      200     *Covansys Corp..........................          752
      376     *Cray, Inc..............................        2,884
      500     *Credence Systems Corp..................        4,665
      700     *Cree, Inc..............................       11,445
      485     *CSG Systems International, Inc.........        6,620
      300     CTS Corp................................        2,325
      100     Cubic Corp..............................        1,843
      300     *Cymer, Inc.............................        9,675
    1,099     *Cypress Semiconductor Corp.............        6,286
      102     *Daktronics, Inc........................        1,365
      100     *Datastream Systems, Inc................          640
      404     *DDI Corp...............................           89
      300     *dELiA*s Corp (Class A).................          135
   21,862     *Dell Computer Corp.....................      584,590
      600     Deluxe Corp.............................       25,260
      200     *DiamondCluster International, Inc                   
                (Class A).............................          628
      700     Diebold, Inc............................       28,854
      100     *Digimarc Corp..........................        1,134
      500     *Digital Insight Corp...................        4,345
      246     *Digital River, Inc.....................        2,940
      100     *Digitas, Inc...........................          346
      400     *Documentum, Inc........................        6,264
    1,000     *DoubleClick, Inc.......................        5,660
       77     *Drexler Technology Corp................          970
      200     *DSP Group, Inc.........................        3,164
    1,182     *DST Systems, Inc.......................       42,020
      100     *Dupont Photomasks, Inc.................        2,325
    1,050     *E.piphany, Inc.........................        4,379
    1,105     *Earthlink, Inc.........................        6,022
      200     *Echelon Corp...........................        2,242
      137     EDO Corp................................        2,847
      375     *eFunds Corp............................        3,416
      300     *Electro Scientific Industries, Inc.....        6,000
      200     *Electroglas, Inc.......................          308
    1,141     *Electronic Arts, Inc...................       56,788
    4,923     Electronic Data Systems Corp............       90,731
      500     *Electronics For Imaging, Inc...........        8,131
      100     *Embarcadero Technologies, Inc..........          597
   21,192     *EMC Corp...............................      130,119
      200     *Emcore Corp............................          438
       96     *EMS Technologies, Inc..................        1,499
      900     *Emulex Corp............................       16,695
      494     *Entegris, Inc..........................        5,088
    1,737     *Enterasys Networks, Inc................        2,710
      400     *Entrust, Inc...........................        1,344
       90     *EPIQ Systems, Inc......................        1,379
    1,500     Equifax, Inc............................       34,710
      200     *eSpeed, Inc (Class A)..................        3,388
      300     *ESS Technology, Inc....................        1,887
      200     *Esterline Technologies Corp............        3,534
      600     *Exar Corp..............................        7,440
       81     *Excel Technology, Inc..................        1,449
      853     *Extreme Networks, Inc..................        2,789
      300     *F5 Networks, Inc.......................        3,222
      655     Fair, Isaac & Co, Inc...................       27,969

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  1,611     *Fairchild Semiconductor International,              
              Inc (Class A).........................  $    17,254
    313     *FalconStor Software, Inc...............        1,214
    177     *FEI Co.................................        2,706
    300     *Filenet Corp...........................        3,660
  1,100     *Finisar Corp...........................        1,045
  7,501     First Data Corp.........................      265,610
  1,948     *Fiserv, Inc............................       66,135
    125     *Flir Systems, Inc......................        6,100
    729     *Foundry Networks, Inc..................        5,132
    360     *Freemarkets, Inc.......................        2,318
    200     *FSI International, Inc.................          900
  1,600     *Gateway, Inc...........................        5,024
    300     General Cable Corp......................        1,140
    280     *Genesis Microchip, Inc.................        3,655
     74     *Global Imaging Systems, Inc............        1,360
    360     Global Payments, Inc....................       11,524
    908     *GlobespanVirata, Inc...................        4,004
    500     *GrafTech International Ltd.............        2,980
    220     *Griffon Corp...........................        2,996
    200     *Handspring, Inc........................          190
    508     *Harmonic, Inc..........................        1,168
    564     Harris Corp.............................       14,833
    200     Helix Technology Corp...................        2,240
    600     Henry (Jack) & Associates, Inc..........        7,224
 26,324     Hewlett-Packard Co......................      456,985
    200     *Hutchinson Technology, Inc.............        4,140
    310     *Hypercom Corp..........................        1,156
    300     *Hyperion Solutions Corp................        7,701
  2,523     *i2 Technologies, Inc...................        2,901
    919     *Identix, Inc...........................        4,733
    100     *Ii-Vi, Inc.............................        1,606
  1,300     IKON Office Solutions, Inc..............        9,295
    300     *Imation Corp...........................       10,524
    100     *Inet Technologies, Inc.................          610
    300     *InFocus Corp...........................        1,848
    140     *Infogrames, Inc........................          248
    400     *Infonet Services Corp (Class B)........          792
    527     *Informatica Corp.......................        3,036
    203     *Information Resources, Inc.............          325
    700     *Ingram Micro, Inc (Class A)............        8,645
  1,100     *Inktomi Corp...........................        1,760
    100     *Inrange Technologies Corp (Class B)....          235
    100     *Integral Systems, Inc..................        2,005
    379     *Integrated Circuit Systems, Inc........        6,917
  1,000     *Integrated Device Technology, Inc......        8,370
 64,722     Intel Corp..............................    1,007,722
    200     *Intercept, Inc.........................        3,386
    500     *Interdigital Communications Corp.......        7,280
    460     *Intergraph Corp........................        8,170
  1,121     *Interland, Inc.........................        1,457
    100     *Intermagnetics General Corp............        1,964
 16,601     International Business Machines Corp....    1,286,578
    600     *International Rectifier Corp...........       11,076
    452     *Internet Security Systems, Inc.........        8,285
  1,100     *Intersil Corp (Class A)................       15,334
    200     Inter-Tel, Inc..........................        4,182
    500     *Intertrust Technologies Corp...........        2,115
    805     *Interwoven, Inc........................        2,093
    100     *Intrado, Inc...........................          993
  1,810     *Intuit, Inc............................       84,925
    420     *Iomega Corp............................        3,297
    569     *Iron Mountain, Inc.....................       18,783
    200     *ITXC Corp..............................          464

44  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      213     *Ixia...................................  $       777
      100     *IXYS Corp..............................          706
      915     *J.D. Edwards & Co......................       10,321
      100     *j2 Global Communications, Inc..........        1,904
    1,812     *Jabil Circuit, Inc.....................       32,471
      245     *JDA Software Group, Inc................        2,367
   11,463     *JDS Uniphase Corp......................       28,314
    3,984     *Juniper Networks, Inc..................       27,091
      500     *Keane, Inc.............................        4,495
      100     Keithley Instruments, Inc...............        1,250
      789     *Kemet Corp.............................        6,896
      200     *Keynote Systems, Inc...................        1,544
      247     *Kforce, Inc............................        1,042
    1,839     *KLA-Tencor Corp........................       65,045
      600     *Kopin Corp.............................        2,352
      350     *Kronos, Inc............................       12,947
      400     *Kulicke & Soffa Industries, Inc........        2,288
    1,200     *Lam Research Corp......................       12,960
      800     *Lattice Semiconductor Corp.............        7,016
      100     *Learning Tree International, Inc.......        1,370
      100     *LeCroy Corp............................        1,110
      868     *Legato Systems, Inc....................        4,366
      300     *Lexar Media, Inc.......................        1,881
    1,282     *Lexmark International, Inc.............       77,561
      882     *Liberate Technologies..................        1,261
      159     *Lightbridge, Inc.......................          978
    3,057     Linear Technology Corp..................       78,626
      628     *Looksmart Ltd..........................        1,557
    3,712     *LSI Logic Corp.........................       21,418
      400     *LTX Corp...............................        2,412
   31,928     *Lucent Technologies, Inc...............       40,229
      520     *Macromedia, Inc........................        5,538
      400     *Macrovision Corp.......................        6,416
      170     *Magma Design Automation, Inc...........        1,629
      300     *Mail-Well, Inc.........................          750
      311     *Manhattan Associates, Inc..............        7,358
       66     *Mantech International Corp (Class A)...        1,259
      100     *Manufacturers Services Ltd.............          554
      500     *Manugistics Group, Inc.................        1,200
      140     *Mapinfo Corp...........................          777
      173     *Mastec, Inc............................          510
      680     *Matrixone, Inc.........................        2,924
    3,270     Maxim Integrated Products, Inc..........      108,041
    2,460     *Maxtor Corp............................       12,448
      580     *McData Corp (Class A)..................        4,125
      400     *MCSi, Inc..............................        1,900
      803     *MEMC Electronic Materials, Inc.........        6,079
      600     *Mentor Graphics Corp...................        4,716
      173     *Mercury Computer Systems, Inc..........        5,280
      709     *Mercury Interactive Corp...............       21,022
       96     *Merix Corp.............................          806
      200     *MetaSolv, Inc..........................          274
      300     Methode Electronics, Inc (Class A)......        3,291
      333     *Mettler-Toledo International, Inc......       10,676
      560     *Micrel, Inc............................        5,029
    1,942     Microchip Technology, Inc...............       47,482
      700     *Micromuse, Inc.........................        2,674
    5,638     *Micron Technology, Inc.................       54,914
      300     *Microsemi Corp.........................        1,827
   43,485     *Microsoft Corp.........................    2,248,175
      270     *Microtune, Inc.........................          845
      200     *MIPS Technologies, Inc (Class A).......          606

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    137     *MIPS Technologies, Inc (Class B).......  $       397
    229     *MKS Instruments, Inc...................        3,762
  1,211     Molex, Inc..............................       27,901
    164     *Monolithic System Technology, Inc......        1,981
 21,989     Motorola, Inc...........................      190,205
    300     *MRO Software, Inc......................        3,644
    643     *MRV Communications, Inc................          688
    154     MTS Systems Corp........................        1,543
    100     *Nanometrics, Inc.......................          419
    200     *National Processing, Inc...............        3,210
  1,648     *National Semiconductor Corp............       24,736
    100     *Navigant International, Inc............        1,233
    797     *NCR Corp...............................       18,921
    300     NDCHealth Corp..........................        5,970
    200     *Net2Phone, Inc.........................          810
    247     *Netegrity, Inc.........................          803
    398     *NETIQ Corp.............................        4,915
     78     *Netro Corp.............................          213
    100     *Netscout Systems, Inc..................          435
    100     *NetScreen Technologies, Inc............        1,684
  2,760     *Network Appliance, Inc.................       27,600
  1,486     *Network Associates, Inc................       23,910
    492     *New Focus, Inc.........................        1,889
    300     *Newport Corp...........................        3,768
    200     *Next Level Communications, Inc.........          162
    100     *Novadigm, Inc..........................          233
  3,967     *Novell, Inc............................       13,250
  1,371     *Novellus Systems, Inc..................       38,498
    100     *Nu Horizons Electronics Corp...........          578
    158     *Nuance Communications, Inc.............          392
    191     *Numerical Technologies, Inc............          661
  1,166     *Nvidia Corp............................       13,421
    200     *NYFIX, Inc.............................          900
    400     *Oak Technology, Inc....................        1,060
    182     *Omnivision Technologies, Inc...........        2,470
    300     *ON Semiconductor Corp..................          411
    200     *Onyx Software Corp.....................          310
  1,540     *Openwave Systems, Inc..................        3,080
    865     *Oplink Communications, Inc.............          683
    100     *Opnet Technologies, Inc................          808
 39,657     *Oracle Corp............................      428,296
     61     *OSI Systems, Inc.......................        1,036
     69     *Overland Storage, Inc..................        1,006
    621     *Overture Services, Inc.................       16,960
    200     *Packeteer, Inc.........................        1,372
    250     *Palm, Inc..............................        3,940
  2,279     *Parametric Technology Corp.............        5,743
    157     Park Electrochemical Corp...............        3,014
      1     *Parthusceva, Inc.......................            6
    300     *Paxar Corp.............................        4,425
    300     *Paxson Communications Corp.............          618
  3,113     Paychex, Inc............................       86,853
    100     *PC-Tel, Inc............................          678
    300     *PDF Solutions, Inc.....................        2,079
     62     *PEC Solutions, Inc.....................        1,854
    200     *Pegasus Solutions, Inc.................        2,006
  2,975     *Peoplesoft, Inc........................       54,443
    200     *Pericom Semiconductor Corp.............        1,662
    600     *Perot Systems Corp (Class A)...........        6,432
    200     *Phoenix Technologies Ltd...............        1,154
    200     *Photronics, Inc........................        2,740
    200     Pioneer-Standard Electronics, Inc.......        1,836
    212     *Pixelworks, Inc........................        1,230

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   45

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
       77     *Planar Systems, Inc....................  $     1,589
      288     *Plantronics, Inc.......................        4,357
      400     *Plexus Corp............................        3,512
      100     *PLX Technology, Inc....................          391
    1,500     *PMC-Sierra, Inc........................        8,340
      920     *Polycom, Inc...........................        8,758
      100     *Pomeroy Computer Resources, Inc........        1,170
      700     *Portal Software, Inc...................          566
       61     *Powell Industries, Inc.................        1,042
      200     *Power Integrations, Inc................        3,400
      500     *Powerwave Technologies, Inc............        2,700
      300     *PRG-Schultz International, Inc.........        2,670
      200     *Probusiness Services, Inc..............        2,000
      300     *Progress Software Corp.................        3,885
      248     *Proton Energy Systems..................          744
    1,877     *Proxim Corp (Class A)..................        1,633
      434     *PTEK Holdings, Inc.....................        1,910
      848     *QLogic Corp............................       29,264
      101     *QRS Corp...............................          667
    7,591     *Qualcomm, Inc..........................      276,236
    1,410     *Quantum Corp...........................        3,765
      295     *Quest Software, Inc....................        3,041
       61     Quixote Corp............................        1,102
      300     *Radiant Systems, Inc...................        2,889
      100     *Radisys Corp...........................          798
      200     *Rainbow Technologies, Inc..............        1,434
      397     *Raindance Communications, Inc..........        1,282
      700     *Rambus, Inc............................        4,697
    1,606     *Rational Software Corp.................       16,686
      991     *Read-Rite Corp.........................          347
      732     *RealNetworks, Inc......................        2,789
    1,031     *Red Hat, Inc...........................        6,093
    1,134     *Redback Networks, Inc..................          953
      200     *Register.com, Inc......................          900
      100     *Renaissance Learning, Inc..............        1,890
      100     *Research Frontiers, Inc................          834
      416     *Retek, Inc.............................        1,134
      633     Reynolds & Reynolds Co (Class A)........       16,123
    1,775     *RF Micro Devices, Inc..................       13,011
      985     *Riverstone Networks, Inc...............        2,090
      100     *Rogers Corp............................        2,225
      200     *Roxio, Inc.............................          954
      850     *RSA Security, Inc......................        5,092
      100     *Rudolph Technologies, Inc..............        1,916
      900     *S1 Corp................................        4,014
      900     *Safeguard Scientifics, Inc.............        1,224
      100     *Sanchez Computer Associates, Inc.......          288
      557     *Sandisk Corp...........................       11,307
    5,316     *Sanmina-SCI Corp.......................       23,869
      700     *Sapient Corp...........................        1,435
      100     *SBS Technologies, Inc..................          916
      478     *Scansoft, Inc..........................        2,486
       42     *Scansource, Inc........................        2,071
    2,000     Scientific-Atlanta, Inc.................       23,720
      100     *SCM Microsystems, Inc..................          425
      200     *Seachange International, Inc...........        1,230
      200     *Secure Computing Corp..................        1,282
      175     *Seebeyond Technology Corp..............          425
      100     *Semitool, Inc..........................          621
      562     *Semtech Corp...........................        6,137
      500     *Serena Software, Inc...................        7,895
    4,575     *Siebel Systems, Inc....................       34,221

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  1,700     *Silicon Graphics, Inc..................  $     1,921
    500     *Silicon Image, Inc.....................        3,000
    241     *Silicon Laboratories, Inc..............        4,598
    700     *Silicon Storage Technology, Inc........        2,828
     53     *Siliconix, Inc.........................        1,240
    200     *Sipex Corp.............................          740
    300     *Sitel Corp.............................          360
  9,670     *Solectron Corp.........................       34,329
    200     *Somera Communications, Inc.............          540
    700     *SONICblue, Inc.........................          315
    280     *SonicWALL, Inc.........................        1,016
  1,316     *Sonus Networks, Inc....................        1,316
    100     *Sourcecorp.............................        1,859
    100     *Spectralink Corp.......................          718
    180     *SpeechWorks International, Inc.........          500
    100     *SPSS, Inc..............................        1,399
     46     *SRA International, Inc (Class A).......        1,246
     72     *SS&C Technologies, Inc.................          767
    100     *Standard Microsystems Corp.............        1,947
    974     *Storage Technology Corp................       20,863
    437     *StorageNetworks, Inc...................          507
    700     *Stratex Networks, Inc..................        1,547
     45     *Stratos Lightwave, Inc.................          202
 30,850     *Sun Microsystems, Inc..................       95,944
  2,600     *Sungard Data Systems, Inc..............       61,256
    100     *Supertex, Inc..........................        1,489
    519     *Surebeam Corp (Class A)................        2,097
    854     *Sybase, Inc............................       11,444
  1,936     *Sycamore Networks, Inc.................        5,595
    200     *Sykes Enterprises, Inc.................          656
  1,400     *Symantec Corp..........................       56,630
  2,350     Symbol Technologies, Inc................       19,317
    751     *Synopsys, Inc..........................       34,659
    100     *Synplicity, Inc........................          378
    300     *Systems & Computer Technology Corp.....        2,580
    300     *Take-Two Interactive Software, Inc.....        7,047
    578     *Tech Data Corp.........................       15,583
    500     Technitrol, Inc.........................        8,070
    400     *Tekelec................................        4,180
    774     *Tektronix, Inc.........................       14,079
  4,049     *Tellabs, Inc...........................       29,436
    100     *Tellium, Inc...........................           64
  1,714     *Teradyne, Inc..........................       22,299
    500     *Terayon Communication Systems, Inc.....        1,025
 17,053     Texas Instruments, Inc..................      255,966
    100     *Therma-Wave, Inc.......................          105
  1,597     *Thermo Electron Corp...................       32,132
    200     *Three-Five Systems, Inc................        1,290
  1,067     *TIBCO Software, Inc....................        6,594
    132     *Tier Technologies, Inc (Class B).......        2,112
    200     *Tivo, Inc..............................        1,046
    100     *Tollgrade Communications, Inc..........        1,173
    300     Total System Services, Inc..............        4,050
    900     *Touch America Holdings, Inc............          351
    300     *Transaction Systems Architects, Inc                 
              (Class A).............................        1,950
    691     *Transmeta Corp.........................          808
    200     *Trimble Navigation Ltd.................        2,498
     67     *Tripos, Inc............................          491
  1,135     *Triquint Semiconductor, Inc............        4,812
    200     *Trizetto Group, Inc....................        1,228
    100     *TTM Technologies, Inc..................          331
    200     *Turnstone Systems, Inc.................          540
    296     *Tyler Technologies, Inc................        1,234

46  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      100     *Ulticom, Inc...........................  $       749
      101     *Ultimate Electronics, Inc..............        1,025
      200     *Ultratech Stepper, Inc.................        1,968
    3,057     *Unisys Corp............................       30,264
      100     United Industrial Corp..................        1,600
      191     *United Online, Inc.....................        3,045
      100     *Universal Display Corp.................          789
      566     *Utstarcom, Inc.........................       11,224
      631     *Valueclick, Inc........................        1,760
      318     *Varian Semiconductor Equipment                      
                Associates, Inc.......................        7,556
      262     *Veeco Instruments, Inc.................        3,029
    2,038     *VeriSign, Inc..........................       16,345
    4,265     *Veritas Software Corp..................       66,619
      236     *Verity, Inc............................        3,160
      200     *Vicor Corp.............................        1,650
      300     *Viewpoint Corp.........................          561
    2,103     *Vignette Corp..........................        2,580
      100     *Virage Logic Corp......................        1,003
    1,466     *Vishay Intertechnology, Inc............       16,390
    1,800     *Vitesse Semiconductor Corp.............        3,933
      600     *Vitria Technology, Inc.................          450
      100     *Volt Information Sciences, Inc.........        1,710
      400     Wallace Computer Services, Inc..........        8,604
      200     *WatchGuard Technologies, Inc...........        1,276
      227     *WebEx Communications, Inc..............        3,405
      341     *webMethods, Inc........................        2,803
      390     *Websense, Inc..........................        8,331
      200     *WESCO International, Inc...............        1,098
    1,700     *Western Digital Corp...................       10,863
      161     *White Electronic Designs Corp..........        1,232
      169     *Wilson Greatbatch Technologies, Inc....        4,935
      592     *Wind River Systems, Inc................        2,427
      200     *Wireless Facilities, Inc...............        1,202
      100     *Witness Systems, Inc...................          344
      100     Woodhead Industries, Inc................        1,130
      200     *Xicor, Inc.............................          746
    3,187     *Xilinx, Inc............................       65,652
      200     *Zebra Technologies Corp (Class A)......       11,460
      300     *Zoran Corp.............................        4,221
      100     *Zygo Corp..............................          699
                                                        -----------
              TOTAL TECHNOLOGY                           13,144,799
                                                        -----------
TRANSPORTATION--1.32%                                              
      400     Airborne, Inc...........................        5,932
      500     *Airtran Holdings, Inc..................        1,950
      200     *Alaska Air Group, Inc..................        4,330
    1,400     *AMR Corp...............................        9,240
      200     *Arkansas Best Corp.....................        5,196
      374     *Atlantic Coast Airlines Holdings,                   
                Inc...................................        4,499
      100     *Atlas Air Worldwide Holdings, Inc......          151
      299     *BE Aerospace, Inc......................        1,088
    3,624     Burlington Northern Santa Fe Corp.......       94,260
      691     C.H. Robinson Worldwide, Inc............       21,559
      412     CNF, Inc................................       13,695
      620     *Continental Airlines, Inc (Class B)....        4,495
      100     *Covenant Transport, Inc (Class A)......        1,896
    2,053     CSX Corp................................       58,120
    1,100     Delta Air Lines, Inc....................       13,310
      300     *EGL, Inc...............................        4,275
    1,032     Expeditors International Of Washington,              
                Inc...................................       33,695
      276     *ExpressJet Holdings, Inc...............        2,829
    2,892     FedEx Corp..............................      156,858
      133     Florida East Coast Industries, Inc                   
                (Class A).............................        3,086

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      100     *Forward Air Corp.......................  $     1,941
      550     *Frontier Airlines, Inc.................        3,718
      106     *Genesee & Wyoming, Inc (Class A).......        2,157
      252     *Heartland Express, Inc.................        5,774
      147     *Hunt (J.B.) Transport Services, Inc....        4,307
      150     *JetBlue Airways Corp...................        4,050
      850     *Kansas City Southern Industries, Inc...       10,200
      180     *Knight Transportation, Inc.............        3,791
      190     *Landstar System, Inc...................       11,088
      200     *Mesa Air Group, Inc....................          814
      100     *Mesaba Holdings, Inc...................          612
      100     *Midwest Express Holdings, Inc..........          535
    3,664     Norfolk Southern Corp...................       73,243
      400     *Northwest Airlines Corp................        2,936
      300     Overseas Shipholding Group, Inc.........        5,370
      262     *RailAmerica, Inc.......................        1,879
      100     Roadway Corp............................        3,681
      634     Ryder System, Inc.......................       14,227
    1,704     *Sabre Holdings Corp....................       30,877
      134     *SCS Transportation, Inc................        1,328
      287     Shurgard Storage Centers, Inc (Class                 
                A)....................................        8,995
      700     Skywest, Inc............................        9,149
    7,499     Southwest Airlines Co...................      104,236
      770     *Swift Transportation Co, Inc...........       15,414
      200     *U.S. Xpress Enterprises, Inc (Class                 
                A)....................................        1,752
      500     b*UAL Corp..............................          715
    2,435     Union Pacific Corp......................      145,783
    3,786     United Parcel Service, Inc (Class B)....      238,821
      247     USFreightways Corp......................        7,101
      466     Werner Enterprises, Inc.................       10,047
      267     *Yellow Corp............................        6,726
                                                        -----------
              TOTAL TRANSPORTATION                        1,171,731
                                                        -----------
UTILITIES--6.88%                                                   
    3,801     *AES Corp...............................       11,479
      500     AGL Resources, Inc......................       12,150
      200     *AirGate PCS, Inc.......................          124
      598     *Alamosa Holdings, Inc..................          311
      100     *Alaska Communications Systems Group,                
                Inc...................................          184
    1,221     Allegheny Energy, Inc...................        9,231
      798     *Allegiance Telecom, Inc................          535
      200     *Allen Telecom, Inc.....................        1,894
      716     Allete, Inc.............................       16,239
      800     Alliant Energy Corp.....................       13,240
    2,961     Alltel Corp.............................      151,011
    1,427     Ameren Corp.............................       59,320
    3,094     American Electric Power Co, Inc.........       84,559
    1,513     *American Tower Corp (Class A)..........        5,341
    1,799     Aquila, Inc.............................        3,185
    7,502     AT&T Corp...............................      195,903
   22,146     *AT&T Wireless Services, Inc............      125,127
      400     Atmos Energy Corp.......................        9,328
      400     Avista Corp.............................        4,624
   18,144     BellSouth Corp..........................      469,385
      246     Black Hills Corp........................        6,524
    1,762     *Broadwing, Inc.........................        6,202
    3,312     *Calpine Corp...........................       10,797
      100     Cascade Natural Gas Corp................        2,000
      100     *Centennial Communications Corp.........          261
    2,472     Centerpoint Energy, Inc.................       21,012
       86     Central Vermont Public Service Corp.....        1,572
    1,500     CenturyTel, Inc.........................       44,070
      250     CH Energy Group, Inc....................       11,658
    1,636     Cinergy Corp............................       55,166

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   47

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
UTILITIES--(CONTINUED)                                             
    2,500     *Citizens Communications Co.............  $    26,375
      400     Cleco Corp..............................        5,600
    1,155     CMS Energy Corp.........................       10,903
      100     *Commonwealth Telephone Enterprises,                 
                Inc...................................        3,584
      100     Connecticut Water Service, Inc..........        2,523
    2,074     Consolidated Edison, Inc................       88,809
    1,500     Constellation Energy Group, Inc.........       41,730
    1,707     *Crown Castle International Corp........        6,401
      100     CT Communications, Inc..................        1,130
    2,932     Dominion Resources, Inc.................      160,967
    1,183     DPL, Inc................................       18,147
      700     DQE, Inc................................       10,668
    1,585     DTE Energy Co...........................       73,544
    8,788     Duke Energy Corp........................      171,718
    2,400     Dynegy, Inc (Class A)...................        2,832
    3,000     *Edison International...................       35,550
    5,651     El Paso Corp............................       39,331
      400     *El Paso Electric Co....................        4,400
      200     Empire District Electric Co.............        3,640
      300     Energen Corp............................        8,730
    1,555     Energy East Corp........................       34,350
       38     EnergySouth, Inc........................        1,072
    2,150     Entergy Corp............................       98,019
      600     Equitable Resources, Inc................       21,024
    3,176     Exelon Corp.............................      167,598
    2,637     FirstEnergy Corp........................       86,942
        2     b*Focal Communications Corp.............            0
    1,718     FPL Group, Inc..........................      103,303
      300     *General Communication, Inc (Class A)...        2,013
      100     *Golden Telecom, Inc....................        1,265
      600     Great Plains Energy, Inc................       13,728
      332     Hawaiian Electric Industries, Inc.......       14,601
      100     Hickory Tech Corp.......................          953
      345     Idacorp, Inc............................        8,566
      200     *IDT Corp...............................        3,458
      200     *IDT Corp (Class B).....................        3,102
    1,500     KeySpan Corp............................       52,860
      844     Kinder Morgan, Inc......................       35,676
      200     Laclede Group, Inc......................        4,840
    2,958     *Level 3 Communications, Inc............       14,494
      245     *McLeodUSA, Inc (Class A)...............          206
      651     MDU Resources Group, Inc................       16,802
      149     MGE Energy, Inc.........................        3,989
       70     Middlesex Water Co......................        1,468
    3,616     *Mirant Corp............................        6,836
      660     National Fuel Gas Co....................       13,682
      300     New Jersey Resources Corp...............        9,477
    6,504     *Nextel Communications, Inc (Class A)...       75,121
      700     *Nextel Partners, Inc (Class A).........        4,249
      440     Nicor, Inc..............................       14,973
    2,477     NiSource, Inc...........................       49,560
      305     *NiSource, Inc (Sails)..................          677
      100     North Pittsburgh Systems, Inc...........        1,363
    1,192     Northeast Utilities.....................       18,083
      233     Northwest Natural Gas Co................        6,305
      200     Northwestern Corp.......................        1,016
      500     NSTAR...................................       22,195
      100     NUI Corp................................        1,726

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    700     OGE Energy Corp.........................  $    12,320
    100     *Oil States International, Inc..........        1,290
    500     Oneok, Inc..............................        9,600
    200     Otter Tail Corp.........................        5,380
  3,600     *PG&E Corp..............................       50,040
    326     Peoples Energy Corp.....................       12,600
  1,600     Pepco Holdings, Inc.....................       31,024
    200     *Petroquest Energy, Inc.................          830
    300     Piedmont Natural Gas Co, Inc............       10,605
    759     Pinnacle West Capital Corp..............       25,874
    369     PNM Resources, Inc......................        8,790
  1,484     PPL Corp................................       51,465
    400     *Price Communications Corp..............        5,532
  2,208     Progress Energy, Inc....................       95,717
    600     *Progress Energy, Inc (Cvo).............          270
  2,245     Public Service Enterprise Group, Inc....       72,065
    800     Puget Energy, Inc.......................       17,640
    700     Questar Corp............................       19,474
    100     *Quicksilver Resources, Inc.............        2,243
 13,273     Qwest Communications International,                  
              Inc...................................       66,370
    400     *RCN Corp...............................          212
  2,441     *Reliant Resources, Inc.................        7,811
 32,399     SBC Communications, Inc.................      878,337
  1,038     SCANA Corp..............................       32,136
    200     SEMCO Energy, Inc.......................        1,220
  1,700     Sempra Energy...........................       40,205
     29     Shenandoah Telecom Co...................        1,419
    900     Sierra Pacific Resources................        5,850
  1,172     *Skyworks Solutions, Inc................       10,104
    100     South Jersey Industries, Inc............        3,302
  6,905     Southern Co.............................      196,033
    336     *Southern Union Co......................        5,544
    300     Southwest Gas Corp......................        7,035
     89     Southwest Water Co......................        1,179
    200     *Southwestern Energy Co.................        2,290
  8,697     Sprint Corp (FON Group).................      125,933
  7,143     *Sprint Corp (PCS Group)................       31,286
    122     SureWest Communications.................        4,538
    211     *Talk America Holdings, Inc.............        1,182
  1,400     TECO Energy, Inc........................       21,658
    481     Telephone & Data Systems, Inc...........       22,617
    500     *Time Warner Telecom, Inc (Class A).....        1,055
    179     *Triton PCS Holdings, Inc (Class A).....          703
  3,035     TXU Corp................................       56,694
    100     *U.S. Cellular Corp.....................        2,502
    711     *U.S. Unwired, Inc (Class A)............          348
    524     *Ubiquitel, Inc.........................          210
    253     UGI Corp................................        9,460
    100     UIL Holdings Corp.......................        3,487
    270     Unisource Energy Corp...................        4,668
     43     Unitil Corp.............................        1,066
    633     Vectren Corp............................       14,559
 26,450     Verizon Communications, Inc.............    1,024,938
    174     *West Corp..............................        2,888
    515     Westar Energy, Inc......................        5,099
    335     Western Gas Resources, Inc..............       12,345
    500     *Western Wireless Corp (Class A)........        2,650
    446     WGL Holdings, Inc.......................       10,668

48  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES/                                                            
 PRINCIPAL                                                  VALUE    
 ---------                                                  -----    
                                                                     
     4,448     Williams Cos, Inc.......................  $    12,012 
       980     Wisconsin Energy Corp...................       24,696 
       300     WPS Resources Corp......................       11,646 
     3,763     b Xcel Energy, Inc......................       41,386 
                                                         ----------- 
               TOTAL UTILITIES                             6,106,706 
                                                         ----------- 
               TOTAL COMMON STOCK                                    
                 (Cost $120,916,543)                      87,297,035 
                                                         ----------- 
TIAA-CREF MUTUAL FUND--1.15%                                         
   148,291     TIAA-CREF Institutional Equity Index                  
                 Fund..................................    1,027,662 
                                                         ----------- 
               TOTAL TIAA-CREF MUTUAL FUND                           
                 (Cost $1,060,148)                         1,027,662 
                                                         ----------- 
SHORT TERM INVESTMENT--0.68%                                         
 U.S. GOVERNMENT AND AGENCY--0.68%                                   
               Federal Home Loan Bank (FHLB)                         
  $600,000       1.180%, 01/02/03......................      599,961 
                                                         ----------- 
               TOTAL SHORT TERM INVESTMENT                           
                 (Cost $599,975)                             599,961 
                                                         ----------- 
               TOTAL PORTFOLIO--100.16%                              
                 (Cost $122,576,666)                      88,924,658 
               OTHER ASSETS & LIABILITIES, NET--(0.16%)     (145,185)
                                                         ----------- 
               NET ASSETS--100.00%                       $88,779,473 
                                                         =========== 

------------                                                                    
*  Non-income producing                                                         
b  In bankruptcy                                                                

At December 31, 2002, the aggregate cost of portfolio investments for federal   
income tax purposes was $124,777,218. Net unrealized depreciation of portfolio  
investments aggregated $35,852,560 of which $4,542,689 related to appreciated   
portfolio investments and $40,395,249 related to depreciated portfolio          
investments.                                                                    

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

See Notes To Financial Statements 

                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   49

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
 COMMON STOCK--99.19%                                              
AEROSPACE AND DEFENSE--0.09%                                       
    1,600     Heico Corp..............................  $    16,976
      400     PerkinElmer, Inc........................        3,300
                                                        -----------
              TOTAL AEROSPACE AND DEFENSE.............       20,276
                                                        -----------
BASIC INDUSTRIES--4.06%                                            
    1,800     Air Products & Chemicals, Inc...........       76,950
    1,000     Amcol International Corp................        5,800
      200     *American Standard Cos, Inc.............       14,228
    1,300     Avery Dennison Corp.....................       79,404
      200     Black & Decker Corp.....................        8,578
      100     Butler Manufacturing Co.................        1,935
      100     *BWAY Corp..............................        1,978
      425     Cabot Corp..............................       11,280
      200     *Cabot Microelectronics Corp............        9,440
      300     *Castle (A.M.) & Co.....................        1,365
      100     Centex Corp.............................        5,020
      300     Century Aluminum Co.....................        2,223
      400     *Champion Enterprises, Inc..............        1,140
      200     Clayton Homes, Inc......................        2,436
      100     Cleveland-Cliffs, Inc...................        1,985
      300     *Collins & Aikman Corp..................        1,335
      600     *Comfort Systems U.S.A., Inc............        2,010
    1,600     *Crown Cork & Seal Co, Inc..............       12,720
      200     D.R. Horton, Inc........................        3,470
    1,100     Ecolab, Inc.............................       54,450
    1,300     Engelhard Corp..........................       29,055
    1,305     *Fleetwood Enterprises, Inc.............       10,244
      100     Gibraltar Steel Corp....................        1,904
      268     H.B. Fuller Co..........................        6,936
      200     *Imco Recycling, Inc....................        1,626
      500     *Integrated Electrical Services, Inc....        1,925
    2,400     Kimberly-Clark Corp.....................      113,928
      100     Lennar Corp.............................        5,160
      800     *Liquidmetal Technologies...............        8,224
      100     *Lone Star Technologies, Inc............        1,489
    2,528     Masco Corp..............................       53,214
      200     *Material Sciences Corp.................        2,588
      600     MeadWestvaco Corp.......................       14,826
      100     *Mueller Industries, Inc................        2,725
      500     *NS Group, Inc..........................        3,260
      400     Nucor Corp..............................       16,520
    1,100     OM Group, Inc...........................        7,568
      400     *Penwest Pharmaceuticals Co.............        4,240
    1,500     Plum Creek Timber Co, Inc...............       35,400
      600     Praxair, Inc............................       34,662
      400     Pulte Homes, Inc........................       19,148
      200     Reliance Steel & Aluminum Co............        4,168
      700     Roanoke Electric Steel Corp.............        6,650
      700     Rohm & Haas Co..........................       22,736
      700     Royal Gold, Inc.........................       17,445
    1,100     Ryerson Tull, Inc.......................        6,710
      700     Schnitzer Steel Industries, Inc (Class               
                A)....................................       14,630
      700     Sigma-Aldrich Corp......................       34,090
    1,400     Sonoco Products Co......................       32,102
      500     Stanley Works...........................       17,290
      100     *Steel Dynamics, Inc....................        1,203
      100     *Stillwater Mining Co...................          535
      100     Temple-Inland, Inc......................        4,481
      200     *U.S. Concrete, Inc.....................        1,094

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      800     Vulcan Materials Co.....................  $    30,000
    3,700     Worthington Industries, Inc.............       56,388
                                                        -----------
              TOTAL BASIC INDUSTRIES                        921,911
                                                        -----------
CONSUMER CYCLICAL--9.00%                                           
      500     *Acacia Research - Acacia                            
                Technologies..........................        1,205
   13,600     *AOL Time Warner, Inc...................      178,160
      100     Apogee Enterprises, Inc.................          895
      100     ArvinMeritor, Inc.......................        1,667
      100     *Ascent Media Group, Inc................          112
    1,100     Autoliv, Inc............................       23,023
       67     Bandag, Inc.............................        2,592
      500     Barnes Group, Inc.......................       10,175
      900     *Bed Bath & Beyond, Inc.................       31,077
      100     *Big Lots, Inc..........................        1,323
      500     *Boca Resorts, Inc (Class A)............        5,350
      300     Brunswick Corp..........................        5,958
      100     Bush Industries, Inc (Class A)..........          484
      200     *Cablevision Systems Corp (Class A).....        3,348
      200     Callaway Golf Co........................        2,650
      100     *Charming Shoppes, Inc..................          418
    1,000     *Charter Communications, Inc (Class                  
                A)....................................        1,180
      100     *Coach, Inc.............................        3,292
    3,629     *Comcast Corp...........................       85,536
    3,200     *Comcast Corp Special...................       72,288
      200     Cooper Tire & Rubber Co.................        3,068
      100     CPI Corp................................        1,449
      900     Dana Corp...............................       10,584
      693     Darden Restaurants, Inc.................       14,172
    4,600     Delphi Corp.............................       37,030
      900     Dollar General Corp.....................       10,755
      200     *Dollar Tree Stores, Inc................        4,914
      400     Dow Jones & Co, Inc.....................       17,292
      500     *Extended Stay America, Inc.............        7,375
      500     Family Dollar Stores, Inc...............       15,605
      400     Foot Locker, Inc........................        4,200
      500     *Footstar, Inc..........................        3,480
    2,991     Gap, Inc................................       46,420
      200     *Gaylord Entertainment Co...............        4,120
      200     *Gentex Corp............................        6,328
    1,800     Genuine Parts Co........................       55,440
      589     Graco, Inc..............................       16,875
      100     *GSI Commerce, Inc......................          365
    1,500     Harley-Davidson, Inc....................       69,300
      200     *IMPCO Technologies, Inc................          938
      100     Intermet Corp...........................          420
    1,800     Interpublic Group Of Cos, Inc...........       25,344
    1,100     J.C. Penney Co, Inc.....................       25,311
      700     Johnson Controls, Inc...................       56,119
      400     *K2, Inc................................        3,760
    1,200     *Kohl's Corp............................       67,140
      300     *Lamar Advertising Co...................       10,095
      200     *Lear Corp..............................        6,656
      500     Leggett & Platt, Inc....................       11,220
    9,464     *Liberty Media Corp (Class A)...........       84,608
      400     Liz Claiborne, Inc......................       11,860
      300     *Luby's, Inc............................          873
      200     Marcus Corp.............................        2,840
    2,300     May Department Stores Co................       52,854
    8,251     McDonald's Corp.........................      132,676
    1,099     McGraw-Hill Cos, Inc....................       66,424
    1,400     *Metro-Goldwyn-Mayer, Inc...............       18,200
      100     *Michaels Stores, Inc...................        3,130
      292     Modine Manufacturing Co.................        5,163

50  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
      100     *Neiman Marcus Group, Inc (Class A).....  $     3,039
      600     New York Times Co (Class A).............       27,438
      500     Nordstrom, Inc..........................        9,485
      100     *Oakley, Inc............................        1,027
    1,100     Omnicom Group, Inc......................       71,060
      100     Oxford Industries, Inc..................        2,565
      900     *Penton Media, Inc......................          612
      200     Phillips-Van Heusen Corp................        2,312
      100     *Pixar, Inc.............................        5,299
      300     *Prime Hospitality Corp.................        2,445
      100     *Reebok International Ltd...............        2,940
      200     Regal Entertainment Group (Class A).....        4,284
      200     Ross Stores, Inc........................        8,478
      100     Russell Corp............................        1,674
      500     *Saks, Inc..............................        5,870
      100     Scripps (E.W.) Co (Class A).............        7,695
    1,800     Sears Roebuck & Co......................       43,110
      300     *Sports Resorts International, Inc......        1,761
    1,300     *Starbucks Corp.........................       26,494
      200     Stride Rite Corp........................        1,434
    3,600     Target Corp.............................      108,000
      300     Tiffany & Co............................        7,173
    2,100     TJX Cos, Inc............................       40,992
      200     *Tower Automotive, Inc..................          900
    1,100     Tribune Co..............................       50,006
      800     *U.S.A. Interactive, Inc................       18,288
      200     *Unifi, Inc.............................        1,050
      400     *Univision Communications, Inc (Class                
                A)....................................        9,800
      100     *Vail Resorts, Inc......................        1,517
      900     VF Corp.................................       32,445
    1,700     Visteon Corp............................       11,832
      500     *Wabash National Corp...................        4,190
    8,700     Walt Disney Co..........................      141,897
      400     Wendy's International, Inc..............       10,828
      100     *Williams-Sonoma, Inc...................        2,715
    1,600     *Yahoo!, Inc............................       26,160
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     2,041,951
                                                        -----------
CONSUMER NON-CYCLICAL--11.54%                                      
    2,194     Albertson's, Inc........................       48,838
      500     *Amazon.Com, Inc........................        9,445
      200     *Autozone, Inc..........................       14,130
      700     Avon Products, Inc......................       37,709
      800     *Best Buy Co, Inc.......................       19,320
    1,703     Campbell Soup Co........................       39,969
      157     *Carmax, Inc............................        2,807
      100     *CDW Computer Centers, Inc..............        4,385
      500     Circuit City Stores, Inc (Circuit City               
                Group)................................        3,710
      923     Clorox Co...............................       38,074
    8,300     Coca-Cola Co............................      363,706
      762     Coca-Cola Enterprises, Inc..............       16,551
    2,103     Colgate-Palmolive Co....................      110,260
    1,900     *Costco Wholesale Corp..................       53,314
    1,600     CVS Corp................................       39,952
      762     *Del Monte Foods Co.....................        5,867
      500     *eBay, Inc..............................       33,910
      100     *Factory 2-U Stores, Inc................          341
    1,300     General Mills, Inc......................       61,035
    4,514     Gillette Co.............................      137,045
    1,708     H.J. Heinz Co...........................       56,142
      482     Hershey Foods Corp......................       32,506
    7,900     Home Depot, Inc.........................      189,284

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
       93     J.M. Smucker Co.........................  $     3,702
    1,464     Kellogg Co..............................       50,171
    3,500     *Kroger Co..............................       54,075
    2,600     Lowe's Cos..............................       97,500
    2,300     Mattel, Inc.............................       44,045
      100     Movado Group, Inc.......................        1,881
      500     *NBTY, Inc..............................        8,790
    1,167     Newell Rubbermaid, Inc..................       35,395
      600     *Office Depot, Inc......................        8,856
      300     Pepsi Bottling Group, Inc...............        7,710
    6,454     PepsiCo, Inc............................      272,488
    1,000     *Perrigo Co.............................       12,150
      200     *Petsmart, Inc..........................        3,426
      100     *Priceline.com, Inc.....................          160
    5,200     Procter & Gamble Co.....................      446,888
      400     RadioShack Corp.........................        7,496
    2,008     *Safeway, Inc...........................       46,907
    1,300     *Staples, Inc...........................       23,790
      500     *Toys 'R' Us, Inc.......................        5,000
    4,100     Walgreen Co.............................      119,679
      900     Wrigley (Wm.) Jr Co.....................       49,392
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 2,617,801
                                                        -----------
ENERGY--3.77%                                                      
      100     *3TEC Energy Corp.......................        1,419
    2,306     Anadarko Petroleum Corp.................      110,457
    2,000     Apache Corp.............................      113,980
    3,300     Baker Hughes, Inc.......................      106,227
      700     Chesapeake Energy Corp..................        5,418
      268     *Cimarex Energy Co......................        4,797
      200     *Comstock Resources, Inc................        1,858
      600     *Denbury Resources, Inc.................        6,780
    1,700     Devon Energy Corp.......................       78,034
      500     *Energy Partners Ltd....................        5,350
      200     ENSCO International, Inc................        5,890
    2,000     EOG Resources, Inc......................       79,840
      300     *Forest Oil Corp........................        8,268
      300     Frontier Oil Corp.......................        5,166
    1,390     *Grant Prideco, Inc.....................       16,180
      200     *Harvest Natural Resources, Inc.........        1,320
      504     Helmerich & Payne, Inc..................       14,067
    1,100     *Meridian Resource Corp.................          990
      300     *Newfield Exploration Co................       10,815
    1,400     Noble Energy, Inc.......................       52,570
      300     *Nuevo Energy Co........................        3,330
    1,800     Ocean Energy, Inc.......................       35,946
      100     *Patterson-UTI Energy, Inc..............        3,017
      100     *Petroleum Helicopters (Vote)...........        2,964
      700     *Pioneer Natural Resources Co...........       17,675
      400     *Plains Exploration and Production Co...        3,900
      400     *Plains Resources, Inc..................        4,740
      600     Pogo Producing Co.......................       22,350
      400     *Range Resources Corp...................        2,160
      359     Rowan Cos, Inc..........................        8,149
      344     *Smith International, Inc...............       11,221
      100     *Stone Energy Corp......................        3,336
    1,000     Sunoco, Inc.............................       33,180
      100     *Swift Energy Co........................          967
    2,400     *Transmontaigne, Inc....................       11,136
      900     Valero Energy Corp......................       33,246
      300     Vintage Petroleum, Inc..................        3,165
      300     *Westport Resources Corp................        6,240

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   51

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
ENERGY--(CONTINUED)                                                
      400     World Fuel Services Corp................  $     8,200
      400     XTO Energy, Inc.........................        9,880
                                                        -----------
              TOTAL ENERGY                                  854,228
                                                        -----------
FINANCIAL SERVICES--24.09%                                         
      300     A.G. Edwards, Inc.......................        9,888
      200     Advanta Corp (Class A)..................        1,796
    1,800     Aflac, Inc..............................       54,216
      200     *Alleghany Corp.........................       35,500
      840     Allied Capital Corp.....................       18,337
      300     AMB Property Corp.......................        8,208
      100     Ambac Financial Group, Inc..............        5,624
      200     American Capital Strategies Ltd.........        4,318
    4,953     American Express Co.....................      175,089
    8,500     American International Group, Inc.......      491,725
    1,100     AmSouth Bancorp.........................       21,120
    1,500     AON Corp................................       28,335
    1,200     Archstone-Smith Trust...................       28,248
      100     AvalonBay Communities, Inc..............        3,914
    6,000     Bank Of America Corp....................      417,420
    5,200     Bank One Corp...........................      190,060
    2,200     BB&T Corp...............................       81,378
      200     Boston Properties, Inc..................        7,372
      100     Brown & Brown, Inc......................        3,232
      800     Capital One Financial Corp..............       23,776
    4,700     Charles Schwab Corp.....................       50,995
      420     Charter One Financial, Inc..............       12,067
      500     Chubb Corp..............................       26,100
      500     Cincinnati Financial Corp...............       18,775
      600     Comerica, Inc...........................       25,944
      400     Countrywide Financial Corp..............       20,660
      700     Crescent Real Estate Equities Co........       11,648
      500     Duke Realty Corp........................       12,725
      100     Eaton Vance Corp........................        2,825
    3,500     Equity Office Properties Trust..........       87,430
    2,000     Equity Residential......................       49,160
      300     Erie Indemnity Co (Class A).............       10,878
    4,000     Fannie Mae..............................      257,320
      400     Federated Investors, Inc (Class B)......       10,148
    2,400     Fifth Third Bancorp.....................      140,520
    5,900     FleetBoston Financial Corp..............      143,370
    1,100     Franklin Resources, Inc.................       37,488
    2,900     Freddie Mac.............................      171,245
      300     Gallagher (Arthur J.) & Co..............        8,814
      800     Golden West Financial Corp..............       57,448
    1,200     Goldman Sachs Group, Inc................       81,720
      300     Greenpoint Financial Corp...............       13,554
      900     Hartford Financial Services Group,                   
                Inc...................................       40,887
    3,600     *Homestore, Inc.........................        3,060
      100     Hooper Holmes, Inc......................          614
    2,095     Household International, Inc............       58,262
      200     *Insignia Financial Group, Inc..........        1,450
    3,600     Instinet Group, Inc.....................       15,228
      300     iStar Financial, Inc....................        8,415
    7,700     JP Morgan Chase & Co....................      184,800
      700     Janus Capital Group, Inc................        9,149
      400     Jefferson-Pilot Corp....................       15,244
    2,200     KeyCorp.................................       55,308
      100     Kimco Realty Corp.......................        3,064
      200     Legg Mason, Inc.........................        9,708
      900     Lincoln National Corp...................       28,422
    3,400     Marsh & McLennan Cos, Inc...............      157,114
      300     MBIA, Inc...............................       13,158

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    5,371     MBNA Corp...............................  $   102,156
    1,700     Mellon Financial Corp...................       44,387
    3,200     Merrill Lynch & Co, Inc.................      121,440
      100     MGIC Investment Corp....................        4,130
    3,435     National City Corp......................       93,844
      200     Neuberger Berman, Inc...................        6,698
      100     New York Community Bancorp, Inc.........        2,888
      100     North Fork Bancorp, Inc.................        3,374
      600     Northern Trust Corp.....................       21,030
    1,749     PNC Financial Services Group, Inc.......       73,283
    1,300     Principal Financial Group...............       39,169
      500     Progressive Corp........................       24,815
      800     Prologis................................       20,120
    2,400     *Providian Financial Corp...............       15,576
    2,600     Prudential Financial, Inc...............       82,524
      700     Public Storage, Inc.....................       22,617
    1,000     Regions Financial Corp..................       33,360
      200     Resource America, Inc (Class A).........        1,802
       97     Rouse Co................................        3,075
      200     Safeco Corp.............................        6,934
      300     Seacoast Banking Corp Of Florida........        5,652
      400     SEI Investments Co......................       10,872
    1,000     Simon Property Group, Inc...............       34,070
      700     SLM Corp................................       72,702
      400     *SoundView Technology Group, Inc........          600
      400     Sovereign Bancorp, Inc..................        5,620
      700     St. Paul Cos, Inc.......................       23,835
    1,000     State Street Corp.......................       39,000
    1,400     SunTrust Banks, Inc.....................       79,688
      700     Synovus Financial Corp..................       13,580
    1,200     *Syntroleum Corp........................        2,076
      700     T Rowe Price Group, Inc.................       19,096
    7,500     U.S. Bancorp............................      159,150
      400     Union Planters Corp.....................       11,256
      100     UnionBanCal Corp........................        3,927
      700     UnumProvident Corp......................       12,278
      400     Vornado Realty Trust....................       14,880
    6,300     Wachovia Corp...........................      229,572
    5,400     Washington Mutual, Inc..................      186,462
      526     Weingarten Realty Investors.............       19,388
    7,100     Wells Fargo & Co........................      332,777
                                                        -----------
              TOTAL FINANCIAL SERVICES                    5,463,976
                                                        -----------
HEALTH CARE--15.43%                                                
      100     *aaiPharma, Inc.........................        1,402
      200     *Abgenix, Inc...........................        1,474
      200     *Abiomed, Inc...........................          728
      279     *Acacia Research - CombiMatrix..........        1,016
      100     *Adolor Corp............................        1,372
      177     *Advanced Medical Optics, Inc...........        2,119
      200     *AdvancePCS.............................        4,442
      400     Aetna, Inc..............................       16,448
      100     *Affymetrix, Inc........................        2,289
      200     *Aksys Ltd..............................        1,060
      100     *Alexion Pharmaceuticals, Inc...........        1,412
      300     *Align Technology, Inc..................          828
      100     *Alkermes, Inc..........................          627
      800     Allergan, Inc...........................       46,096
      600     *Allscripts Healthcare Solutions, Inc...        1,434
      600     Alpharma, Inc (Class A).................        7,146
    3,900     *Amgen, Inc.............................      188,526
      200     *Amylin Pharmaceuticals, Inc............        3,228
      700     *Andrx Corp.............................       10,269
      606     *Anthem, Inc............................       38,117

52  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
      200     *Antigenics, Inc........................  $     2,048
      500     *Aphton Corp............................        1,945
      100     *Apogent Technologies, Inc..............        2,080
    1,700     Applera Corp (Applied Biosystems                     
                Group)................................       29,818
      200     *Applera Corp (Celera Genomics Group)...        1,910
      400     *Applied Molecular Evolution............          820
      100     *Apria Healthcare Group, Inc............        2,224
      100     *Arena Pharmaceuticals, Inc.............          651
      200     *Ariad Pharmaceuticals, Inc.............          480
      300     *Arqule, Inc............................          915
      100     *Atherogenics, Inc......................          741
      300     *Atrix Laboratories, Inc................        4,602
      200     *Avigen, Inc............................        1,142
      100     Bard (C.R.), Inc........................        5,800
      300     *Barr Laboratories, Inc.................       19,527
      283     Bausch & Lomb, Inc......................       10,188
    3,200     Baxter International, Inc...............       89,600
      200     Beckman Coulter, Inc....................        5,904
    1,600     Becton Dickinson & Co...................       49,104
      600     *Benthley Pharmaceuticals, Inc..........        4,830
      500     *Biogen, Inc............................       20,030
      400     *BioMarin Pharmaceutical, Inc...........        2,820
    1,100     Biomet, Inc.............................       31,526
      500     *Biopure Corp...........................        1,860
      100     *Bio-Reference Labs, Inc................          617
      100     *Biosite, Inc...........................        3,402
      300     *Bio-Technology General Corp............          960
      400     *Bone Care International, Inc...........        3,892
    1,749     *Boston Scientific Corp.................       74,367
      200     *Bradley Pharmaceuticals, Inc...........        2,606
      300     *Britesmile, Inc........................           99
      200     *Bruker Daltonics, Inc..................          972
      600     *Caliper Technologies Corp..............        1,800
      300     *Cardiac Science, Inc...................          663
    2,200     Cardinal Health, Inc....................      130,218
    1,000     *Caremark Rx, Inc.......................       16,250
      300     *Cell Therapeutics, Inc.................        2,181
      100     *Cephalon, Inc..........................        4,867
      200     *Chattem, Inc...........................        4,110
      600     Cigna Corp..............................       24,672
      300     *Cima Labs, Inc.........................        7,257
      500     *Ciphergen Biosystems, Inc..............        1,725
    1,000     *Columbia Laboratories, Inc.............        3,360
      100     *Covance, Inc...........................        2,459
      100     *Coventry Health Care, Inc..............        2,903
      200     *Cubist Pharmaceuticals, Inc............        1,646
      300     *CuraGen Corp...........................        1,395
      100     *CV Therapeutics, Inc...................        1,822
      100     *Cytyc Corp.............................        1,020
      100     D&K Healthcare Resources, Inc...........        1,024
      300     *DaVita, Inc............................        7,401
    1,000     *Decode Genetics, Inc...................        1,850
    2,300     *Deltagen, Inc..........................        1,104
      300     Dentsply International, Inc.............       11,172
      400     Diagnostic Products Corp................       15,448
      300     *Digene Corp............................        3,438
      100     *Discovery Partners International,                   
                Inc...................................          278
    1,300     *Durect Corp............................        2,626
      100     *Edwards Lifesciences Corp..............        2,547
      100     *Embrex, Inc............................        1,113
      300     *Eon Labs, Inc..........................        5,673
      200     *EPIX Medical, Inc......................        1,446

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  2,300     *Esperion Therapeutics, Inc.............  $    16,445
    300     *Express Scripts, Inc (Class A).........       14,412
    500     *First Health Group Corp................       12,175
    500     *First Horizon Pharmaceutical...........        3,739
    900     *Forest Laboratories, Inc...............       88,398
    100     *Gene Logic, Inc........................          629
    100     *Genesis Health Ventures, Inc...........        1,545
  1,400     *Genzyme Corp (Biosurgery Division).....        3,570
    900     *Genzyme Corp (General Division)........       26,613
    300     *Geron Corp.............................        1,080
    600     *Gilead Sciences, Inc...................       20,400
  1,100     *Guidant Corp...........................       33,935
    600     *Guilford Pharmaceuticals, Inc..........        2,388
  1,100     Health Management Associates, Inc (Class             
              A)....................................       19,690
    600     *Health Net, Inc........................       15,840
    100     *Henry Schein, Inc......................        4,500
    300     Hillenbrand Industries, Inc.............       14,493
    500     *Human Genome Sciences, Inc.............        4,405
  1,100     *Humana, Inc............................       11,000
    200     *ICOS Corp..............................        4,682
    400     *IDEC Pharmaceuticals Corp..............       13,268
    300     *Idexx Laboratories, Inc................        9,990
    300     *Ilex Oncology, Inc.....................        2,118
    300     *Illumina, Inc..........................        1,011
    700     *Immunogen, Inc.........................        2,170
    100     Immunomedics, Inc.......................          462
    700     *Impax Laboratories, Inc................        2,807
  1,075     IMS Health, Inc.........................       17,200
    400     *Incyte Genomics, Inc...................        1,824
    100     *Indevus Pharmaceuticals, Inc...........          214
    300     *Inhale Therapeutic Systems, Inc........        2,424
    200     *Inverness Medical Innovations, Inc.....        2,630
    100     *Invitrogen Corp........................        3,133
    100     *Isis Pharmaceuticals, Inc..............          659
  1,500     *IVAX Corp..............................       18,195
 11,115     Johnson & Johnson.......................      596,987
  1,400     *King Pharmaceuticals, Inc..............       24,066
    100     *Kosan Biosciences, Inc.................          607
    200     *KV Pharmaceutical Co (Class A).........        4,640
    300     *La Jolla Pharmaceutical Co.............        1,950
    400     *Lannett Co, Inc........................        6,552
    100     *Lexicon Genetics, Inc..................          473
    100     *LifePoint Hospitals, Inc...............        2,993
    100     *Ligand Pharmaceuticals, Inc (Class                  
              B)....................................          537
    500     *Lincare Holdings, Inc..................       15,810
    200     *Luminex Corp...........................          822
    400     *Manor Care, Inc........................        7,444
    300     *Martek Biosciences Corp................        7,548
  2,000     McKesson Corp...........................       54,060
    200     *Medarex, Inc...........................          790
    300     *Medicis Pharmaceutical Corp (Class                  
              A)....................................       14,901
    800     *Medimmune, Inc.........................       21,736
  4,840     Medtronic, Inc..........................      220,704
 11,000     Merck & Co, Inc.........................      622,710
    100     *MGI Pharma, Inc........................          725
    100     *Mid Atlantic Medical Services, Inc.....        3,240
  1,100     *Millennium Pharmaceuticals, Inc........        8,734
    900     Mylan Laboratories, Inc.................       31,410
  1,000     *Nabi Biopharmaceuticals................        6,200
    300     *Napro Biotherapeutics, Inc.............          204
    600     *Nastech Pharmaceutical Co..............        5,130
    300     *Neose Technologies, Inc................        2,661
    300     *Neurogen Corp..........................        1,089

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   53

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
      100     *Noven Pharmaceuticals, Inc.............  $       923
      100     *NPS Pharmaceuticals, Inc...............        2,517
      400     Omnicare, Inc...........................        9,532
      300     *Onyx Pharmaceuticals, Inc..............        1,743
      200     *Option Care, Inc.......................        1,592
      200     *OraSure Technologies, Inc..............        1,090
      100     *Orthodontic Centers Of America, Inc....        1,091
      400     *Orthologic Corp........................        1,444
      100     *OSI Pharmaceuticals, Inc...............        1,640
      400     *Oxford Health Plans, Inc...............       14,580
      100     *Pacificare Health Systems, Inc.........        2,810
      900     *Pain Therapeutics, Inc.................        2,151
      200     *Patterson Dental Co....................        8,748
      300     *PDI, Inc...............................        3,237
    1,600     *Peregrine Pharmaceuticals, Inc.........        1,248
      200     *Pharmaceutical Resources, Inc..........        5,960
      600     *Pozen, Inc.............................        3,090
      800     *Praecis Pharmaceuticals, Inc...........        2,600
      300     *Priority Healthcare Corp (Class B).....        6,960
      400     *Progenics Pharmaceuticals..............        2,664
      200     *Protein Design Labs, Inc...............        1,700
      700     *Quintiles Transnational Corp...........        8,470
      200     *Quovadx, Inc...........................          484
      100     *Regeneron Pharmaceuticals, Inc.........        1,851
    1,000     *Rigel Pharmaceuticals, Inc.............        1,090
      100     *Rita Medical Systems, Inc..............          505
      300     *Salix Pharmaceuticals Ltd..............        2,097
      600     *Sangamo Biosciences, Inc...............        1,806
      100     *Scios, Inc.............................        3,258
      800     *Seattle Genetics, Inc..................        2,480
      200     *Sepracor, Inc..........................        1,934
    1,700     *Sequenom, Inc..........................        3,060
      300     *SICOR, Inc.............................        4,755
      100     *Sola International, Inc................        1,300
      400     *Specialty Laboratories, Inc............        3,864
      800     *St. Jude Medical, Inc..................       31,776
      100     *Stericycle, Inc........................        3,238
      100     *Stewart Enterprises, Inc (Class A).....          557
      700     Stryker Corp............................       46,984
      500     *SuperGen, Inc..........................        1,815
      200     *Syncor International Corp..............        5,546
      200     *Tanox, Inc.............................        1,810
      700     *Texas Biotechnology Corp...............          980
      400     *Therasense, Inc........................        3,340
      100     *Transkaryotic Therapies, Inc...........          990
      400     *Triad Hospitals, Inc...................       11,932
      800     *Triangle Pharmaceuticals, Inc..........        4,752
      300     *TriPath Imaging, Inc...................          804
      300     *Tularik, Inc...........................        2,238
      200     *U.S. Oncology, Inc.....................        1,734
    1,300     UnitedHealth Group, Inc.................      108,550
      200     *Universal Health Services, Inc (Class               
                B)....................................        9,020
      200     *Varian Medical Systems, Inc............        9,920
      100     *VCA Antech, Inc........................        1,500
      200     *Vertex Pharmaceuticals, Inc............        3,170
      600     *Vical, Inc.............................        2,082
      100     *Vivus, Inc.............................          373
      300     *Waters Corp............................        6,534
      800     *Watson Pharmaceuticals, Inc............       22,616
      700     *Wellpoint Health Networks, Inc.........       49,812
      700     *Women First Healthcare, Inc............        3,193

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      800     *Zimmer Holdings, Inc...................  $    33,216
      400     *Zymogenetics, Inc......................        3,960
                                                        -----------
              TOTAL HEALTH CARE                           3,500,464
                                                        -----------
OTHER--1.00%                                                       
      400     *Apollo Group, Inc (Class A)............       17,600
      600     Cintas Corp.............................       27,450
      200     *Dun & Bradstreet Corp..................        6,898
      100     Gentiva Health Services, Inc............          881
      700     H & R Block, Inc........................       28,140
      300     *Invision Technologies, Inc.............        7,908
      100     Manpower, Inc...........................        3,190
      617     Moody's Corp............................       25,476
      500     R.R. Donnelley & Sons Co................       10,885
      100     *RMH Teleservices, Inc..................        1,050
      500     *Robert Half International, Inc.........        8,055
      200     *SPX Corp...............................        7,490
      100     *Symyx Technologies, Inc................        1,259
    2,294     Sysco Corp..............................       68,338
      200     Teleflex, Inc...........................        8,578
      200     *TMP Worldwide, Inc.....................        2,262
      100     *U.S. Industries, Inc...................          263
                                                        -----------
              TOTAL OTHER                                   225,723
                                                        -----------
PRODUCER DURABLES--4.12%                                           
    2,283     3M Co...................................      281,494
      300     *Active Power, Inc......................          534
    1,400     American Water Works Co, Inc............       63,672
      700     Ametek, Inc.............................       26,943
      461     Baldor Electric Co......................        9,105
      800     *Capstone Turbine Corp..................          720
      400     *Casella Waste Systems, Inc (Class A)...        3,556
      434     Cummins, Inc............................       12,208
    1,300     Deere & Co..............................       59,605
    3,178     Emerson Electric Co.....................      161,601
      400     GATX Corp...............................        9,128
    1,300     *Global Power Equipment Group, Inc......        6,409
      100     Harsco Corp.............................        3,189
      200     *Headwaters, Inc........................        3,102
      100     Hubbell, Inc (Class B)..................        3,514
    2,201     Illinois Tool Works, Inc................      142,757
      107     *Imagistics International, Inc..........        2,155
      300     *Magnetek, Inc..........................        1,332
      500     Nordson Corp............................       12,415
    1,600     Pitney Bowes, Inc.......................       52,256
      200     *Power-One, Inc.........................        1,134
      538     *Thomas & Betts Corp....................        9,092
      900     W.W. Grainger, Inc......................       46,395
      100     *Waste Connections, Inc.................        3,861
    2,373     *Xerox Corp.............................       19,103
                                                        -----------
              TOTAL PRODUCER DURABLES                       935,280
                                                        -----------
TECHNOLOGY--15.42%                                                 
    1,900     *3Com Corp..............................        8,797
    1,500     *Acterna Corp...........................          240
    4,200     *ADC Telecommunications, Inc............        8,778
      100     *ADE Corp...............................          597
      600     Adobe Systems, Inc......................       14,946
    2,200     *Advanced Micro Devices, Inc............       14,212
      119     *Agere Systems, Inc (Class A)...........          171
    2,920     *Agere Systems, Inc (Class B)...........        4,088
      700     *Akamai Technologies, Inc...............        1,211
    1,400     *Altera Corp............................       17,276
      800     *American Power Conversion Corp.........       12,120

54  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      300     *American Superconductor Corp...........  $       903
    1,000     *Analog Devices, Inc....................       23,870
      500     *Answerthink, Inc.......................        1,250
    1,100     *Apple Computer, Inc....................       15,763
    4,900     *Applied Materials, Inc.................       63,847
      500     *Artesyn Technologies, Inc..............        1,920
    2,983     Automatic Data Processing, Inc..........      117,083
      700     *Avanex Corp............................          734
    1,199     *Avaya, Inc.............................        2,940
      200     AVX Corp................................        1,960
      800     *BEA Systems, Inc.......................        9,176
      300     *BearingPoint, Inc......................        2,070
      200     *Bisys Group, Inc.......................        3,180
      300     *BMC Software, Inc......................        5,133
      800     *Broadcom Corp (Class A)................       12,048
      500     *Brocade Communications Systems, Inc....        2,070
      300     *Cadence Design Systems, Inc............        3,537
      100     *Caminus Corp...........................          234
      500     *Ceridian Corp..........................        7,210
      200     *Certegy, Inc...........................        4,910
      100     *Checkfree Corp.........................        1,600
    1,400     *CIENA Corp.............................        7,196
   21,000     *Cisco Systems, Inc.....................      275,100
    1,200     *CNET Networks, Inc.....................        3,252
      800     *Computer Horizons Corp.................        2,616
      300     *Compuware Corp.........................        1,440
      300     *Comverse Technology, Inc...............        3,006
      200     *Concord Camera Corp....................        1,086
    1,900     *Concord EFS, Inc.......................       29,906
      600     *Convergys Corp.........................        9,090
    4,327     *Corning, Inc...........................       14,322
    1,100     *DDI Corp...............................          242
    7,300     *Dell Computer Corp.....................      195,202
      400     *DiamondCluster International, Inc                   
                (Class A).............................        1,256
      100     *Digitas, Inc...........................          346
      500     *DST Systems, Inc.......................       17,775
      300     *Electronic Arts, Inc...................       14,931
    2,768     Electronic Data Systems Corp............       51,014
    7,400     *EMC Corp...............................       45,436
      100     *Emcore Corp............................          219
      900     *Fiserv, Inc............................       30,555
      755     *Gateway, Inc...........................        2,371
      200     Henry (Jack) & Associates, Inc..........        2,408
   10,286     Hewlett-Packard Co......................      178,565
    1,000     IKON Office Solutions, Inc..............        7,150
      100     *Infonet Services Corp (Class B)........          198
    1,000     *Inktomi Corp...........................        1,600
   19,500     Intel Corp..............................      303,615
    5,200     International Business Machines Corp....      403,000
      100     *Intersil Corp (Class A)................        1,394
      500     *Intuit, Inc............................       23,460
      100     *Iron Mountain, Inc.....................        3,301
      300     *Jabil Circuit, Inc.....................        5,376
    3,700     *JDS Uniphase Corp......................        9,139
      700     *Juniper Networks, Inc..................        4,760
      100     *Keynote Systems, Inc...................          772
      300     *KLA-Tencor Corp........................       10,611
      300     *Lexmark International, Inc.............       18,150
      200     *Liberate Technologies..................          286
    2,200     *LSI Logic Corp.........................       12,694
   17,300     *Lucent Technologies, Inc...............       21,798
      100     *Mastec, Inc............................          295

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      900     Maxim Integrated Products, Inc..........  $    29,736
      500     *Mercury Interactive Corp...............       14,825
      100     Microchip Technology, Inc...............        2,445
    2,032     *Micron Technology, Inc.................       19,792
   12,600     *Microsoft Corp.........................      651,420
      800     Molex, Inc..............................       18,432
    7,900     Motorola, Inc...........................       68,335
    1,600     *MRV Communications, Inc................        1,712
      700     *National Semiconductor Corp............       10,507
      200     *Netegrity, Inc.........................          651
      208     *Netro Corp.............................          568
    1,400     *Network Appliance, Inc.................       14,000
      100     *New Focus, Inc.........................          384
    2,500     *NIC, Inc...............................        3,600
    2,000     *Novell, Inc............................        6,680
      136     *Novellus Systems, Inc..................        3,819
      600     *Nuance Communications, Inc.............        1,488
      300     *Openwave Systems, Inc..................          600
   12,000     *Oracle Corp............................      129,600
       20     *Palm, Inc..............................          330
    1,600     Paychex, Inc............................       44,640
      700     *Peoplesoft, Inc........................       12,810
      100     *Perot Systems Corp (Class A)...........        1,072
      100     *Portal Software, Inc...................           81
      100     *Proton Energy Systems..................          300
      100     *QRS Corp...............................          660
    2,300     *Qualcomm, Inc..........................       83,697
      200     *Rational Software Corp.................        2,078
      200     *Safeguard Scientifics, Inc.............          272
      500     *Sapient Corp...........................        1,025
      300     Scientific-Atlanta, Inc.................        3,558
    1,400     *Siebel Systems, Inc....................       10,472
      400     *Sitel Corp.............................          480
    4,588     *Solectron Corp.........................       16,287
      100     *SpeechWorks International, Inc.........          278
    2,000     *StorageNetworks, Inc...................        2,320
      200     *Stratex Networks, Inc..................          442
       30     *Stratos Lightwave, Inc.................          132
   11,300     *Sun Microsystems, Inc..................       35,143
    1,100     *Sungard Data Systems, Inc..............       25,916
      400     *Sycamore Networks, Inc.................        1,156
      200     *Symantec Corp..........................        8,090
      200     Symbol Technologies, Inc................        1,644
    1,900     *Tellabs, Inc...........................       13,813
    2,500     *Tellium, Inc...........................        1,600
    5,374     Texas Instruments, Inc..................       80,664
      700     *Thermo Electron Corp...................       14,084
      700     Total System Services, Inc..............        9,450
    3,300     *Touch America Holdings, Inc............        1,287
      600     *Unisys Corp............................        5,940
      700     *VeriSign, Inc..........................        5,614
    1,300     *Veritas Software Corp..................       20,306
      800     *Vishay Intertechnology, Inc............        8,944
      900     *Vitesse Semiconductor Corp.............        1,967
      600     *Vitria Technology, Inc.................          450
    1,100     *Xilinx, Inc............................       22,660
                                                        -----------
              TOTAL TECHNOLOGY                            3,497,063
                                                        -----------
TRANSPORTATION--1.49%                                              
    2,200     *AMR Corp...............................       14,520
      300     *ATA Holdings Corp......................        1,371
    2,800     *BE Aerospace, Inc......................       10,192
      300     *Continental Airlines, Inc (Class B)....        2,175
    1,000     Delta Air Lines, Inc....................       12,100

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   55

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TRANSPORTATION--(CONTINUED)                                        
    1,000     FedEx Corp..............................  $    54,220
    3,285     Norfolk Southern Corp...................       65,667
       68     Ryder System, Inc.......................        1,526
      276     *Sabre Holdings Corp....................        4,998
    4,089     Southwest Airlines Co...................       56,837
    5,200     b*UAL Corp..............................        7,436
    1,700     United Parcel Service, Inc (Class B)....      107,236
                                                        -----------
              TOTAL TRANSPORTATION                          338,278
                                                        -----------
UTILITIES--9.18%                                                   
    7,700     *AES Corp...............................       23,254
      996     AGL Resources, Inc......................       24,203
    4,300     Allegheny Energy, Inc...................       32,508
      200     *Allen Telecom, Inc.....................        1,894
    1,200     Allete, Inc.............................       27,216
      751     Alltel Corp.............................       38,301
    3,090     Aquila, Inc.............................        5,471
    2,320     AT&T Corp...............................       60,575
    5,900     *AT&T Wireless Services, Inc............       33,335
    1,000     Avista Corp.............................       11,560
    6,200     BellSouth Corp..........................      160,394
      400     Black Hills Corp........................       10,608
    4,300     *Calpine Corp...........................       14,018
      100     *Citizens Communications Co.............        1,055
    1,200     Cleco Corp..............................       16,800
    3,100     DPL, Inc................................       47,554
    1,600     Empire District Electric Co.............       29,120
    1,700     Equitable Resources, Inc................       59,568
    1,200     Hawaiian Electric Industries, Inc.......       52,776
    1,600     Idacorp, Inc............................       39,728
    2,645     KeySpan Corp............................       93,210
      900     Kinder Morgan, Inc......................       38,043
      500     MGE Energy, Inc.........................       13,386
   16,000     *Mirant Corp............................       30,240
    2,800     National Fuel Gas Co....................       58,044
      900     *Nextel Communications, Inc (Class A)...       10,395
    1,266     Nicor, Inc..............................       43,082
    3,101     NiSource, Inc...........................       62,040
      841     *NiSource, Inc (Sails)..................        1,867

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  1,200     Northwestern Corp.......................  $     6,096
  4,300     OGE Energy Corp.........................       75,680
    100     Otter Tail Corp.........................        2,690
    979     Peoples Energy Corp.....................       37,838
  2,700     Pepco Holdings, Inc.....................       52,353
    100     *Petroquest Energy, Inc.................          415
  5,059     Puget Energy, Inc.......................      111,551
    700     Questar Corp............................       19,474
 11,148     SBC Communications, Inc.................      302,222
    100     SEMCO Energy, Inc.......................          610
    800     Sierra Pacific Resources................        5,200
  2,415     Sprint Corp (FON Group).................       34,969
  1,579     *Sprint Corp (PCS Group)................        6,916
    900     Unisource Energy Corp...................       15,561
    400     Unitil Corp.............................        9,920
  8,476     Verizon Communications, Inc.............      328,445
    300     Western Gas Resources, Inc..............       11,054
  7,425     Williams Cos, Inc.......................       20,048
                                                      -----------
            TOTAL UTILITIES                             2,081,287
                                                      -----------
            TOTAL COMMON STOCK                                   
              (Cost $31,397,004)                       22,498,238
                                                      -----------
            TOTAL PORTFOLIO--99.19%                              
              (Cost $31,397,004)                       22,498,238
            OTHER ASSETS & LIABILITIES, NET--0.81%        184,832
                                                      -----------
            NET ASSETS--100.00%                       $22,683,070
                                                      ===========

------------                                                                    
*  Non-income producing                                                         
b  In bankruptcy                                                                

At December 31, 2002, the aggregate cost of portfolio investments for federal   
income tax purposes was $31,426,471. Net unrealized depreciation of portfolio   
investments aggregated $8,928,233 of which $1,763,583 related to appreciated    
portfolio investments and $10,691,816 related to depreciated portfolio          
investments.                                                                    

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

56  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
  COMMON STOCK--99.58%                                             
AEROSPACE AND DEFENSE--1.62%                                       
     700      General Dynamics Corp...................  $    55,559
   2,800      Northrop Grumman Corp...................      271,600
                                                        -----------
              TOTAL AEROSPACE AND DEFENSE                   327,159
                                                        -----------
BASIC INDUSTRIES--7.97%                                            
  16,600      b*Bethlehem Steel Corp..................        1,826
     200      Centex Corp.............................       10,040
     500      D.R. Horton, Inc........................        8,675
   2,700      Du Pont (E.I.) de Nemours & Co..........      114,480
   4,900      Fluor Corp..............................      137,200
   7,600      *Inco Ltd Co (U.S.).....................      161,272
   1,200      Kimberly-Clark Corp.....................       56,964
  22,900      Monsanto Co.............................      440,825
   5,300      Rohm & Haas Co..........................      172,144
     100      Stanley Works...........................        3,458
  10,200      Weyerhaeuser Co.........................      501,942
                                                        -----------
              TOTAL BASIC INDUSTRIES                      1,608,826
                                                        -----------
CONSUMER CYCLICAL--8.35%                                           
   3,400      *AOL Time Warner, Inc...................       44,540
   7,600      Autoliv, Inc............................      159,068
     200      Callaway Golf Co........................        2,650
  11,800      *Clear Channel Communications, Inc......      440,022
   5,607      *Comcast Corp...........................      132,157
     400      Foot Locker, Inc........................        4,200
   1,300      Gannett Co, Inc.........................       93,340
     100      Hilton Hotels Corp......................        1,271
     400      Knight Ridder, Inc......................       25,300
  40,164      *Liberty Media Corp (Class A)...........      359,066
   1,300      Limited Brands, Inc.....................       18,109
     500      Liz Claiborne, Inc......................       14,825
     400      Marriott International, Inc (Class A)...       13,148
   1,300      May Department Stores Co................       29,874
   6,100      McDonald's Corp.........................       98,088
     200      McGraw-Hill Cos, Inc....................       12,088
     100      Nike, Inc (Class B).....................        4,447
     500      Nordstrom, Inc..........................        9,485
     100      Outback Steakhouse, Inc.................        3,444
   1,400      Sears Roebuck & Co......................       33,530
     400      VF Corp.................................       14,420
   9,800      Walt Disney Co..........................      159,838
     200      Wendy's International, Inc..............        5,414
     300      *Yum! Brands, Inc.......................        7,266
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     1,685,590
                                                        -----------
CONSUMER NON-CYCLICAL--6.73%                                       
     200      Alberto-Culver Co (Class B).............       10,080
   1,800      Albertson's, Inc........................       40,068
   1,400      Anheuser-Busch Cos, Inc.................       67,760
   1,100      Avon Products, Inc......................       59,257
   1,000      Campbell Soup Co........................       23,470
     400      Clorox Co...............................       16,500
   1,400      Coca-Cola Co............................       61,348
     300      Colgate-Palmolive Co....................       15,729
   1,800      CVS Corp................................       44,946
     200      Dial Corp...............................        4,074
     100      Estee Lauder Cos (Class A)..............        2,640
   7,200      General Mills, Inc......................      338,040
   2,100      Gillette Co.............................       63,756
   2,600      International Flavors & Fragrances,                  
                Inc...................................       91,260
   7,500      *Kroger Co..............................      115,875
     100      Lancaster Colony Corp...................        3,908

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
     100      Loews Corp (Carolina Group).............  $     2,027
     200      Mattel, Inc.............................        3,830
   1,200      Newell Rubbermaid, Inc..................       36,396
   4,000      Philip Morris Cos, Inc..................      162,120
   1,400      Procter & Gamble Co.....................      120,316
     400      R.J. Reynolds Tobacco Holdings, Inc.....       16,844
   1,900      Sara Lee Corp...........................       42,769
     100      Tyson Foods, Inc (Class A)..............        1,122
     400      UST, Inc................................       13,372
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 1,357,507
                                                        -----------
ENERGY--10.13%                                                     
   6,300      Baker Hughes, Inc.......................      202,797
   4,400      Burlington Resources, Inc...............      187,660
   3,700      ChevronTexaco Corp......................      245,976
   1,200      ConocoPhillips..........................       58,068
  29,800      Exxon Mobil Corp........................    1,041,212
   8,200      Noble Energy, Inc.......................      307,910
                                                        -----------
              TOTAL ENERGY                                2,043,623
                                                        -----------
FINANCIAL SERVICES--33.59%                                         
     400      A.G. Edwards, Inc.......................       13,184
     100      Allied Capital Corp.....................        2,183
   1,100      Allstate Corp...........................       40,689
   1,600      American Express Co.....................       56,560
   6,200      American International Group, Inc.......      358,670
     400      Annaly Mortgage Management, Inc.........        7,520
     300      Apartment Investment & Management Co                 
                (Class A).............................       11,244
     800      Archstone-Smith Trust...................       18,832
     400      Astoria Financial Corp..................       10,860
   8,900      Bank Of America Corp....................      619,173
   2,300      Bank Of New York Co, Inc................       55,108
   8,400      Bank One Corp...........................      307,020
     500      Bear Stearns Cos, Inc...................       29,700
     100      Boston Properties, Inc..................        3,686
     100      Camden Property Trust...................        3,300
     100      Capitol Federal Financial...............        2,880
     200      CarrAmerica Realty Corp.................        5,010
   6,300      Charter One Financial, Inc..............      180,999
  17,900      Citigroup, Inc..........................      629,901
     600      Comerica, Inc...........................       25,944
     500      Countrywide Financial Corp..............       25,825
     300      Crescent Real Estate Equities Co........        4,992
     200      Developers Diversified Realty Corp......        4,398
     100      Downey Financial Corp...................        3,900
   4,700      Duke Realty Corp........................      119,615
   2,000      Equity Office Properties Trust..........       49,960
   5,100      FleetBoston Financial Corp..............      123,930
     800      Franklin Resources, Inc.................       27,264
   5,300      Freddie Mac.............................      312,965
     600      Golden West Financial Corp..............       43,086
     400      Greenpoint Financial Corp...............       18,072
   1,200      Hartford Financial Services Group,                   
                Inc...................................       54,516
     200      Health Care Property Investors, Inc.....        7,660
   6,100      Hibernia Corp (Class A).................      117,364
   6,272      Highwoods Properties, Inc...............      138,611
   1,800      Household International, Inc............       50,058
     200      Instinet Group, Inc.....................          846
     200      iStar Financial, Inc....................        5,610
   5,400      JP Morgan Chase & Co....................      129,600
     900      Janus Capital Group, Inc................       11,763
   1,400      John Hancock Financial Services, Inc....       39,060
     400      Kimco Realty Corp.......................       12,256
     100      Legg Mason, Inc.........................        4,854

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   57

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
   4,496      Mack-Cali Realty Corp...................  $   136,229
     100      Marsh & McLennan Cos, Inc...............        4,621
  10,600      Max Re Capital Ltd......................      116,812
   3,000      Mercantile Bankshares Corp..............      115,770
     400      MGIC Investment Corp....................       16,520
   2,400      Morgan Stanley..........................       95,808
   2,700      National City Corp......................       73,764
     400      New Plan Excel Realty Trust.............        7,636
     300      New York Community Bancorp, Inc.........        8,664
     100      People's Bank...........................        2,514
   3,100      PMI Group, Inc..........................       93,124
     300      Protective Life Corp....................        8,256
     200      Raymond James Financial, Inc............        5,916
     100      Reckson Associates Realty Corp..........        2,105
     100      Regency Centers Corp....................        3,240
   1,100      Regions Financial Corp..................       36,696
     400      Roslyn Bancorp, Inc.....................        7,212
  12,000      Safeco Corp.............................      416,040
     600      Simon Property Group, Inc...............       20,442
   1,200      Sovereign Bancorp, Inc..................       16,860
   1,100      St. Paul Cos, Inc.......................       37,455
     100      Stancorp Financial Group, Inc...........        4,885
     300      T Rowe Price Group, Inc.................        8,184
   2,500      TCF Financial Corp......................      109,225
   4,600      *Travelers Property Casualty Corp (Class             
                B)....................................       67,390
  23,600      U.S. Bancorp............................      500,792
     500      United Dominion Realty Trust, Inc.......        8,180
  12,900      UnumProvident Corp......................      226,266
     300      Vornado Realty Trust....................       11,160
  10,800      Wachovia Corp...........................      393,552
     300      Washington Federal, Inc.................        7,455
   1,900      Washington Mutual, Inc..................       65,607
     200      Webster Financial Corp..................        6,960
   9,700      Wells Fargo & Co........................      454,639
                                                        -----------
              TOTAL FINANCIAL SERVICES                    6,778,647
                                                        -----------
HEALTH CARE--5.67%                                                 
  11,800      Aetna, Inc..............................      485,216
   4,300      Bristol-Myers Squibb Co.................       99,545
   2,800      Merck & Co, Inc.........................      158,508
  18,100      Schering-Plough Corp....................      401,820
                                                        -----------
              TOTAL HEALTH CARE                           1,145,089
                                                        -----------
OTHER--0.94%                                                       
     100      First Industrial Realty Trust, Inc......        2,800
   3,600      Honeywell International, Inc............       86,400
     300      Liberty Property Trust..................        9,582
     200      Pittston Brink's Group..................        3,696
   1,400      United Technologies Corp................       86,716
                                                        -----------
              TOTAL OTHER                                   189,194
                                                        -----------
PRODUCER DURABLES--4.35%                                           
   2,900      Caterpillar, Inc........................      132,588
   8,900      Cummins, Inc............................      250,357
   6,600      Deere & Co..............................      302,610
     600      Illinois Tool Works, Inc................       38,916
     200      Lafarge North America, Inc..............        6,570
   2,800      Pitney Bowes, Inc.......................       91,448
     400      W.W. Grainger, Inc......................       20,620
   1,500      Waste Management, Inc...................       34,380
                                                        -----------
              TOTAL PRODUCER DURABLES                       877,489
                                                        -----------

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--5.47%                                                  
  13,210      Advantest Corp (ADR)....................  $   141,743
      40      *Atmel Corp.............................           89
  10,725      Hewlett-Packard Co......................      186,186
   4,400      International Business Machines Corp....      341,000
  14,800      Motorola, Inc...........................      128,020
   5,300      *National Semiconductor Corp............       79,553
  25,900      *Solectron Corp.........................       91,945
  43,700      *Sun Microsystems, Inc..................      135,907
                                                        -----------
              TOTAL TECHNOLOGY                            1,104,443
                                                        -----------
TRANSPORTATION--1.00%                                              
   1,800      Burlington Northern Santa Fe Corp.......       46,818
   4,600      CSX Corp................................      130,226
     400      Union Pacific Corp......................       23,948
                                                        -----------
              TOTAL TRANSPORTATION                          200,992
                                                        -----------
UTILITIES--13.76%                                                  
     600      Allegheny Energy, Inc...................        4,536
     400      Alliant Energy Corp.....................        6,620
     700      Ameren Corp.............................       29,099
   1,500      American Electric Power Co, Inc.........       40,995
  11,480      AT&T Corp...............................      299,743
   6,700      BellSouth Corp..........................      173,329
   1,300      Centerpoint Energy, Inc.................       11,050
     800      Cinergy Corp............................       26,976
     600      CMS Energy Corp.........................        5,664
     300      Consolidated Edison, Inc................       12,846
     600      DPL, Inc................................        9,204
     800      DTE Energy Co...........................       37,120
   2,200      Duke Energy Corp........................       42,988
   1,300      Dynegy, Inc (Class A)...................        1,534
  12,100      *Edison International...................      143,385
     700      Energy East Corp........................       15,463
   2,900      Entergy Corp............................      132,211
   3,200      Equitable Resources, Inc................      112,128
   1,600      Exelon Corp.............................       84,432
   1,300      FirstEnergy Corp........................       42,861
     800      FPL Group, Inc..........................       48,104
     300      Great Plains Energy, Inc................        6,864
     100      Idacorp, Inc............................        2,483
     400      KeySpan Corp............................       14,096
  30,187      *Level 3 Communications, Inc............      147,916
     200      Nicor, Inc..............................        6,806
     300      OGE Energy Corp.........................        5,280
     400      Pinnacle West Capital Corp..............       13,636
     800      PPL Corp................................       27,744
   1,100      Progress Energy, Inc....................       47,685
   1,000      Public Service Enterprise Group, Inc....       32,100
      46      *Reliant Resources, Inc.................          147
  13,900      SBC Communications, Inc.................      376,829
     900      Sempra Energy...........................       21,285
   3,400      Southern Co.............................       96,527
     800      TECO Energy, Inc........................       12,376
  17,100      Verizon Communications, Inc.............      662,625
   1,900      b Xcel Energy, Inc......................       20,900
                                                        -----------
              TOTAL UTILITIES                             2,775,587
                                                        -----------
              TOTAL COMMON STOCK                                   
                (Cost $19,341,494)                       20,094,146
                                                        -----------

58  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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Statement of Investments - LARGE-CAP VALUE FUND - December 31, 2002 
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                                                                [Download Table]


                                           VALUE     
                                           -----     
                                                     
TOTAL PORTFOLIO--99.58%                              
  (Cost $19,341,494)                      $20,094,146
OTHER ASSETS & LIABILITIES, NET--0.42%         84,067
                                          -----------
NET ASSETS--100.00%                       $20,178,213
                                          ===========

------------                                                                    
*  Non-income producing                                                         
b  In bankruptcy                                                                

At December 31, 2002, the aggregate cost of portfolio investments for federal   
income tax purposes was $19,638,495. Net unrealized appreciation of portfolio   
investments aggregated $455,651 of which $819,676 related to appreciated        
portfolio investments and $364,025 related to depreciated portfolio investments.

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

See Notes To Financial Statements 

                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   59

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Statement of Investments - SMALL-CAP EQUITY FUND - December 31, 2002
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                                                                [Download Table]

   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
COMMON STOCK--99.69%                                                
  AEROSPACE AND DEFENSE--0.69%                                      
       600     AAR Corp................................  $     3,090
       500     *Armor Holdings, Inc....................        6,885
       400     *Aviall, Inc............................        3,220
       300     *DRS Technologies, Inc..................        9,399
       100     *Ducommun, Inc..........................        1,585
       200     *Dynamics Research Corp.................        2,802
       400     Engineered Support Systems, Inc.........       14,664
       100     Heico Corp..............................        1,061
       300     *Herley Industries, Inc.................        5,222
     1,300     *Hexcel Corp............................        3,900
       200     *Integrated Defense Technology, Inc.....        2,900
       400     Kaman Corp (Class A)....................        4,400
       100     *Ladish Co, Inc.........................          806
       400     *Moog, Inc (Class A)....................       12,416
     1,000     *Orbital Sciences Corp..................        4,220
     1,500     *Remec, Inc.............................        5,820
       200     *Sequa Corp (Class A)...................        7,822
     1,400     *Teledyne Technologies, Inc.............       21,952
       300     *Triumph Group, Inc.....................        9,582
       700     *United Defense Industries, Inc.........       16,310
       100     *Viasat, Inc............................        1,154
                                                         -----------
               TOTAL AEROSPACE AND DEFENSE                   139,210
                                                         -----------
 BASIC INDUSTRIES--7.80%                                            
       300     *Aaon, Inc..............................        5,529
       500     *AEP Industries, Inc....................        6,535
     1,900     *Airgas, Inc............................       32,775
       600     Albany International Corp (Class A).....       12,396
       100     Alico, Inc..............................        2,660
       600     Amcol International Corp................        3,480
       200     American Woodmark Corp..................        9,500
       200     Ameron International Corp...............       11,030
       300     *Applied Films Corp.....................        5,997
       700     Arch Chemicals, Inc.....................       12,775
     1,700     Arch Coal, Inc..........................       36,703
       200     *Avatar Holdings, Inc...................        4,600
       100     *Baker (Michael) Corp...................        1,095
       700     *Brush Engineered Materials, Inc........        3,850
       400     *Buckeye Technologies, Inc..............        2,460
       500     Building Materials Holding Corp.........        7,150
       400     Butler Manufacturing Co.................        7,740
       100     *BWAY Corp..............................        1,978
     1,000     *Cabot Microelectronics Corp............       47,200
       800     Calgon Carbon Corp......................        3,952
       600     Cambrex Corp............................       18,126
       800     Caraustar Industries, Inc...............        7,584
     1,100     Carlisle Cos, Inc.......................       45,518
       600     Carpenter Technology Corp...............        7,470
       300     *Castle (A.M.) & Co.....................        1,365
       500     Centex Construction Products, Inc.......       17,575
       300     Century Aluminum Co.....................        2,223
     2,100     *Champion Enterprises, Inc..............        5,985
       200     Chemed Corp.............................        7,070
       100     Chesapeake Corp.........................        1,785
       800     Clarcor, Inc............................       25,816
       400     Cleveland-Cliffs, Inc...................        7,940
       800     *Collins & Aikman Corp..................        3,560
     2,600     *Comfort Systems U.S.A., Inc............        8,710
     1,300     Commercial Metals Co....................       21,112
     3,700     Crompton Corp...........................       22,015
     4,700     *Crown Cork & Seal Co, Inc..............       37,365
     1,600     *Cytec Industries, Inc..................       43,648

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    200     Deltic Timber Corp......................  $     5,340
    600     *Dionex Corp............................       17,826
    100     *Dominion Homes, Inc....................        1,425
    200     *Drew Industries, Inc...................        3,210
  2,000     *Earthshell Corp........................        1,160
    500     ElkCorp.................................        8,650
    600     *EMCOR Group, Inc.......................       31,806
    100     *Encore Wire Corp.......................          905
    600     *Energy Conversion Devices, Inc.........        5,881
    800     Ferro Corp..............................       19,544
  1,100     *Fleetwood Enterprises, Inc.............        8,635
    700     Florida Rock Industries, Inc............       26,635
    600     *FMC Corp...............................       16,392
    800     *Foamex International, Inc..............        2,528
  1,000     Georgia Gulf Corp.......................       23,140
    100     Gibraltar Steel Corp....................        1,904
    100     Glatfelter..............................        1,316
  1,200     Granite Construction, Inc...............       18,600
  1,300     Great Lakes Chemical Corp...............       31,044
    400     Greif Brothers Corp (Class A)...........        9,520
    900     H.B. Fuller Co..........................       23,292
  2,800     *Hecla Mining Co........................       14,168
    600     *Hovnanian Enterprises, Inc (Class A)...       19,020
    900     *Imco Recycling, Inc....................        7,317
    600     *Insituform Technologies, Inc (Class                 
              A)....................................       10,230
  1,600     *Integrated Electrical Services, Inc....        6,160
    300     *International Specialty Products,                   
              Inc...................................        3,063
    200     Interpool, Inc..........................        3,212
    300     *Jarden Corp............................        7,161
  1,900     Lennox International, Inc...............       23,845
    300     *Liquidmetal Technologies...............        3,084
    100     *Lone Star Technologies, Inc............        1,489
  1,700     Longview Fibre Co.......................       12,291
  3,200     *Louisiana-Pacific Corp.................       25,792
    400     LSI Industries, Inc.....................        5,540
    400     *Lydall, Inc............................        4,540
    600     M/I Schottenstein Homes, Inc............       16,680
    800     MacDermid, Inc..........................       18,280
  2,400     Massey Energy Co........................       23,328
    200     *Material Sciences Corp.................        2,588
    400     *Mattson Technology, Inc................        1,144
    100     *Maui Land & Pineapple Co...............        1,584
    500     MDC Holdings, Inc.......................       19,130
    100     *Mestek, Inc............................        1,793
  1,700     Millennium Chemicals, Inc...............       16,184
    700     Minerals Technologies, Inc..............       30,205
    300     *Mobile Mini, Inc.......................        4,701
    400     *Modtech Holdings, Inc..................        3,880
    600     *Mueller Industries, Inc................       16,350
    700     *NCI Building Systems, Inc..............       15,274
    300     NL Industries, Inc......................        5,100
    300     *Nortek Holdings, Inc...................       13,725
    100     *Northwest Pipe Co......................        1,730
    100     *NS Group, Inc..........................          652
    400     Octel Corp..............................        6,320
  1,028     Olin Corp...............................       15,985
  1,300     *Omnova Solutions, Inc..................        5,239
    900     *Oregon Steel Mills, Inc................        3,618
    300     *Osmonics, Inc..........................        5,082
    200     *Palm Harbor Homes, Inc.................        3,494
    200     Penford Corp............................        2,818
    300     Penn Engineering & Manufacturing Corp...        3,195
    400     Penn Virginia Corp......................       14,540

60  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
BASIC INDUSTRIES--(CONTINUED)                                      
      400     *Penwest Pharmaceuticals Co.............  $     4,240
    1,700     PolyOne Corp............................        6,664
      100     Pope & Talbot, Inc......................        1,426
      600     Potlatch Corp...........................       14,328
      200     Quaker Chemical Corp....................        4,640
      400     Quanex Corp.............................       13,400
      800     Reliance Steel & Aluminum Co............       16,672
      300     Roanoke Electric Steel Corp.............        2,850
      100     Rock-Tenn Co (Class A)..................        1,348
      400     Royal Gold, Inc.........................        9,968
      600     *RTI International Metals, Inc..........        6,060
      400     Ryerson Tull, Inc.......................        2,440
      100     Schnitzer Steel Industries, Inc (Class               
                A)....................................        2,090
      900     Schulman (A.), Inc......................       16,749
      500     *Silgan Holdings, Inc...................       12,340
      400     *Simpson Manufacturing Co, Inc..........       13,160
      200     Skyline Corp............................        5,900
    3,400     Solutia, Inc............................       12,342
      400     Southern Peru Copper Corp...............        5,760
      300     Spartech Corp...........................        6,189
      600     Standard-Pacific Corp...................       14,850
      600     *Steel Dynamics, Inc....................        7,218
    1,200     *Stillwater Mining Co...................        6,420
    1,000     *Terra Industries, Inc..................        1,530
      700     Texas Industries, Inc...................       17,010
      700     Tredegar Corp...........................       10,500
      100     Tremont Corp............................        2,980
      200     *Trex Co, Inc...........................        7,060
      700     *U.S. Concrete, Inc.....................        3,829
      800     Universal Forest Products, Inc..........       17,057
      500     *URS Corp...............................        7,115
    2,800     USEC, Inc...............................       16,856
    2,100     b*USG Corp..............................       17,745
    1,000     Watsco, Inc.............................       16,380
      900     Wausau-Mosinee Paper Corp...............       10,098
      200     *WCI Communities, Inc...................        2,040
      400     WD-40 Co................................       10,568
    1,000     Wellman, Inc............................       13,490
      300     West Pharmaceutical Services, Inc.......        7,320
      100     *William Lyon Homes, Inc................        2,183
    2,600     Worthington Industries, Inc.............       39,624
    5,100     *WR Grace & Co..........................        9,996
                                                        -----------
              TOTAL BASIC INDUSTRIES                      1,562,991
                                                        -----------
CONSUMER CYCLICAL--11.56%                                          
      100     *1-800 Contacts, Inc....................        2,757
      300     Aaron Rents, Inc........................        6,561
      900     *Acacia Research - Acacia                            
                Technologies..........................        2,169
    2,200     *Acclaim Entertainment, Inc.............        1,452
      300     *Acme Communication, Inc................        2,391
      400     Action Performance Cos, Inc.............        7,600
      500     Advanced Marketing Services, Inc........        7,350
      400     *Aeropostale, Inc.......................        4,228
      400     *AFC Enterprises, Inc...................        8,404
      100     *Aftermarket Technology Corp............        1,450
    1,400     *Alliance Gaming Corp...................       23,842
      700     *AMC Entertainment, Inc.................        6,195
      400     *Amerco, Inc............................        1,768
      200     *Ameristar Casinos, Inc.................        2,820
      300     Angelica Corp...........................        6,195
    1,400     *AnnTaylor Stores Corp..................       28,588
    1,500     Apogee Enterprises, Inc.................       13,427
      600     Arctic Cat, Inc.........................        9,600

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    800     *Argosy Gaming Co.......................  $    15,144
    100     *Ascent Media Group, Inc................          112
  1,000     *Aztar Corp.............................       14,280
    900     *Bally Total Fitness Holding Corp.......        6,381
    400     Bandag, Inc.............................       15,472
    300     Barnes Group, Inc.......................        6,105
    100     Bassett Furniture Industries, Inc.......        1,432
    200     *Beasley Broadcast Group, Inc (Class                 
              A)....................................        2,392
    200     *Bebe Stores, Inc.......................        2,680
    100     *Benihana, Inc (Class A)................        1,350
    500     Blair Corp..............................       11,660
  1,200     Bob Evans Farms, Inc....................       28,020
    900     *Boca Resorts, Inc (Class A)............        9,630
  1,400     Bowne & Co, Inc.........................       16,730
  1,000     *Boyd Gaming Corp.......................       14,050
    700     *Boyds Collection Ltd...................        4,655
    300     *Brookstone, Inc........................        4,338
    700     Brown Shoe Co, Inc......................       16,681
    200     *Buca, Inc..............................        1,664
    200     *Buckle, Inc............................        3,600
    700     Burlington Coat Factory Warehouse                    
              Corp..................................       12,565
    300     Bush Industries, Inc (Class A)..........        1,452
    400     *California Pizza Kitchen, Inc..........       10,080
    100     *Carmike Cinemas, Inc...................        1,965
    400     Cascade Corp............................        6,380
    400     Cato Corp (Class A).....................        8,636
    500     *Central Garden & Pet Co................        9,255
    200     *Championship Auto Racing Teams, Inc....          740
    200     *Champps Entertainment, Inc.............        1,902
    100     *Charlotte Russe Holding, Inc...........        1,061
  3,800     *Charming Shoppes, Inc..................       15,884
    700     *Checkers Drive-In Restaurant...........        4,382
    100     *Cherokee, Inc..........................        1,460
    100     *Chicago Pizza & Brewery, Inc...........          690
    500     *Children's Place Retail Stores, Inc....        5,320
    700     *Choice Hotels International, Inc.......       15,890
    800     *Christopher & Banks Corp...............       16,600
    200     Churchill Downs, Inc....................        7,636
  1,500     *CKE Restaurants, Inc...................        6,450
  1,500     Claire's Stores, Inc....................       33,105
    400     Coachmen Industries, Inc................        6,320
    100     *Coldwater Creek, Inc...................        1,920
    400     *Cole National Corp.....................        4,560
    500     CPI Corp................................        7,245
    300     *Cross Media Marketing Corp.............          165
    600     *Crown Media Holdings, Inc (Class A)....        1,356
    300     *CSS Industries, Inc....................        9,930
    400     *Culp, Inc..............................        3,400
    400     *Dave & Buster's, Inc...................        3,460
  1,100     *Department 56, Inc.....................       14,190
    400     *DHB Industries, Inc....................          664
    600     *Dollar Thrifty Automotive Group, Inc...       12,690
    300     Dover Downs Gaming & Entertainment,                  
              Inc...................................        2,727
    100     Dover Motorsport, Inc...................          465
  1,000     *Dress Barn, Inc........................       13,300
    300     *Dura Automotive Systems, Inc...........        3,012
    400     *Elizabeth Arden, Inc...................        5,920
  1,000     Equity Inns, Inc........................        6,020
    100     *Escalade, Inc..........................        2,000
  1,200     *EUniverse, Inc.........................        6,816
    800     Factset Research Systems, Inc...........       22,616
    400     *Finish Line, Inc (Class A).............        4,220
    100     Fisher Communications, Inc..............        5,272

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   61

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
    1,000     *Footstar, Inc..........................  $     6,960
      700     *Fossil, Inc............................       14,238
      700     Fred's, Inc.............................       17,990
      100     Friedman's, Inc (Class A)...............          868
      600     G & K Services, Inc (Class A)...........       21,241
      600     *Gaylord Entertainment Co...............       12,360
      500     GenCorp, Inc............................        3,960
      700     *Genesco, Inc...........................       13,041
      600     *Goody's Family Clothing, Inc...........        2,664
      200     Gray Television, Inc (Class A)..........        2,370
      600     *Group 1 Automotive, Inc................       14,328
      400     *GSI Commerce, Inc......................        1,460
      300     *Guess?, Inc............................        1,257
      300     *Guitar Center, Inc.....................        4,968
      100     *Gulfmark Offshore, Inc.................        1,475
      800     *Gymboree Corp..........................       12,688
      500     Hancock Fabrics, Inc....................        7,625
    1,100     *Handleman Co...........................       12,650
      800     *Harris Interactive, Inc................        2,360
      400     Haverty Furniture Cos, Inc..............        5,560
      200     *Hibbett Sporting Goods, Inc............        4,784
      400     Hollinger International, Inc............        4,064
      300     *Hollywood Casino Corp (Class A)........        3,684
    1,300     *Hollywood Entertainment Corp...........       19,630
    1,000     *Hot Topic, Inc.........................       22,880
      600     *iDine Rewards Network, Inc.............        6,372
      400     *IHOP Corp..............................        9,600
      200     *IMPCO Technologies, Inc................          938
      200     *Information Holdings, Inc..............        3,104
    1,600     *Insight Communications Co, Inc.........       19,808
    1,900     Intermet Corp...........................        7,980
    1,700     *Intertan, Inc..........................       12,155
      400     *Isle Of Capri Casinos, Inc.............        5,296
    1,200     *Jack In The Box, Inc...................       20,748
      200     *Jakks Pacific, Inc.....................        2,694
      600     *Jo-Ann Stores, Inc (Class A)...........       13,782
      300     *Johnson Outdoors, Inc (Class A)........        2,961
    1,100     *Journal Register Co....................       19,558
      900     *K2, Inc................................        8,460
      800     Kellwood Co.............................       20,800
      200     *Kenneth Cole Productions, Inc (Class                
                A)....................................        4,060
      300     *Keystone Automotive Industries, Inc....        4,506
    1,000     Kimball International, Inc (Class B)....       14,250
      600     *Kirby Corp.............................       16,434
   16,400     b*Kmart Corp............................        3,280
      600     *Kroll, Inc.............................       11,448
      300     K-Swiss, Inc (Class A)..................        6,513
      400     Landry's Restaurants, Inc...............        8,496
      400     LaSalle Hotel Properties................        5,600
      600     Libbey, Inc.............................       15,600
      900     *Linens 'n Things, Inc..................       20,340
      300     *Lodgenet Entertainment Corp............        3,204
      900     Lone Star Steakhouse & Saloon, Inc......       17,406
      500     *Luby's, Inc............................        1,455
      400     Marcus Corp.............................        5,680
      200     Marine Products Corp....................        1,970
      200     *Martha Stewart Living Omnimedia, Inc                
                (Class A).............................        1,974
      200     *Maxwell Shoe Co, Inc (Class A).........        2,324
    1,800     *Mediacom Communications Corp...........       15,858
      300     *Medis Technologies Ltd.................        1,500
    1,200     *Men's Wearhouse, Inc...................       20,580
      500     *Metro One Telecommunications, Inc......        3,225

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    600     *Micros Systems, Inc....................  $    13,452
    200     Midas, Inc..............................        1,286
    600     *Midway Games, Inc......................        2,502
  1,300     Modine Manufacturing Co.................       22,984
    500     *Monaco Coach Corp......................        8,275
    100     *Monarch Casino & Resort, Inc...........        1,373
    100     *Monro Muffler Brake, Inc...............        1,690
    200     *Mossimo, Inc...........................        1,100
    200     *Mothers Work, Inc......................        7,046
    500     *Movie Gallery, Inc.....................        6,500
    300     *MTR Gaming Group, Inc..................        2,388
    300     *Multimedia Games, Inc..................        8,238
    600     Myers Industries, Inc...................        6,420
    100     National Presto Industries, Inc.........        2,938
  1,300     *Nautica Enterprises, Inc...............       14,443
  1,500     *Nautilus Group, Inc....................       20,040
    200     *Netratings, Inc........................        1,440
    800     *Oakley, Inc............................        8,216
    400     *O'Charley's, Inc.......................        8,212
    500     Oshkosh B'gosh, Inc (Class A)...........       14,025
    600     Oshkosh Truck Corp......................       36,900
    200     Oxford Industries, Inc..................        5,130
    500     *P.F. Chang's China Bistro, Inc.........       18,150
  1,350     *Pacific Sunwear Of California, Inc.....       23,882
    700     *Panera Bread Co (Class A)..............       24,367
    800     *Papa John's International, Inc.........       22,304
    400     *Parkervision, Inc......................        3,264
    900     *Payless Shoesource, Inc................       46,323
    400     *Penn National Gaming, Inc..............        6,344
    500     *Penton Media, Inc......................          340
    900     Phillips-Van Heusen Corp................       10,404
  1,100     *Pinnacle Entertainment, Inc............        7,623
  1,900     *Pinnacle Systems, Inc..................       25,859
    400     *PLATO Learning, Inc....................        2,376
    300     *Playboy Enterprises, Inc (Class B).....        3,039
  2,200     *Presstek, Inc..........................       10,142
    100     *Pricesmart, Inc........................        2,323
    500     *Prime Hospitality Corp.................        4,075
  4,100     *Primedia, Inc..........................        8,446
    300     *Private Media Group, Inc...............          975
    300     Pulitzer, Inc...........................       13,485
    100     *Quaker Fabric Corp.....................          695
    600     *Quiksilver, Inc........................       15,996
    200     *Racing Champions Ertl Corp.............        2,730
    600     *Rare Hospitality International, Inc....       16,572
  1,100     *Raytech Corp...........................        6,270
  1,200     *Regent Communications, Inc.............        7,092
  1,500     Regis Corp..............................       38,985
    500     *Resources Connection, Inc..............       11,605
    200     *Rex Stores Corp........................        2,042
    200     Riviana Foods, Inc......................        5,404
    800     Russell Corp............................       13,392
  1,800     *Ryan's Family Steak Houses, Inc........       20,430
    400     *Saga Communications, Inc (Class A).....        7,600
    300     *Salem Communications Corp (Class A)....        7,491
    600     *Salton, Inc............................        5,772
    200     Schawk, Inc.............................        1,982
    700     *Scientific Games Corp (Class A)........        5,082
    700     *SCP Pool Corp..........................       20,440
    200     *Shoe Carnival, Inc.....................        2,802
  1,700     *ShopKo Stores, Inc.....................       21,165
    800     *Shuffle Master, Inc....................       15,288
    900     *Sinclair Broadcast Group, Inc (Class                
              A)....................................       10,467

62  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
    1,800     *Sirius Satellite Radio, Inc............  $     1,152
      300     Smith (A.O.) Corp.......................        8,103
    1,200     *Sonic Corp.............................       24,588
    1,100     *Sotheby's Holdings, Inc (Class A)......        9,900
    1,100     *Spanish Broadcasting System, Inc (Class             
                A)....................................        7,920
      500     Spartan Motors, Inc.....................        5,690
      400     Speedway Motorsports, Inc...............       10,312
      700     *Sports Resorts International, Inc......        4,109
      700     *Stage Stores, Inc......................       14,728
      200     Standard Motor Products, Inc............        2,600
      200     *Stanley Furniture Co, Inc..............        4,650
    1,200     *Station Casinos, Inc...................       21,240
      800     *Stein Mart, Inc........................        4,880
      300     *Steven Madden Ltd......................        5,421
      900     *Stoneridge, Inc........................       10,710
    2,100     Stride Rite Corp........................       15,057
      200     Sturm Ruger & Co, Inc...................        1,914
      700     Superior Industries International,                   
                Inc...................................       28,952
      800     *Sylvan Learning Systems, Inc...........       13,120
      500     Tanger Factory Outlet Centers, Inc......       15,500
      500     *TBC Corp...............................        6,005
    1,400     *Tenneco Automotive, Inc................        5,656
    1,200     *The Sports Authority, Inc..............        8,400
      900     *The Steak n Shake Co...................        9,000
      300     *Thomas Nelson, Inc.....................        3,006
      600     Thor Industries, Inc....................       20,658
    1,150     *THQ, Inc...............................       15,238
      800     *Too, Inc...............................       18,816
      500     *Topps Co, Inc..........................        4,350
    2,000     *Tower Automotive, Inc..................        9,000
      100     *Tropical Sportswear International                   
                Corp..................................          897
    1,800     *Unifi, Inc.............................        9,450
    1,000     *Universal Electronics, Inc.............        9,740
      300     *Urban Outfitters, Inc..................        7,071
      300     *Vail Resorts, Inc......................        4,551
      700     *Vans, Inc..............................        3,976
      600     *Vastera, Inc...........................        3,391
      700     *Wabash National Corp...................        5,866
      100     *West Marine, Inc.......................        1,369
    1,300     *Westpoint Stevens, Inc.................          767
      500     *Wet Seal, Inc (Class A)................        5,381
      700     *Wilsons The Leather Experts, Inc.......        3,500
      400     Winnebago Industries, Inc...............       15,692
    1,400     *WMS Industries, Inc....................       20,972
    2,400     Wolverine World Wide, Inc...............       36,264
      500     Woodward Governor Co....................       21,750
    1,000     *World Wrestling Federation                          
                Entertainment, Inc....................        8,050
    1,200     *XM Satellite Radio Holdings, Inc.......        3,228
      300     *Young Broadcasting, Inc (Class A)......        3,951
    1,100     *Zomax, Inc.............................        4,675
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     2,316,795
                                                        -----------
CONSUMER NON-CYCLICAL--5.37%                                       
      700     *1-800-Flowers.com, Inc (Class A).......        4,375
    1,400     *7-Eleven, Inc..........................       10,500
      400     *AC Moore Arts & Crafts, Inc............        5,084
      400     *American Italian Pasta Co (Class A)....       14,392
      400     *Applica, Inc...........................        2,000
      200     *Asbury Automotive Group, Inc...........        1,682
      900     *Aurora Foods, Inc......................          702
    1,200     Blyth, Inc..............................       32,112
      300     *Boston Beer Co, Inc (Class A)..........        4,290
    1,100     *Cadiz, Inc.............................          605

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  1,200     Casey's General Stores, Inc.............  $    14,652
  1,300     *Chiquita Brands International, Inc.....       17,238
    100     Coca-Cola Bottling Co Consolidated......        6,451
  1,100     Corn Products International, Inc........       33,143
    600     *Cost Plus, Inc.........................       17,202
    200     Deb Shops, Inc..........................        4,442
    105     *DEL Laboratories, Inc..................        2,121
  5,300     *Del Monte Foods Co.....................       40,810
  1,600     Delta & Pine Land Co....................       32,656
  1,200     DIMON, Inc..............................        7,200
    900     *Drugstore.Com, Inc.....................        2,160
    700     *Duane Reade, Inc.......................       11,900
    300     *Electronics Boutique Holdings Corp.....        4,743
    400     *Factory 2-U Stores, Inc................        1,364
    300     *FAO, Inc...............................          141
    100     Farmer Brothers Co......................       30,900
    600     *Finlay Enterprises, Inc................        7,236
  1,400     Fleming Cos, Inc........................        9,198
    800     Flowers Foods, Inc......................       15,608
    600     *FTI Consulting, Inc....................       24,090
    100     *Gaiam, Inc.............................        1,037
    200     *Galyans Trading Co, Inc................        2,000
    200     *Gart Sports Co.........................        3,870
    600     *Great Atlantic & Pacific Tea Co, Inc...        4,836
    100     *Green Mountain Coffee, Inc.............        1,511
    700     *Hain Celestial Group, Inc..............       10,640
    200     *Horizon Organic Holding Corp...........        3,238
    900     Hughes Supply, Inc......................       24,588
    400     Ingles Markets, Inc (Class A)...........        4,708
  1,100     *Insight Enterprises, Inc...............        9,141
    100     Inter Parfums, Inc......................          774
  1,200     Interface, Inc (Class A)................        3,684
    500     *International Multifoods Corp..........       10,595
  1,900     Interstate Bakeries Corp................       28,975
    200     *J & J Snack Foods Corp.................        7,142
  1,200     J.M. Smucker Co.........................       47,772
    600     *Jill (J.) Group, Inc...................        8,388
    800     Lance, Inc..............................        9,471
    300     *Lithia Motors, Inc (Class A)...........        4,707
  1,100     Longs Drug Stores Corp..................       22,814
    200     *MarineMax, Inc.........................        2,362
  1,100     *Marvel Enterprises, Inc................        9,878
    300     *Monterey Pasta Co......................        1,125
    300     Movado Group, Inc.......................        5,643
    300     Nash Finch Co...........................        2,319
    200     *National Beverage Corp.................        3,060
    800     Nature's Sunshine Products, Inc.........        7,768
  1,300     *NBTY, Inc..............................       22,854
    200     *NetFlix, Inc...........................        2,202
  1,000     Nu Skin Enterprises, Inc (Class A)......       11,970
  5,000     *OfficeMax, Inc.........................       25,000
    800     Oneida Ltd..............................        8,824
    100     *Overstock.com, Inc.....................        1,300
    200     *Party City Corp........................        2,400
  1,500     *Pathmark Stores, Inc...................        7,605
    300     *PC Connection, Inc.....................        1,521
    100     *Peets Coffee & Tea, Inc................        1,413
    300     *Penn Traffic Co........................        1,050
  1,400     Pep Boys-Manny Moe & Jack...............       16,240
  2,100     *Perrigo Co.............................       25,515
    400     Pilgrim's Pride Corp (Class B)..........        3,280
    800     *Playtex Products, Inc..................        7,904
  3,900     *Priceline.com, Inc.....................        6,240

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   63

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER NON-CYCLICAL--(CONTINUED)                                 
      200     *Princeton Review, Inc..................  $       990
      900     *Ralcorp Holdings, Inc..................       22,626
      400     *Restoration Hardware, Inc..............        2,004
      200     *Revlon, Inc (Class A)..................          612
      300     *Robert Mondavi Corp (Class A)..........        9,300
    1,100     Ruddick Corp............................       15,059
      300     Russ Berrie & Co, Inc...................       10,134
      100     Sanderson Farms, Inc....................        2,091
      400     Schweitzer-Mauduit International, Inc...        9,800
       30     Seaboard Corp...........................        7,200
      500     *Seminis, Inc (Class A).................        1,440
    1,300     Sensient Technologies Corp..............       29,211
      200     *Sharper Image Corp.....................        3,486
      200     *Skechers U.S.A., Inc (Class A).........        1,698
      400     *Smart & Final, Inc.....................        2,080
    2,200     *Stamps.com, Inc........................       10,274
      200     Standard Commercial Corp................        3,620
      200     *Steinway Musical Instruments, Inc......        3,254
      300     Stepan Co...............................        7,500
      300     *Summit America Television, Inc.........          801
      200     Tasty Baking Co.........................        1,740
    1,000     *The Bombay Co, Inc.....................        5,000
      400     Thomas Industries, Inc..................       10,424
      400     *Tractor Supply Co......................       15,040
      600     *Trans World Entertainment Corp.........        2,178
      400     *Triarc Cos, Inc........................       10,496
      800     *Tuesday Morning Corp...................       13,680
    1,600     Tupperware Corp.........................       24,128
      500     *Tweeter Home Entertainment Group,                   
                Inc...................................        2,890
      400     *United Auto Group, Inc.................        4,988
      500     *United Natural Foods, Inc..............       12,675
      800     Universal Corp..........................       29,568
      600     *Valuevision International, Inc (Class               
                A)....................................        8,988
      600     Vector Group Ltd........................        6,972
      300     *Virbac Corp............................        1,683
      400     *Water Pik Technologies, Inc............        2,940
      200     Weis Markets, Inc.......................        6,210
      300     *Whitehall Jewellers, Inc...............        2,850
      500     *Wild Oats Markets, Inc.................        5,160
    1,200     *Yankee Candle Co, Inc..................       19,200
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 1,076,351
                                                        -----------
ENERGY--3.52%                                                      
      300     *3TEC Energy Corp.......................        4,257
      200     *Atwood Oceanics, Inc...................        6,020
      600     Berry Petroleum Co (Class A)............       10,230
    1,300     Cabot Oil & Gas Corp (Class A)..........       32,214
    1,200     *Cal Dive International, Inc............       28,200
      300     CARBO Ceramics, Inc.....................       10,110
    4,600     Chesapeake Energy Corp..................       35,604
      700     *Comstock Resources, Inc................        6,503
      700     *Denbury Resources, Inc.................        7,910
      500     *Dril-Quip, Inc.........................        8,450
      300     *Encore Acquisition Co..................        5,526
      500     *Energy Partners Ltd....................        5,350
      500     *Evergreen Resources, Inc...............       22,425
      400     *Exploration Co Of Delaware, Inc........        1,192
      800     Frontier Oil Corp.......................       13,776
      500     Getty Realty Corp.......................        9,475
    1,300     *Global Industries Ltd..................        5,421
    6,600     *Grey Wolf, Inc.........................       26,334
      300     *Gulf Island Fabrication, Inc...........        4,875
    1,500     *Hanover Compressor Co..................       13,770

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    1,200     *Harvest Natural Resources, Inc.........  $     7,920
      300     Holly Corp..............................        6,555
      200     *Horizon Offshore, Inc..................          996
      300     *Houston Exploration Co.................        9,180
      300     *Hydril Co..............................        7,071
    3,400     *Input/Output, Inc......................       14,450
    1,900     *Key Energy Services, Inc...............       17,043
      200     Lufkin Industries, Inc..................        4,690
      900     *Magnum Hunter Resources, Inc...........        5,355
      800     *Maverick Tube Corp.....................       10,424
    1,000     *Meridian Resource Corp.................          900
      600     *Nuevo Energy Co........................        6,660
      800     *Oceaneering International, Inc.........       19,792
    3,100     *Parker Drilling Co.....................        6,882
      900     Patina Oil & Gas Corp...................       28,485
      100     *Petroleum Helicopters (Vote)...........        2,964
      900     *Plains Exploration and Production Co...        8,775
      900     *Plains Resources, Inc..................       10,665
      300     *Prima Energy Corp......................        6,708
    1,800     *Range Resources Corp...................        9,720
      400     *Remington Oil & Gas Corp...............        6,564
      300     RPC, Inc................................        3,480
      700     *Seacor Smit, Inc.......................       31,150
      800     *Spinnaker Exploration Co...............       17,640
    1,100     St. Mary Land & Exploration Co..........       27,500
      600     *Stone Energy Corp......................       20,016
    1,500     *Superior Energy Services, Inc..........       12,300
      500     *Swift Energy Co........................        4,835
    2,000     *Tesoro Petroleum Corp..................        9,040
    1,100     *Tom Brown, Inc.........................       27,610
      300     *Transmontaigne, Inc....................        1,392
      500     *Trico Marine Services, Inc.............        1,665
    1,200     *Unit Corp..............................       22,260
      800     *Universal Compression Holdings, Inc....       15,304
       66     Unocal Corp.............................        2,018
      900     *Veritas DGC, Inc.......................        7,110
    1,800     Vintage Petroleum, Inc..................       18,990
      800     *Westport Resources Corp................       16,640
      400     *W-H Energy Services, Inc...............        5,836
      600     World Fuel Services Corp................       12,300
                                                        -----------
              TOTAL ENERGY                                  706,527
                                                        -----------
FINANCIAL SERVICES--23.18%                                         
      400     1st Source Corp.........................        6,700
      300     ABC Bancorp.............................        3,885
      300     Acadia Realty Trust.....................        2,226
      900     Advanta Corp (Class A)..................        8,083
      400     Alabama National Bancorp................       17,400
      400     Alexandria Real Estate Equities, Inc....       17,040
    1,100     Alfa Corp...............................       13,212
      100     Allegiant Bancorp, Inc..................        1,823
      800     Amcore Financial, Inc...................       17,360
    1,300     American Capital Strategies Ltd.........       28,067
      500     American Financial Holdings, Inc........       14,940
      100     American Home Mortgage Holdings, Inc....        1,100
      100     American National Bankshares, Inc.......        2,600
      900     *American Physicians Capital, Inc.......       16,929
    2,300     *Ameritrade Holding Corp................       13,018
      400     AMLI Residential Properties Trust.......        8,512
      700     Anchor Bancorp Wisconsin, Inc...........       14,525
    1,700     Anthracite Capital, Inc.................       18,530
      600     Anworth Mortgage Asset Corp.............        7,542
      600     Apex Mortgage Capital, Inc..............        3,924
      600     Argonaut Group, Inc.....................        8,850

64  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      210     Arrow Financial Corp....................  $     6,462
      400     Associated Estates Realty Corp..........        2,700
      200     Baldwin & Lyons, Inc (Class B)..........        4,710
      400     Banc Corp...............................        3,104
      200     Bancfirst Corp..........................        9,400
      300     Bank Mutual Corp........................        6,939
      400     Bank Of Granite Corp....................        7,000
      200     Bank Of The Ozarks, Inc.................        4,688
    1,400     BankAtlantic Bancorp, Inc (Class A).....       13,230
      700     *Bankunited Financial Corp (Class A)....       11,326
      300     Banner Corp.............................        5,658
    2,100     b*Bay View Capital Corp.................       12,075
      300     *Beazer Homes U.S.A., Inc...............       18,180
      500     Bedford Property Investors, Inc.........       12,845
      200     Berkshire Hills Bancorp, Inc............        4,710
      200     *BKF Capital Group, Inc.................        3,530
      300     Boston Private Financial Holdings,                   
                Inc...................................        5,958
      200     Bostonfed Bancorp, Inc..................        5,340
      500     Boykin Lodging Co.......................        4,665
      800     Brandywine Realty Trust.................       17,448
    2,300     Brookline Bancorp, Inc..................       27,370
      200     BSB Bancorp, Inc........................        4,194
      200     California First National Bancorp.......        2,560
      300     Camden National Corp....................        7,260
      700     Capital Automotive REIT.................       16,590
      200     Capital City Bank Group, Inc............        7,838
      100     Capitol Bancorp Ltd.....................        2,320
      300     Capstead Mortgage Corp..................        7,395
      500     Cascade Bancorp.........................        6,910
      900     Cash America International, Inc ........        8,568
      600     Cathay Bancorp, Inc ....................       22,794
      300     CB Bancshares, Inc .....................       12,756
      400     CBL & Associates Properties, Inc .......       16,020
      300     CCBT Financial Cos, Inc ................        7,704
      200     *CCC Information Services Group, Inc ...        3,550
      400     Center Trust, Inc ......................        3,120
      300     *Central Coast Bancorp..................        5,928
      200     Century Bancorp, Inc (Class A)..........        5,304
      500     *Ceres Group, Inc ......................          960
      500     CFS Bancorp, Inc .......................        7,150
      200     Charter Financial Corp..................        6,216
      900     Charter Municipal Mortgage Acceptance                
                Co....................................       15,633
      800     Chateau Communities, Inc ...............       18,400
      900     Chelsea Property Group, Inc ............       29,979
      600     Chemical Financial Corp.................       19,290
    1,000     Chittenden Corp.........................       25,480
      300     Citizens First Bancorp, Inc ............        6,318
      300     *Citizens, Inc .........................        2,250
      400     City Bank...............................        9,900
      400     City Holding Co.........................       11,300
      100     *Clark/Bardes, Inc .....................        1,925
      800     CNA Surety Corp.........................        6,280
      200     Coastal Bancorp, Inc ...................        6,470
      200     Coastal Financial Corp..................        2,728
      100     CoBiz, Inc .............................        1,485
      600     Colonial Properties Trust...............       20,364
      100     Columbia BanCorp .......................        2,203
      300     *Columbia Banking System, Inc ..........        3,783
      900     Commerce Group, Inc ....................       33,750
    1,800     Commercial Federal Corp.................       42,030
    1,400     Commercial Net Lease Realty, Inc .......       21,462
      400     Commonwealth Bancorp, Inc ..............       18,548

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    200     Community Bank System, Inc .............  $     6,270
    300     Community Banks, Inc ...................        8,310
  1,400     Community First Bankshares, Inc ........       37,044
    440     Community Trust Bancorp, Inc ...........       11,062
    700     *CompuCredit Corp.......................        4,949
    400     Connecticut Bancshares, Inc ............       15,380
  1,400     Cornerstone Realty Income Trust, Inc ...       11,144
    400     Corporate Office Properties Trust.......        5,612
    300     Correctional Properties Trust...........        6,510
    600     *Corrections Corp Of America............       10,290
    400     Corus Bankshares, Inc ..................       17,464
    300     CPB, Inc ...............................        8,235
    800     Crawford & Co (Class B).................        4,000
    400     *Credit Acceptance Corp.................        2,552
  2,000     Crown American Realty Trust.............       18,400
    500     *CSK Auto Corp..........................        5,500
    800     CVB Financial Corp......................       20,344
    300     Delphi Financial Group, Inc (Class A)...       11,388
    900     Dime Community Bancshares...............       17,235
    800     East West Bancorp, Inc .................       28,864
    400     Eastgroup Properties, Inc ..............       10,200
    500     *Electro Rent Corp......................        6,061
    100     EMC Insurance Group, Inc ...............        1,787
    400     Entertainment Properties Trust..........        9,408
    300     Equity One, Inc ........................        4,005
    400     Essex Property Trust, Inc ..............       20,340
  1,000     *Euronet Worldwide, Inc ................        7,510
    400     F & M Bancorp...........................       12,800
    200     Farmers Capital Bank Corp...............        6,650
    500     FBL Financial Group, Inc (Class A)......        9,735
    600     FBR Asset Investment Corp...............       20,340
    300     Federal Agricultural Mortgage Corp                   
              (Class C).............................        9,192
  1,400     Federal Realty Investment Trust.........       39,368
    700     FelCor Lodging Trust, Inc...............        8,008
    600     Fidelity Bankshares, Inc................       10,740
    300     *Financial Federal Corp.................        7,539
    200     Financial Industries Corp...............        2,848
    300     Financial Institutions, Inc.............        8,808
    300     First Bancorp (North Carolina)..........        7,053
  1,100     First Bancorp (Puerto Rico).............       24,860
    100     First Banks America, Inc................        4,054
    300     First Busey Corp (Class A)..............        6,918
  1,000     First Charter Corp......................       18,000
    300     First Citizens Bancshares, Inc (Class                
              A)....................................       28,980
  1,700     First Commonwealth Financial Corp.......       19,550
    200     First Community BanCorp ................        6,586
    400     First Community Bancshares, Inc.........       12,304
    200     First Defiance Financial Corp...........        3,780
    300     First Essex Bancorp, Inc................       10,020
    800     First Federal Capital Corp..............       15,447
  1,100     First Financial BanCorp ................       18,030
    499     First Financial Bankshares, Inc.........       18,962
    300     First Financial Corp (Indiana)..........       14,589
    400     First Financial Holdings, Inc...........        9,904
    300     First Indiana Corp......................        5,556
    100     First Merchants Corp....................        2,279
    330     First National Corp.....................        7,920
    500     First Niagara Financial Group, Inc......       13,060
    200     First Oak Brook Bancshares, Inc.........        6,284
    100     First Of Long Island Corp...............        3,650
    400     First Place Financial Corp..............        6,652
    500     *First Republic Bank....................        9,995
    900     First Sentinel Bancorp, Inc.............       12,951

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   65

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      100     First South Bancorp, Inc................  $     3,558
      100     First State BanCorp ....................        2,480
      200     Firstfed America Bancorp, Inc...........        4,970
      600     *FirstFed Financial Corp................       17,370
    1,000     Flagstar Bancorp, Inc...................       21,600
      500     Flushing Financial Corp.................        8,189
      300     FNB Corp (Virginia).....................        7,119
      400     *FPIC Insurance Group, Inc..............        2,760
      100     Franklin Financial Corp.................        2,293
    4,100     Fremont General Corp....................       18,409
      500     *Friedman, Billings, Ramsey Group,                   
                Inc...................................        4,680
      500     Frontier Financial Corp.................       12,790
      200     *Gabelli Asset Management, Inc (Class                
                A)....................................        6,008
      800     Gables Residential Trust................       19,944
    2,600     *Gartner, Inc (Class A).................       23,920
      200     GBC BanCorp.............................        3,872
      315     German American BanCorp.................        4,898
      400     Glacier Bancorp, Inc....................        9,428
      300     Gladstone Capital Corp..................        4,941
      500     Glenborough Realty Trust, Inc...........        8,910
      800     Glimcher Realty Trust...................       14,200
      300     Gold Banc Corp, Inc.....................        2,976
      200     Granite State Bankshares, Inc...........        8,738
      300     Great American Financial Resources,                  
                Inc...................................        5,160
      400     Great Lakes REIT, Inc...................        6,660
      200     Great Southern Bancorp, Inc.............        7,350
      600     Hancock Holding Co......................       26,790
      300     *Hanmi Financial Corp...................        5,031
      900     Harbor Florida Bancshares, Inc..........       20,268
    1,000     Harleysville Group, Inc.................       26,430
      400     Harleysville National Corp..............       10,688
      200     *Hawthorne Financial Corp...............        5,708
    1,500     Health Care REIT, Inc...................       40,575
    1,400     Healthcare Realty Trust, Inc............       40,950
      600     Heritage Property Investment Trust......       14,982
    1,000     Hilb, Rogal & Hamilton Co...............       40,900
      800     Home Properties Of New York, Inc........       27,560
    2,500     *Homestore, Inc.........................        2,125
    1,700     Hooper Holmes, Inc......................       10,438
    1,200     Horace Mann Educators Corp..............       18,396
    4,300     HRPT Properties Trust...................       35,432
      500     Hudson River Bancorp, Inc...............       12,375
      400     Humboldt Bancorp........................        4,200
      200     IberiaBank Corp.........................        8,032
      800     IMPAC Mortgage Holdings, Inc............        9,200
      100     Independence Holding Co.................        2,147
      300     Independent Bank Corp (Massachusetts)...        6,840
      425     Independent Bank Corp (Michigan)........       12,861
      300     Innkeepers U.S.A. Trust.................        2,298
      100     *Insignia Financial Group, Inc..........          725
      100     *Insurance Auto Auctions, Inc...........        1,659
      500     Integra Bank Corp.......................        8,910
      300     Interchange Financial Services Corp.....        4,830
      900     International Bancshares Corp...........       35,505
      700     Investors Real Estate Trust.............        6,986
    1,100     IRT Property Co.........................       13,057
      300     Irwin Financial Corp....................        4,950
    1,404     iShares Russell 2000 Index Fund.........      106,662
      200     *Itla Capital Corp......................        6,646
    1,900     *ITT Educational Services, Inc..........       44,745
    1,300     JDN Realty Corp.........................       14,235
      500     Jefferies Group, Inc....................       20,985

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    900     *Jones Lang LaSalle, Inc................  $    13,842
    100     Kansas City Life Insurance Co...........        3,790
  1,000     Keystone Property Trust.................       16,970
    800     Kilroy Realty Corp......................       18,440
  2,700     *Knight Trading Group, Inc..............       12,933
    600     Koger Equity, Inc.......................        9,360
    600     Kramont Realty Trust....................        8,790
  3,100     *La Quinta Corp.........................       13,640
    315     Lakeland Bancorp, Inc...................        5,629
    200     Lakeland Financial Corp.................        4,690
  1,100     Landamerica Financial Group, Inc........       38,995
    300     *LendingTree, Inc.......................        3,864
    900     Lexington Corporate Properties Trust....       14,310
    600     Liberty Corp............................       23,280
    800     LNR Property Corp.......................       28,320
  1,000     *Local Financial Corp...................       14,650
    200     LSB Bancshares, Inc.....................        3,240
    300     LTC Properties, Inc.....................        2,016
    100     Macatawa Bank Corp......................        1,985
  1,400     Macerich Co.............................       43,050
    500     MAF Bancorp, Inc........................       16,965
    100     Main Street Banks, Inc..................        1,920
    210     MainSource Financial Group, Inc.........        5,042
    300     Manufactured Home Communities, Inc......        8,889
    300     MASSBANK Corp...........................        8,490
    300     MB Financial, Inc.......................       10,437
    700     MCG Capital Corp........................        7,518
    100     *MEEMIC Holdings, Inc...................        2,894
    200     Merchants Bancshares, Inc...............        4,508
    500     Meristar Hospitality Corp...............        3,300
    100     *Meritage Corp..........................        3,365
  2,300     Metris Cos, Inc.........................        5,681
  1,000     MFA Mortgage Investments, Inc...........        8,400
    300     Mid Atlantic Realty Trust...............        5,220
    400     Mid-America Apartment Communities,                   
              Inc...................................        9,780
    300     Midland Co..............................        5,700
    700     Mid-State Bancshares....................       11,495
    300     Midwest Banc Holdings, Inc..............        5,685
  1,100     Mills Corp..............................       32,274
    400     Mission West Properties, Inc............        3,960
    100     Nara Bancorp, Inc.......................        2,077
    200     NASB Financial, Inc.....................        4,600
  1,200     National Health Investors, Inc..........       19,296
    200     National Health Realty, Inc.............        2,920
    525     National Penn Bancshares, Inc...........       13,939
    100     *National Western Life Insurance Co                  
              (Class A).............................        9,600
  2,200     Nationwide Health Properties, Inc.......       32,846
    200     *Navigators Group, Inc..................        4,590
    200     NBC Capital Corp........................        5,040
  1,000     NBT Bancorp, Inc........................       17,070
    900     *NetBank, Inc...........................        8,712
    400     New Century Financial Corp..............       10,156
    300     Northwest Bancorp, Inc..................        4,437
    500     Novastar Financial, Inc.................       15,515
    100     *NYMAGIC, Inc...........................        1,945
    600     OceanFirst Financial Corp...............       13,470
  1,200     *Ocwen Financial Corp...................        3,360
    500     Odyssey Re Holdings Corp................        8,850
  1,400     *Ohio Casualty Corp.....................       18,130
    300     Old Second Bancorp, Inc.................       11,100
    300     Omega Financial Corp....................       10,755
    400     Oriental Financial Group, Inc...........        9,832
  1,300     Pacific Capital Bancorp.................       33,085

66  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      600     Pacific Northwest Bancorp...............  $    15,000
      400     *Pacific Union Bank.....................        4,604
    1,100     Pan Pacific Retail Properties, Inc......       40,183
      200     Parkvale Financial Corp.................        4,610
      300     Parkway Properties, Inc.................       10,524
      200     Partners Trust Financial Group, Inc.....        3,224
      200     Peapack Gladstone Financial Corp........        6,850
      200     Pennfed Financial Services, Inc.........        5,430
      300     Pennrock Financial Services Corp........        8,325
      400     Pennsylvania Real Estate Investment                  
                Trust.................................       10,400
      200     Peoples Bancorp, Inc....................        5,120
      200     Peoples Holding Co......................        8,150
      600     PFF Bancorp, Inc........................       18,750
      700     *Philadelphia Consolidated Holding                   
                Corp..................................       24,780
      300     *Pico Holdings, Inc.....................        4,029
      400     PMA Capital Corp (Class A)..............        5,732
      200     Port Financial Corp.....................        8,924
    1,300     Post Properties, Inc....................       31,070
    1,100     Prentiss Properties Trust...............       31,108
    1,000     Presidential Life Corp..................        9,930
      100     *Price Legacy Corp......................          280
      200     PrivateBancorp, Inc.....................        7,570
      700     *ProAssurance Corp......................       14,700
      100     Prosperity Bancshares, Inc..............        1,900
      200     Provident Bancorp, Inc..................        6,210
    1,000     Provident Bankshares Corp...............       23,111
      400     PS Business Parks, Inc..................       12,720
      200     *Quaker City Bancorp, Inc...............        6,586
      300     R & G Financial Corp (Class B)..........        6,975
    1,000     RAIT Investment Trust...................       21,600
      700     Ramco-Gershenson Properties.............       13,825
      900     Realty Income Corp......................       31,500
      500     Redwood Trust, Inc......................       13,850
    2,350     Republic Bancorp, Inc...................       27,660
      200     Republic Bancorp, Inc (Class A)                      
                (Kentucky)............................        2,254
      100     *Republic Bancshares, Inc...............        1,965
      600     Resource America, Inc (Class A).........        5,407
    1,400     RFS Hotel Investors, Inc................       15,204
      400     Riggs National Corp.....................        6,196
      900     RLI Corp................................       25,110
      200     Royal Bancshares Of Pennsylvania (Class              
                A)....................................        4,280
      800     S & T Bancorp, Inc......................       20,041
      200     S.Y. Bancorp, Inc.......................        7,420
      400     Sandy Spring Bancorp, Inc...............       12,600
      500     Santander Bancorp.......................        6,500
      200     Saul Centers, Inc.......................        4,760
      800     *Saxon Capital, Inc.....................       10,008
      300     Seacoast Banking Corp Of Florida........        5,652
      900     Seacoast Financial Services Corp........       18,010
      300     Second Bancorp, Inc.....................        7,950
      700     Selective Insurance Group, Inc..........       17,626
    1,400     Senior Housing Properties Trust.........       14,854
      300     Simmons First National Corp (Class A)...       10,995
      300     Sizeler Property Investors..............        2,787
       46     Sky Financial Group, Inc................          916
      700     SL Green Realty Corp....................       22,120
    2,100     *SoundView Technology Group, Inc........        3,150
    1,300     South Financial Group, Inc..............       26,858
      700     *Southwest Bancorp Of Texas, Inc........       20,167
      100     Southwest Bancorp, Inc..................        2,599
      400     Sovran Self Storage, Inc................       11,344
      200     St. Francis Capital Corp................        4,684

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    500     State Auto Financial Corp...............  $     7,750
    200     State Bancorp, Inc......................        3,600
  2,200     Staten Island Bancorp, Inc..............       44,308
    240     Sterling Bancorp........................        6,317
    500     Sterling Bancshares, Inc................        6,110
    400     Sterling Financial Corp                              
              (Pennsylvania)........................        9,460
    200     *Sterling Financial Corp (Spokane)......        3,764
  1,100     *Stewart Information Services Corp......       23,529
    400     Suffolk Bancorp.........................       12,648
    200     Summit Bancshares, Inc..................        3,900
    800     Summit Properties, Inc..................       14,240
    200     *Sun Bancorp, Inc (New Jersey)..........        2,660
    100     Sun Bancorp, Inc (Pennsylvania).........        1,828
    400     Sun Communities, Inc....................       14,628
    284     Superior Financial Corp.................        5,217
  1,200     Susquehanna Bancshares, Inc.............       25,009
    400     SWS Group, Inc..........................        5,424
    500     *Syntroleum Corp........................          865
  1,100     Taubman Centers, Inc....................       17,853
    600     Texas Regional Bancshares, Inc (Class                
              A)....................................       21,325
  1,800     Thornburg Mortgage, Inc.................       36,180
    200     Tompkins Trustco, Inc...................        8,820
    400     Town & Country Trust....................        8,440
    200     *Trammell Crow Co.......................        1,800
    100     *Transcontinental Realty Investors,                  
              Inc...................................        1,764
    400     *Triad Guaranty, Inc....................       14,744
    100     Trico Bancshares........................        2,460
    300     Troy Financial Corp.....................        8,094
    500     Trust Co Of New Jersey..................       13,916
  1,100     Trustco Bank Corp NY....................       11,858
    600     U.S. Restaurant Properties, Inc.........        8,448
    400     U.S.B. Holding Co, Inc..................        7,080
    600     UCBH Holdings, Inc......................       25,470
  1,400     *UICI...................................       21,770
    400     UMB Financial Corp......................       15,304
    238     Umpqua Holdings Corp....................        4,344
    300     b*Union Acceptance Corp (Class A).......          186
    300     Union Bankshares Corp...................        8,175
  1,100     United Bankshares, Inc..................       31,967
    500     United Community Banks, Inc.............       12,185
  1,100     United Community Financial Corp.........        9,515
    300     United Fire & Casualty Co...............       10,035
    300     United National Bancorp.................        6,915
    500     *Universal American Financial Corp......        2,910
    300     Universal Health Realty Income Trust....        7,875
    700     Unizan Financial Corp...................       13,825
    200     Urstadt Biddle Properties, Inc (Class                
              A)....................................        2,216
    100     Value Line, Inc.........................        4,344
  1,000     Vesta Insurance Group, Inc..............        2,750
    200     Virginia Financial Group, Inc...........        5,960
  1,600     W Holding Co, Inc.......................       26,256
    200     Warwick Community Bancorp...............        5,666
  1,200     Washington Real Estate Investment                    
              Trust.................................       30,600
    400     Washington Trust Bancorp, Inc...........        7,812
  1,600     Waypoint Financial Corp.................       28,480
    100     *Wellsford Real Properties, Inc.........        1,576
    400     Wesbanco, Inc...........................        9,356
    900     West Coast Bancorp......................       13,635
    300     Westcorp................................        6,300
    100     Westfield Financial, Inc................        1,550
    200     *WFS Financial, Inc.....................        4,182
    500     Willow Grove Bancorp, Inc...............        6,950
    400     Winston Hotels, Inc.....................        3,120

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   67

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      200     Wintrust Financial Corp.................  $     6,264
    1,100     *World Acceptance Corp..................        8,371
      300     WSFS Financial Corp.....................        9,891
    5,000     *Wyndham International, Inc (Class A)...        1,150
      200     Yardville National Bancorp..............        3,448
      100     Zenith National Insurance Corp..........        2,352
                                                        -----------
              TOTAL FINANCIAL SERVICES                    4,647,012
                                                        -----------
HEALTH CARE--13.14%                                                
      300     *aaiPharma, Inc.........................        4,206
    3,200     *Abgenix, Inc...........................       23,584
      300     *Abiomed, Inc...........................        1,092
      502     *Acacia Research - CombiMatrix..........        1,827
    2,100     *Adolor Corp............................       28,812
      200     *Advanced Neuromodulation Systems,                   
                Inc...................................        7,020
    1,400     b*Advanced Tissue Sciences, Inc.........           57
      300     *Advisory Board Co/The..................        8,970
      100     *Aksys Ltd..............................          530
      400     *Alaris Medical, Inc....................        2,440
      500     *Albany Molecular Research, Inc.........        7,396
    1,400     *Alderwoods Group, Inc..................        6,636
    1,500     *Alexion Pharmaceuticals, Inc...........       21,180
      600     *Align Technology, Inc..................        1,657
    1,700     *Alkermes, Inc..........................       10,659
      700     *Alliance Imaging, Inc..................        3,710
      300     *Allos Therapeutics, Inc................        2,256
      300     *Allscripts Healthcare Solutions, Inc...          717
    1,000     Alpharma, Inc (Class A).................       11,910
      200     *American Healthways, Inc...............        3,500
      300     *American Medical Security Group, Inc...        4,194
      600     *American Medical Systems Holdings,                  
                Inc...................................        9,726
      300     *American Pharmaceutical Partners,                   
                Inc...................................        5,340
      300     *AMERIGROUP Corp........................        9,093
      500     *Ameripath, Inc.........................       10,750
      700     *Amsurg Corp............................       14,301
    2,000     *Amylin Pharmaceuticals, Inc............       32,280
    1,100     *Antigenics, Inc........................       11,264
      600     *Aphton Corp............................        2,334
    2,600     *Applera Corp (Celera Genomics Group)...       24,830
    1,000     *Applied Molecular Evolution............        2,050
    1,300     *Apria Healthcare Group, Inc............       28,912
      800     *Arena Pharmaceuticals, Inc.............        5,208
      100     *Ariad Pharmaceuticals, Inc.............          240
      600     *Arqule, Inc............................        1,830
      100     *Array Biopharma, Inc...................          555
      300     Arrow International, Inc................       12,201
      800     *Arthrocare Corp........................        7,880
      800     *Atherogenics, Inc......................        5,928
      700     *Atrix Laboratories, Inc................       10,737
    1,800     *AVANIR Pharmaceuticals (Class A).......        1,800
    1,200     *Avigen, Inc............................        6,852
      300     *Benthley Pharmaceuticals, Inc..........        2,415
    3,200     *Beverly Enterprises, Inc...............        9,120
    1,400     *BioMarin Pharmaceutical, Inc...........        9,870
      400     *Biopure Corp...........................        1,488
      700     *Bio-Rad Laboratories, Inc (Class A)....       27,090
      200     *Bio-Reference Labs, Inc................        1,234
      200     *Bioreliance Corp.......................        4,634
      300     *Biosite, Inc...........................       10,206
    1,800     *Bio-Technology General Corp............        5,762
      100     *Bone Care International, Inc...........          973
      200     *Bradley Pharmaceuticals, Inc...........        2,606
      400     *Britesmile, Inc........................          132

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    300     *Bruker AXS, Inc........................  $       543
    300     *Bruker Daltonics, Inc..................        1,458
  1,767     *Caliper Technologies Corp..............        5,301
    300     *Cantel Medical Corp....................        3,798
    446     *Cardiac Science, Inc...................          986
    600     *Cardiodynamics International Corp......        1,842
  1,000     *Cell Genesys, Inc......................       11,151
  2,000     *Cell Therapeutics, Inc.................       14,540
    200     *Centene Corp...........................        6,718
    400     *Cepheid, Inc...........................        2,039
    999     *Cerus Corp.............................       21,479
    400     *Chattem, Inc...........................        8,220
    300     *Cholestech Corp........................        2,088
    500     *Cima Labs, Inc.........................       12,096
    400     *Ciphergen Biosystems, Inc..............        1,380
    300     *Closure Medical Corp...................        3,144
    500     *Cobalt Corp............................        6,900
    900     *Coherent, Inc..........................       17,955
    400     *Columbia Laboratories, Inc.............        1,344
    200     *Computer Programs & Systems, Inc.......        4,952
    400     *Conceptus, Inc.........................        4,792
    400     *Conmed Corp............................        7,836
    600     *Connetics Corp.........................        7,212
  1,000     Cooper Cos, Inc.........................       25,020
  1,500     *Corixa Corp............................        9,585
    400     *Corvel Corp............................       14,300
  2,000     *Covance, Inc...........................       49,180
  1,000     *Cross County, Inc......................       13,950
    400     *CryoLife, Inc..........................        2,732
  1,600     *Cubist Pharmaceuticals, Inc............       13,168
  2,900     *CuraGen Corp...........................       13,485
    100     *Curative Health Services, Inc..........        1,725
  1,400     *CV Therapeutics, Inc...................       25,508
    400     *Cyberonics, Inc........................        7,360
    300     D&K Healthcare Resources, Inc...........        3,072
    300     Datascope Corp..........................        7,440
    700     *Decode Genetics, Inc...................        1,295
    200     *Deltagen, Inc..........................           96
    600     *Dendrite International, Inc............        4,482
    300     *Dianon Systems, Inc....................       14,313
    100     *Digene Corp............................        1,146
    300     *Discovery Partners International,                   
              Inc...................................          834
  1,200     *Diversa Corp...........................       10,860
    200     *DJ Orthopedics, Inc....................          752
    900     *Durect Corp............................        1,818
    300     *DVI, Inc...............................        2,265
  1,100     *Eclipsys Corp..........................        5,885
    600     *Embrex, Inc............................        6,677
    600     *Endo Pharmaceuticals Holdings, Inc.....        4,619
    200     *Endocardial Solutions, Inc.............          676
    300     *Endocare, Inc..........................        1,032
    700     *Enzo Biochem, Inc......................        9,800
  1,600     *Enzon, Inc.............................       26,752
    500     *Eon Labs, Inc..........................        9,455
    200     *EPIX Medical, Inc......................        1,446
    200     *eResearch Technology, Inc..............        3,350
    500     *Esperion Therapeutics, Inc.............        3,575
  1,400     *Exact Sciences Corp....................       15,162
    900     *Exelixis, Inc..........................        7,200
    500     *First Horizon Pharmaceutical...........        3,739
    800     *Gene Logic, Inc........................        5,032
    600     *Genencor International, Inc............        5,868
  1,400     *Genesis Health Ventures, Inc...........       21,630

68  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
    2,000     *Genta, Inc.............................  $    15,380
      700     *Genzyme Corp (Biosurgery Division).....        1,785
    2,400     *Geron Corp.............................        8,640
      700     *Guilford Pharmaceuticals, Inc..........        2,786
      800     *Haemonetics Corp.......................       17,168
      600     *Hanger Orthopedic Group, Inc...........        7,890
      600     *Harvard Bioscience, Inc................        1,979
      300     *Healthcare Services Group..............        3,912
      500     *HealthExtras, Inc......................        2,025
      200     *HealthTronics Surgical Services, Inc...        1,602
      500     *Hologic, Inc...........................        6,105
      300     *ICU Medical, Inc.......................       11,190
    1,200     *Idexx Laboratories, Inc................       39,960
      500     *IDX Systems Corp.......................        8,515
      600     *Igen International, Inc................       25,710
    1,700     *Ilex Oncology, Inc.....................       12,002
      900     *Illumina, Inc..........................        3,033
    1,000     *I-many, Inc............................        1,420
    2,200     *ImClone Systems, Inc...................       23,366
      200     *Immucor, Inc...........................        4,050
    1,400     *Immunogen, Inc.........................        4,340
      900     Immunomedics, Inc.......................        4,158
      500     *Impath, Inc............................        9,860
    1,000     *Impax Laboratories, Inc................        4,010
      400     *Inamed Corp............................       12,320
    2,000     *Incyte Genomics, Inc...................        9,120
    3,500     *Inhale Therapeutic Systems, Inc........       28,280
      500     *Integra LifeSciences Holding...........        8,825
      400     *Integrated Silicon Solution, Inc.......        1,744
      700     *InterMune, Inc.........................       17,857
      100     *Interpore International................          640
      400     *Intuitive Surgical, Inc................        2,464
      800     Invacare Corp...........................       26,640
      200     *Inverness Medical Innovations, Inc.....        2,630
    1,200     *Isis Pharmaceuticals, Inc..............        7,908
      300     *Kendle International, Inc..............        2,640
      200     *Kensey Nash Corp.......................        3,654
      300     *Kindred Healthcare, Inc................        5,445
      500     *Kos Pharmaceuticals, Inc...............        9,500
      600     *Kosan Biosciences, Inc.................        3,642
      500     *KV Pharmaceutical Co (Class A).........       11,600
      100     *Kyphon, Inc............................          854
      300     *La Jolla Pharmaceutical Co.............        1,950
      100     *LabOne, Inc............................        1,772
      200     Landauer, Inc...........................        6,950
    1,100     *Lexicon Genetics, Inc..................        5,203
      300     *Lifecore Biomedical, Inc...............        2,574
      900     *Ligand Pharmaceuticals, Inc (Class                  
                B)....................................        4,833
      500     *Luminex Corp...........................        2,055
      700     *Magellan Health Services, Inc..........          112
      100     *Martek Biosciences Corp................        2,516
      200     *Matria Healthcare, Inc.................        1,738
      700     *MAXIMUS, Inc...........................       18,270
    1,200     *Maxygen, Inc...........................        9,144
    1,300     *Medarex, Inc...........................        5,135
      200     *Medcath Corp...........................        2,000
      200     *Med-Design Corp........................        1,612
      300     *Medical Staffing Network Holdings,                  
                Inc...................................        4,800
      400     *Medicines Co...........................        6,408
      300     *MedQuist, Inc..........................        6,078
      300     *MedSource Technologies, Inc............        1,947
      700     Mentor Corp.............................       26,950

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    200     *Meridian Medical Technologies, Inc.....  $     8,880
    300     *Merit Medical Systems, Inc.............        5,976
    100     *MGI Pharma, Inc........................          725
    500     *MIM Corp...............................        2,900
    500     *Molecular Devices Corp.................        8,235
  1,300     *Mykrolis Corp..........................        9,490
    600     *Myriad Genetics, Inc...................        8,760
  1,200     *Nabi Biopharmaceuticals................        7,440
    600     *Napro Biotherapeutics, Inc.............          408
    900     *Nastech Pharmaceutical Co..............        7,695
    200     *National Healthcare Corp...............        3,500
    700     *Neoforma, Inc..........................        8,365
    300     *Neopharm, Inc..........................        3,042
    300     *Neose Technologies, Inc................        2,661
    900     *Neurocrine Biosciences, Inc............       41,094
    400     *Neurogen Corp..........................        1,452
    800     *Noven Pharmaceuticals, Inc.............        7,384
  1,000     *NPS Pharmaceuticals, Inc...............       25,170
    300     *Ocular Sciences, Inc...................        4,656
    300     *Odyssey HealthCare, Inc................       10,410
    400     *Omega Healthcare Investors, Inc........        1,496
    300     *Omnicell, Inc..........................          795
    200     *On Assignment, Inc.....................        1,704
    300     *Onyx Pharmaceuticals, Inc..............        1,743
    100     *Option Care, Inc.......................          796
    800     *OraSure Technologies, Inc..............        4,360
    600     *Orthologic Corp........................        2,166
  1,800     *OSI Pharmaceuticals, Inc...............       29,520
  1,000     Owens & Minor, Inc......................       16,420
  1,100     *Pacificare Health Systems, Inc.........       30,910
    300     *Pain Therapeutics, Inc.................          717
  1,000     *Parexel International Corp.............       10,990
    300     *PDI, Inc...............................        3,237
    800     *Pediatrix Medical Group, Inc...........       32,048
  2,500     *Peregrine Pharmaceuticals, Inc.........        1,950
    900     *Per-Se Technologies, Inc...............        8,072
    600     *Pharmaceutical Resources, Inc..........       17,880
    700     *Pharmacopeia, Inc......................        6,244
    300     *PolyMedica Corp........................        9,252
    500     *Possis Medical, Inc....................        9,000
    100     *Pozen, Inc.............................          515
    200     *PracticeWorks, Inc.....................        1,580
  2,800     *Praecis Pharmaceuticals, Inc...........        9,100
    400     *Prime Medical Services, Inc............        3,468
    800     *Priority Healthcare Corp (Class B).....       18,560
    200     *Progenics Pharmaceuticals..............        1,332
  3,500     *Protein Design Labs, Inc...............       29,750
  1,100     *Province Healthcare Co.................       10,703
    100     *Proxymed, Inc..........................        1,044
  2,300     *PSS World Medical, Inc.................       15,732
    200     *QMed, Inc..............................        1,252
    600     *Quadramed Corp.........................        1,572
    500     *Quidel Corp............................        1,735
    400     *Quovadx, Inc...........................          968
    800     *Radiologix, Inc........................        1,848
  1,700     *Regeneron Pharmaceuticals, Inc.........       31,467
    700     *RehabCare Group, Inc...................       13,356
    500     *Res-Care, Inc..........................        1,815
    900     *Resmed, Inc............................       27,513
  1,200     *Respironics, Inc.......................       36,517
    100     *Rigel Pharmaceuticals, Inc.............          109
    300     *Rita Medical Systems, Inc..............        1,515
    100     *Salix Pharmaceuticals Ltd..............          699

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   69

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
      600     *Sangamo Biosciences, Inc...............  $     1,806
      900     *Sangstat Medical Corp..................       10,170
    1,400     *Scios, Inc.............................       45,612
    1,400     *Seattle Genetics, Inc..................        4,340
      700     *Select Medical Corp....................        9,443
    2,400     *Sepracor, Inc..........................       23,208
      600     *Sequenom, Inc..........................        1,080
      800     *Serologicals Corp......................        8,800
    9,000     *Service Corp International.............       29,880
    1,900     *Sierra Health Services, Inc............       22,819
      600     *Sola International, Inc................        7,800
      300     *Sonic Innovations, Inc.................        1,143
      100     *SonoSite, Inc..........................        1,307
      100     *Specialty Laboratories, Inc............          966
    1,100     *Stericycle, Inc........................       35,617
    3,100     *Stewart Enterprises, Inc (Class A).....       17,270
      500     *Sunrise Assisted Living, Inc...........       12,445
      600     *SuperGen, Inc..........................        2,178
      500     *SurModics, Inc.........................       14,340
      900     *Sybron Dental Specialties, Inc.........       13,365
      500     *Syncor International Corp..............       13,865
    2,200     *Tanox, Inc.............................       19,910
    1,400     *Techne Corp............................       39,995
      900     *Telik, Inc.............................       10,494
    1,300     *Texas Biotechnology Corp...............        1,820
    1,000     *Theragenics Corp.......................        4,030
      700     *Therasense, Inc........................        5,845
    2,200     *Thoratec Corp..........................       16,786
      800     *Transkaryotic Therapies, Inc...........        7,920
      700     *Triangle Pharmaceuticals, Inc..........        4,158
      400     *Trimeris, Inc..........................       17,236
      100     *TriPath Imaging, Inc...................          268
    1,200     *Tularik, Inc...........................        8,952
    3,000     *U.S. Oncology, Inc.....................       26,010
      500     *U.S. Physical Therapy, Inc.............        5,575
      900     *Umilab Corp............................       16,470
      200     *United Surgical Partners International,             
                Inc...................................        3,124
      600     *United Therapeutics Corp...............       10,020
      400     *Urologix, Inc..........................        1,324
    1,000     *Varian, Inc............................       28,690
      600     *VCA Antech, Inc........................        9,000
      300     *Ventana Medical Systems, Inc...........        6,915
    2,200     Ventas, Inc.............................       25,190
      500     *Versicor, Inc..........................        5,395
      800     *Viasys Healthcare, Inc.................       11,912
    1,100     *Vical, Inc.............................        3,817
    2,100     *Visx, Inc..............................       20,118
      200     Vital Signs, Inc........................        5,976
      500     *VitalWorks, Inc........................        1,925
    1,000     *Vivus, Inc.............................        3,730
      500     *Watson Wyatt & Co Holdings.............       10,875
      200     *Wright Medical Group, Inc..............        3,492
      100     *Women First Healthcare, Inc............          456
      600     X-Rite, Inc.............................        4,194
      200     *Young Innovations, Inc.................        4,654
      300     *Zoll Medical Corp......................       10,701
      400     *Zymogenetics, Inc......................        3,960
                                                        -----------
              TOTAL HEALTH CARE                           2,632,832
                                                        -----------

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
OTHER--3.98%                                                       
      200     *4Kids Entertainment, Inc...............  $     4,416
    1,100     ABM Industries, Inc.....................       17,050
    1,500     Acuity Brands, Inc......................       20,310
    1,300     *Administaff, Inc.......................        7,800
      600     *Advo, Inc..............................       19,698
    1,200     Alexander & Baldwin, Inc................       30,948
      100     *Ambassadors Group, Inc.................        1,294
      800     Banta Corp..............................       25,016
    1,500     *Bell Microproducts, Inc................        8,310
      700     Brady Corp (Class A)....................       23,345
      300     *Bright Horizons Family Solutions,                   
                Inc...................................        8,436
      500     *CDI Corp...............................       13,490
      600     Central Parking Corp....................       11,316
    2,700     *Century Business Services, Inc.........        7,155
      200     *Charles River Associates, Inc..........        2,832
    1,200     *Corinthian Colleges, Inc...............       45,432
      400     *Cornell Cos, Inc.......................        3,600
    1,200     *Corporate Executive Board Co...........       38,304
      100     *CoStar Group, Inc......................        1,845
      200     Courier Corp............................        9,168
      400     Curtiss-Wright Corp.....................       25,528
      200     *Daisytek International Corp............        1,586
      500     Ennis Business Forms, Inc...............        5,810
      300     *ESCO Technologies, Inc.................       11,100
      700     *Exult, Inc.............................        2,226
      600     *Fidelity National Information                       
                Solutions, Inc........................       10,350
      500     *First Consulting Group, Inc............        2,880
      100     *Forrester Research, Inc................        1,557
      200     *General Binding Corp...................        1,696
      500     Gentiva Health Services, Inc............        4,405
      300     *Hall Kinion & Associates, Inc..........        1,677
    1,100     Harland (John H.) Co....................       24,343
      300     *Heidrick & Struggles International,                 
                Inc...................................        4,401
      200     *ICT Group, Inc.........................        2,318
      900     *infoUSA, Inc...........................        4,473
      500     *Invision Technologies, Inc.............       13,180
      300     *Itron, Inc.............................        5,751
      700     Kelly Services, Inc (Class A)...........       17,297
    1,100     *Korn/Ferry International...............        8,228
    2,300     *Labor Ready, Inc.......................       14,766
      100     *Lifeline Systems, Inc..................        2,243
      600     Matthews International Corp (Class A)...       13,399
      300     McGrath RentCorp........................        6,972
      500     *Memberworks, Inc.......................        8,990
    3,400     *MPS Group, Inc.........................       18,836
      800     *MSC.Software Corp......................        6,176
    1,100     *Navigant Consulting, Inc...............        6,490
      600     *NCO Group, Inc.........................        9,570
      400     New England Business Services, Inc......        9,760
      600     *Offshore Logistics, Inc................       13,152
      400     *Pre-Paid Legal Services, Inc...........       10,480
      200     *ProQuest Co............................        3,920
      400     *Protection One, Inc....................          800
    1,000     *R.H. Donnelley Corp....................       29,310
      100     *Remedytemp, Inc (Class A)..............        1,400
    1,200     *Rent-Way, Inc..........................        4,200
      550     *Right Management Consultants, Inc......        7,288
      200     *RMH Teleservices, Inc..................        2,100
      400     Rollins, Inc............................       10,180
      400     *School Specialty, Inc..................        7,992
    1,400     *Spherion Corp..........................        9,380
      900     Standard Register Co....................       16,200

70  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
OTHER--(CONTINUED)                                                 
      300     Standex International Corp..............  $     7,152
      200     *Startek, Inc...........................        5,520
      200     Strayer Education, Inc..................       11,500
    2,200     *Symyx Technologies, Inc................       27,698
      800     Talx Corp...............................       10,336
      100     *Tejon Ranch Co.........................        2,970
    1,200     *TeleTech Holdings, Inc.................        8,712
    2,100     *U.S. Industries, Inc...................        5,523
      200     Unifirst Corp...........................        4,040
    1,300     *United Stationers, Inc.................       37,441
      300     *Wackenhut Corrections Corp.............        3,333
    1,000     Walter Industries, Inc..................       10,830
                                                        -----------
              TOTAL OTHER                                   797,230
                                                        -----------
PRODUCER DURABLES--4.94%                                           
    2,400     *Active Power, Inc......................        4,272
      300     *Actuant Corp...........................       13,935
      300     Alamo Group, Inc........................        3,675
      500     American States Water Co................       11,575
    1,100     Ametek, Inc.............................       42,339
      900     Applied Industrial Technologies, Inc....       17,010
      600     *Astec Industries, Inc..................        5,958
      200     *August Technology Corp.................        1,012
    1,100     Baldor Electric Co......................       21,725
      900     Briggs & Stratton Corp..................       38,223
      700     *Brooks-PRI Automation, Inc.............        8,022
      400     California Water Service Group..........        9,460
    4,000     *Capstone Turbine Corp..................        3,600
      500     *Casella Waste Systems, Inc (Class A)...        4,445
      200     CIRCOR International, Inc...............        3,180
      700     *Coinstar, Inc..........................       15,855
      622     *Columbus Mckinnon Corp.................        2,377
      600     *Consolidated Graphics, Inc.............       13,350
      500     *Cuno, Inc..............................       16,560
    1,500     *Dycom Industries, Inc..................       19,875
    1,500     Federal Signal Corp.....................       29,130
      800     *Flow International Corp................        2,040
      200     Franklin Electric Co, Inc...............        9,602
      800     *FuelCell Energy, Inc...................        5,242
      100     *Gardner Denver, Inc....................        2,030
      500     *Genlyte Group, Inc.....................       15,580
      800     *Global Power Equipment Group, Inc......        3,944
      200     Gorman-Rupp Co..........................        4,700
    1,100     *Graphic Packaging International Corp...        6,204
      500     *Headwaters, Inc........................        7,755
      700     IDEX Corp...............................       22,890
      500     *Imagistics International, Inc..........       10,000
      500     *Ionics, Inc............................       11,400
      600     JLG Industries, Inc.....................        4,518
      600     *Joy Global, Inc........................        6,756
      100     *Kadant, Inc............................        1,500
    1,100     Kaydon Corp.............................       23,331
      700     Kennametal, Inc.........................       24,136
      200     Lawson Products, Inc....................        6,196
    1,000     Lincoln Electric Holdings, Inc..........       23,150
      300     Lindsay Manufacturing Co................        6,420
      300     *Littelfuse, Inc........................        5,058
      700     *Magna Entertainment Corp (Class A).....        4,340
       45     Magna International, Inc (Class A)......        2,527
      400     *Magnetek, Inc..........................        1,776
      600     Manitowoc Co, Inc.......................       15,300
      700     Milacron, Inc...........................        4,165
      400     Mine Safety Appliances Co...............       12,900

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      200     Nacco Industries, Inc (Class A).........  $     8,754
    2,300     *Newpark Resources, Inc.................       10,005
      300     NN, Inc.................................        2,997
    1,100     Nordson Corp............................       27,313
      200     *Photon Dynamics, Inc...................        4,560
      400     *Plug Power, Inc........................        1,796
    4,900     *Power-One, Inc.........................       27,783
    1,200     *Quanta Services, Inc...................        4,200
    1,000     *Rayovac Corp...........................       13,330
      100     Regal-Beloit Corp.......................        2,070
      400     Richardson Electronics Ltd..............        3,464
      100     Robbins & Myers, Inc....................        1,840
    1,000     Roper Industries, Inc...................       36,600
      400     Sauer-Danfoss, Inc......................        3,160
      100     SJW Corp................................        7,805
      300     *SPS Technologies, Inc..................        7,125
      100     Starrett (L.S.) Co (Class A)............        1,660
      900     Stewart & Stevenson Services, Inc.......       12,726
      200     *Strattec Security Corp.................        9,588
      600     Tecumseh Products Co (Class A)..........       26,478
      500     Tennant Co..............................       16,300
    1,400     *Terex Corp.............................       15,596
    2,000     *Tetra Tech, Inc........................       24,400
      800     *Tetra Technologies, Inc................       17,096
    1,400     *Thomas & Betts Corp....................       23,660
      600     Toro Co.................................       38,340
      200     *TRC Cos, Inc...........................        2,626
      100     *Trikon Technologies, Inc...............          500
    1,200     Trinity Industries, Inc.................       22,752
    2,200     *UNOVA, Inc.............................       13,200
      400     Valhi, Inc..............................        3,320
      400     Valmont Industries, Inc.................        7,760
    1,700     Wabtec Corp.............................       23,868
      900     *Waste Connections, Inc.................       34,749
      200     Watts Industries, Inc (Class A).........        3,148
                                                        -----------
              TOTAL PRODUCER DURABLES                       989,607
                                                        -----------
TECHNOLOGY--17.96%                                                 
      200     *3D Systems Corp........................        1,560
      700     *Actel Corp.............................       11,354
      800     *Acterna Corp...........................          128
    2,300     *Actuate Corp...........................        4,071
      300     *ADE Corp...............................        1,791
      700     *Adtran, Inc............................       23,030
    1,700     *Advanced Digital Information Corp......       11,407
      500     *Advanced Energy Industries, Inc........        6,360
      200     *Advanced Power Technology, Inc.........          650
    3,300     *Aeroflex, Inc..........................       22,770
      500     *Aether Systems, Inc....................        1,880
    1,300     *Agile Software Corp....................       10,062
    3,000     *Akamai Technologies, Inc...............        5,190
    2,200     *Alliance Semiconductor Corp............        8,646
      600     *Alloy, Inc.............................        6,570
      100     *Altiris, Inc...........................        1,592
    1,900     *American Management Systems, Inc.......       22,781
      400     *American Superconductor Corp...........        1,204
      800     *Anadigics, Inc.........................        2,064
      200     Analogic Corp...........................       10,058
      800     *Anaren Microwave, Inc..................        7,040
    1,400     *Anixter International, Inc.............       32,550
    1,100     *Answerthink, Inc.......................        2,750
      400     *Ansys, Inc.............................        8,080
      500     *Anteon International Corp..............       12,000
    1,300     *APAC Customer Services, Inc............        3,042

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   71

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
    1,200     *Arbitron, Inc..........................  $    40,200
    9,300     *Ariba, Inc.............................       23,064
    2,300     *Arris Group, Inc.......................        8,211
    1,900     *Artesyn Technologies, Inc..............        7,296
      400     *Artisan Components, Inc................        6,172
    6,237     *Ascential Software Corp................       14,969
    1,300     *Asiainfo Holdings, Inc.................        8,242
    1,800     *Aspect Communications Corp.............        5,112
      900     *Aspen Technology, Inc..................        2,547
      400     *AstroPower, Inc........................        3,196
    1,000     *Asyst Technologies, Inc................        7,350
    1,100     *At Road, Inc...........................        4,543
      900     *ATMI, Inc..............................       16,668
      700     *Audiovox Corp (Class A)................        7,239
    1,700     *Avanex Corp............................        1,782
    1,600     *Avenue A, Inc..........................        4,640
      800     *Avid Technology, Inc...................       18,360
    1,400     *Avocent Corp...........................       31,108
    3,100     *Axcelis Technologies, Inc..............       17,388
      500     *AXT, Inc...............................          900
      600     *Barra, Inc.............................       18,198
      300     BEI Technologies, Inc...................        3,357
      300     Bel Fuse, Inc (Class B).................        6,045
      800     Belden, Inc.............................       12,176
      800     *Benchmark Electronics, Inc.............       22,928
      900     Black Box Corp..........................       40,320
    1,900     *Borland Software Corp..................       23,370
      300     *Boston Communications Group............        3,813
    1,300     C&D Technologies, Inc...................       22,971
    1,400     *Cable Design Technologies Corp.........        8,260
      800     *CACI International, Inc (Class A)......       28,512
      400     *Caminus Corp...........................          936
      400     *Carreker Corp..........................        1,812
      300     *Catapult Communications Corp...........        3,585
      600     *C-COR.net Corp.........................        1,992
    4,800     *Centillium Communications, Inc.........       10,848
    1,100     *Checkpoint Systems, Inc................       11,374
      800     *ChipPAC, Inc...........................        2,840
    2,200     *Chordiant Software, Inc................        3,168
    2,600     *Ciber, Inc.............................       13,390
    2,300     *Cirrus Logic, Inc......................        6,624
      100     *ClearOne Communications, Inc...........          445
    4,100     *CNET Networks, Inc.....................       11,111
    1,200     *Cognex Corp............................       22,116
      300     *Cognizant Technology Solutions Corp....       21,669
      600     Cohu, Inc...............................        8,820
    1,600     *CommScope, Inc.........................       12,640
      800     *Compucom Systems, Inc..................        4,488
    1,100     *Computer Horizons Corp.................        3,597
    1,400     *Computer Network Technology Corp.......        9,940
      100     Compx International, Inc................          837
      600     *Concord Camera Corp....................        3,258
      400     *Concord Communications, Inc............        3,596
    1,200     *Concurrent Computer Corp...............        3,456
      100     *CoorsTek, Inc..........................        2,555
    1,000     *Covansys Corp..........................        3,758
      900     *Cray, Inc..............................        6,903
    1,500     *Credence Systems Corp..................       13,995
    2,400     *Cree, Inc..............................       39,240
      300     CTS Corp................................        2,325
      400     Cubic Corp..............................        7,372
      400     *Daktronics, Inc........................        5,352

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    500     *Datastream Systems, Inc................  $     3,200
  1,500     *DDI Corp...............................          330
  1,000     *dELiA*s Corp (Class A).................          450
    200     *DiamondCluster International, Inc                   
              (Class A).............................          628
    400     *Digimarc Corp..........................        4,536
    900     *Digital Insight Corp...................        7,821
    800     *Digital River, Inc.....................        9,560
    400     *Digitas, Inc...........................        1,384
    400     *DocuCorp International, Inc............        2,648
  1,300     *Documentum, Inc........................       20,358
  3,900     *DoubleClick, Inc.......................       22,074
    200     *Drexler Technology Corp................        2,520
  1,000     *DSP Group, Inc.........................       15,820
    400     *Dupont Photomasks, Inc.................        9,300
  1,400     *E.piphany, Inc.........................        5,838
  4,000     *Earthlink, Inc.........................       21,800
    700     *Echelon Corp...........................        7,847
    400     EDO Corp................................        8,312
  2,500     *eFunds Corp............................       22,775
  1,000     *Electro Scientific Industries, Inc.....       20,000
    500     *Electroglas, Inc.......................          770
  1,900     *Electronics For Imaging, Inc...........       30,896
    748     *Embarcadero Technologies, Inc..........        4,466
    700     *Emcore Corp............................        1,533
    300     *EMS Technologies, Inc..................        4,683
  1,500     *Entegris, Inc..........................       15,450
  5,200     *Enterasys Networks, Inc................        8,112
    300     *Entrust, Inc...........................        1,008
    100     *EPIQ Systems, Inc......................        1,532
    700     *eSpeed, Inc (Class A)..................       11,859
  2,500     *ESS Technology, Inc....................       15,725
    700     *Esterline Technologies Corp............       12,369
  1,400     *Exar Corp..............................       17,360
    200     *Excel Technology, Inc..................        3,578
  3,100     *Extreme Networks, Inc..................       10,137
    800     *F5 Networks, Inc.......................        8,592
    600     *FalconStor Software, Inc...............        2,328
    900     *FEI Co.................................       13,761
  1,100     *Filenet Corp...........................       13,420
  3,100     *Finisar Corp...........................        2,945
    600     *Flir Systems, Inc......................       29,280
  3,400     *Foundry Networks, Inc..................       23,936
  1,200     *Freemarkets, Inc.......................        7,727
    600     *FSI International, Inc.................        2,700
  1,000     General Cable Corp......................        3,800
    900     *Genesis Microchip, Inc.................       11,745
    100     *Global Imaging Systems, Inc............        1,838
  1,700     *GlobespanVirata, Inc...................        7,497
  1,600     *GrafTech International Ltd.............        9,536
  1,000     *Griffon Corp...........................       13,620
    600     *Handspring, Inc........................          570
  3,100     *Harmonic, Inc..........................        7,130
    100     Helix Technology Corp...................        1,120
    900     *Hutchinson Technology, Inc.............       18,630
    400     *Hypercom Corp..........................        1,492
  1,100     *Hyperion Solutions Corp................       28,237
  1,300     *Identix, Inc...........................        6,695
    800     *iGate Corp.............................        2,096
    300     *Ii-Vi, Inc.............................        4,818
  1,100     *Imation Corp...........................       38,588
    700     *Inet Technologies, Inc.................        4,270
  2,500     *InFocus Corp...........................       15,400
    200     *Infogrames, Inc........................          354

72  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
    3,900     *Infonet Services Corp (Class B)........  $     7,722
    1,800     *Informatica Corp.......................       10,368
    2,800     *Information Resources, Inc.............        4,480
      300     *Inforte Corp...........................        2,325
    3,100     *Inktomi Corp...........................        4,960
    1,000     *Inrange Technologies Corp (Class B)....        2,350
      200     *Integral Systems, Inc..................        4,010
      200     *Intercept, Inc.........................        3,386
    1,800     *Interdigital Communications Corp.......       26,208
    1,900     *Intergraph Corp........................       33,744
    4,400     *Interland, Inc.........................        5,720
      700     *Intermagnetics General Corp............       13,748
    1,200     *Internet Security Systems, Inc.........       21,996
      700     Inter-Tel, Inc..........................       14,637
    3,400     *Intertrust Technologies Corp...........       14,382
    3,300     *Interwoven, Inc........................        8,580
      400     *Intrado, Inc...........................        3,972
    2,700     *Iomega Corp............................       21,195
      600     *ITXC Corp..............................        1,392
      600     *Ixia...................................        2,190
      300     *IXYS Corp..............................        2,118
      200     *j2 Global Communications, Inc..........        3,808
      900     *JDA Software Group, Inc................        8,694
    1,700     *Keane, Inc.............................       15,283
      200     Keithley Instruments, Inc...............        2,500
      600     *Keynote Systems, Inc...................        4,632
      500     *Kforce, Inc............................        2,110
    2,200     *Kopin Corp.............................        8,624
      600     *Kronos, Inc............................       22,194
    1,300     *Kulicke & Soffa Industries, Inc........        7,436
    2,800     *Lattice Semiconductor Corp.............       24,556
      900     *Lawson Software, Inc...................        5,175
      300     *Learning Tree International, Inc.......        4,110
      200     *LeCroy Corp............................        2,220
    2,900     *Legato Systems, Inc....................       14,587
    1,100     *Lexar Media, Inc.......................        6,897
    3,400     *Liberate Technologies..................        4,862
    1,000     *Lightbridge, Inc.......................        6,150
    1,200     *Looksmart Ltd..........................        2,976
    1,400     *LTX Corp...............................        8,442
    1,600     *Macrovision Corp.......................       25,664
      700     *Magma Design Automation, Inc...........        6,706
    1,000     *Mail-Well, Inc.........................        2,500
      600     *Manhattan Associates, Inc..............       14,196
      300     *Mantech International Corp (Class A)...        5,721
      900     *Manufacturers Services Ltd.............        4,986
    1,800     *Manugistics Group, Inc.................        4,320
      400     *MAPICS, Inc............................        2,780
      400     *Mapinfo Corp...........................        2,220
    2,100     *Mastec, Inc............................        6,195
    1,000     *Matrixone, Inc.........................        4,300
    8,000     *Maxtor Corp............................       40,480
    2,400     *McData Corp (Class A)..................       17,040
      400     *MCSi, Inc..............................        1,900
    1,700     *MEMC Electronic Materials, Inc.........       12,869
    2,300     *Mentor Graphics Corp...................       18,078
    1,200     *Mercury Computer Systems, Inc..........       36,624
      300     *Merix Corp.............................        2,520
      900     *MetaSolv, Inc..........................        1,233
    1,200     Methode Electronics, Inc (Class A)......       13,164
    2,300     *Micromuse, Inc.........................        8,786
      900     *Microsemi Corp.........................        5,481

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  1,200     *Microtune, Inc.........................  $     3,756
  1,100     *MIPS Technologies, Inc (Class A).......        3,333
    400     *Monolithic System Technology, Inc......        4,832
    500     *MRO Software, Inc......................        6,073
  3,000     *MRV Communications, Inc................        3,210
    800     MTS Systems Corp........................        8,016
    200     *Nanometrics, Inc.......................          838
    200     *Nassda Corp............................        2,244
    400     *Navigant International, Inc............        4,932
  1,000     NDCHealth Corp..........................       19,900
    400     *Net2Phone, Inc.........................        1,620
    800     *Netegrity, Inc.........................        2,602
  1,600     *NETIQ Corp.............................       19,760
    300     *Netro Corp.............................          819
    700     *Netscout Systems, Inc..................        3,045
    300     *NetScreen Technologies, Inc............        5,052
  2,000     *New Focus, Inc.........................        7,680
  1,200     *Newport Corp...........................       15,072
    500     *Next Level Communications, Inc.........          405
    500     *NIC, Inc...............................          720
    400     *Novadigm, Inc..........................          932
 12,732     *Novell, Inc............................       42,525
     45     *Novellus Systems, Inc..................        1,264
    300     *Nu Horizons Electronics Corp...........        1,734
    700     *Nuance Communications, Inc.............        1,736
  1,300     *Numerical Technologies, Inc............        4,498
    500     *NYFIX, Inc.............................        2,250
  2,000     *Oak Technology, Inc....................        5,300
    700     *Omnivision Technologies, Inc...........        9,499
  2,000     *ON Semiconductor Corp..................        2,740
    700     *Onyx Software Corp.....................        1,085
  5,700     *Openwave Systems, Inc..................       11,400
  2,900     *Oplink Communications, Inc.............        2,291
    300     *Opnet Technologies, Inc................        2,424
    500     *Optical Communication Products, Inc....          540
    100     *OSI Systems, Inc.......................        1,698
    200     *Overland Storage, Inc..................        2,916
  1,700     *Overture Services, Inc.................       46,427
    700     *Packeteer, Inc.........................        4,802
    870     *Palm, Inc..............................       13,659
    400     *Paradyne Networks, Inc.................          512
 11,700     *Parametric Technology Corp.............       29,484
    500     Park Electrochemical Corp...............        9,600
     67     *Parthusceva, Inc.......................          396
  1,700     *Paxar Corp.............................       25,075
    900     *Paxson Communications Corp.............        1,854
    500     *PC-Tel, Inc............................        3,390
    300     *PDF Solutions, Inc.....................        2,079
    300     *PEC Solutions, Inc.....................        8,970
    800     *Pegasus Solutions, Inc.................        8,024
    500     *Pegasystems, Inc.......................        2,555
    600     *Pericom Semiconductor Corp.............        4,986
    700     *Phoenix Technologies Ltd...............        4,039
    900     *Photronics, Inc........................       12,330
  2,000     Pioneer-Standard Electronics, Inc.......       18,360
    700     *Pixelworks, Inc........................        4,060
    400     *Planar Systems, Inc....................        8,252
  1,600     *Plantronics, Inc.......................       24,208
  2,300     *Plexus Corp............................       20,194
  2,200     *PLX Technology, Inc....................        8,602
    200     *Pomeroy Computer Resources, Inc........        2,340
  3,800     *Portal Software, Inc...................        3,070
    100     *Powell Industries, Inc.................        1,708

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   73

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      900     *Power Integrations, Inc................  $    15,300
    2,500     *Powerwave Technologies, Inc............       13,500
      600     *PRG-Schultz International, Inc.........        5,340
      200     *Probusiness Services, Inc..............        2,000
    1,100     *Progress Software Corp.................       14,245
    1,400     *Proton Energy Systems..................        4,200
    3,800     *Proxim Corp (Class A)..................        3,306
    1,500     *PTEK Holdings, Inc.....................        6,600
    1,000     *QRS Corp...............................        6,600
    4,600     *Quantum Corp...........................       12,282
    1,468     *Quest Software, Inc....................       15,135
      200     Quixote Corp............................        3,612
      500     *Radiant Systems, Inc...................        4,815
      600     *Radisys Corp...........................        4,788
      700     *Rainbow Technologies, Inc..............        5,019
      600     *Raindance Communications, Inc..........        1,938
    3,000     *Rambus, Inc............................       20,130
    3,900     *Read-Rite Corp.........................        1,365
    3,600     *Red Hat, Inc...........................       21,276
    4,900     *Redback Networks, Inc..................        4,116
    1,300     *Register.com, Inc......................        5,850
    1,000     *Renaissance Learning, Inc..............       18,900
      100     *Research Frontiers, Inc................          834
    2,000     *Retek, Inc.............................        5,440
    3,500     *Riverstone Networks, Inc...............        7,420
      900     *Rogers Corp............................       20,025
      500     *Roxio, Inc.............................        2,385
    1,400     *RSA Security, Inc......................        8,386
      300     *Rudolph Technologies, Inc..............        5,748
    1,300     *S1 Corp................................        5,798
    4,100     *Safeguard Scientifics, Inc.............        5,576
      300     *Sanchez Computer Associates, Inc.......          864
    2,000     *Sandisk Corp...........................       40,600
    2,100     *Sapient Corp...........................        4,305
      500     *SBS Technologies, Inc..................        4,580
    2,500     *Scansoft, Inc..........................       13,000
      200     *Scansource, Inc........................        9,860
      500     *SCM Microsystems, Inc..................        2,125
      600     *Seachange International, Inc...........        3,690
      800     *Secure Computing Corp..................        5,128
      700     *Seebeyond Technology Corp..............        1,701
      700     *Semitool, Inc..........................        4,347
      700     *Serena Software, Inc...................       11,053
    5,200     *Silicon Graphics, Inc..................        5,876
    1,500     *Silicon Image, Inc.....................        9,000
    1,000     *Silicon Laboratories, Inc..............       19,080
    3,000     *Silicon Storage Technology, Inc........       12,120
      400     *Siliconix, Inc.........................        9,360
      300     *Simpletech, Inc........................          906
      500     *Sipex Corp.............................        1,850
    2,600     *Sitel Corp.............................        3,120
    2,000     *Somera Communications, Inc.............        5,400
    2,800     *SONICblue, Inc.........................        1,260
    1,800     *SonicWALL, Inc.........................        6,534
    5,700     *Sonus Networks, Inc....................        5,700
      600     *Sourcecorp.............................       11,154
      700     *Spectralink Corp.......................        5,026
      400     *SpeechWorks International, Inc.........        1,112
      100     *SPSS, Inc..............................        1,399
      200     *SRA International, Inc (Class A).......        5,418
    1,100     *SS&C Technologies, Inc.................       11,716
      400     *Standard Microsystems Corp.............        7,788

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  4,400     *StorageNetworks, Inc...................  $     5,104
  3,000     *Stratex Networks, Inc..................        6,630
    110     *Stratos Lightwave, Inc.................          484
    100     *Suntron Corp...........................          467
    400     *Supertex, Inc..........................        5,956
  2,000     *Surebeam Corp (Class A)................        8,080
  6,400     *Sycamore Networks, Inc.................       18,496
  2,600     *Sykes Enterprises, Inc.................        8,528
    200     *Synaptics, Inc.........................        1,520
    300     *Synplicity, Inc........................        1,134
    200     *Syntel, Inc............................        4,202
    100     Sypris Solutions, Inc...................        1,021
  1,000     *Systems & Computer Technology Corp.....        8,600
  1,400     *Take-Two Interactive Software, Inc.....       32,886
    800     Technitrol, Inc.........................       12,912
  2,100     *Tekelec................................       21,945
  2,500     *Tellium, Inc...........................        1,600
  1,200     *Terayon Communication Systems, Inc.....        2,460
    500     *Therma-Wave, Inc.......................          525
    700     *Three-Five Systems, Inc................        4,515
  2,000     *TIBCO Software, Inc....................       12,360
    400     *Tier Technologies, Inc (Class B).......        6,400
    400     *Tivo, Inc..............................        2,092
    600     *Tollgrade Communications, Inc..........        7,038
  3,400     *Touch America Holdings, Inc............        1,326
  1,900     *Transaction Systems Architects, Inc                 
              (Class A).............................       12,350
  3,400     *Transmeta Corp.........................        3,978
    500     *Trimble Navigation Ltd.................        6,245
    100     *Tripos, Inc............................          733
  4,200     *Triquint Semiconductor, Inc............       17,808
    600     *Trizetto Group, Inc....................        3,684
    400     *TTM Technologies, Inc..................        1,324
  3,500     *Turnstone Systems, Inc.................        9,450
  1,000     *Tyler Technologies, Inc................        4,170
    300     *Ulticom, Inc...........................        2,247
    300     *Ultimate Electronics, Inc..............        3,045
    600     *Ultratech Stepper, Inc.................        5,903
    200     United Industrial Corp..................        3,200
    700     *United Online, Inc.....................       11,159
    700     *Universal Display Corp.................        5,523
    500     *Valueclick, Inc........................        1,395
  1,000     *Varian Semiconductor Equipment                      
              Associates, Inc.......................       23,761
    900     *Veeco Instruments, Inc.................       10,404
    100     *Verint Systems, Inc....................        2,018
    800     *Verity, Inc............................       10,713
    700     *Vicor Corp.............................        5,776
    700     *Viewpoint Corp.........................        1,309
  5,700     *Vignette Corp..........................        6,994
    300     *Virage Logic Corp......................        3,009
    200     Virco Manufacturing Corp................        2,040
  5,100     *Vitesse Semiconductor Corp.............       11,144
  1,900     *Vitria Technology, Inc.................        1,425
  1,000     *Volt Information Sciences, Inc.........       17,100
  1,300     Wallace Computer Services, Inc..........       27,963
    500     *WatchGuard Technologies, Inc...........        3,191
    800     *WebEx Communications, Inc..............       12,000
  1,400     *webMethods, Inc........................       11,508
    700     *Websense, Inc..........................       14,953
    500     *WESCO International, Inc...............        2,745
  6,800     *Western Digital Corp...................       43,452
    600     *White Electronic Designs Corp..........        4,590
  1,100     *Wilson Greatbatch Technologies, Inc....       32,120
  2,000     *Wind River Systems, Inc................        8,200

74  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      300     *Wireless Facilities, Inc...............  $     1,803
      400     *Witness Systems, Inc...................        1,376
      400     Woodhead Industries, Inc................        4,520
      100     *Xicor, Inc.............................          373
    1,200     *Zoran Corp.............................       16,884
      400     *Zygo Corp..............................        2,796
                                                        -----------
              TOTAL TECHNOLOGY                            3,600,295
                                                        -----------
TRANSPORTATION--2.22%                                              
    1,900     Airborne, Inc...........................       28,177
    1,900     *Airtran Holdings, Inc..................        7,410
      800     *Alaska Air Group, Inc..................       17,320
      700     *Arkansas Best Corp.....................       18,187
      200     *ATA Holdings Corp......................          914
    1,800     *Atlantic Coast Airlines Holdings,                   
                Inc...................................       21,654
    1,100     *Atlas Air Worldwide Holdings, Inc......        1,661
    1,200     *BE Aerospace, Inc......................        4,368
      300     *Covenant Transport, Inc (Class A)......        5,688
    1,700     *EGL, Inc...............................       24,225
      900     *ExpressJet Holdings, Inc...............        9,225
      800     Florida East Coast Industries, Inc                   
                (Class A).............................       18,560
      900     *Forward Air Corp.......................       17,469
      700     *Frontier Airlines, Inc.................        4,732
      100     *Genesee & Wyoming, Inc (Class A).......        2,035
    1,000     *Heartland Express, Inc.................       22,911
      500     *Hunt (J.B.) Transport Services, Inc....       14,650
    2,100     *Kansas City Southern Industries, Inc...       25,200
      800     *Knight Transportation, Inc.............       16,800
      500     *Landstar System, Inc...................       29,180
      600     *Mesa Air Group, Inc....................        2,442
      500     *Mesaba Holdings, Inc...................        3,060
      600     *Midwest Express Holdings, Inc..........        3,210
      500     Overseas Shipholding Group, Inc.........        8,950
      100     *P.A.M. Transportation Services.........        2,521
      900     *RailAmerica, Inc.......................        6,453
      500     Roadway Corp............................       18,405
      400     *SCS Transportation, Inc................        3,964
    1,100     Shurgard Storage Centers, Inc (Class                 
                A)....................................       34,474
      200     *U.S. Xpress Enterprises, Inc (Class                 
                A)....................................        1,752
    2,100     b*UAL Corp..............................        3,003
      800     USFreightways Corp......................       23,000
    1,300     Werner Enterprises, Inc.................       27,989
      600     *Yellow Corp............................       15,115
                                                        -----------
              TOTAL TRANSPORTATION                          444,704
                                                        -----------
UTILITIES--5.33%                                                   
    1,800     AGL Resources, Inc......................       43,740
      800     *AirGate PCS, Inc.......................          496
    2,400     *Alamosa Holdings, Inc..................        1,248
      200     *Alaska Communications Systems Group,                
                Inc...................................          368
    2,100     *Allegiance Telecom, Inc................        1,407
      900     *Allen Telecom, Inc.....................        8,523
    5,200     *American Tower Corp (Class A)..........       18,356
    1,300     Atmos Energy Corp.......................       30,316
    1,700     Avista Corp.............................       19,652
      700     Black Hills Corp........................       18,564
    7,000     *Broadwing, Inc.........................       24,640
      300     Cascade Natural Gas Corp................        6,000

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    300     *Centennial Communications Corp.........  $       783
    500     Central Vermont Public Service Corp.....        9,140
    700     CH Energy Group, Inc....................       32,641
  1,400     Cleco Corp..............................       19,600
    400     *Commonwealth Telephone Enterprises,                 
              Inc...................................       14,336
    200     Connecticut Water Service, Inc..........        5,046
  6,900     *Crown Castle International Corp........       25,875
    600     CT Communications, Inc..................        6,780
    600     *Dobson Communications Corp (Class A)...        1,326
  1,800     DQE, Inc................................       27,432
  1,200     *El Paso Electric Co....................       13,200
    400     Empire District Electric Co.............        7,280
  1,000     Energen Corp............................       29,100
    200     EnergySouth, Inc........................        5,640
  1,500     *General Communication, Inc (Class A)...       10,065
    400     *Golden Telecom, Inc....................        5,060
    500     Hickory Tech Corp.......................        4,765
    700     Laclede Group, Inc......................       16,940
    500     MGE Energy, Inc.........................       13,386
    200     Middlesex Water Co......................        4,194
    200     *NATCO Group, Inc (Class A).............        1,256
    900     New Jersey Resources Corp...............       28,431
  2,100     *Nextel Partners, Inc (Class A).........       12,747
    300     North Pittsburgh Systems, Inc...........        4,089
  1,000     Northwest Natural Gas Co................       27,060
  1,100     Northwestern Corp.......................        5,588
    400     NUI Corp................................        6,904
    900     *Oil States International, Inc..........       11,610
  2,500     Oneok, Inc..............................       48,000
    800     Otter Tail Corp.........................       21,520
    400     *Petroquest Energy, Inc.................        1,660
    900     Piedmont Natural Gas Co, Inc............       31,815
  1,200     PNM Resources, Inc......................       28,584
  1,500     *Price Communications Corp..............       20,745
    200     *Quicksilver Resources, Inc.............        4,486
  2,100     *RCN Corp...............................        1,113
    700     SEMCO Energy, Inc.......................        4,270
    200     Shenandoah Telecom Co...................        9,784
  2,900     Sierra Pacific Resources................       18,850
  4,400     *Skyworks Solutions, Inc................       37,928
    400     South Jersey Industries, Inc............       13,208
  1,000     *Southern Union Co......................       16,500
  1,200     Southwest Gas Corp......................       28,140
    215     Southwest Water Co......................        2,849
    800     *Southwestern Energy Co.................        9,160
    400     SureWest Communications.................       14,880
  1,500     *Talk America Holdings, Inc.............        8,400
  1,300     *Time Warner Telecom, Inc (Class A).....        2,743
    800     *Triton PCS Holdings, Inc (Class A).....        3,144
  2,900     *U.S. Unwired, Inc (Class A)............        1,421
  1,900     *Ubiquitel, Inc.........................          760
  1,100     UGI Corp................................       41,119
    600     UIL Holdings Corp.......................       20,922
  1,300     Unisource Energy Corp...................       22,477
    200     Unitil Corp.............................        4,960
  1,800     Westar Energy, Inc......................       17,820
    600     Western Gas Resources, Inc..............       22,110
  3,100     *Western Wireless Corp (Class A)........       16,430

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   75

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
UTILITIES--(CONTINUED)                                             
    1,400     WGL Holdings, Inc.......................  $    33,488
      900     WPS Resources Corp......................       34,938
                                                        -----------
              TOTAL UTILITIES                             1,067,808
                                                        -----------
              TOTAL COMMON STOCK                                   
                (Cost $19,556,197)                       19,981,362
                                                        -----------
              TOTAL PORTFOLIO--99.69%                              
                (Cost $19,556,197)                       19,981,362
              OTHER ASSETS & LIABILITIES, NET--0.31%         62,969
                                                        -----------
              NET ASSETS--100.00%                       $20,044,331
                                                        ===========

------------                                                                    
*  Non-income producing                                                       
b  In bankruptcy                                                              

At December 31, 2002, the aggregate cost of portfolio investments for federal   
income tax purposes was $19,948,104. Net unrealized appreciation of portfolio 
investments aggregated $33,258 of which $1,022,662 related to appreciated     
portfolio investments and $989,404 related to depreciated portfolio           
investments.                                                                  

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

76  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   

See Notes To Financial Statements 

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Statement of Investments - REAL ESTATE SECURITIES FUND - December 31, 2002
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                                                                [Download Table]

   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
PREFERRED STOCK--8.27%                                              
  FINANCIAL SERVICES--8.27%                                         
    20,000     Hospitality Properties Trust............  $   507,600
    30,000     Boykin Lodging Co.......................      762,000
     5,800     Mills Corp Pfd B........................      149,350
    10,000     Mills Corp Pfd C........................      250,000
                                                         -----------
               TOTAL FINANCIAL SERVICES                    1,668,950
                                                         -----------
               TOTAL PREFERRED STOCK                                
                 (Cost $1,644,500)                         1,668,950
                                                         -----------
COMMON STOCK--83.17%                                                
 CONSUMER CYCLICAL--1.72%                                           
    14,600     Starwood Hotels & Resorts Worldwide,                 
                 Inc...................................      346,604
                                                         -----------
               TOTAL CONSUMER CYCLICAL                       346,604
                                                         -----------
 FINANCIAL SERVICES--80.95%                                         
    20,000     AMB Property Corp.......................      547,200
     6,000     Alexandria Real Estate Equities, Inc....      255,600
    14,000     American Land Lease, Inc................      197,260
    17,800     Apartment Investment & Management Co                 
                 (Class A).............................      667,144
    22,200     Archstone-Smith Trust...................      522,588
    12,400     AvalonBay Communities, Inc..............      485,336
    28,800     Boston Properties, Inc..................    1,061,568
    18,000     CarrAmerica Realty Corp.................      450,900
    13,400     Chateau Communities, Inc................      308,200
    30,000     Chelsea Property Group, Inc.............      999,300
    38,200     Equity Office Properties Trust..........      954,236
    42,000     Equity Residential......................    1,032,360
    12,500     Fairmont Hotels & Resorts...............      294,375
     4,450     Heritage Property Investment Trust......      111,117
    38,300     *Host Marriott Corp.....................      338,955
    15,700     IRT Property Co.........................      186,359
    40,000     Kramont Realty Trust....................      586,000
    20,000     Macerich Co.............................      615,000
    11,600     Manufactured Home Communities, Inc......      343,708
    13,050     Mid-America Apartment Communities,                   
                 Inc...................................      332,514
    12,500     Mills Corp..............................      366,750
    16,000     Mission West Properties, Inc............      158,400
    11,000     PS Business Parks, Inc..................      349,800
     4,400     Post Properties, Inc....................      105,160
    24,000     Prologis................................      603,600

 SHARES/                                                            
PRINCIPAL                                                  VALUE    
---------                                                  -----    
                                                                    
    15,000     Public Storage, Inc.....................  $   484,650
    12,000     Ramco-Gershenson Properties Rts.........      307,800
    16,200     Reckson Associates Realty Corp..........      341,010
    40,000     Simon Property Group, Inc...............    1,362,800
    21,350     Sovran Self Storage, Inc................      605,486
    14,000     St. Joe Co..............................      420,000
    25,600     Vornado Realty Trust....................      952,320
                                                         -----------
               TOTAL FINANCIAL SERVICES                   16,347,496
                                                         -----------
 HEALTH CARE--0.50%                                                 
     8,900     Ventas, Inc.............................      101,905
                                                         -----------
               TOTAL HEALTH CARE                             101,905
                                                         -----------
               TOTAL COMMON STOCK                                   
                 (Cost $17,127,402)                       16,796,005
                                                         -----------
SHORT TERM INVESTMENT--1.98%                                        
 U.S. GOVERNMENT AND AGENCY--1.98%                                  
               Federal Home Loan Bank (FHLB)                        
  $400,000       1.180%, 01/02/03......................      399,974
                                                         -----------
               TOTAL SHORT TERM INVESTMENT                          
                 (Cost $399,983)                             399,974
                                                         -----------
               TOTAL PORTFOLIO--93.42%                              
                 (Cost $19,171,885)                       18,864,929
               OTHER ASSETS & LIABILITIES, NET--6.58%      1,329,099
                                                         -----------
               NET ASSETS--100.00%                       $20,194,028
                                                         ===========

------------                                                                    
*  Non-income producing                                                         

At December 31, 2002, the aggregate cost of portfolio investments for federal   
income tax purposes was $19,293,483. Net unrealized depreciation of portfolio   
investments aggregated $428,554 of which $219,240 related to appreciated        
portfolio investments and $647,794 related to depreciated portfolio investments.

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

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   77

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REPORT OF MANAGEMENT RESPONSIBILITY 

To the Shareholders of                                                          
TIAA-CREF Life Funds:                                                       

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

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

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

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

                                       Martin E. Galt, III
                                       -----------------------------------------
                                       President

                                      Richard Gibb
                                       -----------------------------------------
                                      Executive Vice President and
                                      Principal Accounting Officer

78  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   

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REPORT OF THE AUDIT COMMITTEE 

To the Shareholders of                                                          
TIAA-CREF Life Funds:                                                       

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

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

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

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

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

Maceo K. Sloan, Audit Committee Chair                                           
Martin J. Gruber, Audit Committee Member                                        
Nestor V. Santiago, Audit Committee Member                                      

February 19, 2003                                                               

                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   79

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TIAA-CREF LIFE FUNDS                                                            

--------------------------------------------------------------------------------
December 31, 2002                                                               

                                                        [Enlarge/Download Table]

                                                                 GROWTH         GROWTH &      INTERNATIONAL        STOCK     
                                                                 EQUITY          INCOME          EQUITY            INDEX     
                                                                  FUND            FUND            FUND              FUND     
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                                             
ASSETS                                                                                                                       
  Portfolio investments, at cost                              $ 56,476,005    $ 58,541,701    $ 41,622,946      $122,576,666 
  Net unrealized appreciation (depreciation) of portfolio                                                                    
    investments                                                (16,255,956)     (6,251,948)     (7,910,640)      (33,652,008)
-----------------------------------------------------------------------------------------------------------------------------
  Portfolio investments, at value                               40,220,049      52,289,753      33,712,306        88,924,658 
  Cash                                                             283,427         117,229          11,273            91,189 
  Receivable from securities transactions                            2,344          34,820          44,527            21,347 
  Dividends and interest receivable                                 52,127          83,059          21,426           114,279 
-----------------------------------------------------------------------------------------------------------------------------
    TOTAL ASSETS                                                40,557,947      52,524,861      33,789,532        89,151,473 
-----------------------------------------------------------------------------------------------------------------------------
LIABILITIES                                                                                                                  
  Accrued expenses                                                  12,495          12,644          11,123             7,876 
  Payable for securities transactions                                8,712         959,181          40,424           364,124 
-----------------------------------------------------------------------------------------------------------------------------
    TOTAL LIABILITIES                                               21,207         971,825          51,547           372,000 
-----------------------------------------------------------------------------------------------------------------------------
NET ASSETS                                                    $ 40,536,740    $ 51,553,036    $ 33,737,985      $ 88,779,473 
=============================================================================================================================
NET ASSETS CONSIST OF:                                                                                                       
  Paid-in-capital                                             $ 89,724,989    $ 81,105,075    $ 67,262,766      $127,192,337 
  Accumulated undistributed (distributions in excess of) net                                                                 
    investment income                                               11,474          16,520          (5,341)           22,013 
  Accumulated undistributed net realized loss on total                                                                       
    investments                                                (32,943,767)    (23,316,650)    (25,609,487)       (4,782,869)
  Accumulated appreciation (depreciation) on total                                                                           
    investments                                                (16,255,956)     (6,251,909)     (7,909,953)      (33,652,008)
-----------------------------------------------------------------------------------------------------------------------------
NET ASSETS                                                    $ 40,536,740    $ 51,553,036    $ 33,737,985      $ 88,779,473 
=============================================================================================================================
  Outstanding shares of beneficial interest, unlimited                                                                       
    shares authorized ($.0001 par value)                         3,992,282       3,388,289       3,136,806         4,707,430 
NET ASSET VALUE                                                     $10.15          $15.22          $10.76            $18.86 
=============================================================================================================================

80  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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                                            STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------

                                                                [Download Table]

    SOCIAL CHOICE    LARGE-CAP     SMALL-CAP     REAL ESTATE  
       EQUITY          VALUE        EQUITY        SECURITIES  
        FUND           FUND          FUND            FUND     
--------------------------------------------------------------
                                                              
     $31,397,004    $19,341,494   $19,556,197    $19,171,885  
      (8,898,766)       752,652       425,165       (306,956) 
--------------------------------------------------------------
      22,498,238     20,094,146    19,981,362     18,864,929  
         156,976         56,649        76,439        102,897  
              --             --       649,396      2,705,072  
          30,278         31,571        29,237         91,472  
--------------------------------------------------------------
      22,685,492     20,182,366    20,736,434     21,764,370  
--------------------------------------------------------------
           2,422          4,153         1,734          4,220  
              --             --       690,369      1,566,122  
--------------------------------------------------------------
           2,422          4,153       692,103      1,570,342  
--------------------------------------------------------------
     $22,683,070    $20,178,213   $20,044,331    $20,194,028  
==============================================================
     $33,570,743    $20,303,131   $20,347,572    $20,591,566  
           3,045          6,963         6,810         73,001  
      (1,991,952)      (884,533)     (735,216)      (163,583) 
      (8,898,766)       752,652       425,165       (306,956) 
--------------------------------------------------------------
     $22,683,070    $20,178,213   $20,044,331    $20,194,028  
==============================================================
       1,410,166        812,199       813,822        825,017  
          $16.09         $24.84        $24.63         $24.48  
==============================================================

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   81

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TIAA-CREF LIFE FUNDS                                                            
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                        FOR THE YEAR ENDED DECEMBER 31, 2002                     
                                                   ------------------------------------------------------------------------------
                                                      GROWTH         GROWTH &      INTERNATIONAL       STOCK        SOCIAL CHOICE
                                                      EQUITY          INCOME          EQUITY           INDEX           EQUITY    
                                                       FUND            FUND            FUND             FUND            FUND     
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                 
INVESTMENT INCOME                                                                                                                
  Interest                                         $      3,291    $      5,973     $     6,947     $     10,216     $     1,841 
  Dividends                                             394,339         796,081         776,775        1,497,470         377,153 
  Foreign taxes withheld                                     (4)         (4,905)       (101,425)            (102)           (899)
---------------------------------------------------------------------------------------------------------------------------------
    Total income                                        397,626         797,149         682,297        1,507,584         378,095 
---------------------------------------------------------------------------------------------------------------------------------
EXPENSES                                                                                                                         
  Management fee                                        196,062         227,981         168,910          238,808          79,699 
  Trustee fees and expenses                               1,335           2,601             936            2,034             858 
---------------------------------------------------------------------------------------------------------------------------------
  Total expenses before waiver                          197,397         230,582         169,846          240,842          80,557 
  Less management fees waived by the advisor            (81,018)        (98,532)        (68,380)        (175,744)        (41,178)
---------------------------------------------------------------------------------------------------------------------------------
    Net expenses                                        116,379         132,050         101,466           65,098          39,379 
---------------------------------------------------------------------------------------------------------------------------------
  Net investment income                                 281,247         665,099         580,831        1,442,486         338,716 
---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS ON TOTAL                                                                                        
  INVESTMENTS                                                                                                                    
  Net realized gain (loss) on:                                                                                                   
    Portfolio investments                           (14,732,929)    (12,131,817)     (3,253,904)      (1,309,538)     (1,768,445)
    Foreign currency transactions                            --          12,167         197,565               --              -- 
---------------------------------------------------------------------------------------------------------------------------------
  Net realized loss on total investments            (14,732,929)    (12,119,650)     (3,056,339)      (1,309,538)     (1,768,445)
---------------------------------------------------------------------------------------------------------------------------------
  Net change in unrealized appreciation                                                                                          
    (depreciation) on:                                                                                                           
    Portfolio investments                            (2,621,841)     (4,415,616)     (2,823,313)     (23,026,345)     (4,155,500)
    Translation of assets (other than portfolio                                                                                  
      investments) and liabilities denominated in                                                                                
      foreign currencies                                     --              39            (420)              --              -- 
---------------------------------------------------------------------------------------------------------------------------------
  Net change in unrealized appreciation                                                                                          
    (depreciation)                                                                                                               
    on total investments                             (2,621,841)     (4,415,577)     (2,823,733)     (23,026,345)     (4,155,500)
---------------------------------------------------------------------------------------------------------------------------------
  Net realized and unrealized loss on total                                                                                      
    investments                                     (17,354,770)    (16,535,227)     (5,880,072)     (24,335,883)     (5,923,945)
---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                                  
  FROM OPERATIONS                                  $(17,073,523)   $(15,870,128)    $(5,299,241)    $(22,893,397)    $(5,585,229)
=================================================================================================================================

82  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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                                                        STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------

                                                                [Download Table]

    FOR THE PERIOD SEPTEMBER 4, 2002 (COMMENCEMENT OF OPERATIONS) TO 
                            DECEMBER 31, 2002                        
    -----------------------------------------------------------------
      LARGE-CAP                 SMALL-CAP               REAL ESTATE  
        VALUE                    EQUITY                  SECURITIES  
         FUND                     FUND                      FUND     
---------------------------------------------------------------------
                                                                     
      $  11,646                 $  8,645                 $  19,872   
        140,907                  105,170                   347,291   
             --                       --                        --   
---------------------------------------------------------------------
        152,553                  113,815                   367,163   
---------------------------------------------------------------------
         15,440                    6,390                    15,883   
             --                       --                        --   
---------------------------------------------------------------------
         15,440                    6,390                    15,883   
             --                       --                        --   
---------------------------------------------------------------------
         15,440                    6,390                    15,883   
---------------------------------------------------------------------
        137,113                  107,425                   351,280   
---------------------------------------------------------------------
       (884,533)                (735,216)                 (173,897)  
             --                       --                        --   
---------------------------------------------------------------------
       (884,533)                (735,216)                 (173,897)  
---------------------------------------------------------------------
        752,652                  425,165                  (306,956)  
                                      --                        --   
             --                                                      
---------------------------------------------------------------------
                                 425,165                  (306,956)  
        752,652                                                      
---------------------------------------------------------------------
       (131,881)                (310,051)                 (480,853)  
---------------------------------------------------------------------
      $   5,232                 $(202,626)               $(129,573)  
=====================================================================

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   83

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TIAA-CREF LIFE FUNDS                                                            
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                           GROWTH EQUITY FUND             GROWTH & INCOME FUND         INTERNATIONAL EQUITY FUND  
                                      ----------------------------    ----------------------------    --------------------------- 
                                          FOR THE YEARS ENDED             FOR THE YEARS ENDED             FOR THE YEARS ENDED     
                                              DECEMBER 31,                    DECEMBER 31,                   DECEMBER 31,         
                                      ----------------------------    ----------------------------    --------------------------- 
                                          2002            2001            2002            2001           2002            2001     
--------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                  
CHANGE IN NET ASSETS                                                                                                              
OPERATIONS:                                                                                                                       
  Net investment income               $    281,247    $    181,823    $    665,099    $    613,421    $   580,831    $    489,191 
  Net realized loss on total                                                                                                      
    investments                        (14,732,929)    (16,543,512)    (12,119,650)    (10,947,335)    (3,056,339)    (10,657,441)
  Net change in unrealized                                                                                                        
    appreciation (depreciation) on                                                                                                
    total investments                   (2,621,841)      1,999,307      (4,415,577)      1,924,610     (2,823,733)       (197,327)
--------------------------------------------------------------------------------------------------------------------------------- 
  Net increase (decrease) from                                                                                                    
    operations                         (17,073,523)    (14,362,382)    (15,870,128)     (8,409,304)    (5,299,241)    (10,365,577)
--------------------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS TO SHAREHOLDERS                                                                                                     
  From net investment income              (270,048)       (181,630)       (675,134)       (594,356)      (789,947)       (475,398)
  In excess of net investment income            --              --              --              --         (6,442)             -- 
  From net realized gain on total                                                                                                 
    investments                                 --              --              --              --             --              -- 
--------------------------------------------------------------------------------------------------------------------------------- 
    Total distributions                   (270,048)       (181,630)       (675,134)       (594,356)      (796,389)       (475,398)
--------------------------------------------------------------------------------------------------------------------------------- 
SHAREHOLDER TRANSACTIONS                                                                                                          
  Seed money subscriptions                      --              --              --              --             --              -- 
  Subscriptions                          7,630,220      13,124,548       8,790,097      13,287,200      6,132,071       4,500,228 
  Reinvestment of distributions            270,048         181,630         675,134         594,356        796,389         475,398 
  Redemptions                           (2,538,510)     (3,612,543)     (3,679,492)     (2,630,912)    (2,109,307)     (1,126,356)
--------------------------------------------------------------------------------------------------------------------------------- 
    Net increase from shareholder                                                                                                 
      transactions                       5,361,758       9,693,635       5,785,739      11,250,644      4,819,153       3,849,270 
--------------------------------------------------------------------------------------------------------------------------------- 
  Net increase (decrease) in net                                                                                                  
    assets                             (11,981,813)     (4,850,377)    (10,759,523)      2,246,984     (1,276,477)     (6,991,705)
NET ASSETS                                                                                                                        
  Beginning of period                   52,518,553      57,368,930      62,312,559      60,065,575     35,014,462      42,006,167 
--------------------------------------------------------------------------------------------------------------------------------- 
  End of period                       $ 40,536,740    $ 52,518,553    $ 51,553,036    $ 62,312,559    $33,737,985    $ 35,014,462 
================================================================================================================================= 
CHANGE IN FUND SHARES:                                                                                                            
  Shares outstanding, beginning of                                                                                                
    period                               3,597,705       3,023,424       3,073,175       2,548,837      2,718,045       2,450,480 
--------------------------------------------------------------------------------------------------------------------------------- 
  Seed money shares sold                        --              --              --              --             --              -- 
  Shares sold                              596,359         821,506         483,960         630,311        515,573         313,108 
  Shares issued in reinvestment of                                                                                                
    distributions                           26,685          12,297          44,446          29,120         75,344          37,286 
  Shares redeemed                         (228,467)       (259,522)       (213,292)       (135,093)      (172,156)        (82,829)
--------------------------------------------------------------------------------------------------------------------------------- 
    Net increase (decrease) in                                                                                                    
      shares outstanding                   394,577         574,281         315,114         524,338        418,761         267,565 
--------------------------------------------------------------------------------------------------------------------------------- 
  Shares outstanding, end of period      3,992,282       3,597,705       3,388,289       3,073,175      3,136,806       2,718,045 
================================================================================================================================= 

84  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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                                             STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                  LARGE-CAP           SMALL-CAP          REAL ESTATE    
                                                                 VALUE FUND          EQUITY FUND       SECURITIES FUND  
                                        SOCIAL CHOICE         -----------------   -----------------   ------------------
         STOCK INDEX FUND                EQUITY FUND           FOR THE PERIOD      FOR THE PERIOD       FOR THE PERIOD  
    ---------------------------   -------------------------   SEPTEMBER 4, 2002   SEPTEMBER 4, 2002   SEPTEMBER 4, 2002 
        FOR THE YEARS ENDED          FOR THE YEARS ENDED        (COMMENCEMENT       (COMMENCEMENT       (COMMENCEMENT   
           DECEMBER 31,                 DECEMBER 31,          OF OPERATIONS) TO   OF OPERATIONS) TO   OF OPERATIONS) TO 
    ---------------------------   -------------------------     DECEMBER 31,        DECEMBER 31,         DECEMBER 31,   
        2002           2001          2002          2001             2002                2002                 2002       
------------------------------------------------------------------------------------------------------------------------
                                                                                                                        
    $  1,442,486   $  1,143,306   $   338,716   $   285,620      $   137,113         $   107,425         $   351,280    
      (1,309,538)    (2,721,117)   (1,768,445)     (224,279)        (884,533)           (735,216)           (173,897)   
     (23,026,345)    (9,366,058)   (4,155,500)   (3,459,160)         752,652             425,165            (306,956)   
------------------------------------------------------------------------------------------------------------------------
     (22,893,397)   (10,943,869)   (5,585,229)   (3,397,819)           5,232            (202,626)           (129,573)   
------------------------------------------------------------------------------------------------------------------------
      (1,662,404)      (884,743)     (354,834)     (264,649)        (130,150)           (100,615)           (254,446)   
              --             --            --            --               --                  --                  --    
              --       (237,966)           --       (41,595)              --                  --             (34,374)   
------------------------------------------------------------------------------------------------------------------------
      (1,662,404)    (1,122,709)     (354,834)     (306,244)        (130,150)           (100,615)           (288,820)   
------------------------------------------------------------------------------------------------------------------------
              --             --            --            --       20,100,000          20,100,000          20,100,000    
      25,290,068     20,525,706     3,513,699     3,067,862           73,481             147,184             410,934    
       1,662,404      1,122,709       354,834       306,244          130,150             100,615             288,820    
      (8,133,758)    (4,386,156)     (578,729)     (313,783)            (500)               (227)           (187,333)   
------------------------------------------------------------------------------------------------------------------------
      18,818,714     17,262,259     3,289,804     3,060,323       20,303,131          20,347,572          20,612,421    
------------------------------------------------------------------------------------------------------------------------
      (5,737,087)     5,195,681    (2,650,259)     (643,740)      20,178,213          20,044,331          20,194,028    
      94,516,560     89,320,879    25,333,329    25,977,069               --                  --                  --    
------------------------------------------------------------------------------------------------------------------------
    $ 88,779,473   $ 94,516,560   $22,683,070   $25,333,329      $20,178,213         $20,044,331         $20,194,028    
========================================================================================================================
       3,865,957      3,197,028     1,229,008     1,086,907               --                  --                  --    
------------------------------------------------------------------------------------------------------------------------
              --             --            --            --          804,000             804,000             804,000    
       1,147,575        795,908       190,868       142,451            2,952               5,757              16,761    
          88,567         45,585        22,163        14,752            5,267               4,074              11,886    
        (394,669)      (172,564)      (31,873)      (15,102)             (20)                 (9)             (7,630)   
------------------------------------------------------------------------------------------------------------------------
         841,473        668,929       181,158       142,101          812,199             813,822             825,017    
------------------------------------------------------------------------------------------------------------------------
       4,707,430      3,865,957     1,410,166     1,229,008          812,199             813,822             825,017    
========================================================================================================================

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   85

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TIAA-CREF LIFE FUNDS                                                            
--------------------------------------------------------------------------------

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                                            GROWTH EQUITY FUND                       GROWTH & INCOME FUND          
                                  ---------------------------------------   ---------------------------------------
                                                         FOR THE PERIOD                            FOR THE PERIOD  
                                                          MARCH 1, 2000                             MARCH 1, 2000  
                                  FOR THE YEARS ENDED     (COMMENCEMENT     FOR THE YEARS ENDED     (COMMENCEMENT  
                                     DECEMBER 31,       OF OPERATIONS) TO      DECEMBER 31,       OF OPERATIONS) TO
                                  -------------------     DECEMBER 31,      -------------------     DECEMBER 31,   
                                    2002       2001          2000(A)          2002       2001          2000(A)     
-------------------------------------------------------------------------------------------------------------------
                                                                                                                   
SELECTED PER SHARE DATA                                                                                            
  Net asset value, beginning of                                                                                    
    period                        $ 14.60    $ 18.97         $ 25.00        $ 20.28    $ 23.57         $ 25.00     
-------------------------------------------------------------------------------------------------------------------
  Gain (loss) from investment                                                                                      
    operations:                                                                                                    
  Net investment income              0.07(b)    0.05            0.05           0.21(b)    0.20            0.19     
  Net realized and unrealized                                                                                      
    gain (loss) on total                                                                                           
    investments                     (4.45)     (4.37)          (6.03)         (5.07)     (3.29)          (1.33)    
-------------------------------------------------------------------------------------------------------------------
  Total gain (loss) from                                                                                           
    investment operations           (4.38)     (4.32)          (5.98)         (4.86)     (3.09)          (1.14)    
-------------------------------------------------------------------------------------------------------------------
  Less distributions from:                                                                                         
    Net investment income           (0.07)     (0.05)          (0.05)         (0.20)     (0.20)          (0.18)    
    In excess of net investment                                                                                    
      income                           --         --              --             --         --           (0.01)    
    Net realized gains                 --         --              --             --         --           (0.10)    
-------------------------------------------------------------------------------------------------------------------
    Total distributions             (0.07)     (0.05)          (0.05)         (0.20)     (0.20)          (0.29)    
-------------------------------------------------------------------------------------------------------------------
  Net asset value, end of period   $10.15     $14.60          $18.97         $15.22     $20.28          $23.57     
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
TOTAL RETURN                      (30.01)%   (22.81)%        (23.89)%       (23.95)%   (13.13)%         (4.55)%    
RATIOS AND SUPPLEMENTAL DATA                                                                                       
  Net assets at end of period                                                                                      
    (in thousands)                $40,537    $52,519         $57,369        $51,553    $62,313         $60,066     
  Ratio of expenses to average                                                                                     
    net assets before expense                                                                                      
    waiver                           0.43%      0.46%           0.39%          0.41%      0.44%           0.37%    
  Ratio or expenses to average                                                                                     
    net assets after expense                                                                                       
    waiver                           0.25%      0.25%           0.21%          0.23%      0.23%           0.19%    
  Ratio of net investment income                                                                                   
    to average net assets            0.61%      0.35%           0.25%          1.18%      1.04%           0.84%    
  Portfolio turnover rate           54.09%     41.77%          35.54%        112.35%     61.92%          20.43%    
  (a) The percentages shown for                                                                                    
    this period are not                                                                                            
    annualized.                                                                                                    
  (b) Based on average shares                                                                                      
    outstanding.                                                                                                   
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------


                                         INTERNATIONAL EQUITY FUND                                                 
                                  ---------------------------------------                                          
                                                         FOR THE PERIOD                                            
                                                          MARCH 1, 2000                                            
                                  FOR THE YEARS ENDED     (COMMENCEMENT                                            
                                     DECEMBER 31,       OF OPERATIONS) TO                                          
                                  -------------------     DECEMBER 31,                                             
                                    2002       2001          2000(A)                                               
--------------------------------  ---------------------------------------                                          
                                                                                                                   
SELECTED PER SHARE DATA                                                                                            
  Net asset value, beginning of                                                                                    
    period                        $ 12.88    $ 17.14         $ 25.00                                               
-------------------------------------------------------------------------------------------                        
  Gain (loss) from investment                                                                                      
    operations:                                                                                                    
  Net investment income              0.20(b)    0.18            0.15                                               
  Net realized and unrealized                                                                                      
    gain (loss) on total                                                                                           
    investments                     (2.06)     (4.26)          (7.89)                                              
--------------------------------------------------------------------------------------------------------------     
  Total gain (loss) from                                                                                           
    investment operations           (1.86)     (4.08)          (7.74)                                              
-------------------------------------------------------------------------------------------------------------------
  Less distributions from:                                                                                         
    Net investment income           (0.19)     (0.18)          (0.12)                                              
    In excess of net investment                                                                                    
      income                        (0.07)        --              --                                               
    Net realized gains                 --         --              --                                               
-------------------------------------------------------------------------------------------------------------------
    Total distributions             (0.26)     (0.18)          (0.12)                                              
-------------------------------------------------------------------------------------------------------------------
  Net asset value, end of period   $10.76     $12.88          $17.14                                               
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
TOTAL RETURN                      (14.40)%   (23.81)%        (30.94)%                                              
RATIOS AND SUPPLEMENTAL DATA                                                                                       
  Net assets at end of period                                                                                      
    (in thousands)                $33,738    $35,014         $42,006                                               
  Ratio of expenses to average                                                                                     
    net assets before expense                                                                                      
    waiver                           0.49%      0.53%           0.44%                                              
  Ratio or expenses to average                                                                                     
    net assets after expense                                                                                       
    waiver                           0.29%      0.29%           0.25%                                              
  Ratio of net investment income                                                                                   
    to average net assets            1.68%      1.33%           0.88%                                              
  Portfolio turnover rate           52.82%    102.48%          79.47%                                              
  (a) The percentages shown for                                                                                    
    this period are not                                                                                            
    annualized.                                                                                                    
  (b) Based on average shares                                                                                      
    outstanding.                                                                                                   
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------

86  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   
See Notes To Financial Statements 

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                                                            FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------

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                                                                                                              LARGE-CAP    
                                                                                                             VALUE FUND    
                      STOCK INDEX FUND                                 SOCIAL CHOICE EQUITY FUND          -----------------
-------------------------------------------------------------   ---------------------------------------    FOR THE PERIOD  
                                             FOR THE PERIOD                            FOR THE PERIOD       SEPTEMBER 4,   
                                            DECEMBER 1, 1998                            MARCH 1, 2000           2002       
                                              (COMMENCEMENT     FOR THE YEARS ENDED     (COMMENCEMENT       (COMMENCEMENT  
    FOR THE YEARS ENDED DECEMBER 31,        OF OPERATIONS) TO      DECEMBER 31,       OF OPERATIONS) TO   OF OPERATIONS) TO
-----------------------------------------     DECEMBER 31,      -------------------     DECEMBER 31,        DECEMBER 31,   
     2002      2001      2000      1999          1998(A)          2002       2001          2000(A)             2002(A)     
---------------------------------------------------------------------------------------------------------------------------
                                                                                                                           
    $ 24.45   $ 27.94   $ 31.11   $ 26.05        $ 25.00        $ 20.61    $ 23.90         $ 25.00             $ 25.00     
---------------------------------------------------------------------------------------------------------------------------
       0.33(b)    0.30     0.29      0.26           0.05           0.26(b)    0.24            0.23                0.17(b)  
      (5.56)    (3.50)    (2.58)     5.26           1.05          (4.52)     (3.28)          (0.93)              (0.17)    
---------------------------------------------------------------------------------------------------------------------------
      (5.23)    (3.20)    (2.29)     5.52           1.10          (4.26)     (3.04)          (0.70)                 --     
---------------------------------------------------------------------------------------------------------------------------
      (0.36)    (0.23)    (0.29)    (0.26)         (0.05)         (0.26)     (0.22)          (0.23)              (0.16)    
         --        --        --        --             --             --         --              --                  --     
         --     (0.06)    (0.59)    (0.20)            --             --      (0.03)          (0.17)                 --     
---------------------------------------------------------------------------------------------------------------------------
      (0.36)    (0.29)    (0.88)    (0.46)         (0.05)         (0.26)     (0.25)          (0.40)              (0.16)    
---------------------------------------------------------------------------------------------------------------------------
    $ 18.86   $ 24.45   $ 27.94   $ 31.11        $ 26.05        $ 16.09    $ 20.61         $ 23.90             $ 24.84     
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
    (21.38)%  (11.44)%   (7.38)%    21.20%          4.41%       (20.68)%   (12.72)%         (2.80)%               0.01%    
    $88,779   $94,517   $89,321   $54,341        $26,212        $22,683    $25,333         $25,977             $20,178     
       0.26%     0.30%     0.30%     0.30%          0.03%          0.34%      0.39%           0.33%               0.08%    
       0.07%     0.07%     0.07%     0.07%          0.01%          0.17%      0.18%           0.15%               0.08%    
       1.56%     1.28%     1.14%     1.28%          0.22%          1.43%      1.15%           0.92%               0.69%    
       8.68%     7.85%    16.48%    14.22%          0.00%         27.21%      9.83%           4.94%              94.30%    
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------


         SMALL-CAP          REAL ESTATE                                                                                    
        EQUITY FUND       SECURITIES FUND                                                                                  
     -----------------   -----------------                                                                                 
---   FOR THE PERIOD      FOR THE PERIOD                                                                                   
       SEPTEMBER 4,        SEPTEMBER 4,                                                                                    
           2002                2002                                                                                        
       (COMMENCEMENT       (COMMENCEMENT                                                                                   
     OF OPERATIONS) TO   OF OPERATIONS) TO                                                                                 
---    DECEMBER 31,        DECEMBER 31,                                                                                    
          2002(A)             2002(A)                                                                                      
---  -------------------------------------                                                                                 
                                                                                                                           
          $ 25.00             $ 25.00                                                                                      
------------------------------------------------------------                                                               
             0.13(b)             0.44(b)                                                                                   
            (0.38)              (0.61)                                                                                     
-------------------------------------------------------------------------------                                            
            (0.25)              (0.17)                                                                                     
--------------------------------------------------------------------------------------------------                         
            (0.12)              (0.31)                                                                                     
               --                  --                                                                                      
               --               (0.04)                                                                                     
---------------------------------------------------------------------------------------------------------------------      
            (0.12)              (0.35)                                                                                     
---------------------------------------------------------------------------------------------------------------------------
          $ 24.63             $ 24.48                                                                                      
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
           (0.98)%             (0.65)%                                                                                     
          $20,044             $20,194                                                                                      
             0.03%               0.08%                                                                                     
             0.03%               0.08%                                                                                     
             0.55%               1.80%                                                                                     
            57.41%             117.16%                                                                                     
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------

See Notes To Financial Statements 
                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   87

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TIAA-CREF LIFE FUNDS                                                            
--------------------------------------------------------------------------------
Notes to Financial Statements                                                   

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES                                         

TIAA-CREF Life Funds (the "Funds") is a Delaware business trust that was        
organized on August 13, 1998 and is registered with the Securities and Exchange 
Commission ("Commission") under the Investment Company Act of 1940 as an        
open-end management investment company. The Funds consist of eight series (each 
referred to as a "Fund"). TIAA-CREF Life Separate Accounts (the "Accounts"),    
which are registered with the Commission as unit investment trusts under the    
1940 Act, have various sub-accounts which correspond to and invest in each of   
the Funds. The Accounts are separate accounts of TIAA-CREF Life Insurance       
Company ("TIAA-CREF Life"), which is a wholly-owned subsidiary of Teachers      
Insurance and Annuity Association of America ("TIAA"). The Stock Index Fund     
commenced operations on December 1, 1988 with a seed money investment by TIAA.  
The Growth Equity, Growth & Income, International Equity and Social Choice      
Equity Funds commenced operations on March 1, 2000 with a seed money investment 
by TIAA. The Large-Cap Value, the Small-Cap Equity and the Real Estate          
Securities Funds commenced operations on September 4, 2002 with a seed money    
investment by TIAA. At December 31, 2002, the Account and TIAA held the         
following amounts in the Funds:                                                 

                                                                [Download Table]

                               ACCOUNT       TIAA    
                             -----------  -----------
                                                     
Growth Equity Fund           $19,961,970  $20,574,770
Growth & Income Fund          20,044,494   31,508,542
International Equity Fund     11,231,791   22,506,194
Stock Index Fund              68,383,111   20,396,362
Social Choice Equity Fund      5,865,903   16,817,167
Large-Cap Value Fund             173,267   20,004,946
Small-Cap Equity Fund            241,281   19,803,050
Real Estate Securities Fund      325,808   19,868,220

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

VALUATION OF INVESTMENTS: 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, except for bonds which are valued at   
the most recent bid price or the equivalent quoted yield of such bonds. Foreign 
investments are valued at the closing values of such securities as of the date  
of valuation under the generally accepted valuation method in the country where 
traded, converted to U.S. dollars at the prevailing rates of exchange on the    
date of valuation. Money market instruments are valued at fair market value,    
except for such instruments within 60 days to maturity, which are valued at     
amortized cost, which approximates market value. Portfolio securities for which 
market quotations are not readily available (including restricted securities)   
are valued at fair value, as determined in good faith under the direction of the
Board of Trustees. Portfolio securities may also be valued at fair value as     
determined in good faith under the direction of the Board of Trustees if events 
that have a significant effect on their value occur between the time their price
is determined and the time a Fund's net asset value is calculated.              

ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the 
trade date. Interest income is recorded as earned and includes amortization of  
discounts and premiums. Dividend income is recorded on the ex-dividend date or, 
for certain foreign securities, as soon thereafter as the Funds are informed of 
the ex-dividend date. Realized gains and losses on securities transactions are  
based upon the specific identification method for both financial statement and  
federal income tax purposes.                                                    

FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: Portfolio investments and other  
assets and liabilities denominated in foreign currencies are translated into    
U.S. dollars at the exchange rates prevailing at the end of the period.         
Purchases and sales of securities, income receipts and expense payments made in 
foreign currencies are translated into U.S. dollars at the exchange rates       
prevailing on the respective dates of the transactions. The effects of changes  
in foreign currency exchange rates on portfolio investments are included in the 
net realized and unrealized gains and losses on investments. Net realized gains 
and losses on foreign currency transactions include maturities of forward       
foreign currency contracts, disposition of foreign currencies, and currency     
gains and losses between the accrual and receipt dates of portfolio investment  
income and between the trade and settlement dates of portfolio investment       
transactions.                                                                   

FORWARD FOREIGN CURRENCY CONTRACTS: The Funds may use forward foreign currency  
contracts to facilitate transactions in securities denominated in foreign       
currencies. Such contracts are entered into directly with a counterparty and are
"marked-to-                                                                     

88  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   

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TIAA-CREF LIFE FUNDS                                                            
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Notes to Financial Statements -- (Continued)                                    

market" at the end of each day's trading. The Funds are also exposed to credit  
risk associated with counterparty nonperformance on these forward currency      
exchange contracts which is typically limited to the unrealized gain on each    
open contract.                                                                  

SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Funds may  
purchase securities on a when-issued or delayed delivery basis. In addition to  
the normal market risks, this exposes the Funds to the risk that the transaction
may not be consummated.                                                         

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

DISTRIBUTIONS TO SHAREHOLDERS: Distributions from net investment income and     
realized gains, if any, are declared and paid annually. Undistributed net       
investment income and accumulated undistributed net realized gain (loss) on     
total investments may include temporary book and tax differences which will     
reverse in a subsequent period. Any permanent book and tax basis differences    
relating to shareholder distributions will result in reclassifications among the
respective components of net assets.                                            

FEDERAL INCOME TAXES: The Funds intend to continue to qualify as regulated      
investment companies under Subchapter M of the Internal Revenue Code, and will  
not be subject to federal income taxes to the extent that they distribute       
substantially all taxable income each year and comply with various other code   
requirements. At December 31, 2002, the following Funds had capital loss        
carryovers which will begin to expire in 2008 and capital losses realized after 
October 31, 2002, which were deferred for tax purposes to the first day of the  
following year.                                                                 

                                                                [Download Table]

                                   CAPITAL LOSS CARRYOVER    POST-OCTOBER LOSSES
                                   ----------------------    -------------------
                                                                                
Growth Equity Fund                       25,089,004                5,682,074    
Growth & Income Fund                     14,121,176                5,494,334    
International Equity Fund                24,007,720                  300,549    
Stock Index Fund                          2,533,627                   48,690    
Social Choice Equity Fund                 1,962,485                       --    
Large-Cap Value Fund                        554,523                   33,009    
Small-Cap Equity Fund                       207,966                  135,343    
Real Estate Securities Fund                      --                    5,149    

NOTE 2. MANAGEMENT AGREEMENT                                                    

Teachers Advisors, Inc. ("Advisors"), a wholly-owned subsidiary of TIAA and a   
registered investment adviser, provides investment advisory services for the    
Funds pursuant to an Investment Management Agreement between Advisors and the   
Funds. Under the terms of an Investment Management Agreement, each Fund pays a  
fee for investment management services, based on the average daily net assets of
each Fund. Through October 27, 2002, Advisors waived its right to receive a     
portion of its fee from each Fund, as indicated below. Effective October 28,    
2002, for the following Funds the waiver was eliminated and the investment      
management fee was lowered to the amount that was previously the net fee, except
for the Stock Index and the Social Choice Equity Funds where the net fee was    
lowered to 0.06% and 0.07%, respectively. For the periods indicated, Advisors   
received the following annual percentage of each Fund's average daily net       
assets:                                                                         

                                                                [Download Table]

                          EFFECTIVE THROUGH OCTOBER 27, 2002         EFFECTIVE    
                      ------------------------------------------  OCTOBER 28, 2002
                                                  MANAGEMENT FEE  ----------------
                      MANAGEMENT FEE    WAIVER     AFTER WAIVER    MANAGEMENT FEE 
                      --------------    ------    --------------  ----------------
                                                                                  
Growth Equity Fund        0.46%         0.21%         0.25%             0.25%     
Growth & Income Fund      0.44%         0.21%         0.23%             0.23%     
International Equity                                                              
  Fund                    0.53%         0.24%         0.29%             0.29%     
Stock Index Fund          0.30%         0.23%         0.07%             0.06%     
Social Choice Equity                                                              
  Fund                    0.39%         0.21%         0.18%             0.07%     

                                                                [Download Table]

                                  EFFECTIVE SEPTEMBER 4, 2002
                                  ---------------------------
                                        MANAGEMENT FEE       
                                        --------------       
                                                             
Large-Cap Value Fund                         0.24%           
Small-Cap Equity Fund                        0.10%           
Real Estate Securities Fund                  0.25%           

                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   89

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TIAA-CREF LIFE FUNDS                                                            
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Notes to Financial Statements -- (Continued)                                    

NOTE 3. INVESTMENTS                                                             

Purchases and sales of securities, other than short-term money market           
instruments, for the periods ended December 31, 2002 were as follows:           

                                                                [Download Table]

                             NON-GOVERNMENT  GOVERNMENT  NON-GOVERNMENT  GOVERNMENT
                               PURCHASES     PURCHASES       SALES         SALES   
                             --------------  ----------  --------------  ----------
                                                                                   
Growth Equity Fund            $29,941,610     $332,364    $24,752,988     $  8,943 
Growth & Income Fund           68,010,877      339,526     62,351,896      100,851 
International Equity           23,571,916           --     18,292,628           -- 
Stock Index Fund               26,594,347      140,575      7,973,676       27,431 
Social Choice Equity Fund       8,841,346       52,810      5,614,589        1,918 
Large-Cap Value Fund           38,842,247           --     18,605,081           -- 
Small-Cap Equity Fund          31,603,941           --     11,266,037           -- 
Real Estate Securities Fund    40,287,437           --     20,368,793           -- 

At December 31, 2002, the Stock Index Fund owns 148,291 shares of the           
Institutional Equity Index Fund representing 0.10% of the outstanding shares.   

NOTE 4. TRUSTEE FEES                                                            

The Funds pay their Trustees, who are not also officers or affiliated persons of
the Funds, certain remuneration for their services, plus travel and other       
expenses incurred in attending Board meetings. Trustees who are also officers or
affiliated persons receive no remuneration for their services as Trustees.      

NOTE 5. DISTRIBUTIONS TO SHAREHOLDERS                                           

The tax character of distributions paid to shareholders during 2002 and 2001    
were as follows:                                                                

                                                        [Enlarge/Download Table]

                                          2002                                2001               
                           -----------------------------------  ---------------------------------
                                        LONG-TERM                          LONG-TERM             
                            ORDINARY     CAPITAL                ORDINARY    CAPITAL              
                             INCOME       GAIN        TOTAL      INCOME      GAIN        TOTAL   
                           ----------   ---------   ----------  --------   ---------   ----------
                                                                                                 
Growth Equity Fund         $  270,048    $    --    $  270,048  $181,630   $     --    $  181,630
Growth & Income Fund          675,134         --       675,134   594,356         --       594,356
International Equity          796,389         --       796,389   475,398         --       475,398
Stock Index Fund            1,662,404         --     1,662,404   931,890    190,819     1,122,709
Social Choice Equity Fund     354,834         --       354,834   306,244         --       306,244
Large-Cap Value Fund          130,150         --       130,150        --         --            --
Small-Cap Equity Fund         100,615         --       100,615        --         --            --
Real Estate Securities                                                                           
  Fund                        278,624     10,196       288,820        --         --            --

As of December 31, 2002, the components of distributable earnings, on a tax     
basis, were as follows:                                                         

                                                                [Download Table]

                                                UNREALIZED  
                              UNDISTRIBUTED    APPRECIATION 
                             ORDINARY INCOME  (DEPRECIATION)
                             ---------------  --------------
                                                            
Growth Equity Fund              $ 11,474       $(18,428,644)
Growth & Income Fund              16,520         (9,953,049)
International Equity                  --         (9,216,516)
Stock Index Fund                  22,013        (35,852,560)
Social Choice Equity Fund          3,045         (8,928,233)
Large-Cap Value Fund               6,963            455,651 
Small-Cap Equity Fund              6,810             33,258 
Real Estate Securities Fund       18,084           (428,554)

The difference between book basis and tax basis unrealized appreciation and     
depreciation is attributable primarily to the tax deferral of losses on wash    
sales and the realization, for tax purposes, of unrealized gains on investments 
in passive foreign investment companies.                                        

90  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   

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TIAA-CREF LIFE FUNDS                                                            
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Notes to Financial Statements -- (Concluded)                                    

NOTE 6. LINE OF CREDIT                                                          

The Funds share in a $2.25 billion unsecured revolving credit facility to be    
used for temporary purposes, including the funding of shareholder redemptions.  
Certain affiliated accounts and mutual funds, each of which is managed by       
Advisors, or an affiliate of Advisors, also participate in this facility. An    
annual commitment fee for the credit facility is borne by the participating     
accounts and mutual funds. Interest associated with any borrowing under the     
facility will be charged to the borrowing accounts and mutual funds at rates    
which are based on the Federal Funds Rate in effect during the time of the      
borrowing. For the year ended December 31, 2002, there were no borrowings under 
this credit facility by the Funds.                                              

                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   91

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--------------------------------------------------------------------------------

REPORT OF INDEPENDENT AUDITORS

To the Shareholders and Board of Trustees of                                    
TIAA-CREF Life Funds                                                        

We have audited the accompanying statements of assets and liabilities, including
the statements of investments, of TIAA-CREF Life Funds (comprising,             
respectively, the Growth Equity, Growth & Income, International Equity, Stock   
Index, Social Choice Equity, Large-Cap Value, Small-Cap Equity and Real Estate  
Securities Funds) as of December 31, 2002, and the related statements of        
operations and changes in net assets and financial highlights for each of the   
periods indicated therein. These financial statements and financial highlights  
are the responsibility of the Funds' management. Our responsibility is to       
express an opinion on these financial statements and financial highlights based 
on our audits.                                                                  

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and       
financial highlights are free of material misstatement. An audit includes       
examining, on a test basis, evidence supporting the amounts and disclosures in  
the financial statements and financial highlights. Our procedures included      
confirmation of securities owned as of December 31, 2002 by correspondence with 
the custodians and brokers. An audit also includes assessing the accounting     
principles used and significant estimates made by management, as well as        
evaluating the overall financial statement presentation. We believe that our    
audits provide a reasonable basis for our opinion.                              

In our opinion, the financial statements and financial highlights referred to   
above present fairly, in all material respects, the financial position of each  
of the respective funds constituting TIAA-CREF Life Funds at December 31, 2002, 
and the results of their operations, the changes in their net assets and the    
financial highlights for each of the indicated periods, in conformity with      
accounting principles generally accepted in the United States.                  

                                           [/s/ ERNST & YOUNG LLP]

February 7, 2003                                                                

92  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   

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TRUSTEES AND OFFICERS--DISINTERESTED TRUSTEES                                   

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NAME, ADDRESS AND AGE   POSITION(S) HELD WITH FUND  TERM OF OFFICE AND           PRINCIPAL OCCUPATION(S)        NUMBER OF    
                                                    LENGTH OF TIME SERVED          DURING PAST 5 YEARS          PORTFOLIOS IN
                                                                                                                FUND COMPLEX 
                                                                                                                OVERSEEN BY  
                                                                                                                TRUSTEE      
                                                                                                                             
MARTIN J. GRUBER        Trustee                     Indefinite term.       Nomura Professor of Finance, New           51     
New York University                                 Trustee since 2001.    York University, Stern School of                  
Stern School of                                                            Business. Formerly, Chairman,                     
Business                                                                   Department of Finance, New York                   
Henry Kaufman                                                              University, Stern School of                       
Management                                                                 Business, and Trustee of TIAA,                    
Education Center                                                           1996-2000.                                        
44 West 4th Street,                                                                                                          
Suite 988                                                                                                                    
New York, NY 10012                                                                                                           
Age: 65                                                                                                                      
NANCY L. JACOB          Trustee                     Indefinite term.       President and Managing Principal,          51     
Windermere Investment                               Trustee since 2001.    Windermere Investment Associates.                 
Associates                                                                 Formerly, Chairman and Chief                      
121 S.W. Morrison                                                          Executive Officer, CTC Consulting,                
Street,                                                                    Inc., and Executive Vice President,               
Suite 925                                                                  U.S. Trust of the Pacific Northwest.              
Portland, OR 97204                                                                                                           
Age: 60                                                                                                                      
STEPHEN A. ROSS         Trustee                     Indefinite term.       Franco Modigliani Professor of             51     
Sloan School of                                     Trustee since 2001.    Finance and Economics, Sloan School               
Management                                                                 of Management, Massachusetts                      
Massachusetts                                                              Institute of Technology. Co-                      
Institute of                                                               chairman, Roll & Ross Asset                       
Technology                                                                 Management Corp. Formerly, Sterling               
77 Massachusetts                                                           Professor of Economics and Finance,               
Avenue                                                                     Yale School of Management, Yale                   
Cambridge, MA 02139                                                        University.                                       
Age: 58                                                                                                                      
NESTOR V. SANTIAGO      Trustee                     Indefinite term.       Vice President and Chief Investment        51     
Howard Hughes Medical                               Trustee since 2001.    Officer, Howard Hughes Medical                    
Institute                                                                  Institute. Formerly, Investment                   
4000 Jones Bridge Road                                                     Advisor/Head of Investment Office,                
Chevy Chase, MD 20815                                                      International Monetary Fund.                      
Age: 53                                                                                                                      
MACEO K. SLOAN          Trustee                     Indefinite term.       Chairman and Chief Executive               51     
NCM Capital Management                              Trustee since 2001.    Officer, Sloan Financial Group, Inc.              
Group, Inc.                                                                and NCM Capital Management Group,                 
103 West Main Street,                                                      Inc., since 1991.                                 
Suite 400                                                                                                                    
Durham, NC 27701-3638                                                                                                        
Age: 53                                                                                                                      
ROBERT W. VISHNY        Trustee                     Indefinite term.       Eric J. Gleacher Distinguished             51     
University of Chicago                               Trustee since 2001.    Service Professor of Finance,                     
Graduate School of                                                         University of Chicago, Graduate                   
Business                                                                   School of Business. Founding                      
1101 East 58th Street                                                      Partner, LSV Asset Management.                    
Chicago, IL 60627                                                                                                            
Age: 43                                                                                                                      


NAME, ADDRESS AND AGE   OTHER DIRECTORSHIPS                                                                                  
                        HELD BY TRUSTEE                                                                                      

                                                                                                                             
MARTIN J. GRUBER        Director, Deutsche                                                                                   
New York University     Asset Management                                                                                     
Stern School of         B.T. Funds, Japan                                                                                    
Business                Equity Fund, Inc.,                                                                                   
Henry Kaufman           Singapore Equity                                                                                     
Management              Fund, Inc., the Thai                                                                                 
Education Center        Equity Fund, Inc.                                                                                    
44 West 4th Street,     and the DB Hedge                                                                                     
Suite 988               Securities Fund,                                                                                     
New York, NY 10012      L.L.C.                                                                                               
Age: 65                                                                                                                      
NANCY L. JACOB          None                                                                                                 
Windermere Investment                                                                                                        
Associates                                                                                                                   
121 S.W. Morrison                                                                                                            
Street,                                                                                                                      
Suite 925                                                                                                                    
Portland, OR 97204                                                                                                           
Age: 60                                                                                                                      
STEPHEN A. ROSS         Director, Freddie                                                                                    
Sloan School of         Mac; Co- Chairman,                                                                                   
Management              Roll & Ross Asset                                                                                    
Massachusetts           Management Corp.;                                                                                    
Institute of            and Principal, IV                                                                                    
Technology              Capital, Ltd.                                                                                        
77 Massachusetts                                                                                                             
Avenue                                                                                                                       
Cambridge, MA 02139                                                                                                          
Age: 58                                                                                                                      
NESTOR V. SANTIAGO      Director, Bank-Fund                                                                                  
Howard Hughes Medical   Credit Union and                                                                                     
Institute               Emerging Markets                                                                                     
4000 Jones Bridge Road  Growth Fund, Inc.                                                                                    
Chevy Chase, MD 20815                                                                                                        
Age: 53                                                                                                                      
MACEO K. SLOAN          Director, SCANA                                                                                      
NCM Capital Management  Corporation and M&F                                                                                  
Group, Inc.             Bancorp, Inc.                                                                                        
103 West Main Street,                                                                                                        
Suite 400                                                                                                                    
Durham, NC 27701-3638                                                                                                        
Age: 53                                                                                                                      
ROBERT W. VISHNY        None                                                                                                 
University of Chicago                                                                                                        
Graduate School of                                                                                                           
Business                                                                                                                     
1101 East 58th Street                                                                                                        
Chicago, IL 60627                                                                                                            
Age: 43                                                                                                                      

                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   93

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INTERESTED TRUSTEES AND OFFICERS                                                

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NAME, ADDRESS AND AGE   POSITION(S) HELD WITH FUND  TERM OF OFFICE AND           PRINCIPAL OCCUPATION(S)         NUMBER OF    
                                                    LENGTH OF TIME SERVED          DURING PAST 5 YEARS           PORTFOLIOS IN
                                                                                                                 FUND COMPLEX 
                                                                                                                 OVERSEEN BY  
                                                                                                                 TRUSTEE      
                                                                                                                              
HERBERT M. ALLISON,     President and Chief         Indefinite term.       Chairman, President and Chief               51     
JR.(1)                  Executive Officer           President and Chief    Executive Officer, TIAA. President                 
TIAA-CREF                                           Executive Officer      and Chief Executive Officer of                     
730 Third Avenue                                    since 2002.            TIAA-CREF Life Funds, CREF, TIAA-                  
New York, NY                                                               CREF Mutual Funds, TIAA-CREF                       
10017-3206                                                                 Institutional Mutual Funds and TIAA                
Age: 59                                                                    Separate Account VA-1 (these funds                 
                                                                           are collectively referred to as the                
                                                                           "TIAA-CREF Funds"). Formerly,                      
                                                                           President and Chief Executive                      
                                                                           Officer of University Alliance for                 
                                                                           Life-Long Learning, Inc.,                          
                                                                           2000 - October 2002. National                      
                                                                           Finance Chairman, Presidential                     
                                                                           Campaign of Senator John McCain,                   
                                                                           1999-2000. President, Chief                        
                                                                           Operating Officer and Member of the                
                                                                           Board of Directors of Merrill Lynch                
                                                                           & Co., Inc., 1997-1999.                            
MARTIN L. LEIBOWITZ(1)  Trustee, Vice Chairman and  Indefinite terms.      Vice Chairman and Chief Investment          51     
TIAA-CREF               Chief Investment Officer    Trustee since 2001.    Officer of the TIAA-CREF Funds and                 
730 Third Avenue                                    Vice Chairman and      TIAA. Member of Board of Managers                  
New York, NY                                        Chief Investment       and President of TIAA-CREF                         
10017-3206                                          Officer since 2001.    Investment Management, LLC                         
Age: 66                                             Chief Investment       ("Investment Management"). Director                
                                                    Officer since 1998.    and President of Teachers Advisors,                
                                                                           Inc. ("Advisors"). Director of                     
                                                                           TIAA-CREF Life Insurance Company                   
                                                                           ("TIAA-CREF Life").                                
BEVIS LONGSTRETH(2)     Trustee                     Indefinite term.       Retired Partner, Debevoise &                51     
Debevoise & Plimpton                                Trustee since 2001.    Plimpton. Formerly, Partner and Of                 
919 Third Avenue                                                           Counsel of Debevoise & Plimpton,                   
New York, NY                                                               Adjunct Professor at Columbia                      
10022-6225                                                                 University School of Law and                       
Age: 69                                                                    Commissioner of the U.S. Securities                
                                                                           and Exchange Commission.                           
RICHARD J. ADAMSKI(1)   Vice President and          Indefinite term. Vice  Vice President and Treasurer of the        N/A     
TIAA-CREF               Treasurer                   President and          TIAA-CREF Funds and TIAA. Vice                     
730 Third Avenue                                    Treasurer since 1998.  President and Treasurer of                         
New York, NY                                                               Investment Management, Services,                   
10017-3206                                                                 TPIS, Advisors, TIAA-CREF Life, and                
Age: 61                                                                    TIAA-CREF Tuition Financing, Inc.                  
                                                                           ("Tuition Financing").                             
C. VICTORIA APTER(1)    Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                           Executive Vice         TIAA-CREF Funds and TIAA. Formerly,                
730 Third Avenue                                    President since 2001.  Vice President, Retirement Services,               
New York, NY                                                               CREF and TIAA.                                     
10017-3206                                                                                                                    
Age: 60                                                                                                                       
SCOTT C. EVANS(1)       Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                           Executive Vice         TIAA-CREF Funds and TIAA. Executive                
730 Third Avenue                                    President since 1998.  Vice President of Investment                       
New York, NY                                                               Management and Advisors and Director               
10017-3206                                                                 of TIAA-CREF Life.                                 
Age: 43                                                                                                                       
MARTIN E. GALT, III(1)  President                   Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                           Served since 2000.     TIAA-CREF Funds and TIAA and                       
730 Third Avenue                                                           President, TIAA-CREF Investment                    
New York, NY                                                               Products. Formerly, Executive Vice                 
10017-3206                                                                 President and President,                           
Age: 61                                                                    Institutional Investments, Bank of                 
                                                                           America, and Principal Investment                  
                                                                           Officer, NationsBank. Director and                 
                                                                           President of Tuition Financing and                 
                                                                           TPIS and Director of TIAA-CREF Life                
                                                                           and TIAA-CREF Trust Company.                       
RICHARD L. GIBBS(1)     Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                           Executive Vice         TIAA-CREF Funds and TIAA. Executive                
730 Third Avenue                                    President since 1998.  Vice President, Investment                         
New York, NY                                                               Management, Advisors and Tuition                   
10017-3206                                                                 Financing and Director of TIAA-CREF                
Age: 55                                                                    Life and Tuition Financing.                        
DON W. HARRELL(1)       Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                           Executive Vice         TIAA-CREF Funds and TIAA. Director                 
730 Third Avenue                                    President since 1998.  of TIAA-CREF Life.                                 
New York, NY                                                                                                                  
10017-3206                                                                                                                    
Age: 65                                                                                                                       
IRA J. HOCH(1)          Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                           Executive Vice         TIAA-CREF Funds and TIAA. Formerly,                
730 Third Avenue                                    President since 2001.  Vice President, Retirement Services,               
New York, NY                                                               CREF and TIAA.                                     
10017-3206                                                                                                                    
Age: 52                                                                                                                       


NAME, ADDRESS AND AGE   OTHER DIRECTORSHIPS                                                                                   
                        HELD BY TRUSTEE                                                                                       

                                                                                                                              
HERBERT M. ALLISON,     Board Member,                                                                                         
JR.(1)                  Forbes.com, Inc.                                                                                      
TIAA-CREF                                                                                                                     
730 Third Avenue                                                                                                              
New York, NY                                                                                                                  
10017-3206                                                                                                                    
Age: 59                                                                                                                       

MARTIN L. LEIBOWITZ(1)  None                                                                                                  
TIAA-CREF                                                                                                                     
730 Third Avenue                                                                                                              
New York, NY                                                                                                                  
10017-3206                                                                                                                    
Age: 66                                                                                                                       

BEVIS LONGSTRETH(2)     Member of the Board                                                                                   
Debevoise & Plimpton    of Directors of                                                                                       
919 Third Avenue        AMVESCAP, plc and                                                                                     
New York, NY            Chairman of the                                                                                       
10022-6225              Finance Committee of                                                                                  
Age: 69                 the Rockefeller                                                                                       
                        Family Fund.                                                                                          
RICHARD J. ADAMSKI(1)   N/A                                                                                                   
TIAA-CREF                                                                                                                     
730 Third Avenue                                                                                                              
New York, NY                                                                                                                  
10017-3206                                                                                                                    
Age: 61                                                                                                                       

C. VICTORIA APTER(1)    N/A                                                                                                   
TIAA-CREF                                                                                                                     
730 Third Avenue                                                                                                              
New York, NY                                                                                                                  
10017-3206                                                                                                                    
Age: 60                                                                                                                       
SCOTT C. EVANS(1)       N/A                                                                                                   
TIAA-CREF                                                                                                                     
730 Third Avenue                                                                                                              
New York, NY                                                                                                                  
10017-3206                                                                                                                    
Age: 43                                                                                                                       
MARTIN E. GALT, III(1)  N/A                                                                                                   
TIAA-CREF                                                                                                                     
730 Third Avenue                                                                                                              
New York, NY                                                                                                                  
10017-3206                                                                                                                    
Age: 61                                                                                                                       

RICHARD L. GIBBS(1)     N/A                                                                                                   
TIAA-CREF                                                                                                                     
730 Third Avenue                                                                                                              
New York, NY                                                                                                                  
10017-3206                                                                                                                    
Age: 55                                                                                                                       
DON W. HARRELL(1)       N/A                                                                                                   
TIAA-CREF                                                                                                                     
730 Third Avenue                                                                                                              
New York, NY                                                                                                                  
10017-3206                                                                                                                    
Age: 65                                                                                                                       
IRA J. HOCH(1)          N/A                                                                                                   
TIAA-CREF                                                                                                                     
730 Third Avenue                                                                                                              
New York, NY                                                                                                                  
10017-3206                                                                                                                    
Age: 52                                                                                                                       

94  TIAA-CREF Life Funds 2002 ANNUAL REPORT                                   

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INTERESTED TRUSTEES AND OFFICERS -- (CONCLUDED)                                 

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NAME, ADDRESS AND AGE  POSITION(S) HELD WITH FUND  TERM OF OFFICE AND           PRINCIPAL OCCUPATION(S)         NUMBER OF    
                                                   LENGTH OF TIME SERVED          DURING PAST 5 YEARS           PORTFOLIOS IN
                                                                                                                FUND COMPLEX 
                                                                                                                OVERSEEN BY  
                                                                                                                TRUSTEE      
                                                                                                                             
MATINA S. HORNER(1)    Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                          Executive Vice         TIAA-CREF Funds and TIAA. Director                 
730 Third Avenue                                   President since 1998.  of TIAA-CREF Life.                                 
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 63                                                                                                                      
E. LAVERNE JONES(1)    Vice President and          Indefinite term. Vice  Vice President and Corporate               N/A     
TIAA-CREF              Corporate Secretary         President and          Secretary of the TIAA-CREF Funds and               
730 Third Avenue                                   Corporate Secretary    TIAA.                                              
New York, NY                                       since 2001.                                                               
10017-3206                                                                                                                   
Age: 53                                                                                                                      
HARRY I.               Executive Vice President    Indefinite term.       Executive Vice President and Chief         N/A     
KLARISTENFELD(1)       and Chief Actuary           Executive Vice         Actuary of the TIAA-CREF Funds and                 
TIAA-CREF                                          President and Chief    TIAA. Formerly, Vice President and                 
730 Third Avenue                                   Actuary since 2001.    Chief Actuary, Retirement Services,                
New York, NY                                                              CREF and TIAA. Executive Vice                      
10017-3206                                                                President and Chief Actuary of                     
Age: 52                                                                   Services.                                          
FRANCES NOLAN(1)       Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                          Executive Vice         TIAA-CREF Funds and TIAA. Formerly,                
730 Third Avenue                                   President since 2001.  Vice President, Retirement Services,               
New York, NY                                                              CREF and TIAA.                                     
10017-3206                                                                                                                   
Age: 45                                                                                                                      
BERTRAM L. SCOTT(1)    Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                          Executive Vice         TIAA-CREF Funds and TIAA and                       
730 Third Avenue                                   President since 2001.  Chairman of the Board, President and               
New York, NY                                                              Chief Executive Officer of TIAA-                   
10017-3206                                                                CREF Life. Formerly, President and                 
Age: 51                                                                   Chief Executive Officer, Horizon                   
                                                                          Mercy.                                             
DEANNE J.              Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
SHALLCROSS(1)                                      Executive Vice         TIAA-CREF Funds and TIAA. Formerly,                
TIAA-CREF                                          President since 2001.  Vice President, Marketing, CREF and                
730 Third Avenue                                                          TIAA. Executive Vice President of                  
New York, NY                                                              Services.                                          
10017-3206                                                                                                                   
Age: 53                                                                                                                      
DAVID A. SHUNK(1)      Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                          Executive Vice         TIAA-CREF Funds and TIAA. Formerly,                
730 Third Avenue                                   President since 2001.  Vice President, Institutional &                    
New York, NY                                                              Individual Consulting Services, CREF               
10017-3206                                                                and TIAA. President and Chief                      
Age: 56                                                                   Executive Officer of Services and                  
                                                                          Director of TIAA-CREF Trust Company.               
JOHN A. SOMERS(1)      Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                          Executive Vice         TIAA-CREF Funds and TIAA. Executive                
730 Third Avenue                                   President since 1998.  Vice President of Investment                       
New York, NY                                                              Management and Advisors and Director               
10017-3206                                                                of TIAA-CREF Life.                                 
Age: 58                                                                                                                      
CHARLES H. STAMM(1)    Executive Vice President    Indefinite term.       Executive Vice President and General       N/A     
TIAA-CREF                                          Executive Vice         Counsel of the TIAA-CREF Funds and                 
730 Third Avenue                                   President since 1998.  TIAA. Trustee of Services. Director                
New York, NY                                                              of TPIS, Advisors, TIAA-CREF Trust                 
10017-3206                                                                Company, Tuition Financing and TIAA-               
Age: 64                                                                   CREF Life. Member of Board of                      
                                                                          Managers of Investment Management.                 
MARY ANN WERNER(1)     Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                          Executive Vice         TIAA-CREF Funds and TIAA and                       
730 Third Avenue                                   President since 2001.  President, TIAA Shared Services.                   
New York, NY                                                              Formerly, Vice President, CREF and                 
10017-3206                                                                TIAA. Executive Vice President of                  
Age: 57                                                                   Services and Director of TIAA-CREF                 
                                                                          Life.                                              
JAMES A. WOLF(1)       Executive Vice President    Indefinite term.       Executive Vice President of the            N/A     
TIAA-CREF                                          Executive Vice         TIAA-CREF Funds and TIAA and                       
730 Third Avenue                                   President since 2001.  President, TIAA Retirement Services.               
New York, NY                                                              Formerly, Vice President, Retirement               
10017-3206                                                                Services, CREF and TIAA. Trustee of                
Age: 57                                                                   Services and Director of TIAA-CREF                 
                                                                          Life.                                              


NAME, ADDRESS AND AGE  OTHER DIRECTORSHIPS                                                                                   
                       HELD BY TRUSTEE                                                                                       

                                                                                                                             
MATINA S. HORNER(1)    N/A                                                                                                   
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 63                                                                                                                      
E. LAVERNE JONES(1)    N/A                                                                                                   
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 53                                                                                                                      
HARRY I.               N/A                                                                                                   
KLARISTENFELD(1)                                                                                                             
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 52                                                                                                                      
FRANCES NOLAN(1)       N/A                                                                                                   
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 45                                                                                                                      
BERTRAM L. SCOTT(1)    N/A                                                                                                   
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 51                                                                                                                      
DEANNE J.              N/A                                                                                                   
SHALLCROSS(1)                                                                                                                
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 53                                                                                                                      
DAVID A. SHUNK(1)      N/A                                                                                                   
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 56                                                                                                                      
JOHN A. SOMERS(1)      N/A                                                                                                   
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 58                                                                                                                      
CHARLES H. STAMM(1)    N/A                                                                                                   
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 64                                                                                                                      
MARY ANN WERNER(1)     N/A                                                                                                   
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 57                                                                                                                      
JAMES A. WOLF(1)       N/A                                                                                                   
TIAA-CREF                                                                                                                    
730 Third Avenue                                                                                                             
New York, NY                                                                                                                 
10017-3206                                                                                                                   
Age: 57                                                                                                                      

1 The following individuals are "interested persons" under the Investment       
  Company Act (the "Act") because they are officers of the TIAA-CREF Life Funds:
  Mses. Apter, Horner, Jones, Nolan, Shallcross and Werner; and Messrs. Adamski,
Allison, Evans, Galt, Gibbs, Harrell, Hoch, Klaristenfeld, Leibowitz, Scott,
Shunk, Somers, Stamm and Wolf.                                              

2 Mr. Longstreth may be considered an "interested person" under the Act because 
he is associated with a law firm that has acted as counsel to the TIAA-CREF 
Life Funds or their affiliates.                                             

The Statement of Additional Information ("SAI") of the TIAA-CREF Life Funds     
contains additional information about trustees. You can request a copy of the   
SAI without charge by calling 800-478-2966.                                     

                                    2002 ANNUAL REPORT TIAA-CREF Life Funds   95

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PRODUCTS FROM THE                                                               
TIAA-CREF GROUP OF COMPANIES                                                    

PRODUCTS AVAILABLE TO EVERYONE                                                  

o     TIAA-CREF LIFE AFTER-TAX ANNUITIES                                        

o     TIAA-CREF MUTUAL FUNDS                                                    

o     INDIVIDUAL LIFE AND LONG-TERM CARE INSURANCE                              

o     TIAA-CREF IRAS (ROTH AND TRADITIONAL)                                     

o     TUITION FINANCING PROGRAMS                                                

o     INVESTMENT MANAGEMENT AND RELATED TRUST SERVICES                          

PRODUCTS AVAILABLE TO PEOPLE IN EDUCATION AND RESEARCH                          

o     TIAA-CREF RETIREMENT ANNUITIES                                            

o     TIAA-CREF SUPPLEMENTAL RETIREMENT ANNUITIES (SRAS)                        

o     KEOGHS FROM TIAA-CREF                                                     

o     457(B) DEFERRED COMPENSATION PLANS                                        

TIAA-CREF Individual and Institutional Services, Inc., and Teachers Personal    
Investors Services, Inc., distribute securities products. This booklet must be  
accompanied or preceded by current prospectuses. For additional copies, call 800
842-2733, ext. 5509. Read them carefully before you invest. Teachers Insurance  
and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., 
New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB,      
provides trust services. INVESTMENT PRODUCTS ARE NOT FDIC INSURED, MAY LOSE     
VALUE AND ARE NOT BANK GUARANTEED.                                              

(C)2003 Teachers Insurance and Annuity Association-College Retirement Equities  
Fund (TIAA-CREF), New York, NY 10017                                            

TIAA-CREF SERVICES                                                              

[GRAPHIC COMPUTER]  INTERNET ACCESS                                             

Visit our World Wide Web site:                                                  

TIAA-CREF.ORG                                                                   

Account performance, personal account information and transactions, product     
information, and form and booklet requests.                                     

[GRAPHIC PHONE]  AUTOMATED TELEPHONE SERVICE                                    

800 842-2252                                                                    

24 hours a day, 7 days a week                                                   

Account performance, personal account information and transactions, and product 
information.                                                                    

[GRAPHIC PHONE]  PERSONAL ASSISTANCE                                            

800 223-1200                                                                    

8 a.m. to 10 p.m. ET, Monday - Friday                                           

For questions about TIAA-CREF Mutual Funds, after-tax annuities, and long-term  
care and life insurance.                                                        

800 842-2776                                                                    

8 a.m. to 10 p.m. ET, Monday - Friday                                           
9 a.m. to 6 p.m. ET, Saturday                                                   

For questions about retirement saving and planning, quarterly and annual        
benefits reports, income payments and options, and tax reports.                 

[GRAPHIC PHONE]  TIAA-CREF TRUST COMPANY, FSB                                   

888 842-9001                                                                    

8 a.m. to 5 p.m. CT, Monday - Friday                                            

Asset management, trust administration, estate planning, planned giving, and    
endowment management.                                                           

[GRAPHIC PHONE]  TIAA-CREF TUITION FINANCING, INC.                              

888 381-8283                                                                    

8 a.m. to 11 p.m. ET, Monday - Friday                                           

For information on tuition financing programs.                                  

[GRAPHIC COMPUTER]  VARIABLE UNIVERSAL LIFE INFORMATION ONLINE                  

TIAA-CREF                                                                       
www.tiaa-cref.org/lins/index.html                                             

MORNINGSTAR                                                                     
www.morningstar.com                                                             

LIPPER ANALYTICAL SERVICES                                                      
www.lipperweb.com                                                               

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[TIAA-CREF LOGO]        730 Third Avenue                                        
New York NY  10017-3206         

[RECYCLE GRAPHIC]Printed on recycled paper                          A10847-02/03

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ITEM 9. CONTROLS AND PROCEDURES.                                                

(b) Effective July 2002, the fund accounting and administrative functions       
previously performed by State Street Bank for the TIAA-CREF Life Funds were     
transferred over to employees of TIAA. There have been no other significant     
changes in the registrant's internal controls or in other factors that could    
significantly affect internal controls, including any corrective actions with   
regard to significant deficiencies and material weaknesses.                     

ITEM 10. EXHIBITS.                                                              

(b) Section 302 and Section 906 certifications of the principal executive       
officer and principal financial officer of registrant.                          

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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:  February 28, 2003              By: /s/ Martin E. Galt, III               
                                  ------------------------------
                       Martin E. Galt, III
             President

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

Date:  February 28, 2003              By: /s/ Martin E. Galt, III               
                                  ------------------------------
                       Martin E. Galt, III
             President
                                 (principal executive officer)

Date:  February 28, 2003              By: /s/ Richard L. Gibbs                  
                                  ------------------------------
                    Richard L. Gibbs
                            Executive Vice President
                                 (principal financial officer)

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EXHIBIT LIST
------------

(b) Certifications                                                              

99.CERT      Section 302 certification of principal executive officer   
and principal financial officer               

 99.1350CERT  Section 906 certification of principal executive officer and
principal financial officer                   

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-CSR’ Filing		Date		First		Last			Other Filings
Filed on / Effective on:		3/5/03
		2/28/03		103
		2/19/03		83
		2/7/03		96
For Period End:		12/31/02		1		96			13F-NT,  24F-2NT,  NSAR-B
		10/31/02		93
		10/28/02		5		93			485BPOS
		10/27/02		93
		10/1/02		6
		9/4/02		87		93
		7/1/02		10
		6/1/02		8
		5/31/02		8
		7/1/01		8
		5/31/01		8
		3/1/00		90		92
		12/1/98		91
		8/13/98		92
									List all Filings