Tiaa Cref Life Fund NCSR Certified annual shareholder report (management investment company)

Tiaa Cref Life Fund N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-08961

TIAA-CREF LIFE FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Terry H. Lin, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2015

Item 1. Reports to Stockholders.

LOGO


		Contents
		Understanding your TIAA-CREF Life Funds report			2

		Information on the TIAA-CREF Life Funds			3

		About the funds’ benchmarks			4

		Important information about expenses			6

		Fund performance
		Growth Equity Fund			7

		Growth & Income Fund			10

		Large-Cap Value Fund			13

		Real Estate Securities Fund			16

		Small-Cap Equity Fund			19

		Social Choice Equity Fund			22

		Stock Index Fund			25

		International Equity Fund			28

		Bond Fund			31

		Money Market Fund			34

		Balanced Fund			37

		Summary portfolios of investments			40

		Audited financial statements
		Statements of assets and liabilities			74

		Statements of operations			78

		Statements of changes in net assets			82

		Financial highlights			90

		Notes to financial statements			94

		Report of independent registered public accounting firm			110
		Trustees and officers			111
		Important tax information			118
		Additional information about index providers			119
		How to reach us			Inside back cover

Understanding your TIAA-CREF Life Funds report

This annual report contains information about the eleven TIAA-CREF Life Funds and describes the funds’ results for the twelve months ended December 31, 2015. The report contains three main sections:

•

The fund performance section compares each fund’s investment returns with those of its benchmark index.

•

The summary portfolios of investments list the industries and types of securities in which each fund had investments as of December 31, 2015.

•

The financial statements provide detailed information about the operations and financial condition of each fund.

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the TIAA-CREF Life Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s latest prospectus.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 223-1200. We urge you to read the prospectus carefully before investing.

2 2015 Annual Report ¡ TIAA-CREF Life Funds

Information on the TIAA-CREF Life Funds

Portfolio holdings

Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each fund in their annual and semiannual reports, instead of providing complete portfolio listings. The TIAA-CREF Life Funds also file complete portfolio listings with the SEC, and they are available to the public.

You can obtain a complete list of the TIAA-CREF Life Funds’ portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

•

By visiting our website at tiaa-cref.org; or

•

By calling us at 800 842-2252 to request a copy free of charge.

You can also obtain a complete list of the TIAA-CREF Life Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-Q filings are as of March 31 or September 30. Copies of these forms are available:

•

Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

•

From the SEC’s Office of Investor Education and Advocacy.

(Call 202 551-8090 for more information.)

Proxy voting

TIAA-CREF Life Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You can also call us at 800 223-1200 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017–3206; or by phone at 800 223-1200.

Fund management

TIAA-CREF Life Funds are managed by the portfolio management teams of Teachers Advisors, Inc. The members of these teams are responsible for the day-to-day investment management of the funds.

TIAA-CREF Life Funds ¡ 2015 Annual Report 3

About the funds’ benchmarks

Equity Indexes

Broad market indexes

The Russell 3000^® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.

The MSCI EAFE Index measures the performance of the leading stocks in 21 developed market countries outside North America—in Europe, Australasia and the Far East.

Large-cap indexes

The S&P 500^® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in leading industries of the U.S. economy.

The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.

The Russell 1000 Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower relative forecasted growth rates and price/book ratios.

Small-cap index

The Russell 2000^® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization.

Specialty equity index

The FTSE NAREIT All Equity REITs Index measures the performance of certain publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate.

4 2015 Annual Report ¡ TIAA-CREF Life Funds

About the funds’ benchmarks

Fixed-income Index

The Barclays U.S. Aggregate Bond Index measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

Composite Index

The Balanced Fund Composite Index is a composite of three unmanaged benchmark indexes, each of which represents one of the three market sectors in which the underlying funds invest: domestic equity (Russell 3000 Index), international equity (MSCI EAFE Index), and fixed income (Barclays U.S. Aggregate Bond Index). The fund’s composite benchmark combines those public indexes in proportions that reflect the fund’s target market sector allocations.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Russell Investments. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investments. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc. FTSE is a trademark of London Stock Exchange plc and The Financial Times Limited.

TIAA-CREF Life Funds ¡ 2015 Annual Report 5

Important information about expenses

All shareholders of the TIAA-CREF Life Funds incur ongoing costs, including management fees and other fund expenses.

The TIAA-CREF Life Funds are the underlying investment vehicles for certain variable life insurance and variable annuity contracts issued by TIAA-CREF Life Insurance Company. These contracts have additional administrative expense fees and mortality and expense risk charges. Because of these additional deductions, the costs to investors will be higher than the figures shown in the expense examples. Information about these additional charges can be found in the product prospectuses.

The expense examples that appear on the performance pages are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs incurred by the fund for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds. Shareholders of the TIAA-CREF Life Funds do not incur a sales charge on purchases, on reinvested dividends or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2015–December 31, 2015).

Actual expenses

The first line in each table uses the fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.

Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.

Hypothetical example for comparison purposes

The second line shows hypothetical account values and expenses based on the fund’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the fund’s actual return.

This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in the fund with that of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

6 2015 Annual Report ¡ TIAA-CREF Life Funds

Growth Equity Fund

Performance for the twelve months ended December 31, 2015

The Growth Equity Fund returned 9.67% for the year, compared with the 5.67% return of its benchmark, the Russell 1000^® Growth Index.

Following a weak first quarter, gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annualized rate of 3.9% and 2.0% in the second and third quarters, respectively. Average hourly wages increased, inflation rose slightly and the national unemployment rate dropped to 5.0%. The Federal Reserve raised the federal funds target rate by 0.25%, while central banks overseas eased rates.

Stock prices were volatile, particularly in the third quarter, largely in reaction to slowing growth in China, interest rate uncertainties and plunging oil prices. For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 0.48%. Large-cap stocks topped mid-cap equities, which outperformed small-cap stocks. Growth stocks ended the year up, but their value counterparts ended down. (Returns are based on Russell indexes.)

For the ten years ended December 31, 2015, the Russell 1000 Growth Index produced an average annual gain of 8.53%, beating the 7.35% average return of the Russell 3000 Index over the same period.

Stock choices boost relative performance

Six of the ten industry sectors within the fund’s benchmark generated gains for the twelve months. Consumer discretionary (up 11.6%), information technology (up 9.2%) and health care (up 6.8%) were among the benchmark’s best performing sectors. These three largest sectors comprised nearly two-thirds of the index’s total market capitalization on December 31, 2015. The energy sector had the most significant decline (down 38.2%).

The fund outperformed its benchmark, aided by overweight positions in Amazon.com and Starbucks. Amazon’s stock rose on strong sales growth and the profitability of Amazon Web Services, its fast-growing cloud-computing business. Starbucks benefited from increased customer traffic and revenue and the announcement of a share buyback program.

Slightly offsetting these strong performers were out-of-benchmark holdings in Yahoo! and Valeant Pharmaceuticals, which detracted from relative returns. Naysayers pressured online content provider Yahoo!’s stock. Although Valeant had a solid year financially, the stock suffered when a probe was launched questioning the company’s drug pricing practices.

TIAA-CREF Life Funds ¡ 2015 Annual Report 7

Growth Equity Fund

Performance as of December 31, 2015



			Total return		Average annual total return
	Inception date		1 year		5 years			10 years


Growth Equity Fund		4/3/2000		9.67%		15.26	%		9.07%



Russell 1000^® Growth Index		—		5.67		13.53			8.53

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower.

Total returns for the shares of the fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the fund would have been lower.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

$10,000 over 10 years

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

8 2015 Annual Report ¡ TIAA-CREF Life Funds

Growth Equity Fund

Expense example

Six months ended December 31, 2015



Growth Equity Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15–12/31/15)


Actual return		$1,000.00		$1,031.05		$2.66

5% annual hypothetical return		1,000.00		1,022.58		2.65

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2015. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 6.

Portfolio composition



Sector	% of net assets as of 12/31/2015


Information technology		38.4

Consumer discretionary		23.9

Health care		17.0

Industrials		7.1

Consumer staples		4.4

Financials		4.1

Materials		3.2

Telecommunication services		1.1

Energy		0.7

Short-term investments, other assets & liabilities, net		0.1



Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 12/31/2015


More than $50 billion		55.5

More than $15 billion–$50 billion		36.8

More than $2 billion–$15 billion		7.7



Total		100.0

TIAA-CREF Life Funds ¡ 2015 Annual Report 9

Growth & Income Fund

Performance for the twelve months ended December 31, 2015

The Growth & Income Fund returned 3.34% for the year, compared with the 1.38% return of its benchmark, the S&P 500^® Index.

Stock prices were volatile, particularly in the third quarter, largely in reaction to slowing growth in China, interest rate uncertainties and plunging oil prices.

For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 0.48%. Large-cap stocks, like those contained in the S&P 500, outperformed mid-cap and small-cap issues.

For the ten years ended December 31, 2015, the S&P 500 Index had an average annual return of 7.31%, a gain nearly matching the 7.35% average annual return of the Russell 3000 Index over the same period.

Large-cap stocks perform well, fund does even better

Five of the ten industry sectors within the benchmark ended the twelve months with gains. Consumer discretionary had a double-digit return. Health care, consumer staples, information technology and telecommunication services had single-digit gains. This group of sectors made up more than half of the benchmark’s total market capitalization on December 31, 2015.

The energy and materials sectors registered the biggest declines due to falling commodity prices.

Many holdings helped the fund outperform its benchmark for the twelve months, especially an overweight position in Netflix and an underweight in energy company Kinder Morgan. Netflix benefited from strong subscriber growth. Lower oil prices hurt Kinder Morgan.

Not all stock choices worked as expected. An overweight position in Anadarko Petroleum and an out-of-benchmark weight in GoPro detracted from relative results. Bad news stalked energy giant Anadarko, including declining revenue and being ordered to pay a fine resulting from the 2010 oil spill in the Gulf of Mexico. GoPro struggled as more competitors entered the action-camera space and results disappointed investors.

10 2015 Annual Report ¡ TIAA-CREF Life Funds

Growth & Income Fund

Performance as of December 31, 2015



			Total return		Average annual total return
	Inception date		1 year		5 years			10 years


Growth & Income Fund		4/3/2000		3.34%		13.08	%		9.25%



S&P 500 Index		—		1.38		12.57			7.31

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

$10,000 over 10 years

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

TIAA-CREF Life Funds ¡ 2015 Annual Report 11

Growth & Income Fund

Expense example

Six months ended December 31, 2015



Growth & Income Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15–12/31/15)


Actual return		$1,000.00		$ 989.10		$2.61

5% annual hypothetical return		1,000.00		1,022.58		2.65

For more information about this expense example, please see page 6.

Portfolio composition



Sector	% of net assets as of 12/31/2015


Information technology		24.2

Consumer discretionary		18.5

Health care		15.6

Financials		11.2

Consumer staples		9.6

Industrials		9.5

Energy		4.7

Materials		2.5

Telecommunication services		2.4

Utilities		1.7

Short-term investments, other assets & liabilities, net		0.1



Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 12/31/2015


More than $50 billion		55.1

More than $15 billion–$50 billion		22.7

More than $2 billion–$15 billion		20.4

$2 billion or less		1.8



Total		100.0

12 2015 Annual Report ¡ TIAA-CREF Life Funds

Large-Cap Value Fund

Performance for the twelve months ended December 31, 2015

The Large-Cap Value Fund returned –5.00% for the year, compared with the –3.83% return of its benchmark, the Russell 1000^® Value Index.

The U.S. economy expanded in 2015. Following a weak first quarter, gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annualized rate of 3.9% and 2.0% in the second and third quarters, respectively. Average hourly wages increased, inflation rose slightly and the national unemployment rate dropped to 5.0%.

Stock prices were volatile, largely in reaction to slowing growth in China, interest rate uncertainties and plunging oil prices. For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, rose 0.48%, marking the seventh straight year of positive performance. Large-cap stocks topped mid-caps, which outperformed small-cap stocks. Growth stocks ended the year up, but their value counterparts declined.

For the ten years ended December 31, 2015, the Russell 1000 Value Index registered an average annual gain of 6.16%, less than the 8.53% average annual return of the Russell 1000 Growth Index over the same period. (Returns by investment style and capitalization size are based on the Russell indexes.)

Stock choices limit returns

All but three of the industry sectors comprising the fund’s benchmark posted losses for the twelve-month period. Energy was the worst performer (down 23.5%). Materials (down 11.5%), consumer discretionary (down 5.9%) and utilities (down 5.4%) also suffered sizable losses. Together, these four sectors made up more than one-quarter of the benchmark’s total market capitalization. The index’s second-largest sector, health care, was the best performer (up 7.8%).

In 2015, the fund trailed its benchmark. An overweight position in SPX detracted most, as a decline in revenue negatively impacted the HVAC solutions company. Next in line were an out-of-benchmark position in Groupon and an overweight in Yahoo! as both suffered losses.

Conversely, an out-of-benchmark position in Kraft Heinz contributed most to relative performance as the completion of its merger boosted net sales. Sizable underweights in energy company Kinder Morgan and technology giant Intel were next in line as both stocks declined.

TIAA-CREF Life Funds ¡ 2015 Annual Report 13

Large-Cap Value Fund

Performance as of December 31, 2015

Total
return

Average annual
total return

Inception date

1 year

5 years

10 years

Large-Cap Value Fund

10/28/2002

–5.00%

9.46

5.92%

Russell 1000^® Value Index

—

–3.83

11.27

6.16

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

$10,000 over 10 years

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

14 2015 Annual Report ¡ TIAA-CREF Life Funds

Large-Cap Value Fund

Expense example

Six months ended December 31, 2015



Large-Cap Value Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15–12/31/15)


Actual return		$1,000.00		$ 939.55		$2.54

5% annual hypothetical return		1,000.00		1,022.58		2.65

For more information about this expense example, please see page 6.

Portfolio composition



Sector	% of net assets as of 12/31/2015


Financials		27.6

Information technology		13.9

Health care		11.8

Energy		10.8

Consumer discretionary		10.1

Industrials		8.6

Consumer staples		5.6

Materials		4.3

Utilities		3.6

Telecommunication services		2.9

Short-term investments, other assets & liabilities, net		0.8


Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 12/31/2015


More than $50 billion		38.3

More than $15 billion–$50 billion		21.5

More than $2 billion–$15 billion		34.1

$2 billion or less		6.1


Total		100.0

TIAA-CREF Life Funds ¡ 2015 Annual Report 15

Real Estate Securities Fund

Performance for the twelve months ended December 31, 2015

The Real Estate Securities Fund returned 4.37% for the year, compared with the 2.83% return of its benchmark, the FTSE NAREIT All Equity REITs Index.

For the year, the FTSE index topped the 0.48% return of the broad U.S. stock market, as measured by the Russell 3000^® Index. The fund’s benchmark also outperformed the 0.55% return of the U.S. investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index.

The fund’s benchmark rose in three of the four quarters of 2015. It fell in the second quarter when renewed concerns about rising U.S. interest rates jolted the REIT market, given its sensitivity to bond yields. Yet the benchmark improved during the third and fourth quarters when corporate profits rose, and the Federal Reserve approved a quarter-point hike in its federal funds target rate.

For the ten years ended December 31, 2015, the benchmark generated an average annual return of 7.38%, narrowly surpassing the 7.35% average annual return of the Russell 3000 and outpacing the 4.51% average annual gain of the Barclays index.

All but four of the benchmark’s 14 property sectors and subsectors posted positive returns for the period. The top performers were self-storage (up 40.7%), manufactured homes (up 25.7%), apartments (up 16.5%) and free standing (up 5.9%). Self-storage REITs continued to perform well against a backdrop of strong demand and limited supply. The benchmark’s detractors included lodging (down 24.4%), health care (down 7.3%) and timber (down 7.0%). Lodging fell in part due to competition from room rentals in private residences, fueled by the rising popularity of Airbnb.

Stock choices boost the fund’s relative results

The fund beat its benchmark largely due to favorable stock choices. The biggest contributions to relative performance came from the fund’s overweight position in specialized REITs CubeSmart and Extra Space Storage, both of which posted double-digit gains for the year. An underweight in forest products company Weyerhaeuser also aided relative returns.

These positive contributions were partly offset by a nonbenchmark position in NorthStar Asset Management Group, an overweight in NorthStar Realty Finance and an underweight in wireless provider Crown Castle International.

During the twelve months, the fund also held stocks of several companies that are not REITs but engage in activities related to real estate.

16 2015 Annual Report ¡ TIAA-CREF Life Funds

Real Estate Securities Fund

Performance as of December 31, 2015




			Total return		Average annual total return
	Inception date		1 year		5 years		10 years


Real Estate Securities Fund		10/28/2002		4.37%		11.80%		7.12%


FTSE NAREIT All Equity REITs Index		—		2.83		11.91		7.38

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

$10,000 over 10 years

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

TIAA-CREF Life Funds ¡ 2015 Annual Report 17

Real Estate Securities Fund

Expense example

Six months ended December 31, 2015



Real Estate Securities Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15–12/31/15)


Actual return		$1,000.00		$1,093.52		$3.01

5% annual hypothetical return		1,000.00		1,022.33		2.91

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2015. The fund’s annualized six-month expense ratio for that period was 0.57%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 6.

Portfolio composition



Sector	% of net assets as of 12/31/2015


Specialized REITs		26.7

Retail REITs		21.3

Residential REITs		20.7

Office REITs		11.0

Industrial REITs		9.6

Diversified REITs		3.2

Real estate services		1.6

Hotels, resorts & cruise lines		0.9

Mortgage REITs		0.8

Real estate operating companies		0.8

Asset management & custody banks		0.8

Diversified capital markets		0.3

Health care facilities		0.3

Short-term investments, other assets & liabilities, net		2.0


Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 12/31/2015


More than $50 billion		9.8

More than $15 billion–$50 billion		47.4

More than $2 billion–$15 billion		35.1

$2 billion or less		7.7


Total		100.0

18 2015 Annual Report ¡ TIAA-CREF Life Funds

Small-Cap Equity Fund

Performance for the twelve months ended December 31, 2015

The Small-Cap Equity Fund returned –0.15% for the year, compared with the –4.41% return of its benchmark, the Russell 2000^® Index.

Stock prices were volatile, particularly in the third quarter, largely in reaction to slowing growth in China, interest rate uncertainties and plunging oil prices. For the twelve months, the Russell 3000^® Index, a broad measure of the U.S. stock market, returned 0.48%. Small-cap stocks underperformed mid- and large-cap stocks. Growth stocks ended the year up, but their value counterparts ended down. (Returns are based on Russell indexes.)

For the ten years ended December 31, 2015, the Russell 2000 Index registered an average annual gain of 6.80%, and underperformed the 7.35% average return of the Russell 3000 Index over the same period.

Fund outperforms as small-cap stocks struggle

Eight of the ten industry sectors within the fund’s benchmark recorded negative returns for the twelve months. The only positive sectors were health care (up 8.1%) and information technology (up 3.0%). These two sectors plus financials (down 0.3%) comprised over half of the benchmark’s total market capitalization on December 31, 2015. The energy and materials sectors posted the biggest losses, hurt by falling commodity prices.

The fund outperformed its benchmark, helped by overweight positions in Cambrex and American Woodmark. Drug manufacturer Cambrex benefited by partnering with pharmaceutical firms to help them bring new drugs to market. New residential construction contributed to strong sales for cabinet manufacturer American Woodmark.

Other choices did not work out as expected. The fund did not hold Synageva BioPharma, a developer of drugs to treat rare diseases. Synageva was acquired during the period at a significant premium. An overweight position in LivePerson detracted as the cloud-based customer service specialist announced results that disappointed investors. Finally, the fund had a small exposure to derivative instruments, which detracted from its relative performance.

TIAA-CREF Life Funds ¡ 2015 Annual Report 19

Small-Cap Equity Fund

Performance as of December 31, 2015

Total
return

Average annual
total return

Inception date

1 year

5 years

10 years

Small-Cap Equity Fund

10/28/2002

–0.15%

10.26%

7.15%

Russell 2000^® Index

—

–4.41

9.19

6.80

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

$10,000 over 10 years

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

20 2015 Annual Report ¡ TIAA-CREF Life Funds

Small-Cap Equity Fund

Expense example

Six months ended December 31, 2015



Small-Cap Equity Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15–12/31/15)


Actual return		$1,000.00		$ 945.04		$2.60

5% annual hypothetical return		1,000.00		1,022.53		2.70

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2015. The fund’s annualized six-month expense ratio for that period was 0.53%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 6.

Portfolio composition



Sector	% of net assets as of 12/31/2015


Financials		23.5

Information technology		19.5

Health care		16.8

Industrials		12.5

Consumer discretionary		12.0

Materials		4.7

Consumer staples		3.7

Energy		3.2

Utilities		2.8

Telecommunication services		1.5

Short-term investments, other assets & liabilities, net		–0.2


Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 12/31/2015


More than $2 billion–$15 billion		49.1

$2 billion or less		50.9


Total		100.0

TIAA-CREF Life Funds ¡ 2015 Annual Report 21

Social Choice Equity Fund

Performance for the twelve months ended December 31, 2015

The Social Choice Equity Fund returned –2.70% for the year, compared with the 0.48% return of its benchmark, the Russell 3000^® Index. The fund screens for investments by using certain environmental, social and governance (ESG) criteria, while the benchmark does not.

Because of its ESG criteria, the fund did not invest in a number of stocks and bonds that were included in the Russell index. Avoiding these companies produced mixed results, but the net effect partly caused the fund to trail its benchmark.

The largest detractors relative to the Russell 3000 Index were the exclusions of stocks Amazon.com, Microsoft, General Electric and Facebook. Shares of Amazon.com rose sharply, driven by the strong earnings growth of its cloud business. The growth of cloud computing also boosted demand for Microsoft shares, which rose significantly.

These negative effects were partly offset by the exclusions of stocks Exxon Mobil, Wal-Mart, Chevron and Micron Technology. Many energy stocks such as Exxon Mobil and Chevron fell as oil prices plunged.

Stock positions hamper fund’s performance

To compensate for the fund’s exclusion of some stocks, its managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its benchmark.

The fund also underperformed due in part to stock selections that did not perform as well as anticipated. They included overweight positions in Yahoo!, HP and National Oilwell Varco, respectively. Yahoo! dropped in reaction to concerns about its future earnings potential and uncertainties regarding its turnaround strategy. On November 2, 2015, Hewlett-Packard split into two companies—HP Inc. and Hewlett Packard Enterprise—in an effort to separate the technology business from the personal computer and printer market.

The losses were partly offset by the fund’s successful stock selections, led by overweight positions in shares of Google-parent Alphabet, Starbucks, and property and casualty insurer Chubb Corp, respectively. Alphabet’s and Starbucks’ earnings and revenues exceeded expectations. Shares of Chubb rallied after Switzerland’s ACE Limited agreed to purchase Chubb for $28.3 billion in cash and stock. At period-end, the merger remained subject to obtaining certain regulatory approvals. An overweight position in Aetna also aided relative returns.

22 2015 Annual Report ¡ TIAA-CREF Life Funds

Social Choice Equity Fund

Performance as of December 31, 2015

Total
return

Average annual
total return

Inception date

1 year

5 years

10 years

Social Choice Equity Fund

4/3/2000

–2.70%

10.54%

6.84%

Russell 3000^® Index

—

0.48

12.18

7.35

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

$10,000 over 10 years

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

TIAA-CREF Life Funds ¡ 2015 Annual Report 23

Social Choice Equity Fund

Expense example

Six months ended December 31, 2015



Social Choice Equity Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15–12/31/15)


Actual return		$1,000.00		$ 978.36		$1.10

5% annual hypothetical return		1,000.00		1,024.10		1.12

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2015. The fund’s annualized six-month expense ratio for that period was 0.22%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 6.

Portfolio composition



Sector	% of net assets as of 12/31/2015


Financials		20.8

Information technology		18.3

Health care		14.8

Consumer discretionary		12.6

Industrials		9.7

Consumer staples		7.9

Energy		6.2

Materials		4.0

Utilities		3.2

Telecommunication services		1.9

Short-term investments, other assets & liabilities, net		0.6


Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 12/31/2015


More than $50 billion		40.0

More than $15 billion–$50 billion		39.5

More than $2 billion–$15 billion		17.4

$2 billion or less		3.1


Total		100.0

24 2015 Annual Report ¡ TIAA-CREF Life Funds

Stock Index Fund

Performance for the twelve months ended December 31, 2015

The Stock Index Fund returned 0.43% for the year, compared with the 0.48% return of its benchmark, the Russell 3000^® Index.

For the twelve-month period, the fund’s return lagged that of its benchmark index, primarily because of the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund had a risk profile similar to that of its benchmark.

Following a weak first quarter, gross domestic product (GDP), which measures the value of all goods and services produced in the United States, rose at an annualized rate of 3.9% and 2.0% in the second and third quarters, respectively. Average hourly wages increased and national unemployment dropped to 5.0%. The Federal Reserve raised the federal funds target rate by 0.25%, while central banks overseas eased rates.

Stocks were volatile, particularly in the third quarter, in reaction to slowing growth in China, interest rate uncertainties and plunging oil prices. For the twelve months, large-cap stocks topped mid-cap equities, which outperformed small-cap stocks. Growth stocks ended the year up, but their value counterparts ended down. (Returns are based on Russell indexes.)

Five of ten sectors post positive returns

For the period, half of the ten industry sectors in the fund’s benchmark ended in positive territory. The largest sector, information technology, contributed most with a return of 5.4%. Health care (up 7.2%) and consumer discretionary (up 6.0%) also contributed significantly. Together, these sectors constituted nearly half of the benchmark’s total market capitalization. Energy performed worst (down 23.2%), followed by materials (down 10.2%) and utilities (down 5.2%). Lower oil prices particularly hurt energy stocks.

Seven of the ten largest stocks in the index by market capitalization at year-end beat the benchmark, and three finished lower for the period. Among the ten, Amazon.com performed best—more than doubling in price—fueled by strong earnings growth of its cloud business. The growth of cloud computing also boosted Microsoft shares. Exxon Mobil ended down, and Apple ended lower amid weakening demand for smartphones.

TIAA-CREF Life Funds ¡ 2015 Annual Report 25

Stock Index Fund

Performance as of December 31, 2015




			Total return		Average annual total return
	Inception date		1 year		5 years		10 years


Stock Index Fund		1/4/1999		0.43%		12.10%		7.34%


Russell 3000^® Index		—		0.48		12.18		7.35

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

$10,000 over 10 years

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

26 2015 Annual Report ¡ TIAA-CREF Life Funds

Stock Index Fund

Expense example

Six months ended December 31, 2015



Stock Index Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15–12/31/15)


Actual return		$1,000.00		$ 985.23		$0.45

5% annual hypothetical return		1,000.00		1,024.75		0.46

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2015. The fund’s annualized six-month expense ratio for that period was 0.09%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 6.

Portfolio composition



Sector	% of net assets as of 12/31/2015


Information technology		19.7

Financials		18.5

Health care		14.7

Consumer discretionary		13.4

Industrials		10.6

Consumer staples		8.8

Energy		5.9

Materials		3.1

Utilities		3.1

Telecommunication services		2.2


Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 12/31/2015


More than $50 billion		50.1

More than $15 billion–$50 billion		23.2

More than $2 billion–$15 billion		21.8

$2 billion or less		4.9


Total		100.0

TIAA-CREF Life Funds ¡ 2015 Annual Report 27

International Equity Fund

Performance for the twelve months ended December 31, 2015

The International Equity Fund returned –0.98% for the year, compared with the –0.81% return of its benchmark, the MSCI EAFE Index.

Foreign stocks fell in 2015 amid concerns about Greece’s debt problems and slowing growth in China. U.S. dollar strength was also a headwind as the EAFE index, which measures stock performance in 21 developed market nations outside North America, actually advanced 5.33%, in terms of local currency. In comparison, U.S. stocks, as measured by the Russell 3000^® Index, rose 0.48%, marking the seventh straight year of positive performance.

Market performance varied significantly across countries. United Kingdom stocks fell in both local and U.S. dollar terms as reduced demand for energy and commodity-related exports hurt the region. U.S. dollar strength was a headwind for index shares in the eurozone, which declined when converted to U.S. dollar returns. Japan achieved nearly double-digit gains in both local and U.S. currency.

Stock choices trim results

In 2015, the fund modestly trailed its benchmark. The largest detractor was an overweight position in Tesco. Ongoing issues related to its expansion initiatives have hurt the supermarket giant. Next in line were losses from overweight positions in global engineering company Weir Group and industrial gas and engineering firm Linde.

Conversely, an overweight position in Adidas contributed most to relative performance. The sportswear company benefited from strong product sales. Sizable overweights in French automaker Renault and entertainment company Sky were next in line as both stocks produced double-digit returns.

The fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the fund’s fair value pricing adjustments or of the timing of foreign currency valuations. Many foreign exchanges close for trading before the fund’s net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the fund’s benchmark. These changes are, however, taken into account to value the fund’s portfolio holdings at the time the fund’s NAV is calculated; these are known as fair value pricing adjustments.

28 2015 Annual Report ¡ TIAA-CREF Life Funds

International Equity Fund

Performance as of December 31, 2015

Total
return

Average annual
total return

Inception date

1 year

5 years

10 years

International Equity Fund

4/3/2000

–0.98%

2.50

3.29%

MSCI EAFE Index

—

–0.81

3.60

3.03

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

$10,000 over 10 years

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

TIAA-CREF Life Funds ¡ 2015 Annual Report 29

International Equity Fund

Expense example

Six months ended December 31, 2015



International Equity Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15–12/31/15)


Actual return	$	1,000.00		$ 905.13		$2.88

5% annual hypothetical return		1,000.00		1,022.18		3.06

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2015. The fund’s annualized six-month expense ratio for that period was 0.60%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 6.

Portfolio composition



Sector	% of net assets as of 12/31/2015


Consumer discretionary		40.1

Industrials		15.3

Financials		15.2

Health care		10.3

Consumer staples		9.0

Materials		5.8

Information technology		3.7

Short-term investments,other assets & liabilities, net		0.6


Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 12/31/2015


More than $50 billion		4.0

More than $15 billion–$50 billion		60.3

More than $2 billion–$15 billion		33.6

$2 billion or less		2.1


Total		100.0

Holdings by country



	% of portfolio investments as of 12/31/2015


France		24.2

Germany		18.6

United Kingdom		17.6

Japan		14.0

India		7.9

Netherlands		5.1

Switzerland		4.8

Sweden		1.9

7 other nations		5.0

Short-term investments		0.9


Total		100.0

30 2015 Annual Report ¡ TIAA-CREF Life Funds

Bond Fund

Performance for the twelve months ended December 31, 2015

The Bond Fund returned 0.57% for the year, compared with the 0.55% return of its benchmark, the Barclays U.S. Aggregate Bond Index.

On December 16, 2015, the Federal Reserve approved a quarter-point hike in its federal funds target rate. The new target went from 0.00%–0.25% to 0.25%–0.50% and marks the first increase since June 29, 2006. The yield on the 10-year U.S. Treasury bond rose from 2.12% on January 2, 2015 to 2.27% on December 31, 2015.

Strong security selection and a significant overweight aid returns

Throughout much of 2015, extreme swings in the financial markets and concerns over the pace of growth overseas kept investors unsettled. Strong investor demand for more stable assets bolstered the performance of U.S. Treasuries and other higher-quality/high-rated sectors. Mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) also benefited from low default rates and relatively attractive returns.

U.S. Treasury securities, the benchmark’s largest sector at more than 36% of total market capitalization, rose nearly 0.9% for the period. MBS, the benchmark’s second-largest weighting at nearly 28%, gained 1.5% for the twelve months. Corporate bonds, which constituted almost 24% of the benchmark’s total capitalization, returned –0.7%.

The fund outperformed its benchmark primarily due to strong security selection and a sizable overweight position in CMBS, which topped CMBS holdings in the benchmark by a wide margin. Select corporate bonds were the next largest contributor helped by beneficial security selection and favorable yield curve positioning as well as higher coupons.

In contrast, the fund was held back partly by spread weakness in high-yield and emerging markets where spreads widened on concerns U.S. rate increases would harm the sector. A small allocation to cash further diminished the fund’s relative performance.

TIAA-CREF Life Funds ¡ 2015 Annual Report 31

Bond Fund

Performance as of December 31, 2015




			Total return		Average annual total return
	Inception date		1 year		5 years			10 years

Bond Fund		7/8/2003		0.57%		3.49	%		4.23%

Barclays U.S. Aggregate Bond Index		—		0.55		3.25			4.51

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

$10,000 over 10 years

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark during the same period.

32 2015 Annual Report ¡ TIAA-CREF Life Funds

Bond Fund

Expense example

Six months ended December 31, 2015



Bond Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15–12/31/15)


Actual return		$1,000.00		$1,002.93		$1.77

5% annual hypothetical return		1,000.00		1,023.44		1.79

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2015. The fund’s annualized six-month expense ratio for that period was 0.35%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 6.

Portfolio composition




% of net assets as of 12/31/2015


Corporate bonds			34.3

Mortgage-backed securities†			19.6

Foreign government & corporate bonds denominated in U.S. dollars			16.9

Commercial mortgage-backed securities			14.5

Asset-backed securities			5.5

U.S. Treasury securities			4.1

Bank loan obligations			1.5

Municipal bonds			0.5

U.S. agency securities			0.3

Short-term investments,other assets & liabilities, net			2.8


Total			100.0

†	Includes mortgage pass-through securities and collateralized mortgage obligations

Holdings by maturity



% of fixed-income investments (excluding short-term investments) as of 12/31/2015


Less than 1 year			6.1

1–3 years			16.2

3–5 years			17.3

5–10 years			48.2

Over 10 years			12.2


Total			100.0

Holdings by credit quality‡



% of fixed-income investments (excluding short-term investments) as of 12/31/2015


Aaa/AAA			26.1

Aa/AA			4.0

A/A			15.7

Baa/BBB			35.1

Ba/BB			5.3

B/B			7.6

Below B/B			3.4

Non-rated			2.8


Total			100.0

‡

Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

TIAA-CREF Life Funds ¡ 2015 Annual Report 33

Money Market Fund

Performance for the twelve months ended December 31, 2015

The Money Market Fund returned 0.00% for the year, compared with the 0.02% return of the iMoneyNet Money Fund Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.

The Federal Reserve’s target for short-term interest rates went from 0.00%–0.25% to 0.25%–0.50% on December 16, 2015, fulfilling speculation of a rate hike that permeated financial markets for much of 2015. The increase in the federal funds target rate was the first to occur in nine years and represents a process of “rate normalization” by the Fed.

Money Market Fund is restructuring to comply with new SEC regulations

On August 11, 2015, the TIAA-CREF Life Funds board approved a restructuring of the Money Market Fund as a “government” money market instrument. This action was taken to comply with new SEC regulations requiring all money market funds to restructure as retail, institutional or government. As a government fund, the Money Market Fund will invest 99.5% or more of its total assets in cash, U.S. government securities and/or repurchase agreements (“repos”) collateralized fully in cash or U.S. government securities. The restructuring will be effective by October 2016.

Many other U.S. money market funds are also expected to restructure as government funds. As a result, the supply of commercial paper declined in 2015, while the supply of short-term Treasuries increased by year-end. LIBOR yields also rose at the end of 2015, as a result of the Fed rate hike in December. Three-month LIBOR increased from 0.26% in January 2015 to 0.61% by December 31.

In pursuit of additional yield, the fund held longer-dated, floating-rate government agency paper in order to capture slightly higher yields. In 2015, our commercial paper exposure was diversified across industries and issuers, nearly all of which are U.S.-domiciled. The fund had limited exposure in Europe and made select investments in top-tier Pacific Rim banks. As of December 29, 2015, the fund’s weighted average maturity was 44 days, versus 35 days for the average iMoneyNet fund.

34 2015 Annual Report ¡ TIAA-CREF Life Funds

Money Market Fund

Net annualized yield for the 7 days ended December 29, 2015*




	Current yield			Effective yield


Money Market Fund†		0.12	%		0.12%


iMoneyNet Money Fund Averages—All Taxable‡		0.06			0.06

The current yield more closely reflects current earnings than does the total return.

*	Typically, iMoneyNet reports its 7-day yields as of Tuesday of each week.

Performance as of December 31, 2015




			Total return		Average annual total return
	Inception date		1 year		5 years		10 years


Money Market Fund†		7/8/2003		0.00%		0.01%		1.38%


iMoneyNet Money Fund Averages—All Taxable‡		—		0.02		0.02		1.14

Investments in the TIAA-CREF Life Money Market Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. For a detailed discussion of risk, please see the prospectus.

†	Beginning May 29, 2013, part or all of the investment management fees of the TIAA-CREF Life Money Market Fund are being voluntarily waived. Without this waiver, the total returns would have been lower. This voluntary fee waiver may be discontinued at any time without notice.

‡	The iMoneyNet Money Fund Averages–All Taxable category is a simple average of over 1,000 taxable money market funds. You cannot invest in it directly.

TIAA-CREF Life Funds ¡ 2015 Annual Report 35

Money Market Fund

Expense example

Six months ended December 31, 2015



Money Market Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15–12/31/15)


Actual return		$1,000.00		$1,000.03		$0.86

5% annual hypothetical return		1,000.00		1,024.35		0.87

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2015. The fund’s annualized six-month expense ratio for that period was 0.17%. The expense charges of the fund reflect a voluntary waiver and may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and reimbursement, the expenses of the fund would be higher and its performance lower.

For more information about this expense example, please see page 6.

Portfolio composition



% of net assets as of 12/31/2015


U.S. government agency securities			38.1

Commercial paper			26.3

U.S. Treasury securities			19.3

Floating-rate securities, government			12.7

Certificates of deposit			3.2

Other assets & liabilities, net			0.4


Total			100.0

36 2015 Annual Report ¡ TIAA-CREF Life Funds

Balanced Fund

Performance for the twelve months ended December 31, 2015

The Balanced Fund returned 1.28% for the year, compared with the 0.64% return of its benchmark, the Balanced Fund Composite Index.

U.S. stocks gained 0.48% in 2015, as measured by the Russell 3000^® Index, marking seven straight years of positive performance. Foreign equities fell, in U.S. dollar terms, amid concerns about Greece’s debt problems and slowing growth in China. U.S. dollar strength was also a headwind as the MSCI EAFE Index, which measures stock performance in 21 developed market nations outside North America, actually advanced 5.33%, in terms of local currency.

On December 16, 2015, the Federal Reserve approved a quarter-point hike in its federal funds target rate, which marked the first increase since June 29, 2006. The broad investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, gained 0.55% for the period. The yield on the 10-year U.S. Treasury bond rose from 2.12% on January 2, 2015 to 2.27% on December 31, 2015.

Strong selection in U.S. stock holdings propels the fund past its benchmark

In 2015, the fund’s absolute performance benefited from positive returns from U.S. stocks and bonds held by the underlying funds of the Balanced Fund. The fund’s U.S. stock holdings contributed most to performance.

The fund’s return was double that of its composite benchmark for the year. During that time, most of the underlying funds outperformed the broad market indexes used to calculate the benchmark.

The majority of the fund’s outperformance versus its benchmark was due to the strong performance of its underlying funds, led by the Growth Equity Fund, the Growth & Income Fund and the Small-Cap Equity Fund. The Bond Fund also had a positive impact on relative results.

In contrast, the Large-Cap Value Fund and the International Equity Fund detracted from relative performance.

(Performance for the Balanced Fund’s underlying funds can be found at www.tiaa-cref.org/performance.)

TIAA-CREF Life Funds ¡ 2015 Annual Report 37

Balanced Fund

Performance as of December 31, 2015

Total
return

Average annual
total return

Inception date

1 year

since inception

Balanced Fund

1/31/2014

1.28%

4.39%

Balanced Fund Composite Index*

—

0.64

4.70†

Broad market indexes

Barclays U.S. Aggregate Bond Index

—

0.55

2.58†

Russell 3000^® Index

—

0.48

8.44†

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

On December 31, 2015, the Balanced Fund Composite Index consisted of: 50.0% Barclays U.S. Aggregate Bond Index, 40.0% Russell 3000 Index and 10.0% MSCI EAFE Index. The fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

†	Performance is calculated from the inception date of the fund.

$10,000 invested at fund’s inception

(Inception: January 31, 2014)

LOGO

For the purpose of comparison, the graph also shows the change in the value of the fund’s benchmark and of a broad market index during the same period.

38 2015 Annual Report ¡ TIAA-CREF Life Funds

Balanced Fund

Expense example

Period ended December 31, 2015




Balanced Fund	Beginning account value (7/1/15)		Ending account value (12/31/15)		Expenses paid during period* (7/1/15-12/31/15)		Effective expenses paid during period† (7/1/15-12/31/15)



Actual return		$1,000.00		$ 989.09		$0.50		$2.56

5% annual hypothetical return		1,000.00		1,024.70		0.51		2.60

“Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2015. The fund’s annualized six-month expense ratio for that period was 0.10%. The expense charges of the fund reflect a voluntary waiver and may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and reimbursement, the expenses of the fund would be higher and its performance lower.

†

“Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.51%.

For more information about this expense example, please see page 6.

Asset allocation




	% of net assets as of 12/31/2015


Equity

U.S. equity		39.6

International equity		9.9

Fixed income		50.4

Other assets & liabilities, net		0.1



Total		100.0

Target allocation

LOGO

TIAA-CREF Life Funds ¡ 2015 Annual Report 39


Summary portfolio of investments

Growth Equity Fund § December 31, 2015


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	13,055		Delphi Automotive plc	$	1,119,205		1.4	%
			Other		454,819		0.5

					1,574,024		1.9

	CAPITAL GOODS
	5,163		Boeing Co		746,518		0.9
	6,582		Northrop Grumman Corp		1,242,748		1.5
	4,243		Roper Industries, Inc		805,279		1.0
			Other		353,608		0.5

					3,148,153		3.9

	COMMERCIAL & PROFESSIONAL SERVICES
	26,447		Nielsen NV		1,232,430		1.5
	13,160	*	Verisk Analytics, Inc		1,011,741		1.2

					2,244,171		2.7

	CONSUMER DURABLES & APPAREL
	30,908		Nike, Inc (Class B)		1,931,750		2.4
	12,237		VF Corp		761,754		0.9
			Other		113,146		0.1

					2,806,650		3.4

	CONSUMER SERVICES
	29,359	*	Norwegian Cruise Line Holdings Ltd		1,720,437		2.1
	38,047		Starbucks Corp		2,283,962		2.8
			Other		421,153		0.5

					4,425,552		5.4

	DIVERSIFIED FINANCIALS
	19,861		Charles Schwab Corp		654,023		0.8
	3,355		IntercontinentalExchange Group, Inc		859,752		1.0
	24,501		Morgan Stanley		779,377		1.0
			Other		650,523		0.8

					2,943,675		3.6

	ENERGY
	6,282	*	Concho Resources, Inc		583,347		0.7

					583,347		0.7

	FOOD, BEVERAGE & TOBACCO
	8,889	*	Monster Beverage Corp		1,324,105		1.6
			Other		517,746		0.7

					1,841,851		2.3

	HEALTH CARE EQUIPMENT & SERVICES
	11,772	*	Cerner Corp		708,321		0.9
	2,120	*	Intuitive Surgical, Inc		1,157,859		1.4

					1,866,180		2.3


40		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments		continued

Growth Equity Fund § December 31, 2015


Shares			Company	Value		% of net assets

	HOUSEHOLD & PERSONAL PRODUCTS
	19,521		Estee Lauder Cos (Class A)	$	1,719,019		2.1	%

					1,719,019		2.1

	MATERIALS
	12,805		Monsanto Co		1,261,548		1.5
	8,279		PPG Industries, Inc		818,131		1.0
	2,146		Sherwin-Williams Co		557,102		0.7

					2,636,781		3.2

	MEDIA
	26,133		Comcast Corp (Class A)		1,474,685		1.8
	8,921		Time Warner, Inc		576,921		0.7
	5,782		Walt Disney Co		607,573		0.8
			Other		402,160		0.5

					3,061,339		3.8

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	4,827	*	Alexion Pharmaceuticals, Inc		920,750		1.1
	5,594	*	Allergan plc		1,748,125		2.1
	14,744		Bristol-Myers Squibb Co		1,014,240		1.3
	19,653	*,p	Celgene Corp		2,353,643		2.9
	18,380		Eli Lilly & Co		1,548,699		1.9
	15,377		Gilead Sciences, Inc		1,555,999		1.9
	7,527		Thermo Electron Corp		1,067,705		1.3
			Other		1,760,306		2.2

					11,969,467		14.7

	REAL ESTATE				396,425		0.5

	RETAILING
	6,852	*	Amazon.com, Inc		4,631,198		5.7
	4,792		Expedia, Inc		595,645		0.7
	14,523		Home Depot, Inc		1,920,667		2.4
			Other		482,684		0.6

					7,630,194		9.4

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	17,995		ARM Holdings plc (ADR)		814,094		1.0
			Other		744,554		0.9

					1,558,648		1.9

	SOFTWARE & SERVICES
	17,652		Activision Blizzard, Inc		683,309		0.8
	28,481	*	Adobe Systems, Inc		2,675,505		3.3
	2,521	*	Alphabet, Inc (Class A)		1,961,363		2.4
	3,927	*	Alphabet, Inc (Class C)		2,980,122		3.7
	27,731	*	Facebook, Inc		2,902,326		3.6
	29,727		Intuit, Inc		2,868,655		3.5
	25,330		Mastercard, Inc (Class A)		2,466,129		3.0
	31,110		Microsoft Corp		1,725,983		2.1


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			41


Summary portfolio of investments		concluded

Growth Equity Fund § December 31, 2015


Shares			Company		Value			% of net assets

	SOFTWARE & SERVICES—continued
	15,750	*	Red Hat, Inc		$	1,304,257			1.6	%
	22,014	*	Salesforce.com, Inc			1,725,898			2.1
	25,450		Visa, Inc (Class A)			1,973,648			2.4
			Other			2,647,413			3.3

						25,914,608			31.8

	TECHNOLOGY HARDWARE & EQUIPMENT
	25,262		Apple, Inc			2,659,078			3.3
	33,850		Cisco Systems, Inc			919,197			1.1
			Other			269,494			0.3

						3,847,769			4.7

	TELECOMMUNICATION SERVICES
	16,765	*	Level 3 Communications, Inc			911,345			1.1

						911,345			1.1

	TRANSPORTATION					432,690			0.5

			TOTAL COMMON STOCKS	(Cost $60,018,389)		81,511,888			99.9


	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	641,218	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			641,218			0.8

						641,218			0.8

			TOTAL SHORT-TERM INVESTMENTS	(Cost $641,218)		641,218			0.8


			TOTAL PORTFOLIO	(Cost $60,659,607)		82,153,106			100.7
			OTHER ASSETS & LIABILITIES, NET			(584,233	)		(0.7	)

			NET ASSETS		$	81,568,873			100.0	%

Abbreviation(s):

ADR American

Depositary Receipt

*	Non-income producing

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

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

At 12/31/15, the aggregate value of securities on loan is $629,295.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.


42		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments

Growth & Income Fund § December 31, 2015


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	1,120,636		0.8	%

	BANKS
	111,202		Bank of America Corp		1,871,529		1.4
	38,812		Citigroup, Inc		2,008,521		1.5
	24,793		JPMorgan Chase & Co		1,637,082		1.3
	31,111		Wells Fargo & Co		1,691,194		1.3
								��
					7,208,326		5.5

	CAPITAL GOODS
	88,805	p	General Electric Co		2,766,276		2.1
	14,665		Honeywell International, Inc		1,518,854		1.2
	9,241		Illinois Tool Works, Inc		856,456		0.6
	4,425		Northrop Grumman Corp		835,484		0.6
	8,076		Raytheon Co		1,005,704		0.8
			Other		2,820,818		2.1

					9,803,592		7.4

	COMMERCIAL & PROFESSIONAL SERVICES				687,042		0.5

	CONSUMER DURABLES & APPAREL
	24,376		Newell Rubbermaid, Inc		1,074,494		0.8
	16,220		Nike, Inc (Class B)		1,013,750		0.8
			Other		2,460,204		1.8

					4,548,448		3.4

	CONSUMER SERVICES
	15,471		Starbucks Corp		928,724		0.7
			Other		3,133,011		2.4

					4,061,735		3.1

	DIVERSIFIED FINANCIALS
	33,008		Morgan Stanley		1,049,984		0.8
			Other		3,058,069		2.3

					4,108,053		3.1

	ENERGY
	11,371		EOG Resources, Inc		804,953		0.6
			Other		5,424,822		4.1

					6,229,775		4.7

	FOOD & STAPLES RETAILING
	5,739		Costco Wholesale Corp		926,848		0.7
	31,290		Kroger Co		1,308,861		1.0

					2,235,709		1.7

	FOOD, BEVERAGE & TOBACCO
	44,420		Coca-Cola Co		1,908,283		1.4
	25,932		Mondelez International, Inc		1,162,791		0.9
	5,503	*	Monster Beverage Corp		819,727		0.6
	20,986		PepsiCo, Inc		2,096,921		1.6


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			43


Summary portfolio of investments		continued

Growth & Income Fund § December 31, 2015


Shares			Company	Value		% of net assets

	FOOD, BEVERAGE & TOBACCO—continued
	15,020		Philip Morris International, Inc	$	1,320,408		1.0	%
			Other		2,388,626		1.8

					9,696,756		7.3

	HEALTH CARE EQUIPMENT & SERVICES
	11,619	*	Express Scripts Holding Co		1,015,617		0.8
	16,549		Medtronic plc		1,272,949		0.9
			Other		3,701,335		2.8

					5,989,901		4.5

	HOUSEHOLD & PERSONAL PRODUCTS				782,467		0.6

	INSURANCE
	11,227		ACE Ltd		1,311,875		1.0
			Other		1,251,278		0.9

					2,563,153		1.9

	MATERIALS
	25,947		Dow Chemical Co		1,335,752		1.0
	8,072		PPG Industries, Inc		797,675		0.6
			Other		1,222,107		0.9

					3,355,534		2.5

	MEDIA
	11,996		Walt Disney Co		1,260,539		1.0
			Other		2,765,877		2.1

					4,026,416		3.1

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	23,178		AbbVie, Inc		1,373,065		1.1
	4,328	*	Allergan plc		1,352,500		1.0
	8,380		Amgen, Inc		1,360,325		1.0
	20,381		Bristol-Myers Squibb Co		1,402,009		1.1
	10,738	*	Celgene Corp		1,285,983		1.0
	17,429		Eli Lilly & Co		1,468,568		1.1
	71,059		Pfizer, Inc		2,293,784		1.7
			Other		4,089,636		3.1

					14,625,870		11.1

	REAL ESTATE				891,254		0.7

	RETAILING
	3,951	*	Amazon.com, Inc		2,670,441		2.0
	18,931		Home Depot, Inc		2,503,625		1.9
	9,029	*	NetFlix, Inc		1,032,737		0.8
			Other		4,513,634		3.4

					10,720,437		8.1

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	5,800		Avago Technologies Ltd		841,870		0.7
	49,007		Intel Corp		1,688,291		1.3
			Other		1,760,855		1.3

					4,291,016		3.3


44		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments		continued

Growth & Income Fund § December 31, 2015


Shares			Company		Value			% of net assets

	SOFTWARE & SERVICES
	5,476	*	Alphabet, Inc (Class C)		$	4,155,627			3.1	%
	23,800	*	Facebook, Inc			2,490,908			1.9
	65,218		Microsoft Corp			3,618,295			2.7
	16,943	*	Salesforce.com, Inc			1,328,331			1.0
	20,701		Visa, Inc (Class A)			1,605,363			1.2
			Other			5,236,389			4.0

						18,434,913			13.9

	TECHNOLOGY HARDWARE & EQUIPMENT
	42,619		Apple, Inc			4,486,076			3.4
	65,265		Cisco Systems, Inc			1,772,271			1.3
			Other			3,001,970			2.3

						9,260,317			7.0

	TELECOMMUNICATION SERVICES
	39,312		AT&T, Inc			1,352,726			1.0
			Other			1,784,472			1.4

						3,137,198			2.4

	TRANSPORTATION
	21,567		Delta Air Lines, Inc			1,093,231			0.8
			Other			1,030,491			0.8

						2,123,722			1.6

	UTILITIES
	9,910		NextEra Energy, Inc			1,029,550			0.8
			Other			1,242,258			0.9

						2,271,808			1.7

			TOTAL COMMON STOCKS	(Cost $105,482,462)		132,174,078			99.9


	PURCHASED OPTIONS
	CONSUMER DURABLES & APPAREL					180			0.0

	ENERGY					385			0.0

	MEDIA					210			0.0

	TECHNOLOGY HARDWARE & EQUIPMENT					90			0.0

			TOTAL PURCHASED OPTIONS	(Cost $3,387)		865			0.0


	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	1,194,927	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			1,194,927			1.0

						1,194,927			1.0

			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,194,927)		1,194,927			1.0


			TOTAL PORTFOLIO	(Cost $106,680,776)		133,369,870			100.9
			OTHER ASSETS & LIABILITIES, NET			(1,126,184	)		(0.9	)

			NET ASSETS		$	132,243,686			100.0	%


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			45


Summary portfolio of investments		concluded

Growth & Income Fund § December 31, 2015

*	Non-income producing

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

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

At 12/31/15, the aggregate value of securities on loan is $1,172,315.

At 12/31/15, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $420,831 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.


46		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments

Large-Cap Value Fund § December 31, 2015


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	321,016		0.5	%

	BANKS
	110,372		Bank of America Corp		1,857,561		2.9
	19,125		Citigroup, Inc		989,719		1.5
	16,120		JPMorgan Chase & Co		1,064,403		1.7
	31,631		Wells Fargo & Co		1,719,461		2.7
			Other		1,962,786		3.1

					7,593,930		11.9

	CAPITAL GOODS
	34,962		General Electric Co		1,089,066		1.7
	40,352		Terex Corp		745,705		1.1
			Other		2,425,625		3.8

					4,260,396		6.6

	CONSUMER DURABLES & APPAREL
	12,402		Coach, Inc		405,917		0.6
	21,053		Mattel, Inc		572,010		0.9
	32,605		Pulte Homes, Inc		581,021		0.9
			Other		1,039,157		1.7

					2,598,105		4.1

	CONSUMER SERVICES
	13,297		ARAMARK Holdings Corp		428,828		0.7
	12,204		Restaurant Brands International, Inc		455,941		0.7
			Other		1,214,416		1.9

					2,099,185		3.3

	DIVERSIFIED FINANCIALS
	26,409		Morgan Stanley		840,070		1.3
	49,810	*	Synchrony Financial		1,514,722		2.4
			Other		1,977,303		3.1

					4,332,095		6.8

	ENERGY
	15,259		Apache Corp		678,568		1.1
	10,503		Chevron Corp		944,850		1.5
	10,953		Exxon Mobil Corp		853,786		1.3
	4,789		Pioneer Natural Resources Co		600,445		1.0
	9,496		Schlumberger Ltd		662,346		1.0
			Other		3,146,615		4.9

					6,886,610		10.8

	FOOD & STAPLES RETAILING				387,317		0.6

	FOOD, BEVERAGE & TOBACCO
	13,078		ConAgra Foods, Inc		551,368		0.8
	15,336		Pinnacle Foods, Inc		651,167		1.0
			Other		808,591		1.3

					2,011,126		3.1


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			47


Summary portfolio of investments		continued

Large-Cap Value Fund § December 31, 2015


Shares			Company	Value		% of net assets

	HEALTH CARE EQUIPMENT & SERVICES
	6,489	*	WellCare Health Plans, Inc	$	507,505		0.8	%
			Other		1,505,048		2.3

					2,012,553		3.1

	HOUSEHOLD & PERSONAL PRODUCTS
	15,187		Procter & Gamble Co		1,206,000		1.9

					1,206,000		1.9

	INSURANCE
	4,679		ACE Ltd		546,741		0.9
	8,857		American International Group, Inc		548,868		0.9
	4,590	*	Berkshire Hathaway, Inc (Class B)		606,064		0.9
	10,702		Hartford Financial Services Group, Inc		465,109		0.7
	10,878		Metlife, Inc		524,428		0.8
	10,165		Principal Financial Group		457,222		0.7
	12,729		XL Capital Ltd		498,722		0.8
			Other		1,037,692		1.6

					4,684,846		7.3

	MATERIALS
	62,788	*	Louisiana-Pacific Corp		1,130,812		1.8
			Other		1,614,350		2.5

					2,745,162		4.3

	MEDIA				461,979		0.7

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	13,280		Agilent Technologies, Inc		555,237		0.9
	1,306	*	Allergan plc		408,125		0.6
	10,153	*	Endo International plc		621,567		1.0
	8,488		Johnson & Johnson		871,887		1.3
	13,012		Merck & Co, Inc		687,294		1.1
	50,119		Pfizer, Inc		1,617,841		2.5
			Other		750,766		1.2

					5,512,717		8.6

	REAL ESTATE
	28,725		Starwood Property Trust, Inc		590,586		0.9
			Other		536,628		0.9

					1,127,214		1.8

	RETAILING
	69,133	*	JC Penney Co, Inc		460,426		0.7
			Other		529,017		0.8

					989,443		1.5

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	42,596		Cypress Semiconductor Corp		417,867		0.6
	30,128		Intel Corp		1,037,909		1.6
	43,926	*	ON Semiconductor Corp		430,475		0.7
			Other		1,012,749		1.6

					2,899,000		4.5


48		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments		concluded

Large-Cap Value Fund § December 31, 2015


Shares				Company		Value			% of net assets

	SOFTWARE & SERVICES
	14,262			Microsoft Corp		$	791,256			1.2	%
	17,725		*	Yahoo!, Inc			589,533			0.9
		��		Other			1,574,825			2.5

							2,955,614			4.6

	TECHNOLOGY HARDWARE & EQUIPMENT
	28,273			Cisco Systems, Inc			767,753			1.2
	64,452			Nokia Corp			452,453			0.7
				Other			1,838,226			2.9

							3,058,432			4.8

	TELECOMMUNICATION SERVICES
	23,843			AT&T, Inc			820,438			1.3
	10,622		*	Level 3 Communications, Inc			577,412			0.9
	18,861			Telephone & Data Systems, Inc			488,311			0.7

							1,886,161			2.9

	TRANSPORTATION						1,245,318			1.9

	UTILITIES
	6,910			NextEra Energy, Inc			717,880			1.1
				Other			1,572,081			2.5

							2,289,961			3.6

				TOTAL COMMON STOCKS	(Cost $56,509,862)		63,564,180			99.2

	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	877,177		c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			877,177			1.4

							877,177			1.4

				TOTAL SHORT-TERM INVESTMENTS	(Cost $877,177)		877,177			1.4


				TOTAL PORTFOLIO	(Cost $57,387,039)		64,441,357			100.6
				OTHER ASSETS & LIABILITIES, NET			(389,315	)		(0.6	)

				NET ASSETS		$	64,052,042			100.0	%

*	Non-income producing

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

At 12/31/15, the aggregate value of securities on loan is $843,733.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			49


Portfolio of investments

Real Estate Securities Fund § December 31, 2015


Shares			Company	Value		% of net assets

	COMMON STOCKS
	ASSET MANAGEMENT & CUSTODY BANKS
	45,000		NorthStar Asset Management Group, Inc	$	546,300		0.8	%

					546,300		0.8

	DIVERSIFIED CAPITAL MARKETS
	8,000		HFF, Inc (Class A)		248,560		0.3

					248,560		0.3

	DIVERSIFIED REITS
	135,000		Gramercy Property Trust		1,042,200		1.4
	52,000		NorthStar Realty Finance Corp		885,560		1.2
	40,000		Spirit Realty Capital, Inc		400,800		0.6

					2,328,560		3.2

	HEALTH CARE FACILITIES
	10,180	*	Brookdale Senior Living, Inc		187,923		0.3

					187,923		0.3

	HOTELS, RESORTS & CRUISE LINES
	9,000		Starwood Hotels & Resorts Worldwide, Inc		623,520		0.9

					623,520		0.9

	INDUSTRIAL REITS
	80,000		Prologis, Inc		3,433,600		4.8
	145,000		Rexford Industrial Realty, Inc		2,372,200		3.2
	55,000		Terreno Realty Corp		1,244,100		1.6

					7,049,900		9.6

	MORTGAGE REITS
	30,000		Starwood Property Trust, Inc		616,800		0.8

					616,800		0.8

	OFFICE REITS
	23,000		Boston Properties, Inc		2,933,420		4.0
	22,000		Kilroy Realty Corp		1,392,160		1.9
	24,000		NorthStar Realty Europe Corp		283,440		0.4
	17,000		SL Green Realty Corp		1,920,660		2.6
	15,000		Vornado Realty Trust		1,499,400		2.1

					8,029,080		11.0

	REAL ESTATE OPERATING COMPANIES
	28,000	*	Forest City Enterprises, Inc (Class A)		614,040		0.8

					614,040		0.8

	REAL ESTATE SERVICES
	30,000		Kennedy-Wilson Holdings, Inc		722,400		1.0
	15,000	*	Marcus & Millichap, Inc		437,100		0.6

					1,159,500		1.6

	RESIDENTIAL REITS
	30,000		Apartment Investment & Management Co (Class A)		1,200,900		1.6
	21,000		AvalonBay Communities, Inc		3,866,730		5.3
	24,000		Equity Lifestyle Properties, Inc		1,600,080		2.2


50		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Portfolio of investments		concluded

Real Estate Securities Fund § December 31, 2015


Shares		Company		Value		% of net assets

	RESIDENTIAL REITS—continued
	53,000	Equity Residential		$	4,324,270		5.8	%
	11,500	Essex Property Trust, Inc			2,753,215		3.8
	40,000	Monogram Residential Trust, Inc			390,400		0.5
	15,000	Sun Communities, Inc			1,027,950		1.5

					15,163,545		20.7

	RETAIL REITS
	60,000	DDR Corp			1,010,400		1.4
	40,000	Equity One, Inc			1,086,000		1.5
	16,000	Federal Realty Investment Trust			2,337,600		3.2
	85,000	General Growth Properties, Inc			2,312,850		3.2
	30,000	Retail Opportunities Investment Corp			537,000		0.7
	36,000	Simon Property Group, Inc			6,999,840		9.5
	17,000	Taubman Centers, Inc			1,304,240		1.8

					15,587,930		21.3

	SPECIALIZED REITS
	28,000	American Tower Corp			2,714,600		3.7
	17,000	Crown Castle International Corp			1,469,650		2.0
	50,000	CubeSmart			1,531,000		2.1
	5,000	Equinix, Inc			1,512,000		2.1
	19,000	Extra Space Storage, Inc			1,675,990		2.3
	30,000	Healthcare Trust of America, Inc			809,100		1.1
	75,000	Host Marriott Corp			1,150,500		1.6
	15,000	Plum Creek Timber Co, Inc			715,800		1.0
	13,000	Public Storage, Inc			3,220,100		4.4
	65,000	Sunstone Hotel Investors, Inc			811,850		1.1
	14,000	Ventas, Inc			790,020		1.1
	42,000	Welltower, Inc			2,857,260		3.9
	12,000	Weyerhaeuser Co			359,760		0.3

					19,617,630		26.7

		TOTAL COMMON STOCKS	(Cost $52,230,488)		71,773,288		98.0


		TOTAL PORTFOLIO	(Cost $52,230,488)		71,773,288		98.0
		OTHER ASSETS & LIABILITIES, NET			1,449,766		2.0

		NET ASSETS		$	73,223,054		100.0	%

Abbreviation(s):

REIT Real Estate Investment Trust

*	Non-income producing


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			51


Summary portfolio of investments

Small-Cap Equity Fund § December 31, 2015


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	631,881		1.3	%

	BANKS
	7,115		BankUnited		256,567		0.5
	8,172		Cathay General Bancorp		256,029		0.5
	21,293		Fulton Financial Corp		277,022		0.5
	9,240		Great Western Bancorp, Inc		268,145		0.5
	30,424		Investors Bancorp, Inc		378,475		0.8
	37,122	*	MGIC Investment Corp		327,787		0.7
	24,642		National Penn Bancshares, Inc		303,836		0.6
	8,679		PrivateBancorp, Inc		356,013		0.7
	13,850		Provident Financial Services, Inc		279,077		0.6
	18,030		Umpqua Holdings Corp		286,677		0.6
	11,150	*	Western Alliance Bancorp		399,839		0.8
			Other		1,772,339		3.5

					5,161,806		10.3

	CAPITAL GOODS
	6,297		EMCOR Group, Inc		302,508		0.6
			Other		3,348,622		6.8

					3,651,130		7.4

	COMMERCIAL & PROFESSIONAL SERVICES				1,444,948		2.9

	CONSUMER DURABLES & APPAREL
	18,410	*	TRI Pointe Homes, Inc		233,255		0.5
			Other		1,251,214		2.5

					1,484,469		3.0

	CONSUMER SERVICES
	6,045	*	Grand Canyon Education, Inc		242,525		0.5
	3,800		Jack in the Box, Inc		291,498		0.6
	2,710	l	Vail Resorts, Inc		346,853		0.7
			Other		800,680		1.6

					1,681,556		3.4

	DIVERSIFIED FINANCIALS				181,945		0.4

	ENERGY				1,555,440		3.2

	FOOD & STAPLES RETAILING
	2,898		Casey’s General Stores, Inc		349,064		0.7
			Other		214,248		0.4

					563,312		1.1

	FOOD, BEVERAGE & TOBACCO
	2,074		Lancaster Colony Corp		239,464		0.5
			Other		778,810		1.6

					1,018,274		2.1

	HEALTH CARE EQUIPMENT & SERVICES
	2,900	*	Abiomed, Inc		261,812		0.5
	2,660	*	ICU Medical, Inc		299,995		0.6


52		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments		continued

Small-Cap Equity Fund § December 31, 2015


Shares			Company	Value		% of net assets

	HEALTH CARE EQUIPMENT & SERVICES—continued
	4,330	*	NuVasive, Inc	$	234,296		0.5	%
	3,649	*	WellCare Health Plans, Inc		285,388		0.6
			Other		2,221,000		4.5

					3,302,491		6.7

	HOUSEHOLD & PERSONAL PRODUCTS				257,603		0.5

	INSURANCE
	5,363		Aspen Insurance Holdings Ltd		259,033		0.5
			Other		1,391,444		2.8

					1,650,477		3.3

	MATERIALS
	9,810	*	Berry Plastics Group, Inc		354,926		0.7
	13,500	*	Louisiana-Pacific Corp		243,135		0.5
			Other		1,698,559		3.5

					2,296,620		4.7

	MEDIA
	10,760	*	Live Nation, Inc		264,373		0.5
			Other		317,262		0.7

					581,635		1.2

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	6,072	*	Impax Laboratories, Inc		259,639		0.5
	6,014	*	INC Research Holdings, Inc		291,739		0.6
	3,760	*	Parexel International Corp		256,131		0.5
			Other		4,167,529		8.5

					4,975,038		10.1

	REAL ESTATE
	28,154		Cousins Properties, Inc		265,492		0.5
	12,557		CubeSmart		384,495		0.8
	9,340		DuPont Fabros Technology, Inc		296,919		0.6
	5,890		Entertainment Properties Trust		344,271		0.7
	11,500		First Industrial Realty Trust, Inc		254,495		0.5
	6,600		Highwoods Properties, Inc		287,760		0.6
	3,927		Sovran Self Storage, Inc		421,406		0.9
	19,388		Sunstone Hotel Investors, Inc		242,156		0.5
			Other		2,233,255		4.5

					4,730,249		9.6

	RETAILING				1,535,509		3.1

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				2,041,928		4.1

	SOFTWARE & SERVICES
	3,266	*	EPAM Systems, Inc		256,773		0.5
	5,800	*	ExlService Holdings, Inc		260,594		0.5
	5,100	*	Manhattan Associates, Inc		337,467		0.7
	4,319		MAXIMUS, Inc		242,944		0.5


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			53


Summary portfolio of investments		concluded

Small-Cap Equity Fund § December 31, 2015


Shares			Company		Value			% of net assets

	SOFTWARE & SERVICES—continued
	2,282	*	Tyler Technologies, Inc		$	397,798			0.8	%
			Other			3,531,723			7.2

						5,027,299			10.2

	TECHNOLOGY HARDWARE & EQUIPMENT					2,578,066			5.2

	TELECOMMUNICATION SERVICES
	23,998	*	8x8, Inc			274,777			0.5
	13,505		Inteliquent, Inc			239,984			0.5
	40,284	*	Vonage Holdings Corp			231,230			0.5

						745,991			1.5

	TRANSPORTATION					1,054,176			2.1

	UTILITIES
	5,490		American States Water Co			230,306			0.5
	8,263		Avista Corp			292,263			0.6
	5,754		Black Hills Corp			267,158			0.5
	7,600		Portland General Electric Co			276,412			0.6
			Other			298,236			0.6

						1,364,375			2.8

			TOTAL COMMON STOCKS	(Cost $45,628,863)		49,516,218			100.2


	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	1,424,802	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			1,424,802			2.9

						1,424,802			2.9

			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,424,802)		1,424,802			2.9


			TOTAL PORTFOLIO	(Cost $47,053,665)		50,941,020			103.1
			OTHER ASSETS & LIABILITIES, NET			(1,538,441	)		(3.1	)

			NET ASSETS		$	49,402,579			100.0	%

*	Non-income producing

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

l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swaps agreements.

At 12/31/15, the aggregate value of the securities on loan is $1,367,222.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.


54		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments

Social Choice Equity Fund § December 31, 2015


Shares		Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	23,923	Ford Motor Co	$	337,075		0.7	%
		Other		510,554		1.1

				847,629		1.8

	BANKS
	3,541	PNC Financial Services Group, Inc		337,493		0.7
	8,861	US Bancorp		378,099		0.8
		Other		1,147,881		2.4

				1,863,473		3.9

	CAPITAL GOODS
	2,809	3M Co		423,148		0.9
	3,753	Danaher Corp		348,579		0.7
		Other		2,159,966		4.6

				2,931,693		6.2

	COMMERCIAL & PROFESSIONAL SERVICES			330,924		0.7

	CONSUMER DURABLES & APPAREL
	6,412	Nike, Inc (Class B)		400,750		0.8
		Other		215,354		0.5

				616,104		1.3

	CONSUMER SERVICES
	3,990	McDonald’s Corp		471,378		1.0
	7,021	Starbucks Corp		421,471		0.9
		Other		519,342		1.1

				1,412,191		3.0

	DIVERSIFIED FINANCIALS
	5,030	American Express Co		349,836		0.7
	7,990	Bank of New York Mellon Corp		329,348		0.7
	936	BlackRock, Inc		318,727		0.7
	9,289	Charles Schwab Corp		305,887		0.6
		Other		1,751,161		3.7

				3,054,959		6.4

	ENERGY			2,940,280		6.2

	FOOD & STAPLES RETAILING			569,516		1.2

	FOOD, BEVERAGE & TOBACCO
	5,148	General Mills, Inc		296,834		0.6
	8,638	Mondelez International, Inc		387,328		0.8
	5,461	PepsiCo, Inc		545,663		1.2
		Other		758,943		1.6

				1,988,768		4.2

	HEALTH CARE EQUIPMENT & SERVICES			1,904,510		4.0


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			55


Summary portfolio of investments		continued

Social Choice Equity Fund § December 31, 2015


Shares			Company	Value		% of net assets

	HOUSEHOLD & PERSONAL PRODUCTS
	4,937		Colgate-Palmolive Co	$	328,903		0.7	%
	8,539		Procter & Gamble Co		678,082		1.4
			Other		194,222		0.4

					1,201,207		2.5

	INSURANCE
	2,611		ACE Ltd		305,095		0.6
	5,661	*	Berkshire Hathaway, Inc (Class B)		747,478		1.6
	2,681		Travelers Cos, Inc		302,578		0.6
			Other		1,409,448		3.0

					2,764,599		5.8

	MATERIALS				1,873,962		4.0

	MEDIA
	1,849		Time Warner Cable, Inc		343,156		0.7
	4,680		Time Warner, Inc		302,656		0.6
	5,701		Walt Disney Co		599,061		1.3
			Other		347,780		0.7

					1,592,653		3.3

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	3,009		Amgen, Inc		488,451		1.0
	1,073	*	Biogen Idec, Inc		328,713		0.7
	6,848		Bristol-Myers Squibb Co		471,074		1.0
	3,318	*	Celgene Corp		397,364		0.8
	5,337		Gilead Sciences, Inc		540,051		1.1
	8,123		Johnson & Johnson		834,395		1.8
	10,340		Merck & Co, Inc		546,159		1.2
			Other		1,514,997		3.2

					5,121,204		10.8

	REAL ESTATE
	3,213		American Tower Corp		311,501		0.6
	1,846		Simon Property Group, Inc		358,936		0.8
			Other		1,514,184		3.2

					2,184,621		4.6

	RETAILING
	5,027		Lowe’s Companies, Inc		382,253		0.8
			Other		1,135,576		2.4

					1,517,829		3.2

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	16,786		Intel Corp		578,278		1.2
	6,339		Texas Instruments, Inc		347,441		0.8
			Other		426,820		0.9

					1,352,539		2.9

	SOFTWARE & SERVICES
	3,585		Accenture plc		374,632		0.8
	3,517	*	Adobe Systems, Inc		330,387		0.7


56		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments		concluded

Social Choice Equity Fund § December 31, 2015


Shares			Company		Value		% of net assets

	SOFTWARE & SERVICES—continued
	793	*	Alphabet, Inc (Class A)		$	616,962		1.3	%
	809	*	Alphabet, Inc (Class C)			613,934		1.3
	5,105	*	Cognizant Technology Solutions Corp (Class A)			306,402		0.6
	3,608		International Business Machines Corp			496,533		1.1
	4,493		Mastercard, Inc (Class A)			437,438		0.9
	12,801		Oracle Corp			467,621		1.0
	4,303	*	Salesforce.com, Inc			337,355		0.7
			Other			1,639,634		3.5

						5,620,898		11.9

	TECHNOLOGY HARDWARE & EQUIPMENT
	19,287		Cisco Systems, Inc			523,738		1.1
	12,660		EMC Corp			325,109		0.7
	6,952		Qualcomm, Inc			347,496		0.7
			Other			524,336		1.1

						1,720,679		3.6

	TELECOMMUNICATION SERVICES
	13,585		Verizon Communications, Inc			627,899		1.3
			Other			280,687		0.6

						908,586		1.9

	TRANSPORTATION
	3,796		United Parcel Service, Inc (Class B)			365,289		0.8
			Other			949,410		2.0

						1,314,699		2.8

	UTILITIES
	3,165		NextEra Energy, Inc			328,812		0.7
			Other			1,183,412		2.5

						1,512,224		3.2

			TOTAL COMMON STOCKS	(Cost $30,856,871)		47,145,747		99.4


			TOTAL PORTFOLIO	(Cost $30,856,871)		47,145,747		99.4
			OTHER ASSETS & LIABILITIES, NET			262,200		0.6

			NET ASSETS		$	47,407,947		100.0	%

*	Non-income producing

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			57


Summary portfolio of investments

Stock Index Fund § December 31, 2015


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	3,769,332		1.1	%

	BANKS
	157,210		Bank of America Corp		2,645,844		0.8
	45,420		Citigroup, Inc		2,350,485		0.7
	55,551		JPMorgan Chase & Co		3,668,032		1.1
	69,738		Wells Fargo & Co		3,790,958		1.1
			Other		8,113,903		2.5

					20,569,222		6.2

	CAPITAL GOODS
	9,497		3M Co		1,430,628		0.4
	10,353		Boeing Co		1,496,940		0.5
	140,774		General Electric Co		4,385,110		1.3
			Other		17,549,700		5.3

					24,862,378		7.5

	COMMERCIAL & PROFESSIONAL SERVICES				3,577,752		1.1

	CONSUMER DURABLES & APPAREL				5,452,351		1.6

	CONSUMER SERVICES
	14,350		McDonald’s Corp		1,695,309		0.5
	22,464		Starbucks Corp		1,348,514		0.4
			Other		4,610,283		1.4

					7,654,106		2.3

	DIVERSIFIED FINANCIALS
	12,500	e	iShares Russell 3000 Index Fund		1,503,875		0.5
			Other		11,730,259		3.5

					13,234,134		4.0

	ENERGY
	28,150		Chevron Corp		2,532,374		0.7
	62,585	d	Exxon Mobil Corp		4,878,500		1.5
	19,009		Schlumberger Ltd		1,325,878		0.4
			Other		10,861,333		3.3

					19,598,085		5.9

	FOOD & STAPLES RETAILING
	16,892		CVS Health Corp		1,651,531		0.5
	23,648		Wal-Mart Stores, Inc		1,449,622		0.5
			Other		3,724,657		1.1

					6,825,810		2.1

	FOOD, BEVERAGE & TOBACCO
	29,377		Altria Group, Inc		1,710,035		0.5
	58,699		Coca-Cola Co		2,521,709		0.7
	22,096		PepsiCo, Inc		2,207,832		0.7
	23,191		Philip Morris International, Inc		2,038,721		0.6
			Other		7,883,529		2.4

					16,361,826		4.9


58		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments		continued

Stock Index Fund § December 31, 2015


Shares			Company	Value		% of net assets

	HEALTH CARE EQUIPMENT & SERVICES
	21,334		Medtronic plc	$	1,641,011		0.5	%
	14,251		UnitedHealth Group, Inc		1,676,488		0.5
			Other		13,741,212		4.1

					17,058,711		5.1

	HOUSEHOLD & PERSONAL PRODUCTS
	40,611		Procter & Gamble Co		3,224,920		1.0
			Other		2,667,697		0.8

					5,892,617		1.8

	INSURANCE
	27,840	*	Berkshire Hathaway, Inc (Class B)		3,675,994		1.1
			Other		10,025,916		3.0

					13,701,910		4.1

	MATERIALS				10,205,834		3.1

	MEDIA
	37,415		Comcast Corp (Class A)		2,111,328		0.6
	25,399		Walt Disney Co		2,668,927		0.8
			Other		5,633,539		1.7

					10,413,794		3.1

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	24,781		AbbVie, Inc		1,468,026		0.4
	5,871	*	Allergan plc		1,834,688		0.5
	11,382		Amgen, Inc		1,847,640		0.6
	24,955		Bristol-Myers Squibb Co		1,716,654		0.5
	11,874	*	Celgene Corp		1,422,030		0.4
	22,000		Gilead Sciences, Inc		2,226,180		0.7
	41,509		Johnson & Johnson		4,263,805		1.3
	42,291		Merck & Co, Inc		2,233,811		0.7
	92,175		Pfizer, Inc		2,975,409		0.9
			Other		11,763,779		3.5

					31,752,022		9.5

	REAL ESTATE				13,968,979		4.2

	RETAILING
	5,706	*	Amazon.com, Inc		3,856,628		1.2
	19,445		Home Depot, Inc		2,571,601		0.8
			Other		10,835,348		3.2

					17,263,577		5.2

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	71,016		Intel Corp		2,446,501		0.7
			Other		5,530,820		1.7

					7,977,321		2.4

	SOFTWARE & SERVICES
	4,315	*	Alphabet, Inc (Class A)		3,357,113		1.0
	4,403	*	Alphabet, Inc (Class C)		3,341,349		1.0
	32,393	*	Facebook, Inc		3,390,251		1.0
	13,594		International Business Machines Corp		1,870,806		0.6


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			59


Summary portfolio of investments		concluded

Stock Index Fund § December 31, 2015


Shares			Company		Value			% of net assets

	SOFTWARE & SERVICES—continued
	14,966		Mastercard, Inc (Class A)		$	1,457,090			0.4	%
	121,087		Microsoft Corp			6,717,907			2.0
	47,432		Oracle Corp			1,732,691			0.5
	29,302		Visa, Inc (Class A)			2,272,370			0.7
			Other			15,517,321			4.7

						39,656,898			11.9

	TECHNOLOGY HARDWARE & EQUIPMENT
	86,295		Apple, Inc			9,083,412			2.8
	76,136		Cisco Systems, Inc			2,067,473			0.6
			Other			7,025,835			2.1

						18,176,720			5.5

	TELECOMMUNICATION SERVICES
	91,008		AT&T, Inc			3,131,585			0.9
	61,052		Verizon Communications, Inc			2,821,823			0.9
			Other			1,253,541			0.4

						7,206,949			2.2

	TRANSPORTATION					6,916,209			2.1

	UTILITIES					10,190,391			3.1

			TOTAL COMMON STOCKS	(Cost $206,406,740)		332,286,928			100.0


	RIGHTS/WARRANTS
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					178			0.0

	TELECOMMUNICATION SERVICES					1,789			0.0

			TOTAL RIGHTS/WARRANTS	(Cost $1,797)		1,967			0.0


	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	9,417,992	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			9,417,992			2.8

						9,417,992			2.8

			TOTAL SHORT-TERM INVESTMENTS	(Cost $9,417,992)		9,417,992			2.8


			TOTAL PORTFOLIO	(Cost $215,826,529)		341,706,887			102.8
			OTHER ASSETS & LIABILITIES, NET			(9,264,262	)		(2.8	)

			NET ASSETS		$	332,442,625			100.0	%

*	Non-income producing

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

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $9,105,861.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.


60		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments

International Equity Fund § December 31, 2015


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUSTRALIA			$	309,835		0.3	%

	DENMARK
	28,593	*	H Lundbeck AS		976,316		1.1
			Other		237,209		0.2

					1,213,525		1.3

	FINLAND				334,951		0.4

	FRANCE
	119,693		Accor S.A.		5,183,894		5.6
	20,435		Compagnie de Saint-Gobain		885,556		1.0
	36,405		Edenred		688,165		0.7
	44,257	g	Elior Participations S.C.A		927,211		1.0
	35,054		Essilor International S.A.		4,368,985		4.8
	9,233		Groupe Danone		623,906		0.7
	43,415		Renault S.A.		4,345,645		4.7
	38,025		Schneider Electric S.A.		2,159,969		2.4
	35,733		Vinci S.A.		2,290,297		2.5
			Other		674,915		0.7

					22,148,543		24.1

	GERMANY
	74,189		Adidas-Salomon AG.		7,200,712		7.8
	204,237	*	Commerzbank AG.		2,107,435		2.3
	19,368		Deutsche Boerse AG.		1,702,469		1.9
	18,323		Henkel KGaA (Preference)		2,044,882		2.2
	15,219		Lanxess AG.		700,336		0.8
	23,549		Linde AG.		3,401,849		3.7

					17,157,683		18.7

	HONG KONG
	276,800		Sands China Ltd		938,406		1.0

					938,406		1.0

	INDIA
	5,678		Eicher Motors Ltd		1,441,363		1.6
	158,064		HDFC Bank Ltd		2,581,600		2.8
	140,221		IndusInd Bank Ltd		2,046,594		2.2
	15,277		Maruti Suzuki India Ltd		1,063,909		1.2
			Other		123,233		0.1

					7,256,699		7.9

	ITALY
	58,381		Moncler S.p.A		812,424		0.9

					812,424		0.9

	JAPAN
	31,800		Don Quijote Co Ltd		1,116,776		1.2
	161,000		Ishikawajima-Harima Heavy Industries Co Ltd		444,440		0.5
	18,900		Murata Manufacturing Co Ltd		2,719,354		3.0
	84,425		Olympus Corp		3,323,700		3.6


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			61


Summary portfolio of investments		continued

International Equity Fund § December 31, 2015


Shares			Company		Value		% of net assets

	JAPAN—continued
	7,592		Oriental Land Co Ltd		$	459,289		0.5	%
	230,400	*,e	Pioneer Corp			634,271		0.7
	117,550		Sony Corp			2,889,001		3.2
	26,200	e	Sony Financial Holdings, Inc			468,646		0.5
	12,300		Toyota Motor Corp			757,421		0.8
			Other			124,608		0.1

						12,937,506		14.1

	NETHERLANDS
	38,936		Heineken NV			3,318,004		3.6
	97,495		ING Groep NV			1,319,111		1.5
			Other			104,576		0.1

						4,741,691		5.2

	SWEDEN
	72,527		Electrolux AB (Series B)			1,749,888		1.9

						1,749,888		1.9

	SWITZERLAND
	3,167		Burckhardt Compression Holding AG.			969,653		1.0
	2,945		Geberit AG.			997,479		1.1
	22,640		Swatch Group AG. (Registered)			1,528,893		1.7
	3,083		Zurich Financial Services AG.			792,022		0.9
			Other			131,576		0.1

						4,419,623		4.8

	TAIWAN
	406,927		Advanced Semiconductor Engineering, Inc			467,445		0.5

						467,445		0.5

	UNITED KINGDOM
	8,484		Associated British Foods plc			417,473		0.5
	291,990		Barclays plc			939,848		1.0
	63,288		Essentra plc			771,487		0.8
	287,842		Group 4 Securicor plc			956,150		1.0
	510,259		Man Group plc			1,312,645		1.4
	374,083		Sky plc			6,132,247		6.7
	786,841	*	Tesco plc			1,728,906		1.9
	96,553		Weir Group plc			1,418,247		1.5
	94,071		WPP plc			2,163,799		2.4
			Other			412,154		0.5

						16,252,956		17.7

	UNITED STATES
	18,866	*	Qiagen NV			511,347		0.6

						511,347		0.6

			TOTAL COMMON STOCKS	(Cost $91,662,365)		91,252,522		99.4


62		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments		concluded

International Equity Fund § December 31, 2015

Company

Value

% of net
assets

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

869,519

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

869,519

0.9

869,519

0.9

TOTAL SHORT-TERM INVESTMENTS

(Cost $869,519)

869,519

0.9

TOTAL PORTFOLIO

(Cost $92,531,884)

92,122,041

100.3

OTHER ASSETS & LIABILITIES, NET

(302,570

)

(0.3

)

NET ASSETS

91,819,471

100.0

*	Non-income producing

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $826,060.

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2015, the aggregate value of these securities, is $927,211 or 1.0% of net assets.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			63


Summary of market values by sector

International Equity Fund § December 31, 2015


Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	36,976,574			40.1	%
INDUSTRIALS		13,998,885			15.3
FINANCIALS		13,925,079			15.2
HEALTH CARE		9,417,556			10.3
CONSUMER STAPLES		8,256,404			9.0
MATERIALS		5,299,524			5.8
INFORMATION TECHNOLOGY		3,377,435			3.7
ENERGY		1,065			0.0
SHORT-TERM INVESTMENTS		869,519			0.9
OTHER ASSETS & LIABILITES, NET		(302,570	)		(0.3	)

NET ASSETS	$	91,819,471			100.0	%


64		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments

Bond Fund § December 31, 2015


Principal			Issuer		Value		% of net assets

	BANK LOAN OBLIGATIONS
	AUTOMOBILES & COMPONENTS				$	118,739		0.1%

	CAPITAL GOODS					49,173		0.0

	COMMERCIAL & PROFESSIONAL SERVICES					194,556		0.1

	CONSUMER DURABLES & APPAREL					87,341		0.0

	CONSUMER SERVICES					320,271		0.2

	DIVERSIFIED FINANCIALS					289,825		0.2

	ENERGY					61,704		0.0

	FOOD, BEVERAGE & TOBACCO					42,684		0.0

	HEALTH CARE EQUIPMENT & SERVICES					172,306		0.1

	INSURANCE					119,076		0.1

	MATERIALS					231,550		0.1

	MEDIA					387,274		0.2

	SOFTWARE & SERVICES					349,537		0.2

	TECHNOLOGY HARDWARE & EQUIPMENT					185,214		0.2

			TOTAL BANK LOAN OBLIGATIONS	(Cost $2,724,491)		2,609,250		1.5


	BONDS
	CORPORATE BONDS
	AUTOMOBILES & COMPONENTS					598,448		0.4

	BANKS					12,927,827		7.2

	CAPITAL GOODS					2,114,819		1.2

	COMMERCIAL & PROFESSIONAL SERVICES					2,864,635		1.6

	CONSUMER DURABLES & APPAREL					288,660		0.2

	CONSUMER SERVICES					473,120		0.2

	DIVERSIFIED FINANCIALS
	$ 725,000		American Express Credit Corp	2.250%, 08/15/19		725,105		0.4
	750,000	g,i	Armor Re Ltd	4.243%, 12/15/16		748,425		0.4
	750,000		Ford Motor Credit Co LLC	2.597%, 11/04/19		736,443		0.4
	558,000	g	GE Capital International Funding Co	3.373%, 11/15/25		568,191		0.3
			Other			7,927,285		4.5

						10,705,449		6.0

	ENERGY					6,254,325		3.5

	FOOD & STAPLES RETAILING					1,490,812		0.8

	FOOD, BEVERAGE & TOBACCO					2,590,351		1.4


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			65


Summary portfolio of investments		continued

Bond Fund § December 31, 2015


Principal			Issuer		Value		% of net assets

	HEALTH CARE EQUIPMENT & SERVICES				$	2,744,621		1.5	%

	HOUSEHOLD & PERSONAL PRODUCTS					200,443		0.1

	INSURANCE					4,366,785		2.4

	MATERIALS
	$ 930,000	g	Glencore Funding LLC	2.125%, 04/16/18		826,442		0.5
	598,000		International Paper Co	4.750%, 02/15/22		638,841		0.3
			Other			2,832,590		1.6

						4,297,873		2.4

	MEDIA					4,847,771		2.7

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,012,745		1.7

	REAL ESTATE					3,808,670		2.1

	RETAILING
	725,000		O’Reilly Automotive, Inc	3.800%, 09/01/22		734,220		0.4
			Other			1,864,147		1.1

						2,598,367		1.5

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					258,631		0.2

	SOFTWARE & SERVICES
	1,170,000		Fidelity National Information Services, Inc	5.000%, 03/15/22		1,216,065		0.7
			Other			881,857		0.5

						2,097,922		1.2

	TECHNOLOGY HARDWARE & EQUIPMENT					989,891		0.6

	TELECOMMUNICATION SERVICES
	675,000		Verizon Communications, Inc	3.450%, 03/15/21		690,912		0.4
			Other			3,820,902		2.1

						4,511,814		2.5

	TRANSPORTATION					3,690,992		2.1

	UTILITIES					6,940,968		3.8

			TOTAL CORPORATE BONDS	(Cost $86,154,773)		84,675,939		47.3


	GOVERNMENT BONDS
	AGENCY SECURITIES					534,209		0.3

	FOREIGN GOVERNMENT BONDS					6,697,100		3.7

	MORTGAGE BACKED
	3,056,356	h	Federal Home Loan Mortgage Corp (FHLMC)	3.500%, 10/01/45		3,156,466		1.8
	1,183,686		Federal National Mortgage Association (FNMA)	3.000%, 10/01/30		1,220,320		0.7
	1,557,913		FNMA	2.500%, 11/01/30		1,571,697		0.9
	892,482		FNMA	3.000%, 01/01/35		911,037		0.5
	1,135,775		FNMA	5.500%, 07/01/40		1,279,691		0.7
	529,171		FNMA	6.000%, 10/01/40		598,113		0.3


66		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments		continued

Bond Fund § December 31, 2015


Principal			Issuer		Value		% of net assets

	MORTGAGE BACKED—continued
	$ 1,555,629		FNMA	4.500%, 11/01/40	$	1,683,368		0.9	%
	2,682,719	h	FNMA	3.000%, 02/01/43		2,687,783		1.5
	1,445,011		FNMA	3.000%, 05/01/43		1,447,403		0.8
	481,666		FNMA	4.500%, 10/01/44		529,928		0.3
	949,746		FNMA	4.500%, 11/01/44		1,044,756		0.6
	969,542		FNMA	4.000%, 12/01/44		1,032,123		0.6
	954,239		FNMA	4.000%, 01/01/45		1,021,608		0.6
	2,161,019		FNMA	3.500%, 07/01/45		2,232,481		1.2
	3,066,671	h	FNMA	4.000%, 07/01/45		3,260,479		1.8
	3,801,686	i	FNMA	0.772%–7.500%, 08/01/21–12/01/45		3,721,977		2.1
	810,017		Government National Mortgage Association (GNMA)	3.000%, 02/20/43		825,045		0.5
	498,929		GNMA	3.500%, 11/20/45		520,705		0.3
	1,250,000		GNMA	3.500%, 12/20/45		1,304,556		0.7
	500,000		GNMA	4.000%, 12/20/45		531,686		0.3
	3,244,354		GNMA	3.000%–6.000%, 07/15/33–11/20/45		2,794,329		1.6
			Other			1,645,570		0.9

						35,021,121		19.6

	MUNICIPAL BONDS
	590,000		State of Illinois	3.860%, 04/01/21		584,578		0.3
			Other			301,347		0.2

						885,925		0.5

	U.S. TREASURY SECURITIES
	1,249,000		United States Treasury Bond	2.875%, 08/15/45		1,210,701		0.7
	4,240,000		United States Treasury Bond	3.000%, 11/15/45		4,219,275		2.4
	1,000,000		United States Treasury Note	1.625%, 11/30/20		994,333		0.5
	1,000,000		United States Treasury Note	2.000%, 11/30/22		994,542		0.5

						7,418,851		4.1

			TOTAL GOVERNMENT BONDS	(Cost $51,035,894)		50,557,206		28.2


	STRUCTURED ASSETS
	ASSET BACKED
	1,000,000	g	Capital Automotive REIT	3.660%, 10/15/44		1,004,829		0.6
			Series 2014-1A (Class A)
	1,000,000	g	Domino’s Pizza Master Issuer LLC	3.484%, 10/25/45		980,000		0.5
			Series 2015-1A (Class A2I)
	1,000,000	g	Domino’s Pizza Master Issuer LLC	4.474%, 10/25/45		986,410		0.6
			Series 2015-1A (Class A2II)
	573,627		Santander Drive Auto Receivables Trust	4.740%, 09/15/17		578,153		0.3
			Series 2011-4 (Class D)
	625,000		Santander Drive Auto Receivables Trust	1.590%, 10/15/18		624,735		0.3
			Series 2014-1 (Class B)
			Other			6,039,502		3.4

						10,213,629		5.7

	OTHER MORTGAGE BACKED
	2,000,000	i	Banc of America Commercial Mortgage Trust	5.954%, 05/10/45		2,003,324		1.1
			Series 2006-2 (Class AJ)


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			67


Summary portfolio of investments		concluded

Bond Fund § December 31, 2015

Principal

Issuer

Value

% of net

assets

OTHER MORTGAGE BACKED—continued

$ 1,175,000

Bear Stearns Commercial Mortgage Securities

5.920%, 09/11/42

1,240,016

0.7

Series 2007-T28 (Class AJ)

1,500,000

COBALT CMBS Commercial Mortgage Trust

5.771%, 05/15/46

1,510,109

0.8

Series 2007-C3 (Class AJ)

1,190,601

Commercial Mortgage Trust

5.867%, 12/10/49

1,236,749

0.7

Series 2007-GG11 (Class AM)

1,000,000

LB-UBS Commercial Mortgage Trust

6.114%, 07/15/40

1,044,314

0.6

Series 2007-C6 (Class AM)

1,200,000

Morgan Stanley Capital I Trust

5.389%, 11/12/41

1,203,958

0.7

Series 2006-HQ10 (Class AJ)

1,250,000

Wachovia Bank Commercial Mortgage Trust

5.383%, 12/15/43

1,291,589

0.7

Series 2007-C30 (Class AM)

980,000

Wachovia Bank Commercial Mortgage Trust

5.818%, 05/15/46

1,029,192

0.6

Series 2007-C34 (Class AM)

1,200,000

Wachovia Bank Commercial Mortgage Trust

5.947%, 05/15/46

1,210,131

0.7

Series 2007-C34 (Class AJ)

2,150,000

Wachovia Bank Commercial Mortgage Trust

5.591%, 04/15/47

2,228,499

1.2

Series 2007-C31 (Class AM)

1,500,000

Wachovia Bank Commercial Mortgage Trust

5.703%, 06/15/49

1,562,773

0.9

Series 2007-C32 (Class AMFX)

1,260,000

Wachovia Bank Commercial Mortgage Trust

5.750%, 06/15/49

1,259,533

0.7

Series 2007-C32 (Class AJ)

Other

9,215,520

5.1

26,035,707

14.5

TOTAL STRUCTURED ASSETS

(Cost $36,560,883)

36,249,336

20.2

TOTAL BONDS

(Cost $173,751,550)

171,482,481

95.7

Company

PREFERRED STOCKS

BANKS

79,185

0.0

TOTAL PREFERRED STOCKS

(Cost $569,550)

79,185

0.0

TOTAL PORTFOLIO

(Cost $177,045,591)

174,170,916

97.2

OTHER ASSETS & LIABILITIES, NET

4,925,041

2.8

NET ASSETS

179,095,957

100.0

Abbreviation(s):

REIT Real Estate Investment Trust

h	All or a portion of these securities were purchased on a delayed delivery basis.

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

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.


68		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments

Money Market Fund § December 31, 2015


Principal			Issuer		Value		% net assets

	SHORT-TERM INVESTMENTS
	CERTIFICATE OF DEPOSIT
	$ 500,000		Banco Del Estado De Chile	0.260%, 01/08/16	$	500,000		0.7	%
	500,000		Banco Del Estado De Chile	0.350%, 02/17/16		500,000		0.7
	500,000		Toronto-Dominion Bank	0.300%, 01/04/16		500,000		0.7
	500,000		Toronto-Dominion Bank	0.300%, 02/12/16		500,000		0.7
			Other			300,000		0.4

						2,300,000		3.2

	COMMERCIAL PAPER
	600,000	y	Apple, Inc	0.150%, 01/11/16		599,975		0.8
	900,000	y	Apple, Inc	0.155%–0.390%, 01/04/16–02/22/16		899,803		1.3
	530,000	y	Australia & New Zealand Banking Group Ltd	0.550%, 03/24/16		529,328		0.7
	1,100,000	y	Australia & New Zealand Banking Group Ltd	0.285%–0.640%, 02/12/16–03/23/16		1,099,197		1.5
	1,000,000	y	Chevron Corp	0.205%, 02/03/16		999,812		1.4
	985,000	y	DBS Bank Ltd	0.240%–0.540%, 01/19/16–02/11/16		984,696		1.4
	1,000,000		Korea Development Bank	0.260%–0.320%, 01/21/16–02/11/16		999,746		1.4
	1,000,000	y	Microsoft Corp	0.185%–0.190%, 01/06/16		999,974		1.4
	1,800,000		Province of British Columbia Canada	0.200%–0.470%, 01/19/16–03/09/16		1,799,172		2.5
	755,000		Province of Ontario Canada	0.460%–0.470%, 02/23/16–02/29/16		754,442		1.1
	1,000,000	y	Province of Quebec Canada	0.160%, 01/05/16		999,982		1.4
	750,000	y	PSP Capital, Inc	0.260%–0.300%, 02/01/16		749,815		1.1
	760,000	y	Svenska Handelsbanken AB	0.380%–0.600%, 02/22/16–03/07/16		759,439		1.1
	500,000	y	Unilever Capital Corp	0.170%, 01/11/16		499,976		0.7
	1,000,000	y	Unilever Capital Corp	0.170%–0.440%, 01/12/16–02/26/16		999,632		1.4
	650,000	y	United Overseas Bank Ltd	0.370%, 02/24/16		649,639		0.9
			Other			4,437,118		6.2

						18,761,746		26.3

	GOVERNMENT AGENCY DEBT
	800,000		Federal Farm Credit Bank (FFCB)	0.350%, 3/7/2016		799,487		1.1
	500,000		Federal Home Loan Bank (FHLB)	0.115%,1/7/2016		499,990		0.7
	570,000		FHLB	0.120%–0.150%,1/12/2016		569,975		0.8
	1,700,000		FHLB	0.110%, 1/13/2016		1,699,938		2.4
	1,000,000		FHLB	0.120%–0.210%, 1/15/2016		999,933		1.4
	1,320,000		FHLB	0.135%–0.250%, 1/22/2016		1,319,822		1.9
	824,000		FHLB	0.150%–0.200%, 1/25/2016		823,903		1.2
	800,000		FHLB	0.150%–0.200%, 1/26/2016		799,903		1.1
	1,390,000		FHLB	0.122%–0.220%, 1/27/2016		1,389,838		1.9
	900,000		FHLB	0.140%–0.200%, 1/29/2016		899,883		1.3
	1,000,000		FHLB	0.205%, 2/5/2016		999,801		1.4
	910,000		FHLB	0.295%, 2/16/2016		909,657		1.3
	850,000		FHLB	0.315%, 3/2/2016		849,546		1.2
	700,000		FHLB	0.350%, 3/30/2016		699,394		1.0
	557,000		FHLB	0.620%, 6/8/2016		555,475		0.8
	5,017,000		FHLB	0.125%–0.550%, 01/04/16–04/22/16		5,014,554		7.0
	600,000		Federal Home Loan Mortgage Corp (FHLMC)	0.250%–0.270%, 1/11/2016		599,957		0.8
	900,000		FHLMC	0.200%, 1/13/2016		899,940		1.3


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			69


Summary portfolio of investments		continued

Money Market Fund § December 31, 2015


Principal			Issuer		Value		% net assets

	GOVERNMENT AGENCY DEBT—continued
	$1,000,000		FHLMC	0.140%, 1/25/2016	$	999,907		1.4	%
	2,575,000		FHLMC	0.110%–0.440%, 01/20/16–04/08/16		2,573,996		3.6
	800,000		Federal National Mortgage Association (FNMA)	0.200%, 2/8/2016		799,831		1.1
	900,000		FNMA	0.220%–0.420%, 2/10/2016		899,624		1.3
	1,528,000		FNMA	0.150%–0.640%, 01/25/16–06/08/16		1,526,664		2.1

						27,131,018		38.1

	TREASURY DEBT
	504,000		United States Treasury Bill	0.050%–0.088%, 01/07/16		503,995		0.7
	715,000		United States Treasury Bill	0.126%–0.149%, 01/14/16		714,966		1.0
	600,000		United States Treasury Bill	0.103%–0.155%, 02/11/16		599,929		0.9
	700,000		United States Treasury Bill	0.060%–0.103%, 02/18/16		699,934		1.0
	645,000		United States Treasury Bill	0.100%–0.251%, 03/24/16		644,684		0.9
	715,000		United States Treasury Bill	0.111%–0.121%, 04/21/16		714,745		1.0
	885,000		United States Treasury Bill	0.158%–0.230%, 04/28/16		884,430		1.2
	3,039,000		United States Treasury Bill	0.071%–0.476%, 01/21/16–06/09/16		3,037,134		4.3
	678,000		United States Treasury Note	0.375%, 01/15/16		678,062		0.9
	550,000		United States Treasury Note	0.250%, 02/29/16		550,057		0.8
	800,000		United States Treasury Note	0.375%, 03/15/16		800,275		1.1
	1,028,000		United States Treasury Note	0.375%, 03/31/16		1,028,364		1.4
	910,000		United States Treasury Note	0.250%, 04/15/16		910,193		1.3
	550,000		United States Treasury Note	0.625%, 07/15/16		550,940		0.8
	1,412,000		United States Treasury Note	0.250%–0.500%, 01/31/16–06/30/16		1,412,544		2.0

						13,730,252		19.3

	VARIABLE RATE SECURITIES
	500,000	i	Federal Farm Credit Bank (FFCB)	0.398%, 01/24/17		499,975		0.7
	500,000	i	FFCB	0.243%, 03/02/17		500,002		0.7
	1,000,000	i	FFCB	0.326%, 06/15/17		999,822		1.4
	1,800,000	i	FFCB	0.390%–0.500%, 03/29/16–06/27/17		1,799,017		2.6
	1,930,000	i	FHLMC	0.322%–0.407%, 01/12/17–04/26/17		1,929,287		2.7
	1,000,000	i	Federal National Mortgage Association (FNMA)	0.437%, 01/26/17		1,000,065		1.4
	1,000,000	i	FNMA	0.355%–0.422%, 07/20/17–08/16/17		999,366		1.4
	500,000	i	Wells Fargo Bank NA	0.540%, 03/10/16		500,000		0.7
			Other			799,787		1.1

						9,027,321		12.7

			TOTAL SHORT-TERM INVESTMENTS	(Cost $70,950,337)		70,950,337		99.6


			TOTAL PORTFOLIO	(Cost $70,950,337)		70,950,337		99.6
			OTHER ASSETS & LIABILITIES, NET			287,493		0.4

			NET ASSETS		$	71,237,830		100.0	%


70		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments		concluded

Money Market Fund § December 31, 2015

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

Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed to be liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 12/31/2015, the aggregate value of these securities was $13,150,169 or 19.0% of net assets.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			71


Portfolio of investments

Balanced Fund § December 31, 2015


Shares		Security		Value		% of net assets

	TIAA-CREF LIFE FUNDS - 99.9% (a)
	FIXED INCOME - 50.4%
	872,183	TIAA-CREF Life Bond Fund		$	21,412,095		50.4	%

	TOTAL FIXED INCOME				21,412,095		50.4

	INTERNATIONAL EQUITY - 9.9%
	237,074	TIAA-CREF Life International Equity Fund			4,234,141		9.9

	TOTAL INTERNATIONAL EQUITY				4,234,141		9.9

	U.S. EQUITY - 39.6%
	136,252	TIAA-CREF Life Growth Equity Fund			3,933,592		9.3
	118,352	TIAA-CREF Life Growth & Income Fund			4,223,974		9.9
	117,687	TIAA-CREF Life Large-Cap Value Fund			3,671,834		8.6
	25,555	TIAA-CREF Life Real Estate Securities Fund			852,526		2.0
	27,670	TIAA-CREF Life Small-Cap Equity Fund			841,169		2.0
	76,200	TIAA-CREF Life Stock Index Fund			3,379,474		7.8

	TOTAL U.S. EQUITY				16,902,569		39.6

		TOTAL TIAA-CREF LIFE FUNDS	(Cost $44,010,205)		42,548,805		99.9


		TOTAL PORTFOLIO	(Cost $44,010,205)		42,548,805		99.9
		OTHER ASSETS AND LIABILITIES, NET			36,103		0.1

		NET ASSETS		$	42,584,908		100.0	%

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


72		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements

[This page intentionally left blank.]


TIAA-CREF Life Funds § 2015 Annual Report			73


Statements of assets and liabilities

TIAA-CREF Life Funds § December 31, 2015


	Growth Equity Fund


ASSETS
Portfolio investments, at value*^†	$	82,153,106
Cash		68,435
Receivable from securities transactions		48,193
Receivable from Fund shares sold		15,578
Dividends and interest receivable		19,068
Due from affiliates		314
Other		4,670

Total assets		82,309,364


LIABILITIES
Management fees payable		3,052
Due to affiliates		656
Payable for collateral for securities loaned		641,218
Payable for securities transactions		—
Payable for Fund shares redeemed		63,412
Written options^		15,090
Payable for trustee compensation		4,900
Accrued expenses and other payables		12,163

Total liabilities		740,491

NET ASSETS	$	81,568,873


NET ASSETS CONSIST OF:
Paid-in-capital	$	59,724,108
Undistributed net investment income (loss)		16,366
Accumulated net realized gain (loss) on total investments		345,174
Net unrealized appreciation (depreciation) on total investments		21,483,225

NET ASSETS	$	81,568,873

Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,825,665

Net asset value per share		$28.87


* Includes securities loaned of	$	629,295
^† Portfolio investments, cost	$	60,659,607
^ Written options premiums	$	4,816


74		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Growth & Income Fund		Large-Cap Value Fund			Real Estate Securities Fund		Small-Cap Equity Fund			Social Choice Equity Fund



$	133,369,870	$	64,441,357		$	71,773,288	$	50,941,020		$	47,145,747
	295,182		778,158			1,209,005		113,734			285,931
	435,275		4,686			—		4,551,278			—
	17,426		30			16,643		4,973			30
	173,959		108,030			390,827		70,477			80,817
	504		686			374		449			414
	7,716		6,299			6,929		4,767			4,534

	134,299,932		65,339,246			73,397,066		55,686,698			47,517,473



	5,042		2,407			3,032		1,907			592
	1,139		801			715		432			527
	1,194,927		877,177			—		1,424,802			—
	583,607		4,496			68,782		4,595,585			692
	224,861		378,630			85,604		248,283			89,965
	14,262		—			—		—			—
	8,179		6,545			7,191		4,896			4,741
	24,229		17,148			8,688		8,214			13,009

	2,056,246		1,287,204			174,012		6,284,119			109,526

$	132,243,686	$	64,052,042		$	73,223,054	$	49,402,579		$	47,407,947



$	104,201,832	$	59,009,193		$	51,332,992	$	45,690,495		$	29,763,519
	20,846		(52,868	)		777,111		75,097			9,262
	1,330,559		(1,958,472	)		1,570,151		(250,368	)		1,346,290
	26,690,449		7,054,189			19,542,800		3,887,355			16,288,876

$	132,243,686	$	64,052,042		$	73,223,054	$	49,402,579		$	47,407,947

	3,705,237		2,052,671			2,195,094		1,625,351			1,393,458

	$35.69		$31.20			$33.36		$30.40			$34.02


$	1,172,315	$	843,733		$	—	$	1,367,222		$	—
$	106,680,776	$	57,387,039		$	52,230,488	$	47,053,665		$	30,856,871
$	16,853	$	—		$	—	$	—		$	—


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			75


Statements of assets and liabilities

TIAA-CREF Life Funds § December 31, 2015


	Stock Index Fund


ASSETS
Unaffiliated investments, at value*^†	$	341,706,887
Affiliated investments, at value^‡		—
Cash		201,283
Receivable from securities transactions		526
Receivable for delayed delivery securities		—
Receivable from Fund shares sold		31,102
Dividends and interest receivable		463,022
Due from affiliates		551
Other		15,211

Total assets		342,418,582


LIABILITIES
Management fees payable		1,661
Due to affiliates		2,765
Payable for collateral for securities loaned		9,417,992
Payable for securities transactions		—
Payable for delayed delivery securities		—
Payable for Fund shares redeemed		519,113
Payable for variation margin on futures contracts		960
Payable for trustee compensation		16,223
Accrued expenses and other payables		17,243

Total liabilities		9,975,957

NET ASSETS	$	332,442,625


NET ASSETS CONSIST OF:
Paid-in-capital	$	213,484,481
Undistributed net investment income (loss)		56,694
Accumulated net realized gain (loss) on total investments		(6,977,538	)
Net unrealized appreciation (depreciation) on total investments		125,878,988

NET ASSETS	$	332,442,625

Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,495,597

Net asset value per share		$44.35


* Includes securities loaned of	$	9,105,861
^† Portfolio investments, cost	$	215,826,529
^‡ Affiliated investments, cost	$	–


76		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


		concluded


International Equity Fund			Bond Fund			Money Market Fund			Balanced Fund



$	92,122,041		$	174,170,916		$	70,950,337		$	—
	—			—			—			42,548,805
	949,169			1,767,279			2,364			6,301
	349,081			6,824			—			36,500
	—			2,057,589			—			—
	23,705			7,069			333,670			—
	57,579			1,241,038			9,627			—
	612			901			501			484
	7,291			10,257			1,130			576

	93,509,478			179,261,873			71,297,629			42,592,666



	3,824			4,408			592			352
	773			2,183			548			189
	869,519			—			—			—
	646,708			—			—			—
	—			24,875			—			—
	138,471			95,039			41,704			1,587
	—			—			—			—
	7,611			12,575			1,350			673
	23,101			26,836			15,605			4,957

	1,690,007			165,916			59,799			7,758

$	91,819,471		$	179,095,957		$	71,237,830		$	42,584,908



$	125,427,293		$	182,496,844		$	71,238,787		$	43,634,537
	1,187,981			(13,341	)		(957	)		401
	(34,381,994	)		(512,040	)		—			411,370
	(413,809	)		(2,875,506	)		—			(1,461,400	)

$	91,819,471		$	179,095,957		$	71,237,830		$	42,584,908

	5,142,202			7,294,286			71,235,502			4,209,727

	$17.86			$24.55			$1.00			$10.12


$	826,060		$	—		$	—		$	—
$	92,531,884		$	177,045,591		$	70,950,337		$	—
$	—		$	—		$	—		$	44,010,205


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			77


Statements of operations

TIAA-CREF Life Funds § For the year ended December 31, 2015


	Growth Equity Fund


INVESTMENT INCOME
Dividends*	$	584,010
Income from securities lending		5,149
Interest		113

Total income		589,272


EXPENSES
Management fees		349,012
Shareholder servicing		3,134
Professional fees		37,566
Custody and accounting fees		23,409
Shareholder reports		14,600
Administrative service fees		3,543
Trustee fees and expenses		918
Other expenses		10,924

Total expenses		443,106
Less: Expenses reimbursed by the investment adviser		(39,725	)

Net expenses		403,381


Net investment income (loss)		185,891


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments^†		1,348,880
Futures transactions		—
Purchased options		—
Written options		7,157
Swap transactions		—
Foreign currency transactions		(1,319	)

Net realized gain (loss) on total investments		1,354,718


Change in unrealized appreciation (depreciation) on:
Portfolio investments		5,317,440
Futures transactions		—
Purchased options		—
Written options		(10,274	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		853

Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		5,308,019

Net realized and unrealized gain (loss) on total investments		6,662,737

Net increase (decrease) in net assets from operations	$	6,848,628


* Net of foreign withholding taxes of	$	2,092
^† Includes net gain (loss) from securities sold to affiliates of	$	(8,270	)


78		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Growth & Income Fund			Large-Cap Value Fund			Real Estate Securities Fund			Small-Cap Equity Fund			Social Choice Equity Fund



$	2,264,380		$	1,706,359		$	2,968,073		$	617,372		$	1,273,277
	47,738			28,290			—			13,668			—
	74			59			191			9			30

	2,312,192			1,734,708			2,968,264			631,049			1,273,307



	678,253			441,750			552,456			240,571			96,479
	3,685			3,144			3,150			2,606			3,526
	38,127			37,627			39,220			35,235			31,735
	49,165			43,157			14,067			22,951			12,882
	21,789			17,740			19,810			11,782			14,180
	7,051			4,699			5,290			2,322			2,998
	1,822			1,161			1,319			501			797
	33,400			18,710			13,564			13,603			17,831

	833,292			567,988			648,876			329,571			180,428
	(49,251	)		(57,084	)		(19,009	)		(51,619	)		(38,774	)

	784,041			510,904			629,867			277,952			141,654


	1,528,151			1,223,804			2,338,397			353,097			1,131,653




	9,941,861			6,759,700			9,057,725			3,264,472			4,560,195
	—			—			—			(102,702	)		—
	(16,660	)		—			—			—			—
	151,450			—			—			—			—
	—			—			—			(6,671	)		—
	(2,284	)		904			—			—			—

	10,074,367			6,760,604			9,057,725			3,155,099			4,560,195



	(6,574,444	)		(11,873,402	)		(9,217,498	)		(3,541,559	)		(7,240,787	)
	—			—			—			1,256			—
	(2,522	)		—			—			—			—
	1,890			—			1,700			—			—
	(356	)		(16	)		—			—			—

	(6,575,432	)		(11,873,418	)		(9,215,798	)		(3,540,303	)		(7,240,787	)

	3,498,935			(5,112,814	)		(158,073	)		(385,204	)		(2,680,592	)

$	5,027,086		$	(3,889,010	)	$	2,180,324		$	(32,107	)	$	(1,548,939	)


$	12,348		$	4,801		$	—		$	183		$	50
$	358,945		$	91,170		$	139,307		$	34,117		$	11,695


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			79


Statements of operations

TIAA-CREF Life Funds § For the year ended December 31, 2015


	Stock Index Fund


INVESTMENT INCOME
Dividends from unaffiliated investments*	$	6,530,319
Dividends from affiliated investments		—
Income from securities lending		140,528
Interest		34

Total income		6,670,881


EXPENSES
Management fees		200,489
Shareholder servicing		3,326
Professional fees		48,260
Custody and accounting fees		34,564
Shareholder reports		40,699
Administrative service fees		15,447
Trustee fees and expenses		3,933
Other expenses		18,094

Total expenses		364,812
Less: Expenses reimbursed by the investment adviser		(63,683	)

Net expenses		301,129


Net investment income (loss)		6,369,752


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated investments		2,996,809
Affiliated investments		—
Futures transactions		(48,715	)
Foreign currency transactions		(2	)
Realized gain distributions from affiliated investments		—

Net realized gain (loss) on total investments		2,948,092


Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated investments**		(7,896,163	)
Affiliated investments		—
Futures transactions		(9,413	)
Unfunded loan commitment		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—

Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		(7,905,576	)

Net realized and unrealized gain (loss) on total investments		(4,957,484	)

Net increase (decrease) in net assets from operations	$	1,412,268


* Net of foreign withholding taxes of	$	2,283
** Includes net change in unrealized foreign capital gains taxes of	$	—


80		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


		concluded


International Equity Fund			Bond Fund			Money Market Fund			Balanced Fund



$	1,795,886		$	—		$	—		$	—
	—			—			—			1,007,352
	60,512			—			—			—
	167			6,906,743			108,541			11

	1,856,565			6,906,743			108,541			1,007,363



	491,893			664,037			70,671			47,195
	3,139			2,931			2,049			3,424
	45,144			52,740			30,049			24,341
	57,656			85,411			38,623			12,872
	16,443			29,626			14,036			11,228
	4,333			10,836			3,265			1,301
	1,110			2,596			815			417
	32,358			10,125			5,310			6,401

	652,076			858,302			164,818			107,179
	(61,249	)		(82,305	)		(58,757	)		(59,796	)

	590,827			775,997			106,061			47,383


	1,265,738			6,130,746			2,480			959,980





	(3,130,854	)		993,657			39			458
	—			—			—			(425,966	)
	—			—			—			—
	(58,068	)		(123,015	)		—			—
	—			—			—			1,097,277

	(3,188,922	)		870,642			39			671,769




	671,183			(5,519,728	)		—			—
	—			—			—			(1,297,295	)
	—			—			—			—
	—			(450	)		—			—
	(1,561	)		985			—			—

	669,622			(5,519,193	)		—			(1,297,295	)

	(2,519,300	)		(4,648,551	)		39			(625,526	)

$	(1,253,562	)	$	1,482,195		$	2,519		$	334,454


$	176,328		$	—		$	—		$	—
$	7,169		$	—		$	—		$	—


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			81


Statements of changes in net assets

TIAA-CREF Life Funds § For the period or year ended


	Growth Equity Fund
	December 31, 2015			December 31, 2014

OPERATIONS
Net investment income (loss)	$	185,891		$	222,897
Net realized gain (loss) on total investments		1,354,718			5,865,458
Net change in unrealized appreciation (depreciation) on total investments		5,308,019			944,698

Net increase (decrease) in net assets from operations		6,848,628			7,033,053


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(178,017	)		(200,087	)
From realized gains		(1,922,807	)		(5,437,368	)

Total distributions		(2,100,824	)		(5,637,455	)


SHAREHOLDER TRANSACTIONS:
Subscriptions		17,989,820			11,000,241
Reinvestments of distributions		2,100,824			5,637,455
Redemptions		(13,761,681	)		(9,343,682	)

Net increase (decrease) from shareholder transactions		6,328,963			7,294,014


Net increase (decrease) in net assets		11,076,767			8,689,612

NET ASSETS
Beginning of period		70,492,106			61,802,494

End of period	$	81,568,873		$	70,492,106

Undistributed net investment income (loss) included in net assets	$	16,366		$	19,849


CHANGE IN FUND SHARES:
Shares sold		623,414			406,384
Shares reinvested		74,077			206,803
Shares redeemed		(479,580	)		(349,109	)

Net increase (decrease) from shareholder transactions		217,911			264,078


82		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


Growth & Income Fund						Large-Cap Value Fund
December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014


$	1,528,151		$	1,356,660		$	1,223,804		$	1,875,803
	10,074,367			11,045,076			6,760,604			4,885,189
	(6,575,432	)		2,411,922			(11,873,418	)		2,627,383

	5,027,086			14,813,658			(3,889,010	)		9,388,375



	(1,549,452	)		(1,393,308	)		(1,386,039	)		(1,920,379	)
	(9,530,445	)		(11,582,263	)		(7,259,512	)		(6,962,082	)

	(11,079,897	)		(12,975,571	)		(8,645,551	)		(8,882,461	)



	13,871,816			15,887,789			7,137,756			12,992,437
	9,949,810			12,975,571			6,791,729			8,882,461
	(33,398,382	)		(14,425,379	)		(49,986,314	)		(14,606,261	)

	(9,576,756	)		14,437,981			(36,056,829	)		7,268,637


	(15,629,567	)		16,276,068			(48,591,390	)		7,774,551


	147,873,253			131,597,185			112,643,432			104,868,881

$	132,243,686		$	147,873,253		$	64,052,042		$	112,643,432

$	20,846		$	25,062		$	(52,868	)	$	(20,508	)



	358,145			414,657			196,342			343,938
	283,713			343,997			222,388			240,978
	(876,121	)		(374,167	)		(1,426,977	)		(386,431	)

	(234,263	)		384,487			(1,008,247	)		198,485


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			83


Statements of changes in net assets

TIAA-CREF Life Funds § For the period or year ended


	Real Estate Securities Fund
	December 31, 2015			December 31, 2014

OPERATIONS
Net investment income (loss)	$	2,338,397		$	1,971,623
Net realized gain (loss) on total investments		9,057,725			4,830,657
Net change in unrealized appreciation (depreciation) on total investments		(9,215,798	)		21,149,002

Net increase (decrease) in net assets from operations		2,180,324			27,951,282


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,920,234	)		(1,916,352	)
From realized gains		(7,250,046	)		(1,766,677	)

Total distributions		(9,170,280	)		(3,683,029	)


SHAREHOLDER TRANSACTIONS:
Subscriptions		9,995,182			15,313,674
Reinvestments of distributions		9,169,509			3,683,029
Redemptions		(67,604,617	)		(10,814,277	)

Net increase (decrease) from shareholder transactions		(48,439,926	)		8,182,426


Net increase (decrease) in net assets		(55,429,882	)		32,450,679

NET ASSETS
Beginning of period		128,652,936			96,202,257

End of period	$	73,223,054		$	128,652,936

Undistributed net investment income (loss) included in net assets	$	777,111		$	358,946


CHANGE IN FUND SHARES:
Shares sold		266,581			457,838
Shares reinvested		280,757			100,465
Shares redeemed		(1,863,553	)		(323,501	)

Net increase (decrease) from shareholder transactions		(1,316,215	)		234,802


84		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


		continued


Small-Cap Equity Fund						Social Choice Equity Fund
December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014


$	353,097		$	378,897		$	1,131,653		$	1,144,434
	3,155,099			5,783,413			4,560,195			2,054,766
	(3,540,303	)		(2,728,985	)		(7,240,787	)		3,925,842

	(32,107	)		3,433,325			(1,548,939	)		7,125,042



	(316,132	)		(369,606	)		(1,192,522	)		(1,272,574	)
	(4,257,977	)		(6,738,049	)		(3,272,663	)		(1,804,914	)

	(4,574,109	)		(7,107,655	)		(4,465,185	)		(3,077,488	)



	8,594,667			7,459,772			2,794,439			5,010,304
	4,574,109			7,107,655			4,458,272			3,077,488
	(11,894,290	)		(9,595,425	)		(25,797,910	)		(5,099,000	)

	1,274,486			4,972,002			(18,545,199	)		2,988,792


	(3,331,730	)		1,297,672			(24,559,323	)		7,036,346


	52,734,309			51,436,637			71,967,270			64,930,924

$	49,402,579		$	52,734,309		$	47,407,947		$	71,967,270

$	75,097		$	38,132		$	9,262		$	72,930



	247,043			205,283			73,813			131,771
	152,369			213,187			133,842			79,133
	(344,873	)		(263,823	)		(675,199	)		(133,971	)

	54,539			154,647			(467,544	)		76,933


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			85


Statements of changes in net assets

TIAA-CREF Life Funds § For the period or year ended


	Stock Index Fund
	December 31, 2015			December 31, 2014

OPERATIONS
Net investment income (loss)	$	6,369,752		$	5,621,788
Net realized gain (loss) on total investments		2,948,092			(2,109,409	)
Net change in unrealized appreciation (depreciation) on total investments		(7,905,576	)		32,426,092

Net increase (decrease) in net assets from operations		1,412,268			35,938,471


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(6,567,752	)		(5,819,205	)
From realized gains		(2,591,490	)		(781,353	)

Total distributions		(9,159,242	)		(6,600,558	)


SHAREHOLDER TRANSACTIONS:
Subscriptions		37,117,802			54,752,142
Reinvestments of distributions		9,159,242			6,600,558
Redemptions		(34,815,396	)		(45,079,185	)

Net increase (decrease) from shareholder transactions		11,461,648			16,273,515


Net increase (decrease) in net assets		3,714,674			45,611,428

NET ASSETS
Beginning of period		328,727,951			283,116,523

End of period	$	332,442,625		$	328,727,951

Undistributed net investment income (loss) included in net assets	$	56,694		$	231,629


CHANGE IN FUND SHARES:
Shares sold		807,408			1,254,772
Shares reinvested		210,460			144,844
Shares redeemed		(757,927	)		(1,031,928	)

Net increase (decrease) from shareholder transactions		259,941			367,688


86		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


		continued


International Equity Fund						Bond Fund
December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014


$	1,265,738		$	1,416,405		$	6,130,746		$	4,983,115
	(3,188,922	)		3,671,464			870,642			2,322,328
	669,622			(12,802,952	)		(5,519,193	)		3,574,387

	(1,253,562	)		(7,715,083	)		1,482,195			10,879,830



	(1,300,403	)		(1,271,623	)		(6,056,937	)		(4,939,268	)
	—			—			(1,875,364	)		(1,903,517	)

	(1,300,403	)		(1,271,623	)		(7,932,301	)		(6,842,785	)



	16,102,178			19,044,794			33,411,926			40,090,282
	1,300,403			1,271,623			7,260,264			6,842,785
	(13,708,884	)		(18,755,813	)		(85,949,408	)		(9,555,431	)

	3,693,697			1,560,604			(45,277,218	)		37,377,636


	1,139,732			(7,426,102	)		(51,727,324	)		41,414,681


	90,679,739			98,105,841			230,823,281			189,408,600

$	91,819,471		$	90,679,739		$	179,095,957		$	230,823,281

$	1,187,981		$	1,280,713		$	(13,341	)	$	35,865



	830,584			957,517			1,294,749			1,553,339
	73,887			68,736			295,252			268,555
	(717,099	)		(939,770	)		(3,334,823	)		(371,789	)

	187,372			86,483			(1,744,822	)		1,450,105


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			87


Statements of changes in net assets

TIAA-CREF Life Funds § For the period or year ended


	Money Market Fund
	December 31, 2015			December 31, 2014

OPERATIONS
Net investment income (loss)	$	2,480		$	—
Net realized gain (loss) on total investments		39			134
Net change in unrealized appreciation (depreciation) on total investments		—			—

Net increase (decrease) in net assets from operations		2,519			134


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,480	)		—
From realized gains		—			—

Total distributions		(2,480	)		—


SHAREHOLDER TRANSACTIONS:
Subscriptions		100,890,165			94,829,356
Reinvestments of distributions		2,480			—
Redemptions		(98,282,482	)		(99,608,107	)

Net increase (decrease) from shareholder transactions		2,610,163			(4,778,751	)


Net increase (decrease) in net assets		2,610,202			(4,778,617	)

NET ASSETS
Beginning of period		68,627,628			73,406,245

End of period	$	71,237,830		$	68,627,628

Undistributed net investment income (loss) included in net assets	$	(957	)	$	(996	)


CHANGE IN FUND SHARES:
Shares sold		100,890,165			94,829,356
Shares reinvested		2,480			—
Shares redeemed		(98,282,482	)		(99,608,107	)

Net increase (decrease) from shareholder transactions		2,610,163			(4,778,751	)


* For the period January 31, 2014 to December 31, 2014.


88		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


		concluded


Balanced Fund
December 31, 2015			December 31, 2014*


$	959,980		$	573,504
	671,769			961,302
	(1,297,295	)		(164,105	)

	334,454			1,370,701



	(1,200,226	)		(897,987	)
	(649,845	)		(6,726	)

	(1,850,071	)		(904,713	)



	18,837,821			36,989,915
	1,849,613			904,713
	(13,519,173	)		(1,428,352	)

	7,168,261			36,466,276


	5,652,644			36,932,264


	36,932,264			—

$	42,584,908		$	36,932,264

$	401		$	298



	1,763,317			3,583,815
	184,224			86,492
	(1,272,387	)		(135,735	)

	675,154			3,534,572


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			89


Financial highlights

TIAA-CREF Life Funds § For the period or year ended


			Selected per share data
					Gain (loss) from investment operations									Less distributions from
	For the period or year ended		Net asset value, beginning of period		Net investment income (loss)^a			Net realized and unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains

GROWTH EQUITY FUND
		12/31/15	$	27.03	$	0.07		$	2.52		$	2.59		$	(0.06	)	$	(0.69	)
		12/31/14		26.37		0.09			2.89			2.98			(0.08	)		(2.24	)
		12/31/13		18.89		0.07			7.47			7.54			(0.06	)		—
		12/31/12		16.26		0.12			2.64			2.76			(0.13	)		—
		12/31/11		16.01		0.05			0.25			0.30			(0.05	)		—

GROWTH & INCOME FUND
		12/31/15		37.54		0.39			0.81			1.20			(0.43	)		(2.62	)
		12/31/14		37.02		0.38			3.75			4.13			(0.39	)		(3.22	)
		12/31/13		30.37		0.40			9.98			10.38			(0.39	)		(3.34	)
		12/31/12		26.54		0.42			3.94			4.36			(0.53	)		—
		12/31/11		26.07		0.29			0.47			0.76			(0.29	)		—

LARGE-CAP VALUE FUND
		12/31/15		36.80		0.46			(2.38	)		(1.92	)		(0.59	)		(3.09	)
		12/31/14		36.64		0.66			2.64			3.30			(0.68	)		(2.46	)
		12/31/13		29.39		0.54			9.49			10.03			(0.69	)		(2.09	)
		12/31/12		24.92		0.55			4.47			5.02			(0.55	)		—
		12/31/11		26.95		0.41			(2.03	)		(1.62	)		(0.41	)		—

REAL ESTATE SECURITIES FUND
		12/31/15		36.64		0.79	��		0.71			1.50			(1.00	)		(3.78	)
		12/31/14		29.36		0.59			7.77			8.36			(0.56	)		(0.52	)
		12/31/13		29.35		0.53			0.02			0.55			(0.54	)		—
		12/31/12		24.94		0.45			4.48			4.93			(0.52	)		—
		12/31/11		23.67		0.38			1.20			1.58			(0.31	)		—

SMALL-CAP EQUITY FUND
		12/31/15		33.57		0.23			(0.32	)		(0.09	)		(0.21	)		(2.87	)
		12/31/14		36.32		0.27			2.18			2.45			(0.27	)		(4.93	)
		12/31/13		30.87		0.27			11.93			12.20			(0.25	)		(6.50	)
		12/31/12		27.38		0.32			3.52			3.84			(0.35	)		—
		12/31/11		28.76		0.14			(1.36	)		(1.22	)		(0.16	)		—

SOCIAL CHOICE EQUITY FUND
		12/31/15		38.67		0.68			(1.80	)		(1.12	)		(0.97	)		(2.56	)
		12/31/14		36.39		0.64			3.36			4.00			(0.71	)		(1.01	)
		12/31/13		27.53		0.55			8.84			9.39			(0.53	)		—
		12/31/12		24.61		0.58			2.87			3.45			(0.53	)		—
		12/31/11		25.07		0.43			(0.45	)		(0.02	)		(0.44	)		—


90		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


							Ratios and supplemental data

									Ratios to average net assets
Total dividends and distributions		Net asset value, end of period		Total return^†^†			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate


	$(0.75)	$	28.87		9.67	%	$	81,569		0.57	%		0.52	%		0.24	%		78	%
	(2.32)		27.03		11.25			70,492		0.59			0.52			0.35			103
	(0.06)		26.37		39.94			61,802		0.66			0.52			0.29			105
	(0.13)		18.89		16.99			42,710		0.74			0.52			0.69			155
	(0.05)		16.26		1.85			40,950		0.76			0.52			0.29			136


	(3.05)		35.69		3.34			132,244		0.55			0.52			1.01			82
	(3.61)		37.54		11.09			147,873		0.56			0.52			0.98			103
	(3.73)		37.02		34.38			131,597		0.61			0.52			1.15			141
	(0.53)		30.37		16.43			92,409		0.69			0.52			1.41			115
	(0.29)		26.54		2.96			76,240		0.70			0.52			1.09			109


	(3.68)		31.20		(5.00	)		64,052		0.58			0.52			1.25			61
	(3.14)		36.80		8.98			112,643		0.56			0.52			1.75			60
	(2.78)		36.64		34.31			104,869		0.60			0.52			1.54			58
	(0.55)		29.39		20.14			71,691		0.70			0.52			1.99			77
	(0.41)		24.92		(5.95	)		60,441		0.71			0.52			1.56			80


	(4.78)		33.36		4.37			73,223		0.59			0.57			2.12			30
	(1.08)		36.64		28.47			128,653		0.58			0.57			1.76			45
	(0.54)		29.36		1.89			96,202		0.63			0.57			1.72			58
	(0.52)		29.35		19.79			96,421		0.71			0.57			1.59			65
	(0.31)		24.94		6.73			79,535		0.71			0.57			1.53			58


	(3.08)		30.40		(0.15	)		49,403		0.63			0.53			0.68			92
	(5.20)		33.57		6.85			52,734		0.64			0.54			0.73			98
	(6.75)		36.32		39.87			51,437		0.73			0.55			0.72			87
	(0.35)		30.87		14.02			60,081		0.75			0.55			1.08			118
	(0.16)		27.38		(4.23	)		55,391		0.76			0.55			0.48			100


	(3.53)		34.02		(2.70	)		47,408		0.28			0.22			1.76			9
	(1.72)		38.67		10.98			71,967		0.26			0.22			1.68			10
	(0.53)		36.39		34.13			64,931		0.33			0.22			1.68			11
	(0.53)		27.53		14.01			43,692		0.43			0.22			2.16			16
	(0.44)		24.61		(0.05	)		37,295		0.49			0.22			1.71			18


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			91


Financial highlights

TIAA-CREF Life Funds § For the period or year ended


				Selected per share data
						Gain (loss) from investment operations									Less distributions from
	For the period or year ended			Net asset value, beginning of period		Net investment income (loss)^a			Net realized and unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains

STOCK INDEX FUND
		12/31/15		$	45.43	$	0.88		$	(0.71	)	$	0.17		$	(0.90	)	$	(0.35	)
		12/31/14			41.22		0.80			4.34			5.14			(0.82	)		(0.11	)
		12/31/13			31.48		0.70			9.81			10.51			(0.71	)		(0.06	)
		12/31/12			27.81		0.68			3.87			4.55			(0.68	)		(0.20	)
		12/31/11			28.09		0.53			(0.28	)		0.25			(0.53	)		—

INTERNATIONAL EQUITY FUND
		12/31/15			18.30		0.25			(0.43	)		(0.18	)		(0.26	)		—
		12/31/14			20.15		0.29			(1.88	)		(1.59	)		(0.26	)		—
		12/31/13			16.60		0.33			3.67			4.00			(0.45	)		—
		12/31/12			12.85		0.32			3.70			4.02			(0.27	)		—
		12/31/11			17.24		0.28			(4.41	)		(4.13	)		(0.26	)		—

BOND FUND
		12/31/15			25.54		0.72			(0.57	)		0.15			(0.88	)		(0.26	)
		12/31/14			24.96		0.61			0.76			1.37			(0.57	)		(0.22	)
		12/31/13			26.15		0.64			(1.04	)		(0.40	)		(0.62	)		(0.17	)
		12/31/12			25.60		0.77			1.00			1.77			(0.74	)		(0.48	)
		12/31/11			24.88		0.87			0.70			1.57			(0.85	)		—

MONEY MARKET FUND
		12/31/15			1.00		0.00	^d		0.00	^d		0.00	^d		(0.00	)^d		—
		12/31/14			1.00		—			0.00	^d		0.00	^d		—			—
		12/31/13			1.00		0.00	^d		—			0.00	^d		(0.00	)^d		—
		12/31/12			1.00		0.00	^d		0.00	^d		0.00	^d		(0.00	)^d		—
		12/31/11			1.00		0.00	^d		0.00	^d		0.00	^d		(0.00	)^d		—

BALANCED FUND
		12/31/15			10.45		0.22			(0.09	)		0.13			(0.30	)		(0.16	)
		12/31/14	^‡		10.00		0.29			0.43			0.72			(0.27	)		(0.00	)^d

^a	Based on average shares outstanding.

^b	The percentages shown for this period are not annualized.

^c	The percentages shown for this period are annualized.

^d	Amount represents less than $0.01 per share.

^e	The Fund’s expenses do not include the expenses of the Underlying Funds.

^‡	The Fund commenced operations on January 31, 2014.

^†^†	Total returns for the shares of the Funds do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Funds would have been lower.


92		2015 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


		concluded


							Ratios and supplemental data

									Ratios to average net assets
Total dividends and distributions		Net asset value, end of period		Total return^†^†			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Portfolio turnover rate


	$(1.25)	$	44.35		0.43	%	$	332,443		0.11	%		0.09	%		1.91	%		7	%
	(0.93)		45.43		12.46			328,728		0.12			0.09			1.86			8
	(0.77)		41.22		33.43			283,117		0.16			0.09			1.90			5
	(0.88)		31.48		16.35			207,090		0.25			0.09			2.22			6
	(0.53)		27.81		0.95			180,256		0.26			0.09			1.85			6


	(0.26)		17.86		(0.98	)		91,819		0.66			0.60			1.29			77
	(0.26)		18.30		(7.90	)		90,680		0.66			0.60			1.46			91
	(0.45)		20.15		24.15			98,106		0.74			0.60			1.79			133
	(0.27)		16.60		31.27			77,021		0.80			0.60			2.21			111
	(0.26)		12.85		(23.88	)		81,275		0.81			0.60			1.77			108


	(1.14)		24.55		0.57			179,096		0.39			0.35			2.77			155
	(0.79)		25.54		5.47			230,823		0.39			0.35			2.38			180
	(0.79)		24.96		(1.54	)		189,409		0.44			0.35			2.46			133
	(1.22)		26.15		6.91			184,563		0.53			0.35			2.92			174
	(0.85)		25.60		6.31			158,136		0.53			0.35			3.41			92


	(0.00)^d		1.00		0.00			71,238		0.23			0.15			0.00			—
	—		1.00		0.00			68,628		0.23			0.11			0.00			—
	(0.00)^d		1.00		0.01			73,406		0.27			0.13			0.00			—
	(0.00)^d		1.00		0.02			62,598		0.39			0.15			0.02			—
	(0.00)^d		1.00		0.03			59,822		0.39			0.15			0.03			—


	(0.46)		10.12		1.28			42,585		0.23	^e		0.10	^e		2.03			40
	(0.27)		10.45		7.21	^b		36,932		0.49	^c e		0.10	^c e		2.99	^c		59	^b


See notes to financial statements		TIAA-CREF Life Funds § 2015 Annual Report			93


Notes to financial statements

TIAA-CREF Life Funds

Note 1—organization and significant accounting policies

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

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

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

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Dividends from affiliated investments are recorded as dividend income, while capital gain distributions, including short-term capital gain distributions, are recorded as gain distributions from affiliated investments on the Statements of Operations. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.


94		2015 Annual Report § TIAA-CREF Life Funds

Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.

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

Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended December 31, 2015, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, dividend reclassifications, investments in partnerships, gains and losses from the sale of stock in passive foreign investment companies, and the reclassification of short-term capital gain distributions received from underlying funds from realized gain (loss) to ordinary income were identified and reclassified among the components of certain Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services,


TIAA-CREF Life Funds § 2015 Annual Report			95


Notes to financial statements

plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

New accounting pronouncement: In May 2015, the FASB issued Accounting Standards Update No. 2015-07 Fair Value Measurement (Topic 820) Disclosures in Certain Entities That Calculate Net Asset Value per Share (the “ASU”). The ASU removes the requirement to categorize within the fair value hierarchy all investments for which the fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. The Funds early adopted the ASU for this annual report. The adoption of the ASU did not have a material impact on the Funds’ financial statements and notes disclosures.

New rule issuance: In July 2014, the Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Fund’s financial statements and related disclosures. On August 11, 2015, The Board of Trustees of the TIAA-CREF Life Funds approved a restructuring of the TIAA-CREF Life Money Market Fund as a “Government” money market instrument, in compliance with the new SEC regulations requiring all money market funds to restructure as retail, institutional or government. The restructuring will be effective by October 14, 2016.

Note 2—valuation of investments

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

•

Level 1—quoted prices in active markets for identical securities

•

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

•

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is


96		2015 Annual Report § TIAA-CREF Life Funds


		continued

based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statement of Assets and Liabilities. As of December 31, 2015, no investments were valued utilizing the practical expedient.

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

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

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

Short-term investments: Prior to January 2, 2015, short-term investments with maturities of 60 days or less were valued at amortized cost. Short-term investments with maturities in excess of 60 days were valued in the same manner as debt securities. Effective January 2, 2015, all short-term investments are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy.

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

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


TIAA-CREF Life Funds § 2015 Annual Report			97


Notes to financial statements

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

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

Total return swap contract: Total return swaps are marked-to-market daily based upon a price supplied by a pricing service. Total return swaps are generally categorized as Level 2 in the fair value hierarchy.

Unfunded loan commitment: Unfunded loan commitments are marked-to-market daily based upon a price supplied by a pricing service. Unfunded loan commitments are generally categorized as Level 2 in the fair value hierarchy.

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

Transfers between levels are recognized at the end of the reporting period. For the year ended December 31, 2015, there were no material transfers between levels by the Funds.

As of December 31, 2015, 100% of the value of investments in the Real Estate Securities Fund, the Small-Cap Equity Fund, the Social Choice Equity Fund, and the Balanced Fund were valued based on Level 1 inputs.

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

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


Fund	Level 1			Level 2		Level 3		Total

Growth Equity
Equity investments:
Industrials	$	4,592,583		$	1,232,430	$	—	$	5,825,013
All other equity investments*		75,686,875			—		—		75,686,875
Short-term investments		641,218			—		—		641,218
Written options**		(15,090	)		—		—		(15,090	)

Total	$	80,905,586		$	1,232,430	$	—	$	82,138,016

Growth & Income
Equity investments:
Consumer discretionary	$	23,695,953		$	781,718	$	—	$	24,477,671
Consumer staples		11,784,078			930,854		—		12,714,932
Financials		14,294,570			476,217		—		14,770,787
Health care		18,097,930			2,517,842		—		20,615,772
Information technology		30,959,656			1,026,590		—		31,986,246
Materials		2,879,518			476,016		—		3,355,534


98		2015 Annual Report § TIAA-CREF Life Funds


		continued


Fund	Level 1			Level 2		Level 3		Total


Growth & Income—continued
All other equity investments*	$	24,253,136$		$	—	$	—	$	24,253,136
Short-term investments		1,194,927			—		—		1,194,927
Purchased options**		865			—		—		865
Written options**		(14,262	)		—		—		(14,262	)

Total	$	127,146,371		$	6,209,237	$	—	$	133,355,608

Large-Cap Value
Equity investments:
Consumer discretionary	$	5,556,076		$	913,652	$	—	$	6,469,728
Financials		17,473,533			264,552		—		17,738,085
Health care		6,862,474			662,795		—		7,525,269
Industrials		5,505,554			—		160		5,505,714
Information technology		8,807,579			105,468		—		8,913,047
Materials		2,662,727			82,435		—		2,745,162
All other equity investments*		14,667,175			—		—		14,667,175
Short-term investments		877,177			—		—		877,177

Total	$	62,412,295		$	2,028,902	$	160	$	64,441,357

Stock Index
Equity investments:
Health care	$	48,810,733		$	—	$	178	$	48,810,911
Industrials		35,103,533			252,805		—		35,356,338
Telecommunication services		7,206,949			—		1,789		7,208,738
All other equity investments*		240,912,908			—		—		240,912,908
Short-term investments		9,417,992			—		—		9,417,992
Futures**		(1,370	)		—		—		(1,370	)

Total	$	341,450,745		$	252,805	$	1,967	$	341,705,517

International Equity
Equity investments:
Asia	$	—		$	20,194,205	$	—	$	20,194,205
Australasia		—			309,835		—		309,835
Europe		—			67,683,908		—		67,683,908
All other equity investments*		—			3,064,574		—		3,064,574
Short-term investments		869,519			—		—		869,519

Total	$	869,519		$	91,252,522	$	—	$	92,122,041

Bond
Bank loan obligations	$	—		$	2,609,250	$	—	$	2,609,250
Corporate bonds		—			84,675,939		—		84,675,939
Government bonds		—			50,557,206		—		50,557,206
Structured assets		—			36,249,336		—		36,249,336
Preferred stocks		79,185			—		—		79,185

Total	$	79,185		$	174,091,731	$	—	$	174,170,916

*	For detailed categories, see the accompanying Summary portfolio of investments.

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


TIAA-CREF Life Funds § 2015 Annual Report			99


Notes to financial statements

Note 3—derivative instruments

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

At December 31, 2015, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

Asset derivatives

Liabilities derivatives

Derivative contract

Location

Fair value
amount

Location

Fair value

amount

Growth Equity Fund

Equity contracts

Written options

(15,090

)

Growth & Income Fund

Equity contracts

Portfolio investments

865

Equity contracts

Written options

(14,262

)

Stock Index Fund

Equity contracts

Futures

(1,370

)

*	The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

For the year ended December 31, 2015, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:


Derivative contract	Location		Realized gain (loss)			Change in unrealized appreciation (depreciation)

Growth Equity Fund
Equity contracts		Written options	$	7,157		$	(10,274	)

Growth & Income Fund
Equity contracts		Purchased options		(16,660	)		(2,522	)
Equity contracts		Written options		151,450			1,890

Real Estate Securities Fund
Equity contracts		Written options		—			1,700

Small-Cap Equity Fund
Equity contracts		Futures transactions		(102,702	)		1,256
Equity contracts		Swaps transactions		(6,671	)		—

Stock Index Fund
Equity contracts		Futures transactions		(48,715	)		(9,413	)

Futures contracts: The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other


100		2015 Annual Report § TIAA-CREF Life Funds


		continued

investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the year ended December 31, 2015, the Small-Cap Equity Fund and the Stock Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 3% of net assets.

At December 31, 2015, the Stock Index Fund held the following open futures contracts:


Futures	Number of contracts		Settlement value		Expiration date		Unrealized gain (loss)

S&P 500 E Mini Index		1	$	101,770		March 2016	$	(1,370	)

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended December 31, 2015, the Growth Equity Fund, the Growth & Income Fund and the Real Estate Securities Fund had exposure to options, based on underlying nominal values, generally between 0% and 2% of net assets.

The Growth & Income Fund had purchased options outstanding as of December 31, 2015:


	Number of contracts		Value

Growth & Income Fund
Chesapeake Energy Corp, Call, 1/15/16 at $5		35	$	385
Lions Gate Entertainment Corp, Call, 1/15/16 at $34		6		210
Newell Rubbermaid, Inc, Call, 1/15/16 at $47		6		180
QUALCOMM, Inc, Call, 1/8/16 at $54		9		90

Total		56	$	865


TIAA-CREF Life Funds § 2015 Annual Report			101


Notes to financial statements

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


	Number of contracts		Value

Growth Equity Fund
Chipotle Mexican Grill, Inc, Put, 1/15/16 at $555		2	$	(15,090	)

Total		2	$	(15,090	)

Growth & Income Fund
Acuity Brands, Inc, Call, 1/15/16 at $260		3	$	(348	)
AMC Networks, Inc, Put, 1/15/16 at $70		6		(300	)
Anadarko Petroleum Corp, Put, 1/15/16 at $49		14		(2,870	)
Cavium, Inc, Put, 1/15/16 at $55		14		(112	)
Chipotle Mexican Grill, Inc, Put, 1/8/16 at $500		4		(8,800	)
Fitbit, Inc, Put, 1/15/16 at $24		9		(180	)
Kansas City Southern Industries, Inc, Put, 1/15/16 at $74		9		(900	)
Norwegian Cruise Line Holdings Ltd, Put, 1/15/16 at $55		6		(300	)
Sonic Corp, Put, 1/15/16 at $25		12		(60	)
Ulta Salon Cosmetics & Fragrance, Inc, Put, 1/15/16 at $175		4		(212	)
Universal Health Services, Inc, Put, 1/15/16 at $105		6		(180	)

Total		87	$	(14,262	)

Transactions in written options and related premiums received during the year ended December 31, 2015 were as follows:


	Number of contracts			Premiums

Growth Equity Fund
Outstanding at beginning of period		—		$	—
Written		59			23,729
Purchased		(8	)		(5,604	)
Exercised		(4	)		(2,462	)
Expired		(45	)		(10,847	)

Outstanding at end of period		2		$	4,816

Growth & Income Fund
Outstanding at beginning of period		21		$	1,737
Written		7,115			738,311
Purchased		(2,231	)		(457,618	)
Exercised		(766	)		(26,531	)
Expired		(4,052	)		(239,046	)

Outstanding at end of period		87		$	16,853

Real Estate Securities Fund
Outstanding at beginning of period		100		$	9,800
Written		—			—
Purchased		—			—
Exercised		(100	)		(9,800	)
Expired		—			—

Outstanding at end of period		—		$	—


102		2015 Annual Report § TIAA-CREF Life Funds


		continued

Total return swap contracts: Total return swaps are agreements that provide a Fund with a return based on the performance of an underlying asset, in exchange for fee payments to a counterparty based on a specific rate. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty, respectively. Payments received or made at the end of each measurement period are recorded as a realized gain or loss in the Statements of Operations. The swap is valued daily and any change in the value of the swap is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of the swap contract is reflected in unrealized appreciation (depreciation) on swap agreements in the Statements of Assets and Liabilities. Total return swaps are exposed to the market risk factor of the specific underlying financial instrument or index. Additional risks to the Fund include the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The Fund’s maximum loss from counterparty risk is the fair value of the contract. The Small-Cap Equity Fund is currently invested in a total return swap contract to gain exposure to certain equity markets. During the period ended December 31, 2015, the Small-Cap Equity Fund’s exposure to total return swaps, based on underlying notional amounts, was generally between 0% and 3% of net assets.

At December 31, 2015, the Small-Cap Equity Fund held the following open total return swap contracts:

Counterparty

Notional

amount

Termination

date

Fixed
payments
paid by

fund per

annum

Total return

received

by fund

Unrealized

appreciation/

depreciation

Goldman Sachs

1,254,766

4/5/2016

0.35%

Difference between
Russell MicroCap
Index less Russell
2000 Index and
Russell 2500 Index

—

Note 4—investment adviser and affiliates

Teachers Advisors, Inc. (“Advisors”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”) and a registered investment adviser, provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement between Advisors and the Funds. The Funds have also entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of TIAA, distributes the Funds’ shares. Under the terms of the distribution agreement, TPIS is not compensated. TPIS does not currently enter into agreements, or otherwise pay, other intermediaries to sell shares of the Funds.


TIAA-CREF Life Funds § 2015 Annual Report			103


Notes to financial statements

Beginning May 29, 2013, Advisors began waiving a portion of the investment management fees for the Money Market Fund. This waiver is voluntary in nature and can be discontinued at any time. The amounts waived are disclosed on the Statements of Operations.

As part of the Advisory Agreement, Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of December 31, 2015, the investment management fees and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets:


Fund	Investment management fee		Maximum expense amounts*

Growth Equity		0.45%		0.52%
Growth & Income		0.45%		0.52%
Large-Cap Value		0.45%		0.52%
Real Estate Securities		0.50%		0.57%
Small-Cap Equity		0.46%		0.53%
Social Choice Equity		0.15%		0.22%
Stock Index		0.06%		0.09%
International Equity		0.50%		0.60%
Bond		0.30%		0.35%
Money Market		0.10%		0.15%
Balanced		0.10%		0.10%

Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least April 30, 2016. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended December 31, 2015, the Funds engaged in the following security transactions with affiliated entities:


Fund	Purchases		Sales		Realized gain (loss)

Growth Equity	$	321,063	$	211,635	$	(8,270	)
Growth & Income		637,246		10,212,261		358,945
Large-Cap Value		394,132		3,007,672		91,170
Real Estate Securities		—		672,655		139,307
Small-Cap Equity		68,406		338,982		34,117
Social Choice Equity		141,835		96,391		11,695
Stock Index		2,044,332		—		—
International Equity		90,797		—		—
Balanced		217,893		—		—


104		2015 Annual Report § TIAA-CREF Life Funds


		continued

Certain registered separate accounts of TIAA-CREF Life, which is a wholly owned subsidiary of TIAA, have various sub-accounts which invest in the Funds.

Additionally, at the commencement of operations of each Fund, TIAA, an affiliate, invested in each Fund. During the period ended December 31, 2015, TIAA received total proceeds of $16,500,000, $37,872,144, $54,959,658, $20,464,003, $52,500,000 and $10,885,256 from redemptions from the Growth & Income Fund, the Large-Cap Value Fund, the Real Estate Securities Fund, the Social Choice Equity Fund, the Bond Fund and the Balanced Fund, respectively.

The following is the percentage of the Funds’ shares owned by affiliates and the Balanced Fund as of December 31, 2015:


Underlying Fund	Investments in funds held by TIAA-CREF Life			Investments in funds held by TIAA			Investments in funds held by Life Balanced Fund			Total

Growth Equity		95	%		—	%		5	%		100	%
Growth & Income		92			5			3			100
Large-Cap Value		94			—			6			100
Real Estate Securities		99			—			1			100
Small-Cap Equity		98			—			2			100
Social Choice Equity		100			—			—			100
Stock Index		99			—			1			100
International Equity		95			—			5			100
Bond		80			8			12			100
Money Market		100			—			—			100
Balanced		100			—			—			100

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


Issue	Value at December 31, 2014		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at December 31, 2015

TIAA-CREF Life Balanced Fund
TIAA-CREF Life Growth Equity	$	3,379,374	$	2,011,704	$	1,777,529	$	135,315		$	8,510	$	3,933,592
TIAA-CREF Life Growth & Income		3,705,141		2,232,644		1,548,714		254,103			46,214		4,223,974
TIAA-CREF Life Large-Cap Value		3,290,586		2,437,558		1,461,421		208,076			61,778		3,671,834
TIAA-CREF Life Real Estate Securities		738,902		610,199		422,506		76,352			22,628		852,526
TIAA-CREF Life Small Cap Equity		742,402		520,501		342,591		45,190			5,355		841,169
TIAA-CREF Life Stock Index		2,962,068		1,715,235		1,222,957		10,118			66,470		3,379,474
TIAA-CREF Life International Equity		3,597,330		2,570,975		1,762,115		(159,673	)		59,691		4,234,141
TIAA-CREF Life Bond		18,481,266		12,196,729		8,382,715		101,830			736,706		21,412,095

	$	36,897,069	$	24,295,545	$	16,920,548	$	671,311		$	1,007,352	$	42,548,805


TIAA-CREF Life Funds § 2015 Annual Report			105


Notes to financial statements

Note 5—investments

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. As of December 31, 2015, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of Operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

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

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

Unfunded loan commitment: The Bond Fund may enter into loan commitments to fund a portion of delayed-draw term loan facility. The Fund is obligated to fund loan commitments at the borrower’s discretion. The Fund reserves against such contingent obligation by segregating short-term securities or cash. At December 31, 2015, the Fund had no unfunded loan commitments. Unfunded loan commitments are marked-to-market daily and any unrealized appreciation (depreciation) is included in other assets on the Statements of Assets and Liabilities. Interest income and the change in unrealized appreciation (depreciation) are included on the Statements of Operations.


106		2015 Annual Report § TIAA-CREF Life Funds


		continued

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


Fund	Tax cost		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation)

Growth Equity	$	60,771,382	$	22,050,039	$	(668,315	)	$	21,381,724
Growth & Income		107,661,161		28,924,529		(3,215,820	)		25,708,709
Large-Cap Value		59,290,196		9,011,740		(3,860,579	)		5,151,161
Real Estate Securities		52,324,603		20,720,411		(1,271,726	)		19,448,685
Small-Cap Equity		47,108,831		7,028,734		(3,196,545	)		3,832,189
Social Choice Equity		30,925,763		17,597,508		(1,377,524	)		16,219,984
Stock Index		222,620,734		133,670,253		(14,584,100	)		119,086,153
International Equity		92,818,658		8,177,368		(8,873,985	)		(696,617	)
Bond		177,105,157		1,226,830		(4,161,071	)		(2,934,241	)
Balanced		44,309,098		149,327		(1,909,620	)		(1,760,293	)

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the year ended December 31, 2015 were as follows:


Fund	Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales

Growth Equity	$	63,961,698	$	—	$	59,203,982	$	—
Growth & Income		122,327,941		—		140,675,661		—
Large-Cap Value		58,492,416		—		102,085,714		—
Real Estate Securities		32,345,859		—		85,068,477		—
Small-Cap Equity		47,459,287		—		47,899,025		—
Social Choice Equity		5,842,477		—		27,862,161		—
Stock Index		32,668,417		—		21,746,562		—
International Equity		77,379,246		—		73,954,657		—
Bond		107,143,541		222,652,838		120,521,782		243,529,494
Balanced		26,096,136		—		18,721,598		—


TIAA-CREF Life Funds § 2015 Annual Report			107


Notes to financial statements

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended December 31, 2015 and December 31, 2014 was as follows:


	2015						2014
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total

Growth Equity	$	604,803	$	1,496,021	$	2,100,824	$	2,076,259	$	3,561,196	$	5,637,455
Growth & Income		1,499,232		9,580,665		11,079,897		4,851,074		8,124,497		12,975,571
Large-Cap Value		2,900,767		5,744,784		8,645,551		4,468,495		4,413,966		8,882,461
Real Estate Securities		2,094,029		7,076,251		9,170,280		1,916,352		1,766,677		3,683,029
Small-Cap Equity		892,020		3,682,089		4,574,109		1,616,315		5,491,340		7,107,655
Social Choice Equity		1,192,522		3,272,663		4,465,185		1,272,574		1,804,914		3,077,488
Stock Index		7,001,099		2,158,143		9,159,242		6,600,558		—		6,600,558
International Equity		1,300,403		—		1,300,403		1,271,623		—		1,271,623
Bond		7,218,042		714,259		7,932,301		5,720,077		1,122,708		6,842,785
Money Market		2,480		—		2,480		—		—		—
Balanced Fund		1,200,386		649,685		1,850,071		904,713		—		904,713

As of December 31, 2015, the components of accumulated earnings on a tax basis were as follows:


Fund	Undistributed (overdistributed) ordinary income			Undistributed long-term capital gains		Unrealized appreciation (depreciation)			Capital loss carryover			Late-year loss deferrals			Total

Growth Equity	$	21,036		$	576,221	$	21,371,452		$	—		$	(119,274	)	$	21,849,435
Growth & Income		—			2,505,621		25,710,059			—			(166,110	)		28,049,570
Large-Cap Value		(46,934	)		—		5,151,027			—			(54,947	)		5,049,146
Real Estate Securities		784,036			1,759,715		19,448,686			—			(95,447	)		21,896,990
Small-Cap Equity		82,237			—		3,832,187			—			(197,575	)		3,716,849
Social Choice Equity		—			1,480,525		16,219,984			—			(51,547	)		17,648,962
Stock Index		—			120,652		119,086,144			—			(233,442	)		118,973,354
International Equity		1,213,048			—		(700,579	)		(33,182,585	)		(930,415	)		(33,600,531	)
Bond		—			18,933		(2,935,072	)		—			(472,774	)		(3,388,913	)
Money Market		—			—		—			—			—			—
Balanced		22,810			756,526		(1,760,293	)		—			(68,096	)		(1,049,053	)

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the tax deferral of straddle losses, the realization, for tax purposes, of unrealized gains on investments in


108		2015 Annual Report § TIAA-CREF Life Funds


		concluded

passive foreign investment companies, and the treatment of short-term gain as ordinary income for tax purposes.

At December 31, 2015, the following Fund had capital loss carryovers, which will expire as follows:


	International Equity

12/31/16	$	8,123,581
12/31/17		22,163,893
No Expiration Date		2,895,111

Total	$	33,182,585

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryovers may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Note 7—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. This facility expired June 2015. A new facility was entered into on June 23, 2015 expiring June 21, 2016. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended December 31, 2015, there were no borrowings under this credit facility by the Funds.

Note 8—indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.


TIAA-CREF Life Funds § 2015 Annual Report			109


Report of independent registered public accounting firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund, Money Market Fund, and Balanced Fund (constituting the TIAA-CREF Life Funds, hereafter collectively referred to as the “Funds”) at December 31, 2015, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers and confirmation of underlying investee mutual fund shares by correspondence with the transfer agent of the investee mutual funds, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Baltimore, Maryland

February 19, 2016


110		2015 Annual Report § TIAA-CREF Life Funds


Trustees and officers (unaudited)

TIAA-CREF Life Funds § December 31, 2015

Trustees


Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	85	Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation; and Trustee of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	85	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	85	Director of Copper Rock Capital Partners, LLC (investment adviser).


TIAA-CREF Life Funds § 2015 Annual Report			111


Trustees and officers (unaudited)		continued

TIAA-CREF Life Funds § December 31, 2015

Trustees—continued


Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Chairman of the Board and Trustee	Indefinite term. Trustee since 2005; Chairman for term ending December 31, 2018. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	85	Director, D2D Fund.
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management.	85	Director, Aflac Insurance. Inc., Sansum Clinic and cielo24; Investment committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School.


112		2015 Annual Report § TIAA-CREF Life Funds


Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948	Trustee	Indefinite term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	85	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance, Prep for Prep; and Close Brothers Group plc.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	85	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 2001.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	85	Director, SCANA Corporation (energy holding company).


TIAA-CREF Life Funds § 2015 Annual Report			113


Trustees and officers (unaudited)		continued

TIAA-CREF Life Funds § December 31, 2015

Trustees—concluded

Name, address

and year of birth (“YOB”)

Position(s)
held with

fund

Term of office
and length of
time served

Principal occupation(s)

during past 5 years

Number of
portfolios in
fund
complex
overseen by
trustee

Other directorship(s)

held by trustee

Laura T. Starks

c/o Corporate Secretary

730 Third Avenue

New York, NY 10017-3206

YOB: 1950

Trustee

Indefinite term. Trustee since 2006.

Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).

Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas.


114		2015 Annual Report § TIAA-CREF Life Funds

Officers


Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Managing Director, Senior Compliance officer of Teachers Insurance and Annuity Association of America (“TIAA”). Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Carol W. Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President of TIAA, President and Chief Executive Officer of TIAA-CREF Asset Management LLC (“TCAM”) and Executive Vice President of the TIAA-CREF Fund Complex.
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2007.	Senior Vice President, Corporate Controller of TIAA. Treasurer of CREF; Chief Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1; Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds.
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1959	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex.
Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1961	President and Principal Executive Officer since 2013	One-year term. President and Principal Executive Officer since 2013.	Executive Vice President, Asset Management Chief Executive Officer of TIAA, Principal Executive Officer and Executive Vice President of CREF and VA-1. Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds. Prior to joining TIAA, Mr. Leary served as a Representative, Securities Research, Inc., President and Chief Operating Officer, U.S., ING Americas, Chief Executive Officer, ING Insurance US, and Chairman and Chief Executive Officer, ING Investment Management, Americas.


TIAA-CREF Life Funds § 2015 Annual Report			115


Trustees and officers (unaudited)		concluded

TIAA-CREF Life Funds § December 31, 2015

Officers—concluded


Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
J. Keith Morgan TIAA-CREF 730 Third Ave. New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2015.	Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served Founder and Chief Executive Officer of Morris Lane Capital LLC (consultant), and as Senior Vice President and General Counsel of General Electric Capital Corporation.
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President, Institutional Financial Services Chief Executive Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate.
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director since 2013 and Corporate Secretary since 2012.	Senior Managing Director, Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 YOB: 1951	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp.


116		2015 Annual Report § TIAA-CREF Life Funds

Edward D. Van Dolsen

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

YOB: 1958

Executive Vice President

One year term. Executive Vice President since 2006.

Executive Vice President, Individual Financial Services Chief Executive Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex.

Constance K. Weaver

TIAA-CREF

730 Third Avenue

New York, NY 10017-3206

YOB: 1952

Executive Vice President

One-year term.

Executive Vice President since 2010.

Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Weaver served as Senior Vice President, The Hartford Financial Services Group, Inc.

Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, tiaa-cref.org, or by calling at 800 223-1200.


TIAA-CREF Life Funds § 2015 Annual Report			117


Important tax information (unaudited)

TIAA-CREF Life Funds

For the fiscal year ended December 31, 2015, the TIAA-CREF Life Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.


Fund	Section 1250 gains		Long-term capital gains		Total

Growth Equity	$	—	$	1,496,021	$	1,496,021
Growth & Income		—		9,580,665		9,580,665
Large-Cap Value		—		5,744,784		5,744,784
Real Estate Securities		—		7,076,251		7,076,251
Small-Cap Equity		8,904		3,673,185		3,682,089
Social Choice Equity		—		3,272,663		3,272,663
Stock Index		—		2,158,143		2,158,143
International Equity		—		—		—
Bond		—		714,259		714,259
Money Market		—		—		—
Balanced		—		649,685		649,685

For the fiscal year ended December 31, 2015, the TIAA-CREF Life Funds designate the following percentages (or maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.


Fund	Percentage

Growth Equity		39.30	%
Growth & Income		99.95	%
Large-Cap Value		54.40	%
Real Estate Securities		4.00	%
Small-Cap Equity		47.76	%
Social Choice Equity		98.99	%
Stock Index		99.27	%
International Equity		0.00	%
Balanced		16.86	%

The TIAA-CREF Life International Equity Fund received income from foreign sources during the year ended December 31, 2015 of $1,251,562 ($0.24339 per share), and paid taxes to foreign countries during the year ended December 31, 2015 of $74,842 ($0.1455 per share).


118		2015 Annual Report § TIAA-CREF Life Funds


Additional information about index providers (unaudited)

Russell Indexes

The Russell 1000^® Index, the Russell 2000^® Index, the Russell 3000^® Index, the Russell 1000 Value Index, and the Russell 1000 Growth Index are trademarks/service marks of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE AS TO THE ACCURACY, COMPLETENESS, RELIABILITY OR OTHERWISE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED IN THE RUSSELL INDEXES. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

Standard & Poor’s Index

The S&P 500^® Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the fund. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the fund.

MSCI Indexes

The funds are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service marks of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, Inc. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of these funds or any other person or entity regarding the advisability of investing in funds generally or in these funds particularly or the ability of any MSCI


TIAA-CREF Life Funds § 2015 Annual Report			119


Additional information about index providers (unaudited)		concluded

index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to these funds or the issuer or owners of these funds or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of these funds or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of these funds to be issued or in the determination or calculation of the equation by or the consideration into which these funds is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of these funds or any other person or entity in connection with the administration, marketing or offering of these funds.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THESE FUNDS, OWNERS OF THESE FUNDS, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of these securities, products or funds, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote these securities without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.


120		2015 Annual Report § TIAA-CREF Life Funds

How to reach us

TIAA-CREF website

Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

800 842-2252

24 hours a day, 7 days a week

National contact center

Retirement saving and planning, income options and payments, beneficiary services and tax reporting

800 842-2252

8 a.m. to 10 p.m. (ET), Monday–Friday

9 a.m. to 6 p.m. (ET), Saturday

Planning and service center

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. (ET), Monday–Friday

Insurance planning center

After-tax annuities and life insurance

For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 8 p.m. (ET), Monday–Friday

For the hearing– or speech–impaired

800 842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

9 a.m. to 6 p.m. (ET), Saturday

TIAA–CREF brokerage services

Self-directed brokerage accounts for investing in stocks, bonds and mutual funds

800 927-3059

8 a.m. to 7 p.m. (ET), Monday–Friday

TIAA–CREF Trust Company, FSB

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

888 842-9001

9 a.m. to 6 p.m. (ET), Monday–Friday

Advisor services

888 842-0318

8 a.m. to 7:30 p.m. (ET), Monday–Friday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 223-1200. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition

to any banking service or activity, and may lose value. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

730 Third Avenue

New York, NY 10017-3206

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C28647

A10847 (2/16)

730 Third Avenue

New York, NY 10017-3206

C28647

A10847 (2/16)

Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Life Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $283,900 and $281,500, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2015 and December 31, 2014, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for tax services billed to the Registrant were $151,397 and $132,200, respectively.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for all other services billed to the Registrant were $5,500 and $3,500, respectively.

For the fiscal years ended December 31, 2015 and December 31, 2014, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s

independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2015 and December 31, 2014 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2015 and December 31, 2014 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2015 and December 31, 2014 on behalf of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2015 and December 31, 2014 on behalf of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2015 and December 31, 2014, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $399,000 and $277,000, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.9%

AUTOMOBILES & COMPONENTS - 1.9%
13,055		Delphi Automotive plc	$	1,119,205
1,895	*,e	Tesla Motors, Inc		454,819

		TOTAL AUTOMOBILES & COMPONENTS		1,574,024


CAPITAL GOODS - 3.9%
5,163		Boeing Co		746,518
2,905	*	Middleby Corp		313,362
6,582		Northrop Grumman Corp		1,242,748
4,243		Roper Industries, Inc		805,279
2,366	*	Univar, Inc		40,246

		TOTAL CAPITAL GOODS		3,148,153


COMMERCIAL & PROFESSIONAL SERVICES - 2.7%
26,447		Nielsen NV		1,232,430
13,160	*	Verisk Analytics, Inc		1,011,741

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,244,171


CONSUMER DURABLES & APPAREL - 3.4%
1,201		Harman International Industries, Inc		113,146
30,908		Nike, Inc (Class B)		1,931,750
12,237		VF Corp		761,754

		TOTAL CONSUMER DURABLES & APPAREL		2,806,650


CONSUMER SERVICES - 5.4%
13,059		ARAMARK Holdings Corp		421,153
29,359	*	Norwegian Cruise Line Holdings Ltd		1,720,437
38,047		Starbucks Corp		2,283,962

		TOTAL CONSUMER SERVICES		4,425,552


DIVERSIFIED FINANCIALS - 3.6%
19,861		Charles Schwab Corp		654,023
3,355		IntercontinentalExchange Group, Inc		859,752
4,157		McGraw-Hill Financial, Inc		409,797
24,501		Morgan Stanley		779,377
7,916	*	Synchrony Financial		240,726

		TOTAL DIVERSIFIED FINANCIALS		2,943,675


ENERGY - 0.7%
6,282	*	Concho Resources, Inc		583,347

		TOTAL ENERGY		583,347


FOOD, BEVERAGE & TOBACCO - 2.3%
2,702		Molson Coors Brewing Co (Class B)		253,772
8,889	*	Monster Beverage Corp		1,324,105
6,217		Pinnacle Foods, Inc		263,974

		TOTAL FOOD, BEVERAGE & TOBACCO		1,841,851


HEALTH CARE EQUIPMENT & SERVICES - 2.3%
11,772	*	Cerner Corp		708,321
2,120	*	Intuitive Surgical, Inc		1,157,859

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,866,180

TIAA-CREF LIFE FUNDS - Growth Equity Fund


SHARES		COMPANY	VALUE

HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
19,521		Estee Lauder Cos (Class A)	$	1,719,019

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,719,019


MATERIALS - 3.2%
12,805		Monsanto Co		1,261,548
8,279		PPG Industries, Inc		818,131
2,146		Sherwin-Williams Co		557,102

		TOTAL MATERIALS		2,636,781


MEDIA - 3.8%
8,533		CBS Corp (Class B)		402,160
26,133		Comcast Corp (Class A)		1,474,685
8,921		Time Warner, Inc		576,921
5,782		Walt Disney Co		607,573

		TOTAL MEDIA		3,061,339


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 14.7%
4,827	*	Alexion Pharmaceuticals, Inc		920,750
5,594	*	Allergan plc		1,748,125
1,789	*	Biogen Idec, Inc		548,060
2,251	*	BioMarin Pharmaceutical, Inc		235,814
14,744		Bristol-Myers Squibb Co		1,014,240
19,653	*,p	Celgene Corp		2,353,643
18,380		Eli Lilly & Co		1,548,699
15,377		Gilead Sciences, Inc		1,555,999
2,801	*	Illumina, Inc		537,638
1,430	*	Mallinckrodt plc		106,721
5,059		Teva Pharmaceutical Industries Ltd (ADR)		332,073
7,527		Thermo Electron Corp		1,067,705

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		11,969,467


REAL ESTATE - 0.5%
11,464	*	CBRE Group, Inc		396,425

		TOTAL REAL ESTATE		396,425


RETAILING - 9.4%
6,852	*	Amazon.com, Inc		4,631,198
4,792		Expedia, Inc		595,645
14,523		Home Depot, Inc		1,920,667
4,220	*	NetFlix, Inc		482,684

		TOTAL RETAILING		7,630,194


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9%
17,995		ARM Holdings plc (ADR)		814,094
5,537	*	NXP Semiconductors NV		466,492
5,920		Xilinx, Inc		278,062

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,558,648


SOFTWARE & SERVICES - 31.8%
17,652		Activision Blizzard, Inc		683,309
28,481	*	Adobe Systems, Inc		2,675,505
3,143	*	Akamai Technologies, Inc		165,416
5,472	*	Alibaba Group Holding Ltd (ADR)		444,709
2,521	*	Alphabet, Inc (Class A)		1,961,363
3,927	*	Alphabet, Inc (Class C)		2,980,122
3,968	*,e	Check Point Software Technologies		322,916
14,946	*	eBay, Inc		410,716
27,731	*	Facebook, Inc		2,902,326
29,727		Intuit, Inc		2,868,655
25,330		Mastercard, Inc (Class A)		2,466,129
31,110		Microsoft Corp		1,725,983

TIAA-CREF LIFE FUNDS - Growth Equity Fund


SHARES		COMPANY	VALUE

3,177	*	Mobileye NV	$	134,324
8,726		Oracle Corp		318,761
12,067	*	PayPal Holdings, Inc		436,825
15,750	*	Red Hat, Inc		1,304,257
6,774		Sabre Corp		189,469
22,014	*	Salesforce.com, Inc		1,725,898
2,591	*	ServiceNow, Inc		224,277
25,450		Visa, Inc (Class A)		1,973,648

		TOTAL SOFTWARE & SERVICES		25,914,608


TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
25,262		Apple, Inc		2,659,078
33,850		Cisco Systems, Inc		919,197
1,530	*	Palo Alto Networks, Inc		269,494

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		3,847,769


TELECOMMUNICATION SERVICES - 1.1%
16,765	*	Level 3 Communications, Inc		911,345

		TOTAL TELECOMMUNICATION SERVICES		911,345


TRANSPORTATION - 0.5%
8,536		Delta Air Lines, Inc		432,690

		TOTAL TRANSPORTATION		432,690

		TOTAL COMMON STOCKS (Cost $60,018,389)		81,511,888


SHORT-TERM INVESTMENTS - 0.8%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8%
641,218	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		641,218

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		641,218

		TOTAL SHORT-TERM INVESTMENTS (Cost $641,218)		641,218

		TOTAL INVESTMENTS - 100.7% (Cost $60,659,607)		82,153,106
		OTHER ASSETS & LIABILITIES, NET - (0.7)%		(584,233	)

		NET ASSETS - 100.0%	$	81,568,873

Abbreviation(s):

ADR	American Depositary Receipt

*	Non-income producing

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $629,295.

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

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.9%

AUTOMOBILES & COMPONENTS - 0.8%
7,776		Delphi Automotive plc	$	666,636
13,349		General Motors Co		454,000

		TOTAL AUTOMOBILES & COMPONENTS		1,120,636


BANKS - 5.5%
111,202		Bank of America Corp		1,871,529
38,812		Citigroup, Inc		2,008,521
24,793		JPMorgan Chase & Co		1,637,082
31,111		Wells Fargo & Co		1,691,194

		TOTAL BANKS		7,208,326


CAPITAL GOODS - 7.4%
1,492	p	Acuity Brands, Inc		348,830
10,707	*	Caesarstone Sdot-Yam Ltd		464,041
7,381	e	Fastenal Co		301,292
88,805	p	General Electric Co		2,766,276
14,665		Honeywell International, Inc		1,518,854
9,241		Illinois Tool Works, Inc		856,456
4,305		L-3 Communications Holdings, Inc		514,491
4,425		Northrop Grumman Corp		835,484
8,076		Raytheon Co		1,005,704
2,509		Snap-On, Inc		430,118
18,684	*	USG Corp		453,834
3,014	*	WABCO Holdings, Inc		308,212

		TOTAL CAPITAL GOODS		9,803,592


COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
6,169		Equifax, Inc		687,042

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		687,042


CONSUMER DURABLES & APPAREL - 3.4%
8,181	*	GoPro, Inc		147,340
22,983	*	Kate Spade & Co		408,408
4,388	*,e	Lululemon Athletica, Inc		230,238
21,542		Mattel, Inc		585,296
2,668	*	Mohawk Industries, Inc		505,293
24,376		Newell Rubbermaid, Inc		1,074,494
16,220		Nike, Inc (Class B)		1,013,750
7,741	*,g	Spin Master Corp		122,294
7,411		VF Corp		461,335

		TOTAL CONSUMER DURABLES & APPAREL		4,548,448


CONSUMER SERVICES - 3.1%
20,558		Hilton Worldwide Holdings, Inc		439,941
4,911		McDonald’s Corp		580,185
21,798	*	MGM Resorts International		495,251
10,986	*,p	Norwegian Cruise Line Holdings Ltd		643,780
12,303		Restaurant Brands International, Inc		459,640
15,915	p	Sonic Corp		514,214
15,471		Starbucks Corp		928,724

		TOTAL CONSUMER SERVICES		4,061,735

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

DIVERSIFIED FINANCIALS - 3.1%
35,197		ING Groep NV	$	476,217
2,888		IntercontinentalExchange Group, Inc		740,079
10,854		Lazard Ltd (Class A)		488,538
8,451		Legg Mason, Inc		331,533
5,869		Moody’s Corp		588,895
33,008		Morgan Stanley		1,049,984
11,726		Voya Financial, Inc		432,807

		TOTAL DIVERSIFIED FINANCIALS		4,108,053


ENERGY - 4.7%
10,483	p	Anadarko Petroleum Corp		509,264
2,849		Apache Corp		126,695
5,940		Chevron Corp		534,362
8,181	*	Concho Resources, Inc		759,688
17,533	*	Continental Resources, Inc		402,908
7,511	*	Diamondback Energy, Inc		502,486
7,412		Energen Corp		303,818
11,371		EOG Resources, Inc		804,953
8,908		Occidental Petroleum Corp		602,270
5,375		Pioneer Natural Resources Co		673,918
10,471	e	Range Resources Corp		257,691
7,202	*	RSP Permian, Inc		175,657
8,259		Schlumberger Ltd		576,065

		TOTAL ENERGY		6,229,775


FOOD & STAPLES RETAILING - 1.7%
5,739		Costco Wholesale Corp		926,848
31,290		Kroger Co		1,308,861

		TOTAL FOOD & STAPLES RETAILING		2,235,709


FOOD, BEVERAGE & TOBACCO - 7.3%
50,572		Britvic plc		541,839
893		Brown-Forman Corp (Class B)		88,657
44,420		Coca-Cola Co		1,908,283
7,260		ConAgra Foods, Inc		306,082
4,553		Constellation Brands, Inc (Class A)		648,529
2,298		Diageo plc (ADR)		250,643
2,817		Molson Coors Brewing Co (Class B)		264,573
25,932		Mondelez International, Inc		1,162,791
5,503	*	Monster Beverage Corp		819,727
20,986		PepsiCo, Inc		2,096,921
15,020		Philip Morris International, Inc		1,320,408
6,790		Pinnacle Foods, Inc		288,303

		TOTAL FOOD, BEVERAGE & TOBACCO		9,696,756


HEALTH CARE EQUIPMENT & SERVICES - 4.5%
34,985	*	Boston Scientific Corp		645,123
8,776	*	Edwards Lifesciences Corp		693,128
11,619	*	Express Scripts Holding Co		1,015,617
8,010		Getinge AB (B Shares)		209,824
13,790	*	Hologic, Inc		533,535
16,549		Medtronic plc		1,272,949
4,980		Olympus Corp		196,056
4,947		STERIS plc		372,707
6,673	p	Universal Health Services, Inc (Class B)		797,357
4,611	*	VCA Antech, Inc		253,605

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		5,989,901


HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
4,280		Beiersdorf AG.		389,015
4,468		Estee Lauder Cos (Class A)		393,452

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		782,467

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

INSURANCE - 1.9%
11,227		ACE Ltd	$	1,311,875
9,800		Metlife, Inc		472,458
19,878		XL Capital Ltd		778,820

		TOTAL INSURANCE		2,563,153


MATERIALS - 2.5%
7,124		Akzo Nobel NV		476,016
25,947		Dow Chemical Co		1,335,752
17,549		Olin Corp		302,896
8,072		PPG Industries, Inc		797,675
3,968		Scotts Miracle-Gro Co (Class A)		255,975
2,378		Syngenta AG. (ADR)		187,220

		TOTAL MATERIALS		3,355,534


MEDIA - 3.1%
6,361	*,p	AMC Networks, Inc		475,039
13,452		Comcast Corp (Class A)		759,096
10,093	*	DreamWorks Animation SKG, Inc (Class A)		260,097
11,949	e	Lions Gate Entertainment Corp		387,028
19,890		Sky plc		326,052
4,131		Time Warner, Inc		267,152
7,080		Viacom, Inc (Class B)		291,413
11,996		Walt Disney Co		1,260,539

		TOTAL MEDIA		4,026,416


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.1%
23,178		AbbVie, Inc		1,373,065
4,328	*	Allergan plc		1,352,500
8,380		Amgen, Inc		1,360,325
6,019		AstraZeneca plc		406,567
4,195	*	BioMarin Pharmaceutical, Inc		439,468
20,381		Bristol-Myers Squibb Co		1,402,009
10,738	*	Celgene Corp		1,285,983
17,429		Eli Lilly & Co		1,468,568
17,331	*	H Lundbeck AS		591,772
2,762	*	Illumina, Inc		530,152
7,672		Ipsen		508,328
3,675	*	Jazz Pharmaceuticals plc		516,558
9,090	*	Mylan NV		491,496
71,059		Pfizer, Inc		2,293,784
4,602		Shire Ltd		315,731
3,208		UCB S.A.		289,564

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		14,625,870


REAL ESTATE - 0.7%
10,247		Brixmor Property Group, Inc		264,578
7,249		Crown Castle International Corp		626,676

		TOTAL REAL ESTATE		891,254


RETAILING - 8.1%
3,951	*	Amazon.com, Inc		2,670,441
1,036	*	AutoZone, Inc		768,619
16,983		Best Buy Co, Inc		517,133
5,503		Expedia, Inc		684,023
18,931		Home Depot, Inc		2,503,625
9,704		Inditex S.A.		333,372
65,692	*	JC Penney Co, Inc		437,509
9,029	*	NetFlix, Inc		1,032,737
2,512	*	O’Reilly Automotive, Inc		636,591
6,143		Target Corp		446,043
6,042		Tiffany & Co		460,944

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

1,240	*,p	Ulta Salon Cosmetics & Fragrance, Inc	$	229,400

		TOTAL RETAILING		10,720,437


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3%
4,139	*,e	Ambarella, Inc		230,708
5,800		Avago Technologies Ltd		841,870
6,162	*,p	Cavium Networks, Inc		404,905
19,789		Cypress Semiconductor Corp		194,130
49,007		Intel Corp		1,688,291
9,976		Nvidia Corp		328,809
7,149	*	NXP Semiconductors NV		602,303

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		4,291,016


SOFTWARE & SERVICES - 13.9%
5,476	*	Alphabet, Inc (Class C)		4,155,627
4,294	*	CyberArk Software Ltd		193,831
4,273		Dassault Systemes S.A.		341,544
10,164	*	Electronic Arts, Inc		698,470
23,800	*	Facebook, Inc		2,490,908
5,305	*	Manhattan Associates, Inc		351,032
65,218		Microsoft Corp		3,618,295
2,319	*	MicroStrategy, Inc (Class A)		415,773
5,685	*	Mobileye NV		240,362
17,007		Oracle Corp		621,266
3,770	*	Proofpoint, Inc		245,088
16,943	*	Salesforce.com, Inc		1,328,331
22,982		Symantec Corp		482,622
15,766	*	Take-Two Interactive Software, Inc		549,287
19,740		Tencent Holdings Ltd		386,509
2,254	*,e	VeriSign, Inc		196,909
20,701		Visa, Inc (Class A)		1,605,363
65,899	*,g	Worldpay Group plc		298,537
6,469	*	Yahoo!, Inc		215,159

		TOTAL SOFTWARE & SERVICES		18,434,913


TECHNOLOGY HARDWARE & EQUIPMENT - 7.0%
42,619		Apple, Inc		4,486,076
19,016	*	Ciena Corp		393,441
65,265		Cisco Systems, Inc		1,772,271
7,804	*,p	Fitbit, Inc		230,921
18,581	*	Flextronics International Ltd		208,293
21,875		Juniper Networks, Inc		603,750
54,602		Nokia Corp		383,306
13,398		Qualcomm, Inc		669,699
3,837	*	Universal Display Corp		208,886
4,360	*	Zebra Technologies Corp (Class A)		303,674

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		9,260,317


TELECOMMUNICATION SERVICES - 2.4%
39,312		AT&T, Inc		1,352,726
13,721	*	Level 3 Communications, Inc		745,874
13,034		Telephone & Data Systems, Inc		337,450
17,923	*	T-Mobile US, Inc		701,148

		TOTAL TELECOMMUNICATION SERVICES		3,137,198


TRANSPORTATION - 1.6%
21,567		Delta Air Lines, Inc		1,093,231
6,478	p	Kansas City Southern Industries, Inc		483,712
5,682		United Parcel Service, Inc (Class B)		546,779

		TOTAL TRANSPORTATION		2,123,722

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

UTILITIES - 1.7%
8,263		American Water Works Co, Inc	$	493,714
9,910		NextEra Energy, Inc		1,029,550
12,241		NiSource, Inc		238,822
5,422		Sempra Energy		509,722

		TOTAL UTILITIES		2,271,808

		TOTAL COMMON STOCKS (Cost $105,482,462)		132,174,078


PURCHASED OPTIONS - 0.0%

CONSUMER DURABLES & APPAREL - 0.0%
600		Newell Rubbermaid, Inc		180

		TOTAL CONSUMER DURABLES & APPAREL		180


ENERGY - 0.0%
3,500		Chesapeake Energy Corp		385

		TOTAL ENERGY		385


MEDIA - 0.0%
600		Lions Gate Entertainment Corp		210

		TOTAL MEDIA		210


TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
900		QUALCOMM, Inc		90

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		90

		TOTAL PURCHASED OPTIONS (Cost $3,387)		865


SHORT-TERM INVESTMENTS - 1.0%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0%
1,194,927	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		1,194,927

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		1,194,927

		TOTAL SHORT-TERM INVESTMENTS (Cost $1,194,927)		1,194,927

		TOTAL INVESTMENTS - 100.9% (Cost $106,680,776)		133,369,870
		OTHER ASSETS & LIABILITIES, NET - (0.9)%		(1,126,184	)

		NET ASSETS - 100.0%	$	132,243,686

Abbreviation(s):

ADR	American Depositary Receipt

*	Non-income producing

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,172,315.

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

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.2%

AUTOMOBILES & COMPONENTS - 0.5%
4,524	*	American Axle & Manufacturing Holdings, Inc	$	85,685
16,702		Ford Motor Co		235,331

		TOTAL AUTOMOBILES & COMPONENTS		321,016


BANKS - 11.9%
110,372		Bank of America Corp		1,857,561
4,711		CIT Group, Inc		187,027
19,125		Citigroup, Inc		989,719
7,907	*	Hilltop Holdings, Inc		151,973
5,167		Huntington Bancshares, Inc		57,147
15,137		Investors Bancorp, Inc		188,304
16,120		JPMorgan Chase & Co		1,064,403
11,863		New York Community Bancorp, Inc		193,604
36,198		Regions Financial Corp		347,501
45,084		Sberbank of Russian Federation (ADR)		264,480
13,787		TCF Financial Corp		194,672
31,631		Wells Fargo & Co		1,719,461
13,849		Zions Bancorporation		378,078

		TOTAL BANKS		7,593,930


CAPITAL GOODS - 6.6%
4,545	*	AerCap Holdings NV		196,162
1,209		General Dynamics Corp		166,068
34,962		General Electric Co		1,089,066
7,985	e	Joy Global, Inc		100,691
3,093		L-3 Communications Holdings, Inc		369,644
7,495		Masco Corp		212,109
1,282		Raytheon Co		159,648
11,011		SPX Corp		102,733
11,011	*	SPX FLOW, Inc		307,317
40,352		Terex Corp		745,705
8,440		Triumph Group, Inc		335,490
3,328		United Technologies Corp		319,721
3,603	*	Univar, Inc		61,287
3,901	*	USG Corp		94,755

		TOTAL CAPITAL GOODS		4,260,396


CONSUMER DURABLES & APPAREL - 4.1%
12,402		Coach, Inc		405,917
2,224	*	Deckers Outdoor Corp		104,973
6,799	*	Jarden Corp		388,359
21,053		Mattel, Inc		572,010
94,401	*,e	Pioneer Corp		259,878
32,605		Pulte Homes, Inc		581,021
3,601		Sony Corp		88,501
8,023		Sony Corp (ADR)		197,446

		TOTAL CONSUMER DURABLES & APPAREL		2,598,105


CONSUMER SERVICES - 3.3%
13,297		ARAMARK Holdings Corp		428,828
3,641		Carnival Corp		198,362
25,520		Extended Stay America, Inc		405,768
15,282	*	MGM Resorts International		347,207
12,204		Restaurant Brands International, Inc		455,941

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

77,600		Sands China Ltd	$	263,079

		TOTAL CONSUMER SERVICES		2,099,185


DIVERSIFIED FINANCIALS - 6.8%
2,990		American Express Co		207,954
4,447		Bank of New York Mellon Corp		183,305
1,482		Capital One Financial Corp		106,971
5,839	*	E*TRADE Financial Corp		173,068
1,398		Goldman Sachs Group, Inc		251,962
20,135		ING Groep NV (ADR)		271,017
2,557	e	iShares Dow Jones US Real Estate Index Fund		192,056
2,353		Janus Capital Group, Inc		33,154
4,518		Legg Mason, Inc		177,241
26,409		Morgan Stanley		840,070
5,735		State Street Corp		380,575
49,810	*	Synchrony Financial		1,514,722

		TOTAL DIVERSIFIED FINANCIALS		4,332,095


ENERGY - 10.8%
3,113		Anadarko Petroleum Corp		151,230
15,259		Apache Corp		678,568
4,370		Baker Hughes, Inc		201,675
10,503		Chevron Corp		944,850
2,067	*	Concho Resources, Inc		191,942
5,346	*	Diamondback Energy, Inc		357,647
5,301		EOG Resources, Inc		375,258
10,953		Exxon Mobil Corp		853,786
5,707		Kinder Morgan, Inc		85,148
5,235	*,e	Laredo Petroleum Holdings, Inc		41,828
14,884	*	Matador Resources Co		294,257
22,464		Nabors Industries Ltd		191,169
3,943		Occidental Petroleum Corp		266,586
7,594	*	Parsley Energy, Inc		140,109
4,789		Pioneer Natural Resources Co		600,445
15,272	*	RSP Permian, Inc		372,484
9,496		Schlumberger Ltd		662,346
38,865	*	Weatherford International Ltd		326,077
2,565		Williams Cos, Inc		65,920
14,858	*	WPX Energy, Inc		85,285

		TOTAL ENERGY		6,886,610


FOOD & STAPLES RETAILING - 0.6%
1,900		Walgreens Boots Alliance, Inc		161,794
3,679		Wal-Mart Stores, Inc		225,523

		TOTAL FOOD & STAPLES RETAILING		387,317


FOOD, BEVERAGE & TOBACCO - 3.1%
13,078		ConAgra Foods, Inc		551,368
2,920		Kraft Heinz Co		212,459
8,308		Mondelez International, Inc		372,531
15,336		Pinnacle Foods, Inc		651,167
3,624	*	Post Holdings, Inc		223,601

		TOTAL FOOD, BEVERAGE & TOBACCO		2,011,126


HEALTH CARE EQUIPMENT & SERVICES - 3.1%
8,086		Abbott Laboratories		363,142
654		Anthem, Inc		91,194
1,250		Baxter International, Inc		47,688
19,653	*	Boston Scientific Corp		362,401
3,516		Medtronic plc		270,451
6,301		Olympus Corp		248,062
1,038		UnitedHealth Group, Inc		122,110
6,489	*	WellCare Health Plans, Inc		507,505

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,012,553

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
15,187		Procter & Gamble Co	$	1,206,000

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,206,000


INSURANCE - 7.3%
4,679		ACE Ltd		546,741
2,034		Aflac, Inc		121,837
4,148		Allstate Corp		257,549
8,857		American International Group, Inc		548,868
4,590	*	Berkshire Hathaway, Inc (Class B)		606,064
10,702		Hartford Financial Services Group, Inc		465,109
10,878		Metlife, Inc		524,428
10,165		Principal Financial Group		457,222
3,002		Prudential Financial, Inc		244,393
2,494		Travelers Cos, Inc		281,473
2,419		W.R. Berkley Corp		132,440
12,729		XL Capital Ltd		498,722

		TOTAL INSURANCE		4,684,846


MATERIALS - 4.3%
393	e	Acerinox S.A.		4,008
2,405		Albemarle Corp		134,704
9,237		Axiall Corp		142,250
14,249	*,e	Cemex SAB de C.V. (ADR)		79,367
7,901	*	Constellium NV		60,838
4,634		Dow Chemical Co		238,558
4,601		Du Pont (E.I.) de Nemours & Co		306,426
7,451		Freeport-McMoRan Copper & Gold, Inc (Class B)		50,443
62,788	*	Louisiana-Pacific Corp		1,130,812
18,325	*	Multi Packaging Solutions International Ltd		317,939
11,668		Olin Corp		201,390
938	e	Wacker Chemie AG.		78,427

		TOTAL MATERIALS		2,745,162


MEDIA - 0.7%
880		Naspers Ltd (N Shares)		120,282
1,822		Time Warner, Inc		117,829
3,321		Tribune Co		112,283
2,711		Viacom, Inc (Class B)		111,585

		TOTAL MEDIA		461,979


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.6%
13,280		Agilent Technologies, Inc		555,237
1,306	*	Allergan plc		408,125
1,250		Baxalta, Inc		48,787
10,178	*	Biovitrum AB		161,443
10,153	*	Endo International plc		621,567
7,418	*	H Lundbeck AS		253,290
3,622	*,e	Insys Therapeutics, Inc		103,698
8,488		Johnson & Johnson		871,887
2,222	*	Mallinckrodt plc		165,828
13,012		Merck & Co, Inc		687,294
2,243	*,e	Merrimack Pharmaceuticals, Inc		17,720
50,119		Pfizer, Inc		1,617,841

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,512,717


REAL ESTATE - 1.8%
2,804		Brixmor Property Group, Inc		72,399
325	*	Lifestyle Properties Development Ltd		72
4,399		Post Properties, Inc		260,245
1,848		Potlatch Corp		55,884
28,725		Starwood Property Trust, Inc		590,586
543		Vornado Realty Trust		54,278

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

8,836		WP GLIMCHER, Inc	$	93,750

		TOTAL REAL ESTATE		1,127,214


RETAILING - 1.5%
1,710		Expedia, Inc		212,553
43,828	*	Groupon, Inc		134,552
200,000		Hengdeli Holdings Ltd		29,105
155,872	*	Intime Retail Group Co Ltd		152,807
69,133	*	JC Penney Co, Inc		460,426

		TOTAL RETAILING		989,443


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
34,019		Advanced Semiconductor Engineering, Inc (ADR)		192,888
42,596		Cypress Semiconductor Corp		417,867
30,128		Intel Corp		1,037,909
30,464		Marvell Technology Group Ltd		268,692
7,172	*	Mellanox Technologies Ltd		302,228
43,926	*	ON Semiconductor Corp		430,475
5,300		Xilinx, Inc		248,941

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,899,000


SOFTWARE & SERVICES - 4.6%
1,640	*,e	Cimpress NV		133,070
2,199	*	Citrix Systems, Inc		166,354
4,858	*	eBay, Inc		133,498
2,691	*	Fortinet, Inc		83,878
4,616		Mentor Graphics Corp		85,027
14,262		Microsoft Corp		791,256
1,310	*	MicroStrategy, Inc (Class A)		234,870
7,088		Oracle Corp		258,925
2,285	*	PTC, Inc		79,130
3,789	*	Rackspace Hosting, Inc		95,937
4,419		Sabre Corp		123,599
8,597		Symantec Corp		180,537
17,725	*	Yahoo!, Inc		589,533

		TOTAL SOFTWARE & SERVICES		2,955,614


TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
5,389	*	Ciena Corp		111,498
28,273		Cisco Systems, Inc		767,753
5,129		Corning, Inc		93,758
3,224		EMC Corp		82,792
23,850	*	Hewlett Packard Enterprise Co		362,520
3,900		Hitachi High-Technologies Corp		105,468
15,018		HP, Inc		177,813
11,553		Juniper Networks, Inc		318,863
10,184	*	Lumentum Holdings, Inc		224,252
64,452		Nokia Corp		452,453
2,438		Qualcomm, Inc		121,864
39,310	*	Viavi Solutions, Inc		239,398

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		3,058,432


TELECOMMUNICATION SERVICES - 2.9%
23,843		AT&T, Inc		820,438
10,622	*	Level 3 Communications, Inc		577,412
18,861		Telephone & Data Systems, Inc		488,311

		TOTAL TELECOMMUNICATION SERVICES		1,886,161


TRANSPORTATION - 1.9%
9,501		American Airlines Group, Inc		402,367
15,994	*,b,m	AMR Corp (Escrow)		160
973		FedEx Corp		144,967

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

16,774	*	Hertz Global Holdings, Inc	$	238,694
4,977		Kansas City Southern Industries, Inc		371,633
1,527	*	United Continental Holdings, Inc		87,497

		TOTAL TRANSPORTATION		1,245,318


UTILITIES - 3.6%
3,302		Duke Energy Corp		235,730
2,512		Edison International		148,735
3,032		Exelon Corp		84,199
10,323		FirstEnergy Corp		327,549
6,910		NextEra Energy, Inc		717,880
10,835		NRG Energy, Inc		127,528
2,757		PG&E Corp		146,645
1,358		Sempra Energy		127,665
5,109		Westar Energy, Inc		216,673
4,382		Xcel Energy, Inc		157,357

		TOTAL UTILITIES		2,289,961

		TOTAL COMMON STOCKS (Cost $56,509,862)		63,564,180
			��

SHORT-TERM INVESTMENTS - 1.4%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.4%
877,177	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		877,177

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		877,177

		TOTAL SHORT-TERM INVESTMENTS (Cost $877,177)		877,177

		TOTAL INVESTMENTS - 100.6% (Cost $57,387,039)		64,441,357
		OTHER ASSETS & LIABILITIES, NET - (0.6)%		(389,315	)

		NET ASSETS - 100.0%	$	64,052,042

Abbreviation(s):

ADR	American Depositary Receipt

*	Non-income producing

b	In bankruptcy

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $843,733.

m	Indicates a security that has been deemed illiquid.

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


SHARES		COMPANY	VALUE

COMMON STOCKS - 98.0%

ASSET MANAGEMENT & CUSTODY BANKS - 0.8%
45,000		NorthStar Asset Management Group, Inc	$	546,300

		TOTAL ASSET MANAGEMENT & CUSTODY BANKS		546,300


DIVERSIFIED CAPITAL MARKETS - 0.3%
8,000		HFF, Inc (Class A)		248,560

		TOTAL DIVERSIFIED CAPITAL MARKETS		248,560


DIVERSIFIED REITS - 3.2%
135,000		Gramercy Property Trust		1,042,200
52,000		NorthStar Realty Finance Corp		885,560
40,000		Spirit Realty Capital, Inc		400,800

		TOTAL DIVERSIFIED REITS		2,328,560


HEALTH CARE FACILITIES - 0.3%
10,180	*	Brookdale Senior Living, Inc		187,923

		TOTAL HEALTH CARE FACILITIES		187,923


HOTELS, RESORTS & CRUISE LINES - 0.9%
9,000		Starwood Hotels & Resorts Worldwide, Inc		623,520

		TOTAL HOTELS, RESORTS & CRUISE LINES		623,520


INDUSTRIAL REITS - 9.6%
80,000		Prologis, Inc		3,433,600
145,000		Rexford Industrial Realty, Inc		2,372,200
55,000		Terreno Realty Corp		1,244,100

		TOTAL INDUSTRIAL REITS		7,049,900


MORTGAGE REITS - 0.8%
30,000		Starwood Property Trust, Inc		616,800

		TOTAL MORTGAGE REITS		616,800


OFFICE REITS - 11.0%
23,000		Boston Properties, Inc		2,933,420
22,000		Kilroy Realty Corp		1,392,160
24,000		NorthStar Realty Europe Corp		283,440
17,000		SL Green Realty Corp		1,920,660
15,000		Vornado Realty Trust		1,499,400

		TOTAL OFFICE REITS		8,029,080


REAL ESTATE OPERATING COMPANIES - 0.8%
28,000	*	Forest City Enterprises, Inc (Class A)		614,040

		TOTAL REAL ESTATE OPERATING COMPANIES		614,040


REAL ESTATE SERVICES - 1.6%
30,000		Kennedy-Wilson Holdings, Inc		722,400
15,000	*	Marcus & Millichap, Inc		437,100

		TOTAL REAL ESTATE SERVICES		1,159,500


RESIDENTIAL REITS - 20.7%
30,000		Apartment Investment & Management Co (Class A)		1,200,900
21,000		AvalonBay Communities, Inc		3,866,730

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund


SHARES	COMPANY	VALUE

24,000	Equity Lifestyle Properties, Inc	$	1,600,080
53,000	Equity Residential		4,324,270
11,500	Essex Property Trust, Inc		2,753,215
40,000	Monogram Residential Trust, Inc		390,400
15,000	Sun Communities, Inc		1,027,950

	TOTAL RESIDENTIAL REITS		15,163,545


RETAIL REITS - 21.3%
60,000	DDR Corp		1,010,400
40,000	Equity One, Inc		1,086,000
16,000	Federal Realty Investment Trust		2,337,600
85,000	General Growth Properties, Inc		2,312,850
30,000	Retail Opportunities Investment Corp		537,000
36,000	Simon Property Group, Inc		6,999,840
17,000	Taubman Centers, Inc		1,304,240

	TOTAL RETAIL REITS		15,587,930


SPECIALIZED REITS - 26.7%
28,000	American Tower Corp		2,714,600
17,000	Crown Castle International Corp		1,469,650
50,000	CubeSmart		1,531,000
5,000	Equinix, Inc		1,512,000
19,000	Extra Space Storage, Inc		1,675,990
30,000	Healthcare Trust of America, Inc		809,100
75,000	Host Marriott Corp		1,150,500
15,000	Plum Creek Timber Co, Inc		715,800
13,000	Public Storage, Inc		3,220,100
65,000	Sunstone Hotel Investors, Inc		811,850
14,000	Ventas, Inc		790,020
42,000	Welltower, Inc		2,857,260
12,000	Weyerhaeuser Co		359,760

	TOTAL SPECIALIZED REITS		19,617,630

	TOTAL COMMON STOCKS (Cost $52,230,488)		71,773,288

	TOTAL INVESTMENTS - 98.0% (Cost $52,230,488)		71,773,288
	OTHER ASSETS & LIABILITIES, NET - 2.0%		1,449,766

	NET ASSETS - 100.0%	$	73,223,054

Abbreviation(s):

REIT	Real Estate Investment Trust

*	Non-income producing

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


SHARES		COMPANY	VALUE

COMMON STOCKS - 100.2%

AUTOMOBILES & COMPONENTS - 1.3%
10,340	*	American Axle & Manufacturing Holdings, Inc	$	195,840
4,809	*	Tenneco, Inc		220,781
1,880	*	Visteon Corp		215,260

		TOTAL AUTOMOBILES & COMPONENTS		631,881


BANKS - 10.3%
7,115		BankUnited		256,567
3,260		Banner Corp		149,504
14,110		Brookline Bancorp, Inc		162,265
18,231		Capitol Federal Financial		228,981
8,172		Cathay General Bancorp		256,029
5,850		Columbia Banking System, Inc		190,183
11,810		First Commonwealth Financial Corp		107,117
1,459		First Midwest Bancorp, Inc		26,889
21,293		Fulton Financial Corp		277,022
9,240		Great Western Bancorp, Inc		268,145
9,600	*	Hilltop Holdings, Inc		184,512
30,424		Investors Bancorp, Inc		378,475
37,122	*	MGIC Investment Corp		327,787
24,642		National Penn Bancshares, Inc		303,836
8,833		Oritani Financial Corp		145,745
5,711		Popular, Inc		161,850
8,679		PrivateBancorp, Inc		356,013
4,505		Prosperity Bancshares, Inc		215,609
13,850		Provident Financial Services, Inc		279,077
12,311		Sterling Bancorp/DE		199,684
18,030		Umpqua Holdings Corp		286,677
11,150	*	Western Alliance Bancorp		399,839

		TOTAL BANKS		5,161,806


CAPITAL GOODS - 7.4%
2,535	*	American Woodmark Corp		202,749
3,900		Apogee Enterprises, Inc		169,689
4,100		Barnes Group, Inc		145,099
5,470	*	Beacon Roofing Supply, Inc		225,255
6,189		Comfort Systems USA, Inc		175,891
3,012		Cubic Corp		142,317
3,353		Curtiss-Wright Corp		229,680
2,342	*	DXP Enterprises, Inc		53,398
6,297		EMCOR Group, Inc		302,508
3,439		Encore Wire Corp		127,553
2,700		EnPro Industries, Inc		118,368
798		HEICO Corp		43,379
1,900		IDEX Corp		145,559

5,000		ITT Corp		181,600
4,487		John Bean Technologies Corp		223,587
2,774	*	Masonite International Corp		169,852
2,500	*	Moog, Inc (Class A)		151,500
4,900	*	MRC Global, Inc		63,210
5,450		Mueller Industries, Inc		147,695
1,800		Orbital ATK, Inc		160,812
1,920	*	Teledyne Technologies, Inc		170,304
2,708		Tennant Co		152,352
2,176		Universal Forest Products, Inc		148,773

		TOTAL CAPITAL GOODS		3,651,130

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

COMMERCIAL & PROFESSIONAL SERVICES - 2.9%
3,700		Administaff, Inc	$	178,155
5,900		Herman Miller, Inc		169,330
3,600		Kforce, Inc		91,008
6,432		Korn/Ferry International		213,414
6,611		Rollins, Inc		171,225
7,100		Steelcase, Inc (Class A)		105,790
7,858	*	TrueBlue, Inc		202,422
3,536		Viad Corp		99,821
4,712	*	WageWorks, Inc		213,783

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,444,948


CONSUMER DURABLES & APPAREL - 3.0%
3,990		Brunswick Corp		201,535
2,550		Columbia Sportswear Co		124,338
3,020	*	G-III Apparel Group Ltd		133,665
1,600	*	Helen of Troy Ltd		150,800
5,300	*	Kate Spade & Co		94,181
5,970		La-Z-Boy, Inc		145,787
6,410	*	Nautilus, Inc		107,175
2,296		Oxford Industries, Inc		146,531
4,871	*	Steven Madden Ltd		147,202
18,410	*	TRI Pointe Homes, Inc		233,255

		TOTAL CONSUMER DURABLES & APPAREL		1,484,469


CONSUMER SERVICES - 3.4%
17,017	*	Belmond Ltd.		161,662
7,800		Bloomin’ Brands, Inc		131,742
2,700	*	Dave & Buster’s Entertainment, Inc		112,698
1,779		Domino’s Pizza, Inc		197,914
6,045	*	Grand Canyon Education, Inc		242,525
3,800		Jack in the Box, Inc		291,498
6,573	*	K12, Inc		57,842
10,200	*	La Quinta Holdings, Inc		138,822
2,710	l	Vail Resorts, Inc		346,853

		TOTAL CONSUMER SERVICES		1,681,556


DIVERSIFIED FINANCIALS - 0.4%
3,365		Evercore Partners, Inc (Class A)		181,945

		TOTAL DIVERSIFIED FINANCIALS		181,945


ENERGY - 3.2%
14,574	*	Callon Petroleum Co		121,547
4,100	*	Carrizo Oil & Gas, Inc		121,278
4,027		Delek US Holdings, Inc		99,064
2,048	*	Exterran Corp		32,871
7,260		Green Plains Renewable Energy, Inc		166,254
6,708	*	Matrix Service Co		137,782
38,470	*,e	McDermott International, Inc		128,875
2,500	*	PDC Energy, Inc		133,450
10,430		Questar Market Resources, Inc		139,762
15,475	*	Renewable Energy Group, Inc		143,763
24,813		Scorpio Tankers, Inc		199,000
3,700		Western Refining, Inc		131,794

		TOTAL ENERGY		1,555,440


FOOD & STAPLES RETAILING - 1.1%
2,898		Casey’s General Stores, Inc		349,064
31,600	*	Supervalu, Inc		214,248

		TOTAL FOOD & STAPLES RETAILING		563,312

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

FOOD, BEVERAGE & TOBACCO - 2.1%
15,500	*	Darling International, Inc	$	163,060
11,330		Dean Foods Co		194,310
2,074		Lancaster Colony Corp		239,464
3,300	*	Post Holdings, Inc		203,610
9,234	e	Vector Group Ltd		217,830

		TOTAL FOOD, BEVERAGE & TOBACCO		1,018,274


HEALTH CARE EQUIPMENT & SERVICES - 6.7%
2,900	*	Abiomed, Inc		261,812
2,268	*	Anika Therapeutics, Inc		86,547
6,632	*	Globus Medical, Inc		184,502
6,232	*	HealthStream, Inc		137,104
4,300		Hill-Rom Holdings, Inc		206,658
2,660	*	ICU Medical, Inc		299,995
2,500	*	Integra LifeSciences Holdings Corp		169,450
7,840		Kindred Healthcare, Inc		93,374
1,600	*	LifePoint Hospitals, Inc		117,440
5,700	*	Merit Medical Systems, Inc		105,963
3,841	*	Natus Medical, Inc		184,560
4,330	*	NuVasive, Inc		234,296
4,646	*	Omnicell, Inc		144,398
20,322	*	OraSure Technologies, Inc		130,874
5,401	*	PharMerica Corp		189,035
4,973	*	Premier, Inc		175,398
4,700	*	Team Health Holdings, Inc		206,283
2,600	*	Vascular Solutions, Inc		89,414
3,649	*	WellCare Health Plans, Inc		285,388

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,302,491


HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
3,850		Energizer Holdings, Inc		131,131
990	*	USANA Health Sciences, Inc		126,472

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		257,603


INSURANCE - 3.3%
8,826		American Equity Investment Life Holding Co		212,089
5,363		Aspen Insurance Holdings Ltd		259,033
816		Employers Holdings, Inc		22,277
4,304	e	HCI Group, Inc		149,994
11,656		Old Republic International Corp		217,151
3,700		Primerica, Inc		174,751
6,120		Selective Insurance Group, Inc		205,510
9,851	*	Third Point Reinsurance Ltd		132,102
4,400	e	Universal Insurance Holdings, Inc		101,992
3,793		Validus Holdings Ltd		175,578

		TOTAL INSURANCE		1,650,477


MATERIALS - 4.7%
4,606		A. Schulman, Inc		141,128
9,810	*	Berry Plastics Group, Inc		354,926
3,600	*	Boise Cascade Co		91,908
3,600		Cabot Corp		147,168
7,550	*	Chemtura		205,888
15,681		Commercial Metals Co		214,673
4,155		Innospec, Inc		225,658
5,247	*	Kraton Polymers LLC		87,152
13,500	*	Louisiana-Pacific Corp		243,135
4,238		Minerals Technologies, Inc		194,355
2,700		Reliance Steel & Aluminum Co		156,357
2,607		Sensient Technologies Corp		163,772
2,500	*,e	Trinseo S.A.		70,500

		TOTAL MATERIALS		2,296,620

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

MEDIA - 1.2%
12,100	*	Gray Television, Inc	$	197,230
10,760	*	Live Nation, Inc		264,373
7,660		Time, Inc		120,032

		TOTAL MEDIA		581,635


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.1%
3,560	*	Acadia Pharmaceuticals, Inc		126,914
2,130	*	Acorda Therapeutics, Inc		91,121
7,766	*	Agenus, Inc		35,258
1,297	*	Alder Biopharmaceuticals, Inc		42,840
2,700	*	AMAG Pharmaceuticals, Inc		81,513
6,100	*,e	Amphastar Pharmaceuticals, Inc		86,803
1,560	*	Anacor Pharmaceuticals, Inc		176,233
17,260	*,e	Array Biopharma, Inc		72,837
1,100	*	Atara Biotherapeutics, Inc		29,051
5,500	*	BioCryst Pharmaceuticals, Inc		56,760
4,193	*	Cambrex Corp		197,448
2,234	*	Cara Therapeutics Inc		37,665
8,168	*	Catalent, Inc		204,445
4,710	*,e	Celldex Therapeutics, Inc		73,853
5,900	*	Cepheid, Inc		215,527
9,411	*	Cytokinetics, Inc		98,439
7,171	*,e	Depomed, Inc		130,010
1,700	*	Dermira, Inc		58,837
5,216	*	FibroGen, Inc		158,932
2,100	*	Five Prime Therapeutics, Inc		87,150
1,760	*,e	Heron Therapeutics, Inc		46,992
2,040	*,e	Immune Design Corp		40,963
6,072	*	Impax Laboratories, Inc		259,639
6,014	*	INC Research Holdings, Inc		291,739
9,460	*	Infinity Pharmaceuticals, Inc		74,261
3,790	*	Insmed, Inc		68,788
400	*,e	Kite Pharma, Inc		24,648
2,810	*	MacroGenics, Inc		87,026
4,409	*	Medicines Co		164,632
6,442	*,e	Merrimack Pharmaceuticals, Inc		50,892
3,526	*	Momenta Pharmaceuticals, Inc		52,326
3,700	*	Neurocrine Biosciences, Inc		209,309
2,100	*,e	NewLink Genetics Corp		76,419
4,500	*,e	Novavax, Inc		37,755
1,900	*	Pacira Pharmaceuticals, Inc		145,901
3,760	*	Parexel International Corp		256,131
2,900		Phibro Animal Health Corp		87,377
2,820	*	Prestige Brands Holdings, Inc		145,174
1,767	*	Prothena Corp plc		120,350
890	*,e	Puma Biotechnology, Inc		69,776
2,500	*	Retrophin, Inc		48,225
4,175	*	Sagent Pharmaceuticals		66,424
11,720	*	Spectrum Pharmaceuticals, Inc		70,672
4,010	*	Sucampo Pharmaceuticals, Inc (Class A)		69,333
7,777	*	Supernus Pharmaceuticals, Inc		104,523
1,690	*,e	TESARO, Inc		88,421
1,388	*	Ultragenyx Pharmaceutical, Inc		155,706

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,975,038


REAL ESTATE - 9.6%
3,200		American Assets Trust,Inc		122,720
3,700		Coresite Realty		209,864
28,154		Cousins Properties, Inc		265,492
12,557		CubeSmart		384,495
21,948		DiamondRock Hospitality Co		211,798
9,340		DuPont Fabros Technology, Inc		296,919
2,680		EastGroup Properties, Inc		149,035
5,890		Entertainment Properties Trust		344,271

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

11,500		First Industrial Realty Trust, Inc	$	254,495
4,293		Geo Group, Inc		124,111
6,600		Highwoods Properties, Inc		287,760
8,162		Kennedy-Wilson Holdings, Inc		196,541
17,306		Lexington Realty Trust		138,448
14,200		New Residential Investment Corp		172,672
2,309		PS Business Parks, Inc		201,876
12,173		Retail Opportunities Investment Corp		217,897
1,915		Saul Centers, Inc		98,182
3,927		Sovran Self Storage, Inc		421,406
14,735		Summit Hotel Properties, Inc		176,083
19,388		Sunstone Hotel Investors, Inc		242,156
9,127		Urban Edge Properties		214,028

		TOTAL REAL ESTATE		4,730,249


RETAILING - 3.1%
5,300	e	Abercrombie & Fitch Co (Class A)		143,100
11,950	e	American Eagle Outfitters, Inc		185,225
15,000	*	Ascena Retail Group, Inc		147,750
2,300		Cato Corp (Class A)		84,686
3,700		CST Brands, Inc		144,818
10,120	*	Express Parent LLC		174,874
5,300		Finish Line, Inc (Class A)		95,824
2,100		Group 1 Automotive, Inc		158,970
20,200	*	Office Depot, Inc		113,928
5,200	*	Sally Beauty Holdings, Inc		145,028
6,600	*	Select Comfort Corp		141,306

		TOTAL RETAILING		1,535,509


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.1%
5,472	*	Advanced Energy Industries, Inc		154,475
2,955	*	Cabot Microelectronics Corp		129,370
810	*	Cavium Networks, Inc		53,225
4,600	*	Cirrus Logic, Inc		135,838
1,600	*	First Solar, Inc		105,584
8,100	*	Inphi Corp		218,862
8,463	*	Integrated Device Technology, Inc		223,000
12,405		Intersil Corp (Class A)		158,288
885		MKS Instruments, Inc		31,860
2,936		Monolithic Power Systems, Inc		187,053
5,459	*	Photronics, Inc		67,964
9,152	*	Rudolph Technologies, Inc		130,141
2,500	*	Silicon Laboratories, Inc		121,350
6,500		Teradyne, Inc		134,355
6,350		Tessera Technologies, Inc		190,563

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,041,928


SOFTWARE & SERVICES - 10.2%
5,740	*	Aspen Technology, Inc		216,742
4,900	*	BroadSoft, Inc		173,264
3,266	*	EPAM Systems, Inc		256,773
9,221	*	Everyday Health, Inc		55,510
5,800	*	ExlService Holdings, Inc		260,594
4,140	*	Gigamon, Inc		110,000
2,660	*	Imperva, Inc		168,404
6,207	*	Infoblox, Inc		114,147
10,049	*	Liveperson, Inc		67,831
2,428	*	LogMeIn, Inc		162,919
2,073	*	Luxoft Holding, Inc		159,890
5,100	*	Manhattan Associates, Inc		337,467
4,319		MAXIMUS, Inc		242,944
4,797	*	NIC, Inc		94,405
10,900	*	Nuance Communications, Inc		216,801
9,301	*	Progress Software Corp		223,224

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

5,030	*	QLIK Technologies, Inc	$	159,250
5,100	*	RealPage, Inc		114,495
8,100	*	RingCentral, Inc		190,998
11,014	*	Rubicon Project, Inc		181,180
1,865	*	SPS Commerce, Inc		130,942
1,200	*	Stamps.com, Inc		131,532
4,120	*	Synchronoss Technologies, Inc		145,148
15,395	*	TA Indigo Holding Corp		139,633
1,000	*	Tableau Software, Inc		94,220
10,000		Travelport Worldwide Ltd		129,000
2,282	*	Tyler Technologies, Inc		397,798
6,200	*	VeriFone Systems, Inc		173,724
4,400	*	Verint Systems, Inc		178,464

		TOTAL SOFTWARE & SERVICES		5,027,299


TECHNOLOGY HARDWARE & EQUIPMENT - 5.2%
5,989	*	Alliance Fiber Optic Products, Inc		90,793
2,230	*	Anixter International, Inc		134,670
2,393	*	Coherent, Inc		155,808
8,471	*	II-VI, Inc		157,222
8,857	*	Immersion Corp		103,273
3,413		InterDigital, Inc		167,373
9,900	*	InvenSense, Inc		101,277
11,432	*	Ixia		142,100
8,830		Jabil Circuit, Inc		205,651
4,800	*	NCR Corp		117,408
2,600	*	Netgear, Inc		108,966
6,000	*	Netscout Systems, Inc		184,200
13,000	*	Polycom, Inc		163,670
8,807	*	Sanmina Corp		181,248
2,070	*	Synaptics, Inc		166,304
2,580	*	Tech Data Corp		171,260
13,939	*	TTM Technologies, Inc		90,743
2,500	*	Universal Display Corp		136,100

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,578,066


TELECOMMUNICATION SERVICES - 1.5%
23,998	*	8x8, Inc		274,777
13,505		Inteliquent, Inc		239,984
40,284	*	Vonage Holdings Corp		231,230

		TOTAL TELECOMMUNICATION SERVICES		745,991


TRANSPORTATION - 2.1%
16,438	*	Air Transport Services Group, Inc		165,695
5,169	*	Atlas Air Worldwide Holdings, Inc		213,687
3,700	*	Hub Group, Inc (Class A)		121,915
3,646		Matson, Inc		155,429
10,111		Skywest, Inc		192,311
8,080	*	UTI Worldwide, Inc		56,802
10,461	*	YRC Worldwide, Inc		148,337

		TOTAL TRANSPORTATION		1,054,176


UTILITIES - 2.8%
5,490		American States Water Co		230,306
8,263		Avista Corp		292,263
5,754		Black Hills Corp		267,158
7,600		Portland General Electric Co		276,412
6,810		South Jersey Industries, Inc		160,171
2,503		Southwest Gas Corp		138,065

		TOTAL UTILITIES		1,364,375

		TOTAL COMMON STOCKS (Cost $45,628,863)		49,516,218

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

SHORT-TERM INVESTMENTS - 2.9%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.9%
1,424,802	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	1,424,802

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		1,424,802

		TOTAL SHORT-TERM INVESTMENTS (Cost $1,424,802)		1,424,802

		TOTAL INVESTMENTS - 103.1% (Cost $47,053,665)		50,941,020
		OTHER ASSETS & LIABILITIES, NET - (3.1)%		(1,538,441	)

		NET ASSETS - 100.0%	$	49,402,579

*	Non-income producing

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,367,222.

l	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swaps agreements.

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 1.8%
229		BorgWarner, Inc	$	9,900
23,923		Ford Motor Co		337,075
1,838		Harley-Davidson, Inc		83,427
5,792		Johnson Controls, Inc		228,726
292	*	Modine Manufacturing Co		2,643
117	*	Tenneco, Inc		5,371
752	*	Tesla Motors, Inc		180,487

		TOTAL AUTOMOBILES & COMPONENTS		847,629


BANKS - 3.9%
470		Associated Banc-Corp		8,812
196		Bank of Hawaii Corp		12,328
7,766		BB&T Corp		293,632
200		Boston Private Financial Holdings, Inc		2,268
207		Camden National Corp		9,127
38		Capitol Federal Financial		477
72		Centerstate Banks of Florida, Inc		1,127
1,091		CIT Group, Inc		43,313
1,597		Comerica, Inc		66,803
22		Community Bank System, Inc		879
69		Cullen/Frost Bankers, Inc		4,140
486	*	FCB Financial Holdings, Inc		17,394
290		Federal Agricultural Mortgage Corp (Class C)		9,155
717		First Community Bancshares, Inc		13,358
414	*	HomeStreet, Inc		8,988
581	*	HomeTrust Bancshares, Inc		11,765
88		IBERIABANK Corp		4,846
13,273		Keycorp		175,071
2,110		M&T Bank Corp		255,690
528	*	MGIC Investment Corp		4,662
1,477		New York Community Bancorp, Inc		24,105
333		OFG Bancorp		2,438
145		Old National Bancorp		1,966
199		PacWest Bancorp		8,577
18		Peoples Bancorp, Inc		339
189		People’s United Financial, Inc		3,052
176	*	PHH Corp		2,851
3,541		PNC Financial Services Group, Inc		337,493
1,276		Popular, Inc		36,162
188		PrivateBancorp, Inc		7,712
355		Provident Financial Services, Inc		7,153
3,772		Radian Group, Inc		50,507
269	*	SVB Financial Group		31,984
31		TCF Financial Corp		438
50		UMB Financial Corp		2,327
102		United Bankshares, Inc		3,773
8,861		US Bancorp		378,099
157	*	Walker & Dunlop, Inc		4,523
107		Webster Financial Corp		3,979
49		Westamerica Bancorporation		2,291
169		Wilshire Bancorp, Inc		1,952
290		Zions Bancorporation		7,917

		TOTAL BANKS		1,863,473

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

CAPITAL GOODS - 6.2%
2,809		3M Co	$	423,148
178		A.O. Smith Corp		13,637
3,470		Ametek, Inc		185,957
17		Applied Industrial Technologies, Inc		688
400	*	ArvinMeritor, Inc		3,340
1,187		Barnes Group, Inc		42,008
200		Briggs & Stratton Corp		3,460
1,027	*	Builders FirstSource, Inc		11,379
174		Caterpillar, Inc		11,825
33	*	Chart Industries, Inc		593
81	*	Colfax Corp		1,891
1,613		Cummins, Inc		141,960
3,753		Danaher Corp		348,579
2,607		Deere & Co		198,836
644		Dover Corp		39,484
2,685		Eaton Corp		139,727
72		EnerSys		4,027
139	*	Esterline Technologies Corp		11,259
1,324		Fastenal Co		54,046
123		Fluor Corp		5,808
246		Graco, Inc		17,729
117		Hexcel Corp		5,435
3,067		Illinois Tool Works, Inc		284,250
1,107		Ingersoll-Rand plc		61,206
245		Lincoln Electric Holdings, Inc		12,713
3,766		Masco Corp		106,578
232		Nordson Corp		14,883
1,418		Owens Corning, Inc		66,689
2,211		Paccar, Inc		104,801
361		Parker Hannifin Corp		35,010
959		Pentair plc		47,499
1,254		Precision Castparts Corp		290,941
934	*	Quanta Services, Inc		18,913
711		Rockwell Automation, Inc		72,956
205		Rockwell Collins, Inc		18,921
340		Roper Industries, Inc		64,529
55		TAL International Group, Inc		874
264		Tennant Co		14,853
143		Timken Co		4,088
328	*	United Rentals, Inc		23,793
23		Valmont Industries, Inc		2,438
44		W.W. Grainger, Inc		8,914
179		Woodward Governor Co		8,889
86		Xylem, Inc		3,139

		TOTAL CAPITAL GOODS		2,931,693


COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
302		Acacia Research (Acacia Technologies)		1,296
2,963	*	ACCO Brands Corp		21,126
93		CEB, Inc		5,709
245		Deluxe Corp		13,362
709		Dun & Bradstreet Corp		73,686
217		Equifax, Inc		24,167
366		Heidrick & Struggles International, Inc		9,963
168		HNI Corp		6,058
73	*	IHS, Inc (Class A)		8,646
190		Interface, Inc		3,637
291		Manpower, Inc		24,528
1,111		R.R. Donnelley & Sons Co		16,354
1,338		Robert Half International, Inc		63,073
160	*	RPX Corp		1,760
282		Tetra Tech, Inc		7,338
941		Waste Management, Inc		50,221

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		330,924

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

CONSUMER DURABLES & APPAREL - 1.3%
200		Callaway Golf Co	$	1,884
10		Columbia Sportswear Co		487
14	*	Deckers Outdoor Corp		661
13		Hasbro, Inc		876
3,914		Mattel, Inc		106,343
72	*	Meritage Homes Corp		2,447
95	*	Mohawk Industries, Inc		17,992
200		Movado Group, Inc		5,142
6,412		Nike, Inc (Class B)		400,750
71	*	Tempur-Pedic International, Inc		5,003
2		Tupperware Corp		111
506	*	Under Armour, Inc (Class A)		40,789
323		VF Corp		20,107
92		Whirlpool Corp		13,512

		TOTAL CONSUMER DURABLES & APPAREL		616,104


CONSUMER SERVICES - 3.0%
55		Bob Evans Farms, Inc		2,137
200		Brinker International, Inc		9,590
754		Choice Hotels International, Inc		38,009
800		Darden Restaurants, Inc		50,912
13		DineEquity, Inc		1,101
128		Domino’s Pizza, Inc		14,240
60		Dunkin Brands Group, Inc		2,555
2,846		Marriott International, Inc (Class A)		190,796
3,990		McDonald’s Corp		471,378
3,548	*	MGM Resorts International		80,611
111	*	Popeyes Louisiana Kitchen, Inc		6,493
333		Royal Caribbean Cruises Ltd		33,703
1,081	*	Ruby Tuesday, Inc		5,956
58	*	ServiceMaster Global Holdings, Inc		2,276
177		Sonic Corp		5,719
7,021		Starbucks Corp		421,471
1,075		Starwood Hotels & Resorts Worldwide, Inc		74,476
6		Vail Resorts, Inc		768

		TOTAL CONSUMER SERVICES		1,412,191


DIVERSIFIED FINANCIALS - 6.4%
5,030		American Express Co		349,836
7,990		Bank of New York Mellon Corp		329,348
936		BlackRock, Inc		318,727
9,289		Charles Schwab Corp		305,887
2,462		CME Group, Inc		223,057
34	*	Credit Acceptance Corp		7,277
4,703		Discover Financial Services		252,175
49		Factset Research Systems, Inc		7,966
3,534		Franklin Resources, Inc		130,122
221	*	Green Dot Corp		3,629
1,022		IntercontinentalExchange Group, Inc		261,898
3,959		Invesco Ltd		132,547
466		Janus Capital Group, Inc		6,566
566		Legg Mason, Inc		22,204
785		NASDAQ OMX Group, Inc		45,663
3,726		Northern Trust Corp		268,607
3,559		State Street Corp		236,175
2,144		T Rowe Price Group, Inc		153,275

		TOTAL DIVERSIFIED FINANCIALS		3,054,959


ENERGY - 6.2%
2,538		Apache Corp		112,865
49		Archrock, Inc		368
1,606		Baker Hughes, Inc		74,117
1,540	*	Callon Petroleum Co		12,844

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

1,455	*	Cameron International Corp	$	91,956
56		CARBO Ceramics, Inc		963
1,640	*	Cheniere Energy, Inc		61,090
758		Cimarex Energy Co		67,750
2,376	*	Clean Energy Fuels Corp		8,554
4,546		Columbia Pipeline Group, Inc		90,920
299	*	Concho Resources, Inc		27,765
1,756		ConocoPhillips		81,988
2,323	*	Continental Resources, Inc		53,383
3,677		Devon Energy Corp		117,664
3,732		EOG Resources, Inc		264,188
729		EQT Corp		38,003
25	*	FMC Technologies, Inc		725
66	*	Geospace Technologies Corp		929
2,768		Hess Corp		134,193
3,290		Kinder Morgan, Inc		49,087
4,618		Marathon Oil Corp		58,141
3,935		Marathon Petroleum Corp		203,990
22	*	Matrix Service Co		452
3,753		National Oilwell Varco, Inc		125,688
347	*	Natural Gas Services Group, Inc		7,738
2,468		Noble Energy, Inc		81,271
4,039		Occidental Petroleum Corp		273,077
4		Oceaneering International, Inc		150
2	*	Oil States International, Inc		54
1,358		Oneok, Inc		33,488
3	*	PDC Energy, Inc		160
3,548		Phillips 66		290,226
1,135		Pioneer Natural Resources Co		142,306
12		Range Resources Corp		295
5	*	SEACOR Holdings, Inc		263
588		SM Energy Co		11,560
398	*	Southwestern Energy Co		2,830
7,118		Spectra Energy Corp		170,405
893		Superior Energy Services		12,029
81		Tesoro Corp		8,535
377	*	Ultra Petroleum Corp		943
133	*	Unit Corp		1,623
854		Valero Energy Corp		60,386
1,514	*	Weatherford International Ltd		12,702
1,460		Western Refining, Inc		52,005
103	*	Whiting Petroleum Corp		972
3,877		Williams Cos, Inc		99,639

		TOTAL ENERGY		2,940,280


FOOD & STAPLES RETAILING - 1.2%
6,391		Kroger Co		267,336
128		Spartan Stores, Inc		2,770
6,073		Sysco Corp		248,993
1,505		Whole Foods Market, Inc		50,417

		TOTAL FOOD & STAPLES RETAILING		569,516


FOOD, BEVERAGE & TOBACCO - 4.2%
286		Bunge Ltd		19,528
1,966		Campbell Soup Co		103,313
1,136		ConAgra Foods, Inc		47,894
151	*	Darling International, Inc		1,589
302		Dr Pepper Snapple Group, Inc		28,146
127		Flowers Foods, Inc		2,729
5,148		General Mills, Inc		296,834
41		Hormel Foods Corp		3,242
286		J.M. Smucker Co		35,275
3,675		Kellogg Co		265,592
400		Keurig Green Mountain, Inc		35,992

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

2,275		Kraft Heinz Co	$	165,529
97	*	Landec Corp		1,148
585		Mead Johnson Nutrition Co		46,186
8,638		Mondelez International, Inc		387,328
5,461		PepsiCo, Inc		545,663
88		Tootsie Roll Industries, Inc		2,780

		TOTAL FOOD, BEVERAGE & TOBACCO		1,988,768


HEALTH CARE EQUIPMENT & SERVICES - 4.0%
489	*	Acadia Healthcare Co, Inc		30,543
79	*	Align Technology, Inc		5,202
844	*	Amedisys, Inc		33,186
1,455		AmerisourceBergen Corp		150,898
389	*	AMN Healthcare Services, Inc		12,079
55	*	Amsurg Corp		4,180
1,112		Anthem, Inc		155,057
142	*	athenahealth, Inc		22,858
702	*	AtriCure, Inc		15,753
1,926		Becton Dickinson & Co		296,777
386	*	Brookdale Senior Living, Inc		7,126
650	*	Capital Senior Living Corp		13,559
2,071		Cardinal Health, Inc		184,878
963	*	Centene Corp		63,375
275	*	Cerner Corp		16,547
2,506	*	Cerus Corp		15,838
41		Chemed Corp		6,142
1,547		Cigna Corp		226,373
55		Dentsply International, Inc		3,347
336	*	Edwards Lifesciences Corp		26,537
434	*	ExamWorks Group, Inc		11,544
1,269	*	GenMark Diagnostics, Inc		9,847
85	*	Greatbatch, Inc		4,463
875	*	Healthways, Inc		11,261
147	*	Henry Schein, Inc		23,254
84	*	HMS Holdings Corp		1,037
328	*	Hologic, Inc		12,690
1,038		Humana, Inc		185,293
609	*	Idexx Laboratories, Inc		44,408
599	*	Inverness Medical Innovations, Inc		23,415
555	*	LDR Holding Corp		13,936
389	*	LHC Group, Inc		17,618
548	*	LifePoint Hospitals, Inc		40,223
534	*	Molina Healthcare, Inc		32,109
60	*	Natus Medical, Inc		2,883
645	*	Omnicell, Inc		20,047
1,080	*	OraSure Technologies, Inc		6,955
61		Owens & Minor, Inc		2,195
634		Patterson Cos, Inc		28,663
580	*	PharMerica Corp		20,300
324	*	Premier, Inc		11,428
321	*	Providence Service Corp		15,061
35	*	Sirona Dental Systems, Inc		3,835
388	*	Surgical Care Affiliates, Inc		15,446
111	*	Triple-S Management Corp (Class B)		2,654
1,177		Universal American Corp		8,239
340		US Physical Therapy, Inc		18,251
516	*	Vascular Solutions, Inc		17,745
775	*	Vocera Communications, Inc		9,455

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,904,510


HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
5		Clorox Co		634
4,937		Colgate-Palmolive Co		328,903
1,031		Estee Lauder Cos (Class A)		90,790

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

724		Kimberly-Clark Corp	$	92,165
350	*	Medifast, Inc		10,633
8,539		Procter & Gamble Co		678,082

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,201,207


INSURANCE - 5.8%
2,611		ACE Ltd		305,095
4,542		Aflac, Inc		272,066
105		Arthur J. Gallagher & Co		4,299
959		Aspen Insurance Holdings Ltd		46,320
239		Axis Capital Holdings Ltd		13,437
5,661	*	Berkshire Hathaway, Inc (Class B)		747,478
2,177		Chubb Corp		288,757
2,226		Hartford Financial Services Group, Inc		96,742
1,559		Marsh & McLennan Cos, Inc		86,446
104		PartnerRe Ltd		14,533
2,300		Principal Financial Group		103,454
14		ProAssurance Corp		679
5,214		Progressive Corp		165,805
3,619		Prudential Financial, Inc		294,623
156		RenaissanceRe Holdings Ltd		17,658
124		Stewart Information Services Corp		4,629
2,681		Travelers Cos, Inc		302,578

		TOTAL INSURANCE		2,764,599


MATERIALS - 4.0%
2,153		Air Products & Chemicals, Inc		280,127
59		Albemarle Corp		3,305
47		Aptargroup, Inc		3,415
1,404		Avery Dennison Corp		87,975
611		Ball Corp		44,438
6		Bemis Co, Inc		268
64		Carpenter Technology Corp		1,937
456		Celanese Corp (Series A)		30,702
699	*	Century Aluminum Co		3,090
18	*	Clearwater Paper Corp		820
1,284		Commercial Metals Co		17,578
110		Compass Minerals International, Inc		8,280
344		Eastman Chemical Co		23,223
2,527		Ecolab, Inc		289,038
265	*	Flotek Industries, Inc		3,032
695		H.B. Fuller Co		25,347
182		Innophos Holdings, Inc		5,274
72		International Flavors & Fragrances, Inc		8,614
1,821		International Paper Co		68,652
1,436	*	Louisiana-Pacific Corp		25,862
2,755		LyondellBasell Industries AF S.C.A		239,410
394		Minerals Technologies, Inc		18,069
946		Mosaic Co		26,100
4,076		Nucor Corp		164,263
121		PolyOne Corp		3,843
2,386		Praxair, Inc		244,326
102		Reliance Steel & Aluminum Co		5,907
1,060		Royal Gold, Inc		38,658
157		Sealed Air Corp		7,002
209		Sherwin-Williams Co		54,256
586	*	Stillwater Mining Co		5,022
532		Valspar Corp		44,129
79		Wausau Paper Corp		808
1,333		WestRock Co		60,811
1,008		Worthington Industries, Inc		30,381

		TOTAL MATERIALS		1,873,962

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

MEDIA - 3.3%
425	*	Charter Communications, Inc	$	77,818
156		Cinemark Holdings, Inc		5,215
1,162	*	Clear Channel Outdoor Holdings, Inc (Class A)		6,496
2,735	*	Discovery Communications, Inc (Class A)		72,970
3,954	*	Discovery Communications, Inc (Class C)		99,720
496	*	DreamWorks Animation SKG, Inc (Class A)		12,782
1,519		Entravision Communications Corp (Class A)		11,711
83		John Wiley & Sons, Inc (Class A)		3,737
2,180		New York Times Co (Class A)		29,256
149		Scripps Networks Interactive (Class A)		8,226
610		Sinclair Broadcast Group, Inc (Class A)		19,849
1,849		Time Warner Cable, Inc		343,156
4,680		Time Warner, Inc		302,656
5,701		Walt Disney Co		599,061

		TOTAL MEDIA		1,592,653


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.8%
430	*	Acadia Pharmaceuticals, Inc		15,330
702	*	Affymetrix, Inc		7,083
3,090		Agilent Technologies, Inc		129,193
1,581	*	Akorn, Inc		58,987
1,080	*	Alexion Pharmaceuticals, Inc		206,010
3,009		Amgen, Inc		488,451
521	*	Ariad Pharmaceuticals, Inc		3,256
1,073	*	Biogen Idec, Inc		328,713
729	*	BioMarin Pharmaceutical, Inc		76,370
24		Bio-Techne Corp		2,160
414	*	Bluebird Bio, Inc		26,587
6,848		Bristol-Myers Squibb Co		471,074
639	*	Cambrex Corp		30,091
3,318	*	Celgene Corp		397,364
629	*	Cempra, Inc		19,581
555	*	Cepheid, Inc		20,274
1,518	*	Depomed, Inc		27,521
5,337		Gilead Sciences, Inc		540,051
969	*	Immunomedics, Inc		2,975
414	*	Intra-Cellular Therapies, Inc		22,269
8,123		Johnson & Johnson		834,395
317	*	Kite Pharma, Inc		19,534
3,159	*	MannKind Corp		4,581
10,340		Merck & Co, Inc		546,159
23	*	Mettler-Toledo International, Inc		7,800
1,190	*	MiMedx Group, Inc		11,150
1,888	*	Nektar Therapeutics		31,813
2,037	*	Opko Health, Inc		20,472
4,450	*	Orexigen Therapeutics, Inc		7,654
122		PerkinElmer, Inc		6,536
485	*	Prothena Corp plc		33,033
121	*	Quintiles Transnational Holdings, Inc		8,308
580	*	Relypsa, Inc		16,437
238	*	Repligen Corp		6,733
50	*	Sage Therapeutics, Inc		2,915
1,256	*	Sangamo Biosciences, Inc		11,467
902	*	Sarepta Therapeutics, Inc		34,799
743	*	Sucampo Pharmaceuticals, Inc (Class A)		12,847
138	*	TESARO, Inc		7,220
1,080	*	Tetraphase Pharmaceuticals, Inc		10,832
1,486		Thermo Electron Corp		210,789
1,340	*	Vertex Pharmaceuticals, Inc		168,612
562	*	Waters Corp		75,634
1,776	*	Xenoport, Inc		9,750
493	*	Zafgen, Inc		3,101
3,032		Zoetis Inc		145,293

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,121,204

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

REAL ESTATE - 4.6%
203		American Campus Communities, Inc	$	8,392
3,213		American Tower Corp		311,501
11,186		Annaly Capital Management, Inc		104,925
961		Boston Properties, Inc		122,566
1,680	*	CBRE Group, Inc		58,094
339		Coresite Realty		19,228
2,671		Crown Castle International Corp		230,908
64		Digital Realty Trust, Inc		4,840
165		Douglas Emmett, Inc		5,145
1,687		Duke Realty Corp		35,461
29		Equity One, Inc		787
1,322		Equity Residential		107,862
1,212		First Industrial Realty Trust, Inc		26,821
4,150		HCP, Inc		158,696
89		Healthcare Realty Trust, Inc		2,520
5,118		Host Marriott Corp		78,510
968		Iron Mountain, Inc		26,146
15		Jones Lang LaSalle, Inc		2,398
14		Kilroy Realty Corp		886
325		Liberty Property Trust		10,091
488		Macerich Co		39,377
213		Mid-America Apartment Communities, Inc		19,342
4,055		Prologis, Inc		174,040
765		Ryman Hospitality Properties		39,505
1,846		Simon Property Group, Inc		358,936
860		Ventas, Inc		48,530
1,079		Vornado Realty Trust		107,857
17		Washington REIT		460
1,122		Welltower, Inc		76,330
149		Weyerhaeuser Co		4,467

		TOTAL REAL ESTATE		2,184,621


RETAILING - 3.2%
1,088	*	1-800-FLOWERS.COM, Inc (Class A)		7,921
77		Aaron’s, Inc		1,724
1,224		American Eagle Outfitters, Inc		18,972
318	*	AutoZone, Inc		235,927
1,626	*	Bed Bath & Beyond, Inc		78,455
1,193		Best Buy Co, Inc		36,327
62	*	Cabela’s, Inc		2,897
852	*	Carmax, Inc		45,982
8		Chico’s FAS, Inc		85
403	*	FTD Cos, Inc		10,547
6		GameStop Corp (Class A)		168
4,256		Gap, Inc		105,123
259		GNC Holdings, Inc		8,034
270		HSN, Inc		13,681
1,923		Kohl’s Corp		91,592
202	*	LKQ Corp		5,985
5,027		Lowe’s Companies, Inc		382,253
2,212	*	NetFlix, Inc		253,009
701		Nordstrom, Inc		34,917
1,890	*	Office Depot, Inc		10,660
69		Outerwall, Inc		2,521
359	*	Overstock.com, Inc		4,409
278		Pier 1 Imports, Inc		1,415
753		Ross Stores, Inc		40,519
503	*	Shutterfly, Inc		22,414
5,018		Staples, Inc		47,520
135		Tiffany & Co		10,299
205	*	Ulta Salon Cosmetics & Fragrance, Inc		37,925
7		Williams-Sonoma, Inc		409
66		Winmark Corp		6,139

		TOTAL RETAILING		1,517,829

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
652	*	Advanced Micro Devices, Inc	$	1,871
9		Analog Devices, Inc		498
13,348		Applied Materials, Inc		249,207
125	*	Cirrus Logic, Inc		3,691
16,786		Intel Corp		578,278
227		Lam Research Corp		18,028
111		Microchip Technology, Inc		5,166
5,111	*	ON Semiconductor Corp		50,088
842		Skyworks Solutions, Inc		64,691
902	*	SunPower Corp		27,069
315		Teradyne, Inc		6,511
6,339		Texas Instruments, Inc		347,441

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,352,539


SOFTWARE & SERVICES - 11.9%
3,585		Accenture plc		374,632
756	*	Actua Corp		8,656
3,517	*	Adobe Systems, Inc		330,387
793	*	Alphabet, Inc (Class A)		616,962
809	*	Alphabet, Inc (Class C)		613,934
1,319	*	Angie’s List, Inc		12,333
1,582	*	Autodesk, Inc		96,391
727		Automatic Data Processing, Inc		61,591
1,228		Broadridge Financial Solutions, Inc		65,980
4,000		CA, Inc		114,240
191	*	Cadence Design Systems, Inc		3,975
31	*	Cimpress NV		2,515
5,105	*	Cognizant Technology Solutions Corp (Class A)		306,402
505	*	comScore, Inc		20,781
155		Convergys Corp		3,858
532	*	Ellie Mae, Inc		32,042
54		Fair Isaac Corp		5,086
1,096	*	FireEye, Inc		22,731
3,848	*	Glu Mobile, Inc		9,351
121	*	Infoblox, Inc		2,225
1,513	*	Internap Network Services Corp		9,683
3,608		International Business Machines Corp		496,533
2,922		Intuit, Inc		281,973
695		j2 Global, Inc		57,212
533	*	Liquidity Services, Inc		3,465
262	*	Manhattan Associates, Inc		17,337
587	*	Marketo, Inc		16,853
4,493		Mastercard, Inc (Class A)		437,438
2,640	*	Monster Worldwide, Inc		15,127
55	*	NetSuite, Inc		4,654
189	*	NeuStar, Inc (Class A)		4,530
12,801		Oracle Corp		467,621
635	*	Perficient, Inc		10,871
417	*	Qualys, Inc		13,799
4,303	*	Salesforce.com, Inc		337,355
1,102	*	ServiceSource International LLC		5,080
123	*	SolarWinds, Inc		7,245
268	*	Stamps.com, Inc		29,375
7,639		Symantec Corp		160,419
118	*	Syntel, Inc		5,340
214	*	Teradata Corp		5,654
17	*	Tyler Technologies, Inc		2,963
67	*	Ultimate Software Group, Inc		13,099
150	*	Unisys Corp		1,658
496	*	Vasco Data Security International		8,298
898	*	Website Pros, Inc		17,969
441	*	Workday, Inc		35,139
19,943		Xerox Corp		211,994
7,160	*	Yahoo!, Inc		238,142

		TOTAL SOFTWARE & SERVICES		5,620,898

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 3.6%
41		Belden CDT, Inc	$	1,955
147	*	Benchmark Electronics, Inc		3,038
681		Black Box Corp		6,490
19,287		Cisco Systems, Inc		523,738
42		Cognex Corp		1,418
3,180		Corning, Inc		58,130
800	*	Cray, Inc		25,960
12,660		EMC Corp		325,109
1,050	*	Finisar Corp		15,267
12,211		HP, Inc		144,578
550		Ingram Micro, Inc (Class A)		16,709
169		InterDigital, Inc		8,288
306	*	IPG Photonics Corp		27,283
14	*	Itron, Inc		506
462		Jabil Circuit, Inc		10,760
554		Lexmark International, Inc (Class A)		17,977
1,584		Motorola, Inc		108,425
60	*	Netgear, Inc		2,515
18		Plantronics, Inc		854
494	*	QLogic Corp		6,027
6,952		Qualcomm, Inc		347,496
2,705	*	Quantum Corp		2,516
227	*	RealD, Inc		2,395
676		SanDisk Corp		51,369
172	*	Super Micro Computer, Inc		4,216
26	*	Tech Data Corp		1,726
184	*	TTM Technologies, Inc		1,198
87	*	Universal Display Corp		4,736

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,720,679


TELECOMMUNICATION SERVICES - 1.9%
1,016	*	Boingo Wireless, Inc		6,726
6,724		CenturyTel, Inc		169,176
1,541	*	Cincinnati Bell, Inc		5,547
194		IDT Corp (Class B)		2,262
635	*	Level 3 Communications, Inc		34,518
15,330	*	Sprint Corp		55,495
13,585		Verizon Communications, Inc		627,899
1,213	*	Vonage Holdings Corp		6,963

		TOTAL TELECOMMUNICATION SERVICES		908,586


TRANSPORTATION - 2.8%
8		Allegiant Travel Co		1,343
903	*	Avis Budget Group, Inc		32,770
6		CH Robinson Worldwide, Inc		372
5,301		CSX Corp		137,561
855		Delta Air Lines, Inc		43,340
176	*	Echo Global Logistics, Inc		3,589
1,934		Norfolk Southern Corp		163,597
6		Ryder System, Inc		341
6,725		Southwest Airlines Co		289,578
330	*	Spirit Airlines, Inc		13,150
3,373		Union Pacific Corp		263,769
3,796		United Parcel Service, Inc (Class B)		365,289

		TOTAL TRANSPORTATION		1,314,699


UTILITIES - 3.2%
102		American Water Works Co, Inc		6,095
2,186		Centerpoint Energy, Inc		40,135
3,513		Consolidated Edison, Inc		225,781
2,949		Duke Energy Corp		210,529
2,842		Eversource Energy		145,141
4		ITC Holdings Corp		157

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES	COMPANY	VALUE

601	MGE Energy, Inc	$	27,886
220	New Jersey Resources Corp		7,251
3,165	NextEra Energy, Inc		328,812
3,748	Pepco Holdings, Inc		97,486
1,453	Piedmont Natural Gas Co, Inc		82,850
3	Pinnacle West Capital Corp		193
326	Public Service Enterprise Group, Inc		12,613
2,089	Sempra Energy		196,387
956	South Jersey Industries, Inc		22,485
926	TECO Energy, Inc		24,678
58	Unitil Corp		2,081
478	WEC Energy Group, Inc		24,526
280	WGL Holdings, Inc		17,637
1,100	Xcel Energy, Inc		39,501

	TOTAL UTILITIES		1,512,224

	TOTAL COMMON STOCKS (Cost $30,856,871)		47,145,747

	TOTAL INVESTMENTS - 99.4% (Cost $30,856,871)		47,145,747
	OTHER ASSETS & LIABILITIES, NET - 0.6%		262,200

	NET ASSETS - 100.0%	$	47,407,947

Abbreviation(s):

REIT	Real Estate Investment Trust

*	Non-income producing

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


SHARES		COMPANY	VALUE

COMMON STOCKS - 100.0%

AUTOMOBILES & COMPONENTS - 1.1%
1,481	*	American Axle & Manufacturing Holdings, Inc	$	28,050
3,256		BorgWarner, Inc		140,757
852		Cooper Tire & Rubber Co		32,248
195	*	Cooper-Standard Holding, Inc		15,130
2,343		Dana Holding Corp		32,333
4,198		Delphi Automotive plc		359,894
572	*,e	Dorman Products, Inc		27,153
349		Drew Industries, Inc		21,251
425	*,e	Federal Mogul Corp (Class A)		2,911
58,040		Ford Motor Co		817,784
243	*	Fox Factory Holding Corp		4,017
24,098		General Motors Co		819,573
4,344		Gentex Corp		69,547
573	*	Gentherm, Inc		27,160
3,887		Goodyear Tire & Rubber Co		126,988
2,911		Harley-Davidson, Inc		132,130
259	*	Horizon Global Corp		2,686
9,822		Johnson Controls, Inc		387,871
1,159		Lear Corp		142,360
387		Metaldyne Performance Group, Inc		7,098
671	*	Modine Manufacturing Co		6,073
364	*	Motorcar Parts of America, Inc		12,307
289		Standard Motor Products, Inc		10,996
449	*	Stoneridge, Inc		6,645
47		Strattec Security Corp		2,655
336		Superior Industries International, Inc		6,189
882	*	Tenneco, Inc		40,493
1,471	*,e	Tesla Motors, Inc		353,055
658		Thor Industries, Inc		36,947
428		Tower International, Inc		12,228
652	*	Visteon Corp		74,654
510	e	Winnebago Industries, Inc		10,149

		TOTAL AUTOMOBILES & COMPONENTS		3,769,332


BANKS - 6.2%
235		1st Source Corp		7,254
101	e	Access National Corp		2,066
98		American National Bankshares, Inc		2,510
459		Ameris Bancorp		15,601
129	e	Ames National Corp		3,133
430		Apollo Residential Mortgage		5,139
165		Arrow Financial Corp		4,483
2,146		Associated Banc-Corp		40,238
1,306		Astoria Financial Corp		20,700
110		Banc of California, Inc		1,608
130		Bancfirst Corp		7,621
541		Banco Latinoamericano de Exportaciones S.A. (Class E)		14,028
1,389		Bancorpsouth, Inc		33,322
838		Bank Mutual Corp		6,536
157,210		Bank of America Corp		2,645,844
757		Bank of Hawaii Corp		47,615
87		Bank of Marin Bancorp		4,646
1,130		Bank of the Ozarks, Inc		55,890
300		BankFinancial Corp		3,789
1,410		BankUnited		50,845
303		Banner Corp		13,896

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

89		Bar Harbor Bankshares	$	3,063
11,666		BB&T Corp		441,091
982		BBCN Bancorp, Inc		16,910
90	*	BBX Capital Corp		1,409
194	*	Bear State Financial, Inc		2,101
1,199	*	Beneficial Bancorp, Inc		15,971
428		Berkshire Hills Bancorp, Inc		12,459
400		Blue Hills Bancorp, Inc		6,124
359		BNC Bancorp		9,111
1,028	*,e	BofI Holding, Inc		21,639
603	e	BOK Financial Corp		36,053
1,073		Boston Private Financial Holdings, Inc		12,168
156		Bridge Bancorp, Inc		4,747
771		Brookline Bancorp, Inc		8,867
253		Bryn Mawr Bank Corp		7,266
124	*	BSB Bancorp, Inc		2,900
89	*	C1 Financial, Inc		2,155
87		Camden National Corp		3,836
321		Capital Bank Financial Corp		10,266
156		Capital City Bank Group, Inc		2,395
2,763		Capitol Federal Financial		34,703
459		Cardinal Financial Corp		10,442
333	*	Cascade Bancorp		2,021
1,068		Cathay General Bancorp		33,460
659		Centerstate Banks of Florida, Inc		10,313
335		Central Pacific Financial Corp		7,377
47		Century Bancorp, Inc		2,043
244		Charter Financial Corp		3,223
486		Chemical Financial Corp		16,655
2,656		CIT Group, Inc		105,443
45,420		Citigroup, Inc		2,350,485
167		Citizens & Northern Corp		3,507
4,534		Citizens Financial Group, Inc		118,745
211		City Holding Co		9,630
623		Clifton Bancorp, Inc		8,934
194		CNB Financial Corp		3,498
534		CoBiz, Inc		7,166
830		Columbia Banking System, Inc		26,983
2,657		Comerica, Inc		111,142
1,528		Commerce Bancshares, Inc		65,001
628		Community Bank System, Inc		25,082
222		Community Trust Bancorp, Inc		7,761
130	*	CommunityOne Bancorp		1,751
422		ConnectOne Bancorp, Inc		7,887
246	*	CU Bancorp		6,239
907		Cullen/Frost Bankers, Inc		54,420
384	*	Customers Bancorp, Inc		10,453
1,534		CVB Financial Corp		25,955
451		Dime Community Bancshares		7,888
430	*	Eagle Bancorp, Inc		21,702
2,157		East West Bancorp, Inc		89,645
100		Enterprise Bancorp, Inc		2,285
265		Enterprise Financial Services Corp		7,513
767	*	Essent Group Ltd		16,790
1,397		EverBank Financial Corp		22,324
102	*	Farmers Capital Bank Corp		2,765
407	*	FCB Financial Holdings, Inc		14,567
115		Federal Agricultural Mortgage Corp (Class C)		3,631
222		Fidelity Southern Corp		4,953
12,139		Fifth Third Bancorp		243,994
202		Financial Institutions, Inc		5,656
264		First Bancorp (NC)		4,947
1,662	*	First Bancorp (Puerto Rico)		5,402
162		First Bancorp, Inc		3,316
324		First Busey Corp		6,684
408		First Business Financial Services, Inc		10,204

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

154		First Citizens Bancshares, Inc (Class A)	$	39,758
1,229		First Commonwealth Financial Corp		11,147
242		First Community Bancshares, Inc		4,508
240		First Connecticut Bancorp		4,178
120		First Defiance Financial Corp		4,534
747		First Financial Bancorp		13,498
1,215	e	First Financial Bankshares, Inc		36,657
188		First Financial Corp		6,386
3,378		First Horizon National Corp		49,049
284		First Interstate Bancsystem, Inc		8,256
557		First Merchants Corp		14,159
1,128		First Midwest Bancorp, Inc		20,789
221	*	First NBC Bank Holding Co		8,263
5,097		First Niagara Financial Group, Inc		55,302
162		First of Long Island Corp		4,860
2,140		First Republic Bank		141,368
2,387		FirstMerit Corp		44,518
298	*	Flagstar Bancorp, Inc		6,887
358		Flushing Financial Corp		7,747
2,437		FNB Corp		32,510
185		Fox Chase Bancorp, Inc		3,754
76	*	Franklin Financial Network, Inc		2,385
2,541		Fulton Financial Corp		33,058
177		German American Bancorp, Inc		5,898
1,082	e	Glacier Bancorp, Inc		28,705
135		Great Southern Bancorp, Inc		6,110
592		Great Western Bancorp, Inc		17,180
155	*	Green Bancorp, Inc		1,624
185		Guaranty Bancorp		3,060
222	*	Hampton Roads Bankshares, Inc		409
1,231		Hancock Holding Co		30,984
554		Hanmi Financial Corp		13,141
259		Heartland Financial USA, Inc		8,122
279		Heritage Commerce Corp		3,337
434		Heritage Financial Corp		8,177
260		Heritage Oaks Bancorp		2,083
1,094	*	Hilltop Holdings, Inc		21,027
817		Home Bancshares, Inc		33,105
314	*	HomeStreet, Inc		6,817
265	*	HomeTrust Bancshares, Inc		5,366
123		Horizon Bancorp		3,439
11,643		Huntington Bancshares, Inc		128,772
620		IBERIABANK Corp		34,143
119	*	Impac Mortgage Holdings, Inc		2,142
374		Independent Bank Corp (MA)		17,398
308		Independent Bank Corp (MI)		4,691
123		Independent Bank Group, Inc		3,936
774		International Bancshares Corp		19,892
4,963		Investors Bancorp, Inc		61,740
55,551		JPMorgan Chase & Co		3,668,032
1,603		Kearny Financial Corp		20,310
12,707		Keycorp		167,605
509		Lakeland Bancorp, Inc		6,001
350		Lakeland Financial Corp		16,317
693		LegacyTexas Financial Group, Inc		17,339
80	*	LendingTree, Inc		7,142
2,446		M&T Bank Corp		296,406
318		MainSource Financial Group, Inc		7,276
1,081		MB Financial, Inc		34,992
226		Mercantile Bank Corp		5,546
60		Merchants Bancshares, Inc		1,889
895		Meridian Bancorp, Inc		12,620
178		Meta Financial Group, Inc		8,176
4,883	*	MGIC Investment Corp		43,117
113		MidWestOne Financial Group, Inc		3,436
684		National Bank Holdings Corp		14,617

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

84	e	National Bankshares, Inc	$	2,985
85	*,e	National Commerce Corp		2,129
2,023		National Penn Bancshares, Inc		24,944
569	*,e	Nationstar Mortgage Holdings, Inc		7,608
636		NBT Bancorp, Inc		17,732
6,765		New York Community Bancorp, Inc		110,405
451		NewBridge Bancorp		5,493
644	*	NMI Holdings, Inc		4,360
669		Northfield Bancorp, Inc		10,650
1,818		Northwest Bancshares, Inc		24,343
180		OceanFirst Financial Corp		3,605
1,552	*,e	Ocwen Financial Corp		10,817
596	e	OFG Bancorp		4,363
1,471		Old National Bancorp		19,947
150		Opus Bank		5,546
670		Oritani Financial Corp		11,055
241		Pacific Continental Corp		3,586
300	*	Pacific Premier Bancorp, Inc		6,375
1,661		PacWest Bancorp		71,589
188		Park National Corp		17,010
651		Park Sterling Bank		4,765
225		Peapack Gladstone Financial Corp		4,640
67	e	Penns Woods Bancorp, Inc		2,845
164		Pennsylvania Commerce Bancorp, Inc		5,146
165	*	PennyMac Financial Services, Inc		2,534
261		Peoples Bancorp, Inc		4,917
101		Peoples Financial Services Corp		3,846
4,665	e	People’s United Financial, Inc		75,340
717	*	PHH Corp		11,615
519		Pinnacle Financial Partners, Inc		26,656
7,764		PNC Financial Services Group, Inc		739,987
1,622		Popular, Inc		45,967
147		Preferred Bank		4,854
1,130		PrivateBancorp, Inc		46,353
1,121		Prosperity Bancshares, Inc		53,651
1,207		Provident Financial Services, Inc		24,321
170		QCR Holdings, Inc		4,129
2,750		Radian Group, Inc		36,823
20,164		Regions Financial Corp		193,574
583		Renasant Corp		20,061
120		Republic Bancorp, Inc (Class A)		3,169
499		S&T Bancorp, Inc		15,379
330		Sandy Spring Bancorp, Inc		8,897
332	*	Seacoast Banking Corp of Florida		4,973
319		ServisFirst Bancshares, Inc		15,162
163		Sierra Bancorp		2,877
719	*	Signature Bank		110,273
431		Simmons First National Corp (Class A)		22,136
350		South State Corp		25,183
362	e	Southside Bancshares, Inc		8,695
265		Southwest Bancorp, Inc		4,632
397		State Bank & Trust Co		8,349
1,738		Sterling Bancorp/DE		28,190
210		Stock Yards Bancorp, Inc		7,936
134		Stonegate Bank		4,403
192	*	Stonegate Mortgage Corp		1,046
155		Suffolk Bancorp		4,394
137	*	Sun Bancorp, Inc		2,828
7,661		SunTrust Banks, Inc		328,197
747	*	SVB Financial Group		88,818
2,139		Synovus Financial Corp		69,261
790		Talmer Bancorp Inc		14,307
2,235		TCF Financial Corp		31,558
150		Territorial Bancorp, Inc		4,161
739	*	Texas Capital Bancshares, Inc		36,521
1,038		TFS Financial Corp		19,546

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

434	*	The Bancorp, Inc	$	2,765
216		Tompkins Trustco, Inc		12,131
634		TowneBank		13,232
330		Trico Bancshares		9,055
296	*	Tristate Capital Holdings, Inc		4,141
207	*	Triumph Bancorp, Inc		3,416
1,974		Trustco Bank Corp NY		12,120
970		Trustmark Corp		22,349
569		UMB Financial Corp		26,487
3,165		Umpqua Holdings Corp		50,324
621		Union Bankshares Corp		15,674
1,151	e	United Bankshares, Inc		42,576
765		United Community Banks, Inc		14,910
680		United Community Financial Corp		4,012
707		United Financial Bancorp, Inc (New)		9,106
282		Univest Corp of Pennsylvania		5,883
25,106		US Bancorp		1,071,273
3,310		Valley National Bancorp		32,604
387	*	Walker & Dunlop, Inc		11,149
743	*,e	Walter Investment Management Corp		10,565
1,359		Washington Federal, Inc		32,385
217		Washington Trust Bancorp, Inc		8,576
486		Waterstone Financial, Inc		6,853
1,420		Webster Financial Corp		52,810
69,738		Wells Fargo & Co		3,790,958
549		WesBanco, Inc		16,481
239		West Bancorporation, Inc		4,720
667	e	Westamerica Bancorporation		31,182
1,222	*	Western Alliance Bancorp		43,821
1,094		Wilshire Bancorp, Inc		12,636
805		Wintrust Financial Corp		39,059
360		WSFS Financial Corp		11,650
362		Yadkin Financial Corp		9,112
2,937		Zions Bancorporation		80,180

		TOTAL BANKS		20,569,222


CAPITAL GOODS - 7.5%
9,497		3M Co		1,430,628
1,112		A.O. Smith Corp		85,190
587		Aaon, Inc		13,630
511		AAR Corp		13,434
654	*	Accuride Corp		1,086
865		Actuant Corp (Class A)		20,725
624		Acuity Brands, Inc		145,891
487	e	Advanced Drainage Systems, Inc		11,703
2,168	*	Aecom Technology Corp		65,105
522	*	Aegion Corp		10,080
908	*,e	Aerojet Rocketdyne Holdings, Inc		14,219
288	*	Aerovironment, Inc		8,487
1,278		AGCO Corp		58,008
1,500		Air Lease Corp		50,220
892		Aircastle Ltd		18,634
140		Alamo Group, Inc		7,294
401		Albany International Corp (Class A)		14,657
1,443		Allegion plc		95,123
87		Allied Motion Technologies, Inc		2,278
2,586		Allison Transmission Holdings, Inc		66,952
326		Altra Holdings, Inc		8,176
224	*	Ameresco, Inc		1,400
127	e	American Railcar Industries, Inc		5,878
105		American Science & Engineering, Inc		4,345
184	*	American Woodmark Corp		14,716
3,641		Ametek, Inc		195,121
418		Apogee Enterprises, Inc		18,187
783		Applied Industrial Technologies, Inc		31,704

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

250		Argan, Inc	$	8,100
566	*	Armstrong World Industries, Inc		25,883
2,308	*	ArvinMeritor, Inc		19,272
261		Astec Industries, Inc		10,623
301	*	Astronics Corp		12,254
343		AZZ, Inc		19,060
768	*	Babcock & Wilcox Enterprises, Inc		16,028
880		Barnes Group, Inc		31,143
1,678		BE Aerospace, Inc		71,097
752	*	Beacon Roofing Supply, Inc		30,967
739	*	Blount International, Inc		7,250
290	*,e	BMC Stock Holdings, Inc		4,857
10,353		Boeing Co		1,496,940
600		Briggs & Stratton Corp		10,380
1,402	*	Builders FirstSource, Inc		15,534
1,845		BWX Technologies, Inc		58,616
232	*	CAI International, Inc		2,339
1,007		Carlisle Cos, Inc		89,311
8,962		Caterpillar, Inc		609,057
435	*	Chart Industries, Inc		7,813
1,410	e	Chicago Bridge & Iron Co NV		54,976
248		CIRCOR International, Inc		10,453
719		Clarcor, Inc		35,720
1,585	*	Colfax Corp		37,010
262		Columbus McKinnon Corp		4,952
536		Comfort Systems USA, Inc		15,233
414	*	Commercial Vehicle Group, Inc		1,143
965	*	Continental Building Products Inc		16,849
785		Crane Co		37,554
262		Cubic Corp		12,379
2,663		Cummins, Inc		234,371
772		Curtiss-Wright Corp		52,882
8,976		Danaher Corp		833,691
5,014	e	Deere & Co		382,418
1,031	*	DigitalGlobe, Inc		16,145
1,968		Donaldson Co, Inc		56,403
296		Douglas Dynamics, Inc		6,237
2,309		Dover Corp		141,565
139	*	Ducommun, Inc		2,255
174	*	DXP Enterprises, Inc		3,967
489	*	Dycom Industries, Inc		34,210
7,012		Eaton Corp		364,904
900		EMCOR Group, Inc		43,236
9,988		Emerson Electric Co		477,726
295		Encore Wire Corp		10,942
629		EnerSys		35,180
236		Engility Holdings, Inc		7,665
558	*,e	Enphase Energy, Inc		1,959
330		EnPro Industries, Inc		14,467
371		ESCO Technologies, Inc		13,408
456	*	Esterline Technologies Corp		36,936
4,312	e	Fastenal Co		176,016
743		Federal Signal Corp		11,777
1,937		Flowserve Corp		81,509
2,196		Fluor Corp		103,695
2,295		Fortune Brands Home & Security, Inc		127,372
640		Franklin Electric Co, Inc		17,299
165		Freightcar America, Inc		3,206
432	*,e	FuelCell Energy, Inc		2,143
505	*	Furmanite Corp		3,363
618	e	GATX Corp		26,296
994	*,e	Generac Holdings, Inc		29,591
705		General Cable Corp		9,468
4,398		General Dynamics Corp		604,109
140,774		General Electric Co		4,385,110
472	*	Gibraltar Industries, Inc		12,008

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

278		Global Brass & Copper Holdings, Inc	$	5,921
253		Gorman-Rupp Co		6,763
825		Graco, Inc		59,458
128		Graham Corp		2,153
695		Granite Construction, Inc		29,822
890	*	Great Lakes Dredge & Dock Corp		3,524
454	e	Greenbrier Cos, Inc		14,809
686		Griffon Corp		12,211
450		H&E Equipment Services, Inc		7,866
1,086		Harsco Corp		8,558
271	*,e	HC2 Holdings, Inc		1,434
2,395	*	HD Supply Holdings, Inc		71,922
279		HEICO Corp		15,166
574		HEICO Corp (Class A)		28,241
1,458		Hexcel Corp		67,724
856		Hillenbrand, Inc		25,363
11,704		Honeywell International, Inc		1,212,183
833		Hubbell, Inc		84,166
699		Huntington Ingalls		88,668
78		Hurco Cos, Inc		2,072
138		Hyster-Yale Materials Handling, Inc		7,238
1,119		IDEX Corp		85,727
4,496		Illinois Tool Works, Inc		416,689
3,974		Ingersoll-Rand plc		219,722
267		Insteel Industries, Inc		5,586
1,286		ITT Corp		46,707
1,819	*	Jacobs Engineering Group, Inc		76,307
607		John Bean Technologies Corp		30,247
1,398	e	Joy Global, Inc		17,629
148		Kadant, Inc		6,010
380		Kaman Corp		15,508
2,113		KBR, Inc		35,752
1,135		Kennametal, Inc		21,792
488	*,e	KEYW Holding Corp		2,938
734	*	KLX, Inc		22,600
600	*,e	Kratos Defense & Security Solutions, Inc		2,460
1,264		L-3 Communications Holdings, Inc		151,061
87	*	Lawson Products, Inc		2,031
151		LB Foster Co (Class A)		2,063
650		Lennox International, Inc		81,185
1,089		Lincoln Electric Holdings, Inc		56,508
169	e	Lindsay Manufacturing Co		12,236
4,063		Lockheed Martin Corp		882,280
289		LSI Industries, Inc		3,523
242	*	Lydall, Inc		8,586
1,952	e	Manitowoc Co, Inc		29,963
5,104		Masco Corp		144,443
513	*	Masonite International Corp		31,411
961	*	Mastec, Inc		16,702
820	*	Middleby Corp		88,453
558	*,e	Milacron Holdings Corp		6,981
168		Miller Industries, Inc		3,659
555	*	Moog, Inc (Class A)		33,633
1,441	*	MRC Global, Inc		18,589
703		MSC Industrial Direct Co (Class A)		39,558
803		Mueller Industries, Inc		21,761
2,137		Mueller Water Products, Inc (Class A)		18,378
301	*	MYR Group, Inc		6,204
58	e	National Presto Industries, Inc		4,806
755	*,e	Navistar International Corp		6,674
446	*	NCI Building Systems, Inc		5,535
157	*,e	Neff Corp		1,203
600		NN, Inc		9,564
877		Nordson Corp		56,260
140	*	Nortek, Inc		6,107
2,725		Northrop Grumman Corp		514,507

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

128	*	Northwest Pipe Co	$	1,432
1,544	*,e	NOW, Inc		24,426
71	*	NV5 Holdings, Inc		1,561
44		Omega Flex, Inc		1,452
924		Orbital ATK, Inc		82,550
434	*	Orion Marine Group, Inc		1,810
1,154	e	Oshkosh Truck Corp		45,052
1,694		Owens Corning, Inc		79,669
5,239		Paccar, Inc		248,329
2,087		Parker Hannifin Corp		202,397
181	*	Patrick Industries, Inc		7,873
2,753		Pentair plc		136,356
702	*	Perini Corp		11,751
692	*	Pgt, Inc		7,882
2,919	*,e	Plug Power, Inc		6,159
412	*	Ply Gem Holdings, Inc		5,166
125		Powell Industries, Inc		3,254
69	*,e	Power Solutions International, Inc		1,259
415	*	PowerSecure International, Inc		6,246
2,068		Precision Castparts Corp		479,797
28		Preformed Line Products Co		1,179
560		Primoris Services Corp		12,337
423	*,e	Proto Labs, Inc		26,941
492		Quanex Building Products Corp		10,258
2,937	*	Quanta Services, Inc		59,474
551		Raven Industries, Inc		8,596
4,557		Raytheon Co		567,483
437	*	RBC Bearings, Inc		28,226
757		Regal-Beloit Corp		44,300
1,689	*	Rexnord Corp		30,605
2,024		Rockwell Automation, Inc		207,683
1,998		Rockwell Collins, Inc		184,415
1,494		Roper Industries, Inc		283,546
626	*	Rush Enterprises, Inc (Class A)		13,703
554		Simpson Manufacturing Co, Inc		18,919
882		Snap-On, Inc		151,201
852	*,e	SolarCity Corp		43,469
136	*	Sparton Corp		2,719
2,039	*	Spirit Aerosystems Holdings, Inc (Class A)		102,093
588		SPX Corp		5,486
588	*	SPX FLOW, Inc		16,411
183		Standex International Corp		15,216
2,266		Stanley Works		241,850
279		Sun Hydraulics Corp		8,853
480		TAL International Group, Inc		7,632
773	*,e	Taser International, Inc		13,365
508	*	Teledyne Technologies, Inc		45,060
408		Tennant Co		22,954
1,508		Terex Corp		27,868
401	e	Textainer Group Holdings Ltd		5,658
4,107		Textron, Inc		172,535
267	*	The ExOne Company		2,681
460	*	Thermon Group Holdings		7,783
1,085		Timken Co		31,020
2,693	e	Titan International, Inc		10,610
282	*,e	Titan Machinery, Inc		3,082
912		Toro Co		66,640
798	*	TransDigm Group, Inc		182,303
467	*	Trex Co, Inc		17,765
649	*	Trimas Corp		12,104
2,205		Trinity Industries, Inc		52,964
710		Triumph Group, Inc		28,222
100		Twin Disc, Inc		1,052
1,518	*	United Rentals, Inc		110,116
13,328		United Technologies Corp		1,280,421
584	*	Univar, Inc		9,934

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

289		Universal Forest Products, Inc	$	19,759
1,341	*	USG Corp		32,573
340		Valmont Industries, Inc		36,047
156	*	Vectrus, Inc		3,259
112	*	Veritiv Corp		4,057
200	*	Vicor Corp		1,824
987	e	W.W. Grainger, Inc		199,956
976	*	Wabash National Corp		11,546
811	*	WABCO Holdings, Inc		82,933
376		Watsco, Inc		44,041
382		Watts Water Technologies, Inc (Class A)		18,974
635	*	WESCO International, Inc		27,737
1,471		Westinghouse Air Brake Technologies Corp		104,618
1,066		Woodward Governor Co		52,938
147	*	Xerium Technologies, Inc		1,742
2,609		Xylem, Inc		95,228

		TOTAL CAPITAL GOODS		24,862,378


COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
807		ABM Industries, Inc		22,975
731		Acacia Research (Acacia Technologies)		3,136
1,951	*	ACCO Brands Corp		13,911
287		Administaff, Inc		13,819
2,463	e	ADT Corp		81,230
661	*	Advisory Board Co		32,792
314		American Ecology Corp		11,442
601	*	ARC Document Solutions, Inc		2,656
97		Barrett Business Services, Inc		4,223
688		Brady Corp (Class A)		15,810
949		Brink’s Co		27,388
524	*	Casella Waste Systems, Inc (Class A)		3,134
557	*	CBIZ, Inc		5,492
189		CDI Corp		1,278
480		CEB, Inc		29,467
282		Ceco Environmental Corp		2,166
1,331		Cintas Corp		121,188
842	*	Clean Harbors, Inc		35,069
1,823	*	Copart, Inc		69,292
1,616	e	Covanta Holding Corp		25,032
128	*	CRA International, Inc		2,387
719		Deluxe Corp		39,214
550		Dun & Bradstreet Corp		57,162
351		Ennis, Inc		6,757
1,797		Equifax, Inc		200,132
528		Essendant, Inc		17,165
456		Exponent, Inc		22,777
148	*	Franklin Covey Co		2,478
598	*	FTI Consulting, Inc		20,727
286		G & K Services, Inc (Class A)		17,989
191	*	GP Strategies Corp		4,796
1,030		Healthcare Services Group		35,916
200		Heidrick & Struggles International, Inc		5,444
347	*	Heritage-Crystal Clean, Inc		3,678
842		Herman Miller, Inc		24,165
315	*	Hill International, Inc		1,222
641		HNI Corp		23,114
306	*	Huron Consulting Group, Inc		18,176
261	*	ICF International, Inc		9,281
2,113	*	ICO Global Communications Holdings Ltd		1,059
1,005	*	IHS, Inc (Class A)		119,022
491	*	Innerworkings, Inc		3,683
1,218		Interface, Inc		23,313
2,133		KAR Auction Services, Inc		78,985
439		Kelly Services, Inc (Class A)		7,090
366		Kforce, Inc		9,252

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

460		Kimball International, Inc (Class B)	$	4,494
669		Knoll, Inc		12,577
867		Korn/Ferry International		28,767
1,126		Manpower, Inc		94,911
550		Matthews International Corp (Class A)		29,398
379		McGrath RentCorp		9,547
220	*	Mistras Group, Inc		4,200
656		Mobile Mini, Inc		20,421
420		MSA Safety, Inc		18,257
167		Multi-Color Corp		9,988
700	*	Navigant Consulting, Inc		11,242
5,425		Nielsen NV		252,805
113	*	NL Industries, Inc		344
725	*	On Assignment, Inc		32,589
2,896		Pitney Bowes, Inc		59,802
313		Quad		2,911
3,055		R.R. Donnelley & Sons Co		44,970
3,678		Republic Services, Inc		161,795
514		Resources Connection, Inc		8,399
2,048		Robert Half International, Inc		96,543
1,379		Rollins, Inc		35,716
778	*	RPX Corp		8,558
241	*	SP Plus Corp		5,760
1,572		Steelcase, Inc (Class A)		23,423
1,260	*	Stericycle, Inc		151,956
294	*	Team, Inc		9,396
864		Tetra Tech, Inc		22,481
1,030		Towers Watson & Co		132,314
468	*	TransUnion		12,903
235	*	TRC Cos, Inc		2,174
590	*	TriNet Group, Inc		11,417
550	*	TrueBlue, Inc		14,168
6,406		Tyco International plc		204,287
301		Unifirst Corp		31,364
2,567	*	Verisk Analytics, Inc		197,351
291		Viad Corp		8,215
145	*	Volt Information Sciences, Inc		1,180
48		VSE Corp		2,985
563	*	WageWorks, Inc		25,543
1,932		Waste Connections, Inc		108,810
6,907		Waste Management, Inc		368,627
866		West Corp		18,680

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		3,577,752


CONSUMER DURABLES & APPAREL - 1.6%
171	e	Arctic Cat, Inc		2,801
372		Bassett Furniture Industries, Inc		9,330
565	*	Beazer Homes USA, Inc		6,492
271	*	Black Diamond, Inc		1,198
1,325		Brunswick Corp		66,926
1,137		CalAtlantic Group, Inc		43,115
1,140		Callaway Golf Co		10,739
770		Carter’s, Inc		68,553
119	*	Cavco Industries, Inc		9,914
221	*	Century Communities, Inc		3,914
244	*	Cherokee, Inc		4,209
4,055		Coach, Inc		132,720
492		Columbia Sportswear Co		23,990
1,231	*	CROCS, Inc		12,605
125		CSS Industries, Inc		3,547
110		Culp, Inc		2,802
498	*	Deckers Outdoor Corp		23,506
4,717		DR Horton, Inc		151,085
536	e	Ethan Allen Interiors, Inc		14,911
81		Flexsteel Industries, Inc		3,579

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

607	*,e	Fossil Group, Inc	$	22,192
1,834	e	Garmin Ltd		68,170
575	*	G-III Apparel Group Ltd		25,449
1,757	*,e	GoPro, Inc		31,644
976	*	Green Brick Partners, Inc		7,027
5,988		Hanesbrands, Inc		176,227
1,035		Harman International Industries, Inc		97,507
1,601		Hasbro, Inc		107,843
411	*	Helen of Troy Ltd		38,737
156		Hooker Furniture Corp		3,937
2,631	*,e	Hovnanian Enterprises, Inc (Class A)		4,762
753	*,e	Iconix Brand Group, Inc		5,143
287	*	Installed Building Products Inc		7,126
429	*,e	iRobot Corp		15,187
257	*,e	Jakks Pacific, Inc		2,046
3,189	*	Jarden Corp		182,156
70		Johnson Outdoors, Inc		1,532
1,827	*	Kate Spade & Co		32,466
1,672	e	KB Home		20,616
702		La-Z-Boy, Inc		17,143
1,983		Leggett & Platt, Inc		83,326
143		Lennar Corp (B Shares)		5,746
2,523	e	Lennar Corp (Class A)		123,400
192	*,e	LGI Homes, Inc		4,671
365		Libbey, Inc		7,782
112		Lifetime Brands, Inc		1,485
1,680	*,e	Lululemon Athletica, Inc		88,150
385	*	M/I Homes, Inc		8,439
200	*	Malibu Boats Inc		3,274
156		Marine Products Corp		942
4,985		Mattel, Inc		135,442
558		MDC Holdings, Inc		14,246
567	*	Meritage Homes Corp		19,272
2,746	*	Michael Kors Holdings Ltd		110,005
900	*	Mohawk Industries, Inc		170,451
227		Movado Group, Inc		5,836
66		Nacco Industries, Inc (Class A)		2,785
727	*	Nautilus, Inc		12,155
112	*	New Home Co Inc		1,452
4,078		Newell Rubbermaid, Inc		179,758
20,286		Nike, Inc (Class B)		1,267,875
59	*	NVR, Inc		96,937
292		Oxford Industries, Inc		18,635
365	*	Performance Sports Group Ltd		3,515
161	*	Perry Ellis International, Inc		2,966
1,294		Phillips-Van Heusen Corp		95,303
977	e	Polaris Industries, Inc		83,973
626		Pool Corp		50,568
5,283		Pulte Homes, Inc		94,143
892		Ralph Lauren Corp		99,440
539	*,e	Sequential Brands Group, Inc		4,263
1,967	*	Skechers U.S.A., Inc (Class A)		59,423
334	*	Skullcandy, Inc		1,580
1,177	*	Smith & Wesson Holding Corp		25,870
798	*	Steven Madden Ltd		24,116
272	e	Sturm Ruger & Co, Inc		16,214
100		Superior Uniform Group, Inc		1,698
680	*	Taylor Morrison Home Corp		10,880
899	*	Tempur-Pedic International, Inc		63,344
2,547	*	Toll Brothers, Inc		84,815
567	*	TopBuild Corp		17,447
2,322	*	TRI Pointe Homes, Inc		29,420
1,042	*	Tumi Holdings, Inc		17,328
719	e	Tupperware Corp		40,012
2,662	*,e	Under Armour, Inc (Class A)		214,584
226	*	Unifi, Inc		6,362

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

213	*	Universal Electronics, Inc	$	10,938
246	*,e	Vera Bradley, Inc		3,877
4,970		VF Corp		309,382
234	*	Vince Holding Corp		1,072
917	*	Vista Outdoor, Inc		40,816
226	*	WCI Communities, Inc		5,035
99		Weyco Group, Inc		2,649
1,145		Whirlpool Corp		168,166
428	*	William Lyon Homes, Inc		7,062
1,589		Wolverine World Wide, Inc		26,552
423	*	Zagg, Inc		4,628

		TOTAL CONSUMER DURABLES & APPAREL		5,452,351


CONSUMER SERVICES - 2.3%
342	*,e	2U, Inc		9,569
224	*	American Public Education, Inc		4,169
1,363	*	Apollo Group, Inc (Class A)		10,454
2,776		ARAMARK Holdings Corp		89,526
193	*	Ascent Media Corp (Series A)		3,227
1,433	*	Belmond Ltd.		13,613
298	*	BJ’s Restaurants, Inc		12,954
1,790		Bloomin’ Brands, Inc		30,233
331		Bob Evans Farms, Inc		12,859
120	*,e	Bojangles’, Inc		1,904
1,534	*	Boyd Gaming Corp		30,481
246	*	Bravo Brio Restaurant Group, Inc		2,214
192	*	Bridgepoint Education, Inc		1,461
538	*	Bright Horizons Family Solutions		35,938
928		Brinker International, Inc		44,498
271	*	Buffalo Wild Wings, Inc		43,265
674	*,e	Caesars Acquisition Co		4,590
785	*,e	Caesars Entertainment Corp		6,194
164		Capella Education Co		7,580
1,960	*	Career Education Corp		7,115
6,413		Carnival Corp		349,380
234		Carriage Services, Inc		5,639
507	*	Carrols Restaurant Group, Inc		5,952
701		Cheesecake Factory		32,323
1,106	*,e	Chegg, Inc		7,443
476	*	Chipotle Mexican Grill, Inc (Class A)		228,409
591		Choice Hotels International, Inc		29,792
194		Churchill Downs, Inc		27,449
215	*,e	Chuy’s Holdings, Inc		6,738
628		ClubCorp Holdings, Inc		11,474
92		Collectors Universe		1,426
295	e	Cracker Barrel Old Country Store, Inc		37,415
1,845		Darden Restaurants, Inc		117,416
327	*	Dave & Buster’s Entertainment, Inc		13,649
331	*	Del Frisco’s Restaurant Group, Inc		5,303
1,168	*	Denny’s Corp		11,481
918	e	DeVry, Inc		23,235
602	*,e	Diamond Resorts International, Inc		15,357
243		DineEquity, Inc		20,575
794		Domino’s Pizza, Inc		88,332
1,398		Dunkin Brands Group, Inc		59,541
196	*,e	El Pollo Loco Holdings, Inc		2,475
807	*	Eldorado Resorts, Inc		8,877
39	*,e	Empire Resorts, Inc		702
868		Extended Stay America, Inc		13,801
366	*	Fiesta Restaurant Group, Inc		12,298
48		Graham Holdings Co		23,279
675	*	Grand Canyon Education, Inc		27,081
3,580		H&R Block, Inc		119,250
163	*,e	Habit Restaurants, Inc		3,759
7,669		Hilton Worldwide Holdings, Inc		164,117

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,975	*	Houghton Mifflin Harcourt Co	$	43,016
490	*	Hyatt Hotels Corp		23,040
1,368	e	International Game Technology plc		22,134
373		International Speedway Corp (Class A)		12,578
474		Interval Leisure Group, Inc		7,399
251	*	Intrawest Resorts Holdings Inc		1,963
353	*	Isle of Capri Casinos, Inc		4,917
211	*	J Alexander’s Holdings, Inc		2,304
571		Jack in the Box, Inc		43,801
192	*,e	Jamba, Inc		2,590
461	*	K12, Inc		4,057
117	*,e	Kona Grill, Inc		1,856
940	*	Krispy Kreme Doughnuts, Inc		14,166
1,351	*	La Quinta Holdings, Inc		18,387
5,466		Las Vegas Sands Corp		239,629
83	e	Liberty Tax, Inc		1,978
1,352	*,e	LifeLock, Inc		19,401
271		Marcus Corp		5,141
2,947		Marriott International, Inc (Class A)		197,567
481		Marriott Vacations Worldwide Corp		27,393
14,350		McDonald’s Corp		1,695,309
6,814	*	MGM Resorts International		154,814
139	*	Monarch Casino & Resort, Inc		3,158
706	*	Morgans Hotel Group Co		2,379
279	*,e	Noodles & Co		2,704
2,054	*	Norwegian Cruise Line Holdings Ltd		120,364
414	*	Panera Bread Co (Class A)		80,639
450		Papa John’s International, Inc		25,142
1,142	*	Penn National Gaming, Inc		18,295
1,029	*	Pinnacle Entertainment, Inc		32,022
556	*	Planet Fitness, Inc		8,690
334	*	Popeyes Louisiana Kitchen, Inc		19,539
320	*,e	Potbelly Corp		3,747
204	*	Red Robin Gourmet Burgers, Inc		12,595
674	*	Regis Corp		9,537
2,602		Royal Caribbean Cruises Ltd		263,348
779	*	Ruby Tuesday, Inc		4,292
473		Ruth’s Chris Steak House, Inc		7,530
719	*,e	Scientific Games Corp (Class A)		6,449
956	e	SeaWorld Entertainment, Inc		18,824
2,996		Service Corp International		77,956
1,478	*	ServiceMaster Global Holdings, Inc		57,997
85	*,e	Shake Shack, Inc		3,366
1,042		Six Flags Entertainment Corp		57,247
729		Sonic Corp		23,554
897		Sotheby’s (Class A)		23,107
164		Speedway Motorsports, Inc		3,398
22,464		Starbucks Corp		1,348,514
2,457		Starwood Hotels & Resorts Worldwide, Inc		170,221
43	*	Steak N Shake Co		14,010
149	*	Strayer Education, Inc		8,958
997		Texas Roadhouse, Inc (Class A)		35,663
228		Universal Technical Institute, Inc		1,062
514		Vail Resorts, Inc		65,787
412	*,e	Weight Watchers International, Inc		9,394
3,688		Wendy’s		39,720
1,708		Wyndham Worldwide Corp		124,086
1,204	e	Wynn Resorts Ltd		83,305
6,442		Yum! Brands, Inc		470,588
274	*,e	Zoe’s Kitchen, Inc		7,667

		TOTAL CONSUMER SERVICES		7,654,106


DIVERSIFIED FINANCIALS - 4.0%
829	*	Affiliated Managers Group, Inc		132,441
7,403	*	Ally Financial, Inc		137,992

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

12,985		American Express Co	$	903,107
2,749		Ameriprise Financial, Inc		292,549
359	e	Arlington Asset Investment Corp (Class A)		4,750
514		Artisan Partners Asset Management, Inc		18,535
10	*	Ashford, Inc		533
86	*	Associated Capital Group, Inc		2,623
16,853		Bank of New York Mellon Corp		694,681
2,631		BGC Partners, Inc (Class A)		25,810
1,893		BlackRock, Inc		644,604
267		Calamos Asset Management, Inc (Class A)		2,585
8,240		Capital One Financial Corp		594,763
400		Cash America International, Inc		11,980
1,274		CBOE Holdings, Inc		82,683
17,158		Charles Schwab Corp		565,013
4,828		CME Group, Inc		437,417
291		Cohen & Steers, Inc		8,870
1,548	*,e	Cowen Group, Inc		5,929
151	*,e	Credit Acceptance Corp		32,317
42		Diamond Hill Investment Group, Inc		7,938
6,681		Discover Financial Services		358,235
4,248	*	E*TRADE Financial Corp		125,911
1,765		Eaton Vance Corp		57,239
375	*,e	Encore Capital Group, Inc		10,905
366	*	Enova International, Inc		2,419
499		Evercore Partners, Inc (Class A)		26,981
690	*	Ezcorp, Inc (Class A)		3,443
623		Factset Research Systems, Inc		101,281
1,349		Federated Investors, Inc (Class B)		38,649
99	e	Fifth Street Asset Management, Inc		323
745	e	Financial Engines, Inc		25,084
403	*	First Cash Financial Services, Inc		15,084
1,222	*	FNFV Group		13,723
5,754		Franklin Resources, Inc		211,862
464		Gain Capital Holdings, Inc		3,763
86		GAMCO Investors, Inc (Class A)		2,669
6,468		Goldman Sachs Group, Inc		1,165,728
662	*	Green Dot Corp		10,870
424		Greenhill & Co, Inc		12,131
655		HFF, Inc (Class A)		20,351
824		Interactive Brokers Group, Inc (Class A)		35,926
1,676		IntercontinentalExchange Group, Inc		429,492
215	*	INTL FCStone, Inc		7,194
6,484		Invesco Ltd		217,084
524		Investment Technology Group, Inc		8,918
12,500	e	iShares Russell 3000 Index Fund		1,503,875
2,141		Janus Capital Group, Inc		30,167
767	*	KCG Holdings, Inc		9,442
1,533	*,e	Ladenburg Thalmann Financial Services, Inc		4,231
1,815		Lazard Ltd (Class A)		81,693
1,408		Legg Mason, Inc		55,236
963	*,e	LendingClub Corp		10,641
5,119		Leucadia National Corp		89,019
1,173	e	LPL Financial Holdings, Inc		50,028
536		MarketAxess Holdings, Inc		59,812
102		Marlin Business Services Corp		1,638
4,114		McGraw-Hill Financial, Inc		405,558
249		Moelis & Co		7,266
2,643		Moody’s Corp		265,199
22,737		Morgan Stanley		723,264
279		Morningstar, Inc		22,434
1,620		MSCI, Inc (Class A)		116,851
1,717		NASDAQ OMX Group, Inc		99,878
5,649		Navient Corp		64,681
339		Nelnet, Inc (Class A)		11,380
341	*	NewStar Financial, Inc		3,062
3,494		Northern Trust Corp		251,882

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,792		NorthStar Asset Management Group, Inc	$	33,895
349		OM Asset Management plc		5,350
158	*,e	On Deck Capital, Inc		1,627
740	*	OneMain Holdings, Inc		30,740
147		Oppenheimer Holdings, Inc		2,555
324	*	Pico Holdings, Inc		3,344
236	*	Piper Jaffray Cos		9,534
754	*,e	PRA Group, Inc		26,156
189		Pzena Investment Management, Inc (Class A)		1,625
1,837		Raymond James Financial, Inc		106,491
143	*	Regional Management Corp		2,212
238		Resource America, Inc (Class A)		1,459
296	*	Safeguard Scientifics, Inc		4,295
1,279	*	Santander Consumer USA Holdings, Inc		20,272
2,006		SEI Investments Co		105,114
6,344	*	SLM Corp		41,363
6,168		State Street Corp		409,308
977	*	Stifel Financial Corp		41,386
12,334	*	Synchrony Financial		375,077
3,948		T Rowe Price Group, Inc		282,243
3,844		TD Ameritrade Holding Corp		133,425
433		Tiptree Financial, Inc		2,659
317		Virtu Financial, Inc		7,177
95		Virtus Investment Partners, Inc		11,159
3,297		Voya Financial, Inc		121,692
1,207		Waddell & Reed Financial, Inc (Class A)		34,593
113		Westwood Holdings Group, Inc		5,886
1,867		WisdomTree Investments, Inc		29,275
124	*,e	World Acceptance Corp		4,600

		TOTAL DIVERSIFIED FINANCIALS		13,234,134


ENERGY - 5.9%
1,395	*	Abraxas Petroleum Corp		1,479
30		Adams Resources & Energy, Inc		1,152
730		Alon USA Energy, Inc		10,833
7,567		Anadarko Petroleum Corp		367,605
1,004	*,e	Antero Resources Corp		21,887
5,651		Apache Corp		251,300
999		Archrock, Inc		7,512
242		Ardmore Shipping Corp		3,078
929	e	Atwood Oceanics, Inc		9,504
6,450		Baker Hughes, Inc		297,667
1,513	*,e	Basic Energy Services, Inc		4,055
901	*,e	Bill Barrett Corp		3,541
1,097	*,e	Bonanza Creek Energy, Inc		5,781
499		Bristow Group, Inc		12,924
1,330	*,e	C&J Energy Services Ltd		6,331
6,133		Cabot Oil & Gas Corp		108,493
5,505		California Resources Corp		12,827
966	*	Callon Petroleum Co		8,056
2,889	*	Cameron International Corp		182,585
335	e	CARBO Ceramics, Inc		5,762
743	*	Carrizo Oil & Gas, Inc		21,978
3,450	*	Cheniere Energy, Inc		128,513
8,636	e	Chesapeake Energy Corp		38,862
28,150		Chevron Corp		2,532,374
1,360		Cimarex Energy Co		121,557
90	*,e	Clayton Williams Energy, Inc		2,661
2,148	*,e	Clean Energy Fuels Corp		7,733
3,851	*,e	Cloud Peak Energy, Inc		8,010
5,265	*	Cobalt International Energy, Inc		28,431
5,929		Columbia Pipeline Group, Inc		118,580
1,916	*	Concho Resources, Inc		177,920
18,460		ConocoPhillips		861,897
3,293	e	Consol Energy, Inc		26,015

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

368	*	Contango Oil & Gas Co	$	2,359
1,246	*	Continental Resources, Inc		28,633
212	e	CVR Energy, Inc		8,342
967		Delek US Holdings, Inc		23,788
7,762	e	Denbury Resources, Inc		15,679
6,036		Devon Energy Corp		193,152
1,169		DHT Holdings, Inc		9,457
904	e	Diamond Offshore Drilling, Inc		19,074
1,030	*	Diamondback Energy, Inc		68,907
532	*	Dorian LPG Ltd		6,262
548	*	Dril-Quip, Inc		32,458
713	*,e	Eclipse Resources Corp		1,298
1,167		Energen Corp		47,835
612	*	Energy Fuels, Inc		1,805
3,370		Ensco plc		51,864
8,220		EOG Resources, Inc		581,894
521	*,e	EP Energy Corp		2,282
2,269		EQT Corp		118,283
272	*	Era Group, Inc		3,033
1,867	*,e	Erin Energy Corp		5,974
468		Evolution Petroleum Corp		2,251
499	*	Exterran Corp		8,009
62,585	d	Exxon Mobil Corp		4,878,500
1,740	*,e	Fairmount Santrol Holdings, Inc		4,089
3,593	*	FMC Technologies, Inc		104,233
847	*	Forum Energy Technologies, Inc		10,554
467		Frank’s International NV		7,794
1,979		Frontline Ltd		5,917
690	e	GasLog Ltd		5,727
1,444	*,e	Gastar Exploration, Inc		1,892
310	*,e	Geospace Technologies Corp		4,362
1,362		Golar LNG Ltd		21,506
569		Green Plains Renewable Energy, Inc		13,030
1,627	*,e	Gulfmark Offshore, Inc		7,598
1,710	*	Gulfport Energy Corp		42,015
1,079	*,e	Halcon Resources Corp		1,360
153	e	Hallador Petroleum Co		698
12,756		Halliburton Co		434,214
1,588	*	Helix Energy Solutions Group, Inc		8,353
1,353	e	Helmerich & Payne, Inc		72,453
3,782		Hess Corp		183,351
2,837		HollyFrontier Corp		113,168
615	*,e	Hornbeck Offshore Services, Inc		6,113
1,960	*,e	ION Geophysical Corp		986
13	*	Isramco, Inc		1,161
402	*,e	Jones Energy, Inc (Class A)		1,548
26,562		Kinder Morgan, Inc		396,305
2,251	*	Kosmos Energy LLC		11,705
2,320	*,e	Laredo Petroleum Holdings, Inc		18,537
10,238		Marathon Oil Corp		128,896
8,091		Marathon Petroleum Corp		419,437
1,143	*	Matador Resources Co		22,597
383	*	Matrix Service Co		7,867
4,745	*,e	McDermott International, Inc		15,896
1,191	*	Memorial Resource Development Corp		19,235
2,559		Murphy Oil Corp		57,450
5,154		Nabors Industries Ltd		43,861
5,813		National Oilwell Varco, Inc		194,677
180	*	Natural Gas Services Group, Inc		4,014
764	e	Navios Maritime Acq Corp		2,300
2,360	*	Newfield Exploration Co		76,842
1,448	*	Newpark Resources, Inc		7,645
3,347	e	Noble Corp plc		35,311
6,298		Noble Energy, Inc		207,393
430	e	Nordic American Offshore Ltd		2,266
1,193	e	Nordic American Tanker Shipping		18,539

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES ��		COMPANY	VALUE

148	*	North Atlantic Drilling Ltd	$	364
911	*,e	Northern Oil And Gas, Inc		3,516
2,205	*,e	Oasis Petroleum, Inc		16,251
11,501		Occidental Petroleum Corp		777,583
1,421		Oceaneering International, Inc		53,316
745	*	Oil States International, Inc		20,301
3,004		Oneok, Inc		74,079
627	*,e	Pacific Ethanol, Inc		2,997
355		Panhandle Oil and Gas, Inc (Class A)		5,737
234	*	Par Petroleum Corp		5,508
2,470	*	Parker Drilling Co		4,495
1,195	*	Parsley Energy, Inc		22,048
2,118		Patterson-UTI Energy, Inc		31,939
1,435		PBF Energy, Inc		52,822
707	*	PDC Energy, Inc		37,740
176	*	PHI, Inc		2,888
8,111		Phillips 66		663,480
1,182	*	Pioneer Energy Services Corp		2,565
2,237		Pioneer Natural Resources Co		280,475
2,504		Questar Market Resources, Inc		33,554
2,345	e	Range Resources Corp		57,710
641	*	Renewable Energy Group, Inc		5,955
92	*,e	Rex Stores Corp		4,974
1,390	*	Rice Energy, Inc		15,151
159	*	RigNet, Inc		3,290
707	*	Ring Energy, Inc		4,984
1,813		Rowan Cos plc		30,730
849	e	RPC, Inc		10,146
787	*	RSP Permian, Inc		19,195
847	*,e	Sanchez Energy Corp		3,651
19,009		Schlumberger Ltd		1,325,878
2,573		Scorpio Tankers, Inc		20,635
346	*,e	SEACOR Holdings, Inc		18,186
5,991	*,e	Seadrill Ltd		20,309
633		SemGroup Corp		18,268
859	e	Ship Finance International Ltd		14,234
1,025	e	SM Energy Co		20,152
5,536	*,e	Southwestern Energy Co		39,361
9,730		Spectra Energy Corp		232,936
864	*,e	Stone Energy Corp		3,707
2,173		Superior Energy Services		29,270
2,117	*	Synergy Resources Corp		18,037
870		Targa Resources Investments, Inc		23,542
674	e	Teekay Corp		6,652
1,211		Teekay Tankers Ltd (Class A)		8,332
465		Tesco Corp		3,367
1,906		Tesoro Corp		200,835
1,686	*	Tetra Technologies, Inc		12,679
680	e	Tidewater, Inc		4,733
1,702	*	TransAtlantic Petroleum Ltd		2,366
2,775	*,e	Ultra Petroleum Corp		6,938
1,355	*	Unit Corp		16,531
5,822	*,e	Uranium Energy Corp		6,171
1,014	e	US Silica Holdings Inc		18,992
7,223		Valero Energy Corp		510,738
923	*,e	W&T Offshore, Inc		2,132
11,035	*	Weatherford International Ltd		92,584
1,189		Western Refining, Inc		42,352
3,161	*	Whiting Petroleum Corp		29,840
11,280		Williams Cos, Inc		289,896
1,038		World Fuel Services Corp		39,921
3,507	*	WPX Energy, Inc		20,130

		TOTAL ENERGY		19,598,085

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

FOOD & STAPLES RETAILING - 2.1%
418		Andersons, Inc	$	13,221
618		Casey’s General Stores, Inc		74,438
300	*,e	Chefs’ Warehouse Holdings, Inc		5,004
6,587		Costco Wholesale Corp		1,063,801
16,892		CVS Health Corp		1,651,531
638	*,e	Fresh Market, Inc		14,942
248		Ingles Markets, Inc (Class A)		10,932
14,535		Kroger Co		607,999
95	*	Natural Grocers by Vitamin C		1,935
278		Pricesmart, Inc		23,071
15,693	*	Rite Aid Corp		123,033
389	*	Smart & Final Stores, Inc		7,084
546		Spartan Stores, Inc		11,816
2,229	*	Sprouts Farmers Market, Inc		59,269
3,759	*	Supervalu, Inc		25,486
8,968		Sysco Corp		367,688
759	*	United Natural Foods, Inc		29,874
77		Village Super Market (Class A)		2,029
12,872		Walgreens Boots Alliance, Inc		1,096,115
23,648		Wal-Mart Stores, Inc		1,449,622
148		Weis Markets, Inc		6,556
5,384		Whole Foods Market, Inc		180,364

		TOTAL FOOD & STAPLES RETAILING		6,825,810


FOOD, BEVERAGE & TOBACCO - 4.9%
100	e	Alico, Inc		3,869
29,377		Altria Group, Inc		1,710,035
756	*,e	Amplify Snack Brands, Inc		8,709
9,297		Archer Daniels Midland Co		341,014
832		B&G Foods, Inc (Class A)		29,137
567	*,e	Blue Buffalo Pet Products, Inc		10,609
130	*,e	Boston Beer Co, Inc (Class A)		26,248
817	*	Boulder Brands, Inc		8,971
398	e	Brown-Forman Corp		43,824
1,735		Brown-Forman Corp (Class B)		172,251
2,110		Bunge Ltd		144,071
271		Calavo Growers, Inc		13,279
486	e	Cal-Maine Foods, Inc		22,521
2,561		Campbell Soup Co		134,581
870	*,e	Castle Brands, Inc		1,070
62		Coca-Cola Bottling Co Consolidated		11,316
58,699		Coca-Cola Co		2,521,709
3,531		Coca-Cola Enterprises, Inc		173,867
6,284		ConAgra Foods, Inc		264,934
2,453		Constellation Brands, Inc (Class A)		349,405
142	*	Craft Brewers Alliance, Inc		1,189
2,386	*	Darling International, Inc		25,101
1,357		Dean Foods Co		23,273
382	*	Diamond Foods, Inc		14,726
2,859		Dr Pepper Snapple Group, Inc		266,459
200	*	Farmer Bros Co		6,454
2,611		Flowers Foods, Inc		56,110
482		Fresh Del Monte Produce, Inc		18,740
307	*,e	Freshpet, Inc		2,607
9,023		General Mills, Inc		520,266
1,478	*	Hain Celestial Group, Inc		59,696
2,251		Hershey Co		200,947
2,054		Hormel Foods Corp		162,430
1,024		Ingredion, Inc		98,140
281	*,e	Inventure Foods, Inc		1,995
209		J&J Snack Foods Corp		24,384
1,820		J.M. Smucker Co		224,479
121		John B. Sanfilippo & Son, Inc		6,538
3,771		Kellogg Co		272,530

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,893		Keurig Green Mountain, Inc	$	170,332
8,876		Kraft Heinz Co		645,818
341		Lancaster Colony Corp		39,372
689		Lance, Inc		23,633
359	*	Landec Corp		4,247
244	*	Lifeway Foods, Inc		2,708
150	e	Limoneira Co		2,241
1,877		McCormick & Co, Inc		160,596
3,014		Mead Johnson Nutrition Co		237,955
162		Mgp Ingredients, Inc		4,204
2,052		Molson Coors Brewing Co (Class B)		192,724
24,354		Mondelez International, Inc		1,092,033
2,267	*	Monster Beverage Corp		337,692
162	*	National Beverage Corp		7,361
311	*	Omega Protein Corp		6,904
22,096		PepsiCo, Inc		2,207,832
23,191		Philip Morris International, Inc		2,038,721
922	e	Pilgrim’s Pride Corp		20,367
1,676		Pinnacle Foods, Inc		71,163
904	*	Post Holdings, Inc		55,777
12,436		Reynolds American, Inc		573,921
320	e	Sanderson Farms, Inc		24,806
4	*	Seaboard Corp		11,579
134	*	Seneca Foods Corp		3,883
309	*,e	Synutra International, Inc		1,455
349	e	Tootsie Roll Industries, Inc		11,025
616	*	TreeHouse Foods, Inc		48,331
4,298		Tyson Foods, Inc (Class A)		229,212
446	e	Universal Corp		25,012
1,500	e	Vector Group Ltd		35,385
2,520	*	WhiteWave Foods Co (Class A)		98,053

		TOTAL FOOD, BEVERAGE & TOBACCO		16,361,826


HEALTH CARE EQUIPMENT & SERVICES - 5.1%
115	*	AAC Holdings, Inc		2,192
317		Abaxis, Inc		17,651
22,355		Abbott Laboratories		1,003,963
669	*	Abiomed, Inc		60,397
741	*	Acadia Healthcare Co, Inc		46,283
1,151	*,e	Accuray, Inc		7,769
413		Aceto Corp		11,143
85	*	Addus HomeCare Corp		1,979
91	*,e	Adeptus Health, Inc		4,961
5,197		Aetna Inc		561,900
564	*,e	Air Methods Corp		23,648
1,163	*	Align Technology, Inc		76,584
67	*	Alliance HealthCare Services, Inc		615
2,611	*	Allscripts Healthcare Solutions, Inc		40,157
101	*	Almost Family, Inc		3,861
403	*	Amedisys, Inc		15,846
3,086		AmerisourceBergen Corp		320,049
688	*	AMN Healthcare Services, Inc		21,362
698	*	Amsurg Corp		53,048
177		Analogic Corp		14,620
364	*	Angiodynamics, Inc		4,419
183	*	Anika Therapeutics, Inc		6,983
2,094	*,e	Antares Pharma, Inc		2,534
3,963		Anthem, Inc		552,601
581	*,e	athenahealth, Inc		93,524
403	*	AtriCure, Inc		9,043
29		Atrion Corp		11,055
1,115		Bard (C.R.), Inc		211,226
8,223		Baxter International, Inc		313,707
3,137		Becton Dickinson & Co		483,380
918	*,e	BioScrip, Inc		1,606

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

354	*	BioTelemetry, Inc	$	4,135
20,207	*	Boston Scientific Corp		372,617
2,647	*	Brookdale Senior Living, Inc		48,864
484		Cantel Medical Corp		30,076
442	*	Capital Senior Living Corp		9,220
4,962		Cardinal Health, Inc		442,958
459	*,e	Cardiovascular Systems, Inc		6,940
470	*,e	Castlight Health, Inc		2,007
1,865	*	Centene Corp		122,736
4,438	*	Cerner Corp		267,034
1,390	*,e	Cerus Corp		8,785
278	e	Chemed Corp		41,644
3,835		Cigna Corp		561,176
172	*	Civitas Solutions, Inc		4,952
2,019	*	Community Health Systems, Inc		53,564
168	e	Computer Programs & Systems, Inc		8,358
477	*,e	ConforMIS, Inc		8,247
397		Conmed Corp		17,488
100	*	Connecture, Inc		361
735		Cooper Cos, Inc		98,637
312	*,e	Corindus Vascular Robotics, Inc		1,002
180	*	Corvel Corp		7,906
459	*	Cross Country Healthcare, Inc		7,523
377		CryoLife, Inc		4,064
202	*	Cutera, Inc		2,584
319	*	Cynosure, Inc (Class A)		14,250
2,638	*	DaVita, Inc		183,895
2,083		Dentsply International, Inc		126,751
1,191	*	DexCom, Inc		97,543
524	*,e	Diplomat Pharmacy, Inc		17,931
3,190	*	Edwards Lifesciences Corp		251,946
960	*,e	Endologix, Inc		9,504
734		Ensign Group, Inc		16,610
75	*	Entellus Medical, Inc		1,264
2,674	*	Envision Healthcare Holdings, Inc		69,444
131	*	Exactech, Inc		2,378
598	*	ExamWorks Group, Inc		15,907
10,058	*	Express Scripts Holding Co		879,170
635	*	Five Star Quality Care, Inc		2,019
548	*	Genesis Health Care, Inc		1,902
665	*,e	GenMark Diagnostics, Inc		5,160
1,078	*	Globus Medical, Inc		29,990
367	*	Greatbatch, Inc		19,267
745	*	Haemonetics Corp		24,019
725	*	Halyard Health, Inc		24,222
506	*	Hanger Orthopedic Group, Inc		8,324
4,743	*	HCA Holdings, Inc		320,769
1,258	*	Health Net, Inc		86,123
518	*	HealthEquity, Inc		12,986
1,313		Healthsouth Corp		45,706
367	*	HealthStream, Inc		8,074
402	*	Healthways, Inc		5,174
241	*,e	HeartWare International, Inc		12,146
1,278	*	Henry Schein, Inc		202,167
815		Hill-Rom Holdings, Inc		39,169
1,267	*	HMS Holdings Corp		15,635
3,770	*	Hologic, Inc		145,861
2,267		Humana, Inc		404,682
202	*	ICU Medical, Inc		22,782
1,489	*	Idexx Laboratories, Inc		108,578
126	*	Imprivata, Inc		1,424
1,943	*	IMS Health Holdings, Inc		49,488
219	*	Inogen Inc		8,780
277	*,e	Inovalon Holdings, Inc		4,709
877	*	Insulet Corp		33,159
367	*	Integra LifeSciences Holdings Corp		24,875

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

564	*	Intuitive Surgical, Inc	$	308,034
463		Invacare Corp		8,052
1,225	*	Inverness Medical Innovations, Inc		47,885
376	*,e	InVivo Therapeutics Holdings Corp		2,707
44	*	iRadimed Corp		1,233
199	*	K2M Group Holdings, Inc		3,928
1,162		Kindred Healthcare, Inc		13,839
1,542	*	Laboratory Corp of America Holdings		190,653
128	e	Landauer, Inc		4,214
309	*	LDR Holding Corp		7,759
185		LeMaitre Vascular, Inc		3,191
267	*	LHC Group, Inc		12,092
658	*	LifePoint Hospitals, Inc		48,297
652	*	LivaNova plc		38,709
405	*	Magellan Health Services, Inc		24,972
633	*	Masimo Corp		26,276
3,486		McKesson Corp		687,544
873	*	MedAssets, Inc		27,011
793	*	Medidata Solutions, Inc		39,087
21,334		Medtronic plc		1,641,011
601		Meridian Bioscience, Inc		12,333
638	*	Merit Medical Systems, Inc		11,860
610	*	Molina Healthcare, Inc		36,679
138		National Healthcare Corp		8,515
133		National Research Corp		2,133
470	*	Natus Medical, Inc		22,583
594	*	Neogen Corp		33,573
368	*	Nevro Corp		24,844
459	*,e	Nobilis Health Corp		1,294
695	*	NuVasive, Inc		37,606
920	*	NxStage Medical, Inc		20,157
517	*	Omnicell, Inc		16,068
749	*	OraSure Technologies, Inc		4,824
267	*	Orthofix International NV		10,469
999		Owens & Minor, Inc		35,944
286	*,e	Oxford Immunotec Global plc		3,289
1,239		Patterson Cos, Inc		56,015
1,412	*	Pediatrix Medical Group, Inc		101,184
435	*	PharMerica Corp		15,225
546	*	Premier, Inc		19,257
151	*	Press Ganey Holdings, Inc		4,764
199	*	Providence Service Corp		9,337
724		Quality Systems, Inc		11,671
2,180		Quest Diagnostics, Inc		155,085
382	*	Quidel Corp		8,098
415	*	RadNet, Inc		2,565
2,188		Resmed, Inc		117,474
726	*,e	Rockwell Medical Technologies, Inc		7,434
837	*	RTI Biologics, Inc		3,323
122	*	SeaSpine Holdings Corp		2,096
167	*,e	Second Sight Medical Products, Inc		984
1,504		Select Medical Holdings Corp		17,913
815	*	Sirona Dental Systems, Inc		89,300
592	*	Spectranetics Corp		8,916
4,154		St. Jude Medical, Inc		256,593
515	*	Staar Surgical Co		3,677
1,263	e	STERIS plc		95,154
5,044		Stryker Corp		468,789
351	*	Surgical Care Affiliates, Inc		13,973
332	*	SurModics, Inc		6,730
255	*	Tandem Diabetes Care, Inc		3,012
1,034	*	Team Health Holdings, Inc		45,382
490	*,e	Teladoc, Inc		8,800
664		Teleflex, Inc		87,283
1,416	*	Tenet Healthcare Corp		42,905
385	*,e	TransEnterix, Inc		955

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

334	*	Triple-S Management Corp (Class B)	$	7,986
239	*,e	Trupanion, Inc		2,333
1,710	*,e	Unilife Corp		847
14,251		UnitedHealth Group, Inc		1,676,488
720		Universal American Corp		5,040
1,337		Universal Health Services, Inc (Class B)		159,758
178		US Physical Therapy, Inc		9,555
52		Utah Medical Products, Inc		3,044
1,462	*	Varian Medical Systems, Inc		118,130
249	*	Vascular Solutions, Inc		8,563
1,259	*	VCA Antech, Inc		69,245
1,018	*,e	Veeva Systems, Inc		29,369
202	*,e	Veracyte, Inc		1,454
375	*	Vocera Communications, Inc		4,575
632	*	WellCare Health Plans, Inc		49,429
1,037		West Pharmaceutical Services, Inc		62,448
1,319	*	Wright Medical Group NV		31,893
438	*,e	Zeltiq Aesthetics, Inc		12,496
2,522		Zimmer Holdings, Inc		258,732

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		17,058,711


HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
5,788	e	Avon Products, Inc		23,441
580	*	Central Garden and Pet Co (Class A)		7,888
1,968		Church & Dwight Co, Inc		167,044
1,957		Clorox Co		248,206
13,560		Colgate-Palmolive Co		903,367
1,382	e	Coty, Inc		35,421
894		Edgewell Personal Care Co		70,063
373	*,e	Elizabeth Arden, Inc		3,693
894		Energizer Holdings, Inc		30,450
3,114		Estee Lauder Cos (Class A)		274,219
1,076	*,e	Herbalife Ltd		57,695
1,236	*	HRG Group, Inc		16,760
223		Inter Parfums, Inc		5,312
5,465		Kimberly-Clark Corp		695,695
152	*	Medifast, Inc		4,618
111	e	Natural Health Trends Corp		3,722
140		Nature’s Sunshine Products, Inc		1,417
843	e	Nu Skin Enterprises, Inc (Class A)		31,941
127	*	Nutraceutical International Corp		3,279
63		Oil-Dri Corp of America		2,320
108		Orchids Paper Products Co		3,339
40,611		Procter & Gamble Co		3,224,920
162	*	Revlon, Inc (Class A)		4,510
403		Spectrum Brands, Inc		41,025
92	*	USANA Health Sciences, Inc		11,753
208		WD-40 Co		20,519

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		5,892,617


INSURANCE - 4.1%
4,868		ACE Ltd		568,826
6,512		Aflac, Inc		390,069
250	*	Alleghany Corp		119,483
1,633		Allied World Assurance Co Holdings Ltd		60,731
5,778		Allstate Corp		358,756
653	*	AMBAC Financial Group, Inc		9,201
1,193		American Equity Investment Life Holding Co		28,668
972		American Financial Group, Inc		70,062
18,512		American International Group, Inc		1,147,189
105		American National Insurance Co		10,738
276		Amerisafe, Inc		14,048
523		Amtrust Financial Services, Inc		32,206
4,235		Aon plc		390,509

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,888	*	Arch Capital Group Ltd	$	131,688
403		Argo Group International Holdings Ltd		24,116
2,625		Arthur J. Gallagher & Co		107,468
878		Aspen Insurance Holdings Ltd		42,407
961		Assurant, Inc		77,399
2,304		Assured Guaranty Ltd		60,895
154	*	Atlas Financial Holdings, Inc		3,065
1,620		Axis Capital Holdings Ltd		91,076
125		Baldwin & Lyons, Inc (Class B)		3,004
27,840	*	Berkshire Hathaway, Inc (Class B)		3,675,994
1,663		Brown & Brown, Inc		53,382
3,454		Chubb Corp		458,139
2,559		Cincinnati Financial Corp		151,416
590	*,e	Citizens, Inc (Class A)		4,384
303		CNA Financial Corp		10,650
2,903		Conseco, Inc		55,418
375		Crawford & Co (Class B)		1,991
143		Donegal Group, Inc (Class A)		2,013
90		EMC Insurance Group, Inc		2,277
458		Employers Holdings, Inc		12,503
913		Endurance Specialty Holdings Ltd		58,423
148	*	Enstar Group Ltd		22,206
435		Erie Indemnity Co (Class A)		41,603
683		Everest Re Group Ltd		125,050
130		FBL Financial Group, Inc (Class A)		8,273
201		Federated National Holding Co		5,942
1,654		First American Financial Corp		59,379
4,111		FNF Group		142,528
7,337	*	Genworth Financial, Inc (Class A)		27,367
420	*	Greenlight Capital Re Ltd (Class A)		7,858
198	*	Hallmark Financial Services		2,315
634		Hanover Insurance Group, Inc		51,570
6,230		Hartford Financial Services Group, Inc		270,756
121	e	HCI Group, Inc		4,217
362	*	Heritage Insurance Holdings, Inc		7,899
467		Horace Mann Educators Corp		15,495
102		Independence Holding Co		1,413
166		Infinity Property & Casualty Corp		13,650
162		James River Group Holdings Ltd		5,433
614		Kemper Corp		22,872
3,723		Lincoln National Corp		187,118
4,751		Loews Corp		182,438
553		Maiden Holdings Ltd		8,245
207	*	Markel Corp		182,853
8,043		Marsh & McLennan Cos, Inc		445,984
2,232	*	MBIA, Inc		14,463
494		Mercury General Corp		23,006
14,080		Metlife, Inc		678,797
515		National General Holdings Corp		11,258
95		National Interstate Corp		2,537
33		National Western Life Group, Inc		8,314
149	*	Navigators Group, Inc		12,783
3,761		Old Republic International Corp		70,067
313		OneBeacon Insurance Group Ltd (Class A)		3,884
741		PartnerRe Ltd		103,547
736		Primerica, Inc		34,761
4,415		Principal Financial Group		198,587
1,060		ProAssurance Corp		51,442
8,719		Progressive Corp		277,264
6,749		Prudential Financial, Inc		549,436
1,054		Reinsurance Group of America, Inc (Class A)		90,170
770		RenaissanceRe Holdings Ltd		87,156
768		RLI Corp		47,424
216		Safety Insurance Group, Inc		12,178
819		Selective Insurance Group, Inc		27,502
671		Stancorp Financial Group, Inc		76,413

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

200		State Auto Financial Corp	$	4,118
436		State National Cos, Inc		4,277
329		Stewart Information Services Corp		12,282
1,331		Symetra Financial Corp		42,286
1,221	*	Third Point Reinsurance Ltd		16,374
1,815		Torchmark Corp		103,745
4,757		Travelers Cos, Inc		536,875
110	*	United America Indemnity Ltd		3,192
234		United Fire & Casualty Co		8,965
255		United Insurance Holdings Corp		4,361
456	e	Universal Insurance Holdings, Inc		10,570
3,686		UnumProvident Corp		122,707
1,218		Validus Holdings Ltd		56,381
1,346		W.R. Berkley Corp		73,694
98		White Mountains Insurance Group Ltd		71,227
4,574		XL Capital Ltd		179,209

		TOTAL INSURANCE		13,701,910


MATERIALS - 3.1%
412		A. Schulman, Inc		12,624
78	*	AEP Industries, Inc		6,018
3,229		Air Products & Chemicals, Inc		420,125
1,095		Airgas, Inc		151,460
3,755	*,e	AK Steel Holding Corp		8,411
1,735		Albemarle Corp		97,177
19,492		Alcoa, Inc		192,386
1,514	e	Allegheny Technologies, Inc		17,032
429		American Vanguard Corp		6,010
1,019		Aptargroup, Inc		74,030
954		Ashland, Inc		97,976
1,310		Avery Dennison Corp		82,085
1,447	*	Axalta Coating Systems Ltd		38,563
1,085		Axiall Corp		16,709
437		Balchem Corp		26,570
1,984		Ball Corp		144,296
1,495		Bemis Co, Inc		66,812
1,716	*	Berry Plastics Group, Inc		62,085
571	*	Boise Cascade Co		14,578
300		Brush Engineered Materials, Inc		8,400
912		Cabot Corp		37,283
730		Calgon Carbon Corp		12,592
723		Carpenter Technology Corp		21,885
2,335		Celanese Corp (Series A)		157,216
742	*,e	Century Aluminum Co		3,280
3,559		CF Industries Holdings, Inc		145,243
90		Chase Corp		3,666
2,604		Chemours Co		13,957
1,111	*	Chemtura		30,297
372	*	Clearwater Paper Corp		16,937
5,053	*,e	Cliffs Natural Resources, Inc		7,984
2,109	*,e	Coeur Mining, Inc		5,230
1,538		Commercial Metals Co		21,055
486		Compass Minerals International, Inc		36,581
115	*	Core Molding Technologies, Inc		1,475
2,131	*	Crown Holdings, Inc		108,042
156		Deltic Timber Corp		9,184
915		Domtar Corp		33,809
16,785		Dow Chemical Co		864,092
13,478		Du Pont (E.I.) de Nemours & Co		897,635
723		Eagle Materials, Inc		43,691
2,137		Eastman Chemical Co		144,269
3,965		Ecolab, Inc		453,517
1,059	*	Ferro Corp		11,776
835	*,e	Flotek Industries, Inc		9,552
1,884		FMC Corp		73,721

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

16,725		Freeport-McMoRan Copper & Gold, Inc (Class B)	$	113,228
353		FutureFuel Corp		4,765
553		Glatfelter		10,197
4,735		Graphic Packaging Holding Co		60,750
417		Greif, Inc (Class A)		12,848
728		H.B. Fuller Co		26,550
142		Hawkins, Inc		5,079
166		Haynes International, Inc		6,091
1,060	*	Headwaters, Inc		17,882
7,872		Hecla Mining Co		14,878
4,078	*,e	Horsehead Holding Corp		8,360
3,515		Huntsman Corp		39,966
294		Innophos Holdings, Inc		8,520
351		Innospec, Inc		19,063
1,215		International Flavors & Fragrances, Inc		145,363
6,275		International Paper Co		236,567
748	*	Intrepid Potash, Inc		2,207
245		Kaiser Aluminum Corp		20,497
1,230		Kapstone Paper and Packaging Corp		27,786
139		KMG Chemicals, Inc		3,200
296		Koppers Holdings, Inc		5,402
448	*	Kraton Polymers LLC		7,441
274	e	Kronos Worldwide, Inc		1,545
2,147	*	Louisiana-Pacific Corp		38,667
1,745	*,e	LSB Industries, Inc		12,651
5,465		LyondellBasell Industries AF S.C.A		474,908
1,031		Martin Marietta Materials, Inc		140,814
492		Minerals Technologies, Inc		22,563
6,575		Monsanto Co		647,769
5,071		Mosaic Co		139,909
371		Myers Industries, Inc		4,942
240		Neenah Paper, Inc		14,983
129		NewMarket Corp		49,114
7,804		Newmont Mining Corp		140,394
4,769		Nucor Corp		192,191
2,434		Olin Corp		42,011
170		Olympic Steel, Inc		1,969
1,204	*	Omnova Solutions, Inc		7,381
2,323	*	Owens-Illinois, Inc		40,467
1,406		Packaging Corp of America		88,648
1,731	*	Platform Specialty Products Corp		22,209
1,282		PolyOne Corp		40,716
4,083		PPG Industries, Inc		403,482
4,318		Praxair, Inc		442,163
190		Quaker Chemical Corp		14,679
593		Rayonier Advanced Materials, Inc		5,805
362	*	Real Industry, Inc		2,907
1,071		Reliance Steel & Aluminum Co		62,022
3,699	*	Rentech, Inc		13,020
932		Royal Gold, Inc		33,990
1,857		RPM International, Inc		81,819
268	*,e	Ryerson Holding Corp		1,252
387		Schnitzer Steel Industries, Inc (Class A)		5,561
409		Schweitzer-Mauduit International, Inc		17,174
647		Scotts Miracle-Gro Co (Class A)		41,738
3,207		Sealed Air Corp		143,032
570	*,e	Senomyx, Inc		2,149
694		Sensient Technologies Corp		43,597
1,200		Sherwin-Williams Co		311,520
587		Silgan Holdings, Inc		31,534
1,453		Sonoco Products Co		59,384
1,642	e	Southern Copper Corp (NY)		42,889
3,403		Steel Dynamics, Inc		60,812
281		Stepan Co		13,963
1,739	*	Stillwater Mining Co		14,903
374	*	Summit Materials, Inc		7,485

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

936		SunCoke Energy, Inc	$	3,248
2,292		Tahoe Resources, Inc		19,872
579		TimkenSteel Corp		4,852
254	*	Trecora Resources		3,147
333		Tredegar Corp		4,535
261	*,e	Trinseo S.A.		7,360
929	e	Tronox Ltd		3,632
30		United States Lime & Minerals, Inc		1,649
2,110	e	United States Steel Corp		16,838
210	*	US Concrete, Inc		11,059
251	e	Valhi, Inc		336
1,192		Valspar Corp		98,876
2,091		Vulcan Materials Co		198,582
624		Wausau Paper Corp		6,384
546		Westlake Chemical Corp		29,659
3,950		WestRock Co		180,199
54	*	WHX Corp		1,108
702		Worthington Industries, Inc		21,158
1,091	*	WR Grace & Co		108,653

		TOTAL MATERIALS		10,205,834


MEDIA - 3.1%
301		AMC Entertainment Holdings, Inc		7,224
861	*	AMC Networks, Inc		64,299
48		Cable One, Inc		20,816
2,916		Cablevision Systems Corp (Class A)		93,020
409	*	Carmike Cinemas, Inc		9,382
7,434		CBS Corp (Class B)		350,364
3,129	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		8,417
1,129	*,e	Charter Communications, Inc		206,720
1,900		Cinemark Holdings, Inc		63,517
566	*	Clear Channel Outdoor Holdings, Inc (Class A)		3,164
37,415		Comcast Corp (Class A)		2,111,328
465	*	Crown Media Holdings, Inc (Class A)		2,609
18	*,e	Daily Journal Corp		3,636
2,526	*	Discovery Communications, Inc (Class A)		67,394
3,942	*	Discovery Communications, Inc (Class C)		99,417
3,256	*	DISH Network Corp (Class A)		186,178
1,127	*	DreamWorks Animation SKG, Inc (Class A)		29,043
375	*	Entercom Communications Corp (Class A)		4,211
931		Entravision Communications Corp (Class A)		7,178
852		EW Scripps Co (Class A)		16,188
1,572		Gannett Co, Inc		25,608
667	*,e	Global Eagle Entertainment, Inc		6,583
966	*	Gray Television, Inc		15,746
700		Harte-Hanks, Inc		2,268
133	*,e	Hemisphere Media Group, Inc		1,962
869	*,e	Imax Corp		30,884
6,347		Interpublic Group of Cos, Inc		147,758
670		John Wiley & Sons, Inc (Class A)		30,170
220		Journal Media Group, Inc		2,644
373	*	Liberty Broadband Corp (Class A)		19,265
1,023	*	Liberty Broadband Corp (Class C)		53,053
1,500	*	Liberty Media Corp		58,875
3,121	*	Liberty Media Corp (Class C)		118,848
1,362	e	Lions Gate Entertainment Corp		44,115
2,089	*	Live Nation, Inc		51,327
187	*	Loral Space & Communications, Inc		7,613
298	*	Madison Square Garden Co		48,216
554	e	MDC Partners, Inc		12,033
1,381	*	Media General, Inc		22,303
465		Meredith Corp		20,111
895	*	MSG Networks, Inc		18,616
760		National CineMedia, Inc		11,940
651		New Media Investment Group, Inc		12,668

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,509		New York Times Co (Class A)	$	33,671
5,520		News Corp		73,747
1,810		News Corp (Class B)		25,268
512	e	Nexstar Broadcasting Group, Inc (Class A)		30,054
3,641		Omnicom Group, Inc		275,478
444	*	Reading International, Inc		5,821
1,186	e	Regal Entertainment Group (Class A)		22,380
185	*	Rentrak Corp		8,793
51		Saga Communications, Inc		1,961
365		Scholastic Corp		14,074
1,321		Scripps Networks Interactive (Class A)		72,932
955		Sinclair Broadcast Group, Inc (Class A)		31,076
35,836	*,e	Sirius XM Holdings, Inc		145,853
300	*	Sizmek, Inc		1,095
1,255	*	Starz-Liberty Capital		42,043
3,468		TEGNA, Inc		88,503
5,062		Thomson Corp		191,597
4,233		Time Warner Cable, Inc		785,602
12,347		Time Warner, Inc		798,481
1,479		Time, Inc		23,176
99	*	Townsquare Media, Inc		1,184
1,158		Tribune Co		39,152
322		Tribune Publishing Co		2,969
17,875		Twenty-First Century Fox, Inc		485,485
7,264		Twenty-First Century Fox, Inc (Class B)		197,799
150		Viacom, Inc		6,599
5,174		Viacom, Inc (Class B)		212,962
25,399		Walt Disney Co		2,668,927
583	e	World Wrestling Entertainment, Inc (Class A)		10,401

		TOTAL MEDIA		10,413,794


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.5%
24,781		AbbVie, Inc		1,468,026
149	*,e	Abeona Therapeutics, Inc		501
1,146	*	Acadia Pharmaceuticals, Inc		40,855
305	*,e	Accelerate Diagnostics, Inc		6,554
314	*	Acceleron Pharma, Inc		15,311
1,630	*	Achillion Pharmaceuticals, Inc		17,588
533	*,e	Acorda Therapeutics, Inc		22,802
143	*	Adamas Pharmaceuticals, Inc		4,050
121	*,e	Aduro Biotech, Inc		3,405
440	*,e	Advaxis, Inc		4,426
373	*,e	Aegerion Pharmaceuticals, Inc		3,767
287	*,e	Aerie Pharmaceuticals, Inc		6,988
214	*,e	Affimed NV		1,524
1,123	*	Affymetrix, Inc		11,331
1,104	*	Agenus, Inc		5,012
150	*	Agile Therapeutics, Inc		1,464
4,923		Agilent Technologies, Inc		205,831
369	*,e	Agios Pharmaceuticals, Inc		23,955
604	*,e	Aimmune Therapeutics, Inc		11,144
189	*,e	Akebia Therapeutics, Inc		2,442
1,130	*	Akorn, Inc		42,160
359	*,e	Albany Molecular Research, Inc		7,126
299	*	Alder Biopharmaceuticals, Inc		9,876
3,231	*	Alexion Pharmaceuticals, Inc		616,313
352	*,e	Alimera Sciences, Inc		852
2,267	*	Alkermes plc		179,954
5,871	*	Allergan plc		1,834,688
1,068	*	Alnylam Pharmaceuticals, Inc		100,542
533	*	AMAG Pharmaceuticals, Inc		16,091
11,382		Amgen, Inc		1,847,640
1,917	*,e	Amicus Therapeutics, Inc		18,595
453	*,e	Amphastar Pharmaceuticals, Inc		6,446
588	*	Anacor Pharmaceuticals, Inc		66,426

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

112	*	ANI Pharmaceuticals, Inc	$	5,054
506	*,e	Anthera Pharmaceuticals, Inc		2,348
121	*	Applied Genetic Technologies Corp		2,468
434	*	Aratana Therapeutics, Inc		2,422
181	*	Ardelyx, Inc		3,280
3,482	*	Arena Pharmaceuticals, Inc		6,616
2,403	*,e	Ariad Pharmaceuticals, Inc		15,019
2,149	*,e	Array Biopharma, Inc		9,069
1,229	*,e	Arrowhead Research Corp		7,558
203	*,e	Assembly Biosciences, Inc		1,525
224	*	Atara Biotherapeutics, Inc		5,916
93	*,e	aTyr Pharma, Inc		914
291	*,e	Avalanche Biotechnologies, Inc		2,770
680	*,e	Axovant Sciences Ltd		12,260
8,247		Baxalta, Inc		321,880
120	*,e	Bellicum Pharmaceuticals, Inc		2,432
1,046	*	BioCryst Pharmaceuticals, Inc		10,795
659	*,e	BioDelivery Sciences International, Inc		3,157
3,338	*	Biogen Idec, Inc		1,022,596
2,367	*	BioMarin Pharmaceutical, Inc		247,967
297	*	Bio-Rad Laboratories, Inc (Class A)		41,182
73	*	Biospecifics Technologies Corp		3,137
590		Bio-Techne Corp		53,100
734	*,e	BioTime, Inc		3,009
627	*	Bluebird Bio, Inc		40,266
130	*,e	Blueprint Medicines Corp		3,424
24,955		Bristol-Myers Squibb Co		1,716,654
1,601	*	Bruker BioSciences Corp		38,856
186	*,e	Calithera Biosciences, Inc		1,425
449	*	Cambrex Corp		21,143
240	*	Cara Therapeutics Inc		4,046
187	*,e	Carbylan Therapeutics, Inc		677
1,202	*	Catalent, Inc		30,086
1,105	*,e	Catalyst Pharmaceuticals, Inc		2,707
11,874	*	Celgene Corp		1,422,030
1,468	*,e	Celldex Therapeutics, Inc		23,018
138	*	Cellular Biomedicine Group, Inc		2,966
472	*,e	Cempra, Inc		14,693
1,032	*	Cepheid, Inc		37,699
740	*	Charles River Laboratories International, Inc		59,489
316	*	ChemoCentryx, Inc		2,560
595	*	Chimerix, Inc		5,325
68	*,e	Cidara Therapeutics, Inc		1,167
463	*,e	Clovis Oncology, Inc		16,205
338	*	Coherus Biosciences, Inc		7,760
95	*	Collegium Pharmaceutical, Inc		2,612
219	*	Concert Pharmaceuticals Inc		4,154
898	*,e	Corcept Therapeutics, Inc		4,472
123	*,e	Corium International, Inc		999
431	*,e	CorMedix, Inc		875
2,422	*	CTI BioPharma Corp		2,979
1,644	*	Curis, Inc		4,784
503	*	Cytokinetics, Inc		5,261
748	*,e	CytRx Corp		1,982
867	*,e	Depomed, Inc		15,719
185	*	Dermira, Inc		6,403
226	*	Dicerna Pharmaceuticals Inc		2,683
1,634	*,e	Durect Corp		3,611
2,090	*	Dyax Corp		78,626
691	*	Dynavax Technologies Corp		16,695
122	*,e	Eagle Pharmaceuticals, Inc		10,818
14,649		Eli Lilly & Co		1,234,325
433	*	Emergent Biosolutions, Inc		17,324
232	*,e	Enanta Pharmaceuticals, Inc		7,661
3,357	*	Endo International plc		205,516
543	*,e	Endocyte, Inc		2,177

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

424	*,e	Epizyme, Inc	$	6,792
183	*,e	Esperion Thereapeutics, Inc		4,074
1,326	*,e	Exact Sciences Corp		12,239
3,210	*,e	Exelixis, Inc		18,104
352	*	Fibrocell Science, Inc		1,602
691	*	FibroGen, Inc		21,055
307	*	Five Prime Therapeutics, Inc		12,741
86	*,e	Flex Pharma, Inc		1,071
200	*,e	Flexion Therapeutics Inc		3,854
419	*	Fluidigm Corp		4,529
320	*,e	Foamix Pharmaceuticals Ltd		2,595
173	*	Foundation Medicine, Inc		3,643
2,273	*,e	Galena Biopharma, Inc		3,341
255	*,e	Genocea Biosciences Inc		1,344
270	*	Genomic Health, Inc		9,504
2,277	*,e	Geron Corp		11,021
22,000		Gilead Sciences, Inc		2,226,180
1,523	*	Halozyme Therapeutics, Inc		26,394
512	*	Harvard Bioscience, Inc		1,777
591	*,e	Heron Therapeutics, Inc		15,780
80	*	Heska Corp		3,094
1,665	*,e	Idera Pharmaceuticals, Inc		5,145
268	*,e	Ignyta, Inc		3,591
2,170	*	Illumina, Inc		416,521
247	*,e	Immune Design Corp		4,960
1,233	*	Immunogen, Inc		16,732
1,305	*,e	Immunomedics, Inc		4,006
1,034	*	Impax Laboratories, Inc		44,214
255	*	INC Research Holdings, Inc		12,370
2,315	*	Incyte Corp		251,062
696	*	Infinity Pharmaceuticals, Inc		5,464
1,045	*,e	Inovio Pharmaceuticals, Inc		7,022
884	*	Insmed, Inc		16,045
340	*,e	Insys Therapeutics, Inc		9,734
229	*,e	Intercept Pharmaceuticals, Inc		34,201
199	*	Intersect ENT, Inc		4,478
487	*	Intra-Cellular Therapies, Inc		26,196
667	*,e	Intrexon Corp		20,110
110	*,e	Invitae Corp		903
1,742	*,e	Ionis Pharmaceuticals, Inc		107,882
1,820	*	Ironwood Pharmaceuticals, Inc		21,094
943	*	Jazz Pharmaceuticals plc		132,548
41,509		Johnson & Johnson		4,263,805
188	*,e	Juno Therapeutics, Inc		8,266
1,014	*,e	Karyopharm Therapeutics, Inc		13,436
3,453	*,e	Keryx Biopharmaceuticals, Inc		17,438
416	*,e	Kite Pharma, Inc		25,634
166	*,e	La Jolla Pharmaceutical Co		4,482
380	*,e	Lannett Co, Inc		15,246
585	*,e	Lexicon Pharmaceuticals, Inc		7,786
257	*,e	Ligand Pharmaceuticals, Inc (Class B)		27,864
664	*,e	Lion Biotechnologies, Inc		5,126
120	*,e	Loxo Oncology, Inc		3,414
588	*	Luminex Corp		12,577
401	*	MacroGenics, Inc		12,419
1,774	*	Mallinckrodt plc		132,394
3,540	*,e	MannKind Corp		5,133
222	*	Medgenics, Inc		1,336
952	*	Medicines Co		35,548
2,485	*	Medivation, Inc		120,125
42,291		Merck & Co, Inc		2,233,811
1,570	*,e	Merrimack Pharmaceuticals, Inc		12,403
441	*	Mettler-Toledo International, Inc		149,556
1,555	*,e	MiMedx Group, Inc		14,570
140	*,e	Mirati Therapeutics, Inc		4,424
872	*	Momenta Pharmaceuticals, Inc		12,940

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

6,345	*	Mylan NV	$	343,074
1,155	*	Myriad Genetics, Inc		49,850
188	*,e	NanoString Technologies, Inc		2,765
2,022	*,e	Navidea Biopharmceuticals, Inc		2,689
1,889	*	Nektar Therapeutics		31,830
749	*	NeoGenomics, Inc		5,895
1,232	*	Neurocrine Biosciences, Inc		69,694
298	*,e	NewLink Genetics Corp		10,844
660	*,e	Northwest Biotherapeutics, Inc		2,112
3,846	*,e	Novavax, Inc		32,268
506	*	Ocata Therapeutics, Inc		4,261
185	*,e	Ocular Therapeutix, Inc		1,733
548	*,e	Omeros Corp		8,620
240	*,e	OncoMed Pharmaceuticals, Inc		5,410
1,471	*	Oncothyreon, Inc		3,266
339	*	Ophthotech Corp		26,622
4,500	*,e	Opko Health, Inc		45,225
1,769	*,e	Orexigen Therapeutics, Inc		3,043
4,084	*,e	Organovo Holdings, Inc		10,169
254	e	Osiris Therapeutics, Inc		2,637
219	*	Otonomy, Inc		6,077
356	*,e	OvaScience, Inc		3,478
772	*,e	Pacific Biosciences of California, Inc		10,136
522	*	Pacira Pharmaceuticals, Inc		40,084
180	*	Paratek Pharmaceuticals, Inc		3,415
876	*	Parexel International Corp		59,673
2,346	e	PDL BioPharma, Inc		8,305
2,703	*,e	Peregrine Pharmaceuticals, Inc		3,163
1,628		PerkinElmer, Inc		87,212
708	*	Pernix Therapeutics Holdings, Inc		2,089
2,202		Perrigo Co plc		318,629
236	*	Pfenex, Inc		2,922
92,175		Pfizer, Inc		2,975,409
251		Phibro Animal Health Corp		7,563
677	*	Portola Pharmaceuticals, Inc		34,832
423	*,e	Pozen, Inc		2,889
287	*,e	PRA Health Sciences, Inc		12,992
795	*	Prestige Brands Holdings, Inc		40,927
933	*,e	Progenics Pharmaceuticals, Inc		5,719
105	*,e	Proteon Therapeutics, Inc		1,629
455	*	Prothena Corp plc		30,990
488	*	PTC Therapeutics, Inc		15,811
358	*,e	Puma Biotechnology, Inc		28,067
3,176	*	Qiagen NV (NASDAQ)		87,816
1,245	*	Quintiles Transnational Holdings, Inc		85,482
542	*	Radius Health, Inc		33,355
1,157	*	Raptor Pharmaceutical Corp		6,016
1,175	*	Regeneron Pharmaceuticals, Inc		637,872
412	*,e	Regulus Therapeutics, Inc		3,593
468	*,e	Relypsa, Inc		13,263
475	*	Repligen Corp		13,438
500	*	Retrophin, Inc		9,645
228	*,e	Revance Therapeutics, Inc		7,788
1,285	*	Rigel Pharmaceuticals, Inc		3,894
200	*	Sage Therapeutics, Inc		11,660
340	*	Sagent Pharmaceuticals		5,409
987	*	Sangamo Biosciences, Inc		9,011
810	*,e	Sarepta Therapeutics, Inc		31,250
716	*	Sciclone Pharmaceuticals, Inc		6,587
1,592	*	Seattle Genetics, Inc		71,449
1,561	*,e	Sequenom, Inc		2,560
325	*,e	Seres Therapeutics, Inc		11,404
405	*,e	Sorrento Therapeutics, Inc		3,528
129	*	Spark Therapeutics, Inc		5,845
972	*,e	Spectrum Pharmaceuticals, Inc		5,861
213	*	Stemline Therapeutics, Inc		1,344

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

357	*	Sucampo Pharmaceuticals, Inc (Class A)	$	6,173
486	*	Supernus Pharmaceuticals, Inc		6,532
1,430	*,e	Synergy Pharmaceuticals, Inc		8,108
130	*,e	T2 Biosystems, Inc		1,422
903	*,e	Teligent, Inc		8,037
334	*,e	TESARO, Inc		17,475
502	*,e	Tetraphase Pharmaceuticals, Inc		5,035
516	*,e	TG Therapeutics, Inc		6,156
1,825	*	TherapeuticsMD, Inc		18,925
367	*,e	Theravance Biopharma, Inc		6,015
1,228	*,e	Theravance, Inc		12,943
5,973		Thermo Electron Corp		847,270
949	*	Threshold Pharmaceuticals, Inc		455
146	*,e	Tokai Pharmaceuticals, Inc		1,273
355	*	Trevena, Inc		3,728
349	*,e	Trovagene, Inc		1,885
563	*	Ultragenyx Pharmaceutical, Inc		63,157
689	*	United Therapeutics Corp		107,904
604	*,e	Vanda Pharmaceuticals, Inc		5,623
708	*	Verastem, Inc		1,317
322	*,e	Versartis, Inc		3,990
3,659	*	Vertex Pharmaceuticals, Inc		460,412
185	*,e	Vitae Pharmaceuticals, Inc		3,349
321	*	Vital Therapies, Inc		3,698
1,259	*,e	Vivus, Inc		1,284
1,161	*	vTv Therapeutics, Inc		7,906
390	*	VWR Corp		11,041
1,253	*	Waters Corp		168,629
51	*,e	XBiotech, Inc		554
407	*	Xencor Inc		5,950
827	*	Xenoport, Inc		4,540
240	*	Zafgen, Inc		1,510
1,695	*,e	ZIOPHARM Oncology, Inc		14,085
7,357		Zoetis Inc		352,547
287	*	Zogenix, Inc		4,230

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		31,752,022

REAL ESTATE - 4.2%
1,053		Acadia Realty Trust		34,907
587		AG Mortgage Investment Trust		7,537
248		Agree Realty Corp		8,430
934		Alexander & Baldwin, Inc		32,980
55		Alexander’s, Inc		21,126
1,036		Alexandria Real Estate Equities, Inc		93,613
354	*	Altisource Asset Management Corp		6,075
196	*	Altisource Portfolio Solutions S.A.		5,451
766		Altisource Residential Corp		9,506
684		American Assets Trust,Inc		26,231
1,619		American Campus Communities, Inc		66,929
5,242		American Capital Agency Corp		90,896
1,068		American Capital Mortgage, Inc		14,909
2,594		American Homes 4 Rent		43,216
432		American Residential Properties, Inc		8,165
6,291		American Tower Corp		609,912
14,133		Annaly Capital Management, Inc		132,568
1,539		Anworth Mortgage Asset Corp		6,695
2,250		Apartment Investment & Management Co (Class A)		90,067
836		Apollo Commercial Real Estate Finance, Inc		14,404
2,676		Apple Hospitality REIT, Inc		53,440
100		Ares Commercial Real Estate Corp		1,144
357		Armada Hoffler Properties, Inc		3,741
612		ARMOUR Residential REIT, Inc		13,317
403		Ashford Hospitality Prime, Inc		5,843
1,205		Ashford Hospitality Trust, Inc		7,604
179	*	AV Homes, Inc		2,293
1,997		AvalonBay Communities, Inc		367,708

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,924		BioMed Realty Trust, Inc	$	69,270
262		Bluerock Residential Growth REIT, Inc		3,105
2,281		Boston Properties, Inc		290,919
2,577		Brandywine Realty Trust		35,202
2,486		Brixmor Property Group, Inc		64,189
1,276		Camden Property Trust		97,946
868		Campus Crest Communities, Inc		5,902
1,382		Capstead Mortgage Corp		12,079
1,216		Care Capital Properties, Inc		37,173
460		CareTrust REIT, Inc		5,037
568		CatchMark Timber Trust Inc		6,424
2,404		CBL & Associates Properties, Inc		29,737
4,118	*	CBRE Group, Inc		142,400
1,224		Cedar Shopping Centers, Inc		8,666
640		Chatham Lodging Trust		13,107
862		Chesapeake Lodging Trust		21,688
3,282		Chimera Investment Corp		44,766
1,604		Colony Financial, Inc		31,246
534	*	Colony Starwood Homes		12,090
1,793		Columbia Property Trust, Inc		42,100
1,690		Communications Sales & Leasing, Inc		31,586
74		Consolidated-Tomoka Land Co		3,901
347		Coresite Realty		19,682
1,358		Corporate Office Properties Trust		29,645
1,921		Corrections Corp of America		50,887
3,372		Cousins Properties, Inc		31,798
5,009		Crown Castle International Corp		433,028
2,390		CubeSmart		73,182
1,011		CyrusOne, Inc		37,862
2,918		CYS Investments, Inc		20,805
1,403		DCT Industrial Trust, Inc		52,430
4,364		DDR Corp		73,490
2,875		DiamondRock Hospitality Co		27,744
2,032		Digital Realty Trust, Inc		153,660
2,099		Douglas Emmett, Inc		65,447
4,964		Duke Realty Corp		104,343
1,063		DuPont Fabros Technology, Inc		33,793
776		Dynex Capital, Inc		4,928
570		EastGroup Properties, Inc		31,698
693		Education Realty Trust, Inc		26,251
1,593		Empire State Realty Trust, Inc		28,786
888		Entertainment Properties Trust		51,904
917		Equinix, Inc		277,301
1,973	*	Equity Commonwealth		54,711
1,359		Equity Lifestyle Properties, Inc		90,605
1,054		Equity One, Inc		28,616
5,344		Equity Residential		436,017
981		Essex Property Trust, Inc		234,861
1,859		Extra Space Storage, Inc		163,982
1,053		Federal Realty Investment Trust		153,843
2,066		FelCor Lodging Trust, Inc		15,082
1,594		First Industrial Realty Trust, Inc		35,275
788		First Potomac Realty Trust		8,983
3,147	*	Forest City Enterprises, Inc (Class A)		69,014
498	*,e	Forestar Real Estate Group, Inc		5,448
615	*	Four Corners Property Trust, Inc		14,858
1,291		Franklin Street Properties Corp		13,362
102	*	FRP Holdings, Inc		3,462
1,247		Gaming and Leisure Properties, Inc		34,667
8,516		General Growth Properties, Inc		231,720
1,075		Geo Group, Inc		31,078
343		Getty Realty Corp		5,882
475		Gladstone Commercial Corp		6,930
1,014		Government Properties Income Trust		16,092
6,023		Gramercy Property Trust		46,498
73		Great Ajax Corp		885

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

430		Hannon Armstrong Sustainable Infrastructure Capital, Inc	$	8,136
1,505		Hatteras Financial Corp		19,791
6,920		HCP, Inc		264,621
1,448		Healthcare Realty Trust, Inc		41,007
1,941		Healthcare Trust of America, Inc		52,349
712		Hersha Hospitality Trust		15,493
1,490		Highwoods Properties, Inc		64,964
2,156		Hospitality Properties Trust		56,379
10,898		Host Marriott Corp		167,175
581	*	Howard Hughes Corp		65,746
1,069		Hudson Pacific Properties		30,082
463		Independence Realty Trust, Inc		3,477
1,253		Inland Real Estate Corp		13,307
1,774		Invesco Mortgage Capital, Inc		21,980
1,762		Investors Real Estate Trust		12,246
3,030		Iron Mountain, Inc		81,840
1,225	*	iStar Financial, Inc		14,369
698		Jones Lang LaSalle, Inc		111,582
1,291		Kennedy-Wilson Holdings, Inc		31,087
1,268		Kilroy Realty Corp		80,239
6,160		Kimco Realty Corp		162,994
1,204		Kite Realty Group Trust		31,220
569		Ladder Capital Corp		7,067
1,168		Lamar Advertising Co		70,057
1,627		LaSalle Hotel Properties		40,935
2,959		Lexington Realty Trust		23,672
2,147		Liberty Property Trust		66,664
719		LTC Properties, Inc		31,018
2,277		Macerich Co		183,731
1,487		Mack-Cali Realty Corp		34,721
194	*	Marcus & Millichap, Inc		5,653
3,787		Medical Properties Trust, Inc		43,588
5,647		MFA Mortgage Investments, Inc		37,270
1,085		Mid-America Apartment Communities, Inc		98,529
851		Monmouth Real Estate Investment Corp (Class A)		8,901
2,397		Monogram Residential Trust, Inc		23,395
577		National Health Investors, Inc		35,122
2,136		National Retail Properties, Inc		85,547
569		National Storage Affiliates Trust		9,747
4,200		New Residential Investment Corp		51,072
959		New Senior Investment Group, Inc		9,456
1,563		New York Mortgage Trust, Inc		8,331
2,421		New York REIT, Inc		27,841
280		NexPoint Residential Trust, Inc		3,665
892		NorthStar Realty Europe Corp		10,535
2,676		NorthStar Realty Finance Corp		45,572
2,628		Omega Healthcare Investors, Inc		91,927
251		One Liberty Properties, Inc		5,386
262		Orchid Island Capital, Inc		2,602
1,976		Outfront Media, Inc		43,136
3,025		Paramount Group, Inc		54,752
1,208		Parkway Properties, Inc		18,881
1,026		Pebblebrook Hotel Trust		28,749
999		Pennsylvania REIT		21,848
1,079		Pennymac Mortgage Investment Trust		16,466
1,008		Physicians Realty Trust		16,995
2,219		Piedmont Office Realty Trust, Inc		41,895
2,713		Plum Creek Timber Co, Inc		129,464
905		Post Properties, Inc		53,540
659		Potlatch Corp		19,928
331		Preferred Apartment Communities, Inc		4,329
7,711		Prologis, Inc		330,956
373		PS Business Parks, Inc		32,611
2,194		Public Storage, Inc		543,454
552		QTS Realty Trust, Inc		24,901
1,095		RAIT Investment Trust		2,956

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,144		Ramco-Gershenson Properties	$	19,002
1,826		Rayonier, Inc		40,537
170		Re/Max Holdings, Inc		6,341
2,169	*	Realogy Holdings Corp		79,537
3,706		Realty Income Corp		191,341
1,217		Redwood Trust, Inc		16,064
1,534		Regency Centers Corp		104,496
422		Resource Capital Corp		5,385
1,382		Retail Opportunities Investment Corp		24,738
4,003		Retail Properties of America, Inc		59,124
791		Rexford Industrial Realty, Inc		12,941
1,906		RLJ Lodging Trust		41,227
99	*	RMR Group, Inc		1,427
518		Rouse Properties, Inc		7,542
623		Ryman Hospitality Properties		32,172
929		Sabra Healthcare REIT, Inc		18,794
133		Saul Centers, Inc		6,819
894		Select Income REIT		17,719
3,548		Senior Housing Properties Trust		52,652
516		Silver Bay Realty Trust Corp		8,081
4,667		Simon Property Group, Inc		907,451
1,433		SL Green Realty Corp		161,900
592		Sovran Self Storage, Inc		63,528
6,338		Spirit Realty Capital, Inc		63,507
1,100	*,e	St. Joe Co		20,361
933		STAG Industrial, Inc		17,214
3,418		Starwood Property Trust, Inc		70,274
661		STORE Capital Corp		15,335
1,404		Summit Hotel Properties, Inc		16,778
688		Sun Communities, Inc		47,149
2,998		Sunstone Hotel Investors, Inc		37,445
1,512		Tanger Factory Outlet Centers, Inc		49,442
971		Taubman Centers, Inc		74,495
200	*	Tejon Ranch Co		3,830
620		Terreno Realty Corp		14,024
5,406		Two Harbors Investment Corp		43,789
3,723		UDR, Inc		139,873
258		UMH Properties, Inc		2,611
438		United Development Funding IV		4,818
302		Universal Health Realty Income Trust		15,103
1,349		Urban Edge Properties		31,634
405		Urstadt Biddle Properties, Inc (Class A)		7,792
4,866		Ventas, Inc		274,588
13,489		VEREIT, Inc		106,833
2,773		Vornado Realty Trust		277,189
1,428		Washington REIT		38,642
1,782		Weingarten Realty Investors		61,622
5,159		Welltower, Inc		350,967
614		Western Asset Mortgage Capital Corp		6,275
7,632		Weyerhaeuser Co		228,807
550		Whitestone REIT		6,605
1,613		WP Carey, Inc		95,167
2,677		WP GLIMCHER, Inc		28,403
1,622		Xenia Hotels & Resorts, Inc		24,865

		TOTAL REAL ESTATE		13,968,979

RETAILING - 5.2%
426	*	1-800-FLOWERS.COM, Inc (Class A)		3,101
930		Aaron’s, Inc		20,823
976	e	Abercrombie & Fitch Co (Class A)		26,352
1,110		Advance Auto Parts, Inc		167,066
5,706	*	Amazon.com, Inc		3,856,628
2,903	e	American Eagle Outfitters, Inc		44,996
122	*	America’s Car-Mart, Inc		3,256
411	*	Asbury Automotive Group, Inc		27,718
2,570	*	Ascena Retail Group, Inc		25,314

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,043	*	Autonation, Inc	$	62,225
464	*	AutoZone, Inc		344,246
464	*	Barnes & Noble Education, Inc		4,617
735		Barnes & Noble, Inc		6,402
2,521	*	Bed Bath & Beyond, Inc		121,638
4,629		Best Buy Co, Inc		140,953
334		Big 5 Sporting Goods Corp		3,337
777		Big Lots, Inc		29,946
158	*	Blue Nile, Inc		5,867
176	*	Boot Barn Holdings, Inc		2,163
378	e	Buckle, Inc		11,635
165	*	Build-A-Bear Workshop, Inc		2,020
1,272	*	Burlington Stores, Inc		54,569
729	*,e	Cabela’s, Inc		34,066
657		Caleres, Inc		17,621
3,169	*	Carmax, Inc		171,031
368		Cato Corp (Class A)		13,550
2,056		Chico’s FAS, Inc		21,938
297		Children’s Place Retail Stores, Inc		16,394
243		Citi Trends, Inc		5,164
424	*,e	Conn’s, Inc		9,951
231	*,e	Container Store Group, Inc		1,894
340		Core-Mark Holding Co, Inc		27,860
1,158		CST Brands, Inc		45,324
514	*	Destination XL Group, Inc		2,837
1,324		Dick’s Sporting Goods, Inc		46,803
344	e	Dillard’s, Inc (Class A)		22,604
4,607		Dollar General Corp		331,105
3,433	*	Dollar Tree, Inc		265,096
1,144	e	DSW, Inc (Class A)		27,296
284	*	Etsy, Inc		2,346
512	*	EVINE Live, Inc		911
1,740		Expedia, Inc		216,282
1,489	*	Express Parent LLC		25,730
183	*	Fenix Parts, Inc		1,243
647		Finish Line, Inc (Class A)		11,698
780	*	Five Below, Inc		25,038
2,014		Foot Locker, Inc		131,091
753	*	Francesca’s Holdings Corp		13,110
543		Fred’s, Inc (Class A)		8,889
254	*	FTD Cos, Inc		6,647
1,566	e	GameStop Corp (Class A)		43,911
3,431	e	Gap, Inc		84,746
343	*	Genesco, Inc		19,493
2,270		Genuine Parts Co		194,970
1,267		GNC Holdings, Inc		39,302
376		Group 1 Automotive, Inc		28,463
7,150	*	Groupon, Inc		21,951
822	e	Guess?, Inc		15,519
270		Haverty Furniture Cos, Inc		5,789
444	*,e	Hibbett Sports, Inc		13,427
19,445		Home Depot, Inc		2,571,601
475		HSN, Inc		24,068
4,378	*,e	JC Penney Co, Inc		29,157
247		Kirkland’s, Inc		3,582
3,068		Kohl’s Corp		146,129
3,696		L Brands, Inc		354,151
221	*,e	Lands’ End, Inc		5,180
7,225	*	Liberty Interactive Corp		197,387
1,061	*	Liberty TripAdvisor Holdings, Inc		32,191
2,046	*	Liberty Ventures		92,295
344		Lithia Motors, Inc (Class A)		36,694
4,504	*	LKQ Corp		133,454
14,249		Lowe’s Companies, Inc		1,083,494
368	*,e	Lumber Liquidators, Inc		6,388
4,717		Macy’s, Inc		165,001

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

333	*	MarineMax, Inc	$	6,134
324	*,e	Mattress Firm Holding Corp		14,460
1,157		Men’s Wearhouse, Inc		16,985
907	*	Michaels Cos, Inc		20,054
459		Monro Muffler, Inc		30,395
703	*	Murphy USA, Inc		42,700
6,385	*	NetFlix, Inc		730,316
2,054	e	Nordstrom, Inc		102,310
414		Nutri/System, Inc		8,959
7,892	*	Office Depot, Inc		44,511
1,521	*	O’Reilly Automotive, Inc		385,452
275	e	Outerwall, Inc		10,049
176	*	Overstock.com, Inc		2,161
363	*	Party City Holdco, Inc		4,686
613		Penske Auto Group, Inc		25,954
774	*	PEP Boys - Manny Moe & Jack		14,249
278	e	PetMed Express, Inc		4,765
1,303	e	Pier 1 Imports, Inc		6,632
776	*	Priceline.com, Inc		989,361
765		Rent-A-Center, Inc		11,452
484	*,e	Restoration Hardware Holdings, Inc		38,454
6,110		Ross Stores, Inc		328,779
2,313	*	Sally Beauty Holdings, Inc		64,510
188	*,e	Sears Holdings Corp		3,865
757	*	Select Comfort Corp		16,207
203		Shoe Carnival, Inc		4,710
541	*	Shutterfly, Inc		24,107
1,203		Signet Jewelers Ltd		148,799
661		Sonic Automotive, Inc (Class A)		15,044
720	*,e	Sportsman’s Warehouse Holdings, Inc		9,288
411	e	Stage Stores, Inc		3,744
10,025		Staples, Inc		94,937
372		Stein Mart, Inc		2,504
151	*	Systemax, Inc		1,299
9,601		Target Corp		697,129
1,658		Tiffany & Co		126,489
1,018	*,e	Tile Shop Holdings, Inc		16,695
174	*	Tilly’s, Inc		1,154
10,137		TJX Companies, Inc		718,815
2,070		Tractor Supply Co		176,985
1,722	*	TripAdvisor, Inc		146,801
632	*	Tuesday Morning Corp		4,108
981	*	Ulta Salon Cosmetics & Fragrance, Inc		181,485
1,403	*	Urban Outfitters, Inc		31,918
432	*	Vitamin Shoppe, Inc		14,126
286	*	VOXX International Corp (Class A)		1,504
286	*	Wayfair, Inc		13,619
258	*	West Marine, Inc		2,190
1,340		Williams-Sonoma, Inc		78,269
32		Winmark Corp		2,976
314	*	Zumiez, Inc		4,748

		TOTAL RETAILING		17,263,577


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
667	*	Advanced Energy Industries, Inc		18,829
9,659	*,e	Advanced Micro Devices, Inc		27,721
302	*	Alpha & Omega Semiconductor Ltd		2,775
521	*,e	Ambarella, Inc		29,041
1,424	*	Amkor Technology, Inc		8,658
4,721		Analog Devices, Inc		261,166
17,204		Applied Materials, Inc		321,199
1,648	*	Applied Micro Circuits Corp		10,498
5,910		Atmel Corp		50,885
3,820		Avago Technologies Ltd		554,473
2,300	*	Axcelis Technologies, Inc		5,957

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

8,259		Broadcom Corp (Class A)	$	477,535
977		Brooks Automation, Inc		10,434
353	*	Cabot Microelectronics Corp		15,454
171	*	Cascade Microtech, Inc		2,779
794	*	Cavium Networks, Inc		52,174
293	*	Ceva, Inc		6,844
1,200	*	Cirrus Logic, Inc		35,436
379		Cohu, Inc		4,575
1,573	*,e	Cree, Inc		41,952
4,786		Cypress Semiconductor Corp		46,951
534	*	Diodes, Inc		12,271
289	*	DSP Group, Inc		2,728
2,008	*	Entegris, Inc		26,646
520	*	Exar Corp		3,188
1,676	*	Fairchild Semiconductor International, Inc		34,710
1,092	*	First Solar, Inc		72,061
821	*	Formfactor, Inc		7,389
592	*	Inphi Corp		15,996
2,132	*	Integrated Device Technology, Inc		56,178
71,016		Intel Corp		2,446,501
1,885		Intersil Corp (Class A)		24,053
353		IXYS Corp		4,458
2,443		Kla-Tencor Corp		169,422
800	*	Kopin Corp		2,176
2,387		Lam Research Corp		189,576
1,579	*	Lattice Semiconductor Corp		10,216
3,670		Linear Technology Corp		155,865
336	*,e	MA-COM Technology Solutions		13,739
6,507		Marvell Technology Group Ltd		57,392
1,057	*	Mattson Technology, Inc		3,731
4,270		Maxim Integrated Products, Inc		162,260
962	*	MaxLinear, Inc		14,170
3,195		Microchip Technology, Inc		148,695
16,114	*	Micron Technology, Inc		228,174
1,371	*	Microsemi Corp		44,681
698		MKS Instruments, Inc		25,128
598		Monolithic Power Systems, Inc		38,099
321	*	Nanometrics, Inc		4,860
414	*	NeoPhotonics Corp Ltd		4,496
68		NVE Corp		3,820
8,083		Nvidia Corp		266,416
840	*	Omnivision Technologies, Inc		24,377
6,173	*	ON Semiconductor Corp		60,495
409	*	PDF Solutions, Inc		4,434
970	*	Photronics, Inc		12,077
2,499	*	PMC - Sierra, Inc		29,038
425		Power Integrations, Inc		20,668
2,240	*	Qorvo, Inc		114,016
1,707	*	Rambus, Inc		19,784
456	*	Rudolph Technologies, Inc		6,484
936	*	Semtech Corp		17,709
497	*	Sigma Designs, Inc		3,141
618	*	Silicon Laboratories, Inc		29,998
2,818		Skyworks Solutions, Inc		216,507
750	*,e	SunPower Corp		22,508
3,319		Teradyne, Inc		68,604
1,035		Tessera Technologies, Inc		31,060
15,593		Texas Instruments, Inc		854,652
395	*	Ultra Clean Holdings		2,022
367	*	Ultratech, Inc		7,274
512	*	Veeco Instruments, Inc		10,527
584	*	Xcerra Corp		3,533
3,917		Xilinx, Inc		183,982

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		7,977,321

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

SOFTWARE & SERVICES - 11.9%
482	*	A10 Networks, Inc	$	3,162
9,405		Accenture plc		982,823
1,674	*	ACI Worldwide, Inc		35,824
7,672		Activision Blizzard, Inc		296,983
552	*	Actua Corp		6,320
1,122	*	Acxiom Corp		23,472
7,535	*	Adobe Systems, Inc		707,838
2,675	*	Akamai Technologies, Inc		140,785
923	*	Alliance Data Systems Corp		255,274
4,315	*	Alphabet, Inc (Class A)		3,357,113
4,403	*	Alphabet, Inc (Class C)		3,341,349
120	*,e	Amber Road, Inc		611
2,313		Amdocs Ltd		126,220
370		American Software, Inc (Class A)		3,767
555	*	Angie’s List, Inc		5,189
1,417	*	Ansys, Inc		131,073
1,235	*	Aspen Technology, Inc		46,634
3,467	*	Autodesk, Inc		211,244
7,020		Automatic Data Processing, Inc		594,734
591	*	AVG Technologies NV		11,850
899	*	Bankrate, Inc		11,957
106	*	Barracuda Networks, Inc		1,980
857	*	Bazaarvoice, Inc		3,754
111	*,e	Benefitfocus, Inc		4,039
303	*,e	Black Knight Financial Services, Inc		10,017
735		Blackbaud, Inc		48,407
780	*	Blackhawk Network Holdings, Inc		34,484
583	*	Blucora, Inc		5,713
1,464		Booz Allen Hamilton Holding Co		45,164
528	*	Bottomline Technologies, Inc		15,697
193	*,e	Box, Inc		2,694
460	*	Brightcove, Inc		2,852
1,849		Broadridge Financial Solutions, Inc		99,347
423	*	BroadSoft, Inc		14,957
4,657		CA, Inc		133,004
350	*	CACI International, Inc (Class A)		32,473
4,290	*	Cadence Design Systems, Inc		89,275
790	*	Callidus Software, Inc		14,670
238	*	Carbonite, Inc		2,332
644	*	Cardtronics, Inc		21,671
271	*	Care.com, Inc		1,940
155		Cass Information Systems, Inc		7,976
2,503		CDK Global, Inc		118,817
278	*	ChannelAdvisor Corp		3,850
1,042	*	Ciber, Inc		3,657
503	*,e	Cimpress NV		40,813
2,467	*	Citrix Systems, Inc		186,629
9,085	*	Cognizant Technology Solutions Corp (Class A)		545,282
633	*	Commvault Systems, Inc		24,909
2,093		Computer Sciences Corp		68,399
492	*	comScore, Inc		20,246
465	*	Constant Contact, Inc		13,597
1,361		Convergys Corp		33,875
779	*	Cornerstone OnDemand, Inc		26,899
481	*	CoStar Group, Inc		99,418
485		CSG Systems International, Inc		17,450
2,093	*	CSRA, Inc		62,790
342	*	Cvent, Inc		11,939
185	*	Datalink Corp		1,258
479	*,e	Demandware, Inc		25,852
606	*	DHI Group, Inc		5,557
110	*,e	Digimarc Corp		4,016
730	*,e	Digital Turbine, Inc		971
529		DST Systems, Inc		60,338
1,405		EarthLink Holdings Corp		10,439

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

18,131	*	eBay, Inc	$	498,240
405	e	Ebix, Inc		13,280
4,777	*	Electronic Arts, Inc		328,275
423	*,e	Ellie Mae, Inc		25,477
845	*,e	Endurance International Group Holdings, Inc		9,236
382	*	EnerNOC, Inc		1,471
556	*	Envestnet, Inc		16,597
705	*	EPAM Systems, Inc		55,427
472		EPIQ Systems, Inc		6,169
747	*	Euronet Worldwide, Inc		54,105
928	*	Everi Holdings, Inc		4,074
941		EVERTEC, Inc		15,752
101	*	Everyday Health, Inc		608
484	*	ExlService Holdings, Inc		21,746
32,393	*	Facebook, Inc		3,390,251
458		Fair Isaac Corp		43,134
4,210		Fidelity National Information Services, Inc		255,126
1,984	*	FireEye, Inc		41,148
1,462	*	First American Corp		49,503
2,758	*	First Data Corp		44,183
3,612	*	Fiserv, Inc		330,354
351	*,e	Five9, Inc		3,054
1,384	*	FleetCor Technologies, Inc		197,815
552	*	FleetMatics Group plc		28,036
178		Forrester Research, Inc		5,069
2,056	*	Fortinet, Inc		64,086
1,313	*	Gartner, Inc		119,089
2,284	*	Genpact Ltd		57,054
435	*	Gigamon, Inc		11,558
2,062		Global Payments, Inc		133,020
220	*,e	Globant S.A.		8,252
1,739	*,e	Glu Mobile, Inc		4,226
341	*,e	GoDaddy, Inc		10,932
805	*,e	Gogo, Inc		14,329
1,083	*,e	GrubHub, Inc		26,209
354	*	GTT Communications, Inc		6,039
239	*,e	Guidance Software, Inc		1,439
1,007	*	Guidewire Software, Inc		60,581
476		Hackett Group, Inc		7,649
526		Heartland Payment Systems, Inc		49,875
109	*,e	Hortonworks, Inc		2,387
268	*	HubSpot, Inc		15,091
1,192		IAC/InterActiveCorp		71,580
395	*	Imperva, Inc		25,007
889	*	Infoblox, Inc		16,349
225	*	Interactive Intelligence, Inc		7,070
729	*	Internap Network Services Corp		4,666
13,594		International Business Machines Corp		1,870,806
4,142		Intuit, Inc		399,703
745		j2 Global, Inc		61,328
1,354		Jack Henry & Associates, Inc		105,693
661	*	Jive Software, Inc		2,697
1,321		King Digital Entertainment plc		23,620
376	*	Knot, Inc		6,039
958		Leidos Holdings, Inc		53,897
884	*	Limelight Networks, Inc		1,291
1,657	*	LinkedIn Corp		372,958
915	*	Lionbridge Technologies		4,493
325	*	Liquidity Services, Inc		2,113
827	*	Liveperson, Inc		5,582
352	*	LogMeIn, Inc		23,619
261	*	Luxoft Holding, Inc		20,131
1,063	*	Manhattan Associates, Inc		70,339
349		Mantech International Corp (Class A)		10,554
441		Marchex, Inc (Class B)		1,716
353	*	Marin Software, Inc		1,264

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

500	*	Marketo, Inc	$	14,355
14,966		Mastercard, Inc (Class A)		1,457,090
946		MAXIMUS, Inc		53,213
1,645		Mentor Graphics Corp		30,301
121,087		Microsoft Corp		6,717,907
133	*	MicroStrategy, Inc (Class A)		23,846
553	*,e	MINDBODY, Inc		8,367
577	*,e	MobileIron, Inc		2,083
259	*	Model N, Inc		2,890
529	*,e	ModusLink Global Solutions, Inc		1,312
445	*	MoneyGram International, Inc		2,790
572		Monotype Imaging Holdings, Inc		13,522
1,321	*	Monster Worldwide, Inc		7,569
605	*,e	NetSuite, Inc		51,195
808	*,e	NeuStar, Inc (Class A)		19,368
81	*	New Relic, Inc		2,951
949	*	NIC, Inc		18,676
3,638	*	Nuance Communications, Inc		72,360
385	*,e	OPOWER, Inc		4,066
47,432		Oracle Corp		1,732,691
3,044	*	Pandora Media, Inc		40,820
128	*,e	Park City Group, Inc		1,525
4,926		Paychex, Inc		260,536
454	*	Paycom Software, Inc		17,084
218	*	Paylocity Holding Corp		8,840
18,249	*	PayPal Holdings, Inc		660,614
508		Pegasystems, Inc		13,970
509	*	Perficient, Inc		8,714
1,174	*	Progress Software Corp		28,176
567	*	Proofpoint, Inc		36,861
336	*	PROS Holdings, Inc		7,741
1,652	*	PTC, Inc		57,209
279	*	Q2 Holdings, Inc		7,357
43		QAD, Inc (Class A)		882
1,405	*	QLIK Technologies, Inc		44,482
354	*	Qualys, Inc		11,714
335	*	QuinStreet, Inc		1,437
888	*,e	Quotient Technology, Inc		6,056
1,775	*	Rackspace Hosting, Inc		44,943
299	*	RealNetworks, Inc		1,271
755	*	RealPage, Inc		16,950
2,756	*	Red Hat, Inc		228,224
111		Reis, Inc		2,634
560	*	RetailMeNot, Inc		5,555
774	*	RingCentral, Inc		18,251
392	*	Rocket Fuel, Inc		1,368
1,271	*	Rovi Corp		21,175
364	*	Rubicon Project, Inc		5,988
1,637		Sabre Corp		45,787
9,848	*	Salesforce.com, Inc		772,083
329		Sapiens International Corp NV		3,356
661		Science Applications International Corp		30,261
368	*	Sciquest, Inc		4,773
488	*	Seachange International, Inc		3,289
2,338	*	ServiceNow, Inc		202,377
819	*	ServiceSource International LLC		3,776
346	*,e	Shutterstock, Inc		11,190
710	*	Silver Spring Networks, Inc		10,231
958	*	SolarWinds, Inc		56,426
962		Solera Holdings, Inc		52,746
1,801	*	Splunk, Inc		105,917
235	*	SPS Commerce, Inc		16,499
1,196		SS&C Technologies Holdings, Inc		81,651
205	*	Stamps.com, Inc		22,470
566	*	Sykes Enterprises, Inc		17,421
10,236		Symantec Corp		214,956

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

664	*	Synchronoss Technologies, Inc	$	23,393
2,495	*	Synopsys, Inc		113,797
547	*	Syntel, Inc		24,752
527	*	TA Indigo Holding Corp		4,780
710	*	Tableau Software, Inc		66,896
1,302	*	Take-Two Interactive Software, Inc		45,362
519	*	Tangoe, Inc		4,354
222	*	TechTarget, Inc		1,783
646	*	TeleCommunication Systems, Inc (Class A)		3,211
397	*	TeleNav, Inc		2,259
235		TeleTech Holdings, Inc		6,559
2,241	*	Teradata Corp		59,207
280	*,e	Textura Corp		6,042
1,541	*	TiVo, Inc		13,299
2,490		Total System Services, Inc		124,002
1,535		Travelport Worldwide Ltd		19,802
86	*	Travelzoo, Inc		720
708	*,e	TrueCar, Inc		6,754
210	*,e	TubeMogul, Inc		2,856
8,709	*	Twitter, Inc		201,526
485	*	Tyler Technologies, Inc		84,545
411	*	Ultimate Software Group, Inc		80,355
686	*	Unisys Corp		7,580
2,060	*	Vantiv, Inc		97,685
124	*,e	Varonis Systems, Inc		2,331
418	*,e	Vasco Data Security International		6,993
1,621	*	VeriFone Systems, Inc		45,420
1,046	*	Verint Systems, Inc		42,426
1,618	*,e	VeriSign, Inc		141,348
631	*,e	VirnetX Holding Corp		1,622
427	*	Virtusa Corp		17,652
29,302		Visa, Inc (Class A)		2,272,370
1,284	*,e	VMware, Inc (Class A)		72,636
510	*,e	WebMD Health Corp (Class A)		24,633
695	*	Website Pros, Inc		13,907
7,917		Western Union Co		141,793
555	*	WEX, Inc		49,062
260	*	Wix.com Ltd		5,915
1,645	*	Workday, Inc		131,074
97	*,e	Workiva, Inc		1,704
15,308		Xerox Corp		162,724
320	*	Xura, Inc		7,866
14,016	*	Yahoo!, Inc		466,172
936	*	Yelp, Inc		26,957
775	*	Zendesk, Inc		20,491
668	*,e	Zillow Group, Inc		17,395
1,336	*,e	Zillow Group, Inc (Class C)		31,369
743	*	Zix Corp		3,774
10,999	*	Zynga, Inc		29,477

		TOTAL SOFTWARE & SERVICES		39,656,898


TECHNOLOGY HARDWARE & EQUIPMENT - 5.5%
1,599	*,e	3D Systems Corp		13,895
806		Adtran, Inc		13,879
317	*,e	Aerohive Networks, Inc		1,620
400	*	Agilysys, Inc		3,996
211	*	Alliance Fiber Optic Products, Inc		3,199
4,622		Amphenol Corp (Class A)		241,407
412	*	Anixter International, Inc		24,881
86,295		Apple, Inc		9,083,412
411	*	Applied Optoelectronics, Inc		7,053
485	*,e	Arista Networks, Inc		37,752
2,728	*	ARRIS Group, Inc		83,395
1,379	*	Arrow Electronics, Inc		74,714
470	*	Avid Technology, Inc		3,426

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,131		Avnet, Inc	$	91,292
655		AVX Corp		7,952
194		Badger Meter, Inc		11,366
144		Bel Fuse, Inc (Class B)		2,490
612		Belden CDT, Inc		29,180
750	*	Benchmark Electronics, Inc		15,502
226		Black Box Corp		2,154
6,014		Brocade Communications Systems, Inc		55,208
528	*	CalAmp Corp		10,523
643	*	Calix Networks, Inc		5,060
1,918		CDW Corp		80,633
606		Checkpoint Systems, Inc		3,800
1,778	*	Ciena Corp		36,787
76,136		Cisco Systems, Inc		2,067,473
153	*,e	Clearfield, Inc		2,052
1,253		Cognex Corp		42,314
334	*	Coherent, Inc		21,747
1,530	*	CommScope Holding Co, Inc		39,612
234		Comtech Telecommunications Corp		4,701
305	*,e	Control4 Corp		2,217
17,647		Corning, Inc		322,587
788	*	Cray, Inc		25,571
485		CTS Corp		8,555
548		Daktronics, Inc		4,779
936		Diebold, Inc		28,164
400	*	Digi International, Inc		4,552
716		Dolby Laboratories, Inc (Class A)		24,093
255	*	DTS, Inc		5,758
250	*,e	Eastman Kodak Co		3,135
637	*	EchoStar Corp (Class A)		24,913
248		Electro Rent Corp		2,282
630	*	Electronics for Imaging, Inc		29,446
29,176		EMC Corp		749,240
381	*	EMCORE Corp		2,336
80	*	ePlus, Inc		7,461
1,428	*	Extreme Networks, Inc		5,826
1,071	*	F5 Networks, Inc		103,844
508	*	Fabrinet		12,101
215	*	FARO Technologies, Inc		6,347
597		FEI Co		47,635
1,797	*	Finisar Corp		26,128
617	*,e	Fitbit, Inc		18,257
2,138		Flir Systems, Inc		60,014
497	*	GSI Group, Inc		6,769
1,256	*	Harmonic, Inc		5,112
1,906		Harris Corp		165,631
26,957	*	Hewlett Packard Enterprise Co		409,746
26,957		HP, Inc		319,171
747	*	II-VI, Inc		13,864
163	*,e	Imation Corp		223
400	*	Immersion Corp		4,664
1,872	*	Infinera Corp		33,921
2,335		Ingram Micro, Inc (Class A)		70,937
620	*	Insight Enterprises, Inc		15,574
520		InterDigital, Inc		25,501
1,144	*	InvenSense, Inc		11,703
497	*,e	IPG Photonics Corp		44,313
653	*	Itron, Inc		23,626
867	*	Ixia		10,777
2,873		Jabil Circuit, Inc		66,912
5,981		Juniper Networks, Inc		165,076
2,590	*	Keysight Technologies, Inc		73,375
411	*	Kimball Electronics, Inc		4,517
1,229	*,e	Knowles Corp		16,383
172	*	KVH Industries, Inc		1,620

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

882		Lexmark International, Inc (Class A)	$	28,621
323		Littelfuse, Inc		34,564
610	*	Lumentum Holdings, Inc		13,432
497	*	Mercury Computer Systems, Inc		9,125
41		Mesa Laboratories, Inc		4,079
657		Methode Electronics, Inc		20,912
2,599		Motorola, Inc		177,902
221		MTS Systems Corp		14,014
160	*	Multi-Fineline Electronix, Inc		3,309
1,621		National Instruments Corp		46,506
2,665	*	NCR Corp		65,186
4,729		NetApp, Inc		125,460
454	*	Netgear, Inc		19,027
1,579	*	Netscout Systems, Inc		48,475
535	*	Newport Corp		8,490
727	*,e	Nimble Storage, Inc		6,688
576	*,e	Novatel Wireless, Inc		962
2,855	*,e	Oclaro, Inc		9,935
283	*	OSI Systems, Inc		25,091
1,101	*	Palo Alto Networks, Inc		193,930
291		Park Electrochemical Corp		4,382
196	*	PC Connection, Inc		4,437
554		Plantronics, Inc		26,271
511	*	Plexus Corp		17,844
1,944	*	Polycom, Inc		24,475
1,170	*	QLogic Corp		14,274
22,562		Qualcomm, Inc		1,127,762
4,721	*	Quantum Corp		4,391
485	*	RealD, Inc		5,117
383	*	Rofin-Sinar Technologies, Inc		10,257
267	*	Rogers Corp		13,769
1,077	*	Ruckus Wireless, Inc		11,535
3,134		SanDisk Corp		238,153
1,189	*	Sanmina Corp		24,470
410	*	Scansource, Inc		13,210
839	*	ShoreTel, Inc		7,425
435	*	Silicon Graphics International Corp		2,566
704	*	Sonus Networks, Inc		5,020
703	*,e	Stratasys Ltd		16,506
463	*	Super Micro Computer, Inc		11,348
636	*	Synaptics, Inc		51,096
483		SYNNEX Corp		43,436
512	*	Tech Data Corp		33,987
3,730	*	Trimble Navigation Ltd		80,008
846	*	TTM Technologies, Inc		5,507
443	*,e	Ubiquiti Networks, Inc		14,039
579	*	Universal Display Corp		31,521
617	*,e	Viasat, Inc		37,643
3,054	*	Viavi Solutions, Inc		18,599
1,934	*,e	Violin Memory, Inc		1,741
1,815		Vishay Intertechnology, Inc		21,871
161	*	Vishay Precision Group, Inc		1,823
3,473		Western Digital Corp		208,554
730	*	Zebra Technologies Corp (Class A)		50,844

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		18,176,720


TELECOMMUNICATION SERVICES - 2.2%
1,188	*	8x8, Inc		13,603
91,008		AT&T, Inc		3,131,585
220		Atlantic Tele-Network, Inc		17,211
201	*	Boingo Wireless, Inc		1,331
8,542		CenturyTel, Inc		214,917
3,005	*	Cincinnati Bell, Inc		10,818
675		Cogent Communications Group, Inc		23,416

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

945		Consolidated Communications Holdings, Inc	$	19,798
533	*,e	Fairpoint Communications, Inc		8,565
19,858	e	Frontier Communications Corp		92,737
464	*	General Communication, Inc (Class A)		9,178
6,783	*,e	Globalstar, Inc		9,767
126	*	Hawaiian Telcom Holdco, Inc		3,132
238		IDT Corp (Class B)		2,775
814	*,e	inContact, Inc		7,766
391		Inteliquent, Inc		6,948
367	*,e	Intelsat S.A.		1,527
1,082	*,e	Iridium Communications, Inc		9,100
4,242	*	Level 3 Communications, Inc		230,595
323		Lumos Networks Corp		3,618
181	*	NTELOS Holdings Corp		1,654
877	*	Orbcomm, Inc		6,349
184	*	pdvWireless, Inc		5,060
1,900	*	SBA Communications Corp (Class A)		199,633
364		Shenandoah Telecom Co		15,670
309		Spok Holdings, Inc		5,661
10,684	*,e	Sprint Corp		38,676
349	*,e	Straight Path Communications, Inc		5,982
1,431		Telephone & Data Systems, Inc		37,049
4,226	*	T-Mobile US, Inc		165,321
200	*	US Cellular Corp		8,162
61,052		Verizon Communications, Inc		2,821,823
2,337	*	Vonage Holdings Corp		13,414
1,408	e	Windstream Holdings, Inc		9,067
2,070	*	Zayo Group Holdings, Inc		55,041

		TOTAL TELECOMMUNICATION SERVICES		7,206,949


TRANSPORTATION - 2.1%
776	*	Air Transport Services Group, Inc		7,822
1,979		Alaska Air Group, Inc		159,329
198		Allegiant Travel Co		33,230
105		Amerco, Inc		40,897
9,459		American Airlines Group, Inc		400,589
378		Arkansas Best Corp		8,085
363	*	Atlas Air Worldwide Holdings, Inc		15,006
1,524	*	Avis Budget Group, Inc		55,306
390		Celadon Group, Inc		3,857
2,210		CH Robinson Worldwide, Inc		137,064
473	e	Copa Holdings S.A. (Class A)		22,827
169	*	Covenant Transportation Group, Inc		3,192
14,818		CSX Corp		384,527
12,267		Delta Air Lines, Inc		621,814
342	*	Eagle Bulk Shipping, Inc		1,204
427	*	Echo Global Logistics, Inc		8,707
2,935		Expeditors International of Washington, Inc		132,369
4,211		FedEx Corp		627,397
419		Forward Air Corp		18,021
756	*	Genesee & Wyoming, Inc (Class A)		40,590
985	*	Hawaiian Holdings, Inc		34,800
1,088	e	Heartland Express, Inc		18,518
6,017	*	Hertz Global Holdings, Inc		85,622
500	*	Hub Group, Inc (Class A)		16,475
1,324		J.B. Hunt Transport Services, Inc		97,129
4,853	*	JetBlue Airways Corp		109,920
1,673		Kansas City Southern Industries, Inc		124,923
791	*	Kirby Corp		41,622
937		Knight Transportation, Inc		22,704
644		Landstar System, Inc		37,771
1,005		Macquarie Infrastructure Co LLC		72,963
319		Marten Transport Ltd		5,646
698		Matson, Inc		29,756

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,614	e	Navios Maritime Holdings, Inc	$	2,824
4,511		Norfolk Southern Corp		381,585
1,017	*	Old Dominion Freight Line		60,074
118		Park-Ohio Holdings Corp		4,340
958	*	Radiant Logistics, Inc		3,286
2,215	*	Republic Airways Holdings, Inc		8,705
411	*	Roadrunner Transportation Services Holdings, Inc		3,876
808		Ryder System, Inc		45,919
1,151		Safe Bulkers, Inc		932
358	*	Saia, Inc		7,966
428	*	Scorpio Bulkers, Inc		4,237
1,232		Skywest, Inc		23,433
9,914		Southwest Airlines Co		426,897
1,197	*	Spirit Airlines, Inc		47,700
1,289	*,e	Swift Transportation Co, Inc		17,814
13,109		Union Pacific Corp		1,025,124
5,628	*	United Continental Holdings, Inc		322,484
10,513		United Parcel Service, Inc (Class B)		1,011,666
122		Universal Truckload Services, Inc		1,713
139	*	USA Truck, Inc		2,426
1,203	*	UTI Worldwide, Inc		8,457
407	*,e	Virgin America, Inc		14,656
975		Werner Enterprises, Inc		22,805
849	*	Wesco Aircraft Holdings, Inc		10,163
1,103	*,e	XPO Logistics, Inc		30,057
521	*	YRC Worldwide, Inc		7,388

		TOTAL TRANSPORTATION		6,916,209


UTILITIES - 3.1%
710	e	Abengoa Yield plc		13,696
9,820		AES Corp		93,977
1,862		AGL Resources, Inc		118,814
719		Allete, Inc		36,547
1,783		Alliant Energy Corp		111,348
3,624		Ameren Corp		156,666
7,209		American Electric Power Co, Inc		420,068
543		American States Water Co		22,779
2,749		American Water Works Co, Inc		164,253
2,635		Aqua America, Inc		78,523
111		Artesian Resources Corp		3,075
1,866	e	Atlantic Power Corp		3,676
1,558		Atmos Energy Corp		98,216
895	*	Avangrid, Inc		34,368
912		Avista Corp		32,257
656		Black Hills Corp		30,458
641		California Water Service Group		14,916
5,965	*	Calpine Corp		86,314
5,931		Centerpoint Energy, Inc		108,893
207		Chesapeake Utilities Corp		11,747
937		Cleco Corp		48,921
4,058		CMS Energy Corp		146,413
146		Connecticut Water Service, Inc		5,549
4,484		Consolidated Edison, Inc		288,187
213		Consolidated Water Co, Inc		2,607
8,956		Dominion Resources, Inc		605,784
2,680		DTE Energy Co		214,909
10,397		Duke Energy Corp		742,242
1,845	*	Dynegy, Inc		24,723
4,790		Edison International		283,616
600		El Paso Electric Co		23,100
864		Empire District Electric Co		24,252
2,652		Entergy Corp		181,291
4,674		Eversource Energy		238,701
13,720		Exelon Corp		381,004

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

856		Ferroglobe plc	$	9,202
6,317		FirstEnergy Corp		200,438
182	e	Genie Energy Ltd		2,029
2,223		Great Plains Energy, Inc		60,710
1,618		Hawaiian Electric Industries, Inc		46,841
750		Idacorp, Inc		51,000
2,504		ITC Holdings Corp		98,282
609		Laclede Group, Inc		36,181
2,800		MDU Resources Group, Inc		51,296
501		MGE Energy, Inc		23,246
214		Middlesex Water Co		5,680
1,140	e	National Fuel Gas Co		48,735
1,226		New Jersey Resources Corp		40,409
6,685		NextEra Energy, Inc		694,505
4,919		NiSource, Inc		95,970
392		Northwest Natural Gas Co		19,839
823		NorthWestern Corp		44,648
4,874		NRG Energy, Inc		57,367
495		NRG Yield, Inc (Class A)		6,885
1,714	e	NRG Yield, Inc (Class C)		25,299
2,807		OGE Energy Corp		73,796
863		ONE Gas, Inc		43,297
539	e	Ormat Technologies, Inc		19,657
489		Otter Tail Corp		13,022
860	e	Pattern Energy Group, Inc		17,983
3,891		Pepco Holdings, Inc		101,205
7,190		PG&E Corp		382,436
1,150		Piedmont Natural Gas Co, Inc		65,573
1,829		Pinnacle West Capital Corp		117,934
1,143		PNM Resources, Inc		34,942
1,365		Portland General Electric Co		49,645
9,862		PPL Corp		336,590
7,611		Public Service Enterprise Group, Inc		294,470
3,138		Questar Corp		61,128
2,185		SCANA Corp		132,171
3,699		Sempra Energy		347,743
210		SJW Corp		6,226
884		South Jersey Industries, Inc		20,792
13,713		Southern Co		641,631
672		Southwest Gas Corp		37,068
449	e	Spark Energy, Inc		9,303
1,205	*	Talen Energy Corp		7,507
3,378		TECO Energy, Inc		90,024
1,167		TerraForm Global, Inc		6,524
1,783	e	TerraForm Power, Inc		22,430
2,418		UGI Corp		81,632
205		Unitil Corp		7,355
1,188		Vectren Corp		50,395
298	*,e	Vivint Solar, Inc		2,849
4,635		WEC Energy Group, Inc		237,822
2,093		Westar Energy, Inc		88,764
691		WGL Holdings, Inc		43,526
7,517		Xcel Energy, Inc		269,935
183		York Water Co		4,564

		TOTAL UTILITIES		10,190,391

		TOTAL COMMON STOCKS (Cost $206,406,740)		332,286,928


RIGHTS / WARRANTS - 0.0%

ENERGY - 0.0%
303	e,m	Magnum Hunter Resources Corp		0

		TOTAL ENERGY		0

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
118	m	Forest Laboratories, Inc CVR	$	113
104	m	Furiex Pharmaceuticals, Inc		0
499	m	Trius Therapeutics, Inc		65

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		178


SOFTWARE & SERVICES - 0.0%
299	m	Gerber Scientific, Inc		0

		TOTAL SOFTWARE & SERVICES		0


TELECOMMUNICATION SERVICES - 0.0%
710	m	Leap Wireless International, Inc		1,789

		TOTAL TELECOMMUNICATION SERVICES		1,789

		TOTAL RIGHTS / WARRANTS (Cost $1,797)		1,967


SHORT-TERM INVESTMENTS - 2.8%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.8%
9,417,992	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		9,417,992

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		9,417,992

		TOTAL SHORT-TERM INVESTMENTS (Cost $9,417,992)		9,417,992

		TOTAL INVESTMENTS - 102.8% (Cost $215,826,529)		341,706,887
		OTHER ASSETS & LIABILITIES, NET - (2.8)%		(9,264,262	)

		NET ASSETS - 100.0%	$	332,442,625

Abbreviation(s):

REIT	Real Estate Investment Trust

*	Non-income producing

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

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $9,105,861.

m	Indicates a security that has been deemed illiquid.

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.4%

AUSTRALIA - 0.3%
24,075		BHP Billiton Ltd	$	309,835

		TOTAL AUSTRALIA		309,835


DENMARK - 1.3%
28,593	*	H Lundbeck AS		976,316
4,097		Novo Nordisk AS		237,209

		TOTAL DENMARK		1,213,525


FINLAND - 0.4%
13,533	e	Konecranes Oyj		334,951

		TOTAL FINLAND		334,951


FRANCE - 24.1%
119,693		Accor S.A.		5,183,894
3,170		Aeroports de Paris		368,888
5,409		BNP Paribas		306,027
20,435		Compagnie de Saint-Gobain		885,556
36,405		Edenred		688,165
44,257	g	Elior Participations S.C.A		927,211
35,054		Essilor International S.A.		4,368,985
9,233		Groupe Danone		623,906
43,415		Renault S.A.		4,345,645
38,025		Schneider Electric S.A.		2,159,969
35,733		Vinci S.A.		2,290,297

		TOTAL FRANCE		22,148,543


GERMANY - 18.7%
74,189		Adidas-Salomon AG.		7,200,712
204,237	*	Commerzbank AG.		2,107,435
19,368		Deutsche Boerse AG.		1,702,469
18,323		Henkel KGaA (Preference)		2,044,882
15,219		Lanxess AG.		700,336
23,549		Linde AG.		3,401,849

		TOTAL GERMANY		17,157,683


HONG KONG - 1.0%
276,800		Sands China Ltd		938,406

		TOTAL HONG KONG		938,406


INDIA - 7.9%
5,678		Eicher Motors Ltd		1,441,363
8,180		Emami Ltd		123,233
158,064		HDFC Bank Ltd		2,581,600
140,221		IndusInd Bank Ltd		2,046,594
15,277		Maruti Suzuki India Ltd		1,063,909

		TOTAL INDIA		7,256,699


ITALY - 0.9%
58,381		Moncler S.p.A		812,424

		TOTAL ITALY		812,424

TIAA-CREF LIFE FUNDS - International Equity Fund


SHARES		COMPANY	VALUE

JAPAN - 14.1%
1,600		Daikin Industries Ltd	$	116,515
31,800		Don Quijote Co Ltd		1,116,776
161,000		Ishikawajima-Harima Heavy Industries Co Ltd		444,440
18,900		Murata Manufacturing Co Ltd		2,719,354
1,453		Nomura Holdings, Inc		8,093
84,425		Olympus Corp		3,323,700
7,592		Oriental Land Co Ltd		459,289
230,400	*,e	Pioneer Corp		634,271
117,550		Sony Corp		2,889,001
26,200	e	Sony Financial Holdings, Inc		468,646
12,300		Toyota Motor Corp		757,421

		TOTAL JAPAN		12,937,506


NETHERLANDS - 5.2%
1,165		ASML Holding NV		103,512
38,936		Heineken NV		3,318,004
97,495		ING Groep NV		1,319,111
47		Royal Dutch Shell plc (A Shares)		1,064

		TOTAL NETHERLANDS		4,741,691


SWEDEN - 1.9%
72,527		Electrolux AB (Series B)		1,749,888

		TOTAL SWEDEN		1,749,888


SWITZERLAND - 4.8%
3,167		Burckhardt Compression Holding AG.		969,653
2,945		Geberit AG.		997,479
17		Givaudan S.A.		30,854
22,640		Swatch Group AG. (Registered)		1,528,893
5,192		UBS AG.		100,722
3,083		Zurich Financial Services AG.		792,022

		TOTAL SWITZERLAND		4,419,623


TAIWAN - 0.5%
406,927		Advanced Semiconductor Engineering, Inc		467,445

		TOTAL TAIWAN		467,445


UNITED KINGDOM - 17.7%
5,716		ARM Holdings plc		87,124
8,484		Associated British Foods plc		417,473
291,990		Barclays plc		939,848
63,288		Essentra plc		771,487
287,842		Group 4 Securicor plc		956,150
52,776		Henderson Group plc		239,868
510,259		Man Group plc		1,312,645
2,925		Rio Tinto plc		85,162
374,083		Sky plc		6,132,247
786,841	*	Tesco plc		1,728,906
96,553		Weir Group plc		1,418,247
94,071		WPP plc		2,163,799

		TOTAL UNITED KINGDOM		16,252,956


UNITED STATES - 0.6%
18,866	*	Qiagen NV		511,347

		TOTAL UNITED STATES		511,347

		TOTAL COMMON STOCKS (Cost $91,662,365)		91,252,522

TIAA-CREF LIFE FUNDS - International Equity Fund


SHARES		COMPANY	VALUE

SHORT-TERM INVESTMENTS - 0.9%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
869,519	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	869,519

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		869,519

		TOTAL SHORT-TERM INVESTMENTS (Cost $869,519)		869,519

		TOTAL INVESTMENTS - 100.3% (Cost $92,531,884)		92,122,041
		OTHER ASSETS & LIABILITIES, NET - (0.3)%		(302,570	)

		NET ASSETS - 100.0%	$	91,819,471

*	Non-income producing

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $826,060.

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/15, the aggregate value of these securities was $927,211 or 1.0% of net assets.

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR

December 31, 2015


SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	36,976,574			40.1	%
INDUSTRIALS		13,998,885			15.3
FINANCIALS		13,925,079			15.2
HEALTH CARE		9,417,556			10.3
CONSUMER STAPLES		8,256,404			9.0
MATERIALS		5,299,524			5.8
INFORMATION TECHNOLOGY		3,377,435			3.7
ENERGY		1,065			0.0
SHORT-TERM INVESTMENTS		869,519			0.9
OTHER ASSETS & LIABILITES, NET		(302,570	)		(0.3	)

NET ASSETS	$	91,819,471			100.0	%

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

BANK LOAN OBLIGATIONS - 1.5%

AUTOMOBILES & COMPONENTS - 0.1%
$ 49,500	i	Dealer Tire LLC		5.500	%		12/22/21	$	49,438
74,063	i	Gates Global LLC		4.250			07/05/21		69,301

		TOTAL AUTOMOBILES & COMPONENTS							118,739


CAPITAL GOODS - 0.0%
24,938	i	CHI Overhead Doors, Inc		4.750			07/31/22		24,423
25,000	i	Plaze, Inc		5.250			07/31/22		24,750

		TOTAL CAPITAL GOODS							49,173


COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
110,984	i	AECOM Technology Corp		3.750			10/15/21		110,776
59,400	i	Creative Artists Agency LLC		5.500			12/17/21		59,103
25,000	h,i	Staples, Inc		3.500			04/24/21		24,677

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							194,556


CONSUMER DURABLES & APPAREL - 0.0%
91,576	i	Otter Products LLC		5.750			06/03/20		87,341

		TOTAL CONSUMER DURABLES & APPAREL							87,341


CONSUMER SERVICES - 0.2%
100,000	i	Jackson Hewitt Tax Service, Inc		8.000			06/25/21		95,625
99,750	i	Knowledge Universe Education LLC		6.000			08/13/22		97,256
132,906	i	Spin Holdco, Inc		4.250			11/14/19		127,390

		TOTAL CONSUMER SERVICES							320,271


DIVERSIFIED FINANCIALS - 0.2%
199,500		DTZ US Borrower LLC		4.250			11/04/21		194,325
98,496	i	TransUnion LLC		3.500			04/09/21		95,500

		TOTAL DIVERSIFIED FINANCIALS							289,825


ENERGY - 0.0%
2,950	i	Granite Acquisition, Inc		5.000			12/19/21		2,626
66,379	i	Granite Acquisition, Inc		5.000			12/19/21		59,078

		TOTAL ENERGY							61,704


FOOD, BEVERAGE & TOBACCO - 0.0%
29,925	i	Hostess Brands LLC		4.500			08/03/22		29,738
12,981	i	Post Holdings, Inc		3.750			06/02/21		12,946

		TOTAL FOOD, BEVERAGE & TOBACCO							42,684


HEALTH CARE EQUIPMENT & SERVICES - 0.1%
98,685	i	DaVita HealthCare Partners, Inc		3.500			06/24/21		98,150
75,000	i	Greatbatch Ltd		5.250			10/14/22		74,156

		TOTAL HEALTH CARE EQUIPMENT & SERVICES							172,306


INSURANCE - 0.1%
124,524	i	Acrisure LLC		6.500			05/19/22		119,076

		TOTAL INSURANCE							119,076

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

MATERIALS - 0.1%
$ 69,300	i	Eco Services Operations LLC		4.750	%		12/04/21	$	68,152
137,037	i	Signode Industrial Group US, Inc		3.750			05/01/21		131,898
40,000	i	Solenis International LP		7.750			07/31/22		31,500

		TOTAL MATERIALS							231,550


MEDIA - 0.2%
99,750	i	CDS US Intermediate Holdings, Inc		5.000			07/08/22		93,848
124,233	i	CSC Holdings LLC		2.924			04/17/20		123,690
75,000	i	Neptune Finco Corp		5.000			10/09/22		74,789
97,203	i	Univision Communications, Inc		4.000			03/01/20		94,947

		TOTAL MEDIA							387,274


SOFTWARE & SERVICES - 0.2%
155,000	i	Evergreen Skills Lux S.a.r.l.		9.250			04/28/22		100,362
69,121	i	IMS Health, Inc		3.500			03/17/21		67,393
48,694	i	Mitchell International, Inc		4.500			10/13/20		45,967
41,739	i	P2 Lower Acquisition LLC		5.500			10/22/20		41,217
74,249	i	ProQuest LLC		5.750			10/24/21		72,671
2,838	i	SS&C Technologies Holdings Europe SARL		4.018			07/08/22		2,813
19,283	i	SS&C Technologies Holdings, Inc		4.007			07/08/22		19,114

		TOTAL SOFTWARE & SERVICES							349,537


TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
99,750	i	CommScope, Inc		3.827			12/29/22		98,940
69,128	i	Sensata Technologies BV		3.000			10/14/21		67,774
18,500	i	Zebra Technologies Corp		4.750			10/27/21		18,500

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							185,214

		TOTAL BANK LOAN OBLIGATIONS (Cost $2,724,491)							2,609,250


BONDS - 95.7%

CORPORATE BONDS - 47.3%

AUTOMOBILES & COMPONENTS - 0.4%
125,000		Delphi Automotive plc		3.150			11/19/20		124,852
75,000	g	Gates Global LLC		6.000			07/15/22		54,000
175,000		Magna International, Inc		3.625			06/15/24		171,114
100,000		Magna International, Inc		4.150			10/01/25		101,857
150,000	g	ZF North America Capital, Inc		4.500			04/29/22		146,625

		TOTAL AUTOMOBILES & COMPONENTS							598,448


BANKS - 7.2%
200,000	g	Banco Nacional de Comercio Exterior SNC		4.375			10/14/25		197,500
200,000		Bank of America Corp		5.300			03/15/17		208,052
350,000		Bank of America Corp		2.625			10/19/20		345,751
500,000		Bank of America Corp		4.000			01/22/25		489,868
275,000		Bank of America Corp		3.950			04/21/25		267,811
200,000		Bank of America Corp		3.875			08/01/25		203,045
50,000		Bank of America Corp		4.750			04/21/45		48,057
150,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350			02/23/17		151,052
225,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350			09/08/19		223,914
150,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250			09/08/24		147,860
200,000		Barclays plc		2.750			11/08/19		199,269
325,000		Barclays plc		3.650			03/16/25		312,333
250,000		Branch Banking & Trust Co		2.300			10/15/18		252,528
60,000		Capital One Bank USA NA		3.375			02/15/23		58,742
100,000		Citigroup, Inc		2.550			04/08/19		100,652
325,000		Citigroup, Inc		4.400			06/10/25		328,406
425,000		Citigroup, Inc		4.450			09/29/27		422,470
100,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950			11/09/22		101,232
125,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625			12/01/23		130,344
100,000	g	Credit Agricole S.A.		2.500			04/15/19		100,529
75,000	g	Credit Agricole S.A.		2.750			06/10/20		75,402
225,000		Discover Bank		3.100			06/04/20		225,616
200,000		Fifth Third Bancorp		2.375			04/25/19		200,682

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 200,000	g	HSBC Bank plc		1.500	%		05/15/18	$	197,815
150,000	g	HSBC Bank plc		4.125			08/12/20		159,798
150,000		HSBC USA, Inc		2.375			11/13/19		149,421
200,000		HSBC USA, Inc		2.350			03/05/20		197,733
200,000	g	Industrial & Commercial Bank of China Ltd		4.875			09/21/25		202,308
375,000		JPMorgan Chase & Co		2.750			06/23/20		376,748
500,000		JPMorgan Chase & Co		3.875			02/01/24		514,285
325,000		JPMorgan Chase & Co		3.900			07/15/25		334,710
100,000	i	JPMorgan Chase & Co		5.150			12/30/49		94,500
80,000		KeyBank NA		2.500			12/15/19		80,141
275,000		KeyBank NA		2.250			03/16/20		271,986
350,000		KeyBank NA		3.300			06/01/25		346,173
100,000	g	Macquarie Bank Ltd		2.600			06/24/19		99,908
225,000		Manufacturers & Traders Trust Co		2.100			02/06/20		221,020
175,000		PNC Bank NA		2.200			01/28/19		175,595
225,000		PNC Bank NA		2.250			07/02/19		226,067
350,000		PNC Bank NA		2.600			07/21/20		350,002
150,000		PNC Bank NA		2.700			11/01/22		145,897
140,000	g,i	Rabobank Nederland NV		11.000			12/30/49		172,830
500,000		Royal Bank of Canada		1.200			09/19/17		497,665
175,000		Royal Bank of Canada		2.200			07/27/18		176,446
300,000	g	Skandinaviska Enskilda Banken AB		2.625			11/17/20		299,052
250,000	g	Societe Generale S.A.		4.750			11/24/25		241,965
250,000	g	Societe Generale S.A.		5.625			11/24/45		239,339
75,000		Sumitomo Mitsui Banking Corp		2.500			07/19/18		75,990
150,000		Sumitomo Mitsui Banking Corp		2.450			01/16/20		149,181
250,000		Sumitomo Mitsui Banking Corp		3.650			07/23/25		252,587
100,000		SunTrust Banks, Inc		2.750			05/01/23		95,670
250,000		Toronto-Dominion Bank		2.500			12/14/20		249,888
200,000	g	Turkiye Garanti Bankasi AS.		4.750			10/17/19		198,660
150,000		Union Bank NA		2.125			06/16/17		150,939
125,000		UnionBanCal Corp		3.500			06/18/22		126,811
370,000		US Bank NA		2.800			01/27/25		360,271
200,000		Westpac Banking Corp		2.250			01/17/19		200,536
325,000		Westpac Banking Corp		2.600			11/23/20		324,875
200,000	g	Zenith Bank plc		6.250			04/22/19		179,900

		TOTAL BANKS							12,927,827


CAPITAL GOODS - 1.2%
125,000		Caterpillar Financial Services Corp		3.250			12/01/24		124,028
150,000	g	CRH America, Inc		3.875			05/18/25		149,050
100,000		Eaton Corp		4.000			11/02/32		95,284
60,000		Embraer Netherlands Finance BV		5.050			06/15/25		54,600
125,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550			11/01/24		122,385
175,000		John Deere Capital Corp		3.400			09/11/25		177,501
175,000		Lockheed Martin Corp		2.500			11/23/20		174,384
100,000		Lockheed Martin Corp		3.550			01/15/26		100,514
125,000		Rockwell Automation, Inc		2.050			03/01/20		123,944
115,000		Rockwell Automation, Inc		2.875			03/01/25		112,164
100,000	g	Schaeffler Finance BV		4.750			05/15/21		100,500
100,000	g	Stena AB		7.000			02/01/24		85,000
100,000		Textron, Inc		3.875			03/01/25		98,127
425,000		Timken Co		3.875			09/01/24		401,293
200,000	g	TSMC Global Ltd		1.625			04/03/18		196,045

		TOTAL CAPITAL GOODS							2,114,819


COMMERCIAL & PROFESSIONAL SERVICES - 1.6%
500,000		21st Century Fox America, Inc		3.000			09/15/22		492,747
50,000		21st Century Fox America, Inc		6.900			08/15/39		59,115
100,000		ADT Corp		6.250			10/15/21		104,455
25,000		AECOM		5.750			10/15/22		25,750
50,000		AECOM		5.875			10/15/24		51,000
250,000		Air Lease Corp		3.875			04/01/21		251,250
250,000	g	Daimler Finance North America LLC		3.300			05/19/25		242,432

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 150,000		Fluor Corp		3.500	%		12/15/24	$	149,889
75,000		Republic Services, Inc		3.800			05/15/18		77,697
250,000		Republic Services, Inc		3.550			06/01/22		255,446
150,000		Republic Services, Inc		3.200			03/15/25		144,419
75,000		United Rentals North America, Inc		5.500			07/15/25		72,750
250,000		Visa, Inc		2.200			12/14/20		249,810
175,000		Visa, Inc		3.150			12/14/25		175,370
250,000		Waste Management, Inc		2.600			09/01/16		251,723
100,000		Waste Management, Inc		2.900			09/15/22		98,187
50,000		Waste Management, Inc		3.900			03/01/35		46,750
50,000		Waste Management, Inc		4.100			03/01/45		46,470
75,000	g	XPO Logistics, Inc		6.500			06/15/22		69,375

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							2,864,635


CONSUMER DURABLES & APPAREL - 0.2%
100,000		Newell Rubbermaid, Inc		3.900			11/01/25		90,270
100,000		PVH Corp		4.500			12/15/22		97,750
100,000		Whirlpool Corp		3.700			03/01/23		100,640

		TOTAL CONSUMER DURABLES & APPAREL							288,660


CONSUMER SERVICES - 0.2%
200,000	g	1011778 BC / New Red Fin		6.000			04/01/22		206,000
150,000	g	SABMiller Holdings, Inc		3.750			01/15/22		154,282
43,000	g	Six Flags Entertainment Corp		5.250			01/15/21		43,538
70,000		Speedway Motorsports, Inc		5.125			02/01/23		69,300

		TOTAL CONSUMER SERVICES							473,120


DIVERSIFIED FINANCIALS - 6.0%
40,000		Abbey National Treasury Services plc		4.000			04/27/16		40,368
125,000		American Express Centurion Bank		6.000			09/13/17		133,903
725,000		American Express Credit Corp		2.250			08/15/19		725,105
750,000	g,i	Armor Re Ltd		4.243			12/15/16		748,425
50,000		Bank of New York Mellon Corp		5.450			05/15/19		55,193
225,000	g	Bayer US Finance LLC		2.375			10/08/19		225,201
200,000	g	Bayer US Finance LLC		3.375			10/08/24		201,503
200,000	g	BBVA Bancomer S.A.		6.750			09/30/22		220,000
200,000	g	Comcel Trust		6.875			02/06/24		154,000
125,000		Credit Suisse		2.300			05/28/19		125,143
125,000		Credit Suisse		3.000			10/29/21		124,568
150,000	g	Credit Suisse Group Funding Guernsey Ltd		3.750			03/26/25		144,915
250,000	g	Credit Suisse Group Funding Guernsey Ltd		4.875			05/15/45		246,529
65,000		Ford Motor Credit Co LLC		4.250			02/03/17		66,413
250,000		Ford Motor Credit Co LLC		3.000			06/12/17		252,441
35,000		Ford Motor Credit Co LLC		6.625			08/15/17		37,305
750,000		Ford Motor Credit Co LLC		2.597			11/04/19		736,443
275,000		Ford Motor Credit Co LLC		3.157			08/04/20		274,172
325,000		Ford Motor Credit Co LLC		3.200			01/15/21		322,826
275,000		Ford Motor Credit Co LLC		4.134			08/04/25		274,164
400,000	g	GE Capital International Funding Co		2.342			11/15/20		397,069
558,000	g	GE Capital International Funding Co		3.373			11/15/25		568,191
215,000		General Electric Capital Corp		3.100			01/09/23		218,227
160,000		General Motors Financial Co, Inc		3.500			07/10/19		160,567
100,000		General Motors Financial Co, Inc		3.200			07/13/20		98,460
40,000		General Motors Financial Co, Inc		4.375			09/25/21		40,582
200,000		Goldman Sachs Group, Inc		2.750			09/15/20		199,912
200,000		Goldman Sachs Group, Inc		3.625			01/22/23		202,347
300,000		Goldman Sachs Group, Inc		3.500			01/23/25		295,073
125,000		Goldman Sachs Group, Inc		4.800			07/08/44		124,162
100,000		Goldman Sachs Group, Inc		4.750			10/21/45		99,312
100,000		Icahn Enterprises LP		4.875			03/15/19		99,100
130,000		International Lease Finance Corp		5.750			05/15/16		131,788
100,000		International Lease Finance Corp		3.875			04/15/18		100,750
100,000		International Lease Finance Corp		5.875			08/15/22		106,500

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 100,000		Legg Mason, Inc		2.700	%		07/15/19	$	99,756
100,000		Legg Mason, Inc		3.950			07/15/24		98,415
325,000		Morgan Stanley		1.875			01/05/18		324,673
225,000		Morgan Stanley		2.650			01/27/20		224,467
450,000		Morgan Stanley		2.800			06/16/20		451,603
150,000		Morgan Stanley		4.000			07/23/25		154,595
200,000		Morgan Stanley		3.950			04/23/27		194,199
250,000		Morgan Stanley		6.375			07/24/42		308,923
200,000	g	Nacional Financiera SNC		3.375			11/05/20		198,075
50,000		National Rural Utilities Cooperative Finance Corp		10.375			11/01/18		61,007
100,000	g	SUAM Finance BV		4.875			04/17/24		101,500
150,000	g	UBS Group Funding Jersey Ltd		2.950			09/24/20		148,616
100,000		Unilever Capital Corp		3.100			07/30/25		101,414
150,000		Wells Fargo & Co		2.550			12/07/20		149,248
150,000		Wells Fargo & Co		3.900			05/01/45		138,301

		TOTAL DIVERSIFIED FINANCIALS							10,705,449


ENERGY - 3.5%
50,000		Anadarko Petroleum Corp		5.950			09/15/16		51,379
30,000		Anadarko Petroleum Corp		6.950			06/15/19		32,772
50,000		Apache Corp		4.750			04/15/43		42,954
25,000		Apache Corp		4.250			01/15/44		20,008
255,000		Ashland, Inc		3.875			04/15/18		260,100
250,000		BP Capital Markets plc		1.375			05/10/18		246,433
300,000		BP Capital Markets plc		2.315			02/13/20		295,692
12,000		California Resources Corp		5.000			01/15/20		4,275
30,000	g	California Resources Corp		8.000			12/15/22		15,787
165,000		Calumet Specialty Products Partners LP		6.500			04/15/21		143,550
325,000		Chevron Corp		2.419			11/17/20		323,384
192,000		Cimarex Energy Co		4.375			06/01/24		170,404
150,000		Concho Resources, Inc		5.500			04/01/23		138,750
50,000		Continental Resources, Inc		5.000			09/15/22		36,875
200,000		Ecopetrol S.A.		5.375			06/26/26		170,500
25,000		Enbridge Energy Partners LP		5.200			03/15/20		25,330
100,000		Enbridge Energy Partners LP		4.375			10/15/20		97,590
150,000		Enbridge Energy Partners LP		5.875			10/15/25		144,582
75,000		EnCana Corp		6.500			02/01/38		59,954
200,000		Enterprise Products Operating LLC		3.750			02/15/25		183,044
250,000		Enterprise Products Operating LLC		5.100			02/15/45		209,250
25,000		EP Energy LLC		6.375			06/15/23		12,500
75,000		Exterran Partners LP		6.000			10/01/22		61,125
100,000		Husky Energy, Inc		3.950			04/15/22		92,709
250,000	g	Indo Energy Finance II BV		6.375			01/24/23		102,812
50,000		Marathon Petroleum Corp		3.500			03/01/16		50,141
100,000		Noble Energy, Inc		5.625			05/01/21		97,819
175,000		Noble Energy, Inc		5.875			06/01/22		166,477
25,000		Noble Energy, Inc		5.250			11/15/43		20,177
100,000		Noble Holding International Ltd		4.000			03/16/18		90,563
75,000		Noble Holding International Ltd		3.950			03/15/22		49,606
200,000		ONE Gas, Inc		2.070			02/01/19		198,901
100,000		ONE Gas, Inc		3.610			02/01/24		101,827
100,000	i	Petrobras Global Finance BV		1.990			05/20/16		97,500
100,000	i	Petrobras Global Finance BV		2.461			01/15/19		76,000
50,000		Petrobras Global Finance BV		3.000			01/15/19		38,000
125,000		Petrobras Global Finance BV		4.875			03/17/20		93,750
50,000		Petrobras International Finance Co		3.500			02/06/17		46,750
20,000		Petroleos Mexicanos		8.000			05/03/19		22,017
100,000	g	Petroleos Mexicanos		3.500			07/23/20		94,650
150,000		Petroleos Mexicanos		3.500			01/30/23		130,875
80,000	g	Petroleos Mexicanos		4.250			01/15/25		70,000
40,000		Petroleos Mexicanos		5.500			06/27/44		30,094
162,500	g	Petroleum Co of Trinidad & Tobago Ltd		6.000			05/08/22		150,312
45,000		Pioneer Natural Resources Co		7.500			01/15/20		47,803
150,000		Pioneer Natural Resources Co		3.450			01/15/21		138,560

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 125,000		Pioneer Natural Resources Co		4.450	%		01/15/26	$	112,578
293,000		Plains All American Pipeline LP		3.600			11/01/24		235,181
45,000		Precision Drilling Corp		6.500			12/15/21		34,650
32,000		Questar Market Resources, Inc		6.875			03/01/21		26,240
17,000		Regency Energy Partners LP		5.875			03/01/22		16,025
250,000	g	Reliance Industries Ltd		4.125			01/28/25		244,796
75,000		Shell International Finance BV		2.375			08/21/22		71,852
125,000		Southwestern Energy Co		4.050			01/23/20		90,625
100,000		Statoil ASA		1.200			01/17/18		99,029
200,000		Statoil ASA		2.450			01/17/23		189,669
125,000		Statoil ASA		4.250			11/23/41		117,827
50,000		Talisman Energy, Inc		3.750			02/01/21		45,355
50,000	g	Targa Resources Partners LP		5.000			01/15/18		46,250
100,000		TransCanada PipeLines Ltd		5.850			03/15/36		102,838
55,000	g	Ultra Petroleum Corp		6.125			10/01/24		12,512
50,000		Vale Overseas Ltd		4.375			01/11/22		37,841
25,000		Vale Overseas Ltd		6.875			11/21/36		17,476

		TOTAL ENERGY							6,254,325


FOOD & STAPLES RETAILING - 0.8%
400,000		CVS Health Corp		2.800			07/20/20		401,964
100,000		CVS Health Corp		3.375			08/12/24		99,014
375,000		CVS Health Corp		3.875			07/20/25		382,780
140,000		Ingles Markets, Inc		5.750			06/15/23		139,650
225,000		Walgreens Boots Alliance, Inc		2.700			11/18/19		224,672
250,000		Walgreens Boots Alliance, Inc		3.800			11/18/24		242,732

		TOTAL FOOD & STAPLES RETAILING							1,490,812


FOOD, BEVERAGE & TOBACCO - 1.4%
75,000		ConAgra Foods, Inc		3.200			01/25/23		72,158
100,000		Constellation Brands, Inc		3.875			11/15/19		102,750
200,000	g	Corp Lindley S.A.		4.625			04/12/23		197,000
150,000		Diageo Capital plc		2.625			04/29/23		145,018
200,000	g	Embotelladora Andina S.A.		5.000			10/01/23		206,092
150,000		Fomento Economico Mexicano SAB de C.V.		2.875			05/10/23		140,032
100,000		General Mills, Inc		2.200			10/21/19		100,031
100,000		Mead Johnson Nutrition Co		3.000			11/15/20		100,015
100,000		Mondelez International, Inc		4.125			02/09/16		100,258
300,000		Mondelez International, Inc		4.000			02/01/24		309,448
5,000		PepsiCo, Inc		7.900			11/01/18		5,859
275,000		PepsiCo, Inc		2.750			04/30/25		266,933
265,000		PepsiCo, Inc		4.450			04/14/46		273,537
32,000	g	Pernod-Ricard S.A.		5.750			04/07/21		35,331
175,000	g	Pernod-Ricard S.A.		4.250			07/15/22		179,763
175,000		Philip Morris International, Inc		3.375			08/11/25		177,122
75,000		Tyson Foods, Inc		3.950			08/15/24		77,010
100,000		Tyson Foods, Inc		4.875			08/15/34		101,994

		TOTAL FOOD, BEVERAGE & TOBACCO							2,590,351


HEALTH CARE EQUIPMENT & SERVICES - 1.5%
50,000		Becton Dickinson & Co		1.750			11/08/16		50,254
100,000		Becton Dickinson & Co		3.734			12/15/24		100,918
125,000		Becton Dickinson & Co		4.685			12/15/44		126,106
100,000		CHS/Community Health Systems		6.875			02/01/22		94,875
100,000		Covidien International Finance S.A.		3.200			06/15/22		100,251
100,000		Express Scripts Holding Co		3.900			02/15/22		102,760
130,000	g	Fresenius Medical Care Capital Trust		5.750			02/15/21		139,100
40,000		HCA, Inc		6.500			02/15/20		43,580
150,000		HCA, Inc		5.875			03/15/22		158,250
125,000		Keysight Technologies, Inc		4.550			10/30/24		120,179
100,000		Laboratory Corp of America Holdings		2.625			02/01/20		98,766
100,000		Laboratory Corp of America Holdings		3.600			02/01/25		96,502
200,000		Medtronic, Inc		3.500			03/15/25		202,368

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 200,000		Medtronic, Inc		4.625	%		03/15/45	$	206,205
200,000		Quest Diagnostics, Inc		3.500			03/30/25		193,241
75,000		Thermo Fisher Scientific, Inc		2.250			08/15/16		75,412
100,000		Thermo Fisher Scientific, Inc		2.400			02/01/19		99,983
100,000		Thermo Fisher Scientific, Inc		3.300			02/15/22		99,812
125,000		Thermo Fisher Scientific, Inc		3.150			01/15/23		121,742
250,000		Zimmer Holdings, Inc		2.700			04/01/20		246,948
275,000		Zimmer Holdings, Inc		3.550			04/01/25		267,369

		TOTAL HEALTH CARE EQUIPMENT & SERVICES							2,744,621


HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
200,000		Colgate-Palmolive Co		4.000			08/15/45		200,443

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS							200,443


INSURANCE - 2.4%
125,000		Aetna, Inc		1.500			11/15/17		124,526
100,000		Allstate Corp		3.150			06/15/23		99,980
100,000		Allstate Corp		4.500			06/15/43		101,596
200,000		American International Group, Inc		2.300			07/16/19		198,328
200,000		Children’s Hospital Medic		4.268			05/15/44		195,612
100,000		Chubb Corp		6.000			05/11/37		122,593
20,000		Cigna Corp		5.125			06/15/20		21,832
100,000		Cigna Corp		4.500			03/15/21		106,148
125,000		Cigna Corp		3.250			04/15/25		122,761
100,000	g	Five Corners Funding Trust		4.419			11/15/23		104,410
25,000		Lincoln National Corp		7.000			06/15/40		31,356
350,000	g,i	Merna Reinsurance IV Ltd		2.663			04/08/16		349,895
300,000		MetLife, Inc		4.368			09/15/23		322,209
225,000		MetLife, Inc		3.000			03/01/25		216,375
150,000	i	MetLife, Inc		5.250			12/30/49		152,625
100,000		Principal Financial Group, Inc		1.850			11/15/17		100,081
150,000		Progressive Corp		3.750			08/23/21		158,608
175,000		Prudential Financial, Inc		5.400			06/13/35		190,382
100,000		Prudential Financial, Inc		5.100			08/15/43		104,185
325,000	i	Prudential Financial, Inc		5.375			05/15/45		324,594
100,000	g	Prudential Funding LLC		6.750			09/15/23		118,036
100,000	g	Swiss Re Treasury US Corp		2.875			12/06/22		96,635
125,000	g	Swiss Re Treasury US Corp		4.250			12/06/42		117,970
25,000		Travelers Cos, Inc		5.800			05/15/18		27,305
150,000		UnitedHealth Group, Inc		3.750			07/15/25		154,773
275,000		UnitedHealth Group, Inc		4.750			07/15/45		289,387
250,000		WellPoint, Inc		3.125			05/15/22		245,462
150,000		WellPoint, Inc		4.625			05/15/42		141,643
25,000		WR Berkley Corp		5.375			09/15/20		27,478

		TOTAL INSURANCE							4,366,785


MATERIALS - 2.4%
35,000		Air Products & Chemicals, Inc		4.375			08/21/19		37,397
52,000		Barrick Gold Corp		4.100			05/01/23		44,612
25,000	g	Berry Plastics Corp		6.000			10/15/22		25,437
50,000	g	Blue Cube Spinco, Inc		9.750			10/15/23		53,937
50,000	g	Blue Cube Spinco, Inc		10.000			10/15/25		55,000
200,000		Celulosa Arauco y Constitucion S.A.		4.500			08/01/24		198,073
100,000		Corning, Inc		1.450			11/15/17		99,143
200,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500			09/16/25		188,335
105,000		Crown Americas LLC		4.500			01/15/23		102,637
100,000		Eastman Chemical Co		3.800			03/15/25		96,902
75,000		Fibria Overseas Finance Ltd		5.250			05/12/24		71,250
200,000	g	Georgia-Pacific LLC		2.539			11/15/19		198,916
930,000	g	Glencore Funding LLC		2.125			04/16/18		826,442
125,000	g	Glencore Funding LLC		4.625			04/29/24		90,525
150,000	g	Glencore Funding LLC		4.000			04/16/25		104,250
50,000		Hexion US Finance Corp		8.875			02/01/18		35,250

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 50,000		Hexion US Finance Corp		6.625	%		04/15/20	$	39,125
598,000		International Paper Co		4.750			02/15/22		638,841
200,000	g	Klabin Finance S.A.		5.250			07/16/24		178,000
150,000		LyondellBasell Industries NV		4.625			02/26/55		121,643
125,000		Nucor Corp		4.000			08/01/23		121,243
200,000	g	OCP S.A.		4.500			10/22/25		186,026
80,000	g	Owens-Brockway Glass Container, Inc		5.875			08/15/23		81,200
150,000		Packaging Corp of America		3.650			09/15/24		145,844
85,000		Rio Tinto Finance USA plc		2.250			12/14/18		82,882
70,000	g	Sealed Air Corp		5.250			04/01/23		71,400
25,000		Steel Dynamics, Inc		5.125			10/01/21		23,125
100,000		Teck Resources Ltd		2.500			02/01/18		76,000
100,000		Teck Resources Ltd		3.750			02/01/23		46,250
225,000	g	Union Andina de Cementos SAA		5.875			10/30/21		217,125
45,000	g	Univar, Inc		6.750			07/15/23		41,063

		TOTAL MATERIALS							4,297,873


MEDIA - 2.7%
100,000		AMC Entertainment, Inc		5.875			02/15/22		101,500
150,000		CBS Corp		2.300			08/15/19		148,347
125,000		CBS Corp		4.000			01/15/26		121,962
50,000		CBS Corp		4.600			01/15/45		42,898
250,000	g	CCO Safari II LLC		3.579			07/23/20		248,568
325,000	g	CCO Safari II LLC		4.908			07/23/25		324,681
100,000		Cinemark USA, Inc		4.875			06/01/23		97,500
475,000		Comcast Corp		4.250			01/15/33		466,735
150,000		Comcast Corp		4.600			08/15/45		151,864
175,000		DIRECTV Holdings LLC		4.450			04/01/24		179,756
15,000	g	Gannett Co, Inc		4.875			09/15/21		15,038
80,000	g	Gannett Co, Inc		5.500			09/15/24		80,000
200,000		Grupo Televisa SAB		4.625			01/30/26		197,610
200,000		Grupo Televisa SAB		5.000			05/13/45		171,835
100,000		Lamar Media Corp		5.875			02/01/22		105,000
100,000	g	NBC Universal Enterprise, Inc		1.662			04/15/18		100,024
125,000	g	NBC Universal Enterprise, Inc		1.974			04/15/19		124,942
50,000	g	Nielsen Finance LLC		5.000			04/15/22		49,375
120,000	g	Numericable Group S.A.		6.000			05/15/22		116,400
200,000		Outfront Media Capital LLC		5.250			02/15/22		204,500
200,000		Scripps Networks Interactive, Inc		2.800			06/15/20		195,118
175,000	g	Sky plc		2.625			09/16/19		174,257
200,000		Time Warner Cable, Inc		4.000			09/01/21		201,942
75,000		Time Warner Cable, Inc		5.875			11/15/40		71,060
450,000		Time Warner, Inc		2.100			06/01/19		447,591
50,000		Time Warner, Inc		6.500			11/15/36		56,608
150,000		Time Warner, Inc		4.650			06/01/44		137,586
104,000	g	Time, Inc		5.750			04/15/22		95,160
200,000	g	Univision Communications, Inc		5.125			05/15/23		192,500
115,000		Viacom, Inc		2.500			12/15/16		115,241
125,000		Viacom, Inc		5.850			09/01/43		112,173

		TOTAL MEDIA							4,847,771


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.7%
425,000		AbbVie, Inc		2.500			05/14/20		420,798
175,000		Actavis Funding SCS		3.000			03/12/20		174,861
150,000		Actavis Funding SCS		3.800			03/15/25		149,248
150,000		Amgen, Inc		4.400			05/01/45		138,879
150,000		Biogen, Inc		2.900			09/15/20		149,671
175,000		Celgene Corp		2.875			08/15/20		173,749
250,000		Celgene Corp		3.875			08/15/25		249,206
125,000		Gilead Sciences, Inc		3.500			02/01/25		126,054
250,000		Gilead Sciences, Inc		3.650			03/01/26		252,222
100,000	g	Mylan NV		3.750			12/15/20		100,108
75,000		Mylan, Inc		2.550			03/28/19		74,020
375,000		Novartis Capital Corp		3.000			11/20/25		369,673

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 250,000		Novartis Capital Corp		4.000	%		11/20/45	$	244,635
100,000		Perrigo Co plc		4.000			11/15/23		97,849
100,000		Perrigo Finance plc		4.900			12/15/44		90,245
100,000		Zoetis, Inc		3.450			11/13/20		100,120
100,000		Zoetis, Inc		4.500			11/13/25		101,407

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							3,012,745


REAL ESTATE - 2.1%
150,000		Brandywine Operating Partnership LP		4.100			10/01/24		145,038
100,000		Brixmor Operating Partnership LP		3.875			08/15/22		99,552
200,000		Brixmor Operating Partnership LP		3.850			02/01/25		194,472
35,000		Camden Property Trust		4.625			06/15/21		37,273
100,000		Camden Property Trust		2.950			12/15/22		95,979
100,000		DCT Industrial Operating Partnership LP		4.500			10/15/23		100,072
100,000		DDR Corp		3.625			02/01/25		94,413
75,000		DDR Corp		4.250			02/01/26		73,167
100,000		Developers Diversified Realty Corp		4.750			04/15/18		104,623
40,000		Developers Diversified Realty Corp		7.875			09/01/20		47,872
100,000		Equinix, Inc		4.875			04/01/20		103,950
100,000		Equity One, Inc		3.750			11/15/22		96,571
75,000		Essex Portfolio LP		3.375			01/15/23		73,588
25,000		Healthcare Realty Trust, Inc		5.750			01/15/21		27,579
100,000		Healthcare Realty Trust, Inc		3.750			04/15/23		97,884
175,000		Healthcare Realty Trust, Inc		3.875			05/01/25		169,411
100,000		Healthcare Trust of America Holdings LP		3.700			04/15/23		96,977
100,000		Host Hotels & Resorts LP		4.500			02/01/26		98,728
225,000		Kilroy Realty LP		3.800			01/15/23		223,038
100,000		Kilroy Realty LP		4.375			10/01/25		101,304
100,000		Kimco Realty Corp		3.400			11/01/22		99,115
100,000		Mid-America Apartments LP		4.300			10/15/23		102,525
125,000		Mid-America Apartments LP		3.750			06/15/24		122,503
50,000		National Retail Properties, Inc		3.800			10/15/22		50,167
100,000		National Retail Properties, Inc		3.300			04/15/23		96,278
100,000		National Retail Properties, Inc		4.000			11/15/25		98,251
150,000		Regency Centers LP		3.900			11/01/25		149,706
40,000		Simon Property Group LP		10.350			04/01/19		49,087
200,000	g	Trust F		5.250			01/30/26		194,500
100,000		Ventas Realty LP		4.125			01/15/26		99,682
50,000		Weingarten Realty Investors		3.375			10/15/22		48,799
100,000		Weingarten Realty Investors		3.500			04/15/23		97,227
100,000		Weingarten Realty Investors		4.450			01/15/24		102,533
100,000		Weingarten Realty Investors		3.850			06/01/25		97,062
325,000		Welltower, Inc		4.000			06/01/25		319,744

		TOTAL REAL ESTATE							3,808,670


RETAILING - 1.5%
100,000	g	Argos Merger Sub, Inc		7.125			03/15/23		99,150
25,000	g	Asbury Automotive Group, Inc		6.000			12/15/24		25,812
100,000		AutoNation, Inc		3.350			01/15/21		99,652
300,000		AutoZone, Inc		2.500			04/15/21		292,838
100,000		AutoZone, Inc		3.250			04/15/25		96,769
15,000	g	Family Tree Escrow LLC		5.750			03/01/23		15,638
150,000		Home Depot, Inc		3.350			09/15/25		153,371
75,000	g	L Brands, Inc		6.875			11/01/35		77,063
132,000		Limited Brands, Inc		6.625			04/01/21		146,190
250,000		Macy’s Retail Holdings, Inc		3.450			01/15/21		248,655
70,000		Men’s Wearhouse, Inc		7.000			07/01/22		49,700
35,000		O’Reilly Automotive, Inc		4.625			09/15/21		37,305
725,000		O’Reilly Automotive, Inc		3.800			09/01/22		734,220
100,000		QVC, Inc		5.125			07/02/22		99,688
125,000	g	Rolls-Royce plc		2.375			10/14/20		122,222
100,000	g	Rolls-Royce plc		3.625			10/14/25		97,994
100,000		Sally Holdings LLC		5.750			06/01/22		103,500

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 100,000		Tiffany & Co		3.800	%		10/01/24	$	98,600

		TOTAL RETAILING							2,598,367


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
250,000		Intel Corp		3.700			07/29/25		258,631

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							258,631


SOFTWARE & SERVICES - 1.2%
200,000		Baidu, Inc		3.000			06/30/20		197,783
1,170,000		Fidelity National Information Services, Inc		5.000			03/15/22		1,216,065
100,000		NCR Corp		5.875			12/15/21		98,500
50,000	g	Open Text Corp		5.625			01/15/23		49,500
375,000		Oracle Corp		2.500			05/15/22		368,295
150,000		Oracle Corp		4.125			05/15/45		141,967
25,000	g	SS&C Technologies Holdings, Inc		5.875			07/15/23		25,812

		TOTAL SOFTWARE & SERVICES							2,097,922


TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
200,000		Amphenol Corp		3.125			09/15/21		197,856
100,000		CC Holdings GS V LLC		2.381			12/15/17		100,108
75,000	g	CommScope, Inc		5.000			06/15/21		71,906
75,000	g	CommScope, Inc		5.500			06/15/24		71,250
17,000		Hewlett-Packard Co		3.750			12/01/20		16,872
65,000	g	International Game Technology		5.625			02/15/20		64,025
150,000	g	NXP BV		3.750			06/01/18		150,750
50,000	g	Seagate HDD Cayman		4.875			06/01/27		38,391
100,000		Tyco Electronics Group S.A.		2.375			12/17/18		99,875
150,000		Tyco Electronics Group S.A.		3.500			02/03/22		152,733
25,000		Zebra Technologies Corp		7.250			10/15/22		26,125

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							989,891


TELECOMMUNICATION SERVICES - 2.5%
200,000		Alibaba Group Holding Ltd		2.500			11/28/19		195,392
50,000		American Tower Corp		3.500			01/31/23		48,903
125,000		AT&T, Inc		1.400			12/01/17		124,428
225,000		AT&T, Inc		2.450			06/30/20		221,671
150,000		AT&T, Inc		2.625			12/01/22		142,302
275,000		AT&T, Inc		3.400			05/15/25		264,334
300,000		AT&T, Inc		4.500			05/15/35		277,487
100,000		AT&T, Inc		4.750			05/15/46		91,543
200,000	g	Bharti Airtel International Netherlands BV		5.350			05/20/24		209,955
100,000		Deutsche Telekom International Finance BV		8.750			06/15/30		138,727
75,000	g	Deutsche Telekom International Finance BV		4.875			03/06/42		76,377
125,000		Intelsat Jackson Holdings S.A.		5.500			08/01/23		98,125
50,000		Orange S.A.		5.500			02/06/44		53,009
100,000	g	SES		3.600			04/04/23		97,412
150,000		Telefonica Emisiones SAU		3.992			02/16/16		150,413
200,000		Telefonica Emisiones SAU		4.570			04/27/23		209,808
100,000		T-Mobile USA, Inc		6.731			04/28/22		104,250
50,000		T-Mobile USA, Inc		6.375			03/01/25		50,500
675,000		Verizon Communications, Inc		3.450			03/15/21		690,912
400,000		Verizon Communications, Inc		4.150			03/15/24		411,320
425,000		Verizon Communications, Inc		4.400			11/01/34		392,118
433,000		Verizon Communications, Inc		4.272			01/15/36		390,828
100,000		Windstream Corp		6.375			08/01/23		72,000

		TOTAL TELECOMMUNICATION SERVICES							4,511,814


TRANSPORTATION - 2.1%
200,000	g	Adani Ports & Special Economic Zone Ltd		3.500			07/29/20		197,125
275,000	g	AP Moeller-Maersk A.S.		2.550			09/22/19		272,246
250,000	g	AP Moeller-Maersk A.S.		3.750			09/22/24		242,675

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 165,000	g	Asciano Finance Ltd		5.000	%		04/07/18	$	169,899
100,000	g	Bombardier, Inc		5.500			09/15/18		91,760
225,000		Canadian Pacific Railway Co		2.900			02/01/25		211,811
100,000		Canadian Pacific Railway Co		4.800			08/01/45		97,256
100,000	g	ERAC USA Finance LLC		3.300			10/15/22		98,438
100,000	g	ERAC USA Finance LLC		5.625			03/15/42		107,334
125,000		FedEx Corp		3.200			02/01/25		121,680
100,000		FedEx Corp		4.100			02/01/45		89,050
221,000		GATX Corp		1.250			03/04/17		218,793
200,000		GATX Corp		2.500			07/30/19		196,855
125,000		GATX Corp		3.250			03/30/25		115,577
200,000		GATX Corp		5.200			03/15/44		190,889
150,000		GATX Corp		4.500			03/30/45		128,006
400,000	g	Kansas City Southern		2.350			05/15/20		386,327
175,000	g	Kansas City Southern		4.950			08/15/45		171,244
250,000		Norfolk Southern Corp		4.450			06/15/45		235,405
100,000		Southwest Airlines Co		2.750			11/06/19		100,817
250,000	g	TTX Co		3.600			01/15/25		247,805

		TOTAL TRANSPORTATION							3,690,992


UTILITIES - 3.8%
25,000	i	AES Corp		3.414			06/01/19		22,937
100,000		AES Corp		7.375			07/01/21		102,000
100,000		AES Corp		4.875			05/15/23		87,500
200,000		AGL Capital Corp		3.875			11/15/25		201,275
100,000		Alabama Power Co		3.550			12/01/23		102,928
100,000		Alabama Power Co		4.150			08/15/44		95,035
130,000		AmeriGas Partners LP		6.250			08/20/19		124,800
75,000		Atmos Energy Corp		8.500			03/15/19		87,923
200,000		Atmos Energy Corp		4.125			10/15/44		191,514
100,000		Berkshire Hathaway Energy Co		3.500			02/01/25		99,173
200,000		Black Hills Corp		4.250			11/30/23		204,322
200,000		Carolina Power & Light Co		5.300			01/15/19		219,730
100,000		CMS Energy Corp		3.600			11/15/25		99,439
25,000		Connecticut Light & Power Co		5.500			02/01/19		27,459
150,000		Consolidated Edison Co of New York, Inc		4.500			12/01/45		151,837
125,000		Dominion Gas Holdings LLC		4.600			12/15/44		116,276
15,000		Duke Energy Carolinas LLC		4.300			06/15/20		16,237
150,000	g,i	Electricite de France		5.625			12/30/49		142,650
300,000	g	Electricite de France S.A.		2.350			10/13/20		295,390
300,000	g	Electricite de France S.A.		3.625			10/13/25		293,426
200,000	g	Empresa Electrica Angamos S.A.		4.875			05/25/29		178,415
200,000	g	Exelon Corp		3.950			06/15/25		199,850
150,000	g	Exelon Corp		5.100			06/15/45		149,657
50,000		Ferrellgas Partners LP		6.750			01/15/22		42,125
150,000	g	FirstEnergy Transmission LLC		4.350			01/15/25		152,133
50,000		Indiana Michigan Power Co		7.000			03/15/19		56,676
25,000		Integrys Energy Group, Inc		4.170			11/01/20		26,417
100,000		LG&E and KU Energy LLC		3.750			11/15/20		103,296
250,000	g	Molex Electronic Technologies LLC		2.878			04/15/20		243,585
200,000	g	Molex Electronic Technologies LLC		3.900			04/15/25		187,251
80,000		MPLX LP		4.000			02/15/25		67,265
50,000		NiSource Finance Corp		4.800			02/15/44		50,783
100,000		Northeast Utilities		1.450			05/01/18		98,375
100,000		NRG Energy, Inc		6.250			05/01/24		84,020
200,000		NTPC Ltd		5.625			07/14/21		216,943
125,000		Oncor Electric Delivery Co LLC		2.150			06/01/19		123,002
100,000		Oncor Electric Delivery Co LLC		3.750			04/01/45		83,113
125,000		Pacific Gas & Electric Co		4.250			03/15/46		121,020
200,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125			05/16/24		191,299
300,000		PPL Capital Funding, Inc		4.200			06/15/22		312,324
250,000		PPL Electric Utilities Corp		3.000			09/15/21		253,939
50,000		Progress Energy, Inc		7.050			03/15/19		56,732
80,000		Public Service Co of Colorado		4.750			08/15/41		86,132

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 100,000		Public Service Co of Oklahoma		5.150	%		12/01/19	$	109,366
125,000		Sempra Energy		2.875			10/01/22		121,010
150,000		Southern Power Co		4.150			12/01/25		149,821
200,000	g	SP PowerAssets Ltd		3.250			11/24/25		202,102
150,000		Spectra Energy Partners LP		4.500			03/15/45		115,241
100,000	g	Transurban Finance Co Pty Ltd		4.125			02/02/26		98,379
55,000		Virginia Electric and Power Co		2.950			01/15/22		55,353
100,000		WEC Energy Group, Inc		3.550			06/15/25		100,579
75,000		Williams Partners LP		3.600			03/15/22		59,013
100,000		Williams Partners LP		4.500			11/15/23		80,998
75,000		Williams Partners LP		4.900			01/15/45		47,741
35,000		Xcel Energy, Inc		4.800			09/15/41		35,162

		TOTAL UTILITIES							6,940,968

		TOTAL CORPORATE BONDS (Cost $86,154,773)							84,675,939


GOVERNMENT BONDS - 28.2%

AGENCY SECURITIES - 0.3%
400,000		Private Export Funding Corp (PEFCO)		2.250			03/15/20		403,007
125,000		Totem Ocean Trailer Express, Inc		4.514			12/18/19		131,202

		TOTAL AGENCY SECURITIES							534,209


FOREIGN GOVERNMENT BONDS - 3.7%
200,000	g	Banque Centrale de Tunisie S.A.		5.750			01/30/25		173,094
BRL 350,000		Brazil Notas do Tesouro Nacional Serie F		10.000			01/01/21		70,422
$ 100,000		Brazilian Government International Bond		2.625			01/05/23		76,000
25,000		Brazilian Government International Bond		7.125			01/20/37		21,563
150,000	g	Caisse d’Amortissement de la Dette Sociale		1.875			07/28/20		148,813
250,000		Canada Government International Bond		0.875			02/14/17		249,813
200,000		Colombia Government International Bond		2.625			03/15/23		175,700
200,000	g	Costa Rica Government International Bond		7.158			03/12/45		167,500
200,000	g	Croatia Government International Bond		6.375			03/24/21		212,400
DOP 4,500,000	g	Dominican Republic International Bond		10.000			01/05/17		98,981
$ 200,000	g	Ecuador Government International Bond		10.500			03/24/20		161,000
200,000	g	Egypt Government International Bond		5.875			06/11/25		173,340
100,000		European Investment Bank		4.875			02/15/36		124,356
200,000		Export-Import Bank of Korea		1.750			02/27/18		198,004
175,000		Federative Republic of Brazil		6.000			01/17/17		179,813
200,000	g	Gabonese Republic		6.950			06/16/25		159,040
200,000	g	Guatemala Government Bond		4.875			02/13/28		191,500
100,000		Hungary Government International Bond		5.750			11/22/23		111,890
200,000	g	Indonesia Government International Bond		5.950			01/08/46		196,915
200,000		Israel Government International Bond		4.500			01/30/43		200,500
35,000		Italy Government International Bond		6.875			09/27/23		43,005
200,000	g	Kazakhstan Government International Bond		5.125			07/21/25		197,104
200,000	g,i	Kommunalbanken AS.		0.550			02/20/18		199,648
250,000	g	Korea Housing Finance Corp		1.625			09/15/18		246,188
100,000		Mexico Government International Bond		4.000			10/02/23		101,300
200,000	g	Namibia International Bonds		5.250			10/29/25		186,000
200,000	g	Pakistan Government International Bond		8.250			09/30/25		203,232
200,000		Panama Government International Bond		3.750			03/16/25		196,000
275,000		Peruvian Government International Bond		4.125			08/25/27		269,500
200,000		Philippine Government International Bond		4.200			01/21/24		216,637
175,000		Poland Government International Bond		4.000			01/22/24		184,100
200,000	g	Republic of Angola		9.500			11/12/25		186,000
200,000	g	Russian Foreign Bond - Eurobond		5.625			04/04/42		189,200
ZAR 2,952,000		South Africa Government Bond		8.250			09/15/17		190,268
$ 200,000		South Africa Government International Bond		5.375			07/24/44		180,000
200,000	g	Sri Lanka Government International Bond		6.850			11/03/25		188,395
100,000		Turkey Government International Bond		5.625			03/30/21		105,740
200,000		Turkey Government International Bond		3.250			03/23/23		183,211
125,000		Uruguay Government International Bond		4.375			10/27/27		122,813

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 70,000		Uruguay Government International Bond		5.100	%		06/18/50	$	60,375
200,000	g	Zambia Government International Bond		8.970			07/30/27		157,740

		TOTAL FOREIGN GOVERNMENT BONDS							6,697,100

MORTGAGE BACKED - 19.6%
341,907	i	Federal Home Loan Mortgage Corp (FHLMC)		0.681			10/15/42		343,214
3,056,356	h	FHLMC		3.500			10/01/45		3,156,466
1,633		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.000			03/01/33		1,833
84,809		FGLMC		5.000			11/01/33		94,424
136,250		FGLMC		6.000			11/01/33		155,712
21,506		FGLMC		5.000			05/01/34		23,701
15,186		FGLMC		6.000			09/01/34		17,354
14,759		FGLMC		6.000			04/01/35		16,582
5,323		FGLMC		5.000			02/01/36		5,844
216		FGLMC		6.500			05/01/36		246
41,223		FGLMC		6.000			08/01/37		46,499
12,675		FGLMC		6.500			09/01/37		14,434
10,052		FGLMC		6.500			11/01/37		11,937
32,583		FGLMC		5.000			04/01/38		36,048
6,234		FGLMC		6.500			05/01/38		7,099
5,689		FGLMC		5.500			01/01/39		6,287
26,220		FGLMC		5.000			07/01/39		28,681
45,582		FGLMC		5.000			01/01/40		50,050
261,157		FGLMC		4.000			08/01/44		278,691
490,592		FGLMC		3.500			04/01/45		506,934
85,241		Federal National Mortgage Association (FNMA)		6.000			08/01/21		92,358
2,311		FNMA		5.500			09/01/24		2,573
178,069		FNMA		3.500			01/01/26		187,314
1,183,686		FNMA		3.000			10/01/30		1,220,320
1,557,913		FNMA		2.500			11/01/30		1,571,697
356,421		FNMA		3.500			06/01/32		373,161
14,520		FNMA		6.500			07/01/32		16,747
355,396		FNMA		5.500			03/01/34		400,053
892,482		FNMA		3.000			01/01/35		911,037
25,960		FNMA		6.500			02/01/35		29,667
303,991		FNMA		5.000			05/01/35		335,512
7,884		FNMA		7.500			07/01/35		7,960
6,472		FNMA		6.500			09/01/36		7,397
19,979		FNMA		7.000			02/01/37		23,105
27,671		FNMA		7.000			04/01/37		32,703
4,027		FNMA		6.500			08/01/37		4,602
5,055		FNMA		7.000			11/01/37		5,934
1,165		FNMA		6.500			02/01/38		1,331
3,532		FNMA		6.500			03/01/38		4,037
93,235		FNMA		6.500			07/01/39		106,549
277,016		FNMA		4.500			09/01/39		304,612
238,195		FNMA		4.500			10/01/39		261,930
108,845		FNMA		5.000			03/01/40		121,876
1,135,775		FNMA		5.500			07/01/40		1,279,691
529,171		FNMA		6.000			10/01/40		598,113
1,555,629		FNMA		4.500			11/01/40		1,683,368
190,990		FNMA		5.000			02/01/41		215,382
194,517		FNMA		5.000			07/01/41		215,485
208,631	i	FNMA		0.922			08/25/42		210,109
193,061	i	FNMA		0.822			11/25/42		192,431
423,709		FNMA		3.500			11/25/42		82,217
2,682,719	h	FNMA		3.000			02/01/43		2,687,783
126,637	i	FNMA		0.772			03/25/43		126,542
1,445,011		FNMA		3.000			05/01/43		1,447,403
481,666		FNMA		4.500			10/01/44		529,928
949,746		FNMA		4.500			11/01/44		1,044,756
969,542		FNMA		4.000			12/01/44		1,032,123
954,239		FNMA		4.000			01/01/45		1,021,608
2,161,019		FNMA		3.500			07/01/45		2,232,481

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 3,066,671	h	FNMA		4.000	%		07/01/45	$	3,260,479
349,157		FNMA		3.500			12/01/45		360,390
8,617		Government National Mortgage Association (GNMA)		5.500			07/15/33		9,798
70,957		GNMA		5.500			07/20/33		79,234
7,914		GNMA		5.000			03/15/34		8,676
100,344		GNMA		5.000			06/15/34		111,188
48,434		GNMA		5.500			02/15/37		54,358
11,160		GNMA		5.000			04/15/38		12,342
26,296		GNMA		5.500			05/15/38		29,266
5,332		GNMA		6.000			08/15/38		6,035
6,322		GNMA		6.000			08/20/38		7,073
145,987		GNMA		5.500			07/15/39		162,414
16,506		GNMA		5.000			07/20/39		18,235
45,967		GNMA		4.500			04/15/40		49,658
740,907		GNMA		3.500			10/20/42		147,370
810,017		GNMA		3.000			02/20/43		825,045
362,195		GNMA		3.500			09/20/44		379,746
493,767		GNMA		3.500			02/15/45		516,524
228,603		GNMA		4.000			04/15/45		243,305
235,421		GNMA		4.000			04/15/45		250,199
190,729		GNMA		4.000			05/15/45		202,746
498,897		GNMA		3.000			11/20/45		506,162
498,929		GNMA		3.500			11/20/45		520,705
1,250,000		GNMA		3.500			12/20/45		1,304,556
500,000		GNMA		4.000			12/20/45		531,686

		TOTAL MORTGAGE BACKED							35,021,121


MUNICIPAL BONDS - 0.5%
100,000		State of California		5.950			04/01/16		101,335
590,000		State of Illinois		3.860			04/01/21		584,578
200,000		University of Massachusetts Building Authority		0.770			11/01/16		200,012

		TOTAL MUNICIPAL BONDS							885,925


U.S. TREASURY SECURITIES - 4.1%
1,249,000		United States Treasury Bond		2.875			08/15/45		1,210,701
4,240,000		United States Treasury Bond		3.000			11/15/45		4,219,275
1,000,000		United States Treasury Note		1.625			11/30/20		994,333
1,000,000		United States Treasury Note		2.000			11/30/22		994,542

		TOTAL U.S. TREASURY SECURITIES							7,418,851

		TOTAL GOVERNMENT BONDS (Cost $51,035,894)							50,557,206


STRUCTURED ASSETS - 20.2%

ASSET BACKED - 5.7%
183,446	i	ACE Securities Corp Home Equity Loan Trust		1.157			08/25/35		181,059
		Series - 2005 HE5 (Class M2)
403,041		AmeriCredit Automobile Receivables Trust		2.420			05/08/18		404,344
		Series - 2012 3 (Class C)
300,000		AmeriCredit Automobile Receivables Trust		1.270			07/08/19		298,952
		Series - 2014 4 (Class A3)
200,000		AmeriCredit Automobile Receivables Trust		3.340			08/08/21		197,925
		Series - 2015 3 (Class D)
74,756	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635			07/25/35		74,500
		Series - 2005 HE7 (Class M2)
100,000	g	Avis Budget Rental Car Funding AESOP LLC		5.110			03/20/17		100,334
		Series - 2010 5A (Class B)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		4.740			11/20/17		202,577
		Series - 2011 3A (Class B)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		2.802			05/20/18		202,291
		Series - 2012 2A (Class A)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		3.040			03/20/19		199,006
		Series - 2012 3A (Class B)

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 503	i	Bear Stearns Asset Backed Securities Trust		1.162	%		11/25/39	$	502
		Series - 2005 SD3 (Class 2A1)
13,694		Capital Auto Receivables Asset Trust		0.790			06/20/17		13,690
		Series - 2013 1 (Class A3)
189,723	g	Capital Automotive REIT		4.700			07/15/42		194,284
		Series - 2012 1A (Class A)
1,000,000	g	Capital Automotive REIT		3.660			10/15/44		1,004,829
		Series - 2014 1A (Class A)
258,615	g,i	CBRE Realty Finance CDO		0.623			04/07/52		99,567
		Series - 2007 1A (Class A2)
149,197	i,m	CCR, Inc		0.738			07/10/17		147,605
		Series - 2010 CX (Class C)
45,785		Centex Home Equity		5.540			01/25/32		45,687
		Series - 2002 A (Class AF6)
496,250	g	DB Master Finance LLC		3.262			02/20/45		491,036
		Series - 2015 1A (Class A2I)
175,000	g,i	DB/UBS Mortgage Trust		5.663			11/10/46		192,586
		Series - 2011 LC1A (Class C)
1,000,000	g	Domino’s Pizza Master Issuer LLC		3.484			10/25/45		980,000
		Series - 2015 1A (Class A2I)
1,000,000	g	Domino’s Pizza Master Issuer LLC		4.474			10/25/45		986,410
		Series - 2015 1A (Class A2II)
200,000		Ford Credit Auto Owner Trust		2.930			10/15/18		201,579
		Series - 2012 B (Class D)
200,000		Ford Credit Auto Owner Trust		2.430			01/15/19		201,055
		Series - 2012 C (Class D)
260,000		Ford Credit Auto Owner Trust		1.860			08/15/19		260,283
		Series - 2013 A (Class D)
66,667	g	Hertz Vehicle Financing LLC		3.740			02/25/17		66,875
		Series - 2010 1A (Class A2)
132,933	i	Lehman XS Trust		6.500			06/25/46		101,039
		Series - 2006 13 (Class 2A1)
129,145	g	Orange Lake Timeshare Trust		3.030			07/09/29		127,865
		Series - 2014 AA (Class B)
1,694	i	Residential Asset Securities Corp		1.067			04/25/35		1,695
		Series - 2005 KS3 (Class M3)
100,000	i	Residential Funding Mortgage Securities II, Inc		6.060			02/25/36		104,019
		Series - 2006 HI1 (Class M2)
573,627		Santander Drive Auto Receivables Trust		4.740			09/15/17		578,153
		Series - 2011 4 (Class D)
250,000		Santander Drive Auto Receivables Trust		3.870			02/15/18		252,708
		Series - 2012 2 (Class D)
625,000		Santander Drive Auto Receivables Trust		1.590			10/15/18		624,735
		Series - 2014 1 (Class B)
21,901	i	Securitized Asset Backed Receivables LLC		0.722			10/25/35		21,771
		Series - 2006 OP1 (Class A2C)
32,193	g	Sierra Receivables Funding Co LLC		3.350			04/20/26		32,217
		Series - 2011 1A (Class A)
39,263	g	Sierra Receivables Funding Co LLC		4.250			05/20/28		39,483
		Series - 2011 2A (Class B)
34,264	g	Sierra Receivables Funding Co LLC		3.420			03/20/29		34,516
		Series - 2012 2A (Class B)
57,887	g	Sierra Receivables Funding Co LLC		1.590			11/20/29		56,924
		Series - 2013 1A (Class A)
92,619	g	Sierra Receivables Funding Co LLC		2.390			11/20/29		91,803
		Series - 2013 1A (Class B)
400,000	g	SLM Student Loan Trust		3.830			01/17/45		412,396
		Series - 2012 A (Class A2)
192,264	g	SolarCity LMC		4.020			07/20/44		182,728
		Series - 2014 2 (Class A)
7,320	i	Soundview Home Equity Loan Trust		0.722			11/25/35		7,311
		Series - 2005 OPT3 (Class A4)
449,145	g	SpringCastle America Funding LLC		2.700			05/25/23		448,136
		Series - 2014 AA (Class A)

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 56,989	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.642	%		10/25/36	$	56,564
		Series - 2006 GEL4 (Class A2)
200,000	g,i	Vitality Re IV Ltd		2.913			01/09/17		201,080
		Series - 2013 IV B (Class )
24,362	g	Volvo Financial Equipment LLC		0.740			03/15/17		24,350
		Series - 2013 1A (Class A3)
64,273	g,m	Wachovia Amortization Controlled Heloc NIM		5.683			08/12/47		65,398
		Series - 2006 N1 (Class N1)
1,764	i	Wells Fargo Home Equity Trust		0.562			07/25/36		1,762
		Series - 2006 2 (Class A3)

		TOTAL ASSET BACKED							10,213,629


OTHER MORTGAGE BACKED - 14.5%
2,000,000	i	Banc of America Commercial Mortgage Trust		5.954			05/10/45		2,003,324
		Series - 2006 2 (Class AJ)
200,000		Banc of America Commercial Mortgage Trust		5.480			10/10/45		196,191
		Series - 2006 6 (Class B)
200,000	g	Banc of America Commercial Mortgage Trust		5.416			01/15/49		204,629
		Series - 2007 1 (Class AM)
235,000	i	Banc of America Commercial Mortgage Trust		5.482			01/15/49		240,634
		Series - 2007 1 (Class AMFX)
500,000	g,i	Banc of America Commercial Mortgage Trust		5.821			02/10/51		455,395
		Series - 2007 4 (Class E)
1,175,000	i	Bear Stearns Commercial Mortgage Securities		5.920			09/11/42		1,240,016
		Series - 2007 T28 (Class AJ)
189,948	i	CHL Mortgage Pass-Through Trust		2.671			02/20/35		189,029
		Series - 2004 HYB9 (Class 1A1)
245,616	i	Citigroup Commercial Mortgage Trust		5.713			12/10/49		248,220
		Series - 2007 C6 (Class ASB)
471,141	g,i	Citigroup Mortgage Loan Trust		0.401			05/25/37		450,450
		Series - 2015 8 (Class 1A1)
1,500,000	i	COBALT CMBS Commercial Mortgage Trust		5.771			05/15/46		1,510,109
		Series - 2007 C3 (Class AJ)
41,618	i	Commercial Mortgage Trust		5.238			04/10/37		41,582
		Series - 2005 GG5 (Class AJ)
1,190,601	i	Commercial Mortgage Trust		5.867			12/10/49		1,236,749
		Series - 2007 GG11 (Class AM)
9,945		Countrywide Alternative Loan Trust		5.500			08/25/16		10,012
		Series - 2004 30CB (Class 1A15)
200,000	i	Credit Suisse Commercial Mortgage Trust		5.903			09/15/39		201,703
		Series - 2007 C4 (Class A1AJ)
75,000	g	Credit Suisse Commercial Mortgage Trust		5.383			02/15/40		76,349
		Series - 2009 RR1 (Class A3C)
500,000	i	Credit Suisse Commercial Mortgage Trust		5.625			01/15/49		483,966
		Series - 2007 C2 (Class AJ)
4,947		Credit Suisse First Boston Mortgage Securities Corp		4.771			07/15/37		4,944
		Series - 2005 C3 (Class AJ)
9,549	i	Credit Suisse First Boston Mortgage Securities Corp		5.100			08/15/38		9,544
		Series - 2005 C5 (Class C)
200,000	i	GS Mortgage Securities Trust		5.553			04/10/38		200,146
		Series - 2006 GG6 (Class B)
48,529	i	Harborview Mortgage Loan Trust		0.622			07/19/47		39,548
		Series - 2007 4 (Class 2A1)
370,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911			07/15/42		369,972
		Series - 2005 LDP2 (Class C)
364,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.544			02/15/46		386,197
		Series - 2011 C3 (Class D)
100,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.277			07/15/46		105,615
		Series - 2011 C4 (Class C)
330,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192			02/15/51		347,214
		Series - 2007 LD12 (Class AM)
200,000	i	LB-UBS Commercial Mortgage Trust		6.049			06/15/38		203,099
		Series - 2006 C4 (Class B)

100

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 400,000	i	LB-UBS Commercial Mortgage Trust		5.533	%		02/15/40	$	400,611
		Series - 2007 C1 (Class C)
250,000	i	LB-UBS Commercial Mortgage Trust		5.563			02/15/40		244,835
		Series - 2007 C1 (Class D)
1,000,000	i	LB-UBS Commercial Mortgage Trust		6.114			07/15/40		1,044,314
		Series - 2007 C6 (Class AM)
453,655	g,i	LVII Resecuritization Trust		3.033			07/31/47		453,655
		Series - 2015 A (Class A)
170,000	i	Merrill Lynch Mortgage Trust		6.267			02/12/51		180,332
		Series - 0 C1 (Class AJA)
300,000	i	ML-CFC Commercial Mortgage Trust		5.526			03/12/51		306,315
		Series - 2007 6 (Class AM)
90,000	g,i	Morgan Stanley Capital I Trust		5.847			08/12/41		91,267
		Series - 2006 T23 (Class B)
1,200,000	i	Morgan Stanley Capital I Trust		5.389			11/12/41		1,203,958
		Series - 2006 HQ10 (Class AJ)
256,765	i	Morgan Stanley Capital I Trust		5.378			01/14/42		255,988
		Series - 2005 HQ5 (Class E)
55,000	i	Morgan Stanley Capital I Trust		5.832			07/12/44		55,472
		Series - 2006 HQ9 (Class B)
100,000	i	Morgan Stanley Capital I Trust		5.842			07/12/44		99,565
		Series - 2006 HQ9 (Class C)
22,000	g,i	Morgan Stanley Capital I Trust		5.438			09/15/47		23,135
		Series - 2011 C1 (Class D)
400,000	i	Morgan Stanley Capital I Trust		5.907			06/11/49		398,382
		Series - 2007 IQ15 (Class AJ)
231		Residential Accredit Loans, Inc		4.350			03/25/34		230
		Series - 2004 QS4 (Class A1)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.622			09/25/24		247,332
		Series - 2014 HQ2 (Class M2)
124,038	i	Structured Agency Credit Risk Debt Note (STACR)		1.672			01/25/25		124,141
		Series - 2015 DN1 (Class M1)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.622			03/25/25		249,279
		Series - 2015 HQ1 (Class M2)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		4.222			03/25/25		241,011
		Series - 2015 HQ1 (Class M3)
239,140	i	Structured Agency Credit Risk Debt Note (STACR)		1.522			05/25/25		238,749
		Series - 2015 HQ2 (Class M1)
275,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.372			05/25/25		268,517
		Series - 2015 HQ2 (Class M2)
200,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.551			12/15/43		191,496
		Series - 2007 C30 (Class AMFL)
1,250,000		Wachovia Bank Commercial Mortgage Trust		5.383			12/15/43		1,291,589
		Series - 2007 C30 (Class AM)
200,000	i	Wachovia Bank Commercial Mortgage Trust		5.625			01/15/45		199,590
		Series - 2006 C23 (Class F)
980,000	i	Wachovia Bank Commercial Mortgage Trust		5.818			05/15/46		1,029,192
		Series - 2007 C34 (Class AM)
1,200,000	i	Wachovia Bank Commercial Mortgage Trust		5.947			05/15/46		1,210,131
		Series - 2007 C34 (Class AJ)
2,150,000	i	Wachovia Bank Commercial Mortgage Trust		5.591			04/15/47		2,228,499
		Series - 2007 C31 (Class AM)
200,000	i	Wachovia Bank Commercial Mortgage Trust		5.680			04/15/47		193,985
		Series - 2007 C31 (Class C)
1,500,000	g	Wachovia Bank Commercial Mortgage Trust		5.703			06/15/49		1,562,773
		Series - 2007 C32 (Class AMFX)
1,260,000	i	Wachovia Bank Commercial Mortgage Trust		5.750			06/15/49		1,259,533
		Series - 2007 C32 (Class AJ)
70,000	i	Wachovia Bank Commercial Mortgage Trust		5.953			02/15/51		73,528
		Series - 2007 C33 (Class AM)
83,468	i	WaMu Mortgage Pass-Through Certificates		0.772			12/25/45		72,252
		Series - 2005 AR19 (Class A1B3)
50,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276			11/15/43		53,833
		Series - 2010 C1 (Class B)

101

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

$ 88,042

WF-RBS Commercial Mortgage Trust

0.735

03/15/48

87,581

Series - 2013 C12 (Class A1)

TOTAL OTHER MORTGAGE BACKED

26,035,707

TOTAL STRUCTURED ASSETS
(Cost $36,560,883)

36,249,336

TOTAL BONDS
(Cost $173,751,550)

171,482,481

SHARES

COMPANY

PREFERRED STOCKS - 0.0%

BANKS - 0.0%

5,517

Federal Home Loan Mortgage Corp

8.375

12/30/49

18,758

17,265

Federal National Mortgage Association

8.250

12/30/49

60,427

TOTAL BANKS

79,185

TOTAL PREFERRED STOCKS
(Cost $569,550)

79,185

TOTAL INVESTMENTS - 97.2%
(Cost $177,045,591)

174,170,916

OTHER ASSETS & LIABILITIES, NET - 2.8%

4,925,041

NET ASSETS - 100.0%

179,095,957

Abbreviation(s):

BRL	Brazilian Real

CDO	Collateralized Debt Obligation

DOP	Dominican Peso

REIT	Real Estate Investment Trust

ZAR	South African Rand

*	Non-income producing

h	These securities were purchased on a delayed delivery basis.

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

m	Indicates a security that has been deemed illiquid.

102

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

SHORT-TERM INVESTMENTS - 99.6%

CERTIFICATE OF DEPOSIT - 3.2%
$ 500,000		Banco Del Estado De Chile		0.260	%		01/08/16	$	500,000
500,000		Banco Del Estado De Chile		0.350			02/17/16		500,000
300,000		Banco Del Estado De Chile		0.530			03/11/16		300,000
500,000		Toronto-Dominion Bank		0.300			01/04/16		500,000
500,000		Toronto-Dominion Bank		0.300			02/12/16		500,000

		TOTAL CERTIFICATE OF DEPOSIT							2,300,000


COMMERCIAL PAPER - 26.3%
300,000	y	Apple, Inc		0.170			01/04/16		299,996
600,000	y	Apple, Inc		0.150			01/11/16		599,975
300,000	y	Apple, Inc		0.155			01/19/16		299,976
300,000	y	Apple, Inc		0.390			02/22/16		299,831
500,000	y	Australia & New Zealand Banking Group Ltd		0.285			02/12/16		499,834
250,000	y	Australia & New Zealand Banking Group Ltd		0.290			03/04/16		249,873
350,000		Australia & New Zealand Banking Group Ltd		0.640			03/23/16		349,490
530,000	y	Australia & New Zealand Banking Group Ltd		0.550			03/24/16		529,328
1,000,000	y	Chevron Corp		0.205			02/03/16		999,812
300,000	y	DBS Bank Ltd		0.240			01/19/16		299,964
385,000	y	DBS Bank Ltd		0.290			01/28/16		384,916
300,000	y	DBS Bank Ltd		0.540			02/11/16		299,816
164,000		JPMorgan Chase Bank NA		0.300			01/04/16		163,996
185,000		JPMorgan Chase Bank NA		0.520			02/25/16		184,853
500,000		Korea Development Bank		0.260			01/21/16		499,928
500,000		Korea Development Bank		0.320			02/11/16		499,818
1,000,000	y	Microsoft Corp		0.185 - 0.190			01/06/16		999,974
500,000	y	Microsoft Corp		0.170			01/20/16		499,955
310,000	y	National Australia Bank Ltd		0.235			01/21/16		309,959
355,000	y	National Australia Bank Ltd		0.400			03/01/16		354,763
400,000	y	Nestle Capital Corp		0.335			01/19/16		399,933
400,000	y	Procter & Gamble Co		0.330			02/18/16		399,824
500,000		Province of British Columbia Canada		0.200			01/19/16		499,950
500,000		Province of British Columbia Canada		0.320			02/12/16		499,813
500,000		Province of British Columbia Canada		0.390			03/01/16		499,675
300,000		Province of British Columbia Canada		0.470			03/09/16		299,734
1,000,000	y	Province of Quebec Canada		0.160			01/05/16		999,982
300,000	y	Province of Quebec Canada		0.430			02/22/16		299,814
255,000		Province of Ontario Canada		0.460			02/23/16		254,827
500,000		Province of Ontario Canada		0.470			02/29/16		499,615
750,000	y	PSP Capital, Inc		0.260 - 0.300			02/01/16		749,815
500,000	y	Svenska Handelsbanken AB		0.380			02/22/16		499,725
260,000	y	Svenska Handelsbanken AB		0.600			03/07/16		259,714
500,000		Toyota Motor Credit Corp		0.240			01/26/16		499,917
500,000	y	Unilever Capital Corp		0.170			01/11/16		499,976
500,000	y	Unilever Capital Corp		0.170			01/12/16		499,974
500,000	y	Unilever Capital Corp		0.440			02/26/16		499,658
250,000	y	United Overseas Bank Ltd		0.210			01/06/16		249,993
650,000	y	United Overseas Bank Ltd		0.370			02/24/16		649,639
500,000		Washington Gas Light Co		0.400			01/08/16		499,961
325,000	y	Westpac Banking Corp		0.200			01/04/16		324,995
250,000	y	Westpac Banking Corp		0.790			06/03/16		249,155

		TOTAL COMMERCIAL PAPER							18,761,746


GOVERNMENT AGENCY DEBT - 38.1%
800,000		Federal Farm Credit Bank (FFCB)		0.350			03/07/16		799,487
100,000		Federal Home Loan Bank (FHLB)		0.280			01/04/16		99,998

103

TIAA-CREF LIFE FUNDS - Money Market Fund


PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE

$ 300,000	FHLB		0.185	%		01/05/16	$	299,994
105,000	FHLB		0.125			01/06/16		104,998
500,000	FHLB		0.115			01/07/16		499,990
140,000	FHLB		0.140			01/08/16		139,996
570,000	FHLB		0.120 - 0.150			01/12/16		569,975
1,700,000	FHLB		0.110			01/13/16		1,699,938
432,000	FHLB		0.160			01/14/16		431,975
1,000,000	FHLB		0.120 - 0.210			01/15/16		999,933
500,000	FHLB		0.155			01/20/16		499,959
1,320,000	FHLB		0.135 - 0.250			01/22/16		1,319,822
824,000	FHLB		0.150 - 0.200			01/25/16		823,903
800,000	FHLB		0.150 - 0.200			01/26/16		799,903
1,390,000	FHLB		0.122 - 0.220			01/27/16		1,389,838
900,000	FHLB		0.140 - 0.200			01/29/16		899,883
400,000	FHLB		0.200			02/02/16		399,929
500,000	FHLB		0.230			02/03/16		499,895
1,000,000	FHLB		0.205			02/05/16		999,801
300,000	FHLB		0.225			02/09/16		299,927
910,000	FHLB		0.295			02/16/16		909,657
100,000	FHLB		0.470			02/19/16		99,936
350,000	FHLB		0.350			02/24/16		349,816
325,000	FHLB		0.280			02/26/16		324,858
850,000	FHLB		0.315			03/02/16		849,546
365,000	FHLB		0.470			03/09/16		364,676
400,000	FHLB		0.420			03/16/16		399,650
700,000	FHLB		0.350			03/30/16		699,394
300,000	FHLB		0.410			04/18/16		299,631
400,000	FHLB		0.550			04/22/16		399,316
557,000	FHLB		0.620			06/08/16		555,475
600,000	Federal Home Loan Mortgage Corp (FHLMC)		0.250 - 0.270			01/11/16		599,957
900,000	FHLMC		0.200			01/13/16		899,940
500,000	FHLMC		0.170			01/20/16		499,955
300,000	FHLMC		0.300			01/21/16		299,950
100,000	FHLMC		0.380			01/22/16		99,978
1,000,000	FHLMC		0.140			01/25/16		999,907
400,000	FHLMC		0.110			01/27/16		399,968
500,000	FHLMC		0.210			02/04/16		499,901
500,000	FHLMC		0.410			03/16/16		499,573
275,000	FHLMC		0.440			04/08/16		274,671
500,000	Federal National Mortgage Association (FNMA)		0.182			01/25/16		499,939
128,000	FNMA		0.150			01/26/16		127,987
800,000	FNMA		0.200			02/08/16		799,831
900,000	FNMA		0.220 - 0.420			02/10/16		899,624
200,000	FNMA		0.190			02/17/16		199,950
400,000	FNMA		0.360			04/01/16		399,636
300,000	FNMA		0.640			06/08/16		299,152

	TOTAL GOVERNMENT AGENCY DEBT							27,131,018


TREASURY DEBT - 19.3%
504,000	United States Treasury Bill		0.050 - 0.088			01/07/16		503,995
715,000	United States Treasury Bill		0.126 - 0.149			01/14/16		714,966
395,000	United States Treasury Bill		0.071			01/21/16		394,984
200,000	United States Treasury Bill		0.135			01/28/16		199,980
423,000	United States Treasury Bill		0.112 - 0.217			02/04/16		422,926
600,000	United States Treasury Bill		0.085 - 0.155			02/11/16		599,929
700,000	United States Treasury Bill		0.032 - 0.103			02/18/16		699,934
300,000	United States Treasury Bill		0.215			02/25/16		299,901
316,000	United States Treasury Bill		0.200 - 0.235			03/03/16		315,883
300,000	United States Treasury Bill		0.257			03/10/16		299,853
200,000	United States Treasury Bill		0.147			03/17/16		199,938
645,000	United States Treasury Bill		0.100 - 0.251			03/24/16		644,684
145,000	United States Treasury Bill		0.061 - 0.073			04/07/16		144,974
715,000	United States Treasury Bill		0.111 - 0.121			04/21/16		714,745
885,000	United States Treasury Bill		0.158 - 0.230			04/28/16		884,430

104

TIAA-CREF LIFE FUNDS - Money Market Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 75,000		United States Treasury Bill		0.323	%		05/05/16	$	74,916
340,000		United States Treasury Bill		0.450			05/19/16		339,409
50,000		United States Treasury Bill		0.387			05/26/16		49,922
105,000		United States Treasury Bill		0.476			06/02/16		104,788
190,000		United States Treasury Bill		0.402 - 0.404			06/09/16		189,660
678,000		United States Treasury Note		0.375			01/15/16		678,062
300,000		United States Treasury Note		0.375			01/31/16		300,041
412,000		United States Treasury Note		0.375			02/15/16		412,093
550,000		United States Treasury Note		0.250			02/29/16		550,057
800,000		United States Treasury Note		0.375			03/15/16		800,275
1,028,000		United States Treasury Note		0.375			03/31/16		1,028,364
910,000		United States Treasury Note		0.250			04/15/16		910,193
100,000		United States Treasury Note		0.250			05/15/16		100,014
400,000		United States Treasury Note		0.375			05/31/16		400,143
200,000		United States Treasury Note		0.500			06/30/16		200,253
550,000		United States Treasury Note		0.625			07/15/16		550,940

		TOTAL TREASURY DEBT							13,730,252


VARIABLE RATE SECURITIES - 12.7%
500,000	i	Federal Farm Credit Bank (FFCB)		0.390			03/29/16		499,951
500,000	i	FFCB		0.480			12/30/16		499,622
500,000	i	FFCB		0.398			01/24/17		499,975
500,000	i	FFCB		0.243			03/02/17		500,002
500,000	i	FFCB		0.500			03/09/17		499,760
1,000,000	i	FFCB		0.326			06/15/17		999,822
300,000	i	FFCB		0.480			06/27/17		299,684
500,000	i	Federal Home Loan Bank (FHLB)		0.229			02/17/17		499,787
500,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.322			01/12/17		499,975
500,000	i	FHLMC		0.322			01/13/17		499,948
430,000	i	FHLMC		0.407			04/20/17		429,746
500,000	i	FHLMC		0.328			04/26/17		499,618
1,000,000	i	Federal National Mortgage Association (FNMA)		0.437			01/26/17		1,000,065
500,000	i	FNMA		0.422			07/20/17		499,448
500,000	i	FNMA		0.355			08/16/17		499,918
500,000	i	Wells Fargo Bank NA		0.540			03/10/16		500,000
300,000	i	Wells Fargo Bank NA		0.570			04/11/16		300,000

		TOTAL VARIABLE RATE SECURITIES							9,027,321

		TOTAL SHORT-TERM INVESTMENTS (Cost $70,950,337)							70,950,337

		TOTAL PORTFOLIO - 99.6% (Cost $70,950,337)							70,950,337
		OTHER ASSETS & LIABILITIES, NET - 0.4%							287,493

		NET ASSETS - 100.0%						$	71,237,830

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

105

TIAA-CREF LIFE FUNDS - Balanced Fund

TIAA-CREF LIFE FUNDS

BALANCED FUND

SCHEDULE OF INVESTMENTS

December 31, 2015


SHARES	SECURITY	VALUE


TIAA-CREF LIFE FUNDS - 99.9%(a)

FIXED INCOME - 50.4%
872,183	TIAA-CREF Life Bond Fund	$	21,412,095

	TOTAL FIXED INCOME		21,412,095


INTERNATIONAL EQUITY - 9.9%
237,074	TIAA-CREF Life International Equity Fund		4,234,141

	TOTAL INTERNATIONAL EQUITY		4,234,141


U.S. EQUITY - 39.6%
136,252	TIAA-CREF Life Growth Equity Fund		3,933,592
118,352	TIAA-CREF Life Growth & Income Fund		4,223,974
117,687	TIAA-CREF Life Large-Cap Value Fund		3,671,834
25,555	TIAA-CREF Life Real Estate Securities Fund		852,526
27,670	TIAA-CREF Life Small-Cap Equity Fund		841,169
76,200	TIAA-CREF Life Stock Index Fund		3,379,474

	TOTAL U.S. EQUITY		16,902,569

	TOTAL TIAA-CREF LIFE FUNDS (Cost $44,010,205)		42,548,805

	TOTAL INVESTMENTS - 99.9% (Cost $44,010,205)		42,548,805
	OTHER ASSETS & LIABILITIES, NET - 0.1%		36,103

	NET ASSETS - 100.0%	$	42,584,908

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

106

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of the Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund, Money Market Fund, and Balanced Fund (constituting the TIAA-CREF Life Funds, hereafter collectively referred to as the “Funds”) at December 31, 2015, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, and schedules of investments (hereafter collectively referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2015 by correspondence with the custodian and brokers and confirmation of underlying investee mutual fund shares by correspondence with the transfer agent of the investee mutual funds, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 19, 2016

107

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management

Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current Code of Ethics

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

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

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

TIAA-CREF LIFE FUNDS

Dated: February 19, 2016

/s/ Robert G. Leary

Robert G. Leary

Principal Executive Officer and President