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Previous: BERKSHIRE HATHAWAY INC, 13F-HR/A, 2000-08-28 |
Next: CONEXANT SYSTEMS INC, 424B3, 2000-08-28 |
<PAGE> 1
PERSONAL ANNUITY SELECT
2000 Semi-Annual 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
Unaudited financial statements
including statements of investments
of TIAA-CREF Life Funds
June 30, 2000
[TIAA CREF LOGO]
<PAGE> 2
A NOTE ABOUT THE REPORT'S FORMAT
While most of this report discusses fund performance, the table below presents a
summary of the TIAA-CREF Life Separate Account VA-1 returns to give you a more
complete picture of performance under your Personal Annuity Select 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 return below is slightly less than the return of the underlying funds
reported on pages 3 through 7. You can find additional summary financial
information for the TIAA-CREF Life Separate Account VA-1 on page 70.
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1
PERFORMANCE AT A GLANCE
<TABLE>
<CAPTION>
AS OF 6/30/00 Cumulative Rates
of Total Return Annual Expense Net Assets Accumulation
Since Launch(1) Charge(2) (in millions) Unit Value
<S> <C> <C> <C> <C>
STOCK INDEX ACCOUNT 21.64% 0.37% $51.36 $31.74
------------------------------------------------------------------------------------------------------------------------------------
GROWTH EQUITY ACCOUNT -2.79 0.55 10.32 25.43
------------------------------------------------------------------------------------------------------------------------------------
GROWTH & INCOME ACCOUNT -2.92 0.53 3.57 26.03
------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY ACCOUNT -11.23 0.59 2.98 20.23
------------------------------------------------------------------------------------------------------------------------------------
SOCIAL CHOICE EQUITY ACCOUNT -1.58 0.48 0.43 26.28
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The launch date was January 4, 1999 for the Stock Index Account and April
3, 2000 for the other accounts.
(2) Annual expenses reflect 0.30 percent charged by the Separate Account on the
contract for administrative expenses and mortality and expense risk, and
applicable underlying fund fees (0.07 percent for Stock Index, 0.25 percent
for Growth Equity, 0.23 percent for Growth & Income, 0.29 percent for
International Equity, and 0.18 percent 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 percent for Stock Index, 1.66 percent for Growth Equity, 1.64 percent
for Growth & Income, 1.73 percent for International Equity, and 1.59
percent for Social Choice Equity, and total investment returns would be
lower.
<PAGE> 3
Dear Personal Annuity Select investor:
We are pleased to send you the 2000 Semi-Annual Report for the TIAA-CREF Life
Funds, the underlying investment vehicle for the Personal Annuity (PA) Select
variable annuity. The PA Select, which is available to everyone, is now offered
in 30 states and the District of Columbia. We expect it to be approved in more
states by the end of this year.*
On April 3, 2000, we introduced four new variable investment options for
contract owners like you who have asked for more allocation choices. They are
Social Choice Equity, Growth & Income, International Equity, and Growth Equity.
The new options continue our tradition of providing solid investment management
expertise at a truly low cost, with no loads or surrender charges. That's why
Individual Investor (November 1999) declared that our annuities "could represent
a breakthrough, altering the way many people save for retirement."
We listened when you asked us to make an after-tax annuity available to your
family and friends. We will continue to listen and are committed to introducing
innovative product features to meet your retirement needs. Thank you for
choosing the Personal Annuity Select.
/s/ John J. McCormack
John J. McCormack
President,
TIAA-CREF Enterprises, Inc.
*These states where approval is pending are: Alaska, Arizona, Arkansas,
Delaware, Kentucky, Louisiana, Maine, Massachusetts, Mississippi, Montana, New
Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Oklahoma,
Oregon, South Carolina, Tennessee, and Wyoming.
CONTENTS
2 TIAA-CREF Life Separate Account VA-1
Performances at a Glance
TIAA-CREF LIFE FUNDS
3 Stock Index Fund Performance Report
4 Growth Equity Fund Performance
Report
5 Growth & Income Fund Performance
6 International Equity Fund Performance
Report
7 Social Choice Equity Fund
Performance Report
8 Statements of Investments
63 Statements of Assets and Liabilities
64 Statements of Operations
65 Statements of Changes in Net Assets
66 Financial Highlights
67 Notes to Financial Statements
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1
70 Summary Financial Information
(Unaudited)
The Investment Company Act of 1940 requires TIAA-CREF Life Personal Annuity
Select Separate Account to provide its contract-owners with this semi-annual
report on the financial condition and portfolio holdings of the funds in which
it invests. An annual report will also be provided each year towards the end of
February.
<PAGE> 4
Dear Investor:
The first six months of 2000 were characterized by volatile and unsettled market
activity. The lower returns of most broad market indexes were attributable to
the Federal Reserve Bank's series of interest rate hikes, intended to keep
inflation in check. The S&P was essentially flat, and the NASDAQ ended the
second quarter down 2.5 percent. And while the higher interest rates and slower
economy played a role in market performance, investors also grappled with
fundamental questions regarding valuation.
Against this background, the TIAA-CREF Life Funds (including the four new funds
launched April 3, 2000), while also having negative returns, generally performed
well when compared with their respective benchmarks and peer competition. The
generally positive relative performance of the Life Funds' Stock Index, Growth &
Income, Growth Equity, and Social Choice Equity Funds was largely the result of
astute stock selection in the technology, media, and telecommunications sectors.
We also benefited in the second quarter from the use in several of our equity
funds of our Dual Investment Management Strategy,(SM) which attempts to achieve
consistent long-term returns through a combination of active management and
quantitative analysis. Unfortunately, the International Equity Fund suffered
from a case of bad timing, being launched just prior to a retreat by the
international markets. Of course, future returns could differ substantially from
past performance, especially in the case of the new funds.
We are pleased to say that these new funds continue our commitment to provide
excellent financial management and low expenses.
/s/ Martin L. Leibowitz
Martin L. Leibowitz
Vice Chairman and
Chief Investment Officer
FUND MANAGEMENT
The TIAA-CREF Life Funds are managed by Teachers Advisors, Inc, whose members
are jointly responsible for the day-to-day management of the Fund.
2 TIAA-CREF Personal Annuity Select 2000 Semi-Annual Report
<PAGE> 5
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
- Tracks the overall market for common stocks publicly traded in the U.S.
- Benchmarked to the Russell 3000(R) Index.
- Uses a sampling approach to create a portfolio that closely matches the
investment characteristics of the Russell 3000(R) Index without actually
investing in all 3000 stocks in the index.
PERFORMANCE IN 2000
For the six months ended June 30, 2000, the Stock Index Fund posted a return of
0.84 percent, 0.11 percentage points behind its benchmark, the Russell 3000(R)
Index.
In the first couple of months of the year, growth stocks substantially
outperformed value stocks. But by March a reversal was underway, and in April
and May value stocks outperformed growth stocks. In June, growth stocks
rebounded. Throughout, the deviation between these two stock groups was as great
as it has ever been.
The performance of index portfolios, which aim to match the market, is generally
not affected by the relative performance of these different groups. However,
with such extreme variation in performance, even slight deviations in weight can
affect performance.
The tradeoff for index portfolios has always been minimizing trading costs
versus minimizing deviations from the benchmark, and this focus will continue.
With more variability in performance, we have aimed to reduce deviations from
the benchmark.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
Russell 3000 Stock Index
<S> <C> <C>
---------------------------------------------------------
3/31/99 10339 10392
6/30/99 11136 11175
9/30/99 10403 10461
12/31/99 12090 12120
3/31/2000 12643 12630
6/30/2000 12205 12221
</TABLE>
TEN LARGEST HOLDINGS AS OF 6/30/00
<TABLE>
<CAPTION>
Company Shares Market Value
<S> <C> <C>
General Electric Co 60,700 $3,217,100
--------------------------------------------------------------------------------
Intel Corp 20,400 2,727,225
--------------------------------------------------------------------------------
Cisco Systems, Inc 42,700 2,714,118
--------------------------------------------------------------------------------
Microsoft Corp 23,645 1,891,600
--------------------------------------------------------------------------------
Pfizer, Inc 38,575 1,851,600
--------------------------------------------------------------------------------
Exxon Mobil Corp 21,364 1,677,074
--------------------------------------------------------------------------------
Citigroup, Inc 20,750 1,250,187
--------------------------------------------------------------------------------
International Business Machines Corp 10,900 1,194,231
--------------------------------------------------------------------------------
Lucent Technologies, Inc 19,772 1,171,491
--------------------------------------------------------------------------------
Oracle Corp 13,500 1,134,843
--------------------------------------------------------------------------------
</TABLE>
PERFORMANCE AT A GLANCE
<TABLE>
<CAPTION>
AS OF 6/30/00 Cumulative Rates
of Total Return(1) Expense Net Assets
1 year since launch(2) Ratio(3) in millions
<S> <C> <C> <C> <C>
STOCK INDEX FUND 9.36% 22.21% 0.07% $83.25
--------------------------------------------------------------------------------
Russell 3000(R) Index 9.60 22.05 -- --
--------------------------------------------------------------------------------
</TABLE>
(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) Launch date of the Stock Index Fund was 1/4/99.
(3) Although Teachers Advisors, Inc. (Advisors), the Stock Index Fund's
investment adviser, 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.
TIAA-CREF Personal Annuity Select 2000 Semi-Annual Report 3
<PAGE> 6
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 Dual Investment Management Strategy.(SM) Indexed
portion aims to slightly exceed the fund's benchmark, the Russell 3000(R)
Growth Index, with low volatility.
- Actively managed portion (57 percent as of 6/30/00) is concentrated in
stocks of rapidly growing companies.
- Actively selects international stocks not in the benchmark as opportunities
arise.
PERFORMANCE IN 2000
Since its April 3, 2000, launch through June 30, 2000, the Growth Equity Fund
had a -2.48 percent return; however, it outperformed its benchmark, the Russell
3000(R) Growth Index, by 0.55 percentage points, and its competition, as
measured by the Lipper Growth Fund Index, by 1.69 percentage points.
The Federal Reserve Board's determination to preempt inflation by raising
interest rates resulted in increased volatility during the second quarter,
followed by declines in all the major market indices. The largest decline was in
the technology-laden NASDAQ index, which finished the quarter down more than 13
percent. Other sectors with negative performance included the consumer cyclical
group, media, and interest-rate-sensitive financial services stocks. The
portfolio remained overweight, relative to its benchmark, in technology, media,
and telecommunications equipment; however, good stock selections helped overcome
these sectors' weakness. Those selections included EMC Corp. in the data-storage
area; Oracle in the enterprise software area; AMFM Inc. and Viacom, two media
companies that had expanded through mergers; and in the telecommunications
infrastructure area, Ciena Corp.
Our underweight position in consumer non-cyclical stocks (such as Coca-Cola) and
in the healthcare sector hurt performance, although good stock selection in the
drug distribution area, such as Cardinal Health Inc., helped cushion the
decline. Underweight positions in other consumer-oriented stocks, such as
retailers and food companies, helped performance.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
Lipper russell 3000 growth equity
------ ------------ -------------
<S> <C> <C> <C>
Apr 30, 2000 9500 9486 9576
May 31, 2000 9081 8984 9022
Jun 30, 2000 9583 9697 9752
</TABLE>
TEN LARGEST HOLDINGS AS OF 6/30/00
<TABLE>
<CAPTION>
Company Shares Market Value
<S> <C> <C>
Cisco Systems, Inc 54,450 $3,460,950
--------------------------------------------------------------------------------
Intel Corp 25,700 3,435,768
--------------------------------------------------------------------------------
General Electric Co 56,229 2,980,137
--------------------------------------------------------------------------------
Oracle Corp 30,900 2,597,531
--------------------------------------------------------------------------------
Microsoft Corp 29,800 2,384,000
--------------------------------------------------------------------------------
EMC Corp 23,756 1,827,727
--------------------------------------------------------------------------------
Pfizer, Inc 35,356 1,697,088
--------------------------------------------------------------------------------
Tyco International Ltd 34,000 1,610,750
--------------------------------------------------------------------------------
Lucent Technologies, Inc 23,718 1,405,291
--------------------------------------------------------------------------------
International Business Machines Corp 10,781 1,181,193
--------------------------------------------------------------------------------
</TABLE>
PERFORMANCE AT A GLANCE
<TABLE>
<CAPTION>
AS OF 6/30/00 Cumulative Rates
of Total Return(1) Expense Net Assets
since launch(2) Ratio(3) in millions
<S> <C> <C> <C>
GROWTH EQUITY FUND -2.48% 0.25% $61.36
--------------------------------------------------------------------------------
Russell 3000(R) Growth Index -3.03 -- --
--------------------------------------------------------------------------------
Lipper Growth Fund Index -4.17 -- --
--------------------------------------------------------------------------------
</TABLE>
(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) Launch date of the Growth Equity Fund was 4/3/00.
(3) Although Teachers Advisors, Inc. (Advisors), the Growth Equity Fund's
investment adviser, 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.
4 TIAA-CREF Personal Annuity Select 2000 Semi-Annual Report
<PAGE> 7
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) Indexed
portion aims to slightly exceed the fund's benchmark, the S&P 500, with low
volatility.
- Actively managed portion (46 percent as of 6/30/00) buys stocks believed to
be attractively priced, show growth potential, and offer a stream of
income.
- Occasionally acquires stocks of foreign-based companies not in the
benchmark.
PERFORMANCE IN 2000
From its launch on April 3, 2000, through June 30, 2000, the Growth & Income
Fund had a -2.35 percent return; however, it beat its benchmark, the S&P 500
Index, by 0.31 percentage points, and its competition, as measured by the Lipper
Growth & Income Fund Index, by 0.17 percentage points.
The second quarter market was turbulent, especially for technology stocks, and
that hampered the Growth & Income Fund's performance. Unlike in recent quarters,
traditional, "old economy" sectors performed strongly, whereas the technology
sector became the laggard with the torrid sell-off in NASDAQ during the
beginning of the second quarter. Despite that correction, the fund's stock
selection within the technology sector provided most of its positive performance
versus its benchmark and competition. For example, both Sanmina and EMC
performed well during the volatile second quarter, and the portfolio benefited
from being underexposed, relative to its benchmark, to Microsoft and Texas
Instruments. Strong boosts also came from other sectors' holdings, including
Cardinal Health, Nabisco, and John Hancock Financial.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
Lipper S/P 500 growth/income
<S> <C> <C> <C>
Apr 30, 2000 9,822 9,699 9,713
May 31, 2000 9,786 9,500 9,504
Jun 30, 2000 9,748 9,734 9,765
</TABLE>
TEN LARGEST HOLDINGS AS OF 6/30/00
<TABLE>
<CAPTION>
Company Shares Market Value
<S> <C> <C>
General Electric Co 42,837 $2,270,361
--------------------------------------------------------------------------------
Intel Corp 14,992 2,004,243
--------------------------------------------------------------------------------
Cisco Systems, Inc 30,967 1,968,340
--------------------------------------------------------------------------------
Microsoft Corp 23,726 1,898,080
--------------------------------------------------------------------------------
Exxon Mobil Corp 18,183 1,427,365
--------------------------------------------------------------------------------
Pfizer, Inc 27,813 1,335,024
--------------------------------------------------------------------------------
Oracle Corp 14,506 1,219,411
--------------------------------------------------------------------------------
Wal-Mart Stores, Inc 20,601 1,187,133
--------------------------------------------------------------------------------
EMC Corp 12,410 954,794
--------------------------------------------------------------------------------
Merck & Co, Inc 11,131 852,913
--------------------------------------------------------------------------------
</TABLE>
PERFORMANCE AT A GLANCE
<TABLE>
<CAPTION>
AS OF 6/30/00 Cumulative Rates
of Total Return(1) Expense Net Assets
since launch(2) Ratio(3) in millions
<S> <C> <C> <C>
GROWTH & INCOME FUND -2.35% 0.23% $55.95
--------------------------------------------------------------------------------
S&P 500 Index -2.66 -- --
--------------------------------------------------------------------------------
Lipper Growth & Income Fund Index -2.51 -- --
--------------------------------------------------------------------------------
</TABLE>
(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) Launch date of the Growth & Income Fund was 4/3/00.
(3) Although Teachers Advisors, Inc. (Advisors), the Growth & Income Fund's
investment adviser, 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.
TIAA-CREF Personal Annuity Select 2000 Semi-Annual Report 5
<PAGE> 8
TIAA-CREF Life Funds
INTERNATIONAL EQUITY FUND
INVESTMENT OBJECTIVE
The International Equity Fund seeks favorable long-term returns, mainly through
capital appreciation.
PORTFOLIO PROFILE
- Employs TIAA-CREF's Dual Investment Management Strategy(SM) to achieve
returns on international equities.
- Indexed portion of the fund aims to slightly exceed the fund's benchmark,
the Morgan Stanley Europe, Australasia, Far East (EAFE) Index.
- Actively managed portion (48 percent as of 6/30/00) comprises international
stocks of companies we believe have strong management and excellent
prospects for growth.
PERFORMANCE IN 2000
Since its April 3, 2000, launch through June 30, 2000, the International Equity
Fund had a -10.62 percent return, underperforming its benchmark, the Morgan
Stanley EAFE Index, by 6.66 percentage points, and its competition, as measured
by the Lipper International Fund Index, by 5.92 percentage points.
Just as the fund was launched, foreign markets retreated amidst investors' fears
of the impact of higher interest rates on corporate earnings, particularly
companies related in any way to the telecommunications, media, and technology
sectors. Investors looked for safer havens such as the healthcare and financial
services sectors. The fund's exposure to the former and lack of exposure to the
latter contributed to its negative performance. For example, the share price of
Vodafone suffered because of worries that it would have to overpay for
third-generation licenses.
Despite weakness in the telecommunications and technology sectors, the software
and semiconductor sectors were strong, as were a number of non-technology-
related companies. While Reuters, the British financial-information company,
suffered, Tibco, its software spin-off, saw its share price rebound strongly.
And Infineon, the Germany-based semiconductor manufacturer, revised earnings
expectations upwards, bolstering its share price. On the non-technology side,
the fund's ownership in the Dutch food retailer Ahold contributed positively as
the company's growth prospects whetted investors' appetites. And IHC Caland, a
Dutch offshore services company, performed well on the prospects for exploration
and production in the oil industry. The positive impact of these holdings,
however, could not mitigate the second quarter's downward trend.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
Lipper eafe international
<S> <C> <C> <C>
Apr 30, 2000 9366 9474 9092
------------------------------------------------------------
May 31, 2000 9108 8870 8508
------------------------------------------------------------
Jun 30, 2000 9530 8841 8938
------------------------------------------------------------
</TABLE>
TEN LARGEST HOLDINGS AS OF 6/30/00
<TABLE>
<CAPTION>
Company Shares Market Value
<S> <C> <C>
Vodafone Airtouch Plc 380,794 $1,542,045
--------------------------------------------------------------------------------
Ericsson Telefon (LM) AB Series B 61,080 1,215,231
--------------------------------------------------------------------------------
Nokia Oyj 23,405 1,199,192
--------------------------------------------------------------------------------
Glaxo Wellcome Plc 30,127 878,890
--------------------------------------------------------------------------------
WPP Group Plc 48,267 705,139
--------------------------------------------------------------------------------
Royal Ahold Nv 21,159 625,318
--------------------------------------------------------------------------------
BP Amoco Plc 64,811 622,063
--------------------------------------------------------------------------------
Pearson Plc 19,351 615,204
--------------------------------------------------------------------------------
Reuters Group Plc 35,508 605,824
--------------------------------------------------------------------------------
Arm Holdings Plc 55,875 598,890
--------------------------------------------------------------------------------
</TABLE>
PERFORMANCE AT A GLANCE
<TABLE>
<CAPTION>
AS OF 6/30/00 Cumulative Rates
of Total Return(1) Expense Net Assets
since launch(2) Ratio(3) in millions
<S> <C> <C> <C>
INTERNATIONAL EQUITY FUND -10.62% 0.29% $43.73
Morgan Stanley EAFE Index -3.96 -- --
Lipper International Fund Index -4.70 -- --
</TABLE>
(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) Launch date of the International Equity Fund was 4/3/00.
(3) Although Teachers Advisors, Inc. (Advisors), the International Equity
Fund's investment adviser, 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.
6 TIAA-CREF Personal Annuity Select 2000 Semi-Annual Report
<PAGE> 9
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
- Attempts to track the return of the S&P 500 Index by investing in companies
that pass the fund's social criteria screens.
- Current social criteria excludes 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
excludes investing in stocks of 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 2000
Since its April 3, 2000, launch through June 30, 2000, the Social Choice Equity
Fund had a -1.57 percent return; however, it outperformed its benchmark, the S&P
500 Index, by 1.09 percentage points, and its competition, as measured by the
Lipper Growth & Income Fund Index, by 0.95 percentage points.
The fund's performance benefited by being underexposed, relative to its
benchmark, in the technology sector. Notably, the portfolio did not own
Motorola, an S&P 500 stock that had a -39 percent return for the quarter. The
portfolio was underexposed in the energy sector -- specifically by not owning
any integrated oil stocks -- which limited the fund's performance. However, the
fund benefited from its heavy exposure in oil services companies.
The fund's overweight, relative to its benchmark, in the healthcare sector
counteracted its underweight in producer durables (such as General Electric) and
overexposure in the financial services and utility sectors.
At the end of June 2000, the TIAA-CREF Life Fund board of trustees voted to add
a screen against companies that have a substantial involvement in gaming or
gambling operations. This had no immediate impact on the portfolio.
$10,000 OVER LIFE OF FUND
<TABLE>
<CAPTION>
Lipper S/p 500 social
------ ------- ------
<S> <C> <C> <C>
Apr 30, 2000 9,822 9,699 9,713
May 31, 2000 9,766 9,500 9,504
Jun 30, 2000 9,748 9,734 9,765
</TABLE>
TEN LARGEST HOLDINGS AS OF 6/30/00
<TABLE>
<CAPTION>
Company Shares Market Value
<S> <C> <C>
Intel Corp 7,700 $1,029,394
--------------------------------------------------------------------------------
Cisco Systems, Inc 15,000 953,438
--------------------------------------------------------------------------------
Microsoft Corp 11,400 912,000
--------------------------------------------------------------------------------
Wal-Mart Stores, Inc 10,536 607,137
--------------------------------------------------------------------------------
Citigroup, Inc 8,832 532,128
--------------------------------------------------------------------------------
American International Group, Inc 4,459 523,933
--------------------------------------------------------------------------------
Oracle Corp 6,200 521,188
--------------------------------------------------------------------------------
International Business Machines Corp 4,421 484,376
--------------------------------------------------------------------------------
Merck & Co, Inc 6,287 481,741
--------------------------------------------------------------------------------
Lucent Technologies, Inc 7,540 446,745
--------------------------------------------------------------------------------
</TABLE>
PERFORMANCE AT A GLANCE
<TABLE>
<CAPTION>
AS OF 6/30/00 Cumulative Rates
of Total Return(1) Expense Net Assets
since launch(2) Ratio(3) in millions
<S> <C> <C> <C>
SOCIAL CHOICE EQUITY FUND -1.57% 0.18% $26.72
--------------------------------------------------------------------------------
S&P 500 Index -2.66 -- --
--------------------------------------------------------------------------------
Lipper Growth & Income Fund Index -2.51 -- --
--------------------------------------------------------------------------------
</TABLE>
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 Launch date of the Social Choice Equity Fund was 4/3/00.
3 Although Teachers Advisors, Inc. (Advisors), the Social Choice Equity
Fund's investment adviser, 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.
TIAA-CREF Personal Annuity Select 2000 Semi-Annual Report 7
<PAGE> 10
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2000
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
<C> <C> <S> <C>
COMMON STOCK -- 99.42%
BASIC INDUSTRIES -- 3.87%
CHEMICALS AND PLASTIC -- 2.59%
1,300 AIR PRODUCTS & CHEMICALS, INC $ 40,056
400 * AIRGAS, INC 2,275
100 ALBEMARLE CORP 1,975
200 ALBERTO CULVER CO (CLASS B) 6,112
200 APTARGROUP, INC 5,400
100 ARCH CHEMICALS, INC 2,187
1,500 AVON PRODUCTS, INC 66,750
100 BLOCK DRUG, INC (CLASS A) 4,231
600 CABOT CORP 16,350
200 CALGON CARBON CORP 1,550
100 CAMBREX CORP 4,500
200 CARLISLE COS, INC 9,000
100 CARTER WALLACE, INC 2,012
100 CHEMFIRST, INC 2,412
200 CHURCH & DWIGHT CO, INC 3,600
1,438 CLOROX CO 64,440
3,500 COLGATE PALMOLIVE CO 209,562
700 CROMPTON CORP 8,575
100 * CYGNUS, INC 1,425
200 * CYTEC INDUSTRIES, INC 4,937
100 DEXTER CORP 4,800
500 DIAL CORP 5,187
4,200 DOW CHEMICAL CO 126,787
6,016 DU PONT (E.I.) DE NEMOURS & CO 263,200
500 EASTMAN CHEMICAL CO 23,875
700 ECOLAB, INC 27,343
300 ETHYL CORP 750
200 * FMC CORP 11,600
100 FULLER (H.B.) CO 4,556
100 GEON CO 1,850
200 GEORGIA GULF CORP 4,162
400 * GRACE W.R. & CO 4,850
300 GREAT LAKES CHEMICAL CORP 9,450
300 HANNA (M.A.) CO 2,700
600 HERCULES, INC 8,437
1,504 ILLINOIS TOOL WORKS, INC 85,728
600 IMC GLOBAL, INC 7,800
100 * INTERNATIONAL SPECIALTY PRODUCTS,
INC 568
600 INTERNATIONAL FLAVORS & FRAGRANCES,
INC 18,112
200 JOHNS MANVILLE CORP 2,637
500 LAUDER (ESTEE) CO (CLASS A) 24,718
300 LUBRIZOL CORP 6,300
100 MACDERMID, INC 2,350
400 MILLENNIUM CHEMICAL, INC 6,800
100 MINERALS TECHNOLOGIES, INC 4,600
100 MISSISSIPPI CHEMICAL CORP 475
100 MYERS INDUSTRIES, INC 1,075
100 NL INDUSTRIES, INC 1,525
100 * OCTEL CORP 781
200 OLIN CORP 3,300
100 OM GROUP, INC 4,400
200 OMNOVA SOLUTIONS, INC 1,250
1,000 * PACTIV CORP 7,875
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
<C> <C> <S> <C>
300 * PERRIGO CO $ 1,893
7,765 PHARMACIA CORP 401,353
1,000 PRAXAIR, INC 37,437
8,000 PROCTER & GAMBLE CO 458,000
100 * REVLON, INC (CLASS A) 631
100 * ROGERS CORP 3,500
558 ROHM & HAAS CO 19,251
200 SCHULMAN (A.), INC 2,412
200 * SCOTTS CO (CLASS A) 7,300
500 * SEALED AIR CORP 26,187
700 SOLUTIA, INC 9,625
100 SPARTECH CORP 2,700
100 TREDEGAR CORP 1,900
300 TUPPERWARE CORP 6,600
200 * U.S. PLASTIC LUMBER CORP 881
700 UNION CARBIDE CORP 34,650
500 USEC, INC 2,312
200 WELLMAN, INC 3,237
-----------
2,157,059
-----------
STEEL AND OTHER METALS -- 0.50%
600 AK STEEL HOLDINGS CORP 4,800
5,236 ALCOA, INC 151,844
400 ALLEGHENY TECHNOLOGIES, INC 7,200
100 * ALPINE GROUP, INC 675
198 ARCH COAL, INC 1,522
200 BALL CORP 6,437
700 * BATTLE MOUNTAIN GOLD CO 1,531
100 BELDEN, INC 2,562
800 * BETHLEHEM STEEL CORP 2,850
100 BRUSH ENGINEERED MATERIALS, INC 1,562
200 * CABLE DESIGN TECHNOLOGIES CO 6,700
100 CARPENTER TECHNOLOGY CORP 2,112
100 CASTLE (A.M.) & CO 831
100 * CHART INDUSTRIES, INC 487
100 CLEVELAND CLIFFS, INC 2,581
100 COMMERCIAL METALS CO 2,750
300 CRANE CO 7,293
800 CROWN CORK & SEAL CO, INC 12,000
500 ENGELHARD CORP 8,531
800 * FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS B) 7,400
200 GENERAL CABLE CORP 1,625
200 * GRIFFON CORP 1,112
200 HARSCO CORP 5,100
1,400 HOMESTAKE MINING CO 9,625
100 IMCO RECYCLING, INC 543
100 INTERMET CORP 687
200 * KAISER ALUMINUM CORP 800
100 * LONE STAR TECHNOLOGIES, INC 4,625
600 LTV CORP 1,725
300 MARK IV INDUSTRIES, INC 6,262
100 MATTHEWS INTERNATIONAL CORP (CLASS
A) 2,900
100 * MAVERICK TUBE CORP 2,912
200 METALS U.S.A., INC 937
200 * MUELLER INDUSTRIES, INC 5,600
</TABLE>
8 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 11
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
<C> <C> <S> <C>
STEEL AND OTHER METALS -- (CONTINUED)
100 NATIONAL STEEL CORP (CLASS B) $ 418
100 * NCI BUILDING SYSTEMS, INC 2,025
1,000 NEWMONT MINING CORP 21,625
100 * NORTEK, INC 1,975
500 NUCOR CORP 16,593
100 OREGON STEEL MILLS, INC 193
714 PARKER-HANNIFIN CORP 24,454
472 PHELPS DODGE CORP 17,552
100 PRECISION CAST PARTS CORP 4,525
100 PRIMEX TECHNOLOGIES, INC 2,200
100 QUANEX CORP 1,487
100 RELIANCE STEEL & ALUMINUM CO 1,912
100 * RTI INTERNATIONAL METALS 1,137
100 RYERSON TULL, INC 1,037
100 * SILGAN HOLDINGS, INC 981
100 SOUTHERN PERU COPPER CORP 1,218
100 * SPS TECHNOLOGIES, INC 4,106
300 * STEEL DYNAMICS, INC 2,718
200 * STILLWATER MINING CO 5,575
100 SUPERIOR TELECOM, INC 993
100 TEXAS INDUSTRIES, INC 2,887
100 TITAN INTERNATIONAL, INC 531
100 TITANIUM METALS CORP 468
200 * TOWER AUTOMOTIVE, INC 2,500
100 * U.S. CAN CORP 1,737
500 USX-US STEEL GROUP, INC 9,281
100 VALMONT INDUSTRIES, INC 1,987
100 WATTS INDUSTRIES, INC (CLASS A) 1,262
100 * WOLVERINE TUBE, INC 1,700
400 WORTHINGTON INDUSTRIES, INC 4,200
-----------
415,398
-----------
PAPER AND FOREST PRODUCTS -- 0.78%
600 AVERY DENNISON CORP 40,275
300 BEMIS, INC 10,087
300 BOISE CASCADE CORP 7,762
300 BOWATER, INC 13,237
100 * BUCKEYE TECHNOLOGIES, INC 2,193
100 CARAUSTAR INDUSTRIES, INC 1,512
200 * CHAMPION ENTERPRISES, INC 975
100 CHESAPEAKE CORP 2,962
600 CLAYTON HOMES, INC 4,800
300 CONSOLIDATED PAPERS, INC 10,968
100 * DAISYTEK INTERNATIONAL CORP 943
100 DELTIC TIMBER CORP 2,137
100 * EARTHSHELL CORP 303
1,200 FORT JAMES CORP 27,750
300 * GAYLORD CONTAINER CO 806
1,000 GEORGIA-PACIFIC CORP (PACKING
GROUP) 26,250
500 GEORGIA-PACIFIC CORP (TIMBER GROUP) 10,812
100 GLATFELTER (P.H.) CO 1,018
100 * GRAPHIC PACKAGING INTERNATIONAL
CORP 212
100 GREIF BROTHERS CORP (CLASS A) 3,075
3,069 INTERNATIONAL PAPER CO 91,494
100 * IVEX PACKAGING CORP 1,112
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
SHARES VALUE
--------------------------------------------------------------------------------
<C> <C> <S> <C>
3,458 KIMBERLY-CLARK CORP $ 198,402
300 LONGVIEW FIBRE CO 3,318
600 LOUISIANA PACIFIC CORP 6,525
200 * MAIL-WELL, INC 1,725
600 MEAD CORP 15,150
300 OAKWOOD HOMES CORP 543
100 * PALM HARBOR HOMES, INC 1,450
200 * PLAYTEX PRODUCTS, INC 2,262
100 POTLATCH CORP 3,312
200 RAYONIER, INC 7,175
100 REPUBLIC GROUP, INC 900
100 ROCK-TENN CO (CLASS A) 856
100 * SCHOOL SPECIALTY, INC 1,856
100 SCHWEITZER-MAUDUIT INTERNATIONAL,
INC 1,250
700 * SMURFIT-STONE CONTAINER CORP 9,012
600 SONOCO PRODUCTS CO 12,337
200 ST. JOE CO 6,000
300 TEMPLE-INLAND, INC 12,600
200 * UNITED STATIONERS, INC 6,475
100 UNIVERSAL FOREST PRODUCTS, INC 1,375
300 WAUSAU-MOSINEE PAPER CORP 2,568
500 WESTVACO CORP 12,406
1,400 WEYERHAEUSER CO 60,200
600 WILLAMETTE INDUSTRIES, INC 16,350
-----------
644,730
-----------
TOTAL BASIC INDUSTRIES 3,217,187
-----------
BUSINESS SERVICES -- 1.10%
ADVERTISING AND OTHER SERVICES -- 1.10%
100 * 24/7 MEDIA, INC 1,562
100 AARON RENTS, INC 1,256
100 ABM INDUSTRIES, INC 2,300
100 ACKERLEY GROUP, INC 1,175
21 ADECCO S.A. ADR 2,228
100 * ADMINSTAFF, INC 6,350
100 * ADVO, INC 4,200
200 * ANSWERTHINK, INC 3,325
400 * APOLLO GROUP, INC (CLASS A) 11,200
600 BLOCK (H&R), INC 19,425
100 * BRIGHT HORIZONS FAMILY SOLUTIONS,
INC 2,137
100 * BURNS INTERNATIONAL SERVICES CORP 1,250
100 * CARRIAGE SERVICES, INC (CLASS A) 337
100 * CATALINA MARKETING CORP 10,200
300 * CATALYTICA, INC 3,300
100 * CDI CORP 2,037
400 * CELGENE CORP 23,550
4,220 * CENDANT CORP 59,080
400 * CENTURY BUSINESS SERVICES, INC 775
200 * CHECKFREE HOLDINGS CORP 10,312
700 CINTAS CORP 25,681
50 * CIRCLE.COM 184
1,352 * CMGI, INC 61,938
100 * COINSTAR, INC 1,006
100 * CORNELL COS, INC 800
100 * CORPORATE EXECUTIVE BOARD CO 5,987
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 9
<PAGE> 12
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ADVERTISING AND OTHER SERVICES -- (CONTINUED)
300 * COVANCE, INC $ 2,643
100 * CRITICAL PATH, INC 5,831
100 * CTC COMMUNICATIONS GROUP, INC 3,600
400 * DEVRY, INC 10,575
100 * DIAMOND TECHNOLOGY PARTNERS, INC
(CLASS A) 8,800
500 * DOUBLECLICK, INC 19,062
1,000 DUN & BRADSTREET CORP 28,625
400 * EBAY, INC 21,725
100 * EDUCATION MANAGEMENT CORP 1,806
100 * ELECTRO RENT CORP 1,225
10 * EMERGE INTERACTIVE, INC 179
100 * ENTREMED, INC 2,993
100 * F.Y.I., INC 3,368
100 FAIR ISSAC & CO, INC 4,400
100 * FIRST CONSULTING GROUP, INC 556
100 G & K SERVICES, INC (CLASS A) 2,506
400 GARTNER GROUP, INC (CLASS A) 4,800
200 * GETTY IMAGES, INC 7,412
100 * HEARME.COM 450
100 * HEIDRICK & STRUGGLES INTERNATIONAL,
INC 6,312
200 * INCTYE GENOMICS 16,437
100 * INSPIRE INSURANCE SOLUTIONS, INC 300
300 * INTERIM SERVICES, INC 5,325
100 INTERPOOL, INC 975
1,855 INTERPUBLIC GROUP OF COS, INC 79,765
100 * IT GROUP, INC 487
100 * ITT EDUCATIONAL SERVICES, INC 1,756
100 * JACOBS ENGINEERING GROUP, INC 3,268
100 KELLY SERVICES, INC (CLASS A) 2,312
200 * KFORCE.COM, INC 1,387
100 * KORN FERRY INTERNATIONAL 3,168
150 * LABOR READY, INC 993
300 * LAMAR ADVERTISING CO (CLASS A) 12,993
100 * LASON, INC 250
100 * LEARNING TREE INTERNATIONAL, INC 6,125
400 MANPOWER, INC 12,800
746 * MARCHFIRST, INC 13,614
100 * MARKETING SERVICES GROUP 443
100 * MAXIMUS, INC 2,212
100 * MEMBERWORKS, INC 3,362
200 * MESSAGEMEDIA, INC 700
500 * MODIS PROFESSIONAL SERVICES, INC 4,437
100 * NATIONAL EQUIPMENT SERVICES, INC 600
300 * NATIONSRENT, INC 1,143
200 * NAVIGANT CONSULTING CO 850
200 * NBC INTERNET, INC 2,500
100 * NEFF CORP 381
300 * NOVA CORP (GEORGIA) 8,381
1,100 OMNICOM GROUP, INC 97,968
100 * ON ASSIGNMENT, INC 3,050
5 * OPUS360 CORP 18
100 * PAREXEL INTERNATIONAL CORP 956
100 * PEGASUS SOLUTIONS, INC 1,087
100 * PERSONNEL GROUP OF AMERICA, INC 293
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * PHARMACEUTICAL PRODUCT DEVELOPMENT,
INC $ 2,100
296 PITTSTON BRINKS GROUP CO 4,051
100 * PREPAID LEGAL SERVICES, INC 2,987
100 * PROBUSINESS SERVICES, INC 2,656
200 * PROFIT RECOVERY GROUP
INTERNATIONAL, INC 3,325
200 * PROTECTION ONE, INC 437
700 * QUINTILES TRANSNATIONAL CORP 9,887
100 * REDBACK NETWORKS, INC 17,800
200 REGIS CORP 2,500
200 * RENAISSANCE WORLDWIDE, INC 312
100 * RENT WAY, INC 2,918
100 * RENT-A-CENTER, INC 2,250
1,100 * ROBERT HALF INTERNATIONAL, INC 31,350
100 ROLLINS, INC 1,487
300 b* SAFETY-KLEEN CORP 21
1,600 SERVICE CORP INTERNATIONAL, INC 5,100
1,800 SERVICEMASTER CO 20,475
200 * SITEL CORP 987
300 * SNYDER COMMUNICATIONS, INC 7,125
200 SOTHEBY'S HOLDINGS, INC (CLASS A) 3,500
100 * STAFF LEASING, INC 356
100 * STAFFMARK, INC 668
200 * SYLVAN LEARNING SYSTEMS, INC 2,750
100 * TELETECH HOLDINGS, INC 3,106
200 * TETRA TECH, INC 4,575
100 * THEGLOBE.COM, INC 171
300 * TMP WORLDWIDE, INC 22,143
300 TRUE NORTH COMMUNICATIONS, INC 13,200
100 UNIFIRST CORP 787
200 * UNITED RENTALS, INC 3,425
100 * URS CORP 1,525
300 * VALASSIS COMMUNICATIONS, INC 11,437
200 * VALENCE TECHNOLOGY, INC 3,687
500 * VERTICALNET, INC 18,468
100 * WACKENHUT CORP SERIES A 1,293
100 * WACKENHUT CORRECTIONS CORP 750
100 * WEST TELESERVICES CORP 2,531
100 * XCEED, INC 912
100 * XTRA CORP 3,943
200 YOUNG & RUBICAM, INC 11,437
-----------
TOTAL BUSINESS SERVICES 917,231
-----------
CONSTRUCTION AND REAL ESTATE -- 2.10%
BUILDING MATERIALS -- 1.83%
100 AMCOL INTERNATIONAL CORP 1,650
200 APOGEE ENTERPRISES, INC 706
200 * COMFORT SYSTEMS U.S.A., INC 800
1,783 CORNING, INC 481,187
300 * DAL-TILE INTERNATIONAL, INC 2,475
100 * DEPARTMENT 56, INC 1,100
100 ELCOR CORP 2,300
425 * ENCOMPASS SERVICES CORP 2,443
200 FERRO CORP 4,200
100 FLORIDA ROCK INDUSTRIES, INC 3,562
14,200 HOME DEPOT, INC 709,112
</TABLE>
10 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 13
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BUILDING MATERIALS -- (CONTINUED)
44 * HUTTIG BUILDING PRODUCTS, INC $ 181
200 * INTEGRATED ELECTRICAL SERVICES, INC 1,025
200 LAFARGE CORP 4,200
100 LIBBEY, INC 3,212
100 LILLY INDUSTRIES, INC (CLASS A) 3,006
2,028 LOWE'S COS, INC 83,274
300 MARTIN MARIETTA MATERIALS, INC 12,131
2,700 MASCO CORP 48,768
300 OWENS CORNING CO 2,775
900 * OWENS ILLINOIS, INC 10,518
1,100 PPG INDUSTRIES, INC 48,743
300 * QUANTA SERVICES, INC 16,500
600 RPM, INC 6,075
800 SHERWIN-WILLIAMS CO 16,950
200 SOUTHDOWN, INC 11,550
300 USG CORP 9,112
200 VALSPAR CORP 6,750
600 VULCAN MATERIALS CO 25,612
100 WATSCO, INC 1,250
-----------
1,521,167
-----------
CONSTRUCTION -- 0.21%
200 * BLOUNT INTERNATIONAL, INC 1,537
300 CENTEX CORP 7,050
250 * DYCOM INDUSTRIES, INC 11,500
500 FLUOR CORP 15,812
200 FOSTER WHEELER CORP 1,725
100 GRANITE CONSTRUCTION, INC 2,450
300 HILLENBRAND INDUSTRIES, INC 9,393
300 HON INDUSTRIES, INC 7,050
300 HORTON (D.R.), INC 4,068
100 * INSITUFORM TECHNOLOGIES, INC (CLASS
A) 2,712
300 KAUFMAN & BROAD HOME CORP 5,943
200 KIMBALL INTERNATIONAL, INC (CLASS
B) 2,950
400 * LEAR CORP 8,000
349 LENNAR CORP 7,067
150 * MASTEC, INC 5,728
100 MDC HOLDINGS, INC 1,862
400 MILLER (HERMAN), INC 10,350
200 * MORRISON KNUDSEN CORP 1,450
1,557 NEWELL RUBBERMAID, INC 40,092
100 * NVR, INC 5,700
200 PULTE CORP 4,325
100 RYLAND GROUP, INC 2,212
100 STANDARD-PACIFIC CORP 1,000
400 STEELCASE, INC 6,800
100 * TOLL BROTHERS, INC 2,050
500 U.S. INDUSTRIES, INC 6,062
200 WALTER INDUSTRIES, INC 2,287
100 * WEBB (DEL) CORP 1,531
-----------
178,706
-----------
REAL ESTATE -- 0.06%
300 ARDEN REALTY GROUP, INC 7,050
100 * CASTLE & COOKE, INC 1,931
600 * CATELLUS DEVELOPMENT CORP 9,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * CB RICHARD ELLIS SERVICES GROUP,
INC $ 912
200 * FAIRFIELD COMMUNITIES, INC 1,575
100 FOREST CITY ENTERPRISES, INC (CLASS
A) 3,337
100 * INSIGNIA FINANCIAL GROUP, INC 1,000
200 * JONES LANG LA SALLE 2,675
100 LNR PROPERTY CORP 1,950
200 * PINNACLE HOLDINGS, INC 10,800
200 * SECURITY CAPITAL GROUP, INC (CLASS
B) 3,400
500 STEWART ENTERPRISES, INC (CLASS A) 1,765
100 * TRAMMELL CROW CO 1,075
-----------
46,470
-----------
TOTAL CONSTRUCTION AND REAL ESTATE 1,746,343
-----------
CONSUMER DURABLE -- 9.18%
HOME APPLIANCES AND FURNISHINGS -- 8.67%
100 * ACTEL CORP 4,562
100 * ACTION PERFORMANCE COS, INC 725
100 * ADVANCED ENERGY INDUSTRIES, INC 5,893
900 * ADVANCED MICRO DEVICES, INC 69,525
100 * AEROFLEX, INC 4,968
100 * ALLIANCE SEMICONDUCTOR CORP 2,456
200 * ALPHA INDUSTRIES, INC 8,812
1,100 * ALTERA CORP 112,131
1,000 * AMERICAN POWER CONVERSION CORP 40,812
100 * AMERICAN SUPERCONDUCTOR CORP 4,825
100 * AMERICAN XTAL TECHNOLOGY, INC 4,325
600 * AMKOR TECHNOLOGY, INC 21,187
200 * AMPHENOL CORP (CLASS A) 13,237
250 * ANADIGICS, INC 8,515
2,200 * ANALOG DEVICES, INC 167,200
100 * APPLICA, INC 1,131
600 * APPLIED MICRO CIRCUITS CORP 59,250
200 * ARTESYN TECHNOLOGIES, INC 5,562
1,400 * ATMEL CORP 51,625
300 AVX CORP 6,881
100 BASSETT FURNITURE INDUSTRIES, INC 1,262
700 * BED BATH & BEYOND, INC 25,375
100 * BENCHMARK ELECTRONICS, INC 3,656
200 BMC INDUSTRIES, INC 812
200 * BOMBAY, INC 587
300 * BOYDS COLLECTION LTD 2,550
700 * BROADCOM CORP (CLASS A) 153,256
450 * BURR BROWN CORP 39,009
1,100 * CONEXANT SYSTEMS, INC 53,487
200 * CREE, INC 26,700
200 CTS CORP 9,000
700 * CYPRESS SEMICONDUCTOR CORP 29,575
300 DALLAS SEMICONDUCTOR CORP 12,225
100 * EMCORE CORP 12,000
100 * ESS TECHNOLOGY, INC 1,450
200 * E-TEK DYNAMICS, INC 52,762
550 ETHAN ALLEN INTERIORS, INC 13,200
100 * EXAR CORP 8,718
300 * FURNITURE BRANDS INTERNATIONAL, INC 4,537
200 * GENERAL SEMICONDUCTOR, INC 2,950
6,400 GILLETTE CO 223,600
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 11
<PAGE> 14
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
HOME APPLIANCES AND FURNISHINGS -- (CONTINUED)
300 * HA-LO INDUSTRIES, INC $ 1,687
100 * HANDLEMAN CO 1,250
100 HARMAN INTERNATIONAL INDUSTRIES,
INC 6,100
100 HAVERTY FURNITURE COS, INC 850
300 HEILIG MEYERS CO 356
100 HELIX TECHNOLOGY CORP 3,900
100 * HUTCHINSON TECHNOLOGY, INC 1,425
100 INNOVEX, INC 975
500 * INTEGRATED DEVICE TECHNOLOGY, INC 29,937
20,400 INTEL CORP 2,727,225
400 * INTERNATIONAL RECTIFIER CORP 22,400
700 * JABIL CIRCUIT, INC 34,737
3,670 * JDS UNIPHASE CORP 439,941
400 * KEMET CORP 10,025
200 * KOPIN CORP 13,850
100 * LASERSIGHT, INC 381
300 * LATTICE SEMICONDUCTOR CORP 20,737
300 LA-Z-BOY, INC 4,200
1,200 LEGGETT & PLATT, INC 19,800
1,900 LINEAR TECHNOLOGY CO 121,481
200 * LINENS 'N THINGS, INC 5,425
1,900 * LSI LOGIC CORP 102,837
1,700 * MAXIM INTEGRATED PRODUCTS, INC 115,493
500 MAYTAG CO 18,437
200 * MEMC ELECTRONIC MATERIALS, INC 3,600
200 METHODE ELECTRONICS, INC (CLASS A) 7,725
400 * MICREL, INC 17,375
650 * MICROCHIP TECHNOLOGY, INC 37,872
2,900 * MICRON TECHNOLOGY, INC 255,381
138 * MIPS TECHNOLOGIES, INC (CLASS B) 5,313
200 * MMC NETWORKS, INC 10,687
600 MOLEX, INC 28,875
300 * MRV COMMUNICATIONS, INC 20,175
1,100 * NATIONAL SEMICONDUCTOR CORP 62,425
100 * NAVARRE CORP 131
100 * NEOMAGIC CORP 303
200 * NVIDIA CORP 12,712
100 PARK ELECTROCHEMICAL CORP 3,606
100 * PHOTRONICS, INC 2,837
500 PIER 1 IMPORTS, INC 4,875
100 * PLEXUS CORP 11,300
100 * PLX TECHNOLOGY, INC 4,150
900 * PMC-SIERRA, INC 159,918
100 * POWER INTEGRATIONS, INC 2,356
150 * POWER-ONE, INC 17,090
400 * QLOGIC CORP 26,425
500 * RAMBUS, INC 51,500
300 * READ RITE CORP 665
100 * REMEC, INC 4,187
100 * RESTORATION HARDWARE, INC 550
300 * RF MICRO DEVICES, INC 26,287
500 * S3, INC 7,375
100 * SALTON, INC 3,687
940 * SANMINA CORP 80,370
100 * SAWTEK, INC 5,756
900 * SCI SYSTEMS, INC 35,268
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
150 * SCP POOL CORP $ 3,525
400 * SDL, INC 114,075
100 * SELECT COMFORT CORP 318
200 * SEMTECH CORP 15,296
100 * SIPEX CORP 2,768
300 SNAP-ON, INC 7,987
3,100 * SOLECTRON CORP 129,812
400 STANLEY WORKS CO 9,500
500 * SUNBEAM CORP 1,718
100 TECHNITROL, INC 9,687
10,100 TEXAS INSTRUMENTS, INC 693,743
300 * TITAN CORP 13,425
450 * TRANSWITCH CORP 34,734
200 * TRIQUINT SEMICONDUCTOR, INC 19,137
200 * VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES, INC 12,562
662 * VISHAY INTERTECHNOLOGY, INC 25,114
1,000 * VITESSE SEMICONDUCTOR CORP 73,562
30 * WATER PIK TECHNOLOGIES, INC 187
400 WHIRLPOOL CORP 18,650
200 * WILLIAMS-SONOMA, INC 6,487
1,700 * XILINX, INC 140,356
200 * ZOMAX, INC 2,625
-----------
7,219,826
-----------
TEXTILE, APPAREL AND ACCESSORIES -- 0.51%
600 * ABERCROMBIE & FITCH CO (CLASS A) 7,312
100 * ALBANY INTERNATIONAL CORP (CLASS A)
(NEW) 1,450
100 * AMERICAN EAGLE OUTFITTERS, INC 1,400
100 * ANN TAYLOR STORES CORP 3,312
100 BROWN SHOE CO, INC 1,300
100 BURLINGTON COAT FACTORY WAREHOUSE
CORP 1,081
300 * BURLINGTON INDUSTRIES, INC 506
100 CATO CORP (CLASS A) 1,162
500 * CHARMING SHOPPES, INC 2,546
100 * CHICO'S FAS, INC 2,000
100 * CHILDREN'S PLACE RETAIL STORES, INC 2,050
200 CLAIRE'S STORES, INC 3,850
300 * COLLINS & AIKMAN CORP 1,556
100 * DAN RIVER, INC (CLASS A) 475
100 * DONNA KARAN INTERNATIONAL, INC 637
100 * DRESS BARN, INC 2,212
100 * FINISH LINE, INC (CLASS A) 818
100 * FOOTSTAR, INC 3,325
100 * FOSSIL, INC 1,943
4,050 GAP, INC 126,562
100 * GENESCO, INC 1,606
100 * GOODY'S FAMILY CLOTHING, INC 550
100 GUILFORD MILLS, INC 425
100 * GYMBOREE CORP 300
200 INTERFACE, INC (CLASS A) 762
500 INTIMATE BRANDS, INC (CLASS A) 9,875
750 * JONES APPAREL GROUP, INC 17,625
100 JUSTIN INDUSTRIES, INC 2,187
200 KELLWOOD CO 4,225
</TABLE>
12 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 15
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
TEXTILE, APPAREL AND ACCESSORIES -- (CONTINUED)
2,048 LIMITED, INC $ 44,288
300 LIZ CLAIBORNE, INC 10,575
100 * MEN'S WEARHOUSE, INC 2,231
200 * MOHAWK INDUSTRIES, INC 4,350
200 * NAUTICA ENTERPRISES, INC 2,137
500 NIKE, INC (CLASS B) 19,906
600 NORDSTROM, INC 14,475
200 * OAKLEY, INC 2,300
100 ONEIDA LTD 1,775
200 * PACIFIC SUNWEAR CALIFORNIA, INC 3,750
100 * PAYLESS SHOESOURCE, INC 5,125
100 PHILLIPS VAN HEUSEN CORP 950
300 * POLO RALPH LAUREN CORP 4,275
100 POLYMER GROUP, INC 925
100 * QUIKSILVER, INC 1,556
300 * REEBOK INTERNATIONAL LTD 4,781
500 ROSS STORES, INC 8,531
200 RUSSELL CORP 4,000
600 SHAW INDUSTRIES, INC 7,500
100 SPRING INDUSTRIES, INC 3,200
200 * STEIN MART, INC 2,050
200 STRIDE RITE CORP 1,225
100 TALBOTS, INC 5,493
100 * TIMBERLAND CO 7,081
1,800 TJX COS, INC 33,750
53 * TOO, INC 1,348
300 * UNIFI, INC 3,712
100 * UNITED RETAIL GROUP, INC 850
100 * URBAN OUTFITTERS, INC 881
500 V.F. CORP 11,906
300 WARNACO GROUP, INC (CLASS A) 2,325
200 WESTPOINT STEVENS, INC 2,225
100 * WET SEAL, INC (CLASS A) 1,312
200 WOLVERINE WORLD WIDE, INC 1,975
-----------
425,815
-----------
TOTAL CONSUMER DURABLE 7,645,641
-----------
ENERGY -- 4.49%
OIL, GAS AND OTHER ENERGY SERVICES -- 4.49%
500 AMERADA HESS CORP 30,875
700 ANADARKO PETROLEUM CORP 34,518
600 APACHE CORP 35,287
400 ASHLAND, INC 14,025
100 * ATWOOD OCEANICS, INC 4,437
200 * BARNETT RESOURCES CORP 6,087
100 * BASIN EXPLORATION, INC 1,787
100 * BELCO OIL & GAS CORP 850
100 BERRY PETROLEUM CO (CLASS A) 1,700
500 * BJ SERVICES CO 31,250
200 * BROWN (TOM), INC 4,612
1,300 BURLINGTON RESOURCES, INC 49,725
100 CABOT OIL & GAS CORP (CLASS A) 2,118
500 * CHESAPEAKE ENERGY CORP 3,875
4,000 CHEVRON CORP 339,250
3,739 CONOCO, INC (CLASS B) 91,839
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 CONSOL ENERGY, INC $ 1,512
300 CROSS TIMBERS OIL CO 6,637
289 DEVON ENERGY CORP (NEW) 16,238
400 DIAMOND OFFSHORE DRILLING, INC 14,050
300 * EEX CORP 1,743
4,500 ENRON CORP 290,250
800 ENSCO INTERNATIONAL, INC 28,650
300 EOG RESOURCES, INC 10,050
100 * EVERGREEN RESOURCES, INC 2,962
21,364 EXXON MOBIL CORP 1,677,074
200 * FOREST OIL CORP 3,187
185 * FRIEDE GOLDMAN HALTER, INC 1,653
400 * GLOBAL INDUSTRIES LTD 7,550
900 * GLOBAL MARINE, INC 25,368
1,000 * GREY WOLF, INC 5,000
2,700 HALLIBURTON CO 127,406
400 * HANOVER COMPRESSOR CO 15,200
600 * HARKEN ENERGY CORP 375
300 HELMERICH & PAYNE, INC 11,212
100 * HOUSTON EXPLORATION CO 2,512
100 * HS RESOURCES, INC 3,000
600 KERR-MCGEE CORP 35,362
500 * KEY ENERGY SERVICES, INC 4,812
100 * LOUIS DREYFUS NATURAL GAS CORP 3,131
300 * MARINE DRILLING CO, INC 8,400
100 * MCMORAN EXPLORATION CO 1,650
200 * MERIDIAN RESOURCE CORP 1,137
100 MITCHELL ENERGY & DEVELOPMENT CORP
(CLASS A) 3,212
300 MURPHY OIL CORP 17,831
800 * NABORS INDUSTRIES, INC 33,250
200 * NEWFIELD EXPLORATION CO 7,825
300 NOBLE AFFILIATES, INC 11,175
800 * NOBLE DRILLING CORP 32,950
100 * NUEVO ENERGY CO 1,887
2,200 OCCIDENTAL PETROLEUM CORP 46,337
1,000 * OCEAN ENERGY, INC (NEW) 14,187
100 * OCEANEERING INTERNATIONAL, INC 1,900
300 * PARKER DRILLING CO 1,856
200 * PATTERSON ENERGY, INC 5,700
500 PENNZOIL-QUAKER STATE CO 6,031
1,300 PHILLIPS PETROLEUM CO 65,893
600 * PIONEER NATURAL RESOURCES CO 7,650
100 * PLAINS RESOURCES, INC 1,600
200 POGO PRODUCING CO 4,425
400 * PRIDE INTERNATIONAL, INC 9,900
1,000 * R & B FALCON CORP 23,562
500 * ROWAN COS, INC 15,187
100 RPC, INC 1,056
1,100 * SANTA FE SNYDER CORP 12,512
100 * SEITEL, INC 812
100 ST. MARY LAND & EXPLORATION CO 4,206
100 * STONE ENERGY CORP 5,975
500 SUNOCO, INC 14,718
100 * SWIFT ENERGY CO 2,837
100 * SYNTROLEUM CORP 1,712
200 * TESORO PETROLEUM CORP 2,025
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 13
<PAGE> 16
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
OIL, GAS AND OTHER ENERGY SERVICES -- (CONTINUED)
3,400 TEXACO, INC $ 181,050
900 TOSCO CORP 25,481
200 * TRANSMONTAIGNE, INC 1,225
500 ULTRAMAR DIAMOND SHAMROCK CORP 12,406
1,500 UNION PACIFIC RESOURCES GROUP, INC 33,000
1,500 UNOCAL CORP 49,687
1,900 USX-MARATHON GROUP, INC 47,618
100 * UTI ENERGY CORP 4,012
300 VALERO ENERGY CORP 9,525
413 * VARCO INTERNATIONAL, INC (NEW) 9,602
100 VASTAR RESOURCES, INC 8,212
100 * VERITAS DGC, INC 2,600
300 VINTAGE PETROLEUM, INC 6,768
100 WD-40 CO 2,075
700 * WEATHERFORD INTERNATIONAL, INC 27,868
-----------
TOTAL ENERGY 3,737,696
-----------
FINANCE -- 13.92%
BANKS, SAVINGS AND LOANS -- 6.63%
100 ALLIANCE BANCORP 1,643
100 AMCORE FINANCIAL, INC 1,831
2,335 AMSOUTH BANCORP 36,776
100 ANCHOR BANCORP WISCONSIN, INC 1,531
100 AREA BANCSHARES CORP 2,231
440 ASSOCIATED BANC-CORP 9,597
300 ASTORIA FINANCIAL CORP 7,725
100 BANCFIRST CORP 3,150
300 BANCORPSOUTH, INC 4,218
300 BANCWEST CORP 4,931
10,200 BANK OF AMERICA CORP 438,600
4,500 BANK OF NEW YORK CO, INC 209,250
6,900 BANK ONE CORP 183,281
200 BANK UNITED CORP (CLASS A) 7,037
200 BANKATLANTIC BANCORP, INC (CLASS B) 1,175
782 BANKNORTH GROUP, INC 11,974
100 BAY VIEW CAPITAL CORP 981
2,100 BB&T CORP 50,137
100 * BOK FINANCIAL CORP 1,756
100 BRENTON BANKS, INC 1,387
100 BROOKLINE BANCORP, INC 1,143
100 BT FINANCIAL CORP 1,725
500 CAPITOL FEDERAL FINANCIAL 5,531
200 CCB FINANCIAL CORP 7,400
100 * CENTENNIAL BANCORP 868
245 CENTURA BANKS, INC 8,314
100 CENTURY SOUTH BANKS, INC 1,937
100 CFS BANCORP, INC 915
1,335 CHARTER ONE FINANCIAL, INC 30,705
7,600 CHASE MANHATTAN CORP 350,075
100 CHEMICAL FINANCIAL CORP 2,600
200 CHITTENDEN CORP 4,887
20,750 CITIGROUP, INC 1,250,187
200 CITIZENS BANKING CORP (MICHIGAN) 3,246
100 CITY HOLDINGS CO 587
200 CITY NATIONAL CORP 6,950
500 COLONIAL BANCGROUP, INC 4,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
900 COMERICA, INC $ 40,387
205 COMMERCE BANCORP, INC 9,430
310 COMMERCE BANCSHARES, INC 9,222
300 COMMERCIAL FEDERAL CORP 4,668
100 COMMONWEALTH BANCORP, INC 1,187
300 COMMUNITY FIRST BANKSHARES, INC 4,893
110 COMMUNITY TRUST BANCORP, INC 1,945
700 COMPASS BANCSHARES, INC 11,943
100 CORUS BANKSHARES, INC 2,643
300 CULLEN FROST BANKERS, INC 7,893
100 CVB FINANCIAL CORP 1,581
600 DIME BANCORP, INC 9,450
100 DIME COMMUNITY BANCORP, INC 1,625
100 DOWNEY FINANCIAL CORP 2,900
100 F & M BANCORP, INC (MARYLAND) 1,975
100 F & M NATIONAL CORP 2,100
115 F.N.B. CORP 2,371
100 FCNB CORP 1,806
1,500 FIFTH THIRD BANCORP 94,875
100 FIRST BANCORP (PUERTO RICO) 1,856
200 FIRST CHARTER CORP 3,150
300 FIRST COMMONWEALTH FINANCIAL CORP 2,718
100 FIRST FEDERAL CAPITAL CORP 1,106
200 FIRST FINANCIAL BANCORP 3,937
100 FIRST FINANCIAL HOLDINGS, INC 1,375
100 FIRST MERCHANTS CORP 2,118
200 FIRST MIDWEST BANCORP, INC 4,650
100 FIRST NIAGARA FINANCIAL GROUP, INC 937
100 * FIRST REPUBLIC BANK 1,993
1,100 FIRST SECURITY CORP 14,918
200 FIRST SENTINEL BANCORP, INC 1,643
100 FIRST SOURCE CORP 1,568
800 FIRST TENNESSEE NATIONAL CORP 13,250
6,000 FIRST UNION CORP 148,875
100 FIRST UNITED BANCSHARES, INC 1,518
300 FIRST VIRGINIA BANKS, INC 10,443
100 FIRST WASHINGTON BANCORP, INC 1,393
5,827 FIRSTAR CORP 122,731
100 * FIRSTFED FINANCIAL CORP 1,412
500 FIRSTMERIT CORP 10,687
5,521 FLEETBOSTON FINANCIAL CORP 187,714
100 FRONTIER FINANCIAL CORP 1,837
441 FULTON FINANCIAL CORP 7,800
100 GBC BANCORP 2,925
400 * GOLDEN STATE BANCORP, INC 7,200
800 GOLDEN WEST FINANCIAL CORP 32,650
100 GREATER BAY BANCORP 4,675
500 GREENPOINT FINANCIAL CORP 9,375
100 HANCOCK HOLDINGS CO 3,400
100 HARBOR FLORIDA BANCSHARES, INC 1,043
1,000 HIBERNIA CORP (CLASS A) 10,875
100 HUDSON RIVER BANCORP, INC 1,187
312 HUDSON UNITED BANCORP 7,000
1,160 HUNTINGTON BANCSHARES, INC 18,342
224 * IMPERIAL BANCORP 3,500
400 INDEPENDENCE COMMUNITY BANK CORP 5,300
100 INDEPENDENT BANK CORP 1,131
</TABLE>
14 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 17
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BANKS, SAVINGS AND LOANS -- (CONTINUED)
100 INTEGRA BANK CORP $ 1,700
125 INTERNATIONAL BANCSHARES CORP 4,078
100 INTERWEST BANCORP, INC 1,400
100 IRWIN FINANCIAL CORP 1,443
2,700 KEYCORP 47,587
300 KEYSTONE FINANCIAL, INC 6,375
100 * LOCAL FINANCIAL CORP 834
20 M & T BANK CORP 9,000
100 MAF BANCORP, INC 1,818
600 MARSHALL & ILSLEY CORP 24,900
4,200 MBNA CORP 113,925
3,000 MELLON FINANCIAL CORP 109,312
400 MERCANTILE BANKSHARES CORP 11,925
100 MERCHANTS NEW YORK BANCORP, INC 1,718
1,000 MORGAN (J.P.) & CO, INC 110,125
100 NATIONAL BANCORP OF ALASKA, INC 3,587
3,600 NATIONAL CITY CORP 61,425
500 NATIONAL COMMERCE BANCORP 8,031
100 NATIONAL PENN BANCSHARES, INC 2,062
110 NBT BANCORP, INC 1,175
1,000 NORTH FORK BANCORP, INC 15,125
1,300 NORTHERN TRUST CORP 84,581
200 NORTHWEST BANCORP, INC 1,375
100 OCEANFIRST FINANCIAL CORP 1,843
200 * OCWEN FINANCIAL CORP 1,112
784 OLD KENT FINANCIAL CORP 20,972
300 OLD NATIONAL BANCORP 8,793
200 ONE VALLEY BANCORP, INC 6,250
100 ORIENTAL FINANCIAL GROUP 1,443
100 PACIFIC CAPITAL BANCORP 2,506
400 PACIFIC CENTURY FINANCIAL CORP 5,850
100 PEOPLES BANK OF BRIDGEPORT CO 1,837
100 PFF BANCORP, INC 1,825
1,800 PNC FINANCIAL SERVICES GROUP, INC 84,375
800 POPULAR, INC 15,250
120 PREMIER NATIONAL BANCORP, INC 1,560
105 PROVIDENT BANKSHARES CORP 1,417
100 PROVIDENT FINANCIAL GROUP 2,381
900 PROVIDIAN FINANCIAL CORP 81,000
100 QUEENS COUNTY BANCORP, INC 1,843
1,300 REGIONS FINANCIAL CORP 25,837
200 REPUBLIC BANCORP, INC 1,787
300 REPUBLIC SECURITY FINANCIAL CORP 1,500
200 RICHMOND COUNTY FINANCIAL CORP 3,825
100 RIGGS NATIONAL CORP 1,262
400 ROSLYN BANCORP, INC 6,643
100 S & T BANCORP, INC 1,825
300 * S1 CORP 6,993
100 SEACOAST FINANCIAL SERVICES CORP 950
105 SHORELINE FINANCIAL CORP 1,246
200 * SILICON VALLEY BANCSHARES 8,525
392 SKY FINANCIAL GROUP, INC 6,247
300 SOUTH FINANCIAL GROUP, INC 4,350
1,000 SOUTHTRUST CORP 22,625
200 * SOUTHWEST BANCORP OF TEXAS, INC 4,150
1,400 SOVEREIGN BANCORP, INC 9,843
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
1,000 STATE STREET CORP $ 106,062
200 STATEN ISLAND BANCORP, INC 3,525
100 STERLING BANCSHARES, INC 1,081
1,100 SUMMIT BANCORP 27,087
1,896 SUNTRUST BANKS, INC 86,623
200 SUSQUEHANNA BANCSHARES, INC 2,850
1,400 SYNOVUS FINANCIAL CORP 24,675
500 TCF FINANCIAL CORP 12,843
100 TEXAS REGIONAL BANCSHARES, INC
(CLASS A) 2,537
50 THREE RIVERS BANCORP, INC 328
100 TRUST CO OF NEW JERSEY 1,825
300 TRUSTCO BANK CORP (NEW YORK) 3,750
300 TRUSTMARK CORP 5,231
4,600 U.S. BANCORP 88,550
110 UMB FINANCIAL CORP 3,609
800 UNION PLANTERS CORP 22,350
200 UNIONBANCAL CORP 3,712
200 UNITED BANKSHARES, INC 3,637
200 UNITED COMMUNITY FINANCIAL CORP
(OHIO) 1,331
100 UNITED NATIONAL BANCORP 1,837
100 USBANCORP, INC 356
430 VALLEY NATIONAL BANCORP 10,454
200 W HOLDING CO, INC 1,650
1,200 WACHOVIA CORP 65,100
320 WASHINGTON FEDERAL, INC 5,840
3,400 WASHINGTON MUTUAL, INC 98,175
200 WEBSTER FINANCIAL CORP 4,437
9,900 WELLS FARGO CO 383,625
100 WESBANCO, INC 2,425
100 WEST COAST BANCORP (OREGON) 1,000
200 WESTAMERICA BANCORP 5,225
100 WHITNEY HOLDINGS CORP 3,418
200 WILMINGTON TRUST CORP 8,550
500 ZIONS BANCORP 22,945
-----------
5,519,916
-----------
CREDIT AND OTHER FINANCE -- 2.44%
300 * ACNEILSEN CORP 6,600
100 ADVANTA CORP (CLASS A) 1,218
100 ALEXANDRIA REAL ESTATE EQUITIES,
INC 3,431
400 ALLIED CAPITAL CORP 6,800
400 AMB PROPERTY CORP 9,125
100 * AMERCO 2,000
8,300 AMERICAN EXPRESS CO 432,637
400 AMERICAN INDUSTRIAL PROPERTIES REIT 5,425
400 * AMERICREDIT CORP 6,800
100 AMLI RESIDENTIAL PROPERTIES TRUST 2,356
200 * AMRESCO, INC 112
400 APARTMENT INVESTMENT & MANAGEMENT
CO 17,300
500 ARCHSTONE COMMUNITIES TRUST 10,531
100 ASSOCIATED ESTATES REALTY CORP 700
100 * ASSOCIATES FIRST CAPITAL RESIDUAL
VALUE 3
4,400 ASSOCIATES FIRST CAPITAL CORP 98,175
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 15
<PAGE> 18
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
CREDIT AND OTHER FINANCE -- (CONTINUED)
400 AVALONBAY COMMUNITIES, INC $ 16,700
100 BEDFORD PROPERTY INVESTORS, INC 1,856
300 BOSTON PROPERTIES, INC 11,587
100 BOYKIN LODGING CO 1,350
100 BRADLEY REAL ESTATE, INC 2,131
200 BRANDYWINE REALTY TRUST 3,825
200 BRE PROPERTIES, INC (CLASS A) 5,775
200 BURNHAM PACIFIC PROPERTIES, INC 1,375
200 CAMDEN PROPERTY TRUST 5,875
100 CAPITAL AUTOMOTIVE REIT 1,412
1,200 CAPITAL ONE FINANCIAL CORP 53,550
50 CAPSTEAD MORTGAGE CORP 418
400 CARRAMERICA REALTY CORP 10,600
100 CBL & ASSOCIATES PROPERTIES, INC 2,493
100 CENTER TRUST, INC 506
100 CENTERPOINT PROPERTIES CORP 4,075
100 CHARLES E. SMITH RESIDENTIAL
REALTY, INC 3,800
100 CHARTER MUNICIPAL MORTGAGE
ACCEPTANCE CO 1,231
100 CHATEAU PROPERTIES, INC 2,825
100 CHELSEA GCA REALTY, INC 3,456
252 * CHOICEPOINT, INC 11,214
400 CIT GROUP, INC (CLASS A) 6,500
100 COLONIAL PROPERTIES TRUST 2,737
200 COMMERCIAL NET LEASE REALTY, INC 2,100
1,550 * CONCORD EFS, INC 40,300
800 * CONTIFINANCIAL CORP 18
200 CORNERSTONE REALTY INCOME TRUST,
INC 2,000
700 COUNTRYWIDE CREDIT INDUSTRIES, INC 21,218
100 COUSINS PROPERTIES, INC 3,850
100 * CREDIT ACCEPTANCE CORP 556
100 b* CREDITRUST CORP 131
600 CRESCENT REAL ESTATE EQUITIES CO 12,300
200 CROWN AMERICAN REALTY TRUST 1,075
300 DEVELOPERS DIVERSIFIED REALTY CORP 4,481
200 DORAL FINANCIAL CORP 2,287
800 DUKE-WEEKS REALTY CORP 17,900
100 * DVI, INC 1,600
100 EAST WEST BANCORP, INC 1,437
100 EASTGROUP PROPERTIES, INC 2,106
100 ENTERTAINMENT PROPERTIES TRUST 1,381
800 EQUIFAX, INC 21,000
200 EQUITY INNS, INC 1,225
1,712 EQUITY OFFICE PROPERTIES TRUST 47,187
800 EQUITY RESIDENTIAL PROPERTIES TRUST
CO 36,800
100 ESSEX PROPERTY TRUST, INC 4,200
6,300 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 328,781
200 FEDERAL REALTY INVESTMENT TRUST 4,000
300 FELCOR LODGING TRUST, INC 5,550
100 * FINANCIAL FEDERAL CORP 1,737
300 * FINET.COM, INC 206
400 FINOVA GROUP, INC 5,200
200 FIRST INDUSTRIAL REALTY TRUST, INC 5,900
300 FRANCHISE FINANCE CORP OF AMERICA 6,900
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
4,300 FREDDIE MAC $ 174,150
100 GABLES RESIDENTIAL TRUST 2,581
300 GENERAL GROWTH PROPERTIES, INC 9,525
200 GLENBOROUGH REALTY TRUST, INC 3,487
100 GLIMCHER REALTY TRUST 1,437
100 GREAT LAKES REIT, INC 1,700
300 HEALTH CARE PROPERTY INVESTORS, INC 8,175
200 HEALTH CARE REIT, INC 3,250
200 HEALTHCARE REALTY TRUST, INC 3,412
200 HELLER FINANCIAL, INC 4,100
400 HIGHWOODS PROPERTIES, INC 9,600
100 HOME PROPERTIES OF NEW YORK, INC 3,000
300 HOSPITALITY PROPERTIES TRUST 6,768
2,900 HOUSEHOLD INTERNATIONAL, INC 120,531
800 HRPT PROPERTIES TRUST 4,900
100 * IMPERIAL CREDIT INDUSTRIES, INC 425
400 INDYMAC MORTGAGE HOLDINGS, INC 5,425
200 INNKEEPERS U.S.A. TRUST 1,825
200 IRT PROPERTY CO 1,700
503 ISTAR FINANCIAL, INC 10,531
200 JDN REALTY CORP 2,037
100 JP REALTY, INC 1,781
100 KILROY REALTY CORP 2,593
300 KIMCO REALTY CORP 12,300
100 KOGER EQUITY, INC 1,687
200 KONOVER PROPERTY TRUST, INC 950
100 LASALLE HOTEL PROPERTIES 1,437
200 * LEUCADIA NATIONAL CORP 4,562
100 LEXINGTON CORPORATE PROPERTIES
TRUST 1,118
400 LIBERTY PROPERTY TRUST CO 10,375
100 LTC PROPERTIES, INC 593
200 MACERICH CO 4,412
400 MACK-CALI REALTY CORP 10,275
100 MANUFACTURED HOME COMMUNITIES, INC 2,393
100 MEDALLION FINANCIAL CORP 1,543
700 MEDITRUST CORP PAIRED 2,625
300 MERISTAR HOSPITALITY CORP 6,300
300 METRIS COS, INC 7,537
100 MGI PROPERTIES, INC 231
100 MID-AMERICA APARTMENT COMMUNITIES,
INC 2,400
100 MID-STATE BANCSHARES 2,725
100 MILLS CORP 1,881
100 NATIONAL GOLF PROPERTIES, INC 2,112
100 NATIONAL HEALTH INVESTORS, INC 1,100
300 NATIONWIDE HEALTH PROPERTIES, INC 4,181
100 * NETBANK, INC 1,243
600 NEW PLAN EXCEL REALTY TRUST 7,800
100 OMEGA HEALTHCARE INVESTORS, INC 450
100 PACIFIC GULF PROPERTIES, INC 2,506
100 PAN PACIFIC RETAIL PROPERTIES, INC 2,012
100 PARKWAY PROPERTIES, INC 3,050
100 PENNSYLVANIA REAL ESTATE INVESTMENT
TRUST 1,712
200 POST PROPERTIES, INC 8,800
200 PRENTISS PROPERTIES TRUST 4,800
100 PRIME GROUP REALTY TRUST 1,518
</TABLE>
16 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 19
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
CREDIT AND OTHER FINANCE -- (CONTINUED)
200 PRIME RETAIL, INC $ 250
800 PRISON REALTY TRUST, INC 2,450
500 PROLOGIS TRUST 10,656
100 PS BUSINESS PARKS, INC 2,400
500 PUBLIC STORAGE, INC 11,718
100 REALTY INCOME CORP 2,356
200 RECKSON ASSOCIATES REALTY CORP 4,750
200 REGENCY REALTY CORP 4,750
100 RESOURCE AMERICA, INC (CLASS A) 653
100 RESOURCE BANCSHARES MORTGAGE GROUP,
INC 418
100 RFS HOTEL INVESTORS, INC 1,175
400 ROUSE CO 9,900
100 SAUL CENTERS, INC 1,612
100 SENIOR HOUSING PROPERTIES TRUST 731
200 SHURGARD STORAGE CENTERS, INC 4,500
100 * SIERRACITIES.COM, INC 375
700 SIMON PROPERTY GROUP, INC 15,531
100 SL GREEN REALTY CORP 2,675
900 SLM HOLDINGS CORP 33,693
100 SOVRAN SELF STORAGE, INC 2,143
400 SPIEKER PROPERTIES, INC 18,400
200 STORAGE U.S.A., INC 5,900
100 SUMMIT PROPERTIES, INC 2,100
100 SUN COMMUNITIES, INC 3,343
200 TAUBMAN CENTERS, INC 2,200
100 * TELESCAN, INC 731
100 THORNBURG MORTGAGE, INC 718
100 TOWN & COUNTRY TRUST 1,718
100 U.S. RESTAURANT PROPERTIES, INC 893
300 * UNICAPITAL CORP 150
600 UNITED DOMINION REALTY TRUST, INC 6,600
100 URBAN SHOPPING CENTERS, INC 3,368
300 * VENTAS, INC 956
500 VORNADO REALTY TRUST 17,375
200 WASHINGTON REAL ESTATE INVESTMENT
TRUST 3,575
200 WEINGARTEN REALTY INVESTORS, INC 8,075
50 WELLSFORD REAL PROPERTIES, INC 756
100 WESTERN PROPERTIES TRUST 1,187
200 WESTFIELD AMERICA, INC 2,687
-----------
2,034,959
-----------
INSURANCE -- 3.06%
500 21ST CENTURY INSURANCE GROUP 7,875
100 * ACCEPTANCE INSURANCE COS, INC 500
900 AETNA, INC 57,768
1,600 AFLAC, INC 73,500
200 ALFA CORP 3,500
300 ALLMERICA FINANCIAL CORP 15,712
4,500 ALLSTATE CORP 100,125
400 AMBAC FINANCIAL GROUP, INC 21,925
200 AMERICAN FINANCIAL GROUP, INC 4,962
1,500 AMERICAN GENERAL CORP 91,500
7,920 AMERICAN INTERNATIONAL GROUP, INC 930,600
100 AMERICAN NATIONAL INSURANCE CO 5,100
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 AMERUS LIFE HOLDINGS, INC (CLASS A) $ 2,062
1,550 AON CORP 48,146
100 ARGONAUT GROUP, INC 1,712
1,100 AXA FINANCIAL, INC 37,400
100 BALDWIN & LYONS, INC (CLASS B) 1,706
100 BERKLEY (W.R.) CORP 1,875
100 BLANCH (E.W.) HOLDINGS, INC 2,031
100 BROWN & BROWN, INC 5,200
1,123 CHUBB CORP 69,064
1,000 CIGNA CORP 93,500
900 CINCINNATI FINANCIAL CORP 28,293
100 * CNA FINANCIAL CORP 3,400
100 CNA SURETY CORP 1,193
100 COMMERCE GROUP, INC 2,950
1,900 CONSECO, INC 18,525
200 CRAWFORD & CO (CLASS B) 2,200
100 * DELPHI FINANCIAL GROUP, INC 3,393
200 ENHANCE FINANCIAL SERVICES GROUP,
INC 2,875
400 ERIE INDEMNITY CO (CLASS A) 12,600
100 FBL FINANCIAL GROUP, INC (CLASS A) 1,575
390 FIDELITY NATIONAL FINANCIAL, INC 7,141
100 FINANCIAL SECURITY ASSURANCE
HOLDINGS LTD 7,587
300 FIRST AMERICAN CORP 4,293
300 * FIRST HEALTH GROUP CORP 9,843
600 * FOUNDATION HEALTH SYSTEMS (CLASS A) 7,800
300 FREMONT GENERAL CORP 1,181
100 FRONTIER INSURANCE GROUP, INC 75
200 GALLAGHER (ARTHUR J.) & CO 8,400
100 HARLEYSVILLE GROUP, INC 1,675
1,300 HARTFORD FINANCIAL SERVICES GROUP,
INC 72,718
200 HCC INSURANCE HOLDINGS, INC 3,775
100 HILB, ROGAL & HAMILTON CO 3,468
200 HORACE MANN EDUCATORS CORP 3,000
200 HSB GROUP, INC 6,225
1,000 * HUMANA, INC 4,875
600 JEFFERSON-PILOT CORP 33,862
100 LANDAMERICA FINANCIAL GROUP, INC 2,293
100 LIBERTY CORP 4,200
100 LIBERTY FINANCIAL COS, INC 2,193
1,200 LINCOLN NATIONAL CORP 43,350
400 LOEWS CORP 24,000
1,700 MARSH & MCLENNAN COS, INC 177,543
600 MBIA, INC 28,912
100 * MEDICAL ASSURANCE, INC 1,125
200 MERCURY GENERAL CORP 4,725
600 MGIC INVESTMENT CORP 27,300
300 * MID ATLANTIC MEDICAL SERVICES, INC 4,050
300 MONY GROUP, INC 10,143
100 NATIONWIDE FINANCIAL SERVICES, INC
(CLASS A) 3,287
300 OHIO CASUALTY CORP 3,187
700 OLD REPUBLIC INTERNATIONAL CORP 11,550
500 * OXFORD HEALTH PLANS, INC 11,906
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 17
<PAGE> 20
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
INSURANCE -- (CONTINUED)
200 * PACIFICARE HEALTH SYSTEMS, INC
(CLASS A) $ 12,037
100 * PICO HOLDINGS, INC 1,406
100 PMA CAPITAL CORP (CLASS A) 1,900
200 PMI GROUP, INC 9,500
100 PRESIDENTIAL LIFE CORP 1,387
300 PROGRESSIVE CORP 22,200
300 PROTECTIVE LIFE CORP 7,987
200 RADIAN GROUP, INC 10,350
250 REINSURANCE GROUP OF AMERICA, INC 7,531
400 RELIANCE GROUP HOLDINGS, INC 300
500 RELIASTAR FINANCIAL CORP 26,218
800 SAFECO CORP 15,900
100 SCPIE HOLDINGS, INC 2,050
200 SELECTIVE INSURANCE GROUP, INC 3,800
200 * SIERRA HEALTH SERVICES, INC 637
1,300 ST. PAUL COS, INC 44,362
100 STANCORP FINANCIAL GROUP, INC 3,212
100 STATE AUTO FINANCIAL CORP 1,187
100 STEWART INFORMATION SERVICES CORP 1,462
100 * SUPERIOR NATIONAL INSURANCE GROUP,
INC 4
800 TORCHMARK CORP 19,750
100 TRANSATLANTIC HOLDINGS, INC 8,375
100 TRENWICK GROUP, INC 1,456
100 * TRIAD GUARANTY, INC 2,293
200 * TRIGON HEALTHCARE, INC 10,312
200 * UICI 1,312
900 UNITEDHEALTH GROUP, INC 77,175
300 UNITRIN, INC 8,812
1,273 UNUMPROVIDENT CORP 25,539
400 * WELLPOINT HEALTH NETWORKS, INC 28,975
100 ZENITH NATIONAL INSURANCE CORP 2,125
-----------
2,548,003
-----------
SECURITIES AND COMMODITIES -- 1.79%
100 * AFFILIATED MANAGERS GROUP, INC 4,550
400 * AMERITRADE HOLDINGS CORP (CLASS A) 4,650
630 BEAR STEARNS COS, INC 26,223
100 DAIN RAUSCHER CORP 6,600
100 DLJ DIRECT 712
200 DONALDSON, LUFKIN & JENRETTE, INC 8,487
1,205 * E TRADE GROUP, INC 19,882
200 EATON VANCE CORP 9,250
500 EDWARDS (A.G.), INC 19,500
300 FEDERATED INVESTORS, INC 10,518
1,000 FRANKLIN RESOURCES, INC 30,375
100 * FRIEDMAN, BILLINGS, RAMSEY GROUP,
INC 812
100 * INVESTMENT TECHNOLOGY GROUP, INC 3,950
200 INVESTORS FINANCIAL SERVICES CORP 7,937
100 JEFFERIES GROUP, INC (NEW) 2,018
400 * KNIGHT TRADING GROUP 11,925
300 LEGG MASON, INC 15,000
700 LEHMAN BROTHERS HOLDINGS, INC 66,193
2,400 MERRILL LYNCH & CO, INC 276,000
100 MORGAN KEEGAN, INC 1,475
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
7,000 MORGAN STANLEY DEAN WITTER & CO $ 582,750
100 * NATIONAL DISCOUNT BROKERS GROUP,
INC 3,187
900 PAINE WEBBER GROUP, INC 40,950
200 PHOENIX INVESTMENT PARTNERS LTD 2,100
200 * PIONEER GROUP, INC 8,475
600 PRICE (T. ROWE) ASSOCIATES, INC 25,500
200 RAYMOND JAMES FINANCIAL CORP 4,500
6,764 SCHWAB (CHARLES) CORP 227,439
100 SOUTHWEST SECURITIES GROUP, INC 3,725
400 THE GOLDMAN SACHS GROUP, INC 37,950
100 TUCKER ANTHONY SUTRO CORP 1,800
300 UNITED ASSET MANAGEMENT CORP 7,012
550 WADDELL & REED FINANCIAL, INC
(CLASS A) 18,046
-----------
1,489,491
-----------
TOTAL FINANCE 11,592,369
-----------
FOODS AND RELATED -- 4.59%
BEVERAGES, OTHER FOOD PRODUCTS -- 4.10%
240 * 7-ELEVEN, INC 3,300
200 * ADVANTICA RESTAURANT GROUP, INC 193
100 * AGRIBRANDS INTERNATIONAL, INC 4,193
2,515 ALBERTSONS, INC 83,623
100 * AMERICAN ITALIAN PASTA CO (CLASS A) 2,068
2,800 ANHEUSER-BUSCH COS, INC 209,125
100 APPLEBEES INTERNATIONAL, INC 3,031
3,480 ARCHER DANIELS MIDLAND CO 34,147
100 * AURORA FOODS, INC 400
100 AVADO BRANDS, INC 150
100 * BERINGER WINE ESTATES HOLDINGS, INC
(CLASS B) 3,531
1,700 BESTFOODS, INC 117,725
200 BOB EVANS FARMS, INC 2,987
400 * BRINKER INTERNATIONAL, INC 11,700
300 BROWN FORMAN, INC (CLASS B) 16,125
200 * BUFFETS, INC 2,537
200 * CADIZ, INC 1,600
1,900 CAMPBELL SOUP CO 55,337
100 * CANANDAIGUA BRANDS, INC (CLASS A) 5,043
300 CBRL GROUP, INC 4,406
250 * CEC ENTERTAINMENT, INC 6,406
100 * CENTRAL GARDEN & PET CO 896
300 CHIQUITA BRANDS INTERNATIONAL, INC 1,181
330 CKE RESTAURANTS, INC 990
14,100 COCA COLA CO 809,868
1,400 COCA COLA ENTERPRISES, INC 22,837
2,900 CONAGRA, INC 55,281
100 * CONSOLIDATED PRODUCTS, INC 900
200 COORS (ADOLPH) CO (CLASS B) 12,100
200 CORN PRODUCTS INTERNATIONAL, INC 5,300
700 DARDEN RESTAURANTS, INC 11,375
100 * DAVE & BUSTERS, INC 625
200 DEAN FOODS CO 6,337
300 * DEL MONTE FOODS CO 2,043
700 DELHAIZE AMERICA, INC (CLASS B) 10,762
200 DELTA & PINE LAND CO 5,012
</TABLE>
18 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 21
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BEVERAGES, OTHER FOOD PRODUCTS -- (CONTINUED)
200 DIMON, INC $ 425
300 DOLE FOOD, INC 4,200
100 DREYERS GRAND ICE CREAM, INC 2,100
200 EARTHGRAINS CO 3,887
600 FLOWERS INDUSTRIES, INC 11,962
900 FORTUNE BRANDS, INC 20,756
1,800 GENERAL MILLS, INC 68,850
100 * GRAND UNION CO 53
100 GREAT ATLANTIC & PACIFIC TEA CO,
INC 1,662
200 * HAIN CELESTIAL GROUP, INC 7,337
200 HANNAFORD BROTHERS, INC 14,375
2,100 HEINZ (H.J.) CO 91,875
600 HERSHEY FOODS CORP 29,100
100 * HINES HORTICULTURE, INC 681
500 HORMEL FOODS CORP 8,406
1,100 HOST MARRIOTT CORP (NEW) 10,312
500 IBP, INC 7,718
100 * IHOP CORP (NEW) 1,675
200 IMPERIAL SUGAR CO 262
100 INGLES MARKETS, INC (CLASS A) 1,043
100 * INTERNATIONAL HOME FOODS, INC 2,093
100 INTERNATIONAL MULTIFOODS CORP 1,731
200 INTERSTATE BAKERIES CORP 2,800
200 * JACK IN THE BOX, INC 4,925
100 KEEBLER FOODS CO 3,712
1,300 KELLOGG CO 38,675
5,000 * KROGER CO 110,312
200 LANCASTER COLONY CORP 3,837
100 LANCE, INC 900
100 LANDRY'S SEAFOOD RESTAURANTS, INC 850
200 LONE STAR STEAKHOUSE & SALOON, INC 2,025
100 LUBYS, INC 800
400 MCCORMICK & CO, INC (NON-VOTE) 13,000
8,200 MCDONALD'S CORP 270,087
100 MICHAEL FOODS, INC 2,450
110 MORRISON MANAGEMENT SPECIALISTS,
INC 3,100
1,900 NABISCO GROUP HOLDINGS 49,281
300 NABISCO HOLDINGS CORP (CLASS A) 15,750
100 * NPC INTERNATIONAL, INC 896
100 * O'CHARLEY'S, INC 1,362
400 * OUTBACK STEAKHOUSE, INC 11,700
100 * PAPA JOHNS INTERNATIONAL, INC 2,450
600 PEPSI BOTTLING GROUP, INC 17,512
9,000 PEPSICO, INC 399,937
100 * PERFORMANCE FOOD GROUP CO 3,200
100 PILGRIMS PRIDE CORP (CLASS B) 712
700 QUAKER OATS CO 52,587
200 * RALCORP HOLDINGS, INC 2,450
1,900 RALSTON PURINA CO 37,881
400 RUBY TUESDAY, INC 5,025
200 RUDDICK CORP 2,362
200 * RYANS FAMILY STEAK HOUSES, INC 1,687
2,900 * SAFEWAY, INC 130,862
5,200 SARA LEE CORP 100,425
300 * SMITHFIELD FOODS, INC 8,418
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 SMUCKER, (J.M.) CO (CLASS A) $ 1,925
200 SODEXHO MARRIOTT SERVICES, INC 3,200
100 * SONIC CORP 2,937
1,100 * STARBUCKS CORP 42,006
200 * SUIZA FOODS CORP 9,775
800 SUPERVALU, INC 15,250
2,000 SYSCO CORP 84,250
200 * TERRA INDUSTRIES, INC 212
150 * THE CHEESECAKE FACTORY CO 4,125
206 TOOTSIE ROLL INDUSTRIES, INC 7,210
100 * TRIARC COS, INC 2,050
900 * TRICON GLOBAL RESTAURANTS, INC 25,425
800 TYSON FOODS, INC 7,000
200 UNIVERSAL CORP 4,225
300 UNIVERSAL FOODS CORP 5,550
100 * VETERINARY CENTERS OF AMERICA, INC 1,375
500 VIAD CORP 13,625
200 * VLASIC FOODS INTERNATIONAL, INC 325
100 WEIS MARKETS, INC 3,275
600 WENDY'S INTERNATIONAL, INC 10,687
800 WHITMAN CORP 9,900
100 * WHOLE FOODS MARKET, INC 4,131
250 * WILD OATS MARKETS, INC 3,140
500 WINN DIXIE STORES, INC 7,156
500 WRIGLEY (WM) JR CO 40,093
100 * ZAPATA CORP 312
-----------
3,414,766
-----------
TOBACCO -- 0.49%
14,100 PHILIP MORRIS COS, INC 374,531
633 RJR REYNOLDS TOBACCO HOLDINGS, INC 17,684
1,000 UST, INC 14,687
105 VECTOR GROUP LTD 1,548
-----------
408,450
-----------
TOTAL FOODS AND RELATED 3,823,216
-----------
HEALTH -- 12.45%
DRUGS AND PHARMACEUTICALS -- 10.18%
9,500 ABBOTT LABORATORIES CO 423,343
100 * ABGENIX, INC 11,985
100 * ALGOS PHARMACEUTICAL CORP 1,525
300 * ALKERMES, INC 14,137
800 ALLERGAN, INC 59,600
100 ALPHARMA, INC (CLASS A) 6,225
500 * ALZA CORP 29,562
8,000 AMERICAN HOME PRODUCTS CORP 470,000
300 * AMERISOURCE HEALTH CORP (CLASS A) 9,300
6,300 * AMGEN, INC 442,575
200 * ANDRX CORP 12,784
100 * ANESTA CORP 2,487
100 * AVIRON, INC 3,087
150 * BARR LABORATORIES, INC 6,721
800 BERGEN BRUNSWIG CORP (CLASS A) 4,400
200 BINDLEY WESTERN INDUSTRIES, INC 5,287
900 * BIOGEN, INC 58,050
100 * BIOMATRIX, INC 2,262
300 * BIO-TECHNOLOGY GENERAL CORP 3,956
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 19
<PAGE> 22
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
DRUGS AND PHARMACEUTICALS -- (CONTINUED)
12,100 BRISTOL MYERS SQUIBB CO $ 704,825
1,700 CARDINAL HEALTH, INC 125,800
1,200 * CAREMARK RX, INC 8,175
100 * CELL PATHWAYS, INC 2,350
200 * CEPHALON, INC 11,975
100 * CHATTEM, INC 1,368
100 * CHIREX, INC 2,000
600 * CHIRON CORP 28,500
100 * COLUMBIA LABORATORIES, INC 575
100 * COR THERAPEUTICS, INC 8,531
100 * CORIXA CORP 4,293
100 * COULTER PHARMACEUTICALS, INC 2,050
2,400 CVS CORP 96,000
100 DIAGNOSTIC PRODUCTS CORP 3,200
100 * DUANE READE, INC 2,575
200 * DURA PHARMACEUTICALS, INC 2,875
100 * DURAMED PHARMACEUTICALS, INC 543
200 * ENZON, INC 8,500
500 * FOREST LABORATORIES, INC 50,500
100 * GELTEX PHARMACEUTICALS, INC 2,043
500 * GENZYME CORP (GENERAL DIVISION) 29,718
17 * GENZYME SURGICAL PRODUCTS 168
300 * GILEAD SCIENCES, INC 21,337
100 * HEMISPHERX BIOPHARMA, INC 562
100 HERBALIFE INTERNATIONAL, INC (CLASS
B) 787
300 * HUMAN GENOME SCIENCES, INC 40,012
400 ICN PHARMACEUTICALS, INC 11,125
200 * ICOS CORP 8,800
300 * IDEC PHARMACEUTICALS CORP 35,193
200 * IDEXX LABORATORIES, INC 4,575
100 * IGEN INTERNATIONAL, INC 1,656
200 * IMCLONE SYSTEMS, INC 15,287
1,400 * IMMUNEX CORP 69,212
100 * INHALE THERAPEUTIC SYSTEMS 10,146
200 * ISIS PHARMACEUTICALS, INC 2,900
800 * IVAX CORP 33,200
8,527 JOHNSON & JOHNSON CO 868,688
300 JONES PHARMACEUTICAL, INC 11,981
675 * KING PHARMACEUTICALS, INC 29,615
100 * KV PHARMACEUTICAL CO (CLASS B) 2,718
300 * LIGAND PHARMACEUTICALS CO (CLASS A) 3,956
5,800 LILLY (ELI) & CO 579,275
200 LONGS DRUG STORES CORP 4,350
600 LYONDELL CHEMICAL CO 10,050
100 * MACROCHEM CORP (DELAWARE) 484
400 MALLINCKRODT, INC 17,375
100 * MANNATECH, INC 231
1,655 MCKESSON HBOC, INC 34,651
200 * MEDICIS PHARMACEUTICAL CORP (CLASS
A) 11,400
1,100 * MEDIMMUNE, INC 81,400
14,200 MERCK & CO, INC 1,088,075
600 * MILLENNIUM PHARMACEUTICALS, INC 67,125
700 MYLAN LABORATORIES, INC 12,775
100 NATURES SUNSHINE PRODUCTS, INC 700
300 * NBTY, INC 1,912
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
600 * NCS HEALTHCARE, INC (CLASS A) $ 450
100 * NEUROGEN CORP 2,887
300 * NU SKIN ENTERPRISES, INC (CLASS A) 1,725
500 OMNICARE, INC 4,531
200 * ORGANOGENESIS, INC 2,287
100 * PATHOGENESIS CORP 2,600
38,575 PFIZER, INC 1,851,600
100 * PHARMACEUTICAL RESOURCES, INC 525
100 * PHARMACYCLICS, INC 6,100
100 * PROTEIN DESIGN LABORATORIES, INC 16,495
100 * REGENERON PHARMACEUTICALS, INC 2,981
1,500 RITE AID CORP 9,843
100 * SANGSTAT MEDICAL CORP 2,887
9,000 SCHERING-PLOUGH CORP 454,500
500 * SEPRACOR, INC 60,312
100 * SEROLOGICALS CORP 500
12 * SHIRE PHARMACEUTICALS GROUP PLC ADR 622
500 * SICOR, INC 4,000
600 SIGMA ALDRICH CORP 17,550
100 * SUPERGEN, INC 3,625
100 * SYNCOR INTERNATIONAL CORP 7,200
100 * TECHNE CORP 13,000
100 * THERAGENICS CORP 856
100 * TRANSKARYOTIC THERAPIES, INC 3,675
200 * TRIANGLE PHARMACEUTICALS, INC 1,812
100 * TWINLAB CORP 637
66 * VENTIV HEALTH, INC 734
200 * VERTEX PHARMACEUTICALS, INC 21,075
100 * VICAL, INC 1,925
6,200 WALGREEN CO 199,562
600 * WATSON PHARMACEUTICALS, INC 32,250
100 WEST PHARMACEUTICAL SERVICES, INC 2,162
-----------
8,476,311
-----------
MEDICAL EQUIPMENT AND SUPPLIES -- 1.96%
100 * ACUSON CORP 1,350
100 * AFFYMETRIX, INC 16,512
2,007 * AGILENT TECHNOLOGIES, INC 148,016
100 * ALARIS MEDICAL, INC 175
100 ARROW INTERNATIONAL, INC 3,350
300 BARD (C.R.), INC 14,437
300 BAUSCH & LOMB, INC 23,212
1,800 BAXTER INTERNATIONAL, INC 126,562
200 BECKMAN COULTER, INC 11,675
1,500 BECTON DICKINSON & CO 43,031
600 BIOMET, INC 23,062
1,600 * BOSTON SCIENTIFIC CORP 35,100
100 * BRITESMILE, INC 450
200 * COGNEX CORP 10,350
100 * COHERENT, INC 8,387
100 COHU, INC 2,696
100 * CONMED CORP 2,587
100 COOPER COS, INC 3,637
300 * CREDENCE SYSTEMS CORP 16,556
100 * CYBERONICS, INC 1,200
200 * CYTYC CORP 10,675
100 DATASCOPE CORP 3,600
</TABLE>
20 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 23
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
MEDICAL EQUIPMENT AND SUPPLIES -- (CONTINUED)
200 DENTSPLY INTERNATIONAL, INC $ 6,162
100 * DIONEX CORP 2,675
100 * ECLIPSE SURGICAL TECHNOLOGY, INC 437
300 * EDWARDS LIFESCIENCES CORP 5,550
100 * ENZO BIOCHEMICAL, INC 6,900
100 * GENRAD, INC 900
1,872 * GUIDANT CORP 92,664
100 * HAEMONETICS CORP 2,100
100 * HANGER ORTHOPEDIC GROUP, INC 493
300 * INPUT/OUTPUT, INC 2,531
100 INVACARE CORP 2,625
500 JOHNSON CONTROLS, INC 25,656
1,100 * KLA-TENCOR CORP 64,418
300 * LTX CORP 10,481
100 * MECHANICAL TECHNOLOGY, INC 1,500
200 * MEDICAL MANAGER CORP 6,812
7,136 MEDTRONIC, INC 355,462
100 MENTOR CORP 2,718
200 * METTLER-TOLEDO INTERNATIONAL, INC 8,000
300 MILLIPORE CORP 22,612
100 * MINIMED, INC 11,800
100 * MOLECULAR DEVICES CORP 6,918
100 MTS SYSTEMS CORP 625
100 * NOVOSTE CORP 6,100
100 * OCULAR SCIENCES, INC 1,175
100 * OSTEOTECH, INC 1,050
300 * PE CORP-CELERA GENOMICS GROUP 28,050
1,300 PE CORP-PE BIOSYSTEMS GROUP 85,637
300 PERKINELMER, INC 19,837
300 * QUEST DIAGNOSTICS, INC 21,468
200 * RESMED, INC 5,350
200 * RESPIRONICS, INC 3,600
100 * SCOTT TECHNOLOGIES, INC 1,718
100 * SOLA INTERNATIONAL, INC 487
500 * ST. JUDE MEDICAL, INC 22,937
400 * STERIS CORP 3,550
900 STRYKER CORP 39,375
300 * SUMMIT TECHNOLOGY, INC 5,662
100 * SUNRISE MEDICAL, INC 487
300 * SUNRISE TECHNOLOGY INTERNATIONAL,
INC 3,000
600 * SYBRON INTERNATIONAL CORP 11,887
300 TEKTRONIX, INC 22,200
200 TELEFLEX, INC 7,150
1,100 * TERADYNE, INC 80,850
100 * THERMEDICS, INC 993
100 * THERMO CARDIOSYSTEMS, INC 1,000
900 * THERMO ELECTRON CORP 18,956
100 * THERMO INSTRUMENT SYSTEMS, INC 1,875
200 * VARIAN MEDICAL SYSTEMS, INC 7,825
204 * VARIAN, INC 9,409
100 * VEECO INSTRUMENTS, INC 7,325
100 * VENTANA MEDICAL SYSTEMS, INC 2,350
300 * VISX, INC 8,418
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
400 * WATERS CORP $ 49,925
100 * WESLEY JESSEN VISIONCARE, INC 3,756
-----------
1,630,061
-----------
MEDICAL FACILITIES MANAGEMENT -- 0.31%
100 * ADVANCE PARADIGM, INC 2,050
100 * ALTERRA HEALTHCARE CORP 200
100 * AMERICAN RETIREMENT CORP 556
100 * AMERIPATH, INC 887
300 * APRIA HEALTHCARE GROUP, INC 3,675
600 * BEVERLY ENTERPRISES, INC 1,687
100 * CAPITAL SENIOR LIVING CORP 293
100 * CAREMATRIX CORP 53
3,200 COLUMBIA/HCA HEALTHCARE CORP 97,200
400 * COVENTRY HEALTH CARE, INC 5,331
100 * EXPRESS SCRIPTS, INC 6,212
75 * GENTIVA HEALTH SERVICES, INC 609
1,500 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) 19,593
2,200 * HEALTHSOUTH CORP 15,812
400 HOOPER HOLMES, INC 3,200
1,100 b* INTEGRATED HEALTH SERVICES, INC 165
100 * LASER VISION CENTERS, INC 618
100 * LCA-VISION, INC 243
184 * LIFEPOINT HOSPITALS, INC 4,094
200 * LINCARE HOLDINGS, INC 4,925
200 * MAGELLAN HEALTH SERVICES, INC 250
400 * MANOR CARE, INC 2,800
200 * MATRIA HEALTHCARE, INC 918
200 * ORTHODONTIC CENTERS OF AMERICA, INC 4,525
100 * PEDIATRIX MEDICAL GROUP, INC 1,162
400 * PHYCOR, INC 250
100 * PROVINCE HEALTHCARE CO 3,612
400 * QUORUM HEALTH GROUP, INC 4,125
300 * RENAL CARE GROUP, INC 7,335
100 * RES-CARE, INC 537
100 * SUNRISE ASSISTED LIVING, INC 1,850
1,900 TENET HEALTHCARE CORP 51,300
500 * TOTAL RENAL CARE HOLDINGS, INC 3,000
184 * TRIAD HOSPITALS, INC 4,450
100 * UNIVERSAL HEALTH SERVICES, INC 6,550
300 * US ONCOLOGY, INC 1,500
-----------
261,567
-----------
TOTAL HEALTH 10,367,939
-----------
INDUSTRIAL MACHINERY -- 5.63%
ELECTRICAL -- 4.29%
200 AMETEK, INC 3,500
100 * ANICOM, INC 375
100 * ANIXTER INTERNATIONAL, INC 2,650
100 * ARGUSS COMMUNICATIONS, INC 1,887
600 * ARROW ELECTRONICS, INC 18,600
300 AVNET, INC 17,775
200 BALDOR ELECTRIC CO 3,725
100 BARNES GROUP, INC 1,631
300 * BRIGHTPOINT, INC 2,596
200 C&D TECHNOLOGIES, INC 11,300
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 21
<PAGE> 24
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ELECTRICAL -- (CONTINUED)
200 * CELLSTAR CORP $ 556
500 COOPER INDUSTRIES, INC 16,281
200 * ELECTRO SCIENTIFIC INDUSTRIES, INC 8,806
2,600 EMERSON ELECTRIC CO 156,975
566 * ENERGIZER HOLDINGS, INC 10,329
100 EXIDE CORP 800
60,700 GENERAL ELECTRIC CO 3,217,100
100 * GENLYTE GROUP, INC 2,106
400 GRAINGER (W.W.), INC 12,325
300 HUBBELL, INC (CLASS B) 7,650
100 HUGHES SUPPLY, INC 1,975
200 * KENT ELECTRONICS CORP 5,962
400 * KOMAG, INC 700
100 * LITTELFUSE, INC 4,900
100 LSI INDUSTRIES, INC 1,518
100 * MAGNETEK, INC 800
200 NATIONAL SERVICE INDUSTRIES, INC 3,900
100 PIONEER-STANDARD ELECTRONICS, INC 1,475
200 * RAYOVAC CORP 4,475
900 ROCKWELL INTERNATIONAL CORP 28,350
100 SLI, INC 1,212
200 STEWART & STEVENSON SERVICES, INC 3,012
300 THOMAS & BETTS CORP 5,737
100 THOMAS INDUSTRIES, INC 1,768
300 * UCAR INTERNATIONAL, INC 3,918
100 * VICOR CORP 3,481
200 * WESCO INTERNATIONAL, INC 1,912
-----------
3,572,062
-----------
OTHER INDUSTRIAL EQUIPMENT -- 1.34%
200 AAR CORP 2,400
300 AGCO CORP 3,675
400 * AMERICAN STANDARD COS, INC 16,400
100 APPLIED INDUSTRIAL TECHNOLOGIES,
INC 1,637
5,029 * APPLIED MATERIALS, INC 455,753
200 APPLIED POWER, INC (CLASS A) 6,700
100 * ASTEC INDUSTRIES, INC 2,537
200 * ASYST TECHNOLOGIES, INC 6,850
100 * ATMI, INC 4,650
100 * AVIATION SALES CO 618
1,800 BAKER HUGHES, INC 57,600
500 BLACK & DECKER CORP 19,656
100 BRIGGS & STRATTON CORP 3,425
100 * BROOKS AUTOMATION, INC 6,393
500 BRUNSWICK CORP 8,281
2,100 CATERPILLAR, INC 71,137
100 CMI CORP (CLASS A) 350
100 COLUMBUS MCKINNON CORP 1,387
300 * COOPER CAMERON CORP 19,800
300 CUMMINS ENGINE CO, INC 8,175
100 * CUNO, INC 2,312
1,400 DEERE & CO 51,800
200 DONALDSON CO, INC 3,950
1,200 DOVER CORP 48,675
100 * DRIL-QUIP, INC 4,675
100 * ELECTROGLAS, INC 2,150
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * ESTERLINE CORP $ 1,487
100 * FAIRCHILD CORP (CLASS A) 487
100 FEDDERS CORP 581
200 FLOWSERVE CORP 3,012
100 * FSI INTERNATIONAL, INC 2,168
100 * GARDNER DENVER, INC 1,787
100 GRACO, INC 3,250
600 * GRANT PRIDECO, INC 15,000
700 b* HARNISCHFEGER INDUSTRIES, INC 238
200 IDEX CORP 6,312
1,000 INGERSOLL-RAND CO 40,250
100 * IONICS, INC 3,062
300 JLG INDUSTRIES, INC 3,562
200 KAYDON CORP 4,200
200 KENNAMETAL, INC 4,287
100 * KULICHE & SOFFA INDUSTRIES, INC 5,937
800 * LAM RESEARCH CORP 30,000
200 LAWSON PRODUCTS, INC 4,925
200 LINCOLN ELECTRIC HOLDINGS CO 2,850
100 LINDSAY MANUFACTURING CO 1,962
100 MANITOWOC CO, INC 2,675
200 MILACRON, INC 2,900
200 * MSC INDUSTRIAL DIRECT CO (CLASS A) 4,187
333 * NATIONAL-OILWELL, INC 10,947
100 NORDSON CORP 5,062
700 * NOVELLUS SYSTEMS, INC 39,593
700 PALL CORP 12,950
300 PENTAIR, INC 10,650
200 * PRESSTEK, INC 3,262
100 * PRI AUTOMATION, INC 6,539
200 ROPER INDUSTRIES, INC 5,125
100 SAUER-DANFOSS, INC 987
200 * SILICON VALLEY GROUP, INC 5,175
300 * SMITH INTERNATIONAL, INC 21,843
100 * SPECIALTY EQUIPMENT COS, INC 2,712
100 * SPEEDFAM-IPEC, INC 1,818
100 STANDEX INTERNATIONAL CORP 1,587
100 TECUMSEH PRODUCTS CO (CLASS A) 3,818
100 TENNANT CO 3,750
200 * TEREX CORP 2,825
300 TIMKEN CO 5,587
100 TORO CO 3,293
100 * ULTRATECH STEPPER, INC 1,487
200 * UNOVA, INC 1,462
200 YORK INTERNATIONAL CORP 5,050
-----------
1,111,627
-----------
TOTAL INDUSTRIAL MACHINERY 4,683,689
-----------
MEDIA AND LEISURE -- 3.75%
BROADCASTING -- 2.91%
300 * ADELPHIA COMMUNICATIONS CORP (CLASS
A) 14,062
100 * AMC ENTERTAINMENT, INC 487
1,149 * AMFM, INC 79,281
800 * CABLEVISION SYSTEMS CORP (CLASS A) 54,300
100 * CARMIKE CINEMAS, INC (CLASS A) 387
</TABLE>
22 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 25
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BROADCASTING -- (CONTINUED)
103 * CHRIS CRAFT INDUSTRIES, INC $ 6,804
200 * CITADEL COMMUNICATIONS CORP 6,987
1,600 * CLEAR CHANNEL COMMUNICATIONS, INC 120,000
4,840 * COMCAST CORP (CLASS A) SPECIAL 196,020
892 * COX COMMUNICATIONS, INC (CLASS A) 40,641
200 * COX RADIO, INC (CLASS A) 5,600
200 * CUMULUS MEDIA, INC 1,825
12,800 DISNEY (WALT) CO 496,800
300 * EMMIS COMMUNICATIONS (CLASS A) 12,412
100 * ENTERCOM COMMUNICATIONS CORP 4,875
800 * FOX ENTERTAINMENT GROUP, INC 24,300
100 GAYLORD ENTERTAINMENT CO 2,150
100 GRAY COMMUNICATIONS SYSTEMS, INC 981
100 * HEARST-ARGYLE TELEVISION, INC 1,950
500 * HISPANIC BROADCASTING CORP 16,562
200 * HOLLYWOOD ENTERTAINMENT CORP 1,575
1,850 * INFINITY BROADCASTING CORP (CLASS
A) 67,409
100 * LOEWS CINEPLEX ENTERTAINMENT CORP 318
166 * METRO-GOLDWYN-MAYER, INC 4,336
400 * METROMEDIA INTERNATIONAL GROUP, INC 1,900
10 * PAC-WEST TELECOMM, INC 200
300 * PANAMSAT CORP 13,106
200 * PAXSON COMMUNICATIONS CORP 1,600
200 * PEGASUS COMMUNICATIONS CORP 9,812
100 * PIXAR, INC 3,525
300 * PRICE COMMUNICATIONS CORP 7,068
100 * RADIO ONE, INC 2,956
200 * RADIO ONE, INC (CLASS D) 4,412
100 * SINCLAIR BROADCASTING GROUP, INC
(CLASS A) 1,100
100 * SIRIUS SATELLITE RADIO, INC 4,431
7,300 TIME WARNER, INC 554,800
200 * TV GUIDE, INC 6,850
600 * U.S.A. NETWORKS, INC 12,975
600 * UNITEDGLOBALCOM, INC (CLASS A) 28,050
500 * UNIVISION COMMUNICATIONS, INC 51,750
8,136 * VIACOM, INC (CLASS B) 554,773
100 * WAVO CORP 75
100 * YOUNG BROADCASTING, INC (CLASS A) 2,568
-----------
2,422,013
-----------
LODGING/GAMING/RECREATION -- 0.26%
500 * AMF BOWLING, INC 93
100 * ARGOSY GAMING CORP 1,437
200 * AZTAR CORP 3,100
100 * BALLY TOTAL FITNESS HOLDINGS CORP 2,537
200 * BOCA RESORTS, INC (CLASS A) 1,975
200 * BOYD GAMING CORP 1,112
100 * CHAMPIONSHIP AUTO RACING TEAMS, INC 2,550
300 * CHOICE HOTELS INTERNATIONAL, INC 2,981
100 * CRESTLINE CAPITAL CORP 1,706
100 DOVER DOWNS ENTERTAINMENT, INC 1,400
400 * EXTENDED STAY AMERICA, INC 3,700
100 b* FAMILY GOLF CENTERS, INC 23
700 * HARRAH'S ENTERTAINMENT, INC 14,656
1,752 HILTON HOTELS CORP 16,425
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 INTERNATIONAL SPEEDWAY CORP (CLASS
A) $ 4,137
100 * LODGIAN, INC 243
400 * MANDALAY RESORT GROUP 8,000
100 MARCUS CORP 1,212
1,100 MARRIOTT INTERNATIONAL, INC (CLASS
A) 39,668
100 MGM GRAND, INC 3,212
1,500 * PARK PLACE ENTERTAINMENT CORP 18,281
100 * PINNACLE ENTERTAINMENT, INC 1,943
400 * PREMIER PARKS, INC 9,100
300 * PRIME HOSPITALITY CORP 2,831
300 * SFX ENTERTAINMENT, INC (CLASS A) 13,593
100 * SPEEDWAY MOTORSPORTS, INC 2,300
1,100 STARWOOD HOTELS & RESORTS WORLDWIDE 35,818
100 * STATION CASINOS, INC 2,500
200 b* SUNTERRA CORP 46
100 * U.S. FRANCHISE SYSTEMS, INC (CLASS
A) 481
100 * VAIL RESORTS, INC 1,631
400 * WESTWOOD ONE, INC 13,650
700 * WYNDHAM INTERNATIONAL, INC 1,750
-----------
214,091
-----------
PUBLISHING -- 0.58%
400 AMERICAN GREETINGS CORP (CLASS A) 7,600
100 * APPLIED GRAPHICS TECHNOLOGIES, INC 425
100 BANTA CORP 1,893
500 BELO (A.H.) CORP SERIES A 8,656
200 BOWNE & CO, INC 2,012
200 CENTRAL NEWSPAPERS, INC (CLASS A) 12,650
100 * CONSOLIDATED GRAPHICS, INC 937
400 DELUXE CORP 9,425
500 DONNELLEY (R.R.) & SONS CO 11,281
300 DOW JONES & CO, INC 21,975
100 * FRANKLIN COVEY CO 693
1,600 GANNETT CO, INC 95,700
200 HARLAND (JOHN H.) CO 2,987
200 HARTE-HANKS, INC 5,000
200 HOUGHTON MIFFLIN CO 9,337
300 * JOURNAL REGISTER CO 5,475
500 KNIGHT-RIDDER, INC 26,593
300 LEE ENTERPRISES, INC 6,993
100 MCCLATCHY CO (CLASS A) 3,312
1,200 MCGRAW HILL COS, INC 64,800
100 MEDIA GENERAL, INC (CLASS A) 4,856
200 MEREDITH CORP 6,750
100 NEW ENGLAND BUSINESS SERVICES, INC 1,625
1,000 NEW YORK TIMES CO (CLASS A) 39,500
200 * PAXAR CORP 2,387
100 PENTON MEDIA, INC 3,500
100 * PLAYBOY ENTERPRISES, INC (CLASS B) 1,287
900 * PRIMEDIA, INC 20,475
200 * R.H. DONNELLEY CORP 3,875
500 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) 19,875
400 REYNOLDS & REYNOLDS CO (CLASS A) 7,300
100 * SCHOLASTIC CORP 6,112
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 23
<PAGE> 26
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
PUBLISHING -- (CONTINUED)
100 * SCIENTIFIC GAMES HOLDINGS CORP $ 2,456
200 SCRIPPS (E.W.) CO (CLASS A) 9,850
100 STANDARD REGISTER, INC 1,425
100 TIMES MIRROR CO SERIES A 9,062
200 * TOPPS, INC 2,300
1,100 TRIBUNE CO 38,500
200 WALLACE COMPUTER SERVICES, INC 1,975
300 WILEY (JOHN) & SONS, INC (CLASS A) 6,750
100 * ZIFF-DAVIS, INC -ZD 900
-----------
488,504
-----------
TOTAL MEDIA AND LEISURE 3,124,608
-----------
RETAIL AND WHOLESALE -- 2.64%
GENERAL MERCHANDISE STORES -- 2.64%
100 * 99 CENTS ONLY STORES 3,987
1,100 * AMAZON.COM, INC 39,943
200 * AMES DEPARTMENT STORES, INC 1,550
200 ARMSTRONG HOLDINGS, INC 3,062
300 * BARNES & NOBLE, INC 6,675
200 * BARNESANDNOBLE.COM, INC 1,306
400 * BJ'S WHOLESALE CLUB, INC 13,200
200 BLYTH, INC 5,900
500 * BORDERS GROUP, INC 7,781
100 BRADY CORP (CLASS A) 3,250
400 CALLAWAY GOLF CO 6,525
300 CASEY'S GENERAL STORES, INC 3,112
100 CASH AMERICA INTERNATIONAL, INC 737
300 * CDW COMPUTER CENTERS, INC 18,750
600 * CONSOLIDATED STORES CORP 7,200
350 * COST PLUS, INC 10,040
2,700 * COSTCO WHOLESALE CORP 89,100
600 DILLARDS, INC (CLASS A) 7,350
968 DOLLAR GENERAL CORP 18,876
600 * DOLLAR TREE STORES, INC 23,737
100 * E4L, INC 81
113 * EGGHEAD.COM, INC 331
100 ENESCO GROUP, INC 475
100 * ETOYS, INC 634
100 * FACTORY 2-U STORES, INC 3,781
800 FAMILY DOLLAR STORES, INC 15,650
200 FASTENAL CO 10,125
1,300 * FEDERATED DEPARTMENT STORES, INC 43,875
700 * HANOVER DIRECT, INC 1,093
300 HARCOURT GENERAL, INC 16,312
1,100 HASBRO, INC 16,568
100 * HEXCEL CORP 950
200 * HOMEBASE, INC 312
100 * IDENTIX, INC 1,568
100 * INSIGHT ENTERPRISES, INC 5,931
400 * INTERNATIONAL GAME TECHNOLOGY CO 10,600
100 * JAKKS PACIFIC, INC 1,475
100 * JO-ANN STORES, INC (CLASS A) 700
3,000 * K MART CORP 20,437
1,800 * KOHLS CORP 100,125
100 * LANDS END, INC 3,337
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * LYDALL, INC $ 1,062
2,480 MATTEL, INC 32,705
2,150 MAY DEPARTMENT STORES CO 51,600
200 * MICHAELS STORES, INC 9,162
2,400 MINNESOTA MINING & MANUFACTURING CO 198,000
300 * NEIMAN MARCUS GROUP, INC (CLASS A) 8,868
1,950 * OFFICE DEPOT, INC 12,187
700 * OFFICEMAX, INC 3,500
1,400 PENNEY, (J.C.) CO, INC 25,812
100 * PETCO ANIMAL SUPPLIES, INC 1,962
700 * PETSMART, INC 2,362
100 * RACING CHAMPIONS CORP 168
100 RUSS BERRIE & CO, INC 1,925
800 * SAKS, INC 8,400
100 * SCHEIN (HENRY), INC 1,725
2,000 SEARS ROEBUCK & CO 65,250
100 * SHOP AT HOME, INC 467
200 * SHOPKO STORES, INC 3,075
100 SPIEGEL, INC (CLASS A) 850
2,700 * STAPLES, INC 41,512
200 * SUNGLASS HUT INTERNATIONAL, INC 1,643
200 * SYSTEMAX, INC 775
2,800 TARGET CORP 162,400
400 TIFFANY & CO 27,000
1,300 * TOYS 'R' US, INC 18,931
200 * U.S. OFFICE PRODUCTS CO 75
100 * VALUE AMERICA, INC 109
100 * VALUE CITY DEPARTMENT STORES, INC 950
200 * VALUEVISION INTERNATIONAL, INC 4,800
800 * VENATOR GROUP, INC 8,200
16,700 WAL-MART STORES, INC 962,337
350 * WHITEHALL JEWELLERS, INC 6,518
100 * WMS INDUSTRIES, INC 1,543
200 * ZALE CORP 7,300
-----------
TOTAL RETAIL AND WHOLESALE 2,199,614
-----------
TECHNOLOGY -- 21.00%
COMMUNICATIONS EQUIPMENT -- 1.91%
100 * ACT NETWORKS, INC 1,531
200 * ACTV, INC 2,987
200 * ADAPTIVE BROADBAND CORP 7,350
2,072 * ADC TELECOMMUNICATIONS, INC 173,789
100 * ADTRAN, INC 5,987
400 * ADVANCED FIBRE COMMUNICATIONS, INC 18,125
200 * ALLEN TELECOM, INC 3,537
700 * AMERICAN TOWER CORP (CLASS A) 29,181
300 * AMPEX CORP (CLASS A) 506
200 * ANCOR COMMUNICATIONS, INC 7,153
500 * ANDREW CORP 16,781
100 * ANTEC CORP 4,156
300 * ASPECT TELECOMMUNICATIONS CORP 11,793
100 * BROOKTROUT, INC 2,181
100 * CARRIER ACCESS CORP 5,287
200 * C-COR.NET CORP 5,400
200 b* CELLNET DATA SYSTEMS, INC 9
200 * CHECKPOINT SYSTEMS, INC 1,500
</TABLE>
24 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 27
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMMUNICATIONS EQUIPMENT -- (CONTINUED)
900 * CIENA CORP $ 150,018
300 * COMMSCOPE, INC 12,300
900 * COMVERSE TECHNOLOGY, INC 83,700
100 * COPPER MOUNTAIN NETWORKS, INC 8,812
400 * DIGITAL MICROWAVE CORP 15,250
1,000 * ECHOSTAR COMMUNICATIONS CORP (CLASS
A) 33,109
400 * FLOT, INC 750
400 * GLENAYRE TECHNOLOGIES, INC 4,225
100 * GLOBIX CORP 2,931
100 HARMON INDUSTRIES, INC 1,325
308 * HARMONIC, INC 7,623
400 HARRIS CORP 13,100
300 * INTERDIGITAL COMMUNICATIONS CORP 4,968
100 INTER-TEL, INC 1,606
200 * INTERVOICE-BRITE, INC 1,312
200 * L-3 COMMUNICATIONS HOLDINGS, INC 11,412
100 * METRICOM, INC 2,787
13,135 MOTOROLA, INC 381,735
400 * P-COM, INC 2,275
200 * PICTURETEL CORP 525
100 * PLANTRONICS, INC 11,550
100 * POLYCOM, INC 9,409
300 * POWERWAVE TECHNOLOGIES, INC 13,200
4,100 * QUALCOMM, INC 246,000
1,000 SCIENTIFIC-ATLANTA, INC 74,500
100 * SCM MICROSYSTEMS, INC 6,056
400 * SENSORMATIC ELECTRONICS CORP 6,325
200 * TEKELEC 9,637
2,100 * TELLABS, INC 143,718
200 * TERAYON COMMUNICATION SYSTEMS, INC 12,846
100 * TUT SYSTEMS, INC 5,737
200 * WEBLINK WIRELESS, INC 2,650
100 * WESTELL TECHNOLOGIES, INC (CLASS A) 1,500
300 * WORLD ACCESS, INC 3,318
100 * YOUTHSTREAM MEDIA NETWORKS, INC 562
100 * ZIXIT CORP 4,606
-----------
1,588,630
-----------
COMPUTERS AND OFFICE EQUIPMENT -- 18.57%
2,200 * 3COM CORP 126,775
100 * 3DFX INTERACTIVE, INC 778
200 * ACCLAIM ENTERTAINMENT, INC 287
100 * ACTIVISION, INC 650
100 * ACTUATE CORP 5,337
300 * ACXIOM CORP 8,175
600 * ADAPTEC, INC 13,650
700 ADOBE SYSTEMS, INC 91,000
300 * ADVANCED DIGITAL INFORMATION CORP 4,781
200 * ADVENT SOFTWARE, INC 12,900
200 * AFFILIATED COMPUTER SERVICES, INC
(CLASS A) 6,612
100 * ALLAIRE CORP 3,675
14,100 * AMERICA ONLINE, INC 743,775
200 * AMERICAN MANAGEMENT SYSTEMS, INC 6,565
100 ANALYSTS INTERNATIONAL CORP 931
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * APEX, INC $ 4,375
2,000 * APPLE COMPUTER, INC 104,750
100 * ASHTON TECHNOLOGY GROUP, INC 284
200 * ASPEN TECHNOLOGY, INC 7,700
100 * AUSPEX SYSTEMS, INC 493
100 * AUTOBYTEL.COM, INC 615
300 AUTODESK, INC 10,406
3,900 AUTOMATIC DATA PROCESSING, INC 208,893
200 * AVANT CORP 3,746
100 * AVT CORP 737
100 * AWARE, INC 5,112
200 * AXENT TECHNOLOGIES, INC 4,962
100 * BARRA, INC 4,956
1,900 * BEA SYSTEMS, INC 93,931
100 * BELL & HOWELL CO 2,425
100 * BEYOND.COM CORP 134
200 * BILLING CONCEPTS CORP 887
200 * BINDVIEW DEVELOPMENT CORP 2,400
200 * BISYS GROUP, INC 12,300
100 * BLACK BOX CORP 7,917
1,500 * BMC SOFTWARE, INC 54,726
100 * BRIO TECHNOLOGY, INC 2,118
1,100 * BROADVISION, INC 55,893
100 * BROCADE COMMUNICATIONS SYSTEMS, INC 18,348
900 * CABLETRON SYSTEMS, INC 22,725
100 * CACI INTERNATIONAL, INC (CLASS A) 1,950
1,400 * CADENCE DESIGN SYSTEMS, INC 28,525
300 * CAMBRIDGE TECHNOLOGY PARTNERS, INC 2,615
100 * CCC INFORMATION SERVICES GROUP, INC 1,062
200 * C-CUBE MICROSYSTEMS, INC (NEW) 3,925
700 * CERIDIAN CORP 16,843
100 * CERNER CORP 2,725
100 b* CHS ELECTRONICS, INC 0
300 * CIBER, INC 3,975
400 * CIRRUS LOGIC, INC 6,400
42,700 * CISCO SYSTEMS, INC 2,714,118
1,000 * CITRIX SYSTEMS, INC 18,937
300 * CNET NETWORKS, INC 7,368
700 COMDISCO, INC 15,618
10,400 COMPAQ COMPUTER CORP 265,850
100 * COMPLETE BUSINESS SOLUTIONS, INC 1,756
200 * COMPUCOM SYSTEMS, INC 325
2,769 COMPUTER ASSOCIATES INTERNATIONAL,
INC 141,738
200 * COMPUTER HORIZONS CORP 2,687
100 * COMPUTER NETWORK TECHNOLOGY CORP 1,737
1,000 * COMPUTER SCIENCES CORP 74,687
100 COMPUTER TASK GROUP, INC 506
1,900 * COMPUWARE CORP 19,712
100 * CONCORD COMMUNICATIONS, INC 3,987
100 * CONCUR TECHNOLOGIES, INC 418
300 * CONCURRENT COMPUTER CORP 3,937
100 * CONVERGYS CORP 5,187
100 * COTELLIGENT, INC 568
300 * CSG SYSTEMS INTERNATIONAL, INC 16,818
100 * CYBERCASH, INC 475
100 * CYBEX COMPUTER PRODUCTS CORP 4,237
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 25
<PAGE> 28
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
400 * DATA BROADCASTING CORP $ 2,525
100 * DATASTREAM SYSTEMS, INC 1,250
13,100 * DELL COMPUTER CORP 645,993
200 * DENDRITE INTERNATIONAL, INC 6,662
400 DIEBOLD, INC 11,150
100 * DIGITAL RIVER, INC 768
100 * DOCUMENTUM, INC 8,937
200 * DSP GROUP, INC 11,200
200 * DST SYSTEMS, INC 15,225
361 * EARTHLINK, INC 5,572
100 * ECHELON CORP 5,793
200 * ECLIPSYS CORP 1,500
400 * ELECTRONIC ARTS, INC 29,175
2,100 ELECTRONIC DATA SYSTEMS CORP 86,625
300 * ELECTRONICS FOR IMAGING, INC 7,593
300 * ELOYALTY CORP 3,825
13,400 * EMC CORP 1,030,962
200 * EMULEX CORP 13,137
100 * ENGINEERING ANIMATION, INC 934
100 * ENTRUST TECHNOLOGIES, INC 8,275
200 * EPICOR SOFTWARE CORP 500
100 * EPRESENCE, INC 725
100 * EXCALIBUR TECHNOLOGIES CORP 3,993
100 * EXCHANGE APPLICATIONS, INC 2,662
908 * EXCITE AT HOME 18,841
100 * EXTREME NETWORKS, INC 10,550
100 FACTSET RESEARCH SYSTEMS, INC 2,825
200 * FILENET CORP 3,675
2,500 FIRST DATA CORP 124,062
950 * FISERV, INC 41,087
200 * FISHER SCIENTIFIC INTERNATIONAL,
INC 4,950
91 * GARTNER GROUP, INC (CLASS B) 898
900 * GATEWAY, INC 51,075
100 GERBER SCIENTIFIC, INC 1,150
4 * GLOBAL SOURCES LTD 101
315 * GO.COM 3,760
100 * GO2NET, INC 5,031
100 * GREAT PLAINS SOFTWARE, INC 1,962
200 * GTECH HOLDINGS CORP 4,537
274 * HEALTHEON/WEBMD CORP 4,058
5,300 HEWLETT-PACKARD CO 661,837
100 * HNC SOFTWARE, INC 6,175
100 * HYPERCOM CORP 1,437
200 * HYPERION SOLUTIONS CORP 6,487
565 * I2 TECHNOLOGIES, INC 58,910
100 * IDX SYSTEMS CORP 1,412
200 * IGATE CAPITAL CORP 2,750
900 IKON OFFICE SOLUTIONS, INC 3,487
200 * IMATION CORP 5,875
100 * IMRGLOBAL CORP 1,306
1,800 IMS HEALTH, INC 32,400
200 b* INACOM CORP 12
200 * INFOCURE CORP 1,125
100 * INFOCUS CORP 3,218
40 * INFOGRAMES, INC 325
100 * INFORMATICA CORP 8,193
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
200 * INFORMATION RESOURCES, INC $ 787
1,650 * INFORMIX CORP 12,271
700 * INFOSPACE.COM, INC 38,675
100 * INFOUSA, INC 650
400 * INGRAM MICRO, INC (CLASS A) 6,975
500 * INKTOMI CORP 59,125
200 * INTERGRAPH CORP 1,512
10,900 INTERNATIONAL BUSINESS MACHINES
CORP 1,194,231
900 * INTUIT, INC 37,237
1,500 * IOMEGA CORP 6,000
200 * ISS GROUP, INC 19,746
100 * IVILLAGE, INC 843
200 * J.D. EDWARDS & CO 3,012
200 JACK HENRY & ASSOCIATES, INC 10,025
100 * JDA SOFTWARE GROUP, INC 1,918
300 * KEANE, INC 6,487
100 * KRONOS, INC 2,600
500 * LANIER WORLDWIDE, INC 500
300 * LEARN2.COM, INC 590
500 * LEGATO SYSTEMS, INC 7,562
800 * LEXMARK INTERNATIONAL GROUP (CLASS
A) 53,800
100 * LHS GROUP, INC 3,450
500 * LYCOS, INC 27,000
300 * MACROMEDIA, INC 29,006
200 * MACROVISION CORP 12,784
100 * MANUGISTICS GROUP, INC 4,675
100 * MAPICS, INC 575
100 * MARIMBA, INC 1,393
400 * MAXTOR CORP 4,225
100 * MCSI, INC 2,587
100 * MEDICONSULT.COM, INC 150
200 * MEDQUIST, INC 6,800
400 * MENTOR GRAPHICS CORP 7,950
100 * MERCATOR SOFTWARE, INC 6,875
100 * MERCURY COMPUTER SYSTEMS, INC 3,231
500 * MERCURY INTERACTIVE CORP 48,375
400 * MERISEL, INC 300
100 * MICROMUSE, INC 16,548
200 * MICRON ELECTRONICS, INC 2,500
100 * MICROS SYSTEMS, INC 1,856
23,645 * MICROSOFT CORP 1,891,600
500 * MICROSTRATEGY, INC 15,000
200 * MIDWAY GAMES, INC 1,612
100 * MIPS TECHNOLOGIES, INC 4,250
200 * MTI TECHNOLOGY CORP 1,600
100 * MULTEX.COM, INC 2,518
200 NATIONAL COMPUTER SYSTEMS, INC 9,850
200 NATIONAL DATA CORP 4,600
100 * NATIONAL INSTRUMENTS CORP 4,362
100 * NCO GROUP, INC 2,312
100 * NET PERCEPTIONS, INC 1,587
1,700 * NETWORK APPLIANCE, INC 136,850
100 * NETWORK EQUIPMENT TECHNOLOGIES, INC 1,006
100 * NETWORK PERIPHERALS, INC 1,675
800 * NETWORKS ASSOCIATES, INC 16,300
100 * NEW ERA OF NETWORKS, INC 4,250
</TABLE>
26 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 29
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
2,000 * NOVELL, INC $ 18,500
100 * ONEMAIN.COM, INC 1,125
100 * ONHEALTH NETWORK CO 231
100 * ONYX SOFTWARE CORP 2,968
200 * OPEN MARKET, INC 2,762
13,500 * ORACLE CORP 1,134,843
200 OWENS & MINOR, INC 3,437
1,600 * PARAMETRIC TECHNOLOGY CORP 17,600
100 * PATTERSON DENTAL CO 5,100
1,975 PAYCHEX, INC 82,950
100 * PEGASYSTEMS, INC 500
1,200 * PEOPLESOFT, INC 20,100
100 * PER SE TECHNOLOGIES, INC 937
450 * PEREGRINE SYSTEMS, INC 15,609
300 * PEROT SYSTEMS CORP (CLASS A) 3,300
100 * PERVASIVE SOFTWARE, INC 562
100 * PHOENIX TECHNOLOGIES LTD 1,631
1,600 PITNEY BOWES, INC 64,000
200 * POLICY MANAGEMENT SYSTEMS CORP 3,075
100 * PORTAL SOFTWARE, INC 6,387
200 * PRICELINE.COM, INC 7,596
100 * PRIMARK CORP 3,725
200 f* PROCURENET, INC 30
135 * PRODIGY COMMUNICATIONS CORP (CLASS
A) 1,417
200 * PROGRESS SOFTWARE CORP 3,587
100 * PROJECT SOFTWARE & DEVELOPMENT, INC 1,800
100 * PROXICOM, INC 4,787
100 * PROXIM, INC 9,896
100 * PROXYMED, INC 168
780 * PSINET, INC 19,597
400 * PSS WORLD MEDICAL, INC 2,687
100 * PUBLICARD, INC 328
150 * QRS CORP 3,684
100 * QUADRAMED CORP 250
1,000 * QUANTUM CORP-DLT & STORAGE SYSTEMS
GROUP 9,687
500 * QUANTUM CORP-HARD DISK DRIVE GROUP 5,531
100 * RADIANT SYSTEMS, INC 2,400
100 * RADISYS CORP 5,675
300 * RARE MEDIUM GROUP, INC 5,987
600 * RATIONAL SOFTWARE CORP 55,762
100 * RAZORFISH, INC 1,606
400 * REALNETWORKS, INC 20,225
100 * REMEDY CORP 5,575
200 * RSA SECURITY, INC 13,850
805 SABRE HOLDINGS CORP 22,942
700 * SAFEGUARD SCIENTIFICS, INC 22,443
200 * SAGA SYSTEMS, INC 2,487
100 * SAGENT TECHNOLOGY, INC 1,425
100 * SANCHEZ COMPUTER ASSOCIATES, INC 2,375
300 * SANDISK CORP 18,356
100 * SANTA CRUZ OPERATION, INC 637
200 * SAPIENT CORP 21,387
1,400 * SEAGATE TECHNOLOGY, INC 77,000
300 SEI INVESTMENTS CO 11,943
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 * SERENA SOFTWARE, INC $ 4,540
100 SHARED MEDICAL SYSTEMS CORP 7,293
900 * SIEBEL SYSTEMS, INC 147,206
1,000 * SILICON GRAPHICS, INC 3,750
200 * SOFTNET SYSTEMS, INC 1,925
100 * SOURCE INFORMATION MANAGEMENT CO 1,525
100 * SOURCE MEDIA, INC 390
100 * SPORTSLINE.COM, INC 1,706
100 * SPYGLASS, INC 3,131
100 * STARMEDIA NETWORK, INC 1,887
500 * STORAGE TECHNOLOGY CORP 5,468
200 * STRUCTURAL DYNAMICS RESEARCH CORP 3,012
9,700 * SUN MICROSYSTEMS, INC 882,093
700 * SUNGARD DATA SYSTEMS, INC 21,700
100 * SVI HOLDINGS, INC 512
500 * SYBASE, INC 11,500
100 * SYKES ENTERPRISES, INC 1,287
300 * SYMANTEC CORP 16,181
1,050 SYMBOL TECHNOLOGIES, INC 56,700
400 * SYNOPSYS, INC 13,825
200 * SYSTEMS & COMPUTER TECHNOLOGY CORP 4,000
300 * TECH DATA CORP 13,068
200 * TECHNOLOGY SOLUTIONS CO 1,237
450 * THQ, INC 5,484
100 * TICKETMASTER ONLINE-CITYSEARCH, INC 1,593
200 TOTAL SYSTEM SERVICES, INC 3,175
100 * TRACK DATA CORP 128
200 * TRANSACTION SYSTEMS ARCHITECTS, INC 3,425
200 * TYLER TECHNOLOGIES, INC 512
1,900 * UNISYS CORP 27,668
250 * USINTERNETWORKING, INC 5,109
400 * VERIO, INC 22,193
715 * VERISIGN, INC 126,197
2,550 * VERITAS SOFTWARE CORP 288,189
200 * VERITY, INC 7,600
500 * VIGNETTE CORP 26,007
100 * VISUAL NETWORKS, INC 2,850
300 * WAVE SYSTEMS CORP (CLASS A) 4,743
100 * WEBTRENDS CORP 3,868
800 * WESTERN DIGITAL CORP 4,000
292 * WIND RIVER SYSTEMS, INC 11,059
200 * XIRCOM, INC 9,500
1,554 * YAHOO, INC 192,501
100 * ZEBRA TECHNOLOGIES CORP 4,431
100 * ZIFF-DAVIS, INC -ZDNET 900
-----------
15,455,630
-----------
ELECTRONICS AND OTHER TECHNOLOGY -- 0.20%
1,000 * BEST BUY CO, INC 63,250
100 * CDNOW, INC 309
1,200 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 39,825
100 * CYBERIAN OUTPOST, INC 481
100 * GUITAR CENTER, INC 1,050
250 * INTERTAN, INC 2,937
200 * MUSICLAND STORES CORP 1,487
1,100 RADIOSHACK CORP 52,112
200 * TRANS WORLD ENTERTAINMENT CORP 2,425
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 27
<PAGE> 30
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ELECTRONICS AND OTHER TECHNOLOGY -- (CONTINUED)
100 * TWEETER HOME ENTERTAINMENT GROUP,
INC $ 3,037
-----------
166,913
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 0.32%
100 * ANACOMP, INC 300
100 * AVID TECHNOLOGIES, INC 1,200
200 * CYMER, INC 9,550
1,900 EASTMAN KODAK CO 113,050
200 * LITTON INDUSTRIES, INC 8,400
200 * PINNACLE SYSTEMS, INC 4,496
300 POLAROID CORP 5,418
2,000 RAYTHEON CO (CLASS B) 38,500
100 * TRIMBLE NAVIGATION LTD 4,881
4,000 XEROX CORP 83,000
-----------
268,795
-----------
TOTAL TECHNOLOGY 17,479,968
-----------
TRANSPORTATION -- 3.02%
AEROSPACE AND DEFENSE -- 0.16%
1,000 GENERAL DYNAMICS CORP 52,250
568 GOODRICH (B.F.) CO 19,347
2,100 LOCKHEED MARTIN CORP 52,106
200 NEWPORT NEWS SHIPBUILDING, INC 7,350
200 * ORBITAL SCIENCES CORP 2,437
100 STRUM, RUGER & CO, INC 887
85 * TELEDYNE TECHNOLOGIES, INC 1,423
-----------
135,800
-----------
AIR TRANSPORTATION -- 0.87%
300 AIRBORNE FREIGHT CORP 5,681
300 * AIRTRAN HOLDINGS, INC 1,246
100 * ALASKA AIR GROUP, INC 2,712
200 * AMERICA WEST HOLDINGS CORP (CLASS
B) 3,425
900 * AMR CORP 23,793
100 * ATLANTIC COAST AIRLINES HOLDINGS 3,175
100 * ATLAS AIR, INC 3,587
100 * AVIALL, INC 493
100 * BE AEROSPACE, INC 687
5,600 BOEING CO 234,150
200 * CONTINENTAL AIRLINES, INC (CLASS B) 9,400
700 DELTA AIRLINES, INC 35,393
100 * EGL, INC 3,075
1,700 * FEDEX CORP 64,600
100 * FRONTIER AIRLINES, INC 1,431
100 KAMAN CORP (CLASS A) 1,068
100 * KELLSTROM INDUSTRIES, INC 462
200 * MESA AIR GROUP, INC 1,106
100 * MESABA HOLDINGS, INC 956
100 * MIDWEST EXPRESS HOLDINGS, INC 2,150
400 NORTHROP GRUMMAN CORP 26,500
100 * NORTHWEST AIRLINES CORP (CLASS A) 3,043
100 * OFFSHORE LOGISTICS, INC 1,437
100 * SEQUA CORP (CLASS A) 3,818
100 SKYWEST, INC 3,706
3,000 SOUTHWEST AIRLINES CO 56,812
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
700 TEXTRON, INC $ 38,018
300 * TRANS WORLD AIRLINES, INC 656
100 * TRIUMPH GROUP, INC 2,787
400 * U.S. AIRWAYS GROUP, INC 15,600
200 UAL CORP 11,637
2,700 UNITED TECHNOLOGIES CORP 158,962
-----------
721,566
-----------
AUTOS, TIRES AND RELATED PRODUCTS -- 1.54%
100 * AFTERMARKET TECHNOLOGY CORP 850
100 * AMERICAN AXLE & MANUFACTURING
HOLDINGS, INC 1,418
200 ARVIN INDUSTRIES, INC 3,475
600 AUTOLIV, INC 14,437
2,000 * AUTONATION, INC 14,125
800 * AUTOZONE, INC 17,600
100 * AVIS GROUP HOLDINGS, INC 1,875
100 BANDAG, INC 2,425
100 BORG WARNER, INC 3,512
100 * BUDGET GROUP, INC 412
100 CENTRAL PARKING CORP 2,368
100 CLARCOR, INC 1,987
100 COACHMEN INDUSTRIES, INC 1,150
400 COOPER TIRE & RUBBER CO 4,450
200 * COPART, INC 3,200
100 * CSK AUTO CORP 756
900 DANA CORP 19,068
600 DANAHER CORP 29,662
100 * DELCO REMY INTERNATIONAL , INC
(CLASS A) 831
3,488 DELPHI AUTOMOTIVE SYSTEMS CORP 50,794
100 * DOLLAR THRIFTY AUTOMOTIVE GROUP,
INC 1,843
100 * DURA AUTOMOTIVE SYSTEMS, INC 1,081
400 EATON CORP 26,800
300 FEDERAL SIGNAL CORP 4,950
400 FEDERAL-MOGUL CORP 3,825
200 FLEETWOOD ENTERPRISES, INC 2,850
7,000 FORD MOTOR CO 301,000
200 GENCORP, INC 1,600
3,358 GENERAL MOTORS CORP 194,973
1,396 * GENERAL MOTORS CORP (CLASS H) 122,499
100 GENTEK, INC 1,118
400 * GENTEX CORP 10,050
1,100 GENUINE PARTS CO 22,000
900 GOODYEAR TIRE & RUBBER CO 18,000
100 * GROUP 1 AUTOMOTIVE, INC 1,200
1,900 HARLEY DAVIDSON, INC 73,150
100 * HAYES LEMMERZ INTERNATIONAL, INC 1,206
100 HERTZ CORP (CLASS A) 2,806
4,950 HONEYWELL INTERNATIONAL, INC 166,753
500 ITT INDUSTRIES, INC 15,187
100 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC 693
200 MASCOTECH, INC 2,162
400 MERITOR AUTOMOTIVE, INC 4,400
100 MIDAS, INC 2,000
200 * MILLER INDUSTRIES, INC 362
100 MODINE MANUFACTURING CO 2,700
</TABLE>
28 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 31
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
AUTOS, TIRES AND RELATED PRODUCTS -- (CONTINUED)
100 * MONACO COACH CORP $ 1,362
400 * NAVISTAR INTERNATIONAL CORP 12,425
200 * O'REILLY AUTOMOTIVE, INC 2,775
100 OSHKOSH TRUCK CORP 3,575
400 PACCAR, INC 15,875
300 PEP BOYS MANNY, MOE, & JACK CO 1,800
100 REGAL-BELOIT CORP 1,606
300 ROLLINS TRUCK LEASING CORP 2,081
300 RYDER SYSTEM, INC 5,681
100 SIMPSON INDUSTRIES, INC 753
100 SMITH (A.O.) CORP 2,093
200 * SPX CORP 24,187
100 * STONERIDGE, INC 875
100 SUPERIOR INDUSTRIES INTERNATIONAL,
INC 2,575
220 TENNECO AUTOMOTIVE, INC 1,155
600 TRW, INC 26,025
100 * UNITED AUTO GROUP, INC 912
916 * VISTEON CORP 11,106
100 WABASH NATIONAL CORP 1,193
100 * WEST MARINE, INC 684
100 WINNEBAGO INDUSTRIES, INC 1,306
100 WYNNS INTERNATIONAL, INC 2,268
-----------
1,281,915
-----------
RAILROADS -- 0.32%
100 * ABC-NACO, INC 800
2,500 BURLINGTON NORTHERN SANTA FE CORP 57,343
1,300 CSX CORP 27,543
200 FLORIDA EAST COAST INDUSTRIES, INC 8,000
300 GATX CORP 10,200
700 KANSAS CITY SOUTHERN INDUSTRIES,
INC 62,081
2,300 NORFOLK SOUTHERN CORP 34,212
200 TRINITY INDUSTRIES, INC 3,700
1,500 UNION PACIFIC CORP 55,781
298 WABTEC CORP 3,091
300 * WISCONSIN CENTRAL TRANSIT CORP 3,900
-----------
266,651
-----------
TRUCKING AND RELATED SERVICES -- 0.09%
100 * AMERICAN FREIGHTWAYS CORP 1,450
100 ARCTIC CAT, INC 1,187
100 ARNOLD INDUSTRIES, INC 1,206
200 C.H. ROBINSON WORLDWIDE, INC 9,900
100 * CAREY INTERNATIONAL, INC 1,387
100 CIRCLE INTERNATIONAL GROUP, INC 2,512
300 CNF TRANSPORTATION, INC 6,825
100 * CONSOLIDATED FREIGHTWAYS CORP 406
300 EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC 14,250
100 * FORWARD AIR CORP 4,000
100 * FRITZ COS, INC 1,031
300 GALILEO INTERNATIONAL, INC 6,262
100 * HEARTLAND EXPRESS, INC 1,668
100 HUNT (J.B.) TRANSPORT SERVICES, INC 1,543
200 * IRON MOUNTAIN, INC 6,800
100 POLARIS INDUSTRIES, INC 3,200
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 ROADWAY EXPRESS, INC $ 2,343
200 * SWIFT TRANSPORTATION CO, INC 2,800
100 * TRAVELOCITY.COM, INC 1,637
100 USFREIGHTWAYS CORP 2,456
200 WERNER ENTERPRISES, INC 2,312
100 * YELLOW CORP 1,475
-----------
76,650
-----------
WATER TRANSPORTATION -- 0.04%
200 ALEXANDER & BALDWIN, INC 4,412
100 * AMERICAN CLASSIC VOYAGES CO 2,062
100 * KIRBY CORP 2,125
100 OVERSEAS SHIPHOLDING GROUP, INC 2,462
150 * SEACOR SMIT, INC 5,803
300 TIDEWATER, INC 10,800
-----------
27,664
-----------
TOTAL TRANSPORTATION 2,510,246
-----------
UTILITIES -- 11.68%
TELEPHONE -- 8.91%
100 * ADELPHIA BUSINESS SOLUTIONS, INC 2,318
100 * ADVANCED RADIO TELECOM CORP 1,462
850 * ALLEGIANCE TELECOM, INC 54,400
1,834 ALLTEL CORP 113,593
19,394 AT & T CORP 613,335
15,776 * AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 382,568
9,500 BELL ATLANTIC CORP 482,718
11,600 BELLSOUTH CORP 494,450
1,300 BROADWING, INC 33,718
200 * CAPROCK COMMUNICATIONS CORP 3,900
800 CENTURYTEL, INC 23,000
100 CFW COMMUNICATIONS CO 3,750
100 * COM21, INC 2,500
100 * COMMONWEALTH TELEPHONE ENTERPRISES,
INC 4,706
100 COMSAT CORP 2,468
850 * COVAD COMMUNICATIONS GROUP, INC 13,706
500 * CROWN CASTLE INTERNATIONAL CORP 18,250
100 CT COMMUNICATIONS, INC 2,843
300 * E.SPIRE COMMUNICATIONS, INC 2,025
2,600 * EXODUS COMMUNICATIONS, INC 119,762
200 * GENERAL COMMUNICATION, INC (CLASS
A) 1,025
220 * GLOBAL CROSSING LTD 5,788
1,200 GLOBAL TELESYSTEMS, INC 14,475
5,900 GTE CORP 367,275
300 * ICG COMMUNICATIONS, INC 6,618
100 * IDT CORP 3,393
300 * INTERMEDIA COMMUNICATIONS, INC 8,925
100 * INTERNATIONAL FIBERCOM, INC 2,550
100 * INTRAWARE, INC 1,606
300 * ITC DELTACOM, INC 6,693
100 * LAUNCH MEDIA, INC 925
200 * LEAP WIRELESS INTERNATIONAL, INC 9,400
1,800 * LEVEL 3 COMMUNICATIONS, INC 158,400
300 * LIBERTY DIGITAL, INC (CLASS A) 9,000
19,772 LUCENT TECHNOLOGIES, INC 1,171,491
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 29
<PAGE> 32
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
TELEPHONE -- (CONTINUED)
2,400 * MCLEODUSA, INC (CLASS A) $ 49,650
3,700 * MEDIA ONE GROUP, INC 246,762
1,300 * METROMEDIA FIBER NETWORK, INC
(CLASS A) 51,593
200 * MGC COMMUNICATIONS, INC 11,987
100 * MOTIENT CORP 1,568
2,300 * NEXTEL COMMUNICATIONS, INC (CLASS
A) 140,731
2,086 * NEXTLINK COMMUNICATIONS, INC 79,137
100 NORTH PITTSBURGH SYSTEMS, INC 1,475
100 * NORTHPOINT COMMUNICATIONS GROUP,
INC 1,118
893 * NTL, INC 53,468
100 * PACIFIC GATEWAY EXCHANGE, INC 340
500 * PAGING NETWORK, INC 359
200 * POWERTEL, INC 14,187
200 * PRIMUS TELECOMMUNICATIONS GROUP,
INC 4,975
300 * PTEK HOLDINGS, INC 975
700 * QWEST COMMUNICATIONS INTERNATIONAL,
INC 34,781
300 * RCN CORP 7,612
400 * RHYTHMS NETCONNECTIONS, INC 5,025
20,869 SBC COMMUNICATIONS, INC 902,584
4,200 SPRINT CORP (FON GROUP) 214,200
2,900 * SPRINT CORP (PCS GROUP) 172,550
200 * STAR TELECOMMUNICATIONS, INC 506
200 * TALK.COM, INC 1,162
300 TELEPHONE & DATA SYSTEMS, INC 30,075
100 * TELIGENT, INC 2,362
100 * TIME WARNER TELECOM, INC 6,437
100 * U.S. CELLULAR CORP 6,300
100 * U.S. LEC CORP (CLASS A) 1,700
3,100 U.S. WEST, INC 265,825
100 * VIATEL, INC 2,856
1,021 * VOICESTREAM WIRELESS CORP 118,739
300 * WESTERN WIRELESS CORP (CLASS A) 16,350
650 * WINSTAR COMMUNICATIONS, INC 22,018
17,503 * WORLDCOM, INC 802,950
100 * WORLDGATE COMMUNICATIONS, INC 1,775
200 * WORLDPAGES.COM, INC 1,200
-----------
7,418,368
-----------
ELECTRIC, GAS AND OTHER -- 2.77%
1,800 * AES CORP 82,125
300 AGL RESOURCES, INC 4,781
700 ALLEGHENY ENERGY, INC 19,162
500 ALLIANT ENERGY CORP 13,000
1,100 * ALLIED WASTE INDUSTRIES, INC 11,000
800 AMEREN CORP 27,000
1,980 AMERICAN ELECTRIC POWER CO, INC 58,657
600 AMERICAN WATER WORKS CO, INC 15,000
200 ATMOS ENERGY CORP 3,500
300 AVISTA CORP 5,231
100 BLACK HILLS CORP 2,256
100 CALIFORNIA WATER SERVICE GROUP 2,425
800 * CALPINE CORP 52,600
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
100 CASCADE NATURAL GAS CORP $ 1,668
100 * CASELLA WASTE SYSTEMS, INC (CLASS
A) 1,075
100 CH ENERGY GROUP, INC 3,393
900 CINERGY CORP 22,893
1,500 * CITIZENS COMMUNICATIONS CO 25,875
100 CLECO CORP 3,350
200 CMP GROUP, INC 5,862
600 CMS ENERGY CORP 13,275
1,100 COASTAL CORP 66,962
500 COLUMBIA ENERGY GROUP 32,812
500 CONECTIV, INC 7,781
1,300 CONSOLIDATED EDISON, INC 38,512
900 CONSTELLATION ENERGY GROUP 29,306
1,000 CP & L ENERGY, INC 31,937
1,404 DOMINION RESOURCES, INC 60,196
900 DPL, INC 19,743
400 DQE, INC 15,800
900 DTE ENERGY CO 27,506
2,300 DUKE ENERGY CORP 129,662
800 DYNEGY, INC 54,650
200 EASTERN ENTERPRISES CO 12,600
2,000 EDISON INTERNATIONAL CO 41,000
300 * EL PASO ELECTRIC CO 3,356
1,200 EL PASO ENERGY CORP 61,125
100 EMPIRE DISTRICT ELECTRIC CO 2,206
200 ENERGEN CORP 4,362
800 ENERGY EAST CORP 15,250
1,400 ENTERGY CORP 38,062
200 EQUITABLE RESOURCES, INC 9,650
1,400 FIRSTENERGY CORP 32,725
500 FLORIDA PROGRESS CORP 23,437
1,100 FPL GROUP, INC 54,450
800 GPU, INC 21,650
200 HAWAIIAN ELECTRIC INDUSTRIES, INC 6,562
200 IDACORP, INC 6,450
400 IPALCO ENTERPRISES, INC 8,050
400 KANSAS CITY POWER & LIGHT CO 9,000
800 KEYSPAN CORP 24,600
600 KINDER MORGAN, INC 20,737
100 LACLEDE GAS CO 1,925
600 LOUISVILLE GAS & ELECTRIC ENERGY
CORP 14,325
100 MADISON GAS & ELECTRIC CO 1,975
500 MCN ENERGY GROUP, INC 10,687
300 MDU RESOURCES GROUP, INC 6,487
400 MINNESOTA POWER, INC 6,925
600 MONTANA POWER CO 21,187
200 NATIONAL FUEL GAS CO 9,750
700 NEW CENTURY ENERGIES, INC 21,000
100 NEW JERSEY RESOURCES CORP 3,806
400 * NEWPARK RESOURCES, INC 3,775
1,000 * NIAGARA MOHAWK HOLDINGS, INC 13,937
300 NICOR, INC 9,787
700 NISOURCE, INC 13,037
900 NORTHEAST UTILITIES CO 19,575
900 NORTHERN STATES POWER CO 18,168
100 NORTHWEST NATURAL GAS CO 2,237
</TABLE>
30 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 33
TIAA-CREF LIFE FUNDS STOCK INDEX FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ELECTRIC, GAS AND OTHER -- (CONTINUED)
100 NORTHWESTERN CORP $ 2,312
400 NSTAR 16,275
100 NUI CORP 2,700
300 OGDEN CORP 2,700
500 OGE ENERGY CORP 9,250
200 ONEOK, INC 5,187
200 OTTER TAIL POWER CO 4,200
1,100 PECO ENERGY CO 44,343
200 PEOPLES ENERGY CORP 6,475
2,300 PG&E CORP 56,637
200 PHILADELPHIA SUBURBAN CORP 4,100
200 PIEDMONT NATURAL GAS CO, INC 5,312
500 PINNACLE WEST CAPITAL CORP 16,937
700 POTOMAC ELECTRIC POWER CO 17,500
800 PPL CORP 17,550
200 PUBLIC SERVICE CO OF NEW MEXICO 3,087
1,300 PUBLIC SERVICE ENTERPRISE GROUP,
INC 45,012
500 PUGET SOUND ENERGY, INC 10,656
500 QUESTAR CORP 9,687
1,500 RELIANT ENERGY, INC 44,343
400 * REPUBLIC SERVICES, INC (CLASS A) 6,400
200 RGS ENERGY GROUP, INC 4,450
552 SCANA CORP 13,317
100 SEMCO ENERGY, INC 1,300
1,200 SEMPRA ENERGY 20,400
400 SIERRA PACIFIC RESOURCES (NEW) 5,025
3,900 SOUTHERN CO 90,918
210 * SOUTHERN UNION CO 3,320
200 SOUTHWEST GAS CORP 3,500
100 SOUTHWESTERN ENERGY CO 625
100 * STERICYCLE, INC 2,400
700 TECO ENERGY, INC 14,043
1,600 TXU CORP 47,200
100 * U.S. LIQUIDS, INC 550
200 UGI CORP 4,100
1,300 UNICOM CORP 50,293
200 UNISOURCE ENERGY CORP HOLDINGS CO 3,000
100 UNITED ILLUMINATING CO 4,375
200 UNITED WATER RESOURCES, INC 6,975
</TABLE>
<TABLE>
<CAPTION>
SHARES/PRINCIPAL VALUE
<C> <C> <S> <C>
650 UTILICORP UNITED, INC $ 12,918
333 VECTREN CORP 5,744
300 WASHINGTON GAS LIGHT CO 7,218
100 * WASTE CONNECTIONS, INC 1,975
3,700 WASTE MANAGEMENT, INC 70,300
100 WESTERN GAS RESOURCES, INC 2,100
400 WESTERN RESOURCES, INC 6,200
2,700 WILLIAMS COS, INC 113,104
700 WISCONSIN ENERGY CORP 13,868
100 WPS RESOURCES CORP 3,006
-----------
2,305,737
-----------
TOTAL UTILITIES 9,724,105
-----------
TOTAL COMMON STOCK
(Cost $74,933,875) 82,769,852
----------
SHORT TERM INVESTMENT -- 0.68%
U.S. GOVERNMENT AND AGENCY -- 0.68%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
$568,000 6.570%, 07/03/00 567,793
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $567,793) 567,793
-----------
TOTAL PORTFOLIO -- 100.10%
(Cost $75,501,668) 83,337,645
-----------
OTHER ASSETS & LIABILITIES, NET -- (0.10%) (87,609)
-----------
NET ASSETS -- 100.00% $83,250,036
===========
</TABLE>
---------------
<TABLE>
<S> <C>
* Non-income producing
b In bankruptcy
f Restricted securities-Investment in securities not
registered under the Securities Act of 1933 or not publicly
traded in foreign markets. At June 30, 2000, the value of
this security amounted to $30 or 0.00% of net assets.
Additional information on each restricted security is as
follows:
</TABLE>
<TABLE>
<CAPTION>
ACQUISITION ACQUISITION
DATE COST
SECURITY ----------- -----------
<S> <C> <C>
PROCURENET, INC 04/15/99 $30
===
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 31
<PAGE> 34
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMMON STOCK -- 98.75%
BASIC INDUSTRIES -- 1.98%
CHEMICALS AND PLASTIC -- 1.83%
5,302 AVON PRODUCTS, INC $ 235,939
97 CHURCH & DWIGHT CO, INC 1,746
682 CLOROX CO 30,562
6,848 COLGATE PALMOLIVE CO 410,024
107 CROMPTON CORP 1,310
50 * CYGNUS, INC 712
235 DIAL CORP 2,438
295 DU PONT (E.I.) DE NEMOURS & CO 12,906
280 ECOLAB, INC 10,937
50 GEORGIA GULF CORP 1,040
89 * GRACE W.R. & CO 1,079
508 ILLINOIS TOOL WORKS, INC 28,956
317 LAUDER (ESTEE) CO (CLASS A) 15,671
84 * PACTIV CORP 661
1,976 PHARMACIA CORP 102,134
4,364 PROCTER & GAMBLE CO 249,839
50 * REVLON, INC (CLASS A) 315
100 * SCOTTS CO (CLASS A) 3,650
208 * SEALED AIR CORP 10,894
83 TUPPERWARE CORP 1,826
79 * U.S. PLASTIC LUMBER CORP 348
-----------
1,122,987
-----------
STEEL AND OTHER METALS -- 0.01%
324 * BATTLE MOUNTAIN GOLD CO 708
346 * FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS B) 3,200
50 GENERAL CABLE CORP 406
98 * STEEL DYNAMICS, INC 888
94 * STILLWATER MINING CO 2,620
-----------
7,822
-----------
PAPER AND FOREST PRODUCTS -- 0.14%
319 AVERY DENNISON CORP 21,412
83 * CHAMPION ENTERPRISES, INC 404
523 FORT JAMES CORP 12,094
150 * GAYLORD CONTAINER CO 403
818 KIMBERLY-CLARK CORP 46,932
96 * MAIL-WELL, INC 828
50 * PALM HARBOR HOMES, INC 725
50 * PLAYTEX PRODUCTS, INC 565
50 * SCHOOL SPECIALTY, INC 928
82 WAUSAU-MOSINEE PAPER CORP 702
-----------
84,993
-----------
TOTAL BASIC INDUSTRIES 1,215,802
-----------
BUSINESS SERVICES -- 1.59%
ADVERTISING AND OTHER SERVICES -- 1.59%
150 * ADVO, INC 6,300
68 * ANSWERTHINK, INC 1,130
191 * APOLLO GROUP, INC (CLASS A) 5,348
60 BLOCK (H&R), INC 1,942
143 * CATALYTICA, INC 1,573
350 * CELGENE CORP 20,606
965 * CENDANT CORP 13,510
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
161 * CENTURY BUSINESS SERVICES, INC $ 311
90 * CHECKFREE HOLDINGS CORP 4,640
283 CINTAS CORP 10,382
700 * CMGI, INC 32,068
50 * COINSTAR, INC 503
146 * COVANCE, INC 1,286
250 * CRITICAL PATH, INC 14,578
249 * DEVRY, INC 6,582
316 * DOUBLECLICK, INC 12,047
348 * EBAY, INC 18,900
50 * EDUCATION MANAGEMENT CORP 903
50 * FIRST CONSULTING GROUP, INC 278
50 G & K SERVICES, INC (CLASS A) 1,253
202 GARTNER GROUP, INC (CLASS A) 2,424
73 * GETTY IMAGES, INC 2,705
61 * INCTYE GENOMICS 5,013
150 * INTERIM SERVICES, INC 2,662
7,097 INTERPUBLIC GROUP OF COS, INC 305,171
101 * KFORCE.COM, INC 700
89 * LABOR READY, INC 589
124 * LAMAR ADVERTISING CO (CLASS A) 5,370
50 * LASON, INC 125
375 * MARCHFIRST, INC 6,843
50 * MARKETING SERVICES GROUP 221
72 * MESSAGEMEDIA, INC 252
101 * MODIS PROFESSIONAL SERVICES, INC 896
50 * NATIONAL EQUIPMENT SERVICES, INC 300
92 * NAVIGANT CONSULTING CO 391
100 * NBC INTERNET, INC 1,250
108 * NOVA CORP (GEORGIA) 3,017
4,211 OMNICOM GROUP, INC 375,042
100 * ON ASSIGNMENT, INC 3,050
63 * PAREXEL INTERNATIONAL CORP 602
50 * PEGASUS SOLUTIONS, INC 543
50 * PHARMACEUTICAL PRODUCT DEVELOPMENT,
INC 1,050
250 * PREPAID LEGAL SERVICES, INC 7,468
89 * PROFIT RECOVERY GROUP
INTERNATIONAL, INC 1,479
50 * PROTECTION ONE, INC 109
285 * QUINTILES TRANSNATIONAL CORP 4,025
74 REGIS CORP 925
91 * RENAISSANCE WORLDWIDE, INC 142
150 * RENT WAY, INC 4,378
50 * RENT-A-CENTER, INC 1,125
746 * ROBERT HALF INTERNATIONAL, INC 21,261
50 ROLLINS, INC 743
731 SERVICEMASTER CO 8,315
85 * SITEL CORP 419
127 * SNYDER COMMUNICATIONS, INC 3,016
103 SOTHEBY'S HOLDINGS, INC (CLASS A) 1,802
50 * STAFF LEASING, INC 178
61 * SYLVAN LEARNING SYSTEMS, INC 838
150 * TELETECH HOLDINGS, INC 4,659
85 * TETRA TECH, INC 1,944
234 * TMP WORLDWIDE, INC 17,272
67 TRUE NORTH COMMUNICATIONS, INC 2,948
</TABLE>
32 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 35
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ADVERTISING AND OTHER SERVICES -- (CONTINUED)
50 * UNITED RENTALS, INC $ 856
240 * VALASSIS COMMUNICATIONS, INC 9,150
50 * VALENCE TECHNOLOGY, INC 921
176 * VERTICALNET, INC 6,501
84 YOUNG & RUBICAM, INC 4,803
-----------
TOTAL BUSINESS SERVICES 977,633
-----------
CONSTRUCTION AND REAL ESTATE -- 2.05%
BUILDING MATERIALS -- 1.52%
69 APOGEE ENTERPRISES, INC 243
50 * COMFORT SYSTEMS U.S.A., INC 200
1,845 CORNING, INC 497,919
95 * DAL-TILE INTERNATIONAL, INC 783
250 ELCOR CORP 5,750
50 * ENCOMPASS SERVICES CORP 287
150 FERRO CORP 3,150
50 FLORIDA ROCK INDUSTRIES, INC 1,781
7,219 HOME DEPOT, INC 360,498
150 * INTEGRATED ELECTRICAL SERVICES, INC 768
1,250 LOWE'S COS, INC 51,328
224 * QUANTA SERVICES, INC 12,320
-----------
935,027
-----------
CONSTRUCTION -- 0.52%
50 * BLOUNT INTERNATIONAL, INC 384
150 CENTEX CORP 3,525
95 * DYCOM INDUSTRIES, INC 4,370
250 * INSITUFORM TECHNOLOGIES, INC (CLASS
A) 6,781
225 * MASTEC, INC 8,592
196 MILLER (HERMAN), INC 5,071
11,192 NEWELL RUBBERMAID, INC 288,194
-----------
316,917
-----------
REAL ESTATE -- 0.01%
154 * CATELLUS DEVELOPMENT CORP 2,310
110 * FAIRFIELD COMMUNITIES, INC 866
75 * JONES LANG LA SALLE 1,003
64 STEWART ENTERPRISES, INC (CLASS A) 226
60 * TRAMMELL CROW CO 645
-----------
5,050
-----------
TOTAL CONSTRUCTION AND REAL ESTATE 1,256,994
-----------
CONSUMER DURABLE -- 14.65%
HOME APPLIANCES AND FURNISHINGS -- 14.24%
150 * AEROFLEX, INC 7,453
100 * ALPHA INDUSTRIES, INC 4,406
400 * ALTEON WEBSYSTEMS, INC 40,025
600 * ALTERA CORP 61,162
172 * AMERICAN POWER CONVERSION CORP 7,019
150 * AMERICAN XTAL TECHNOLOGY, INC 6,487
305 * AMKOR TECHNOLOGY, INC 10,770
100 * AMPHENOL CORP (CLASS A) 6,618
67 * ANADIGICS, INC 2,282
7,466 * ANALOG DEVICES, INC 567,416
3,452 * APPLIED MICRO CIRCUITS CORP 340,885
83 * ARTESYN TECHNOLOGIES, INC 2,308
3,347 * ATMEL CORP 123,420
387 * BED BATH & BEYOND, INC 14,028
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
150 * BENCHMARK ELECTRONICS, INC $ 5,484
434 * BOOKHAM TECHNOLOGY PLC (SPONS ADR) 25,714
63 * BOYDS COLLECTION LTD 535
366 * BROADCOM CORP (CLASS A) 80,131
96 * BURR BROWN CORP 8,322
600 * CONEXANT SYSTEMS, INC 29,175
62 * CREE, INC 8,277
68 CTS CORP 3,060
152 * CYPRESS SEMICONDUCTOR CORP 6,422
246 DALLAS SEMICONDUCTOR CORP 10,024
81 * E-TEK DYNAMICS, INC 21,368
94 ETHAN ALLEN INTERIORS, INC 2,256
99 * FURNITURE BRANDS INTERNATIONAL, INC 1,497
75 * GENERAL SEMICONDUCTOR, INC 1,106
6,765 GILLETTE CO 236,352
103 * HA-LO INDUSTRIES, INC 579
250 HELIX TECHNOLOGY CORP 9,750
50 * HUTCHINSON TECHNOLOGY, INC 712
621 * INFINEON TECHNOLOGIES AG. ADR 49,214
25,700 INTEL CORP 3,435,768
250 * INTERNATIONAL RECTIFIER CORP 14,000
448 * JABIL CIRCUIT, INC 22,232
4,700 * JDS UNIPHASE CORP 563,412
74 * KOPIN CORP 5,124
50 * LASERSIGHT, INC 190
113 * LATTICE SEMICONDUCTOR CORP 7,811
960 LINEAR TECHNOLOGY CO 61,380
98 * LINENS 'N THINGS, INC 2,658
6,480 * LSI LOGIC CORP 350,730
900 * MAXIM INTEGRATED PRODUCTS, INC 61,143
189 MAYTAG CO 6,969
62 METHODE ELECTRONICS, INC (CLASS A) 2,394
142 * MICREL, INC 6,168
190 * MICROCHIP TECHNOLOGY, INC 11,070
172 * MICRON TECHNOLOGY, INC 15,146
79 * MMC NETWORKS, INC 4,221
90 MOLEX, INC 4,331
63 * NEOMAGIC CORP 190
240 * NEW FOCUS, INC 19,710
100 * NVIDIA CORP 6,356
150 * PHOTRONICS, INC 4,256
212 PIER 1 IMPORTS, INC 2,067
938 * PMC-SIERRA, INC 166,670
150 * POWER INTEGRATIONS, INC 3,534
100 * POWER-ONE, INC 11,393
182 * QLOGIC CORP 12,023
600 * RAMBUS, INC 61,800
128 * RF MICRO DEVICES, INC 11,216
3,116 * SANMINA CORP 266,418
61 * SAWTEK, INC 3,511
3,778 * SCG HOLDING CORP 82,643
196 * SCI SYSTEMS, INC 7,680
200 * SDL, INC 57,037
79 * SEMTECH CORP 6,042
150 * SIPEX CORP 4,153
9,182 * SOLECTRON CORP 384,496
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 33
<PAGE> 36
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
HOME APPLIANCES AND FURNISHINGS -- (CONTINUED)
13,436 TEXAS INSTRUMENTS, INC $ 922,885
125 * TITAN CORP 5,593
96 * TRANSWITCH CORP 7,410
74 * TRIQUINT SEMICONDUCTOR, INC 7,080
250 * VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES, INC 15,703
491 * VITESSE SEMICONDUCTOR CORP 36,119
108 * WILLIAMS-SONOMA, INC 3,503
4,300 * XILINX, INC 355,018
100 * ZOMAX, INC 1,312
-----------
8,734,822
-----------
TEXTILE APPAREL AND ACCESSORIES -- 0.41%
240 * ABERCROMBIE & FITCH CO (CLASS A) 2,925
50 * AMERICAN EAGLE OUTFITTERS, INC 700
250 * ANN TAYLOR STORES CORP 8,281
50 * CHILDREN'S PLACE RETAIL STORES, INC 1,025
86 CLAIRE'S STORES, INC 1,655
2,019 GAP, INC 63,093
150 * GENESCO, INC 2,409
210 INTIMATE BRANDS, INC (CLASS A) 4,147
259 * JONES APPAREL GROUP, INC 6,086
100 LIMITED, INC 2,162
63 * MEN'S WEARHOUSE, INC 1,405
3,267 NIKE, INC (CLASS B) 130,067
150 NORDSTROM, INC 3,618
66 * OAKLEY, INC 759
68 * PACIFIC SUNWEAR CALIFORNIA, INC 1,275
50 * QUIKSILVER, INC 778
102 ROSS STORES, INC 1,740
50 * STEIN MART, INC 512
94 STRIDE RITE CORP 575
870 TJX COS, INC 16,312
93 WESTPOINT STEVENS, INC 1,034
-----------
250,558
-----------
TOTAL CONSUMER DURABLE 8,985,380
-----------
ENERGY -- 0.20%
OIL, GAS AND OTHER ENERGY SERVICES -- 0.20%
62 ANADARKO PETROLEUM CORP 3,057
101 APACHE CORP 5,940
71 * BARNETT RESOURCES CORP 2,161
150 BERRY PETROLEUM CO (CLASS A) 2,550
84 * CHESAPEAKE ENERGY CORP 651
104 CROSS TIMBERS OIL CO 2,301
150 DEVON ENERGY CORP (NEW) 8,428
150 DIAMOND OFFSHORE DRILLING, INC 5,268
126 ENRON CORP 8,127
95 ENSCO INTERNATIONAL, INC 3,402
65 * FOREST OIL CORP 1,035
50 * FRIEDE GOLDMAN HALTER, INC 446
104 * GLOBAL INDUSTRIES LTD 1,963
150 * GLOBAL MARINE, INC 4,228
50 * GREY WOLF, INC 250
671 HALLIBURTON CO 31,662
120 * HANOVER COMPRESSOR CO 4,560
66 * MERIDIAN RESOURCE CORP 375
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
210 * NABORS INDUSTRIES, INC $ 8,728
71 * NEWFIELD EXPLORATION CO 2,777
237 * NOBLE DRILLING CORP 9,761
100 POGO PRODUCING CO 2,212
185 * R & B FALCON CORP 4,359
67 * SYNTROLEUM CORP 1,147
150 USX-MARATHON GROUP, INC 3,759
100 VINTAGE PETROLEUM, INC 2,256
-----------
TOTAL ENERGY 121,403
-----------
FINANCE -- 1.93%
BANKS, SAVINGS AND LOANS -- 0.86%
50 * CENTENNIAL BANCORP 434
150 CHITTENDEN CORP 3,665
2,800 CITIGROUP, INC 168,700
94 COMMUNITY FIRST BANKSHARES, INC 1,533
500 FIFTH THIRD BANCORP 31,625
150 FIRST BANCORP (PUERTO RICO) 2,784
88 FIRST FINANCIAL BANCORP 1,732
6,932 FIRSTAR CORP 146,005
106 HUDSON UNITED BANCORP 2,378
150 * IMPERIAL BANCORP 2,343
2,133 MBNA CORP 57,857
50 MERCHANTS NEW YORK BANCORP, INC 859
200 NATIONAL COMMERCE BANCORP 3,212
238 NORTHERN TRUST CORP 15,484
61 PACIFIC CAPITAL BANCORP 1,528
453 PROVIDIAN FINANCIAL CORP 40,770
63 S & T BANCORP, INC 1,149
193 * S1 CORP 4,499
169 SKY FINANCIAL GROUP, INC 2,693
70 * SOUTHWEST BANCORP OF TEXAS, INC 1,452
179 STATE STREET CORP 18,985
65 STERLING BANCSHARES, INC 702
410 SYNOVUS FINANCIAL CORP 7,226
133 TRUSTCO BANK CORP (NEW YORK) 1,662
106 UNITED BANKSHARES, INC 1,927
105 W HOLDING CO, INC 866
104 ZIONS BANCORP 4,772
-----------
526,842
-----------
CREDIT AND OTHER FINANCE -- 0.63%
79 * ACNEILSEN CORP 1,738
100 ALLIED CAPITAL CORP 1,700
2,438 AMERICAN EXPRESS CO 127,080
186 * AMERICREDIT CORP 3,162
553 ASSOCIATES FIRST CAPITAL CORP 12,338
229 BOSTON PROPERTIES, INC 8,845
590 CAPITAL ONE FINANCIAL CORP 26,328
350 CHARLES E. SMITH RESIDENTIAL REALTY,
INC 13,300
73 * CHOICEPOINT, INC 3,248
600 * CONCORD EFS, INC 15,600
60 COUSINS PROPERTIES, INC 2,310
61 DORAL FINANCIAL CORP 697
351 EQUIFAX, INC 9,213
401 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 20,927
</TABLE>
34 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 37
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
CREDIT AND OTHER FINANCE -- (CONTINUED)
148 * FINET.COM, INC $ 101
1,280 FREDDIE MAC 51,840
242 HOUSEHOLD INTERNATIONAL, INC 10,058
213 ISTAR FINANCIAL, INC 4,459
308 MEDITRUST CORP PAIRED 1,155
144 METRIS COS, INC 3,618
2,205 * METROPOLITAN LIFE INSURANCE CO 46,442
50 * NETBANK, INC 621
50 * SIERRACITIES.COM, INC 187
495 SLM HOLDINGS CORP 18,531
100 TOWN & COUNTRY TRUST 1,718
50 * UNICAPITAL CORP 25
75 WASHINGTON REAL ESTATE INVESTMENT
TRUST 1,340
-----------
386,581
-----------
INSURANCE -- 0.13%
116 AFLAC, INC 5,328
503 AMERICAN INTERNATIONAL GROUP, INC 59,102
90 CRAWFORD & CO (CLASS B) 990
101 * FIRST HEALTH GROUP CORP 3,314
100 GALLAGHER (ARTHUR J.) & CO 4,200
72 HSB GROUP, INC 2,241
50 * MID ATLANTIC MEDICAL SERVICES, INC 675
202 * OXFORD HEALTH PLANS, INC 4,810
-----------
80,660
-----------
SECURITIES AND COMMODITIES -- 0.31%
250 * AFFILIATED MANAGERS GROUP, INC 11,375
159 * AMERITRADE HOLDINGS CORP (CLASS A) 1,848
600 * E TRADE GROUP, INC 9,900
75 EATON VANCE CORP 3,468
241 FEDERATED INVESTORS, INC 8,450
326 FRANKLIN RESOURCES, INC 9,902
50 * FRIEDMAN, BILLINGS, RAMSEY GROUP,
INC 406
173 * KNIGHT TRADING GROUP 5,157
50 MORGAN KEEGAN, INC 737
66 * PIONEER GROUP, INC 2,796
255 PRICE (T. ROWE) ASSOCIATES, INC 10,837
84 RAYMOND JAMES FINANCIAL CORP 1,890
3,479 SCHWAB (CHARLES) CORP 116,981
69 UNITED ASSET MANAGEMENT CORP 1,612
216 WADDELL & REED FINANCIAL, INC (CLASS
A) 7,087
-----------
192,446
-----------
TOTAL FINANCE 1,186,529
-----------
FOODS AND RELATED -- 2.70%
BEVERAGES, OTHER FOOD PRODUCTS -- 2.53%
35 * 7-ELEVEN, INC 481
196 ALBERTSONS, INC 6,517
150 * AMERICAN ITALIAN PASTA CO (CLASS A) 3,103
422 ANHEUSER-BUSCH COS, INC 31,518
150 APPLEBEES INTERNATIONAL, INC 4,546
150 * BERINGER WINE ESTATES HOLDINGS, INC
(CLASS B) 5,296
465 BESTFOODS, INC 32,201
87 * CADIZ, INC 696
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
555 CAMPBELL SOUP CO $ 16,164
68 * CEC ENTERTAINMENT, INC 1,742
84 CKE RESTAURANTS, INC 252
7,967 COCA COLA CO 457,604
694 COCA COLA ENTERPRISES, INC 11,320
50 * CONSOLIDATED PRODUCTS, INC 450
98 * DEL MONTE FOODS CO 667
95 DELTA & PINE LAND CO 2,380
374 GENERAL MILLS, INC 14,305
250 * HAIN CELESTIAL GROUP, INC 9,171
327 HEINZ (H.J.) CO 14,306
50 * HINES HORTICULTURE, INC 340
50 * IHOP CORP (NEW) 837
50 * INTERNATIONAL HOME FOODS, INC 1,046
102 * JACK IN THE BOX, INC 2,511
150 KEEBLER FOODS CO 5,568
342 KELLOGG CO 10,174
2,561 * KROGER CO 56,502
1,928 MCDONALD'S CORP 63,503
349 * OUTBACK STEAKHOUSE, INC 10,208
150 * PAPA JOHNS INTERNATIONAL, INC 3,675
448 PEPSI BOTTLING GROUP, INC 13,076
4,416 PEPSICO, INC 196,236
152 QUAKER OATS CO 11,419
166 RALSTON PURINA CO 3,309
126 RUBY TUESDAY, INC 1,582
9,187 * SAFEWAY, INC 414,563
2,403 SARA LEE CORP 46,407
83 * SMITHFIELD FOODS, INC 2,329
50 SODEXHO MARRIOTT SERVICES, INC 800
250 * SONIC CORP 7,343
600 * STARBUCKS CORP 22,912
887 SYSCO CORP 37,364
75 * THE CHEESECAKE FACTORY CO 2,062
197 * TRICON GLOBAL RESTAURANTS, INC 5,565
235 VIAD CORP 6,403
84 WHITMAN CORP 1,039
65 * WHOLE FOODS MARKET, INC 2,685
50 * WILD OATS MARKETS, INC 628
118 WRIGLEY (WM) JR CO 9,462
-----------
1,552,267
-----------
TOBACCO -- 0.17%
3,639 PHILIP MORRIS COS, INC 96,660
85 RJR REYNOLDS TOBACCO HOLDINGS, INC 2,374
172 UST, INC 2,526
-----------
101,560
-----------
TOTAL FOODS AND RELATED 1,653,827
-----------
HEALTH -- 14.85%
DRUGS AND PHARMACEUTICALS -- 12.97%
4,395 ABBOTT LABORATORIES CO 195,852
100 * ABGENIX, INC 11,985
120 * ALKERMES, INC 5,655
437 ALLERGAN, INC 32,556
250 ALPHARMA, INC (CLASS A) 15,562
317 * ALZA CORP 18,742
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 35
<PAGE> 38
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
DRUGS AND PHARMACEUTICALS -- (CONTINUED)
9,501 AMERICAN HOME PRODUCTS CORP $ 558,183
121 * AMERISOURCE HEALTH CORP (CLASS A) 3,751
5,800 * AMGEN, INC 407,450
100 * ANDRX CORP 6,392
213 BERGEN BRUNSWIG CORP (CLASS A) 1,171
473 * BIOGEN, INC 30,508
131 * BIO-TECHNOLOGY GENERAL CORP 1,727
6,348 BRISTOL MYERS SQUIBB CO 369,771
10,496 CARDINAL HEALTH, INC 776,704
595 * CAREMARK RX, INC 4,053
150 * CELL PATHWAYS, INC 3,525
76 * CEPHALON, INC 4,550
120 * CHIRON CORP 5,700
50 * COLUMBIA LABORATORIES, INC 287
350 * COR THERAPEUTICS, INC 29,859
1,173 CVS CORP 46,920
50 * DURA PHARMACEUTICALS, INC 718
50 * DURAMED PHARMACEUTICALS, INC 271
91 * ENZON, INC 3,867
208 * FOREST LABORATORIES, INC 21,008
400 * GENENTECH, INC 68,800
69 * GENZYME CORP (GENERAL DIVISION) 4,101
109 * GILEAD SCIENCES, INC 7,752
4,700 GLAXO WELLCOME PLC (SPONS ADR) 271,718
3,800 * GUILFORD PHARMACEUTICALS, INC 57,237
60 * HEMISPHERX BIOPHARMA, INC 337
215 * HUMAN GENOME SCIENCES, INC 28,675
177 ICN PHARMACEUTICALS, INC 4,922
96 * ICOS CORP 4,224
105 * IDEC PHARMACEUTICALS CORP 12,317
91 * IDEXX LABORATORIES, INC 2,081
71 * IMCLONE SYSTEMS, INC 5,427
661 * IMMUNEX CORP 32,678
76 * ISIS PHARMACEUTICALS, INC 1,102
343 * IVAX CORP 14,234
4,541 JOHNSON & JOHNSON CO 462,614
236 JONES PHARMACEUTICAL, INC 9,425
103 * KING PHARMACEUTICALS, INC 4,519
112 * LIGAND PHARMACEUTICALS CO (CLASS A) 1,477
5,973 LILLY (ELI) & CO 596,553
50 * MACROCHEM CORP (DELAWARE) 242
312 MCKESSON HBOC, INC 6,532
71 * MEDICIS PHARMACEUTICAL CORP (CLASS
A) 4,047
717 * MEDIMMUNE, INC 53,058
14,505 MERCK & CO, INC 1,111,445
284 * MILLENNIUM PHARMACEUTICALS, INC 31,772
271 MYLAN LABORATORIES, INC 4,945
113 * NU SKIN ENTERPRISES, INC (CLASS A) 649
102 OMNICARE, INC 924
76 * ORGANOGENESIS, INC 869
35,356 PFIZER, INC 1,697,088
13,849 SCHERING-PLOUGH CORP 699,374
268 * SEPRACOR, INC 32,327
150 * SICOR, INC 1,200
150 * SUPERGEN, INC 5,437
250 * TECHNE CORP 32,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
60 * THERAGENICS CORP $ 513
250 * TRANSKARYOTIC THERAPIES, INC 9,187
81 * TRIANGLE PHARMACEUTICALS, INC 734
50 * VENTIV HEALTH, INC 556
150 * VICAL, INC 2,887
3,093 WALGREEN CO 99,555
321 * WATSON PHARMACEUTICALS, INC 17,253
-----------
7,960,054
-----------
MEDICAL EQUIPMENT AND SUPPLIES -- 1.57%
150 * AFFYMETRIX, INC 24,768
1,348 * AGILENT TECHNOLOGIES, INC 99,415
75 BAUSCH & LOMB, INC 5,803
159 BAXTER INTERNATIONAL, INC 11,179
67 BECKMAN COULTER, INC 3,911
525 BECTON DICKINSON & CO 15,060
349 BIOMET, INC 13,414
776 * BOSTON SCIENTIFIC CORP 17,023
86 * COGNEX CORP 4,450
100 * CREDENCE SYSTEMS CORP 5,518
150 * CYBERONICS, INC 1,800
89 * CYTYC CORP 4,750
150 * DIONEX CORP 4,012
50 * ECLIPSE SURGICAL TECHNOLOGY, INC 218
131 * EDWARDS LIFESCIENCES CORP 2,423
150 * ENZO BIOCHEMICAL, INC 10,350
67 * GENRAD, INC 603
1,851 * GUIDANT CORP 91,624
250 * HAEMONETICS CORP 5,250
386 * KLA-TENCOR CORP 22,605
106 * LTX CORP 3,703
100 * MECHANICAL TECHNOLOGY, INC 1,500
87 * MEDICAL MANAGER CORP 2,963
7,815 MEDTRONIC, INC 389,284
50 MENTOR CORP 1,359
96 * METTLER-TOLEDO INTERNATIONAL, INC 3,840
112 MILLIPORE CORP 8,442
350 * MINIMED, INC 41,300
615 PE CORP-PE BIOSYSTEMS GROUP 40,513
250 PERKINELMER, INC 16,531
100 * RESMED, INC 2,675
75 * RESPIRONICS, INC 1,350
61 * ST. JUDE MEDICAL, INC 2,798
168 * STERIS CORP 1,491
356 STRYKER CORP 15,575
116 * SUMMIT TECHNOLOGY, INC 2,189
115 * SUNRISE TECHNOLOGY INTERNATIONAL,
INC 1,150
258 * SYBRON INTERNATIONAL CORP 5,111
468 * TERADYNE, INC 34,398
50 * THERMO ELECTRON CORP 1,053
250 * VARIAN, INC 11,531
241 * VISX, INC 6,763
155 * WATERS CORP 19,345
50 * WESLEY JESSEN VISIONCARE, INC 1,878
-----------
960,918
-----------
</TABLE>
36 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 39
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
MEDICAL FACILITIES MANAGEMENT -- 0.31%
150 * ADVANCE PARADIGM, INC $ 3,075
150 * EXPRESS SCRIPTS, INC 9,318
559 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) 7,301
114 * HEALTHSOUTH CORP 819
244 HOOPER HOLMES, INC 1,952
63 * LASER VISION CENTERS, INC 389
72 * LCA-VISION, INC 175
50 * LIFEPOINT HOSPITALS, INC 1,112
250 * LINCARE HOLDINGS, INC 6,156
101 * ORTHODONTIC CENTERS OF AMERICA, INC 2,285
111 * RENAL CARE GROUP, INC 2,714
50 * RES-CARE, INC 268
50 * SUNRISE ASSISTED LIVING, INC 925
5,600 TENET HEALTHCARE CORP 151,200
186 * TOTAL RENAL CARE HOLDINGS, INC 1,116
150 * TRIAD HOSPITALS, INC 3,628
85 * US ONCOLOGY, INC 425
-----------
192,858
-----------
TOTAL HEALTH 9,113,830
-----------
INDUSTRIAL MACHINERY -- 8.75%
ELECTRICAL -- 4.90%
80 AMETEK, INC 1,400
67 * BRIGHTPOINT, INC 579
85 * CELLSTAR CORP 236
250 * ELECTRO SCIENTIFIC INDUSTRIES, INC 11,007
55 * ENERGIZER HOLDINGS, INC 1,003
56,229 GENERAL ELECTRIC CO 2,980,137
68 * RAYOVAC CORP 1,521
50 SLI, INC 606
150 * VICOR CORP 5,221
-----------
3,001,710
-----------
OTHER INDUSTRIAL EQUIPMENT -- 3.85%
2,644 * APPLIED MATERIALS, INC 239,612
89 APPLIED POWER, INC (CLASS A) 2,981
150 * ASYST TECHNOLOGIES, INC 5,137
350 * ATMI, INC 16,275
250 BAKER HUGHES, INC 8,000
200 BLACK & DECKER CORP 7,862
50 CMI CORP (CLASS A) 175
250 DONALDSON CO, INC 4,937
71 JLG INDUSTRIES, INC 843
319 * LAM RESEARCH CORP 11,962
150 MANITOWOC CO, INC 4,012
67 * MSC INDUSTRIAL DIRECT CO (CLASS A) 1,402
7,272 * NOVELLUS SYSTEMS, INC 411,322
62 * PRESSTEK, INC 1,011
150 * PRI AUTOMATION, INC 9,808
75 ROPER INDUSTRIES, INC 1,921
350 * SMITH INTERNATIONAL, INC 25,484
50 * TEREX CORP 706
34,000 TYCO INTERNATIONAL LTD 1,610,750
-----------
2,364,200
-----------
TOTAL INDUSTRIAL MACHINERY 5,365,910
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
MEDIA AND LEISURE -- 5.65%
BROADCASTING -- 4.42%
100 * ADELPHIA COMMUNICATIONS CORP (CLASS
A) $ 4,687
50 * AMC ENTERTAINMENT, INC 243
3,500 * AMFM, INC 241,500
205 * CABLEVISION SYSTEMS CORP (CLASS A) 13,914
250 * CITADEL COMMUNICATIONS CORP 8,734
654 * CLEAR CHANNEL COMMUNICATIONS, INC 49,050
2,400 * COMCAST CORP (CLASS A) SPECIAL 97,200
165 * COX COMMUNICATIONS, INC (CLASS A) 7,517
100 * COX RADIO, INC (CLASS A) 2,800
50 * CUMULUS MEDIA, INC 456
8,284 DISNEY (WALT) CO 321,522
114 * EMMIS COMMUNICATIONS (CLASS A) 4,716
150 * ENTERCOM COMMUNICATIONS CORP 7,312
435 * FOX ENTERTAINMENT GROUP, INC 13,213
208 * HISPANIC BROADCASTING CORP 6,890
78 * HOLLYWOOD ENTERTAINMENT CORP 614
5,122 * INFINITY BROADCASTING CORP (CLASS A) 186,632
150 * PANAMSAT CORP 6,553
74 * PAXSON COMMUNICATIONS CORP 592
100 * PEGASUS COMMUNICATIONS CORP 4,906
108 * PRICE COMMUNICATIONS CORP 2,544
250 * SIRIUS SATELLITE RADIO, INC 11,078
6,812 TIME WARNER, INC 517,712
17,000 TOEI CO LTD 124,526
94 * TV GUIDE, INC 3,219
238 * UNITEDGLOBALCOM, INC (CLASS A) 11,126
196 * UNIVISION COMMUNICATIONS, INC 20,286
15,241 * VIACOM, INC (CLASS B) 1,039,245
50 * WAVO CORP 37
-----------
2,708,824
-----------
LODGING/GAMING/RECREATION -- 1.14%
50 * ARGOSY GAMING CORP 718
150 * BALLY TOTAL FITNESS HOLDINGS CORP 3,806
229 * CHOICE HOTELS INTERNATIONAL, INC 2,275
88 * EXTENDED STAY AMERICA, INC 814
394 HILTON HOTELS CORP 3,693
67 INTERNATIONAL SPEEDWAY CORP (CLASS
A) 2,772
203 MARRIOTT INTERNATIONAL, INC (CLASS
A) 7,320
13,366 * PREMIER PARKS, INC 304,076
8,002 * SFX ENTERTAINMENT, INC (CLASS A) 362,590
91 STARWOOD HOTELS & RESORTS WORLDWIDE 2,963
150 * STATION CASINOS, INC 3,750
76 b* SUNTERRA CORP 17
170 * WESTWOOD ONE, INC 5,801
-----------
700,595
-----------
PUBLISHING -- 0.09%
150 CENTRAL NEWSPAPERS, INC (CLASS A) 9,487
79 DOW JONES & CO, INC 5,786
73 * JOURNAL REGISTER CO 1,332
110 LEE ENTERPRISES, INC 2,564
150 MCGRAW HILL COS, INC 8,100
150 PENTON MEDIA, INC 5,250
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 37
<PAGE> 40
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
PUBLISHING -- (CONTINUED)
150 * PLAYBOY ENTERPRISES, INC (CLASS B) $ 1,931
245 * PRIMEDIA, INC 5,573
72 * R.H. DONNELLEY CORP 1,395
107 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) 4,253
89 TIMES MIRROR CO SERIES A 8,065
108 * TOPPS, INC 1,242
117 WILEY (JOHN) & SONS, INC (CLASS A) 2,632
-----------
57,610
-----------
TOTAL MEDIA AND LEISURE 3,467,029
-----------
RETAIL AND WHOLESALE -- 1.76%
GENERAL MERCHANDISE STORES -- 1.76%
600 * AMAZON.COM, INC 21,787
50 * AMES DEPARTMENT STORES, INC 387
61 * BARNES & NOBLE, INC 1,357
50 * BARNESANDNOBLE.COM, INC 326
86 BLYTH, INC 2,537
87 * BORDERS GROUP, INC 1,353
75 CALLAWAY GOLF CO 1,223
111 CASEY'S GENERAL STORES, INC 1,151
122 * CDW COMPUTER CENTERS, INC 7,625
120 * CONSOLIDATED STORES CORP 1,440
150 * COST PLUS, INC 4,303
1,100 * COSTCO WHOLESALE CORP 36,300
557 DOLLAR GENERAL CORP 10,861
331 * DOLLAR TREE STORES, INC 13,095
50 * E4L, INC 40
50 * EGGHEAD.COM, INC 146
362 FAMILY DOLLAR STORES, INC 7,081
69 FASTENAL CO 3,493
495 * HANOVER DIRECT, INC 773
50 * IDENTIX, INC 784
150 * INSIGHT ENTERPRISES, INC 8,896
932 * KOHLS CORP 51,842
406 MATTEL, INC 5,354
70 * NEIMAN MARCUS GROUP, INC (CLASS A) 2,069
625 * OFFICE DEPOT, INC 3,906
50 * OFFICEMAX, INC 250
377 * PETSMART, INC 1,272
118 * SAKS, INC 1,239
60 * SCHEIN (HENRY), INC 1,035
65 * SHOP AT HOME, INC 303
1,400 * STAPLES, INC 21,525
102 * SUNGLASS HUT INTERNATIONAL, INC 838
1,102 TARGET CORP 63,916
238 TIFFANY & CO 16,065
93 * VALUEVISION INTERNATIONAL, INC 2,232
13,560 WAL-MART STORES, INC 781,395
150 * WMS INDUSTRIES, INC 2,315
-----------
TOTAL RETAIL AND WHOLESALE 1,080,514
-----------
TECHNOLOGY -- 33.30%
COMMUNICATIONS EQUIPMENT -- 3.70%
90 * ACTV, INC 1,344
100 * ADAPTIVE BROADBAND CORP 3,675
1,072 * ADC TELECOMMUNICATIONS, INC 89,914
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
150 * ADTRAN, INC $ 8,981
179 * ADVANCED FIBRE COMMUNICATIONS, INC 8,110
4,538 * AMERICAN TOWER SYSTEMS (CLASS A) 189,177
63 * AMPEX CORP (CLASS A) 106
68 * ANCOR COMMUNICATIONS, INC 2,432
250 * ANDREW CORP 8,390
60 * ANTEC CORP 2,493
80 * ASPECT TELECOMMUNICATIONS CORP 3,145
61 * C-COR.NET CORP 1,647
5,441 * CIENA CORP 906,946
99 * COMMSCOPE, INC 4,059
546 * COMVERSE TECHNOLOGY, INC 50,778
169 * DIGITAL MICROWAVE CORP 6,443
322 * ECHOSTAR COMMUNICATIONS CORP (CLASS
A) 10,661
156 * ELOT, INC 292
50 * GLOBIX CORP 1,465
220 * HARMONIC, INC 5,445
121 * INTERDIGITAL COMMUNICATIONS CORP 2,004
50 INTER-TEL, INC 803
80 * INTERVOICE-BRITE, INC 525
81 * L-3 COMMUNICATIONS HOLDINGS, INC 4,622
2,465 MOTOROLA, INC 71,639
5,200 NOKIA OYJ ADR 259,675
149 * ONI SYSTEMS CORP 17,463
113 * P-COM, INC 642
150 * POLYCOM, INC 14,114
100 * POWERWAVE TECHNOLOGIES, INC 4,400
3,300 * QUALCOMM, INC 198,000
548 SCIENTIFIC-ATLANTA, INC 40,826
100 * SYCAMORE NETWORKS, INC 11,037
68 * TEKELEC 3,276
4,700 * TELLABS, INC 321,656
100 * TERAYON COMMUNICATION SYSTEMS, INC 6,423
83 * WEBLINK WIRELESS, INC 1,099
250 * WESTELL TECHNOLOGIES, INC (CLASS A) 3,750
112 * WORLD ACCESS, INC 1,239
-----------
2,268,696
-----------
COMPUTERS AND OFFICE EQUIPMENT -- 28.80%
700 * 3COM CORP 40,337
50 * 3DFX INTERACTIVE, INC 389
102 * ACCLAIM ENTERTAINMENT, INC 146
64 * ACTIVISION, INC 416
61 * ACTUATE CORP 3,255
246 * ACXIOM CORP 6,703
184 * ADAPTEC, INC 4,186
307 ADOBE SYSTEMS, INC 39,910
100 * ADVANCED DIGITAL INFORMATION CORP 1,593
100 * ADVENT SOFTWARE, INC 6,450
76 * AFFILIATED COMPUTER SERVICES, INC
(CLASS A) 2,512
7,053 * AMERICA ONLINE, INC 372,045
104 * AMERICAN MANAGEMENT SYSTEMS, INC 3,414
50 ANALYSTS INTERNATIONAL CORP 465
250 * APEX, INC 10,937
100 * APPLE COMPUTER, INC 5,237
50 * ASPEN TECHNOLOGY, INC 1,925
</TABLE>
38 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 41
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
50 * AUSPEX SYSTEMS, INC $ 246
150 AUTODESK, INC 5,203
1,953 AUTOMATIC DATA PROCESSING, INC 104,607
72 * AVANT CORP 1,348
61 * AVT CORP 449
50 * AWARE, INC 2,556
70 * AXENT TECHNOLOGIES, INC 1,736
986 * BEA SYSTEMS, INC 48,745
100 * BELL & HOWELL CO 2,425
60 * BEYOND.COM CORP 80
96 * BILLING CONCEPTS CORP 426
83 * BINDVIEW DEVELOPMENT CORP 996
68 * BISYS GROUP, INC 4,182
350 * BLACK BOX CORP 27,710
7,300 * BMC SOFTWARE, INC 266,335
150 * BRIO TECHNOLOGY, INC 3,178
514 * BROADVISION, INC 26,117
69 * CABLETRON SYSTEMS, INC 1,742
425 * CADENCE DESIGN SYSTEMS, INC 8,659
127 * CAMBRIDGE TECHNOLOGY PARTNERS, INC 1,107
50 * CCC INFORMATION SERVICES GROUP, INC 531
101 * C-CUBE MICROSYSTEMS, INC (NEW) 1,982
6,715 * CERIDIAN CORP 161,579
65 * CERNER CORP 1,771
112 * CIBER, INC 1,484
54,450 * CISCO SYSTEMS, INC 3,460,950
500 * CITRIX SYSTEMS, INC 9,468
108 * CNET NETWORKS, INC 2,652
11,503 COMPAQ COMPUTER CORP 294,045
150 * COMPLETE BUSINESS SOLUTIONS, INC 2,634
1,235 COMPUTER ASSOCIATES INTERNATIONAL,
INC 63,216
77 * COMPUTER HORIZONS CORP 1,034
150 * COMPUTER NETWORK TECHNOLOGY CORP 2,606
431 * COMPUTER SCIENCES CORP 32,190
50 COMPUTER TASK GROUP, INC 253
1,000 * COMPUWARE CORP 10,375
129 * CONCURRENT COMPUTER CORP 1,693
119 * CSG SYSTEMS INTERNATIONAL, INC 6,671
50 * CYBERCASH, INC 237
75 * DATA BROADCASTING CORP 473
50 * DATASTREAM SYSTEMS, INC 625
17,900 * DELL COMPUTER CORP 882,693
75 * DENDRITE INTERNATIONAL, INC 2,498
63 * DSP GROUP, INC 3,528
176 * EARTHLINK, INC 2,717
250 * ECHELON CORP 14,484
87 * ECLIPSYS CORP 652
157 * ELECTRONIC ARTS, INC 11,451
3,653 ELECTRONIC DATA SYSTEMS CORP 150,686
122 * ELECTRONICS FOR IMAGING, INC 3,088
99 * ELOYALTY CORP 1,262
23,756 * EMC CORP 1,827,727
81 * EMULEX CORP 5,320
150 * ENTRUST TECHNOLOGIES, INC 12,412
101 * EPICOR SOFTWARE CORP 252
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
61 * EPRESENCE, INC $ 442
100 * EXCHANGE APPLICATIONS, INC 2,662
443 * EXCITE AT HOME 9,192
650 * EXTREME NETWORKS, INC 68,575
150 FACTSET RESEARCH SYSTEMS, INC 4,237
76 * FILENET CORP 1,396
345 FIRST DATA CORP 17,120
405 * FISERV, INC 17,516
61 * FISHER SCIENTIFIC INTERNATIONAL, INC 1,509
200 * FOUNDRY NETWORKS, INC 22,100
473 * GATEWAY, INC 26,842
126 * GO.COM 1,504
250 * GO2NET, INC 12,578
150 * GTECH HOLDINGS CORP 3,403
280 * HANDSPRING, INC 7,560
150 * HEALTHEON/WEBMD CORP 2,221
3,047 HEWLETT-PACKARD CO 380,494
61 * HNC SOFTWARE, INC 3,766
80 * HYPERION SOLUTIONS CORP 2,595
321 * I2 TECHNOLOGIES, INC 33,469
87 * IGATE CAPITAL CORP 1,196
50 * IMRGLOBAL CORP 653
865 IMS HEALTH, INC 15,570
72 * INFOCURE CORP 405
12 * INFOGRAMES, INC 97
700 * INFORMIX CORP 5,206
336 * INFOSPACE.COM, INC 18,564
50 * INFOUSA, INC 325
73 * INGRAM MICRO, INC (CLASS A) 1,272
277 * INKTOMI CORP 32,755
10,781 INTERNATIONAL BUSINESS MACHINES CORP 1,181,193
421 * INTUIT, INC 17,418
670 * IOMEGA CORP 2,680
63 * ISS GROUP, INC 6,220
50 * IVILLAGE, INC 421
75 * J.D. EDWARDS & CO 1,129
100 JACK HENRY & ASSOCIATES, INC 5,012
240 * KEANE, INC 5,190
118 * LANIER WORLDWIDE, INC 118
85 * LEARN2.COM, INC 167
187 * LEGATO SYSTEMS, INC 2,828
417 * LEXMARK INTERNATIONAL GROUP (CLASS
A) 28,043
60 * LHS GROUP, INC 2,070
296 * LYCOS, INC 15,984
106 * MACROMEDIA, INC 10,248
100 * MACROVISION CORP 6,392
50 * MAPICS, INC 287
169 * MAXTOR CORP 1,785
89 * MEDQUIST, INC 3,026
62 * MENTOR GRAPHICS CORP 1,232
150 * MERCURY COMPUTER SYSTEMS, INC 4,846
191 * MERCURY INTERACTIVE CORP 18,479
250 * MICROMUSE, INC 41,371
75 * MICRON ELECTRONICS, INC 937
150 * MICROS SYSTEMS, INC 2,784
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 39
<PAGE> 42
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
29,800 * MICROSOFT CORP $ 2,384,000
192 * MICROSTRATEGY, INC 5,760
66 * MIDWAY GAMES, INC 532
76 * MTI TECHNOLOGY CORP 608
80 NATIONAL COMPUTER SYSTEMS, INC 3,940
73 NATIONAL DATA CORP 1,679
60 * NATIONAL INSTRUMENTS CORP 2,617
854 * NETWORK APPLIANCE, INC 68,747
189 * NETWORKS ASSOCIATES, INC 3,850
60 * NEW ERA OF NETWORKS, INC 2,550
1,000 * NOVELL, INC 9,250
50 * ONEMAIN.COM, INC 562
84 * OPEN MARKET, INC 1,160
30,900 * ORACLE CORP 2,597,531
800 * PARAMETRIC TECHNOLOGY CORP 8,800
60 * PATTERSON DENTAL CO 3,060
1,000 PAYCHEX, INC 42,000
600 * PEOPLESOFT, INC 10,050
69 * PER SE TECHNOLOGIES, INC 646
300 * PEREGRINE SYSTEMS, INC 10,406
228 * PEROT SYSTEMS CORP (CLASS A) 2,508
723 PITNEY BOWES, INC 28,920
88 * POLICY MANAGEMENT SYSTEMS CORP 1,353
76 * PRICELINE.COM, INC 2,886
77 * PROGRESS SOFTWARE CORP 1,381
50 * PROXYMED, INC 84
402 * PSINET, INC 10,100
158 * PSS WORLD MEDICAL, INC 1,061
50 * PUBLICARD, INC 164
50 * QUADRAMED CORP 125
50 * QUANTUM CORP-DLT & STORAGE SYSTEMS
GROUP 484
126 * QUANTUM CORP-HARD DISK DRIVE GROUP 1,393
76 * RARE MEDIUM GROUP, INC 1,201
320 * RATIONAL SOFTWARE CORP 29,740
160 * REALNETWORKS, INC 8,090
63 * REMEDY CORP 3,512
90 * RSA SECURITY, INC 6,232
550 SABRE HOLDINGS CORP 15,675
71 * SAGA SYSTEMS, INC 883
122 * SANDISK CORP 7,464
50 * SANTA CRUZ OPERATION, INC 318
66 * SAPIENT CORP 7,057
152 * SEAGATE TECHNOLOGY, INC 8,360
100 SEI INVESTMENTS CO 3,981
150 SHARED MEDICAL SYSTEMS CORP 10,940
2,140 * SIEBEL SYSTEMS, INC 350,023
50 * SOFTNET SYSTEMS, INC 481
50 * SPORTSLINE.COM, INC 853
150 * SPYGLASS, INC 4,696
83 * STRUCTURAL DYNAMICS RESEARCH CORP 1,250
12,000 * SUN MICROSYSTEMS, INC 1,091,250
276 * SUNGARD DATA SYSTEMS, INC 8,556
61 * SVI HOLDINGS, INC 312
150 * SYKES ENTERPRISES, INC 1,931
110 * SYMANTEC CORP 5,933
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
430 SYMBOL TECHNOLOGIES, INC $ 23,220
245 * SYNOPSYS, INC 8,467
80 * SYSTEMS & COMPUTER TECHNOLOGY CORP 1,600
150 * TECH DATA CORP 6,534
107 * TECHNOLOGY SOLUTIONS CO 662
50 * THQ, INC 609
93 TOTAL SYSTEM SERVICES, INC 1,476
81 * TRANSACTION SYSTEMS ARCHITECTS, INC 1,387
99 * TYLER TECHNOLOGIES, INC 253
294 * ULTICOM, INC 7,060
970 * UNISYS CORP 14,125
100 * USINTERNETWORKING, INC 2,043
169 * VERIO, INC 9,376
398 * VERISIGN, INC 70,247
4,350 * VERITAS SOFTWARE CORP 491,617
77 * VERITY, INC 2,926
180 * VIGNETTE CORP 9,362
62 * VISUAL NETWORKS, INC 1,767
67 * WAVE SYSTEMS CORP (CLASS A) 1,059
159 * WESTERN DIGITAL CORP 795
231 * WIND RIVER SYSTEMS, INC 8,749
66 * XIRCOM, INC 3,135
1,500 * YAHOO, INC 185,812
61 * ZEBRA TECHNOLOGIES CORP 2,703
-----------
17,670,019
-----------
ELECTRONICS AND OTHER TECHNOLOGY -- 0.64%
515 * BEST BUY CO, INC 32,573
473 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 15,697
50 * GUITAR CENTER, INC 525
75 * MUSICLAND STORES CORP 557
7,280 RADIOSHACK CORP 344,890
150 * TRANS WORLD ENTERTAINMENT CORP 1,818
-----------
396,060
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 0.16%
70 * CYMER, INC 3,342
100 * PINNACLE SYSTEMS, INC 2,248
150 * TRIMBLE NAVIGATION LTD 7,321
4,050 XEROX CORP 84,037
-----------
96,948
-----------
TOTAL TECHNOLOGY 20,431,723
-----------
TRANSPORTATION -- 2.24%
AEROSPACE AND DEFENSE -- 0.02%
230 GENERAL DYNAMICS CORP 12,017
77 NEWPORT NEWS SHIPBUILDING, INC 2,829
67 * ORBITAL SCIENCES CORP 816
-----------
15,662
-----------
AIR TRANSPORTATION -- 0.62%
114 * AIRTRAN HOLDINGS, INC 473
50 * BE AEROSPACE, INC 343
258 BOEING CO 10,787
50 SKYWEST, INC 1,853
6,282 UNITED TECHNOLOGIES CORP 369,852
-----------
383,308
-----------
</TABLE>
40 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 43
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
AUTOS, TIRES AND RETATED PRODUCTS -- 1.31%
431 * AUTONATION, INC $ 3,043
109 * AUTOZONE, INC 2,398
91 * COPART, INC 1,456
50 * CSK AUTO CORP 378
336 DANAHER CORP 16,611
50 * DELCO REMY INTERNATIONAL , INC
(CLASS A) 415
115 FEDERAL SIGNAL CORP 1,897
4,057 * GENERAL MOTORS CORP (CLASS H) 356,001
182 * GENTEX CORP 4,572
6,352 HARLEY DAVIDSON, INC 244,552
50 * HAYES LEMMERZ INTERNATIONAL, INC 603
4,759 HONEYWELL INTERNATIONAL, INC 160,318
50 MIDAS, INC 1,000
50 * MILLER INDUSTRIES, INC 90
50 * MONACO COACH CORP 681
85 * O'REILLY AUTOMOTIVE, INC 1,179
63 * SPX CORP 7,619
-----------
802,813
-----------
RAILROADS -- 0.04%
275 KANSAS CITY SOUTHERN INDUSTRIES, INC 24,389
-----------
TRUCKING AND RELATED SERVICES -- 0.04%
90 C.H. ROBINSON WORLDWIDE, INC 4,455
120 EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC 5,700
119 GALILEO INTERNATIONAL, INC 2,484
82 * IRON MOUNTAIN, INC 2,788
150 POLARIS INDUSTRIES, INC 4,800
93 * SWIFT TRANSPORTATION CO, INC 1,302
-----------
21,529
-----------
WATER TRANSPORTATION -- 0.21%
6,400 CARNIVAL CORP (CLASS A) 124,800
150 * KIRBY CORP 3,187
-----------
127,987
-----------
TOTAL TRANSPORTATION 1,375,688
-----------
UTILITES -- 7.10%
TELEPHONE -- 6.87%
60 * ADVANCED RADIO TELECOM CORP 877
342 * ALLEGIANCE TELECOM, INC 21,888
377 ALLTEL CORP 23,350
26,278 * AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 637,241
3,142 BROADWING, INC 81,495
82 * CAPROCK COMMUNICATIONS CORP 1,599
50 * COM21, INC 1,250
295 * COVAD COMMUNICATIONS GROUP, INC 4,756
127 * E.SPIRE COMMUNICATIONS, INC 857
21,600 ERICSSON TELEFON (LM) SERIES B ADR 432,000
1,300 * EXODUS COMMUNICATIONS, INC 59,881
100 * GLOBAL CROSSING LTD 2,631
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
647 GLOBAL TELESYSTEMS, INC $ 7,804
118 * ICG COMMUNICATIONS, INC 2,603
250 * IDT CORP 8,484
120 * INTERMEDIA COMMUNICATIONS, INC 3,570
50 * INTERNATIONAL FIBERCOM, INC 1,275
120 * ITC DELTACOM, INC 2,677
150 * LEAP WIRELESS INTERNATIONAL, INC 7,050
900 * LEVEL 3 COMMUNICATIONS, INC 79,200
114 * LIBERTY DIGITAL, INC (CLASS A) 3,420
23,718 LUCENT TECHNOLOGIES, INC 1,405,291
1,213 * MCLEODUSA, INC (CLASS A) 25,093
415 * MEDIA ONE GROUP, INC 27,677
636 * METROMEDIA FIBER NETWORK, INC (CLASS
A) 25,241
250 * MGC COMMUNICATIONS, INC 14,984
50 * MOTIENT CORP 784
3,500 * NEXTEL COMMUNICATIONS, INC (CLASS A) 214,156
691 * NEXTLINK COMMUNICATIONS, INC 26,214
427 * NTL, INC 25,566
212 * PAGING NETWORK, INC 152
62 * POWERTEL, INC 4,398
71 * PRIMUS TELECOMMUNICATIONS GROUP, INC 1,766
87 * PTEK HOLDINGS, INC 282
403 * QWEST COMMUNICATIONS INTERNATIONAL,
INC 20,024
1,402 * RCN CORP 35,575
138 * RHYTHMS NETCONNECTIONS, INC 1,733
5,554 SBC COMMUNICATIONS, INC 240,210
76 * SPRINT CORP (PCS GROUP) 4,522
90 * STAR TELECOMMUNICATIONS, INC 227
92 * TALK.COM, INC 534
150 * TELIGENT, INC 3,543
745 U.S. WEST, INC 63,883
3,200 * VIATEL, INC 91,400
310 * VOICESTREAM WIRELESS CORP 36,052
113 * WESTERN WIRELESS CORP (CLASS A) 6,158
73 * WINSTAR COMMUNICATIONS, INC 2,472
12,100 * WORLDCOM, INC 555,087
-----------
4,216,932
-----------
ELECTRIC, GAS AND OTHER -- 0.23%
916 * AES CORP 41,792
341 * ALLIED WASTE INDUSTRIES, INC 3,410
222 * CALPINE CORP 14,596
171 * NEWPARK RESOURCES, INC 1,613
50 OGDEN CORP 450
92 * REPUBLIC SERVICES, INC (CLASS A) 1,472
52 * SOUTHERN UNION CO 822
1,839 WASTE MANAGEMENT, INC 34,941
1,032 WILLIAMS COS, INC 42,991
-----------
142,087
-----------
TOTAL UTILITIES 4,359,019
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 41
<PAGE> 44
TIAA-CREF LIFE FUNDS GROWTH EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <C> <S> <C>
TOTAL COMMON STOCK
(Cost $58,777,946) $60,591,281
-----------
SHORT TERM INVESTMENT -- 1.01%
U.S. GOVERNMENT AND AGENCY -- 1.01%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
$622,000 6.570%, 07/03/00 621,773
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $621,773) 621,773
-----------
TOTAL PORTFOLIO -- 99.76%
(Cost $59,399,719) 61,213,054
OTHER ASSETS & LIABILITIES, NET -- 0.24% 144,000
-----------
NET ASSETS -- 100.00% $61,357,054
===========
</TABLE>
---------------
* Non-income producing
b In bankruptcy
42 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 45
TIAA-CREF LIFE FUNDS GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMMON STOCK -- 99.10%
BASIC INDUSTRIES -- 4.07%
CHEMICALS AND PLASTIC -- 2.76%
532 AIR PRODUCTS & CHEMICALS, INC $ 16,392
133 ALBERTO CULVER CO (CLASS B) 4,064
3,747 AVON PRODUCTS, INC 166,741
543 CLOROX CO 24,333
5,551 COLGATE PALMOLIVE CO 332,366
5,926 DOW CHEMICAL CO 178,891
6,901 DU PONT (E.I.) DE NEMOURS & CO 301,918
182 EASTMAN CHEMICAL CO 8,690
306 ECOLAB, INC 11,953
69 * FMC CORP 4,002
167 * GRACE W.R. & CO 2,024
135 GREAT LAKES CHEMICAL CORP 4,252
243 HERCULES, INC 3,417
699 ILLINOIS TOOL WORKS, INC 39,843
242 INTERNATIONAL FLAVORS &
FRAGRANCES, INC 7,305
393 * PACTIV CORP 3,094
3,113 PHARMACIA CORP 160,903
367 PRAXAIR, INC 13,739
3,757 PROCTER & GAMBLE CO 215,088
507 ROHM & HAAS CO 17,491
194 * SEALED AIR CORP 10,160
121 TUPPERWARE CORP 2,662
308 UNION CARBIDE CORP 15,246
-----------
1,544,574
-----------
STEEL AND OTHER METALS -- 0.31%
517 ALCAN ALUMINIUM CO LTD (U.S.) 16,027
2,116 ALCOA, INC 61,364
219 ALLEGHENY TECHNOLOGIES, INC 3,942
39 ARCH COAL, INC 299
935 BARRICK GOLD CORP (U.S.) 17,005
315 * BETHLEHEM STEEL CORP 1,122
151 CRANE CO 3,671
317 CROWN CORK & SEAL CO, INC 4,755
296 ENGELHARD CORP 5,050
391 * FREEPORT-MCMORAN COPPER & GOLD,
INC (CLASS B) 3,616
631 HOMESTAKE MINING CO 4,338
456 * INCO LTD CO (U.S.) 7,011
393 NEWMONT MINING CORP 8,498
207 NUCOR CORP 6,869
261 PARKER-HANNIFIN CORP 8,939
186 PHELPS DODGE CORP 6,916
782 PLACER DOME, INC (U.S.) 7,477
202 USX-US STEEL GROUP, INC 3,749
222 WORTHINGTON INDUSTRIES, INC 2,331
-----------
172,979
-----------
PAPER AND FOREST PRODUCTS -- 1.00%
262 AVERY DENNISON CORP 17,586
122 BEMIS, INC 4,102
128 BOISE CASCADE CORP 3,312
6,611 FORT JAMES CORP 152,879
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
388 GEORGIA-PACIFIC CORP (PACKING
GROUP) $ 10,185
1,211 INTERNATIONAL PAPER CO 36,102
1,363 KIMBERLY-CLARK CORP 78,202
229 LOUISIANA PACIFIC CORP 2,490
234 MEAD CORP 5,908
70 POTLATCH CORP 2,318
8,849 * SMURFIT-STONE CONTAINER CORP 113,930
126 TEMPLE-INLAND, INC 5,292
234 WESTVACO CORP 5,806
2,641 WEYERHAEUSER CO 113,563
260 WILLAMETTE INDUSTRIES, INC 7,085
-----------
558,760
-----------
TOTAL BASIC INDUSTRIES 2,276,313
-----------
BUSINESS SERVICES -- 0.21%
ADVERTISING AND OTHER SERVICES -- 0.21%
223 BLOCK (H&R), INC 7,219
1,663 * CENDANT CORP 23,282
384 DUN & BRADSTREET CORP 10,992
659 INTERPUBLIC GROUP OF COS, INC 28,337
417 OMNICOM GROUP, INC 37,139
266 * QUINTILES TRANSNATIONAL CORP 3,757
161 YOUNG & RUBICAM, INC 9,207
-----------
TOTAL BUSINESS SERVICES 119,933
-----------
CONSTRUCTION AND REAL ESTATE -- 2.13%
BUILDING MATERIALS -- 1.64%
631 CORNING, INC 170,291
10,014 HOME DEPOT, INC 500,074
4,439 LOWE'S COS, INC 182,276
1,035 MASCO CORP 18,694
126 OWENS CORNING CO 1,165
358 * OWENS ILLINOIS, INC 4,184
408 PPG INDUSTRIES, INC 18,079
480 SHERWIN-WILLIAMS CO 10,170
236 VULCAN MATERIALS CO 10,074
-----------
915,007
-----------
CONSTRUCTION -- 0.49%
124 CENTEX CORP 2,914
173 FLUOR CORP 5,471
103 KAUFMAN & BROAD HOME CORP 2,040
122 MCDERMOTT INTERNATIONAL, INC 1,075
10,123 NEWELL RUBBERMAID, INC 260,667
90 PULTE CORP 1,946
-----------
274,113
-----------
TOTAL CONSTRUCTION AND REAL ESTATE 1,189,120
-----------
CONSUMER DURABLE -- 9.09%
HOME APPLIANCES AND FURNISHINGS -- 8.63%
349 * ADVANCED MICRO DEVICES, INC 26,960
500 * ALTERA CORP 50,968
500 * AMERICAN POWER CONVERSION CORP 20,406
818 * ANALOG DEVICES, INC 62,168
1,322 * APPLIED MICRO CIRCUITS CORP 130,547
328 * BED BATH & BEYOND, INC 11,890
559 * CONEXANT SYSTEMS, INC 27,181
6,486 GILLETTE CO 226,604
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 43
<PAGE> 46
TIAA-CREF LIFE FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
HOME APPLIANCES AND FURNISHINGS -- (CONTINUED)
14,992 INTEL CORP $ 2,004,243
1,190 * JDS UNIPHASE CORP 142,651
455 LEGGETT & PLATT, INC 7,507
700 LINEAR TECHNOLOGY CO 44,756
7,331 * LSI LOGIC CORP 396,790
600 * MAXIM INTEGRATED PRODUCTS, INC 40,762
188 MAYTAG CO 6,932
1,360 * MICRON TECHNOLOGY, INC 119,765
58 * MIPS TECHNOLOGIES, INC (CLASS B) 2,233
453 MOLEX, INC 21,800
404 * NATIONAL SEMICONDUCTOR CORP 22,927
700 * PMC-SIERRA, INC 124,381
900 * SAMSUNG ELECTRONICS CORP 176,400
4,332 * SANMINA CORP 370,386
3,978 * SCG HOLDING CORP 87,018
132 SNAP-ON, INC 3,514
8,456 * SOLECTRON CORP 354,095
206 STANLEY WORKS CO 4,892
3,938 TEXAS INSTRUMENTS, INC 270,491
168 WHIRLPOOL CORP 7,833
747 * XILINX, INC 61,674
-----------
4,827,774
-----------
TEXTILE APPAREL AND ACCESSORIES -- 0.46%
1,997 GAP, INC 62,406
4,638 * JONES APPAREL GROUP, INC 108,993
1,016 LIMITED, INC 21,971
151 LIZ CLAIBORNE, INC 5,322
679 NIKE, INC (CLASS B) 27,032
332 NORDSTROM, INC 8,009
155 * REEBOK INTERNATIONAL LTD 2,470
110 RUSSELL CORP 2,200
724 TJX COS, INC 13,575
321 V.F. CORP 7,643
-----------
259,621
-----------
TOTAL CONSUMER DURABLE 5,087,395
-----------
ENERGY -- 6.47%
OIL, GAS AND OTHER ENERGY SERVICES -- 6.47%
215 AMERADA HESS CORP 13,276
303 ANADARKO PETROLEUM CORP 14,941
2,327 APACHE CORP 136,856
162 ASHLAND, INC 5,680
4,479 BURLINGTON RESOURCES, INC 171,321
1,525 CHEVRON CORP 129,339
5,447 CONOCO, INC (CLASS B) 133,791
15,500 CONSOL ENERGY, INC 234,437
4,254 ENRON CORP 274,383
18,183 EXXON MOBIL CORP 1,427,365
1,024 HALLIBURTON CO 48,320
223 KERR-MCGEE CORP 13,143
878 OCCIDENTAL PETROLEUM CORP 18,492
605 PHILLIPS PETROLEUM CO 30,665
213 * ROWAN COS, INC 6,469
9,299 ROYAL DUTCH PETROLEUM CO (NY REGD)
ADR 572,469
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
1,377 SCHLUMBERGER LTD $ 102,758
186 SUNOCO, INC 5,475
1,274 TEXACO, INC 67,840
333 TOSCO CORP 9,428
820 TOTAL FINA ELF S.A 126,238
477 TRANSOCEAN SEDCO FOREX, INC 25,489
609 UNION PACIFIC RESOURCES GROUP, INC 13,398
564 UNOCAL CORP 18,682
799 USX-MARATHON GROUP, INC 20,024
-----------
TOTAL ENERGY 3,620,279
-----------
FINANCE -- 11.76%
BANKS, SAVINGS AND LOANS -- 5.77%
921 AMSOUTH BANCORP 14,505
10,327 BANK OF AMERICA CORP 444,061
1,722 BANK OF NEW YORK CO, INC 80,073
2,760 BANK ONE CORP 73,312
825 BB&T CORP 19,696
8,224 CHASE MANHATTAN CORP 378,818
12,875 CITIGROUP, INC 775,718
370 COMERICA, INC 16,603
727 FIFTH THIRD BANCORP 45,982
2,397 FIRST UNION CORP 59,475
13,516 FIRSTAR CORP 284,680
6,534 FLEETBOSTON FINANCIAL CORP 222,156
458 GOLDEN WEST FINANCIAL CORP 18,692
551 HUNTINGTON BANCSHARES, INC 8,712
949 KEYCORP 16,726
1,957 MBNA CORP 53,083
4,535 MELLON FINANCIAL CORP 165,244
402 MORGAN (J.P.) & CO, INC 44,270
1,542 NATIONAL CITY CORP 26,310
523 NORTHERN TRUST CORP 34,027
302 OLD KENT FINANCIAL CORP 8,078
690 PNC FINANCIAL SERVICES GROUP, INC 32,343
325 PROVIDIAN FINANCIAL CORP 29,250
421 REGIONS FINANCIAL CORP 8,367
400 SOUTHTRUST CORP 9,050
374 STATE STREET CORP 39,667
516 SUMMIT BANCORP 12,706
754 SUNTRUST BANKS, INC 34,448
681 SYNOVUS FINANCIAL CORP 12,002
1,694 U.S. BANCORP 32,609
339 UNION PLANTERS CORP 9,470
479 WACHOVIA CORP 25,985
1,310 WASHINGTON MUTUAL, INC 37,826
3,923 WELLS FARGO CO 152,016
-----------
3,225,960
-----------
CREDIT AND OTHER FINANCE -- 1.30%
3,208 AMERICAN EXPRESS CO 167,217
4,804 ASSOCIATES FIRST CAPITAL CORP 107,189
453 CAPITAL ONE FINANCIAL CORP 20,215
254 COUNTRYWIDE CREDIT INDUSTRIES, INC 7,699
329 EQUIFAX, INC 8,636
2,381 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 124,258
1,616 FREDDIE MAC 65,448
</TABLE>
44 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 47
TIAA-CREF LIFE FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
CREDIT AND OTHER FINANCE -- (CONTINUED)
1,086 HOUSEHOLD INTERNATIONAL, INC $ 45,136
7,980 * METROPOLITAN LIFE INSURANCE CO 168,078
368 SLM HOLDINGS CORP 13,777
-----------
727,653
-----------
INSURANCE -- 3.32%
5,668 ACE LTD 158,704
339 AETNA, INC 21,759
612 AFLAC, INC 28,113
1,845 ALLSTATE CORP 41,051
567 AMERICAN GENERAL CORP 34,587
6,723 AMERICAN INTERNATIONAL GROUP, INC 789,952
588 AON CORP 18,264
403 CHUBB CORP 24,784
426 CIGNA CORP 39,831
385 CINCINNATI FINANCIAL CORP 12,103
735 CONSECO, INC 7,166
507 HARTFORD FINANCIAL SERVICES GROUP,
INC 28,360
411 * HUMANA, INC 2,003
242 JEFFERSON-PILOT CORP 13,657
8,386 * JOHN HANCOCK FINANCIAL SERVICES,
INC 198,643
442 LINCOLN NATIONAL CORP 15,967
247 LOEWS CORP 14,820
8,100 MANULIFE FINANCIAL CORP 144,281
619 MARSH & MCLENNAN COS, INC 64,646
228 MBIA, INC 10,986
241 MGIC INVESTMENT CORP 10,965
169 PROGRESSIVE CORP 12,506
294 SAFECO CORP 5,843
520 ST. PAUL COS, INC 17,745
291 TORCHMARK CORP 7,184
404 UNITEDHEALTH GROUP, INC 34,643
537 UNUMPROVIDENT CORP 10,773
156 * WELLPOINT HEALTH NETWORKS, INC 11,300
1,468 XL CAPITAL LTD 79,455
-----------
1,860,091
-----------
SECURITIES AND COMMODITIES -- 1.37%
274 BEAR STEARNS COS, INC 11,405
584 FRANKLIN RESOURCES, INC 17,739
276 LEHMAN BROTHERS HOLDINGS, INC 26,099
857 MERRILL LYNCH & CO, INC 98,555
5,713 MORGAN STANLEY DEAN WITTER & CO 475,607
328 PAINE WEBBER GROUP, INC 14,924
280 PRICE (T. ROWE) ASSOCIATES, INC 11,900
3,254 SCHWAB (CHARLES) CORP 109,415
-----------
765,644
-----------
TOTAL FINANCE 6,579,348
-----------
FOODS AND RELATED -- 3.81%
BEVERAGES, OTHER FOOD PRODUCTS -- 3.53%
1,001 ALBERTSONS, INC 33,283
3,352 ANHEUSER-BUSCH COS, INC 250,352
1,408 ARCHER DANIELS MIDLAND CO 13,816
646 BESTFOODS, INC 44,735
147 BROWN FORMAN, INC (CLASS B) 7,901
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
993 CAMPBELL SOUP CO $ 28,921
5,937 COCA COLA CO 341,006
988 COCA COLA ENTERPRISES, INC 16,116
1,137 CONAGRA, INC 21,674
69 COORS (ADOLPH) CO (CLASS B) 4,174
297 DARDEN RESTAURANTS, INC 4,826
379 FORTUNE BRANDS, INC 8,740
703 GENERAL MILLS, INC 26,889
104 GREAT ATLANTIC & PACIFIC TEA CO,
INC 1,729
827 HEINZ (H.J.) CO 36,181
317 HERSHEY FOODS CORP 15,374
943 KELLOGG CO 28,054
1,948 * KROGER CO 42,977
3,235 MCDONALD'S CORP 106,552
7,703 NABISCO GROUP HOLDINGS 199,796
9,379 PEPSICO, INC 416,779
312 QUAKER OATS CO 23,439
703 RALSTON PURINA CO 14,016
1,190 * SAFEWAY, INC 53,698
1,947 SARA LEE CORP 37,601
990 SEAGRAMS CO LTD (U.S.) 57,420
318 SUPERVALU, INC 6,061
764 SYSCO CORP 32,183
354 * TRICON GLOBAL RESTAURANTS, INC 10,000
1,426 UNILEVER NV (NEW YORK SHS) 61,318
264 WENDY'S INTERNATIONAL, INC 4,702
268 WINN DIXIE STORES, INC 3,835
269 WRIGLEY (WM) JR CO 21,570
-----------
1,975,718
-----------
TOBACCO -- 0.28%
5,613 PHILIP MORRIS COS, INC 149,095
409 UST, INC 6,007
-----------
155,102
-----------
TOTAL FOODS AND RELATED 2,130,820
-----------
HEALTH -- 13.14%
DRUGS AND PHARMACEUTICALS -- 11.00%
3,672 ABBOTT LABORATORIES CO 163,633
307 ALLERGAN, INC 22,871
234 * ALZA CORP 13,835
9,202 AMERICAN HOME PRODUCTS CORP 540,617
6,593 * AMGEN, INC 463,158
348 * BIOGEN, INC 22,446
8,360 BRISTOL MYERS SQUIBB CO 486,970
5,142 CARDINAL HEALTH, INC 380,508
7,798 CVS CORP 311,920
3,726 GLAXO WELLCOME PLC 108,697
3,331 JOHNSON & JOHNSON CO 339,345
4,450 LILLY (ELI) & CO 444,443
98 LONGS DRUG STORES CORP 2,131
11,658 LYONDELL CHEMICAL CO 195,271
166 MALLINCKRODT, INC 7,210
653 MCKESSON HBOC, INC 13,672
300 * MEDIMMUNE, INC 22,200
11,131 MERCK & CO, INC 852,912
27,813 PFIZER, INC 1,335,024
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 45
<PAGE> 48
TIAA-CREF LIFE FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
DRUGS AND PHARMACEUTICALS -- (CONTINUED)
496 RITE AID CORP $ 3,255
6,490 SCHERING-PLOUGH CORP 327,745
240 SIGMA ALDRICH CORP 7,020
2,448 WALGREEN CO 78,795
223 * WATSON PHARMACEUTICALS, INC 11,986
-----------
6,155,664
-----------
MEDICAL EQUIPMENT AND SUPPLIES -- 1.38%
1,065 * AGILENT TECHNOLOGIES, INC 78,543
118 BARD (C.R.), INC 5,678
132 BAUSCH & LOMB, INC 10,213
4,500 BAXTER INTERNATIONAL, INC 316,406
581 BECTON DICKINSON & CO 16,667
261 BIOMET, INC 10,032
961 * BOSTON SCIENTIFIC CORP 21,081
136 * EDWARDS LIFESCIENCES CORP 2,516
713 * GUIDANT CORP 35,293
198 JOHNSON CONTROLS, INC 10,159
414 * KLA-TENCOR CORP 24,244
2,876 MEDTRONIC, INC 143,260
102 MILLIPORE CORP 7,688
477 PE CORP-PE BIOSYSTEMS GROUP 31,422
112 PERKINELMER, INC 7,406
194 * ST. JUDE MEDICAL, INC 8,899
107 TEKTRONIX, INC 7,918
395 * TERADYNE, INC 29,032
365 * THERMO ELECTRON CORP 7,687
-----------
774,144
-----------
MEDICAL FACILITIES MANAGEMENT -- 0.76%
1,347 COLUMBIA/HCA HEALTHCARE CORP 40,915
9,178 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) 119,887
916 * HEALTHSOUTH CORP 6,583
264 * MANOR CARE, INC 1,848
9,466 TENET HEALTHCARE CORP 255,582
-----------
424,815
-----------
TOTAL HEALTH 7,354,623
-----------
INDUSTRIAL MACHINERY -- 6.55%
ELECTRICAL -- 4.22%
204 COOPER INDUSTRIES, INC 6,642
997 EMERSON ELECTRIC CO 60,193
42,837 GENERAL ELECTRIC CO 2,270,361
214 GRAINGER (W.W.), INC 6,593
98 NATIONAL SERVICE INDUSTRIES, INC 1,911
436 ROCKWELL INTERNATIONAL CORP 13,734
124 THOMAS & BETTS CORP 2,371
-----------
2,361,805
-----------
OTHER INDUSTRIAL EQUIPMENT -- 2.33%
1,866 * APPLIED MATERIALS, INC 169,106
6,517 BAKER HUGHES, INC 208,544
198 BLACK & DECKER CORP 7,783
50 BRIGGS & STRATTON CORP 1,712
230 BRUNSWICK CORP 3,809
841 CATERPILLAR, INC 28,488
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
97 CUMMINS ENGINE CO, INC $ 2,643
581 DEERE & CO 21,497
471 DOVER CORP 19,104
385 INGERSOLL-RAND CO 15,496
79 MILACRON, INC 1,145
26 NACCO INDUSTRIES, INC (CLASS A) 913
200 * NOVELLUS SYSTEMS, INC 11,312
293 PALL CORP 5,420
144 TIMKEN CO 2,682
16,969 TYCO INTERNATIONAL LTD 803,906
-----------
1,303,560
-----------
TOTAL INDUSTRIAL MACHINERY 3,665,365
-----------
MEDIA AND LEISURE -- 3.59%
BROADCASTING -- 2.85%
3,057 * CLEAR CHANNEL COMMUNICATIONS, INC 229,275
2,200 * COMCAST CORP (CLASS A) SPECIAL 89,100
8,953 DISNEY (WALT) CO 347,488
5,700 * PRICE COMMUNICATIONS CORP 134,306
4,881 TIME WARNER, INC 370,956
1,514 * VIACOM, INC (CLASS A) 103,519
4,703 * VIACOM, INC (CLASS B) 320,685
-----------
1,595,329
-----------
LODGING/GAMING/RECREATION -- 0.24%
307 * HARRAH'S ENTERTAINMENT, INC 6,427
679 HILTON HOTELS CORP 6,365
592 MARRIOTT INTERNATIONAL, INC
(CLASS A) 21,349
4,267 * PREMIER PARKS, INC 97,074
-----------
131,215
-----------
PUBLISHING -- 0.50%
135 AMERICAN GREETINGS CORP (CLASS A) 2,565
167 DELUXE CORP 3,934
287 DONNELLEY (R.R.) & SONS CO 6,475
210 DOW JONES & CO, INC 15,382
646 GANNETT CO, INC 38,638
191 KNIGHT-RIDDER, INC 10,158
458 MCGRAW HILL COS, INC 24,732
122 MEREDITH CORP 4,117
396 NEW YORK TIMES CO (CLASS A) 15,642
4,495 TRIBUNE CO 157,325
-----------
278,968
-----------
TOTAL MEDIA AND LEISURE 2,005,512
-----------
RETAIL AND WHOLESALE -- 3.11%
GENERAL MERCHANDISE STORES -- 3.11%
85 ARMSTRONG HOLDINGS, INC 1,301
260 * CONSOLIDATED STORES CORP 3,120
1,000 * COSTCO WHOLESALE CORP 33,000
243 DILLARDS, INC (CLASS A) 2,976
778 DOLLAR GENERAL CORP 15,171
482 * FEDERATED DEPARTMENT STORES, INC 16,267
173 HARCOURT GENERAL, INC 9,406
362 HASBRO, INC 5,452
1,124 * K MART CORP 7,657
758 * KOHLS CORP 42,163
</TABLE>
46 2000 SEMI-ANNUAL REPORT See notes to financial statements
TIAA-CREF LIFE FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
GENERAL MERCHANDISE STORES -- (CONTINUED)
892 MATTEL, INC $ 11,763
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 47
<PAGE> 49
TIAA-CREF LIFE FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
GENERAL MERCHANDISE STORES -- (CONTINUED)
776 MAY DEPARTMENT STORES CO $ 18,624
932 MINNESOTA MINING & MANUFACTURING
CO 76,890
765 * OFFICE DEPOT, INC 4,781
600 PENNEY, (J.C.) CO, INC 11,062
868 SEARS ROEBUCK & CO 28,318
1,100 * STAPLES, INC 16,912
4,019 TARGET CORP 233,102
100 TIFFANY & CO 6,750
568 * TOYS 'R' US, INC 8,271
20,601 WAL-MART STORES, INC 1,187,132
-----------
TOTAL RETAIL AND WHOLESALE 1,740,118
-----------
TECHNOLOGY -- 22.74%
COMMUNICATIONS EQUIPMENT -- 3.28%
692 * ADC TELECOMMUNICATIONS, INC 58,041
185 * ANDREW CORP 6,209
352 * COMVERSE TECHNOLOGY, INC 32,736
9,245 MOTOROLA, INC 268,682
7,564 NOKIA OYJ ADR 377,727
11,846 NORTEL NETWORKS CORP (U.S.) 808,489
3,114 * QUALCOMM, INC 186,840
362 SCIENTIFIC-ATLANTA, INC 26,969
1,030 * TELLABS, INC 70,490
-----------
1,836,183
-----------
COMPUTERS AND OFFICE EQUIPMENT -- 19.17%
802 * 3COM CORP 46,215
240 * ADAPTEC, INC 5,460
279 ADOBE SYSTEMS, INC 36,270
8,253 * AMERICA ONLINE, INC 435,345
746 * APPLE COMPUTER, INC 39,071
141 AUTODESK, INC 4,890
1,465 AUTOMATIC DATA PROCESSING, INC 78,469
560 * BMC SOFTWARE, INC 20,431
419 * CABLETRON SYSTEMS, INC 10,579
6,009 * CERIDIAN CORP 144,591
30,967 * CISCO SYSTEMS, INC 1,968,339
416 * CITRIX SYSTEMS, INC 7,878
15,996 COMPAQ COMPUTER CORP 408,897
1,453 COMPUTER ASSOCIATES INTERNATIONAL,
INC 74,375
388 * COMPUTER SCIENCES CORP 28,978
827 * COMPUWARE CORP 8,580
10,714 * DELL COMPUTER CORP 528,334
1,100 ELECTRONIC DATA SYSTEMS CORP 45,375
12,410 * EMC CORP 954,794
978 FIRST DATA CORP 48,533
734 * GATEWAY, INC 41,654
207 * HANDSPRING, INC 5,589
2,368 HEWLETT-PACKARD CO 295,704
345 IKON OFFICE SOLUTIONS, INC 1,336
720 IMS HEALTH, INC 12,960
7,134 INTERNATIONAL BUSINESS MACHINES
CORP 781,618
296 * LEXMARK INTERNATIONAL GROUP
(CLASS A) 19,906
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
23,726 * MICROSOFT CORP $ 1,898,080
224 * NCR CORP 8,722
694 * NETWORK APPLIANCE, INC 55,867
772 * NOVELL, INC 7,141
14,506 * ORACLE CORP 1,219,410
625 * PARAMETRIC TECHNOLOGY CORP 6,875
867 PAYCHEX, INC 36,414
620 * PEOPLESOFT, INC 10,385
618 PITNEY BOWES, INC 24,720
4,582 * PSINET, INC 115,122
2,426 SABRE HOLDINGS CORP 69,141
100 * SAPIENT CORP 10,693
582 * SEAGATE TECHNOLOGY, INC 32,010
62 SHARED MEDICAL SYSTEMS CORP 4,522
500 * SIEBEL SYSTEMS, INC 81,781
424 * SILICON GRAPHICS, INC 1,590
8,086 * SUN MICROSYSTEMS, INC 735,320
720 * UNISYS CORP 10,485
900 * VERITAS SOFTWARE CORP 101,714
1,959 * YAHOO, INC 242,671
-----------
10,726,834
-----------
ELECTRONICS AND OTHER TECHNOLOGY -- 0.12%
476 * BEST BUY CO, INC 30,107
471 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP 15,631
449 RADIOSHACK CORP 21,271
-----------
67,009
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 0.17%
749 EASTMAN KODAK CO 44,565
108 POLAROID CORP 1,950
786 RAYTHEON CO (CLASS B) 15,130
1,537 XEROX CORP 31,892
-----------
93,537
-----------
TOTAL TECHNOLOGY 12,723,563
-----------
TRANSPORTATION -- 2.89%
AEROSPACE AND DEFENSE -- 0.20%
1,508 GENERAL DYNAMICS CORP 78,793
254 GOODRICH (B.F.) CO 8,651
931 LOCKHEED MARTIN CORP 23,100
-----------
110,544
-----------
AIR TRANSPORTATION -- 1.18%
3,620 * AMR CORP 95,703
2,088 BOEING CO 87,304
1,581 * CONTINENTAL AIRLINES, INC
(CLASS B) 74,307
317 DELTA AIRLINES, INC 16,028
647 * FEDEX CORP 24,586
164 NORTHROP GRUMMAN CORP 10,865
1,103 SOUTHWEST AIRLINES CO 20,888
348 TEXTRON, INC 18,900
170 U.S. AIRWAYS GROUP, INC 6,630
1,100 UAL CORP 64,006
4,055 UNITED TECHNOLOGIES CORP 238,738
-----------
657,955
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 47
<PAGE> 50
TIAA-CREF LIFE FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
AUTOS, TIRES AND RELATED PRODUCTS -- 1.30%
343 * AUTOZONE, INC $ 7,546
188 COOPER TIRE & RUBBER CO 2,091
1,690 DAIMLERCHRYSLER (U.S.A.) 87,985
388 DANA CORP 8,220
328 DANAHER CORP 16,215
1,333 DELPHI AUTOMOTIVE SYSTEMS CORP 19,411
169 EATON CORP 11,323
2,829 FORD MOTOR CO 121,647
1,319 GENERAL MOTORS CORP 76,584
1,331 * GENERAL MOTORS CORP (CLASS H) 116,795
418 GENUINE PARTS CO 8,360
360 GOODYEAR TIRE & RUBBER CO 7,200
718 HARLEY DAVIDSON, INC 27,643
5,229 HONEYWELL INTERNATIONAL, INC 176,151
210 ITT INDUSTRIES, INC 6,378
145 * NAVISTAR INTERNATIONAL CORP 4,504
184 PACCAR, INC 7,302
242 RYDER SYSTEM, INC 4,582
292 TRW, INC 12,665
370 * VISTEON CORP 4,486
-----------
727,088
-----------
RAILROADS -- 0.16%
1,039 BURLINGTON NORTHERN SANTA FE CORP 23,832
472 CSX CORP 10,000
254 KANSAS CITY SOUTHERN INDUSTRIES,
INC 22,526
769 NORFOLK SOUTHERN CORP 11,438
566 UNION PACIFIC CORP 21,048
-----------
88,844
-----------
WATER TRANSPORTATION -- 0.05%
1,393 CARNIVAL CORP (CLASS A) 27,163
-----------
TOTAL TRANSPORTATION 1,611,594
-----------
UTILITIES -- 9.54%
TELEPHONE -- 7.06%
729 ALLTEL CORP 45,152
7,624 AT & T CORP 241,109
3,709 BELL ATLANTIC CORP 188,463
4,576 BELLSOUTH CORP 195,052
3,139 BROADWING, INC 81,417
325 CENTURYTEL, INC 9,343
2,000 * GLOBAL CROSSING LTD 52,625
2,358 GTE CORP 146,785
12,770 LUCENT TECHNOLOGIES, INC 756,622
1,324 * MEDIA ONE GROUP, INC 88,300
1,790 * NEXTEL COMMUNICATIONS, INC
(CLASS A) 109,525
2,215 * RCN CORP 56,205
16,886 SBC COMMUNICATIONS, INC 730,319
2,026 SPRINT CORP (FON GROUP) 103,326
2,104 * SPRINT CORP (PCS GROUP) 125,188
1,174 U.S. WEST, INC 100,670
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
8,430 * VIATEL, INC $ 240,781
2,600 * WESTERN WIRELESS CORP (CLASS A) 141,700
11,768 * WORLDCOM, INC 539,857
-----------
3,952,439
-----------
ELECTRIC, GAS AND OTHER -- 2.48%
1,060 AES CORP 48,362
409 * ALLIED WASTE INDUSTRIES, INC 4,090
330 AMEREN CORP 11,137
6,059 AMERICAN ELECTRIC POWER CO, INC 179,497
4,176 CINERGY CORP 106,227
246 CMS ENERGY CORP 5,442
486 COASTAL CORP 29,585
176 COLUMBIA ENERGY GROUP 11,550
513 CONSOLIDATED EDISON, INC 15,197
351 CONSTELLATION ENERGY GROUP 11,429
276 CP & L ENERGY, INC 8,814
566 DOMINION RESOURCES, INC 24,267
10,688 DTE ENERGY CO 326,652
850 DUKE ENERGY CORP 47,918
46 EASTERN ENTERPRISES CO 2,898
808 EDISON INTERNATIONAL CO 16,564
515 EL PASO ENERGY CORP 26,232
577 ENTERGY CORP 15,687
556 FIRSTENERGY CORP 12,996
224 FLORIDA PROGRESS CORP 10,500
418 FPL GROUP, INC 20,691
3,588 GPU, INC 97,100
273 NEW CENTURY ENERGIES, INC 8,190
463 * NIAGARA MOHAWK HOLDINGS, INC 6,453
79 NICOR, INC 2,577
355 NORTHERN STATES POWER CO 7,166
64 ONEOK, INC 1,660
432 PECO ENERGY CO 17,415
56 PEOPLES ENERGY CORP 1,813
894 PG&E CORP 22,014
198 PINNACLE WEST CAPITAL CORP 6,707
342 PPL CORP 7,502
505 PUBLIC SERVICE ENTERPRISE GROUP,
INC 17,485
681 RELIANT ENERGY, INC 20,132
450 SEMPRA ENERGY 7,650
1,481 SOUTHERN CO 34,525
3,348 TXU CORP 98,766
513 UNICOM CORP 19,846
1,501 WASTE MANAGEMENT, INC 28,519
1,100 WILLIAMS COS, INC 46,136
-----------
1,387,391
-----------
TOTAL UTILITIES 5,339,830
-----------
TOTAL COMMON STOCK
(Cost $53,108,067) 55,443,813
-----------
</TABLE>
48 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 51
TIAA-CREF LIFE FUNDS GROWTH & INCOME FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<C> <C> <S> <C>
SHORT TERM INVESTMENT -- 0.93%
U.S. GOVERNMENT AND AGENCY -- 0.93%
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
$522,000 6.570%, 07/03/00 $ 521,809
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $521,809) 521,809
-----------
TOTAL PORTFOLIO 100.03%
(Cost $53,629,876) 55,965,622
OTHER ASSETS AND LIABILITIES, NET -- (0.03%) (18,613)
-----------
NET ASSETS -- 100.00% $55,947,009
===========
</TABLE>
---------------
* Non-income producing
See notes to financial statements 2000 SEMI-ANNUAL REPORT 49
<PAGE> 52
TIAA-CREF LIFE FUNDS INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited) SUMMARY BY COUNTRY
June 30, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------
VALUE %
-------------------------------------------------------------
<S> <C> <C>
DOMESTIC
UNITED STATES $ 1,154,086 2.66%
----------- ------
TOTAL DOMESTIC 1,154,086 2.66
----------- ------
FOREIGN
AUSTRALIA 759,000 1.75
AUSTRIA 41,905 0.10
BELGIUM 168,473 0.39
CANADA 201,010 0.46
DENMARK 156,732 0.36
FINLAND 2,145,946 4.94
FRANCE 2,839,259 6.53
GERMANY 4,034,226 9.28
HONG KONG 1,390,474 3.20
INDIA 362,611 0.83
IRELAND 191,296 0.44
ISRAEL 508,200 1.17
ITALY 1,111,482 2.56
JAPAN 9,365,644 21.54
NETHERLANDS 3,288,079 7.56
NEW ZEALAND 28,655 0.07
NORWAY 84,952 0.19
PORTUGAL 100,718 0.23
SINGAPORE 1,081,841 2.49
SPAIN 697,370 1.60
SWEDEN 1,682,970 3.87
SWITZERLAND 1,292,062 2.97
TAIWAN 210,878 0.48
UNITED KINGDOM 10,227,824 23.53
----------- ------
TOTAL FOREIGN 41,971,607 96.54
SHORT TERM INVESTMENT 349,872 0.80
----------- ------
TOTAL PORTFOLIO $43,475,565 100.00%
=========== ======
</TABLE>
50 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 53
TIAA-CREF LIFE FUNDS INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
PREFERRED STOCK -- 0.88%
MEDIA AND LEISURE -- 0.88%
BROADCASTING -- 0.88%
3,083 PROSIEBEN MEDIA AG. $ 387,148
-----------
TOTAL MEDIA AND LEISURE 387,148
-----------
TOTAL PREFERRED STOCK
(Cost $415,724) 387,148
-----------
COMMON STOCK -- 97.74%
BASIC INDUSTRIES -- 2.83%
CHEMICALS AND PLASTIC -- 1.84%
3,000 ASAHI CHEMICAL INDUSTRY CO LTD 21,266
1,384 BASF AG. 55,853
1,093 BOC GROUP PLC 15,719
1,000 DAICEL CHEMICAL INDUSTRIES LTD 3,232
1,000 DAINIPPON INK & CHEMICAL, INC 4,716
2,000 DENKI KAGKU KOGYO 8,884
200 FANCL CORP 19,073
20 * GIVAUDAN AG. 6,106
1,000 IWATANI & CO LTD 1,833
1,000 KANEKA CORP 11,049
1,000 KAO CORP 30,623
191 L'AIR LIQUIDE 25,010
12 LONZA AG. (REGD) 6,272
155 LOREAL S.A. 134,763
4,000 MITSUBISHI CHEMICAL CORP 16,445
2,000 MITSUBISHI GAS CHEMICAL CO, INC 6,710
90,686 OMNI INDUSTRIES LTD 149,484
526 ORICA LTD 2,393
1,000 SEKISUI CHEMICAL CO LTD 3,856
1,000 SHIN-ETSU CHEMICAL CO LTD 50,850
1,000 SHISEIDO & CO LTD 15,500
1,000 * SHOWA DENKO K.K. 1,474
6 SIKA FINANZ AG. (BR) 2,014
195 SOLVAY ET CIE S.A. 13,178
4,000 SUMITOMO CHEMICAL CO LTD 24,120
2,000 TAKEDA CHEMICAL INDUSTRIES LTD 131,567
2,000 TEIJIN LTD 9,773
3,000 TORAY INDUSTRIES, INC 12,192
1,000 TOSOH CORP 5,056
2,000 UBE INDUSTRIES LTD 6,275
662 WESFARMERS LTD 5,286
12 ZODIAC S.A. 2,451
-----------
803,023
-----------
STEEL AND OTHER METALS -- 0.68%
131 ACERINOX S.A. 3,804
10 * ALUSUISSE LONZA HOLDINGS AG. (REGD) 6,537
51 BEKAERT S.A. 2,644
5,833 * CORUS GROUP PLC 8,521
1,521 GKN PLC 19,411
57 GROUP 4 FALCK A/S 9,184
409 JOHNSON MATTHEY PLC 5,758
7,000 KAWASAKI STEEL CORP 10,056
430 MAGNETI MARELLI S.P.A. 2,250
4,623 MIM HOLDINGS LTD 2,498
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
2,000 MITSUBISHI MATERIALS CORP $ 8,204
1,000 MITSUI MINING & SMELTING CO LTD 7,608
16,000 NIPPON STEEL CORP 33,723
23 NKT HOLDINGS AS 3,842
1,975 NORTH LTD 4,684
151 OUTOKUMPU OYJ SERIES A 1,447
213 PECHINEY S.A. 8,922
347 PREUSSAG AKTIEGESELLSCHAFT AG. 11,259
647 RIO TINTO LTD 10,729
2,323 RIO TINTO LTD PLC (REGD) 37,981
100 SMC CORP 18,856
367 SMITH (HOWARD) LTD 1,798
12,000 * SUMITOMO METAL INDUSTRIES LTD 8,279
1,112 THYSSEN KRUPP AG. 18,174
1,000 TOSTEM CORP 16,351
1,000 TOYO SEIKAN KAISHA LTD 18,714
451 USINOR 5,525
2,711 WMC LTD 12,164
-----------
298,923
-----------
PAPER AND FOREST PRODUCTS -- 0.31%
1,319 AMCOR LTD 4,625
2,134 ARJO WIGGINS APPLETON PLC 8,302
174 ASSIDOMAN AB 2,489
197 BUHRMANN NV 5,655
1,450 BUNZL PLC 7,770
3,000 CARTER HOLT HARVEY LTD 2,612
2,400 FLETCHER CHALLENGE LTD (PAPER
DIVISION) 2,756
2,900 JEFFERSON SMURFIT GROUP PLC 5,003
1,000 MITSUBISHI PAPER MILLS LTD 2,325
1,000 NGK INSULATORS LTD 12,419
2,000 NIPPON PAPER INDUSTRIES CO 13,686
75 NORSKE SKOGINDUSTRIER SERIES A 2,149
2,000 OJI PAPER CO LTD 13,799
731 REXAM PLC 2,844
515 SCA AB SERIES B 9,835
2,000 SEKISUI HOUSE LTD 18,544
100 UNI CHARM CORP 6,067
596 UPM-KYMMENE OYJ 14,854
-----------
135,734
-----------
TOTAL BASIC INDUSTRIES 1,237,680
-----------
BUSINESS SERVICES -- 3.90%
ADVERTISING AND OTHER SERVICES -- 3.90%
36 ADECCO S.A. (REGD) 30,685
13 * ASIAINFO HOLDINGS, INC 580
200 BENESSE CORP 13,894
489 CAPITA GROUP PLC 11,970
35,523 HAYS PLC 198,172
100 * ISS- INTERNATIONAL SERVICE SYSTEM
AS 7,645
5,376 RENTOKIL INITIAL PLC 12,208
35,508 REUTERS GROUP PLC 605,824
1,000 SECOM CO LTD 73,250
796 SECURITAS AB SERIES B FREE 16,971
3,000 SEMBCORP INDUSTRIES LTD 3,262
6,000 SINGAPORE TECHNOLOGIES ENGINEERING
LTD 8,814
14 SURVEILLANCE S.A. SOCIETE DE 5,897
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 51
<PAGE> 54
TIAA-CREF LIFE FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
ADVERTISING AND OTHER SERVICES -- (CONTINUED)
211 VEDIOR NV $ 2,619
5,000 WHARF HOLDINGS LTD 8,948
48,267 WPP GROUP PLC 705,139
-----------
TOTAL BUSINESS SERVICES 1,705,878
-----------
CONSTRUCTION AND REAL ESTATE -- 1.78%
BUILDING MATERIALS -- 1.07%
3,000 ASAHI GLASS CO LTD 33,600
1,312 BLUE CIRCLE INDUSTRIES PLC 8,471
1,540 BORAL LTD 1,941
1,507 CARADON PLC 3,444
279 CIMENTOS DE PORTUGAL 5,348
6,314 CRH PLC 114,160
1,000 CRH PLC (UNITED KINGDOM) 18,117
2,318 CSR LTD 6,457
16,289 HANSON PLC 115,161
114 * HEIDELBERGER ZEMENT AG. (GERMANY) 7,059
17 HOLDERBANK FINANCIERE GLARUS AG.
(BR) 20,909
14 * IMERYS S.A. 1,631
1,643 IMPERIAL CHEMICAL INDUSTRY PLC 13,046
310 ITALCEMENTI S.P.A. 2,927
1,000 KYUNDENKO CO LTD 3,015
222 LAFARGE S.A. (BR) 17,322
1,000 NIPPON SHEET GLASS CO LTD 13,931
1,738 PIONEER INTERNATIONAL LTD 5,029
489 RMC GROUP PLC 6,366
347 SCHNEIDER ELECTRIC S.A. 24,282
195 * ST. GOBAIN S.A. 26,468
4,000 TAIHEIYO CEMENT CORP 8,393
200 WIENERBERGER BAUSTOFF AG. 4,560
1,075 WOLSELEY PLC 5,777
-----------
467,414
-----------
CONSTRUCTION -- 0.29%
110 ACS ACTIVIDADES DE CONSTRUCCION Y
SERVICIOS S.A. 3,110
592 AUTOPISTAS CONCESIONARIA ESPANOLA
S.A. 5,169
592 * AUTOPISTAS CONCESIONARIA ESPANOLA
S.A. RTS 255
590 BARRATT DEVELOPMENTS PLC 2,335
63 BOUYGUES S.A. 42,273
622 BRISA-AUTO ESTRADAS DE PORTUGAL
S.A. 5,378
300 DAITO TRUST CONSTRUCTION CO LTD 4,962
1,000 DAIWA HOUSE INDUSTRY CO LTD 7,315
452 DRAGADOS Y CONSTRUCCIONES S.A. 3,253
268 FOMENTO CONSTRUCCIONES Y CONTRATAS
S.A. 5,086
3,000 * FUJITA CORP 1,474
51 GROUPE GTM 4,791
173 HOCHTIEF AG. 5,290
2,000 KAJIMA CORP 6,389
1,000 OBAYASHI CORP 4,432
1,000 SHIMIZU CORP 2,863
254 SKANSKA AB SERIES B FREE 9,050
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
4,000 TAISEI CORP $ 6,427
1,153 TAYLOR WOODROW PLC 2,644
35 VA TECHNOLOGIE AG. (BR) 1,851
-----------
124,347
-----------
REAL ESTATE -- 0.42%
1,355 BRITISH LAND PLC 8,307
2,000 CITY DEVELOPMENT LTD 7,750
2,000 DBS LAND LTD 2,591
3,742 GENERAL PROPERTY TRUST 6,043
396 HAMMERSON PLC 2,661
3,000 HANG LUNG DEVELOPMENT CO LTD 2,328
3,000 HENDERSON LAND DEVELOPMENT CO LTD 13,200
3,000 HYSAN DEVELOPMENT CO LTD 3,155
573 MEPC PLC 4,719
147 METROVACESA S.A. 2,480
950 MIRVAC GROUP 1,933
3,000 MITSUBISHI ESTATE CO LTD 35,387
2,000 MITSUI FUDOSAN CO LTD 21,738
4,000 NEW WORLD DEVELOPMENT CO LTD 4,464
1,000 PARKWAY HOLDINGS LTD 2,556
35 SIMCO (REGD) 2,566
10,000 SINO LAND CO LTD 3,527
921 SLOUGH ESTATES PLC 5,110
6,000 SUN HUNG KAI PROPERTIES LTD 43,104
1,000 TOKYO TATEMONO CO LTD 2,136
374 WCM BETEILIGUNGS & GRUNDBESITZ AG. 8,815
-----------
184,570
-----------
TOTAL CONSTRUCTION AND REAL ESTATE 776,331
-----------
CONSUMER DURABLE -- 12.15%
HOME APPLIANCES AND FURNISHINGS -- 11.84%
200 ADVANTEST CORP 44,706
20,000 ALPS ELECTRIC CO LTD 372,396
7,903 * ASM LITHOGRAPHY HOLDINGS NV 341,059
28 BARCO NV 3,153
5,429 * CHARTERED SEMICONDUCTOR
MANUFACTURING LTD ADR 488,610
2,000 * CHARTERED SEMICONDUCTOR
MANUFACTURING LTD (SINGAPORE) 17,466
818 ELECTROLUX AB SERIES B 12,730
1,868 * EPCOS AG. 187,104
8,000 FUJITSU LTD 277,501
7,000 HITACHI LTD 101,227
7,054 * INFINEON TECHNOLOGIES AG. 558,193
3,180 KONINKLIJKE PHILIPS ELECTRONICS NV 150,586
400 KYOCERA CORP 68,014
5,000 MATSUSHITA ELECTRIC INDUSTRIAL CO
LTD 129,960
3,000 MURATA MANUFACTURING CO LTD 431,564
1,000 NATSTEEL ELECTRONICS LTD 3,065
4,000 NIPPON ELECTRIC CORP 125,896
1,000 PIONEER CORP 39,035
1,700 ROHM CO 498,104
4,000 SANYO ELECTRIC CO LTD 36,067
3,000 SHARP CORP 53,165
2,600 SONY CORP 243,286
933 * ST ASSEMBLY TEST SERVICES LTD ADR 24,024
</TABLE>
52 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 55
TIAA-CREF LIFE FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
HOME APPLIANCES AND FURNISHINGS -- (CONTINUED)
7,406 ST MICROELECTRONICS NV $ 468,554
5,442 TAIWAN SEMICONDUCTOR MANUFACTURING
CO LTD ADR 210,877
8,000 TOSHIBA CORP 90,509
1,000 VENTURE MANUFACTURING LTD
(SINGAPORE) 10,179
1,000 YAMAHA CORP 10,954
7,000 YOKOWO CO LTD 178,967
-----------
5,176,951
-----------
TEXTILE APPAREL AND ACCESSORIES -- 0.31%
82 ADIDAS SALOMON AG. 4,554
100 AOYAMA TRADING CO LTD 1,446
3,648 BENETTON GROUP S.P.A. 7,658
651 BULGARI S.P.A. 8,736
1,000 CASIO COMPUTER CO LTD 11,247
1,000 CITIZEN WATCH CO LTD 9,678
3,000 ESPRIT HOLDINGS LTD 3,117
1,000 GUNZE LTD 3,894
1,850 HENNES & MAURITZ AB SERIES B 38,810
1,000 KURARAY CO LTD 11,493
1,000 NISSHINBO INDUSTRY, INC 5,292
1,000 NITTO BOSEKI CO LTD 1,748
2,415 PACIFIC DUNLOP LTD 2,160
73 THE SWATCH GROUP AG. (REGD) 19,102
1,000 TOYOBO CO LTD 1,975
2,000 WING TAI HOLDINGS LTD 1,422
100 WORLD CO LTD 4,347
-----------
136,679
-----------
TOTAL CONSUMER DURABLE 5,313,630
-----------
ENERGY -- 4.77%
OIL, GAS AND OTHER ENERGY SERVICES -- 4.77%
64,811 BP AMOCO PLC 622,063
659 BP AMOCO PLC (SPONS ADR) 37,274
4,322 BROKEN HILL PROPRIETARY CO LTD 51,251
17 COFLEXIP S.A. 2,069
2,000 COSMO OIL CO LTD 3,686
18,727 ENTE NAZIONALE IDROCARBURI S.P.A. 108,606
1,200 FLETCHER CHALLENGE LTD
(ENERGY DIVISION) 3,926
11,261 IHC CALAND NV 550,528
2,000 * JAPAN ENERGY CORP 2,154
2,518 LONDON & SCOTTISH MARINE OIL PLC 5,355
3,000 NIPPON MITSUBISHI OIL CO 13,780
800 NORSK HYDRO AS 33,694
63 OMV AKTIENGESELLS AG. 5,495
213 * PETROLEUM GEO-SERVICES AS 3,650
2,656 REPSOL S.A. 53,084
5,033 ROYAL DUTCH PETROLEUM CO 314,080
1,559 SANTOS LTD 4,764
23 TECHNIP S.A. 2,793
1,742 TOTAL FINA ELF S.A. 268,179
-----------
TOTAL ENERGY 2,086,431
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
FINANCE -- 13.22%
BANKS, SAVINGS AND LOANS -- 7.72%
3,160 ABBEY NATIONAL PLC $ 37,792
3,284 ABN-AMRO HOLDINGS NV 80,777
2,345 ALLIED IRISH BANK PLC 21,062
21,000 ASAHI BANK LTD 88,524
2,000 * ASHIKAGA BANK LTD 4,158
10,772 BANCA DI ROMA 13,279
1,072 BANCA INTESA RISP S.P.A. 2,548
11,288 BANCA INTESA S.P.A. 50,748
377 BANCA POPOLARE DI MILANO 2,728
2,073 BANCO COMERCIAL PORTUGUES S.A.
(REGD) 10,829
244 BANCO ESPIRITO SANTO S.A. 6,011
9,795 BANCO SANTANDER CENTRAL HISPANO
S.A. 103,752
300 BANK AUSTRIA AG. 14,672
3,000 BANK OF EAST ASIA LTD 7,004
1,000 BANK OF FUKUOKA LTD 6,824
19,000 BANK OF TOKYO MITSUBISHI LTD 230,044
2,000 BANK OF YOKOHAMA LTD 8,979
3,345 BARCLAYS PLC 83,201
938 BAYERISCHE HYPO-UND VEREINSBANK AG. 60,836
7,297 BCO BILBAO VIZCAYA ARGENTARIA S.A. 109,468
1,020 BNP PARIBAS GROUP 98,558
1,171 BPI-SGPS S.A. (REGD) 4,153
1,600 CHRISTIANIA BANK OG KREDITKASSE 8,629
1,000 CHUO MITSUI TRUST & BANKING CO LTD 4,366
3,072 COMMONWEALTH BACK OF AUSTRALIA 51,073
649 CREDIT SUISSE GROUP (REGD) 129,515
4,000 DAIWA BANK LTD 10,396
3,000 DBS GROUP HOLDINGS LTD 38,519
138 DEN DANSKE BANK AF 1871 16,668
1,378 DEUTSCHE BANK AG. (REGD) 113,864
2,300 DNB HOLDING ASA 9,579
1,139 DRESDNER BANK AG. (REGD) 47,058
1,128 FORENINGSSPARBANKEN AB 16,590
8,000 FUJI BANK LTD 60,944
1,000 GUNMA BANK LTD 5,170
4,700 HANG SENG BANK LTD 44,618
3,000 * HOKURIKU BANK LTD 6,975
20,068 HSBC HOLDINGS PLC (UNITED KINGDOM) 229,527
7,000 INDUSTRIAL BANK OF JAPAN LTD 53,194
2,000 JOYO BANK 7,712
689 KBC BANCASSURANCE HOLDINGS NV 30,447
12,869 LLOYDS TSB GROUP PLC 121,569
3,000 MITSUBISHI TRUST & BANKING CORP 23,336
3,653 NATIONAL AUSTRALIA BANK LTD 61,189
4,167 NORDIC BALTIC HOLDING (NBH) AB 31,594
2,540 NORDIC BALTIC HOLDING AB 18,604
3,000 OVERSEAS CHINESE BANKING CORP LTD 20,648
5,829 ROYAL BANK OF SCOTLAND PLC 97,599
31,000 SAKURA BANK LTD 214,770
10,474 SAN PAOLO-IMI S.P.A. 186,648
10,000 SANWA BANK LTD 79,961
1,000 SEVENTY-SEVEN (77) BANK LTD 8,015
2,000 SHIZUOKA BANK LTD 17,013
1,578 * SKANDINAVISKA ENSKILDA BANKEN
SERIES A 18,801
932 SOCIETE GENERALE S.A. 56,284
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 53
<PAGE> 56
TIAA-CREF LIFE FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BANKS, SAVINGS AND LOANS -- (CONTINUED)
15,000 SUMITOMO BANK LTD $ 184,308
561 SUNCORP-METWAY LTD 2,904
1,593 SVENSKA HANDELSBANKEN SERIES A 23,248
6,000 TOKAI BANK LTD 29,659
1,002 UBS AG. (REGD) 147,274
11,801 UNICREDITO ITALIANO S.P.A. 56,674
2,000 UNITED OVERSEAS BANK LTD 13,071
4,100 WESTPAC BANKING CORP 29,663
-----------
3,373,623
-----------
CREDIT AND OTHER FINANCE -- 1.99%
300 ACOM CO LTD 25,292
3,512 ALLIED ZURICH PLC 41,550
1,284 * CANARY WHARF FINANCE PLC 7,163
184 CORPORACION FINANCIERE ALBA S.A. 4,868
300 CREDIT SAISON CO LTD 6,975
172 DROTT AB SERIES B 1,863
9 EURAFRANCE S.A. 4,326
20 * GROUP POUR LE FINANCEMENT
CONSTRUCTION 2,149
5,003 HALIFAX PLC 48,019
22,000 HUTCHINSON WHAMPOA LTD 276,586
6,099 ICICI LTD (SPONS ADR) 114,356
2,267 * ING GROEP NV 153,856
473 IRISH LIFE AND PERMANENT PLC 4,003
2,000 JACCS CO 6,408
1,019 LAND SECURITIES PLC 12,187
1,000 LEND LEASE CORP LTD 12,793
1,177 MEDIOBANCA S.P.A. 12,185
200 NICHIEI CO LTD (KYOTO) 3,289
100 ORIX CORP 14,791
200 PROMISE CO LTD 15,841
487 PROVIDENT FINANCIAL PLC 5,124
1,000 * QPL INTERNATIONAL HOLDINGS LTD 1,436
553 SCHRODERS PLC (NEW) 9,945
3,000 SUMITOMO CORP 33,827
300 TAKEFUJI CORP 36,322
2,000 TOKYU CORP 9,905
3,705 WESTFIELD TRUST (UNITS) 7,209
-----------
872,268
-----------
INSURANCE -- 2.78%
3,135 * AEGON NV 112,002
583 ALLIANZ AG. (REGD) 210,298
2,499 AMP LTD 25,507
2,932 ASSICURAZIONI GENERALI S.P.A. 100,899
905 AXA 143,141
4,575 CGNU PLC 76,186
1,694 FORTIS B 49,494
18 GENERALI HOLDING VIENNA 2,907
11,413 LEGAL & GENERAL GROUP PLC 26,694
1,000 MITSUI TAISHO MARINE & FIRE CO LTD 4,820
415 MUENCHENER RUECKVER AG. (REGD) 130,880
94 POHJOLA INSURANCE CO LTD SERIES B 3,335
4,352 PRUDENTIAL PLC 63,776
891 QBE INSURANCE GROUP LTD 4,371
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
1,652 RAS S.P.A. $ 18,211
114 SAI S.P.A. 2,027
71 SAMPO INSURANCE CO SERIES A 2,892
2,288 SKANDIA FORSAKRINGS AB 60,782
582 UNI-STOREBRAND AS SERIES A 4,221
1,000 SUMITOMO MARINE & FIRE INSURANCE CO 5,831
33 SWISS REINSURANCE 67,478
4,000 TOKIO MARINE & FIRE INSURANCE CO
LTD 46,275
107 ZURICH ALLIED AG. 53,037
-----------
1,215,064
-----------
SECURITIES AND COMMODITIES -- 0.73%
1,329 3I GROUP PLC 27,342
1,709 AMVESCAP PLC 27,424
3,000 DAIWA SECURITIES GROUP, INC 39,697
3,000 * ITOCHU CORP 15,169
3,000 * MARUBENI CORP 10,349
4,000 MITSUBISHI CORP 36,256
4,000 MITSUI & CO LTD 30,623
5,000 NOMURA SECURITIES CO LTD 122,635
187 OM GRUPPEN AB 8,400
-----------
317,895
-----------
TOTAL FINANCE 5,778,850
-----------
FOODS AND RELATED -- 4.64%
BEVERAGES, OTHER FOOD PRODUCTS -- 4.45%
2,000 AJINOMOTO CO LTD 25,708
1,000 ASAHI BREWERIES LTD 11,994
51 AUSTRIA TABAKWERKE AG. 1,896
569 AUTOGRILL S.P.A. 6,092
177 AZUCARERA EBRO AGRICOLAS S.A. 2,120
1,980 BASS PLC 22,271
4,567 CADBURY SCHWEPPES LTD 30,006
285 CARLSBERG BREWERIES AS (CLASS A) 8,423
1,649 CARREFOUR SUPERMARCHE S.A. 113,179
191 CASINO GUICHARD-PERRACHON S.A. 17,759
2,297 COCA COLA AMATIL LTD 4,482
91 COLRUYT S.A. 3,871
12,753 COMPASS GROUP PLC 168,065
252 DANISCO AS 8,451
311 DANONE GROUP 41,438
100 DELHAIZE FRERES NV 6,005
7,628 DIAGEO PLC (CLASS A) 68,479
47 ERIDANIA BEGHIN-SAY S.A. 4,622
4,086 FOSTERS BREWING GROUP LTD 11,530
1,000 FRASER & NEAVE LTD 3,557
3,425 GOODMAN FIELDER LTD 2,549
684 HEINEKEN NV 41,799
1,000 ITO-YOKADO CO LTD 60,301
199 JERONIMO MARTINS SGPS S.A. 3,292
148 KAMPS AG. 4,752
282 KERRY GROUP (CLASS A) 3,700
1,000 KIKKOMAN CORP 7,722
3,000 KIRIN BREWERY CO LTD 37,570
3,000 LI & FUNG LTD 15,009
1,000 LION NATHAN LTD 2,236
231 LVMH MOET HENNESSY LOUIS VUITTON 95,637
</TABLE>
54 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 57
TIAA-CREF LIFE FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BEVERAGES, OTHER FOOD PRODUCTS -- (CONTINUED)
1,000 MEIJI SEIKA KAISHA LTD $ 6,635
93 NESTLE S.A. (REGD) 186,736
534 NEW UNIGATE PLC 2,344
1,000 NIPPON MEAT PACKERS, INC 14,650
1,000 NISSHIN FLOUR MILLING CO LTD 10,018
100 NISSIN FOOD PRODUCTS CO LTD 2,551
600 ORKLA ASA 11,441
140 OYJ HARTWALL ABP 2,818
2,133 PARMALAT FINANZIARIA S.P.A. 3,022
143 PERNOD-RICARD S.A. 7,813
448 * RINASCENTE S.P.A. 2,550
21,159 ROYAL AHOLD NV 625,318
3,602 SAINSBURY (J) PLC 16,359
62 SODEXHO ALLIANCE S.A. 11,292
1,570 SOUTHCORP LTD 4,543
614 SWEDISH MATCH CO 1,904
1,000 TAKARA SHUZO CO LTD 24,999
851 TATE & LYLE PLC 4,251
372 * TELEPIZZA S.A. 2,103
16,462 TESCO PLC 51,214
6,483 UNILEVER LTD 39,258
1,277 UNILEVER NV CERTIFICATE 58,818
9 VALORA HOLDINGS AG. (REGD) 2,507
2,733 WOOLWORTHS LTD 10,116
1,000 YAMAZAKI BAKING CO LTD 9,829
-----------
1,947,604
-----------
TOBACCO -- 0.19%
825 ALTADIS S.A. 12,724
408 BRITISH AMERICAN TOBACCO AUSTRALIA
LTD 2,572
4,987 BRITISH AMERICAN TOBACCO PLC 33,294
4 JAPAN TOBACCO, INC 35,198
-----------
83,788
-----------
TOTAL FOODS AND RELATED 2,031,392
-----------
HEALTH -- 6.01%
DRUGS AND PHARMACEUTICALS -- 5.44%
618 AKZO NOBEL NV 26,362
4,288 ASTRAZENECA PLC (UNITED KINGDOM) 200,265
1,854 AVENTIS S.A. 135,868
1,591 BAYER AG. 62,346
183 BEIERSDORF AG. 15,787
2,317 BOOTS CO LTD 17,643
491 * CELLTECH GROUP PLC 9,514
1,000 CHUGAI PHARMACEUTICAL CO LTD 18,950
271 CSL LTD 5,375
1,000 DAIICHI PHARMACEUTICAL CO LTD 25,425
1,000 EISAI CO LTD 32,135
133 GEHE AG. 4,398
30,127 GLAXO WELLCOME PLC 878,890
1,000 KYOWA HAKKO KOGYO CO LTD 9,801
374 MERCK & CO KGAA 12,010
169 NOVARTIS AG. (REGD) 268,560
200 NOVO NORDISK AS (CLASS B) 34,180
1,184 NYCOMED AMERSHAM PLC 11,758
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
20 ROCHE HOLDINGS AG. (GENUSSCHEINE) $ 195,318
1,000 SANKYO CO LTD 22,636
1,557 SANOFI-SYNTHELABO S.A. 74,476
432 SCHERING AG. 23,769
1,000 SHIONOGI & CO LTD 19,045
13,170 * SMITHKLINE BEECHAM/BECKMAN LTD 172,464
1,000 TAISHO PHARMACEUTICAL CO LTD 35,916
300 UCB S.A. 11,065
1,000 YAMANOUCHI PHARMACEUTICAL CO LTD 54,725
-----------
2,378,681
-----------
MEDICAL EQUIPMENT AND SUPPLIES -- 0.57%
28 ESSILOR INTERNATIONAL S.A. 8,057
600 FANUC LTD 61,190
178 FRESENIUS MEDICAL CARE AG. 14,250
367 GAMBRO AB (CLASS A) 3,012
1,036 IMI PLC 4,438
8,131 INVENSYS PLC 30,527
300 KEYENCE CORP 99,242
2,091 SMITH & NEPHEW PLC 7,723
155 WILLIAM DEMANT AS 4,600
1,369 WILLIAMS PLC 7,979
1,000 YOKOGAWA ELECTRIC CORP 10,018
-----------
251,036
-----------
TOTAL HEALTH 2,629,717
-----------
INDUSTRIAL MACHINERY -- 3.49%
ELECTRICAL -- 2.78%
663 ABB LTD (SWITZERLAND) 79,609
55,875 * ARM HOLDINGS PLC 598,890
809 * ELECTROCOMPONENTS PLC 8,267
19,787 ERG LTD 154,090
2,000 FURUKAWA ELECTRIC CO LTD 41,871
23,200 JOHNSON ELECTRIC HOLDINGS LTD 219,498
6,000 MITSUBISHI ELECTRIC CORP 65,103
1,000 NGK SPARK PLUG CO LTD 15,510
2,000 SUMITOMO ELECTRIC INDUSTRIES CO 34,366
-----------
1,217,204
-----------
OTHER INDUSTRIAL EQUIPMENT -- 0.71%
1,000 AMADA CO LTD 8,506
480 ATLAS COPCO AB SERIES B FREE 9,030
172 BUDERUS AG. 2,745
1,000 DAIKIN INDUSTRIES LTD 23,298
1,000 EBARA CORP 13,582
1,086 * FKI PLC 3,863
190 FLS INDUSTRIES AS (CLASS B) 2,929
2,000 * ISHIKAWAJIMA-HARIMA HEAVY
INDUSTRIES 3,629
2,000 KOMATSU LTD 14,101
45 KONE CORP SERIES B 2,717
3,000 KUBOTA CORP 10,916
204 LINDE AG. 8,232
162 METSO OYJ 1,956
1,000 MINEBEA CO LTD 12,570
8,000 MITSUBISHI HEAVY INDUSTRIES LTD 35,538
1,000 NSK LTD 8,790
525 SANDVIK AB 11,073
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 55
<PAGE> 58
TIAA-CREF LIFE FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
OTHER INDUSTRIAL EQUIPMENT -- (CONTINUED)
63 SIDEL S.A. $ 5,130
7 * SULZER WINTERTHUR AG. (REGD) 4,670
248 SVENKA KULLAGERFABRIKEN AB SERIES B 4,170
2,000 THK CO LTD 101,322
174 TOMRA SYSTEMS AS 4,631
420 VESTAS WIND SYSTEMS A/S 15,489
-----------
308,887
-----------
TOTAL INDUSTRIAL MACHINERY 1,526,091
-----------
MEDIA AND LEISURE -- 4.48%
BROADCASTING -- 1.02%
4,266 * BRITISH SKY BROADCASTING GROUP PLC 83,441
273 CANAL PLUS S.A. 46,058
1,159 CARLTON COMMUNICATIONS PLC 14,914
263 * EM.TV & MERCHANDISING AG. 15,555
9 FUJI TELEVISION NETWORK, INC 141,208
2,634 MEDIASET S.P.A. 40,398
1,657 RANK GROUP PLC 3,838
1,000 TELEVISION BROADCASTS LTD 6,670
7,000 TOEI CO LTD 51,275
1,000 TOKYO BROADCASTING SYSTEMS, INC 43,288
-----------
446,645
-----------
LODGING/GAMING/RECREATION -- 0.29%
406 ACCOR S.A. 16,707
14 CLUB MEDITERRANEE S.A. 1,904
1,823 EMI GROUP PLC 16,559
4,562 GRANADA GROUP LTD (CLASS A) 45,582
2,792 HILTON GROUP PLC 9,806
200 ORIENTAL LAND CO LTD 20,472
5,000 SHANGRI-LA ASIA LTD 5,901
336 * SOL MELIA S.A. 3,768
921 TABCORP HOLDINGS LTD 5,308
-----------
126,007
-----------
PUBLISHING -- 3.17%
2,000 DAI NIPPON PRINTING CO LTD 35,330
15,369 ELSEVIER UTIGEVERSMIJ NV 186,956
1,400 INDEPENDENT NEWS & MEDIA PLC 5,099
3,748 LAGARDERE SCA 287,423
261 MONDADORI (ARNOLDO) EDITORE S.P.A. 5,979
9,292 NEWS CORP LTD 128,319
19,351 PEARSON PLC 615,204
2,140 REED INTERNATIONAL PLC 18,628
200 SCHIBSTED ASA 3,720
1,200 SHOBUNSHA PUBLICATIONS, INC 42,078
1,000 SINGAPORE PRESS HOLDINGS LTD 15,616
5,000 SOUTH CHINA MORNING POST 3,880
2,000 TOPPAN PRINTING CO LTD 21,209
569 WOLTERS KLUWER NV 15,217
-----------
1,384,658
-----------
TOTAL MEDIA AND LEISURE 1,957,310
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
RETAIL AND WHOLESALE -- 1.13%
GENERAL MERCHANDISE STORES -- 1.13%
52 BIC S.A. $ 2,557
2,575 COLES MYER LTD 9,916
113 CORTEFIEL S.A. 2,461
1,000 DAIEI, INC 3,761
2,314 GREAT UNIVERSAL STORES PLC 14,888
229 HAGEMEYER NV 6,339
1,000 ISETAN CO LTD 12,287
1,000 JUSCO CO LTD 18,997
215 KARSTADT QUELLE AG. 5,626
3,092 KINGFISHER PLC 28,156
6,387 MARKS & SPENCER PLC 22,456
1,000 MARUI CO LTD 19,186
575 METRO AG. 20,388
1,000 MYCAL CORP 3,430
1,400 NINTENDO CO LTD 245,063
269 PINAULT-PRINTEMPS-REDOUTE S.A. 60,004
200 * SEGA ENTERPRISES LTD 3,081
3,020 SONAE SGPS S.A. 5,326
1,000 TAKASHIMAYA CO LTD 9,338
-----------
TOTAL RETAIL AND WHOLESALE 493,260
-----------
TECHNOLOGY -- 15.37%
COMMUNICATIONS EQUIPMENT -- 3.20%
23,405 NOKIA OYJ 1,199,192
2,900 NORTEL NETWORKS CORP 201,009
-----------
1,400,201
-----------
COMPUTERS AND OFFICE EQUIPMENT -- 11.56%
14,000 * ADCORE AB 108,542
2,000 AETHER SYSTEMS, INC 410,000
3,400 * AMDOCS LTD 260,950
1,097 * BIODATA INFORMATION TECHNOLOGY AG. 357,534
235 CAP GEMINI S.A. 41,562
2,400 * CHECK POINT SOFTWARE TECHNOLOGIES
LTD 508,200
24,000 COMPTEL OYJ 485,429
1,042 COMPUTERSHARE LTD 5,374
200 CREATIVE TECHNOLOGY LTD 4,823
100 CSK CORP 3,100
250 DASSAULT SYSTEMS S.A. 23,413
3,182 * DIXONS GROUP PLC (NEW) 12,958
1,800 * FRAMTIDSFABRIKEN AB 24,935
1,200 FUJITSU SUPPORT & SERVICE, INC 119,091
717 GETRONICS NV 11,100
2,000 * HITACHI ZOSEN CORP 1,814
1,050 * INTERSHOP COMMUNICATIONS AG. 476,083
1,000 KEPPEL CORP LTD 2,163
200 KONAMI CO LTD 12,665
13,696 LOGICA PLC 324,285
290 LONDON BRIDGE SOFTWARE HOLDINGS PLC 2,129
1,070 MISYS PLC 9,038
100 NAMCO LTD 3,610
114 * NAVISION SOFTWARE AS 4,760
200 NIDEC CORP 17,391
1,000 OMRON CORP 27,220
300 ORACLE CORP (JAPAN) 108,883
</TABLE>
56 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 59
TIAA-CREF LIFE FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
150 * ORACLE CORP (JAPAN) (NEW) $ 55,221
13,000 * PACIFIC CENTURY CYBERWORKS LTD 25,683
2,200 * PIXELPARK AG. 151,840
705 * PSION PLC 6,820
2,869 SAGE GROUP PLC 23,237
818 SAP AG. 122,715
865 SEMA GROUP PLC 12,309
11,480 * SILVERLINE TECHNOLOGIES LTD ADR 248,255
1,000 SINGAPORE COMPUTER SYSTEMS LTD 2,163
1,000 SOFTBANK CORP 136,104
347 SSL INTERNATIONAL PLC 3,742
21,000 * STONESOFT OYJ 334,164
4,500 TIBCO SOFTWARE, INC 482,554
139 TIETOENATOR CORP 4,656
500 TRANS COSMOS 75,235
825 WM-DATA AB SERIES B 4,562
-----------
5,056,312
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 0.61%
2,000 CANON, INC 99,809
1,000 FUJI PHOTO FILM CO LTD 41,020
1,000 NIKON CORP 37,145
184 OCE NV 3,024
1,000 OLYMPUS OPTICAL CO LTD 17,967
2,000 RICOH CO LTD 42,438
21 SAGEM S.A. (NEW) 24,720
-----------
266,123
-----------
TOTAL TECHNOLOGY 6,722,636
-----------
TRANSPORTATION -- 4.36%
AEROSPACE AND DEFENSE -- 0.04%
2,000 * KAWASAKI HEAVY INDUSTRIES LTD 3,062
1,000 * MITSUI ENGINEERING & SHIPBUILDING
CO LTD 954
300 THOMSON-CSF 11,865
-----------
15,881
-----------
AIR TRANSPORTATION -- 0.95%
3,461 * ALITALIA S.P.A. 7,166
100 AUSTRIAN AIRLINES/OEST LUFTV AG. 1,452
6,600 BAE SYSTEMS PLC 41,165
802 BBA GROUP PLC 5,257
2,309 BRITISH AIRPORT AUTHORITIES PLC 18,526
2,014 BRITISH AIRWAYS PLC 11,586
8,000 CATHAY PACIFIC AIRWAYS LTD 14,829
818 DEUTSCHE LUFTHANSA AG. (REGD) 18,983
49 FLUGHAFEN WIEN AG. 1,751
4,000 JAPAN AIRLINES CO LTD 15,236
121 KLM (ROYAL DUTCH AIRLINES) NV 3,270
555 * RYANAIR HOLDINGS PLC 4,043
17 SAIRGROUP 2,843
24,000 SINGAPORE AIRLINES LTD (LR) 237,365
819 SMITHS INDUSTRIES PLC 10,663
4,000 SWIRE PACIFIC LTD (CLASS A) 23,399
-----------
417,534
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
AUTOS, TIRES AND RELATED PRODUCTS -- 2.15%
2,000 BRIDGESTONE CORP $ 42,438
230 CONTINENTAL AG. 3,880
1,000 CYCLE & CARRIAGE LTD 2,348
175 DAIMLERCHRYSLER (U.S.A.) 9,110
2,202 DAIMLERCHRYSLER AG. 115,313
2,000 DENSO CORP 48,770
13 DIETEREN S.A. 3,302
1,034 FIAT S.P.A. 26,940
3,000 HONDA MOTOR CO LTD 102,361
278 MAN AG. 8,437
303 MICHELIN S.A. (CLASS B) 9,762
9,000 * NISSAN MOTOR CO LTD 53,165
98 PEUGEOT S.A. 19,746
3,944 PIRELLI S.P.A. 10,415
200 SHIMANO, INC 4,820
903 TI GROUP PLC 4,921
9,000 TOYOTA MOTOR CORP 410,865
153 VALEO S.A. 8,213
811 VOLKSWAGEN AG. 30,855
1,000 VOLVO AB SERIES B FREE 21,834
1,000 * VOLVO AB SERIES B FREE RTS 906
-----------
938,401
-----------
RAILROADS -- 0.66%
510 BRAMBLES INDUSTRIES LTD 15,719
1,000 KEIHIN ELECTRIC EXPRESS RAILWAY CO
LTD 3,771
3,000 KINKI NIPPON RAILWAY CO LTD 12,192
3,000 NIPPON EXPRESS CO LTD 18,459
1,315 RAILTRACK GROUP PLC 20,435
1,399 SIEMENS AG. (REGD) 211,888
2,000 TOBU RAILWAY CO LTD 5,727
-----------
288,191
-----------
TRUCKING AND RELATED SERVICES -- 0.47%
897 AIRTOURS PLC 4,712
5 CENTRAL JAPAN RAILWAY CO 28,355
19 EAST JAPAN RAILWAY CO 110,622
67 KONINKLIJKE VOPAK NV 1,477
1,000 SEINO TRANSPORTATION CO LTD 5,047
3,082 STAGECOACH HOLDINGS PLC 3,406
1,045 TNT POST GROUP NV 28,298
1,000 YAMATO TRANSPORT CO LTD 24,905
-----------
206,822
-----------
WATER TRANSPORTATION -- 0.09%
168 BERGESEN D.Y. AS (CLASS B) 3,233
1,000 KAWASAKI KISEN KAISHA LTD 2,013
2,000 * NEPTUNE ORIENT LINES LTD 1,850
3,000 NIPPON YUSEN KABUSHIKI KAISHA 14,461
440 OCEAN GROUP PLC 7,260
1,206 PENINSULAR & ORIENTAL STEAM
NAVIGATION CO 10,333
-----------
39,150
-----------
TOTAL TRANSPORTATION 1,905,979
-----------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 57
<PAGE> 60
TIAA-CREF LIFE FUNDS INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
UTILITIES -- 19.61%
TELEPHONE -- 17.34%
2,614 ALCATEL $ 172,145
15,151 BRITISH TELECOMMUNICATIONS PLC 195,882
30,100 CABLE & WIRELESS HKT LTD 66,223
34,439 CABLE & WIRELESS PLC 583,414
3,157 * CHINA TELECOM LTD (HONG KONG)
(SPON ADR) 561,354
9,745 * COLT TELECOM GROUP PLC 324,564
7,170 DEUTSCHE TELEKOM AG. 411,010
6,000 EIRCOM PLC 16,104
61,080 ERICSSON TELEFON (LM) AB SERIES B 1,215,231
3,679 FRANCE TELECOM S.A. 516,301
2,235 KPN NV 100,373
5,966 MARCONI PLC 77,674
232 * NETCOM AB SERIES B 17,220
34 NIPPON TELEGRAPH & TELEPHONE CORP 453,114
9 NTT DOCOMO, INC 244,137
11,477 OLIVETTI GROUP S.P.A. 41,916
2,745 PORTUGAL TELECOM S.A. 30,944
19 PUBLICIS S.A. 7,485
14,000 * SINGAPORE TELECOMMUNICATIONS LTD 20,486
1,614 SONERA GROUP OYJ 73,877
164 SWISSCOM AG. (REGD) 56,984
17,243 TELECOM ITALIA MOBILE S.P.A. 176,859
600 TELE DANMARK AS 40,554
4,500 TELECOM CORP OF NEW ZEALAND 15,782
9,633 TELECOM ITALIA 132,970
12,655 * TELEFONICA DE ESPANA S.A. 272,946
991 * TELIA AB 9,378
18,794 TELSTRA CORP 76,507
1 * TERRA NETWORKS S.A. 38
380,794 VODAFONE AIRTOUCH PLC 1,542,045
3,095 VODAFONE AIRTOUCH PLC ADR 128,249
-----------
7,581,766
-----------
ELECTRIC, GAS AND OTHER -- 2.27%
328 AGUAS DE BARCELONA S.A. 4,401
615 ANGLIAN WATER PLC 5,679
689 AUSTRALIA GAS LIGHT CO 4,116
7,822 BG GROUP PLC 50,564
8,939 CENTRICA PLC 29,839
5,000 CLP HOLDINGS LTD 23,284
1,000 CONTACT ENERGY LTD 1,341
126 ELECTRABEL NV 31,270
1,581 ELECTRICIDADE DE PORTUGAL S.A. 28,825
</TABLE>
<TABLE>
<CAPTION>
SHARES/PRINCIPAL VALUE
<C> <C> <S> <C>
2,367 ENDESA S.A. $ 46,037
17,122 ENEL S.P.A. 76,156
1,001 GAS NATURAL SDG S.A. 18,039
56 GROUPE BRUXELLES LAMBERT S.A. 14,037
11,800 HONG KONG & CHINA GAS CO LTD 13,245
2,015 IBERDROLA S.A. 26,076
1,100 ITALGAS S.P.A. 4,882
2,400 KANSAI ELECTRIC POWER CO, INC 43,054
3,273 * NATIONAL GRID GROUP PLC 25,815
2,727 NATIONAL POWER PLC 17,380
5,000 OSAKA GAS CO LTD 14,413
71 OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG. 7,316
1,177 * RHEIN-WESTFALEN ELECTRIC AG. 40,053
4,059 SCOTTISH POWER PLC 34,411
425 SUEZ LYONNAISE DES EAUX S.A. 74,757
890 THAMES WATER PLC 11,520
1,400 TOHOKU ELECTRIC POWER CO, INC 18,922
3,300 TOKYO ELECTRIC POWER CO, INC 80,627
6,000 TOKYO GAS CO LTD 16,899
678 UNION ELECTRICA FENOSA S.A. 12,316
1,032 UNITED UTILITIES PLC 10,217
1,658 VEBA AG. 80,261
1,420 VIVENDI S.A. 125,842
-----------
991,594
-----------
TOTAL UTILITIES 8,573,360
-----------
TOTAL COMMON STOCK
(Cost $46,741,608) 42,738,545
-----------
SHORT TERM INVESTMENT -- 0.80%
U.S. GOVERNMENT AND AGENCY -- 0.80%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
$350,000 6.570%, 07/03/00 349,872
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $349,872) 349,872
-----------
TOTAL PORTFOLIO -- 99.42%
(Cost $47,507,204) 43,475,565
OTHER ASSETS AND LIABILITIES, NET -- 0.58% 252,044
-----------
NET ASSETS -- 100.00% $43,727,609
===========
</TABLE>
---------------
* Non-income producing
58 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 61
TIAA-CREF LIFE FUNDS SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMMON STOCK -- 99.12%
BASIC INDUSTRIES -- 4.19%
CHEMICALS AND PLASTIC -- 3.19%
1,813 AIR PRODUCTS & CHEMICALS, INC $ 55,863
1,025 AVON PRODUCTS, INC 45,612
625 CABOT CORP 17,031
1,123 CLOROX CO 50,324
2,203 COLGATE PALMOLIVE CO 131,904
700 ECOLAB, INC 27,343
234 FULLER (H.B.) CO 10,661
1,055 HANNA (M.A.) CO 9,495
1,401 ILLINOIS TOOL WORKS, INC 79,857
723 INTERNATIONAL FLAVORS & FRAGRANCES,
INC 21,825
214 NCH CORP 7,744
1,237 PHARMACIA CORP 63,937
1,375 PRAXAIR, INC 51,476
4,685 PROCTER & GAMBLE CO 268,216
800 SCHULMAN (A.), INC 9,650
-----------
850,938
-----------
STEEL AND OTHER METALS -- 0.38%
1,062 BIRMINGHAM STEEL CORP 4,115
1,864 CROWN CORK & SEAL CO, INC 27,960
281 MARK IV INDUSTRIES, INC 5,865
1,298 NUCOR CORP 43,077
2,000 WORTHINGTON INDUSTRIES, INC 21,000
-----------
102,017
-----------
PAPER AND FOREST PRODUCTS -- 0.62%
1,323 AVERY DENNISON CORP 88,806
1,160 CONSOLIDATED PAPERS, INC 42,412
1,671 SONOCO PRODUCTS CO 34,359
-----------
165,577
-----------
TOTAL BASIC INDUSTRIES 1,118,532
-----------
BUSINESS SERVICES -- 0.25%
ADVERTISING AND OTHER SERVICES -- 0.25%
717 DUN & BRADSTREET CORP 20,524
150 GARTNER GROUP, INC (CLASS A) 1,800
505 OMNICOM GROUP, INC 44,976
-----------
TOTAL BUSINESS SERVICES 67,300
-----------
CONSTRUCTION AND REAL ESTATE -- 2.60%
BUILDING MATERIALS -- 2.43%
809 CORNING, INC 218,328
5,684 HOME DEPOT, INC 283,844
821 LOWE'S COS, INC 33,712
1,328 MASCO CORP 23,987
2,004 PPG INDUSTRIES, INC 88,802
-----------
648,673
-----------
CONSTRUCTION -- 0.17%
251 HILLENBRAND INDUSTRIES, INC 7,859
1,467 NEWELL RUBBERMAID, INC 37,775
-----------
45,634
-----------
TOTAL CONSTRUCTION AND REAL ESTATE 694,307
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
CONSUMER DURABLE -- 7.56%
HOME APPLIANCES AND FURNISHINGS -- 7.17%
453 * ADVANCED MICRO DEVICES, INC $ 34,994
300 * ALTERA CORP 30,581
200 * AMERICAN POWER CONVERSION CORP 8,162
700 * ANALOG DEVICES, INC 53,200
2,914 GILLETTE CO 101,807
7,700 INTEL CORP 1,029,393
500 * LSI LOGIC CORP 27,062
1,432 * MICRON TECHNOLOGY, INC 126,105
625 MOLEX, INC 30,078
554 * NATIONAL SEMICONDUCTOR CORP 31,439
1,588 * SOLECTRON CORP 66,497
4,074 TEXAS INSTRUMENTS, INC 279,832
439 * VISHAY INTERTECHNOLOGY, INC 16,654
460 WHIRLPOOL CORP 21,447
700 * XILINX, INC 57,793
-----------
1,915,044
-----------
TEXTILE, APPAREL AND ACCESSORIES -- 0.39%
1,891 GAP, INC 59,093
162 LIZ CLAIBORNE, INC 5,710
820 NIKE, INC (CLASS B) 32,646
358 V.F. CORP 8,524
-----------
105,973
-----------
TOTAL CONSUMER DURABLE 2,021,017
-----------
ENERGY -- 3.87%
OIL, GAS AND OTHER ENERGY SERVICES -- 3.87%
1,489 ANADARKO PETROLEUM CORP 73,426
1,245 APACHE CORP 73,221
381 * BJ SERVICES CO 23,812
2,092 BURLINGTON RESOURCES, INC 80,019
2,803 ENRON CORP 180,793
1,700 HALLIBURTON CO 80,218
1,204 HELMERICH & PAYNE, INC 44,999
1,101 MITCHELL ENERGY & DEVELOPMENT CORP
(CLASS A) 35,369
1,453 MURPHY OIL CORP 86,362
741 * NABORS INDUSTRIES, INC 30,797
985 NOBLE AFFILIATES, INC 36,691
612 * NOBLE DRILLING CORP 25,206
664 * PARKER DRILLING CO 4,108
859 * ROWAN COS, INC 26,092
3,399 * SANTA FE SNYDER CORP 38,663
1,107 TRANSOCEAN SEDCO FOREX, INC 59,155
2,017 UNION PACIFIC RESOURCES GROUP, INC 44,374
809 VASTAR RESOURCES, INC 66,439
214 WD-40 CO 4,440
490 * WEATHERFORD INTERNATIONAL, INC 19,508
-----------
TOTAL ENERGY 1,033,692
-----------
FINANCE -- 16.49%
BANKS, SAVINGS AND LOANS -- 7.67%
5,181 BANK OF AMERICA CORP 222,783
2,260 BANK OF NEW YORK CO, INC 105,090
3,484 BANK ONE CORP 92,543
3,775 CHASE MANHATTAN CORP 173,885
8,832 CITIGROUP, INC 532,128
500 FIFTH THIRD BANCORP 31,625
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 59
<PAGE> 62
TIAA-CREF LIFE FUNDS SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
BANKS, SAVINGS AND LOANS -- (CONTINUED)
3,310 FIRST UNION CORP $ 82,129
1,900 FIRSTAR CORP 40,018
2,385 FLEETBOSTON FINANCIAL CORP 81,090
836 KEYCORP 14,734
2,881 MBNA CORP 78,147
1,077 MELLON FINANCIAL CORP 39,243
699 MORGAN (J.P.) & CO, INC 76,977
1,760 NATIONAL CITY CORP 30,030
1,149 PNC FINANCIAL SERVICES GROUP, INC 53,859
474 PROVIDIAN FINANCIAL CORP 42,660
100 STATE STREET CORP 10,606
1,058 SUNTRUST BANKS, INC 48,337
2,040 U.S. BANCORP 39,270
645 WACHOVIA CORP 34,991
1,260 WASHINGTON MUTUAL, INC 36,382
4,701 WELLS FARGO CO 182,163
-----------
2,048,690
-----------
CREDIT AND OTHER FINANCE -- 3.10%
5,253 AMERICAN EXPRESS CO 273,812
2,434 ASSOCIATES FIRST CAPITAL CORP 54,308
300 CAPITAL ONE FINANCIAL CORP 13,387
180 CARRAMERICA REALTY CORP 4,770
517 CRESCENT REAL ESTATE EQUITIES CO 10,598
284 DUKE-WEEKS REALTY CORP 6,354
3,726 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 194,450
150 FIRST INDUSTRIAL REALTY TRUST, INC 4,425
2,475 FREDDIE MAC 100,237
2,188 HOUSEHOLD INTERNATIONAL, INC 90,938
250 LEUCADIA NATIONAL CORP 5,703
77 LIBERTY PROPERTY TRUST CO 1,997
97 ROUSE CO 2,400
392 SIMON PROPERTY GROUP, INC 8,697
773 SLM HOLDINGS CORP 28,939
88 SPIEKER PROPERTIES, INC 4,048
551 WEINGARTEN REALTY INVESTORS, INC 22,246
-----------
827,309
-----------
INSURANCE -- 3.74%
800 AEGON NV ARS 28,500
200 AETNA, INC 12,837
300 AFLAC, INC 13,781
2,551 ALLSTATE CORP 56,759
1,330 AMERICAN GENERAL CORP 81,130
4,459 AMERICAN INTERNATIONAL GROUP, INC 523,932
659 CHUBB CORP 40,528
691 CIGNA CORP 64,608
120 * CNA FINANCIAL CORP 4,080
689 CONSECO, INC 6,717
210 JEFFERSON-PILOT CORP 11,851
1,349 MARSH & MCLENNAN COS, INC 140,886
176 SAFECO CORP 3,498
352 ST. PAUL COS, INC 12,012
-----------
1,001,119
-----------
SECURITIES AND COMMODITIES -- 1.98%
103 BEAR STEARNS COS, INC 4,287
1,182 MERRILL LYNCH & CO, INC 135,930
3,177 MORGAN STANLEY DEAN WITTER & CO 264,485
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
180 PAINE WEBBER GROUP, INC $ 8,190
3,055 SCHWAB (CHARLES) CORP 102,724
142 THE GOLDMAN SACHS GROUP, INC 13,472
-----------
529,088
-----------
TOTAL FINANCE 4,406,206
-----------
FOODS AND RELATED -- 5.61%
BEVERAGES, OTHER FOOD PRODUCTS -- 5.61%
1,394 ALBERTSONS, INC 46,350
1,267 BESTFOODS, INC 87,739
1,703 CAMPBELL SOUP CO 49,599
6,539 COCA COLA CO 375,583
1,062 COCA COLA ENTERPRISES, INC 17,323
662 DARDEN RESTAURANTS, INC 10,757
1,634 GENERAL MILLS, INC 62,500
1,908 HEINZ (H.J.) CO 83,475
682 HERSHEY FOODS CORP 33,077
1,564 KELLOGG CO 46,529
1,839 * KROGER CO 40,572
112 MCCORMICK & CO, INC (NON-VOTE) 3,640
4,651 MCDONALD'S CORP 153,192
441 NABISCO GROUP HOLDINGS 11,438
150 PEPSI BOTTLING GROUP, INC 4,378
4,410 PEPSICO, INC 195,969
815 QUAKER OATS CO 61,226
100 RALSTON PURINA CO 1,993
1,008 * SAFEWAY, INC 45,486
1,347 SYSCO CORP 56,742
1,484 UNILEVER NV (NEW YORK SHS) 63,812
313 WHITMAN CORP 3,873
540 WRIGLEY (WM) JR CO 43,301
-----------
TOTAL FOODS AND RELATED 1,498,554
-----------
HEALTH -- 12.13%
DRUGS AND PHARMACEUTICALS -- 9.90%
495 ALLERGAN, INC 36,877
470 * ALZA CORP 27,788
2,500 * AMGEN, INC 175,625
50 BERGEN BRUNSWIG CORP (CLASS A) 275
5,355 BRISTOL MYERS SQUIBB CO 311,928
829 CARDINAL HEALTH, INC 61,346
957 CVS CORP 38,280
144 * FOREST LABORATORIES, INC 14,544
120 * GENZYME CORP (GENERAL DIVISION) 7,132
63 * GENZYME SURGICAL PRODUCTS 626
154 * GENZYME-MOLECULAR ONCOLOGY 2,136
192 * IVAX CORP 7,968
4,246 JOHNSON & JOHNSON CO 432,561
2,800 LILLY (ELI) & CO 279,650
414 MALLINCKRODT, INC 17,983
605 MCKESSON HBOC, INC 12,667
6,287 MERCK & CO, INC 481,741
205 MYLAN LABORATORIES, INC 3,741
8,752 PFIZER, INC 420,096
3,962 SCHERING-PLOUGH CORP 200,081
700 SIGMA ALDRICH CORP 20,475
2,815 WALGREEN CO 90,607
-----------
2,644,127
-----------
</TABLE>
60 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 63
TIAA-CREF LIFE FUNDS SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
MEDICAL EQUIPMENT AND SUPPLIES -- 1.84%
985 * AGILENT TECHNOLOGIES, INC $ 72,643
283 BAUSCH & LOMB, INC 21,897
927 BAXTER INTERNATIONAL, INC 65,179
1,239 BECTON DICKINSON & CO 35,543
300 BIOMET, INC 11,531
1,149 * BOSTON SCIENTIFIC CORP 25,206
145 * EDWARDS LIFESCIENCES CORP 2,682
1,060 * GUIDANT CORP 52,470
3,540 MEDTRONIC, INC 176,336
300 PE CORP-PE BIOSYSTEMS GROUP 19,762
183 * ST. JUDE MEDICAL, INC 8,395
-----------
491,644
-----------
MEDICAL FACILITIES MANAGEMENT -- 0.39%
2,250 COLUMBIA/HCA HEALTHCARE CORP 68,343
62 * LIFEPOINT HOSPITALS, INC 1,379
1,214 TENET HEALTHCARE CORP 32,778
118 * TRIAD HOSPITALS, INC 2,854
-----------
105,354
-----------
TOTAL HEALTH 3,241,125
-----------
INDUSTRIAL MACHINERY -- 2.25%
ELECTRICAL -- 0.83%
148 AVNET, INC 8,769
461 BALDOR ELECTRIC CO 8,586
600 COOPER INDUSTRIES, INC 19,537
2,678 EMERSON ELECTRIC CO 161,684
524 GRAINGER (W.W.), INC 16,145
338 THOMAS & BETTS CORP 6,464
-----------
221,185
-----------
OTHER INDUSTRIAL EQUIPMENT -- 1.42%
2,000 * APPLIED MATERIALS, INC 181,250
1,000 BAKER HUGHES, INC 32,000
334 CUMMINS ENGINE CO, INC 9,101
1,367 DEERE & CO 50,579
329 GRACO, INC 10,692
490 * GRANT PRIDECO, INC 12,250
744 INGERSOLL-RAND CO 29,946
238 NORDSON CORP 12,048
272 * SMITH INTERNATIONAL, INC 19,805
1,177 TIMKEN CO 21,921
-----------
379,592
-----------
TOTAL INDUSTRIAL MACHINERY 600,777
-----------
MEDIA AND LEISURE -- 4.42%
BROADCASTING -- 3.34%
676 * CLEAR CHANNEL COMMUNICATIONS, INC 50,700
1,900 * COMCAST CORP (CLASS A) SPECIAL 76,950
651 * COX COMMUNICATIONS, INC (CLASS A) 29,661
5,729 DISNEY (WALT) CO 222,356
3,472 TIME WARNER, INC 263,872
3,661 * VIACOM, INC (CLASS B) 249,634
-----------
893,173
-----------
PUBLISHING -- 1.08%
442 DELUXE CORP 10,414
519 DOW JONES & CO, INC 38,016
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
1,396 GANNETT CO, INC $ 83,498
299 KNIGHT-RIDDER, INC 15,903
1,399 MCGRAW HILL COS, INC 75,546
625 NEW YORK TIMES CO (CLASS A) 24,687
447 TIMES MIRROR CO SERIES A 40,509
-----------
288,573
-----------
TOTAL MEDIA AND LEISURE 1,181,746
-----------
RETAIL AND WHOLESALE -- 3.76%
GENERAL MERCHANDISE STORES -- 3.76%
600 * COSTCO WHOLESALE CORP 19,800
204 * FEDERATED DEPARTMENT STORES, INC 6,885
787 HASBRO, INC 11,854
1,064 * K MART CORP 7,248
100 * KOHLS CORP 5,562
1,642 MATTEL, INC 21,653
619 MAY DEPARTMENT STORES CO 14,856
2,483 MINNESOTA MINING & MANUFACTURING CO 204,847
575 PENNEY, (J.C.) CO, INC 10,601
1,059 SEARS ROEBUCK & CO 34,549
927 TARGET CORP 53,766
422 * TOYS 'R' US, INC 6,145
10,536 WAL-MART STORES, INC 607,137
-----------
TOTAL RETAIL AND WHOLESALE 1,004,903
-----------
TECHNOLOGY -- 22.88%
COMMUNICATIONS EQUIPMENT -- 2.33%
200 * GLENAYRE TECHNOLOGIES, INC 2,112
6,500 NORTEL NETWORKS CORP (U.S.) 443,625
1,600 * QUALCOMM, INC 96,000
370 * SENSORMATIC ELECTRONICS CORP 5,850
1,100 * TELLABS, INC 75,281
-----------
622,868
-----------
COMPUTERS AND OFFICE EQUIPMENT -- 20.24%
800 * 3COM CORP 46,100
5,119 * AMERICA ONLINE, INC 270,027
1,000 * APPLE COMPUTER, INC 52,375
2,883 AUTOMATIC DATA PROCESSING, INC 154,420
15,000 * CISCO SYSTEMS, INC 953,437
4,466 COMPAQ COMPUTER CORP 114,162
1,299 COMPUTER ASSOCIATES INTERNATIONAL,
INC 66,492
5,800 * DELL COMPUTER CORP 286,012
152 DIEBOLD, INC 4,237
1,468 ELECTRONIC DATA SYSTEMS CORP 60,555
5,142 * EMC CORP 395,612
959 FIRST DATA CORP 47,590
755 * GATEWAY, INC 42,846
2,583 HEWLETT-PACKARD CO 322,552
569 IKON OFFICE SOLUTIONS, INC 2,204
103 * IMATION CORP 3,025
1,175 IMS HEALTH, INC 21,150
4,421 INTERNATIONAL BUSINESS MACHINES CORP 484,375
11,400 * MICROSOFT CORP 912,000
300 * NETWORK APPLIANCE, INC 24,150
700 * NOVELL, INC 6,475
6,200 * ORACLE CORP 521,187
1,247 PITNEY BOWES, INC 49,880
476 SABRE HOLDINGS CORP 13,566
3,700 * SUN MICROSYSTEMS, INC 336,468
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 61
<PAGE> 64
TIAA-CREF LIFE FUNDS SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
<C> <C> <S> <C>
COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)
700 * VERITAS SOFTWARE CORP $ 79,110
1,100 * YAHOO, INC 136,262
-----------
5,406,269
-----------
ELECTRONICS AND OTHER TECHNOLOGY -- 0.15%
300 * BEST BUY CO, INC 18,975
467 RADIOSHACK CORP 22,124
-----------
41,099
-----------
INSTRUMENTS AND RELATED PRODUCTS -- 0.16%
2,073 XEROX CORP 43,014
-----------
TOTAL TECHNOLOGY 6,113,250
-----------
TRANSPORTATION -- 0.81%
AIR TRANSPORTATION -- 0.37%
659 * AMR CORP 17,422
404 DELTA AIRLINES, INC 20,427
846 * FEDEX CORP 32,148
1,593 SOUTHWEST AIRLINES CO 30,167
-----------
100,164
-----------
AUTOS, TIRES AND RELATED PRODUCTS -- 0.22%
67 BANDAG, INC 1,624
328 FEDERAL-MOGUL CORP 3,136
105 FLEETWOOD ENTERPRISES, INC 1,496
2,130 GENUINE PARTS CO 42,600
292 MODINE MANUFACTURING CO 7,884
68 RYDER SYSTEM, INC 1,287
-----------
58,027
-----------
RAILROADS -- 0.21%
3,685 NORFOLK SOUTHERN CORP 54,814
-----------
TRUCKING AND RELATED SERVICES -- 0.01%
284 ARNOLD INDUSTRIES, INC 3,425
-----------
TOTAL TRANSPORTATION 216,430
-----------
UTILITIES -- 12.30%
TELEPHONE -- 9.29%
651 ALLTEL CORP 40,321
7,922 AT & T CORP 250,533
930 * AT & T CORP - LIBERTY MEDIA GROUP
(CLASS A) 22,552
4,176 BELL ATLANTIC CORP 212,193
5,432 BELLSOUTH CORP 231,539
1,600 * GLOBAL CROSSING LTD 42,100
7,540 LUCENT TECHNOLOGIES, INC 446,745
1,847 * MEDIA ONE GROUP, INC 123,181
</TABLE>
<TABLE>
<CAPTION>
SHARES/PRINCIPAL VALUE
<C> <C> <S> <C>
1,400 * NEXTEL COMMUNICATIONS, INC (CLASS A) $ 85,662
9,048 SBC COMMUNICATIONS, INC 391,326
2,115 SPRINT CORP (FON GROUP) 107,865
1,779 * SPRINT CORP (PCS GROUP) 105,850
1,648 U.S. WEST, INC 141,316
6,100 * WORLDCOM, INC 279,837
-----------
2,481,020
-----------
ELECTRIC, GAS AND OTHER -- 3.01%
696 AGL RESOURCES, INC 11,092
1,378 COLUMBIA ENERGY GROUP 90,431
1,942 EL PASO ENERGY CORP 98,920
844 EQUITABLE RESOURCES, INC 40,723
857 IDACORP, INC 27,638
2,145 KEYSPAN CORP 65,958
1,824 LOUISVILLE GAS & ELECTRIC ENERGY
CORP 43,548
866 MCN ENERGY GROUP, INC 18,510
1,066 NICOR, INC 34,778
1,867 NISOURCE, INC 34,772
2,087 OGE ENERGY CORP 38,609
879 PEOPLES ENERGY CORP 28,457
2,773 POTOMAC ELECTRIC POWER CO 69,325
1,759 PUGET SOUND ENERGY, INC 37,488
210 * SOUTHERN UNION CO 3,320
2,568 TECO ENERGY, INC 51,520
2,625 WILLIAMS COS, INC 109,396
-----------
804,485
-----------
TOTAL UTILITIES 3,285,505
-----------
TOTAL COMMON STOCK
(Cost $25,383,311) 26,483,344
-----------
SHORT TERM INVESTMENT -- 0.82%
U.S. GOVERNMENT AND AGENCY -- 0.82%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
$219,000 6.570%, 07/03/00 218,920
-----------
TOTAL SHORT TERM INVESTMENT
(Cost $218,920) 218,920
-----------
TOTAL PORTFOLIO -- 99.94%
(Cost $25,602,231) 26,702,264
OTHER ASSETS & LIABILITIES, NET -- 0.06% 16,879
-----------
NET ASSETS -- 100.00% $26,719,143
===========
</TABLE>
---------------
* Non-income producing
62 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 65
TIAA-CREF LIFE FUNDS STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
STOCK GROWTH GROWTH & INTERNATIONAL SOCIAL CHOICE
INDEX EQUITY INCOME EQUITY EQUITY
FUND FUND FUND FUND FUND
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Portfolio investments, at cost $75,501,668 $59,399,719 $53,629,876 $47,507,204 $25,602,231
Net unrealized appreciation (depreciation)
of portfolio investments 7,835,977 1,813,335 2,335,746 (4,031,639) 1,100,033
---------------------------------------------------------------------------------------------------------------------------
Portfolio investments, at value 83,337,645 61,213,054 55,965,622 43,475,565 26,702,264
Cash 1,366 1,490 2,910 1,242,989 475
Receivable from securities transactions -- 74,595 -- 756,033 --
Receivable for Fund shares sold -- 490,068 10,127 141,549 1,055
Dividends and interest receivable 64,307 15,133 39,151 33,908 19,476
---------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 83,403,318 61,794,340 56,017,810 45,650,044 26,723,270
---------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued expenses 6,168 12,286 10,770 10,589 4,127
Payable for securities transactions -- 425,000 60,031 1,911,846 --
Payable for Fund shares redeemed 147,114 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 153,282 437,286 70,801 1,922,435 4,127
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS $83,250,036 $61,357,054 $55,947,009 $43,727,609 $26,719,143
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid in capital $74,598,186 $59,865,361 $53,540,704 $52,994,636 $25,423,381
Accumulated undistributed net investment income 391,707 80,781 200,651 264,069 107,592
Accumulated undistributed net realized gain
(loss) on total investments 424,166 (402,423) (130,092) (5,503,913) 88,137
Accumulated net unrealized appreciation
(depreciation) on total investments 7,835,977 1,813,335 2,335,746 (4,027,183) 1,100,033
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS $83,250,036 $61,357,054 $55,947,009 $43,727,609 $26,719,143
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Outstanding shares of beneficial interest,
unlimited number of shares authorized
($.0001 par value) 2,654,197 2,404,310 2,136,349 2,146,509 1,016,434
NET ASSET VALUE PER SHARE $31.37 $25.52 $26.19 $20.37 $26.29
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 63
<PAGE> 66
TIAA-CREF LIFE FUNDS STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
GROWTH
STOCK EQUITY
INDEX FUND
FUND
------------------ ----------------------------
FOR THE SIX MONTHS FOR THE PERIOD MARCH 1, 2000
ENDED JUNE 30, (COMMENCEMENT OF OPERATIONS)
2000 TO JUNE 30, 2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Interest $ 25,826 $ 60,431
Dividends 389,942 65,181
Foreign taxes withheld -- (406)
-----------------------------------------------------------------------------------------
Total income 415,768 125,206
-----------------------------------------------------------------------------------------
EXPENSES
Management fees 101,261 81,030
Trustee fees and expenses 741 387
-----------------------------------------------------------------------------------------
Total expenses before waiver 102,002 81,417
Less expenses waived by the
advisor (77,634) (36,992)
-----------------------------------------------------------------------------------------
Net expenses 24,368 44,425
-----------------------------------------------------------------------------------------
NET INVESTMENT INCOME 391,400 80,781
-----------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on
total investments 470,066 (402,423)
-----------------------------------------------------------------------------------------
Change in unrealized
appreciation (depreciation)
on:
Portfolio investments 6,676 1,813,335
Translation of assets (other
than portfolio investments)
and liabilities denominated
in foreign currencies -- --
-----------------------------------------------------------------------------------------
Net change in unrealized
appreciation (depreciation)
on total investments 6,676 1,813,335
-----------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) on total investments 476,742 1,410,912
-----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS $868,142 $1,491,693
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
</TABLE>
64 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 67
<TABLE>
<CAPTION>
GROWTH & INTERNATIONAL SOCIAL CHOICE
INCOME EQUITY EQUITY
FUND FUND FUND
---------------------------------------------------------
FOR THE PERIOD MARCH 1, 2000
(COMMENCEMENT OF OPERATIONS) TO JUNE 30, 2000
---------------------------------- ---------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Interest $ 61,948 $ 97,166 $ 31,008
Dividends 182,014 241,977 92,637
Foreign taxes withheld (2,483) (32,699) (236)
---------------------------------------------------------------------------------------------
Total income 241,479 306,444 123,409
---------------------------------------------------------------------------------------------
EXPENSES
Management fees 77,365 76,861 33,857
Trustee fees and expenses 387 319 191
---------------------------------------------------------------------------------------------
Total expenses before waiver 77,752 77,180 34,048
Less expenses waived by the
advisor (36,924) (34,805) (18,231)
---------------------------------------------------------------------------------------------
Net expenses 40,828 42,375 15,817
---------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 200,651 264,069 107,592
---------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on
total investments (130,092) (5,503,913) 88,137
---------------------------------------------------------------------------------------------
Change in unrealized
appreciation (depreciation)
on:
Portfolio investments 2,335,746 (4,031,639) 1,100,033
Translation of assets (other
than portfolio investments)
and liabilities denominated
in foreign currencies -- 4,456 --
---------------------------------------------------------------------------------------------
Net change in unrealized
appreciation (depreciation)
on total investments 2,335,746 (4,027,183) 1,100,033
---------------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) on total investments 2,205,654 (9,531,096) 1,188,170
---------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS $2,406,305 $(9,267,027) $1,295,762
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 65
<PAGE> 68
TIAA-CREF LIFE FUNDS STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STOCK
INDEX
FUND
---------------------------------------
FOR THE SIX MONTHS FOR THE YEAR ENDED
ENDED JUNE 30, DECEMBER 31,
2000 1999
------------------------------------------------------------------------------
(UNAUDITED)
<S> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net Investment income $ 391,400 $ 436,573
Net realized gain (loss) on total
investments 470,066 293,727
Net change in unrealized
appreciation (depreciation) on
total investments 6,676 6,771,381
------------------------------------------------------------------------------
Net increase (decrease) from
operations 868,142 7,501,681
------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income -- (437,803)
From net realized gain on
total investments -- (339,627)
------------------------------------------------------------------------------
Total distributions -- (777,430)
------------------------------------------------------------------------------
SHAREHOLDER TRANSACTIONS:
Seed money subscriptions -- --
Subscriptions 29,115,615 20,733,305
Reinvestment of distributions -- 777,430
Redemptions (1,074,382) (106,622)
------------------------------------------------------------------------------
Net increase from
shareholder transactions 28,041,233 21,404,113
------------------------------------------------------------------------------
Total increase in net assets 28,909,375 28,128,364
NET ASSETS
Beginning of period 54,340,661 26,212,297
------------------------------------------------------------------------------
End of period $83,250,036 $54,340,661
------------------------------------------------------------------------------
------------------------------------------------------------------------------
CHANGE IN FUND SHARES:
Shares outstanding,
beginning of period 1,746,701 1,006,046
------------------------------------------------------------------------------
Seed money shares sold -- --
Shares sold 941,834 718,792
Shares issued in reinvestment of
distributions -- 25,249
Shares redeemed (34,338) (3,386)
------------------------------------------------------------------------------
Net increase in shares
outstanding 907,496 740,655
------------------------------------------------------------------------------
Shares outstanding,
end of period 2,654,197 1,746,701
------------------------------------------------------------------------------
------------------------------------------------------------------------------
</TABLE>
66 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 69
<TABLE>
<CAPTION>
GROWTH GROWTH & INTERNATIONAL SOCIAL CHOICE
EQUITY INCOME EQUITY EQUITY
FUND FUND FUND FUND
---------------------------------------------------------
FOR THE PERIOD MARCH 1, 2000 (COMMENCEMENT OF OPERATIONS)
TO JUNE 30, 2000
------------------------------------- ---------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net Investment income $ 80,781 $ 200,651 $ 264,069 $ 107,592
Net realized gain (loss) on total
investments (402,423) (130,092) (5,503,913) 88,137
Net change in unrealized
appreciation (depreciation) on
total investments 1,813,335 2,335,746 (4,027,183) 1,100,033
-----------------------------------------------------------------------------------------------
Net increase (decrease) from
operations 1,491,693 2,406,305 (9,267,027) 1,295,762
-----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income -- -- -- --
From net realized gain on
total investments -- -- -- --
-----------------------------------------------------------------------------------------------
Total distributions -- -- -- --
-----------------------------------------------------------------------------------------------
SHAREHOLDER TRANSACTIONS:
Seed money subscriptions 50,100,000 50,100,000 50,100,000 25,100,000
Subscriptions 9,785,511 3,440,805 2,894,725 333,522
Reinvestment of distributions -- -- -- --
Redemptions (20,150) (101) (89) (10,141)
-----------------------------------------------------------------------------------------------
Net increase from
shareholder transactions 59,865,361 53,540,704 52,994,636 25,423,381
-----------------------------------------------------------------------------------------------
Total increase in net assets 61,357,054 55,947,009 43,727,609 26,719,143
NET ASSETS
Beginning of period -- -- -- --
-----------------------------------------------------------------------------------------------
End of period $61,357,054 $55,947,009 $43,727,609 $26,719,143
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
CHANGE IN FUND SHARES:
Shares outstanding,
beginning of period -- -- -- --
-----------------------------------------------------------------------------------------------
Seed money shares sold 2,004,000 2,004,000 2,004,000 1,004,000
Shares sold 401,195 132,353 142,513 12,832
Shares issued in reinvestment of
distributions -- -- -- --
Shares redeemed (885) (4) (4) (398)
-----------------------------------------------------------------------------------------------
Net increase in shares
outstanding 2,404,310 2,136,349 2,146,509 1,016,434
-----------------------------------------------------------------------------------------------
Shares outstanding,
end of period 2,404,310 2,136,349 2,146,509 1,016,434
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 67
<PAGE> 70
TIAA-CREF LIFE FUNDS FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STOCK
INDEX
FUND
----------------------------------------------------
FOR THE PERIOD
FOR THE FOR THE DECEMBER 1, 1998
SIX MONTHS YEAR ENDED (COMMENCEMENT OF
ENDED JUNE 30, DECEMBER 31, OPERATIONS) TO
2000(1) 1999 DECEMBER 31, 1998(1)
---------------------------------------------------------------------------------------------
(UNAUDITED)
<S> <C> <C> <C>
SELECTED PER SHARE DATA:
Net asset value, beginning of period $31.11 $26.05 $25.00
---------------------------------------------------------------------------------------------
Gain (loss) from investment
operations:
Net investment income 0.15 0.26 0.05
Net realized and unrealized gain
(loss) on investments 0.11 5.26 1.05
---------------------------------------------------------------------------------------------
Total gain (loss) from investment
operations 0.26 5.52 1.10
---------------------------------------------------------------------------------------------
Less distributions from:
Net investment income -- (0.26) (0.05)
Net realized gains -- (0.20) --
---------------------------------------------------------------------------------------------
Total distributions -- (0.46) (0.05)
---------------------------------------------------------------------------------------------
Net asset value, end of period $31.37 $31.11 $26.05
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
TOTAL RETURN 0.84% 21.20% 4.41%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in
thousands) $83,250 $54,341 $26,212
Ratio of expenses to average net
assets before expense waiver 0.15% 0.30% 0.03%
Ratio of expenses to average net
assets after expense waiver 0.04% 0.07% 0.01%
Ratio of net investment income to
average net assets 0.58% 1.28% 0.22%
Portfolio turnover rate 8.33% 14.22% 0.00%
(1) The percentages shown for this period are not annualized.
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
</TABLE>
68 2000 SEMI-ANNUAL REPORT See notes to financial statements
<PAGE> 71
<TABLE>
<CAPTION>
GROWTH GROWTH & INTERNATIONAL SOCIAL CHOICE
EQUITY INCOME EQUITY EQUITY
FUND FUND FUND FUND
---------------------------------------------------------
FOR THE PERIOD MARCH 1, 2000 (COMMENCEMENT OF
OPERATIONS) TO JUNE 30, 2000(1)
--------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
SELECTED PER SHARE DATA:
Net asset value, beginning of period $25.00 $25.00 $25.00 $25.00
--------------------------------------------------------------------------------------------------
Gain (loss) from investment
operations:
Net investment income 0.03 0.09 0.12 0.11
Net realized and unrealized gain
(loss) on investments 0.49 1.10 (4.75) 1.18
--------------------------------------------------------------------------------------------------
Total gain (loss) from investment
operations 0.52 1.19 (4.63) 1.29
--------------------------------------------------------------------------------------------------
Less distributions from:
Net investment income -- -- -- --
Net realized gains -- -- -- --
--------------------------------------------------------------------------------------------------
Total distributions -- -- -- --
--------------------------------------------------------------------------------------------------
Net asset value, end of period $25.52 $26.19 $20.37 $26.29
==================================================================================================
TOTAL RETURN 2.08% 4.76% (18.52)% 5.16%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in
thousands) $61,357 $55,947 $43,728 $26,719
Ratio of expenses to average net
assets before expense waiver 0.15% 0.15% 0.18% 0.13%
Ratio of expenses to average net
assets after expense waiver 0.09% 0.08% 0.10% 0.06%
Ratio of net investment income to
average net assets 0.15% 0.38% 0.61% 0.41%
Portfolio turnover rate 7.37% 11.17% 34.30% 2.28%
(1) The percentages shown for this
period are not annualized.
==================================================================================================
</TABLE>
See notes to financial statements 2000 SEMI-ANNUAL REPORT 69
<PAGE> 72
TIAA-CREF LIFE FUNDS
--------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited)
NOTE 1. ORGANIZATION
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 commenced
operations as a legal reserve life insurance company under the insurance laws of
the State of New York on December 18, 1996, and is a wholly-owned indirect
subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"),
also a legal reserve life insurance company, which was established under the
insurance laws of the State of New York in 1918.
The Stock Index Fund commenced operations on December 1,1998 when the Account
purchased 4,000 shares at $25 per share for a total of $100,000 and TIAA
purchased 1,000,000 shares at $25 per share for a total of $25,000,000. The
Growth Equity, Growth & Income, International Equity and Social Choice Equity
Funds commenced operations on March 1, 2000, when the Account purchased 4,000
shares at $25 per share for a total of $100,000 in each Fund and TIAA purchased
2,000,000 shares at $25 per share for a total of $50,000,000 each in the Growth
Equity, Growth & Income and International Equity Funds and 1,000,000 shares at
$25 per share for a total of $25,000,000 in the Social Choice Equity Fund. At
June 30, 2000, the Account and TIAA held the following amounts in the Funds:
<TABLE>
<CAPTION>
ACCOUNT TIAA
----------- -----------
<S> <C> <C>
Stock Index Fund $51,361,289 $31,888,747
Growth Equity Fund 10,318,000 51,039,054
Growth & Income Fund 3,570,976 52,376,033
International Equity Fund 2,984,387 40,743,222
Social Choice Equity Fund 432,041 26,287,102
</TABLE>
Teachers Advisors, Inc. ("Advisors"), an indirect subsidiary of TIAA, which is
registered with the Commission as an investment adviser, provides investment
advisory services for the Funds pursuant to an Investment Management Agreement
between Advisors and the Funds.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements may require management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, income,
expenses and related disclosures. Actual results may differ from those
estimates. The following is a summary of the significant accounting policies
consistently followed by the Funds, which are in conformity with accounting
principles generally accepted in the United States.
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 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.
70 2000 SEMI-ANNUAL REPORT
<PAGE> 73
TIAA-CREF LIFE FUNDS
--------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited) -- (Continued)
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED)
ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the
date the securities are purchased or sold (trade date). Realized gains and
losses on securities transactions are based on the specific identification
method for both financial statement and federal income tax purposes. Interest
income is recognized on the accrual basis, and discounts and premiums on
short-term money market instruments are amortized using the effective yield
method. Dividend income is recorded on the ex-dividend date, except for certain
foreign dividends, which are recorded as the Funds are informed of the
ex-dividend date.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: The records of the Funds are
maintained in U.S. dollars. 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 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 enter into forward foreign
currency contracts to purchase or sell foreign currency to accommodate foreign
investment transactions. Forward foreign currency contracts are
"marked-to-market" at the end of each day's trading. Daily changes in the value
of such contracts are reflected in net unrealized gains and losses. Gains or
losses are realized upon maturity or if the counterparties do not perform in
accordance with contractual provisions.
SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Funds may
purchase securities on a when-issued or delayed delivery basis. In addition to
the normal market risks, this exposes the Funds to the risk that the transaction
may not be consummated. The price and interest rate of such securities are fixed
at trade date. For when-issued purchases, a Fund does not earn interest on such
security until the settlement date.
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 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.
2000 SEMI-ANNUAL REPORT 71
<PAGE> 74
TIAA-CREF LIFE FUNDS
--------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited) -- (Concluded)
NOTE 3. MANAGEMENT AGREEMENT
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 April 1, 2003. As a result, Advisors will receive the
following annual percentages of each Fund's average daily net assets:
<TABLE>
<CAPTION>
MANAGEMENT FEE
MANAGEMENT FEE WAIVER AFTER WAIVER
-------------- ------ --------------
<S> <C> <C> <C>
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%
</TABLE>
NOTE 4. INVESTMENTS
At June 30, 2000 the net unrealized appreciation (depreciation) of portfolio
investments, consisting of gross unrealized appreciation and gross unrealized
depreciation for the Funds was as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
GROSS UNREALIZED GROSS UNREALIZED APPRECIATION
APPRECIATION DEPRECIATION (DEPRECIATION)
---------------- ---------------- --------------
<S> <C> <C> <C>
Stock Index Fund $13,691,703 $5,855,726 $ 7,835,977
Growth Equity Fund 5,904,092 4,090,757 1,813,335
Growth & Income Fund 5,822,032 3,486,286 2,335,746
International Equity Fund 2,557,260 6,588,899 (4,031,639)
Social Choice Equity Fund 2,816,068 1,716,035 1,100,033
</TABLE>
Purchases and sales of securities, other than short-term money market
instruments, for the Stock Index Fund for the six months ended June 30, 2000 and
the Growth Equity, Growth & Income, International Equity and Social Choice
Equity Funds for the period March 1, 2000 (commencement of operations) to June
30, 2000 were as follows:
<TABLE>
<CAPTION>
NON-GOVERNMENT GOVERNMENT NON-GOVERNMENT GOVERNMENT
PURCHASES PURCHASES SALES SALES
-------------- ---------- -------------- ----------
<S> <C> <C> <C> <C>
Stock Index Fund $34,421,819 $261,132 $ 5,930,748 $ 47,103
Growth Equity Fund 63,181,902 75,622 4,077,058 --
Growth & Income Fund 59,128,936 209,024 6,083,208 16,484
International Equity Fund 67,359,130 -- 14,747,084 --
Social Choice Equity Fund 25,730,380 207,982 626,936 16,253
</TABLE>
NOTE 5. 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 from the Funds for their services as
Trustees.
72 2000 SEMI-ANNUAL REPORT
<PAGE> 75
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1 SUMMARY FINANCIAL INFORMATION
--------------------------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
SOCIAL
GROWTH & INTERNATIONAL CHOICE
STOCK INDEX GROWTH EQUITY INCOME EQUITY EQUITY
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
AS OF JUNE 30, 2000:
ASSETS
Investments, at cost $49,259,234 $ 9,863,393 $3,540,710 $2,994,618 $423,572
--------------------------------------------------------------------------------------------------------------------------
Shares held in TIAA-CREF Life Funds 1,637,297 404,310 136,349 146,509 16,434
Net asset value per share ("NAV") 31.37 25.52 26.19 20.37 26.29
--------------------------------------------------------------------------------------------------------------------------
Investments, at value (shares x NAV) 51,361,289 10,318,000 3,570,976 2,984,387 432,041
--------------------------------------------------------------------------------------------------------------------------
NET ASSETS -- ACCUMULATION FUND $51,361,289 $10,318,000 $3,570,976 $2,984,387 $432,041
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Number of Accumulation Units outstanding 1,617,969 405,673 137,182 147,552 16,439
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, PER ACCUMULATION UNIT $31.74 $25.43 $26.03 $20.23 $26.28
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SOCIAL
GROWTH & INTERNATIONAL CHOICE
GROWTH EQUITY INCOME EQUITY EQUITY
STOCK INDEX ACCOUNT ACCOUNT ACCOUNT ACCOUNT
ACCOUNT
------------------ --------------------------------------------------------------
FOR THE SIX MONTHS
ENDED JUNE 30, FOR THE PERIOD MARCH 1, 2000 (COMMENCEMENT OF OPERATIONS) TO
2000 JUNE 30, 2000
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CHANGES IN NET ASSETS:
FROM OPERATIONS
Net investment loss $ (54,927) $ (3,291) $ (985) $ (855) $ (183)
Realized gain/(loss) on investments 158,305 (1,968) 5 (17) 191
Net change in unrealized appreciation
(depreciation) on investments 458,354 454,607 30,266 (10,231) 8,469
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NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 561,732 449,348 29,286 (11,103) 8,477
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FROM CONTRACTOWNER TRANSACTIONS
Seed money premiums from TIAA-CREF Life -- 100,000 100,000 100,000 100,000
Premiums 29,873,047 6,640,863 2,620,913 1,910,441 281,474
Net Contractowner transfers (to) from
fixed account (1,018,821) 3,132,466 820,797 989,806 42,110
Withdrawals and death benefits (881,705) (4,677) (20) (4,757) (20)
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NET INCREASE IN NET ASSETS RESULTING FROM
CONTRACTOWNER TRANSACTIONS 27,972,521 9,868,652 3,541,690 2,995,490 423,564
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NET INCREASE IN NET ASSETS 28,534,253 10,318,000 3,570,976 2,984,387 432,041
NET ASSETS
Beginning of period 22,827,036 -- -- -- --
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END OF PERIOD $51,361,289 $10,318,000 $3,570,976 $2,984,387 $432,041
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TOTAL RETURN 0.61% 1.74% 4.12% (19.10)% 5.13%
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RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.15% 0.10% 0.10% 0.10% 0.10%
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The percentages shown above are not annualized.
</TABLE>
2000 SEMI-ANNUAL REPORT 73
<PAGE> 76
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