Tiaa Cref Life Separate Account Va-1 – ‘N-30D’ for 6/30/02

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Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
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Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Semiannual Report                                    181±   659K 

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June 30, 2002                                                                   

Financial statements (unaudited)                                                
including statements of investments                                             
of TIAA-CREF Life Funds                                                         

Single Premium                                                                  
Immediate Annuities                                                             

2002                                                                            
SEMIANNUAL REPORT                                                               

TIAA-CREF LIFE                                                                  
SEPARATE ACCOUNT VA-1                                                           

TIAA-CREF LIFE FUNDS                                                            

Stock Index Fund                                                                

Growth Equity Fund                                                              

Growth & Income Fund                                                            

International Equity Fund                                                       

Social Choice Equity Fund                                                       

[TIAA CREF LOGO]                                                                

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TIAA-CREF LIFE SEPARATE ACCOUNT VA-1                                            

A note about the report's format                                                

While most of this report discusses performance of the TIAA-CREF Life Funds,    
whose portfolios underlie the TIAA-CREF Life Separate Account VA-1, the table   
below presents a summary of the returns of the accounts of the TIAA-CREF Life   
Separate Account VA-1 to give you a more complete picture of performance        
under your Single Premium Immediate Annuities contract. These returns reflect   
not only the performance of the underlying funds after deductions for           
investment management charges, but also mortality and risk expenses and         
administrative charges deducted under the contract. This is why the returns     
below are slightly less than the returns of the underlying funds reported on    
pages 3 through 7.                                                              

The Investment Company Act of 1940 requires the Separate Account to provide 
its contract owners with an annual report on the financial condition and        
portfolio holdings of the funds in which it invests. This semiannual report     
is also provided each year towards the end of August.                           

Performance at a Glance as of 6/30/2002(1)                                      

                                                        [Enlarge/Download Table]


                                AVERAGE ANNUAL COMPOUND             CUMULATIVE RATES      
                                 RATES OF TOTAL RETURN              OF TOTAL RETURN       
                               ONE YEAR  SINCE INCEPTION(2)   ONE YEAR  SINCE INCEPTION(2)
------------------------------------------------------------------------------------------
                                                                                          
STOCK INDEX ACCOUNT             -17.46%      -4.13%           -17.46%     -13.68%         
GROWTH EQUITY ACCOUNT           -29.73      -31.30            -29.73      -57.02          
GROWTH & INCOME ACCOUNT         -20.01      -17.52            -20.01      -35.16          
INTERNATIONAL EQUITY ACCOUNT     -8.88      -22.31             -8.88      -43.33          
SOCIAL CHOICE EQUITY ACCOUNT    -16.78      -15.17            -16.78      -30.93          

                                                     NET ASSETS                           
                          ANNUAL EXPENSES CHARGE(3) (IN MILLIONS)                         
-----------------------------------------------------------------                         
                                                                                          
STOCK INDEX ACCOUNT             0.37%                   $71.19                            
GROWTH EQUITY ACCOUNT           0.55                     21.99                            
GROWTH & INCOME ACCOUNT         0.53                     21.09                            
INTERNATIONAL EQUITY ACCOUNT    0.59                     10.75                            
SOCIAL CHOICE EQUITY ACCOUNT    0.48                      5.27                            

                                  ACCUMULATION                                            
                                   UNIT VALUE                                             
------------------------------------------------                                          
                                                                                          
STOCK INDEX ACCOUNT                  $22.53                                               
GROWTH EQUITY ACCOUNT                 11.25                                               
GROWTH & INCOME ACCOUNT               17.39                                               
INTERNATIONAL EQUITY ACCOUNT          12.91                                               
SOCIAL CHOICE EQUITY ACCOUNT          18.44                                               

(1)Due to market volatility, recent performance may differ from the figures     
shown above. For the most current performance, visit the TIAA-CREF Web    
Center at www.tiaa-cref.org or call 800 223-1200. Past performance is not 
indicative of future rates of return. Future rates will fluctuate, as will
the value of investment principal. As a result, the units you own may be  
worth more or less than their original value upon redemption.             

(2)The inception date was January 4, 1999, for the Stock Index Account, and     
April 3, 2000, for the other accounts.                                    

(3)Annual expenses reflect 0.30% charged by the Separate Account on the         
contract for administrative expenses and mortality and expense risk, and  
applicable underlying fund fees (0.07% for Stock Index, 0.25% for Growth  
Equity, 0.23% for Growth & Income, 0.29% for International Equity, and    
0.18% for Social Choice Equity). A portion of the separate account charges
and underlying funds fees has been waived. Without waivers, total annual  
separate account and fund expenses would be 1.50% for Stock Index, 1.66%  
for Growth Equity, 1.64% for Growth & Income, 1.73% for International     
Equity, and 1.59% for Social Choice Equity, and total investment returns  
would be lower.                                                           

                                                                [Download Table]


CONTENTS                                                                  
                                                                          
TIAA-CREF Life Separate Account VA-1                                      
Performance at a Glance ............................... Inside front cover

TIAA-CREF Life Funds                                                      
  Stock Index Fund Performance Report .................  3                
  Growth Equity Fund Performance Report ...............  4                
  Growth & Income Fund Performance Report .............  5                
  International Equity Fund Performance Report ........  6                
  Social Choice Equity Fund Performance Report ........  7                

Statements of Investments                                                 
  Stock Index Fund ....................................  8                
  Growth Equity Fund .................................. 33                
  Growth & Income Fund ................................ 43                
  International Equity Fund ........................... 48                
  Social Choice Equity Fund ........................... 57                

Financial Statements                                                      
  Statements of Assets and Liabilities ................ 64                
  Statements of Operations ............................ 65                
  Statements of Changes in Net Assets ................. 67                
  Financial Highlights ................................ 69                
  Notes to Financial Statements ....................... 70                

Products from the TIAA-CREF                                               
Group of Companies .................................... Inside back cover 

Fund Management                                                                 

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

(C)2002 Teachers Insurance and Annuity Association-College Retirement           
Equities Fund (TIAA-CREF), New York, NY 10017                             

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FROM THE PRESIDENT                                                              

[PHOTO OF MARTIN E. GALT, III]                                                  
PRESIDENT                                                                       
TIAA-CREF                                                                       
INVESTMENT PRODUCTS                                                             

We are pleased to send you the 2002 semiannual report for the TIAA-CREF Life    
Funds, the underlying investment vehicle for TIAA-CREF Life's Single Premium    
Immediate Annuity (SPIA) variable annuity accounts. Our SPIAs, which are        
available to the general public, are now offered in 43 states and the           
District of Columbia. We expect them to be approved in most other states by     
the end of 2002.*                                                               

The first half of 2002 continued to be a very difficult investment      
environment. The equity markets have exhibited roller coaster-like volatility   
and declining values, which have unnerved even some of the most seasoned        
investors and contributed to the negative returns for TIAA-CREF Life Funds      
during the second quarter. On the following page, Martin Leibowitz, our         
chief investment officer, discusses in more detail the performance of the       
TIAA-CREF Life Funds during the first half of 2002.                             

In addition to the impact on the markets of earnings shortfalls and a 
weakening dollar, the aftershocks of the Enron scandal led to closer scrutiny   
of accounting practices everywhere. This began a chain reaction of              
revelations that has shaken investor confidence. In this regard, TIAA-CREF      
is working, along with other concerned organizations, to restore investor       
confidence in America's corporate management. For many years, TIAA-CREF has     
helped lead the fight for better corporate governance, and, in recent weeks,    
our executives have testified before Congress about accounting reform, board    
oversight, independence and competency, and shareholder rights.                 

After two volatile years for equities, many investors may be wondering
whether they should move some of their money to safer harbors. While it's       
probably a good time to make sure that your asset allocation strategy is        
still in line with your investment goals and risk tolerance, I would            
encourage every investor not to overreact but to consider the historical        
benefits of equity investing over the longer term.                              

Although past performance does not guarantee future returns, data from  
Ibbotson Associates show that in all but one decade since 1926 equities have    
produced significantly higher returns than any other asset class. The           
opportunity is there for those who stay the course.                             

 TIAA-CREF also strongly believes that investors should resist the urge to
try to time the market, which, history shows, is difficult if not impossible    
to do on a consistent basis for even the most seasoned market professionals.    

I truly believe that an investor's best defense against volatility is   
diversification, both across and within asset classes. By year-end TIAA-CREF    
Life Funds will be expanding our menu of funds to provide even greater          
opportunity for diversification and to offer investors new tools for refining   
their portfolios to suit their goals and preferred strategies. We will send     
you information about the new funds as soon as they become available.           

During this period, the SPIA Fixed Account has helped both new and      
existing investors to weather the markets' turbulence. Most new SPIA            
investments have been directed into the Fixed Account, which guarantees         
principal and a minimum interest rate, backed by TIAA-CREF Life's               
claims-paying ability, and provides the opportunity for additional interest     
as declared. Combining the Fixed Account with one or more equity accounts       
can help investors build a diversified portfolio that balances safety and       
opportunity.                                                                    

Over the long term, expenses play an important role in determining total
return, and the total annual expenses for TIAA-CREF Life's SPIAs (including     
mortality and expense charges and the fees of the underlying TIAA-CREF Life     
Funds) range from 0.37% to 0.59%, after waivers. The industry average is        
2.21%.** And unlike many other after-tax annuities, our SPIAs have no           
surrender charges, transaction fees or hidden costs.                            

Times like this test an investor's strategy, and we assure you that our 
goals remain unchanged--to provide SPIA investors with a well-managed, low      
cost vehicle for receiving additional tax-deferred retirement income.           
Whether markets are calm or volatile, we will maintain consistent and           
carefully executed strategies in keeping with the investment objectives of      
each SPIA portfolio.                                                            

If you wish to reassess your own investment strategies or explore new   
options, our consultants are ready to help. We would be happy to hear from      
you.                                                                            

/s/ Martin E. Galt, III                                                         
Martin E. Galt, III                                                             

PRESIDENT                                                                       
TIAA-CREF INVESTMENT PRODUCTS                                                   

*States where approval is pending: Kentucky, Louisiana, Maine, New Hampshire,   
New Jersey, New Mexico, and Oregon.                                           
**Source: Morningstar Principia Pro Variable Annuity database as of June 30,    
2002, tracking 15,978 variable annuity subaccounts.                         

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FROM THE VICE CHAIRMAN                                                          

[MARTIN L. LEIBOWITZ PHOTO]                                                     

MARTIN L. LEIBOWITZ                                                             

Vice Chairman and                                                               
Chief Investment Officer                                                        

   During the first half of 2002, the S&P 500 Index dropped 13.2%, while the
Russell 3000(R) Index, one of the broadest U.S. indicators, lost 12.2%. The     
technology sector was hit worst, contributing to a decline of 20.5% in the      
Russell 3000(R) Growth Index. In Europe, stocks slid 4%, according to the       
Morgan Stanley Europe Index. Of the world's four largest exchanges--New York,   
Tokyo, London and Frankfurt--only Tokyo posted a gain, and the Morgan Stanley   
World Index, which tracks stock prices in 23 developed nations, posted a 9%     
loss for the period.                                                            

In the United States, the decline in stock prices was associated with 
concerns about the economy's future and with a series of accounting scandals    
involving U.S. companies. The abrupt economic slowdown that began in late 2000  
and continued throughout 2001 has resulted in reduced corporate earnings, lower 
levels of corporate spending and rising unemployment. While consumer spending   
stayed relatively strong, many economists at the end of June expected total     
economic growth for the year to be less than 3%.                                

   Unlike many stock funds that may keep sizable portions of their assets in
cash to cushion themselves from the effects of the markets, the TIAA-CREF Life  
Funds are fully invested in equities and thus shared in the market's downturn.  
The Stock Index Fund closely tracked the Russell 3000 Index, as it is designed  
to do. The International Equity Fund outpaced its performance benchmark by      
virtue of successful selections among European stocks. The Social Choice Equity 
Fund outperformed its benchmark by 1.48%. The Growth Equity and Growth & Income 
funds trailed their benchmarks because of individual stock selections. Detailed 
reports on the funds appear on pages 3 through 7.                               

 We are now using data from Morningstar, Inc., to show how the TIAA-CREF
Life Funds perform in comparison with similar funds. Previously, we used data   
compiled by Lipper Analytical Services, Inc., for that purpose. Morningstar's   
fund categories more accurately and consistently match our funds, and we        
believe this change will help you judge our performance better. To provide      
continuity, we will provide both Morningstar and Lipper data in the fund        
commentaries of the 2002 reports.                                               

 On July 1, 2002, the Social Choice Equity Fund began using a new method
for choosing investments that enables us to address a wider range of social     
issues. We have, accordingly, changed the fund's benchmark from the S&P 500(R)  
Index to the Russell 3000 Index. A full explanation of these changes appears in 
the prospectus.                                                                 

  No one can predict which way markets will move in the coming months, but
we can assure you that we remain vigilant in the pursuit of opportunities in    
the current volatile investment environment.                                    

/s/ MARTIN L. LEIBOWITZ                                                         

Martin L. Leibowitz                                                             

Vice Chairman and                                                               
Chief Investment Officer                                                        

2 TIAA-CREF Life Single Premium Immediate Annuities 2002 Semiannual Report      

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TIAA-CREF LIFE FUNDS                                                            
STOCK INDEX FUND                                                                

INVESTMENT OBJECTIVE                                                            

The Stock Index Fund seeks to achieve favorable long-term returns from a        
diversified portfolio selected to track the overall market for common stocks    
publicly traded in the U.S. as represented by a broad stock market index.       

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 3,000 stocks in the index.                               

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2002                               

The Stock Index Fund posted a return of -12.23% for the first half of 2002,     
ahead of the -12.24% return of its benchmark, the Russell 3000 Index. By        
definition, the index does not factor in any charge for expenses.               

   The first half of 2002 offered investors a U.S. economy that showed signs
of recovery from 2001's brief recession but a highly volatile stock market      
whose share prices suffered from growing concerns over corporate accounting     
practices. Thus, despite an environment of increased industrial productivity,   
growing consumer spending, low and stable interest rates and almost negligible  
inflation, a cloudy corporate profit picture and mounting SEC and congressional 
investigations combined to keep investors bearish on stocks.                    

   The generally downward market direction that began in mid-2000--reversing
course only in the fourth quarter of 2001 to recoup losses incurred directly    
after September 11--continued apace. The downturn gained momentum as            
disclosures of corporate malfeasance increased, with the broad domestic stock   
market that the Stock Index Fund seeks to track registering most of its         
first-half losses in the month of June.                                         

Index portfolios, which seek to match the risk/return profile of the  
market, generally performed accordingly, with differences resulting from slight 
deviations between a fund's holdings and those of its benchmark, the size of    
the fund's cash holdings, or both.                                              

[$10,000 OVER LIFE OF FUND CHART]                                               

                                                                [Download Table]

              Stock         Russell
              Index         3000(R)
              Fund           Index 
                                   
 6/1999       11175          11136 
12/1999       12120          12090 
 6/2000       12221          12205 
12/2000       11226          11188 
 6/2001       10539          10505 
12/2001        9941           9906 
 6/2002        8725           8693 

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

                                                                [Download Table]

                                              PERCENT OF                     
COMPANY                                       NET ASSETS        MARKET VALUE 
-----------------------------------------------------------------------------
                                                                             
General Electric Co                              2.83            $2,655,780  
Exxon Mobil Corp                                 2.72             2,553,040  
Microsoft Corp                                   2.40             2,252,820  
Pfizer, Inc                                      2.14             2,011,695  
Citigroup, Inc                                   1.95             1,836,401  
Johnson & Johnson                                1.54             1,449,274  
American International Group, Inc                1.54             1,445,248  
Wal-Mart Stores, Inc                             1.47             1,378,606  
International Business Machines Corp             1.21             1,137,672  
Intel Corp                                       1.21             1,133,142  
---------------------------------------------------------------------------- 

PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]

                               AVERAGE ANNUAL                                                        
                              COMPOUND RATES OF     CUMULATIVE RATES OF                              
                               TOTAL RETURN(1)        TOTAL RETURN(1)                                

                             ONE        SINCE        ONE        SINCE         ANNUAL     NET ASSETS  
                             YEAR    INCEPTION(2)    YEAR    INCEPTION(2)    EXPENSES   (IN MILLIONS)
-----------------------------------------------------------------------------------------------------
                                                                                                     
STOCK INDEX FUND           -17.21%      -3.83%      -17.21%     -12.75%        0.07%(3)     $93.96   
Russell 3000(R) Index(4)   -17.24       -3.94       -17.24      -13.07           --             --   
-----------------------------------------------------------------------------------------------------

(1)  Past performance shouldn't 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)  Although Teachers Advisors, Inc. (Advisors), the Stock Index Fund's        
 investment advisor, is entitled to an annual fee of 0.30% of the fund's
   average daily net assets, it has voluntarily agreed to waive a portion of
its fee. The waiver is contractual.                                   

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

  2002 Semiannual Report TIAA-CREF Life Single Premium Immediate Annuities   3

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TIAA-CREF Life Funds                                                            
GROWTH EQUITY FUND                                                              

INVESTMENT OBJECTIVE                                                            

The Growth Equity Fund seeks a favorable long-term return, mainly               
through capital appreciation, primarily from a diversified portfolio            
of common stocks that present the opportunity for exceptional growth.           

PORTFOLIO PROFILE                                                               

- Employs TIAA-CREF's Investment Management Strategy(SM). The Enhanced Index    
portion aims to exceed the fund's benchmark, the                            
Russell 3000(R) Growth Index, with low relative volatility. The             
actively managed Stock Selection portion (56 percent as of                  
6/30/2002) is concentrated in stocks of rapidly growing companies.          

- Actively selects international stocks not in the benchmark as                 
opportunities arise.                                                        

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2002                               

The Growth Equity Fund posted a return a -22.81% for the first half of 2002,    
compared with the -20.54% return of its benchmark, the Russell 3000 Growth      
Index, and the -18.22% average return of similar funds as measured by the       
Morningstar Large Growth category.                                              

Account performance was hurt considerably, relative to the benchmark, by our
holdings in industrial conglomerate Tyco International, which were overweight   
compared with the index. Relative performance also suffered from underweight    
holdings in Coca-Cola and overweights in Sprint PCS Group, a wireless and       
telecommunications company.                                                     

Positive contributions to performance came from underweight holdings in     
pharmaceutical company Bristol-Myers Squibb and overweight positions in         
managed-care companies Tenet Healthcare and Anthem. Overweight investments in   
Avon Products also enhanced results. Unfortunately, negative factors had a      
greater effect on the account's returns relative to the benchmark's.            

[$10,000 OVER LIFE OF FUND CHART]                                               

                                                                [Download Table]


                                RUSSELL    MORNINGSTAR       LIPPER
                 GROWTH         3000(R)    LARGE             GROWTH
                 EQUITY         GROWTH     GROWTH            FUND  
                 FUND           INDEX      CATEGORY          INDEX 
                                                                   
Jun 2000          9752           9697          9484           9583 
Sep 2000          9240           9184          9506           9455 
Dec 2000          7271           7231          7833           8306 
Mar 2001          5628           5748          6189           6942 
Jun 2001          6145           6273          6599           7427 
Sep 2001          4850           5018          5217           5995 
Dec 2001          5612           5812          5993           6812 
Mar 2002          5420           5664          5832           6667 
Jun 2002          4332           4618          4901           5730 

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

                                                                [Download Table]


                                    PERCENT OF                  
COMPANY                             NET ASSETS      MARKET VALUE
--------------------------------------------------------------- 
                                                                
General Electric Co                    5.97         $2,665,338  
Pfizer, Inc                            5.33          2,380,000  
Microsoft Corp                         5.28          2,357,570  
Wal-Mart Stores, Inc                   3.51          1,567,785  
Intel Corp                             2.67          1,194,858  
Johnson & Johnson                      2.55          1,139,268  
Home Depot, Inc                        2.33          1,043,132  
Cisco Systems, Inc                     2.28          1,020,429  
American International Group, Inc      2.18            975,689  
Pharmacia Corp.                        2.06            919,060  

PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]


   AVERAGE ANNUAL COMPOUND        CUMULATIVE RATES                                      
   RATES OF TOTAL RETURN(1)      OF TOTAL RETURN(1)          ANNUAL    NET ASSETS       
  1 YEAR  SINCE INCEPTION(2)   1 YEAR  SINCE INCEPTION(2)   EXPENSES   (IN MILLIONS)    
------------------------------------------------------------------------------------    
                                                                                        
GROWTH EQUITY FUND                  -29.50%  -31.12%  -29.50%  -56.68%  0.25%(3)  $44.68
Russell 3000(R) Growth Index(4)     -26.39   -29.19   -26.39   -53.82     -       -     
Morningstar Large Growth category   -25.43   -25.77   -25.43   -48.87     -       -     
Lipper Growth Fund Index            -22.84   -21.92   -22.84   -42.69     -       -     

(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) Although Teachers Advisors, Inc. (Advisors), the Growth Equity Fund's       
investment advisor, is entitled to an annual fee of 0.46% of the fund's 
 average daily net assets, it has voluntarily agreed to waive a portion of
its fee. The waiver is contractual.                                     

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

4 TIAA-CREF Life Single Premium Immediate Annuities 2002 Semiannual Report      

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TIAA-CREF Life Funds                                                            
GROWTH & INCOME FUND                                                            

INVESTMENT OBJECTIVE                                                            

The Growth & Income Fund seeks a favorable long-term return through capital     
appreciation and investment income.                                             

PORTFOLIO PROFILE                                                               

- Employs TIAA-CREF's Dual Investment Management Strategy(SM). The Enhanced     
 Index portion aims to exceed the fund's benchmark, the S&P 500(R) Index, with
low relative volatility. The actively managed Stock Selection portion       
(approximately 49% as of 6/30/2002) buys stocks believed to be attractively 
priced that show growth potential and offer a stream of income.             

- Occasionally acquires stocks of foreign-based companies not in the benchmark. 

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2002                               

The Growth & Income Fund posted a return of -15.14% compared with the -13.16%   
return of its benchmark, the S&P 500 Index, and the -12.47% average return of   
similar funds as measured by the Morningstar Large Blend category.              

The fund's performance relative to the benchmark was hurt by overweight     
holdings in diversified conglomerate Tyco International (which has since been   
dropped from the index); in technology companies including computer chip maker  
Intel and semiconductor equipment and component manufacturer Lam Research; and  
in telecommunications firms such as AT&T Wireless, Sprint PCS Group and         
WorldCom.                                                                       

 Those investments overshadowed positive contributions to relative performance
from overweight positions in healthcare firms such as Aetna, energy companies   
including Apache and Burlington Resources and financial services companies such 
as U.S. Bancorp and Bank of America.                                            

[$10,000 OVER LIFE OF FUND CHART]                                               

                                                                [Download Table]


                                           MORNINGSTAR   LIPPER    
                GROWTH &      S& P         LARGE         GROWTH &  
                INCOME        500(R)       BLEND         INCOME    
                FUND          INDEX        CATEGORY      FUND INDEX
                                                                   
Jun 2000        9765          9734         9724           9748     
Sep 2000        9713          9640         9728          10035     
Dec 2000        8897          8886         8953           9872     
Mar 2001        7753          7832         7825           9096     
Jun 2001        8176          8291         8243           9589     
Sep 2001        6983          7074         6980           8337     
Dec 2001        7728          7830         7742           9139     
Mar 2002        7648          7851         7718           9297     
Jun 2002        6558          6799         6777           8351     

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

                                                                [Download Table]

                                    PERCENT OF                  
COMPANY                             NET ASSETS      MARKET VALUE
--------------------------------------------------------------- 
                                                                
Exxon Mobil Corp                       3.94         $2,218,110  
Microsoft Corp                         3.37          1,898,145  
General Electric Co                    3.19          1,796,074  
Pfizer, Inc                            3.12          1,756,790  
Citigroup, Inc                         2.89          1,626,803  
Wal-Mart Stores, Inc                   2.82          1,587,589  
American International Group, Inc      2.70          1,517,162  
Bank of America Corp                   2.00          1,122,383  
Intel Corp                             1.73            974,357  
Fannie Mae                             1.46            820,248  

PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]

   AVERAGE ANNUAL COMPOUND        CUMULATIVE RATES                                          
   RATES OF TOTAL RETURN(1)      OF TOTAL RETURN(1)          ANNUAL    NET ASSETS           
  1 YEAR  SINCE INCEPTION(2)   1 YEAR  SINCE INCEPTION(2)   EXPENSES   (IN MILLIONS)        
----------------------------------------------------------------------------------------    
                                                                                            
GROWTH & INCOME FUND                -19.78%   -17.14%   -19.78%   -34.42%   0.23%(3)  $56.25
S&P 500(R) Index                    -17.99    -15.83    -17.99    -32.01      -       -     
Morningstar Large Blend category    -17.36    -14.71    -17.36    -29.22      -       -     
Lipper Growth & Income Fund Index   -12.91     -7.69    -12.91    -16.47      -       -     

(1) Past performance shouldn't 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) Although Teachers Advisors, Inc. (Advisors), the Growth & Income Fund's     
investment advisor, is entitled to an annual fee of 0.44% of the fund's 
 average daily net assets, it has voluntarily agreed to waive a portion of
its fee. The waiver is contractual.                                     

2002 Semiannual Report TIAA-CREF Life Single Premium Immediate Annuities 5      

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TIAA-CREF Life Funds                                                            
INTERNATIONAL EQUITY FUND                                                       

INVESTMENT OBJECTIVE                                                            

The International Equity Fund seeks favorable long-term returns, mainly through 
capital appreciation, from a broadly diversified portfolio primarily consisting 
of foreign equity investments.                                                  

PORTFOLIO PROFILE                                                               

-    Employs TIAA-CREF's Dual Investment Management Strategy(SM) to achieve     
    favorable returns on international equities. The Enhanced Index portion of
  the fund aims to exceed the fund's benchmark, the Morgan Stanley Europe,
Australasia, Far East (EAFE) Index, with low relative volatility. The 
actively managed Stock Selection portion (approximately 48% as of     
   6/30/2002) is composed of stocks of companies that we believe have strong
management and excellent growth prospects.                            

-    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 THE SIX MONTHS ENDED JUNE 30, 2002                               

The International Equity Fund posted a return of -0.62%, compared with the      
-1.27% return of its performance benchmark, the Morgan Stanley EAFE Index, and  
the -1.20% average return for similar funds, as measured by the Morningstar     
Foreign Stock category.                                                         

  The fund's performance versus the benchmark stemmed largely from certain
actively managed European investments, which outperformed its holdings in the   
Asia-Pacific region. In particular, relative performance was enhanced by        
overweight holdings in well-performing European energy companies such as the    
Netherlands' IHC Caland and by underweights in flagging European technology     
firms including Sweden's Ericsson and France's Alcatel and in Irish drugmaker   
Elan. By contrast, relative performance suffered due to overweights in European 
technology companies such as Dutch chipmaker STMicroelectronics, consumer       
cyclicals including U.K.-based music recording and publishing company EMI Group 
and pay-TV provider British Sky Broadcasting; and financial services firms such 
as banking giant Credit Suisse Group.                                           

[$10,000 OVER LIFE OF FUND CHART]                                               

                                                                [Download Table]

                         MORGAN                                              
                         STANLEY   MORNINGSTAR         LIPPER                
          INTERNATIONAL  EAFE      FOREIGN             INTERNATIONAL         
          EQUITY FUND    INDEX     STOCK CATEGORY      FUND INDEX            
-----------------------------------------------------------------------------
                                                                             
06/00     $8,938         $9,604    $9,412              $9,530                
09/00      8,135          8,829     8,751               8,831                
12/00      7,576          8,592     8,234               8,475                
03/01      6,391          7,412     7,043               7,369                
06/01      6,276          7,315     7,056               7,413                
09/01      5,370          6,293     5,912               6,304                
12/01      5,772          6,720     6,428               6,836                
03/02      5,848          6,759     6,519               7,003                
06/02      5,736          6,634     6,351               6,871                

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

                                                                [Download Table]

                                                  PERCENT OF                 
COMPANY                       COUNTRY             NET ASSETS     MARKET VALUE
-----------------------------------------------------------------------------
                                                                             
BP Plc                        United Kingdom      2.66           $979,667    
GlaxoSmithKline Plc           United Kingdom      1.79            659,352    
Nestle S.A.                   Switzerland         1.70            628,638    
Novartis AG.                  Switzerland         1.69            621,841    
Total Fina Elf S.A.           France              1.64            605,624    
Royal Dutch Petroleum Co      Netherlands         1.57            580,583    
HSBC Holdings Plc             United Kingdom      1.45            535,019    
Vodafone Group Plc            United Kingdom      1.20            442,212    
Roche Holdings AG.            Switzerland         1.16            429,314    
Royal Bank                                                                   
     of Scotland Group Plc    United Kingdom      1.14            421,481    

PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                                [Download Table]

                        AVERAGE ANNUAL COMPOUND        CUMULATIVE RATES         
                        RATES OF TOTAL RETURN(1)       OF TOTAL RETURN(1)       
                      ONE YEAR  SINCE INCEPTION(2)  ONE YEAR  SINCE INCEPTION(2)
-------------------------------------------------------------------------       
                                                                                
International                                                                   
     Equity Fund         -8.60%    -21.94%             -8.60%    -42.64%        
Morgan Stanley                                                                  
     EAFE Index          -9.30     -16.64              -9.30     -33.45         
Morningstar Foreign                                                             
     Stock category     -10.03     -17.24             -10.03     -34.80         
Lipper International                                                            
     Fund Index          -7.29     -15.35              -7.29     -31.27         


                    ANNUAL EXPENSES          NET ASSETS (IN MILLIONS)           
----------------------------------------------------------------                
                                                                                
International                                                                   
     Equity Fund         0.29%(3)                 $36.88                        
Morgan Stanley                                                                  
     EAFE Index            --                       --                          
Morningstar Foreign                                                             
     Stock category        --                       --                          
Lipper International                                                            
     Fund Index            --                       --                          

(1)Past performance shouldn't 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)Although Teachers Advisors, Inc. (Advisors), the International Equity Fund's 
investment advisor, is entitled to an annual fee of 0.53% of the fund's   
   average daily net assets, it has voluntarily agreed to waive a portion of its
fee. The waiver is contractual.                                           

TIAA-CREF Life Single Premium Immediate Annuities 2002 Semiannual Report        

6                                                                               

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TIAA-CREF Life Funds                                                            
SOCIAL CHOICE EQUITY FUND                                                       

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.                                       

PORTFOLIO PROFILE*                                                              

-    Invests primarily in a diversified set of common stocks. The fund attempts 
    to track the return of the S&P 500(R) Index by investing in companies that
pass the fund's social criteria screens.                              

-    During the performance period, social criteria precluded investing in      
companies that do damage to the natural environment, have significant 
     business in weapons production, have a substantial involvement in gaming or
   gambling operations, produce nuclear energy, or produce or market alcohol
    or tobacco products. Also excluded investing in U.S. firms with operations
  in Northern Ireland that have not adopted the MacBride Principles or the
Fair Employment Act of 1989 (Northern Ireland).                       

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2002                               

The Social Choice Equity Fund posted a return of -12.47%, compared with -13.16% 
for its benchmark, the S&P 500 Index, and the -12.47% average return of similar 
funds, as measured by the Morningstar Large Blend category. Neither the         
benchmark nor the Morningstar category has social criteria screens.             

During the period the fund benefited from the effects of screens that 
prohibited its owning stocks such as conglomerate Tyco International, which     
fails its military screen; General Electric, which fails its military and       
nuclear screens; and drugmaker Abbott Laboratories, which fails its             
environmental screen. However, the environmental screen prevented the fund from 
owning three energy firms that boosted the performance of the benchmark: Exxon  
Mobil, Royal Dutch Petroleum and ChevronTexaco. An inability to own aerospace   
and defense contractor Lockheed Martin, which fails the fund's military screen, 
also detracted from relative performance.                                       

*Effective July 1, 2002, the Social Choice Equity Fund's benchmark has changed  
from the S&P 500 to the Russell 3000(R) Index. In addition, we have employed a
new screening process to select stocks for the fund. The fund excludes        
companies in the Russell 3000 Index that derive significant revenue from      
alcohol, tobacco, gambling, weapons production or nuclear power. The remainder
then are evaluated based on criteria such as respect for the environment,     
diversity, charitable giving, labor and governance practices, product quality 
and research and development.                                                 

[$10,000 OVER LIFE OF FUND CHART]                                               

                                                                [Download Table]

          SOCIAL                                                             
          CHOICE                   MORNINGSTAR   LIPPER                      
          EQUITY    S&P 500(R)     LARGE BLEND   GROWTH & INCOME             
          FUND      INDEX          CATEGORY      FUND INDEX                  
-----------------------------------------------------------------------------
                                                                             
06/00     $9,843    $9,734         $9,724        $ 9,748                     
09/00      9,723     9,640          9,728         10,035                     
12/00      9,098     8,886          8,953          9,872                     
03/01      7,990     7,832          7,825          9,096                     
06/01      8,325     8,291          8,243          9,589                     
09/01      7,221     7,074          6,980          8,337                     
12/01      7,941     7,830          7,742          9,139                     
03/02      7,991     7,851          7,718          9,297                     
06/02      6,951     6,799          6,777          8,351                     

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

                                                                [Download Table]

                                        PERCENT OF                           
COMPANY                                 NET ASSETS          MARKET VALUE     
-----------------------------------------------------------------------------
                                                                             
Microsoft Corp                          2.80                $667,340         
American International Group, Inc       2.43                 579,955         
Johnson & Johnson                       2.22                 528,610         
Coca-Cola Co                            1.90                 453,600         
Merck & Co, Inc                         1.76                 420,312         
Procter & Gamble Co                     1.76                 419,710         
Bank of America Corp                    1.65                 394,016         
International Business                                                       
     Machines Corp                      1.57                 374,400         
Intel Corp                              1.49                 354,438         
Verizon Communications Inc              1.43                 340,311         

PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                                [Download Table]

                        AVERAGE ANNUAL COMPOUND          CUMULATIVE RATES       
                        RATES OF TOTAL RETURN(1)         OF TOTAL RETURN(1)     
                      ONE YEAR  SINCE INCEPTION(2)  ONE YEAR  SINCE INCEPTION(2)
-------------------------------------------------------------------------       
                                                                                
Social Choice                                                                   
     Equity Fund         -16.51%   -14.96%             -16.51%   -30.49%        
S&P 500(R) Index         -17.99    -15.83              -17.99    -32.01         
Morningstar Large                                                               
     Blend category      -17.36    -14.71              -17.36    -29.22         
Lipper Growth & Income                                                          
     Fund Index          -12.91     -7.69              -12.91    -16.47         


                    ANNUAL EXPENSES          NET ASSETS (IN MILLIONS)           
----------------------------------------------------------------                
                                                                                
Social Choice                                                                   
     Equity Fund         0.18%(3)                 $23.83                        
S&P 500(R) Index           --                       --                          
Morningstar Large                                                               
     Blend category        --                       --                          
Lipper Growth & Income                                                          
     Fund Index            --                       --                          

(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)Although Teachers Advisors, Inc. (Advisors), the Social Choice Equity Fund's 
investment advisor, is entitled to an annual fee of 0.39% of the fund's   
   average daily net assets, it has voluntarily agreed to waive a portion of its
fee. The waiver is contractual.                                           

2002 Semiannual Report TIAA-CREF Life Single Premium Immediate Annuities        

                                                                             7

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Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2002 
--------------------------------------------------------------------------------

                                                                [Download Table]

   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
COMMON STOCK--99.22%                                                
  AEROSPACE AND DEFENSE--1.44%                                      
       200     AAR Corp................................  $     2,040
       337     *Alliant Techsystems, Inc...............       21,501
       200     *Armor Holdings, Inc....................        5,100
       138     *Aviall, Inc............................        1,932
     7,368     Boeing Co...............................      331,560
       151     *DRS Technologies, Inc..................        6,455
        63     Ducommun, Inc...........................        1,653
        61     Dynamics Research Corp..................        1,475
     2,221     *Echostar Communications Corp (Class                 
                 A)....................................       41,222
        79     Engineered Support Systems, Inc.........        4,132
       207     *EnPro Industries, Inc..................        1,087
     1,689     General Dynamics Corp...................      179,625
     8,141     *General Motors Corp....................       84,666
       886     Goodrich Corp...........................       24,206
       100     Heico Corp..............................        1,402
        10     Heico Corp (Class A)....................          112
       109     *Herley Industries, Inc.................        2,312
       100     *Hexcel Corp............................          435
        26     *Innovative Solutions & Support, Inc....          195
        64     *Integrated Defense Technology, Inc.....        1,884
       200     Kaman Corp (Class A)....................        3,352
       535     *L-3 Communications Holdings, Inc.......       28,890
       100     *Ladish Co, Inc.........................        1,220
     3,394     Lockheed Martin Corp....................      235,883
       100     *Moog, Inc (Class A)....................        4,288
       903     Northrop Grumman Corp...................      112,875
       300     *Orbital Sciences Corp..................        2,391
       300     *Panamsat Corp..........................        6,780
       400     *Pegasus Communications Corp............          292
       991     PerkinElmer, Inc........................       10,951
       500     Precision Castparts Corp................       16,500
     3,657     Raytheon Co.............................      149,023
       435     *Remec, Inc.............................        2,440
     1,621     Rockwell Collins, Inc...................       44,448
        56     *Sequa Corp (Class A)...................        3,662
       285     *Teledyne Technologies, Inc.............        5,914
       129     *Triumph Group, Inc.....................        5,753
       194     *United Defense Industries, Inc.........        4,462
       100     *Viasat, Inc............................          843
                                                         -----------
               TOTAL AEROSPACE AND DEFENSE                 1,352,961
                                                         -----------
 BASIC INDUSTRIES--4.35%                                            
        86     *Aaon, Inc..............................        1,614
     2,091     Air Products & Chemicals, Inc...........      105,533
       500     *Airgas, Inc............................        8,650
       800     *AK Steel Holding Corp..................       10,248
       170     Albany International Corp (Class A).....        4,575
       237     Albemarle Corp..........................        7,288
     7,789     Alcoa, Inc..............................      258,205
       700     Allegheny Technologies, Inc.............       11,060
       200     Amcol International Corp................        1,370
       545     *American Standard Cos, Inc.............       40,930
        40     American Woodmark Corp..................        2,245
        27     Ameron International Corp...............        1,951
       101     *Applied Films Corp.....................        1,127
       300     Aptargroup, Inc.........................        9,225
       200     Arch Chemicals, Inc.....................        4,940
       348     Arch Coal, Inc..........................        7,903
        39     *Avatar Holdings, Inc...................        1,094
       924     Avery Dennison Corp.....................       57,981
       522     Ball Corp...............................       21,653
       462     Bemis Co................................       21,945

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  1,000     b*Bethlehem Steel Corp..................  $       210
    739     Black & Decker Corp.....................       35,620
    463     Boise Cascade Corp......................       15,987
    470     Bowater, Inc............................       25,554
    100     *Brush Engineered Materials, Inc........        1,240
    200     *Buckeye Technologies, Inc..............        1,960
    100     *Building Materials Holding Corp........        1,437
    600     Cabot Corp..............................       17,190
    351     *Cabot Microelectronics Corp............       15,149
    300     Calgon Carbon Corp......................        2,520
    206     Cambrex Corp............................        8,261
    200     *Caraustar Industries, Inc..............        2,496
    300     Carlisle Cos, Inc.......................       13,494
    200     Carpenter Technology Corp...............        5,762
     65     Castle (A.M.) & Co......................          811
    100     Centex Construction Products, Inc.......        3,640
    636     Centex Corp.............................       36,754
    100     Century Aluminum Co.....................        1,489
    400     *Champion Enterprises, Inc..............        2,248
    100     Chemed Corp.............................        3,769
    100     Chemfirst, Inc..........................        2,865
    100     Chesapeake Corp.........................        2,633
    200     Clarcor, Inc............................        6,330
    843     Clayton Homes, Inc......................       13,319
    100     *Cleveland-Cliffs, Inc..................        2,760
    182     Collins & Aikman Corp...................        1,656
  1,500     *Collins & Aikman Rts...................            0
    348     *Comfort Systems Usa, Inc...............        1,730
    100     Commercial Metals Co....................        4,694
    200     Consol Energy, Inc......................        4,250
  1,000     Crompton Corp...........................       12,750
  1,000     *Crown Cork & Seal Co, Inc..............        6,850
    400     *Cytec Industries, Inc..................       12,576
    100     Deltic Timber Corp......................        3,448
    184     *Dionex Corp............................        4,929
  8,438     Dow Chemical Co.........................      290,098
    983     Dr Horton, Inc..........................       25,587
  9,178     Du Pont (E.I.) de Nemours & Co..........      407,503
    400     *Earthshell Corp........................          460
    700     Eastman Chemical Co.....................       32,830
  1,206     Ecolab, Inc.............................       55,753
    200     Elcor Corp..............................        5,470
    136     *EMCOR Group, Inc.......................        7,983
    525     *Encompass Services Corp................          299
    100     *Encore Wire Corp.......................        1,423
    100     *Energy Conversion Devices, Inc.........        1,569
  1,279     Engelhard Corp..........................       36,221
    298     Ferro Corp..............................        8,985
    300     *Fleetwood Enterprises, Inc.............        2,610
    182     Florida Rock Industries, Inc............        6,517
    741     Fluor Corp..............................       28,862
    177     *FMC Corp...............................        5,340
    100     Foamex International, Inc...............        1,111
    674     *Freeport-Mcmoran Copper & Gold, Inc                 
              (Class A).............................       12,031
    100     *Gentek, Inc............................           22
    200     Georgia Gulf Corp.......................        5,288
  2,117     Georgia-Pacific Corp....................       52,036
     78     Gibraltar Steel Corp....................        1,731
     97     Glatfelter..............................        1,824
    296     Granite Construction, Inc...............        7,489
    483     Great Lakes Chemical Corp...............       12,795
    100     Greif Brothers Corp (Class A)...........        3,336
    300     H.B. Fuller Co..........................        8,787

SEE NOTES TO FINANCIAL STATEMENTS 
8  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                 

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Statement of Investments (Unaudited) - STOCK INDEX FUND - June 30, 2002 
--------------------------------------------------------------------------------

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
BASIC INDUSTRIES--(CONTINUED)                                      
      687     *Hecla Mining Co........................  $     3,222
      747     *Hercules, Inc..........................        8,665
       99     *Hovnanian Enterprises, Inc (Class A)...        3,552
    1,000     IMC Global, Inc.........................       12,500
      109     *Imco Recycling, Inc....................        1,074
      200     *Insituform Technologies, Inc (Class                 
                A)....................................        4,236
      200     *Integrated Electrical Services, Inc....        1,250
    4,455     International Paper Co..................      194,149
      100     International Specialty Products, Inc...          770
       52     Interpool, Inc..........................          898
      100     *Ivex Packaging Corp....................        2,277
      400     Jacobs Engineering Group, Inc...........       13,912
      105     *Jarden Corp............................        2,079
      200     b*Kaiser Aluminum Corp..................           20
      364     KB Home.................................       18,750
    4,811     Kimberly-Clark Corp.....................      298,282
      300     Lafarge North America, Inc..............       10,545
      488     Lennar Corp.............................       29,866
      400     Lennox International, Inc...............        7,196
      262     *Lone Star Technologies, Inc............        6,000
      500     *Longview Fibre Co......................        4,710
      900     *Louisiana-Pacific Corp.................        9,531
      105     LSI Industries, Inc.....................        1,929
      500     Lubrizol Corp...........................       16,750
      100     *Lydall, Inc............................        1,525
      985     Lyondell Chemical Co....................       14,874
      111     M/I Schottenstein Homes, Inc............        4,182
      200     MacDermid, Inc..........................        4,300
      446     Martin Marietta Materials, Inc..........       17,394
    4,246     Masco Corp..............................      115,109
      600     Massey Energy Co........................        7,620
       93     *Material Sciences Corp.................        1,304
      193     *Mattson Technology, Inc................          892
      179     MDC Holdings, Inc.......................        9,308
    1,933     MeadWestvaco Corp.......................       64,871
      600     Millennium Chemicals, Inc...............        8,430
      246     Minerals Technologies, Inc..............       12,133
      100     *Mobile Mini, Inc.......................        1,710
      356     Monsanto Co.............................        6,337
      283     *Mueller Industries, Inc................        8,985
      100     *NCI Building Systems, Inc..............        1,780
    3,247     Newmont Mining Corp.....................       85,494
      113     NL Industries, Inc......................        1,723
      100     *Nortek, Inc............................        4,510
       52     *Northwest Pipe Co......................        1,217
      200     *NS Group, Inc..........................        1,910
      717     Nucor Corp..............................       46,634
       81     *NVR, Inc...............................       26,163
       90     *Octel Corp.............................        2,282
      381     Olin Corp...............................        8,439
      200     OM Group, Inc...........................       12,400
      300     *Omnova Solutions, Inc..................        2,520
      200     *Oregon Steel Mills, Inc................        1,200
      100     *Osmonics, Inc..........................        1,590
    1,023     *Owens-Illinois, Inc....................       14,056
      500     *Packaging Corp Of America..............        9,945
    1,454     *Pactiv Corp............................       34,605
      100     *Palm Harbor Homes, Inc.................        1,986
      173     Peabody Energy Corp.....................        4,896
       70     Penford Corp............................        1,267
       89     Penn Engineering & Manufacturing Corp...        1,550
       60     Penn Virginia Corp......................        2,339

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    100     *Penwest Pharmaceuticals Co.............  $     1,950
    672     *Phelps Dodge Corp......................       27,686
  1,670     Plum Creek Timber Co, Inc...............       51,269
    681     PolyOne Corp............................        7,661
    100     Pope & Talbot, Inc......................        1,873
    300     Potlatch Corp...........................       10,206
  1,553     PPG Industries, Inc.....................       96,131
  1,500     Praxair, Inc............................       85,455
    423     Pulte Homes, Inc........................       24,314
    100     Quaker Chemical Corp....................        2,450
    124     Quanex Corp.............................        5,419
    300     Rayonier, Inc...........................       14,739
    200     Reliance Steel & Aluminum Co............        6,100
    100     Roanoke Electric Steel Corp.............        1,544
    100     Rock-Tenn Co (Class A)..................        1,835
  1,440     Rohm & Haas Co..........................       58,306
    115     Royal Gold, Inc.........................        1,571
    900     RPM, Inc................................       13,725
    200     *RTI International Metals, Inc..........        2,430
    200     Ryerson Tull, Inc.......................        2,326
    200     Ryland Group, Inc.......................        9,950
    353     Schulman (A.), Inc......................        7,572
    791     *Sealed Air Corp........................       31,854
    400     *Shaw Group, Inc........................       12,280
  1,200     Sherwin-Williams Co.....................       35,916
    688     Sigma-Aldrich Corp......................       34,503
    100     *Silgan Holdings, Inc...................        4,044
    100     *Simpson Manufacturing Co, Inc..........        5,713
    100     Skyline Corp............................        3,300
  1,586     *Smurfit-Stone Container Corp...........       24,456
    600     Snap-On, Inc............................       17,814
    900     Solutia, Inc............................        6,318
    900     Sonoco Products Co......................       25,488
    113     Southern Peru Copper Corp...............        1,694
    100     Spartech Corp...........................        2,723
    235     Standard-Pacific Corp...................        8,244
    629     Stanley Works...........................       25,795
    246     *Steel Dynamics, Inc....................        4,052
    396     *Stillwater Mining Co...................        6,447
    400     Temple-Inland, Inc......................       23,144
    300     *Terra Industries, Inc..................          624
    200     Texas Industries, Inc...................        6,298
     18     *Titanium Metals Corp...................           63
    400     *Toll Brothers, Inc.....................       11,720
    214     Tredegar Corp...........................        5,168
     60     *Trex Co, Inc...........................        1,884
    200     *U.S. Concrete, Inc.....................        1,314
    918     United States Steel Corp................       18,259
    100     Universal Forest Products, Inc..........        2,342
    100     URS Corp................................        2,800
    700     USEC, Inc...............................        6,160
    300     b*USG Corp..............................        2,145
    500     Valspar Corp............................       22,570
    900     Vulcan Materials Co.....................       39,420
     97     *Water Pik Technologies, Inc............        1,213
    200     Watsco, Inc.............................        3,650
    334     Wausau-Mosinee Paper Corp...............        4,025
     63     *WCI Communities, Inc...................        1,824
    146     WD-40 Co................................        4,053
    200     Wellman, Inc............................        3,350
    100     West Pharmaceutical Services, Inc.......        3,209
  2,000     Weyerhaeuser Co.........................      127,700
     45     *William Lyon Homes, Inc................        1,172

SEE NOTES TO FINANCIAL STATEMENTS 
                                  2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   9

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
BASIC INDUSTRIES--(CONTINUED)                                      
       28     *Wolverine Tube, Inc....................  $       211
      600     Worthington Industries, Inc.............       10,860
      602     *WR Grace & Co..........................        1,806
      362     York International Corp.................       12,232
                                                        -----------
              TOTAL BASIC INDUSTRIES                      4,083,890
                                                        -----------
CONSUMER CYCLICAL--10.68%                                          
      100     *1-800 Contacts, Inc....................        1,349
      312     *99 Cents Only Stores...................        8,003
      100     Aaron Rents, Inc........................        2,395
      784     *Abercrombie & Fitch Co (Class A).......       18,910
      500     *Acclaim Entertainment, Inc.............        1,765
      102     *Action Performance Cos, Inc............        3,223
      717     b*Adelphia Communications Corp (Class                
                A)....................................          115
      129     *Advance Auto Parts.....................        7,032
      100     Advanced Marketing Services, Inc........        1,830
      114     *Aeropostale, Inc.......................        3,120
      100     *AFC Enterprises, Inc...................        3,125
       69     *Aftermarket Technology Corp............        1,325
      304     *Alliance Gaming Corp...................        3,794
      100     AMC Entertainment, Inc..................        1,420
      100     *Amerco.................................        1,479
      241     *American Axle & Manufacturing Holdings,             
                Inc...................................        7,167
      468     *American Eagle Outfitters, Inc.........        9,894
      600     *American Greetings Corp (Class A)......        9,996
       65     *Ameristar Casinos, Inc.................        1,889
       79     Angelica Corp...........................        1,359
      360     *Anntaylor Stores Corp..................        9,140
   39,406     AOL Time Warner, Inc....................      579,662
      211     Apogee Enterprises, Inc.................        3,030
    1,103     *Apollo Group, Inc (Class A)............       43,480
       85     *Apollo Group, Inc (University Of                    
                Phoenix Online).......................        2,518
      495     Applebee's International, Inc...........       11,360
      100     Arctic Cat, Inc.........................        1,739
      200     *Argosy Gaming Co.......................        5,680
      600     Arvinmeritor, Inc.......................       14,400
    1,000     Autoliv, Inc............................       25,200
      300     *Aztar Corp.............................        6,240
      300     *Bally Total Fitness Holding Corp.......        5,613
      100     Bandag, Inc.............................        2,832
      100     Barnes Group, Inc.......................        2,290
      100     Bassett Furniture Industries, Inc.......        1,950
      100     *Beasley Broadcast Group, Inc (Class                 
                A)....................................        1,475
    2,815     *Bed Bath & Beyond, Inc.................      106,238
      755     Belo Corp (Class A).....................       17,071
    1,066     Big Lots, Inc...........................       20,979
       73     Blair Corp..............................        1,867
      400     Blockbuster, Inc (Class A)..............       10,760
      300     Bob Evans Farms, Inc....................        9,444
      200     *Boca Resorts, Inc (Class A)............        2,650
      244     BorgWarner, Inc.........................       14,093
      300     Bowne & Co, Inc.........................        4,422
      300     *Boyd Gaming Corp.......................        4,320
      164     *Boyds Collection Ltd...................        1,032
      900     *Brinker International, Inc.............       28,575
       77     *Brookstone, Inc........................        1,366
      162     Brown Shoe Co, Inc......................        4,552
      800     Brunswick Corp..........................       22,400
      100     *Buca, Inc..............................        1,905
       65     *Buckle, Inc............................        1,602
      200     Burlington Coat Factory Warehouse                    
                Corp..................................        4,250
      100     Bush Industries, Inc (Class A)..........        1,200
      712     *Cablevision Systems Corp (Class A).....        6,736

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    449     *Cablevision Systems Corp (Rainbow Media             
              Group) (Class A)......................  $     3,929
    111     *California Pizza Kitchen, Inc..........        2,753
    625     Callaway Golf Co........................        9,900
     86     *Cascade Corp...........................        1,333
    304     *Catalina Marketing Corp................        8,579
    100     Cato Corp (Class A).....................        2,230
    500     CBRL Group, Inc.........................       15,215
    329     *CEC Entertainment, Inc.................       13,588
    131     *Central Garden & Pet Co................        2,296
    100     *Championship Auto Racing Teams, Inc....          985
     70     *Charlotte Russe Holding, Inc...........        1,563
    900     *Charming Shoppes, Inc..................        7,776
  1,000     *Charter Communications, Inc (Class                  
              A)....................................        4,080
    334     *Chico's FAS, Inc.......................       12,131
    100     *Children's Place Retail Stores, Inc....        2,650
    215     *Choice Hotels International, Inc.......        4,302
    160     *Christopher & Banks Corp...............        6,768
     34     Churchill Downs, Inc....................        1,371
    467     *CKE Restaurants, Inc...................        5,314
    389     Claire's Stores, Inc....................        8,908
  4,745     Clear Channel Communications, Inc.......      151,935
    100     Coachmen Industries, Inc................        1,450
    100     Cole National Corp......................        1,900
    100     *Columbia Sportswear Co.................        3,200
  8,759     *Comcast Corp (Class A) Special.........      208,815
    600     Cooper Tire & Rubber Co.................       12,330
    617     *Copart, Inc............................       10,014
  1,906     *Cox Communications, Inc (Class A)......       52,510
    300     *Cox Radio, Inc (Class A)...............        7,230
     66     CPI Corp................................        1,286
    200     *Crown Media Holdings, Inc (Class A)....        1,578
     35     *CSS Industries, Inc....................        1,243
    370     *Cumulus Media, Inc (Class A)...........        5,099
  1,400     Dana Corp...............................       25,942
  1,630     Darden Restaurants, Inc.................       40,261
    101     *Dave & Buster's, Inc...................        1,226
  5,088     Delphi Corp.............................       67,162
    101     *Department 56, Inc.....................        1,644
    633     Dillard's, Inc (Class A)................       16,642
  2,601     Dollar General Corp.....................       49,497
    200     *Dollar Thrifty Automotive Group, Inc...        5,180
  1,045     *Dollar Tree Stores, Inc................       41,183
    353     Donaldson Co, Inc.......................       12,369
     70     Dover Downs Gaming & Entertainment,                  
              Inc...................................          896
    100     Dover Motorsport, Inc...................          570
    429     Dow Jones & Co, Inc.....................       20,785
    200     *Dress Barn, Inc........................        3,094
    100     *Dura Automotive Systems, Inc...........        2,075
  2,734     Eastman Kodak Co........................       79,751
     70     *Elizabeth Arden, Inc...................        1,225
    258     *Emmis Communications Corp (Class A)....        5,467
    321     *Entercom Communications Corp...........       14,734
    290     *Entravision Communications Corp (Class              
              A)....................................        3,553
    300     Equity Inns, Inc........................        2,415
    200     b*Exide Technologies....................          136
    589     *Extended Stay America, Inc.............        9,554
    200     Factset Research Systems, Inc...........        5,954
  1,470     Family Dollar Stores, Inc...............       51,818
    500     b*Federal-Mogul Corp....................          352
  1,762     *Federated Department Stores, Inc.......       69,951
    100     *Finish Line, Inc (Class A).............        1,792
     30     *Fisher Communications, Inc.............        1,762

SEE NOTES TO FINANCIAL STATEMENTS 
10  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
       46     Florida East Coast Industries, Inc                   
                (Class B).............................  $     1,095
    1,291     *Foot Locker, Inc.......................       18,655
      200     *Footstar, Inc..........................        4,894
   16,714     Ford Motor Co...........................      267,424
      303     Forest City Enterprises, Inc (Class                  
                A)....................................       10,529
      150     *Fossil, Inc............................        3,084
    1,181     *Fox Entertainment Group, Inc (Class                 
                A)....................................       25,687
      187     Fred's, Inc.............................        6,878
      100     Friedman's, Inc (Class A)...............        1,300
      187     G & K Services, Inc (Class A)...........        6,403
    2,453     Gannett Co, Inc.........................      186,183
    5,778     Gap, Inc................................       82,048
      200     *Gaylord Entertainment Co...............        4,410
    2,003     *Gemstar-TV Guide International, Inc....       10,796
      300     Gencorp, Inc............................        4,290
    5,160     General Motors Corp.....................      275,802
      200     *Genesco, Inc...........................        4,870
       89     *Genesisintermedia, Inc.................            3
      700     *Gentex Corp............................       19,229
    1,600     Genuine Parts Co........................       55,792
    1,309     Goodyear Tire & Rubber Co...............       24,491
      145     Goodys Family Clothing, Inc.............        1,672
      675     Graco, Inc..............................       16,970
      100     Gray Communications Systems, Inc........        1,810
        5     Grey Global Group, Inc..................        3,450
      100     *Group 1 Automotive, Inc................        3,815
      100     *GSI Commerce, Inc......................          755
      100     *Guess?, Inc............................          720
      100     *Guitar Center, Inc.....................        1,855
      210     *Gymboree Corp..........................        3,364
      100     Hancock Fabrics, Inc....................        1,858
      200     *Handleman Co...........................        2,900
    2,767     Harley-Davidson, Inc....................      141,864
      239     Harman International Industries, Inc....       11,771
    1,049     Harrah's Entertainment, Inc.............       46,523
      340     *Harris Interactive, Inc................        1,146
      600     Harte-Hanks, Inc........................       12,330
      100     Haverty Furniture Cos, Inc..............        1,975
      100     b*Hayes Lemmerz International, Inc......           17
      126     *Hearst-Argyle Television, Inc..........        2,841
       65     *Hibbett Sporting Goods, Inc............        1,651
    3,053     Hilton Hotels Corp......................       42,437
      556     *Hispanic Broadcasting Corp.............       14,512
      421     Hollinger International, Inc............        5,052
      100     *Hollywood Casino Corp (Class A)........        1,080
      400     *Hollywood Entertainment Corp...........        8,272
      300     *Hot Topic, Inc.........................        8,013
      128     iDine Rewards Network, Inc..............        1,472
      182     *IHOP Corp..............................        5,360
      100     *IMPCO Technologies, Inc................        1,310
      112     *Information Holdings, Inc..............        2,733
      300     *Insight Communications Co, Inc.........        3,519
      275     Interactive Data Corp...................        4,004
      197     Intermet Corp...........................        2,116
      829     *International Game Technology..........       47,004
      254     International Speedway Corp (Class A)...       10,185
    3,477     Interpublic Group Of Cos, Inc...........       86,091
      650     *Intertan, Inc..........................        7,248
      162     *Isle Of Capri Casinos, Inc.............        3,281
    2,500     J.C. Penney Co, Inc.....................       55,050
      339     *Jack In The Box, Inc...................       10,780
      211     *Jakks Pacific, Inc.....................        3,737

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    131     *Jo-Ann Stores, Inc (Class A)...........  $     3,825
    950     Johnson Controls, Inc...................       77,530
  1,070     *Jones Apparel Group, Inc...............       40,125
    201     *Journal Register Co....................        4,040
  4,400     b*Kmart Corp............................        4,532
    200     K-Swiss, Inc (Class A)..................        5,196
    100     *K2, Inc................................        1,025
    200     Kellwood Co.............................        6,500
    100     *Kenneth Cole Productions, Inc (Class                
              A)....................................        2,835
    300     *Key3Media Group, Inc...................          138
     94     *Keystone Automotive Industries, Inc....        1,809
    300     Kimball International, Inc (Class B)....        4,917
    156     *Kirby Corp.............................        3,814
    809     Knight Ridder, Inc......................       50,927
  2,681     *Kohl's Corp............................      187,884
    406     *Krispy Kreme Doughnuts, Inc............       13,069
    156     *Kroll, Inc.............................        3,273
    400     La-Z-Boy, Inc...........................       10,088
    621     *Lamar Advertising Co...................       23,107
    100     Landry's Restaurants, Inc...............        2,551
    100     LaSalle Hotel Properties................        1,575
    596     *Lear Corp..............................       27,565
    400     Lee Enterprises, Inc....................       14,000
  1,869     Leggett & Platt, Inc....................       43,735
    141     Libbey, Inc.............................        4,808
 23,915     *Liberty Media Corp (Class A)...........      239,150
  3,905     Limited, Inc............................       83,177
    156     *Lin TV Corp (Class A)..................        4,218
    300     *Linens 'n Things, Inc..................        9,843
    981     Liz Claiborne, Inc......................       31,196
    100     *Lodgenet Entertainment Corp............        1,440
    176     Lone Star Steakhouse & Saloon, Inc......        4,152
    200     *Luby's, Inc............................        1,316
    100     *Steven Madden Ltd......................        1,983
    373     *Mandalay Resort Group..................       10,284
    200     Marcus Corp.............................        3,330
  1,838     Marriott International, Inc (Class A)...       69,936
    100     *Martha Stewart Living Omnimedia, Inc                
              (Class A).............................        1,147
    126     *Maxwell Shoe Co, Inc (Class A).........        1,997
  2,648     May Department Stores Co................       87,199
    700     Maytag Corp.............................       29,855
    169     Mcclatchy Co (Class A)..................       10,858
 11,747     McDonald's Corp.........................      334,202
  1,852     McGraw-Hill Cos, Inc....................      110,564
    100     Media General, Inc (Class A)............        6,000
    493     *Mediacom Communications Corp...........        3,840
    140     *Medis Technologies Ltd.................        1,107
    283     *Men's Wearhouse, Inc...................        7,217
    300     Meredith Corp...........................       11,505
    233     *Metro One Telecommunications, Inc......        3,253
    413     *Metro-Goldwyn-Mayer, Inc...............        4,832
    600     MGM Mirage..............................       20,250
    600     *Michaels Stores, Inc...................       23,400
    200     *Micros Systems, Inc....................        5,542
     51     Midas, Inc..............................          632
    300     *Midway Games, Inc......................        2,550
    100     *Millennium Cell, Inc...................          310
    300     Modine Manufacturing Co.................        7,374
    473     *Mohawk Industries, Inc.................       29,104
    220     *Monaco Coach Corp......................        4,686
     49     *Monro Mufflre Brake, Inc...............        1,115
    159     *Movie Gallery, Inc.....................        3,358
    257     MSC Industrial Direct Co (Class A)......        5,012

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   11

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
      194     *MTR Gaming Group, Inc..................  $     3,240
       94     *Multimedia Games, Inc..................        2,050
      121     Myers Industries, Inc...................        2,074
        7     *National Golf Properties, Inc..........           60
       43     National Presto Industries, Inc.........        1,376
      200     *Nautica Enterprises, Inc...............        2,598
      275     *Nautilus Group, Inc....................        8,415
      300     *Neiman Marcus Group, Inc (Class A).....       10,410
      100     *Netratings, Inc........................          915
    1,238     New York Times Co (Class A).............       63,757
      742     Nike, Inc (Class B).....................       39,808
      990     Nordstrom, Inc..........................       22,424
      200     *Oakley, Inc............................        3,480
      300     *O'Charley's, Inc.......................        7,590
    1,721     Omnicom Group, Inc......................       78,822
      100     *On Command Corp........................          169
      300     *O'Reilly Automotive, Inc...............        8,268
      100     Oshkosh B'gosh, Inc (Class A)...........        4,349
      137     Oshkosh Truck Corp......................        8,098
      552     *Outback Steakhouse, Inc................       19,375
      100     Oxford Industries, Inc..................        2,800
      315     *P.F. Chang's China Bistro, Inc.........        9,897
      278     *Pacific Sunwear Of California, Inc.....        6,163
      276     *Panera Bread Co (Class A)..............        9,514
      100     *Papa John's International, Inc.........        3,339
    2,498     *Park Place Entertainment Corp..........       25,605
      100     *Parkervision, Inc......................        1,918
      200     *Payless Shoesource, Inc................       11,530
      234     *Penn National Gaming, Inc..............        4,247
      200     *Penton Media, Inc......................          430
      400     *Performance Food Group Co..............       13,544
      200     Phillips-Van Heusen Corp................        3,120
      900     Pier 1 Imports, Inc.....................       18,900
      200     *Pinnacle Entertainment, Inc............        2,126
      500     *Pinnacle Systems, Inc..................        5,495
      163     *Pixar, Inc.............................        7,188
       97     *PLATO Learning, Inc....................          957
      100     *Playboy Enterprises, Inc (Class B).....        1,275
      200     Polaris Industries, Inc.................       13,000
      400     b*Polaroid Corp.........................           10
      392     *Polo Ralph Lauren Corp.................        8,781
      300     *Presstek, Inc..........................        1,200
       34     *Pricesmart, Inc........................        1,311
      400     *Prime Hospitality Corp.................        5,196
    1,202     *Primedia, Inc..........................        1,466
      100     *Private Media Group, Inc...............          286
       83     Pulitzer, Inc...........................        4,308
      100     *Quaker Fabric Corp.....................        1,550
      179     *Quiksilver, Inc........................        4,439
       78     *Racing Champions Ertl Corp.............        1,441
      400     *Radio One, Inc (Class A)...............        5,948
      200     *Radio One, Inc (Class D)...............        2,974
      160     *Rare Hospitality International, Inc....        4,307
      382     Raytech Corp............................        3,457
      900     Reader's Digest Association, Inc (Class              
                A)....................................       16,857
      100     *Recoton Corp...........................          258
      454     *Reebok International Ltd...............       13,393
      166     *Regal Entertainment Group (Class A)....        3,871
      100     *Regent Communications, Inc.............          706
      352     Regis Corp..............................        9,511
      254     *Rent-A-Center, Inc.....................       14,735
      175     *Resources Connection, Inc..............        4,723

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
     77     *Rex Stores Corp........................  $     1,063
     55     Riviana Foods, Inc......................        1,395
    727     Ross Stores, Inc........................       29,625
  1,014     R.R. Donnelley & Sons Co................       27,936
    599     Ruby Tuesday, Inc.......................       11,621
    200     Russell Corp............................        3,850
    450     *Ryan's Family Steak Houses, Inc........        5,945
    125     *Saga Communications, Inc (Class A).....        2,813
  1,100     *Saks, Inc..............................       14,124
     87     *Salem Communications Corp (Class A)....        2,164
     60     *Salton, Inc............................          861
    100     Schawk, Inc.............................        1,070
    300     *Scholastic Corp........................       11,370
    254     *Scientific Games Corp (Class A)........        2,017
    132     *Scotts Co (Class A)....................        5,993
    188     *SCP Pool Corp..........................        5,219
    309     Scripps (E.W.) Co (Class A).............       23,793
  2,684     Sears Roebuck & Co......................      145,741
     66     *Shoe Carnival, Inc.....................        1,408
    200     ShopKo Stores, Inc......................        4,040
    125     *Shuffle Master, Inc....................        2,296
    183     *Sinclair Broadcast Group, Inc (Class                
              A)....................................        2,642
    600     *Sirius Satellite Radio, Inc............        2,261
    800     Six Flags, Inc..........................       11,560
    153     Smith (A.O.) Corp.......................        4,775
    200     *Sonic Automotive, Inc..................        5,150
    335     *Sonic Corp.............................       10,522
    375     *Sotheby's Holdings, Inc (Class A)......        5,344
    300     *Spanish Broadcasting System, Inc (Class             
              A)....................................        3,000
     82     Spartan Motors, Inc.....................        1,256
    100     *Speedway Motorsports, Inc..............        2,543
    100     *Spiegel, Inc (Class A).................           73
    200     *Sports Resorts International, Inc......        1,080
    183     *Stage Stores, Inc......................        6,357
    100     Standard Motor Products, Inc............        1,695
     47     *Stanley Furniture Co, Inc..............        1,257
  3,582     *Starbucks Corp.........................       89,013
    256     *Station Casinos, Inc...................        4,570
    290     Steelcase, Inc (Class A)................        3,880
    200     *Stein Mart, Inc........................        2,374
     24     *Stellent, Inc..........................          108
    100     *Stoneridge, Inc........................        1,870
    400     Stride Rite Corp........................        3,200
    200     Sturm Ruger & Co, Inc...................        2,830
    200     Superior Industries International,                   
              Inc...................................        9,250
    300     *Sylvan Learning Systems, Inc...........        5,982
    232     Talbots, Inc............................        8,120
     47     Tanger Factory Outlet Centers, Inc......        1,387
  8,342     Target Corp.............................      317,830
    200     *TBC Corp...............................        3,176
    347     *Tenneco Automotive, Inc................        2,290
    463     *The Cheesecake Factory, Inc............       16,427
    300     *The Sports Authority, Inc..............        3,408
    100     The Steak n Shake Co....................        1,565
    100     Thor Industries, Inc....................        7,126
    525     *THQ, Inc...............................       15,656
  1,024     Tiffany & Co............................       36,045
    184     *Timberland Co (Class A)................        6,591
  5,068     TJX Cos, Inc............................       99,383
    311     *Too, Inc...............................        9,579
    300     *Topps Co, Inc..........................        3,018
    300     *Tower Automotive, Inc..................        4,185

SEE NOTES TO FINANCIAL STATEMENTS 
12  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
    1,787     Tribune Co..............................  $    77,735
      900     TRW, Inc................................       51,282
      296     Tyler Technologies, Inc.................        1,575
      400     *Unifi, Inc.............................        4,360
      100     *Universal Electronics, Inc.............        1,496
    1,497     *Univision Communications, Inc (Class                
                A)....................................       47,006
      100     *Urban Outfitters, Inc..................        3,472
    1,602     *U.S.A. Networks, Inc...................       37,567
      781     VF Corp.................................       30,623
       78     *Vail Resorts, Inc......................        1,334
      466     *Valassis Communications, Inc...........       17,009
      100     *Value City Department Stores, Inc......          280
      100     *Vans, Inc..............................          812
      236     *Vastera, Inc...........................        1,036
   14,341     *Viacom, Inc (Class B)..................      636,310
    1,203     Visteon Corp............................       17,083
      200     *Wabash National Corp...................        2,000
   25,061     Wal-Mart Stores, Inc....................    1,378,606
   18,769     Walt Disney Co..........................      354,734
        2     Washington Post Co (Class B)............        1,090
      881     Wendy's International, Inc..............       35,090
       95     *West Marine, Inc.......................        1,212
      300     *Westpoint Stevens, Inc.................        1,161
      635     Westwood One, Inc.......................       21,222
      229     *Wet Seal, Inc (Class A)................        5,565
      590     Whirlpool Corp..........................       38,562
      400     Wiley (John) & Sons, Inc (Class A)......        9,592
      800     *Williams-Sonoma, Inc...................       24,528
      100     *Wilsons The Leather Experts, Inc.......        1,400
      100     Winnebago Industries, Inc...............        4,400
      200     WMS Industries, Inc.....................        2,450
      400     Wolverine World Wide, Inc...............        6,980
      167     Woodward Governor Co....................        9,873
      100     *World Wrestling Federation                          
                Entertainment, Inc....................        1,460
      420     *XM Satellite Radio Holdings, Inc.......        3,045
    3,557     *Yahoo!, Inc............................       52,501
      100     *Young Broadcasting, Inc (Class A)......        1,778
    2,727     *Yum Brands, Inc........................       79,765
      345     *Zale Corp..............................       12,506
      300     *Zomax, Inc.............................        1,170
                                                        -----------
              TOTAL CONSUMER CYCLICAL                    10,036,166
                                                        -----------
CONSUMER NON-CYCLICAL--10.63%                                      
      100     *1-800-Flowers.com, Inc (Class A).......        1,116
      240     *7-Eleven, Inc..........................        1,932
       55     *AC Moore Arts & Crafts, Inc............        2,604
      325     Alberto-Culver Co (Class B).............       15,535
    3,625     Albertson's, Inc........................      110,418
    1,700     *Amazon.Com, Inc........................       27,625
      200     *American Italian Pasta Co (Class A)....       10,198
    8,221     Anheuser-Busch Cos, Inc.................      411,050
      100     *Applica, Inc...........................        1,240
      276     *Aramark Corp (Class B).................        6,900
    5,251     Archer Daniels Midland Co...............       67,160
      200     *Aurora Foods, Inc......................          300
    1,939     *Autonation, Inc........................       28,116
      666     *Autozone, Inc..........................       51,482
    2,164     Avon Products, Inc......................      113,047
      409     *Barnes & Noble, Inc....................       10,810
    2,302     *Best Buy Co, Inc.......................       83,563
      655     *BJ's Wholesale Club, Inc...............       25,218
      300     Blyth, Inc..............................        9,366
      304     *The Bombay Co, Inc.....................        1,365

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    800     *Borders Group, Inc.....................  $    14,720
    100     *Boston Beer Co, Inc (Class A)..........        1,590
    322     Brown-Forman Corp (Class B).............       22,218
    300     *Cadiz, Inc.............................        2,550
  2,063     Campbell Soup Co........................       57,063
    300     Casey's General Stores, Inc.............        3,612
    542     *CDW Computer Centers, Inc..............       25,371
    330     *Chiquita Brands International, Inc.....        5,910
    331     Church & Dwight Co, Inc.................       10,370
    292     *Circuit City Stores, Inc (Carmax                    
              Group)................................        6,322
  1,868     Circuit City Stores, Inc (Circuit City               
              Group)................................       35,025
  1,585     Clorox Co...............................       65,540
    426     *Coach, Inc.............................       23,387
 18,701     Coca-Cola Co............................    1,047,256
  2,047     Coca-Cola Enterprises, Inc..............       45,198
  5,034     Colgate-Palmolive Co....................      251,952
  4,954     Conagra Foods, Inc......................      136,978
    675     *Constellation Brands, Inc (Class A)....       21,600
    219     Coors (Adolph) Co (Class B).............       13,644
    300     Corn Products International, Inc........        9,336
    327     *Cost Plus, Inc.........................        9,960
  4,178     Costco Wholesale Corp...................      161,354
  3,606     CVS Corp................................      110,344
    829     *Dean Foods Co..........................       30,922
    188     *Del Monte Foods Co.....................        2,218
    300     Delta & Pine Land Co....................        6,030
  1,000     Dial Corp...............................       20,020
    311     DIMON, Inc..............................        2,152
    400     Dole Food Co............................       11,540
    188     Dreyer's Grand Ice Cream, Inc...........       12,897
    165     *Duane Reade, Inc.......................        5,618
  1,352     *eBay, Inc..............................       83,310
    100     *Electronics Boutique Holdings Corp.....        2,930
    840     *Energizer Holdings, Inc................       23,033
    963     Estee Lauder Cos (Class A)..............       33,898
    291     Ethan Allen Interiors, Inc..............       10,141
     12     *Expedia, Inc Wts 02/04/09..............          348
    153     *FAO, Inc...............................        1,216
    100     *Factory 2-U Stores, Inc................        1,385
    600     Fastenal Co.............................       23,106
    363     Fleming Cos, Inc........................        6,588
    327     *Flowers Foods, Inc.....................        8,453
     26     *FTD, Inc (Class A).....................          335
    170     *FTI Consulting, Inc....................        5,952
    461     *Furniture Brands International, Inc....       13,945
     95     *Galyans Trading Co, Inc................        2,169
    166     *Gamestop Corp..........................        3,484
     57     *Gart Sports Co.........................        1,624
  3,419     General Mills, Inc......................      150,710
  9,722     Gillette Co.............................      329,284
    174     *Great Atlantic & Pacific Tea Co, Inc...        3,252
    217     *Hain Celestial Group, Inc..............        4,015
  1,267     Hasbro, Inc.............................       17,181
    100     Herbalife International, Inc (Class                  
              B)....................................        1,917
    886     Hershey Foods Corp......................       55,375
  3,401     HJ Heinz Co.............................      139,781
 21,693     Home Depot, Inc.........................      796,784
     60     *Horizon Organic Holding Corp...........        1,057
    700     Hormel Foods Corp.......................       16,758
    200     Hughes Supply, Inc......................        8,980
    100     Ingles Markets, Inc (Class A)...........        1,268
    468     *Insight Enterprises, Inc...............       11,789
    400     Interface, Inc (Class A)................        3,216

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   13

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER NON-CYCLICAL--(CONTINUED)                                 
      100     *International Multifoods Corp..........  $     2,600
      400     Interstate Bakeries Corp................       11,552
      666     International Flavors & Fragrances,                  
                Inc...................................       21,638
       56     *J & J Snack Foods Corp.................        2,518
       79     *Jill (J.) Group, Inc...................        2,998
      431     JM Smucker Co...........................       14,710
    2,203     Kellogg Co..............................       79,000
    2,585     Kraft Foods, Inc (Class A)..............      105,856
    7,416     *Kroger Co..............................      147,578
       40     *Ladenburg Thalmann Financial Services,              
                Inc...................................           12
      200     Lancaster Colony Corp...................        7,132
      200     Lance, Inc..............................        2,916
      100     *Lithia Motors, Inc (Class A)...........        2,692
      239     Loews Corp (Carolina Group).............        6,465
      300     Longs Drug Stores Corp..................        8,487
    7,162     Lowe's Cos..............................      325,155
    3,980     Mattel, Inc.............................       83,898
    1,300     McCormick & Co, Inc (Non-Vote)..........       33,475
      700     Herman Miller, Inc......................       14,210
      129     *Monterey Pasta Co......................        1,216
      100     Movado Group, Inc.......................        2,515
       80     Nash Finch Co...........................        2,557
      100     Nature's Sunshine Products, Inc.........        1,131
      377     *NBTY, Inc..............................        5,836
    2,407     Newell Rubbermaid, Inc..................       84,389
      300     Nu Skin Enterprises, Inc (Class A)......        4,365
    2,850     *Office Depot, Inc......................       47,880
      900     *OfficeMax, Inc.........................        5,301
      100     Oneida Ltd..............................        1,915
      325     *Pathmark Stores, Inc...................        6,113
       50     *Paypal, Inc............................        1,010
      100     *PC Connection, Inc.....................          410
       79     *Peets Coffee & Tea, Inc................        1,454
      400     Pep Boys-Manny Moe & Jack...............        6,740
    1,710     Pepsi Bottling Group, Inc...............       52,668
      735     PepsiAmericas Inc.......................       10,981
   16,374     Pepsico, Inc............................      789,227
      500     *Perrigo Co.............................        6,500
      133     *Petco Animal Supplies, Inc.............        3,313
    1,200     *Petsmart, Inc..........................       19,248
   19,683     Philip Morris Cos, Inc..................      859,753
      100     Pilgrim's Pride Corp (Class B)..........        1,400
      200     *Playtex Products, Inc..................        2,590
      800     *Priceline.com, Inc.....................        2,232
      147     *Princeton Review, Inc..................        1,344
   11,962     Procter & Gamble Co.....................    1,068,207
    1,600     RadioShack Corp.........................       48,096
      275     *Ralcorp Holdings, Inc..................        8,594
      164     *Restoration Hardware, Inc..............        1,451
      100     *Revlon, Inc (Class A)..................          495
    3,431     *Rite Aid Corp..........................        8,063
      912     R.J. Reynolds Tobacco Holdings, Inc.....       49,020
       86     *Robert Mondavi Corp (Class A)..........        2,944
      300     Ruddick Corp............................        5,088
      100     Russ Berrie & Co, Inc...................        3,540
    4,446     *Safeway, Inc...........................      129,779
    7,261     Sara Lee Corp...........................      149,867
      136     Schweitzer-Mauduit International, Inc...        3,346
      400     Sensient Technologies Corp..............        9,104
       65     *Sharper Image Corp.....................        1,310
      100     *Skechers USA, Inc (Class A)............        2,161
      200     *SLI, Inc...............................           80

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      100     *Smart & Final, Inc.....................  $       780
    1,000     *Smithfield Foods, Inc..................       18,550
      200     *Stamps.Com, Inc........................          886
      100     Standard Commercial Corp................        2,170
    4,296     *Staples, Inc...........................       84,631
      100     *Star Scientific, Inc...................          179
      100     Stepan Co...............................        2,826
      100     Thomas Industries, Inc..................        2,880
      255     *Ticketmaster (Class B).................        4,771
      212     Tootsie Roll Industries, Inc............        8,175
    1,826     *Toys "R" Us, Inc.......................       31,900
       62     *Tractor Supply Co......................        4,401
      200     *Trans World Entertainment Corp.........        1,166
      100     Triarc Cos, Inc.........................        2,760
      100     *Tuesday Morning Corp...................        1,856
      500     Tupperware Corp.........................       10,395
      200     *Tweeter Home Entertainment Group,                   
                Inc...................................        3,268
    2,219     Tyson Foods, Inc (Class A)..............       34,417
      155     *United Auto Group, Inc.................        3,240
      175     *United Natural Foods, Inc..............        3,413
      241     Universal Corp..........................        8,845
    1,553     UST, Inc................................       52,802
      180     *Valuevision International, Inc (Class               
                A)....................................        3,267
      115     Vector Group Ltd........................        2,024
    9,423     Walgreen Co.............................      364,010
      230     *Weight Watchers International, Inc.....        9,991
      100     Weis Markets, Inc.......................        3,675
      102     *Whitehall Jewellers, Inc...............        2,117
      362     *Whole Foods Market, Inc................       17,456
      178     *Wild Oats Markets, Inc.................        2,866
      595     Winn-Dixie Stores, Inc..................        9,276
    1,459     Wrigley (Wm.) Jr Co.....................       80,756
      209     *Yankee Candle Co, Inc..................        5,662
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 9,986,562
                                                        -----------
ENERGY--5.82%                                                      
      101     *3TEC Energy Corp.......................        1,760
      625     Amerada Hess Corp.......................       51,563
    2,282     Anadarko Petroleum Corp.................      112,503
    1,325     Apache Corp.............................       76,161
      638     Ashland, Inc............................       25,839
       69     *Atwood Oceanics, Inc...................        2,588
    3,174     Baker Hughes, Inc.......................      105,662
      100     Berry Petroleum Co (Class A)............        1,685
    1,441     BJ Services Co..........................       48,821
      300     *Brown (Tom), Inc.......................        8,505
    1,851     Burlington Resources, Inc...............       70,338
      278     Cabot Oil & Gas Corp (Class A)..........        6,352
      300     *Cal Dive International, Inc............        6,600
       19     *Callon Petroleum Corp..................           93
       85     Carbo Ceramics, Inc.....................        3,141
    1,200     *Chesapeake Energy Corp.................        8,640
    9,894     ChevronTexaco Corp......................      875,619
      200     *Comstock Resources, Inc................        1,520
    5,766     Conoco Inc..............................      160,295
      446     *Cooper Cameron Corp....................       21,595
      200     *Denbury Resources, Inc.................        2,058
    1,327     Devon Energy Corp (New).................       65,395
      520     Diamond Offshore Drilling, Inc..........       14,820
       59     *Dril-Quip, Inc.........................        1,472
        8     *EEX Corp...............................           16
      100     *Encore Acquisition Co..................        1,725
      164     *Energy Partners Ltd....................        1,525
    1,388     Ensco International, Inc................       37,837

SEE NOTES TO FINANCIAL STATEMENTS 
14  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
ENERGY--(CONTINUED)                                                
    1,067     EOG Resources, Inc......................  $    42,360
      175     *Evergreen Resources, Inc...............        7,438
      143     *Exploration Co of Delaware.............          968
   62,391     Exxon Mobil Corp........................    2,553,040
      280     *Forest Oil Corp........................        7,960
      200     Frontier Oil Corp.......................        3,520
      100     Getty Realty Corp.......................        2,025
      500     *Global Industries Ltd..................        3,495
      817     *Grant Prideco, Inc.....................       11,111
    1,300     *Grey Wolf, Inc.........................        5,317
      100     *Gulf Island Fabrication, Inc...........        1,834
    4,008     Halliburton Co..........................       63,888
      444     *Hanover Compressor Co..................        5,994
      318     *Harvest Natural Resources, Inc.........        1,590
      500     Helmerich & Payne, Inc..................       17,860
      100     Holly Corp..............................        1,675
      100     *Horizon Offshore, Inc..................          844
      100     *Houston Exploration Co.................        2,900
       96     *Hydril Co..............................        2,573
      400     *Input/Output, Inc......................        3,600
      927     Kerr-McGee Corp.........................       49,641
      900     *Key Energy Services, Inc...............        9,450
      100     *Key Production Co......................        1,950
      100     Lufkin Industries, Inc..................        2,887
      216     *Magnum Hunter Resources, Inc...........        1,704
       43     *Magnum Hunter Resources, Inc Wts                    
                03/21/05..............................           36
    2,849     Marathon Oil Corp.......................       77,265
      300     *Maverick Tube Corp.....................        4,500
      200     *Meridian Resource Corp.................          744
      338     Murphy Oil Corp.........................       27,885
      705     *National-Oilwell, Inc..................       14,840
      400     *Newfield Exploration Co................       14,868
      500     Noble Energy, Inc.......................       18,025
      100     *Nuevo Energy Co........................        1,580
    3,449     Occidental Petroleum Corp...............      103,436
    1,600     Ocean Energy, Inc (New).................       34,672
      200     *Oceaneering International, Inc.........        5,400
      700     *Parker Drilling Co.....................        2,289
      250     Patina Oil & Gas Corp...................        6,858
      600     *Patterson-UTI Energy, Inc..............       16,938
      700     Pennzoil-Quaker State Co................       15,071
    3,554     Phillips Petroleum Co...................      209,260
    1,177     Pioneer Natural Resources Co............       30,661
      200     *Plains Resources, Inc..................        5,350
      474     Pogo Producing Co.......................       15,462
      165     *Premcor, Inc...........................        4,244
    1,019     *Pride International, Inc...............       15,958
      100     Prima Energy Corp.......................        2,279
      119     *Pure Resources, Inc....................        2,475
      100     *PYR Energy Corp........................          195
      357     *Range Resources Corp...................        1,999
      119     *Remington Oil & Gas Corp...............        2,370
      979     Rowan Cos, Inc..........................       21,000
      100     RPC, Inc................................        1,180
      160     *Seacor Smit, Inc.......................        7,576
      200     *Seitel, Inc............................          200
      494     *Smith International, Inc...............       33,686
      215     *Spinnaker Exploration Co...............        7,744
      300     St. Mary Land & Exploration Co..........        7,179
      239     *Stone Energy Corp......................        9,620
      646     Sunoco, Inc.............................       23,017
      400     *Superior Energy Services, Inc..........        4,060

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      200     *Swift Energy Co........................  $     3,158
      300     *Tesoro Petroleum Corp..................        2,325
      456     Tidewater, Inc..........................       15,012
      200     *Transmontaigne, Inc....................        1,210
      200     *Trico Marine Services, Inc.............        1,358
      300     Unit Corp...............................        5,205
      150     *Universal Compression Holdings, Inc....        3,599
    2,251     Unocal Corp.............................       83,152
    1,007     Valero Energy Corp......................       37,682
      694     *Varco International, Inc (New).........       12,173
      300     *Veritas DGC, Inc.......................        3,780
      400     Vintage Petroleum, Inc..................        4,760
      137     *W-H Energy Services, Inc...............        3,036
      148     *Westport Resources Corp. ..............        2,427
       81     World Fuel Services Corp................        1,976
    1,025     XTO Energy, Inc.........................       21,115
                                                        -----------
              TOTAL ENERGY                                5,471,642
                                                        -----------
FINANCIAL SERVICES--21.40%                                         
      110     1st Source Corp.........................        2,719
      300     21st Century Insurance Group............        5,700
      741     A.G. Edwards, Inc.......................       28,803
       90     ABC Bancorp.............................        1,340
      200     Acadia Realty Trust.....................        1,630
      200     Advanta Corp (Class A)..................        2,172
      200     *Affiliated Managers Group, Inc.........       12,300
    4,741     Aflac, Inc..............................      151,712
       90     Alabama National Bancorp................        3,896
      100     Alexandria Real Estate Equities, Inc....        4,934
      321     Alfa Corp...............................        3,756
       42     Alleghany Corp..........................        8,022
      108     Allegiant Bancorp, Inc..................        1,962
      900     Allied Capital Corp.....................       20,385
      500     Allmerica Financial Corp................       23,100
    6,580     Allstate Corp...........................      243,328
      725     AMB Property Corp.......................       22,475
      771     Ambac Financial Group, Inc..............       51,811
      200     Amcore Financial, Inc...................        4,634
       53     American National Bankshares, Inc.......        1,452
      319     America First Mortgage Investments,                  
                Inc...................................        3,142
      336     American Capital Strategies Ltd.........        9,230
   10,861     American Express Co.....................      394,472
      281     American Financial Group, Inc...........        6,716
      200     American Financial Holdings, Inc........        5,984
   21,182     American International Group, Inc.......    1,445,248
       56     *American Medical Security Group, Inc...        1,341
      100     American National Insurance Co..........        9,630
       87     *American Physicians Capital, Inc.......        1,606
      756     *AmeriCredit Corp.......................       21,206
      846     *Ameritrade Holdings Corp (Class A).....        3,875
      424     Amerus Group Co.........................       15,730
      100     AMLI Residential Properties Trust.......        2,600
    3,335     Amsouth Bancorp.........................       74,637
      650     b*ANC Rental Corp.......................          117
      200     Anchor Bancorp Wisconsin, Inc...........        4,822
      534     Annaly Mortgage Management, Inc.........       10,360
      336     Anthracite Capital, Inc.................        4,452
      112     Anworth Mortgage Asset Corp.............        1,567
    2,201     AON Corp................................       64,885
      821     Apartment Investment & Management Co                 
                (Class A).............................       40,393
      268     Apex Mortgage Capital, Inc..............        4,017
    1,620     Archstone-Smith Trust...................       43,254
      500     Arden Realty, Inc.......................       14,225
      200     Argonaut Group, Inc.....................        4,284

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   15

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      100     Arrow Financial Corp....................  $     3,399
      704     Associated Banc-Corp....................       26,548
      100     Associated Estates Realty Corp..........        1,060
      776     Astoria Financial Corp..................       24,871
      723     AvalonBay Communities, Inc..............       33,764
      100     Baldwin & Lyons, Inc (Class B)..........        2,283
      120     *Banc Corp..............................        1,046
      100     Bancfirst Corp..........................        4,639
       40     Bancorp Connecticut, Inc................        1,122
      712     Bancorpsouth, Inc.......................       14,382
      100     Bank Mutual Corp........................        2,037
   14,161     Bank Of America Corp....................      996,368
      125     Bank Of Granite Corp....................        2,461
      700     Bank Of Hawaii Corp.....................       19,600
    6,744     Bank Of New York Co, Inc................      227,610
   10,830     Bank One Corp...........................      416,738
      200     *Bank United Corp (Contingent Payment                
                Rts)..................................           18
      300     BankAtlantic Bancorp, Inc (Class A).....        3,720
    1,351     Banknorth Group, Inc....................       35,153
      200     *Bankunited Financial Corp (Class A)....        3,830
       79     Banner Corp.............................        1,955
      546     Bay View Capital Corp...................        3,500
    4,427     BB&T Corp...............................      170,882
      775     Bear Stearns Cos, Inc...................       47,430
      220     *Beazer Homes Usa, Inc..................       17,600
      100     Bedford Property Investors, Inc.........        2,710
      232     Berkley (W.R.) Corp.....................       12,760
       57     Berkshire Hills Bancorp, Inc............        1,493
       53     BKF Capital Group, Inc..................        1,511
      127     *Blackrock, Inc.........................        5,626
      106     *BOK Financial Corp.....................        3,547
       87     Boston Private Financial Holdings,                   
                Inc...................................        2,152
      645     Boston Properties, Inc..................       25,768
       36     Bostonfed Bancorp, Inc..................        1,156
      100     *Boykin Lodging Co......................        1,093
      232     Brandywine Realty Trust.................        6,009
      400     BRE Properties, Inc (Class A)...........       12,444
      100     *Brookline Bancorp, Inc.................        2,530
      444     Brown & Brown, Inc......................       13,986
       34     Bryn Mawr Bank Corp.....................        1,370
      100     BSB Bancorp, Inc........................        2,668
      200     Burnham Pacific Properties, Inc.........          234
       74     Camden National Corp....................        2,061
      331     Camden Property Trust...................       12,257
      200     Capital Automotive Reit.................        4,772
       65     Capital City Bank Group, Inc............        2,244
    1,924     Capital One Financial Corp..............      117,460
       70     Capitol Bancorp Ltd.....................        1,669
      232     Capitol Federal Financial...............        6,051
      100     Capstead Mortgage Corp..................        2,250
      465     CarrAmerica Realty Corp.................       14,345
      114     Cascade Bancorp.........................        2,052
      200     Cash America International, Inc.........        1,840
      842     *Catellus Development Corp..............       17,194
      200     Cathay Bancorp, Inc.....................        8,300
       30     CB Bancshares, Inc......................        1,137
      186     CBL & Associates Properties, Inc........        7,533
       64     CCBT Financial Cos, Inc.................        1,818
      113     *CCC Information Services Group, Inc....        1,582
      220     Centennial Bancorp......................        1,734
      200     Centerpoint Properties Corp.............       11,602
       68     *Central Coast Bancorp..................        1,542

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    120     CFS Bancorp, Inc........................  $     1,855
     36     Charter Financial Corp..................        1,025
    300     Charter Municipal Mortgage Acceptance                
              Co....................................        5,364
  2,103     Charter One Financial, Inc..............       72,301
    200     Chateau Communities, Inc................        6,120
    255     Chelsea Property Group, Inc.............        8,530
    213     Chemical Financial Corp.................        7,990
    450     Chittenden Corp.........................       13,041
    837     *Choicepoint, Inc.......................       38,058
  1,516     Chubb Corp..............................      107,333
  1,358     Cincinnati Financial Corp...............       63,188
 47,391     Citigroup, Inc..........................    1,836,401
    400     Citizens Banking Corp...................       11,592
     83     Citizens First Bancorp, Inc.............        1,867
    230     *Citizens, Inc..........................        2,985
     81     City Bank...............................        2,592
    155     City Holding Co.........................        3,629
    400     City National Corp......................       21,500
    100     *Clark/Bardes, Inc......................        2,284
    303     *CNA Financial Corp.....................        8,030
    100     CNA Surety Corp.........................        1,455
     39     Coastal Bancorp, Inc....................        1,239
     76     Coastal Financial Corp..................        1,125
  1,000     Colonial Bancgroup, Inc.................       15,000
    139     Colonial Properties Trust...............        5,414
     53     Columbia Bancorp........................        1,251
    105     *Columbia Banking System, Inc...........        1,356
    900     b*Comdisco, Inc.........................           23
  1,637     Comerica, Inc...........................      100,512
    510     Commerce Bancorp, Inc...................       22,542
    584     Commerce Bancshares, Inc................       25,836
    225     Commerce Group, Inc.....................        8,899
    400     Commercial Federal Corp.................       11,600
    358     Commercial Net Lease Realty, Inc........        5,728
    100     Commonwealth Bancorp, Inc...............        2,967
    200     Community Bank System, Inc..............        6,450
    105     Community Banks, Inc....................        3,089
    300     Community First Bankshares, Inc.........        7,827
    106     Community Trust Bancorp, Inc............        2,980
  1,183     Compass Bancshares, Inc.................       39,749
    100     *CompuCredit Corp.......................          682
     84     Connecticut Bancshares, Inc.............        2,789
  2,486     *Conseco, Inc...........................        4,972
    400     Cornerstone Realty Income Trust, Inc....        4,520
    100     Corporate Office Properties Trust.......        1,459
     65     Correctional Properties Trust...........        1,430
    220     *Corrections Corp Of America............        3,806
    100     Corus Bankshares, Inc...................        4,592
    953     Countrywide Credit Industries, Inc......       45,982
    300     Cousins Properties, Inc.................        7,428
    100     CPB, Inc................................        4,595
    245     Crawford & Co (Class B).................        1,985
    100     *Credit Acceptance Corp.................        1,257
    100     *Creditrust Corp Escrow.................            0
    749     Crescent Real Estate Equities Co........       14,006
    200     Crown American Realty Trust.............        1,880
    229     *CSK Auto Corp..........................        3,192
    500     Cullen/Frost Bankers, Inc...............       17,975
     25     Curtiss-Wright Corp (Class B)...........        1,890
    262     CVB Financial Corp......................        5,950
    100     Delphi Financial Group, Inc (Class A)...        4,335
    515     Developers Diversified Realty Corp......       11,588
    206     Dime Community Bancshares...............        4,674

SEE NOTES TO FINANCIAL STATEMENTS 
16  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      249     Doral Financial Corp....................  $     8,314
      197     Downey Financial Corp...................        9,318
    1,200     Duke Realty Corp........................       34,740
    2,505     *E*trade Group, Inc.....................       13,677
       45     *Eagle Bancshares, Inc..................        1,169
      200     East West Bancorp, Inc..................        6,904
      100     Eastgroup Properties, Inc...............        2,560
      539     Eaton Vance Corp........................       16,817
      100     *Electro Rent Corp......................        1,299
      100     Entertainment Properties Trust..........        2,465
    3,835     Equity Office Properties Trust..........      115,434
    2,700     Equity Residential Properties Trust.....       77,625
      187     Erie Indemnity Co (Class A).............        7,575
      132     Essex Property Trust, Inc...............        7,220
      131     *Euronet Worldwide, Inc.................        2,095
      100     F & M Bancorp...........................        3,528
    9,164     Fannie Mae..............................      675,845
      100     Farmers Capital Bank Corp...............        3,525
       79     FBL Financial Group, Inc (Class A)......        1,750
      142     FBR Asset Investment Corp...............        4,736
       60     *Federal Agricultural Mortgage Corp                  
                (Class C).............................        1,602
      300     Federal Realty Investment Trust.........        8,313
      743     Federated Investors, Inc (Class B)......       25,686
      408     FelCor Lodging Trust, Inc...............        7,487
      117     Fidelity Bankshares, Inc................        2,587
      928     Fidelity National Financial, Inc........       29,325
    4,672     Fifth Third Bancorp.....................      311,389
      100     Financial Federal Corp..................        3,310
       72     Financial Industries Corp...............        1,301
      100     Financial Institutions, Inc.............        3,786
      600     First American Corp.....................       13,800
      200     First Bancorp (Puerto Rico).............        7,540
       67     First Bancorp (North Carolina)..........        1,843
      100     First Busey Corp........................        2,221
      300     First Charter Corp......................        5,424
       55     First Citizens Bancshares, Inc (Class                
                A)....................................        6,082
      500     First Commonwealth Financial Corp.......        6,745
       44     First Community Bancorp.................        1,021
       66     First Community Bancshares..............        2,222
      100     First Essex Bancorp, Inc................        3,420
      159     First Federal Capital Corp..............        3,514
      315     First Financial Bancorp.................        6,165
      114     First Financial Bankshares, Inc.........        4,770
      150     First Financial Corp (Indiana)..........        7,713
      100     First Financial Holdings, Inc...........        3,274
      125     First Indiana Corp......................        2,721
      105     First Merchants Corp....................        3,150
      445     First Midwest Bancorp, Inc..............       12,362
       63     First National Corp.....................        1,903
      100     First Niagara Financial Group, Inc......        2,776
       39     First Oak Brook Bancshares, Inc.........        1,231
      100     First Place Financial Corp..............        1,991
       79     *First Republic Bank....................        2,173
      200     First Sentinel Bancorp, Inc.............        2,752
       25     First South Bancorp, Inc................          906
       37     First State Bancorp.....................          962
    1,161     First Tennessee National Corp...........       44,466
      445     First Virginia Banks, Inc...............       23,861
       51     Firstfed America Bancorp, Inc...........        1,214
      158     Firstfed Financial Corp.................        4,582
      753     FirstMerit Corp.........................       20,768
       30     *Five Star Quality Care, Inc............          168

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
  9,658     FleetBoston Financial Corp..............  $   312,436
    100     Flushing Financial Corp.................        2,049
    437     FNB Corp................................       12,000
     53     FNB Corp (Virginia).....................        1,614
     80     *Fpic Insurance Group, Inc..............        1,204
  1,570     Franklin Resources, Inc.................       66,945
  6,425     Freddie Mac.............................      393,210
    400     Fremont General Corp....................        1,672
    137     *Friedman, Billings, Ramsey Group,                   
              Inc...................................        1,744
    148     Frontier Financial Corp.................        4,344
    200     b*Frontline Capital Group, Inc..........            1
  1,085     Fulton Financial Corp...................       20,539
     39     *Gabelli Asset Management, Inc (Class                
              A)....................................        1,424
    200     Gables Residential Trust................        6,386
    800     Gallagher (Arthur J.) & Co..............       27,720
    500     Gartner, Inc (Class A)..................        5,050
     91     *Gartner, Inc (Class B).................          855
    100     GBC Bancorp.............................        2,895
    600     General Growth Properties, Inc..........       30,600
    105     German American Bancorp.................        1,943
    101     Glacier Bancorp, Inc....................        2,475
     81     Gladstone Capital Corp..................        1,462
    210     Glenborough Realty Trust, Inc...........        4,977
    200     Glimcher Realty Trust...................        3,700
    200     Gold Banc Corp, Inc.....................        2,194
    683     Golden State Bancorp, Inc...............       24,759
  1,153     Golden West Financial Corp..............       79,303
  2,219     Goldman Sachs Group, Inc................      162,764
     47     Granite State Bankshares, Inc...........        1,542
     68     Great American Financial Resources,                  
              Inc...................................        1,312
    100     Great Lakes Reit, Inc...................        1,898
     52     Great Southern Bancorp, Inc.............        2,070
    451     Greater Bay Bancorp.....................       13,873
    829     Greenpoint Financial Corp...............       40,704
     82     Hancock Holding Co......................        5,525
     80     *Hanmi Financial Corp...................        1,371
    200     Harbor Florida Bancshares, Inc..........        4,162
    316     Harleysville Group, Inc.................        8,760
    200     Harleysville National Corp..............        5,402
  2,277     Hartford Financial Services Group,                   
              Inc...................................      135,413
     54     *Hawthorne Financial Corp...............        1,750
    572     HCC Insurance Holdings, Inc.............       15,072
    524     Health Care Property Investors, Inc.....       22,480
    339     Health Care Reit, Inc...................       10,153
    400     Healthcare Realty Trust, Inc............       12,800
    165     Heritage Property Investment Trust......        4,407
  1,500     Hibernia Corp (Class A).................       29,685
    500     Highwoods Properties, Inc...............       13,000
    300     Hilb, Rogal & Hamilton Co...............       13,575
    238     Home Properties Of New York, Inc........        9,030
    600     *Homestore, Inc.........................          864
    500     Hooper Holmes, Inc......................        4,000
    347     Horace Mann Educators Corp..............        6,478
    700     Hospitality Properties Trust............       25,550
  2,000     *Host Marriott Corp.....................       22,600
  4,269     Household International, Inc............      212,169
  1,100     HRPT Properties Trust...................        9,735
    698     Hudson City Bancorp, Inc................       13,890
    114     Hudson River Bancorp, Inc...............        3,077
    443     Hudson United Bancorp...................       12,652
     82     Humboldt Bancorp........................        1,378
  2,310     Huntington Bancshares, Inc..............       44,860
    362     IMPAC Mortgage Holdings, Inc............        4,880

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   17

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      477     Independence Community Bank Corp........  $    13,704
      100     Independent Bank Corp (Massachusetts)...        2,289
       89     Independent Bank Corp (Michigan)........        2,809
      557     *IndyMac Bancorp, Inc...................       12,633
      208     Innkeepers U.S.A. Trust.................        1,993
      200     *Insignia Financial Group, Inc..........        1,944
      339     *Instinet Group, Inc....................        2,210
      100     *Insurance Auto Auctions, Inc...........        1,950
      100     Integra Bank Corp.......................        2,240
       52     Interchange Financial Services Cp.......        1,443
      209     International Bancshares Corp...........        8,828
      452     *Investment Technology Group, Inc.......       14,780
      674     Investors Financial Services Corp.......       22,606
      200     Investors Real Estate Trust.............        2,132
      300     IRT Property Co.........................        3,822
      100     Irwin Financial Corp....................        2,010
      418     iStar Financial, Inc....................       11,913
       42     *Itla Capital Corp......................        1,247
      390     ITT Educational Services, Inc...........        8,502
      300     JDN Realty Corp.........................        3,750
      178     Jefferies Group, Inc....................        7,494
    1,381     Jefferson-Pilot Corp....................       64,907
    2,775     John Hancock Financial Services, Inc....       97,680
      146     John Nuveen Co (Class A)................        3,752
      300     *Jones Lang Lasalle, Inc................        7,410
   18,332     JP Morgan Chase & Co....................      621,821
      100     JP Realty, Inc..........................        2,665
       77     Kansas City Life Insurance Co...........        2,978
    3,919     Keycorp.................................      106,989
      100     Keystone Property Trust.................        1,587
      200     Kilroy Realty Corp......................        5,350
      850     Kimco Realty Corp.......................       28,467
      800     *Knight Trading Group, Inc..............        4,192
      178     Koger Equity, Inc.......................        3,435
      312     Kramont Realty Trust....................        4,989
    1,264     *La Quinta Corp.........................        9,164
      400     *LaBranche & Co, Inc....................        9,160
      105     Lakeland Bancorp, Inc...................        2,323
       46     Lakeland Financial Corp.................        1,327
      200     Landamerica Financial Group, Inc........        6,300
      592     Legg Mason, Inc.........................       29,209
    2,289     Lehman Brothers Holdings, Inc...........      143,108
      331     Leucadia National Corp..................       10,479
      200     Lexington Corporate Properties Trust....        3,300
      200     Liberty Corp............................        7,970
    1,700     Lincoln National Corp...................       71,400
      200     LNR Property Corp.......................        6,900
      177     *Local Financial Corp...................        2,887
       77     LSB Bancshares, Inc.....................        1,540
      129     LTC Properties, Inc.....................        1,097
      727     M & T Bank Corp.........................       62,348
       61     Macatawa Bank Corp......................        1,326
      300     Macerich Co.............................        9,300
      400     Mack-Cali Realty Corp...................       14,060
      166     MAF Bancorp, Inc........................        6,242
      100     Main Street Banks, Inc..................        2,068
       51     Mainsource Financial Group, Inc.........        1,234
      100     Manufactured Home Communities, Inc......        3,510
       77     *Markel Corp............................       15,169
    2,620     Marsh & McLennan Cos, Inc...............      253,092
    1,953     Marshall & Ilsley Corp..................       60,406
       35     MASSBANK Corp...........................        1,238

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    100     MB Financial, Inc.......................  $     3,346
  1,358     MBIA, Inc...............................       76,768
  6,531     MBNA Corp...............................      215,980
     62     Medford Bancorp, Inc....................        2,159
  4,058     Mellon Financial Corp...................      127,543
    643     Mercantile Bankshares Corp..............       26,382
     36     Merchants Bancshares, Inc...............        1,023
    237     Mercury General Corp....................       11,495
    300     Meristar Hospitality Corp...............        4,575
  8,010     Merrill Lynch & Co, Inc.................      324,405
    270     Metris Cos, Inc.........................        2,244
  2,733     Metlife, Inc............................       78,710
    838     MGIC Investment Corp....................       56,816
     35     Microfinancial, Inc.....................          273
    100     Mid Atlantic Realty Trust...............        1,760
    100     Mid-America Apartment Communities,                   
              Inc...................................        2,675
    200     Mid-State Bancshares....................        3,860
     35     Midland Co..............................        1,766
     57     Midwest Banc Holdings, Inc..............        1,704
    200     Mills Corp..............................        6,200
    114     Mission West Properties, Inc............        1,390
     43     Mississippi Valley Bancshares, Inc......        2,224
    400     MONY Group, Inc.........................       13,604
 10,187     Morgan Stanley Dean Witter & Co.........      438,856
  5,639     National City Corp......................      187,497
  1,890     National Commerce Financial Corp........       49,707
    200     National Health Investors, Inc..........        3,200
     54     National Health Realty, Inc.............          991
    208     National Penn Bancshares, Inc...........        5,450
     19     *National Western Life Insurance Co                  
              (Class A).............................        2,184
    190     Nationwide Financial Services, Inc                   
              (Class A).............................        7,505
    400     Nationwide Health Properties, Inc.......        7,500
     37     *Navigators Group, Inc..................          991
     48     NBC Capital Corp........................        1,824
    274     NBT Bancorp, Inc........................        4,951
    400     *NetBank, Inc...........................        4,660
    515     Neuberger Berman, Inc...................       18,849
    100     New Century Financial Corp..............        3,497
    871     New Plan Excel Realty Trust.............       18,143
    200     *NextCard, Inc..........................            3
  1,507     North Fork Bancorp, Inc.................       59,994
  1,803     Northern Trust Corp.....................       79,440
    200     Northwest Bancorp, Inc..................        2,642
     95     Novastar Financial, Inc.................        3,396
    939     New York Community Bancorp, Inc.........       25,447
    150     OceanFirst Financial Corp...............        3,621
    300     *Ocwen Financial Corp...................        1,650
    154     Odyssey Re Holdings Corp................        2,678
    468     *Ohio Casualty Corp.....................        9,781
    546     Old National Bancorp....................       13,896
  1,100     Old Republic International Corp.........       34,650
     47     Old Second Bancorp, Inc.................        1,727
    100     Omega Financial Corp....................        3,651
    110     Oriental Financial Group, Inc...........        2,790
     61     *OSI Systems, Inc.......................        1,210
    321     Pacific Capital Bancorp.................        7,665
    100     Pacific Northwest Bancorp...............        3,132
     97     *Pacific Union Bank.....................        1,696
    243     Pan Pacific Retail Properties, Inc......        8,306
    100     Park National Corp......................        8,600
     44     Parkvale Financial Corp.................        1,260
    100     Parkway Properties, Inc.................        3,638
     27     Peapack Gladstone Financial Corp........        1,652

SEE NOTES TO FINANCIAL STATEMENTS 
18  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
       45     Pennfed Financial Services, Inc.........  $     1,256
       58     Pennrock Financial Services Corp........        1,897
      100     Pennsylvania Real Estate Investment                  
                Trust.................................        2,711
       72     Peoples Bancorp, Inc....................        2,057
      200     People's Bank...........................        5,222
       51     Peoples Holding Co......................        2,091
      100     PFF Bancorp, Inc........................        3,840
      103     *Philadelphia Consolidated Holding                   
                Corp..................................        4,670
      922     Phoenix Cos, Inc........................       16,919
       61     *Pico Holdings, Inc.....................        1,011
      100     PMA Capital Corp (Class A)..............        2,115
      806     PMI Group, Inc..........................       30,789
    2,618     PNC Financial Services Group, Inc.......      136,869
    1,282     Popular, Inc............................       43,178
      100     Port Financial Corp.....................        4,009
      300     Post Properties, Inc....................        9,048
      253     Prentiss Properties Trust...............        8,033
      200     Presidential Life Corp..................        4,054
       46     *Prime Group Realty Trust...............          299
    2,828     *Principal Financial Group..............       87,668
       33     Privatebancorp, Inc.....................          995
      196     *ProAssurance Corp......................        3,450
    1,771     Progressive Corp........................      102,452
    1,477     Prologis Trust..........................       38,402
      101     Prosperity Bancshares, Inc..............        1,840
      631     Protective Life Corp....................       20,886
      215     Provident Bankshares Corp...............        5,093
      387     Provident Financial Group, Inc..........       11,227
    2,458     *Providian Financial Corp...............       14,453
    5,760     *Prudential Financial, Inc..............      192,154
      112     PS Business Parks, Inc..................        3,914
      914     Public Storage, Inc.....................       33,909
      100     R & G Financial Corp (Class B)..........        2,371
      827     Radian Group, Inc.......................       40,399
      143     RAIT Investment Trust...................        3,393
       74     Ramco-Gershenson Properties.............        1,491
      300     Raymond James Financial, Inc............        8,541
      300     Realty Income Corp......................       11,076
      403     Reckson Associates Realty Corp..........       10,035
      100     Redwood Trust, Inc......................        3,150
      200     Regency Centers Corp....................        5,930
    2,165     Regions Financial Corp..................       76,100
      350     Reinsurance Group Of America, Inc.......       10,787
      473     Republic Bancorp, Inc...................        7,067
      100     Republic Bancorp, Inc (Kentucky) (Class              
                A)....................................        1,179
      115     Resource America, Inc (Class A).........        1,212
      300     RFS Hotel Investors, Inc................        4,062
      100     Riggs National Corp.....................        1,491
      100     RLI Corp................................        5,100
      690     Roslyn Bancorp, Inc.....................       15,063
      690     Rouse Co................................       22,770
      200     S & T Bancorp, Inc......................        5,400
    1,183     Safeco Corp.............................       36,543
      250     Sandy Spring Bancorp, Inc...............        8,038
      100     Santander Bancorp.......................        1,705
      100     Saul Centers, Inc.......................        2,590
      258     *Saxon Capital, Inc.....................        4,198
   10,164     Charles Schwab Corp.....................      113,837
       14     Scpie Holdings, Inc.....................           85
       31     Seacoast Banking Corp Of Florida........        1,790
      200     Seacoast Financial Services Corp........        5,014
      100     Second Bancorp, Inc.....................        2,730

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    680     SEI Investments Co......................  $    19,156
    237     Selective Insurance Group, Inc..........        6,714
    418     Senior Housing Properties Trust.........        6,563
    400     *Silicon Valley Bancshares..............       10,544
     54     Simmons First National Corp (Class A)...        2,300
  1,200     Simon Property Group, Inc...............       44,208
    105     Sizeler Property Investors..............        1,147
    641     Sky Financial Group, Inc................       13,557
    242     SL Green Realty Corp....................        8,627
  1,355     Slm Corp................................      131,300
    700     *SoundView Technology Group, Inc........        1,190
    400     South Financial Group, Inc..............        8,964
  3,204     SouthTrust Corp.........................       83,688
     47     Southwest Bancorp, Inc..................        1,302
    200     *Southwest Bancorp Of Texas, Inc........        7,244
  2,400     Sovereign Bancorp, Inc..................       35,880
    100     Sovran Self Storage, Inc................        3,417
    100     St. Francis Capital Corp................        2,479
    200     St. Joe Co..............................        6,004
  1,900     St. Paul Cos, Inc.......................       73,948
    333     Stancorp Financial Group, Inc...........       18,482
  1,988     Starwood Hotels & Resorts Worldwide,                 
              Inc...................................       65,385
    100     State Auto Financial Corp...............        1,640
     67     State Bancorp, Inc......................        1,176
  3,009     State Street Corp.......................      134,502
    578     Staten Island Bancorp, Inc..............       11,098
     64     Sterling Bancorp........................        2,285
    300     Sterling Bancshares, Inc................        4,431
    105     Sterling Financial Corp                              
              (Pennsylvania)........................        2,621
    106     *Sterling Financial Corp (Spokane)......        2,108
    100     *Stewart Information Services Corp......        2,055
  2,046     Stilwell Financial, Inc.................       37,237
     29     Student Loan Corp.......................        2,402
     88     Suffolk Bancorp.........................        3,212
     48     Summit Bancshares, Inc..................        1,166
    200     Summit Properties, Inc..................        4,670
     45     Sun Bancorp, Inc........................        1,102
    136     Sun Communities, Inc....................        5,678
  2,296     Suntrust Banks, Inc.....................      155,485
     64     Superior Financial Corp.................        1,226
    400     Susquehanna Bancshares, Inc.............        9,084
    121     SWS Group, Inc..........................        2,374
  2,716     Synovus Financial Corp..................       74,744
    200     *Syntroleum Corp........................          576
    984     T Rowe Price Group, Inc.................       32,354
    300     Taubman Centers, Inc....................        4,575
    700     TCF Financial Corp......................       34,370
    135     Texas Regional Bancshares, Inc (Class                
              A)....................................        6,569
    262     Thornburg Mortgage, Inc.................        5,156
     78     Three Rivers Bancorp, Inc...............        1,389
     49     Tompkins Trustco, Inc...................        2,386
  1,117     Torchmark Corp..........................       42,669
    100     Town & Country Trust....................        2,240
    200     *Trammell Crow Co.......................        2,890
    250     Transatlantic Holdings, Inc.............       20,000
  2,474     *Travelers Property Casualty Corp (Class             
              A)....................................       43,790
     73     *Triad Guaranty, Inc....................        3,178
     46     Trico Bancshares........................        1,218
    827     Trizec Properties, Inc..................       13,943
     38     Troy Financial Corp.....................        1,144
    171     Trust Co Of New Jersey..................        4,395
    626     Trustco Bank Corp Ny....................        8,244
    391     Trustmark Corp..........................        9,990

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   19

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      180     U.S. Restaurant Properties, Inc.........  $     2,983
      110     U.S.B. Holding Co, Inc..................        2,266
      185     UCBH Holdings, Inc......................        7,032
      354     *UICI...................................        7,151
      151     UMB Financial Corp......................        7,077
      183     Umpqua Holdings Corp....................        3,382
       69     Union Bankshares Corp...................        1,824
    1,901     Union Planters Corp.....................       61,535
      480     UnionBanCal Corp........................       22,488
      337     United Bankshares, Inc..................        9,901
      152     United Community Banks, Inc.............        4,502
      400     United Community Financial Corp.........        3,744
      987     United Dominion Realty Trust, Inc.......       15,545
       67     United Fire & Casualty Co...............        2,531
      100     United National Bancorp.................        2,300
      484     *United Rentals, Inc....................       10,551
      600     *UnitedGlobalcom, Inc (Class A).........        1,650
      400     Unitrin, Inc............................       14,308
      215     *Universal American Financial Corp......        1,415
      100     Universal Health Realty Income Trust....        2,640
      232     Unizan Financial Corp...................        4,967
    2,200     UnumProvident Corp......................       55,990
      113     Urstadt Biddle Properties, Inc (Class                
                A)....................................        1,288
   17,758     U.S. Bancorp............................      414,649
      920     Valley National Bancorp.................       25,576
      283     Vesta Insurance Group, Inc..............        1,211
      106     *VIB Corp...............................        1,379
       67     Virginia Financial Group, Inc...........        2,148
       42     Vista Bancorp, Inc......................        1,133
      662     Vornado Realty Trust....................       30,584
      245     W Holding Co, Inc.......................        5,929
   12,592     Wachovia Corp...........................      480,763
      802     Waddell & Reed Financial, Inc (Class                 
                A)....................................       18,382
       33     Warwick Community Bancorp...............          991
      708     Washington Federal, Inc.................       17,884
    8,989     Washington Mutual, Inc..................      333,582
      338     Washington Real Estate Investment                    
                Trust.................................        9,768
       90     Washington Trust Bancorp, Inc...........        2,132
      261     Waypoint Financial Corp.................        5,103
      469     Webster Financial Corp..................       17,935
      420     Weingarten Realty Investors.............       14,868
   15,738     Wells Fargo & Co........................      787,844
       48     *Wellsford Real Properties, Inc.........          994
      200     Wesbanco, Inc...........................        4,742
       10     Wesco Financial Corp....................        3,016
      200     West Coast Bancorp......................        3,430
      300     Westamerica Bancorp.....................       11,754
      121     Westcorp................................        3,866
       90     *WFS Financial, Inc.....................        2,467
      400     Whitney Holding Corp....................       12,296
      600     Wilmington Trust Corp...................       18,300
      100     Winston Hotels, Inc.....................          976
      100     Wintrust Financial Corp.................        3,457
      100     *World Acceptance Corp..................          840
      100     WSFS Financial Corp.....................        2,587
    1,200     *Wyndham International, Inc (Class A)...        1,392
       54     Yardville National Bancorp..............        1,077
      100     Zenith National Insurance Corp..........        3,185
      844     Zions Bancorp...........................       43,972
                                                        -----------
              TOTAL FINANCIAL SERVICES                   20,109,979
                                                        -----------

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--14.25%                                                
      100     *3 Dimensional Pharmaceuticals, Inc.....  $       445
      100     *aaiPharma, Inc.........................        2,248
   14,393     Abbott Laboratories.....................      541,896
      745     *Abgenix, Inc...........................        7,301
      100     *Abiomed, Inc...........................          848
      271     *Accredo Health, Inc....................       12,504
      309     *Adolor Corp............................        3,479
      678     *AdvancePCS.............................       16,231
       82     Advanced Neuromodulation Systems, Inc...        2,501
      500     *Advanced Tissue Sciences, Inc..........          720
       42     *Advisory Board Co/The..................        1,522
    1,342     Aetna, Inc..............................       64,376
      403     *Affymetrix, Inc........................        9,668
      100     *Aksys Ltd..............................          690
      200     *Albany Molecular Research, Inc.........        4,228
      100     *Alexion Pharmaceuticals, Inc...........        1,515
      100     *Align Technology, Inc..................          404
      502     *Alkermes, Inc..........................        8,037
    1,235     Allergan, Inc...........................       82,436
      107     *Alliance Imaging, Inc..................        1,445
      211     *Allos Therapeutics, Inc................        1,907
      200     *Allscripts Healthcare Solutions, Inc...          748
      334     Alpharma, Inc (Class A).................        5,671
      190     *American Medical Systems Holdings,                  
                Inc...................................        3,811
       72     *American Healthways, Inc...............        1,282
       82     *American Pharmaceutical Partners,                   
                Inc...................................        1,014
       88     *AMERIGROUP Corp........................        2,401
      200     *Ameripath, Inc.........................        4,800
      964     AmerisourceBergen Corp..................       73,264
    9,621     Amgen, Inc..............................      402,927
      128     *AMN Healthcare Services, Inc...........        4,481
      188     *Amsurg Corp............................        4,937
      600     *Amylin Pharmaceuticals, Inc............        6,564
      570     *Andrx Corp.............................       15,373
      950     *Anthem, Inc............................       64,106
      100     *Antigenics, Inc........................          985
      100     *Aphton Corp............................          750
      934     *Apogent Technologies, Inc..............       19,212
    1,953     Applera Corp (Applied Biosystems                     
                Group)................................       38,064
      644     *Applera Corp (Celera Genomics Group)...        7,728
      100     *Applied Molecular Evolution............          578
      400     *Apria Healthcare Group, Inc............        8,960
      111     *Arena Pharmaceuticals, Inc.............          932
      200     *Ariad Pharmaceuticals, Inc.............          832
      243     *Arqule, Inc............................        1,640
      100     *Array Biopharma, Inc...................          964
       86     Arrow International, Inc................        3,358
      200     *Arthrocare Corp........................        2,572
      229     *Atherogenics, Inc......................        1,642
      188     *Atrix Laboratories, Inc................        4,183
      200     *ATS Medical, Inc.......................          110
      100     *AVI Biopharma, Inc.....................          294
      200     *Avigen, Inc............................        1,882
      394     Bard (C.R.), Inc........................       22,293
      255     *Barr Laboratories, Inc.................       16,200
      460     Bausch & Lomb, Inc......................       15,571
    5,584     Baxter International, Inc...............      248,209
      500     Beckman Coulter, Inc....................       24,950
    2,463     Becton Dickinson & Co...................       84,850
      111     *Benthley Pharmaceuticals, Inc..........        1,288
      900     *Beverly Enterprises, Inc...............        6,849
      156     *Bio-Rad Laboratories, Inc (Class A)....        7,100

SEE NOTES TO FINANCIAL STATEMENTS 
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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
      500     *Bio-Technology General Corp............  $     3,005
    1,486     *Biogen, Inc............................       61,565
      200     *BioMarin Pharmaceutical, Inc...........        1,044
    2,466     Biomet, Inc.............................       66,878
      100     *Biopure Corp...........................          765
      100     *Biosite, Inc...........................        2,815
      100     *Bone Care International, Inc...........          586
    2,981     *Boston Scientific Corp.................       87,403
   17,821     Bristol-Myers Squibb Co.................      458,000
      100     *Britesmile, Inc........................          237
      104     *Bruker Daltonics, Inc..................          411
      220     *Caliper Technologies Corp..............        1,837
       61     *Cantel Medical Corp....................        1,122
      504     *Cardiac Science, Inc...................        1,991
    4,192     Cardinal Health, Inc....................      257,431
      300     *Cardiodynamics International Corp......        1,116
    2,000     *Caremark Rx, Inc.......................       33,000
      700     *Celgene Corp...........................       10,710
      300     *Cell Genesys, Inc......................        4,047
      200     *Cell Pathways, Inc.....................          300
      300     *Cell Therapeutics, Inc.................        1,638
       46     *Centene Corp...........................        1,425
      409     *Cephalon, Inc..........................       18,487
      209     *Cepheid, Inc...........................        1,166
      222     *Cerner Corp............................       10,618
       77     *Cerus Corp.............................        2,609
      386     *Charles River Laboratories                          
                International, Inc....................       13,529
       47     *Chattem, Inc...........................        1,481
      857     *Chiron Corp............................       30,295
      107     *Cholestech Corp........................        1,129
    1,191     Cigna Corp..............................      116,027
      108     *Cima Labs, Inc.........................        2,605
      100     *Ciphergen Biosystems, Inc..............          353
      100     *Cobalt Corp............................        2,280
      265     *Coherent, Inc..........................        7,947
      200     *Columbia Laboratories, Inc.............        1,200
      434     *Community Health Systems, Inc..........       11,631
      100     *Conceptus, Inc.........................        1,649
      450     *Conmed Corp............................       10,049
      300     *Connetics Corp.........................        3,876
      100     Cooper Cos, Inc.........................        4,710
      400     *Corixa Corp............................        2,740
       60     *Corvel Corp............................        2,010
      500     *Covance, Inc...........................        9,375
      401     *Coventry Health Care, Inc..............       11,396
      296     *Cross County, Inc......................       11,189
      151     *Cryolife, Inc..........................        2,425
      200     *Cubist Pharmaceuticals, Inc............        1,882
      360     *CuraGen Corp...........................        2,027
       94     *Curative Health Services, Inc..........        1,577
      230     *Curis, Inc.............................          281
      200     *CV Therapeutics, Inc...................        3,724
      200     *Cyberonics, Inc........................        2,624
    1,100     *Cytyc Corp.............................        8,382
      118     D&K Healthcare Resources, Inc...........        4,161
      100     Datascope Corp..........................        2,764
      712     *DaVita, Inc............................       16,946
      328     *Decode Genetics, Inc...................        1,535
      100     *Deltagen, Inc..........................          245
      114     *Dendreon Corp..........................          241
      200     *Dendrite International, Inc............        1,934
      641     Dentsply International, Inc.............       23,659

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    200     Diagnostic Products Corp................  $     7,400
     76     *Dianon Systems, Inc....................        4,060
    100     *Digene Corp............................        1,176
    188     *Diversa Corp...........................        1,871
    241     *Durect Corp............................        1,928
    100     *Dusa Pharmaceuticals, Inc..............          290
    100     *DVI, Inc...............................        1,930
     64     *Dyax Corp..............................          250
    318     *Eclipsys Corp..........................        2,086
     14     *Eden Bioscience Corp...................           28
    548     *Edwards Lifesciences Corp..............       12,714
     66     *Embrex, Inc............................        1,381
    200     *Endo Pharmaceuticals Holdings, Inc.....        1,400
    100     *Endocare, Inc..........................        1,321
    220     *Enzo Biochem, Inc......................        3,153
    400     *Enzon, Inc.............................        9,844
     90     *Eon Labs, Inc..........................        1,601
    114     *Epix Medical, Inc......................        1,203
     49     *eResearch Technology, Inc..............        1,241
    200     *Esperion Therapeutics, Inc.............        1,086
    253     *Exelixis, Inc..........................        1,905
    582     *Express Scripts, Inc (Class A).........       29,164
    909     *First Health Group Corp................       25,488
    175     *First Horizon Pharmaceutical...........        3,621
    500     Fisher Scientific International, Inc....       14,000
  1,608     *Forest Laboratories, Inc...............      113,846
    135     *Genaissance Pharmaceuticals............          178
    200     *Gene Logic, Inc........................        2,800
    100     *Genencor International, Inc............          979
  2,030     *Genentech, Inc.........................       68,005
    257     *Genesis Health Ventures, Inc...........        5,163
    100     *Genstar Therapeutics Corp..............           36
    200     *Genta, Inc.............................        1,658
    280     *Genzyme Corp (Biosurgery Division).....        1,268
  1,787     *Genzyme Corp (General Division)........       34,382
    100     *Genzyme Corp (Molecular Oncology                    
              Division).............................          252
    200     *Geron Corp.............................          916
  1,585     *Gilead Sciences, Inc...................       52,115
  2,815     *Guidant Corp...........................       85,097
    158     *Guilford Pharmaceuticals, Inc..........        1,191
    151     *Haemonetics Corp.......................        4,409
    177     *Hanger Orthopedic Group, Inc...........        2,689
    100     *Harvard Bioscience, Inc................          559
  4,535     HCA, Inc................................      215,413
  2,200     *Health Management Associates, Inc                   
              (Class A).............................       44,330
    925     *Health Net, Inc........................       24,762
     85     Healthcare Services Group...............        1,313
    100     *HealthExtras, Inc......................          507
  3,600     *Healthsouth Corp.......................       46,044
     72     *Healthtronics Surgical Services, Inc...        1,259
    100     *Hemispherx Biopharma, Inc..............          250
    368     *Henry Schein, Inc......................       16,376
    474     Hillenbrand Industries, Inc.............       26,615
    177     *Hologic, Inc...........................        2,561
  1,297     *Human Genome Sciences, Inc.............       17,380
  1,500     *Humana, Inc............................       23,445
    100     *Hyseq, Inc.............................          227
    249     *I-many, Inc............................          685
    700     ICN Pharmaceuticals, Inc................       16,947
    431     *Icos Corp..............................        7,310
     63     *ICU Medical, Inc.......................        1,947
  1,034     *IDEC Pharmaceuticals Corp..............       36,655
    300     *Idexx Laboratories, Inc................        7,737

SEE NOTES TO FINANCIAL STATEMENTS 
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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
      100     *IDX Systems Corp.......................  $     1,302
      100     *Igen International, Inc................        3,150
      300     *Ilex Oncology, Inc.....................        4,227
      200     *Illumina, Inc..........................        1,344
      512     *ImClone Systems, Inc...................        4,452
       57     *Immucor, Inc...........................        1,338
      200     *Immune Response Corp...................           70
    3,004     *Immunex Corp...........................       67,109
      300     *Immunogen, Inc.........................          807
      300     Immunomedics, Inc.......................        1,563
      137     *Impath, Inc............................        2,459
      200     *Impax Laboratories, Inc................        1,498
    2,657     IMS Health, Inc.........................       47,693
      100     *Inamed Corp............................        2,672
      500     *Incyte Genomics, Inc...................        3,635
      267     *Indevus Pharmaceuticals, Inc...........          310
      400     *Inhale Therapeutic Systems, Inc........        3,796
      300     *Inkine Pharmaceutical Co, Inc..........          255
      245     *Insmed, Inc............................          343
      159     *Integra LifeSciences Holding...........        3,458
      200     *Integrated Silicon Solution, Inc.......        1,784
      314     *InterMune, Inc.........................        6,625
      158     *Interpore International................        1,528
      328     *Intuitive Surgical, Inc................        2,778
      216     Invacare Corp...........................        7,992
       39     *Inverness Medical Innovations, Inc.....          788
      492     *Invitrogen Corp........................       15,749
      400     *Isis Pharmaceuticals, Inc..............        3,804
    1,394     *IVAX Corp..............................       15,055
   27,732     Johnson & Johnson.......................    1,449,274
      100     *Kendle International, Inc..............        1,360
       66     *Kensey Nash Corp.......................        1,069
      100     *Keryx Biopharmaceuticals, Inc..........          227
      103     *Kindred Healthcare, Inc................        4,580
    2,281     *King Pharmaceuticals, Inc..............       50,752
       60     *KOS Pharmaceuticals, Inc...............        1,221
      100     *Kosan Biosciences, Inc.................          871
      188     *KV Pharmaceutical Co (Class A).........        5,076
      338     *La Jolla Pharmaceutical Co.............        2,113
       48     *LabOne, Inc............................        1,248
    1,311     *Laboratory Corp Of America Holdings....       59,847
       59     Landauer, Inc...........................        2,291
      100     *Large Scale Biology Corp...............          218
      300     *Lexicon Genetics, Inc..................        1,467
      384     *LifePoint Hospitals, Inc...............       13,943
      299     *Ligand Pharmaceuticals, Inc (Class                  
                B)....................................        4,336
    8,900     Lilly (Eli) & Co........................      501,960
      885     *Lincare Holdings, Inc..................       28,586
       82     *Luminex Corp...........................          616
      200     *Macrochem Corp.........................          350
      173     *Magellan Health Services, Inc..........          173
      922     *Manor Care, Inc........................       21,206
      112     *Martek Biosciences Corp................        2,343
      141     *Maximus, Inc...........................        4,470
      317     *Maxygen, Inc...........................        3,797
    2,575     McKesson Corp...........................       84,203
      100     *Med-Design Corp........................        1,294
      600     *Medarex, Inc...........................        4,452
       71     *Medical Staffing Network Holdings,                  
                Inc...................................        1,740
      247     *Medicines Co...........................        3,046
      300     *Medicis Pharmaceutical Corp (Class                  
                A)....................................       12,828
    2,415     *Medimmune, Inc.........................       63,756

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    136     *MedQuist, Inc..........................  $     3,622
 11,190     Medtronic, Inc..........................      479,492
    185     Mentor Corp.............................        6,791
 20,839     Merck & Co, Inc.........................    1,055,287
     31     *Meridian Medical Technologies, Inc.....        1,119
    105     *Merit Medical Systems, Inc.............        2,166
    200     *MGI Pharma, Inc........................        1,412
    433     *Mid Atlantic Medical Services, Inc.....       13,575
  2,594     *Millennium Pharmaceuticals, Inc........       31,517
    552     *Millipore Corp.........................       17,653
    210     *MIM Corp...............................        2,539
    100     *Miravant Medical Technologies..........           53
    100     *Molecular Devices Corp.................        1,780
    143     *Mright Medical Group, Inc..............        2,883
    338     *Mykrolis Corp..........................        3,992
  1,283     Mylan Laboratories, Inc.................       40,222
    175     *Myriad Genetics, Inc...................        3,560
    300     *Nabi Biopharmaceuticals................        1,611
    100     *Nanogen, Inc...........................          350
    176     *Napro Biotherapeutics, Inc.............        1,155
     72     *Nastech Pharmaceutical Co..............        1,183
    100     *National Healthcare Corp...............        2,125
     83     *Neopharm, Inc..........................        1,043
    100     *Neose Technologies, Inc................        1,090
    259     *Neurocrine Biosciences, Inc............        7,420
    100     *Neurogen Corp..........................        1,169
     34     *North American Scientific..............          347
    200     *Noven Pharmaceuticals, Inc.............        5,100
    200     *NPS Pharmaceuticals, Inc...............        3,064
    155     *Ocular Sciences, Inc...................        4,108
    109     *Odyssey Healthcare, Inc................        3,951
    147     *Omega Healthcare Investors, Inc........        1,114
    719     Omnicare, Inc...........................       18,881
    200     *On Assignment, Inc.....................        3,560
    138     *Onyx Pharmaceuticals, Inc..............          796
    125     *Option Care, Inc.......................        1,718
    191     *OraSure Technologies, Inc..............        1,242
    300     *Organogenesis, Inc.....................           60
    358     *Orthodontic Centers Of America, Inc....        8,252
    293     *Orthologic Corp........................        1,620
    300     *OSI Pharmaceuticals, Inc...............        7,206
    300     Owens & Minor, Inc......................        5,928
    800     *Oxford Health Plans, Inc...............       37,168
    300     *Pacificare Health Systems, Inc.........        8,160
    100     *Pain Therapeutics, Inc.................          836
  1,043     Pall Corp...............................       21,642
    100     *Paradigm Genetics, Inc.................          139
    200     *Parexel International Corp.............        2,782
    456     *Patterson Dental Co....................       22,950
     76     *PDI, Inc...............................        1,177
    218     *Pediatrix Medical Group, Inc...........        5,450
    300     *Per-Se Technologies, Inc...............        2,760
    800     *Peregrine Pharmaceuticals, Inc.........          936
 57,477     Pfizer, Inc.............................    2,011,695
    400     *Pharmaceutical Product Development,                 
              Inc...................................       10,536
    229     *Pharmaceutical Resources, Inc..........        6,362
 11,970     Pharmacia Corp..........................      448,277
    200     *Pharmacopeia, Inc......................        1,704
    100     *PolyMedica Corp........................        2,554
    100     *Possis Medical, Inc....................        1,235
    200     *Pozen, Inc.............................        1,036
     96     *Practiceworks, Inc.....................        1,771
    380     *Praecis Pharmaceuticals, Inc...........        1,322

SEE NOTES TO FINANCIAL STATEMENTS 
22  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
      115     *Prime Medical Services, Inc............  $     1,336
      200     *Priority Healthcare Corp (Class B).....        4,700
      200     *ProcureNet, Inc........................           30
      100     *Progenics Pharmaceuticals..............        1,229
      754     *Protein Design Labs, Inc...............        8,188
      675     *Province Healthcare Co.................       15,093
      600     *PSS World Medical, Inc.................        4,860
      249     *Quadramed Corp.........................        1,741
      627     *Quest Diagnostics, Inc.................       53,953
      235     *Quidel Corp............................        1,619
      908     *Quintiles Transnational Corp...........       11,341
      192     *Quovadx, Inc...........................        1,206
      175     *Radiologix, Inc........................        2,669
      200     *Regeneron Pharmaceuticals, Inc.........        2,902
      100     *RehabCare Group, Inc...................        2,403
      460     *Renal Care Group, Inc..................       14,329
      314     *Resmed, Inc............................        9,232
      282     *Respironics, Inc.......................        9,602
      238     *Ribapharm, Inc.........................        2,163
      100     *Ribozyme Pharmaceuticals, Inc..........          138
      200     *Rigel Pharmaceuticals, Inc.............          730
      163     *Salix Pharmaceuticals Ltd..............        2,487
      200     *Sangstat Medical Corp..................        4,596
   13,587     Schering-Plough Corp....................      334,240
      396     *Scios, Inc.............................       12,122
      100     *Seattle Genetics, Inc..................          521
      100     *Select Medical Corp....................        1,566
      637     *Sepracor, Inc..........................        6,083
      300     *Sequenom, Inc..........................        1,059
      199     *Serologicals Corp......................        3,640
    2,500     *Service Corp International.............       12,075
      675     SICOR, Inc..............................       12,515
      200     *Sierra Health Services, Inc............        4,470
      100     *Sangamo Biosciences, Inc...............          588
      168     *Sola International, Inc................        1,932
      100     *SonoSite, Inc..........................        1,443
       76     *Spacelabs Medical, Inc.................        1,079
      842     St. Jude Medical, Inc...................       62,182
      200     *Stericycle, Inc........................        7,082
      600     *Steris Corp............................       11,466
      800     *Stewart Enterprises, Inc (Class A).....        5,096
    1,285     Stryker Corp............................       68,760
      164     *Sunrise Assisted Living, Inc...........        4,395
      200     *Supergen, Inc..........................        1,452
      100     *SurModics, Inc.........................        2,599
      300     *Sybron Dental Specialties, Inc.........        5,550
      174     *Syncor International Corp..............        5,481
      176     *Tanox, Inc.............................        1,906
      300     *Targeted Genetics Corp.................          324
      400     *Techne Corp............................       11,288
      200     *Telik, Inc.............................        2,500
    3,112     Tenet Healthcare Corp...................      222,664
      300     *Texas Biotechnology Corp...............        1,170
      300     *Theragenics Corp.......................        2,529
      203     *Therasense, Inc........................        3,749
      100     *Third Wave Technologies, Inc...........          224
      283     *Thoratec Corp..........................        2,544
      100     *Transgenomic, Inc......................          252
      277     *Transkaryotic Therapies, Inc...........        9,986
      669     *Triad Hospitals, Inc...................       28,352
      300     *Triangle Pharmaceuticals, Inc..........          813
      331     *Trigon Healthcare, Inc.................       33,292

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      148     *Trimeris, Inc..........................  $     6,570
      200     *TriPath Imaging, Inc...................          874
      351     *Tularik, Inc...........................        3,219
      171     *Umilab Corp............................        4,684
      139     *United Surgical Partners International,             
                Inc...................................        4,306
      100     *United Therapeutics Corp...............        1,236
    2,567     UnitedHealth Group, Inc.................      235,009
      396     Universal Health Services, Inc (Class                
                B)....................................       19,404
       80     *Urologix, Inc..........................        1,023
      674     *U.S. Oncology, Inc.....................        5,614
      200     *Valentis, Inc..........................          268
      625     Varian Medical Systems, Inc.............       25,344
      283     *Varian, Inc............................        9,325
       23     *Vaxgen, Inc............................          127
      164     *VCA Antech, Inc........................        2,552
      100     *Ventana Medical Systems, Inc...........        2,195
      500     Ventas, Inc.............................        6,375
       66     *Ventiv Health, Inc.....................          186
      100     *Versicor, Inc..........................        1,345
      695     *Vertex Pharmaceuticals, Inc............       11,315
      204     *Viasys Healthcare, Inc.................        3,560
      200     *Vical, Inc.............................        1,056
      200     *Vion Pharmaceuticals, Inc..............           78
      232     *Viropharma, Inc........................          332
      400     *Visx, Inc..............................        4,360
      328     *VitalWorks, Inc........................        2,690
      302     *Vivus, Inc.............................        2,045
    1,200     *Waters Corp............................       32,040
    1,006     *Watson Pharmaceuticals, Inc............       25,422
      167     *Watson Wyatt & Co Holdings.............        4,045
    2,698     *WebMD Corp.............................       15,190
    1,337     *Wellpoint Health Networks, Inc.........      104,032
      142     *Women First Healthcare, Inc............        1,108
   12,201     Wyeth...................................      624,691
      100     X-Rite, Inc.............................          851
    1,867     *Zimmer Holdings, Inc...................       66,577
      100     *Zoll Medical Corp......................        3,253
                                                        -----------
              TOTAL HEALTH CARE                          13,387,689
                                                        -----------
OTHER--2.19%                                                       
      347     ABM Industries, Inc.....................        6,024
      210     *Acacia Research Corp...................        1,491
      380     Acuity Brands, Inc......................        6,916
      200     *Administaff, Inc.......................        2,000
      174     Advo, Inc...............................        6,624
      400     Alexander & Baldwin, Inc................       10,212
       52     *Ambassadors Group, Inc.................          747
       35     Ambassadors International, Inc..........          352
      230     Banta Corp..............................        8,257
      100     *Bell Microproducts, Inc................          805
      170     Brady Corp (Class A)....................        5,950
      100     *Bright Horizons Family Solutions,                   
                Inc...................................        3,311
      400     *Career Education Corp..................       18,000
      100     *CDI Corp...............................        3,255
    9,910     Cendant Corp............................      157,371
      100     Central Parking Corp....................        2,285
      600     *Century Business Services, Inc.........        1,955
       67     *Charles River Associates, Inc..........        1,343
    1,091     Cintas Corp.............................       53,928
      348     *Corinthian Colleges, Inc...............       11,794
      120     *Cornell Cos, Inc.......................        1,422
      340     *Corporate Executive Board Co...........       11,645
      100     *CoStar Group, Inc......................        2,053
       33     Courier Corp............................        1,319

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   23

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
OTHER--(CONTINUED)                                                 
      481     Crane Co................................  $    12,208
      100     Curtiss-Wright Corp.....................        8,000
      232     *Daisytek International Corp............        3,935
      525     *DeVry, Inc.............................       11,991
    1,973     Dover Corp..............................       69,055
      689     *Dun & Bradstreet Corp..................       22,771
      200     *Edison Schools, Inc....................          202
      200     *Education Management Corp..............        8,146
      149     Ennis Business Forms, Inc...............        1,944
      100     Esco Technologies, Inc..................        3,500
      435     *Exult, Inc.............................        2,828
      100     Fairchild Corp (Class A)................          315
       50     *Fidelity National Information                       
                Solutions, Inc........................        1,200
      100     *First Consulting Group, Inc............          860
      400     First Industrial Realty Trust, Inc......       13,140
      100     *Forrester Research, Inc................        1,940
    1,385     Fortune Brands, Inc.....................       77,560
      175     Gentiva Health Services, Inc............        1,573
      274     *Getty Images, Inc......................        5,965
      527     *Gtech Holdings Corp....................       13,460
    1,775     H & R Block, Inc........................       81,916
      268     Harland (John H.) Co....................        7,558
      200     *Heidrick & Struggles International,                 
                Inc...................................        3,994
      541     HON Industries, Inc.....................       14,726
    7,543     Honeywell International, Inc............      265,740
       87     *Hotels.Com (Class A)...................        3,674
      200     *InfoUSA, Inc...........................        1,094
      106     Invision Technologies, Inc..............        2,561
      104     *Itron, Inc.............................        2,728
      808     ITT Industries, Inc.....................       57,045
      100     Kelly Services, Inc (Class A)...........        2,701
      300     *Korn/Ferry International...............        2,730
      350     *Labor Ready, Inc.......................        2,048
      700     Liberty Property Trust..................       24,500
    1,233     Loews Corp..............................       65,337
      100     *Management Network Group, Inc..........          232
      700     Manpower, Inc...........................       25,725
      272     Matthews International Corp (Class A)...        6,351
       85     Mcgrath Rentcorp........................        2,203
      100     *Memberworks, Inc.......................        1,853
      500     *Metromedia International Group, Inc....           35
    1,200     Moody's Corp............................       59,700
      800     *MPS Group, Inc.........................        6,800
      306     *MSC.Software Corp......................        2,739
      300     *Navigant Consulting, Inc...............        2,097
      172     *NCO Group, Inc.........................        3,746
      100     New England Business Services, Inc......        2,514
       38     *New Horizons Worldwide, Inc............          387
      181     Offshore Logistics, Inc.................        4,324
      453     Pentair, Inc............................       21,780
      496     Pittston Brink's Group..................       11,904
      100     *Prepaid Legal Services, Inc............        1,990
      100     *ProQuest Co............................        3,550
      276     *R.H. Donnelley Corp....................        7,720
      200     *Rent-Way, Inc..........................        2,590
      101     *Right Management Consultants...........        2,656
      107     *Rmh Teleservices, Inc..................          735
    1,413     Robert Half International, Inc..........       32,923
      100     Rollins, Inc............................        2,034
      100     *School Specialty, Inc..................        2,656
    2,776     Servicemaster Co........................       38,087
      500     *Spherion Corp..........................        5,950

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      300     SPX Corp................................  $    35,250
      135     Standard Register Co....................        4,616
      100     Standex International Corp..............        2,510
      100     *Startek, Inc...........................        2,674
       68     Strayer Education, Inc..................        4,325
    1,156     Supervalu, Inc..........................       28,357
      200     *Symyx Technologies, Inc................        2,784
    6,193     Sysco Corp..............................      168,573
       64     Talx Corp...............................        1,213
      100     *Tejon Ranch Co.........................        3,260
      458     Teleflex, Inc...........................       26,175
      300     *Teletech Holdings, Inc.................        2,862
    1,088     Textron, Inc............................       51,027
      852     *TMP Worldwide, Inc.....................       18,318
      200     *TradeStation Group, Inc................          244
      600     *U.S. Industries, Inc...................        2,070
      100     Unifirst Corp...........................        2,530
      100     *Uniroyal Technology Corp...............           10
      279     United Stationers, Inc..................        8,482
    4,362     United Technologies Corp................      296,180
      653     Viad Corp...............................       16,978
      100     *Wackenhut Corrections Corp.............        1,460
      264     Walter Industries, Inc..................        3,524
                                                        -----------
              TOTAL OTHER                                 2,054,707
                                                        -----------
PRODUCER DURABLES--5.11%                                           
    3,688     3M Co...................................      453,624
      234     *Active Power, Inc......................          845
       84     *Actuant Corp...........................        3,465
      649     *AGCO Corp..............................       12,656
    1,207     *Allied Waste Industries, Inc...........       11,587
      150     American States Water Co................        3,975
      470     American Water Works Co, Inc............       20,309
      300     Ametek, Inc.............................       11,175
      100     Applied Industrial Technologies, Inc....        1,950
      100     *Astec Industries, Inc..................        1,609
      259     Baldor Electric Co......................        6,527
      230     *Beacon Power Corp......................           51
      200     Briggs & Stratton Corp..................        7,668
      304     *Brooks-PRI Automation, Inc.............        7,770
      100     California Water Service Group..........        2,520
      475     *Capstone Turbine Corp..................          789
      100     *Casella Waste Systems, Inc (Class A)...        1,201
       49     *Catalytica Energy Systems, Inc.........          155
    3,164     Caterpillar, Inc........................      154,878
      100     Circor International, Inc...............        1,715
      200     *Coinstar, Inc..........................        4,890
      100     *Consolidated Graphics, Inc.............        1,900
      400     b*Covanta Energy Corp...................            6
      318     Cummins, Inc............................       10,526
      100     *Cuno, Inc..............................        3,618
      994     Danaher Corp............................       65,952
    2,166     Deere & Co..............................      103,751
      750     *Dycom Industries, Inc..................        8,768
      645     Eaton Corp..............................       46,924
    3,882     Emerson Electric Co.....................      207,726
      104     *Emex Corp..............................           71
      400     Federal Signal Corp.....................        9,600
      100     *Flow International Corp................          674
      500     *Flowserve Corp.........................       14,900
      488     *FMC Technologies, Inc..................       10,131
       64     Franklin Electric Co, Inc...............        3,012
      300     *FuelCell Energy, Inc...................        3,087
      100     *Gardner Denver, Inc....................        2,000

SEE NOTES TO FINANCIAL STATEMENTS 
24  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
PRODUCER DURABLES--(CONTINUED)                                     
      438     Gatx Corp...............................  $    13,184
   91,421     General Electric Co.....................    2,655,780
      280     *Genesis Microchip, Inc.................        2,335
      100     *Genlyte Group, Inc.....................        4,063
      100     *Global Power Equipment Group, Inc......          990
      100     Gorman-Rupp Co..........................        3,150
      700     WW Grainger, Inc........................       35,070
      208     *Graphic Packaging International Corp...        1,924
      184     *H Power Corp...........................          175
      368     Harsco Corp.............................       13,800
      171     *Headwaters, Inc........................        2,693
      449     Hubbell, Inc (Class B)..................       15,333
      255     Idex Corp...............................        8,543
    2,113     Illinois Tool Works, Inc................      144,318
      249     *Imagistics International, Inc..........        5,346
      200     *Ionics, Inc............................        4,850
      400     JLG Industries, Inc.....................        5,612
      396     *Joy Global, Inc........................        6,867
       85     *Kadant, Inc............................        1,403
      300     Kaydon Corp.............................        7,083
      286     Kennametal, Inc.........................       10,468
       45     Lawson Products, Inc....................        1,386
      300     Lincoln Electric Holdings, Inc..........        8,070
      100     Lindsay Manufacturing Co................        2,315
      200     *Littelfuse, Inc........................        4,626
      200     *Magna Entertainment Corp (Class A).....        1,389
      200     *Magnetek, Inc..........................        1,980
      200     Manitowoc Co, Inc.......................        7,098
      100     *Mechanical Technology, Inc.............          108
      164     Milacron, Inc...........................        1,665
      100     Mine Safety Appliances Co...............        4,000
      137     Nacco Industries, Inc (Class A).........        7,960
      300     *National Instruments Corp..............        9,768
      540     Navistar International Corp.............       17,280
      500     *Newpark Resources, Inc.................        3,675
      100     NN, Inc.................................        1,280
      200     Nordson Corp............................        4,932
      968     Paccar, Inc.............................       42,970
    1,103     Parker Hannifin Corp....................       52,712
      224     *Pemstar, Inc...........................          298
      687     Philadelphia Suburban Corp..............       13,877
      200     *Photon Dynamics, Inc...................        6,000
    2,219     Pitney Bowes, Inc.......................       88,139
      100     *Plug Power, Inc........................          791
      500     *Power-One, Inc.........................        3,110
      200     *Quanta Services, Inc...................        1,974
      294     *Rayovac Corp...........................        5,448
      200     Regal-Beloit Corp.......................        4,862
    1,439     *Republic Services, Inc.................       27,442
       78     Robbins & Myers, Inc....................        2,048
    1,503     Rockwell Automation, Inc................       30,030
      400     Roper Industries, Inc...................       14,920
      200     Sauer-Danfoss, Inc......................        2,232
       73     *SPS Technologies, Inc..................        2,786
       59     Starrett (L.S.) Co (Class A)............        1,490
      200     Stewart & Stevenson Services, Inc.......        3,548
       32     *Strattec Security Corp.................        1,770
      139     Tecumseh Products Co (Class A)..........        7,378
      100     Tennant Co..............................        3,960
      458     Terex Corp..............................       10,300
      375     *Tetra Tech, Inc........................        5,513
       89     *Tetra Technologies, Inc................        2,363

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      399     *Thomas & Betts Corp....................  $     7,421
      600     Timken Co...............................       13,398
      100     Toro Co.................................        5,684
      100     *Trikon Technologies, Inc...............          899
      329     Trinity Industries, Inc.................        6,817
      400     *Unova, Inc.............................        2,596
      200     *Valence Technology, Inc................          276
      193     Valhi, Inc..............................        3,017
      100     Valmont Industries, Inc.................        2,033
      304     Wabtec Corp.............................        4,332
      300     *Waste Connections, Inc.................        9,372
    5,354     Waste Management, Inc...................      139,472
      100     Watts Industries, Inc (Class A).........        1,985
    6,600     *Xerox Corp.............................       46,002
                                                        -----------
              TOTAL PRODUCER DURABLES                     4,801,789
                                                        -----------
TECHNOLOGY--14.93%                                                 
    3,100     *3Com Corp..............................       13,640
      100     *3D Systems Corp........................        1,220
      200     *3Do Co.................................          116
      100     b*ACT Manufacturing, Inc................            5
      200     *Actel Corp.............................        4,204
      246     *Acterna Corp...........................          101
      395     *Activision, Inc........................       11,479
      400     *Actuate Corp...........................        1,800
      734     *Acxiom Corp............................       12,838
      900     *Adaptec, Inc...........................        7,101
    6,944     *ADC Telecommunications, Inc............       15,902
      100     *ADE Corp...............................        1,145
    2,200     Adobe Systems, Inc......................       62,700
      200     *Adtran, Inc............................        3,800
      572     *Advanced Digital Information Corp......        4,822
      218     *Advanced Energy Industries, Inc........        4,835
      759     *Advanced Fibre Communications, Inc.....       12,554
    3,355     Advanced Micro Devices, Inc.............       32,611
      300     *Advent Software, Inc...................        7,710
      950     *Aeroflex, Inc..........................        6,603
      200     *Aether Systems, Inc....................          590
      927     *Affiliated Computer Services, Inc                   
                (Class A).............................       44,014
    5,644     *Agere Systems, Inc (Class A)...........        7,902
    9,206     *Agere Systems, Inc (Class B)...........       13,809
      300     *Agile Software Corp....................        2,181
    4,277     *Agilent Technologies, Inc..............      101,151
      600     *Akamai Technologies, Inc...............          780
      550     *Alliance Data Systems Corp.............       14,053
      100     *Alliance Fiber Optic Product...........           71
      200     *Alliance Semiconductor Corp............        1,420
      247     *Alloy, Inc.............................        3,567
    3,528     *Altera Corp............................       47,981
      200     *America Online Latin America, Inc                   
                (Class A).............................          128
      371     *American Management Systems, Inc.......        7,090
    1,500     *American Power Conversion Corp.........       18,945
      200     *American Superconductor Corp...........        1,092
      805     *Amkor Technology, Inc..................        5,007
      183     *Amphenol Corp (Class A)................        6,588
      650     *Anadigics, Inc.........................        5,356
    3,332     *Analog Devices, Inc....................       98,960
      100     Analogic Corp...........................        4,917
      200     *Anaren Microwave, Inc..................        1,728
      700     *Andrew Corp............................       10,444
      200     *Anixter International, Inc.............        4,700
       43     *Ansoft Corp............................          253
      300     *Answerthink, Inc.......................        1,137
      107     *Ansys, Inc.............................        2,151

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   25

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      137     *Anteon International Corp..............  $     3,463
      200     *APAC Customer Services, Inc............        1,180
    3,317     *Apple Computer, Inc....................       58,777
      100     *Applied Innovation, Inc................          426
   15,093     *Applied Materials, Inc.................      287,069
    2,546     *Applied Micro Circuits Corp............       12,043
      380     Arbitron, Inc...........................       11,856
    1,927     *Ariba, Inc.............................        6,147
      400     *Arris Group, Inc.......................        1,792
      900     Arrow Electronics, Inc..................       18,675
      300     *Artesyn Technologies, Inc..............        1,959
      100     *Artisan Components, Inc................          900
    2,650     *Ascential Software Corp................        7,394
      157     *Asiainfo Holdings, Inc.................        2,080
      400     *Aspect Communications Corp.............        1,280
      300     *Aspen Technology, Inc..................        2,502
      135     *Astropower, Inc........................        2,651
      300     *Asyst Technologies, Inc................        6,105
    1,708     b*At Home Corp (Series A)...............            3
      192     *At Road, Inc...........................        1,185
    3,600     *Atmel Corp.............................       22,536
      249     *ATMI, Inc..............................        5,570
      200     *Audiovox Corp (Class A)................        1,590
      338     *Auspex Systems, Inc....................           85
    1,000     Autodesk, Inc...........................       13,250
    5,721     Automatic Data Processing, Inc..........      249,150
      200     *Avanex Corp............................          388
    3,406     *Avaya, Inc.............................       16,860
      200     *Avid Technology, Inc...................        1,852
    1,039     *Avnet, Inc.............................       22,848
      383     *Avocent Corp...........................        6,097
      484     AVX Corp................................        7,904
      900     *Axcelis Technologies, Inc..............       10,170
      200     *AXT, Inc...............................        1,596
      148     *Barra, Inc.............................        5,503
    3,315     *BEA Systems, Inc.......................       31,526
       80     BEI Technologies, Inc...................          916
      100     Bel Fuse, Inc (Class B).................        2,705
      200     Belden, Inc.............................        4,168
      200     *Benchmark Electronics, Inc.............        5,800
    1,000     *Bisys Group, Inc.......................       33,300
      243     *Black Box Corp.........................        9,897
      200     *Blue Martini Software, Inc.............          176
      200     BMC Industries, Inc.....................          192
    2,154     *BMC Software, Inc......................       35,756
      400     *Borland Software Corp..................        4,120
      112     *Boston Communications Group............          900
      100     *Braun Consulting, Inc..................          349
       72     *Brightpoint, Inc.......................          184
      100     *Brio Software, Inc.....................           98
    1,779     *Broadcom Corp (Class A)................       31,204
    1,800     *BroadVision, Inc.......................          558
    2,095     *Brocade Communications Systems, Inc....       36,621
      100     *Bsquare Corp...........................          226
      200     C&D Technologies, Inc...................        3,604
      400     *Cable Design Technologies Corp.........        4,100
      200     *Cacheflow, Inc.........................          110
      250     *CACI International, Inc (Class A)......        9,548
    2,366     *Cadence Design Systems, Inc............       38,140
      100     *Caminus Corp...........................          583
      100     *Carreker Corp..........................        1,150
      100     *Carrier Access Corp....................          111

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    300     *C-COR.net Corp.........................  $     2,100
    157     *Centillium Communications, Inc.........        1,369
    159     *Centra Software, Inc...................          296
  1,259     *Ceridian Corp..........................       23,896
    678     *Certegy, Inc...........................       25,161
    573     *Checkfree Corp.........................        8,962
    300     Checkpoint Systems, Inc.................        3,510
    242     *ChipPAC, Inc...........................        1,496
    200     *Chordiant Software, Inc................          390
    400     *Ciber, Inc.............................        2,900
  3,166     *CIENA Corp.............................       13,266
    600     *Cirrus Logic, Inc......................        4,422
 67,308     *Cisco Systems, Inc.....................      938,947
  1,654     *Citrix Systems, Inc....................        9,990
    100     *Click Commerce, Inc....................          112
    965     *CNET Networks, Inc.....................        1,920
    259     *Cognex Corp............................        5,193
     75     *Cognizant Technology Solutions Corp....        4,031
    200     Cohu, Inc...............................        3,456
    400     *Commscope, Inc.........................        5,000
  4,189     Computer Associates International,                   
              Inc...................................       66,563
    288     *Computer Horizons Corp.................        1,403
    300     *Computer Network Technology Corp.......        1,839
  1,492     Computer Sciences Corp..................       71,318
  3,000     *Compuware Corp.........................       18,210
  1,718     *Comverse Technology, Inc...............       15,909
    200     *Concord Camera Corp....................        1,020
    146     *Concord Communications, Inc............        2,406
  4,697     *Concord EFS, Inc.......................      141,568
    500     *Concurrent Computer Corp...............        2,325
  2,200     *Conexant Systems, Inc..................        3,564
    100     *Constellation 3D, Inc..................            6
    200     *Convera Corp...........................          486
  1,645     *Convergys Corp.........................       32,045
    100     *CoorsTek, Inc..........................        3,091
    400     *Copper Mountain Networks, Inc..........          336
     18     *Corillian Corp.........................           41
  8,712     *Corning, Inc...........................       30,928
    600     *CoSine Communications, Inc.............          258
    200     *Covansys Corp..........................        1,124
    376     *Cray, Inc..............................        1,681
    500     *Credence Systems Corp..................        8,885
    600     *Cree, Inc..............................        7,938
    200     *Crossroads Systems, Inc................          204
    485     *CSG Systems International, Inc.........        9,283
    300     CTS Corp................................        3,612
    100     Cubic Corp..............................        2,370
    300     *Cymer, Inc.............................       10,512
  1,099     *Cypress Semiconductor Corp.............       16,683
    102     *Daktronics, Inc........................        1,004
    100     *Datastream Systems, Inc................          710
    404     *DDI Corp...............................          364
    300     *dELiA*s Corp (Class A).................        1,530
 20,862     *Dell Computer Corp.....................      545,333
    600     Deluxe Corp.............................       23,334
    200     *DiamondCluster International, Inc                   
              (Class A).............................        1,196
    700     Diebold, Inc............................       26,068
    200     *Digex, Inc.............................           44
    100     *Digimarc Corp..........................        1,039
    200     *Digital Insight Corp...................        3,290
    100     *Digital Lightwave, Inc.................          234
    246     *Digital River, Inc.....................        2,261
    200     *Digitalthink, Inc......................          280

SEE NOTES TO FINANCIAL STATEMENTS 
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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      100     *Digitas, Inc...........................  $       455
       96     *Divine, Inc (Class A)..................          374
      700     *DMC Stratex Networks, Inc..............        1,407
      300     *Documentum, Inc........................        3,600
    1,000     *DoubleClick, Inc.......................        7,250
       77     *Drexler Technology Corp................        1,663
      200     *DSP Group, Inc.........................        3,920
    1,082     *DST Systems, Inc.......................       49,458
      100     *Dupont Photomasks, Inc.................        3,248
    1,050     *E.piphany, Inc.........................        4,610
    1,105     *Earthlink, Inc.........................        7,326
      200     *Echelon Corp...........................        2,576
      137     EDO Corp................................        3,905
      375     *eFunds Corp............................        3,558
      300     *Electro Scientific Industries, Inc.....        7,290
      200     *Electroglas, Inc.......................        2,000
    1,141     *Electronic Arts, Inc...................       75,363
    4,423     Electronic Data Systems Corp............      164,314
      500     *Electronics For Imaging, Inc...........        7,955
      100     *Embarcadero Technologies, Inc..........          618
   20,492     EMC Corp................................      154,715
      200     *Emcore Corp............................        1,200
       96     *EMS Technologies, Inc..................        1,986
      900     *Emulex Corp............................       20,259
      300     *Engage, Inc............................           27
      294     *Entegris, Inc..........................        4,292
    1,737     *Enterasys Networks, Inc................        3,092
      400     *Entrust, Inc...........................        1,088
       90     *EPIQ Systems, Inc......................        1,532
    1,300     Equifax, Inc............................       35,100
      100     *Espeed, Inc (Class A)..................        1,091
      300     *ESS Technology, Inc....................        5,262
      200     *Esterline Technologies Corp............        4,540
      300     *Exar Corp..............................        5,916
       81     *Excel Technology, Inc..................        1,701
      200     *EXE Technologies, Inc..................          224
      100     *Extensity, Inc.........................          108
      853     *Extreme Networks, Inc..................        8,607
      100     *F5 Networks, Inc.......................          978
      300     Fair, Isaac & Co, Inc...................        9,861
    1,011     *Fairchild Semiconductor International,              
                Inc (Class A).........................       24,567
      313     *FalconStor Software, Inc...............        1,324
      177     *FEI Co.................................        4,338
      200     *Fibercore, Inc.........................           50
      300     *Filenet Corp...........................        4,350
    1,100     *Finisar Corp...........................        2,607
    7,101     First Data Corp.........................      264,157
    1,748     *Fiserv, Inc............................       64,169
      125     *Flir Systems, Inc......................        5,246
      729     *Foundry Networks, Inc..................        5,125
      360     *Freemarkets, Inc.......................        5,087
      200     *FSI International, Inc.................        1,494
    1,600     *Gateway, Inc...........................        7,104
      300     General Cable Corp......................        1,890
      100     *Gerber Scientific, Inc.................          351
       74     *Global Imaging Systems, Inc............        1,405
      260     Global Payments, Inc....................        7,735
      908     *Globespan Virata, Inc..................        3,514
      500     *GrafTech International Ltd.............        6,150
      220     *Griffon Corp...........................        3,982
      200     *GTC Biotherapeutics, Inc...............          252
      200     *Handspring, Inc........................          348

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    508     *Harmonic, Inc..........................  $     1,859
    564     Harris Corp.............................       20,439
    200     Helix Technology Corp...................        4,120
    600     Henry (Jack) & Associates, Inc..........       10,014
 24,824     Hewlett-Packard Co......................      379,311
     24     *HI/FN, Inc.............................          157
    300     *HNC Software, Inc......................        5,010
     83     *HPL Technologies, Inc..................        1,250
    200     *Hutchinson Technology, Inc.............        3,128
    310     *Hypercom Corp..........................        2,387
    300     *Hyperion Solutions Corp................        5,471
  2,523     *i2 Technologies, Inc...................        3,734
    100     *Ibasis, Inc............................           37
    619     *Identix, Inc...........................        4,518
    100     *Ii-Vi, Inc.............................        1,477
  1,300     Ikon Office Solutions, Inc..............       12,220
    300     *Imation Corp...........................        8,928
    100     *Inet Technologies, Inc.................          675
    300     *InFocus Corp...........................        3,534
    140     *Infogrames, Inc........................          382
    400     *Infonet Services Corp (Class B)........          992
    527     *Informatica Corp.......................        3,736
    203     *Information Resources, Inc.............        1,906
    700     *Ingram Micro, Inc (Class A)............        9,625
  1,100     *Inktomi Corp...........................          968
    100     *Inrange Technologies Corp (Class B)....          475
    100     *Integral Systems, Inc..................        2,182
    379     *Integrated Circuit Systems, Inc........        7,652
  1,000     *Integrated Device Technology, Inc......       18,140
 62,022     Intel Corp..............................    1,133,142
    100     *Intercept, Inc.........................        2,072
    500     *Interdigital Communications Corp.......        4,525
    460     *Intergraph Corp........................        8,022
  1,121     *Interland, Inc.........................        3,531
    100     *Intermagnetics General Corp............        2,020
  1,100     *Internap Network Services Corp.........          253
 15,801     International Business Machines Corp....    1,137,672
    600     *International Rectifier Corp...........       17,490
  1,400     *Internet Capital Group, Inc............          378
    452     *Internet Security Systems, Inc.........        5,930
  1,100     *Intersil Corp (Class A)................       23,518
    200     Inter-Tel, Inc..........................        3,422
    500     *Intertrust Technologies Corp...........        1,505
     17     *InterVoice-Brite, Inc..................           27
    805     *Interwoven, Inc........................        2,455
    100     *Intrado, Inc...........................        1,936
  1,710     *Intuit, Inc............................       85,021
    420     *Iomega Corp............................        5,397
    569     *Iron Mountain, Inc.....................       17,554
    200     *ITXC Corp..............................        1,042
    213     *Ixia...................................        1,240
    100     *IXYS Corp..............................          538
    915     *J.D. Edwards & Co......................       11,117
  1,412     *Jabil Circuit, Inc.....................       29,807
    245     *JDA Software Group, Inc................        6,924
 11,463     *JDS Uniphase Corp......................       30,606
  2,484     *Juniper Networks, Inc..................       14,035
    500     Keane, Inc..............................        6,200
    100     Keithley Instruments, Inc...............        1,444
    789     *Kemet Corp.............................       14,092
    200     *Keynote Systems, Inc...................        1,464
    247     *Kforce, Inc............................        1,470
  1,739     *KLA-Tencor Corp........................       76,499

SEE NOTES TO FINANCIAL STATEMENTS 
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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      600     *Kopin Corp.............................  $     3,960
    1,300     *KPMG Consulting, Inc...................       19,318
      350     *Kronos, Inc............................       10,671
      400     *Kulicke & Soffa Industries, Inc........        4,956
    1,200     *Lam Research Corp......................       21,576
      200     *Lantronix, Inc.........................          170
      800     *Lattice Semiconductor Corp.............        6,992
      100     *Learning Tree International, Inc.......        1,854
      100     *Lecroy Corp............................        1,190
      868     *Legato Systems, Inc....................        3,125
      300     *Lexar Media, Inc.......................        1,281
      100     *Lexent, Inc............................          225
    1,182     *Lexmark International, Inc.............       64,301
      882     *Liberate Technologies..................        2,328
      159     *Lightbridge, Inc.......................        1,344
      100     *Lightpath Technologies, Inc (Class                  
                A)....................................           90
    3,057     Linear Technology Corp..................       96,082
      628     *Looksmart Ltd..........................        1,231
      100     *Loudcloud, Inc.........................          143
    3,212     *LSI Logic Corp.........................       28,105
      400     *LTX Corp...............................        5,712
   31,928     *Lucent Technologies, Inc...............       53,000
      520     *Macromedia, Inc........................        4,612
      400     *Macrovision Corp.......................        5,244
      170     *Magma Design Automation, Inc...........        2,856
      300     *Mail-Well, Inc.........................        1,560
      111     *Manhattan Associates, Inc..............        3,570
       66     *Mantech International Corp (Class A)...        1,583
      100     *Manufacturers Services Ltd.............          483
      500     *Manugistics Group, Inc.................        3,055
      140     *Mapinfo Corp...........................        1,274
      173     *Mastec, Inc............................        1,273
      280     *Matrixone, Inc.........................        1,708
    2,970     *Maxim Integrated Products, Inc.........      113,840
    1,560     *Maxtor Corp............................        7,051
      581     *McData Corp (Class A)..................        5,119
      100     *MCSi, Inc..............................        1,134
      100     *Measurement Specialties, Inc...........          300
      203     *MEMC Electronic Materials, Inc.........          995
      600     *Mentor Graphics Corp...................        8,532
      173     *Mercury Computer Systems, Inc..........        3,581
      709     *Mercury Interactive Corp...............       16,279
       96     *Merix Corp.............................          824
      200     *MetaSolv, Inc..........................          798
      300     *Metawave Communications Corp...........           63
      300     Methode Electronics, Inc (Class A)......        3,831
      333     *Mettler-Toledo International, Inc......       12,278
      560     *Micrel, Inc............................        8,053
      100     *Micro General Corp.....................        1,669
    1,842     *Microchip Technology, Inc..............       50,526
      700     *Micromuse, Inc.........................        3,248
    5,038     Micron Technology, Inc..................      101,868
      300     Microsemi Corp..........................        1,980
   41,185     *Microsoft Corp.........................    2,252,820
      200     *MicroStrategy, Inc (Class A)...........          100
      270     *Microtune, Inc.........................        2,406
      200     *MIPS Technologies, Inc (Class A).......        1,234
      138     *MIPS Technologies, Inc (Class B).......          769
      229     *MKS Instruments, Inc...................        4,596
    1,211     Molex, Inc..............................       40,605
      164     *Monolithic System Technology, Inc......        1,825
   20,889     Motorola, Inc...........................      301,219

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    100     *MRO Software, Inc......................  $     1,138
    643     *MRV Communications, Inc................          984
    154     MTS Systems Corp........................        1,933
    100     *Nanometrics, Inc.......................        1,588
  1,648     *National Semiconductor Corp............       48,072
    100     *Navigant International, Inc............        1,547
    797     *NCR Corp...............................       27,576
    300     NDCHealth Corp..........................        8,370
    200     *Net2Phone, Inc.........................          854
    247     *Netegrity, Inc.........................        1,522
    398     *NETIQ Corp.............................        9,007
    300     *Netro Corp.............................          684
    100     *Netscout Systems, Inc..................          682
  2,760     *Network Appliance, Inc.................       34,334
  1,351     *Network Associates, Inc................       26,034
    392     *New Focus, Inc.........................        1,164
    300     *Newport Corp...........................        4,698
    200     *Next Level Communications, Inc.........          202
      2     *Northfield Laboratories, Inc...........            8
    100     *Novadigm, Inc..........................          727
  3,067     *Novell, Inc............................        9,845
  1,327     *Novellus Systems, Inc..................       45,118
    100     *Nu Horizons Electronics Corp...........          829
    158     *Nuance Communications, Inc.............          660
    191     *Numerical Technologies, Inc............          763
  1,166     *Nvidia Corp............................       20,032
    200     *NYFIX, Inc.............................        1,700
    400     *Oak Technology, Inc....................        1,812
    182     *Omnivision Technologies, Inc...........        2,612
    300     *ON Semiconductor Corp..................          618
    200     *Onyx Software Corp.....................          676
  1,540     *Openwave Systems, Inc..................        8,639
    865     *Oplink Communications, Inc.............          631
    100     *Opnet Technologies, Inc................          896
 38,157     *Oracle Corp............................      361,347
     69     *Overland Data, Inc.....................        1,137
    421     *Overture Services, Inc.................       10,517
    200     *Packeteer, Inc.........................          884
  5,014     *Palm, Inc..............................        8,825
  2,279     *Parametric Technology Corp.............        7,817
    157     Park Electrochemical Corp...............        4,161
    300     *Paxar Corp.............................        5,025
    300     *Paxson Communications Corp.............        1,650
  3,013     Paychex, Inc............................       94,277
    100     *PC-Tel, Inc............................          677
     62     *PEC Solutions, Inc.....................        1,483
    100     *PECO II, Inc...........................          335
    200     *Pegasus Solutions, Inc.................        3,500
  2,475     *Peoplesoft, Inc........................       36,828
  1,478     *Peregrine Systems, Inc.................          443
      8     *Performance Technologies, Inc..........           53
    200     *Pericom Semiconductor Corp.............        2,318
    500     *Perot Systems Corp (Class A)...........        5,445
    200     *Phoenix Technologies Ltd...............        2,000
    200     *Photronics, Inc........................        3,788
    200     Pioneer-Standard Electronics, Inc.......        2,078
    212     *Pixelworks, Inc........................        1,779
     77     *Planar Systems, Inc....................        1,482
    288     *Plantronics, Inc.......................        5,475
    400     *Plexus Corp............................        7,240
    100     *PLX Technology, Inc....................          425
  1,500     *PMC-Sierra, Inc........................       13,905
    920     *Polycom, Inc...........................       11,031

SEE NOTES TO FINANCIAL STATEMENTS 
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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      100     *Pomeroy Computer Resources, Inc........  $     1,458
      700     *Portal Software, Inc...................          525
       61     *Powell Industries, Inc.................        1,479
      200     *Power Integrations, Inc................        3,580
      500     *Powerwave Technologies, Inc............        4,580
      300     *PRG-Schultz International, Inc.........        3,693
      200     *Probusiness Services, Inc..............        2,914
      300     *Progress Software Corp.................        4,428
      248     *Proton Energy Systems..................          796
      777     *Proxim Corp (Class A)..................        2,330
      434     *PTEK Holdings, Inc.....................        2,509
      200     *Pumatech, Inc..........................          112
      848     *QLogic Corp............................       32,309
      101     *QRS Corp...............................          787
    7,091     *Qualcomm, Inc..........................      194,932
    1,410     *Quantum Corp...........................        5,922
      295     *Quest Software, Inc....................        4,286
       61     Quixote Corp............................        1,034
      100     *Radiant Systems, Inc...................        1,303
      100     *Radisys Corp...........................        1,163
      200     *Rainbow Technologies, Inc..............          984
      397     *Raindance Communications, Inc..........        2,283
      700     *Rambus, Inc............................        2,863
    1,606     *Rational Software Corp.................       13,185
      991     *Read-Rite Corp.........................          476
      732     *RealNetworks, Inc......................        2,979
    1,031     *Red Hat, Inc...........................        6,052
    1,134     *Redback Networks, Inc..................        2,030
      200     *Register.Com, Inc......................        1,524
      100     *Renaissance Learning, Inc..............        2,022
      100     *Research Frontiers, Inc................        1,486
      417     *Retek, Inc.............................       10,133
      633     Reynolds & Reynolds Co (Class A)........       17,692
    1,175     *RF Micro Devices, Inc..................        8,954
      986     *Riverstone Networks, Inc...............        3,086
      100     *Rogers Corp............................        2,731
      200     *Roxio, Inc.............................        1,440
      850     *RSA Security, Inc......................        4,089
      100     *Rudolph Technologies, Inc..............        2,493
      500     *S1 Corp................................        3,695
        9     *Saba Software, Inc.....................           23
      900     *Safeguard Scientifics, Inc.............        1,800
      100     *Sanchez Computer Associates, Inc.......          446
      557     *Sandisk Corp...........................        6,907
    4,716     *Sanmina-SCI Corp.......................       29,758
      700     *Sapient Corp...........................          742
      100     *Satcon Technology Corp.................          160
      100     *SBS Technologies, Inc..................        1,225
      478     *Scansoft, Inc..........................        3,537
       42     *Scansource, Inc........................        2,579
    1,400     Scientific-Atlanta, Inc.................       23,030
      100     *SCM Microsystems, Inc..................        1,338
      200     *Seachange International, Inc...........        1,756
      200     *Secure Computing Corp..................        1,510
      175     *Seebeyond Technology Corp..............          543
      100     *Semitool, Inc..........................          816
      562     *Semtech Corp...........................       15,005
      100     *Serena Software, Inc...................        1,370
       29     Shenandoah Telecom Co...................        1,558
    3,575     *Siebel Systems, Inc....................       50,837
      100     *SignalSoft Corp........................          225
    1,700     *Silicon Graphics, Inc..................        4,998

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    500     *Silicon Image, Inc.....................  $     3,060
    241     *Silicon Laboratories, Inc..............        6,521
    700     *Silicon Storage Technology, Inc........        5,460
     53     *Siliconix, Inc.........................        1,468
     86     *Simplex Solutions, Inc.................        1,194
    200     *Sipex Corp.............................          978
    100     *Sirenza Microdevices, Inc..............          202
    300     *Sitel Corp.............................          948
  7,570     *Solectron Corp.........................       46,556
    200     *Somera Communications, Inc.............        1,428
    700     *SONICblue, Inc.........................          721
    280     *SonicWALL, Inc.........................        1,406
  1,316     *Sonus Networks, Inc....................        2,658
    100     *Sorrento Networks Corp.................           96
    100     *Sourcecorp.............................        2,650
    100     *Spectralink Corp.......................        1,064
    100     *Spectrian Corp.........................        1,037
    180     *SpeechWorks International, Inc.........          662
    247     *Speedfam-Ipec, Inc.....................        1,294
    100     *SPSS, Inc..............................        1,554
     46     *Sra International, Inc (Class A).......        1,241
     72     *SS&C Technologies, Inc.................        1,010
    100     *Standard Microsystems Corp.............        2,361
    500     *Starbase Corp..........................          105
    300     *StarMedia Network, Inc.................           12
    974     *Storage Technology Corp................       15,555
    437     *StorageNetworks, Inc...................          860
    453     *Stratos Lightwave, Inc.................          725
 30,050     *Sun Microsystems, Inc..................      150,551
  2,700     *Sungard Data Systems, Inc..............       71,496
    100     *Supertex, Inc..........................        1,762
    100     *Surebeam Corp (Class A)................          546
    122     Surewest Communications.................        6,482
    854     *Sybase, Inc............................        9,010
  1,136     *Sycamore Networks, Inc.................        4,385
    200     *Sykes Enterprises, Inc.................        1,538
  1,300     *Symantec Corp..........................       42,705
  2,350     Symbol Technologies, Inc................       19,975
    142     *Symmetricom, Inc.......................          518
    851     *Synopsys, Inc..........................       46,643
    100     *Synplicity, Inc........................          458
    300     *Systems & Computer Technology Corp.....        4,053
    300     *Take-Two Interactive Software, Inc.....        6,177
    578     *Tech Data Corp.........................       21,877
    300     Technitrol, Inc.........................        6,990
    400     *Tekelec................................        3,212
    774     *Tektronix, Inc.........................       14,482
  4,049     *Tellabs, Inc...........................       25,104
    100     *Tellium, Inc...........................           93
  1,714     *Teradyne, Inc..........................       40,279
    500     *Terayon Communication Systems, Inc.....          665
 16,153     Texas Instruments, Inc..................      382,826
    100     *Therma-Wave, Inc.......................        1,139
  1,597     Thermo Electron Corp....................       26,351
    200     *Three-Five Systems, Inc................        2,280
    567     *Tibco Software, Inc....................        3,153
    132     *Tier Technologies, Inc (Class B).......        2,352
    600     *Titan Corp.............................       10,974
    200     *Tivo, Inc..............................          742
    100     *Tollgrade Communications, Inc..........        1,467
    300     Total System Services, Inc..............        5,643
    900     *Touch America Holdings, Inc............        2,475
    300     *Transaction Systems Architects, Inc                 
              (Class A).............................        3,528

SEE NOTES TO FINANCIAL STATEMENTS 
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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      691     *Transmeta Corp.........................  $     1,624
      200     *Trimble Navigation Ltd.................        3,100
      100     *Tripath Technology, Inc................          105
       67     *Tripos, Inc............................        1,461
    1,135     *Triquint Semiconductor, Inc............        7,275
      200     *Trizetto Group, Inc....................        1,710
      100     *TTM Technologies, Inc..................          524
      200     *Turnstone Systems, Inc.................          866
      100     *Ulticom, Inc...........................          678
      101     *Ultimate Electronics, Inc..............        2,617
      200     *Ultratech Stepper, Inc.................        3,238
    3,057     *Unisys Corp............................       27,513
      100     United Industrial Corp..................        2,185
      191     *United Online, Inc.....................        2,296
      400     *Universal Access Global Holdings,                   
                Inc...................................           76
      100     *Universal Display Corp.................          830
      100     b*U.S. Wireless Corp....................            0
      450     b*USinternetworking, Inc................            0
      566     *Utstarcom, Inc.........................       11,416
      300     *VA Software Corp.......................          300
      631     *Valueclick, Inc........................        2,044
      318     *Varian Semiconductor Equipment                      
                Associates, Inc.......................       10,790
      262     *Veeco Instruments, Inc.................        6,055
    2,038     *VeriSign, Inc..........................       14,653
    3,765     *Veritas Software Corp..................       74,509
      236     *Verity, Inc............................        2,617
      700     *VerticalNet, Inc.......................          112
      236     *Vialta, Inc (Class A)..................          201
      400     *Viasystems Group, Inc..................           28
      200     *Vicor Corp.............................        1,398
      300     *Viewpoint Corp.........................        1,446
    2,103     *Vignette Corp..........................        4,143
      100     *Virage Logic Corp......................        1,302
    1,466     *Vishay Intertechnology, Inc............       32,252
      200     *Visual Networks, Inc...................          284
    1,800     *Vitesse Semiconductor Corp.............        5,598
      600     *Vitria Technology, Inc.................          576
      100     *Volt Information Sciences, Inc.........        2,449
      400     Wallace Computer Services, Inc..........        8,600
      200     *WatchGuard Technologies, Inc...........        1,028
      227     *WebEx Communications, Inc..............        3,609
      341     *webMethods, Inc........................        3,376
       90     *Websense, Inc..........................        2,301
      200     *Wesco International, Inc...............        1,260
    1,700     *Western Digital Corp...................        5,525
      161     *White Electronic Designs Corp..........        1,211
      169     *Wilson Greatbatch Technologies, Inc....        4,306
      592     *Wind River Systems, Inc................        2,966
      200     *Wireless Facilities, Inc...............          980
      100     *Witness Systems, Inc...................          738
      100     *WJ Communications, Inc.................          116
      100     Woodhead Industries, Inc................        1,714
      200     *Xicor, Inc.............................          808
    3,087     *Xilinx, Inc............................       69,241
      300     *Xybernaut Corp.........................          165
      200     *Zebra Technologies Corp (Class A)......        9,644
      300     *Zoran Corp.............................        6,873
      100     *Zygo Corp..............................          805
                                                        -----------
              TOTAL TECHNOLOGY                           14,026,319
                                                        -----------
TRANSPORTATION--1.34%                                              
      400     Airborne, Inc...........................        7,680
      500     *Airtran Holdings, Inc..................        2,675

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      200     *Alaska Air Group, Inc..................  $     5,220
    1,400     AMR Corp................................       23,604
      200     *Arkansas Best Corp.....................        5,096
      374     *Atlantic Coast Airlines Holdings,                   
                Inc...................................        8,116
      100     *Atlas Air Worldwide Holdings, Inc......          370
      299     *BE Aerospace, Inc......................        3,941
    3,524     Burlington Northern Santa Fe Corp.......      105,720
      591     C.H. Robinson Worldwide, Inc............       19,816
      412     CNF, Inc................................       15,648
      100     *Consolidated Freightways Corp..........          327
      620     *Continental Airlines, Inc (Class B)....        9,784
      100     *Covenant Transport, Inc (Class A)......        2,125
    1,953     CSX Corp................................       68,453
    1,100     Delta Air Lines, Inc....................       22,000
      300     *EGL, Inc...............................        5,088
      832     Expeditors International Of Washington,              
                Inc...................................       27,589
      276     *Express Jet Holdings, Inc..............        3,602
    2,793     Fedex Corp..............................      149,146
      133     Florida East Coast Industries, Inc                   
                (Class A).............................        3,365
      100     *Forward Air Corp.......................        3,278
      550     *Frontier Airlines, Inc.................        4,472
      106     *Genesee & Wyoming, Inc (Class A).......        2,391
      252     *Heartland Express, Inc.................        6,030
      147     *Hunt (J.B.) Transport Services, Inc....        4,339
       53     *Jetblue Airways Corp...................        2,415
      850     *Kansas City Southern Industries, Inc...       14,450
      180     *Knight Transportation, Inc.............        4,174
       95     *Landstar System, Inc...................       10,151
      200     *Mesa Air Group, Inc....................        1,840
      100     *Mesaba Holdings, Inc...................          587
      100     *Midwest Express Holdings, Inc..........        1,320
    3,664     Norfolk Southern Corp...................       85,664
      400     *Northwest Airlines Corp................        4,824
      300     Overseas Shipholding Group, Inc.........        6,324
      262     *Railamerica, Inc.......................        2,835
      100     Roadway Corp............................        3,593
      434     Ryder System, Inc.......................       11,757
    1,305     Sabre Holdings Corp.....................       46,719
      287     Shurgard Storage Centers, Inc (Class                 
                A)....................................        9,959
      400     Skywest, Inc............................        9,356
    7,099     Southwest Airlines Co...................      114,720
      470     *Swift Transportation Co, Inc...........       10,951
      600     *U.S. Airways Group, Inc................        2,220
      500     *UAL Corp...............................        5,720
    2,435     Union Pacific Corp......................      154,087
    3,586     United Parcel Service, Inc (Class B)....      221,436
      247     USFreightways Corp......................        9,354
      266     Werner Enterprises, Inc.................        5,668
      267     *Yellow Corp............................        8,651
                                                        -----------
              TOTAL TRANSPORTATION                        1,258,650
                                                        -----------
UTILITIES--7.08%                                                   
   33,010     A T & T Corp............................      353,207
      300     *A T & T Latin America Corp (Class A)...          162
   20,546     *A T & T Wireless Services, Inc.........      120,194
      657     b*Adelphia Business Solutions, Inc......            7
    3,801     *AES Corp...............................       20,601
      500     AGL Resources, Inc......................       11,600
      200     *AirGate PCS, Inc.......................          200
      598     *Alamosa Holdings, Inc..................          843
      100     *Alaska Communications Systems Group,                
                Inc...................................          475
    1,221     Allegheny Energy, Inc...................       31,441
      798     *Allegiance Telecom, Inc................        1,460
      200     *Allen Telecom, Inc.....................          860

SEE NOTES TO FINANCIAL STATEMENTS 
30  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
UTILITIES--(CONTINUED)                                             
      716     Allete, Inc.............................  $    19,404
      800     Alliant Energy Corp.....................       20,560
    2,861     Alltel Corp.............................      134,467
    1,327     Ameren Corp.............................       57,074
    2,994     American Electric Power Co, Inc.........      119,820
    1,513     *American Tower Corp (Class A)..........        5,220
    1,240     Aquila, Inc.............................        9,920
      400     Atmos Energy Corp.......................        9,376
      400     Avista Corp.............................        5,520
   17,244     BellSouth Corp..........................      543,186
      246     Black Hills Corp........................        8,514
    1,762     *Broadwing, Inc.........................        4,581
    3,312     *Calpine Corp...........................       23,283
      100     Cascade Natural Gas Corp................        2,090
      100     *Centennial Communications Corp.........          244
       86     Central Vermont Public Service Corp.....        1,548
    1,300     Centurytel, Inc.........................       38,350
      150     CH Energy Group, Inc....................        7,388
      100     *Chiles Offshore, Inc...................        2,425
      100     *Choice One Communications, Inc.........           89
    1,536     Cinergy Corp............................       55,281
    2,500     Citizens Communications Co..............       20,900
      400     Cleco Corp..............................        8,760
    1,155     CMS Energy Corp.........................       12,682
      100     Commonwealth Telephone Enterprises,                  
                Inc...................................        4,024
      800     Conectiv................................       20,648
      100     Connecticut Water Service, Inc..........        3,048
    1,974     Consolidated Edison, Inc................       82,415
    1,500     Constellation Energy Group, Inc.........       44,010
    1,707     *Crown Castle International Corp........        6,709
      100     CT Communications, Inc..................        1,620
       41     D&E Communications, Inc.................          431
      200     *Dobson Communications Corp (Class A)...          172
    2,532     Dominion Resources, Inc.................      167,618
    1,183     DPL, Inc................................       31,290
      500     DQE, Inc................................        7,000
    1,485     DTE Energy Co...........................       66,290
    7,688     Duke Energy Corp........................      239,097
    2,400     Dynegy, Inc (Class A)...................       17,280
    3,000     *Edison International...................       51,000
    5,051     El Paso Corp............................      104,101
      400     El Paso Electric Co.....................        5,540
      200     Empire District Electric Co.............        4,100
      300     Energen Corp............................        8,250
    1,200     Energy East Corp........................       27,120
       38     Energysouth, Inc........................        1,218
    2,050     Entergy Corp............................       87,002
      600     Equitable Resources, Inc................       20,580
    2,976     Exelon Corp.............................      155,645
    2,637     FirstEnergy Corp........................       88,023
        2     *Focal Communications Corp..............            5
       15     *Focal Communications Corp Wts                       
                12/14/07..............................            0
    1,618     FPL Group, Inc..........................       97,064
      300     *General Communication, Inc (Class A)...        2,001
      100     *Golden Telecom, Inc....................        1,760
      600     Great Plains Energy, Inc................       12,210
      332     Hawaiian Electric Industries, Inc.......       14,127
      100     Hickory Tech Corp.......................        1,500
      345     Idacorp, Inc............................        9,557
      200     *IDT Corp...............................        3,384
      200     *IDT Corp (Class B).....................        3,220
      100     b*Impsat Fiber Networks, Inc............            2

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    400     b*ITC Deltacom, Inc.....................  $        24
  1,300     KeySpan Corp............................       48,945
    844     Kinder Morgan, Inc......................       32,089
    200     Laclede Group, Inc......................        4,696
  2,958     *Level 3 Communications, Inc............        8,726
    149     Madison Gas & Electric Co...............        4,150
    245     *McLeodUSA, Inc (Class A)...............          103
  4,194     *McLeodUSA, Inc (Class A) Escrow........            0
    651     MDU Resources Group, Inc................       17,115
    200     b*Metricom, Inc.........................            2
  4,200     b*Metromedia Fiber Network, Inc (Class               
              A)....................................           42
     70     Middlesex Water Co......................        1,839
  3,617     *Mirant Corp............................       26,404
    660     National Fuel Gas Co....................       14,857
     58     National Grid Group plc (Spon ADR)......        2,039
    100     b*NEON Communications, Inc..............            4
    100     b*Network Plus Corp.....................            0
    300     New Jersey Resources Corp...............        8,955
    333     b*Newpower Holdings, Inc................            6
  5,204     *Nextel Communications, Inc (Class A)...       16,705
    400     *Nextel Partners, Inc (Class A).........        1,204
    440     Nicor, Inc..............................       20,130
  1,878     NiSource, Inc...........................       40,997
    305     *NiSource, Inc (Sails)..................          634
    100     North Pittsburgh Systems, Inc...........        1,609
  1,192     Northeast Utilities.....................       22,422
    233     Northwest Natural Gas Co................        6,699
    200     Northwestern Corp.......................        3,390
    500     NSTAR...................................       22,390
    100     *NTELOS, Inc............................          141
  1,273     b*NTL, Inc..............................           41
    100     NUI Corp................................        2,750
    700     OGE Energy Corp.........................       16,002
    500     Oneok, Inc..............................       10,975
    200     Otter Tail Corp.........................        6,304
    326     Peoples Energy Corp.....................       11,886
    200     *Petroquest Energy, Inc.................        1,114
  3,600     *P G & E Corp...........................       64,404
    300     Piedmont Natural Gas Co, Inc............       11,094
    300     b*Pinnacle Holdings, Inc................            3
    759     Pinnacle West Capital Corp..............       29,981
    369     PNM Resources, Inc......................        8,930
    900     Potomac Electric Power Co...............       19,332
  1,384     PPL Corp................................       45,783
    400     *Price Communications Corp..............        6,400
  2,008     Progress Energy, Inc....................      104,436
    600     *Progress Energy, Inc (Cvo).............          270
  1,945     Public Service Enterprise Group, Inc....       84,219
    800     Puget Energy, Inc.......................       16,520
    700     Questar Corp............................       17,290
    100     *Quicksilver Resources, Inc.............        2,585
 12,474     *Qwest Communications International,                 
              Inc...................................       34,927
    400     *RCN Corp...............................          548
  2,472     Reliant Energy, Inc.....................       41,777
    489     *Reliant Resources, Inc.................        4,279
    258     RGS Energy Group, Inc...................       10,114
     78     *Rural Cellular Corp (Class A)..........           81
 30,799     SBC Communications, Inc.................      939,370
  1,038     Scana Corp..............................       32,043
    200     SEMCO Energy, Inc.......................        1,810
  1,900     Sempra Energy...........................       42,047
    900     *Sierra Pacific Resources...............        7,020
  1,172     Skyworks Solutions, Inc.................        6,505

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   31

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
UTILITIES--(CONTINUED)                                             
      100     South Jersey Industries, Inc............  $     3,375
    6,505     Southern Co.............................      178,237
      336     Southern Union Co.......................        5,712
      300     Southwest Gas Corp......................        7,425
       85     Southwest Water Co......................        1,609
      200     *Southwestern Energy Co.................        3,038
      500     *Spectrasite Holdings, Inc..............           90
    8,197     Sprint Corp (FON Group).................       86,970
    6,243     *Sprint Corp (PCS Group)................       27,906
      633     *Talk America Holdings, Inc.............        2,614
    1,300     Teco Energy, Inc........................       32,175
      481     Telephone & Data Systems, Inc...........       29,125
      500     *Time Warner Telecom, Inc (Class A).....          840
      179     *Triton PCS Holdings, Inc (Class A).....          698
    2,535     TXU Corp................................      130,679
      100     *U.S. Cellular Corp.....................        2,545
      524     *Ubiquitel, Inc.........................          362
      253     UGI Corp................................        8,081
      100     UIL Holdings Corp.......................        5,446
      270     Unisource Energy Corp...................        5,022
       43     Unitil Corp.............................        1,285
      711     *U.S. Unwired, Inc (Class A)............        1,991
      633     Vectren Corp............................       15,888
   25,050     Verizon Communications, Inc.............    1,005,758
      174     *West Corp..............................        3,838
      515     Westar Energy, Inc......................        7,534
      335     Western Gas Resources, Inc..............       12,529
      500     *Western Wireless Corp (Class A)........        1,600
      446     WGL Holdings, Inc.......................       11,551
    3,660     b*Williams Communications Group, Inc....           77
    4,449     Williams Cos, Inc.......................       26,650
      980     Wisconsin Energy Corp...................       24,765
      997     b WorldCom, Inc (MCI Group).............          897
   26,632     b*WorldCom, Inc (WorldCom Group)........        2,397
      300     WPS Resources Corp......................       12,249
    3,763     XCEL Energy, Inc........................       63,074
                                                        -----------
              TOTAL UTILITIES                             6,651,982
                                                        -----------
              TOTAL COMMON STOCK                                   
                (Cost $117,135,040)                      93,222,336
                                                        -----------

                                                                [Download Table]

PRINCIPAL                                                  VALUE    
---------                                                  -----    
                                                                    
 SHORT TERM INVESTMENT--0.90%                                       
  U.S. GOVERNMENT AND AGENCY--0.90%                                 
              Federal Home Loan Mortgage Corp (FHLMC)               
 $845,000       1.900%, 07/01/02......................  $   845,000 
                                                        ----------- 
              TOTAL SHORT TERM INVESTMENT                           
                (Cost $845,000)                             845,000 
                                                        ----------- 
              TOTAL PORTFOLIO--100.12%                              
                (Cost $117,980,040)                      94,067,336 
              OTHER ASSETS & LIABILITIES, NET--(0.12%)     (109,021)
                                                        ----------- 
              NET ASSETS--100.00%                       $93,958,315 
                                                        =========== 

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

SEE NOTES TO FINANCIAL STATEMENTS 
32  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
COMMON STOCK--99.07%                                                
  AEROSPACE AND DEFENSE--0.87%                                      
       200     *Alliant Techsystems, Inc...............  $    12,756
       100     *Armor Holdings, Inc....................        2,548
     1,900     Boeing Co...............................       85,500
       900     *Echostar Communications Corp (Class                 
                 A)....................................       16,704
       100     General Dynamics Corp...................       10,633
    13,500     *General Motors Corp....................      140,400
     1,600     *L-3 Communications Holdings, Inc.......       86,400
       300     Lockheed Martin Corp....................       20,844
       462     PerkinElmer, Inc........................        5,105
       100     Rockwell Collins, Inc...................        2,742
       200     *Teledyne Technologies, Inc.............        4,150
       100     *Viasat, Inc............................          843
                                                         -----------
               TOTAL AEROSPACE AND DEFENSE                   388,625
                                                         -----------
 BASIC INDUSTRIES--0.65%                                            
       100     *Airgas, Inc............................        1,728
       400     Alcoa, Inc..............................       13,260
       200     *American Standard Cos, Inc.............       15,020
       100     American Woodmark Corp..................        5,611
       100     Arch Coal, Inc..........................        2,271
       200     Avery Dennison Corp.....................       12,550
       100     Ball Corp...............................        4,146
       300     Black & Decker Corp.....................       14,460
       200     *BWAY Corp..............................        3,186
       100     *Cabot Microelectronics Corp............        4,316
       100     Cambrex Corp............................        4,010
       100     Clarcor, Inc............................        3,165
        40     Collins & Aikman Corp...................          364
       100     *Collins & Aikman Corp Rts..............            0
       100     Consol Energy, Inc......................        2,125
       100     *Dionex Corp............................        2,679
       300     *Earthshell Corp........................          345
       500     Ecolab, Inc.............................       23,115
       100     Elcor Corp..............................        2,735
       100     *Energy Conversion Devices, Inc.........        1,569
       100     Ferro Corp..............................        3,013
       300     *Freeport-Mcmoran Copper & Gold, Inc                 
                 (Class A).............................        5,355
       100     Georgia Gulf Corp.......................        2,644
       100     Glatfelter..............................        1,878
       700     *Hecla Mining Co........................        3,270
       200     *Insituform Technologies, Inc (Class                 
                 A)....................................        4,236
       100     Jacobs Engineering Group, Inc...........        3,476
       100     *Jarden Corp............................        1,978
       800     Kimberly-Clark Corp.....................       49,600
       100     *Lone Star Technologies, Inc............        2,290
       800     Masco Corp..............................       21,673
       100     *Mobile Mini, Inc.......................        1,710
     1,000     Newmont Mining Corp.....................       26,330
       200     Olin Corp...............................        4,430
       100     *Palm Harbor Homes, Inc.................        1,986
       100     Quaker Chemical Corp....................        2,448
       200     Royal Gold, Inc.........................        2,728
       300     *Sealed Air Corp........................       12,081
       200     *Shaw Group, Inc........................        6,140
       100     Stanley Works...........................        4,099
       100     Valspar Corp............................        4,512
       100     WD-40 Co................................        2,776
       100     *William Lyon Homes, Inc................        2,603
                                                         -----------
               TOTAL BASIC INDUSTRIES                        287,911
                                                         -----------

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--13.45%                                          
      100     *99 Cents Only Stores...................  $     2,565
      300     *Abercrombie & Fitch Co (Class A).......        7,236
      102     *Acclaim Entertainment, Inc.............          360
      200     *Acme Communication, Inc................        1,466
      100     *Aftermarket Technology Corp............        1,918
      200     *Alliance Gaming Corp...................        2,440
      225     *American Eagle Outfitters, Inc.........        4,757
      100     *Ameristar Casinos, Inc.................        2,904
   27,800     AOL Time Warner, Inc....................      408,938
      600     *Apollo Group, Inc (Class A)............       23,652
      200     Applebee's International, Inc...........        4,590
      100     *Argosy Gaming Co.......................        2,840
      100     *Bally Total Fitness Holding Corp.......        1,871
      100     *Beasley Broadcast Group, Inc (Class                 
                A)....................................        1,475
    1,100     *Bed Bath & Beyond, Inc.................       41,514
      100     Big Lots, Inc...........................        1,966
      100     Blockbuster, Inc (Class A)..............        2,688
      100     Bob Evans Farms, Inc....................        3,146
      200     *Boyd Gaming Corp.......................        2,876
      200     *Boyds Collection Ltd...................        1,258
      200     *Brinker International, Inc.............        6,350
      600     *Cablevision Systems Corp (Class A).....        5,676
      100     *California Pizza Kitchen, Inc..........        2,480
      100     Callaway Golf Co........................        1,584
      100     *Catalina Marketing Corp................        2,822
      100     Cato Corp (Class A).....................        2,230
      100     *CEC Entertainment, Inc.................        4,130
      100     *Champps Entertainment, Inc.............        1,219
      100     *Charlotte Russe Holding, Inc...........        2,233
      200     *Chico's FAS, Inc.......................        7,264
      200     *Christopher & Banks Corp...............        8,460
      200     *CKE Restaurants, Inc...................        2,272
    9,780     Clear Channel Communications, Inc.......      313,156
      400     *Comcast Corp (Class A) Special.........        9,536
      300     *Copart, Inc............................        4,869
    1,530     *Cox Communications, Inc (Class A)......       42,152
      200     *Cox Radio, Inc (Class A)...............        4,820
      100     *Cumulus Media, Inc (Class A)...........        1,378
      600     Darden Restaurants, Inc.................       14,820
    1,100     Dollar General Corp.....................       20,933
      400     *Dollar Tree Stores, Inc................       15,764
      100     Donaldson Co, Inc.......................        3,504
      100     Dow Jones & Co, Inc.....................        4,845
      100     *Entercom Communications Corp...........        4,588
      100     Factset Research Systems, Inc...........        2,977
    4,600     Family Dollar Stores, Inc...............      162,150
      150     *Fossil, Inc............................        3,084
      100     *Fox Entertainment Group, Inc (Class                 
                A)....................................        2,175
      200     Fred's, Inc.............................        7,356
    2,200     Gap, Inc................................       31,240
      300     *Gemstar-TV Guide International, Inc....        1,617
      100     *Genesco, Inc...........................        2,435
      100     *Genesisintermedia, Inc.................            3
      400     *Gentex Corp............................       10,988
      200     Graco, Inc..............................        5,028
      100     *Guitar Center, Inc.....................        1,855
      100     Hancock Fabrics, Inc....................        1,856
    8,100     Harley-Davidson, Inc....................      415,287
      400     Harrah's Entertainment, Inc.............       17,740
      100     Harte-Hanks, Inc........................        2,053
      100     Hilton Hotels Corp......................        1,388
      200     *Hispanic Broadcasting Corp.............        5,220

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   33

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
      200     Hollinger International, Inc............  $     2,396
      100     *Hollywood Casino Corp (Class A)........        1,078
      200     *Hollywood Entertainment Corp...........        4,136
      250     *Hot Topic, Inc.........................        6,678
      100     *Information Holdings, Inc..............        2,440
    3,300     *International Game Technology..........      187,110
    1,400     Interpublic Group Of Cos, Inc...........       34,664
      100     *Intertan, Inc..........................        1,115
      100     *Isle Of Capri Casinos, Inc.............        2,023
      100     *Jack In The Box, Inc...................        3,180
      100     *Jo-Ann Stores, Inc (Class A)...........        2,918
      200     *Jones Apparel Group, Inc...............        7,500
    2,600     *Kohl's Corp............................      182,208
      200     *Krispy Kreme Doughnuts, Inc............        6,438
      200     *Kroll, Inc.............................        4,192
      100     La-Z-Boy, Inc...........................        2,520
      100     *Lamar Advertising Co...................        3,719
      200     Leggett & Platt, Inc....................        4,676
   22,700     *Liberty Media Corp (Class A)...........      227,000
      600     Limited, Inc............................       12,780
    1,910     *Lin TV Corp (Class A)..................       51,646
      100     *Linens 'n Things, Inc..................        3,281
      200     Marine Products Corp....................        2,326
      300     Marriott International, Inc (Class A)...       11,415
      200     Maytag Corp.............................        8,530
      600     McGraw-Hill Cos, Inc....................       35,820
      163     *Men's Wearhouse, Inc...................        4,157
      350     *Metro One Telecommunications, Inc......        4,886
      100     *Metro-Goldwyn-Mayer, Inc...............        1,170
      200     *Michaels Stores, Inc...................        7,800
      300     *Midway Games, Inc......................        2,550
      200     *Mohawk Industries, Inc.................       12,306
      100     *Monaco Coach Corp......................        2,130
      100     *Monarch Casino & Resort, Inc...........        1,481
      200     *Mossimo, Inc...........................        1,790
      100     *Movie Gallery, Inc.....................        2,110
      200     MSC Industrial Direct Co (Class A)......        3,900
      100     *MTR Gaming Group, Inc..................        1,670
      250     *Nautilus Group, Inc....................        7,650
      300     New York Times Co (Class A).............       15,444
    4,600     Nike, Inc (Class B).....................      246,790
      166     *Oakley, Inc............................        2,888
    6,270     Omnicom Group, Inc......................      287,166
       85     *O'Reilly Automotive, Inc...............        2,343
      200     *Pacific Sunwear Of California, Inc.....        4,434
      200     *Panera Bread Co (Class A)..............        6,894
      100     *Papa John's International, Inc.........        3,339
      200     *Performance Food Group Co..............        6,772
      200     *Pinnacle Systems, Inc..................        2,198
      100     *Pixar, Inc.............................        4,410
      100     Polaris Industries, Inc.................        6,500
      200     *Presstek, Inc..........................          800
    1,100     *Primedia, Inc..........................        1,342
      100     *Private Media Group, Inc...............          286
      100     *Quiksilver, Inc........................        2,480
      100     *Rare Hospitality International, Inc....        2,692
      100     *Regent Communications, Inc.............          706
      100     Regis Corp..............................        2,700
      100     *Rent-A-Center, Inc.....................        5,799
      100     Riviana Foods, Inc......................        2,534
      200     Ross Stores, Inc........................        8,146
      200     Ruby Tuesday, Inc.......................        3,880

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      300     *Ryan's Family Steak Houses, Inc........  $     3,957
      100     Schawk, Inc.............................        1,070
      100     *Scholastic Corp........................        3,790
      200     *SCP Pool Corp..........................        5,552
      100     Scripps (E.W.) Co (Class A).............        7,698
      100     *Shuffle Master, Inc....................        1,837
      250     *Sonic Corp.............................        7,853
      100     *Sotheby's Holdings, Inc (Class A)......        1,425
      200     *Spanish Broadcasting System, Inc (Class             
                A)....................................        2,000
      200     *Sports Resorts International, Inc......        1,080
    1,600     *Starbucks Corp.........................       39,760
      100     *Station Casinos, Inc...................        1,785
      400     *Stein Mart, Inc........................        4,748
      200     Sturm Ruger & Co, Inc...................        2,826
      100     *Sylvan Learning Systems, Inc...........        1,994
      100     Talbots, Inc............................        3,500
      100     Tanger Factory Outlet Centers, Inc......        2,950
    5,900     Target Corp.............................      224,790
      200     *The Cheesecake Factory, Inc............        7,096
      200     *The Sports Authority, Inc..............        2,268
      100     Thor Industries, Inc....................        7,124
      300     *THQ, Inc...............................        8,946
    7,050     Tiffany & Co............................      248,160
      100     *Timberland Co (Class A)................        3,582
    2,400     TJX Cos, Inc............................       47,064
      200     *Too, Inc...............................        6,160
      108     *Topps Co, Inc..........................        1,086
      100     *Universal Electronics, Inc.............        1,496
      700     *Univision Communications, Inc (Class                
                A)....................................       21,980
      500     *U.S.A. Networks, Inc...................       11,725
      100     *Vastera, Inc...........................          439
   11,127     *Viacom, Inc (Class B)..................      493,705
   28,500     Wal-Mart Stores, Inc....................    1,567,785
      200     Wendy's International, Inc..............        7,962
      200     Westwood One, Inc.......................        6,680
      300     Wiley (John) & Sons, Inc (Class A)......        7,194
      400     *Williams-Sonoma, Inc...................       12,264
      100     Winnebago Industries, Inc...............        4,400
      100     WMS Industries, Inc.....................        1,225
      100     Woodward Governor Co....................        5,912
    1,530     *Yahoo!, Inc............................       22,583
      900     *Yum Brands, Inc........................       26,308
      200     *Zomax, Inc.............................          780
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     6,010,468
                                                        -----------
CONSUMER NON-CYCLICAL--11.80%                                      
      100     Alberto-Culver Co (Class B).............        4,778
      800     *Amazon.Com, Inc........................       13,000
      100     *American Italian Pasta Co (Class A)....        5,099
    2,300     Anheuser-Busch Cos, Inc.................      115,000
      100     *Aramark Corp (Class B).................        2,498
      200     *Autozone, Inc..........................       15,460
    7,700     Avon Products, Inc......................      402,248
    1,300     *Best Buy Co, Inc.......................       47,190
      300     *BJ's Wholesale Club, Inc...............       11,550
      100     *Boston Beer Co, Inc (Class A)..........        1,590
      200     Brown-Forman Corp (Class B).............       13,796
      200     *Cadiz, Inc.............................        1,700
      222     *CDW Computer Centers, Inc..............       10,392
      100     Church & Dwight Co, Inc.................        3,133
      100     Circuit City Stores, Inc (Circuit City               
                Group)................................        1,873
      400     Clorox Co...............................       16,532
      200     *Coach, Inc.............................       10,980
    6,700     Coca-Cola Co............................      375,200

SEE NOTES TO FINANCIAL STATEMENTS 
34  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER NON-CYCLICAL--(CONTINUED)                                 
      800     Coca-Cola Enterprises, Inc..............  $    17,664
    5,000     Colgate-Palmolive Co....................      250,250
      100     *Cost Plus, Inc.........................        3,046
      700     Costco Wholesale Corp...................       27,034
       98     *Del Monte Foods Co.....................        1,156
       95     Delta & Pine Land Co....................        1,910
      200     Dial Corp...............................        4,004
      100     Dreyer's Grand Ice Cream, Inc...........        6,860
    1,800     *eBay, Inc..............................      110,916
      400     Estee Lauder Cos (Class A)..............       14,080
      100     *Factory 2-U Stores, Inc................        1,385
      200     Fastenal Co.............................        7,702
      100     Fleming Cos, Inc........................        1,815
      100     *Furniture Brands International, Inc....        3,023
      900     General Mills, Inc......................       39,655
   11,600     Gillette Co.............................      392,892
      500     HJ Heinz Co.............................       20,550
      200     Hershey Foods Corp......................       12,500
   28,400     Home Depot, Inc.........................    1,043,132
      200     *Insight Enterprises, Inc...............        5,038
      100     Interstate Bakeries Corp................        2,886
      200     International Flavors & Fragrances,                  
                Inc...................................        6,494
       22     JM Smucker Co...........................          751
      600     Kellogg Co..............................       21,516
    2,928     Kraft Foods, Inc (Class A)..............      119,902
    2,100     *Kroger Co..............................       41,790
      200     Lance, Inc..............................        2,912
    2,900     Lowe's Cos..............................      131,660
    1,400     Mattel, Inc.............................       29,485
      400     McCormick & Co, Inc (Non-Vote)..........       10,300
      300     Herman Miller, Inc......................        6,090
      100     Nature's Sunshine Products, Inc.........        1,131
      100     *NBTY, Inc..............................        1,548
      800     Pepsi Bottling Group, Inc...............       24,640
   13,400     Pepsico, Inc............................      645,880
      200     *Perrigo Co.............................        2,600
      500     *Petsmart, Inc..........................        8,020
    8,900     Philip Morris Cos, Inc..................      388,752
      500     *Priceline.com, Inc.....................        1,395
    3,000     Procter & Gamble Co.....................      267,900
      800     RadioShack Corp.........................       24,048
      800     *Rite Aid Corp..........................        1,880
      900     *Safeway, Inc...........................       26,271
    1,400     Sara Lee Corp...........................       28,896
      100     Schweitzer-Mauduit International, Inc...        2,458
      100     *Skechers USA, Inc (Class A)............        2,161
    1,800     *Staples, Inc...........................       35,460
      100     Tootsie Roll Industries, Inc............        3,856
      100     *Tuesday Morning Corp...................        1,856
      183     Tupperware Corp.........................        3,805
      100     *Tweeter Home Entertainment Group,                   
                Inc...................................        1,634
      100     Universal Corp..........................        3,670
      500     UST, Inc................................       17,000
      100     *Valuevision International, Inc (Class               
                A)....................................        1,815
    9,000     Walgreen Co.............................      346,834
      100     *Weight Watchers International, Inc.....        4,342
      200     *Whole Foods Market, Inc................        9,644
      400     Wrigley (Wm.) Jr Co.....................       22,140
      100     *Yankee Candle Co, Inc..................        2,709
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 5,272,762
                                                        -----------

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
ENERGY--2.23%                                                      
      100     Amerada Hess Corp.......................  $     8,248
      500     Anadarko Petroleum Corp.................       24,650
    3,610     Apache Corp.............................      207,503
    9,900     Baker Hughes, Inc.......................      329,571
      100     Berry Petroleum Co (Class A)............        1,685
    3,900     BJ Services Co..........................      132,132
      300     Burlington Resources, Inc...............       11,400
      200     *Cal Dive International, Inc............        4,400
      100     Carbo Ceramics, Inc.....................        3,695
      500     *Chesapeake Energy Corp.................        3,600
      200     *Cooper Cameron Corp....................        9,684
    2,900     Diamond Offshore Drilling, Inc..........       82,650
      400     Ensco International, Inc................       10,904
      100     *Evergreen Resources, Inc...............        4,250
      100     *Forest Oil Corp........................        2,843
      100     Frontier Oil Corp.......................        1,760
      100     Getty Realty Corp.......................        2,025
      100     *Grant Prideco, Inc.....................        1,360
      700     *Grey Wolf, Inc.........................        2,863
      100     *Gulf Island Fabrication, Inc...........        1,834
      900     Halliburton Co..........................       14,346
      300     *Hanover Compressor Co..................        4,050
      300     *Key Energy Services, Inc...............        3,150
      100     *Key Production Co, Inc.................        1,950
      100     *Magnum Hunter Resources, Inc...........          789
       20     *Magnum Hunter Resources, Inc Wts                    
                03/21/05..............................           17
      100     *Maverick Tube Corp.....................        1,500
      100     Murphy Oil Corp.........................        8,250
      400     *Nabors Industries Ltd..................       14,120
      200     *National-Oilwell, Inc..................        4,210
      200     *Newfield Exploration Co................        7,434
      400     Ocean Energy, Inc.......................        8,668
      125     Patina Oil & Gas Corp...................        3,429
      200     *Patterson-UTI Energy, Inc..............        5,646
      100     *Plains Resources, Inc..................        2,675
      100     Pogo Producing Co.......................        3,262
      200     *Pride International, Inc...............        3,132
      100     *Pure Resources, Inc....................        2,080
      100     *Remington Oil & Gas Corp...............        1,992
      300     Rowan Cos, Inc..........................        6,435
      100     RPC, Inc................................        1,180
      200     *Smith International, Inc...............       13,638
      100     *Spinnaker Exploration Co...............        3,602
      100     St. Mary Land & Exploration Co..........        2,393
      100     *Stone Energy Corp......................        4,025
      200     *Superior Energy Services, Inc..........        2,030
      100     Tidewater, Inc..........................        3,292
      100     Unit Corp...............................        1,735
      200     *Varco International, Inc...............        3,508
      100     *W-H Energy Services, Inc...............        2,216
      300     *Weatherford International Ltd..........       12,960
      100     XTO Energy, Inc.........................        2,060
                                                        -----------
              TOTAL ENERGY                                  996,831
                                                        -----------
FINANCIAL SERVICES--9.09%                                          
      100     *Affiliated Managers Group, Inc.........        6,150
    1,100     Aflac, Inc..............................       35,200
      100     Alabama National Bancorp................        4,327
      200     Allied Capital Corp.....................        4,530
    2,600     American Express Co.....................       94,432
   14,300     American International Group, Inc.......      975,689
      300     *AmeriCredit Corp.......................        8,415
      500     *Ameritrade Holdings Corp (Class A).....        2,290

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   35

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      100     Anchor Bancorp Wisconsin, Inc...........  $     2,409
    1,000     Bank Of New York Co, Inc................       33,750
      100     *Blackrock, Inc.........................        4,430
      100     *Brookline Bancorp, Inc.................        2,528
      200     Brown & Brown, Inc......................        6,300
      900     Capital One Financial Corp..............       54,945
      200     *Catellus Development Corp..............        4,080
      100     Cathay Bancorp, Inc.....................        4,148
      110     Centennial Bancorp......................          867
      100     Chittenden Corp.........................        2,898
      400     *Choicepoint, Inc.......................       18,233
   17,333     Citigroup, Inc..........................      671,654
      100     City Bank...............................        3,200
      100     City Holding Co.........................        2,339
      100     Commerce Bancorp, Inc...................        4,418
      100     CPB, Inc................................        4,593
      300     Crown American Realty Trust.............        2,814
      200     CVB Financial Corp......................        4,542
      200     Dime Community Bancshares...............        4,534
      200     Doral Financial Corp....................        6,678
      500     *E*trade Group, Inc.....................        2,730
      200     East West Bancorp, Inc..................        6,904
      200     Eaton Vance Corp........................        6,240
    8,700     Fannie Mae..............................      641,625
      200     Federal Realty Investment Trust.........        5,538
      300     Federated Investors, Inc (Class B)......       10,371
    4,800     Fifth Third Bancorp.....................      319,920
      100     Financial Federal Corp..................        3,310
      100     First Bancorp (Puerto Rico).............        3,770
      100     First Financial Bankshares, Inc.........        4,182
      100     First Financial Holdings, Inc...........        3,213
      100     First Niagara Financial Group, Inc......        2,774
      100     Franklin Financial Corp.................        2,550
    2,500     Freddie Mac.............................      153,000
      300     Gallagher (Arthur J.) & Co..............       10,395
      302     Gartner, Inc (Class A)..................        3,050
      200     Glimcher Realty Trust...................        3,696
      100     Greater Bay Bancorp.....................        3,076
      100     Harleysville National Corp..............        2,699
      200     Hilb, Rogal & Hamilton Co...............        9,050
      244     Hooper Holmes, Inc......................        1,952
      500     Household International, Inc............       24,850
      200     Hudson United Bancorp...................        5,712
      100     International Bancshares Corp...........        4,222
      300     *Investment Technology Group, Inc.......        9,810
      200     Investors Financial Services Corp.......        6,708
      200     ITT Educational Services, Inc...........        4,360
      200     John Nuveen Co (Class A)................        5,140
      200     *Knight Trading Group, Inc..............        1,048
      200     *LaBranche & Co, Inc....................        4,580
      100     Leeds Federal Bankshares, Inc...........        3,195
      100     Legg Mason, Inc.........................        4,932
      100     Manufactured Home Communities, Inc......        3,510
    1,000     Marsh & McLennan Cos, Inc...............       96,600
    2,700     MBNA Corp...............................       89,289
      700     Mellon Financial Corp...................       21,988
      100     Midwest Banc Holdings, Inc..............        2,987
      200     Mills Corp..............................        6,200
      100     Mission West Properties, Inc............        1,219
      100     NASB Financial, Inc.....................        2,198
      100     National Penn Bancshares, Inc...........        2,618
      100     *NetBank, Inc...........................        1,165

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      300     Neuberger Berman, Inc...................  $    10,980
      100     North Fork Bancorp, Inc.................        3,979
    2,800     Northern Trust Corp.....................      123,368
      300     New York Community Bancorp, Inc.........        8,130
      100     OceanFirst Financial Corp...............        2,412
      133     Pacific Capital Bancorp.................        3,176
      100     Pacific Northwest Bancorp...............        3,130
      100     Pennsylvania Real Estate Investment                  
                Trust.................................        2,709
      500     Progressive Corp........................       28,915
      100     Provident Bancorp, Inc..................        2,802
      900     *Providian Financial Corp...............        5,292
    1,480     *Prudential Financial, Inc..............       49,373
      100     Sandy Spring Bancorp, Inc...............        3,213
      100     Saul Centers, Inc.......................        2,590
    4,100     Charles Schwab Corp.....................       45,920
      300     SEI Investments Co......................        8,451
      600     Slm Corp................................       58,140
      200     *Southwest Bancorp Of Texas, Inc........        7,244
      200     St. Joe Co..............................        6,000
      300     Starwood Hotels & Resorts Worldwide,                 
                Inc...................................        9,861
      800     State Street Corp.......................       35,760
      300     Sterling Bancshares, Inc................        4,431
      100     Stilwell Financial, Inc.................        1,820
      100     Susquehanna Bancshares, Inc.............        2,269
    1,000     Synovus Financial Corp..................       27,520
      167     *Syntroleum Corp........................          481
      100     TCF Financial Corp......................        4,908
      100     Texas Regional Bancshares, Inc (Class                
                A)....................................        4,866
      100     Three Rivers Bancorp, Inc...............        1,779
      100     Town & Country Trust....................        2,240
      100     Trust Co Of New Jersey..................        2,568
      400     Trustco Bank Corp Ny....................        5,268
      100     UCBH Holdings, Inc......................        3,801
      100     United Bankshares, Inc..................        2,938
      300     *UnitedGlobalcom, Inc (Class A).........          825
    1,900     UnumProvident Corp......................       48,355
      300     Waddell & Reed Financial, Inc (Class                 
                A)....................................        6,876
      200     Washington Real Estate Investment                    
                Trust.................................        5,780
      100     Washington Trust Bancorp, Inc...........        2,369
      500     Wells Fargo & Co........................       25,020
      100     Westamerica Bancorp.....................        3,918
      100     *WFS Financial, Inc.....................        2,741
      100     *World Acceptance Corp..................          840
      100     Zenith National Insurance Corp..........        3,183
                                                        -----------
              TOTAL FINANCIAL SERVICES                    4,059,010
                                                        -----------
HEALTH CARE--25.71%                                                
   16,942     Abbott Laboratories.....................      637,866
      100     *Accredo Health, Inc....................        4,626
      100     *Adolor Corp............................        1,126
      400     *AdvancePCS.............................        9,576
      100     *Affymetrix, Inc........................        2,399
      100     *Aksys Ltd..............................          690
      300     *Alaris Medical, Inc....................        1,992
      100     *Albany Molecular Research, Inc.........        2,114
    4,750     *Alcon, Inc.............................      162,688
      300     *Alkermes, Inc..........................        4,803
      600     Allergan, Inc...........................       40,050
      100     *Alliance Imaging, Inc..................        1,348
      100     *Allscripts Healthcare Solutions, Inc...          374
      100     *American Medical Systems Holdings,                  
                Inc...................................        2,006
      100     *American Healthways, Inc...............        1,780
      100     *Ameripath, Inc.........................        2,400
      237     AmerisourceBergen Corp..................       18,012

SEE NOTES TO FINANCIAL STATEMENTS 
36  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
   18,600     Amgen, Inc..............................  $   778,968
      100     *Amsurg Corp............................        2,626
      200     *Amylin Pharmaceuticals, Inc............        2,188
      200     *Andrx Corp.............................        5,394
    3,020     *Anthem, Inc............................      203,790
      100     *Antigenics, Inc........................          985
      100     *Apogent Technologies, Inc..............        2,057
      800     Applera Corp (Applied Biosystems                     
                Group)................................       15,592
      100     *Apria Healthcare Group, Inc............        2,240
      100     *Ariad Pharmaceuticals, Inc.............          416
      100     Arrow International, Inc................        3,905
      100     *Arthrocare Corp........................        1,286
      100     *Atrix Laboratories, Inc................        2,225
      125     *Barr Laboratories, Inc.................        7,941
    9,900     Baxter International, Inc...............      440,055
      200     Beckman Coulter, Inc....................        9,980
      100     Becton Dickinson & Co...................        3,443
      100     *Bio-Rad Laboratories, Inc (Class A)....        4,549
      600     *Biogen, Inc............................       24,858
      200     *BioMarin Pharmaceutical, Inc...........        1,044
    1,000     Biomet, Inc.............................       27,120
    1,000     *Boston Scientific Corp.................       29,320
    2,700     Bristol-Myers Squibb Co.................       69,390
    7,800     Cardinal Health, Inc....................      478,998
      100     *Cardiodynamics International Corp......          372
      900     *Caremark Rx, Inc.......................       14,850
      300     *Celgene Corp...........................        4,590
      200     *Cephalon, Inc..........................        9,040
      100     *Cerner Corp............................        4,783
      100     *Cerus Corp.............................        3,388
      100     *Charles River Laboratories                          
                International, Inc....................        3,505
      400     *Chiron Corp............................       14,140
      100     *Cobalt Corp............................        2,278
      100     *Columbia Laboratories, Inc.............          600
      200     *Community Health Systems, Inc..........        5,360
      100     *Conmed Corp............................        2,231
      100     *Connetics Corp.........................        1,292
      100     Cooper Cos, Inc.........................        4,710
      200     *Covance, Inc...........................        3,750
      100     *Coventry Health Care, Inc..............        2,840
      100     *Cubist Pharmaceuticals, Inc............          941
      100     *Cyberonics, Inc........................        1,312
      500     *Cytyc Corp.............................        3,810
      250     *DaVita, Inc............................        5,950
       75     *Dendrite International, Inc............          725
      400     Dentsply International, Inc.............       14,764
      100     Diagnostic Products Corp................        3,700
      100     *Dianon Systems, Inc....................        5,342
      100     *Durect Corp............................          800
      187     *Eclipsys Corp..........................        1,227
      200     *Edwards Lifesciences Corp..............        4,640
       97     Elan Corp plc (Contingent Value Rts)....            1
      100     *Endo Pharmaceuticals Holdings, Inc.....          700
      100     *Endocare, Inc..........................        1,321
      105     *Enzo Biochem, Inc......................        1,505
      100     *Enzon, Inc.............................        2,461
      100     *Esperion Therapeutics, Inc.............          543
      300     *Express Scripts, Inc (Class A).........       15,033
      400     *First Health Group Corp................       11,216
      100     Fisher Scientific International, Inc....        2,800
      700     *Forest Laboratories, Inc...............       49,560
      800     *Genentech, Inc.........................       26,800

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    100     *Genta, Inc.............................  $       829
    700     *Genzyme Corp (General Division)........       13,468
    100     *Geron Corp.............................          458
    700     *Gilead Sciences, Inc...................       23,016
  1,200     *Guidant Corp...........................       36,276
    200     *Haemonetics Corp.......................        5,840
    100     *Hanger Orthopedic Group, Inc...........        1,517
  1,600     HCA, Inc................................       76,000
    700     *Health Management Associates, Inc                   
              (Class A).............................       14,105
    100     *Human Genome Sciences, Inc.............        1,340
    100     *I-many, Inc............................          275
    200     ICN Pharmaceuticals, Inc................        4,842
    400     *IDEC Pharmaceuticals Corp..............       14,180
    100     *Idexx Laboratories, Inc................        2,579
    100     *IDX Systems Corp.......................        1,302
    100     *Igen International, Inc................        3,150
    100     *Ilex Oncology, Inc.....................        1,409
  1,300     *Immunex Corp...........................       29,042
    100     Immunomedics, Inc.......................          521
    100     *Impath, Inc............................        1,795
  1,200     IMS Health, Inc.........................       21,540
    100     *Inamed Corp............................        2,672
    100     *Indevus Pharmaceuticals, Inc...........          116
    100     *InterMune, Inc.........................        2,110
    100     *Intuitive Surgical, Inc................          847
    200     *Isis Pharmaceuticals, Inc..............        1,902
    600     *IVAX Corp..............................        6,480
 21,800     Johnson & Johnson.......................    1,139,268
  6,927     *King Pharmaceuticals, Inc..............      154,126
    100     *KOS Pharmaceuticals, Inc...............        2,035
    100     *La Jolla Pharmaceutical Co.............          625
    100     *LabOne, Inc............................        2,597
  2,800     *Laboratory Corp Of America Holdings....      127,820
    200     *LifePoint Hospitals, Inc...............        7,262
    200     *Ligand Pharmaceuticals, Inc (Class                  
              B)....................................        2,900
  6,800     Lilly (Eli) & Co........................      383,520
    400     *Lincare Holdings, Inc..................       12,920
    100     *Martek Biosciences Corp................        2,092
    700     McKesson Corp...........................       22,890
    100     *Medicis Pharmaceutical Corp (Class                  
              A)....................................        4,276
  1,107     *Medimmune, Inc.........................       29,225
     31     *MedQuist, Inc..........................          826
 14,500     Medtronic, Inc..........................      621,325
    200     Mentor Corp.............................        7,342
  5,300     Merck & Co, Inc.........................      268,392
    100     *MGI Pharma, Inc........................          706
    300     *Mid Atlantic Medical Services, Inc.....        9,405
    600     *Millennium Pharmaceuticals, Inc........        7,290
    212     *Millipore Corp.........................        6,780
    100     *Molecular Devices Corp.................        1,780
    100     *Mright Medical Group, Inc..............        2,014
    143     *Mykrolis Corp..........................        1,689
    400     Mylan Laboratories, Inc.................       12,540
    100     *Napro Biotherapeutics, Inc.............          656
    100     *Neurocrine Biosciences, Inc............        2,865
    100     *Neurogen Corp..........................        1,169
    100     *Noven Pharmaceuticals, Inc.............        2,550
    100     *NPS Pharmaceuticals, Inc...............        1,532
    100     *Ocular Sciences, Inc...................        2,650
    100     Omnicare, Inc...........................        2,624
    100     *On Assignment, Inc.....................        1,780
    100     *OraSure Technologies, Inc..............          650
    176     *Organogenesis, Inc.....................           35

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   37

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
      101     *Orthodontic Centers Of America, Inc....  $     2,328
      100     *Orthologic Corp........................          551
      100     *OSI Pharmaceuticals, Inc...............        2,402
      200     Owens & Minor, Inc......................        3,952
      400     *Oxford Health Plans, Inc...............       18,584
      200     *Patterson Dental Co....................       10,066
      100     *Per Se Technologies, Inc...............          920
      300     *Peregrine Pharmaceuticals, Inc.........          351
   68,000     Pfizer, Inc.............................    2,380,000
      200     *Pharmaceutical Product Development,                 
                Inc...................................        5,268
      100     *Pharmaceutical Resources, Inc..........        2,778
   24,541     Pharmacia Corp..........................      919,060
      100     *Possis Medical, Inc....................        1,235
      100     *Priority Healthcare Corp (Class B).....        2,350
      300     *Province Healthcare Co.................        6,708
      300     *Quest Diagnostics, Inc.................       25,815
      200     *Quintiles Transnational Corp...........        2,498
      200     *Radiologix, Inc........................        3,046
      100     *Regeneron Pharmaceuticals, Inc.........        1,451
      100     *RehabCare Group, Inc...................        2,403
      200     *Renal Care Group, Inc..................        6,230
      100     *Res-Care, Inc..........................          660
      100     *Resmed, Inc............................        2,940
      175     *Respironics, Inc.......................        5,959
      100     *Rigel Pharmaceuticals, Inc.............          365
      100     *Sangstat Medical Corp..................        2,298
   14,364     Schering-Plough Corp....................      353,354
      200     *Scios, Inc.............................        6,122
      200     *Sepracor, Inc..........................        1,910
      100     *Serologicals Corp......................        1,829
      200     SICOR, Inc..............................        3,708
      200     *Sierra Health Services, Inc............        4,466
      300     St. Jude Medical, Inc...................       22,155
      200     *Stericycle, Inc........................        7,082
      200     *Steris Corp............................        3,822
      600     Stryker Corp............................       32,106
      100     *SurModics, Inc.........................        2,599
      200     *Syncor International Corp..............        6,300
      200     *Techne Corp............................        5,644
    5,500     Tenet Healthcare Corp...................      393,525
      200     *Texas Biotechnology Corp...............          780
      160     *Theragenics Corp.......................        1,349
      100     *Transkaryotic Therapies, Inc...........        3,605
      200     *Triad Hospitals, Inc...................        8,476
      181     *Triangle Pharmaceuticals, Inc..........          491
      100     *Trigon Healthcare, Inc.................       10,056
      100     *Trimeris, Inc..........................        4,439
      100     *Tularik, Inc...........................          917
      100     *Umilab Corp............................        2,737
    3,300     UnitedHealth Group, Inc.................      302,115
      100     Universal Health Services, Inc (Class                
                B)....................................        4,900
      200     Varian Medical Systems, Inc.............        8,110
      100     *Varian, Inc............................        3,295
      100     *VCA Antech, Inc........................        1,556
      300     Ventas, Inc.............................        3,825
      100     *Versicor, Inc..........................        1,345
      300     *Visx, Inc..............................        3,270
      100     *VitalWorks, Inc........................          818
      600     *Waters Corp............................       16,020
      200     *Watson Pharmaceuticals, Inc............        5,054
      400     *WebMD Corp.............................        2,252
      600     *Wellpoint Health Networks, Inc.........       46,686

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    8,100     Wyeth...................................  $   414,720
      100     X-Rite, Inc.............................          851
      700     *Zimmer Holdings, Inc...................       24,962
                                                        -----------
              TOTAL HEALTH CARE                          11,488,336
                                                        -----------
OTHER--1.51%                                                       
      200     ABM Industries, Inc.....................        3,472
      110     *Acacia Research Corp...................          781
      100     Acuity Brands, Inc......................        1,820
      200     *Administaff, Inc.......................        2,000
      200     *Career Education Corp..................        9,000
      500     Cintas Corp.............................       24,715
      100     *Corinthian Colleges, Inc...............        3,387
      200     *Corporate Executive Board Co...........        6,850
      100     *CoStar Group, Inc......................        2,053
      100     Courier Corp............................        3,994
      200     *DeVry, Inc.............................        4,568
      100     *Dun & Bradstreet Corp..................        3,303
      100     *Education Management Corp..............        4,073
      200     Ennis Business Forms, Inc...............        2,606
      300     *Exult, Inc.............................        1,950
      100     *Forrester Research, Inc................        1,940
      273     *Getty Images, Inc......................        5,943
      200     *Gtech Holdings Corp....................        5,108
      500     H & R Block, Inc........................       23,075
      100     *Heidrick & Struggles International,                 
                Inc...................................        1,997
      300     Honeywell International, Inc............       10,569
      100     *Itron, Inc.............................        2,623
      100     Kelly Services, Inc (Class A)...........        2,699
      100     *Labor Ready, Inc.......................          583
      100     Manpower, Inc...........................        3,673
      200     Matthews International Corp (Class A)...        4,670
      600     Moody's Corp............................       29,850
      100     *MSC.Software Corp......................          895
      100     New England Business Services, Inc......        2,512
      100     *Prepaid Legal Services, Inc............        1,990
      100     *R.H. Donnelley Corp....................        2,797
      600     Robert Half International, Inc..........       13,980
      200     Rollins, Inc............................        4,068
      100     Standard Register Co....................        3,417
      100     *Symyx Technologies, Inc................        1,392
    2,500     Sysco Corp..............................       68,050
      100     Talx Corp...............................        1,896
      100     *Teletech Holdings, Inc.................          954
      300     *TMP Worldwide, Inc.....................        6,450
   21,584     Tyco International Ltd..................      291,600
    1,500     United Technologies Corp................      101,850
      200     Viad Corp...............................        5,200
                                                        -----------
              TOTAL OTHER                                   674,353
                                                        -----------
PRODUCER DURABLES--6.64%                                           
    1,100     3M Co...................................      135,300
      100     *Active Power, Inc......................          361
      100     *AGCO Corp..............................        1,950
      200     *Allied Waste Industries, Inc...........        1,920
      100     American States Water Co................        2,648
      180     Ametek, Inc.............................        6,705
      100     Baldor Electric Co......................        2,518
      200     *Brooks-PRI Automation, Inc.............        5,112
      100     *Capstone Turbine Corp..................          166
      100     *Coinstar, Inc..........................        2,445
      100     b*Covanta Energy Corp...................            2
      100     *Cuno, Inc..............................        3,618
      400     Danaher Corp............................       26,540

SEE NOTES TO FINANCIAL STATEMENTS 
38  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
PRODUCER DURABLES--(CONTINUED)                                     
      200     Federal Signal Corp.....................  $     4,800
      100     *Flow International Corp................          674
      100     *Flowserve Corp.........................        2,980
      200     *FMC Technologies, Inc..................        4,152
      100     *FuelCell Energy, Inc...................        1,029
   91,750     General Electric Co.....................    2,665,338
      100     *Genlyte Group, Inc.....................        4,063
      100     *Headwaters, Inc........................        1,575
      400     Illinois Tool Works, Inc................       27,312
      100     Kaydon Corp.............................        2,361
      100     *Littelfuse, Inc........................        2,313
      100     Manitowoc Co, Inc.......................        3,549
      100     Mine Safety Appliances Co...............        3,998
      100     *National Instruments Corp..............        3,256
      300     *Newpark Resources, Inc.................        2,205
      100     NN, Inc.................................        1,280
      100     *Photon Dynamics, Inc...................        3,000
      500     Pitney Bowes, Inc.......................       19,860
      300     *Power-One, Inc.........................        1,866
       68     *Rayovac Corp...........................        1,260
      100     Roper Industries, Inc...................        3,730
      300     *Tetra Tech, Inc........................        4,410
      100     *Thomas & Betts Corp....................        1,858
      100     *Waste Connections, Inc.................        3,124
      300     Waste Management, Inc...................        7,809
                                                        -----------
              TOTAL PRODUCER DURABLES                     2,967,087
                                                        -----------
TECHNOLOGY--26.17%                                                 
      500     *Acterna Corp...........................          206
      100     *Actel Corp.............................        2,102
      300     *Activision, Inc........................        8,718
      222     *Actuate Corp...........................          999
      100     *Acxiom Corp............................        1,749
    1,100     *ADC Telecommunications, Inc............        2,519
    1,000     Adobe Systems, Inc......................       28,500
      200     *Advanced Digital Information Corp......        1,686
      100     *Advanced Energy Industries, Inc........        2,218
      200     *Advanced Fibre Communications, Inc.....        3,308
    2,200     Advanced Micro Devices, Inc.............       21,384
      100     *Advent Software, Inc...................        2,570
      300     *Aeroflex, Inc..........................        2,085
      100     *Aether Systems, Inc....................          295
      400     *Affiliated Computer Services, Inc                   
                (Class A).............................       18,992
   27,600     *Agere Systems, Inc (Class A)...........       38,640
    1,833     *Agere Systems, Inc (Class B)...........        2,750
      100     *Agile Software Corp....................          727
      700     *Agilent Technologies, Inc..............       16,555
      200     *Akamai Technologies, Inc...............          260
      100     *Alliance Data Systems Corp.............        2,555
      200     *Alloy, Inc.............................        2,888
    1,600     *Altera Corp............................       21,760
    2,872     *Amdocs Ltd.............................       21,684
      200     *American Management Systems, Inc.......        3,822
      100     *American Superconductor Corp...........          546
      400     *Amkor Technology, Inc..................        2,488
      200     *Amphenol Corp (Class A)................        7,200
      200     *Anadigics, Inc.........................        1,648
   10,700     *Analog Devices, Inc....................      317,790
      168     *Answerthink, Inc.......................          637
      100     *Ansys, Inc.............................        2,010
      100     *APAC Customer Services, Inc............          590
   24,800     *Applied Materials, Inc.................      471,696
    5,800     *Applied Micro Circuits Corp............       27,434

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    100     Arbitron, Inc...........................  $     3,120
    400     *Ariba, Inc.............................        1,276
    300     *Arris Group, Inc.......................        1,344
  1,100     *Ascential Software Corp................        3,069
    100     *Asiainfo Holdings, Inc.................        1,325
    100     *Aspen Technology, Inc..................          834
    150     *Astropower, Inc........................        2,946
    100     *Asyst Technologies, Inc................        2,035
    543     b*At Home Corp (Series A)...............            1
    300     *At Road, Inc...........................        1,851
    800     *Atmel Corp.............................        5,008
    100     *ATMI, Inc..............................        2,237
    200     *Auspex Systems, Inc....................           50
  5,400     Automatic Data Processing, Inc..........      235,170
    600     *Avaya, Inc.............................        2,970
    400     *Avocent Corp...........................        6,368
  5,456     *Brocade Communications Systems, Inc....       95,371
    400     *Axcelis Technologies, Inc..............        4,520
  1,300     *BEA Systems, Inc.......................       12,363
    500     *Bisys Group, Inc.......................       16,650
    100     *Black Box Corp.........................        4,073
    600     *BMC Software, Inc......................        9,960
    200     *Borland Software Corp..................        2,060
     24     *Brightpoint, Inc.......................           61
  2,300     *Broadcom Corp (Class A)................       40,342
    914     *BroadVision, Inc.......................          283
    100     C&D Technologies, Inc...................        1,802
  1,100     *Cadence Design Systems, Inc............       17,732
    100     *Carreker Corp..........................        1,150
    100     *Centillium Communications, Inc.........          872
    200     *Ceridian Corp..........................        3,796
    200     *Certegy, Inc...........................        7,422
    300     *Checkfree Corp.........................        4,692
    100     *ChipPAC, Inc...........................          618
    100     *Chordiant Software, Inc................          195
  1,000     *CIENA Corp.............................        4,190
 73,149     *Cisco Systems, Inc.....................    1,020,429
    700     *Citrix Systems, Inc....................        4,228
    208     *CNET Networks, Inc.....................          414
    100     *Cognex Corp............................        2,005
    100     Cohu, Inc...............................        1,728
    200     Computer Associates International,                   
              Inc...................................        3,178
    100     *Computer Network Technology Corp.......          613
    700     *Compuware Corp.........................        4,249
    600     *Comverse Technology, Inc...............        5,556
  2,000     *Concord EFS, Inc.......................       60,280
    300     *Concurrent Computer Corp...............        1,395
    500     *Conexant Systems, Inc..................          810
    700     *Convergys Corp.........................       13,636
    100     *CoorsTek, Inc..........................        3,091
  1,800     *Corning, Inc...........................        6,390
    100     *Covansys Corp..........................          562
    100     *Credence Systems Corp..................        1,777
    200     *CSG Systems International, Inc.........        3,828
     68     CTS Corp................................          819
    100     Cubic Corp..............................        2,370
    200     *Cymer, Inc.............................        7,008
    300     *Cypress Semiconductor Corp.............        4,554
    450     *Datastream Systems, Inc................        3,195
 21,400     *Dell Computer Corp.....................      559,396
    300     Deluxe Corp.............................       11,667
    100     *DiamondCluster International, Inc                   
              (Class A).............................          598
    100     *Digital Insight Corp...................        1,645

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   39

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      200     *Documentum, Inc........................  $     2,400
      516     *DoubleClick, Inc.......................        3,741
       63     *DSP Group, Inc.........................        1,235
      400     *DST Systems, Inc.......................       18,284
      100     *Dupont Photomasks, Inc.................        3,248
      200     *E.piphany, Inc.........................          878
      100     *Echelon Corp...........................        1,288
      200     *eFunds Corp............................        1,898
      200     *Electro Scientific Industries, Inc.....        4,860
      100     *Electroglas, Inc.......................        1,000
      400     *Electronic Arts, Inc...................       26,420
    1,500     Electronic Data Systems Corp............       55,725
   17,600     EMC Corp................................      132,880
      100     *Emcore Corp............................          600
      300     *Emulex Corp............................        6,753
      100     *Entegris, Inc..........................        1,460
      300     *Enterasys Networks, Inc................          534
      200     *Entrust, Inc...........................          544
        1     *Epicor Software Corp...................            2
      600     Equifax, Inc............................       16,200
      100     *Espeed, Inc (Class A)..................        1,091
      100     *Exar Corp..............................        1,972
    1,700     b*Exds, Inc.............................           15
      300     *Extreme Networks, Inc..................        3,027
      100     *F5 Networks, Inc.......................          978
      200     Fair, Isaac & Co, Inc...................        6,574
      400     *Fairchild Semiconductor International,              
                Inc (Class A).........................        9,720
      100     *FEI Co.................................        2,451
      200     *Filenet Corp...........................        2,900
    3,100     First Data Corp.........................      115,320
      800     *Fiserv, Inc............................       29,368
      100     *Flir Systems, Inc......................        4,197
      200     *Foundry Networks, Inc..................        1,406
      100     *Freemarkets, Inc.......................        1,413
      100     Global Payments, Inc....................        2,975
      400     *Globespan Virata, Inc..................        1,548
      100     *Handspring, Inc........................          174
      220     *Harmonic, Inc..........................          805
      100     Harris Corp.............................        3,624
      850     Helix Technology Corp...................       17,510
      300     Henry (Jack) & Associates, Inc..........        5,007
      100     *HNC Software, Inc......................        1,670
      700     *i2 Technologies, Inc...................        1,036
      450     *Identix, Inc...........................        3,285
      200     *Informatica Corp.......................        1,418
      377     *Inktomi Corp...........................          332
      100     *Integrated Circuit Systems, Inc........        2,019
    2,500     *Integrated Device Technology, Inc......       45,350
   65,400     Intel Corp..............................    1,194,858
    6,700     International Business Machines Corp....      482,400
      100     *Intercept, Inc.........................        2,072
      221     *Interdigital Communications Corp.......        2,000
      200     *Intergraph Corp........................        3,488
      100     *Intermagnetics General Corp............        2,020
      500     *Internap Network Services Corp.........          115
      300     *International Rectifier Corp...........        8,745
    1,800     *Internet Security Systems, Inc.........       23,616
      300     *Intersil Corp (Class A)................        6,414
        2     *InterWorld Corp........................            0
      300     *Interwoven, Inc........................          915
      600     *Intuit, Inc............................       29,832
      200     *Iron Mountain, Inc.....................        6,170

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    100     *Ixia...................................  $       582
    300     *J.D. Edwards & Co......................        3,645
    600     *Jabil Circuit, Inc.....................       12,666
  2,400     *JDS Uniphase Corp......................        6,408
    800     *Juniper Networks, Inc..................        4,520
    200     Keane, Inc..............................        2,480
    100     *Keynote Systems, Inc...................          732
  3,100     *KLA-Tencor Corp........................      136,369
    300     *Kopin Corp.............................        1,980
    300     *KPMG Consulting, Inc...................        4,458
    200     *Kronos, Inc............................        6,098
    100     *Kulicke & Soffa Industries, Inc........        1,239
  4,600     *Lam Research Corp......................       82,708
    300     *Lattice Semiconductor Corp.............        2,622
    400     *Legato Systems, Inc....................        1,440
    500     *Lexmark International, Inc.............       27,200
    300     *Liberate Technologies..................          792
    100     *Lightbridge, Inc.......................          845
  4,100     Linear Technology Corp..................      128,863
    500     *LSI Logic Corp.........................        4,375
    206     *LTX Corp...............................        2,942
    200     *Macromedia, Inc........................        1,774
    200     *Macrovision Corp.......................        2,622
    100     *Manhattan Associates, Inc..............        3,216
    100     *Mapinfo Corp...........................          910
    100     *Matrixone, Inc.........................          610
  5,200     *Maxim Integrated Products, Inc.........      199,316
    200     *Maxtor Corp............................          904
    100     *McData Corp (Class A)..................          881
    462     *Mentor Graphics Corp...................        6,570
    100     *Mercury Computer Systems, Inc..........        2,070
    300     *Mercury Interactive Corp...............        6,888
    100     *MetaSolv, Inc..........................          399
    100     *Mettler-Toledo International, Inc......        3,687
    300     *Micrel, Inc............................        4,314
    900     *Microchip Technology, Inc..............       24,687
    300     *Micromuse, Inc.........................        1,392
  6,100     Micron Technology, Inc..................      123,342
    100     Microsemi Corp..........................          660
 43,100     *Microsoft Corp.........................    2,357,570
    100     *MKS Instruments, Inc...................        2,007
    300     Molex, Inc..............................       10,059
 15,300     Motorola, Inc...........................      220,626
    300     *MRV Communications, Inc................          459
  3,211     *National Semiconductor Corp............       93,665
    100     NDCHealth Corp..........................        2,790
  1,000     Network Appliance, Inc..................       12,440
    100     *Netegrity, Inc.........................          616
    100     *NETIQ Corp.............................        2,263
    200     *Netro Corp.............................          456
  4,400     *Network Associates, Inc................       84,788
    200     *New Focus, Inc.........................          594
    200     *Newport Corp...........................        3,132
    100     *Novadigm, Inc..........................          727
  6,100     *Novellus Systems, Inc..................      207,400
    100     *Nuance Communications, Inc.............          418
    400     *Nvidia Corp............................        6,872
    100     *NYFIX, Inc.............................          850
    200     *Oak Technology, Inc....................          906
    100     *ON Semiconductor Corp..................          206
    100     *Onyx Software Corp.....................          338
    300     *Openwave Systems, Inc..................        1,683
    400     *Oplink Communications, Inc.............          292

SEE NOTES TO FINANCIAL STATEMENTS 
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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
   63,100     *Oracle Corp............................  $   597,557
      100     *Overture Services, Inc.................        2,498
      100     *Packeteer, Inc.........................          442
    1,000     *Parametric Technology Corp.............        3,430
      300     *Paxson Communications Corp.............        1,650
    1,400     Paychex, Inc............................       43,806
    1,100     *Peoplesoft, Inc........................       16,368
      300     *Perot Systems Corp (Class A)...........        3,267
      100     *Photronics, Inc........................        1,894
      100     *Plantronics, Inc.......................        1,901
      200     *Plexus Corp............................        3,620
      100     *PLX Technology, Inc....................          425
      400     *PMC-Sierra, Inc........................        3,708
      300     *Polycom, Inc...........................        3,597
      500     *Portal Software, Inc...................          375
      100     *Power Integrations, Inc................        1,790
      200     *Powerwave Technologies, Inc............        1,832
      200     *PRG-Schultz International, Inc.........        2,462
      400     *QLogic Corp............................       15,240
      100     *Probusiness Services, Inc..............        1,457
      177     *Progress Software Corp.................        2,612
    3,800     *Qualcomm, Inc..........................      104,462
      100     *Quest Software, Inc....................        1,453
      200     Quixote Corp............................        3,390
      100     *Radiant Systems, Inc...................        1,303
      100     *Radisys Corp...........................        1,163
      500     *Rambus, Inc............................        2,045
      600     *Rational Software Corp.................        4,926
      300     *RealNetworks, Inc......................        1,221
      100     *Red Hat, Inc...........................          587
      500     *Redback Networks, Inc..................          895
      200     *Retek, Inc.............................        4,860
      200     Reynolds & Reynolds Co (Class A)........        5,590
      500     *RF Micro Devices, Inc..................        3,810
      300     *Riverstone Networks, Inc...............          939
      100     *Rogers Corp............................        2,731
      200     *S1 Corp................................        1,478
      100     *Sanchez Computer Associates, Inc.......          446
      200     *Sandisk Corp...........................        2,480
   12,400     *Sanmina-SCI Corp.......................       78,244
      200     *Sapient Corp...........................          212
      100     *Secure Computing Corp..................          755
      100     *Seebeyond Technology Corp..............          310
      100     *Semitool, Inc..........................          816
      400     *Semtech Corp...........................       10,680
      100     *Serena Software, Inc...................        1,370
    7,200     *Siebel Systems, Inc....................      102,384
      200     *Silicon Image, Inc.....................        1,224
      300     *Silicon Storage Technology, Inc........        2,340
    2,500     *Solectron Corp.........................       15,375
      100     *Somera Communications, Inc.............          714
      100     *SonicWALL, Inc.........................          502
      600     *Sonus Networks, Inc....................        1,212
      100     *Sourcecorp.............................        2,650
      100     *Spectralink Corp.......................        1,064
    4,600     STMicroelectronics NV (New York Shs)....      111,918
      200     *Storage Technology Corp................        3,194
      300     *Starbase Corp..........................           63
      200     *StorageNetworks, Inc...................          394
   23,100     *Sun Microsystems, Inc..................      115,731
    1,100     *Sungard Data Systems, Inc..............       29,128
      400     *Sybase, Inc............................        4,220

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      300     *Sycamore Networks, Inc.................  $     1,158
    2,100     *Symantec Corp..........................       68,985
      400     Symbol Technologies, Inc................        3,400
      300     *Synopsys, Inc..........................       16,443
    8,620     *Taiwan Semiconductor Manufacturing Co               
                Ltd                                                
                (Spon ADR)............................      112,060
      100     *Take-Two Interactive Software, Inc.....        2,059
      100     Technitrol, Inc.........................        2,330
      368     *Tekelec................................        2,955
    1,500     *Tellabs, Inc...........................        9,300
      100     *Tellium, Inc...........................           93
    2,300     *Teradyne, Inc..........................       54,050
   17,522     Texas Instruments, Inc..................      415,271
      100     *Therma-Wave, Inc.......................        1,139
      200     *Tibco Software, Inc....................        1,112
      225     *Titan Corp.............................        4,115
      100     Total System Services, Inc..............        1,881
      100     *Transaction Systems Architects, Inc                 
                (Class A).............................        1,176
      100     *Trimble Navigation Ltd.................        1,550
      300     *Triquint Semiconductor, Inc............        1,923
      100     *Trizetto Group, Inc....................          855
      100     *Unisys Corp............................          900
      100     *Universal Access Global Holdings,                   
                Inc...................................           19
      100     *Universal Display Corp.................          830
      100     *Varian Semiconductor Equipment                      
                Associates, Inc.......................        3,393
      100     *Veeco Instruments, Inc.................        2,311
      800     *VeriSign, Inc..........................        5,752
    5,800     *Veritas Software Corp..................      114,782
      100     *Verity, Inc............................        1,109
      100     *Vicor Corp.............................          699
      100     *Viewpoint Corp.........................          482
      400     *Vignette Corp..........................          788
      100     Virco Manufacturing Corp................        1,310
       98     *Vishay Intertechnology, Inc............        2,156
      300     *Vitria Technology, Inc.................          288
      300     *webMethods, Inc........................        2,970
      100     *Websense, Inc..........................        2,557
      100     *Wesco International, Inc...............          630
      700     *Western Digital Corp...................        2,275
      200     *Wind River Systems, Inc................        1,002
      100     *Wireless Facilities, Inc...............          490
      100     *Xicor, Inc.............................          404
    4,399     *Xilinx, Inc............................       98,670
      100     *Zebra Technologies Corp (Class A)......        4,822
      100     *Zygo Corp..............................          805
                                                        -----------
              TOTAL TECHNOLOGY                           11,691,840
                                                        -----------
TRANSPORTATION--0.40%                                              
      214     *Airtran Holdings, Inc..................        1,145
      200     *Atlantic Coast Airlines Holdings,                   
                Inc...................................        4,340
      100     *BE Aerospace, Inc......................        1,318
      400     C.H. Robinson Worldwide, Inc............       13,412
      100     *EGL, Inc...............................        1,696
      400     Expeditors International Of Washington,              
                Inc...................................       13,264
      100     *Forward Air Corp.......................        3,278
      100     *Frontier Airlines, Inc.................          813
      100     *Mesa Air Group, Inc....................          920
      600     Sabre Holdings Corp.....................       21,480
      200     Skywest, Inc............................        4,678
    1,300     Southwest Airlines Co...................       20,983
      200     *Swift Transportation Co, Inc...........        4,660
    1,400     United Parcel Service, Inc (Class B)....       86,450
                                                        -----------
              TOTAL TRANSPORTATION                          178,437
                                                        -----------

SEE NOTES TO FINANCIAL STATEMENTS 
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   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
  UTILITIES--0.55%                                                  
     3,800     *A T & T Wireless Services, Inc.........  $    22,230
     1,100     *AES Corp...............................        5,962
       100     *AirGate PCS, Inc.......................          100
       100     *Alamosa Holdings, Inc..................          141
       300     *Allegiance Telecom, Inc................          549
     1,011     *American Tower Corp (Class A)..........        3,488
       310     b*Arch Wireless, Inc....................            0
       400     *Calpine Corp...........................        2,812
       100     *Centennial Communications Corp.........          244
       100     *Chiles Offshore, Inc...................        2,425
       600     Citizens Communications Co..............        5,016
       100     Commonwealth Telephone Enterprises,                  
                 Inc...................................        4,022
       300     *Crown Castle International Corp........        1,179
     2,000     b*Enron Corp............................          212
         2     *Focal Communications Corp..............            5
        15     *Focal Communications Corp Wts                       
                 12/14/07..............................            0
       100     *General Communication, Inc (Class A)...          667
        20     b*ITC Deltacom, Inc.....................            1
       100     Kinder Morgan, Inc......................        3,802
       600     *Level 3 Communications, Inc............        1,770
       500     *Mirant Corp............................        3,650
       100     b*Newpower Holdings, Inc................            2
     2,200     *Nextel Communications, Inc (Class A)...        7,062
       100     *Nextel Partners, Inc (Class A).........          301
       100     Otter Tail Corp.........................        3,150
       100     b*Pinnacle Holdings, Inc................            1
       300     *Price Communications Corp..............        4,800
     2,600     *Qwest Communications International,                 
                 Inc...................................        8,085
         2     *RCN Corp...............................            3
       175     Skyworks Solutions, Inc.................          974
       100     *Southwestern Energy Co.................        1,519
       200     *Spectrasite Holdings, Inc..............           36
    33,766     *Sprint Corp (PCS Group)................      150,934
       200     *Time Warner Telecom, Inc (Class A).....          336
       200     *Triton PCS Holdings, Inc (Class A).....          780
       100     UGI Corp................................        3,192
       100     *U.S. Unwired, Inc (Class A)............          280
         2     *Vast Solutions, Inc (Class B1).........            0
         2     *Vast Solutions, Inc (Class B2).........            0
         2     *Vast Solutions, Inc (Class B3).........            0
       100     *West Corp..............................        2,205
       100     Western Gas Resources, Inc..............        3,740
       100     Williams Cos, Inc.......................          600
                                                         -----------
               TOTAL UTILITIES                               246,275
                                                         -----------
               TOTAL COMMON STOCK                                   
                 (Cost $65,992,320)                       44,261,935
                                                         -----------

PRINCIPAL                                                  VALUE    
---------                                                  -----    
                                                                    
  SHORT TERM INVESTMENT--0.67%                                      
   U.S. GOVERNMENT AND AGENCY--0.67%                                
               Federal Home Loan Mortgage Corp (FHLMC)              
  $300,000       1.900%, 07/01/02......................  $   300,000
                                                         -----------
               TOTAL SHORT TERM INVESTMENT                          
                 (Cost $300,000)                             300,000
                                                         -----------
               TOTAL PORTFOLIO--99.74%                              
                 (Cost $66,293,320)                       44,561,935
               OTHER ASSETS & LIABILITIES, NET--0.26%        115,424
                                                         -----------
               NET ASSETS--100.00%                       $44,677,359
                                                         ===========

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

SEE NOTES TO FINANCIAL STATEMENTS 
42  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
COMMON STOCK--99.59%                                                
  AEROSPACE AND DEFENSE--1.55%                                      
     2,188     Boeing Co...............................  $    98,460
        50     *EnPro Industries, Inc..................          263
     5,218     General Dynamics Corp...................      554,934
       254     Goodrich Corp...........................        6,939
     1,331     Lockheed Martin Corp....................       92,505
       364     Northrop Grumman Corp...................       45,500
       324     PerkinElmer, Inc........................        3,580
     1,186     Raytheon Co.............................       48,330
       836     Rockwell Collins, Inc...................       22,922
                                                         -----------
               TOTAL AEROSPACE AND DEFENSE                   873,433
                                                         -----------
 BASIC INDUSTRIES--4.60%                                            
     7,332     Air Products & Chemicals, Inc...........      370,046
       517     Alcan, Inc..............................       19,398
     2,016     Alcoa, Inc..............................       66,830
       219     Allegheny Technologies, Inc.............        3,460
       300     *American Standard Cos, Inc.............       22,530
       262     Avery Dennison Corp.....................       16,441
       916     Barrick Gold Corp (U.S.)................       17,395
       200     Bemis Co................................        9,500
       498     Black & Decker Corp.....................       24,004
       100     Boise Cascade Corp......................        3,453
       324     Centex Corp.............................       18,724
     2,281     Dow Chemical Co.........................       78,421
     2,925     Du Pont (E.I.) de Nemours & Co..........      129,870
       182     Eastman Chemical Co.....................        8,536
       706     Ecolab, Inc.............................       32,638
       796     Engelhard Corp..........................       22,543
       473     Fluor Corp..............................       18,423
       891     *Freeport-Mcmoran Copper & Gold, Inc                 
                 (Class A).............................       15,904
     1,219     Georgia-Pacific Corp....................       29,963
       300     Great Lakes Chemical Corp...............        7,947
       343     *Hercules, Inc..........................        3,979
       356     *Inco Ltd Co (U.S.).....................        8,060
     1,811     International Paper Co..................       78,923
     7,956     Kimberly-Clark Corp.....................      493,272
       329     *Louisiana-Pacific Corp.................        3,484
     1,435     Masco Corp..............................       38,903
       460     MeadWestvaco Corp.......................       15,438
    12,993     Newmont Mining Corp.....................      342,106
       207     Nucor Corp..............................       13,463
       593     *Pactiv Corp............................       14,113
       286     *Phelps Dodge Corp......................       11,783
     2,082     Placer Dome, Inc (U.S.).................       23,339
     1,000     Plum Creek Timber Co, Inc...............       30,700
       708     PPG Industries, Inc.....................       43,825
     6,769     Praxair, Inc............................      385,630
       707     Rohm & Haas Co..........................       28,626
       294     *Sealed Air Corp........................       11,839
       480     Sherwin-Williams Co.....................       14,366
       340     Sigma-Aldrich Corp......................       17,051
       200     Snap-On, Inc............................        5,938
       306     Stanley Works...........................       12,549
       200     Temple-Inland, Inc......................       11,572
       602     United States Steel Corp................       11,974
       336     Vulcan Materials Co.....................       14,717
       441     Weyerhaeuser Co.........................       28,158
       322     Worthington Industries, Inc.............        5,828
                                                         -----------
               TOTAL BASIC INDUSTRIES                      2,585,662
                                                         -----------

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--11.37%                                          
      335     *American Greetings Corp (Class A)......  $     5,581
   27,728     AOL Time Warner, Inc....................      407,879
      500     *Apollo Group, Inc (Class A)............       19,710
   19,562     Autoliv, Inc............................      492,962
      856     *Bed Bath & Beyond, Inc.................       32,305
      360     Big Lots, Inc...........................        7,085
      330     Brunswick Corp..........................        9,240
    2,393     Carnival Corp...........................       66,262
    1,886     Clear Channel Communications, Inc.......       60,390
    3,000     *Comcast Corp (Class A) Special.........       71,520
      300     Cooper Tire & Rubber Co.................        6,165
   10,550     *Cox Communications, Inc (Class A)......      290,653
      788     Dana Corp...............................       14,602
      995     Darden Restaurants, Inc.................       24,577
    2,633     Delphi Corp.............................       34,756
      443     Dillard's, Inc (Class A)................       11,646
    1,078     Dollar General Corp.....................       20,514
      210     Dow Jones & Co, Inc.....................       10,175
      549     Eastman Kodak Co........................       16,014
    9,738     Family Dollar Stores, Inc...............      343,265
      882     *Federated Department Stores, Inc.......       35,015
    4,453     Ford Motor Co...........................       71,248
      746     Gannett Co, Inc.........................       56,621
    1,497     Gap, Inc................................       21,257
    1,918     General Motors Corp.....................      102,517
      318     Genuine Parts Co........................       11,089
      360     Goodyear Tire & Rubber Co...............        6,736
    1,218     Harley-Davidson, Inc....................       62,447
      307     Harrah's Entertainment, Inc.............       13,615
      679     Hilton Hotels Corp......................        9,438
      500     *International Game Technology..........       28,350
    1,159     Interpublic Group Of Cos, Inc...........       28,697
    1,400     J.C. Penney Co, Inc.....................       30,828
      398     Johnson Controls, Inc...................       32,481
      400     *Jones Apparel Group, Inc...............       15,000
      291     Knight Ridder, Inc......................       18,318
      958     *Kohl's Corp............................       67,137
      455     Leggett & Platt, Inc....................       10,647
   27,993     *Liberty Media Corp (Class A)...........      279,930
    2,016     Limited, Inc............................       42,941
      202     Liz Claiborne, Inc......................        6,424
      692     Marriott International, Inc (Class A)...       26,331
      576     May Department Stores Co................       18,968
      388     Maytag Corp.............................       16,548
    4,435     McDonald's Corp.........................      126,176
      558     McGraw-Hill Cos, Inc....................       33,313
      122     Meredith Corp...........................        4,679
      496     New York Times Co (Class A).............       25,544
    1,079     Nike, Inc (Class B).....................       57,888
   66,000     Nissan Motor Co Ltd.....................      457,046
      532     Nordstrom, Inc..........................       12,050
      417     Omnicom Group, Inc......................       19,099
      487     R.R. Donnelley & Sons Co................       13,417
      255     *Reebok International Ltd...............        7,523
      668     Sears Roebuck & Co......................       36,272
    1,200     *Starbucks Corp.........................       29,820
    3,146     Target Corp.............................      119,863
    8,493     Tiffany & Co............................      298,954
    2,248     TJX Cos, Inc............................       44,083
      950     Tribune Co..............................       41,325
      592     TRW, Inc................................       33,732
      700     *Univision Communications, Inc (Class                
                A)....................................       21,980

SEE NOTES TO FINANCIAL STATEMENTS 
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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
      521     VF Corp.................................  $    20,428
    1,514     *Viacom, Inc (Class A)..................       67,312
    4,015     *Viacom, Inc (Class B)..................      178,146
      370     Visteon Corp............................        5,254
   28,860     Wal-Mart Stores, Inc....................    1,587,589
    6,374     Walt Disney Co..........................      120,469
      264     Wendy's International, Inc..............       10,515
      168     Whirlpool Corp..........................       10,980
    1,900     *Yahoo!, Inc............................       28,044
      908     *Yum Brands, Inc........................       26,559
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     6,395,944
                                                        -----------
CONSUMER NON-CYCLICAL--10.76%                                      
      133     Alberto-Culver Co (Class B).............        6,357
      701     Albertson's, Inc........................       21,352
    2,404     Anheuser-Busch Cos, Inc.................      120,200
    1,076     Archer Daniels Midland Co...............       13,762
      443     *Autozone, Inc..........................       34,244
    1,057     Avon Products, Inc......................       55,218
    7,563     *Best Buy Co, Inc.......................      274,537
      247     Brown-Forman Corp (Class B).............       17,043
    1,193     Campbell Soup Co........................       32,998
      371     Circuit City Stores, Inc (Circuit City               
                Group)................................        6,956
      743     Clorox Co...............................       30,723
    7,837     Coca-Cola Co............................      438,872
    1,388     Coca-Cola Enterprises, Inc..............       30,647
    9,150     Colgate-Palmolive Co....................      457,958
    2,137     Conagra Foods, Inc......................       59,088
      169     Coors (Adolph) Co (Class B).............       10,529
    1,000     Costco Wholesale Corp...................       38,620
      719     CVS Corp................................       22,001
   23,260     Diageo plc..............................      302,078
    8,903     General Mills, Inc......................      392,444
    3,686     Gillette Co.............................      124,845
      462     Hasbro, Inc.............................        6,265
      317     Hershey Foods Corp......................       19,813
    1,027     HJ Heinz Co.............................       42,210
   14,964     Home Depot, Inc.........................      549,628
      242     International Flavors & Fragrances,                  
                Inc...................................        7,863
       79     JM Smucker Co...........................        2,696
    1,643     Kellogg Co..............................       58,918
    2,448     *Kroger Co..............................       48,715
   10,885     Lowe's Cos..............................      494,179
    1,292     Mattel, Inc.............................       27,235
    1,745     Nestle S.A. (Regd)......................      406,889
      752     Newell Rubbermaid, Inc..................       26,365
      865     *Office Depot, Inc......................       14,532
    1,300     Pepsi Bottling Group, Inc...............       40,040
   14,021     Pepsico, Inc............................      675,812
    6,713     Philip Morris Cos, Inc..................      293,224
    4,050     Procter & Gamble Co.....................      361,665
      449     RadioShack Corp.........................       13,497
    1,490     *Safeway, Inc...........................       43,493
    2,351     Sara Lee Corp...........................       48,525
    1,400     *Staples, Inc...........................       27,580
    1,068     *Toys "R" Us, Inc.......................       18,658
      200     Tupperware Corp.........................        4,158
    1,726     Unilever NV (New York Shs)..............      111,845
      309     UST, Inc................................       10,506
    3,648     Walgreen Co.............................      140,922

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      868     Winn-Dixie Stores, Inc..................  $    13,532
      938     Wrigley (Wm.) Jr Co.....................       51,918
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 6,051,155
                                                        -----------
ENERGY--8.74%                                                      
      215     Amerada Hess Corp.......................       17,738
      780     Anadarko Petroleum Corp.................       38,454
    9,014     Apache Corp.............................      518,125
      162     Ashland, Inc............................        6,561
   13,619     Baker Hughes, Inc.......................      453,377
      300     BJ Services Co..........................       10,164
   13,359     Burlington Resources, Inc...............      507,642
    3,483     ChevronTexaco Corp......................      308,246
    2,440     Conoco, Inc.............................       67,832
      500     Devon Energy Corp.......................       24,640
      600     EOG Resources, Inc......................       23,820
   54,206     Exxon Mobil Corp........................    2,218,110
      724     Halliburton Co..........................       11,541
      223     Kerr-McGee Corp.........................       11,942
      499     Marathon Oil Corp.......................       13,533
      122     *McDermott International, Inc...........          988
      400     *Nabors Industries Ltd..................       14,120
      300     *Noble Corp.............................       11,580
    1,578     Occidental Petroleum Corp...............       47,324
      851     Phillips Petroleum Co...................       50,107
      213     Rowan Cos, Inc..........................        4,569
    6,899     Royal Dutch Petroleum Co (New York                   
                Shs)..................................      381,308
    2,077     Schlumberger Ltd........................       96,581
      186     Sunoco, Inc.............................        6,627
      977     Transocean, Inc.........................       30,434
    1,064     Unocal Corp.............................       39,304
                                                        -----------
              TOTAL ENERGY                                4,914,667
                                                        -----------
FINANCIAL SERVICES--19.19%                                         
    1,200     ACE Ltd.................................       37,920
    2,024     Aflac, Inc..............................       64,768
    1,745     Allstate Corp...........................       64,530
      200     Ambac Financial Group, Inc..............       13,440
    4,508     American Express Co.....................      163,731
   22,236     American International Group, Inc.......    1,517,162
      721     Amsouth Bancorp.........................       16,136
      488     AON Corp................................       14,386
   15,952     Bank Of America Corp....................    1,122,383
    1,722     Bank Of New York Co, Inc................       58,118
    3,160     Bank One Corp...........................      121,597
      925     BB&T Corp...............................       35,705
      474     Bear Stearns Cos, Inc...................       29,009
      653     Capital One Financial Corp..............       39,866
    2,954     Charles Schwab Corp.....................       33,085
      440     Charter One Financial, Inc..............       15,127
      703     Chubb Corp..............................       49,772
      585     Cincinnati Financial Corp...............       27,220
   41,982     Citigroup, Inc..........................    1,626,803
      370     Comerica, Inc...........................       22,718
      835     *Conseco, Inc...........................        1,670
      454     Countrywide Credit Industries, Inc......       21,906
    1,300     Equity Office Properties Trust..........       39,130
      800     Equity Residential Properties Trust.....       23,000
   11,122     Fannie Mae..............................      820,248
    1,987     Fifth Third Bancorp.....................      132,434
      700     First Tennessee National Corp...........       26,810
    9,890     FleetBoston Financial Corp..............      319,942
      784     Franklin Resources, Inc.................       33,430
    1,916     Freddie Mac.............................      117,259

SEE NOTES TO FINANCIAL STATEMENTS 
44  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      658     Golden West Financial Corp..............  $    45,257
    5,100     Goldman Sachs Group, Inc................      374,085
      607     Hartford Financial Services Group,                   
                Inc...................................       36,098
    1,686     Household International, Inc............       83,794
    1,106     Huntington Bancshares, Inc..............       21,479
      263     Jefferson-Pilot Corp....................       12,361
      600     John Hancock Financial Services, Inc....       21,120
    6,656     JP Morgan Chase & Co....................      225,772
      749     Keycorp.................................       20,448
      552     Lehman Brothers Holdings, Inc...........       34,511
      342     Lincoln National Corp...................       14,364
      819     Marsh & McLennan Cos, Inc...............       79,115
    1,000     Marshall & Ilsley Corp..................       30,930
      292     MBIA, Inc...............................       16,507
    3,057     MBNA Corp...............................      101,095
    1,685     Mellon Financial Corp...................       52,960
    2,714     Merrill Lynch & Co, Inc.................      109,917
    1,800     Metlife, Inc............................       51,840
      241     MGIC Investment Corp....................       16,340
    3,687     Morgan Stanley Dean Witter & Co.........      158,836
    1,442     National City Corp......................       47,947
    7,468     Northern Trust Corp.....................      329,040
    1,090     PNC Financial Services Group, Inc.......       56,985
      907     Progressive Corp........................       52,470
      550     *Providian Financial Corp...............        3,234
    1,121     Regions Financial Corp..................       39,403
   13,161     Safeco Corp.............................      406,543
      500     Simon Property Group, Inc...............       18,420
      368     Slm Corp................................       35,659
    1,500     SouthTrust Corp.........................       39,180
      420     St. Paul Cos, Inc.......................       16,346
      900     Starwood Hotels & Resorts Worldwide,                 
                Inc...................................       29,601
      748     State Street Corp.......................       33,436
      708     Stilwell Financial, Inc.................       12,886
    1,054     Suntrust Banks, Inc.....................       71,377
    1,381     Synovus Financial Corp..................       38,005
      280     T Rowe Price Group, Inc.................        9,206
      491     Torchmark Corp..........................       18,756
      908     Union Planters Corp.....................       29,392
    4,937     UnumProvident Corp......................      125,647
   29,286     U.S. Bancorp............................      683,828
    4,155     Wachovia Corp...........................      158,638
    2,665     Washington Mutual, Inc..................       98,898
    5,623     Wells Fargo & Co........................      281,487
      400     XL Capital Ltd (Class A)................       33,880
      200     Zions Bancorp...........................       10,420
                                                        -----------
              TOTAL FINANCIAL SERVICES                   10,796,818
                                                        -----------
HEALTH CARE--17.17%                                                
   16,262     Abbott Laboratories.....................      612,264
   12,145     Aetna, Inc..............................      582,596
    1,728     *Alcon, Inc.............................       59,184
      307     Allergan, Inc...........................       20,492
      300     AmerisourceBergen Corp..................       22,800
   12,857     Amgen, Inc..............................      538,451
    1,177     Applera Corp (Applied Biosystems                     
                Group)................................       22,940
      118     Bard (C.R.), Inc........................        6,676
      300     Bausch & Lomb, Inc......................       10,155
   10,688     Baxter International, Inc...............      475,082
    1,181     Becton Dickinson & Co...................       40,685
      248     *Biogen, Inc............................       10,275
      486     Biomet, Inc.............................       13,180
      661     *Boston Scientific Corp.................       19,381

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    5,712     Bristol-Myers Squibb Co.................  $   146,798
    8,288     Cardinal Health, Inc....................      508,966
      600     *Chiron Corp............................       21,210
      326     Cigna Corp..............................       31,759
      500     *Forest Laboratories, Inc...............       35,400
      600     *Genzyme Corp (General Division)........       11,544
      913     *Guidant Corp...........................       27,600
    1,547     HCA, Inc................................       73,483
      700     *Health Management Associates, Inc                   
                (Class A).............................       14,105
    1,116     *Healthsouth Corp.......................       14,274
      511     *Humana, Inc............................        7,987
    1,700     *Immunex Corp...........................       37,978
    1,520     IMS Health, Inc.........................       27,284
   14,024     Johnson & Johnson.......................      732,894
   11,388     *King Pharmaceuticals, Inc..............      253,383
    3,338     Lilly (Eli) & Co........................      188,263
      264     *Manor Care, Inc........................        6,072
      853     McKesson Corp...........................       27,893
      700     *Medimmune, Inc.........................       18,480
    3,776     Medtronic, Inc..........................      161,802
    7,136     Merck & Co, Inc.........................      361,367
      300     *Millipore Corp.........................        9,594
      293     Pall Corp...............................        6,080
   50,194     Pfizer, Inc.............................    1,756,790
   17,375     Pharmacia Corp..........................      650,694
      566     *Quintiles Transnational Corp...........        7,069
   19,868     Schering-Plough Corp....................      488,753
      294     St. Jude Medical, Inc...................       21,712
      600     Stryker Corp............................       32,106
      956     Tenet Healthcare Corp...................       68,402
    6,990     UnitedHealth Group, Inc.................      639,935
      400     *Waters Corp............................       10,680
      323     *Watson Pharmaceuticals, Inc............        8,162
      512     *Wellpoint Health Networks, Inc.........       39,839
   14,422     Wyeth...................................      738,406
    1,001     *Zimmer Holdings, Inc...................       35,696
                                                        -----------
              TOTAL HEALTH CARE                           9,656,621
                                                        -----------
OTHER--1.56%                                                       
    3,263     Cendant Corp............................       51,816
      800     Cintas Corp.............................       39,544
      151     Crane Co................................        3,832
      571     Dover Corp..............................       19,985
      479     Fortune Brands, Inc.....................       26,824
      646     H & R Block, Inc........................       29,813
    2,943     Honeywell International, Inc............      103,682
      310     ITT Industries, Inc.....................       21,886
      594     Loews Corp..............................       31,476
      584     Moody's Corp............................       29,054
      300     Robert Half International, Inc..........        6,990
      418     Supervalu, Inc..........................       10,254
    1,328     Sysco Corp..............................       36,148
      248     Textron, Inc............................       11,631
      300     *TMP Worldwide, Inc.....................        6,450
   25,156     Tyco International Ltd..................      339,858
    1,615     United Technologies Corp................      109,659
                                                        -----------
              TOTAL OTHER                                   878,902
                                                        -----------
PRODUCER DURABLES--4.95%                                           
    1,132     3M Co...................................      139,236
      609     *Allied Waste Industries, Inc...........        5,846
      741     Caterpillar, Inc........................       36,272
      404     Cooper Industries Ltd (Class A).........       15,877
      200     Cummins, Inc............................        6,620

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   45

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Statement of Investments (Unaudited) - GROWTH & INCOME FUND - June 30, 2002 
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                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
PRODUCER DURABLES--(CONTINUED)                                     
      428     Danaher Corp............................  $    28,398
      981     Deere & Co..............................       46,990
    5,013     Eaton Corp..............................      364,696
    1,297     Emerson Electric Co.....................       69,402
   61,827     General Electric Co.....................    1,796,074
    1,099     Illinois Tool Works, Inc................       75,062
      685     Ingersoll-Rand Co (Class A).............       31,277
      100     Navistar International Corp.............        3,200
      426     Paccar, Inc.............................       18,910
      261     Parker Hannifin Corp....................       12,473
      918     Pitney Bowes, Inc.......................       36,463
      200     *Power-One, Inc.........................        1,244
      936     Rockwell Automation, Inc................       18,701
      124     *Thomas & Betts Corp....................        2,306
    1,901     Waste Management, Inc...................       49,521
      214     WW Grainger, Inc........................       10,721
    2,337     *Xerox Corp.............................       16,289
                                                        -----------
              TOTAL PRODUCER DURABLES                     2,785,578
                                                        -----------
TECHNOLOGY--14.20%                                                 
    2,384     *ADC Telecommunications, Inc............        5,459
    1,258     Adobe Systems, Inc......................       35,853
      998     Advanced Micro Devices, Inc.............        9,701
       14     *Agere Systems, Inc (Class A)...........           20
    2,798     *Agere Systems, Inc (Class B)...........        4,197
    1,365     *Agilent Technologies, Inc..............       32,282
    1,300     *Altera Corp............................       17,680
      300     *American Power Conversion Corp.........        3,789
    9,688     *Analog Devices, Inc....................      287,734
      185     *Andrew Corp............................        2,760
      846     *Apple Computer, Inc....................       14,991
    5,832     *Applied Materials, Inc.................      110,925
      900     *Applied Micro Circuits Corp............        4,257
      200     Autodesk, Inc...........................        2,650
    1,965     Automatic Data Processing, Inc..........       85,576
      673     *Avaya, Inc.............................        3,331
      760     *BMC Software, Inc......................       12,616
      800     *Broadcom Corp (Class A)................       14,032
    1,300     *CIENA Corp.............................        5,447
   47,411     *Cisco Systems, Inc.....................      661,383
      516     *Citrix Systems, Inc....................        3,117
    1,753     Computer Associates International,                   
                Inc...................................       27,855
      588     Computer Sciences Corp..................       28,106
    1,127     *Compuware Corp.........................        6,841
      552     *Comverse Technology, Inc...............        5,112
    1,600     *Concord EFS, Inc.......................       48,224
      759     *Conexant Systems, Inc..................        1,230
      500     *Convergys Corp.........................        9,740
    2,893     *Corning, Inc...........................       10,270
    8,200     *Dell Computer Corp.....................      214,348
      167     Deluxe Corp.............................        6,495
    1,700     Electronic Data Systems Corp............       63,155
    4,028     EMC Corp................................       30,411
      429     Equifax, Inc............................       11,583
    1,956     First Data Corp.........................       72,763
    1,000     *Fiserv, Inc............................       36,710
      934     *Gateway, Inc...........................        4,147
    8,615     Hewlett-Packard Co......................      131,637
   53,331     Intel Corp..............................      974,357
    5,188     International Business Machines Corp....      373,536
      600     *Intuit, Inc............................       29,832
      600     *Jabil Circuit, Inc.....................       12,666
    4,300     *JDS Uniphase Corp......................       11,481

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      414     *KLA-Tencor Corp........................  $    18,212
   12,200     *Lam Research Corp......................      219,356
      496     *Lexmark International, Inc.............       26,982
   10,200     Linear Technology Corp..................      320,586
    2,697     *LSI Logic Corp.........................       23,599
   10,776     *Lucent Technologies, Inc...............       17,888
    1,000     *Maxim Integrated Products, Inc.........       38,330
      300     *Mercury Interactive Corp...............        6,888
    1,260     Micron Technology, Inc..................       25,477
   34,701     *Microsoft Corp.........................    1,898,145
      353     Molex, Inc..............................       11,836
   40,909     Motorola, Inc...........................      589,908
    1,104     *National Semiconductor Corp............       32,204
      424     *NCR Corp...............................       14,670
      994     *Network Appliance, Inc.................       12,365
   11,906     *Nortel Networks Corp (U.S.)............       17,264
    1,072     *Novell, Inc............................        3,441
      400     *Novellus Systems, Inc..................       13,600
      400     *Nvidia Corp............................        6,872
   15,800     *Oracle Corp............................      149,626
    1,789     *Palm, Inc..............................        3,149
      425     *Parametric Technology Corp.............        1,458
      667     Paychex, Inc............................       20,870
      920     *Peoplesoft, Inc........................       13,690
      500     *PMC-Sierra, Inc........................        4,635
      300     *QLogic Corp............................       11,430
    3,000     *Qualcomm, Inc..........................       82,470
      600     *Rational Software Corp.................        4,926
    1,600     *Sanmina-SCI Corp.......................       10,096
    2,200     SAP AG..................................      215,648
      462     Scientific-Atlanta, Inc.................        7,600
    1,400     *Siebel Systems, Inc....................       19,908
    2,456     *Solectron Corp.........................       15,104
   13,500     *Sun Microsystems, Inc..................       67,635
    1,200     Symbol Technologies, Inc................       10,200
      314     *Tektronix, Inc.........................        5,875
    1,430     *Tellabs, Inc...........................        8,866
      495     *Teradyne, Inc..........................       11,633
   21,842     Texas Instruments, Inc..................      517,655
      965     Thermo Electron Corp....................       15,923
    1,220     *Unisys Corp............................       10,980
    1,259     *Veritas Software Corp..................       24,916
      600     *Vitesse Semiconductor Corp.............        1,866
    1,047     *Xilinx, Inc............................       23,484
                                                        -----------
              TOTAL TECHNOLOGY                            7,985,565
                                                        -----------
TRANSPORTATION--0.50%                                              
      452     AMR Corp................................        7,621
      639     Burlington Northern Santa Fe Corp.......       19,170
      972     CSX Corp................................       34,069
      317     Delta Air Lines, Inc....................        6,340
      947     Fedex Corp..............................       50,570
    1,169     Norfolk Southern Corp...................       27,331
      142     Ryder System, Inc.......................        3,847
      855     Sabre Holdings Corp.....................       30,609
    2,404     Southwest Airlines Co...................       38,849
      966     Union Pacific Corp......................       61,128
                                                        -----------
              TOTAL TRANSPORTATION                          279,534
                                                        -----------
UTILITIES--5.00%                                                   
   46,454     A T & T Corp............................      497,058
   51,139     *A T & T Wireless Services, Inc.........      299,163
    1,560     *AES Corp...............................        8,455
      800     Allegheny Energy, Inc...................       20,600

SEE NOTES TO FINANCIAL STATEMENTS 
46  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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Statement of Investments (Unaudited) - GROWTH & INCOME FUND - June 30, 2002 
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                                                                [Download Table]

   SHARES                                                   VALUE    
   ------                                                   -----    
                                                                     
  UTILITIES--(CONTINUED)                                             
       629     Alltel Corp.............................  $    29,563 
       330     Ameren Corp.............................       14,193 
       972     American Electric Power Co, Inc.........       38,899 
     6,376     BellSouth Corp..........................      200,844 
     1,100     *Calpine Corp...........................        7,733 
       425     Centurytel, Inc.........................       12,538 
       376     Cinergy Corp............................       13,532 
       800     Citizens Communications Co..............        6,688 
       846     CMS Energy Corp.........................        9,289 
       413     Consolidated Edison, Inc................       17,243 
       951     Constellation Energy Group, Inc.........       27,902 
       566     Dominion Resources, Inc.................       37,469 
       538     DTE Energy Co...........................       24,016 
     3,000     Duke Energy Corp........................       93,300 
       600     Dynegy, Inc (Class A)...................        4,320 
       608     *Edison International...................       10,336 
     2,035     El Paso Corp............................       41,941 
       377     Entergy Corp............................       16,000 
       680     Exelon Corp.............................       35,564 
       513     FirstEnergy Corp........................       17,124 
       318     FPL Group, Inc..........................       19,077 
       800     KeySpan Corp............................       30,120 
       400     Kinder Morgan, Inc......................       15,208 
     2,387     *Mirant Corp............................       17,425 
     2,490     *Nextel Communications, Inc (Class A)...        7,993 
       200     Nicor, Inc..............................        9,150 
       807     NiSource, Inc...........................       17,617 
       108     *NiSource, Inc (Sails)..................          225 
       694     *P G & E Corp...........................       12,416 
       398     Pinnacle West Capital Corp..............       15,721 
       842     PPL Corp................................       27,853 
       476     Progress Energy, Inc....................       24,757 
       224     *Progress Energy, Inc (Cvo).............          101 
       905     Public Service Enterprise Group, Inc....       39,187 
     5,230     *Qwest Communications International,                  
                 Inc...................................       14,644 
     1,881     Reliant Energy, Inc.....................       31,789 
    10,726     SBC Communications, Inc.................      327,143 
     1,250     Sempra Energy...........................       27,663 
       266     Skyworks Solutions, Inc.................        1,476 
     2,681     Southern Co.............................       73,459 
     4,126     Sprint Corp (FON Group).................       43,777 
    29,340     *Sprint Corp (PCS Group)................      131,150 
       900     Teco Energy, Inc........................       22,275 
       548     TXU Corp................................       28,249 
     8,485     Verizon Communications, Inc.............      340,673 
     2,300     Williams Cos, Inc.......................       13,777 
     2,078     XCEL Energy, Inc........................       34,842 
                                                         ----------- 
               TOTAL UTILITIES                             2,811,537 
                                                         ----------- 
               TOTAL COMMON STOCK                                    
                 (Cost $63,061,215)                       56,015,416 
                                                         ----------- 

PRINCIPAL                                                  VALUE     
---------                                                  -----     
                                                                     
  SHORT TERM INVESTMENT--0.62%                                       
   U.S. GOVERNMENT AND AGENCY--0.62%                                 
               Federal Home Loan Mortgage Corp (FHLMC)               
  $350,000       1.900%, 07/01/02......................  $   350,000 
                                                         ----------- 
               TOTAL SHORT TERM INVESTMENT                           
                 (Cost $350,000)                             350,000 
                                                         ----------- 
               TOTAL PORTFOLIO--100.21%                              
                 (Cost $63,411,215)                       56,365,416 
               OTHER ASSETS & LIABILITIES, NET--(0.21%)     (117,245)
                                                         ----------- 
               NET ASSETS--100.00%                       $56,248,171 
                                                         =========== 

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

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   47

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Statement of Investments - INTERNATIONAL EQUITY FUND - June 30, 2002
--------------------------------------------------------------------------------

                                                                [Download Table]

                         Summary by Country                           
                                                    VALUE        %    
--------------------------------------------------------------------- 
                                                                      
FOREIGN:                                                              
Australia......................................  $ 1,555,642     4.27%
Austria........................................       21,915     0.06 
Belgium........................................      391,351     1.08 
Bermuda........................................       46,557     0.13 
Cayman Islands.................................        2,199     0.01 
Denmark........................................      162,247     0.45 
Finland........................................      387,072     1.06 
France.........................................    3,372,752     9.26 
Germany........................................    1,982,823     5.45 
Greece.........................................       62,349     0.17 
Hong Kong......................................      607,510     1.67 
Ireland........................................      244,285     0.67 
Italy..........................................    1,291,404     3.55 
Japan..........................................    7,911,073    21.73 
Korea..........................................       79,628     0.22 
Luxembourg.....................................      158,001     0.43 
Netherlands....................................    2,847,519     7.82 
New Zealand....................................       23,600     0.06 
Norway.........................................      107,281     0.30 
Portugal.......................................       92,379     0.25 
Singapore......................................      275,262     0.76 
Spain..........................................      942,036     2.59 
Sweden.........................................      678,095     1.86 
Switzerland....................................    3,785,577    10.40 
United Kingdom.................................    9,170,768    25.19 
                                                 -----------   ------ 
TOTAL FOREIGN..................................   36,199,325    99.44 
SHORT TERM INVESTMENT..........................      205,000     0.56 
                                                 -----------   ------ 
TOTAL PORTFOLIO................................  $36,404,325   100.00%
                                                 ===========   ====== 

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

                                                                [Download Table]


   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
  PREFERRED STOCK--0.20%                                            
 CONSUMER CYCLICAL--0.19%                                           
       110     Hugo Boss AG. ..........................  $     2,037
        94     MAN AG. (Vorzug)........................        1,669
        25     Porsche AG. ............................       11,913
     5,506     Prosieben SAT.1 Media AG. ..............       55,847
                                                         -----------
               TOTAL CONSUMER CYCLICAL                        71,466
                                                         -----------
 HEALTH CARE--0.01%                                                 
        60     Fresenius Medical Care AG. .............        2,026
                                                         -----------
               TOTAL HEALTH CARE                               2,026
                                                         -----------
               TOTAL PREFERRED STOCK                                
                 (Cost $76,906)                               73,492
                                                         -----------
COMMON STOCK--97.95%                                                
 AEROSPACE AND DEFENSE--0.55%                                       
    14,612     BAE Systems plc.........................       74,615
       751     European Aeronautic Defense And Space                
                 Co....................................       11,548
     3,132     Rolls-Royce plc.........................        7,734
     7,921     Smiths Group plc........................      102,870
        91     Thales S.A. ............................        3,865
       120     Zodiac S.A. ............................        2,939
                                                         -----------
               TOTAL AEROSPACE AND DEFENSE                   203,571
                                                         -----------
 BASIC INDUSTRIES--7.96%                                            
       131     Acerinox S.A. ..........................        5,492
       165     ACS Actividades de Construccion y                    
                 Servicios S.A. .......................        5,312
       815     Aggreko plc.............................        2,249
     1,463     Akzo Nobel NV...........................       63,705

                                                                [Download Table]


SHARES                                                   VALUE   
------                                                   -----   
                                                                 
     28     Aluminium Of Greece S.A.I.C. ...........  $       777
  2,104     Amcor Ltd...............................        9,733
    725     Amec plc................................        4,625
 11,133     *Arcelor................................      158,001
  3,000     Asahi Kasei Corp........................        9,987
    590     Barratt Developments plc................        3,777
  1,425     BASF AG. ...............................       66,357
  1,683     Bayer AG. ..............................       53,938
    408     Berkeley Group plc......................        4,509
 24,496     BHP Billiton Ltd........................      141,640
 10,834     BHP Billiton plc........................       59,039
     64     Billerud AB.............................          620
  2,811     BOC Group plc...........................       43,662
  1,540     Boral Ltd...............................        3,242
  1,380     BPB plc.................................        7,362
    172     Buderus AG. ............................        3,948
    296     Buhrmann NV.............................        2,730
  3,000     Carter Holt Harvey Ltd..................        2,885
    317     Ciba Specialty Chemicals AG. (Regd).....       25,402
    188     Cimpor Cimentos de Portugal S.A. .......        3,650
    212     Clariant AG. (Regd).....................        5,043
    996     Compagnie De Saint-Gobain...............       43,380
 14,628     *Corus Group plc........................       18,730
  1,508     *CRH plc (Ireland)......................       25,244
 13,464     CSR Ltd.................................       48,298
 26,700     Daicel Chemical Industries Ltd..........       91,111
  2,000     *Dainippon Ink & Chemicals, Inc.........        4,288
    300     Daito Trust Construction Co Ltd.........        5,619
  2,000     Daiwa House Industry Co Ltd.............       12,231
  1,000     Denki Kagaku Kogyo KK...................        3,187
    522     Grupo Dragados S.A. ....................        9,306
    126     Elkem ASA...............................        2,829
  5,500     *Fletcher Challenge Forests Ltd.........          641
    157     Fomento de Construcciones y Contratas                
              S.A. .................................        3,830
      4     Forbo Holding AG. (Regd)................        1,468
  3,644     Grupo Ferrovial S.A. ...................       99,366
  1,560     Hanson plc..............................       11,141
     88     Heidelberger Zement AG. (Germany).......        4,328
    681     Heijmans NV.............................       15,772
    287     Hellenic Technodomiki S.A. .............        1,842
     81     Hoganas AB (B Shs)......................        1,745
    134     Holcim Ltd (Br).........................       30,750
    133     Holmen AB (B Shs).......................        3,531
     41     Imerys S.A. ............................        5,244
  6,620     Imperial Chemical Industries plc........       32,190
    511     Italcementi S.p.A. .....................        5,062
  1,250     *James Hardie Industries NV.............        4,561
  2,900     *Jefferson Smurfit Group plc............        8,879
  1,000     JGC Corp................................        7,092
    338     Johnson Matthey plc.....................        5,173
 23,800     Kajima Corp.............................       67,514
  1,000     Kaneka Corp.............................        6,967
  5,000     *Kawasaki Steel Corp....................        6,508
    348     Lafarge S.A. (Br).......................       34,713
    265     L'Air Liquide S.A. .....................       40,776
    623     Leighton Holdings Ltd...................        3,634
    467     Linde AG. ..............................       23,324
  2,070     Lonza Group AG. (Regd)..................      159,963
  1,000     Matsushita Electric Works Ltd...........        7,175
     30     Mayr-Melnhof Karton AG..................        2,164
  4,713     MIM Holdings Ltd........................        3,439
  5,000     *Mitsubishi Chemical Corp...............       11,639
  1,000     *Mitsubishi Gas Chemical Co, Inc........        1,819

SEE NOTES TO FINANCIAL STATEMENTS 
48  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
BASIC INDUSTRIES--(CONTINUED)                                      
    2,000     Mitsubishi Materials Corp...............  $     3,971
    1,000     *Mitsubishi Paper Mills Ltd.............        1,477
    1,000     Mitsui Chemicals, Inc...................        4,998
    1,000     Mitsui Mining & Smelting Co Ltd.........        2,979
    1,100     Newcrest Mining Ltd.....................        4,681
   15,000     *Nippon Steel Corp......................       23,403
        2     Nippon Unipac Holding...................       12,381
    1,000     Nishimatsu Construction Co Ltd..........        3,112
   12,000     *NKK Corp...............................       11,614
      187     Norske Skogindustrier ASA...............        3,489
    1,507     Novar plc...............................        3,204
      200     Novozymes a/s (B Shs)...................        4,520
    2,000     Obayashi Corp...........................        5,673
    9,700     OJI Paper Co Ltd........................       55,437
    1,245     OneSteel Ltd............................          916
      526     Orica Ltd...............................        2,826
      354     Outokumpu Oyj...........................        4,265
      719     Paperlinx Ltd...........................        1,958
    5,500     Patrick Corp Ltd........................       50,636
      229     Pechiney S.A. (A Shs)...................       10,460
    2,996     Pilkington plc..........................        4,236
        1     Portucel Empresa Produtore de Pasta e                
                Papel S.A. ...........................            1
    1,505     Rexam plc...............................        9,750
       83     *RHI AG. ...............................          606
    2,708     Rio Tinto Ltd...........................       50,957
    5,150     Rio Tinto plc...........................       94,437
      825     RMC Group plc...........................        8,256
      141     Sapa AB.................................        2,685
      935     Svenska Cellulosa AB (B Shs)............       33,269
    2,000     Sekisui Chemical Co Ltd.................        6,842
    2,000     Sekisui House Ltd.......................       14,701
    8,700     Shimizu Corp............................       28,672
    3,100     Shin-Etsu Chemical Co Ltd...............      133,201
    2,000     *Showa Denko KK.........................        3,254
    1,268     Skanska AB (B Shs)......................        8,761
      158     Solvay S.A. ............................       11,376
      334     Sons Of Gwalia Ltd......................        1,134
    1,771     Stora Enso Oyj (R Shs)..................       24,820
   25,000     Sumitomo Chemical Co Ltd................      113,677
    7,000     *Sumitomo Metal Industries Ltd..........        3,095
    1,000     Sumitomo Metal Mining Co Ltd............        4,522
      193     Svenskt Stal AB (Ssab) Series A.........        2,510
      168     Syngenta AG.............................       10,098
    3,000     *Taiheiyo Cement Corp...................        5,582
    2,000     Taisei Corp.............................        4,606
    1,845     Taylor Woodrow plc......................        5,062
    1,497     ThyssenKrupp AG. .......................       22,621
       81     Titan Cement Co S.A. ...................        3,176
    3,900     Tokyo Ohka Kogyo Co Ltd.................       58,277
    1,000     Tosoh Corp..............................        3,212
    1,240     Tostem Inax Holding Corp................       21,157
    1,000     Toto Ltd................................        4,672
    1,000     Toyo Seikan Kaisha Ltd..................       13,149
    1,500     Transurban Group........................        3,537
      296     Trelleborg AB (B Shs)...................        2,915
    3,000     UBE Industries Ltd......................        4,681
      106     Umicore.................................        4,575
      740     UPM-Kymmene Oyj.........................       29,131
      120     Uponor Oyj..............................        2,489
    2,430     Vinci S.A. .............................      164,755
      263     Viohalco S.A. ..........................        1,881

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      200     Wienerberger AG. .......................  $     3,506
    1,165     Wimpey (George) plc.....................        4,759
    2,489     WMC Ltd.................................       12,701
   21,123     Wolseley plc............................      214,115
                                                        -----------
              TOTAL BASIC INDUSTRIES                      2,937,577
                                                        -----------
CONSUMER CYCLICAL--12.28%                                          
    1,024     Accor S.A...............................       41,535
    1,000     Aeon Co Ltd.............................       26,699
      200     Aoyama Trading Co Ltd...................        2,249
    1,200     Aristocrat Leisure Ltd..................        3,644
      100     Asatsu-DK, Inc..........................        2,178
      412     *Autogrill S.p.A. ......................        4,789
      156     Baycorp Advantage Ltd...................          318
    1,720     BBA Group plc...........................        7,223
       51     Bekaert S.A. ...........................        2,415
      297     Benetton Group S.p.A. ..................        3,473
    2,000     Bridgestone Corp........................       27,533
   25,253     *British Sky Broadcasting Group plc.....      242,122
      491     Bulgari S.p.A. .........................        3,099
      310     Canal Plus..............................        1,108
      100     Capcom Co Ltd...........................        2,586
    2,613     Carlton Communications plc..............        8,364
    1,000     Casio Computer Co Ltd...................        4,889
      331     Castorama-Dubois Investissements........       21,249
       41     *Charles Voegele Holding AG. ...........        1,295
       14     *Club Mediterranee S.A. ................          463
   11,852     Coles Myer Ltd..........................       44,112
   19,525     Compass Group plc.......................      118,453
      420     *Continental AG. .......................        7,466
    1,000     Cycle & Carriage Ltd....................        2,683
      500     *Daiei, Inc.............................          855
      948     Daily Mail & General Trust plc..........        9,060
      166     *DaimlerChrysler AG. (U.S.).............        8,006
    3,552     DaimlerChrysler AG. (Regd)..............      172,385
    1,731     David Jones Ltd.........................        1,030
    1,200     Denso Corp..............................       18,752
       13     D'ieteren S.A...........................        2,346
    6,723     Dixons Group plc........................       19,599
      112     Douglas Holding AG. ....................        2,653
   49,497     EMI Group plc...........................      187,866
    3,058     Esprit Holdings Ltd.....................        5,861
      200     FamilyMart Co Ltd.......................        4,839
      100     Fast Retailing Co Ltd...................        2,169
      649     Fiat S.p.A. ............................        8,147
       55     Fisher & Paykel Appliances Holdings                  
                Ltd...................................          246
       52     Fisher & Paykel Healthcare Corp.........          208
       69     Folli-Follie S.A. ......................        1,314
    6,000     Fuji Photo Film Co Ltd..................      193,731
        1     Fuji Television Network, Inc............        5,782
    4,043     Giordano International Ltd..............        2,488
    2,084     GKN plc.................................        9,776
   15,443     Granada plc.............................       26,247
      229     Groupe Bruxelles Lambert S.A. ..........       11,964
      138     Grupo Prisa S.A. .......................        1,163
      898     Gruppo Editoriale L'Espresso S.p.A. ....        2,936
    1,000     Gunze Ltd...............................        4,255
    5,569     GUS plc.................................       51,145
    7,000     Hankyu Department Stores, Inc...........       53,264
    2,003     Harvey Norman Holdings Ltd..............        3,441
       70     Hellenic Duty Free Shops S.A. ..........          510
    2,446     Hennes & Mauritz AB (B Shs).............       48,972
    7,639     Hilton Group plc........................       26,578

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   49

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
    4,500     Honda Motor Co Ltd......................  $   182,468
    1,400     Independent News & Media plc............        2,765
      500     *Inditex S.A. ..........................       10,558
    1,000     Isetan Co Ltd...........................       10,095
    1,000     Ito-Yokado Co Ltd.......................       50,060
   11,501     John Fairfax Holdings Ltd...............       21,371
    1,000     *Kanebo Ltd.............................        1,702
      154     KarstadtQuelle AG. .....................        3,894
      244     Kesko Oyj (B Shs).......................        2,771
    1,680     *Kia Motors Corp........................       15,362
    4,976     Kingfisher plc..........................       23,987
      200     Konami Corp.............................        4,197
      274     Koninklijke Vendex KBB NV...............        3,410
        7     *Kuoni Reisen Holding (Regd)............        1,976
    1,000     Kuraray Co Ltd..........................        6,549
      487     Lagardere S.C.A. .......................       21,086
      100     Lawson, Inc.............................        3,062
      993     LVMH Moet Hennessy Louis Vuitton                     
                S.A. .................................       50,016
      395     MAN AG. ................................        8,337
   11,768     Marks & Spencer Group plc...............       66,864
    1,000     Marui Co Ltd............................       12,673
    6,000     Matsushita Electric Industrial Co Ltd...       81,848
    3,204     Mediaset S.p.A. ........................       24,809
      723     Michelin (C.G.D.E.) (B Shs).............       29,298
    1,000     Mitsubishi Rayon Co Ltd.................        3,254
    1,000     Mitsukoshi Ltd..........................        2,970
      174     *Modern Times Group AB (B Shs)..........        2,310
      479     Arnoldo Mondadori Editore S.p.A. .......        3,174
      897     MyTravel Group plc......................        2,102
    1,000     *Mycal Corp.............................            8
      100     Namco Ltd...............................        1,906
   11,943     News Corp Ltd...........................       64,900
    1,746     Next plc................................       24,805
    1,000     NGK Insulators Ltd......................        7,918
      185     NH Hoteles S.A. ........................        2,320
      700     Nintendo Co Ltd.........................      103,081
      390     Nippon Television Network Corp..........       87,009
    6,000     Nissan Motor Co Ltd.....................       41,550
    1,000     Nisshinbo Industries, Inc...............        4,647
      200     Oriental Land Co Ltd....................       14,300
    2,822     P & O Princess Cruises plc..............       17,852
    2,300     Paris Miki, Inc.........................       48,550
    1,735     Pearson plc.............................       17,256
    1,056     Peugeot Citroen S.A. ...................       54,806
      314     Pinault-Printemps-Redoute S.A. .........       37,245
      500     Pioneer Corp............................        8,948
    3,487     Pirelli S.p.A. .........................        3,719
      205     Tui AG..................................        4,993
      116     Publicis Groupe S.A. ...................        3,202
        4     *PubliGroupe S.A. (Regd)................          927
      286     Publishing & Broadcasting Ltd...........        1,453
    1,950     Puma AG. Rudolf Dassler Sport...........      141,243
    2,402     Rank Group plc..........................        9,794
   10,011     Reed Elsevier NV........................      136,442
    6,201     Reed Elsevier Plc.......................       58,934
    1,724     Renault S.A. ...........................       80,621
    3,039     Reuters Group plc.......................       16,121
      100     Saizeriya Co Ltd........................        2,603
    2,700     Sankyo Co Ltd (Otc).....................       68,031
      100     Sanrio Co Ltd...........................          909
    5,000     Sanyo Electric Co Ltd...................       21,818
      200     Schibsted ASA...........................        2,399

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    5,000     *SCMP Group Ltd.........................  $     2,901
   13,229     *Seat-Pagine Gialle S.p.A...............        9,694
      300     *Sega Corp..............................        7,209
    1,000     Seven-Eleven Japan Co Ltd...............       39,380
    3,000     Shangri-La Asia Ltd.....................        2,500
    2,000     Sharp Corp..............................       25,397
      100     Shimachu Co Ltd.........................        1,785
      100     Shimamura Co Ltd........................        7,676
      200     Shimano, Inc............................        2,713
    5,448     Signet Group plc........................        7,868
    1,000     Singapore Press Holdings Ltd............       11,264
    5,157     Six Continents plc......................       52,392
      425     Sky City Entertainment Group............        1,280
      100     Skylark Co Ltd..........................        2,336
      493     Societe Television Francaise 1                       
                (T.F.1)...............................       13,200
      133     Sodexho Alliance S.A....................        5,044
      346     Sol Melia S.A...........................        2,628
    7,500     Sony Corp...............................      396,098
    1,838     TAB Ltd.................................        3,209
      622     TABCORP Holdings Ltd....................        4,365
   12,600     Takashimaya Co Ltd......................       73,378
    3,000     Teijin Ltd..............................       10,212
      414     Telefonica Publicidad E Informacion                  
                S.A. .................................        1,689
      372     *Telepizza S.A. ........................          426
    1,000     Television Broadcasts Ltd...............        4,257
    4,960     *Telewest Communications plc............          232
      600     The Warehouse Group Ltd.................        2,157
      300     Toho Co Ltd.............................        3,439
    2,000     Toray Industries, Inc...................        5,356
    1,000     Toyobo Co Ltd...........................        1,527
      100     Toyoda Gosei Co Ltd.....................        1,251
   10,400     Toyota Motor Corp.......................      275,930
    1,204     United Business Media plc...............        7,983
    1,000     UNY Co Ltd..............................       11,330
      369     Valeo S.A. .............................       15,343
       22     Valora Holding AG. .....................        4,716
    3,819     Vivendi Universal S.A. .................       82,526
      847     VNU NV..................................       23,540
    1,392     Volkswagen AG. .........................       67,089
      803     Volvo AB (B Shs)........................       16,645
      917     Whitbread plc...........................        8,561
      720     Wolters Kluwer NV.......................       13,667
    2,829     Woolworths Ltd..........................       20,884
      100     World Co Ltd............................        2,962
    6,537     WPP Group plc...........................       55,202
      100     Yamada Denki Co Ltd.....................        8,760
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     4,528,812
                                                        -----------
CONSUMER NON-CYCLICAL--9.23%                                       
      100     Aderans Co Ltd..........................        3,137
      130     Adidas-Salomon AG. .....................       10,682
      233     AGFA Gevaert NV.........................        4,243
    1,000     Ajinomoto Co, Inc.......................       10,729
      920     Altadis S.A. ...........................       18,990
    6,100     Asahi Breweries Ltd.....................       51,047
      106     Beiersdorf AG. .........................       12,877
    2,515     Boots Co plc............................       24,938
   21,236     British American Tobacco plc............      228,209
      509     BRL Hardy Ltd...........................        2,575
      716     Bunzl plc...............................        5,664
    6,361     Cadbury Schweppes plc...................       47,656
       73     Carlsberg a/s (A Shs)...................        3,542
    1,313     Carrefour S.A. .........................       71,062

SEE NOTES TO FINANCIAL STATEMENTS 
50  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER NON-CYCLICAL--(CONTINUED)                                 
       17     *Casino Guichard-Perrachon A Wts                     
                12/15/03..............................  $        22
       17     *Casino Guichard-Perrachon B Wts                     
                12/15/05..............................           42
       88     Casino Guichard-Perrachon...............        7,453
    1,752     Coca-Cola Amatil Ltd....................        6,275
      221     Coca-Cola Hellenic Bottling Co S.A. ....        3,741
       91     Colruyt S.A. ...........................        4,269
    2,350     Compagnie Financiere Richemont AG.                   
                (Units) (A Shs).......................       53,454
      215     Danisco As..............................        7,861
      141     Delhaize Group..........................        6,615
   22,926     Diageo plc..............................      297,741
    1,000     Doutor Coffee Co Ltd....................       50,060
      805     Electrolux AB Series B..................       16,249
      154     Essilor International S.A. .............        6,262
    4,587     Foster's Group Ltd......................       12,154
      900     Fraser & Neave Ltd......................        4,024
    2,000     Fuji Oil Co Ltd.........................       20,007
       23     Givaudan S.A. (Regd)....................        9,273
    3,785     Goodman Fielder Ltd.....................        3,548
      469     Greencore Group plc.....................        1,343
    1,733     Groupe Danone...........................      238,248
      476     Heineken NV.............................       20,892
      350     Hite Brewery Co Ltd.....................       21,589
    1,374     Imperial Tobacco Group plc..............       22,347
      635     *Imperial Tobacco Group plc (New).......       10,037
      475     Interbrew S.A. .........................       13,637
        2     Japan Tobacco, Inc......................       13,416
      199     *Jeronimo Martins SGPS S.A. ............        1,407
      148     Kamps AG. ..............................        1,821
    5,900     Kao Corp................................      135,862
      100     Katokichi Co Ltd........................        1,752
      411     Kerry Group (Class A)...................        6,089
    1,000     Kikkoman Corp...........................        6,299
    1,000     Kirin Brewery Co Ltd....................        7,008
    1,900     Kose Corp...............................       58,336
    5,000     Li & Fung Ltd...........................        6,731
    1,760     L'Oreal S.A. ...........................      137,319
      354     Luxottica Group S.p.A. .................        6,884
    1,000     Meiji Seika Kaisha Ltd..................        3,579
      392     Metro AG. ..............................       12,060
    2,696     Nestle S.A. (Regd)......................      628,638
    1,000     Nichirei Corp...........................        3,212
    1,000     Nippon Meat Packers, Inc................       12,532
    1,000     Nisshin Seifun Group, Inc...............        7,159
      400     Nissin Food Products Co Ltd.............        7,943
      420     Numico NV...............................        9,420
      600     Orkla ASA...............................       11,594
      185     *PAN Fish ASA...........................          330
    1,846     Parmalat Finanziaria S.p.A. ............        5,706
    1,305     Pernod-Ricard...........................      127,854
      300     QP Corp.................................        2,500
    2,942     Reckitt Benckiser plc...................       52,782
      845     Rinascente S.p.A. ......................        3,271
    1,300     Rinnai Corp.............................       29,285
    9,102     Royal Ahold NV..........................      191,473
    4,523     Safeway plc.............................       19,425
   14,556     Sainsbury (J) plc.......................       78,988
    2,592     Scottish & Newcastle plc................       24,022
    1,000     Shiseido Co Ltd.........................       13,333
       97     Societe BIC S.A. .......................        3,880
    2,699     *Sonae Sgps S.A.........................        1,519
    2,109     Southcorp Ltd...........................        6,287
    1,078     Swedish Match AB........................        8,915

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    1,000     Takara Holdings, Inc....................  $     6,833
    2,088     Tate & Lyle plc.........................       11,171
   32,295     Tesco plc...............................      117,407
      820     The Swatch Group AG. (Regd).............       15,511
      100     Uni-Charm Corp..........................        3,754
   10,946     Unilever plc............................       99,776
    2,439     Unilever NV (Cert)......................      159,705
    1,901     Waterford Wedgwood plc (Units)..........        1,126
       48     Wella AG. ..............................        2,851
    1,000     Yamazaki Baking Co Ltd..................        5,590
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 3,404,849
                                                        -----------
ENERGY--10.32%                                                     
   17,648     BG Group plc............................       76,802
  105,425     BP plc..................................      885,453
    1,866     BP plc (Spon ADR).......................       94,214
   20,849     Centrica plc............................       64,514
   42,400     CNOOC Ltd...............................       56,807
      324     Energy Developments Ltd.................          673
   22,427     ENI S.p.A. .............................      356,606
      673     Fortum Oyj..............................        3,882
      403     Gas Natural SDG S.A. ...................        7,761
      197     Hellenic Petroleum S.A. ................        1,199
   46,798     Hong Kong & China Gas Co Ltd............       62,100
    1,950     Hydralift ASA...........................       14,552
    4,956     IHC Caland NV...........................      296,372
      708     Italgas S.p.A. .........................        7,866
    2,000     Japan Energy Corp.......................        3,037
   31,306     *John Wood Group plc....................      100,211
   22,394     Lattice Group plc.......................       58,371
    5,000     Nippon Oil Corp.........................       25,864
      526     Norsk Hydro ASA.........................       25,094
       63     OMV AG. ................................        6,191
    2,087     Origin Energy Ltd.......................        3,948
    6,000     Osaka Gas Co Ltd........................       14,267
      213     *Petroleum Geo-Services ASA.............          772
    2,744     Repsol YPF S.A. ........................       32,358
   10,423     Royal Dutch Petroleum Co................      580,583
    1,092     Santos Ltd..............................        3,960
   48,427     Shell Transport & Trading Co plc........      365,395
    1,000     Showa Shell Sekiyu KK...................        5,815
      161     Smedvig a/s (A Shs).....................        1,032
    1,220     Statoil ASA.............................       10,893
       24     Technip-Coflexip S.A. ..................        2,527
    7,000     Tokyo Gas Co Ltd........................       19,448
    3,730     Total Fina Elf S.A. ....................      605,624
    1,409     Woodside Petroleum Ltd..................       10,734
                                                        -----------
              TOTAL ENERGY                                3,804,925
                                                        -----------
FINANCIAL SERVICES--23.22%                                         
    1,889     3i Group plc............................       19,710
    1,000     77 Bank Ltd.............................        3,938
       92     Abbey National plc......................        1,083
   15,511     ABN Amro Holding NV.....................      281,717
      200     Acom Co Ltd.............................       13,666
    2,525     Aegon NV................................       52,643
      150     Aiful Corp..............................        9,837
   12,000     Aioi Insurance Co Ltd...................       26,532
      952     Alleanza Assicurazioni..................        9,139
   35,892     Allgreen Properties Ltd.................       20,722
      756     Allianz AG. (Regd)......................      152,651
    4,230     Allied Irish Banks plc..................       55,730
      408     Alpha Bank S.A. ........................        5,843

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   51

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                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
    1,522     AMP Diversified Property Trust..........  $     2,256
    2,713     AMP Ltd.................................       23,759
    3,131     Amvescap plc............................       25,509
    2,000     *Ashikaga Bank Ltd......................        2,553
    6,139     Assicurazioni Generali S.p.A. ..........      145,513
    4,123     Australia and New Zealand Banking Group              
                Ltd...................................       44,648
      307     Australian Stock Exchange Ltd...........        2,309
   12,028     Aviva plc...............................       96,713
    7,011     AXA.....................................      128,237
      727     Banca Fideuram S.p.A. ..................        4,531
    2,708     Banca Monte Dei Paschi Siena............        8,799
    2,554     *Banca Nazionale Del Lavoro S.p.A. .....        4,452
      904     *Banca Popolare Di Milano...............        3,678
   16,418     Banco Bilbao Vizcaya Argentaria S.A. ...      185,660
    8,019     Banco Comercial Portugues S.A. (Regd)...       27,798
      607     Banco Espirito Santo S.A. (Regd)........        6,924
   22,133     Banco Santander Central Hispano S.A. ...      175,747
    3,800     Bank Of East Asia Ltd...................        7,649
    1,000     Bank Of Fukuoka Ltd.....................        3,955
    2,309     Bank Of Ireland (Dublin)................       28,688
    3,124     Bank Of Ireland (London)................       38,906
      385     Bank Of Piraeus.........................        2,776
    3,000     Bank Of Yokohama Ltd....................       12,765
   36,766     Barclays plc............................      309,354
    1,630     Bayerische Hypo-und Vereinsbank AG. ....       53,124
    2,924     *Bipop-Carire S.p.A. ...................        3,936
    6,659     BNP Paribas.............................      368,289
    2,026     BPI-SGPS S.A. (Regd)....................        4,922
    1,323     British Land Co plc.....................       11,233
    3,702     BT Office Trust.........................        3,117
      332     *BTG plc................................        1,721
      743     *Canary Wharf Group plc.................        5,040
   16,512     CapitaLand Ltd..........................       14,300
    2,081     Capitalia S.p.A. .......................        3,874
    6,600     Cheung Kong Holdings Ltd................       55,002
    2,000     Chiba Bank Ltd..........................        6,808
    4,600     City Developments Ltd...................       14,841
      448     Close Brothers Group plc................        4,268
    1,768     Colonial First State Property Trust                  
                Group.................................        2,193
      211     Commercial Bank Of Greece...............        4,543
    9,097     *Commonwealth Bank Of Australia.........      168,168
      408     Corporacion Mapfre S.A. ................        3,224
      280     Credit Lyonnais S.A. ...................       12,002
      200     Credit Saison Co Ltd....................        4,747
   10,961     Credit Suisse Group.....................      348,019
       29     Daido Life Insurance Co Ltd.............       73,796
   14,000     *Daiwa Bank Holdings, Inc...............       10,746
    3,000     Daiwa Securities Group, Inc.............       19,448
    1,903     Danske Bank a/s.........................       35,041
    8,019     DBS Group Holdings Ltd..................       56,283
    2,670     Deutsche Bank AG. (Regd)................      185,642
       87     Deutsche Boerse AG. ....................        3,703
    4,140     Deutsche Office Trust...................        3,021
   10,912     Dexia...................................      168,875
    1,200     Diamond Lease Co Ltd....................       24,830
    1,700     DnB Holding ASA.........................        9,266
      313     Drott AB (B Shs)........................        3,610
      355     EFG Eurobank Ergasias S.A. .............        4,979
    4,092     Fortis..................................       87,617
   25,700     Fuji Fire & Marine Insurance Co Ltd.....       40,097
    4,860     Gandel Retail Trust.....................        3,329
    5,221     General Property Trust..................        8,236

                                                                [Download Table]


SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    119     Gjensidige NOR Sparebank................  $     4,409
    725     Great Portland Estates plc..............        2,746
    459     Green Property plc......................        4,080
  1,000     Gunma Bank Ltd..........................        4,622
    964     Hammerson plc...........................        8,133
 53,155     Hang Lung Properties Ltd................       60,653
  2,000     Hang Seng Bank Ltd......................       21,411
 17,124     HBOS plc................................      185,325
  2,100     Henderson Land Development Co Ltd.......        8,723
  2,000     *Hokuriku Bank Ltd......................        3,120
 12,229     Hong Kong Exchanges & Clearing Ltd......       20,147
 46,520     HSBC Holdings plc (United Kingdom)......      535,019
  3,137     Hysan Development Co Ltd................        3,037
  8,572     ING Groep NV............................      220,114
 28,048     Insurance Australia Group Ltd...........       49,598
  1,981     IntesaBci S.p.A. (Rnc)..................        4,383
 47,524     IntesaBci S.p.A. .......................      145,032
  1,564     Irish Life & Permanent plc..............       22,629
  2,000     Joyo Bank Ltd...........................        5,406
    479     KBC Bancassurance Holding NV............       19,372
    430     Kookmin Credit Card Co Ltd..............       15,067
  1,916     Land Securities plc.....................       25,204
 26,742     Legal & General Group plc...............       53,297
    746     Lend Lease Corp Ltd.....................        4,414
 29,957     Lloyds TSB Group plc....................      298,182
    542     Macquarie Bank Ltd......................        8,900
  5,459     Macquarie Infrastructure Group..........        8,857
    775     Man Group plc...........................       12,168
    115     Marschollek Lautenschlaeger Und                      
              Partner...............................        3,589
  1,721     Mediobanca S.p.A. ......................       15,909
    575     Mediolanum S.p.A. ......................        3,424
    154     Metrovacesa S.A. .......................        3,189
      3     *Millea Holdings, Inc...................       24,629
  1,829     Mirvac Group............................        4,292
  2,000     Mitsubishi Estate Co Ltd................       16,353
     16     Mitsubishi Tokyo Financial..............      107,862
  5,900     Mitsui Fudosan Co Ltd...................       52,179
  4,300     Mitsui Sumitomo Insurance Co............       23,140
  1,000     Mitsui Trust Holdings, Inc..............        2,077
     15     Mizuho Holdings, Inc....................       33,290
    337     Muenchener Rueckver AG. (Regd)..........       79,879
 11,412     National Australia Bank Ltd.............      226,787
    568     National Bank Of Greece S.A. ...........       12,005
  5,000     New World Development Co Ltd............        3,975
  4,000     Nikko Cordial Corp......................       20,191
  8,000     Nipponkoa Insurance Co Ltd..............       31,705
 11,000     Nissay Dowa General Insurance Co Ltd....       37,720
  7,600     Nomura Holdings, Inc....................      111,600
  7,406     Nordea AB (Sweden)......................       40,293
  2,540     Nordea AB (Finland).....................       13,845
  1,200     ORIX Corp...............................       96,816
  3,000     Oversea-Chinese Banking Corp Ltd........       19,867
  2,000     Parkway Holdings Ltd....................          979
     94     Pohjola Group plc (D Shs)...............        1,694
    200     Promise Co Ltd..........................       10,079
    468     Provident Financial plc.................        4,929
 10,063     Prudential plc..........................       92,034
  1,654     QBE Insurance Group Ltd.................        6,165
  1,034     RAS S.p.A...............................       13,878
  4,636     Royal & Sun Alliance Insurance Group                 
              plc...................................       17,031
 14,866     Royal Bank Of Scotland Group plc........      421,481
    807     *Sampo Oyj (A Shs)......................        6,296
  3,657     Sanpaolo IMI S.p.A. ....................       36,695

SEE NOTES TO FINANCIAL STATEMENTS 
52  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      457     Schroders plc...........................  $     4,079
    2,000     Shizuoka Bank Ltd.......................       12,148
    1,300     Shohkoh Fund & Co Ltd...................      157,271
    6,140     Sino Land Co Ltd........................        2,322
    4,578     Skandia Forsakrings AB..................       20,822
    1,216     Skandinaviska Enskilda Banken (A Shs)...       12,768
    1,394     Slough Estates plc......................        7,703
    1,441     Societe Generale (A Shs)................       94,925
    1,370     Stockland Trust Group...................        3,376
      582     *Storebrand ASA.........................        3,521
    2,600     Sumisho Lease Co Ltd....................       41,433
    9,600     Sumitomo Mitsui Banking Corp............       46,856
   15,000     Sumitomo Realty & Development Co Ltd....       90,984
    2,000     Sumitomo Trust & Banking Co Ltd.........        9,611
    6,100     Sun Hung Kai Properties Ltd.............       46,338
    1,205     Suncorp-Metway Ltd......................        8,327
    2,909     Svenska Handelsbanken AB (A Shs)........       44,473
    1,255     Swiss Reinsurance Co (Regd).............      122,704
      230     Takefuji Corp...........................       15,985
    6,725     UBS AG. (Regd)..........................      338,248
        4     UFJ Holdings, Inc.......................        9,678
      105     Unibail.................................        6,481
   15,301     Unicredito Italiano S.p.A...............       69,211
    4,000     United Overseas Bank Ltd................       28,754
      629     Vallehermoso S.A........................        6,026
      312     *WCM Beteiligungs & Grundbesitz AG. ....        2,003
      850     Westfield Holdings Ltd..................        7,138
    4,861     Westfield Trust (Units).................        9,278
      178     *Westfield Trust........................          334
   12,996     Westpac Banking Corp....................      118,481
    2,000     Wing Tai Holdings Ltd...................          826
    2,000     Sompo Japan Insurance, Inc..............       12,248
      398     Zurich Financial Services AG. ..........       80,367
                                                        -----------
              TOTAL FINANCIAL SERVICES                    8,562,924
                                                        -----------
HEALTH CARE--10.29%                                                
      206     Altana AG. .............................       11,178
    1,979     Amersham plc............................       17,496
    6,945     AstraZeneca plc (United Kingdom)........      287,523
    3,536     Aventis S.A.............................      250,568
      872     *Celltech Group plc.....................        6,912
      964     *Sulzer Medica AG. (Regd)...............      160,812
    1,000     Chugai Pharmaceutical Co Ltd............       11,964
      169     Cochlear Ltd............................        3,230
    1,914     CSL Ltd.................................       34,576
    1,000     Daiichi Pharmaceutical Co Ltd...........       18,272
      700     Eisai Co Ltd............................       17,988
      981     *Elan Corp plc..........................        5,668
       83     Fresenius Medical Care AG. .............        3,709
      609     Gambro AB (A Shs).......................        4,009
      232     Gambro AB (B Shs).......................        1,527
      127     Gehe AG. ...............................        5,306
   30,505     GlaxoSmithKline plc.....................      659,352
      166     H. Lundbeck a/s.........................        4,392
      122     Instrumentarium Oyj.....................        3,079
    1,000     Kyowa Hakko Kogyo Co Ltd................        5,423
      163     Merck Kgaa..............................        4,411
    2,721     *Nobel Biocare Holding AG. .............      188,329
   14,139     Novartis AG. (Regd).....................      621,841
    1,289     Novo Nordisk a/s (B Shs)................       42,671
    1,000     Ono Pharmaceutical Co Ltd...............       35,709
       50     Orion-Yhtyma (B Shs)....................        1,170

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      100     Phonak Holding AG. (Regd)...............  $     1,512
      291     *Qiagen NV..............................        3,443
    5,679     Roche Holding AG. (Genusscheine)........      429,314
    1,000     Sankyo Co Ltd...........................       13,600
    2,244     Sanofi-Synthelabo S.A...................      136,520
      509     Schering AG. ...........................       32,062
      175     Serono S.A. (B Shs).....................      115,361
    1,000     Shionogi & Co Ltd.......................       12,757
   37,507     Smith & Nephew plc......................      208,106
      550     Sonic Healthcare Ltd....................        1,590
      601     SSL International plc...................        3,266
      258     Synthes-Stratec, Inc....................      157,766
    1,000     Taisho Pharmaceutical Co Ltd............       15,402
    4,900     Takeda Chemical Industries Ltd..........      215,040
       40     Tecan Group AG. (Regd)..................        1,583
      600     Terumo Corp.............................        8,020
      311     UCB S.A.................................       11,411
      115     *William Demant Holding.................        2,997
      600     Yamanouchi Pharmaceutical Co Ltd........       15,569
      360     Zeltia S.A..............................        2,862
                                                        -----------
              TOTAL HEALTH CARE                           3,795,296
                                                        -----------
OTHER--2.86%                                                       
    2,187     Adecco S.A. (Regd)......................      129,913
    3,554     Aegis Group plc.........................        4,862
      602     Amadeus Global Travel Distribution S.A.              
                (A Shs)...............................        3,853
       52     Amer Group plc..........................        1,695
      791     Amey plc................................        2,164
   10,783     *Ansell Ltd.............................       38,015
    7,205     Assa ABloy AB (B Shs)...................      101,526
      700     Auckland International Airport Ltd......        1,513
    3,296     BAA plc.................................       30,094
       10     Bellsystem 24, Inc......................        3,500
      200     Benesse Corp............................        3,654
    1,390     Capita Group plc........................        6,611
    2,697     Chubb plc...............................        6,475
      181     DCC plc.................................        2,065
      633     De La Rue plc...........................        4,868
      971     Deutsche Post AG. (Regd)................       12,553
    1,256     Electrocomponents plc...................        7,036
       36     Flughafen Wien AG.......................        1,237
      399     Fugro NV................................       21,870
      228     Group 4 Falck A/S.......................        7,881
      448     Hagemeyer NV............................        6,194
    2,462     Hays plc................................        5,779
    9,800     Hutchison Whampoa Ltd...................       73,189
      100     *ISS a/s................................        5,278
    4,000     Itochu Corp.............................       14,017
   16,000     Keppel Corp Ltd.........................       37,312
    2,696     *Kidde plc..............................        3,534
      323     M.J. Maillis S.A........................        1,876
    2,000     Marubeni Corp...........................        2,052
      100     Meitec Corp.............................        3,304
    3,000     Mitsubishi Corp.........................       21,701
    4,000     Mitsui & Co Ltd.........................       26,765
      264     OCE NV..................................        3,077
      187     OM AB...................................        1,404
      100     Oracle Corp (Japan).....................        4,263
    5,960     Rentokil Initial plc....................       24,256
    1,092     Secom Co Ltd............................       53,572
    2,017     Securicor plc...........................        3,651
    1,485     Securitas AB (B Shs)....................       30,540
    1,280     Serco Group plc.........................        3,883

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   53

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                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
OTHER--(CONTINUED)                                                 
      500     Softbank Corp...........................  $     6,942
    2,000     Sumitomo Corp...........................       12,114
      264     SGS Societe Generale Surveillance                    
                Holdings S.A..........................       84,265
    2,500     Swire Pacific Ltd (A Shs)...............       12,789
    1,073     *Terra Lycos S.A........................        6,093
    1,052     TPG NV..................................       23,762
    3,465     Vedior NV...............................       47,910
    5,244     Wesfarmers Ltd..........................       80,073
   27,000     Wharf Holdings Ltd......................       63,695
                                                        -----------
              TOTAL OTHER                                 1,054,675
                                                        -----------
PRODUCER DURABLES--5.16%                                           
    2,026     *ABB Ltd................................       18,039
      240     Advantest Corp..........................       14,938
      137     Aixtron AG..............................        1,720
      323     *Alstom.................................        3,417
      323     *Alstom Rts.............................          128
    1,000     Amada Co Ltd............................        4,847
      540     Atlas Copco AB (B Shs)..................       12,163
    1,327     Balfour Beatty plc......................        4,733
       28     Barco NV................................        1,178
       41     BWT AG..................................          970
    2,000     *Chartered Semiconductor Manufacturing               
                Ltd...................................        4,075
    1,000     Daikin Industries Ltd...................       18,314
    1,000     Ebara Corp..............................        5,390
      200     Fanuc Ltd...............................       10,045
       20     Fischer (Georg) Ltd (Regd)..............        3,938
    1,850     FKI plc.................................        4,420
      190     *FLS Industries a/s (B Shs).............        2,425
    1,000     Fuji Electric Co Ltd....................        2,712
      100     Fuji Machine Manufacturing Co Ltd.......        1,552
    4,000     Fujitsu Ltd.............................       27,900
    2,600     Futaba Corp.............................       75,924
    8,000     *Hitachi Ltd............................       51,728
    2,000     *Hitachi Zosen Corp.....................        1,168
      200     Hoya Corp...............................       14,551
    1,036     IMI plc.................................        5,128
   11,795     Invensys plc............................       16,001
    3,000     Ishikawajima-Harima Heavy Industries Co              
                Ltd...................................        4,530
    4,000     *Kawasaki Heavy Industries Ltd..........        5,106
       46     KCI Konecranes International............        1,545
    3,000     Komatsu Ltd.............................       10,738
       90     Kone Oyj (B Shs)........................        2,667
    7,205     Koninklijke Philips Electronics NV......      201,165
    3,000     Kubota Corp.............................        9,136
    3,201     *Logitech International S.A. (Regd).....      148,848
    1,000     Mabuchi Motor Co Ltd....................       98,534
      366     Metso Oyj...............................        4,735
    4,000     *Mitsubishi Electric Corp...............       17,955
    8,000     Mitsubishi Heavy Industries Ltd.........       24,229
    1,000     *Mitsui Engineering & Shipbuilding Co                
                Ltd...................................        1,252
      100     Mori Seiki Co Ltd.......................          914
    1,500     Murata Manufacturing Co Ltd.............       96,365
    4,000     *NEC Corp...............................       27,833
       49     *NEG Micon a/s..........................        1,498
    1,000     *Nikon Corp.............................       11,072
      400     Nitto Denko Corp........................       13,116
      115     NKT Holding a/s.........................        1,315
    1,000     NSK Ltd.................................        4,155
    1,000     NTN Corp................................        3,913
    1,000     *Oki Electric Industry Co Ltd...........        2,161
      491     Pace Micro Technology plc...............          530

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      800     Rohm Co Ltd.............................  $   119,409
       60     Samsung Electronics Co Ltd..............       16,410
    1,121     Sandvik AB..............................       27,994
       20     Schindler Holding AG. (Regd)............        4,072
      874     Schneider Electric S.A..................       47,000
    3,000     SembCorp Industries Ltd.................        2,309
       41     *SGL Carbon AG. ........................          735
    4,334     Siemens AG..............................      260,161
    5,000     Singapore Technologies Engineering                   
                Ltd...................................        5,462
      248     SKF AB (B Shs)..........................        6,423
    1,000     SMC Corp................................      118,225
        7     *Sulzer AG. (Regd)......................        1,486
    1,000     *Sumitomo Heavy Industries Ltd..........        1,076
      278     Tandberg ASA............................        3,279
      400     THK Co Ltd..............................        7,693
      257     *Thomson Multimedia.....................        6,079
    1,400     Tokyo Electron Ltd......................       91,226
      489     Tomra Systems ASA.......................        3,845
    9,000     *Toshiba Corp...........................       36,644
    7,500     Toyota Industries Corp..................      121,833
       35     VA Technologie AG. .....................          925
      351     Vestas Wind Systems a/s.................        9,520
      122     Wartsila Oyj (B Shs)....................        2,044
    1,000     Yokogawa Electric Corp..................        7,759
                                                        -----------
              TOTAL PRODUCER DURABLES                     1,902,325
                                                        -----------
TECHNOLOGY--4.92%                                                  
    2,556     Alcatel S.A.............................       17,772
      161     Altran Technologies S.A.................        4,691
    6,000     *Anritsu Corp...........................       42,150
    2,420     *ARM Holdings plc.......................        5,386
    3,000     Asahi Glass Co Ltd......................       19,198
       39     *Ascom Holding AG. (Regd)...............          220
   10,008     *ASML Holding NV........................      158,443
    1,000     ASM Pacific Technology Ltd..............        2,199
       50     *Atos Origin............................        3,185
      144     *Business Objects.......................        4,217
    3,000     Canon, Inc..............................      113,385
      290     Cap Gemini S.A..........................       11,528
    1,000     Citizen Watch Co Ltd....................        6,733
    1,712     CMG plc.................................        2,636
      185     Comptel Oyj.............................          342
    1,309     Computershare Ltd.......................        1,617
      200     Creative Technology Ltd.................        1,777
      200     CSK Corp................................        7,125
    8,000     Dai Nippon Printing Co Ltd..............      106,194
      143     Dassault Systemes S.A...................        6,532
      110     *EDB Business Partner ASA...............          324
      102     *Epcos AG. .............................        3,334
    1,531     ERG Ltd.................................          258
   19,102     *Ericsson (LM) (B Shs)..................       28,891
    1,000     Fujikura Ltd............................        3,646
    2,000     Furukawa Electric Co Ltd................        7,659
    1,526     Futuris Corp Ltd........................        1,165
      717     *Getronics NV...........................        1,367
    1,000     Hirose Electric Co Ltd..................       87,187
    1,416     *Infineon Technologies AG. .............       22,348
      143     Intracom S.A............................        1,299
       57     *Iona Technologies plc..................          309
   30,720     Johnson Electric Holdings Ltd...........       36,432
      500     Keyence Corp............................      105,918
    1,000     Konica Corp.............................        6,466
       49     *Kudelski S.A. (Br).....................        1,717

SEE NOTES TO FINANCIAL STATEMENTS 
54  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
      500     Kyocera Corp............................  $    36,502
    1,413     Logica plc..............................        4,308
    8,665     *Marconi plc............................          522
      200     Matsushita Communication Industrial Co               
                Ltd...................................        7,709
    2,300     Melco, Inc..............................       37,650
      357     *Merkantildata ASA......................          174
    1,000     Minebea Co Ltd..........................        5,874
    2,729     Misys plc...............................       10,067
      200     Mitsumi Electric Co Ltd.................        3,145
       62     *Navision a/s...........................        2,465
      239     *Nera ASA...............................          254
    1,000     NGK Spark Plug Co Ltd...................        7,584
    1,600     Nichicon Corp...........................       22,227
      100     Nidec Corp..............................        7,250
    1,000     Nippon Sheet Glass Co Ltd...............        3,379
   19,304     Nokia Oyj...............................      282,545
        2     NTT Data Corp...........................        8,010
    1,000     Olympus Optical Co Ltd..................       13,967
    1,000     Omron Corp..............................       14,476
       31     *Opticom ASA............................          543
    2,000     Ricoh Co Ltd............................       34,625
    1,614     Sage Group plc..........................        4,170
       41     Sagem S.A...............................        2,754
    1,189     SAP AG. ................................      116,548
       54     Software AG. (Regd).....................          763
    4,096     Spirent plc.............................        5,401
   10,602     STMicroelectronics NV...................      264,388
    2,000     Sumitomo Electric Industries Ltd........       13,867
      111     *Tandberg Television ASA................          146
      300     TDK Corp................................       14,167
      230     Tietoenator Corp........................        5,679
    2,000     Toppan Printing Co Ltd..................       20,792
       26     Unaxis Holding AG. (Regd)...............        3,075
    3,000     Venture Manufacturing Ltd (Singapore)...       23,943
      825     WM-Data AB (B Shs)......................        1,562
    1,000     Yamaha Corp.............................        9,728
                                                        -----------
              TOTAL TECHNOLOGY                            1,813,909
                                                        -----------
TRANSPORTATION--2.12%                                              
      409     Air France..............................        6,847
    2,574     *Alitalia S.p.A.........................        1,670
    1,000     *All Nippon Airways Co Ltd..............        2,586
    1,148     Associated British Ports Holdings plc...        7,875
      290     Attica Enterprise Holding S.A...........        1,025
      168     Bergesen DY a/s (B Shs).................        3,224
    9,680     Brambles Industries Ltd.................       51,298
    3,229     Brambles Industries plc.................       16,156
   21,239     *British Airways plc....................       60,298
    3,000     Cathay Pacific Airways Ltd..............        4,596
        3     Central Japan Railway Co................       18,272
       30     CMB Compagnie Maritime Belge S.A........        1,708
        1     Dampskibsselskabet Af 1912 (B Shs)......        7,512
        1     Dampskibsselskabet Svendborg (B Shs)....        9,838
      282     *Deutsche Lufthansa AG. (Regd)..........        4,011
        9     East Japan Railway Co...................       42,125
   15,000     *EasyJet plc Rts........................       18,292
      453     Exel plc................................        5,769
    1,329     Firstgroup plc..........................        5,105
      143     Frontline Ltd...........................        1,363
   14,000     Hankyu Corp.............................       46,138
    2,000     Japan Airlines Co Ltd...................        5,640
    1,000     Kawasaki Kisen Kaisha Ltd...............        1,393

                                                                [Download Table]


  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    1,000     Keihin Electric Express Railway Co                   
                Ltd...................................  $     4,522
    1,000     Keio Electric Railway Co Ltd............        5,006
    4,120     *Kinki Nippon Railway Co Ltd............       13,440
      121     KLM (Royal Dutch Airlines) NV...........        1,456
    1,260     Mayne Group Ltd.........................        2,928
    1,000     Mitsui O.S.K. Lines Ltd.................        2,103
    9,000     Mitsui-Soko Co Ltd......................       18,172
    3,075     MTR Corp................................        3,962
    2,000     *Neptune Orient Lines Ltd...............        1,155
   22,000     Nippon Express Co Ltd...................      116,556
    3,000     Nippon Yusen Kabushiki Kaisha...........       10,337
    1,585     Peninsular And Oriental Steam Navigation             
                Co....................................        5,823
   14,800     Qantas Airways Ltd......................       38,218
    1,613     *Railtrack Group plc....................            0
    6,236     *Ryanair Holdings plc...................       38,493
      206     *SAS AB.................................        1,423
    1,000     Seino Transportation Co Ltd.............        6,174
    2,000     Singapore Airlines Ltd..................       14,603
    4,252     Stagecoach Group plc....................        4,067
   14,000     Sumitomo Warehouse Co Ltd...............       38,546
    2,000     Tobu Railway Co Ltd.....................        5,590
    2,000     Tokyu Corp..............................        7,743
        2     West Japan Railway Co...................        8,076
    6,000     Yamato Transport Co Ltd.................      109,381
                                                        -----------
              TOTAL TRANSPORTATION                          780,515
                                                        -----------
UTILITIES--9.04%                                                   
      219     ACEA S.p.A..............................        1,174
      312     Aguas de Barcelona S.A..................        3,673
      182     Athens Water Supply & Sewage............          953
      993     Australian Gas Light Co Ltd.............        5,491
      450     Autopistas Concesionaria Espanola                    
                S.A...................................        5,000
    5,584     *Autoroutes Du Sud De La France.........      151,660
   12,810     Autostrade-Concessioni e Costruzioni                 
                Autostrade S.p.A......................      106,146
      848     AWG plc.................................        7,109
      766     Bouygues S.A............................       21,402
      908     Brisa-Auto Estradas de Portugal S.A.....        5,112
   80,586     BT Group plc............................      309,550
    4,850     Cable & Wireless plc....................       12,365
    1,600     Chubu Electric Power Co, Inc............       28,100
    5,100     CLP Holdings Ltd........................       20,270
    1,000     Contact Energy Ltd......................        1,938
    5,515     Deutsche Telekom AG. (Regd).............       51,744
       20     *E.Biscom S.p.A.........................          583
    3,223     E.ON AG. ...............................      187,008
      172     Electrabel S.A..........................       39,750
   10,210     Electricidade De Portugal S.A...........       19,764
    4,617     Endesa S.A..............................       67,076
   11,131     Enel S.p.A..............................       63,761
      867     France Telecom S.A......................        8,075
   61,572     Game Group Plc..........................      114,971
      534     *GN Store Nord..........................        1,959
      618     Hellenic Telecommunications Organization             
                S.A...................................        9,766
   15,500     Hongkong Electric Holdings Ltd..........       57,928
    4,208     Iberdrola S.A...........................       61,300
    1,696     *International Power plc................        4,343
    1,900     Kansai Electric Power Co, Inc...........       30,040
    1,211     Kelda Group plc.........................        7,882
    6,229     *KPN NV.................................       29,160
    1,200     Kyushu Electric Power Co, Inc...........       17,781
    9,577     National Grid Group Plc.................       68,028
       34     Nippon Telegraph & Telephone Corp.......      139,850
       48     NTT Docomo, Inc.........................      118,141

SEE NOTES TO FINANCIAL STATEMENTS 
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   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
 UTILITIES--(CONTINUED)                                             
        38     Oesterreichische                                     
                 Elektrizitaetswirtschafts AG. (A                   
                 Shs)..................................  $     3,301
    29,419     Pacific Century Cyberworks Ltd..........        6,940
       563     Panafon Hellenic Telecom S.A............        2,847
     3,026     Portugal Telecom SGPS S.A. (Regd).......       21,368
     2,027     RWE AG..................................       80,277
     3,918     Scottish & Southern Energy plc..........       38,760
     5,353     Scottish Power plc......................       28,783
     1,042     Severn Trent plc........................       11,484
    13,000     Singapore Telecommunications Ltd........       10,081
        50     Sk Telecom..............................       11,202
     1,637     *Sonera Oyj.............................        6,224
     4,318     Suez S.A................................      115,143
       150     Swisscom AG. (Regd).....................       43,645
       417     TDC a/s.................................       11,531
       290     *Tele2 AB (B Shs).......................        5,333
     5,950     Telecom Corp Of New Zealand Ltd.........       14,248
     4,650     Telecom Italia S.p.A. (Rnc).............       24,661
    13,040     Telecom Italia S.p.A....................      102,128
    24,303     *Telefonica S.A.........................      203,111
       376     Telekom Austria AG......................        3,015
     1,499     Telenor ASA.............................        5,314
     2,903     Telia AB................................        8,087
     6,657     Telstra Corp Ltd........................       17,414
     2,888     *THUS Group plc.........................          528
    16,540     TIM S.p.A...............................       67,792
       296     *Tiscali S.p.A..........................        1,798
     1,300     Tohoku Electric Power Co, Inc...........       18,222
    10,300     Tokyo Electric Power Co, Inc............      211,832
       714     Union Fenosa S.A........................       13,116
     2,921     United Utilities plc....................       27,205
   253,350     Vodafone Group plc......................      347,563
     6,934     Vodafone Group plc (Spon ADR)...........       94,649
                                                         -----------
               TOTAL UTILITIES                             3,336,455
                                                         -----------
               TOTAL COMMON STOCK                                   
                 (Cost $39,611,176)                       36,125,833
                                                         -----------


PRINCIPAL                                                  VALUE    
---------                                                  -----    
                                                                    
  SHORT TERM INVESTMENT--0.55%                                      
   U.S. GOVERNMENT AND AGENCY--0.55%                                
               Federal Home Loan Mortgage Corp (FHLMC)              
  $205,000       1.900%, 07/01/02......................  $   205,000
                                                         -----------
               TOTAL SHORT TERM INVESTMENT                          
                 (Cost $205,000)                             205,000
                                                         -----------
               TOTAL PORTFOLIO--98.70%                              
                 (Cost $39,893,082)                       36,404,325
               OTHER ASSETS & LIABILITIES, NET--1.30%        479,388
                                                         -----------
               NET ASSETS--100.00%                       $36,883,713
                                                         ===========

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

SEE NOTES TO FINANCIAL STATEMENTS 
56  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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   SHARES                                                   VALUE   
   ------                                                   -----   
                                                                    
COMMON STOCK--99.00%                                                
  AEROSPACE AND DEFENSE--0.37%                                      
       400     *Echostar Communications Corp (Class                 
                 A)....................................  $     7,416
     1,600     Heico Corp..............................       22,401
     2,100     *Ladish Co, Inc.........................       25,580
       100     PerkinElmer, Inc........................        1,103
       700     *Triumph Group, Inc.....................       31,207
                                                         -----------
               TOTAL AEROSPACE AND DEFENSE                    87,707
                                                         -----------
 BASIC INDUSTRIES--4.41%                                            
     1,800     Air Products & Chemicals, Inc...........       90,846
       700     *AK Steel Holding Corp..................        8,954
     1,000     Amcol International Corp................        6,831
       200     *American Standard Cos, Inc.............       15,016
     1,300     Avery Dennison Corp.....................       81,575
     1,462     b*Birmingham Steel Corp.................          541
       200     Black & Decker Corp.....................        9,636
       100     Butler Manufacturing Co.................        2,743
       100     *BWAY Corp..............................        1,593
       425     Cabot Corp..............................       12,176
       200     *Cabot Microelectronics Corp............        8,632
       300     Castle (A.M.) & Co......................        3,738
       100     Centex Corp.............................        5,777
       300     Century Aluminum Co.....................        4,461
       400     *Champion Enterprises, Inc..............        2,240
       200     Clayton Homes, Inc......................        3,156
       100     *Cleveland-Cliffs, Inc..................        2,758
       300     Collins & Aikman Corp...................        2,724
       600     *Comfort Systems Usa, Inc...............        2,971
     1,600     *Crown Cork & Seal Co, Inc..............       10,960
       300     Donnelly Corp...........................        8,091
     1,100     Ecolab, Inc.............................       50,853
     1,300     Engelhard Corp..........................       36,816
     1,305     *Fleetwood Enterprises, Inc.............       11,354
       268     H.B. Fuller Co..........................        7,850
       100     Gibraltar Steel Corp....................        2,217
       200     Dr Horton, Inc..........................        5,202
       200     *Imco Recycling, Inc....................        1,966
       500     *Integrated Electrical Services, Inc....        3,115
     1,900     Kimberly-Clark Corp.....................      117,764
       100     Lennar Corp.............................        6,118
       400     *Liquidmetal Technologies...............        4,632
       100     *Lone Star Technologies, Inc............        2,288
     2,528     Masco Corp..............................       68,534
       200     *Material Sciences Corp.................        2,800
       600     MeadWestvaco Corp.......................       20,125
       100     *Mueller Industries, Inc................        3,173
       500     *NS Group, Inc..........................        4,765
       400     Nucor Corp..............................       26,008
       400     *Penwest Pharmaceuticals Co.............        7,792
     1,100     Plum Creek Timber Co, Inc...............       33,749
       600     Praxair, Inc............................       34,171
       400     Pulte Homes, Inc........................       22,992
       200     Reliance Steel & Aluminum Co............        6,096
       700     Roanoke Electric Steel Corp.............       10,795
       700     Rohm & Haas Co..........................       28,330
       700     Royal Gold, Inc.........................        9,549
     1,100     Ryerson Tull, Inc.......................       12,772
       700     Schnitzer Steel Industries, Inc (Class               
                 A)....................................       15,611
       700     Sigma-Aldrich Corp......................       35,105
     1,400     Sonoco Products Co......................       39,648
       500     Stanley Works...........................       20,505
       100     *Steel Dynamics, Inc....................        1,645
       100     *Stillwater Mining Co...................        1,626

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      100     Temple-Inland, Inc......................  $     5,784
      200     *U.S. Concrete, Inc.....................        1,310
      800     Vulcan Materials Co.....................       35,040
    3,700     Worthington Industries, Inc.............       66,970
                                                        -----------
              TOTAL BASIC INDUSTRIES                      1,050,489
                                                        -----------
CONSUMER CYCLICAL--9.09%                                           
   11,900     AOL Time Warner, Inc....................      175,049
      100     Apogee Enterprises, Inc.................        1,434
      300     *Apollo Group, Inc (Class A)............       11,820
      100     Arvinmeritor, Inc.......................        2,398
    1,100     Autoliv, Inc............................       27,699
       67     Bandag, Inc.............................        1,897
      500     Barnes Group, Inc.......................       11,440
      800     *Bed Bath & Beyond, Inc.................       30,192
      100     Big Lots, Inc...........................        1,966
      500     *Boca Resorts, Inc (Class A)............        6,615
      300     Brunswick Corp..........................        8,394
      100     Bush Industries, Inc (Class A)..........        1,198
      200     *Cablevision Systems Corp (Class A).....        1,888
      200     Callaway Golf Co........................        3,164
      100     *Charming Shoppes, Inc..................          862
    1,000     *Charter Communications, Inc (Class                  
                A)....................................        4,061
      100     *Clark (Dick) Prod, Inc.................        1,438
    3,200     *Comcast Corp (Class A) Special.........       76,288
      200     Cooper Tire & Rubber Co.................        4,106
      900     Dana Corp...............................       16,660
      693     Darden Restaurants, Inc.................       17,117
    4,300     Delphi Corp.............................       56,760
      800     Dollar General Corp.....................       15,209
      200     *Dollar Tree Stores, Inc................        7,878
      400     Dow Jones & Co, Inc.....................       19,380
      500     *Extended Stay America, Inc.............        8,100
      500     Family Dollar Stores, Inc...............       17,615
      400     *Foot Locker, Inc.......................        5,772
    2,291     Gap, Inc................................       32,532
      200     *Gaylord Entertainment Co...............        4,406
      200     *Gentex Corp............................        5,490
    1,800     Genuine Parts Co........................       62,766
      589     Graco, Inc..............................       14,807
    1,400     Harley-Davidson, Inc....................       71,778
      200     *IMPCO Technologies, Inc................        2,616
      100     Intermet Corp...........................        1,072
    1,500     Interpublic Group Of Cos, Inc...........       37,140
    1,100     J.C. Penney Co, Inc.....................       24,222
      700     Johnson Controls, Inc...................       57,127
      400     *K2, Inc................................        4,092
    1,100     *Kohl's Corp............................       77,088
      300     *Lamar Advertising Co...................       11,157
      200     *Lear Corp..............................        9,246
      500     Leggett & Platt, Inc....................       11,690
      100     *Liberty Livewire Corp (Class A)........          292
    9,000     *Liberty Media Corp (Class A)...........       90,000
      400     Liz Claiborne, Inc......................       12,712
      300     *Luby's, Inc............................        1,968
      200     Marcus Corp.............................        3,326
    1,700     May Department Stores Co................       55,981
    6,451     McDonald's Corp.........................      183,531
    1,099     McGraw-Hill Cos, Inc....................       65,610
    1,400     *Metro-Goldwyn-Mayer, Inc...............       16,353
      292     Modine Manufacturing Co.................        7,177
      100     *Neiman Marcus Group, Inc (Class A).....        3,468
      600     New York Times Co (Class A).............       30,900
      500     Nordstrom, Inc..........................       11,315

SEE NOTES TO FINANCIAL STATEMENTS 
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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
CONSUMER CYCLICAL--(CONTINUED)                                     
      100     *Oakley, Inc............................  $     1,738
    1,000     Omnicom Group, Inc......................       45,800
      100     Oxford Industries, Inc..................        2,798
      900     *Penton Media, Inc......................        1,918
      200     Phillips-Van Heusen Corp................        3,116
      100     *Pixar, Inc.............................        4,408
      300     *Prime Hospitality Corp.................        3,891
      100     *Reebok International Ltd...............        2,948
      200     *Regal Entertainment Group (Class A)....        4,660
      200     Ross Stores, Inc........................        8,146
      500     R.R. Donnelley & Sons Co................       13,765
      100     Russell Corp............................        1,923
      500     *Saks, Inc..............................        6,410
      100     Scripps (E.W.) Co (Class A).............        7,698
    1,400     Sears Roebuck & Co......................       76,020
      300     *Sports Resorts International, Inc......        1,614
    1,200     *Starbucks Corp.........................       29,820
      200     Stride Rite Corp........................        1,596
    3,100     Target Corp.............................      118,110
      300     Tiffany & Co............................       10,554
    2,100     TJX Cos, Inc............................       41,141
      200     *Tower Automotive, Inc..................        2,786
    1,100     Tribune Co..............................       47,850
      200     *Unifi, Inc.............................        2,176
      400     *Univision Communications, Inc (Class                
                A)....................................       12,552
      700     *U.S.A. Networks, Inc...................       16,402
      900     VF Corp.................................       35,289
      100     *Vail Resorts, Inc......................        1,708
    1,700     Visteon Corp............................       24,140
      500     *Wabash National Corp...................        4,990
    7,500     Walt Disney Co..........................      141,750
      300     Wendy's International, Inc..............       11,943
      100     Woodward Governor Co....................        5,910
    1,600     *Yahoo!, Inc............................       23,616
                                                        -----------
              TOTAL CONSUMER CYCLICAL                     2,165,448
                                                        -----------
CONSUMER NON-CYCLICAL--11.81%                                      
    1,694     Albertson's, Inc........................       51,599
      400     *Amazon.Com, Inc........................        6,492
      200     *Autozone, Inc..........................       15,456
      700     Avon Products, Inc......................       36,568
      800     *Best Buy Co, Inc.......................       29,040
    1,703     Campbell Soup Co........................       47,105
      100     *CDW Computer Centers, Inc..............        4,679
      500     Circuit City Stores, Inc (Circuit City               
                Group)................................        9,365
      923     Clorox Co...............................       38,166
    8,100     Coca-Cola Co............................      453,600
      762     Coca-Cola Enterprises, Inc..............       16,825
    2,103     Colgate-Palmolive Co....................      105,255
    1,600     Costco Wholesale Corp...................       61,792
    1,300     CVS Corp................................       39,780
      400     *eBay, Inc..............................       24,640
      100     *Factory 2-U Stores, Inc................        1,383
      900     General Mills, Inc......................       39,672
    3,914     Gillette Co.............................      132,567
    1,608     HJ Heinz Co.............................       66,089
      400     Herbalife International, Inc (Class                  
                B)....................................        7,660
      482     Hershey Foods Corp......................       30,125
    7,000     Home Depot, Inc.........................      257,110
       93     JM Smucker Co...........................        3,174
    1,464     Kellogg Co..............................       52,499
    2,600     *Kroger Co..............................       51,740
    2,400     Lowe's Cos..............................      108,960

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
    2,100     Mattel, Inc.............................  $    44,268
      100     Movado Group, Inc.......................        2,513
      500     *NBTY, Inc..............................        7,730
    1,167     Newell Rubbermaid, Inc..................       40,915
      600     *Office Depot, Inc......................       10,069
      200     Pepsi Bottling Group, Inc...............        6,160
    6,054     Pepsico, Inc............................      291,803
    1,000     *Perrigo Co.............................       12,981
    4,700     Procter & Gamble Co.....................      419,710
      400     RadioShack Corp.........................       12,024
    2,008     *Safeway, Inc...........................       58,614
    1,300     *Staples, Inc...........................       25,585
      500     *Toys "R" Us, Inc.......................        8,735
    3,400     Walgreen Co.............................      131,342
      900     Wrigley (Wm.) Jr Co.....................       49,815
                                                        -----------
              TOTAL CONSUMER NON-CYCLICAL                 2,813,605
                                                        -----------
ENERGY--4.36%                                                      
      100     *3TEC Energy Corp.......................        1,741
    2,306     Anadarko Petroleum Corp.................      113,686
    2,000     Apache Corp.............................      114,960
    3,300     Baker Hughes, Inc.......................      109,857
      700     *Chesapeake Energy Corp.................        5,027
      200     *Comstock Resources, Inc................        1,516
      600     *Denbury Resources, Inc.................        6,163
    1,700     Devon Energy Corp.......................       83,776
      500     *Energy Partners Ltd....................        4,640
      200     Ensco International, Inc................        5,448
    2,000     EOG Resources, Inc......................       79,400
      300     *Forest Oil Corp........................        8,523
      300     Frontier Oil Corp.......................        5,274
    1,390     *Grant Prideco, Inc.....................       18,904
      200     *Harvest Natural Resources, Inc.........          996
      504     Helmerich & Payne, Inc..................       18,003
    1,100     *Meridian Resource Corp.................        4,071
    1,300     Murphy Oil Corp.........................      107,250
      900     *Nabors Industries Ltd..................       31,770
      300     *Newfield Exploration Co................       11,151
    1,400     Noble Energy, Inc.......................       50,470
      300     *Nuevo Energy Co........................        4,734
    1,800     Ocean Energy, Inc.......................       39,006
      100     *Patterson-UTI Energy, Inc..............        2,821
      100     *Petroleum Helicopters (Vote)...........        3,342
      700     Pioneer Natural Resources Co............       18,222
      400     *Plains Resources, Inc..................       10,692
      600     Pogo Producing Co.......................       19,572
      400     *Range Resources Corp...................        2,232
      359     Rowan Cos, Inc..........................        7,701
      172     *Smith International, Inc...............       11,729
      100     *Stone Energy Corp......................        4,023
    1,000     Sunoco, Inc.............................       35,611
      100     *Swift Energy Co........................        1,577
    2,400     *Transmontaigne, Inc....................       14,474
      900     Valero Energy Corp......................       33,661
      300     Vintage Petroleum, Inc..................        3,564
      490     *Weatherford International Ltd..........       21,168
      300     *Westport Resources Corp................        4,914
      400     World Fuel Services Corp................        9,752
      400     XTO Energy, Inc.........................        8,232
                                                        -----------
              TOTAL ENERGY                                1,039,653
                                                        -----------
FINANCIAL SERVICES--23.53%                                         
      300     A.G. Edwards, Inc.......................       11,655
    1,600     Aflac, Inc..............................       51,200

SEE NOTES TO FINANCIAL STATEMENTS 
58  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
FINANCIAL SERVICES--(CONTINUED)                                    
      800     Allied Capital Corp.....................  $    18,105
      300     AMB Property Corp.......................        9,294
      200     American Capital Strategies Ltd.........        5,490
    4,753     American Express Co.....................      172,629
    8,500     American International Group, Inc.......      579,955
      700     Amsouth Bancorp.........................       15,653
    1,100     AON Corp................................       32,428
    1,200     Archstone-Smith Trust...................       32,017
      100     AvalonBay Communities, Inc..............        4,668
    5,600     Bank Of America Corp....................      394,016
    4,400     Bank One Corp...........................      169,312
    2,000     BB&T Corp...............................       77,200
      200     Boston Properties, Inc..................        7,986
      700     Capital One Financial Corp..............       42,735
      300     Charter One Financial, Inc..............       10,308
      500     Chubb Corp..............................       35,400
      300     Cincinnati Financial Corp...............       13,953
      500     Comerica, Inc...........................       30,690
      400     Countrywide Credit Industries, Inc......       19,300
      700     Crescent Real Estate Equities Co........       13,090
      500     Duke Realty Corp........................       14,465
      400     *E*trade Group, Inc.....................        2,176
    3,500     Equity Office Properties Trust..........      105,350
    2,000     Equity Residential Properties Trust.....       57,462
      100     Erie Indemnity Co (Class A).............        4,049
    3,900     Fannie Mae..............................      287,625
      400     Federated Investors, Inc (Class B)......       13,820
    2,400     Fifth Third Bancorp.....................      159,960
    4,900     FleetBoston Financial Corp..............      158,515
    1,000     Franklin Resources, Inc.................       42,621
    2,700     Freddie Mac.............................      165,240
      200     Gallagher (Arthur J.) & Co..............        6,926
      100     Golden State Bancorp, Inc...............        3,623
      800     Golden West Financial Corp..............       55,009
    1,200     Goldman Sachs Group, Inc................       88,020
      200     Greenpoint Financial Corp...............        9,816
      800     Hartford Financial Services Group,                   
                Inc...................................       47,576
      100     Hooper Holmes, Inc......................          798
    2,088     Household International, Inc............      103,774
      200     *Insignia Financial Group, Inc..........        1,940
      500     *Instinet Group, Inc....................        3,250
      200     iStar Financial, Inc....................        5,696
      100     Jefferson-Pilot Corp....................        4,698
    6,900     JP Morgan Chase & Co....................      234,048
    2,200     Keycorp.................................       60,060
      200     Legg Mason, Inc.........................        9,864
      800     Lincoln National Corp...................       33,600
    1,700     Marsh & McLennan Cos, Inc...............      164,220
      200     MBIA, Inc...............................       11,302
    3,581     MBNA Corp...............................      118,424
    1,700     Mellon Financial Corp...................       53,431
    3,100     Merrill Lynch & Co, Inc.................      125,550
    3,000     National City Corp......................       99,750
      200     Neuberger Berman, Inc...................        7,316
      600     Northern Trust Corp.....................       26,436
    1,649     PNC Financial Services Group, Inc.......       86,210
    1,300     *Principal Financial Group..............       40,275
      400     Progressive Corp........................       23,132
      700     Prologis Trust..........................       18,187
    2,400     *Providian Financial Corp...............       14,112
    1,300     *Prudential Financial, Inc..............       43,343
      300     Public Storage, Inc.....................       11,124

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      800     Regions Financial Corp..................  $    28,105
      200     Resource America, Inc (Class A).........        2,104
       97     Rouse Co................................        3,201
      200     Safeco Corp.............................        6,174
    4,400     Charles Schwab Corp.....................       49,280
      100     Seacoast Banking Corp Of Florida........        5,771
      300     SEI Investments Co......................        8,445
    1,000     Simon Property Group, Inc...............       36,840
      700     Slm Corp................................       67,830
      200     Sovereign Bancorp, Inc..................        2,986
      700     St. Paul Cos, Inc.......................       27,244
    1,000     State Street Corp.......................       44,700
      700     Stilwell Financial, Inc.................       12,727
    1,200     Suntrust Banks, Inc.....................       81,264
      600     Synovus Financial Corp..................       16,501
    1,200     *Syntroleum Corp........................        3,433
      500     T Rowe Price Group, Inc.................       16,430
      500     Trizec Properties, Inc..................        8,420
      300     Union Planters Corp.....................        9,705
      400     UnumProvident Corp......................       10,172
    6,800     U.S. Bancorp............................      158,780
      400     Vornado Realty Trust....................       18,472
    5,400     Wachovia Corp...........................      206,172
    5,000     Washington Mutual, Inc..................      185,550
      526     Weingarten Realty Investors.............       18,620
    6,200     Wells Fargo & Co........................      310,372
                                                        -----------
              TOTAL FINANCIAL SERVICES                    5,609,175
                                                        -----------
HEALTH CARE--13.96%                                                
      100     *aaiPharma, Inc.........................        2,248
      200     *Abgenix, Inc...........................        1,956
      200     *Abiomed, Inc...........................        1,692
      100     *Adolor Corp............................        1,124
      200     *AdvancePCS.............................        4,784
    1,800     *Advanced Tissue Sciences, Inc..........        2,558
      300     Aetna, Inc..............................       14,391
      100     *Affymetrix, Inc........................        2,397
      200     *Aksys Ltd..............................        1,376
      100     *Alexion Pharmaceuticals, Inc...........        1,513
      300     *Align Technology, Inc..................        1,207
      100     *Alkermes, Inc..........................        1,599
      800     Allergan, Inc...........................       53,400
      300     *Allscripts Healthcare Solutions, Inc...        1,116
      500     Alpharma, Inc (Class A).................        8,480
    3,300     Amgen, Inc..............................      138,204
      100     *Amylin Pharmaceuticals, Inc............        1,092
      400     *Andrx Corp.............................       10,780
      500     *Anthem, Inc............................       33,730
      200     *Antigenics, Inc........................        1,966
      400     *Aphton Corp............................        2,992
      100     *Apogent Technologies, Inc..............        2,055
    1,700     Applera Corp (Applied Biosystems                     
                Group)................................       33,133
      200     *Applera Corp (Celera Genomics Group)...        2,396
      400     *Applied Molecular Evolution............        2,304
      100     *Apria Healthcare Group, Inc............        2,238
      100     *Arena Pharmaceuticals, Inc.............          838
      200     *Ariad Pharmaceuticals, Inc.............          828
      300     *Arqule, Inc............................        2,019
      100     *Atherogenics, Inc......................          715
      300     *Atrix Laboratories, Inc................        6,669
      200     *Avigen, Inc............................        1,878
      100     Bard (C.R.), Inc........................        5,656
      300     *Barr Laboratories, Inc.................       19,053
      283     Bausch & Lomb, Inc......................        9,580

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   59

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
    2,900     Baxter International, Inc...............  $   128,905
      200     Beckman Coulter, Inc....................        9,976
    1,500     Becton Dickinson & Co...................       51,675
      600     *Benthley Pharmaceuticals, Inc..........        6,949
      300     *Bio-Technology General Corp............        1,797
      500     *Biogen, Inc............................       20,705
      400     *BioMarin Pharmaceutical, Inc...........        2,080
    1,100     Biomet, Inc.............................       29,832
      400     *Biopure Corp...........................        3,052
      100     *Biosite, Inc...........................        2,813
      400     *Bone Care International, Inc...........        2,085
    1,649     *Boston Scientific Corp.................       48,349
      200     *Bradley Pharmaceuticals, Inc...........        2,656
      200     *Britesmile, Inc........................          470
      500     *Caliper Technologies Corp..............        4,165
      100     *Cardiac Science, Inc...................          393
    2,000     Cardinal Health, Inc....................      122,820
    1,000     *Caremark Rx, Inc.......................       16,481
      300     *Cell Therapeutics, Inc.................        1,632
      100     *Cephalon, Inc..........................        4,518
      100     *Chattem, Inc...........................        3,148
      600     Cigna Corp..............................       58,452
      300     *Cima Labs, Inc.........................        7,230
    1,000     *Columbia Laboratories, Inc.............        5,981
      100     *Covance, Inc...........................        1,873
      100     *Coventry Health Care, Inc..............        2,840
      300     *CuraGen Corp...........................        1,647
      100     *CV Therapeutics, Inc...................        1,860
      100     *Cytyc Corp.............................          760
      300     *DaVita, Inc............................        7,134
      500     *Decode Genetics, Inc...................        2,330
    1,300     *Deltagen, Inc..........................        3,160
      200     Dentsply International, Inc.............        7,378
      400     Diagnostic Products Corp................       14,792
      300     *Digene Corp............................        3,523
      800     *Durect Corp............................        6,385
      100     *Edwards Lifesciences Corp..............        2,318
    1,100     *Endo Pharmaceuticals Holdings, Inc.....        7,679
      300     *Eon Labs, Inc..........................        5,331
    2,300     *Esperion Therapeutics, Inc.............       12,445
      200     *Express Scripts, Inc (Class A).........       10,018
      400     *First Health Group Corp................       11,208
      100     *First Horizon Pharmaceutical...........        2,067
      900     *Forest Laboratories, Inc...............       63,720
      100     *Genesis Health Ventures, Inc...........        2,009
    1,400     *Genzyme Corp (Biosurgery Division).....        6,342
      900     *Genzyme Corp (General Division)........       17,316
       54     *Genzyme Corp (Molecular Oncology                    
                Division).............................          136
      300     *Geron Corp.............................        1,368
      600     *Gilead Sciences, Inc...................       19,717
    1,100     *Guidant Corp...........................       33,253
      600     *Guilford Pharmaceuticals, Inc..........        4,513
    1,000     *Health Management Associates, Inc                   
                (Class A).............................       20,131
      600     *Health Net, Inc........................       16,051
      300     Hillenbrand Industries, Inc.............       16,845
      500     *Human Genome Sciences, Inc.............        6,690
    1,100     *Humana, Inc............................       17,193
      200     *Icos Corp..............................        3,388
      400     *IDEC Pharmaceuticals Corp..............       14,172
      300     *Idexx Laboratories, Inc................        7,731
      100     *Ilex Oncology, Inc.....................        1,407
      100     *Illumina, Inc..........................          670

                                                                [Download Table]

SHARES                                                   VALUE   
------                                                   -----   
                                                                 
    700     *Immunogen, Inc.........................  $     1,870
    600     *Impax Laboratories, Inc................        4,483
  1,075     IMS Health, Inc.........................       19,296
    400     *Incyte Genomics, Inc...................        2,900
    300     *Inhale Therapeutic Systems, Inc........        2,973
    200     *Inverness Medical Innovations, Inc.....        4,040
    100     *Invitrogen Corp........................        3,199
  1,500     *IVAX Corp..............................       16,200
 10,115     Johnson & Johnson.......................      528,610
  1,200     *King Pharmaceuticals, Inc..............       26,677
    100     *Kosan Biosciences, Inc.................          869
    100     *La Jolla Pharmaceutical Co.............          623
    200     *Lannett Co, Inc........................        2,036
    100     *Lexicon Genetics, Inc..................          487
    100     *LifePoint Hospitals, Inc...............        3,631
    100     *Ligand Pharmaceuticals, Inc (Class                  
              B)....................................        1,448
    500     *Lincare Holdings, Inc..................       16,140
    200     *Luminex Corp...........................        1,498
    400     *Manor Care, Inc........................        9,192
    300     *Martek Biosciences Corp................        6,270
  1,500     McKesson Corp...........................       49,050
    200     *Medarex, Inc...........................        1,480
    300     *Medicis Pharmaceutical Corp (Class                  
              A)....................................       12,822
    800     *Medimmune, Inc.........................       21,105
  4,440     Medtronic, Inc..........................      190,254
  8,300     Merck & Co, Inc.........................      420,312
    100     *MGI Pharma, Inc........................          704
    100     *Mid Atlantic Medical Services, Inc.....        3,133
    900     *Millennium Pharmaceuticals, Inc........       10,918
    900     Mylan Laboratories, Inc.................       28,215
  1,000     *Nabi Biopharmaceuticals................        5,350
    200     *Napro Biotherapeutics, Inc.............        1,308
    400     *Nastech Pharmaceutical Co..............        6,564
    200     *Neose Technologies, Inc................        2,176
    300     *Neurogen Corp..........................        3,501
    100     *NPS Pharmaceuticals, Inc...............        1,530
    400     Omnicare, Inc...........................       10,496
    300     *Onyx Pharmaceuticals, Inc..............        1,725
    200     *Option Care, Inc.......................        2,744
    100     *Orthodontic Centers Of America, Inc....        2,303
    400     *Orthologic Corp........................        2,204
    100     *OSI Pharmaceuticals, Inc...............        2,400
    400     *Oxford Health Plans, Inc...............       18,576
    100     *Pacificare Health Systems, Inc.........        2,718
    900     *Pain Therapeutics, Inc.................        7,507
    100     *Patterson Dental Co....................        5,031
    400     *Peregrine Pharmaceuticals, Inc.........          460
    200     *Pharmaceutical Resources, Inc..........        5,552
    600     *Pozen, Inc.............................        3,097
    800     *Praecis Pharmaceuticals, Inc...........        2,769
    300     *Priority Healthcare Corp (Class B).....        7,044
    200     *Progenics Pharmaceuticals..............        2,454
    200     *Protein Design Labs, Inc...............        2,168
    700     *Quintiles Transnational Corp...........        8,730
    100     *Regeneron Pharmaceuticals, Inc.........        1,449
  1,000     *Rigel Pharmaceuticals, Inc.............        3,631
    300     *Salix Pharmaceuticals Ltd..............        4,572
  6,300     Schering-Plough Corp....................      154,980
    100     *Scios, Inc.............................        3,059
    800     *Seattle Genetics, Inc..................        4,153
    200     *Sepracor, Inc..........................        1,906
    900     *Sequenom, Inc..........................        3,160
  1,700     *Service Corp International.............        8,179

SEE NOTES TO FINANCIAL STATEMENTS 
60  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
HEALTH CARE--(CONTINUED)                                           
      300     SICOR, Inc..............................  $     5,556
      100     *Sangamo Biosciences, Inc...............          586
      100     *Sola International, Inc................        1,148
      100     *Spacelabs Medical, Inc.................        1,418
      400     *Specialty Laboratories, Inc............        3,352
      400     St. Jude Medical, Inc...................       29,540
      100     *Stericycle, Inc........................        3,539
      100     *Stewart Enterprises, Inc (Class A).....          635
      700     Stryker Corp............................       37,457
      300     *Supergen, Inc..........................        2,172
      200     *Syncor International Corp..............        6,296
      200     *Tanox, Inc.............................        2,162
      400     *Texas Biotechnology Corp...............        1,552
      400     *Triad Hospitals, Inc...................       16,952
      800     *Triangle Pharmaceuticals, Inc..........        2,153
      100     *Trigon Healthcare, Inc.................       10,056
      300     *Tularik, Inc...........................        2,745
    1,300     UnitedHealth Group, Inc.................      119,015
      200     Universal Health Services, Inc (Class                
                B)....................................        9,796
      200     *U.S. Oncology, Inc.....................        1,662
      100     Varian Medical Systems, Inc.............        4,053
      100     *VCA Antech, Inc........................        1,556
      200     *Vertex Pharmaceuticals, Inc............        3,252
      600     *Vical, Inc.............................        3,157
      200     *Waters Corp............................        5,336
      800     *Watson Pharmaceuticals, Inc............       20,201
      600     *Wellpoint Health Networks, Inc.........       46,686
      600     *Women First Healthcare, Inc............        4,639
      700     *Zimmer Holdings, Inc...................       24,962
                                                        -----------
              TOTAL HEALTH CARE                           3,327,096
                                                        -----------
OTHER--0.87%                                                       
      200     *Acacia Research Corp...................        1,416
      500     Cintas Corp.............................       24,705
      200     *Dun & Bradstreet Corp..................        6,610
      700     H & R Block, Inc........................       32,292
      300     Invision Technologies, Inc..............        7,242
      100     Manpower, Inc...........................        3,673
      617     Moody's Corp............................       30,696
      500     Robert Half International, Inc..........       11,650
      100     SPX Corp................................       11,748
    2,294     Sysco Corp..............................       62,443
      200     Teleflex, Inc...........................       11,426
      200     *TMP Worldwide, Inc.....................        4,296
      100     *U.S. Industries, Inc...................          343
                                                        -----------
              TOTAL OTHER                                   208,540
                                                        -----------
PRODUCER DURABLES--3.85%                                           
    2,283     3M Co...................................      280,809
      100     *Active Power, Inc......................          359
      600     American Water Works Co, Inc............       25,926
      500     Ametek, Inc.............................       18,615
      461     Baldor Electric Co......................       11,617
      800     *Capstone Turbine Corp..................        1,313
      400     *Casella Waste Systems, Inc (Class A)...        4,796
      434     Cummins, Inc............................       14,365
    1,300     Deere & Co..............................       62,270
    3,178     Emerson Electric Co.....................      170,055
      400     Gatx Corp...............................       12,032
      100     Harsco Corp.............................        3,748
      200     *Headwaters, Inc........................        3,146
      100     Hubbell, Inc (Class B)..................        3,413
    2,201     Illinois Tool Works, Inc................      150,328

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      107     *Imagistics International, Inc..........  $     2,297
      500     Nordson Corp............................       12,330
    1,600     Pitney Bowes, Inc.......................       63,552
      538     *Thomas & Betts Corp....................       10,007
      100     Timken Co...............................        2,231
      100     *Waste Connections, Inc.................        3,122
      900     WW Grainger, Inc........................       45,090
    2,373     *Xerox Corp.............................       16,540
                                                        -----------
              TOTAL PRODUCER DURABLES                       917,961
                                                        -----------
TECHNOLOGY--15.83%                                                 
    1,900     *3Com Corp..............................        8,360
    1,500     *Acterna Corp...........................          588
    4,200     *ADC Telecommunications, Inc............        9,618
      100     *ADE Corp...............................        1,143
      500     Adobe Systems, Inc......................       14,250
    2,200     Advanced Micro Devices, Inc.............       21,384
      119     *Agere Systems, Inc (Class A)...........          167
    2,920     *Agere Systems, Inc (Class B)...........        4,380
      700     *Akamai Technologies, Inc...............          897
    1,400     *Altera Corp............................       19,040
      800     *American Power Conversion Corp.........       10,104
      300     *American Superconductor Corp...........        1,632
    1,000     *Analog Devices, Inc....................       29,700
      100     *Answerthink, Inc.......................          377
    1,100     *Apple Computer, Inc....................       19,492
    4,800     *Applied Materials, Inc.................       91,296
    2,883     Automatic Data Processing, Inc..........      125,555
      700     *Avanex Corp............................        1,345
    1,200     *Avaya, Inc.............................        5,940
      100     *Avnet, Inc.............................        2,199
      100     AVX Corp................................        1,631
      600     *BEA Systems, Inc.......................        5,695
      200     *Bisys Group, Inc.......................        6,656
      200     *BMC Software, Inc......................        3,316
      800     *Broadcom Corp (Class A)................       14,032
      400     *Brocade Communications Systems, Inc....        6,984
      100     *Cadence Design Systems, Inc............        1,610
      100     *Caminus Corp...........................          581
      500     *Ceridian Corp..........................        9,480
      100     *Certegy, Inc...........................        3,709
    1,100     *CIENA Corp.............................        4,588
   20,100     *Cisco Systems, Inc.....................      280,395
      800     *CNET Networks, Inc.....................        1,577
    1,399     Computer Associates International,                   
                Inc...................................       22,230
      800     *Computer Horizons Corp.................        3,857
      300     *Comverse Technology, Inc...............        2,778
      200     *Concord Camera Corp....................        1,016
    1,700     *Concord EFS, Inc.......................       51,238
      600     *Convergys Corp.........................       11,677
    4,227     *Corning, Inc...........................       15,006
    1,100     *DDI Corp...............................        1,078
    7,300     *Dell Computer Corp.....................      190,822
      200     *DiamondCluster International, Inc                   
                (Class A).............................        1,192
      100     *Digitas, Inc...........................          453
      100     *DMC Stratex Networks, Inc..............          199
      500     *DST Systems, Inc.......................       22,845
      200     *Electronic Arts, Inc...................       13,206
    1,868     Electronic Data Systems Corp............       69,396
    7,200     EMC Corp................................       54,360
      100     *Emcore Corp............................          598
      800     *Fiserv, Inc............................       29,368
      755     *Gateway, Inc...........................        3,352
   10,286     Hewlett-Packard Co......................      157,170

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   61

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Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2002
--------------------------------------------------------------------------------

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
TECHNOLOGY--(CONTINUED)                                            
    1,000     Ikon Office Solutions, Inc..............  $     9,400
      100     *Infonet Services Corp (Class B)........          246
    1,000     *Inktomi Corp...........................          861
   19,400     Intel Corp..............................      354,438
    5,200     International Business Machines Corp....      374,400
      400     *Intuit, Inc............................       19,880
      100     *Iron Mountain, Inc.....................        3,083
      300     *Jabil Circuit, Inc.....................        6,327
      100     Henry (Jack) & Associates, Inc..........        1,667
    3,400     *JDS Uniphase Corp......................        9,078
      400     *Juniper Networks, Inc..................        2,252
      100     *Keynote Systems, Inc...................          730
      200     *KLA-Tencor Corp........................        8,794
      300     *KPMG Consulting, Inc...................        4,452
      200     *Lexmark International, Inc.............       10,876
      900     Linear Technology Corp..................       28,287
    2,200     *LSI Logic Corp.........................       19,250
   12,500     *Lucent Technologies, Inc...............       20,750
      900     *Maxim Integrated Products, Inc.........       34,497
      500     *Mercury Interactive Corp...............       11,480
    2,032     Micron Technology, Inc..................       41,087
   12,200     *Microsoft Corp.........................      667,340
      800     Molex, Inc..............................       26,824
    6,400     Motorola, Inc...........................       92,166
    1,600     *MRV Communications, Inc................        2,417
      700     *National Semiconductor Corp............       20,419
      800     *Netro Corp.............................        1,809
    1,400     *Network Appliance, Inc.................       17,416
      100     *New Focus, Inc.........................          295
    2,500     *NIC, Inc...............................        3,652
    2,000     *Novell, Inc............................        6,420
      200     *Nuance Communications, Inc.............          832
   12,000     *Oracle Corp............................      113,640
      400     *Palm, Inc..............................          704
    1,500     Paychex, Inc............................       46,935
      600     *Peoplesoft, Inc........................        8,917
    2,300     *Qualcomm, Inc..........................       63,227
      200     *Safeguard Scientifics, Inc.............          396
    1,400     *Sanmina-SCI Corp.......................        8,807
      500     *Sapient Corp...........................          520
      300     Scientific-Atlanta, Inc.................        4,929
    1,400     *Siebel Systems, Inc....................       19,908
      400     *Sitel Corp.............................        1,256
    2,488     *Solectron Corp.........................       15,301
      100     *SpeechWorks International, Inc.........          366
      200     *Speedfam-Ipec, Inc.....................        1,044
    2,000     *StorageNetworks, Inc...................        3,900
      300     *Stratos Lightwave, Inc.................          474
    9,600     *Sun Microsystems, Inc..................       48,096
    1,100     *Sungard Data Systems, Inc..............       29,107
      400     *Sycamore Networks, Inc.................        1,536
      100     *Symantec Corp..........................        3,283
      100     Symbol Technologies, Inc................          848
    1,900     *Tellabs, Inc...........................       11,780
    2,500     *Tellium, Inc...........................        2,277
    5,274     Texas Instruments, Inc..................      124,994
      700     Thermo Electron Corp....................       11,537
      500     Total System Services, Inc..............        9,395
      800     *Touch America Holdings, Inc............        2,185
      400     *Unisys Corp............................        3,592
      600     *VeriSign, Inc..........................        4,303
    1,300     *Veritas Software Corp..................       25,727

                                                                [Download Table]

  SHARES                                                   VALUE   
  ------                                                   -----   
                                                                   
      800     *Vishay Intertechnology, Inc............  $    17,600
      600     *Vitria Technology, Inc.................          565
    1,100     *Xilinx, Inc............................       24,673
                                                        -----------
              TOTAL TECHNOLOGY                            3,772,809
                                                        -----------
TRANSPORTATION--1.45%                                              
    1,000     AMR Corp................................       16,860
    1,300     *BE Aerospace, Inc......................       17,109
      300     *Continental Airlines, Inc (Class B)....        4,728
      900     Delta Air Lines, Inc....................       18,000
      900     Fedex Corp..............................       48,060
    2,885     Norfolk Southern Corp...................       67,451
       68     Ryder System, Inc.......................        1,842
      276     Sabre Holdings Corp.....................        9,881
    3,689     Southwest Airlines Co...................       59,614
      300     *UAL Corp...............................        3,432
    1,600     United Parcel Service, Inc (Class B)....       98,800
                                                        -----------
              TOTAL TRANSPORTATION                          345,777
                                                        -----------
 UTILITIES--9.47%                                                  
   10,100     A T & T Corp............................      108,070
    5,900     *A T & T Wireless Services, Inc.........       34,515
    3,000     *AES Corp...............................       16,203
      996     AGL Resources, Inc......................       23,107
    1,500     Allegheny Energy, Inc...................       38,596
      200     *Allen Telecom, Inc.....................          856
    1,100     Allete, Inc.............................       29,810
      651     Alltel Corp.............................       30,597
    1,900     Aquila, Inc.............................       15,200
      900     Avista Corp.............................       12,403
    6,200     BellSouth Corp..........................      195,300
      400     Black Hills Corp........................       13,836
    2,800     *Calpine Corp...........................       19,684
      900     Cleco Corp..............................       19,693
    1,200     Conectiv................................       30,949
    2,400     DPL, Inc................................       63,434
    1,300     Empire District Electric Co.............       26,625
    5,703     b*Enron Corp............................          605
    1,700     Equitable Resources, Inc................       58,310
    1,100     Hawaiian Electric Industries, Inc.......       46,784
    1,600     Idacorp, Inc............................       44,320
    2,645     KeySpan Corp............................       99,584
      900     Kinder Morgan, Inc......................       34,218
      100     Madison Gas & Electric Co...............        2,783
    2,400     *Mirant Corp............................       17,569
    2,800     National Fuel Gas Co....................       63,028
      900     *Nextel Communications, Inc (Class A)...        2,889
    1,266     Nicor, Inc..............................       57,920
    3,102     NiSource, Inc...........................       67,717
      841     *NiSource, Inc (Sails)..................        1,749
      600     Northwestern Corp.......................       10,159
    4,300     OGE Energy Corp.........................       98,298
      979     Peoples Energy Corp.....................       35,694
      100     *Petroquest Energy, Inc.................          555
    2,400     Potomac Electric Power Co...............       51,506
    5,059     Puget Energy, Inc.......................      104,468
      700     Questar Corp............................       17,290
   10,348     SBC Communications, Inc.................      315,614
      100     SEMCO Energy, Inc.......................          903
      800     *Sierra Pacific Resources...............        6,225
    2,215     Sprint Corp (FON Group).................       23,501
    1,579     *Sprint Corp (PCS Group)................        7,058
      700     Unisource Energy Corp...................       13,007
      400     Unitil Corp.............................       11,944

SEE NOTES TO FINANCIAL STATEMENTS 
62  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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Statement of Investments (Unaudited) - SOCIAL CHOICE EQUITY FUND - June 30, 2002
--------------------------------------------------------------------------------

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   SHARES                                                   VALUE    
   ------                                                   -----    
                                                                     
 UTILITIES--(CONTINUED)                                              
     8,476     Verizon Communications, Inc.............  $   340,311 
       300     Western Gas Resources, Inc..............       11,214 
     5,225     Williams Cos, Inc.......................       31,298 
     7,400     b*WorldCom, Inc (WorldCom Group)........          666 
                                                         ----------- 
               TOTAL UTILITIES                             2,256,065 
                                                         ----------- 
               TOTAL COMMON STOCK                                    
                 (Cost $30,814,393)                       23,594,325 
                                                         ----------- 

PRINCIPAL                                                  VALUE     
---------                                                  -----     
                                                                     
  SHORT TERM INVESTMENT--1.09%                                       
   U.S. GOVERNMENT AND AGENCY--1.09%                                 
               Federal Home Loan Mortgage Corp (FHLMC)               
  $260,000       1.900%, 07/01/02......................  $   260,000 
                                                         ----------- 
               TOTAL SHORT TERM INVESTMENT                           
                 (Cost $260,000)                             260,000 
                                                         ----------- 
               TOTAL PORTFOLIO--100.09%                              
                 (Cost $31,074,393)                       23,854,325 
               OTHER ASSETS & LIABILITIES, NET--(0.09%)      (20,546)
                                                         ----------- 
               NET ASSETS--100.00%                       $23,833,779 
                                                         =========== 

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

SEE NOTES TO FINANCIAL STATEMENTS 

                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   63

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TIAA-CREF LIFE FUNDS                        STATEMENTS OF ASSETS AND LIABILITIES

--------------------------------------------------------------------------------
June 30, 2002                                                        (Unaudited)

                                                        [Enlarge/Download Table]

                                                      STOCK           GROWTH         GROWTH &      INTERNATIONAL    SOCIAL CHOICE
                                                    INDEX FUND     EQUITY FUND     INCOME FUND      EQUITY FUND      EQUITY FUND 
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                 
ASSETS                                                                                                                           
  Portfolio investments, at cost                  $117,980,040     $66,293,320     $63,411,215     $ 39,893,082      $31,074,393 
  Net unrealized depreciation of portfolio                                                                                       
    investments                                    (23,912,704)    (21,731,385)     (7,045,799)      (3,488,757)      (7,220,068)
---------------------------------------------------------------------------------------------------------------------------------
  Portfolio investments, at value                   94,067,336      44,561,935      56,365,416       36,404,325       23,854,325 
  Cash                                                   1,056          81,902         204,697          523,064            2,042 
  Receivable from securities transactions            1,935,288       2,560,575         170,989           40,654        5,017,647 
  Receivable from Fund shares sold                         201              --              --               --               -- 
  Dividends and interest receivable                    109,757          35,632          59,508           81,277           22,841 
---------------------------------------------------------------------------------------------------------------------------------
    TOTAL ASSETS                                    96,113,638      47,240,044      56,800,610       37,049,320       28,896,855 
---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES                                                                                                                      
  Accrued expenses                                       6,366           9,909          11,310            8,893            3,796 
  Payable for securities transactions                2,107,926       2,552,776         541,129          156,714        5,059,280 
  Payable for Fund shares redeemed                      41,031              --              --               --               -- 
---------------------------------------------------------------------------------------------------------------------------------
    TOTAL LIABILITIES                                2,155,323       2,562,685         552,439          165,607        5,063,076 
---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS                                         $93,958,315     $44,677,359     $56,248,171     $ 36,883,713      $23,833,779 
=================================================================================================================================
NET ASSETS CONSIST OF:                                                                                                           
  Paid in capital                                 $120,677,769     $89,375,649     $79,160,814     $ 64,542,176      $32,114,115 
  Accumulated undistributed net investment income      924,604         120,199         327,849          407,467          177,295 
  Accumulated undistributed net realized loss on                                                                                 
    total investments                               (3,731,354)    (23,088,104)    (16,194,853)     (24,581,640)      (1,237,563)
  Accumulated net unrealized depreciation on                                                                                     
    total investments                              (23,912,704)    (21,730,385)     (7,045,639)      (3,484,290)      (7,220,068)
---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS                                         $93,958,315     $44,677,359     $56,248,171     $ 36,883,713      $23,833,779 
=================================================================================================================================
  Outstanding shares of beneficial interest,                                                                                     
    unlimited shares authorized ($.0001 par                                                                                      
    value)                                           4,378,338       3,963,099       3,269,498        2,881,455        1,321,118 
NET ASSET VALUE PER SHARE                               $21.46          $11.27          $17.20           $12.80           $18.04 
=================================================================================================================================

SEE NOTES TO FINANCIAL STATEMENTS 
64  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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TIAA-CREF LIFE FUNDS                                    STATEMENTS OF OPERATIONS

--------------------------------------------------------------------------------
For the Six Months Ended June 30, 2002                               (Unaudited)

                                                        [Enlarge/Download Table]

                                                      STOCK           GROWTH         GROWTH &      INTERNATIONAL    SOCIAL CHOICE
                                                    INDEX FUND     EQUITY FUND     INCOME FUND      EQUITY FUND      EQUITY FUND 
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                 
INVESTMENT INCOME                                                                                                                
  Interest                                         $     6,544     $     2,068     $     3,557      $     2,419      $     1,096 
  Dividends                                            695,131         181,596         384,904          501,598          179,178 
  Foreign taxes withheld                                   (76)           (306)         (4,400)         (47,799)            (891)
---------------------------------------------------------------------------------------------------------------------------------
    Total income                                       701,599         183,358         384,061          456,218          179,383 
---------------------------------------------------------------------------------------------------------------------------------
EXPENSES                                                                                                                         
  Management fees                                      146,083         116,241         133,439           93,820           49,054 
  Trustee fees and expenses                              1,472             871           1,000              598              419 
---------------------------------------------------------------------------------------------------------------------------------
  Total expenses before waiver                         147,555         117,112         134,439           94,418           49,473 
  Less management fees waived by the advisor          (111,997)        (53,066)        (63,687)         (42,484)         (26,414)
---------------------------------------------------------------------------------------------------------------------------------
    Net expenses                                        35,558          64,046          70,752           51,934           23,059 
---------------------------------------------------------------------------------------------------------------------------------
  Net investment income                                666,041         119,312         313,309          404,284          156,324 
---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL                                                                                 
  INVESTMENTS                                                                                                                    
  Net realized gain (loss) on:                                                                                                   
    Portfolio investments                             (250,175)     (4,877,074)     (5,007,272)      (2,279,795)      (1,013,260)
    Foreign currency transactions                           --              --          (2,634)          50,710               -- 
---------------------------------------------------------------------------------------------------------------------------------
  Net realized loss on total investments              (250,175)     (4,877,074)     (5,009,906)      (2,229,085)      (1,013,260)
---------------------------------------------------------------------------------------------------------------------------------
  Net change in unrealized depreciation on:                                                                                      
    Portfolio investments                          (13,287,041)     (8,097,270)     (5,209,467)       1,598,570       (2,476,802)
    Translation of assets (other than portfolio                                                                                  
      investments) and liabilities denominated in                                                                                
      foreign currencies                                    --           1,000             161            3,359               -- 
---------------------------------------------------------------------------------------------------------------------------------
  Net change in unrealized depreciation on total                                                                                 
    investments                                    (13,287,041)     (8,096,270)     (5,209,306)       1,601,929       (2,476,802)
---------------------------------------------------------------------------------------------------------------------------------
  Net realized and unrealized loss on total                                                                                      
    investments                                    (13,537,216)    (12,973,344)    (10,219,212)        (627,156)      (3,490,062)
---------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM                                                                                        
  OPERATIONS                                      $(12,871,175)   $(12,854,032)    $(9,905,903)     $  (222,872)     $(3,333,738)
=================================================================================================================================

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   65

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

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                                                                    STOCK INDEX FUND                GROWTH EQUITY FUND      
                                                              -----------------------------    -----------------------------
                                                                FOR THE          FOR THE         FOR THE          FOR THE   
                                                               SIX MONTHS         YEAR          SIX MONTHS         YEAR     
                                                                 ENDED            ENDED           ENDED            ENDED    
                                                                JUNE 30,      DECEMBER 31,       JUNE 30,      DECEMBER 31, 
                                                                  2002            2001             2002            2001     
----------------------------------------------------------------------------------------------------------------------------
                                                              (UNAUDITED)                      (UNAUDITED)                  
                                                                                                                            
CHANGE IN NET ASSETS                                                                                                        
OPERATIONS:                                                                                                                 
  Net investment income                                       $   666,041     $  1,143,306     $   119,312     $    181,823 
  Net realized loss on total investments                         (250,175)      (2,721,117)     (4,877,074)     (16,543,512)
  Net change in unrealized depreciation on total investments  (13,287,041)      (9,366,058)     (8,096,270)       1,999,307 
----------------------------------------------------------------------------------------------------------------------------
  Net decrease from operations                                (12,871,175)     (10,943,869)    (12,854,032)     (14,362,382)
----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:                                                                                              
  From net investment income                                           --         (884,743)             --         (181,630)
  From net realized gain on total investments                          --         (237,966)             --               -- 
----------------------------------------------------------------------------------------------------------------------------
    Total distributions                                                --       (1,122,709)             --         (181,630)
----------------------------------------------------------------------------------------------------------------------------
SHAREHOLDER TRANSACTIONS:                                                                                                   
  Subscriptions                                                13,997,909       20,525,706       5,585,502       13,124,548 
  Reinvestment of distributions                                        --        1,122,709              --          181,630 
  Redemptions                                                  (1,684,979)      (4,386,156)       (572,664)      (3,612,543)
----------------------------------------------------------------------------------------------------------------------------
    Net increase from shareholder transactions                 12,312,930       17,262,259       5,012,838        9,693,635 
----------------------------------------------------------------------------------------------------------------------------
  Total increase (decrease) in net assets                        (558,245)       5,195,681      (7,841,194)      (4,850,377)
NET ASSETS                                                                                                                  
  Beginning of year                                            94,516,560       89,320,879      52,518,553       57,368,930 
----------------------------------------------------------------------------------------------------------------------------
  End of period                                               $93,958,315     $ 94,516,560     $44,677,359     $ 52,518,553 
============================================================================================================================
CHANGE IN FUND SHARES:                                                                                                      
  Shares outstanding, beginning of year                         3,865,957        3,197,028       3,597,705        3,023,424 
----------------------------------------------------------------------------------------------------------------------------
  Shares sold                                                     584,532          795,908         408,116          821,506 
  Shares issued in reinvestment of distributions                       --           45,585              --           12,297 
  Shares redeemed                                                 (72,151)        (172,564)        (42,722)        (259,522)
----------------------------------------------------------------------------------------------------------------------------
    Net increase in shares outstanding                            512,381          668,929         365,394          574,281 
----------------------------------------------------------------------------------------------------------------------------
  Shares outstanding, end of period                             4,378,338        3,865,957       3,963,099        3,597,705 
============================================================================================================================

SEE NOTES TO FINANCIAL STATEMENTS 
66  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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

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       GROWTH & INCOME FUND        INTERNATIONAL EQUITY FUND     SOCIAL CHOICE EQUITY FUND 
    ---------------------------   ---------------------------   ---------------------------
      FOR THE        FOR THE        FOR THE        FOR THE        FOR THE        FOR THE   
    SIX MONTHS        YEAR        SIX MONTHS        YEAR        SIX MONTHS        YEAR     
       ENDED          ENDED          ENDED          ENDED          ENDED          ENDED    
     JUNE 30,     DECEMBER 31,     JUNE 30,     DECEMBER 31,     JUNE 30,     DECEMBER 31, 
       2002           2001           2002           2001           2002           2001     
-------------------------------------------------------------------------------------------
    (UNAUDITED)                   (UNAUDITED)                   (UNAUDITED)                
                                                                                           
    $  313,309    $    613,421    $  404,284    $    489,191    $  156,324     $   285,620 
    (5,009,906)    (10,947,335)   (2,229,085)    (10,657,441)   (1,013,260)       (224,279)
    (5,209,306)      1,924,610     1,601,929        (197,327)   (2,476,802)     (3,459,160)
-------------------------------------------------------------------------------------------
    (9,905,903)     (8,409,304)     (222,872)    (10,365,577)   (3,333,738)     (3,397,819)
-------------------------------------------------------------------------------------------
            --        (594,356)           --        (475,398)           --        (264,649)
            --              --            --              --            --         (41,595)
-------------------------------------------------------------------------------------------
            --        (594,356)           --        (475,398)           --        (306,244)
-------------------------------------------------------------------------------------------
     5,565,536      13,287,200     2,266,346       4,500,228     1,943,192       3,067,862 
            --         594,356            --         475,398            --         306,244 
    (1,724,021)     (2,630,912)     (174,223)     (1,126,356)     (109,004)       (313,783)
-------------------------------------------------------------------------------------------
     3,841,515      11,250,644     2,092,123       3,849,270     1,834,188       3,060,323 
-------------------------------------------------------------------------------------------
    (6,064,388)      2,246,984     1,869,251      (6,991,705)   (1,499,550)       (643,740)
    62,312,559      60,065,575    35,014,462      42,006,167    25,333,329      25,977,069 
-------------------------------------------------------------------------------------------
   $56,248,171    $ 62,312,559   $36,883,713    $ 35,014,462   $23,833,779     $25,333,329 
===========================================================================================
     3,073,175       2,548,837     2,718,045       2,450,480     1,229,008       1,086,907 
-------------------------------------------------------------------------------------------
       284,872         630,311       176,977         313,108        97,597         142,451 
            --          29,120            --          37,286            --          14,752 
       (88,549)       (135,093)      (13,567)        (82,829)       (5,487)        (15,102)
-------------------------------------------------------------------------------------------
       196,323         524,338       163,410         267,565        92,110         142,101 
-------------------------------------------------------------------------------------------
     3,269,498       3,073,175     2,881,455       2,718,045     1,321,118       1,229,008 
===========================================================================================

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   67

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

                                                        [Enlarge/Download Table]

                                                               STOCK INDEX FUND                              
                                 ----------------------------------------------------------------------------
                                                                                             FOR THE PERIOD  
                                   FOR THE                                                  DECEMBER 1, 1998 
                                 SIX MONTHS                                                   (COMMENCEMENT  
                                    ENDED           FOR THE YEARS ENDED DECEMBER 31,        OF OPERATIONS) TO
                                  JUNE 30,     ------------------------------------------     DECEMBER 31,   
                                   2002(a)         2001           2000           1999            1998(a)     
-------------------------------------------------------------------------------------------------------------
                                 (UNAUDITED)                                                                 
                                                                                                             
SELECTED PER SHARE DATA                                                                                      
  Net asset value, beginning of                                                                              
    period                         $ 24.45       $ 27.94        $ 31.11        $ 26.05           $ 25.00     
-------------------------------------------------------------------------------------------------------------
  Gain (loss) from investment                                                                                
    operations:                                                                                              
  Net investment income               0.14          0.30           0.29           0.26              0.05     
  Net realized and unrealized                                                                                
    gain (loss) on total                                                                                     
    investments                      (3.13)        (3.50)         (2.58)          5.26              1.05     
-------------------------------------------------------------------------------------------------------------
  Total gain (loss) from                                                                                     
    investment operations            (2.99)        (3.20)         (2.29)          5.52              1.10     
-------------------------------------------------------------------------------------------------------------
  Less distributions from:                                                                                   
    Net investment income               --         (0.23)         (0.29)         (0.26)            (0.05)    
    In excess of net investment                                                                              
      income                            --            --             --             --                --     
    Net realized gains                  --         (0.06)         (0.59)         (0.20)               --     
-------------------------------------------------------------------------------------------------------------
    Total distributions                 --         (0.29)         (0.88)         (0.46)            (0.05)    
-------------------------------------------------------------------------------------------------------------
  Net asset value, end of                                                                                    
    period                          $21.46        $24.45         $27.94         $31.11            $26.05     
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN                       (12.23)%      (11.44)%        (7.38)%         21.20%             4.41%    
RATIOS AND SUPPLEMENTAL DATA                                                                                 
  Net assets at end of period                                                                                
    (in thousands)                 $93,958       $94,517        $89,321        $54,341           $26,212     
  Ratio of expenses to average                                                                               
    net assets before expense                                                                                
    waiver                            0.15%         0.30%          0.30%          0.30%             0.03%    
  Ratio of expenses to average                                                                               
    net assets after expense                                                                                 
    waiver                            0.04%         0.07%          0.07%          0.07%             0.01%    
  Ratio of net investment                                                                                    
    income to average net                                                                                    
    assets                            0.68%         1.28%          1.14%          1.28%             0.22%    
  Portfolio turnover rate             3.06%         7.85%         16.48%         14.22%             0.00%    
  (a) The percentages shown for                                                                              
    this period are not                                                                                      
    annualized.                                                                                              
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------


                                               GROWTH EQUITY FUND                                            
                                 ----------------------------------------------                              
                                                               FOR THE PERIOD                                
                                   FOR THE       FOR THE        MARCH 1, 2000                                
                                 SIX MONTHS        YEAR         (COMMENCEMENT                                
                                    ENDED         ENDED       OF OPERATIONS) TO                              
                                  JUNE 30,     DECEMBER 31,     DECEMBER 31,                                 
                                   2002(a)         2001            2000(a)                                   
-------------------------------  ----------------------------------------------                              
                                 (UNAUDITED)                                                                 
                                                                                                             
SELECTED PER SHARE DATA                                                                                      
  Net asset value, beginning of                                                                              
    period                         $ 14.60       $ 18.97           $ 25.00                                   
--------------------------------------------------------------------------------                             
  Gain (loss) from investment                                                                                
    operations:                                                                                              
  Net investment income               0.03          0.05              0.05                                   
  Net realized and unrealized                                                                                
    gain (loss) on total                                                                                     
    investments                      (3.36)        (4.37)            (6.03)                                  
--------------------------------------------------------------------------------                             
  Total gain (loss) from                                                                                     
    investment operations            (3.33)        (4.32)            (5.98)                                  
--------------------------------------------------------------------------------                             
  Less distributions from:                                                                                   
    Net investment income               --         (0.05)            (0.05)                                  
    In excess of net investment                                                                              
      income                            --            --                --                                   
    Net realized gains                  --            --                --                                   
--------------------------------------------------------------------------------                             
    Total distributions                 --         (0.05)            (0.05)                                  
--------------------------------------------------------------------------------                             
  Net asset value, end of                                                                                    
    period                          $11.27        $14.60            $18.97                                   
--------------------------------------------------------------------------------                             
--------------------------------------------------------------------------------                             
TOTAL RETURN                       (22.81)%      (22.81)%          (23.89)%                                  
RATIOS AND SUPPLEMENTAL DATA                                                                                 
  Net assets at end of period                                                                                
    (in thousands)                 $44,677       $52,519           $57,369                                   
  Ratio of expenses to average                                                                               
    net assets before expense                                                                                
    waiver                            0.23%         0.46%             0.39%                                  
  Ratio of expenses to average                                                                               
    net assets after expense                                                                                 
    waiver                            0.13%         0.25%             0.21%                                  
  Ratio of net investment                                                                                    
    income to average net                                                                                    
    assets                            0.23%         0.35%             0.25%                                  
  Portfolio turnover rate            11.44%        41.77%            35.54%                                  

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

SEE NOTES TO FINANCIAL STATEMENTS 
68  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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

                                                        [Enlarge/Download Table]

                 GROWTH & INCOME FUND                          INTERNATIONAL EQUITY FUND           
    ----------------------------------------------   ----------------------------------------------
                                  FOR THE PERIOD                                   FOR THE PERIOD  
      FOR THE       FOR THE        MARCH 1, 2000       FOR THE       FOR THE        MARCH 1, 2000  
    SIX MONTHS        YEAR         (COMMENCEMENT     SIX MONTHS        YEAR         (COMMENCEMENT  
       ENDED         ENDED       OF OPERATIONS) TO      ENDED         ENDED       OF OPERATIONS) TO
     JUNE 30,     DECEMBER 31,     DECEMBER 31,       JUNE 30,     DECEMBER 31,     DECEMBER 31,   
      2002(a)         2001            2000(a)          2002(a)         2001            2000(a)     
---------------------------------------------------------------------------------------------------
    (UNAUDITED)                                      (UNAUDITED)                                   
                                                                                                   
      $ 20.28       $ 23.57           $ 25.00          $ 12.88       $ 17.14           $ 25.00     
---------------------------------------------------------------------------------------------------
         0.10          0.20              0.19             0.14          0.18              0.15     
        (3.18)        (3.29)            (1.33)           (0.22)        (4.26)            (7.89)    
---------------------------------------------------------------------------------------------------
        (3.08)        (3.09)            (1.14)           (0.08)        (4.08)            (7.74)    
---------------------------------------------------------------------------------------------------
           --         (0.20)            (0.18)              --         (0.18)            (0.12)    
           --            --             (0.01)              --            --                --     
           --            --             (0.10)              --            --                --     
---------------------------------------------------------------------------------------------------
           --         (0.20)            (0.29)              --         (0.18)            (0.12)    
---------------------------------------------------------------------------------------------------
       $17.20        $20.28            $23.57           $12.80        $12.88            $17.14     
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
       (15.19)%      (13.13)%           (4.55)%          (0.62)%      (23.81)%          (30.94)%   
      $56,248       $62,313           $60,066          $36,884       $35,014           $42,006     
         0.22%         0.44%             0.37%            0.26%         0.53%             0.44%    
         0.12%         0.23%             0.19%            0.15%         0.29%             0.25%    
         0.51%         1.04%             0.84%            1.13%         1.33%             0.88%    
        47.78%        61.92%            20.43%           24.77%       102.48%            79.47%    
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------


               SOCIAL CHOICE EQUITY FUND                                                           
     ----------------------------------------------                                                
                                   FOR THE PERIOD                                                  
       FOR THE       FOR THE        MARCH 1, 2000                                                  
     SIX MONTHS        YEAR         (COMMENCEMENT                                                  
        ENDED         ENDED       OF OPERATIONS) TO                                                
      JUNE 30,     DECEMBER 31,     DECEMBER 31,                                                   
       2002(a)         2001            2000(a)                                                     
---  -----------------------------------------------                                               
     (UNAUDITED)                                                                                   
                                                                                                   
       $ 20.61       $ 23.90           $ 25.00                                                     
----------------------------------------------------                                               
          0.12          0.24              0.23                                                     
         (2.69)        (3.28)            (0.93)                                                    
----------------------------------------------------                                               
         (2.57)        (3.04)            (0.70)                                                    
----------------------------------------------------                                               
            --         (0.22)            (0.23)                                                    
            --            --                --                                                     
            --         (0.03)            (0.17)                                                    
----------------------------------------------------                                               
            --         (0.25)            (0.40)                                                    
----------------------------------------------------                                               
        $18.04        $20.61            $23.90                                                     
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
        (12.47)%      (12.72)%           (2.80)%                                                   
       $23,834       $25,333           $25,977                                                     
          0.20%         0.39%             0.33%                                                    
          0.09%         0.18%             0.15%                                                    
          0.62%         1.15%             0.92%                                                    
         20.35%         9.83%             4.94%                                                    
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------

SEE NOTES TO FINANCIAL STATEMENTS 
                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   69

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

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 five series (each  
referred to as a "Fund"). TIAA-CREF Life Separate Account VA-1 (the "Account"), 
which is registered with the Commission as a unit investment trust under the    
1940 Act, has sub-accounts which correspond to and invest in each of the Funds. 
The Account is a separate account 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 and the Growth Equity, Growth & Income,          
International Equity and Social Choice Equity Funds commenced operations on     
March 1, 2000. At June 30, 2002, the Account and TIAA held the following amounts
in the Funds:                                                                   

                                                                [Download Table]

                             ACCOUNT       TIAA    
                           -----------  -----------
                                                   
Stock Index Fund           $71,187,353  $22,770,962
Growth Equity Fund          21,993,814   22,683,545
Growth & Income Fund        21,088,003   35,160,168
International Equity Fund   10,753,610   26,130,103
Social Choice Equity Fund    5,269,544   18,564,235

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. The amortized cost method      
initially values securities at original cost and assumes a constant rate of     
amortization to maturity of any discount or premium. 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.                                             

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 dividends, as soon as the Funds are informed of the         
ex-dividend date. Realized gains and losses 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-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.                                                         

70  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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

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.                                                            

DIVIDENDS TO SHAREHOLDERS: Dividends 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.                                     

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. Advisors has currently waived its right to receive a portion of its  
fee from each Fund until July 1, 2006. As a result, Advisors will receive the   
following annual percentages of each Fund's average daily net assets:           

                                                                [Download Table]

                                                   MANAGEMENT FEE
                           MANAGEMENT FEE  WAIVER   AFTER WAIVER 
                           --------------  ------  --------------
                                                                 
Stock Index Fund               0.30%       0.23%       0.07%     
Growth Equity Fund             0.46%       0.21%       0.25%     
Growth & Income Fund           0.44%       0.21%       0.23%     
International Equity Fund      0.53%       0.24%       0.29%     
Social Choice Equity Fund      0.39%       0.21%       0.18%     

NOTE 3. INVESTMENTS                                                             

At June 30, 2002, the net unrealized depreciation of portfolio investments,     
consisting of gross unrealized appreciation and gross unrealized depreciation,  
for the Funds was as follows:                                                   

                                                                [Download Table]

                           GROSS UNREALIZED  GROSS UNREALIZED  NET UNREALIZED
                             APPRECIATION      DEPRECIATION     DEPRECIATION 
                           ----------------  ----------------  --------------
                                                                             
Stock Index Fund              $7,933,459       $31,846,163      $(23,912,704)
Growth Equity Fund             1,914,842        23,646,227       (21,731,385)
Growth & Income Fund           2,985,288        10,031,087        (7,045,799)
International Equity Fund      2,194,634         5,683,391        (3,488,757)
Social Choice Equity Fund      2,397,158         9,617,226        (7,220,068)

Purchases and sales of securities, other than short-term money market           
instruments, for the six months ended June 30, 2002 were as follows:            

                                                                [Download Table]

                           NON-GOVERNMENT  GOVERNMENT  NON-GOVERNMENT  GOVERNMENT
                             PURCHASES     PURCHASES       SALES         SALES   
                           --------------  ----------  --------------  ----------
                                                                                 
Stock Index Fund            $15,586,117     $140,575    $ 2,938,141     $27,431  
Growth Equity Fund           10,621,004      292,364      5,740,556          --  
Growth & Income Fund         33,112,309      289,526     28,746,134      82,921  
International Equity Fund    11,230,526           --      8,785,514          --  
Social Choice Equity Fund     6,926,231       52,810      5,080,217       1,918  

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.      

                                 2002 SEMIANNUAL REPORT TIAA-CREF Life SPIA   71

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

NOTE 5. DISTRIBUTIONS TO SHAREHOLDERS                                           

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

                                                                [Download Table]

                                     LONG-TERM            
                           ORDINARY   CAPITAL             
                            INCOME     GAIN       TOTAL   
                           --------  ---------  ----------
                                                          
Stock Index Fund           $931,890  $190,819   $1,122,709
Growth Equity Fund          181,630        --      181,630
Growth & Income Fund        594,356        --      594,356
International Equity Fund   475,398        --      475,398
Social Choice Equity Fund   306,244        --      306,244

The tax character of distributions to be paid in 2002, if any, will be          
determined at the end of the year.                                              

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 is charged to the borrowing accounts and mutual funds at rates which   
are based on the Federal Funds Rate in effect during the time of the borrowing. 
For the six months ended June 30, 2002, there were no borrowings under this     
credit facility by the Funds.                                                   

72  TIAA-CREF Life SPIA 2002 SEMIANNUAL REPORT                                

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PRODUCTS FROM THE                                                               
TIAA-CREF                                                                       
GROUP OF COMPANIES                                                              

- TIAA-CREF Mutual Funds                                                        
- TIAA-CREF Life After-Tax Annuities                                            
- Individual Life and Long-Term Care Insurance                                  
- TIAA-CREF Retirement Annuities                                                
- TIAA-CREF Supplemental Retirement Annuities (SRAs)                            
- TIAA-CREF IRAs (Roth and Traditional)                                         
- Keoghs from TIAA-CREF                                                         
- 457(b) Deferred Compensation Plans                                            
- Tuition Financing Programs                                                    
- Investment Management and related Trust Services                              

TIAA-CREF Individual and Institutional Services, Inc., and Teachers Personal    
Investors Services, Inc., distribute securities products. For more complete     
information on securities products, please call 800 842-2733, ext. 5509, for    
prospectuses. 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.                                              

TIAA-CREF SERVICES                                                              

[computer icon] INTERNET ACCESS                                                 
Visit our World Wide Web site:                                                  

TIAA-CREF.org                                                                   

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

[telephone icon] AUTOMATED TELEPHONE SERVICE                                    

800 842-2252                                                                    

24 hours a day, 7 days a week                                                   

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

[telephone icon] PERSONAL ASSISTANCE                                            

800 223-1200                                                                    

8 a.m. to 11 p.m. ET, Monday-Friday                                             
9 a.m. to 6 p.m. ET, Saturday, for After-Tax Annuities and Mutual Funds only    

For questions about TIAA-CREF Mutual Funds, After-Tax Annuities, Long-Term Care 
and Life Insurance.                                                             

800 842-2776                                                                    

8 a.m. to 11 p.m. ET, Monday-Friday                                             
9 a.m. to 6 p.m. ET, Saturday and Sunday                                        

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

[telephone icon] 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.                                                           

[telephone icon] TIAA-CREF TUITION FINANCING, INC.                              

888 381-8283                                                                    

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

For information on tuition financing programs.                                  

[computer icon] SINGLE PREMIUM IMMEDIATE ANNUITIES INFORMATION ONLINE           

TIAA-CREF                                                                       

www.tiaa-cref.org/pas/index.html                                                

MORNINGSTAR                                                                     

www.morningstar.com                                                             

LIPPER ANALYTICAL SERVICES                                                      

www.lipperweb.com                                                               

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TIAA                730 Third Avenue                                            
CREF                New York NY  10017-3206                                     
-----                                                                           

TCSPIA-SAR-8/02                     [recycle icon]  Printed on recycled paper   

Dates Referenced Herein   and   Documents Incorporated by Reference

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