Tiaa Cref Life Fund NCSRS Certified semi-annual shareholder report (management investment company)

Tiaa Cref Life Fund N-CSRSCertified semi-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

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: June 30, 2016

Item 1. Reports to Stockholders.

LOGO

2016 Semiannual Report

June 30, 2016

TIAA-CREF Life Funds


		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
		Financial statements (unaudited)
		Statements of assets and liabilities			78
		Statements of operations			82
		Statements of changes in net assets			86
		Financial highlights			94
		Notes to financial statements			100
		Board renewal of the investment management agreement			116
		Additional information about index providers			127
		How to reach us			Inside back cover

Understanding your TIAA-CREF Life Funds report

This semiannual report contains information about the eleven TIAA-CREF Life Funds and describes the funds’ results for the six months ended June 30, 2016. 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 June 30, 2016.

•

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.org, or call 800-223-1200. We urge you to read the prospectus carefully before investing.

2 2016 Semiannual 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.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.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

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, 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 ¡ 2016 Semiannual 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 2016 Semiannual 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 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 ¡ 2016 Semiannual 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 (January 1, 2016–June 30, 2016).

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 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Growth Equity Fund

Performance for the six months ended June 30, 2016

The Growth Equity Fund returned –4.16% for the period, compared with the 1.36% return of its benchmark, the Russell 1000^® Growth Index. For the twelve months ended June 30, 2016, the fund returned –1.18% versus 3.02% for the index.

During the six-month period, the domestic economy grew at a modest pace, and the national unemployment rate was below 5.0%. Inflation remained well below the Federal Reserve’s target, and the dollar dropped against most other major currencies, fueling exports. U.S. stocks, as measured by the broad Russell 3000^® Index, rose 3.62%. Value stocks, bolstered by a sharp rise in oil and other commodity prices, outperformed growth equities. Mid-caps outperformed their large-cap counterparts, while small-caps lagged but still turned in positive returns for the period. (Returns by investment style and market capitalization are based on the Russell indexes.)

For the ten years ended June 30, 2016, the Russell 1000 Growth Index posted an average annual return of 8.78%, compared with the 6.13% average annual return of the Russell 1000 Value Index.

The fund trails its benchmark

Eight of the ten industry sectors of the Russell 1000 Growth Index generated gains for the six months. The three best-performing sectors––telecommunications services (up 23.2%), utilities (up 15.8%) and energy (up 10.6%)––were also the smallest at period-end. Conversely, returns were diminished by health care (down 5.3%) and information technology (down 2.1%). These sectors comprised almost half of the index’s total market capitalization on June 30, 2016.

The fund trailed its benchmark during the six-month period, primarily due to unfavorable stock selections. Overweight positions and poor performances in Norwegian Cruise Line, Alexion Pharmaceuticals, drug manufacturer Allergan, and biotechnology company Celgene created a drag on results.

On the positive side, strong performances—enhanced by overweight positions—by software developer Intuit, medical equipment manufacturer Intuitive Surgical and aerospace/defense giant Northrop Grumman led the way. An underweight position in poorly performing Apple also made a major contribution.

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 7

Growth Equity Fund

Performance as of June 30, 2016

Total return

Average annual
total return

Inception date

6 months

1 year

5 years

10 years

Growth Equity Fund

4/3/2000

–4.16%

–1.18%

12.78%

8.91%

Russell 1000^®Growth Index

—

1.36

3.02

12.35

8.78

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.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.

Expense example

Six months ended June 30, 2016




Growth Equity Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16–6/30/16)

Actual return		$1,000.00		$958.43		$2.53
5% annual hypothetical return		1,000.00		1,022.28		2.61

“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 182/366. There were 182 days in the six months ended June 30, 2016. 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.

8 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Growth Equity Fund

Portfolio composition



Sector	% of net assets as of 6/30/2016


Information technology		36.0

Consumer discretionary		22.1

Health care		16.6

Industrials		10.2

Consumer staples		5.8

Materials		5.3

Energy		1.3

Telecommunication services		1.2

Financials		0.5

Short-term investments, other assets & liabilities, net		1.0



Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 6/30/2016


More than $50 billion		49.7

More than $15 billion–$50 billion		39.2

More than $2 billion–$15 billion		11.1



Total		100.0

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 9

Growth & Income Fund

Performance for the six months ended June 30, 2016

The Growth & Income Fund returned 1.12% for the period, compared with the 3.84% return of its benchmark, the S&P 500^® Index. For the twelve months ended June 30, 2016, the fund returned 0.02%, versus 3.99% for the index.

The S&P 500 Index, a market capitalization-weighted index comprised of 500 leading companies in major industries of the U.S. economy, slightly outperformed the broad Russell 3000^® Index, which rose 3.62%. In terms of the broader market, value stocks, bolstered by a sharp rise in oil and other commodity prices, outperformed growth equities. Mid-caps outperformed their large-cap counterparts, while small-caps lagged but still turned in positive returns for the period. (Returns by investment style and market capitalization are based on the Russell indexes.)

For the ten years ended June 30, 2016, the S&P 500 Index posted an average annual return of 7.42%, versus the 7.40% average annual return of the broad-based Russell 3000 Index.

Despite positive performance, the fund lags its benchmark

Eight of the ten industry sectors of the S&P 500 Index posted positive returns during the six months. Many defensive sectors posted particularly strong results. The best-performing sectors in the index were telecommunication services (up 24.9%), the interest-rate-sensitive utilities sector (up 23.4%) and energy (up 16.1%). Together, these three sectors represented 13.9% of the index’s total market capitalization at period-end. The worst performers were financials (down 3.1%) and information technology (down 0.3%), which collectively constituted 35.5% of the index at period-end. Financial stock prices dropped partly due to concerns that lower yields on long-term bonds might hurt banks’ profit margins.

For the six months, the fund underperformed its benchmark. Top detractors included the fund’s underweight position in Exxon Mobil, as many energy stocks rose along with oil prices; followed by the exclusion of benchmark stock Johnson & Johnson, an underweight position in Verizon and a position in out-of-benchmark stock Norwegian Cruise Line, respectively.

Strong-performing holdings that helped mitigate some of the fund’s losses versus its benchmark included positions in energy producer Continental Resources and Barrick Gold, which are not part of the benchmark. Overweight positions in Hess and American Water Works further augmented relative returns, respectively. The fund also had a small exposure to derivative instruments, which helped its relative performance.

10 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Growth & Income Fund

Performance as of June 30, 2016




			Total return				Average annual total return
	Inception date		6 months		1 year		5 years		10 years

Growth & Income Fund		4/3/2000		1.12%		0.02%		11.62%		9.09%


S&P 500 Index		—		3.84		3.99		12.10		7.42

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

Expense example

Six months ended June 30, 2016




Growth & Income Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16–6/30/16)

Actual return		$1,000.00		$1,011.21		$2.60
5% annual hypothetical return		1,000.00		1,022.28		2.61

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

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 11

Growth & Income Fund

Portfolio composition



Sector	% of net assets as of 6/30/2016


Information technology		22.2

Health care		16.4

Consumer discretionary		15.3

Financials		11.1

Consumer staples		9.8

Industrials		9.3

Energy		7.6

Utilities		2.8

Materials		2.7

Telecommunication services		2.5

Short-term investments, other assets & liabilities, net		0.3



Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 6/30/2016


More than $50 billion		55.7

More than $15 billion–$50 billion		26.0

More than $2 billion–$15 billion		16.4

$2 billion or less		1.9



Total		100.0

12 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Large-Cap Value Fund

Performance for the six months ended June 30, 2016

The Large-Cap Value Fund returned 4.90% for the period, compared with the 6.30% return of its benchmark, the Russell 1000^® Value Index. For the twelve months ended June 30, 2016, the fund returned –1.44%, versus 2.86% for the index.

For the ten years ended June 30, 2016, the Russell 1000 Value Index posted an average annual return of 6.13%, compared with the 8.78% average annual return of the Russell 1000 Growth Index.

Despite positive performance, the fund lags its benchmark

All but two of the ten industry sectors of the Russell 1000 Value Index had positive returns for the six-month period. A rebound in oil prices helped the energy sector post strong results of 15.5%. Consumer staples and health care also advanced 11.8% and 7.6%, respectively. Together, these three sectors represented nearly one-third of the benchmark’s total market capitalization on June 30, 2016.

Conversely, financials—the largest sector in the index—struggled in an ongoing environment of low interest rates, losing 3.2% for the period. A decline of 2.2% in the consumer discretionary sector also weighed on the benchmark’s results.

The fund underperformed its benchmark mainly due to unfavorable stock selections in certain areas. The largest detractors from relative performance were overweight positions in specialty pharmaceuticals company Endo International and consumer financial services firm Synchrony Financial, followed by a large underweight position in strongly performing Exxon Mobil.

These negative effects were partly offset by overweights in department store J.C. Penney and industrial equipment manufacturer Terex, as both produced double-digit gains. Next in line was a substantial out-of-benchmark position in managed care provider WellCare Health Plans, which also contributed positively to the fund’s relative performance.

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 13

Large-Cap Value Fund

Performance as of June 30, 2016




			Total return				Average annual total return
	Inception date		6 months		1 year		5 years		10 years

Large-Cap Value Fund		10/28/2002		4.90%		–1.44%		9.62%		5.76%


Russell 1000^®Value Index		—		6.30		2.86		11.35		6.13

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

Expense example

Six months ended June 30, 2016




Large-Cap Value Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16–6/30/16)

Actual return		$1,000.00		$1,049.04		$2.65
5% annual hypothetical return		1,000.00		1,022.28		2.61

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

14 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Large-Cap Value Fund

Portfolio composition



Sector	% of net assets as of 6/30/2016


Financials		22.6

Energy		13.7

Information technology		12.0

Health care		11.8

Consumer staples		9.5

Industrials		8.0

Consumer discretionary		7.2

Telecommunication services		4.7

Utilities		4.6

Materials		4.5

Short-term investments, other assets & liabilities, net		1.4



Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 6/30/2016


More than $50 billion		44.3

More than $15 billion–$50 billion		19.3

More than $2 billion–$15 billion		31.7

$2 billion or less		4.7



Total		100.0

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 15

Real Estate Securities Fund

Performance for the six months ended June 30, 2016

The Real Estate Securities Fund returned 8.54% for the period, compared with the 13.68% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the twelve months ended June 30, 2016, the fund returned 18.69%, versus 23.62% for the index.

Early in the reporting period, the prices of Real Estate Investment Trusts (REITs), as measured by the benchmark index, dropped amid investors’ concerns that the Federal Reserve might take action to raise interest rates more aggressively than anticipated. However, subsequent comments by the Fed eased those fears, and U.S. Treasury bond prices rose, driving their yields lower. The low-yield environment bolstered demand for REITs and, in turn, they rallied.

For the ten years ended June 30, 2016, the fund’s benchmark posted an average annual return of 7.45%, surpassing the 7.40% average annual return of the Russell 3000^® Index and the 5.13% average annual return of the Barclays U.S. Aggregate Bond Index.

Despite strong results, the fund underperforms its benchmark

All of the benchmark’s 16 property sectors and subsectors posted positive returns for the six months. The best performers were free-standing retail (up 34.5%), single-family homes (up 25.0%), industrial (up 22.9%) and infrastructure (up 20.4%). The worst performers were mortgage commercial financing (up 1.4%), apartments (up 2.4%), lodging/resorts (up 3.1%) and timber (up 4.2%).

An overweight in NorthStar Realty Finance detracted most from the fund’s performance relative to its benchmark. An out-of-benchmark position in real estate developer Kennedy-Wilson Holdings was the second-largest detractor. The exclusion of benchmark REIT Realty Income Corporation, followed by overweight positions in residential REIT Essex Property Trust and AvalonBay Communities, detracted further.

Conversely, an overweight position in Rexford Industrial Realty contributed most to relative performance, followed by the exclusions of health care REIT HCP and residential property owner UDR, respectively. An overweight position in residential REIT Equity LifeStyle Properties and underweight position in forest products company Weyerhaeuser rounded out the top-five contributors to performance versus the benchmark. During the period, the fund also owned the stocks of several companies that are not REITs, but that engage in activity related to real estate.

16 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Real Estate Securities Fund

Performance as of June 30, 2016




			Total return				Average annual total return
	Inception date		6 months		1 year		5 years		10 years

Real Estate Securities Fund 10/28/2002				8.54%		18.69%		11.52%		6.78%


FTSE NAREIT All Equity REITs Index		—		13.68		23.62		12.52		7.45

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

Expense example

Six months ended June 30, 2016



Real Estate Securities Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16–6/30/16)

Actual return		$1,000.00		$1,085.43		$2.96

5% annual hypothetical return		1,000.00		1,022.03		2.87

“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 182/366. There were 182 days in the six months ended June 30, 2016. 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.

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 17

Real Estate Securities Fund

Portfolio composition



Sector	% of net assets as of 6/30/2016


Specialized REITs		32.4

Retail REITs		19.6

Residential REITs		18.0

Office REITs		9.7

Industrial REITs		8.2

Diversified REITs		5.4

Hotel & resort REITs		1.0

Real estate services		0.9

IT consulting & other services		0.9

Asset management & custody banks		0.5

Diversified real estate activities		0.4

Short-term investments, other assets & liabilities, net		3.0



Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 6/30/2016


More than $50 billion		9.4

More than $15 billion–$50 billion		42.1

More than $2 billion–$15 billion		37.3

$2 billion or less		11.2



Total		100.0

18 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Small-Cap Equity Fund

Performance for the six months ended June 30, 2016

The Small-Cap Equity Fund returned –1.15% for the period, compared with the 2.22% return of its benchmark, the Russell 2000^® Index. For the twelve months ended June 30, 2016, the fund returned –6.58%, versus –6.73% for the index.

For the ten years ended June 30, 2016, the Russell 2000 Index posted an average annual return of 6.20%, versus the 7.40% average annual return of the broad-based Russell 3000 Index.

The fund trails its benchmark

Eight of the ten industry sectors of the Russell 2000 Index generated positive returns for the six-month period. Defensive sectors such as interest-rate-sensitive utilities and telecommunication services performed best, returning 24.1% and 18.7%, respectively. Together, these two sectors represented only 5.0% of the index’s total market capitalization at period-end. In contrast, the health care and energy sectors performed worst, returning –13.2% and –1.6%, respectively. Demand for health care stocks was dampened by investors’ concerns about drug pricing and the prospect of increased government regulation. Financial stock prices dropped partly due to concerns that lower yields on long-term bonds might hurt banks’ profit margins.

For the six-month period, the fund underperformed its benchmark mostly due to unfavorable stock selections. Top detractors included overweight positions in insurer American Equity Investment Life, broadcaster Gray Television, specialty pharmaceutical company Impax Laboratories and supercomputer manufacturer Cray, respectively. The fund also had a small exposure to derivative instruments, which hurt its relative performance.

Conversely, holdings that helped offset some of the fund’s losses versus its benchmark included overweights in data center company DuPont Fabros Technology, CoreSite Realty, Coeur Mining and specialty real estate investment trust EPR Properties, respectively. All four companies produced substantial gains.

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 19

Small-Cap Equity Fund

Performance as of June 30, 2016

Total return

Average annual
total return

Inception date

6 months

1 year

5 years

10 years

Small-Cap Equity Fund

10/28/2002

–1.15%

–6.58%

8.36%

6.11%

Russell 2000^®Index

—

2.22

–6.73

8.35

6.20

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

Expense example

Six months ended June 30, 2016



Small-Cap Equity Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16–6/30/16)

Actual return		$1,000.00		$988.49		$2.62

5% annual hypothetical return		1,000.00		1,022.23		2.66

“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 182/366. There were 182 days in the six months ended June 30, 2016. 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.

20 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Small-Cap Equity Fund

Portfolio composition



Sector	% of net assets as of 6/30/2016


Financials		23.6

Information technology		19.3

Health care		13.3

Consumer discretionary		12.9

Industrials		12.6

Materials		5.1

Energy		4.0

Utilities		3.6

Consumer staples		3.3

Telecommunication services		1.9

Short-term investments, other assets & liabilities, net		0.4



Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 6/30/2016


More than $2 billion–$15 billion		48.8

$2 billion or less		51.2



Total		100.0

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 21

Social Choice Equity Fund

Performance for the six months ended June 30, 2016

The Social Choice Equity Fund returned 4.17% for the period, compared with the 3.62% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2016, the fund returned 1.92%, versus 2.14% for the index. The fund uses certain social criteria, while the benchmark does not. Because of its social criteria, the fund did not invest in a number of stocks that were included in the Russell 3000 Index. Avoiding these companies produced mixed results, but the net effect partly caused the fund to outperform its benchmark.

The fund’s omission of benchmark stock Apple provided the largest contribution to the performance of the fund relative to its benchmark. Shares of Apple dropped amid investor concerns about sales of iPhones and MacBooks. The fund’s exclusion of Bank of America stock provided the second-largest contribution to relative performance. Many financial stock prices dropped in part due to concerns that lower yields on long-term bonds might hurt banks’ profit margins. The exclusion of benchmark stock Wells Fargo contributed further.

However, these positive effects were partly offset by the fund’s exclusion of benchmark stock Exxon Mobil. Many energy stocks rallied along with oil prices during the period. The second-largest detractor from relative performance was the absence of benchmark stock AT&T from the fund. The telecommunication services sector, as well as defensive sectors such as interest-rate-sensitive utilities performed well for the period. The fund’s omission of benchmark stock Chevron also detracted significantly.

Stock positions benefit the fund’s performance

To compensate for the exclusion of some stocks within the Russell 3000 Index, the fund’s managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its index and to manage risk.

The fund’s overweight positions in strongly performing Spectra Energy and semiconductor manufacturing equipment supplier Applied Materials made large contributions to relative performance.

These positive effects were partly offset by overweight positions in Charles Schwab and Alexion Pharmaceuticals, which suffered double-digit losses. Demand for health care stocks was dampened by investors’ concerns about drug pricing and the prospect of increased government regulation.

22 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Social Choice Equity Fund

Performance as of June 30, 2016




			Total return				Average annual total return
	Inception date		6 months		1 year		5 years		10 years

Social Choice Equity Fund		4/3/2000		4.17%		1.92%		10.28%		6.99%


Russell 3000^® Index		—		3.62		2.14		11.60		7.40

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

Expense example

Six months ended June 30, 2016



Social Choice Equity Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16–6/30/16)

Actual return		$1,000.00		$1,041.74		$1.12

5% annual hypothetical return		1,000.00		1,023.77		1.11

“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 182/366. There were 182 days in the six months ended June 30, 2016. 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.

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 23

Social Choice Equity Fund

Portfolio composition



Sector	% of net assets as of 6/30/2016


Information technology		19.8

Financials		18.5

Health care		14.5

Consumer discretionary		12.4

Industrials		9.8

Consumer staples		8.4

Energy		7.1

Materials		4.0

Utilities		3.2

Telecommunication services		2.2

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



Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 6/30/2016


More than $50 billion		42.6

More than $15 billion–$50 billion		39.1

More than $2 billion–$15 billion		14.7

$2 billion or less		3.6



Total		100.0

24 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Stock Index Fund

Performance for the six months ended June 30, 2016

The Stock Index Fund returned 3.63% for the period, compared with the 3.62% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2016, the fund returned 2.10%, versus 2.14% for the index.

For the six-month period, the fund slightly outpaced its benchmark, despite the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s does not. The fund has a risk profile similar to that of its benchmark.

During the six-month period, the domestic economy grew at a modest pace, and the national unemployment rate was below 5.0%. Inflation remained well below the Federal Reserve’s target, and the dollar dropped against most other major currencies, fueling exports. U.S. stocks, as measured by the broad Russell 3000 Index, rose 3.62%. Value stocks, bolstered by a sharp rise in oil and other commodity prices, outperformed growth equities. Mid-caps outperformed their large-cap counterparts, while small-caps lagged but still turned in positive returns for the period. (Returns by investment style and market capitalization are based on the Russell indexes.)

Defensive stocks soar, while health care and financials fall

For the six-month period, seven of the ten industry sectors of the Russell 3000 Index generated positive returns. Defensive sectors such as interest-rate-sensitive utilities and telecommunication services performed best, returning 23.7% and 23.5%, respectively. Energy, which benefited from the rise in oil prices, rose 14.7%, followed by consumer staples, which returned 10.5%. Together, these four sectors represented 21.3% of the benchmark’s total market capitalization on June 30, 2016.

The sectors in the order of worst performance were health care, financials and information technology, which dropped 1.2%, 1.1% and 0.3%, respectively. Demand for health care stocks was dampened by investors’ concerns about drug pricing and the prospect of increased government regulation.

Only two of the five largest stocks in the index, based on market capitalization at period-end, outperformed for the six months. Exxon Mobil and Johnson & Johnson posted double-digit gains, while General Electric advanced modestly and Apple and Microsoft declined.

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 25

Stock Index Fund

Performance as of June 30, 2016




			Total return				Average annual total return
	Inception date		6 months		1 year		5 years		10 years

Stock Index Fund		1/4/1999		3.63%		2.10%		11.53%		7.38%


Russell 3000^®Index		—		3.62		2.14		11.60		7.40

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

Expense example

Six months ended June 30, 2016



Stock Index Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16–6/30/16)

Actual return		$1,000.00		$1,036.30		$0.46

5% annual hypothetical return		1,000.00		1,024.42		0.45

“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 182/366. There were 182 days in the six months ended June 30, 2016. 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.

26 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Stock Index Fund

Portfolio composition



Sector	% of net assets as of 6/30/2016


Information technology		19.7

Financials		18.5

Health care		14.5

Consumer discretionary		13.2

Industrials		10.8

Consumer staples		9.6

Energy		7.0

Utilities		3.8

Materials		3.4

Telecommunication services		2.7

Short-term investments, other assets & liabilities, net		–3.2



Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 6/30/2016


More than $50 billion		50.7

More than $15 billion–$50 billion		23.2

More than $2 billion–$15 billion		21.2

$2 billion or less		4.9



Total		100.0

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 27

International Equity Fund

Performance for the six months ended June 30, 2016

The International Equity Fund returned –2.58% for the period, compared with the –4.42% return of its benchmark, the MSCI EAFE Index. For the twelve months ended June 30, 2016, the fund returned –11.82%, versus –10.16% for the index.

During the six-month period, the domestic economy grew at a modest pace, and the national unemployment rate was below 5.0%. Inflation remained well below the Federal Reserve’s target, and the dollar dropped against most other major currencies, fueling exports. U.S. stocks, as measured by the broad Russell 3000^® Index, rose 3.62%. Foreign stocks, as measured by the MSCI EAFE Index, fell 4.42% as political developments fueled volatility in international stock markets.

Market performance varied significantly across countries. Japan and the United Kingdom—the largest markets at period-end—were outsized detractors, losing 5.6% and 3.1%, respectively. New Zealand and Singapore were the best-performing nations in the benchmark, advancing 18.1% and 5.4%, respectively.

The fund surpasses its benchmark

The fund’s outperformance of its benchmark was driven by strong stock selection. An overweight position in sportswear company adidas was the largest contributor to relative returns, followed by overweight investments in engineering solutions firm Weir Group and Sony. All three companies produced substantial gains.

These positive effects were partly offset by an overweight holding in poorly performing European television entertainment provider Sky. Next in line were overweight positions in electronics supplier Murata Manufacturing and Italian banking group Intesa Sanpaolo, as both suffered double-digit losses during the period.

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 (see the fund’s prospectus for more details on NAV calculations). 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 2016 Semiannual Report ¡ TIAA-CREF Life Funds

International Equity Fund

Performance as of June 30, 2016

Total return

Average annual
total return

Inception date

6 months

1 year

5 years

10 years

International Equity Fund

4/3/2000

–2.58%

–11.82%

1.69%

1.94%

MSCI EAFE Index

—

–4.42

–10.16

1.68

1.58

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

Expense example

Six months ended June 30, 2016



International Equity Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16–6/30/16)

Actual return		$1,000.00		$ 974.24		$2.95

5% annual hypothetical return		1,000.00		1,021.88		3.02

“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 182/366. There were 182 days in the six months ended June 30, 2016. 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.

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 29

International Equity Fund

Portfolio composition



Sector	% of net assets as of 6/30/2016


Consumer discretionary		29.0

Industrials		22.7

Consumer staples		16.7

Financials		14.1

Health care		8.0

Materials		4.5

Information technology		4.3

Energy		2.6

Short-term investments, other assets & liabilities, net		–1.9



Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 6/30/2016


More than $50 billion		6.6

More than $15 billion–$50 billion		58.3

More than $2 billion–$15 billion		33.5

$2 billion or less		1.6



Total		100.0

Holdings by country



	% of portfolio investments as of 6/30/2016


France		24.2

Japan		17.0

United Kingdom		14.5

Germany		13.1

India		10.0

Netherlands		4.7

Switzerland		3.8

Italy		3.4

5 other nations		9.0

Short-term investments		0.3



Total		100.0

30 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Bond Fund

Performance for the six months ended June 30, 2016

The Bond Fund returned 5.78% for the period, compared with 5.31% for its benchmark, the Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2016, the fund returned 6.09%, versus 6.00% for the index.

The U.S. economy grew at a modest pace during the period, and domestic unemployment was below 5.0%. Energy prices rose sharply, and the dollar lost value against most major currencies. While some foreign central banks cut lending rates to stimulate economic growth, the Federal Reserve kept its key fed funds rate unchanged at a range of 0.25%–0.50%. Concerns about global growth and weak oil prices drove stocks down early in the period, which sent many investors toward “safe-haven” instruments such as U.S. Treasuries. The bond market also rose on signals from the Fed that it was in no hurry to raise interest rates.

For the six-month period, the broad U.S. investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, advanced 5.31% as 10-year U.S. Treasury yields declined from 2.27% on December 31, 2015, to 1.49% by the end of June 2016. Treasuries, the benchmark’s largest sector at 36.6% of total market capitalization, rose 5.4% during the period, while mortgage-backed securities (MBS), the benchmark’s second-largest weighting at 27.8%, gained 3.2%. Corporate bonds, which constituted 24.6% of the benchmark’s total capitalization, returned 7.7%.

Sector allocations drive outperformance

An overweight position in corporate bonds was the largest contributor to relative performance, as the sector benefited from favorable yield-curve positioning and strong security selection. An investment in government credit was also beneficial as the sector produced strong results in a period of declining interest rates. An overweight in asset-backed securities was the third-largest contributor to relative performance, driven by favorable yield-curve positioning.

The gains from these securities were somewhat offset by unfavorable yield-curve positioning in the U.S. Treasuries and MBS sectors. A small cash position further detracted from the fund’s relative performance.

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 31

Bond Fund

Performance as of June 30, 2016




			Total return				Average annual total return
	Inception date		6 months		1 year		5 years		10 years

Bond Fund		7/8/2003		5.78%		6.09%		4.13%		4.87%


Barclays U.S. Aggregate Bond Index		—		5.31		6.00		3.76		5.13

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

Expense example

Six months ended June 30, 2016



Bond Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16–6/30/16)

Actual return		$1,000.00		$1,057.84		$1.79

5% annual hypothetical return		1,000.00		1,023.12		1.76

“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 182/366. There were 182 days in the six months ended June 30, 2016. 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.

32 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Bond Fund

Portfolio composition



% of net assets as of 6/30/2016


Corporate bonds			30.3

Mortgage-backed securities^†			19.7

U.S. Treasury securities			18.8

Foreign government & corporate bonds denominated in U.S. dollars			14.8

Commercial mortgage-backed securities & other mortgage-backed securities			9.7

Asset-backed securities			4.1

Bank loan obligations			0.9

Municipal bonds			0.4

U.S. agency securities			0.3

Preferred stock			0.1

Short-term investments, other assets & liabilities, net			0.9


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 6/30/2016


Less than 1 year		5.9

1–3 years		17.7

3–5 years		25.7

5–10 years		37.6

Over 10 years		13.1


Total		100.0

Holdings by credit quality^‡



	% of fixed-income investments (excluding short-term investments) as of 6/30/2016


Aaa/AAA		40.2

Aa/AA		2.8

A/A		13.5

Baa/BBB		31.3

Ba/BB		3.1

B/B		4.3

Below B/B		3.2

Non-rated		1.6


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 ¡ 2016 Semiannual Report 33

Money Market Fund

Performance for the six months ended June 30, 2016

The Money Market Fund returned 0.13% for the period, compared with the 0.05% 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 range for short-term interest rates increased from 0.00%–0.25% to 0.25%–0.50% on December 16, 2015. Soon after the rate hike, the Fed signaled that more rate increases might occur in 2016; however, the Fed has since toned down its stance on monetary tightening for the remainder of this year due to sluggish growth both domestically and overseas.

Money Market Fund restructuring is on schedule for October 2016

On August 11, 2015, the TIAA-CREF Life Funds board approved a restructuring of the Money Market Fund as a “government” money market fund, in compliance with new SEC regulations requiring all money market funds to restructure as retail, institutional or government funds. 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 in full by cash or U.S. government securities. This restructuring will be effective on or before October 14, 2016.

Many other U.S. money market funds are also expected to restructure as government funds. As a result, the supply of commercial paper has declined as short-term Treasury supply has increased. LIBOR yields—a key interest rate benchmark for money market funds—rose during the period. Three-month LIBOR increased slightly from 0.61% on December 31, 2015, to 0.65% on June 30, 2016, while six-month LIBOR rose from 0.85% to 0.92% over the same period.

In pursuit of additional yield, the fund held longer-dated, floating-rate government agency paper in order to capture slightly higher yields. The fund’s commercial paper exposure has been reduced, but it remains diversified across industries and issuers, nearly all of which are U.S.-domiciled. As of June 28, 2016, the fund’s weighted average maturity was 45 days, versus 35 days for the average iMoneyNet fund.

34 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Money Market Fund

Net annualized yield for the 7 days ended June 28, 2016*



	Current yield		Effective yield

Money Market Fund		0.31%		0.31%


iMoneyNet Money Fund Averages—All Taxable^†		0.12		0.12

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 June 30, 2016




			Total return				Average annual total return
	Inception date		6 months		1 year		5 years		10 years

Money Market Fund		7/8/2003		0.13%		0.14%		0.03%		1.16%


iMoneyNet Money Fund Averages—All Taxable^†		—		0.05		0.06		0.03		0.94

You could lose money by investing in the TIAA-CREF Life Money Market Fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. For a detailed discussion of risk, please see the prospectus. The current yield more closely reflects current earnings than does total return.

^†	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 ¡ 2016 Semiannual Report 35

Money Market Fund

Expense example

Six months ended June 30, 2016



Money Market Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16–6/30/16)

Actual return		$1,000.00		$1,001.35		$0.75

5% annual hypothetical return		1,000.00		1,024.12		0.75

“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 182/366. There were 182 days in the six months ended June 30, 2016. The fund’s annualized six-month expense ratio for that period was 0.15%. 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 6/30/2016


U.S. government agency securities			33.1

Commercial paper			29.0

U.S. Treasury securities			18.5

Floating-rate securities, government			16.9

Certificates of deposit			2.4

Other assets & liabilities, net			0.1


Total			100.0

36 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Balanced Fund

Performance for the six months ended June 30, 2016

The Balanced Fund returned 3.26% for the period, compared with the 3.76% return of its benchmark, the Balanced Fund Composite Index, a weighted average of the Russell 3000^® Index, the MSCI EAFE Index and the Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2016, the fund returned 2.13%, versus 3.02% for the index.

U.S. stocks, as measured by the broad Russell 3000 Index, rose 3.62%. Value stocks outperformed growth equities. Mid-caps outperformed their large-cap counterparts, while small-caps lagged but still turned in positive returns for the period. (Returns by investment style and market capitalization are based on the Russell indexes.) The MSCI EAFE Index, which measures the performance of stocks in 21 developed markets outside North America, returned –4.42%, with 15 of the market components posting negative returns. (The MSCI EAFE returns are in U.S. dollars.) The broad investment-grade fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 5.31%, bolstered by demand for “safe-haven” assets in the low interest-rate environment.

Despite positive performance, the fund lags its benchmark

For the six-month period, the fund’s absolute performance was hurt primarily by the negative returns of Growth Equity Fund and International Equity Fund. In contrast, the fund’s absolute performance was helped most by the performance of its allocations to the Bond Fund, Large-Cap Value Fund and Real Estate Securities Fund.

The underperformance relative to the composite benchmark was largely due to weaker relative performance of U.S. equity funds. Among them, the largest detractors were the Growth Equity Fund, the Growth & Income Fund and the Large-Cap Value Fund, respectively. The Real Estate Securities Fund and the Small-Cap Equity Fund also detracted but not as much, respectively. The Bond Fund and the International Equity Fund also contributed to relative performance. (Performance for the Balanced Fund’s underlying funds can be found at TIAA.org/performance.)

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 37

Balanced Fund

Performance as of June 30, 2016



			Total return				Average annual total return
	Inception date		6 months		1 year		since inception


Balanced Fund		1/31/2014		3.26%		2.13%		4.86%


Balanced Fund Composite Index*		—		3.76		3.02		5.32^†

Broad market indexes
Barclays U.S. Aggregate Bond Index		—		5.31		6.00		4.26^†
Russell 3000^® Index		—		3.62		2.14		8.23^†

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

On June 30, 2016, 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.

38 2016 Semiannual Report ¡ TIAA-CREF Life Funds

Balanced Fund

Expense example

Period ended June 30, 2016



Balanced Fund	Beginning account value (1/1/16)		Ending account value (6/30/16)		Expenses paid during period* (1/1/16-6/30/16)		Effective expenses paid during period^† (1/1/16–6/30/16)


Actual return		$1,000.00		$1,032.61		$0.51		$2.58

5% annual hypothetical return		1,000.00		1,024.37		0.50		2.56

“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 182/366. There were 182 days in the six months ended June 30, 2016. 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 6/30/2016


Equity

U.S. equity			40.3

International equity			9.9

Fixed income			49.9

Other assets & liabilities, net			–0.1


Total			100.0

Target allocation

LOGO

TIAA-CREF Life Funds ¡ 2016 Semiannual Report 39


Summary portfolio of investments (unaudited)

Growth Equity Fund § June 30, 2016


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	8,758		Delphi Automotive plc	$	548,251		0.7	%

					548,251		0.7

	CAPITAL GOODS
	6,597		Honeywell International, Inc		767,363		1.0
	6,116		Northrop Grumman Corp		1,359,465		1.8
	5,287		Parker Hannifin Corp		571,260		0.8
	5,696		Raytheon Co		774,371		1.0
	3,974		Roper Industries, Inc		677,805		0.9
			Other		361,572		0.5

					4,511,836		6.0

	COMMERCIAL & PROFESSIONAL SERVICES
	35,338		Nielsen NV		1,836,516		2.5
			Other		546,317		0.7

					2,382,833		3.2

	CONSUMER DURABLES & APPAREL
	10,102		Nike, Inc (Class B)		557,630		0.7
			Other		729,704		1.0

					1,287,334		1.7

	CONSUMER SERVICES
	1,695	*	Chipotle Mexican Grill, Inc (Class A)		682,678		0.9
	21,497	*	Norwegian Cruise Line Holdings Ltd		856,441		1.1
	31,655		Starbucks Corp		1,808,134		2.4
			Other		587,473		0.8

					3,934,726		5.2

	DIVERSIFIED FINANCIALS				352,315		0.4

	ENERGY
	9,618		EOG Resources, Inc		802,333		1.1
			Other		131,601		0.2

					933,934		1.3

	FOOD & STAPLES RETAILING				558,278		0.8

	FOOD, BEVERAGE & TOBACCO
	8,472		Molson Coors Brewing Co (Class B)		856,773		1.1
	8,238	*	Monster Beverage Corp		1,323,929		1.8
			Other		308,708		0.4

					2,489,410		3.3

	HEALTH CARE EQUIPMENT & SERVICES
	26,243	*	Cerner Corp		1,537,840		2.1
	2,492	*	Intuitive Surgical, Inc		1,648,234		2.2

					3,186,074		4.3


40		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		continued

Growth Equity Fund § June 30, 2016


Shares			Company	Value		% of net assets

	HOUSEHOLD & PERSONAL PRODUCTS
	14,152		Estee Lauder Cos (Class A)	$	1,288,115		1.7	%

					1,288,115		1.7

	MATERIALS
	6,078		Ecolab, Inc		720,851		1.0
	18,577		Monsanto Co		1,921,048		2.6
	7,687		PPG Industries, Inc		800,601		1.0
			Other		542,408		0.7

					3,984,908		5.3

	MEDIA
	24,198		Comcast Corp (Class A)		1,577,468		2.1
	8,413		Walt Disney Co		822,960		1.1
			Other		794,002		1.1

					3,194,430		4.3

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	9,567	*	Alexion Pharmaceuticals, Inc		1,117,043		1.5
	6,214	*	Allergan plc		1,435,993		1.9
	20,513		Bristol-Myers Squibb Co		1,508,731		2.0
	22,117	*	Celgene Corp		2,181,400		2.9
	6,975		Thermo Electron Corp		1,030,626		1.4
	16,869		Zoetis Inc		800,603		1.1
			Other		1,188,888		1.6

					9,263,284		12.4

	RETAILING
	5,147	*	Amazon.com, Inc		3,683,296		4.9
	6,920		Expedia, Inc		735,596		1.0
	9,240		Home Depot, Inc		1,179,856		1.6
	11,319		Lowe’s Companies, Inc		896,125		1.2
	9,754	*	NetFlix, Inc		892,296		1.2
			Other		212,423		0.3

					7,599,592		10.2

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	4,795		Broadcom Ltd		745,143		1.0
			Other		864,712		1.2

					1,609,855		2.2

	SOFTWARE & SERVICES
	22,331		Activision Blizzard, Inc		884,978		1.2
	26,373	*	Adobe Systems, Inc		2,526,270		3.4
	2,373	*	Alphabet, Inc (Class A)		1,669,477		2.2
	3,913	*	Alphabet, Inc (Class C)		2,708,187		3.6
	8,791	*	Check Point Software Technologies		700,467		0.9
	18,812	*	Facebook, Inc		2,149,835		2.9
	24,032		Intuit, Inc		2,682,211		3.6
	17,032		MasterCard, Inc (Class A)		1,499,838		2.0
	43,315		Microsoft Corp		2,216,429		3.0
	11,070	*	Red Hat, Inc		803,682		1.1


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			41


Summary portfolio of investments (unaudited)		concluded

Growth Equity Fund § June 30, 2016


Shares			Company		Value			% of net assets

	SOFTWARE & SERVICES—continued
	20,383	*	Salesforce.com, Inc		$	1,618,614			2.2	%
	33,614		Visa, Inc (Class A)			2,493,150			3.3
			Other			1,209,572			1.5

						23,162,710			30.9

	TECHNOLOGY HARDWARE & EQUIPMENT
	22,707		Apple, Inc			2,170,789			2.9

						2,170,789			2.9

	TELECOMMUNICATION SERVICES
	17,751	*	Level 3 Communications, Inc			913,999			1.2

						913,999			1.2

	TRANSPORTATION
	8,808		Union Pacific Corp			768,498			1.0

						768,498			1.0

			TOTAL COMMON STOCKS	(Cost $56,285,596)		74,141,171			99.0


Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$1,300,000		Federal Home Loan Bank (FHLB) 0.100%, 07/01/16			1,300,000			1.8

						1,300,000			1.8


Shares			Company
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	522,775	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			522,775			0.7

						522,775			0.7

			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,822,775)		1,822,775			2.5


			TOTAL PORTFOLIO	(Cost $58,108,371)		75,963,946			101.5
			OTHER ASSETS & LIABILITIES, NET			(1,113,426	)		(1.5	)

			NET ASSETS		$	74,850,520			100.0	%

*	Non-income producing

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

At 6/30/16, the aggregate value of securities on loan is $530,230.

At 6/30/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $60,328 or 0.1% 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.

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		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)

Growth & Income Fund § June 30, 2016


Shares			Company	Value		% of net assets

	COMMON STOCKS
	BANKS
	100,194		Bank of America Corp	$	1,329,574		1.1	%
	20,153		Citigroup, Inc		854,286		0.7
	26,891		JPMorgan Chase & Co		1,671,007		1.3
	31,205		Wells Fargo & Co		1,476,932		1.2
			Other		1,565,805		1.3

					6,897,604		5.6

	CAPITAL GOODS
	5,493		3M Co		961,934		0.8
	50,653	n	General Electric Co		1,594,557		1.3
	13,625		Honeywell International, Inc		1,584,860		1.3
	8,571		Illinois Tool Works, Inc		892,756		0.7
	4,683		Northrop Grumman Corp		1,040,937		0.8
	6,553	n	Raytheon Co		890,880		0.7
			Other		1,553,221		1.3

					8,519,145		6.9

	COMMERCIAL & PROFESSIONAL SERVICES				807,233		0.7

	CONSUMER DURABLES & APPAREL				3,423,641		2.8

	CONSUMER SERVICES
	7,131		McDonald’s Corp		858,145		0.7
			Other		1,200,969		1.0

					2,059,114		1.7

	DIVERSIFIED FINANCIALS				1,947,688		1.6

	ENERGY
	8,646	*	Concho Resources, Inc		1,031,208		0.8
	23,955	*,e	Continental Resources, Inc		1,084,443		0.9
	15,465		EOG Resources, Inc		1,290,090		1.0
	15,760		Occidental Petroleum Corp		1,190,826		1.0
			Other		4,735,118		3.9

					9,331,685		7.6

	FOOD & STAPLES RETAILING				541,465		0.4

	FOOD, BEVERAGE & TOBACCO
	31,892		Coca-Cola Co		1,445,664		1.2
	5,576	*	Monster Beverage Corp		896,119		0.7
	13,102		PepsiCo, Inc		1,388,026		1.1
	17,164		Philip Morris International, Inc		1,745,922		1.4
			Other		4,350,505		3.5

					9,826,236		7.9

	HEALTH CARE EQUIPMENT & SERVICES
	16,939		Medtronic plc		1,469,797		1.2
			Other		5,693,512		4.6

					7,163,309		5.8


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			43


Summary portfolio of investments (unaudited)		continued

Growth & Income Fund § June 30, 2016


Shares			Company	Value		% of net assets

	HOUSEHOLD & PERSONAL PRODUCTS
	14,397		Procter & Gamble Co	$	1,218,994		1.0	%
			Other		503,597		0.4

					1,722,591		1.4

	INSURANCE
	18,749		American International Group, Inc		991,635		0.8
	9,623	*	Berkshire Hathaway, Inc (Class B)		1,393,314		1.1
	10,427		Chubb Ltd		1,362,913		1.1
			Other		611,313		0.5

					4,359,175		3.5

	MATERIALS
	24,137		Dow Chemical Co		1,199,850		1.0
			Other		2,102,102		1.7

					3,301,952		2.7

	MEDIA
	21,860		Comcast Corp (Class A)		1,425,053		1.2
	12,179	n	Walt Disney Co		1,191,350		1.0
			Other		1,895,567		1.5

					4,511,970		3.7

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	21,558		AbbVie, Inc		1,334,656		1.1
	4,842	*,n	Allergan plc		1,118,938		0.9
	8,582		Amgen, Inc		1,305,751		1.1
	21,093		Bristol-Myers Squibb Co		1,551,390		1.3
	14,394		Eli Lilly & Co		1,133,528		0.9
	12,374		Gilead Sciences, Inc		1,032,239		0.8
	64,081		Pfizer, Inc		2,256,292		1.8
			Other		3,221,107		2.6

					12,953,901		10.5

	REAL ESTATE				487,593		0.4

	RETAILING
	3,432	*	Amazon.com, Inc		2,456,008		2.0
	15,809		Home Depot, Inc		2,018,651		1.6
			Other		4,304,559		3.5

					8,779,218		7.1

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	35,474		Intel Corp		1,163,547		1.0
			Other		3,368,806		2.7

					4,532,353		3.7

	SOFTWARE & SERVICES
	9,852	*	Adobe Systems, Inc		943,723		0.8
	4,479	*	Alphabet, Inc (Class C)		3,099,916		2.5
	19,337	*	Facebook, Inc		2,209,832		1.8
	48,722		Microsoft Corp		2,493,105		2.0


44		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		continued

Growth & Income Fund § June 30, 2016


Shares			Company		Value			% of net assets

	SOFTWARE & SERVICES—continued
	27,972		Oracle Corp		$	1,144,894			0.9	%
	14,681	*	Salesforce.com, Inc			1,165,818			1.0
	19,271		Visa, Inc (Class A)			1,429,330			1.2
			Other			4,219,126			3.4

						16,705,744			13.6

	TECHNOLOGY HARDWARE & EQUIPMENT
	36,202		Apple, Inc			3,460,911			2.8
	51,374		Cisco Systems, Inc			1,473,920			1.2
			Other			1,166,676			1.0

						6,101,507			5.0

	TELECOMMUNICATION SERVICES
	30,576		Verizon Communications, Inc			1,707,364			1.4
			Other			1,321,196			1.1

						3,028,560			2.5

	TRANSPORTATION
	11,303		United Parcel Service, Inc (Class B)			1,217,559			1.0
			Other			940,489			0.8

						2,158,048			1.8

	UTILITIES
	8,672		NextEra Energy, Inc			1,130,829			0.9
			Other			2,250,993			1.9

						3,381,822			2.8

			TOTAL COMMON STOCKS	(Cost $96,835,828)		122,541,554			99.7


	PURCHASED OPTIONS
	HEALTH CARE EQUIPMENT & SERVICES					36,650			0.0

			TOTAL PURCHASED OPTIONS	(Cost $37,044)		36,650			0.0


	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,284,864	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			2,284,864			1.8

						2,284,864			1.8

			TOTAL SHORT-TERM INVESTMENTS	(Cost $2,284,864)		2,284,864			1.8


			TOTAL PORTFOLIO	(Cost $99,157,736)		124,863,068			101.5
			OTHER ASSETS & LIABILITIES, NET			(1,895,437	)		(1.5	)

			NET ASSETS		$	122,967,631			100.0	%


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			45


Summary portfolio of investments (unaudited)		concluded

Growth & Income Fund § June 30, 2016

*	Non-income producing

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

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,232,941.

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

At 6/30/16, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $535,644 or 0.4% 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		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)

Large-Cap Value Fund § June 30, 2016


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	231,281		0.4	%

	BANKS
	103,019		Bank of America Corp		1,367,062		2.0
	21,530		Citigroup, Inc		912,657		1.4
	14,375		JPMorgan Chase & Co		893,263		1.4
	38,021		Wells Fargo & Co		1,799,534		2.7
			Other		1,561,948		2.4

					6,534,464		9.9

	CAPITAL GOODS
	20,139		General Electric Co		633,976		0.9
	4,405		L-3 Communications Holdings, Inc		646,169		1.0
	14,351		Triumph Group, Inc		509,461		0.8
			Other		2,327,372		3.5

					4,116,978		6.2

	CONSUMER DURABLES & APPAREL
	18,574		Mattel, Inc		581,181		0.9
			Other		678,362		1.0

					1,259,543		1.9

	CONSUMER SERVICES
	10,918		Restaurant Brands International, Inc		454,189		0.7
			Other		1,500,026		2.3

					1,954,215		3.0

	DIVERSIFIED FINANCIALS
	7,516		Goldman Sachs Group, Inc		1,116,727		1.7
	6,421	e	iShares Dow Jones US Real Estate Index Fund		528,448		0.8
	28,448	*	Synchrony Financial		719,166		1.1
			Other		1,072,930		1.6

					3,437,271		5.2

	ENERGY
	10,716		Baker Hughes, Inc		483,613		0.7
	12,478		Chevron Corp		1,308,069		2.0
	11,810		EOG Resources, Inc		985,190		1.5
	11,240		Exxon Mobil Corp		1,053,638		1.6
	30,305		Kinder Morgan, Inc		567,310		0.8
	6,493		Schlumberger Ltd		513,466		0.8
			Other		4,153,855		6.3

					9,065,141		13.7

	FOOD & STAPLES RETAILING
	6,877		Wal-Mart Stores, Inc		502,158		0.7
			Other		303,234		0.5

					805,392		1.2


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			47


Summary portfolio of investments (unaudited)		continued

Large-Cap Value Fund § June 30, 2016


Shares			Company	Value		% of net assets

	FOOD, BEVERAGE & TOBACCO
	12,355		ConAgra Foods, Inc	$	590,693		0.9	%
	14,947		Mondelez International, Inc		680,238		1.0
	12,600		Philip Morris International, Inc		1,281,672		1.9
	17,415		Pinnacle Foods, Inc		806,140		1.2
			Other		707,754		1.1

					4,066,497		6.1

	HEALTH CARE EQUIPMENT & SERVICES
	25,476		Abbott Laboratories		1,001,461		1.5
	25,224	*	Boston Scientific Corp		589,485		0.9
	6,268	*	WellCare Health Plans, Inc		672,431		1.0
	4,012		Zimmer Holdings, Inc		482,965		0.7
			Other		840,973		1.3

					3,587,315		5.4

	HOUSEHOLD & PERSONAL PRODUCTS
	16,788		Procter & Gamble Co		1,421,440		2.1

					1,421,440		2.1

	INSURANCE
	9,411		American International Group, Inc		497,748		0.7
	4,336	*	Berkshire Hathaway, Inc (Class B)		627,810		1.0
	3,924		Chubb Ltd		512,906		0.8
	15,794		XL Capital Ltd		526,098		0.8
			Other		1,735,034		2.6

					3,899,596		5.9

	MATERIALS
	59,326	*	Louisiana-Pacific Corp		1,029,306		1.6
			Other		1,944,393		2.9

					2,973,699		4.5

	MEDIA				481,158		0.7

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	13,059		Agilent Technologies, Inc		579,297		0.9
	2,754	*	Allergan plc		636,422		0.9
	8,551		Johnson & Johnson		1,037,236		1.6
	12,294		Merck & Co, Inc		708,258		1.1
	32,051		Pfizer, Inc		1,128,516		1.7
			Other		158,397		0.2

					4,248,126		6.4

	REAL ESTATE
	43,073		WP Glimcher, Inc		481,987		0.7
			Other		659,117		1.0

					1,141,104		1.7


48		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		continued

Large-Cap Value Fund § June 30, 2016


Shares			Company		Value		% of net assets

	RETAILING				$	815,460		1.2	%

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	32,228		Intel Corp			1,057,078		1.6
			Other			1,919,195		2.9

						2,976,273		4.5

	SOFTWARE & SERVICES
	25,377		Oracle Corp			1,038,680		1.6
	17,002	*	Yahoo!, Inc			638,595		1.0
			Other			1,071,866		1.6

						2,749,141		4.2

	TECHNOLOGY HARDWARE & EQUIPMENT
	26,172		Cisco Systems, Inc			750,875		1.1
			Other			1,464,913		2.2

						2,215,788		3.3

	TELECOMMUNICATION SERVICES
	25,852		AT&T, Inc			1,117,065		1.7
	9,649	*	Level 3 Communications, Inc			496,827		0.8
	15,898		Telephone & Data Systems, Inc			471,535		0.7
	18,212		Verizon Communications, Inc			1,016,958		1.5

						3,102,385		4.7

	TRANSPORTATION					1,198,441		1.8

	UTILITIES
	6,527		NextEra Energy, Inc			851,121		1.3
	10,853		Xcel Energy, Inc			485,997		0.7
			Other			1,738,393		2.6

						3,075,511		4.6

			TOTAL COMMON STOCKS	(Cost $56,643,868)		65,356,219		98.6


	RIGHTS / WARRANTS
	MATERIALS					198		0.0

			TOTAL RIGHTS / WARRANTS	(Cost $195)		198		0.0


	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	760,464	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			760,464		1.1

						760,464		1.1

			TOTAL SHORT-TERM INVESTMENTS	(Cost $760,464)		760,464		1.1


			TOTAL PORTFOLIO	(Cost $57,404,527)		66,116,881		99.7
			OTHER ASSETS & LIABILITIES, NET			184,404		0.3

			NET ASSETS		$	66,301,285		100.0	%


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			49


Summary portfolio of investments (unaudited)		concluded

Large-Cap Value Fund § June 30, 2016

*	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 $769,572.

“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.


50		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)

Real Estate Securities Fund § June 30, 2016


Shares			Company	Value		% of net assets

	COMMON STOCKS
	ASSET MANAGEMENT & CUSTODY BANKS
	40,301		NorthStar Asset Management Group, Inc	$	411,473		0.5	%

					411,473		0.5

	DIVERSIFIED REAL ESTATE ACTIVITIES
	55,000		Wharf Holdings Ltd		335,639		0.4

					335,639		0.4

	DIVERSIFIED REITS
	140,000		Gramercy Property Trust		1,290,800		1.7
	10,000		iShares Dow Jones US Real Estate Index Fund		823,000		1.0
	75,000		NorthStar Realty Finance Corp		857,250		1.1
	95,000		Spirit Realty Capital, Inc		1,213,150		1.6

					4,184,200		5.4

	HOTEL & RESORT REITS
	30,000		MGM Growth Properties LLC		800,400		1.0

					800,400		1.0

	INDUSTRIAL REITS
	46,000		Prologis, Inc		2,255,840		2.9
	150,000		Rexford Industrial Realty, Inc		3,163,500		4.1
	35,000		Terreno Realty Corp		905,450		1.2

					6,324,790		8.2

	IT CONSULTING & OTHER SERVICES
	18,000	*	InterXion Holding NV		663,840		0.9

					663,840		0.9

	OFFICE REITS
	17,000		Boston Properties, Inc		2,242,300		2.9
	15,000		Hudson Pacific Properties		437,700		0.6
	14,000		Kilroy Realty Corp		928,060		1.2
	35,427		NorthStar Realty Europe Corp		327,700		0.4
	21,000		SL Green Realty Corp		2,235,870		2.9
	13,000		Vornado Realty Trust		1,301,560		1.7

					7,473,190		9.7

	REAL ESTATE SERVICES
	37,000		Kennedy-Wilson Holdings, Inc		701,520		0.9

					701,520		0.9

	RESIDENTIAL REITS
	23,000		Apartment Investment & Management Co (Class A)		1,015,680		1.3
	18,500		AvalonBay Communities, Inc		3,337,215		4.3
	21,500		Equity Lifestyle Properties, Inc		1,721,075		2.2
	46,000		Equity Residential		3,168,480		4.1
	10,500		Essex Property Trust, Inc		2,394,945		3.1
	100,000		Monogram Residential Trust, Inc		1,021,000		1.3
	16,000		Sun Communities, Inc		1,226,240		1.7

					13,884,635		18.0


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			51


Summary portfolio of investments (unaudited)		concluded

Real Estate Securities Fund § June 30, 2016


Shares		Company		Value		% of net assets

	RETAIL REITS
	55,000	DDR Corp		$	997,700		1.3	%
	30,000	Equity One, Inc			965,400		1.3
	14,000	Federal Realty Investment Trust			2,317,700		3.0
	80,000	General Growth Properties, Inc			2,385,600		3.1
	12,112	National Retail Properties, Inc			626,433		0.8
	37,000	Retail Opportunities Investment Corp			801,790		1.0
	32,500	Simon Property Group, Inc			7,049,250		9.1

					15,143,873		19.6

	SPECIALIZED REITS
	23,000	American Tower Corp			2,613,030		3.4
	21,000	Crown Castle International Corp			2,130,030		2.7
	15,000	CyrusOne, Inc			834,900		1.1
	5,500	Digital Realty Trust, Inc			599,445		0.8
	6,500	Equinix, Inc			2,520,245		3.2
	17,000	Extra Space Storage, Inc			1,573,180		2.0
	25,000	Four Corners Property Trust, Inc			514,750		0.7
	45,000	Gaming and Leisure Properties, Inc			1,551,600		2.0
	55,000	Host Marriott Corp			891,550		1.2
	10,000	Iron Mountain, Inc			398,300		0.5
	15,000	National Storage Affiliates Trust			312,300		0.4
	25,000	Pebblebrook Hotel Trust			656,250		0.9
	12,000	Public Storage, Inc			3,067,080		4.0
	10,000	QTS Realty Trust, Inc			559,800		0.7
	65,000	Sunstone Hotel Investors, Inc			784,550		1.0
	28,000	Ventas, Inc			2,038,960		2.6
	28,000	Welltower, Inc			2,132,760		2.8
	50,000	Weyerhaeuser Co			1,488,500		1.9
		Other			425,300		0.5

					25,092,530		32.4

		TOTAL COMMON STOCKS	(Cost $52,686,758)		75,016,090		97.0


		TOTAL PORTFOLIO	(Cost $52,686,758)		75,016,090		97.0
		OTHER ASSETS & LIABILITIES, NET			2,306,410		3.0

		NET ASSETS		$	77,322,500		100.0	%

Abbreviation(s):

REIT	Real Estate Investment Trust

*	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.


52		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)

Small-Cap Equity Fund § June 30, 2016


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	304,812		0.6	%

	BANKS
	20,653		Fulton Financial Corp		278,816		0.6
	9,890		Great Western Bancorp, Inc		311,931		0.6
	4,700		IBERIABANK Corp		280,731		0.6
	8,579		PrivateBancorp, Inc		377,733		0.8
	12,730		Provident Financial Services, Inc		250,017		0.5
	4,600		Wintrust Financial Corp		234,600		0.5
			Other		3,052,755		6.5

					4,786,583		10.1

	CAPITAL GOODS
	6,270	*	Beacon Roofing Supply, Inc		285,097		0.6
	6,177		EMCOR Group, Inc		304,279		0.6
			Other		3,325,747		7.0

					3,915,123		8.2

	COMMERCIAL & PROFESSIONAL SERVICES				1,216,331		2.6

	CONSUMER DURABLES & APPAREL

	19,440	*	TRI Pointe Homes, Inc		229,781		0.5
			Other		1,415,740		3.0

					1,645,521		3.5

	CONSUMER SERVICES
	5,785	*	Grand Canyon Education, Inc		230,937		0.5
	2,030	l	Vail Resorts, Inc		280,607		0.6
			Other		1,216,326		2.6

					1,727,870		3.7

	DIVERSIFIED FINANCIALS				583,027		1.2

	ENERGY
	20,438	*	Callon Petroleum Co		229,519		0.5
	54,940	*	McDermott International, Inc		271,404		0.5
			Other		1,406,557		3.0

					1,907,480		4.0

	FOOD & STAPLES RETAILING				215,280		0.5

	FOOD, BEVERAGE & TOBACCO
	15,860	*	Darling International, Inc		236,314		0.5
	1,824		Lancaster Colony Corp		232,761		0.5
			Other		790,202		1.7

					1,259,277		2.7


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			53


Summary portfolio of investments (unaudited)		continued

Small-Cap Equity Fund § June 30, 2016


Shares			Company	Value		% of net assets

	HEALTH CARE EQUIPMENT & SERVICES
	4,520		Hill-Rom Holdings, Inc	$	228,034		0.5	%
	2,820	*	ICU Medical, Inc		317,955		0.6
	4,550	*	NuVasive, Inc		271,726		0.6
			Other		2,033,710		4.3

					2,851,425		6.0

	HOUSEHOLD & PERSONAL PRODUCTS				99,173		0.2

	INSURANCE				1,022,233		2.2

	MATERIALS
	13,430	*	Louisiana-Pacific Corp		233,011		0.5
	3,938		Minerals Technologies, Inc		223,678		0.5
			Other		1,930,417		4.1

					2,387,106		5.1

	MEDIA
	9,830	*	Live Nation, Inc		231,005		0.5
			Other		426,052		0.9

					657,057		1.4

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	4,493	*	Cambrex Corp		232,423		0.5
	4,160	*	Parexel International Corp		261,581		0.5
			Other		2,927,848		6.2

					3,421,852		7.2

	REAL ESTATE
	2,900		Coresite Realty		257,201		0.5
	23,314		Cousins Properties, Inc		242,466		0.5
	8,017		CubeSmart		247,565		0.5
	5,380		DCT Industrial Trust, Inc		258,455		0.6
	7,660		DuPont Fabros Technology, Inc		364,156		0.8
	6,200		Education Realty Trust, Inc		286,068		0.6
	3,200		Entertainment Properties Trust		258,176		0.6
	10,890		First Industrial Realty Trust, Inc		302,960		0.6
	19,100		Medical Properties Trust, Inc		290,511		0.6
	2,309		PS Business Parks, Inc		244,939		0.5
	4,530		QTS Realty Trust, Inc		253,589		0.5
	2,747		Sovran Self Storage, Inc		288,215		0.6
	8,887		Urban Edge Properties		265,366		0.6
			Other		1,235,503		2.6

					4,795,170		10.1

	RETAILING				1,755,953		3.6

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	8,400	*	Inphi Corp		269,052		0.6
			Other		1,762,442		3.7

					2,031,494		4.3


54		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		continued

Small-Cap Equity Fund § June 30, 2016


Shares			Company		Value			% of net assets

	SOFTWARE & SERVICES
	8,901	*	Progress Software Corp		$	244,421			0.5	%
	4,560		Science Applications International Corp			266,076			0.6
			Other			3,722,908			7.9
					��
						4,233,405			9.0

	TECHNOLOGY HARDWARE & EQUIPMENT
	3,840		Belden CDT, Inc			231,821			0.5
	10,617	*	Sanmina Corp			284,642			0.6
			Other			2,342,504			5.0

						2,858,967			6.1

	TELECOMMUNICATION SERVICES
	15,208	*	8x8, Inc			222,189			0.5
	12,885		Inteliquent, Inc			256,283			0.5
			Other			396,710			0.9

						875,182			1.9

	TRANSPORTATION
	5,369	*	Atlas Air Worldwide Holdings, Inc			222,384			0.5
			Other			618,407			1.3

						840,791			1.8

	UTILITIES
	4,440		Allete, Inc			286,957			0.6
	7,633		Avista Corp			341,958			0.7
	3,494		Black Hills Corp			220,262			0.5
	8,734		South Jersey Industries, Inc			276,169			0.6
	3,663		Southwest Gas Corp			288,315			0.6
			Other			276,432			0.6

						1,690,093			3.6

			TOTAL COMMON STOCKS	(Cost $43,515,493)		47,081,205			99.6


	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	1,107,190	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			1,107,190			2.3

						1,107,190			2.3

			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,107,190)		1,107,190			2.3


			TOTAL PORTFOLIO	(Cost $44,622,683)		48,188,395			101.9
			OTHER ASSETS & LIABILITIES, NET			(920,771	)		(1.9	)

			NET ASSETS		$	47,267,624			100.0	%


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			55


Summary portfolio of investments (unaudited)		concluded

Small-Cap Equity Fund § June 30, 2016

*	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 requirements on swap agreements.

At 6/30/16, the aggregate value of securities on loan is $1,096,651.

“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.


56		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)

Social Choice Equity Fund § June 30, 2016


Shares		Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS		$	803,193		1.7	%

	BANKS
	9,042	US Bancorp		364,664		0.8
		Other		1,523,652		3.1

				1,888,316		3.9

	CAPITAL GOODS
	2,705	3M Co		473,700		1.0
	3,661	Danaher Corp		369,761		0.8
		Other		2,189,598		4.5

				3,033,059		6.3

	COMMERCIAL & PROFESSIONAL SERVICES			485,602		1.0

	CONSUMER DURABLES & APPAREL
	6,548	Nike, Inc (Class B)		361,450		0.7
		Other		275,218		0.6

				636,668		1.3

	CONSUMER SERVICES
	3,722	McDonald’s Corp		447,906		0.9
	7,281	Starbucks Corp		415,891		0.9
		Other		403,884		0.8

				1,267,681		2.6

	DIVERSIFIED FINANCIALS
	8,230	Bank of New York Mellon Corp		319,735		0.7
	923	BlackRock, Inc		316,155		0.6
		Other		2,120,604		4.4

				2,756,494		5.7

	ENERGY
	3,732	EOG Resources, Inc		311,323		0.6
		Other		3,128,547		6.5

				3,439,870		7.1

	FOOD & STAPLES RETAILING			70,369		0.1

	FOOD, BEVERAGE & TOBACCO
	9,844	Coca-Cola Co		446,228		0.9
	4,760	General Mills, Inc		339,483		0.7
	3,914	Kraft Heinz Co		346,311		0.7
	8,635	Mondelez International, Inc		392,979		0.8
	5,342	PepsiCo, Inc		565,931		1.2
		Other		583,330		1.2

				2,674,262		5.5


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			57


Summary portfolio of investments (unaudited)		continued

Social Choice Equity Fund § June 30, 2016


Shares			Company	Value		% of net assets

	HEALTH CARE EQUIPMENT & SERVICES
	1,865		Becton Dickinson & Co	$	316,285		0.6	%
			Other		1,837,642		3.8

					2,153,927		4.4

	HOUSEHOLD & PERSONAL PRODUCTS
	4,937		Colgate-Palmolive Co		361,389		0.7
	8,717		Procter & Gamble Co		738,068		1.5
			Other		222,001		0.5

					1,321,458		2.7

	INSURANCE
	4,324		Aflac, Inc		312,020		0.6
	2,875		Chubb Ltd		375,791		0.8
	2,581		Travelers Cos, Inc		307,242		0.6
			Other		891,820		1.9

					1,886,873		3.9

	MATERIALS				1,914,214		4.0

	MEDIA
	1,453	*	Charter Communications, Inc		332,214		0.7
	4,680		Time Warner, Inc		344,167		0.7
	5,906		Walt Disney Co		577,725		1.2
			Other		262,351		0.5

					1,516,457		3.1

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	3,028		Amgen, Inc		460,710		1.0
	6,864		Bristol-Myers Squibb Co		504,847		1.0
	3,289	*	Celgene Corp		324,394		0.7
	5,386		Gilead Sciences, Inc		449,300		0.9
	7,925		Johnson & Johnson		961,303		2.0
	10,259		Merck & Co, Inc		591,021		1.2
	2,413		Thermo Electron Corp		356,545		0.7
			Other		1,233,564		2.6

					4,881,684		10.1

	REAL ESTATE
	3,088		American Tower Corp		350,828		0.7
	1,742		Simon Property Group, Inc		377,840		0.8
			Other		1,718,137		3.6

					2,446,805		5.1

	RETAILING
	5,010		Lowe’s Companies, Inc		396,642		0.8
			Other		1,409,552		2.9

					1,806,194		3.7


58		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		continued

Social Choice Equity Fund § June 30, 2016


Shares			Company		Value		% of net assets

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	16,937		Intel Corp		$	555,534		1.2	%
	6,178		Texas Instruments, Inc			387,052		0.8
			Other			554,599		1.1

						1,497,185		3.1

	SOFTWARE & SERVICES
	3,346		Accenture plc			379,068		0.8
	805	*	Alphabet, Inc (Class A)			566,342		1.2
	822	*	Alphabet, Inc (Class C)			568,906		1.2
	3,464		International Business Machines Corp			525,766		1.1
	2,772		Intuit, Inc			309,383		0.6
	4,577		MasterCard, Inc (Class A)			403,051		0.8
	17,430		Microsoft Corp			891,893		1.8
	12,371		Oracle Corp			506,345		1.0
	4,357	*	Salesforce.com, Inc			345,989		0.7
			Other			1,963,742		4.1

						6,460,485		13.3

	TECHNOLOGY HARDWARE & EQUIPMENT
	18,837		Cisco Systems, Inc			540,434		1.1
	12,519		EMC Corp			340,141		0.7
			Other			723,403		1.5

						1,603,978		3.3

	TELECOMMUNICATION SERVICES
	13,385		Verizon Communications, Inc			747,418		1.5
			Other			313,835		0.7

						1,061,253		2.2

	TRANSPORTATION
	3,505		Union Pacific Corp			305,811		0.6
	3,462		United Parcel Service, Inc (Class B)			372,927		0.8
			Other			565,221		1.2

						1,243,959		2.6

	UTILITIES
	6,471		Southern Co			347,040		0.7
			Other			1,226,161		2.5

						1,573,201		3.2

			TOTAL COMMON STOCKS	(Cost $32,546,698)		48,423,187		99.9


			TOTAL PORTFOLIO	(Cost $32,546,698)		48,423,187		99.9
			OTHER ASSETS & LIABILITIES, NET			61,511		0.1

			NET ASSETS		$	48,484,698		100.0	%


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			59


Summary portfolio of investments (unaudited)		concluded

Social Choice Equity Fund § June 30, 2016

*	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.


60		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)

Stock Index Fund § June 30, 2016


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	3,335,225		1.0	%

	BANKS
	159,194		Bank of America Corp		2,112,504		0.6
	45,476		Citigroup, Inc		1,927,728		0.6
	56,386		JPMorgan Chase & Co		3,503,826		1.1
	70,780		Wells Fargo & Co		3,350,017		1.0
			Other		7,920,294		2.4

					18,814,369		5.7

	CAPITAL GOODS
	9,111		3M Co		1,595,518		0.5
	142,600		General Electric Co		4,489,048		1.3
	11,784		Honeywell International, Inc		1,370,715		0.4
			Other		18,033,663		5.4

					25,488,944		7.6

	COMMERCIAL & PROFESSIONAL SERVICES				3,554,320		1.1

	CONSUMER DURABLES & APPAREL				5,489,667		1.7

	CONSUMER SERVICES
	13,611		McDonald’s Corp		1,637,948		0.5
	22,092		Starbucks Corp		1,261,895		0.4
			Other		4,534,262		1.4

					7,434,105		2.3

	DIVERSIFIED FINANCIALS
	15,970		iShares Russell 3000 Index Fund		1,980,599		0.6
			Other		10,472,957		3.2

					12,453,556		3.8

	ENERGY
	29,120		Chevron Corp		3,052,650		0.9
	64,218	d	Exxon Mobil Corp		6,019,795		1.8
	21,554		Schlumberger Ltd		1,704,490		0.5
			Other		12,354,932		3.8

					23,131,867		7.0

	FOOD & STAPLES RETAILING
	16,621		CVS Health Corp		1,591,294		0.5
	23,428		Wal-Mart Stores, Inc		1,710,713		0.5
			Other		3,692,455		1.1

					6,994,462		2.1

	FOOD, BEVERAGE & TOBACCO
	30,249		Altria Group, Inc		2,085,971		0.6
	60,252		Coca-Cola Co		2,731,223		0.8
	22,368		PepsiCo, Inc		2,369,666		0.7


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			61


Summary portfolio of investments (unaudited)		continued

Stock Index Fund § June 30, 2016


Shares			Company	Value		% of net assets

	23,965		Philip Morris International, Inc	$	2,437,720		0.7	%
			Other		8,696,720		2.6

					18,321,300		5.4

	HEALTH CARE EQUIPMENT & SERVICES
	21,750		Medtronic plc		1,887,247		0.6
	14,519		UnitedHealth Group, Inc		2,050,083		0.6
			Other		14,387,446		4.3

					18,324,776		5.5

	HOUSEHOLD & PERSONAL PRODUCTS
	41,323		Procter & Gamble Co		3,498,818		1.1
			Other		2,963,109		0.9

					6,461,927		2.0

	INSURANCE
	29,277	*	Berkshire Hathaway, Inc (Class B)		4,239,017		1.3
			Other		9,579,135		2.9

					13,818,152		4.2

	MATERIALS				11,217,418		3.4

	MEDIA
	37,323		Comcast Corp (Class A)		2,433,086		0.7
	25,131		Walt Disney Co		2,458,315		0.8
			Other		5,302,715		1.6

					10,194,116		3.1

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	25,061		AbbVie, Inc		1,551,527		0.5
	6,125	*	Allergan plc		1,415,426		0.4
	11,604		Amgen, Inc		1,765,549		0.5
	25,794		Bristol-Myers Squibb Co		1,897,149		0.6
	20,538		Gilead Sciences, Inc		1,713,280		0.5
	42,530		Johnson & Johnson		5,158,889		1.5
	43,049		Merck & Co, Inc		2,480,053		0.8
	93,258		Pfizer, Inc		3,283,614		1.0
			Other		10,551,730		3.2

					29,817,217		9.0

	REAL ESTATE				16,095,563		4.9

	RETAILING
	6,024	*	Amazon.com, Inc		4,310,895		1.3
	19,272		Home Depot, Inc		2,460,841		0.7
			Other		10,454,424		3.2

					17,226,160		5.2

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	73,205		Intel Corp		2,401,124		0.7
			Other		6,838,370		2.1

					9,239,494		2.8


62		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		continued

Stock Index Fund § June 30, 2016


Shares			Company		Value		% of net assets

	SOFTWARE & SERVICES
	4,547	*	Alphabet, Inc (Class A)		$	3,198,951		1.0	%
	4,596	*	Alphabet, Inc (Class C)			3,180,892		1.0
	34,757	*	Facebook, Inc			3,972,030		1.2
	13,618		International Business Machines Corp			2,066,940		0.6
	14,991		MasterCard, Inc (Class A)			1,320,107		0.4
	117,507		Microsoft Corp			6,012,833		1.8
	45,855		Oracle Corp			1,876,845		0.5
	29,631		Visa, Inc (Class A)			2,197,731		0.7
			Other			15,834,587		4.8

						39,660,916		12.0

	TECHNOLOGY HARDWARE & EQUIPMENT
	84,936		Apple, Inc			8,119,882		2.4
	77,965		Cisco Systems, Inc			2,236,816		0.7
			Other			5,939,585		1.8

						16,296,283		4.9

	TELECOMMUNICATION SERVICES
	95,429		AT&T, Inc			4,123,487		1.2
	63,110		Verizon Communications, Inc			3,524,062		1.1
			Other			1,376,611		0.4

						9,024,160		2.7

	TRANSPORTATION					6,620,096		2.0

	UTILITIES					12,633,664		3.8

			TOTAL COMMON STOCKS	(Cost $204,089,569)		341,647,757		103.2


	RIGHTS/WARRANTS
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					177		0.0

	TELECOMMUNICATION SERVICES					1,789		0.0

			TOTAL RIGHTS/WARRANTS	(Cost $1,797)		1,966		0.0


Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$3,100,000	d	Federal Home Loan Bank (FHLB) 0.100%, 07/01/16			3,100,000		0.9

						3,100,000		0.9


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			63


Summary portfolio of investments (unaudited)		concluded

Stock Index Fund § June 30, 2016


Shares			Company		Value			% of net assets

	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	7,536,330	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$	7,536,330			2.3	%

						7,536,330			2.3

			TOTAL SHORT-TERM INVESTMENTS	(Cost $10,636,330)		10,636,330			3.2


			TOTAL PORTFOLIO	(Cost $214,727,696)		352,286,053			106.4
			OTHER ASSETS & LIABILITIES, NET			(21,145,832	)		(6.4	)

			NET ASSETS		$	331,140,221			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 to cover margin requirements on open futures contracts.

At 6/30/16, the aggregate value of securities on loan is $7,414,485.

“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.


64		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)

International Equity Fund § June 30, 2016


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUSTRALIA
	77,035		BHP Billiton Ltd	$	1,073,577		1.2	%

					1,073,577		1.2

	DENMARK
	11,690		DSV AS		491,543		0.6
	19,557	*	H Lundbeck AS		733,140		0.8
			Other		151,219		0.2

					1,375,902		1.6

	FRANCE
	98,469		Accor S.A.		3,772,951		4.4
	68,262		Compagnie de Saint-Gobain		2,587,511		3.0
	26,412		Essilor International S.A.		3,471,302		4.0
	17,207		Groupe Danone		1,204,191		1.4
	2,356		Kering		379,274		0.4
	87,224		Schneider Electric S.A.		5,088,705		5.9
	50,084		Societe Generale		1,566,922		1.8
	44,688		Vinci S.A.		3,153,490		3.6
			Other		175,027		0.2

					21,399,373		24.7

	GERMANY
	40,911		Adidas-Salomon AG.		5,872,741		6.8
	4,019		Continental AG.		760,502		0.9
	11,918		Deutsche Boerse AG.		979,119		1.1
	12,224		Henkel KGaA (Preference)		1,493,901		1.7
	30,154		Lanxess AG.		1,322,943		1.5
	86,056		Schaeffler AG.		1,136,671		1.3

					11,565,877		13.3

	INDIA
	93,117		Asian Paints Ltd		1,386,301		1.6
	5,678		Eicher Motors Ltd		1,621,858		1.9
	158,064		HDFC Bank Ltd		2,763,691		3.2
	140,221		IndusInd Bank Ltd		2,317,196		2.7
	51,655	*	SKS Microfinance Pvt Ltd		568,928		0.7
			Other		208,987		0.2

					8,866,961		10.3

	ITALY
	673,988		Banca Intesa S.p.A.		1,283,752		1.4
	112,885		Mediobanca S.p.A.		650,420		0.8
	47,590		Moncler S.p.A		751,320		0.9
	795,183	*	Saipem S.p.A.		317,937		0.4

					3,003,429		3.5


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			65


Summary portfolio of investments (unaudited)		continued

International Equity Fund § June 30, 2016


Shares			Company		Value		% of net assets

	JAPAN
	68,385		Ajinomoto Co, Inc		$	1,611,216		1.9	%
	640,242		Ishikawajima-Harima Heavy Industries Co Ltd			1,725,766		2.0
	43,200		J Front Retailing Co Ltd			447,913		0.5
	21,700		Kao Corp			1,263,854		1.5
	16,610	e	Konami Corp			633,669		0.7
	17,425		Murata Manufacturing Co Ltd			1,953,596		2.2
	69,375		Olympus Corp			2,590,571		3.0
	24,369		Oriental Land Co Ltd			1,577,878		1.8
	109,448		Sony Corp			3,224,554		3.7

						15,029,017		17.3

	NETHERLANDS
	39,311		Heineken NV			3,605,676		4.2
	43,894		ING Groep NV			454,123		0.5
			Other			102,978		0.1

						4,162,777		4.8

	NORWAY
	108,930		Statoil ASA			1,882,141		2.2

						1,882,141		2.2

	SWEDEN
	97,110		Electrolux AB (Series B)			2,647,689		3.1

						2,647,689		3.1

	SWITZERLAND
	2,682		Burckhardt Compression Holding AG.			830,656		1.0
	2,188		Geberit AG.			828,732		1.0
	8,189		Swatch Group AG. (Registered)			468,965		0.5
	4,883		Zurich Financial Services AG.			1,207,970		1.4

						3,336,323		3.9

	TAIWAN
	877,927		Advanced Semiconductor Engineering, Inc			998,813		1.2

						998,813		1.2

	UNITED KINGDOM
	95,877		BAE Systems plc			671,192		0.8
	160,269		Man Group plc			249,008		0.3
	253,948		Sky plc			2,885,722		3.3
	2,063,255	*	Tesco plc			4,845,746		5.6
	135,073		Weir Group plc			2,608,725		3.0
	61,800		WPP plc			1,287,997		1.5
			Other			265,632		0.3

						12,814,022		14.8

			TOTAL COMMON STOCKS	(Cost $88,779,939)		88,155,901		101.9


66		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		concluded

International Equity Fund § June 30, 2016

Company

Value

% of net
assets

SHORT-TERM INVESTMENTS

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

227,430

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

227,430

0.3

227,430

0.3

TOTAL SHORT-TERM INVESTMENTS

(Cost $227,430)

227,430

0.3

TOTAL PORTFOLIO

(Cost $89,007,369)

88,383,331

102.2

OTHER ASSETS & LIABILITIES, NET

(1,897,526

)

(2.2

)

NET ASSETS

86,485,805

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 $214,999.

“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 § 2016 Semiannual Report			67


Summary of market values by sector (unaudited)

International Equity Fund § June 30, 2016


Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	25,214,175			29.0	%
INDUSTRIALS		19,608,179			22.7
CONSUMER STAPLES		14,435,331			16.7
FINANCIALS		12,216,156			14.1
HEALTH CARE		6,946,232			8.0
MATERIALS		3,846,693			4.5
INFORMATION TECHNOLOGY		3,687,765			4.3
ENERGY		2,201,370			2.6
SHORT-TERM INVESTMENTS		227,430			0.3
OTHER ASSETS & LIABILITIES, NET		(1,897,526	)		(2.2	)

NET ASSETS	$	86,485,805			100.0	%


68		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)

Bond Fund § June 30, 2016


Principal		Issuer		Value		% of net assets

	BANK LOAN OBLIGATIONS
	AUTOMOBILES & COMPONENTS			$	49,373		0.0	%

	CAPITAL GOODS				49,304		0.0

	COMMERCIAL & PROFESSIONAL SERVICES				216,756		0.2

	CONSUMER DURABLES & APPAREL				52,240		0.0

	CONSUMER SERVICES				193,887		0.2

	DIVERSIFIED FINANCIALS				96,664		0.0

	FOOD, BEVERAGE & TOBACCO				29,715		0.0

	HEALTH CARE EQUIPMENT & SERVICES				172,371		0.1

	INSURANCE				122,762		0.0

	MATERIALS				36,833		0.0

	MEDIA				171,509		0.1

	REAL ESTATE				72,170		0.0

	SOFTWARE & SERVICES				264,784		0.2

	TECHNOLOGY HARDWARE & EQUIPMENT				185,413		0.1

		TOTAL BANK LOAN OBLIGATIONS	(Cost $1,800,625)		1,713,781		0.9

	BONDS
	CORPORATE BONDS
	AUTOMOBILES & COMPONENTS				901,638		0.5

	BANKS				10,650,354		5.6

	CAPITAL GOODS				2,180,352		1.2

	COMMERCIAL & PROFESSIONAL SERVICES				3,197,800		1.7

	CONSUMER DURABLES & APPAREL				525,931		0.3

	CONSUMER SERVICES				557,283		0.3

	DIVERSIFIED FINANCIALS
	$750,000	Ford Motor Credit Co LLC	2.597%, 11/04/19		767,310		0.4
		Other			7,632,268		4.1

					8,399,578		4.5

	ENERGY				6,885,423		3.6

	FOOD & STAPLES RETAILING				2,620,263		1.4

	FOOD, BEVERAGE & TOBACCO				2,308,829		1.2

	HEALTH CARE EQUIPMENT & SERVICES				1,898,357		1.1

	HOUSEHOLD & PERSONAL PRODUCTS				143,810		0.1


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			69


Summary portfolio of investments (unaudited)		continued

Bond Fund § June 30, 2016


Principal			Issuer		Value		% of net assets

	INSURANCE				$	4,020,620		2.1	%

	MATERIALS
	$ 930,000	g	Glencore Funding LLC	2.125%, 04/16/18		906,750		0.5
			Other			2,565,056		1.3

						3,471,806		1.8

	MEDIA					3,855,730		2.0

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					3,072,975		1.6

	REAL ESTATE					3,748,816		2.0

	RETAILING
	725,000		O’Reilly Automotive, Inc	3.800%, 09/01/22		780,761		0.4
			Other			1,947,344		1.0

						2,728,105		1.4

	SOFTWARE & SERVICES
	1,170,000		Fidelity National Information Services, Inc	5.000%, 03/15/22		1,219,082		0.7
			Other			905,649		0.4

						2,124,731		1.1

	TECHNOLOGY HARDWARE & EQUIPMENT					902,590		0.5

	TELECOMMUNICATION SERVICES					4,557,247		2.4

	TRANSPORTATION					3,420,932		1.7

	UTILITIES					7,087,197		3.6

			TOTAL CORPORATE BONDS	(Cost $76,095,232)		79,260,367		41.7

	GOVERNMENT BONDS
	AGENCY SECURITIES					530,248		0.3

	FOREIGN GOVERNMENT BONDS
	800,000		Japan Bank for International Cooperation	2.375%, 04/20/26		835,556		0.5
			Other			5,371,225		2.8

						6,206,781		3.3

	MORTGAGE BACKED
	2,333,289		Federal Home Loan Mortgage Corp Gold (FGLMC)	3.500%, 10/01/45		2,493,223		1.3
	836,217		FGLMC	4.000%, 12/01/45		910,883		0.5
	2,000,000	g,h	Federal National Mortgage Association (FNMA)	3.000%, 07/25/31		2,096,992		1.1
	1,000,000	h	FNMA	2.500%, 07/25/31		1,034,609		0.5
	1,000,000	h	FNMA	2.500%, 08/25/31		1,033,047		0.5
	1,018,438		FNMA	5.500%, 07/01/40		1,151,845		0.6
	1,382,961		FNMA	4.500%, 11/01/40		1,515,819		0.8
	911,948		FNMA	4.500%, 07/01/44		998,657		0.5
	914,962		FNMA	4.500%, 11/01/44		1,022,424		0.5
	925,649		FNMA	4.000%, 12/01/44		1,011,170		0.5
	2,090,838		FNMA	3.500%, 07/01/45		2,215,725		1.2
	2,970,285		FNMA	4.000%, 07/01/45		3,240,598		1.7
	721,836		FNMA	4.000%, 01/01/46		787,509		0.4
	1,327,302		FNMA	3.500%, 06/01/46		1,401,486		0.7


70		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		continued

Bond Fund § June 30, 2016


Principal			Issuer		Value		% of net assets

	MORTGAGE BACKED—continued
	$ 1,000,000	h	FNMA	3.000%, 07/25/46	$	1,037,734		0.6	%
	1,000,000	h	FNMA	3.500%, 07/25/46		1,054,961		0.6
	1,000,000	h	FNMA	3.000%, 08/25/46		1,035,859		0.5
	1,000,000	h	FNMA	3.000%, 09/25/46		1,033,672		0.5
	5,868,747	i	FNMA	0.803%–7.500%, 08/01/21–08/25/46		6,044,027		3.2
	997,556		Government National Mortgage Association (GNMA)	3.500%, 05/20/46		1,060,441		0.6
	1,000,000	h	GNMA	3.000%, 07/20/46		1,045,156		0.6
	1,000,000	h	GNMA	3.000%, 08/20/46		1,043,125		0.6
	1,000,000	h	GNMA	3.000%, 09/20/46		1,040,781		0.6
			Other			2,168,054		1.1

						37,477,797		19.7

	MUNICIPAL BONDS					812,537		0.4

	U.S. TREASURY SECURITIES
	1,000,000		United States Treasury Bond	3.125%, 11/15/41		1,182,031		0.6
	5,435,700		United States Treasury Bond	3.000%, 11/15/45		6,255,512		3.3
	760,000		United States Treasury Bond	2.500%, 02/15/46		792,093		0.4
	1,450,000		United States Treasury Bond	2.500%, 05/15/46		1,512,701		0.8
	7,400,000		United States Treasury Note	0.875%, 03/31/18		7,436,711		3.9
	2,250,000		United States Treasury Note	0.750%, 04/30/18		2,256,680		1.2
	1,000,000		United States Treasury Note	0.875%, 05/31/18		1,005,508		0.5
	2,935,000		United States Treasury Note	0.875%, 05/15/19		2,949,332		1.6
	2,358,000		United States Treasury Note	1.375%, 05/31/21		2,401,015		1.3
	1,000,000		United States Treasury Note	2.000%, 11/30/22		1,046,797		0.6
	1,000,000		United States Treasury Note	1.625%, 05/31/23		1,022,773		0.5
	5,929,000		United States Treasury Note	1.625%, 05/15/26		6,004,962		3.2
			Other			1,795,337		0.9

						35,661,452		18.8

			TOTAL GOVERNMENT BONDS	(Cost $78,734,122)		80,688,815		42.5


	STRUCTURED ASSETS
	ASSET BACKED
	1,000,000	g	Capital Automotive REIT
			Series 2014-1A (Class A)	3.660%, 10/15/44		963,612		0.5
	750,000	g	Taco Bell Funding LLC
			Series 2016-1A (Class A2I)	3.832%, 05/25/46		759,150		0.4
			Other			6,462,889		3.3

						8,185,651		4.2

	OTHER MORTGAGE BACKED
	1,175,000	i	Bear Stearns Commercial Mortgage Securities Trust
			Series 2007-T28 (Class AJ)	6.101%, 09/11/42		1,224,989		0.7
	1,500,000	i	COBALT CMBS Commercial Mortgage Trust
			Series 2007-C3 (Class AJ)	5.771%, 05/15/46		1,471,839		0.8
	1,190,601	i	Commercial Mortgage Trust
			Series 2007-GG11 (Class AM)	5.867%, 12/10/49		1,231,633		0.7


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			71


Summary portfolio of investments (unaudited)		concluded

Bond Fund § June 30, 2016

Principal

Issuer

Value

% of net
assets

OTHER MORTGAGE BACKED—continued

$ 1,000,000

LB-UBS Commercial Mortgage Trust

Series 2007-C6 (Class AM)

6.114%, 07/15/40

1,031,208

0.5

800,000

Morgan Stanley Capital I Trust

Series 2006-HQ10 (Class AJ)

5.389%, 11/12/41

793,179

0.4

980,000

Wachovia Bank Commercial Mortgage Trust

Series 2007-C34 (Class AM)

5.818%, 05/15/46

1,025,021

0.5

1,200,000

Wachovia Bank Commercial Mortgage Trust

Series 2007-C34 (Class AJ)

6.141%, 05/15/46

1,188,023

0.6

1,260,000

Wachovia Bank Commercial Mortgage Trust

Series 2007-C32 (Class AJ)

5.750%, 06/15/49

1,229,721

0.7

Other

9,168,421

4.8

18,364,034

9.7

TOTAL STRUCTURED ASSETS

(Cost $26,836,877)

26,549,685

13.9

TOTAL BONDS

(Cost $181,666,231)

186,498,867

98.1

PREFERRED STOCKS

BANKS

101,725

0.1

TOTAL PREFERRED STOCKS

(Cost $569,550)

101,725

0.1

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

4,000,000

Federal Home Loan Bank (FHLB)

0.345%, 07/22/16

3,999,604

2.1

3,999,604

2.1

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,999,195)

3,999,604

2.1

TOTAL PORTFOLIO

(Cost $188,035,601)

192,313,977

101.2

OTHER ASSETS & LIABILITIES, NET

(2,329,900

)

(1.2

)

NET ASSETS

189,984,077

100.0

Abbreviation(s):

REIT	Real Estate Investment Trust

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 6/30/16, the aggregate value of these securities, including those in “Other,” amounted to $31,589,889 or 16.6% of net assets.

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.


72		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)

Money Market Fund § June 30, 2016


Principal			Issuer		Value		% net assets

	SHORT-TERM INVESTMENTS
	CERTIFICATE OF DEPOSIT
	$ 500,000		Banco Del Estado De Chile	0.580%, 07/08/16	$	500,000		0.6	%
	500,000		Banco Del Estado De Chile	0.580%, 08/17/16		500,000		0.7
	500,000		Toronto-Dominion Bank	0.600%, 08/01/16		500,000		0.7
			Other			300,000		0.4

						1,800,000		2.4

	COMMERCIAL PAPER
	1,000,000	y	Apple, Inc	0.450%, 07/19/16		999,775		1.3
	1,400,000	y	Australia & New Zealand Banking Group Ltd	0.540%–0.630%, 07/26/16–09/06/16		1,399,009		1.8
	500,000	y	Chevron Corp	0.520%, 07/11/16		499,928		0.7
	1,000,000	y	Fairway Finance Co LLC	0.490%, 07/25/16		999,673		1.3
	1,275,000	y	Microsoft Corp	0.420%–0.470%, 07/13/16–09/28/16		1,274,180		1.7
	750,000	y	Nestle Capital Corp	0.555%, 08/30/16		749,306		1.0
	1,175,000	y	Nestle Capital Corp	0.550%–0.580%, 07/22/16–08/05/16		1,174,508		1.5
	790,000	y	Nordea Bank AB	0.600%–0.618%, 07/29/16–08/31/16		789,465		1.0
	1,000,000	y	Old Line Funding LLC	0.660%–0.670%, 09/06/16–09/07/16		998,753		1.3
	860,000	y	Private Export Funding Corp	0.520%–0.560%, 08/03/16–10/03/16		859,235		1.1
	850,000		Province of British Columbia Canada	0.590%–0.600%, 07/12/16		849,846		1.1
	500,000		Province of British Columbia Canada	0.460%, 07/15/16		499,911		0.7
	500,000	y	PSP Capital, Inc	0.520%, 07/05/16		499,971		0.7
	1,050,000	y	PSP Capital, Inc	0.480%–0.650%, 07/21/16–08/29/16		1,049,177		1.4
	574,000	y	Roche Holdings, Inc	0.410%, 07/05/16		573,974		0.8
	500,000	y	Roche Holdings, Inc	0.420%, 07/12/16		499,936		0.7
	1,000,000	y	Unilever Capital Corp	0.470%–0.510%, 07/26/16–07/28/16		999,646		1.3
			Other			7,354,053		9.6

						22,070,346		29.0

	GOVERNMENT AGENCY DEBT
	1,240,000		Federal Agricultural Mortgage Corp (FAMC)	0.010%–0.500%, 10/11/16–12/16/16		1,237,882		1.6
	540,000		Federal Farm Credit Bank (FFCB)	0.440%, 11/10/16		539,129		0.7
	1,500,000		FFCB	0.390%–0.520%, 10/11/16–11/16/16		1,497,717		2.0
	4,120,000		Federal Home Loan Bank (FHLB)	0.330%–0.570%, 07/06/16		4,119,782		5.4
	965,000		FHLB	0.340%, 07/08/16		964,941		1.3
	500,000		FHLB	0.300%–0.340%, 07/14/16		499,946		0.7
	600,000		FHLB	0.330%, 07/15/16		599,923		0.8
	800,000		FHLB	0.300%, 07/18/16		799,883		1.0
	500,000		FHLB	0.360%, 07/20/16		499,905		0.7
	600,000		FHLB	0.300%, 07/21/16		599,900		0.8
	1,372,000		FHLB	0.320%–0.330%, 07/27/16		1,371,679		1.8
	1,795,000		FHLB	0.330%–0.450%, 08/05/16		1,794,370		2.4
	562,000		FHLB	0.330%–0.460%, 08/10/16		561,751		0.7
	1,000,000		FHLB	0.420%, 08/12/16		999,510		1.3
	635,000		FHLB	0.330%–0.460%, 08/19/16		634,698		0.8
	1,100,000		FHLB	0.400%, 09/14/16		1,099,083		1.4
	3,778,000		FHLB	0.285%–0.520%, 07/01/16–10/19/16		3,776,628		5.0
	955,000		Federal Home Loan Mortgage Corp (FHLMC)	0.402%–0.875%, 09/02/16–02/22/17		954,490		1.3


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			73


Summary portfolio of investments (unaudited)		continued

Money Market Fund § June 30, 2016


Principal			Issuer		Value		% net assets

	GOVERNMENT AGENCY DEBT—continued
	$ 770,000		Federal National Mortgage Association (FNMA)	0.450%, 10/17/16	$	768,953		1.0	%
	1,850,000		FNMA	0.360%–1.250%, 10/05/16–01/30/17		1,848,262		2.4

						25,168,432		33.1

	TREASURY DEBT
	790,000		United States Treasury Bill	0.225%–0.447%, 07/07/16		789,964		1.1
	1,000,000		United States Treasury Bill	0.202%–0.210%, 07/14/16		999,926		1.3
	838,000		United States Treasury Bill	0.145%–0.213%, 07/21/16		837,912		1.1
	700,000		United States Treasury Bill	0.243%–0.395%, 07/28/16		699,838		0.9
	783,000		United States Treasury Bill	0.270%–0.426%, 08/04/16		782,754		1.0
	827,000		United States Treasury Bill	0.203%–0.409%, 08/11/16		826,772		1.1
	874,000		United States Treasury Bill	0.330%–0.433%, 08/18/16		873,569		1.2
	693,000		United States Treasury Bill	0.220%–0.396%, 08/25/16		692,651		0.9
	846,000		United States Treasury Bill	0.240%–0.475%, 09/01/16		845,525		1.1
	600,000		United States Treasury Bill	0.248%, 09/29/16		599,629		0.8
	768,000		United States Treasury Bill	0.216%–0.391%, 10/20/16		767,404		1.0
	1,532,000		United States Treasury Bill	0.291%–0.459%, 09/08/16–12/22/16		1,530,334		2.0
	550,000		United States Treasury Note	0.625%, 07/15/16		550,067		0.7
	500,000		United States Treasury Note	0.625%, 08/15/16		500,088		0.7
	525,000		United States Treasury Note	0.375%, 10/31/16		524,929		0.7
	600,000		United States Treasury Note	0.625%, 11/15/16		600,409		0.8
	1,593,000		United States Treasury Note	0.500%–0.875%, 08/31/16–11/30/16		1,593,519		2.1

						14,015,290		18.5

	VARIABLE RATE SECURITIES
	1,000,000	i	Federal Agricultural Mortgage Corp (FAMC)	0.426%–0.572%, 11/23/16–09/06/17		1,000,000		1.3
	700,000	i	Federal Farm Credit Bank (FFCB)	0.480%, 12/30/16		699,741		0.9
	500,000	i	FFCB	0.432%, 01/24/17		499,987		0.6
	500,000	i	FFCB	0.469%, 03/02/17		500,001		0.7
	1,000,000	i	FFCB	0.437%, 06/15/17		999,883		1.3
	2,463,000	i	FFCB	0.500%–0.604%, 12/16/16–02/23/18		2,461,467		3.2
	500,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.452%, 01/12/17		499,987		0.7
	1,750,000	i	FHLMC	0.452%, 01/13/17		1,750,186		2.3
	1,430,000	i	FHLMC	0.453%–0.709%, 04/20/17–11/13/17		1,429,584		1.9
	1,000,000	i	Federal National Mortgage Association (FNMA)	0.468%, 01/26/17		1,000,034		1.3
	500,000	i	FNMA	0.452%, 08/16/17		499,943		0.7
	975,000	i	FNMA	0.468%–0.473%, 07/20/17–10/05/17		973,843		1.3
			Other			499,881		0.7

						12,814,537		16.9

			TOTAL SHORT-TERM INVESTMENTS	(Cost $75,868,605)		75,868,605		99.9


			TOTAL PORTFOLIO	(Cost $75,868,605)		75,868,605		99.9
			OTHER ASSETS & LIABILITIES, NET			82,711		0.1

			NET ASSETS		$	75,951,316		100.0	%


74		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Summary portfolio of investments (unaudited)		concluded

Money Market Fund § June 30, 2016

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 6/30/16, the aggregate value of these securities was $18,531,605 or 24.4% 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 § 2016 Semiannual Report			75


Portfolio of investments (unaudited)

Balanced Fund § June 30, 2016


Shares		Security		Value			% of net assets
	TIAA-CREF LIFE FUNDS—100.1%(a)
	FIXED INCOME—49.9%
	880,230	TIAA-CREF Life Bond Fund		$	22,859,575			49.9	%

		TOTAL FIXED INCOME			22,859,575			49.9

	INTERNATIONAL EQUITY—9.9%
	261,187	TIAA-CREF Life International Equity Fund			4,544,652			9.9

		TOTAL INTERNATIONAL EQUITY			4,544,652			9.9

	U.S. EQUITY—40.3%
	148,916	TIAA-CREF Life Growth Equity Fund			4,120,512			9.0
	127,709	TIAA-CREF Life Growth & Income Fund			4,609,025			10.1
	127,153	TIAA-CREF Life Large-Cap Value Fund			4,161,715			9.1
	25,505	TIAA-CREF Life Real Estate Securities Fund			923,544			2.0
	30,766	TIAA-CREF Life Small-Cap Equity Fund			924,526			2.0
	80,376	TIAA-CREF Life Stock Index Fund			3,694,066			8.1

		TOTAL U.S. EQUITY			18,433,388			40.3

		TOTAL TIAA-CREF LIFE FUNDS	(Cost $45,506,439)		45,837,615			100.1


		TOTAL PORTFOLIO	(Cost $45,506,439)		45,837,615			100.1
		OTHER ASSETS AND LIABILITIES, NET			(32,322	)		(0.1	)

		NET ASSETS		$	45,805,293			100.0	%

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


76		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements

[This page intentionally left blank.]


TIAA-CREF Life Funds § 2016 Semiannual Report			77


Statements of assets and liabilities (unaudited)

TIAA-CREF Life Funds § June 30, 2016


	Growth Equity Fund


ASSETS
Portfolio investments, at value*^†	$	75,963,946
Cash		35,009
Receivable from securities transactions		1,206,503
Receivable from Fund shares sold		155
Dividends and interest receivable		19,403
Due from affiliates		105
Receivable for variation margin on open futures contracts		—
Other		13,575

Total assets		77,238,696


LIABILITIES
Management fees payable		2,695
Due to affiliates		2,341
Payable for collateral for securities loaned		522,775
Payable for securities transactions		1,668,079
Payable for Fund shares redeemed		167,766
Written options^à		—
Unrealized depreciation on swap contracts		—
Payable for trustee compensation		4,958
Accrued expenses and other payables		19,562

Total liabilities		2,388,176

NET ASSETS	$	74,850,520


NET ASSETS CONSIST OF:
Paid-in-capital	$	56,494,069
Undistributed net investment income (loss)		185,078
Accumulated net realized gain (loss) on total investments		315,798
Net unrealized appreciation (depreciation) on total investments		17,855,575

NET ASSETS	$	74,850,520

Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		2,705,082

Net asset value per share	$	27.67


* Includes securities loaned of	$	530,230
^† Portfolio investments, cost	$	58,108,371
^à Written options premiums	$	—


78		2016 Semiannual 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



$	124,863,068	$	66,116,881		$	75,016,090	$	48,188,395		$	48,423,187
	804,192		153,383			1,182,476		318,994			111,245
	1,514,438		1,603,407			1,188,571		513,632			—
	96,652		9,982			62,532		20,157			199
	124,498		93,195			276,578		46,688			63,830
	6,146		—			—		6,952			—
	—		—			—		1,830			—
	33,002		26,938			21,964		4,742			4,528

	127,441,996		68,003,786			77,748,211		49,101,390			48,602,989



	4,408		2,359			3,085		1,718			578
	2,434		7,693			5,725		2,257			4,200
	2,284,864		760,464			—		1,107,190			—
	1,738,050		820,196			311,804		548,695			—
	363,254		81,663			73,827		146,406			85,086
	45,606		—			—		—			—
	—		—			—		3,256			—
	8,176		6,457			7,106		4,867			4,654
	27,573		23,669			24,164		19,377			23,773

	4,474,365		1,702,501			425,711		1,833,766			118,291

$	122,967,631	$	66,301,285		$	77,322,500	$	47,267,624		$	48,484,698



$	93,858,138	$	58,142,078		$	49,347,891	$	44,184,358		$	28,871,301
	850,335		513,889			1,535,563		321,349			479,012
	2,545,987		(1,066,764	)		4,109,714		(798,597	)		3,257,896
	25,713,171		8,712,082			22,329,332		3,560,514			15,876,489

$	122,967,631	$	66,301,285		$	77,322,500	$	47,267,624		$	48,484,698

	3,407,721		2,025,850			2,135,676		1,572,986			1,368,034

$	36.09	$	32.73		$	36.21	$	30.05		$	35.44


$	2,232,941	$	769,572		$	—	$	1,096,651		$	—
$	99,157,736	$	57,404,527		$	52,686,758	$	44,622,683		$	32,546,698
$	54,328	$	—		$	—	$	—		$	—


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			79


Statements of assets and liabilities (unaudited)

TIAA-CREF Life Funds § June 30, 2016


	Stock Index Fund


ASSETS
Unaffiliated investments, at value*^†	$	352,286,053
Affiliated investments, at value^‡		—
Cash^#		12,299
Cash—foreign^		—
Receivable from securities transactions		118
Receivable for delayed delivery securities		—
Receivable from Fund shares sold		143
Dividends and interest receivable		401,859
Due from affiliates		—
Receivable for variation margin on open futures contracts		33,930
Other		15,772

Total assets		352,750,174


LIABILITIES
Management fees payable		1,644
Due to affiliates		4,638
Overdraft payable		—
Payable for collateral for securities loaned		7,536,330
Payable for securities transactions		35,976
Payable for delayed delivery securities		—
Payable for Fund shares redeemed		13,984,025
Payable for trustee compensation		16,798
Accrued expenses and other payables		30,542

Total liabilities		21,609,953

NET ASSETS	$	331,140,221


NET ASSETS CONSIST OF:
Paid-in-capital	$	200,201,785
Undistributed net investment income (loss)		3,428,245
Accumulated net realized gain (loss) on total investments		(10,089,272	)
Net unrealized appreciation (depreciation) on total investments		137,599,463

NET ASSETS	$	331,140,221

Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,204,691

Net asset value per share	$	45.96


* Includes securities loaned of	$	7,414,485
^# Includes cash collateral for mortgage dollar rolls of	$	—
^† Portfolio investments, cost	$	214,727,696
^‡ Affiliated investments, cost	$	—
^ Foreign cash, cost	$	—


80		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


		concluded


International Equity Fund			Bond Fund			Money Market Fund			Balanced Fund



$	88,383,331		$	192,313,977		$	75,868,605		$	—
	—			—			—			45,837,615
	477,280			7,900,698			992			—
	42,246			—			—			—
	4,261,681			2,007,082			—			764,910
	—			17,548,957			—			—
	95,060			145,656			109,656			—
	155,694			1,101,582			13,189			—
	4,082			—			3,928			171
	—			—			—			—
	30,584			10,435			1,130			704

	93,449,958			221,028,387			75,997,500			46,603,400



	3,541			4,676			615			375
	2,336			41,623			2,317			752
	—			—			—			611,601
	227,430			—			—			—
	3,485,598			1,696,716			—			108,522
	—			28,537,745			—			—
	3,213,564			688,213			21,971			66,258
	7,557			12,642			1,304			793
	24,127			62,695			19,977			9,806

	6,964,153			31,044,310			46,184			798,107

$	86,485,805		$	189,984,077		$	75,951,316		$	45,805,293



$	122,416,948		$	183,090,800		$	75,952,136		$	45,375,641
	2,410,289			2,729,707			(957	)		(21,553	)
	(37,709,501	)		(115,470	)		137			120,029
	(631,931	)		4,279,040			—			331,176

$	86,485,805		$	189,984,077		$	75,951,316		$	45,805,293

	4,970,745			7,316,265			75,948,851			4,383,996

$	17.40		$	25.97		$	1.00		$	10.45


$	214,999		$	—		$	—		$	—
$	—		$	230,000		$	—		$	—
$	89,007,369		$	188,035,601		$	75,868,605		$	—
$	—		$	—		$	—		$	45,506,439
$	42,344		$	—		$	—		$	—


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			81


Statements of operations (unaudited)

TIAA-CREF Life Funds § For the period ended June 30, 2016


	Growth Equity Fund


INVESTMENT INCOME
Dividends*	$	350,145
Income from securities lending		5,096
Interest		46
Payment from affiliate		8,820

Total income		364,107


EXPENSES
Management fees		168,974
Shareholder servicing		1,398
Professional fees		19,114
Administrative service fees		11,137
Custody and accounting fees		9,198
Shareholder reports		7,231
Trustee fees and expenses		428
Other expenses		552

Total expenses		218,032
Less: Expenses reimbursed by the investment adviser		(22,637	)

Net expenses		195,395


Net investment income (loss)		168,712


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments^‡		(34,752	)
Futures contracts		—
Purchased options		—
Written options		5,446
Swap contracts		—
Foreign currency transactions		(70	)

Net realized gain (loss) on total investments		(29,376	)


Change in unrealized appreciation (depreciation) on:
Portfolio investments		(3,637,924	)
Futures contracts		—
Purchased options		—
Written options		10,274
Swap contracts		—
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		(3,627,650	)

Net realized and unrealized gain (loss) on total investments		(3,657,026	)

Net increase (decrease) in net assets from operations	$	(3,488,314	)


* Net of foreign withholding taxes of	$	1,746
^‡ Includes net realized gain (loss) from securities sold to affiliates of	$	83,104


82		2016 Semiannual 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



$	1,103,252		$	705,497		$	947,547		$	361,369		$	521,060
	11,858			4,616			—			7,221			—
	46			58			168			2			12
	25,153			20,661			15,053			—			—

	1,140,309			730,832			962,768			368,592			521,072



	268,921			141,254			179,202			106,093			34,974
	1,613			1,382			1,397			1,321			1,615
	20,373			19,824			20,492			18,081			16,187
	11,564			10,808			11,032			10,809			10,716
	24,877			19,471			6,963			15,764			7,705
	10,758			5,711			6,001			6,052			4,748
	616			341			371			273			201
	8,646			3,819			7,748			7,857			8,465

	347,368			202,610			233,206			166,250			84,611
	(36,548	)		(38,535	)		(28,890	)		(43,910	)		(33,289	)

	310,820			164,075			204,316			122,340			51,322


	829,489			566,757			758,452			246,252			469,750




	1,158,199			891,771			2,539,494			(540,273	)		1,911,606
	—			—			—			52,685			—
	(11,258	)		—			—			—			—
	64,508			—			—			—			—
	—			—			—			(60,641	)		—
	3,979			(63	)		69			—			—

	1,215,428			891,708			2,539,563			(548,229	)		1,911,606



	(985,890	)		1,658,036			2,786,532			(321,643	)		(412,387	)
	—			—			—			(3,622	)		—
	2,128			—			—			—			—
	6,131			—			—			—			—
	—			—			—			(1,576	)		—
	353			(143	)		—			—			—

	(977,278	)		1,657,893			2,786,532			(326,841	)		(412,387	)

	238,150			2,549,601			5,326,095			(875,070	)		1,499,219

$	1,067,639		$	3,116,358		$	6,084,547		$	(628,818	)	$	1,968,969


$	7,746		$	3,359		$	—		$	197		$	340
$	11		$	(1,908	)	$	—		$	(263,847	)	$	(11,555	)


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			83


Statements of operations (unaudited)

TIAA-CREF Life Funds § For the period ended June 30, 2016


	Stock Index Fund


INVESTMENT INCOME
Dividends from unaffiliated investments*	$	3,436,987
Income from securities lending		80,061
Interest*		1,383
Payment from affiliate		—

Total income		3,518,431


EXPENSES
Management fees		97,785
Shareholder servicing		1,427
Professional fees		27,460
Administrative service fees		12,908
Custody and accounting fees		17,436
Shareholder reports		19,397
Trustee fees and expenses		1,915
Other expenses		11,507

Total expenses		189,835
Less: Expenses reimbursed by the investment adviser		(42,955	)

Net expenses		146,880


Net investment income (loss)		3,371,551


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated investments^‡		(3,385,990	)
Affiliated investments		—
Futures contracts		274,257
Foreign currency transactions		(1	)

Net realized gain (loss) on total investments		(3,111,734	)


Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated investments		11,677,999
Affiliated investments		—
Futures contracts		42,476
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		11,720,475

Net realized and unrealized gain (loss) on total investments		8,608,741

Net increase (decrease) in net assets from operations	$	11,980,292


* Net of foreign withholding taxes of	$	1,280
^‡ Includes net realized gain (loss) from securities sold to affiliates of	$	—


84		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


		concluded


International Equity Fund			Bond Fund			Money Market Fund			Balanced Fund



$	1,443,344		$	—		$	—		$	—
	23,378			—			—			—
	255			3,062,950			159,402			3
	23,267			—			—			—

	1,490,244			3,062,950			159,402			3



	222,438			273,046			37,779			21,732
	1,408			1,520			1,101			1,322
	23,360			28,816			16,092			12,013
	11,215			11,139			11,170			3,039
	23,723			44,705			15,720			5,864
	10,323			10,272			7,420			5,313
	444			941			404			184
	6,531			5,529			2,612			3,271

	299,442			375,968			92,298			52,738
	(31,506	)		(56,066	)		(35,602	)		(30,781	)

	267,936			319,902			56,696			21,957


	1,222,308			2,743,048			102,706			(21,954	)





	(3,310,061	)		474,045			137			(441	)
	—			—			—			(290,900	)
	—			—			—			—
	(17,446	)		(77,475	)		—			—

	(3,327,507	)		396,570			137			(291,341	)




	(214,195	)		7,153,051			—			—
	—			—			—			1,792,576
	—			—			—			—
	(3,927	)		1,495			—			—

	(218,122	)		7,154,546			—			1,792,576

	(3,545,629	)		7,551,116			137			1,501,235

$	(2,323,321	)	$	10,294,164		$	102,843		$	1,479,281


$	152,378		$	498		$	—		$	—
$	—		$	1,879		$	—		$	(1,606	)


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			85


Statements of changes in net assets

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


	Growth Equity Fund
	June 30, 2016			December 31, 2015

	(unaudited)
OPERATIONS
Net investment income (loss)	$	168,712		$	185,891
Net realized gain (loss) on total investments		(29,376	)		1,354,718
Net change in unrealized appreciation (depreciation) on total investments		(3,627,650	)		5,308,019

Net increase (decrease) in net assets from operations		(3,488,314	)		6,848,628


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		—			(178,017	)
From realized gains		—			(1,922,807	)

Total distributions		—			(2,100,824	)


SHAREHOLDER TRANSACTIONS
Subscriptions		7,785,922			17,989,820
Reinvestments of distributions		—			2,100,824
Redemptions		(11,015,961	)		(13,761,681	)

Net increase (decrease) from shareholder transactions		(3,230,039	)		6,328,963


Net increase (decrease) in net assets		(6,718,353	)		11,076,767

NET ASSETS
Beginning of period		81,568,873			70,492,106

End of period	$	74,850,520		$	81,568,873

Undistributed net investment income (loss) included in net assets	$	185,078		$	16,366


CHANGE IN FUND SHARES
Shares sold		282,866			623,414
Shares reinvested		—			74,077
Shares redeemed		(403,449	)		(479,580	)

Net increase (decrease) from shareholder transactions		(120,583	)		217,911


86		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


Growth & Income Fund						Large-Cap Value Fund
June 30, 2016			December 31, 2015			June 30, 2016				December 31, 2015

(unaudited)						(unaudited)

$	829,489		$	1,528,151		$	566,757			$	1,223,804
	1,215,428			10,074,367			891,708				6,760,604

	(977,278	)		(6,575,432	)		1,657,893				(11,873,418	)

	1,067,639			5,027,086			3,116,358				(3,889,010	)



	—			(1,549,452	)		—				(1,386,039	)
	—			(9,530,445	)		—				(7,259,512	)

	—			(11,079,897	)		—				(8,645,551	)



	16,282,320			13,871,816			5,660,071				7,137,756
	—			9,949,810			—				6,791,729
	(26,626,014	)		(33,398,382	)		(6,527,186	)			(49,986,314	)

	(10,343,694	)		(9,576,756	)		(867,115	)			(36,056,829	)


	(9,276,055	)		(15,629,567	)		2,249,243				(48,591,390	)


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

$	122,967,631		$	132,243,686		$	66,301,285			$	64,052,042

$	850,335		$	20,846		$	513,889		��	$	(52,868	)



	463,787			358,145			181,643				196,342
	—			283,713			—				222,388
	(761,303	)		(876,121	)		(208,464	)			(1,426,977	)

	(297,516	)		(234,263	)		(26,821	)			(1,008,247	)


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			87


Statements of changes in net assets

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


	Real Estate Securities Fund
	June 30, 2016			December 31, 2015

	(unaudited)
OPERATIONS
Net investment income (loss)	$	758,452		$	2,338,397
Net realized gain (loss) on total investments		2,539,563			9,057,725
Net change in unrealized appreciation (depreciation) on total investments		2,786,532			(9,215,798	)

Net increase (decrease) in net assets from operations		6,084,547			2,180,324


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		—			(1,920,234	)
From realized gains		—			(7,250,046	)

Total distributions		—			(9,170,280	)


SHAREHOLDER TRANSACTIONS
Subscriptions		6,277,973			9,995,182
Reinvestments of distributions		—			9,169,509
Redemptions		(8,263,074	)		(67,604,617	)

Net increase (decrease) from shareholder transactions		(1,985,101	)		(48,439,926	)


Net increase (decrease) in net assets		4,099,446			(55,429,882	)

NET ASSETS
Beginning of period		73,223,054			128,652,936

End of period	$	77,322,500		$	73,223,054

Undistributed net investment income (loss) included in net assets	$	1,535,563		$	777,111


CHANGE IN FUND SHARES
Shares sold		185,455			266,581
Shares reinvested		—			280,757
Shares redeemed		(244,873	)		(1,863,553	)

Net increase (decrease) from shareholder transactions		(59,418	)		(1,316,215	)


88		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


		continued


Small-Cap Equity Fund						Social Choice Equity Fund
June 30, 2016			December 31, 2015			June 30, 2016			December 31, 2015

(unaudited)						(unaudited)

$	246,252		$	353,097		$	469,750		$	1,131,653
	(548,229	)		3,155,099			1,911,606			4,560,195
	(326,841	)		(3,540,303	)		(412,387	)		(7,240,787	)

	(628,818	)		(32,107	)		1,968,969			(1,548,939	)



	—			(316,132	)		—			(1,192,522	)
	—			(4,257,977	)		—			(3,272,663	)

	—			(4,574,109	)		—			(4,465,185	)



	6,230,798			8,594,667			3,143,117			2,794,439
	—			4,574,109			—			4,458,272
	(7,736,935	)		(11,894,290	)		(4,035,335	)		(25,797,910	)

	(1,506,137	)		1,274,486			(892,218	)		(18,545,199	)


	(2,134,955	)		(3,331,730	)		1,076,751			(24,559,323	)


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

$	47,267,624		$	49,402,579		$	48,484,698		$	47,407,947


$	321,349		$	75,097		$	479,012		$	9,262



	213,574			247,043			91,461			73,813
	—			152,369			—			133,842
	(265,939	)		(344,873	)		(116,885	)		(675,199	)

	(52,365	)		54,539			(25,424	)		(467,544	)


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			89


Statements of changes in net assets

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


	Stock Index Fund
	June 30, 2016			December 31, 2015

	(unaudited)
OPERATIONS
Net investment income (loss)	$	3,371,551		$	6,369,752
Net realized gain (loss) on total investments		(3,111,734	)		2,948,092
Net change in unrealized appreciation (depreciation) on total investments		11,720,475			(7,905,576	)

Net increase (decrease) in net assets from operations		11,980,292			1,412,268


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		—			(6,567,752	)
From realized gains		—			(2,591,490	)

Total distributions		—			(9,159,242	)


SHAREHOLDER TRANSACTIONS
Subscriptions		33,656,827			37,117,802
Reinvestments of distributions		—			9,159,242
Redemptions		(46,939,523	)		(34,815,396	)

Net increase (decrease) from shareholder transactions		(13,282,696	)		11,461,648


Net increase (decrease) in net assets		(1,302,404	)		3,714,674

NET ASSETS
Beginning of period		332,442,625			328,727,951

End of period	$	331,140,221		$	332,442,625

Undistributed net investment income (loss) included in net assets	$	3,428,245		$	56,694


CHANGE IN FUND SHARES
Shares sold		757,840			807,408
Shares reinvested		—			210,460
Shares redeemed		(1,048,746	)		(757,927	)

Net increase (decrease) from shareholder transactions		(290,906	)		259,941


90		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


		continued


International Equity Fund						Bond Fund
June 30, 2016			December 31, 2015			June 30, 2016			December 31, 2015

(unaudited)						(unaudited)

$	1,222,308		$	1,265,738		$	2,743,048		$	6,130,746
	(3,327,507	)		(3,188,922	)		396,570			870,642
	(218,122	)		669,622			7,154,546			(5,519,193	)

	(2,323,321	)		(1,253,562	)		10,294,164			1,482,195



	—			(1,300,403	)		—			(6,056,937	)
	—			—			—			(1,875,364	)

	—			(1,300,403	)		—			(7,932,301	)



	8,311,879			16,102,178			10,357,245			33,411,926
	—			1,300,403			—			7,260,264
	(11,322,224	)		(13,708,884	)		(9,763,289	)		(85,949,408	)

	(3,010,345	)		3,693,697			593,956			(45,277,218	)


	(5,333,666	)		1,139,732			10,888,120			(51,727,324	)


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

$	86,485,805		$	91,819,471		$	189,984,077		$	179,095,957

$	2,410,289		$	1,187,981		$	2,729,707		$	(13,341	)



	481,035			830,584			410,143			1,294,749
	—			73,887			—			295,252
	(652,492	)		(717,099	)		(388,164	)		(3,334,823	)

	(171,457	)		187,372			21,979			(1,744,822	)


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			91


Statements of changes in net assets

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


	Money Market Fund
	June 30, 2016			December 31, 2015

	(unaudited)
OPERATIONS
Net investment income (loss)	$	102,706		$	2,480
Net realized gain (loss) on total investments		137			39
Net change in unrealized appreciation (depreciation) on total investments		—			—

Net increase (decrease) in net assets from operations		102,843			2,519


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(102,706	)		(2,480	)
From realized gains		—			—

Total distributions		(102,706	)		(2,480	)


SHAREHOLDER TRANSACTIONS
Subscriptions		46,104,297			100,890,165
Reinvestments of distributions		102,706			2,480
Redemptions		(41,493,654	)		(98,282,482	)

Net increase (decrease) from shareholder transactions		4,713,349			2,610,163


Net increase (decrease) in net assets		4,713,486			2,610,202

NET ASSETS
Beginning of period		71,237,830			68,627,628

End of period	$	75,951,316		$	71,237,830

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


CHANGE IN FUND SHARES
Shares sold		46,104,297			100,890,165
Shares reinvested		102,706			2,480
Shares redeemed		(41,493,654	)		(98,282,482	)

Net increase (decrease) from shareholder transactions		4,713,349			2,610,163


92		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


		concluded


Balanced Fund
June 30, 2016			December 31, 2015

(unaudited)

$	(21,954	)	$	959,980
	(291,341	)		671,769
	1,792,576			(1,297,295	)

	1,479,281			334,454



	—			(1,200,226	)
	—			(649,845	)

	—			(1,850,071	)



	4,002,195			18,837,821
	—			1,849,613
	(2,261,091	)		(13,519,173	)

	1,741,104			7,168,261


	3,220,385			5,652,644


	42,584,908			36,932,264

$	45,805,293		$	42,584,908

$	(21,553	)	$	401



	399,167			1,763,317
	—			184,224
	(224,898	)		(1,272,387	)

	174,269			675,154


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			93


Financial highlights

TIAA-CREF Life Funds


				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			Total dividends and distributions

GROWTH EQUITY FUND
		6/30/16	^#	$	28.87	$	0.06	$	(1.26	)	$	(1.20	)	$	—		$	—		$	—
		12/31/15			27.03		0.07		2.52			2.59			(0.06	)		(0.69	)		(0.75	)
		12/31/14			26.37		0.09		2.89			2.98			(0.08	)		(2.24	)		(2.32	)
		12/31/13			18.89		0.07		7.47			7.54			(0.06	)		—			(0.06	)
		12/31/12			16.26		0.12		2.64			2.76			(0.13	)		—			(0.13	)
		12/31/11			16.01		0.05		0.25			0.30			(0.05	)		—			(0.05	)

GROWTH & INCOME FUND
		6/30/16	^#		35.69		0.24		0.16			0.40			—			—			—
		12/31/15			37.54		0.39		0.81			1.20			(0.43	)		(2.62	)		(3.05	)
		12/31/14			37.02		0.38		3.75			4.13			(0.39	)		(3.22	)		(3.61	)
		12/31/13			30.37		0.40		9.98			10.38			(0.39	)		(3.34	)		(3.73	)
		12/31/12			26.54		0.42		3.94			4.36			(0.53	)		—			(0.53	)
		12/31/11			26.07		0.29		0.47			0.76			(0.29	)		—			(0.29	)

LARGE-CAP VALUE FUND
		6/30/16	^#		31.20		0.28		1.25			1.53			—			—			—
		12/31/15			36.80		0.46		(2.38	)		(1.92	)		(0.59	)		(3.09	)		(3.68	)
		12/31/14			36.64		0.66		2.64			3.30			(0.68	)		(2.46	)		(3.14	)
		12/31/13			29.39		0.54		9.49			10.03			(0.69	)		(2.09	)		(2.78	)
		12/31/12			24.92		0.55		4.47			5.02			(0.55	)		—			(0.55	)
		12/31/11			26.95		0.41		(2.03	)		(1.62	)		(0.41	)		—			(0.41	)

REAL ESTATE SECURITIES FUND
		6/30/16	^#		33.36		0.35		2.50			2.85			—			—			—
		12/31/15			36.64		0.79		0.71			1.50			(1.00	)		(3.78	)		(4.78	)
		12/31/14			29.36		0.59		7.77			8.36			(0.56	)		(0.52	)		(1.08	)
		12/31/13			29.35		0.53		0.02			0.55			(0.54	)		—			(0.54	)
		12/31/12			24.94		0.45		4.48			4.93			(0.52	)		—			(0.52	)
		12/31/11			23.67		0.38		1.20			1.58			(0.31	)		—			(0.31	)

SMALL-CAP EQUITY FUND
		6/30/16	^#		30.40		0.15		(0.50	)		(0.35	)		—			—			—
		12/31/15			33.57		0.23		(0.32	)		(0.09	)		(0.21	)		(2.87	)		(3.08	)
		12/31/14			36.32		0.27		2.18			2.45			(0.27	)		(4.93	)		(5.20	)
		12/31/13			30.87		0.27		11.93			12.20			(0.25	)		(6.50	)		(6.75	)
		12/31/12			27.38		0.32		3.52			3.84			(0.35	)		—			(0.35	)
		12/31/11			28.76		0.14		(1.36	)		(1.22	)		(0.16	)		—			(0.16	)


94		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


					Ratios and supplemental data
							Ratios to average net assets
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


$	27.67		(4.16	)%^b^f	$	74,851		0.58	%^c		0.52	%^c		0.45	%^c^f		43	%^b
	28.87		9.67			81,569		0.57			0.52			0.24			78
	27.03		11.25			70,492		0.59			0.52			0.35			103
	26.37		39.94			61,802		0.66			0.52			0.29			105
	18.89		16.99			42,710		0.74			0.52			0.69			155
	16.26		1.85			40,950		0.76			0.52			0.29			136


	36.09		1.12	^b^g		122,968		0.58	^c		0.52	^c		1.39	^c^g		46	^b
	35.69		3.34			132,244		0.55			0.52			1.01			82
	37.54		11.09			147,873		0.56			0.52			0.98			103
	37.02		34.38			131,597		0.61			0.52			1.15			141
	30.37		16.43			92,409		0.69			0.52			1.41			115
	26.54		2.96			76,240		0.70			0.52			1.09			109


	32.73		4.90	^b^h		66,301		0.65	^c		0.52	^c		1.81	^c^h		43	^b
	31.20		(5.00	)		64,052		0.58			0.52			1.25			61
	36.80		8.98			112,643		0.56			0.52			1.75			60
	36.64		34.31			104,869		0.60			0.52			1.54			58
	29.39		20.14			71,691		0.70			0.52			1.99			77
	24.92		(5.95	)		60,441		0.71			0.52			1.56			80


	36.21		8.54	^bⁱ		77,323		0.65	^c		0.57	^c		2.12	^cⁱ		27	^b
	33.36		4.37			73,223		0.59			0.57			2.12			30
	36.64		28.47			128,653		0.58			0.57			1.76			45
	29.36		1.89			96,202		0.63			0.57			1.72			58
	29.35		19.79			96,421		0.71			0.57			1.59			65
	24.94		6.73			79,535		0.71			0.57			1.53			58


	30.05		(1.15	)^b		47,268		0.72	^c		0.53	^c		1.07	^c		53	^b
	30.40		(0.15	)		49,403		0.63			0.53			0.68			92
	33.57		6.85			52,734		0.64			0.54			0.73			98
	36.32		39.87			51,437		0.73			0.55			0.72			87
	30.87		14.02			60,081		0.75			0.55			1.08			118
	27.38		(4.23	)		55,391		0.76			0.55			0.48			100


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			95


Financial highlights

TIAA-CREF Life Funds


				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			Total dividends and distributions

SOCIAL CHOICE EQUITY FUND
		6/30/16	^#	$	34.02	$	0.34		$	1.08		$	1.42		$	—		$	—		$	—
		12/31/15			38.67		0.68			(1.80	)		(1.12	)		(0.97	)		(2.56	)		(3.53	)
		12/31/14			36.39		0.64			3.36			4.00			(0.71	)		(1.01	)		(1.72	)
		12/31/13			27.53		0.55			8.84			9.39			(0.53	)		—			(0.53	)
		12/31/12			24.61		0.58			2.87			3.45			(0.53	)		—			(0.53	)
		12/31/11			25.07		0.43			(0.45	)		(0.02	)		(0.44	)		—			(0.44	)

STOCK INDEX FUND
		6/30/16	^#		44.35		0.45			1.16			1.61			—			—			—
		12/31/15			45.43		0.88			(0.71	)		0.17			(0.90	)		(0.35	)		(1.25	)
		12/31/14			41.22		0.80			4.34			5.14			(0.82	)		(0.11	)		(0.93	)
		12/31/13			31.48		0.70			9.81			10.51			(0.71	)		(0.06	)		(0.77	)
		12/31/12			27.81		0.68			3.87			4.55			(0.68	)		(0.20	)		(0.88	)
		12/31/11			28.09		0.53			(0.28	)		0.25			(0.53	)		—			(0.53	)

INTERNATIONAL EQUITY FUND
		6/30/16	^#		17.86		0.24			(0.70	)		(0.46	)		—			—			—
		12/31/15			18.30		0.25			(0.43	)		(0.18	)		(0.26	)		—			(0.26	)
		12/31/14			20.15		0.29			(1.88	)		(1.59	)		(0.26	)		—			(0.26	)
		12/31/13			16.60		0.33			3.67			4.00			(0.45	)		—			(0.45	)
		12/31/12			12.85		0.32			3.70			4.02			(0.27	)		—			(0.27	)
		12/31/11			17.24		0.28			(4.41	)		(4.13	)		(0.26	)		—			(0.26	)

BOND FUND
		6/30/16	^#		24.55		0.38			1.04			1.42			—			—			—
		12/31/15			25.54		0.72			(0.57	)		0.15			(0.88	)		(0.26	)		(1.14	)
		12/31/14			24.96		0.61			0.76			1.37			(0.57	)		(0.22	)		(0.79	)
		12/31/13			26.15		0.64			(1.04	)		(0.40	)		(0.62	)		(0.17	)		(0.79	)
		12/31/12			25.60		0.77			1.00			1.77			(0.74	)		(0.48	)		(1.22	)
		12/31/11			24.88		0.87			0.70			1.57			(0.85	)		—			(0.85	)

MONEY MARKET FUND
		6/30/16	^#		1.00		0.00			—			0.00			0.00			—			—
		12/31/15			1.00		0.00	^d		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		—			(0.00	)^d
		12/31/12			1.00		0.00	^d		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		—			(0.00	)^d


96		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


		continued


					Ratios and supplemental data
							Ratios to average net assets
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			Portfolio turnover rate excluding mortgage dollar rolls


$	35.44		4.17	%^b	$	48,485		0.36	%^c		0.22	%^c		2.01	%^c		16	%^b		—
	34.02		(2.70	)		47,408		0.28			0.22			1.76			9			—
	38.67		10.98			71,967		0.26			0.22			1.68			10			—
	36.39		34.13			64,931		0.33			0.22			1.68			11			—
	27.53		14.01			43,692		0.43			0.22			2.16			16			—
	24.61		(0.05	)		37,295		0.49			0.22			1.71			18			—


	45.96		3.63	^b		331,140		0.12	^c		0.09	^c		2.07	^c		9	^b		—
	44.35		0.43			332,443		0.11			0.09			1.91			7			—
	45.43		12.46			328,728		0.12			0.09			1.86			8			—
	41.22		33.43			283,117		0.16			0.09			1.90			5			—
	31.48		16.35			207,090		0.25			0.09			2.22			6			—
	27.81		0.95			180,256		0.26			0.09			1.85			6			—


	17.40		(2.58	)^b^j		86,486		0.67	^c		0.60	^c		2.75	^c^j		53	^b		—
	17.86		(0.98	)		91,819		0.66			0.60			1.29			77			—
	18.30		(7.90	)		90,680		0.66			0.60			1.46			91			—
	20.15		24.15			98,106		0.74			0.60			1.79			133			—
	16.60		31.27			77,021		0.80			0.60			2.21			111			—
	12.85		(23.88	)		81,275		0.81			0.60			1.77			108			—


	25.97		5.78	^b		189,984		0.41	^c		0.35	^c		3.01	^c		110	^b		84	^b
	24.55		0.57			179,096		0.39			0.35			2.77			155			—
	25.54		5.47			230,823		0.39			0.35			2.38			180			—
	24.96		(1.54	)		189,409		0.44			0.35			2.46			133			—
	26.15		6.91			184,563		0.53			0.35			2.92			174			—
	25.60		6.31			158,136		0.53			0.35			3.41			92			—


	1.00		0.13	^b		75,951		0.24	^c		0.15	^c		0.27	^c		—			—
	1.00		0.00			71,238		0.23			0.15			0.00			—			—
	1.00		0.00			68,628		0.23			0.11			0.00			—			—
	1.00		0.01			73,406		0.27			0.13			0.00			—			—
	1.00		0.02			62,598		0.39			0.15			0.02			—			—
	1.00		0.03			59,822		0.39			0.15			0.03			—			—


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			97


Financial highlights

TIAA-CREF Life Funds


				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			Total dividends and distributions

BALANCED FUND
		6/30/16	^#	$	10.12	$	(0.01	)	$	0.34		$	0.33	$	—		$	—		$	—
		12/31/15			10.45		0.22			(0.09	)		0.13		(0.30	)		(0.16	)		(0.46	)
		12/31/14	^‡		10.00		0.29			0.43			0.72		(0.27	)		(0.00	)^d		(0.27	)

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.

0.01% of the Fund’s total return and 0.02% of the Fund’s investment income consists of voluntary compensation from Advisors in an amount that approximates the costs of certain research services incurred beginning January 1, 2016 related to a voluntary agreement with the Board for Advisors to reimburse the Fund for the cost of these research services for the period from January 1, 2016 through October 31, 2016. Excluding this item, total return and net investment income ratio would have been (4.17)% and 0.43%, respectively.

0.02% of the Fund’s total return and 0.04% of the Fund’s investment income consists of voluntary compensation from Advisors in an amount that approximates the costs of certain research services incurred beginning January 1, 2016 related to a voluntary agreement with the Board for Advisors to reimburse the Fund for the cost of these research services for the period from January 1, 2016 through October 31, 2016. Excluding this item, total return and net investment income ratio would have been 1.10% and 1.35%, respectively.

0.03% of the Fund’s total return and 0.07% of the Fund’s investment income consists of voluntary compensation from Advisors in an amount that approximates the costs of certain research services incurred beginning January 1, 2016 related to a voluntary agreement with the Board for Advisors to reimburse the Fund for the cost of these research services for the period from January 1, 2016 through October 31, 2016. Excluding this item, total return and net investment income ratio would have been 4.87% and 1.74%, respectively.

0.02% of the Fund’s total return and 0.05% of the Fund’s investment income consists of voluntary compensation from Advisors in an amount that approximates the costs of certain research services incurred beginning January 1, 2016 related to a voluntary agreement with the Board for Advisors to reimburse the Fund for the cost of these research services for the period from January 1, 2016 through October 31, 2016. Excluding this item, total return and net investment income ratio would have been 8.52% and 2.07%, respectively.

0.03% of the Fund’s total return and 0.05% of the Fund’s investment income consists of voluntary compensation from Advisors in an amount that approximates the costs of certain research services incurred beginning January 1, 2016 related to a voluntary agreement with the Board for Advisors to reimburse the Fund for the cost of these research services for the period from January 1, 2016 through October 31, 2016. Excluding this item, total return and net investment income ratio would have been (2.61)% and 2.70%, respectively.

Unaudited

^‡	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.


98		2016 Semiannual Report § TIAA-CREF Life Funds		See notes to financial statements


		concluded


					Ratios and supplemental data
							Ratios to average net assets
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

$	10.45		3.26	%^b	$	45,805		0.24	%^c^e		0.10	%^c^e		(0.10	)%^c		11	%^b
	10.12		1.28			42,585		0.23	^e		0.10	^e		2.03			40
	10.45		7.21	^b		36,932		0.49	^ce		0.10	^ce		2.99	^c		59	^b


See notes to financial statements		TIAA-CREF Life Funds § 2016 Semiannual Report			99


Notes to financial statements (unaudited)

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


100		2016 Semiannual Report § TIAA-CREF Life Funds

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.

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.

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, 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


TIAA-CREF Life Funds § 2016 Semiannual Report			101


Notes to financial statements (unaudited)

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 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. As a result of these amendments, the Board has approved the conversion of the Money Market Fund to a “government money market fund.” The conversion will be effective on or before 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 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 NAV 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 Statements of Assets and Liabilities. As of June 30, 2016, 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


102		2016 Semiannual Report § TIAA-CREF Life Funds


		continued

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.

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 NAV on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Futures contracts: Stock and bond index futures contracts, 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.

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.


TIAA-CREF Life Funds § 2016 Semiannual Report			103


Notes to financial statements (unaudited)

Transfers between levels are recognized at the end of the reporting period. For the period ended June 30, 2016, there were no material transfers between levels by the Funds.

As of June 30, 2016, 100% of the value of investments in the Social Choice Equity Fund and the Balanced Fund were valued based on Level 1 inputs.

As of June 30, 2016, 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 June 30, 2016, based on the inputs used to value them:


Fund	Level 1			Level 2		Level 3		Total

Growth Equity
Equity Investments:
Information technology	$	26,883,027		$	60,328	$	—	$	26,943,355
All other equity investments*		47,197,816			—		—		47,197,816
Short-term investments		522,775			1,300,000		—		1,822,775

Total	$	74,603,618		$	1,360,328	$	—	$	75,963,946

Growth & Income
Equity Investments:
Consumer discretionary	$	17,507,258		$	1,266,684	$	—	$	18,773,942
Consumer staples		11,716,234			374,059		—		12,090,293
Financials		13,333,997			358,063		—		13,692,060
Health care		18,645,310			1,471,900		—		20,117,210
Information technology		26,918,867			420,736		—		27,339,603
Materials		3,016,753			285,199		—		3,301,952
Utilities		3,149,839			231,983		—		3,381,822
All other equity investments*		23,844,672			—		—		23,844,672
Short-term investments		2,284,864			—		—		2,284,864
Purchased options		36,650			—		—		36,650
Written Options**		(45,606	)		—		—		(45,606	)

Total	$	120,408,838		$	4,408,624	$	—	$	124,817,462

Large-Cap Value
Equity Investments:
Consumer discretionary	$	4,177,764		$	563,893	$	—	$	4,741,657
Financials		14,926,712			85,722		—		15,012,434
Health care		7,818,797			16,644		—		7,835,441
Industrials		5,315,259			—		160		5,315,419
Information technology		7,842,679			98,524		—		7,941,203
Materials		2,969,328			4,569		—		2,973,897
All other equity investments*		21,536,366			—		—		21,536,366
Short-term investments		760,464			—		—		760,464

Total	$	65,347,369		$	769,352	$	160	$	66,116,881


104		2016 Semiannual Report § TIAA-CREF Life Funds


		continued


Fund	Level 1			Level 2			Level 3		Total

Real Estate Securities
Equity investments:
Diversified real estate activities	$	—		$	335,639		$	—	$	335,639
All other equity investments*		74,680,451			—			—		74,680,451

Total	$	74,680,451		$	335,639		$	—	$	75,016,090

Small-Cap Equity
Equity investments*	$	47,081,205		$	—		$	—	$	47,081,205
Short-term investments		1,107,190			—			—		1,107,190
Futures contracts**		(3,622	)		—			—		(3,622	)
Swap contracts**		—			(3,256	)		—		(3,256	)

Total	$	48,184,773		$	(3,256	)	$	—	$	48,181,517

Stock Index
Equity investments:
Financials	$	61,180,239		$	—		$	1,402	$	61,181,641
Health care		48,141,992			—			177		48,142,169
Industrials		35,661,040			—			2,320		35,663,360
Telecommunication services		9,024,160			—			1,789		9,025,949
All other equity investments*		187,636,604			—			—		187,636,604
Short-term investments		7,536,330			3,100,000			—		10,636,330
Futures contracts**		41,107			—			—		41,107

Total	$	349,221,472		$	3,100,000		$	5,688	$	352,327,160

International Equity
Equity investments:
Asia	$	—		$	23,895,978		$	—	$	23,895,978
Europe		—			60,811,631			—		60,811,631
All other equity investments*		—			3,448,292			—		3,448,292
Short-term investments		227,430			—			—		227,430

Total	$	227,430		$	88,155,901		$	—	$	88,383,331

Bond
Bank loan obligations	$	—		$	1,713,781		$	—	$	1,713,781
Corporate bonds		—			79,260,367			—		79,260,367
Government bonds		—			80,688,815			—		80,688,815
Structured assets		—			26,383,354			166,331		26,549,685
Preferred stocks		101,725			—			—		101,725
Short-term investments		—			3,999,604			—		3,999,604

Total	$	101,725		$	192,045,921		$	166,331	$	192,313,977

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

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

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.


TIAA-CREF Life Funds § 2016 Semiannual Report			105


Notes to financial statements (unaudited)

At June 30, 2016, 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 contracts

Location

Fair value
amount

Location

Fair value
amount

Growth & Income Fund

Equity contracts

Portfolio investments

36,650

Equity contracts

Written options

(45,606

)

Small-Cap Equity Fund

Equity contracts

Futures contracts*

(3,622

)

Equity contracts

Total return swap contracts

(3,256

)

Stock Index Fund

Equity contracts

Futures contracts*

41,107

*	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 period ended June 30, 2016, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:


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

Growth Equity Fund
Equity contracts		Written options	$	5,446		$	10,274

Growth & Income Fund
Equity contracts		Purchased options		(11,258	)		2,128
Equity contracts		Written options		64,508			6,131

Small-Cap Equity Fund
Equity contracts		Futures contracts		52,685			(3,622	)
Equity contracts		Swap contracts		(60,641	)		(1,576	)

Stock Index Fund
Equity contracts		Futures contracts		274,257			42,476

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 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


106		2016 Semiannual Report § TIAA-CREF Life Funds


		continued

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 contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended June 30, 2016, the Small-Cap Equity Fund and the Stock Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 2% of net assets.

At June 30, 2016, the Funds held the following open futures contracts:


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

Small-Cap Equity	Russell 2000 Mini Index		1	$	114,740	September 2016	$	(3,622	)

Stock Index	S&P 500 E Mini Index		29		3,030,790	September 2016		41,107

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity 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. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price 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 period ended June 30, 2016, the Growth Equity Fund and the Growth & Income Fund had exposure to options, based on underlying nominal values, generally between 0% and 3% of net assets.


TIAA-CREF Life Funds § 2016 Semiannual Report			107


Notes to financial statements (unaudited)

Purchased options outstanding as of June 30, 2016 were as follows:


	Number of contracts		Value

Growth & Income Fund
Humana, Inc, Call, 1/20/17 at $200		25	$	36,650

Total		25	$	36,650

Written options outstanding as of June 30, 2016 were as follows:


	Number of contracts		Value

Growth & Income Fund
Acuity Brands, Inc, Put, 7/15/16 at $210		3	$	(60	)
Acuity Brands, Inc, Call, 7/15/16 at $260		3		(201	)
Allergan plc, Call, 7/8/16 at $265		4		(48	)
Analog Devices, Inc, Put, 8/19/16 at $50		8		(480	)
Caesarstone Ltd, Put, 8/19/16 at $32.50		7		(1,137	)
ConAgra Foods, Inc, Put, 7/15/16 at $44		12		(120	)
ConAgra Foods, Inc, Put, 7/15/16 at $45		13		(143	)
Constellation Brands, Inc, Put, 7/15/16 at $150		6		(102	)
Constellation Brands, Inc, Call, 7/15/16 at $170		6		(360	)
Diamondback Energy, Inc, Put, 7/15/16 at $80		8		(580	)
Dollar Tree, Inc, Put, 7/15/16 at $87.50		8		(200	)
Edwards Lifesciences Corp, Put, 7/15/16 at $90		8		(200	)
Humana, Inc, Put, 1/20/17 at $140		25		(21,775	)
Humana, Inc, Call, 1/20/17 at $220		25		(16,375	)
Kate Spade & Co, Put, 8/19/16 at $18		19		(998	)
Lazard Ltd, Put, 7/15/16 at $26		8		(120	)
NetFlix, Inc, Put, 7/8/16 at $87		8		(336	)
Raytheon Co, Put, 7/15/16 at $125		6		(108	)
Scotts Miracle-Gro Co, Put, 7/15/16 at $65		12		(360	)
Ulta Salon Cosmetics & Fragrance, Inc, Put, 7/15/16 at $220		2		(50	)
Ulta Salon Cosmetics & Fragrance, Inc, Call, 7/15/16 at $250		4		(496	)
Universal Display Corp, Put, 7/15/16 at $60		8		(400	)
WABCO Holdings, Inc, Put, 8/19/16 at $85		4		(900	)
Walt Disney Co, Put, 7/8/16 at $93		6		(57	)

Total		213	$	(45,606	)

Transactions in written options and related premiums received during the period ended June 30, 2016 were as follows:


	Number of contracts			Premiums

Growth Equity Fund
Outstanding at beginning of period		2		$	4,816
Written		16			5,782
Purchased		(4	)		(3,664	)
Exercised		(2	)		—
Expired		(12	)		(6,934	)

Outstanding at end of period		—		$	—


108		2016 Semiannual Report § TIAA-CREF Life Funds


		continued


	Number of contracts			Premiums

Growth & Income Fund
Outstanding at beginning of period		87		$	16,853
Written		3,862			626,913
Purchased		(1,933	)		(403,505	)
Exercised		(160	)		(4,492	)
Expired		(1,643	)		(181,441	)

Outstanding at end of period		213		$	54,328

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 June 30, 2016, the Small-Cap Equity Fund’s exposure to total return swaps, based on underlying notional amounts, was generally between 0% and 1% of net assets.

At June 30, 2016, 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 or paid by fund	Unrealized appreciation/ depreciation

Goldman Sachs		402,910		8/3/2016		0.79	%	Difference between GSCBTINY Index less Russell 2000 Index and Russell 2500 Index	$	(3,256	)


TIAA-CREF Life Funds § 2016 Semiannual Report			109


Notes to financial statements (unaudited)

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.

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 June 30, 2016, 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, 2017. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

Income for certain Funds reflects amounts paid by Advisors in an amount equal to the estimated cost of reimbursing these Funds for the costs of certain research services obtained from broker-dealers that have also executed portfolio transactions for the Funds. This income reflects a voluntary agreement with the Board for Advisors to reimburse the Funds for the cost of these research services for the period from January 1, 2016 through October 31, 2016. These amounts are included in Payment from affiliate on the Statement of Operations.


110		2016 Semiannual Report § TIAA-CREF Life Funds


		continued

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 period ended June 30, 2016, the Funds engaged in the following security transactions with affiliated entities:


Fund	Purchases		Sales		Realized gain (loss)

Growth Equity	$	42,409	$	289,869	$	83,104
Growth & Income		168,354		467,395		11
Large-Cap Value		148,715		57,297		(1,908	)
Small-Cap Equity		64,010		2,759,006		(263,847	)
Social Choice Equity		41,175		82,115		(11,555	)
Stock Index		524,344		—		—
Bond		—		101,875		1,879
Balanced		—		320,276		(1,606	)

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 June 30, 2016, TIAA received total proceeds of $6,263,818 from redemptions from the Growth and Income Fund.

The following is the percentage of the Funds’ shares owned by affiliates and the Balanced Fund as of June 30, 2016:


Underlying Fund	Investments in funds held by TIAA-CREF Life			Investments in funds held by TIAA			Investments in funds held by Life Balanced			Total

Growth Equity		94	%		—	%		6	%		100	%
Growth & Income		96			—			4			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


TIAA-CREF Life Funds § 2016 Semiannual Report			111


Notes to financial statements (unaudited)

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, 2015		Purchases cost		Sales proceeds		Realized gain (loss)			Dividend income		Value at June 30, 2016

TIAA-CREF Life Balanced Fund
TIAA-CREF Life Growth Equity	$	3,933,592	$	728,841	$	397,693	$	(11,605	)	$	—	$	4,120,512
TIAA-CREF Life Growth & Income		4,223,974		632,128		323,762		(38,521	)		—		4,609,025
TIAA-CREF Life Large-Cap Value		3,671,834		560,720		279,795		(56,884	)		—		4,161,715
TIAA-CREF Life Real Estate Securities		852,526		155,836		166,090		(8,589	)		—		923,544
TIAA-CREF Life Small Cap Equity		841,169		165,559		81,003		(18,861	)		—		924,526
TIAA-CREF Life Stock Index		3,379,474		392,228		217,528		(11,845	)		—		3,694,066
TIAA-CREF Life International Equity		4,234,141		887,388		476,378		(65,634	)		—		4,544,652
TIAA-CREF Life Bond		21,412,095		2,675,134		2,468,451		(78,961	)		3		22,859,575

	$	42,548,805	$	6,197,834	$	4,410,700	$	(290,900	)	$	3	$	45,837,615

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 June 30, 2016, 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.


112		2016 Semiannual Report § TIAA-CREF Life Funds


		continued

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.

Mortgage dollar roll transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

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

Net unrealized appreciation (depreciation): At June 30, 2016, 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	$	58,467,955	$	18,469,260	$	(973,269	)	$	17,495,991
Growth & Income		100,563,344		25,583,217		(1,283,493	)		24,299,724
Large-Cap Value		59,333,355		8,944,399		(2,160,873	)		6,783,526
Real Estate Securities		52,807,903		22,892,511		(684,324	)		22,208,187
Small-Cap Equity		44,965,610		6,276,927		(3,054,142	)		3,222,785
Social Choice Equity		32,644,347		16,964,705		(1,185,865	)		15,778,840
Stock Index		225,352,546		137,505,734		(10,572,227	)		126,933,507
International Equity		89,516,275		8,393,857		(9,526,801	)		(1,132,944	)
Bond		188,158,046		5,556,457		(1,400,526	)		4,155,931
Balanced		46,069,701		409,226		(641,312	)		(232,086	)


TIAA-CREF Life Funds § 2016 Semiannual Report			113


Notes to financial statements (unaudited)

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended June 30, 2016 were as follows:


Fund	Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales

Growth Equity	$	32,684,329	$	—	$	36,376,979	$	—
Growth & Income		55,718,077		—		65,409,006		—
Large-Cap Value		26,881,941		—		27,618,166		—
Real Estate Securities		19,647,870		—		21,103,375		—
Small-Cap Equity		24,833,172		—		26,370,914		—
Social Choice Equity		7,452,734		—		7,641,360		—
Stock Index		31,055,436		—		30,910,281		—
International Equity		47,605,793		—		47,172,861		—
Bond		30,801,313		178,102,359		48,964,372		147,806,998
Balanced		6,768,591		—		4,981,017		—

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended December 31, 2015 was as follows:


Fund	2015
Fund	Ordinary income		Long-term capital gains		Total

Growth Equity	$	604,803	$	1,496,021	$	2,100,824
Growth & Income		1,499,232		9,580,665		11,079,897
Large-Cap Value		2,900,767		5,744,784		8,645,551
Real Estate Securities		2,094,029		7,076,251		9,170,280
Small-Cap Equity		892,020		3,682,089		4,574,109
Social Choice Equity		1,192,522		3,272,663		4,465,185
Stock Index		7,001,099		2,158,143		9,159,242
International Equity		1,300,403		—		1,300,403
Bond		7,218,042		714,259		7,932,301
Money Market		2,480		—		2,480
Balanced		1,200,386		649,685		1,850,071

The tax character of the fiscal year 2016 distributions will be determined at the end of the fiscal year.

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. The current facility was entered into on June 21, 2016 expiring on June 20, 2017, replacing the


114		2016 Semiannual Report § TIAA-CREF Life Funds


		concluded

previous facility, which expired June 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 period ended June 30, 2016, 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 § 2016 Semiannual Report			115


Board renewal of investment management agreement (unaudited)

Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Trust on behalf of each of its series. Under the Agreement, TAI is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to the renewal of the Agreement with respect to each series covered by TIAA-CREF Life Funds (the “Funds”).

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. All of the Trustees are independent persons under the 1940 Act.

Overview of the renewal process

The Board held meetings on March 10, 2016 and March 24, 2016, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee and other Committees of the Board. Among these tasks, the Operations Committee worked with TAI, other Board members and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals. The Operations Committee also worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2015 renewal process. During a series of meetings held prior to the March 10 and March 24, 2016 Board meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TAI and the Trust, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.


116		2016 Semiannual Report § TIAA-CREF Life Funds

Based on guidelines provided by the Operations Committee on behalf of the Board, Broadridge produced, among other information, performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rates, total expense ratios, short-term and long-term investment performance, portfolio turnover rates and brokerage commission costs (as applicable). Broadridge also compared this data, as relevant, for each Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Broadridge independent of any input from TAI or the Board, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Broadridge summarized and the Board reviewed the methodologies it employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an unbiased view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Broadridge (and not TAI or the Board).

Among other matters, the Board also requested and reviewed various information provided by TAI to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to each Fund pursuant to the Agreement. In this connection, the Board recognized that different Trustees could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI, which is also true of their assessment of each Fund’s management fee rate and other aspects of the proposed renewal of the Agreement. The Trustees met in private sessions at which no TAI representatives were present to discuss the proposed renewal of the Agreement for each Fund. Further, at each regularly scheduled meeting of the Board, the Board receives and reviews, among other matters, information regarding each Fund’s performance and the Board considered that the evaluation of TAI’s services to the Funds is an ongoing one.

In advance of the Board meetings held on March 10 and March 24, 2016, legal counsel for the Trustees requested on behalf of the Board, and TAI provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance


TIAA-CREF Life Funds § 2016 Semiannual Report			117


Board renewal of investment management agreement (unaudited)

during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Funds aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Funds; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of TAI; (8) a copy of TAI’s Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also given the opportunity to ask questions and request additional information.

In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided or to be provided by TAI to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by TAI and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (8) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis throughout the year in connection with the Board’s general oversight duties with respect to the Funds. In addition, the Board received and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.


118		2016 Semiannual Report § TIAA-CREF Life Funds


		continued

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 24, 2016, the Board voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of TAI, including the professional experience and qualifications of its personnel. The Board also considered that TAI is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Funds (the “TC Funds”) and the TIAA Separate Account VA-1. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Funds, including conducting research, recommending investments and placing orders to buy and sell securities for the Funds’ investment portfolios and, with respect to the Balanced Fund, which is a fund of funds that invests its assets in other investment companies managed by TAI and potentially in other affiliated and unaffiliated investment companies or pools, referred to as “underlying funds,” selecting underlying funds and allocating the Balanced Fund’s assets among the underlying funds; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; coordinating the activities of each Fund’s service providers and carrying out, or overseeing the provision of, various administrative services to the Funds. The Board considered that TAI has carried out these responsibilities in a competent and professional manner. The Board also considered that TAI has committed significant resources to supporting the series of the Trust, including the Funds. It also considered TAI’s compliance program and resources and its compliance record with respect to the Funds.

The Board also considered, among other factors, the performance of each of the Funds, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.


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Board renewal of investment management agreement (unaudited)

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of each Fund before any reductions for fees or expenses. This analysis considered the impact of net asset value rounding and excluded the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on each Fund’s performance as compared to the performance of its benchmark index. For detail regarding each Fund’s performance, see the Fund-by-Fund synopsis below. The Board considered that, in those cases in which a Fund had underperformed its benchmark, peer group or peer universe of mutual funds that underlie variable products for an extended period of time, TAI had represented that it had taken or was planning to implement affirmative actions reasonably designed to enhance the Fund’s investment performance, or TAI had explained to the Board’s satisfaction that no such actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to TAI for the calendar year 2015. The Board considered TAI’s profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit TAI to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial risk TAI assumes. The Board considered that TAI had incurred a net loss with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2015, and expected this trend to continue.

During its review of TAI’s profits, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management and other functions, including the impact of operations related to Nuveen Investments on such resources, so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

The Board considered information regarding fees paid to other advisers for managing similar mutual funds, as analyzed by Broadridge. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds that underlie variable insurance products. In this connection, the


120		2016 Semiannual Report § TIAA-CREF Life Funds


		continued

Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds that underlie variable insurance products are set and potentially material differences between a Fund and its comparable mutual funds that underlie variable insurance products. Additionally, the Board also considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.

Economies of scale

The Board considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered that because TAI operated each Fund at a loss, there was little opportunity to pass economies of scale on to Fund shareholders. Based on all factors considered, the Board concluded that the Funds’ fee schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Board considered that TAI and its affiliate, TIAA-CREF Investment Management, LLC, provide similar investment management services to other investment companies and separately managed accounts that may have similar investment strategies as certain of the Funds. In the future, TAI may manage client assets through additional funds and accounts with similar investment strategies and investment staff. The Board considered the management fee rates actually charged to other investment companies and accounts that are managed using similar investment strategies. They also considered TAI’s disclosed fee rate schedules for separately managed account mandates with investment strategies similar to the Funds’ strategies. The Board also considered TAI’s representation that, while management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this is due in part to the fact that these other funds and accounts: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services by TAI; (4) may have different regulatory burdens; (5) may target different types of investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules. The Board also considered that the management fee rate of the Balanced Fund aligned with the contractual fee rates of certain other funds of funds managed by TAI such as the Lifecycle, Lifecycle Index and Lifestyle Funds (although TAI currently waives its entire management fee for the Lifecycle Funds and a portion of its management fee for certain of the Lifecycle Index Funds).


TIAA-CREF Life Funds § 2016 Semiannual Report			121


Board renewal of investment management agreement (unaudited)

Other benefits

The Board also considered additional benefits to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which TAI is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and certain funds managed by TAI or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. TAI and the Funds may also benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements. Additionally, the Funds may be utilized as investment options for other products and businesses of TAI and its affiliates, such as insurance company separate accounts and funds of funds.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. All time periods referenced below are ended December 31, 2015. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. Statements below regarding “net loss” refer to TAI incurring a loss for the services that it rendered to a Fund during 2015 under the Agreement.

Growth Equity Fund

•

The Fund’s annual contractual investment management fee rate is 0.45% of average daily net assets.

•

The Fund’s total expenses, actual investment management fees and contractual investment management fees were each in the 1st quintile of both the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”).

•

The Fund was in the 2nd, 1st, 1st and 1st quintiles of both the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) and the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.

•

The Fund received an Overall Morningstar Rating of 5 stars.

•

TAI incurred a net loss with respect to its services to the Fund for the one-year period.


122		2016 Semiannual Report § TIAA-CREF Life Funds


		continued

Growth & Income Fund

•

The Fund’s annual contractual investment management fee rate is 0.45% of average daily net assets.

•

The Fund’s total expenses, actual investment management fees and contractual investment management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

•

The Fund was in the 1st quintile of both its Performance Group and Performance Universe for each of the one-, three-, five- and ten-year periods.

•

The Fund received an Overall Morningstar Rating of 4 stars.

•

TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Large-Cap Value Fund

•

The Fund’s annual contractual investment management fee rate is 0.45% of average daily net assets.

•

The Fund’s total expenses, actual investment management fees and contractual investment management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

•

The Fund was in the 5th quintile of its Performance Group for each of the one-, three-, five- and ten-year periods. The Fund was in the 4th, 4th, 5th and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

•

The Fund received an Overall Morningstar Rating of 3 stars.

•

TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Real Estate Securities Fund

•

The Fund’s annual contractual investment management fee rate is 0.50% of average daily net assets.

•

The Fund’s total expenses, actual investment management fees and contractual investment management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

•

The Fund was in the 2nd, 4th, 3rd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 3rd, 2nd and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

•

The Fund received an Overall Morningstar Rating of 4 stars.

•

TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Small-Cap Equity Fund

•

The Fund’s annual contractual investment management fee rate is 0.46% of average daily net assets.


TIAA-CREF Life Funds § 2016 Semiannual Report			123


Board renewal of investment management agreement (unaudited)

•

The Fund’s total expenses, actual investment management fees and contractual investment management fees were in each the 1st quintile of both its Expense Group and Expense Universe.

•

The Fund was in the 1st, 1st, 2nd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 1st, 2nd and 2nd quintiles of its Performance Universe for each of the one-, three-, five- and ten-year periods, respectively.

•

The Fund received an Overall Morningstar Rating of 4 stars.

•

TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Social Choice Equity Fund

•

The Fund’s annual contractual investment management fee rate is 0.15% of average daily net assets.

•

The Fund’s total expenses, actual investment management fees and contractual investment management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

•

The Fund was in the 5th, 5th, 5th and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 4th, 4th and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

•

The Fund received an Overall Morningstar Rating of 3 stars.

•

TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Stock Index Fund

•

The Fund’s annual contractual investment management fee rate is 0.06% of average daily net assets.

•

The Fund’s total expenses, actual investment management fees and contractual investment management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

•

The Fund ranked 1 out of 3 funds within its Performance Group for each of the one-, three-, five- and ten-year periods. The Fund was in the 1st, 2nd, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

•

For the three-year period, the Fund’s relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses, including the effect of net asset rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000^® Index, was –4 basis points. One basis point is equal to 0.01%.

•

The Fund received an Overall Morningstar Rating of 4 stars.

•

TAI incurred a net loss with respect to its services to the Fund for the one-year period


124		2016 Semiannual Report § TIAA-CREF Life Funds


		continued

International Equity Fund

•

The Fund’s annual contractual investment management fee rate is 0.50% of average daily net assets.

•

The Fund’s total expenses, actual investment management fees and contractual investment management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

•

The Fund was in the 5th, 4th, 5th and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 3rd, 4th and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

•

The Fund received an Overall Morningstar Rating of 3 stars.

•

TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Bond Fund

•

The Fund’s annual contractual investment management fee rate is 0.30% of average daily net assets.

•

The Fund’s total expenses, actual investment management fees and contractual investment management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

•

The Fund was in the 3rd, 2nd, 3rd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 1st, 2nd and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

•

The Fund received an Overall Morningstar Rating of 3 stars.

•

TAI incurred a net loss with respect to its services to the Fund for the one-year period.

Money Market Fund

•

The Fund’s annual contractual investment management fee rate is 0.10% of average daily net assets.

•

The Fund’s total expenses, actual investment management fees and contractual investment management fees were in the 3rd, 3rd and 1st quintiles, respectively, of its Expense Group. The Fund’s total expenses, actual management fees and contractual management fees were in the 3rd, 2nd and 1st quintiles, respectively of its Expense Universe.

•

The Fund was in the 3rd, 2nd, 1st and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 3rd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

•

Money market funds are not rated by Morningstar.

•

TAI incurred a net loss with respect to its services to the Fund for the one-year period.


TIAA-CREF Life Funds § 2016 Semiannual Report			125


Board renewal of investment management agreement (unaudited)		concluded

•

Through December 31, 2015, TAI and its affiliates have voluntarily waived or reimbursed over $42 million in Fund fees on a cumulative basis.

Balanced Fund

•

The Fund’s annual contractual investment management fee rate is 0.10% of average daily net assets.

•

The Fund’s total expenses, actual investment management fees and contractual management fees were each in the 1st quintile of both its Expense Group and Expense Universe.

•

The Fund was in the 1st quintile of its Expense Group for both its one-year and since-inception periods and in the 1st and 2nd quintiles of its Expense Universe for the one-year and since-inception periods, respectively.

•

The Fund is too new to have received an Overall Morningstar Rating.

•

TAI incurred a net loss with respect to its services to the Fund since inception.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.


126		2016 Semiannual 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


TIAA-CREF Life Funds § 2016 Semiannual Report			127


Additional information about index providers (unaudited)		concluded

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 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.


128		2016 Semiannual Report § TIAA-CREF Life Funds

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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.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 Global Asset Management provides investment advice and portfolio management services through TIAA and over a dozen affiliated registered investment advisers. TIAA 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.

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TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.0%

AUTOMOBILES & COMPONENTS - 0.7%
8,758		Delphi Automotive plc	$	548,251

		TOTAL AUTOMOBILES & COMPONENTS		548,251


CAPITAL GOODS - 6.0%
6,597		Honeywell International, Inc		767,363
2,597	*	Middleby Corp		299,304
6,116		Northrop Grumman Corp		1,359,465
5,287		Parker Hannifin Corp		571,260
5,696		Raytheon Co		774,371
3,974		Roper Industries, Inc		677,805
680	*	WABCO Holdings, Inc		62,268

		TOTAL CAPITAL GOODS		4,511,836


COMMERCIAL & PROFESSIONAL SERVICES - 3.2%
35,338		Nielsen NV		1,836,516
6,738	*	Verisk Analytics, Inc		546,317

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,382,833


CONSUMER DURABLES & APPAREL - 1.7%
5,117	*,e	Lululemon Athletica, Inc		377,942
11,242		Mattel, Inc		351,762
10,102		Nike, Inc (Class B)		557,630

		TOTAL CONSUMER DURABLES & APPAREL		1,287,334


CONSUMER SERVICES - 5.2%
6,749		ARAMARK Holdings Corp		225,551
1,695	*	Chipotle Mexican Grill, Inc (Class A)		682,678
15,993	*	MGM Resorts International		361,922
21,497	*	Norwegian Cruise Line Holdings Ltd		856,441
31,655		Starbucks Corp		1,808,134

		TOTAL CONSUMER SERVICES		3,934,726


DIVERSIFIED FINANCIALS - 0.4%
13,920		Charles Schwab Corp		352,315

		TOTAL DIVERSIFIED FINANCIALS		352,315


ENERGY - 1.3%
9,618		EOG Resources, Inc		802,333
5,971	*	Rice Energy, Inc		131,601

		TOTAL ENERGY		933,934


FOOD & STAPLES RETAILING - 0.8%
2,412		Costco Wholesale Corp		378,781
7,405	*	US Foods Holding Corp		179,497

		TOTAL FOOD & STAPLES RETAILING		558,278


FOOD, BEVERAGE & TOBACCO - 3.3%
8,472		Molson Coors Brewing Co (Class B)		856,773
8,238	*	Monster Beverage Corp		1,323,929
6,669		Pinnacle Foods, Inc		308,708

		TOTAL FOOD, BEVERAGE & TOBACCO		2,489,410

TIAA-CREF LIFE FUNDS - Growth Equity Fund


SHARES		COMPANY	VALUE

HEALTH CARE EQUIPMENT & SERVICES - 4.3%
26,243	*	Cerner Corp	$	1,537,840
2,492	*	Intuitive Surgical, Inc		1,648,234

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,186,074


HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
14,152		Estee Lauder Cos (Class A)		1,288,115

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,288,115


MATERIALS - 5.3%
6,078		Ecolab, Inc		720,851
18,577		Monsanto Co		1,921,048
7,687		PPG Industries, Inc		800,601
1,847		Sherwin-Williams Co		542,408

		TOTAL MATERIALS		3,984,908


MEDIA - 4.3%
24,198		Comcast Corp (Class A)		1,577,468
18,773		Interpublic Group of Cos, Inc		433,656
4,900		Time Warner, Inc		360,346
8,413		Walt Disney Co		822,960

		TOTAL MEDIA		3,194,430


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.4%
9,567	*	Alexion Pharmaceuticals, Inc		1,117,043
6,214	*	Allergan plc		1,435,993
20,513		Bristol-Myers Squibb Co		1,508,731
22,117	*	Celgene Corp		2,181,400
2,659		Gilead Sciences, Inc		221,814
3,055	*	Illumina, Inc		428,861
7,093		Teva Pharmaceutical Industries Ltd (ADR)		356,281
6,975		Thermo Electron Corp		1,030,626
2,115	*	Vertex Pharmaceuticals, Inc		181,932
16,869		Zoetis Inc		800,603

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		9,263,284


RETAILING - 10.2%
5,147	*	Amazon.com, Inc		3,683,296
6,920		Expedia, Inc		735,596
9,240		Home Depot, Inc		1,179,856
8,373	*	Liberty Interactive Corp		212,423
11,319		Lowe’s Companies, Inc		896,125
9,754	*	NetFlix, Inc		892,296

		TOTAL RETAILING		7,599,592


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
4,274	e	ARM Holdings plc (ADR)		194,510
4,795		Broadcom Ltd		745,143
11,486		Intel Corp		376,741
3,746	*	NXP Semiconductors NV		293,461

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,609,855


SOFTWARE & SERVICES - 30.9%
22,331		Activision Blizzard, Inc		884,978
26,373	*	Adobe Systems, Inc		2,526,270
2,373	*	Alphabet, Inc (Class A)		1,669,477
3,913	*	Alphabet, Inc (Class C)		2,708,187
3,092		Automatic Data Processing, Inc		284,062
8,791	*	Check Point Software Technologies		700,467
10,123	*	eBay, Inc		236,979
18,812	*	Facebook, Inc		2,149,835

TIAA-CREF LIFE FUNDS - Growth Equity Fund


SHARES		COMPANY						VALUE

24,032		Intuit, Inc						$	2,682,211
17,032		MasterCard, Inc (Class A)							1,499,838
43,315		Microsoft Corp							2,216,429
919	*,e	Mobileye NV							42,403
11,070	*	Red Hat, Inc							803,682
20,383	*	Salesforce.com, Inc							1,618,614
1,623	*,g	Scout24 AG.							60,328
1,329	*	ServiceNow, Inc							88,245
9,922		Symantec Corp							203,798
33,614		Visa, Inc (Class A)							2,493,150
7,821	*	Yahoo!, Inc							293,757

		TOTAL SOFTWARE & SERVICES							23,162,710


TECHNOLOGY HARDWARE & EQUIPMENT - 2.9%
22,707		Apple, Inc							2,170,789

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							2,170,789


TELECOMMUNICATION SERVICES - 1.2%
17,751	*	Level 3 Communications, Inc							913,999

		TOTAL TELECOMMUNICATION SERVICES							913,999


TRANSPORTATION - 1.0%
8,808		Union Pacific Corp							768,498

		TOTAL TRANSPORTATION							768,498

		TOTAL COMMON STOCKS (Cost $56,285,596)							74,141,171


PRINCIPAL		ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 2.5%

GOVERNMENT AGENCY DEBT - 1.8%
$1,300,000		Federal Home Loan Bank (FHLB)		0.100	%		07/01/16		1,300,000

									1,300,000


SHARES		COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
522,775	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust							522,775

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES							522,775

		TOTAL SHORT-TERM INVESTMENTS (Cost $1,822,775)							1,822,775

		TOTAL INVESTMENTS - 101.5% (Cost $58,108,371)							75,963,946
		OTHER ASSETS & LIABILITIES, NET - (1.5)%							(1,113,426	)

		NET ASSETS - 100.0%						$	74,850,520

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 $530,230.

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/16, the total value of these securities amounted to $60,328 or 0.1% of net assets.

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.7%

BANKS - 5.6%
100,194		Bank of America Corp	$	1,329,574
20,153		Citigroup, Inc		854,286
6,802		Comerica, Inc		279,766
26,891		JPMorgan Chase & Co		1,671,007
18,847		New York Community Bancorp, Inc		282,517
13,851		SunTrust Banks, Inc		568,999
31,205		Wells Fargo & Co		1,476,932
17,291		Zions Bancorporation		434,523

		TOTAL BANKS		6,897,604


CAPITAL GOODS - 6.9%
5,493		3M Co		961,934
1,328	n	Acuity Brands, Inc		329,291
9,238	n	Caesarstone Sdot-Yam Ltd		321,113
2,169		Deere & Co		175,776
50,653	n	General Electric Co		1,594,557
13,625		Honeywell International, Inc		1,584,860
8,571		Illinois Tool Works, Inc		892,756
4,683		Northrop Grumman Corp		1,040,937
6,553	n	Raytheon Co		890,880
1,558		Snap-On, Inc		245,883
7,631		Terex Corp		154,986
3,562	*,n	WABCO Holdings, Inc		326,172

		TOTAL CAPITAL GOODS		8,519,145


COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
5,699		Equifax, Inc		731,752
1,139		Waste Management, Inc		75,481

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		807,233


CONSUMER DURABLES & APPAREL - 2.8%
13,006		DR Horton, Inc		409,429
22,081	*,n	Kate Spade & Co		455,089
21,776		Mattel, Inc		681,371
3,107	*	Mohawk Industries, Inc		589,584
14,392		Newell Rubbermaid, Inc		699,020
9,690		Sony Corp		285,487
14,721	*,g	Spin Master Corp		303,661

		TOTAL CONSUMER DURABLES & APPAREL		3,423,641


CONSUMER SERVICES - 1.7%
7,131		McDonald’s Corp		858,145
27,601	*	MGM Resorts International		624,611
10,206	*	Norwegian Cruise Line Holdings Ltd		406,607
7,723	*	Red Rock Resorts, Inc		169,751

		TOTAL CONSUMER SERVICES		2,059,114


DIVERSIFIED FINANCIALS - 1.6%
17,206		ING Groep NV		178,012
2,059		IntercontinentalExchange Group, Inc		527,022
12,153	n	Lazard Ltd (Class A)		361,916
5,299		London Stock Exchange Group plc		180,052
19,922		Morgan Stanley		517,573
4,091		Oaktree Capital Group LLC		183,113

		TOTAL DIVERSIFIED FINANCIALS		1,947,688

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

ENERGY - 7.6%
10,975		Anadarko Petroleum Corp	$	584,419
6,722		Chevron Corp		704,667
8,646	*	Concho Resources, Inc		1,031,208
23,955	*,e	Continental Resources, Inc		1,084,443
4,408	*,n	Diamondback Energy, Inc		402,054
15,465		EOG Resources, Inc		1,290,090
4,367		EQT Corp		338,137
15,898	*	Newfield Exploration Co		702,374
15,760		Occidental Petroleum Corp		1,190,826
12,770	*	Parsley Energy, Inc		345,556
18,287	*	Rice Energy, Inc		403,045
19,835	*,e	RPC, Inc		308,038
10,152	*	RSP Permian, Inc		354,203
7,494		Schlumberger Ltd		592,625

		TOTAL ENERGY		9,331,685


FOOD & STAPLES RETAILING - 0.4%
6,746		Kroger Co		248,185
12,099	*	US Foods Holding Corp		293,280

		TOTAL FOOD & STAPLES RETAILING		541,465


FOOD, BEVERAGE & TOBACCO - 7.9%
31,892		Coca-Cola Co		1,445,664
16,977	n	ConAgra Foods, Inc		811,671
4,213	n	Constellation Brands, Inc (Class A)		696,830
25,191		Cott Corp		351,666
3,535		Fresh Del Monte Produce, Inc		192,410
2,075		Mead Johnson Nutrition Co		188,306
6,869		Molson Coors Brewing Co (Class B)		694,662
18,134		Mondelez International, Inc		825,278
5,576	*	Monster Beverage Corp		896,119
13,102		PepsiCo, Inc		1,388,026
17,164		Philip Morris International, Inc		1,745,922
4,361		Pinnacle Foods, Inc		201,871
7,191		Reynolds American, Inc		387,811

		TOTAL FOOD, BEVERAGE & TOBACCO		9,826,236


HEALTH CARE EQUIPMENT & SERVICES - 5.8%
13,383		Baxter International, Inc		605,179
32,565	*	Boston Scientific Corp		761,044
8,146	*,n	Edwards Lifesciences Corp		812,401
2,403	*	Express Scripts Holding Co		182,147
9,052	*	HCA Holdings, Inc		697,095
953	*	Intuitive Surgical, Inc		630,324
2,961		McKesson Corp		552,671
16,939		Medtronic plc		1,469,797
4,577		STERIS plc		314,669
6,183		Universal Health Services, Inc (Class B)		829,140
4,568	*	VCA Antech, Inc		308,842

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		7,163,309


HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
3,951		Beiersdorf AG.		374,059
1,259		Church & Dwight Co, Inc		129,538
14,397		Procter & Gamble Co		1,218,994

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,722,591


INSURANCE - 3.5%
18,749		American International Group, Inc		991,635
9,623	*	Berkshire Hathaway, Inc (Class B)		1,393,314
10,427		Chubb Ltd		1,362,913

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

7,542		Metlife, Inc	$	300,398
9,334		XL Capital Ltd		310,915

		TOTAL INSURANCE		4,359,175


MATERIALS - 2.7%
13,190		Barrick Gold Corp		281,607
24,137		Dow Chemical Co		1,199,850
1,039		Ecolab, Inc		123,226
3,108		Monsanto Co		321,398
7,465		PPG Industries, Inc		777,480
743		Syngenta AG.		285,199
4,278		WR Grace & Co		313,192

		TOTAL MATERIALS		3,301,952


MEDIA - 3.7%
4,143	*	AMC Networks, Inc		250,320
21,860		Comcast Corp (Class A)		1,425,053
8,510	*	Imax Corp		250,875
10,424	e	Lions Gate Entertainment Corp		210,877
3,832		Scripps Networks Interactive (Class A)		238,619
29,934		Sky plc		340,153
6,683		Time Warner, Inc		491,468
2,731		Viacom, Inc (Class B)		113,255
12,179	n	Walt Disney Co		1,191,350

		TOTAL MEDIA		4,511,970


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.5%
21,558		AbbVie, Inc		1,334,656
4,842	*,n	Allergan plc		1,118,938
8,582		Amgen, Inc		1,305,751
12,967	e	AstraZeneca plc (ADR)		391,474
5,329	*	BioMarin Pharmaceutical, Inc		414,596
21,093		Bristol-Myers Squibb Co		1,551,390
14,394		Eli Lilly & Co		1,133,528
12,374		Gilead Sciences, Inc		1,032,239
16,313	*	H Lundbeck AS		611,531
3,123	*	Incyte Corp		249,778
8,106		Ipsen		496,661
3,395	*	Jazz Pharmaceuticals plc		479,747
1,791	*	Ligand Pharmaceuticals, Inc (Class B)		213,613
64,081		Pfizer, Inc		2,256,292
5,885		Shire Ltd		363,707

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		12,953,901


REAL ESTATE - 0.4%
6,335		Communications Sales & Leasing, Inc		183,082
1,803		Crown Castle International Corp		182,878
1,116		Digital Realty Trust, Inc		121,633

		TOTAL REAL ESTATE		487,593


RETAILING - 7.1%
3,432	*	Amazon.com, Inc		2,456,008
851	*	AutoZone, Inc		675,558
8,195	*,n	Dollar Tree, Inc		772,297
15,809		Home Depot, Inc		2,018,651
10,043		Industria De Diseno Textil S.A.		337,384
55,132	*	JC Penney Co, Inc		489,572
17,333	*	Michaels Cos, Inc		492,950
4,301	*,n	NetFlix, Inc		393,455
2,238	*	O’Reilly Automotive, Inc		606,722
1,620		TJX Companies, Inc		125,113
1,689	*,n	Ulta Salon Cosmetics & Fragrance, Inc		411,508

		TOTAL RETAILING		8,779,218

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7%
28,298		Applied Materials, Inc	$	678,303
5,360		Broadcom Ltd		832,944
35,474		Intel Corp		1,163,547
8,540		Microchip Technology, Inc		433,491
14,522	*	Microsemi Corp		474,579
9,204		Nvidia Corp		432,680
6,597	*	NXP Semiconductors NV		516,809

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		4,532,353


SOFTWARE & SERVICES - 13.6%
9,852	*	Adobe Systems, Inc		943,723
4,479	*	Alphabet, Inc (Class C)		3,099,916
7,471	*	CyberArk Software Ltd		363,016
10,323	*	Electronic Arts, Inc		782,071
19,337	*	Facebook, Inc		2,209,832
4,915	*	Manhattan Associates, Inc		315,199
48,722		Microsoft Corp		2,493,105
1,972	*	MicroStrategy, Inc (Class A)		345,139
27,972		Oracle Corp		1,144,894
3,959	*,e	Proofpoint, Inc		249,773
14,681	*	Salesforce.com, Inc		1,165,818
32,800		Symantec Corp		673,712
11,778	*	Take-Two Interactive Software, Inc		446,622
18,341		Tencent Holdings Ltd		420,736
19,271		Visa, Inc (Class A)		1,429,330
16,583	*	Yahoo!, Inc		622,858

		TOTAL SOFTWARE & SERVICES		16,705,744


TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%
36,202		Apple, Inc		3,460,911
51,374		Cisco Systems, Inc		1,473,920
9,969	*	Cray, Inc		298,272
3,113	*	Electronics for Imaging, Inc		133,984
29,322	*	Flextronics International Ltd		346,000
21,260		Hewlett Packard Enterprise Co		388,420

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		6,101,507


TELECOMMUNICATION SERVICES - 2.5%
11,648	*	Level 3 Communications, Inc		599,755
16,673	*	T-Mobile US, Inc		721,441
30,576		Verizon Communications, Inc		1,707,364

		TOTAL TELECOMMUNICATION SERVICES		3,028,560


TRANSPORTATION - 1.8%
11,488		Delta Air Lines, Inc		418,508
5,794		Kansas City Southern Industries, Inc		521,981
11,303		United Parcel Service, Inc (Class B)		1,217,559

		TOTAL TRANSPORTATION		2,158,048


UTILITIES - 2.8%
7,683		American Water Works Co, Inc		649,290
6,470	*,g	DONG Energy A.S.		231,983
4,229		NextEra Energy Partners LP		128,477
8,672		NextEra Energy, Inc		1,130,829
15,234		NiSource, Inc		404,006
4,140		PG&E Corp		264,629
5,022		Sempra Energy		572,608

		TOTAL UTILITIES		3,381,822

		TOTAL COMMON STOCKS (Cost $96,835,828)		122,541,554

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

PURCHASED OPTIONS - 0.0%

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
2,500		Humana, Inc	$	36,650

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		36,650

		TOTAL PURCHASED OPTIONS (Cost $37,044)		36,650


SHORT-TERM INVESTMENTS - 1.8%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.8%
2,284,864	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		2,284,864

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		2,284,864

		TOTAL SHORT-TERM INVESTMENTS (Cost $2,284,864)		2,284,864

		TOTAL INVESTMENTS - 101.5% (Cost $99,157,736)		124,863,068
		OTHER ASSETS & LIABILITIES, NET - (1.5)%		(1,895,437	)

		NET ASSETS - 100.0%	$	122,967,631

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 $2,232,941.

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/16, the total value of these securities amounted to $535,644 or 0.4% of net assets.

n	All or a portion of these securities have been segregated by the custodian to cover 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 (unaudited)

June 30, 2016


SHARES		COMPANY	VALUE

COMMON STOCKS - 98.6%

AUTOMOBILES & COMPONENTS - 0.4%
4,274	*	American Axle & Manufacturing Holdings, Inc	$	61,888
13,476		Ford Motor Co		169,393

		TOTAL AUTOMOBILES & COMPONENTS		231,281


BANKS - 9.9%
103,019		Bank of America Corp		1,367,062
4,465		CIT Group, Inc		142,478
21,530		Citigroup, Inc		912,657
3,002		Comerica, Inc		123,472
7,470	*	Hilltop Holdings, Inc		156,795
4,989		Huntington Bancshares, Inc		44,602
14,375		JPMorgan Chase & Co		893,263
11,208		New York Community Bancorp, Inc		168,008
34,201		Regions Financial Corp		291,050
37,827	*	Royal Bank of Scotland Group plc		85,722
13,026		TCF Financial Corp		164,779
38,021		Wells Fargo & Co		1,799,534
15,322		Zions Bancorporation		385,042

		TOTAL BANKS		6,534,464


CAPITAL GOODS - 6.2%
4,293	*	AerCap Holdings NV		144,202
13,283	*	Colfax Corp		351,468
1,154		General Dynamics Corp		160,683
20,139		General Electric Co		633,976
7,469		Joy Global, Inc		157,895
4,405		L-3 Communications Holdings, Inc		646,169
7,073		Masco Corp		218,838
1,227		Raytheon Co		166,811
9,717	*	SPX Corp		144,297
8,330	*	SPX FLOW, Inc		217,163
16,744		Terex Corp		340,071
14,351		Triumph Group, Inc		509,461
3,149		United Technologies Corp		322,930
3,821	*	USG Corp		103,014

		TOTAL CAPITAL GOODS		4,116,978


CONSUMER DURABLES & APPAREL - 1.9%
18,574		Mattel, Inc		581,181
18,401		Pulte Homes, Inc		358,635
3,301		Sony Corp		97,254
7,580		Sony Corp (ADR)		222,473

		TOTAL CONSUMER DURABLES & APPAREL		1,259,543


CONSUMER SERVICES - 3.0%
12,563		ARAMARK Holdings Corp		419,855
3,465		Carnival Corp		153,153
15,834		Extended Stay America, Inc		236,718
12,987	*	MGM Resorts International		293,896
9,290	*	Red Rock Resorts, Inc		204,194
10,918		Restaurant Brands International, Inc		454,189
56,801		Sands China Ltd		192,210

		TOTAL CONSUMER SERVICES		1,954,215

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

DIVERSIFIED FINANCIALS - 5.2%
2,647		American Express Co	$	160,832
4,212		Bank of New York Mellon Corp		163,636
1,415		Capital One Financial Corp		89,867
7,516		Goldman Sachs Group, Inc		1,116,727
6,421	e	iShares Dow Jones US Real Estate Index Fund		528,448
5,167		Legg Mason, Inc		152,375
12,800		Morgan Stanley		332,544
3,221		State Street Corp		173,676
28,448	*	Synchrony Financial		719,166

		TOTAL DIVERSIFIED FINANCIALS		3,437,271


ENERGY - 13.7%
2,956		Anadarko Petroleum Corp		157,407
6,873		Apache Corp		382,620
10,716		Baker Hughes, Inc		483,613
36	*,e	California Resources Corp		439
27,734		Cenovus Energy, Inc		383,284
12,478		Chevron Corp		1,308,069
2,915	*,e	Continental Resources, Inc		131,962
3,880	*	Devon Energy Corp		140,650
148	*	Diamondback Energy, Inc		13,499
11,810		EOG Resources, Inc		985,190
11,240		Exxon Mobil Corp		1,053,638
30,305		Kinder Morgan, Inc		567,310
8,759		Marathon Oil Corp		131,473
18,582	*	Matador Resources Co		367,924
14,034		Nabors Industries Ltd		141,042
4,708	*	Newfield Exploration Co		207,999
3,724		Occidental Petroleum Corp		281,385
12,893	*	Parsley Energy, Inc		348,885
6,868		Plains All American Pipeline LP		188,801
18,607		Plains GP Holdings LP		194,071
12,104	*,e	RPC, Inc		187,975
8,611	*	RSP Permian, Inc		300,438
6,493		Schlumberger Ltd		513,466
3,534		Targa Resources Investments, Inc		148,923
63,901	*	Weatherford International Ltd		354,650
9,713	*	WPX Energy, Inc		90,428

		TOTAL ENERGY		9,065,141


FOOD & STAPLES RETAILING - 1.2%
6,285	*	US Foods Holding Corp		152,349
1,812		Walgreens Boots Alliance, Inc		150,885
6,877		Wal-Mart Stores, Inc		502,158

		TOTAL FOOD & STAPLES RETAILING		805,392


FOOD, BEVERAGE & TOBACCO - 6.1%
12,355		ConAgra Foods, Inc		590,693
4,609		Kellogg Co		376,325
2,777		Kraft Heinz Co		245,709
792		Molson Coors Brewing Co (Class B)		80,095
14,947		Mondelez International, Inc		680,238
12,600		Philip Morris International, Inc		1,281,672
17,415		Pinnacle Foods, Inc		806,140
166		Snyder’s-Lance, Inc		5,625

		TOTAL FOOD, BEVERAGE & TOBACCO		4,066,497


HEALTH CARE EQUIPMENT & SERVICES - 5.4%
25,476		Abbott Laboratories		1,001,461
632		Anthem, Inc		83,007
1,193		Baxter International, Inc		53,947
25,224	*	Boston Scientific Corp		589,485

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

1,013		Cigna Corp	$	129,654
3,754	*	Express Scripts Holding Co		284,553
3,340		Medtronic plc		289,812
6,268	*	WellCare Health Plans, Inc		672,431
4,012		Zimmer Holdings, Inc		482,965

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,587,315


HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
16,788		Procter & Gamble Co		1,421,440

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,421,440


INSURANCE - 5.9%
3,939		Allstate Corp		275,533
9,411		American International Group, Inc		497,748
4,336	*	Berkshire Hathaway, Inc (Class B)		627,810
3,924		Chubb Ltd		512,906
3,921		Hartford Financial Services Group, Inc		174,014
10,996		Metlife, Inc		437,971
10,395		Principal Financial Group		427,338
2,373		Travelers Cos, Inc		282,482
2,298		W.R. Berkley Corp		137,696
15,794		XL Capital Ltd		526,098

		TOTAL INSURANCE		3,899,596


MATERIALS - 4.5%
393	e	Acerinox S.A.		4,371
2,284		Albemarle Corp		181,144
30,042		Alcoa, Inc		278,489
2,574	*	Berry Plastics Group, Inc		100,000
4,384		Dow Chemical Co		217,929
4,345		EI du Pont de Nemours & Co		281,556
7,038		Freeport-McMoRan Copper & Gold, Inc (Class B)		78,403
6,673	*	GCP Applied Technologies, Inc		173,765
59,326	*	Louisiana-Pacific Corp		1,029,306
23,222	*	Multi Packaging Solutions International Ltd		310,014
12,831		Olin Corp		318,722

		TOTAL MATERIALS		2,973,699


MEDIA - 0.7%
1,675	*	AMC Networks, Inc		101,203
847		Naspers Ltd (N Shares)		129,333
1,734		Time Warner, Inc		127,518
3,142		Tribune Co		123,104

		TOTAL MEDIA		481,158


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.4%
13,059		Agilent Technologies, Inc		579,297
2,754	*	Allergan plc		636,422
6,979	*	Endo International plc		108,803
444	*	H Lundbeck AS		16,644
8,551		Johnson & Johnson		1,037,236
12,294		Merck & Co, Inc		708,258
32,051		Pfizer, Inc		1,128,516
179		Shire plc (ADR)		32,950

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,248,126


REAL ESTATE - 1.7%
649		AvalonBay Communities, Inc		117,073
10,786		MGM Growth Properties LLC		287,771
4,165		Post Properties, Inc		254,273
43,073		WP Glimcher, Inc		481,987

		TOTAL REAL ESTATE		1,141,104

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE


RETAILING - 1.2%
41,411	*	Groupon, Inc	$	134,586
200,000		Hengdeli Holdings Ltd		23,071
146,375	*	Intime Retail Group Co Ltd		122,026
50,469	*	JC Penney Co, Inc		448,165
26,469	*	Office Depot, Inc		87,612

		TOTAL RETAILING		815,460


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
61,204	*,e	Advanced Micro Devices, Inc		314,589
46,070		Advanced Semiconductor Engineering, Inc (ADR)		257,071
21,255	e	Cypress Semiconductor Corp		224,240
32,228		Intel Corp		1,057,078
28,785		Marvell Technology Group Ltd		274,321
6,775	*	Mellanox Technologies Ltd		324,929
25,006	*	ON Semiconductor Corp		220,553
3,702		Qualcomm, Inc		198,316
2,280		Xilinx, Inc		105,176

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,976,273


SOFTWARE & SERVICES - 4.2%
1,282	*	Cimpress NV		118,559
7,370	*	eBay, Inc		172,532
1,469	*	MicroStrategy, Inc (Class A)		257,104
25,377		Oracle Corp		1,038,680
18,809		Symantec Corp		386,337
5,478	*	Teradata Corp		137,334
17,002	*	Yahoo!, Inc		638,595

		TOTAL SOFTWARE & SERVICES		2,749,141


TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
12,924	*	Ciena Corp		242,325
26,172		Cisco Systems, Inc		750,875
4,855		Corning, Inc		99,430
18,427		Hewlett Packard Enterprise Co		336,661
3,600		Hitachi High-Technologies Corp		98,524
14,189		HP, Inc		178,072
12,583	*	Lumentum Holdings, Inc		304,509
4,346		Western Digital Corp		205,392

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,215,788


TELECOMMUNICATION SERVICES - 4.7%
25,852		AT&T, Inc		1,117,065
9,649	*	Level 3 Communications, Inc		496,827
15,898		Telephone & Data Systems, Inc		471,535
18,212		Verizon Communications, Inc		1,016,958

		TOTAL TELECOMMUNICATION SERVICES		3,102,385


TRANSPORTATION - 1.8%
15,994	*,b,m	AMR Corp (Escrow)		160
34,255	*	Hertz Global Holdings, Inc		379,203
4,108		Kansas City Southern Industries, Inc		370,090
5,146		Union Pacific Corp		448,988

		TOTAL TRANSPORTATION		1,198,441


UTILITIES - 4.6%
3,364		American Electric Power Co, Inc		235,783
3,124		Duke Energy Corp		268,008
17,533	*	Dynegy, Inc		302,269
2,391		Edison International		185,709
2,876		Exelon Corp		104,571
5,468		FirstEnergy Corp		190,888

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

6,527		NextEra Energy, Inc	$	851,121
4,734		PG&E Corp		302,597
1,303		Sempra Energy		148,568
10,853		Xcel Energy, Inc		485,997

		TOTAL UTILITIES		3,075,511

		TOTAL COMMON STOCKS (Cost $56,643,868)		65,356,219


RIGHTS / WARRANTS - 0.0%

MATERIALS - 0.0%
393		Acerinox S.A.		198

		TOTAL MATERIALS		198

		TOTAL RIGHTS / WARRANTS (Cost $195)		198


SHORT-TERM INVESTMENTS - 1.1%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1%
760,464	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		760,464

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		760,464

		TOTAL SHORT-TERM INVESTMENTS (Cost $760,464)		760,464

		TOTAL INVESTMENTS - 99.7% (Cost $57,404,527)		66,116,881
		OTHER ASSETS & LIABILITIES, NET - 0.3%		184,404

		NET ASSETS - 100.0%	$	66,301,285

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 $769,572.

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 (unaudited)

June 30, 2016


SHARES		COMPANY	VALUE

COMMON STOCKS - 97.0%

ASSET MANAGEMENT & CUSTODY BANKS - 0.5%
40,301		NorthStar Asset Management Group, Inc	$	411,473

		TOTAL ASSET MANAGEMENT & CUSTODY BANKS		411,473


DIVERSIFIED REAL ESTATE ACTIVITIES - 0.4%
55,000		Wharf Holdings Ltd		335,639

		TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES		335,639


DIVERSIFIED REITS - 5.4%
140,000		Gramercy Property Trust		1,290,800
10,000		iShares Dow Jones US Real Estate Index Fund		823,000
75,000		NorthStar Realty Finance Corp		857,250
95,000		Spirit Realty Capital, Inc		1,213,150

		TOTAL DIVERSIFIED REITS		4,184,200


HOTEL & RESORT REITS - 1.0%
30,000		MGM Growth Properties LLC		800,400

		TOTAL HOTEL & RESORT REITS		800,400


INDUSTRIAL REITS - 8.2%
46,000		Prologis, Inc		2,255,840
150,000		Rexford Industrial Realty, Inc		3,163,500
35,000		Terreno Realty Corp		905,450

		TOTAL INDUSTRIAL REITS		6,324,790


IT CONSULTING & OTHER SERVICES - 0.9%
18,000	*	InterXion Holding NV		663,840

		TOTAL IT CONSULTING & OTHER SERVICES		663,840


OFFICE REITS - 9.7%
17,000		Boston Properties, Inc		2,242,300
15,000		Hudson Pacific Properties		437,700
14,000		Kilroy Realty Corp		928,060
35,427		NorthStar Realty Europe Corp		327,700
21,000		SL Green Realty Corp		2,235,870
13,000		Vornado Realty Trust		1,301,560

		TOTAL OFFICE REITS		7,473,190


REAL ESTATE SERVICES - 0.9%
37,000		Kennedy-Wilson Holdings, Inc		701,520

		TOTAL REAL ESTATE SERVICES		701,520


RESIDENTIAL REITS - 18.0%
23,000		Apartment Investment & Management Co (Class A)		1,015,680
18,500		AvalonBay Communities, Inc		3,337,215
21,500		Equity Lifestyle Properties, Inc		1,721,075
46,000		Equity Residential		3,168,480
10,500		Essex Property Trust, Inc		2,394,945
100,000		Monogram Residential Trust, Inc		1,021,000
16,000		Sun Communities, Inc		1,226,240

		TOTAL RESIDENTIAL REITS		13,884,635

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund


SHARES	COMPANY	VALUE


RETAIL REITS - 19.6%
55,000	DDR Corp	$	997,700
30,000	Equity One, Inc		965,400
14,000	Federal Realty Investment Trust		2,317,700
80,000	General Growth Properties, Inc		2,385,600
12,112	National Retail Properties, Inc		626,433
37,000	Retail Opportunities Investment Corp		801,790
32,500	Simon Property Group, Inc		7,049,250

	TOTAL RETAIL REITS		15,143,873


SPECIALIZED REITS - 32.4%
23,000	American Tower Corp		2,613,030
21,000	Crown Castle International Corp		2,130,030
5,000	CubeSmart		154,400
15,000	CyrusOne, Inc		834,900
30,000	DiamondRock Hospitality Co		270,900
5,500	Digital Realty Trust, Inc		599,445
6,500	Equinix, Inc		2,520,245
17,000	Extra Space Storage, Inc		1,573,180
25,000	Four Corners Property Trust, Inc		514,750
45,000	Gaming and Leisure Properties, Inc		1,551,600
55,000	Host Marriott Corp		891,550
10,000	Iron Mountain, Inc		398,300
15,000	National Storage Affiliates Trust		312,300
25,000	Pebblebrook Hotel Trust		656,250
12,000	Public Storage, Inc		3,067,080
10,000	QTS Realty Trust, Inc		559,800
65,000	Sunstone Hotel Investors, Inc		784,550
28,000	Ventas, Inc		2,038,960
28,000	Welltower, Inc		2,132,760
50,000	Weyerhaeuser Co		1,488,500

	TOTAL SPECIALIZED REITS		25,092,530

	TOTAL COMMON STOCKS (Cost $52,686,758)		75,016,090

	TOTAL INVESTMENTS - 97.0% (Cost $52,686,758)		75,016,090
	OTHER ASSETS & LIABILITIES, NET - 3.0%		2,306,410

	NET ASSETS - 100.0%	$	77,322,500

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 (unaudited)

June 30, 2016


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 0.6%
8,500	*	American Axle & Manufacturing Holdings, Inc	$	123,080
3,899	*	Tenneco, Inc		181,732

		TOTAL AUTOMOBILES & COMPONENTS		304,812


BANKS - 10.1%
6,885		BankUnited		211,507
3,280		Banner Corp		139,531
13,420		Brookline Bancorp, Inc		148,023
7,291		Capitol Federal Financial		101,709
3,300		Columbia Banking System, Inc		92,598
9,700	*	Essent Group Ltd		211,557
11,966		First Commonwealth Financial Corp		110,087
10,585		First Midwest Bancorp, Inc		185,873
20,653		Fulton Financial Corp		278,816
9,890		Great Western Bancorp, Inc		311,931
8,780	*	Hilltop Holdings, Inc		184,292
4,700		IBERIABANK Corp		280,731
5,300		LegacyTexas Financial Group, Inc		142,623
8,193		Oritani Financial Corp		131,006
3,284		Pinnacle Financial Partners, Inc		160,423
5,251		Popular, Inc		153,854
8,579		PrivateBancorp, Inc		377,733
12,730		Provident Financial Services, Inc		250,017
19,210		Radian Group, Inc		200,168
13,161		Sterling Bancorp/DE		206,628
10,740		Umpqua Holdings Corp		166,148
8,737		United Community Banks, Inc		159,800
7,800		Washington Federal, Inc		189,228
4,830	*	Western Alliance Bancorp		157,700
4,600		Wintrust Financial Corp		234,600

		TOTAL BANKS		4,786,583


CAPITAL GOODS - 8.2%
2,935	*	American Woodmark Corp		194,825
1,970		Apogee Enterprises, Inc		91,309
5,010		Barnes Group, Inc		165,931
6,270	*	Beacon Roofing Supply, Inc		285,097
4,000	*	Colfax Corp		105,840
5,989		Comfort Systems USA, Inc		195,062
2,300		Crane Co		130,456
3,222		Cubic Corp		129,396
5,200	*	DigitalGlobe, Inc		111,228
6,177		EMCOR Group, Inc		304,279
3,439		Encore Wire Corp		128,206
2,994		EnerSys		178,053
2,700		EnPro Industries, Inc		119,853
1,900		HEICO Corp		126,939
1,300		IDEX Corp		106,730
5,470		ITT, Inc		174,931
1,877		John Bean Technologies Corp		114,910
2,500	*	Moog, Inc (Class A)		134,800
9,200	*	MRC Global, Inc		130,732
6,260		Mueller Industries, Inc		199,569
1,100		Orbital ATK, Inc		93,654
2,000	*	Patrick Industries, Inc		120,580
5,260	*	SPX FLOW, Inc		137,128

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

1,900		Toro Co	$	167,580
1,686		Universal Forest Products, Inc		156,275
8,800	*	Wabash National Corp		111,760

		TOTAL CAPITAL GOODS		3,915,123


COMMERCIAL & PROFESSIONAL SERVICES - 2.6%
6,890		Herman Miller, Inc		205,942
4,640		Kforce, Inc		78,370
7,035	*	Navigant Consulting, Inc		113,615
4,010	*	On Assignment, Inc		148,169
6,411		Rollins, Inc		187,650
5,400	*	TransUnion		180,576
3,931		Viad Corp		121,861
3,012	*	WageWorks, Inc		180,148

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,216,331


CONSUMER DURABLES & APPAREL - 3.5%
4,490		Brunswick Corp		203,487
2,360		Columbia Sportswear Co		135,794
1,450	*	Helen of Troy Ltd		149,118
7,180	*	Kate Spade & Co		147,980
5,553		La-Z-Boy, Inc		154,484
7,310	*	Nautilus, Inc		130,410
2,396		Oxford Industries, Inc		135,662
2,090		Pool Corp		196,523
19,440	*	TRI Pointe Homes, Inc		229,781
3,400	*	Vista Outdoor, Inc		162,282

		TOTAL CONSUMER DURABLES & APPAREL		1,645,521


CONSUMER SERVICES - 3.7%
6,900	*	Apollo Group, Inc (Class A)		62,928
17,577	*	Belmond Ltd.		174,013
7,490		Bloomin’ Brands, Inc		133,846
3,920		Cheesecake Factory		188,709
1,150		Churchill Downs, Inc		145,314
3,580	*	Dave & Buster’s Entertainment, Inc		167,508
9,610	*	Denny’s Corp		103,115
5,785	*	Grand Canyon Education, Inc		230,937
7,223	*	K12, Inc		90,215
2,200		Marriott Vacations Worldwide Corp		150,678
2,030	l	Vail Resorts, Inc		280,607

		TOTAL CONSUMER SERVICES		1,727,870


DIVERSIFIED FINANCIALS - 1.2%
4,065		Evercore Partners, Inc (Class A)		179,632
10,500		NorthStar Asset Management Group, Inc		107,205
23,500	*	SLM Corp		145,230
4,800	*	Stifel Financial Corp		150,960

		TOTAL DIVERSIFIED FINANCIALS		583,027


ENERGY - 4.0%
20,438	*	Callon Petroleum Co		229,519
4,620	*	Carrizo Oil & Gas, Inc		165,627
4,927		Delek US Holdings, Inc		65,086
5,809	*	Exterran Corp		74,645
7,660		Green Plains Renewable Energy, Inc		151,055
5,808	*	Matrix Service Co		95,774
54,940	*	McDermott International, Inc		271,404
14,250	*	Oasis Petroleum, Inc		133,095
7,855	*	Parsley Energy, Inc		212,556
8,030		Questar Market Resources, Inc		141,569

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

16,265	*	Renewable Energy Group, Inc	$	143,620
5,700	*	Rice Energy, Inc		125,628
14,700	*	Synergy Resources Corp		97,902

		TOTAL ENERGY		1,907,480


FOOD & STAPLES RETAILING - 0.5%
4,600	*	United Natural Foods, Inc		215,280

		TOTAL FOOD & STAPLES RETAILING		215,280


FOOD, BEVERAGE & TOBACCO - 2.7%
15,860	*	Darling International, Inc		236,314
11,350		Dean Foods Co		205,322
2,800		Fresh Del Monte Produce, Inc		152,404
1,824		Lancaster Colony Corp		232,761
660	*	Post Holdings, Inc		54,575
1,980	e	Sanderson Farms, Inc		171,547
9,204	e	Vector Group Ltd		206,354

		TOTAL FOOD, BEVERAGE & TOBACCO		1,259,277


HEALTH CARE EQUIPMENT & SERVICES - 6.0%
90	*	Abiomed, Inc		9,836
2,268	*	Anika Therapeutics, Inc		121,678
6,002	*	HealthStream, Inc		159,173
4,520		Hill-Rom Holdings, Inc		228,034
2,820	*	ICU Medical, Inc		317,955
2,230	*	Integra LifeSciences Holdings Corp		177,910
12,940		Kindred Healthcare, Inc		146,093
6,811	*	Merit Medical Systems, Inc		135,062
3,521	*	Natus Medical, Inc		133,094
4,550	*	NuVasive, Inc		271,726
5,156	*	Omnicell, Inc		176,490
15,122	*	OraSure Technologies, Inc		89,371
4,211	*	PharMerica Corp		103,843
6,373	*	Premier, Inc		208,397
2,830	*	Team Health Holdings, Inc		115,096
3,123	*	Vascular Solutions, Inc		130,104
1,839	*	WellCare Health Plans, Inc		197,288
7,500	*	Wright Medical Group NV		130,275

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,851,425


HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
890	*	USANA Health Sciences, Inc		99,173

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		99,173


INSURANCE - 2.2%
14,606		American Equity Investment Life Holding Co		208,135
4,203		Aspen Insurance Holdings Ltd		194,935
5,326		Employers Holdings, Inc		154,561
4,664		HCI Group, Inc		127,234
5,620		Selective Insurance Group, Inc		214,740
6,600		Universal Insurance Holdings, Inc		122,628

		TOTAL INSURANCE		1,022,233


MATERIALS - 5.1%
4,090	*	Boise Cascade Co		93,866
3,600		Cabot Corp		164,376
18,550	*	Century Aluminum Co		117,422
8,050	*	Chemtura		212,359
17,740	*	Coeur Mining, Inc		189,108
4,720		Greif, Inc (Class A)		175,914
9,650	*	Headwaters, Inc		173,121
5,507	*	Kraton Polymers LLC		153,811

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

13,430	*	Louisiana-Pacific Corp	$	233,011
3,938		Minerals Technologies, Inc		223,678
5,300		PolyOne Corp		186,772
4,619		Schnitzer Steel Industries, Inc (Class A)		81,294
2,427		Sensient Technologies Corp		172,414
2,770	*	Trinseo S.A.		118,916
5,400	e	United States Steel Corp		91,044

		TOTAL MATERIALS		2,387,106


MEDIA - 1.4%
16,039	*	Gray Television, Inc		174,023
9,830	*	Live Nation, Inc		231,005
4,600	*	Starz-Liberty Capital		137,632
6,950		Time, Inc		114,397

		TOTAL MEDIA		657,057


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.2%
2,430	*	Acorda Therapeutics, Inc		61,977
7,460	*	Amphastar Pharmaceuticals, Inc		120,255
27,922	*	Array Biopharma, Inc		99,402
1,100	*	Atara Biotherapeutics, Inc		24,761
4,493	*	Cambrex Corp		232,423
6,700	*	Cepheid, Inc		206,025
2,400	*	Dermira, Inc		70,200
4,058	*	Emergent Biosolutions, Inc		114,111
5,716	*	FibroGen, Inc		93,800
3,100	*	Five Prime Therapeutics, Inc		128,185
9,200	*	Halozyme Therapeutics, Inc		79,396
6,852	*	Impax Laboratories, Inc		197,475
3,694	*	INC Research Holdings, Inc		140,852
3,790	*	Insmed, Inc		37,369
400	*,e	Kite Pharma, Inc		20,000
3,010	*	MacroGenics, Inc		81,240
3,349	*,e	Medicines Co		112,627
6,442	*	Merrimack Pharmaceuticals, Inc		34,722
4,546	*	Momenta Pharmaceuticals, Inc		49,097
2,600	*,e	NewLink Genetics Corp		29,276
4,500	*,e	Novavax, Inc		32,715
11,200	*,e	Pacific Biosciences of California, Inc		78,792
4,160	*	Parexel International Corp		261,581
4,000		Phibro Animal Health Corp		74,640
3,019	*	PRA Health Sciences, Inc		126,073
3,620	*	Prestige Brands Holdings, Inc		200,548
1,300	*	Puma Biotechnology, Inc		38,727
2,800	*,e	Retrophin, Inc		49,868
5,475	*	Sagent Pharmaceuticals		82,016
14,420	*	Spectrum Pharmaceuticals, Inc		94,739
6,310	*	Sucampo Pharmaceuticals, Inc (Class A)		69,221
8,577	*	Supernus Pharmaceuticals, Inc		174,714
1,868	*	Ultragenyx Pharmaceutical, Inc		91,364
6,300	*	Vanda Pharmaceuticals, Inc		70,497
2,273	*	Xencor Inc		43,164

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		3,421,852


REAL ESTATE - 10.1%
3,400	*	Altisource Portfolio Solutions S.A.		94,656
4,040		American Assets Trust, Inc		171,457
2,900		Coresite Realty		257,201
23,314		Cousins Properties, Inc		242,466
8,017		CubeSmart		247,565
5,380		DCT Industrial Trust, Inc		258,455
7,660		DuPont Fabros Technology, Inc		364,156
6,200		Education Realty Trust, Inc		286,068
3,200		Entertainment Properties Trust		258,176

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

10,890		First Industrial Realty Trust, Inc	$	302,960
3,700		Hersha Hospitality Trust		63,455
19,100		Medical Properties Trust, Inc		290,511
2,309		PS Business Parks, Inc		244,939
4,530		QTS Realty Trust, Inc		253,589
8,983		Retail Opportunities Investment Corp		194,662
9,240		RLJ Lodging Trust		198,198
2,015		Saul Centers, Inc		124,346
2,747		Sovran Self Storage, Inc		288,215
4,700		STORE Capital Corp		138,415
15,542		Summit Hotel Properties, Inc		205,776
3,690		Sunstone Hotel Investors, Inc		44,538
8,887		Urban Edge Properties		265,366

		TOTAL REAL ESTATE		4,795,170


RETAILING - 3.6%
2,400		Cato Corp (Class A)		90,528
10,460		Chico’s FAS, Inc		112,027
2,380		Children’s Place Retail Stores, Inc		190,828
10,600	*,e	Etsy, Inc		101,654
7,400	*	Francesca’s Holdings Corp		81,770
2,850		Group 1 Automotive, Inc		140,676
8,040	*	Liberty TripAdvisor Holdings, Inc		175,915
5,900	*	Michaels Cos, Inc		167,796
4,400		Nutri/System, Inc		111,584
2,100	*,e	Restoration Hardware Holdings, Inc		60,228
5,380	*	Sally Beauty Holdings, Inc		158,226
2,500	*	Shutterfly, Inc		116,525
14,400		Staples, Inc		124,128
9,800		Tailored Brands, Inc		124,068

		TOTAL RETAILING		1,755,953


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3%
2,532	*	Advanced Energy Industries, Inc		96,115
30,200	*	Advanced Micro Devices, Inc		155,228
2,635		Cabot Microelectronics Corp		111,566
3,800	*	Cavium, Inc		146,680
11,262	*	Entegris, Inc		162,961
8,400	*	Inphi Corp		269,052
8,588	*	Integrated Device Technology, Inc		172,876
12,245		Intersil Corp (Class A)		165,797
6,500	*	MaxLinear, Inc		116,870
3,865		MKS Instruments, Inc		166,427
6,777	*	Rudolph Technologies, Inc		105,247
3,512	*	Silicon Laboratories, Inc		171,175
6,250		Tessera Technologies, Inc		191,500

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,031,494


SOFTWARE & SERVICES - 9.0%
4,110	*	BroadSoft, Inc		168,633
2,300	*	CACI International, Inc (Class A)		207,943
3,600	*	Commvault Systems, Inc		155,484
4,210	*	comScore, Inc		100,535
5,090		CSRA, Inc		119,259
2,446	*	EPAM Systems, Inc		157,302
2,820	*	Euronet Worldwide, Inc		195,116
12,546	*	Everyday Health, Inc		98,863
3,600	*	ExlService Holdings, Inc		188,676
4,340	*	Gigamon, Inc		162,273
5,027	*	Infoblox, Inc		94,307
13,384	*	Intralinks Holdings, Inc		86,996
2,600	*	LogMeIn, Inc		164,918
3,549		MAXIMUS, Inc		196,508
900	*	MicroStrategy, Inc (Class A)		157,518

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

11,210	*	Nuance Communications, Inc	$	175,212
8,901	*	Progress Software Corp		244,421
2,400	*,e	Proofpoint, Inc		151,416
5,768	*	RealPage, Inc		128,799
8,014	*	Rubicon Project, Inc		109,391
4,560		Science Applications International Corp		266,076
2,855	*	SPS Commerce, Inc		173,013
1,810	*	Stamps.com, Inc		158,230
3,770	*	Synchronoss Technologies, Inc		120,112
1,800	*	Tableau Software, Inc		88,056
11,570		Travelport Worldwide Ltd		149,137
4,060	*	Verint Systems, Inc		134,508
6,300	*	Xactly Corp		80,703

		TOTAL SOFTWARE & SERVICES		4,233,405


TECHNOLOGY HARDWARE & EQUIPMENT - 6.1%
2,930	*	Anixter International, Inc		156,110
7,600	*	ARRIS International plc		159,296
3,840		Belden CDT, Inc		231,821
14,000		Brocade Communications Systems, Inc		128,520
4,000	*	Cray, Inc		119,680
10,260	*	Finisar Corp		179,653
9,487	*	II-VI, Inc		177,976
8,137	*	Immersion Corp		59,726
13,002	*	Ixia		127,680
5,400	*	Lumentum Holdings, Inc		130,680
4,090	*	NCR Corp		113,579
3,650	*	Netgear, Inc		173,521
7,000	*	Netscout Systems, Inc		155,750
2,800		Plantronics, Inc		123,200
5,110	*	QLogic Corp		75,321
10,617	*	Sanmina Corp		284,642
1,510	*	Synaptics, Inc		81,162
15,787	*	TTM Technologies, Inc		118,876
4,100	e	Ubiquiti Networks, Inc		158,506
5,570	*	VeriFone Systems, Inc		103,268

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,858,967


TELECOMMUNICATION SERVICES - 1.9%
15,208	*	8x8, Inc		222,189
12,885		Inteliquent, Inc		256,283
6,300		Telephone & Data Systems, Inc		186,858
34,402	*	Vonage Holdings Corp		209,852

		TOTAL TELECOMMUNICATION SERVICES		875,182


TRANSPORTATION - 1.8%
16,815	*	Air Transport Services Group, Inc		217,922
5,369	*	Atlas Air Worldwide Holdings, Inc		222,384
5,250	*	Hub Group, Inc (Class A)		201,443
5,041		Skywest, Inc		133,385
7,461	*	YRC Worldwide, Inc		65,657

		TOTAL TRANSPORTATION		840,791



UTILITIES - 3.6%
4,440		Allete, Inc		286,957
7,633		Avista Corp		341,958
3,494		Black Hills Corp		220,262
1,944		Chesapeake Utilities Corp		128,654
8,167		NRG Yield, Inc (Class A)		124,302
701		Otter Tail Corp		23,476
8,734		South Jersey Industries, Inc		276,169
3,663		Southwest Gas Corp		288,315

		TOTAL UTILITIES		1,690,093

		TOTAL COMMON STOCKS (Cost $43,515,493)		47,081,205

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

SHORT-TERM INVESTMENTS - 2.3%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.3%
1,107,190	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	1,107,190

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		1,107,190

		TOTAL SHORT-TERM INVESTMENTS (Cost $1,107,190)		1,107,190

		TOTAL INVESTMENTS - 101.9% (Cost $44,622,683)		48,188,395
		OTHER ASSETS & LIABILITIES, NET - (1.9)%		(920,771	)

		NET ASSETS - 100.0%	$	47,267,624

*	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 $1,096,651.

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 (unaudited)

June 30, 2016


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.9%

AUTOMOBILES & COMPONENTS - 1.7%
229		BorgWarner, Inc	$	6,760
22,548		Ford Motor Co		283,428
1,838		Harley-Davidson, Inc		83,262
5,792		Johnson Controls, Inc		256,354
292	*	Modine Manufacturing Co		2,570
117	*	Tenneco, Inc		5,453
779	*	Tesla Motors, Inc		165,366

		TOTAL AUTOMOBILES & COMPONENTS		803,193


BANKS - 3.9%
312		Ameris Bancorp		9,266
1,975		Apollo Residential Mortgage		26,465
470		Associated Banc-Corp		8,060
196		Bank of Hawaii Corp		13,485
131		Bank of the Ozarks, Inc		4,915
8,019		BB&T Corp		285,557
200		Boston Private Financial Holdings, Inc		2,356
207		Camden National Corp		8,694
38		Capitol Federal Financial		530
545		Centerstate Banks of Florida, Inc		8,584
1,091		CIT Group, Inc		34,814
1,597		Comerica, Inc		65,685
117		Commerce Bancshares, Inc		5,604
22		Community Bank System, Inc		904
69		Cullen/Frost Bankers, Inc		4,397
217	*	Customers Bancorp, Inc		5,453
486	*	FCB Financial Holdings, Inc		16,524
930		Federal Agricultural Mortgage Corp (Class C)		32,383
717		First Community Bancshares, Inc		16,089
201		First Interstate Bancsystem, Inc		5,648
182		First Merchants Corp		4,537
244		Heritage Financial Corp		4,290
414	*	HomeStreet, Inc		8,247
1,569	*	HomeTrust Bancshares, Inc		29,026
88		IBERIABANK Corp		5,256
12,026		Keycorp		132,887
169		Lakeland Financial Corp		7,945
1,942		M&T Bank Corp		229,603
528	*	MGIC Investment Corp		3,142
1,477		New York Community Bancorp, Inc		22,140
333		OFG Bancorp		2,764
145		Old National Bancorp		1,817
199		PacWest Bancorp		7,916
18		Peoples Bancorp, Inc		392
189		People’s United Financial, Inc		2,771
176	*	PHH Corp		2,344
3,688		PNC Financial Services Group, Inc		300,166
1,276		Popular, Inc		37,387
188		PrivateBancorp, Inc		8,278
355		Provident Financial Services, Inc		6,972
3,063		Radian Group, Inc		31,916
130		Stock Yards Bancorp, Inc		3,670
269	*	SVB Financial Group		25,598
31		TCF Financial Corp		392
50		UMB Financial Corp		2,660
102		United Bankshares, Inc		3,826

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

4,625		United Financial Bancorp, Inc (New)	$	60,033
9,042		US Bancorp		364,664
157	*	Walker & Dunlop, Inc		3,576
107		Webster Financial Corp		3,633
49		Westamerica Bancorporation		2,414
110	*	Western Alliance Bancorp		3,592
169		Wilshire Bancorp, Inc		1,761
290		Zions Bancorporation		7,288

		TOTAL BANKS		1,888,316


CAPITAL GOODS - 6.3%
2,705		3M Co		473,700
178		A.O. Smith Corp		15,684
3,048		Ametek, Inc		140,909
17		Applied Industrial Technologies, Inc		767
1,093		Barnes Group, Inc		36,200
200		Briggs & Stratton Corp		4,236
1,027	*	Builders FirstSource, Inc		11,554
1,943		Caterpillar, Inc		147,299
33	*	Chart Industries, Inc		796
1,563		Cummins, Inc		175,744
3,661		Danaher Corp		369,761
1,749		Deere & Co		141,739
377		Dover Corp		26,134
2,685		Eaton Corp		160,375
72		EnerSys		4,282
139	*	Esterline Technologies Corp		8,623
1,324		Fastenal Co		58,772
164		Graco, Inc		12,954
117		Hexcel Corp		4,872
2,805		Illinois Tool Works, Inc		292,169
1,107		Ingersoll-Rand plc		70,494
166		Lincoln Electric Holdings, Inc		9,807
3,766		Masco Corp		116,520
400	*	Meritor, Inc		2,880
1,418		Owens Corning, Inc		73,055
2,211		Paccar, Inc		114,685
294		Parker Hannifin Corp		31,767
882		Pentair plc		51,412
934	*	Quanta Services, Inc		21,594
519		Rockwell Automation, Inc		59,592
606		Rockwell Collins, Inc		51,595
340		Roper Industries, Inc		57,990
55		TAL International Group, Inc		737
131		Tennant Co		7,057
143		Timken Co		4,384
893	*	TransDigm Group, Inc		235,475
259	*	United Rentals, Inc		17,379
26		W.W. Grainger, Inc		5,908
179		Woodward Governor Co		10,318
86		Xylem, Inc		3,840

		TOTAL CAPITAL GOODS		3,033,059


COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
2,963	*	ACCO Brands Corp		30,608
93		CEB, Inc		5,736
1,382	*	Copart, Inc		67,732
245		Deluxe Corp		16,261
669		Dun & Bradstreet Corp		81,511
726		Equifax, Inc		93,218
118		Exponent, Inc		6,892
366		Heidrick & Struggles International, Inc		6,178
168		HNI Corp		7,810
73	*	IHS, Inc (Class A)		8,440

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

74		Insperity, Inc	$	5,715
190		Interface, Inc		2,898
291		Manpower, Inc		18,723
1,111		R.R. Donnelley & Sons Co		18,798
1,175		Robert Half International, Inc		44,838
160	*	RPX Corp		1,467
282		Tetra Tech, Inc		8,670
907		Waste Management, Inc		60,107

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		485,602


CONSUMER DURABLES & APPAREL - 1.3%
200		Callaway Golf Co		2,042
10		Columbia Sportswear Co		575
14	*	Deckers Outdoor Corp		805
616		Hanesbrands, Inc		15,480
13		Hasbro, Inc		1,092
355	*	Kate Spade & Co		7,317
3,914		Mattel, Inc		122,469
72	*	Meritage Homes Corp		2,703
95	*	Mohawk Industries, Inc		18,027
200		Movado Group, Inc		4,336
6,548		Nike, Inc (Class B)		361,450
71	*	Tempur-Pedic International, Inc		3,928
2		Tupperware Corp		113
681	*	Under Armour, Inc (Class A)		27,328
965		VF Corp		59,338
58		Whirlpool Corp		9,665

		TOTAL CONSUMER DURABLES & APPAREL		636,668


CONSUMER SERVICES - 2.6%
55		Bob Evans Farms, Inc		2,087
200		Brinker International, Inc		9,106
666		Choice Hotels International, Inc		31,715
800		Darden Restaurants, Inc		50,672
13		DineEquity, Inc		1,102
60		Dunkin Brands Group, Inc		2,617
394		Interval Leisure Group, Inc		6,265
2,630		Marriott International, Inc (Class A)		174,790
3,722		McDonald’s Corp		447,906
247	*	Popeyes Louisiana Kitchen, Inc		13,496
333		Royal Caribbean Cruises Ltd		22,361
410	*	ServiceMaster Global Holdings, Inc		16,318
177		Sonic Corp		4,788
7,281		Starbucks Corp		415,891
916		Starwood Hotels & Resorts Worldwide, Inc		67,738
6		Vail Resorts, Inc		829

		TOTAL CONSUMER SERVICES		1,267,681


DIVERSIFIED FINANCIALS - 5.7%
445	*	Ally Financial, Inc		7,596
4,713		American Express Co		286,362
8,230		Bank of New York Mellon Corp		319,735
923		BlackRock, Inc		316,155
9,468		Charles Schwab Corp		239,635
2,462		CME Group, Inc		239,799
86	*	Credit Acceptance Corp		15,917
4,703		Discover Financial Services		252,034
49		Factset Research Systems, Inc		7,910
3,369		Franklin Resources, Inc		112,423
221	*	Green Dot Corp		5,081
1,022		IntercontinentalExchange Group, Inc		261,591
3,135		Invesco Ltd		80,068
466		Janus Capital Group, Inc		6,487
566		Legg Mason, Inc		16,691
785		NASDAQ OMX Group, Inc		50,766

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

3,726		Northern Trust Corp	$	246,885
3,559		State Street Corp		191,901
1,363		T Rowe Price Group, Inc		99,458

		TOTAL DIVERSIFIED FINANCIALS		2,756,494


ENERGY - 7.1%
2,538		Apache Corp		141,290
49		Archrock, Inc		462
1,867		Baker Hughes, Inc		84,258
1,540	*	Callon Petroleum Co		17,294
56		CARBO Ceramics, Inc		734
1,640	*	Cheniere Energy, Inc		61,582
667		Cimarex Energy Co		79,586
2,376	*	Clean Energy Fuels Corp		8,245
4,007		Columbia Pipeline Group, Inc		102,138
299	*	Concho Resources, Inc		35,662
2,944		ConocoPhillips		128,358
2,050	*	Continental Resources, Inc		92,804
2,704	*	Devon Energy Corp		98,020
3,732		EOG Resources, Inc		311,323
571		EQT Corp		44,213
25	*	FMC Technologies, Inc		667
2,676		Hess Corp		160,828
5,353		Kinder Morgan, Inc		100,208
3,719		Marathon Oil Corp		55,822
3,838		Marathon Petroleum Corp		145,690
22	*	Matrix Service Co		363
3,642		National Oilwell Varco, Inc		122,553
347	*	Natural Gas Services Group, Inc		7,946
2,245		Noble Energy, Inc		80,528
4,039		Occidental Petroleum Corp		305,187
4		Oceaneering International, Inc		119
2	*	Oil States International, Inc		66
904		Oneok, Inc		42,895
193	*	PDC Energy, Inc		11,119
3,400		Phillips 66		269,756
1,135		Pioneer Natural Resources Co		171,623
12		Range Resources Corp		518
3,369		Schlumberger Ltd		266,421
5	*	SEACOR Holdings, Inc		290
113		SM Energy Co		3,051
398	*	Southwestern Energy Co		5,007
6,683		Spectra Energy Corp		244,798
893		Superior Energy Services		16,440
174		Tesoro Corp		13,036
133	*	Unit Corp		2,069
1,574		Valero Energy Corp		80,274
5,451	*	Weatherford International Ltd		30,253
1,069		Western Refining, Inc		22,053
3,436		Williams Cos, Inc		74,321

		TOTAL ENERGY		3,439,870


FOOD & STAPLES RETAILING - 0.1%
256		Casey’s General Stores, Inc		33,667
128		Spartan Stores, Inc		3,914
1,024		Whole Foods Market, Inc		32,788

		TOTAL FOOD & STAPLES RETAILING		70,369


FOOD, BEVERAGE & TOBACCO - 5.5%
286		Bunge Ltd		16,917
1,966		Campbell Soup Co		130,798
9,844		Coca-Cola Co		446,228
151	*	Darling International, Inc		2,250
580		Dr Pepper Snapple Group, Inc		56,045

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

127		Flowers Foods, Inc	$	2,381
4,760		General Mills, Inc		339,483
1,613		Hormel Foods Corp		59,036
3,206		Kellogg Co		261,770
3,914		Kraft Heinz Co		346,311
97	*	Landec Corp		1,044
585		Mead Johnson Nutrition Co		53,089
8,635		Mondelez International, Inc		392,979
5,342		PepsiCo, Inc		565,931

		TOTAL FOOD, BEVERAGE & TOBACCO		2,674,262


HEALTH CARE EQUIPMENT & SERVICES - 4.4%
440	*	Acadia Healthcare Co, Inc		24,376
537	*	Alere, Inc		22,382
79	*	Align Technology, Inc		6,363
844	*	Amedisys, Inc		42,605
1,730		AmerisourceBergen Corp		137,224
389	*	AMN Healthcare Services, Inc		15,548
55	*	Amsurg Corp		4,265
1,596		Anthem, Inc		209,619
784	*	athenahealth, Inc		108,200
702	*	AtriCure, Inc		9,919
1,865		Becton Dickinson & Co		316,285
386	*	Brookdale Senior Living, Inc		5,960
650	*	Capital Senior Living Corp		11,486
2,751		Cardinal Health, Inc		214,606
963	*	Centene Corp		68,729
2,506	*	Cerus Corp		15,637
41		Chemed Corp		5,589
1,939		Cigna Corp		248,173
97		Computer Programs & Systems, Inc		3,872
118		DENTSPLY SIRONA, Inc		7,321
1,114	*	Edwards Lifesciences Corp		111,099
434	*	ExamWorks Group, Inc		15,125
1,269	*	GenMark Diagnostics, Inc		11,040
875	*	Healthways, Inc		10,106
147	*	Henry Schein, Inc		25,990
84	*	HMS Holdings Corp		1,479
501	*	Hologic, Inc		17,335
1,038		Humana, Inc		186,715
85	*	Integer Holding Corp		2,629
133	*	Laboratory Corp of America Holdings		17,326
428	*	LDR Holding Corp		15,815
389	*	LHC Group, Inc		16,836
548	*	LifePoint Hospitals, Inc		35,823
436	*	Molina Healthcare, Inc		21,756
645	*	Omnicell, Inc		22,078
1,080	*	OraSure Technologies, Inc		6,383
61		Owens & Minor, Inc		2,280
634		Patterson Cos, Inc		30,362
580	*	PharMerica Corp		14,303
324	*	Premier, Inc		10,595
321	*	Providence Service Corp		14,406
180		Resmed, Inc		11,381
238	*	Surgical Care Affiliates, Inc		11,345
111	*	Triple-S Management Corp (Class B)		2,712
1,177		Universal American Corp		8,922
340		US Physical Therapy, Inc		20,471
516	*	Vascular Solutions, Inc		21,497
775	*	Vocera Communications, Inc		9,959

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,153,927

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES			COMPANY	VALUE

HOUSEHOLD & PERSONAL PRODUCTS - 2.7%
5			Clorox Co	$	692
4,937			Colgate-Palmolive Co		361,389
712			Estee Lauder Cos (Class A)		64,806
986			Kimberly-Clark Corp		135,555
350			Medifast, Inc		11,645
330			Natural Health Trends Corp		9,303
8,717			Procter & Gamble Co		738,068

			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,321,458


INSURANCE - 3.9%
4,324			Aflac, Inc		312,020
105			Arthur J. Gallagher & Co		4,998
959			Aspen Insurance Holdings Ltd		44,478
312			Axis Capital Holdings Ltd		17,160
2,875			Chubb Ltd		375,791
2,226			Hartford Financial Services Group, Inc		98,790
2,927			Marsh & McLennan Cos, Inc		200,382
2,170			Principal Financial Group		89,209
14			ProAssurance Corp		750
4,725			Progressive Corp		158,287
3,438			Prudential Financial, Inc		245,267
233			RenaissanceRe Holdings Ltd		27,364
124			Stewart Information Services Corp		5,135
2,581			Travelers Cos, Inc		307,242

			TOTAL INSURANCE		1,886,873


MATERIALS - 4.0%
1,998			Air Products & Chemicals, Inc		283,796
59			Albemarle Corp		4,679
47			Aptargroup, Inc		3,719
1,283			Avery Dennison Corp		95,904
549			Ball Corp		39,687
6			Bemis Co, Inc		309
64			Carpenter Technology Corp		2,108
456			Celanese Corp (Series A)		29,845
699	*		Century Aluminum Co		4,425
18	*		Clearwater Paper Corp		1,177
1,284			Commercial Metals Co		21,700
110			Compass Minerals International, Inc		8,161
344			Eastman Chemical Co		23,358
2,527			Ecolab, Inc		299,702
265	*		Flotek Industries, Inc		3,498
695			H.B. Fuller Co		30,573
182		��	Innophos Holdings, Inc		7,682
72			International Flavors & Fragrances, Inc		9,077
1,738			International Paper Co		73,656
1,436	*		Louisiana-Pacific Corp		24,915
2,755			LyondellBasell Industries AF S.C.A		205,027
394			Minerals Technologies, Inc		22,379
752			Mosaic Co		19,687
3,778			Nucor Corp		186,671
121			PolyOne Corp		4,264
2,291			Praxair, Inc		257,486
102			Reliance Steel & Aluminum Co		7,844
604			Royal Gold, Inc		43,500
157			Sealed Air Corp		7,217
318			Sherwin-Williams Co		93,387
586	*		Stillwater Mining Co		6,950
69	*		Trinseo S.A.		2,962
1,333			WestRock Co		51,814
876	*		Worthington Industries, Inc		37,055

			TOTAL MATERIALS		1,914,214

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

MEDIA - 3.1%
1,453	*	Charter Communications, Inc	$	332,214
156		Cinemark Holdings, Inc		5,688
1,162		Clear Channel Outdoor Holdings, Inc (Class A)		7,228
2,316	*	Discovery Communications, Inc (Class A)		58,433
3,954	*	Discovery Communications, Inc (Class C)		94,303
496	*	DreamWorks Animation SKG, Inc (Class A)		20,271
1,519		Entravision Communications Corp (Class A)		10,208
83		John Wiley & Sons, Inc (Class A)		4,331
135	*	Liberty Broadband Corp (Class A)		8,019
2,180		New York Times Co (Class A)		26,378
149		Scripps Networks Interactive (Class A)		9,278
610		Sinclair Broadcast Group, Inc (Class A)		18,214
4,680		Time Warner, Inc		344,167
5,906		Walt Disney Co		577,725

		TOTAL MEDIA		1,516,457


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.1%
430	*	Acadia Pharmaceuticals, Inc		13,958
3,090		Agilent Technologies, Inc		137,072
1,264	*	Akorn, Inc		36,005
1,080	*	Alexion Pharmaceuticals, Inc		126,101
3,028		Amgen, Inc		460,710
521	*	Ariad Pharmaceuticals, Inc		3,850
963	*	Biogen Idec, Inc		232,873
589	*	BioMarin Pharmaceutical, Inc		45,824
24		Bio-Techne Corp		2,707
346	*	Bluebird Bio, Inc		14,978
6,864		Bristol-Myers Squibb Co		504,847
502	*	Cambrex Corp		25,968
3,289	*	Celgene Corp		324,394
629	*	Cempra, Inc		10,372
555	*	Cepheid, Inc		17,066
1,163	*	Depomed, Inc		22,818
5,386		Gilead Sciences, Inc		449,300
969	*	Immunomedics, Inc		2,248
343	*	Inovio Pharmaceuticals, Inc		3,169
414	*	Intra-Cellular Therapies, Inc		16,071
168	*	Ionis Pharmaceuticals, Inc		3,913
7,925		Johnson & Johnson		961,303
221	*	Kite Pharma, Inc		11,050
10,259		Merck & Co, Inc		591,021
23	*	Mettler-Toledo International, Inc		8,393
1,190	*	MiMedx Group, Inc		9,496
1,888	*	Nektar Therapeutics		26,866
1,079	*	Opko Health, Inc		10,078
122		PerkinElmer, Inc		6,395
410	*	Prestige Brands Holdings, Inc		22,714
485	*	Prothena Corp plc		16,956
121	*	Quintiles Transnational Holdings, Inc		7,904
580	*	Relypsa, Inc		10,730
238	*	Repligen Corp		6,512
50	*	Sage Therapeutics, Inc		1,507
1,256	*	Sangamo Biosciences, Inc		7,272
902	*	Sarepta Therapeutics, Inc		17,201
743	*	Sucampo Pharmaceuticals, Inc (Class A)		8,151
138	*	TESARO, Inc		11,599
2,413		Thermo Electron Corp		356,545
1,340	*	Vertex Pharmaceuticals, Inc		115,267
380	*	Waters Corp		53,447
1,776	*	Xenoport, Inc		12,503
3,256		Zoetis Inc		154,530

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,881,684

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

REAL ESTATE - 5.1%
203		American Campus Communities, Inc	$	10,733
3,088		American Tower Corp		350,828
10,301		Annaly Capital Management, Inc		114,032
961		Boston Properties, Inc		126,756
1,526	*	CBRE Group, Inc		40,408
339		Coresite Realty		30,066
2,671		Crown Castle International Corp		270,920
64		Digital Realty Trust, Inc		6,975
165		Douglas Emmett, Inc		5,861
1,687		Duke Realty Corp		44,975
411		Equinix, Inc		159,357
29		Equity One, Inc		933
1,322		Equity Residential		91,059
1,212		First Industrial Realty Trust, Inc		33,718
4,150		HCP, Inc		146,827
89		Healthcare Realty Trust, Inc		3,114
4,187		Host Marriott Corp		67,871
625		Iron Mountain, Inc		24,894
15		Jones Lang LaSalle, Inc		1,462
14		Kilroy Realty Corp		928
325		Liberty Property Trust		12,909
488		Macerich Co		41,670
3,895		Prologis, Inc		191,011
765		Ryman Hospitality Properties		38,747
1,742		Simon Property Group, Inc		377,840
860		Ventas, Inc		62,625
798		Vornado Realty Trust		79,896
17		Washington REIT		535
1,384		Welltower, Inc		105,419
149		Weyerhaeuser Co		4,436

		TOTAL REAL ESTATE		2,446,805


RETAILING - 3.7%
3,619	*	1-800-FLOWERS.COM, Inc (Class A)		32,643
77		Aaron’s, Inc		1,686
1,224		American Eagle Outfitters, Inc		19,498
318	*	AutoZone, Inc		252,441
1,626	*	Bed Bath & Beyond, Inc		70,276
1,193		Best Buy Co, Inc		36,506
62	*	Cabela’s, Inc		3,104
852	*	Carmax, Inc		41,774
8		Chico’s FAS, Inc		86
434		Dollar General Corp		40,796
1,280	*	FTD Cos, Inc		31,949
3,503		Gap, Inc		74,334
259		GNC Holdings, Inc		6,291
4,026	*	Groupon, Inc		13,084
270		HSN, Inc		13,211
1,923		Kohl’s Corp		72,920
202	*	LKQ Corp		6,403
5,010		Lowe’s Companies, Inc		396,642
2,986	*	NetFlix, Inc		273,159
701		Nordstrom, Inc		26,673
1,890	*	Office Depot, Inc		6,256
69		Outerwall, Inc		2,898
1,304	*	Overstock.com, Inc		21,007
278		Pier 1 Imports, Inc		1,429
2,457		Ross Stores, Inc		139,287
503	*	Shutterfly, Inc		23,445
3,901		Staples, Inc		33,627
135		Tiffany & Co		8,186
170		Tractor Supply Co		15,501
401	*	Ulta Salon Cosmetics & Fragrance, Inc		97,700

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

804	*	Wayfair, Inc	$	31,356
7		Williams-Sonoma, Inc		365
117		Winmark Corp		11,661

		TOTAL RETAILING		1,806,194


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1%
652	*	Advanced Micro Devices, Inc		3,351
428		Analog Devices, Inc		24,242
11,602		Applied Materials, Inc		278,100
125	*	Cirrus Logic, Inc		4,849
16,937		Intel Corp		555,534
227		Lam Research Corp		19,081
111		Microchip Technology, Inc		5,634
2,773		Nvidia Corp		130,359
2,778	*	ON Semiconductor Corp		24,502
842		Skyworks Solutions, Inc		53,282
723	*	SunPower Corp		11,199
6,178		Texas Instruments, Inc		387,052

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,497,185


SOFTWARE & SERVICES - 13.3%
3,346		Accenture plc		379,068
756	*	Actua Corp		6,827
805	*	Alphabet, Inc (Class A)		566,342
822	*	Alphabet, Inc (Class C)		568,906
2,820	*	Angie’s List, Inc		18,358
1,582	*	Autodesk, Inc		85,649
2,226		Automatic Data Processing, Inc		204,503
438		Blackbaud, Inc		29,740
3,838		CA, Inc		126,002
31	*	Cimpress NV		2,867
179	*	Citrix Systems, Inc		14,336
4,889	*	Cognizant Technology Solutions Corp (Class A)		279,846
505	*	comScore, Inc		12,059
155		Convergys Corp		3,875
172		CSG Systems International, Inc		6,933
532	*	Ellie Mae, Inc		48,758
54		Fair Isaac Corp		6,103
2,628	*	Glu Mobile, Inc		5,782
121	*	Infoblox, Inc		2,270
3,464		International Business Machines Corp		525,766
2,772		Intuit, Inc		309,383
812		j2 Global, Inc		51,294
221		Jack Henry & Associates, Inc		19,287
60	*	LogMeIn, Inc		3,806
591	*	Manhattan Associates, Inc		37,901
587	*	Marketo, Inc		20,439
4,577		MasterCard, Inc (Class A)		403,051
17,430		Microsoft Corp		891,893
11,747	*	Monster Worldwide, Inc		28,075
189	*	NeuStar, Inc (Class A)		4,443
12,371		Oracle Corp		506,345
1,429	*	Perficient, Inc		29,023
417	*	Qualys, Inc		12,431
505	*	Quotient Technology, Inc		6,772
176	*	RingCentral, Inc		3,471
4,357	*	Salesforce.com, Inc		345,989
1,102	*	ServiceSource International LLC		4,441
92	*	SPS Commerce, Inc		5,575
204	*	Sykes Enterprises, Inc		5,908
7,639		Symantec Corp		156,905
118	*	Syntel, Inc		5,341
214	*	Teradata Corp		5,365
353	*	Tyler Technologies, Inc		58,849
166	*	Ultimate Software Group, Inc		34,908

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

150	*	Unisys Corp	$	1,092
496	*	Vasco Data Security International		8,129
2,026	*	Website Pros, Inc		36,833
1,209	*	Workday, Inc		90,276
18,543		Xerox Corp		175,973
8,075	*	Yahoo!, Inc		303,297

		TOTAL SOFTWARE & SERVICES		6,460,485


TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
41		Belden CDT, Inc		2,475
147	*	Benchmark Electronics, Inc		3,109
18,837		Cisco Systems, Inc		540,434
42		Cognex Corp		1,810
3,180		Corning, Inc		65,126
800	*	Cray, Inc		23,936
12,519		EMC Corp		340,141
1,050	*	Finisar Corp		18,385
10,568		Hewlett Packard Enterprise Co		193,077
11,081		HP, Inc		139,067
1,760		Ingram Micro, Inc (Class A)		61,213
169		InterDigital, Inc		9,410
306	*	IPG Photonics Corp		24,480
14	*	Itron, Inc		603
462		Jabil Circuit, Inc		8,533
554		Lexmark International, Inc (Class A)		20,913
1,584		Motorola, Inc		104,496
209	*	Netgear, Inc		9,936
18		Plantronics, Inc		792
494	*	QLogic Corp		7,282
323	*	Super Micro Computer, Inc		8,027
123	*	Tech Data Corp		8,838
184	*	TTM Technologies, Inc		1,386
155	*	Universal Display Corp		10,509

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,603,978


TELECOMMUNICATION SERVICES - 2.2%
1,016	*	Boingo Wireless, Inc		9,063
6,621		CenturyTel, Inc		192,075
1,541	*	Cincinnati Bell, Inc		7,043
194		IDT Corp (Class B)		2,753
441	*	Iridium Communications, Inc		3,916
635	*	Level 3 Communications, Inc		32,696
13,000	*	Sprint Corp		58,890
13,385		Verizon Communications, Inc		747,418
1,213	*	Vonage Holdings Corp		7,399

		TOTAL TELECOMMUNICATION SERVICES		1,061,253


TRANSPORTATION - 2.6%
34		Allegiant Travel Co		5,151
786	*	Avis Budget Group, Inc		25,333
6		CH Robinson Worldwide, Inc		445
3,738		CSX Corp		97,487
2,618		Delta Air Lines, Inc		95,374
176	*	Echo Global Logistics, Inc		3,946
1,032		Norfolk Southern Corp		87,854
6		Ryder System, Inc		367
6,340		Southwest Airlines Co		248,591
15	*	Spirit Airlines, Inc		673
3,505		Union Pacific Corp		305,811
3,462		United Parcel Service, Inc (Class B)		372,927

		TOTAL TRANSPORTATION		1,243,959

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES	COMPANY	VALUE

UTILITIES - 3.2%
102	American Water Works Co, Inc	$	8,620
1,832	Centerpoint Energy, Inc		43,968
3,301	Consolidated Edison, Inc		265,532
2,560	Dominion Resources, Inc		199,501
2,735	Eversource Energy		163,827
4	ITC Holdings Corp		187
220	New Jersey Resources Corp		8,481
1,469	Piedmont Natural Gas Co, Inc		88,316
3	Pinnacle West Capital Corp		243
1,611	Public Service Enterprise Group, Inc		75,089
2,024	Sempra Energy		230,776
701	South Jersey Industries, Inc		22,166
6,471	Southern Co		347,040
923	WEC Energy Group, Inc		60,272
280	WGL Holdings, Inc		19,821
879	Xcel Energy, Inc		39,362

	TOTAL UTILITIES		1,573,201

	TOTAL COMMON STOCKS (Cost $32,546,698)		48,423,187

	TOTAL INVESTMENTS - 99.9% (Cost $32,546,698)		48,423,187
	OTHER ASSETS & LIABILITIES, NET - 0.1%		61,511

	NET ASSETS - 100.0%	$	48,484,698

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 (unaudited)

June 30, 2016


SHARES		COMPANY	VALUE

COMMON STOCKS - 103.2%

AUTOMOBILES & COMPONENTS - 1.0%
1,167	*	American Axle & Manufacturing Holdings, Inc	$	16,898
3,381		BorgWarner, Inc		99,807
852		Cooper Tire & Rubber Co		25,407
206	*	Cooper-Standard Holding, Inc		16,272
2,301		Dana Holding Corp		24,298
4,220		Delphi Automotive plc		264,172
394	*	Dorman Products, Inc		22,537
349		Drew Industries, Inc		29,609
425	*	Federal Mogul Corp (Class A)		3,532
59,913		Ford Motor Co		753,106
350	*	Fox Factory Holding Corp		6,079
21,699		General Motors Co		614,082
4,344		Gentex Corp		67,115
573	*	Gentherm, Inc		19,625
4,116		Goodyear Tire & Rubber Co		105,617
2,795	e	Harley-Davidson, Inc		126,613
259	*	Horizon Global Corp		2,940
10,011		Johnson Controls, Inc		443,087
1,145		Lear Corp		116,515
239		Metaldyne Performance Group, Inc		3,286
671	*	Modine Manufacturing Co		5,905
292	*	Motorcar Parts of America, Inc		7,937
514		Spartan Motors, Inc		3,218
330		Standard Motor Products, Inc		13,127
449	*	Stoneridge, Inc		6,708
47		Strattec Security Corp		1,916
383		Superior Industries International, Inc		10,257
866	*	Tenneco, Inc		40,364
1,810	*,e	Tesla Motors, Inc		384,227
727		Thor Industries, Inc		47,066
321		Tower International, Inc		6,606
97		Unique Fabricating, Inc		1,299
526		Visteon Corp		34,616
438		Winnebago Industries, Inc		10,039
196	*,e	Workhorse Group, Inc		1,343

		TOTAL AUTOMOBILES & COMPONENTS		3,335,225


BANKS - 5.7%
235		1st Source Corp		7,612
101		Access National Corp		1,971
95	e	ACNB Corp		2,385
166	*,e	Allegiance Bancshares, Inc		4,130
98		American National Bankshares, Inc		2,468
518		Ameris Bancorp		15,385
129	e	Ames National Corp		3,460
499		Apollo Residential Mortgage		6,687
165		Arrow Financial Corp		4,998
2,308		Associated Banc-Corp		39,582
1,407		Astoria Financial Corp		21,569
263	*,e	Atlantic Capital Bancshares, Inc		3,803
120	*	Avenue Financial Holdings, Inc		2,358
697		Banc of California, Inc		12,616
130		Bancfirst Corp		7,842
461		Banco Latinoamericano de Exportaciones S.A. (Class E)		12,216
1,326		Bancorpsouth, Inc		30,087
838		Bank Mutual Corp		6,436

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

159,194		Bank of America Corp	$	2,112,504
693		Bank of Hawaii Corp		47,678
87		Bank of Marin Bancorp		4,208
1,320	e	Bank of the Ozarks, Inc		49,526
300		BankFinancial Corp		3,597
1,535		BankUnited		47,155
81	e	Bankwell Financial Group, Inc		1,787
463		Banner Corp		19,696
89		Bar Harbor Bankshares		3,124
12,386		BB&T Corp		441,065
1,187		BBCN Bancorp, Inc		17,710
276	e	Bear State Financial, Inc		2,603
1,199	*	Beneficial Bancorp, Inc		15,251
477		Berkshire Hills Bancorp, Inc		12,841
400		Blue Hills Bancorp, Inc		5,904
681		BNC Bancorp		15,466
929	*,e	BofI Holding, Inc		16,453
421	e	BOK Financial Corp		26,397
1,073		Boston Private Financial Holdings, Inc		12,640
254		Bridge Bancorp, Inc		7,214
1,046		Brookline Bancorp, Inc		11,537
253		Bryn Mawr Bank Corp		7,388
124	*	BSB Bancorp, Inc		2,809
49		C&F Financial Corp		2,193
89	*	C1 Financial, Inc		2,076
159		Camden National Corp		6,678
321		Capital Bank Financial Corp		9,245
156		Capital City Bank Group, Inc		2,172
1,964		Capitol Federal Financial		27,398
459		Cardinal Financial Corp		10,070
157	e	Carolina Financial Corp		2,933
478	*	Cascade Bancorp		2,648
1,137		Cathay General Bancorp		32,063
659		Centerstate Banks of Florida, Inc		10,379
470		Central Pacific Financial Corp		11,092
129		Central Valley Community Bancorp		1,806
47		Century Bancorp, Inc		1,990
244		Charter Financial Corp		3,240
629		Chemical Financial Corp		23,455
46	e	Chemung Financial Corp		1,350
3,072		CIT Group, Inc		98,028
45,476		Citigroup, Inc		1,927,728
167		Citizens & Northern Corp		3,377
7,324		Citizens Financial Group, Inc		146,334
211		City Holding Co		9,594
623		Clifton Bancorp, Inc		9,389
194		CNB Financial Corp		3,453
534		CoBiz, Inc		6,248
116		Codorus Valley Bancorp, Inc		2,363
892		Columbia Banking System, Inc		25,030
2,746		Comerica, Inc		112,943
1,281		Commerce Bancshares, Inc		61,360
709		Community Bank System, Inc		29,133
222		Community Trust Bancorp, Inc		7,695
204	*,e	CommunityOne Bancorp		2,579
422		ConnectOne Bancorp, Inc		6,621
77	e	County Bancorp, Inc		1,588
246	*	CU Bancorp		5,592
833	e	Cullen/Frost Bankers, Inc		53,087
384	*	Customers Bancorp, Inc		9,650
1,534		CVB Financial Corp		25,142
451		Dime Community Bancshares		7,672
466	*	Eagle Bancorp, Inc		22,419
2,212		East West Bancorp, Inc		75,606
104		Enterprise Bancorp, Inc		2,495
294		Enterprise Financial Services Corp		8,200

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

75	*	Equity Bancshares, Inc	$	1,660
127		ESSA Bancorp, Inc		1,702
1,151	*	Essent Group Ltd		25,103
1,397		EverBank Financial Corp		20,759
102		Farmers Capital Bank Corp		2,790
378		Farmers National Banc Corp		3,326
459	*	FCB Financial Holdings, Inc		15,606
115		Federal Agricultural Mortgage Corp (Class C)		4,004
321		Fidelity Southern Corp		5,030
11,809		Fifth Third Bancorp		207,720
202		Financial Institutions, Inc		5,266
264		First Bancorp (NC)		4,641
1,859	*	First Bancorp (Puerto Rico)		7,380
162		First Bancorp, Inc		3,489
480		First Busey Corp		10,267
302		First Business Financial Services, Inc		7,088
115		First Citizens Bancshares, Inc (Class A)		29,775
1,371		First Commonwealth Financial Corp		12,613
242		First Community Bancshares, Inc		5,430
192	*,e	First Community Financial Partners, Inc		1,690
240		First Connecticut Bancorp		3,974
120		First Defiance Financial Corp		4,662
943		First Financial Bancorp		18,341
1,045	e	First Financial Bankshares, Inc		34,266
188		First Financial Corp		6,885
130		First Financial Northwest, Inc		1,726
204	*	First Foundation, Inc		4,386
3,378		First Horizon National Corp		46,549
85	e	First Internet Bancorp		2,025
284		First Interstate Bancsystem, Inc		7,980
623		First Merchants Corp		15,531
93	e	First Mid-Illinois Bancshares, Inc		2,325
1,226		First Midwest Bancorp, Inc		21,529
221	*	First NBC Bank Holding Co		3,711
5,356		First Niagara Financial Group, Inc		52,167
158	*	First Northwest Bancorp		2,013
214		First of Long Island Corp		6,135
2,118		First Republic Bank		148,239
2,597		FirstMerit Corp		52,641
298	*	Flagstar Bancorp, Inc		7,274
358		Flushing Financial Corp		7,117
3,222		FNB Corp		40,404
185		Fox Chase Bancorp, Inc		3,763
206	*	Franklin Financial Network, Inc		6,460
2,637		Fulton Financial Corp		35,599
217		German American Bancorp, Inc		6,937
1,172		Glacier Bancorp, Inc		31,152
161		Great Southern Bancorp, Inc		5,952
849		Great Western Bancorp, Inc		26,777
305	*	Green Bancorp, Inc		2,660
185		Guaranty Bancorp		3,089
1,231		Hancock Holding Co		32,141
484		Hanmi Financial Corp		11,369
429		Heartland Financial USA, Inc		15,139
391		Heritage Commerce Corp		4,117
434		Heritage Financial Corp		7,630
385		Heritage Oaks Bancorp		3,057
1,144	*	Hilltop Holdings, Inc		24,013
22		Hingham Institution for Savings		2,704
89		Home Bancorp, Inc		2,445
1,887		Home Bancshares, Inc		37,344
314	*	HomeStreet, Inc		6,255
265	*	HomeTrust Bancshares, Inc		4,902
167		Horizon Bancorp		4,198
12,251		Huntington Bancshares, Inc		109,524
620		IBERIABANK Corp		37,033

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

119	*,e	Impac Mortgage Holdings, Inc	$	1,866
399		Independent Bank Corp (MA)		18,234
308		Independent Bank Corp (MI)		4,469
170		Independent Bank Group, Inc		7,295
843		International Bancshares Corp		21,994
4,574		Investors Bancorp, Inc		50,680
56,386		JPMorgan Chase & Co		3,503,826
1,407		Kearny Financial Corp		17,700
12,957		Keycorp		143,175
116		Lake Sunapee Bank Group		1,985
584		Lakeland Bancorp, Inc		6,646
350		Lakeland Financial Corp		16,453
141		LCNB Corp		2,228
693		LegacyTexas Financial Group, Inc		18,649
98	*,e	LendingTree, Inc		8,656
310		Live Oak Bancshares, Inc		4,374
2,310		M&T Bank Corp		273,111
400	e	Macatawa Bank Corp		2,968
318		MainSource Financial Group, Inc		7,012
1,081		MB Financial, Inc		39,219
283		MBT Financial Corp		2,264
226		Mercantile Bank Corp		5,392
87		Merchants Bancshares, Inc		2,652
879		Meridian Bancorp, Inc		12,992
123		Meta Financial Group, Inc		6,268
5,214	*	MGIC Investment Corp		31,023
77	e	Middleburg Financial Corp		2,094
62	*	Midland States Bancorp, Inc		1,345
113		MidWestOne Financial Group, Inc		3,227
79		MutualFirst Financial, Inc		2,161
653		National Bank Holdings Corp		13,295
109	e	National Bankshares, Inc		3,806
128	*,e	National Commerce Corp		2,985
569	*,e	Nationstar Mortgage Holdings, Inc		6,407
636		NBT Bancorp, Inc		18,209
7,092		New York Community Bancorp, Inc		106,309
112	*	Nicolet Bankshares, Inc		4,265
644	*	NMI Holdings, Inc		3,529
643		Northfield Bancorp, Inc		9,536
104		Northrim BanCorp, Inc		2,734
1,478		Northwest Bancshares, Inc		21,919
180		OceanFirst Financial Corp		3,271
596		OFG Bancorp		4,947
134		Old Line Bancshares, Inc		2,412
2,039		Old National Bancorp		25,549
432		Old Second Bancorp, Inc		2,951
261		Opus Bank		8,822
670		Oritani Financial Corp		10,713
111		Orrstown Financial Services, Inc		2,004
294		Pacific Continental Corp		4,619
241	*	Pacific Mercantile Bancorp		1,711
300	*	Pacific Premier Bancorp, Inc		7,200
1,832		PacWest Bancorp		72,877
205	e	Park National Corp		18,815
802		Park Sterling Bank		5,686
225		Peapack Gladstone Financial Corp		4,165
67	e	Penns Woods Bancorp, Inc		2,813
165	*	PennyMac Financial Services, Inc		2,061
261		Peoples Bancorp, Inc		5,687
101		Peoples Financial Services Corp		3,953
4,572		People’s United Financial, Inc		67,026
194		People’s Utah Bancorp		3,220
823	*	PHH Corp		10,962
612		Pinnacle Financial Partners, Inc		29,896
7,732		PNC Financial Services Group, Inc		629,307
1,622		Popular, Inc		47,525

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

188		Preferred Bank	$	5,428
128		Premier Financial Bancorp, Inc		2,157
1,203		PrivateBancorp, Inc		52,968
1,046		Prosperity Bancshares, Inc		53,336
68	*,e	Provident Bancorp, Inc		1,049
94		Provident Financial Holdings, Inc		1,720
738		Provident Financial Services, Inc		14,494
170		QCR Holdings, Inc		4,622
3,307		Radian Group, Inc		34,459
19,150		Regions Financial Corp		162,966
622		Renasant Corp		20,109
120		Republic Bancorp, Inc (Class A)		3,316
496	*	Republic First Bancorp, Inc		2,138
499		S&T Bancorp, Inc		12,201
361		Sandy Spring Bancorp, Inc		10,491
445	*	Seacoast Banking Corp of Florida		7,227
363	e	ServisFirst Bancshares, Inc		17,929
185		Shore Bancshares, Inc		2,174
177		SI Financial Group, Inc		2,343
163		Sierra Bancorp		2,720
815	*	Signature Bank		101,810
451		Simmons First National Corp (Class A)		20,829
362		South State Corp		24,634
85	*	Southern First Bancshares, Inc		2,048
86		Southern Missouri Bancorp, Inc		2,024
169		Southern National Bancorp of Virginia, Inc		2,053
380		Southside Bancshares, Inc		11,753
265		Southwest Bancorp, Inc		4,486
541		State Bank & Trust Co		11,009
1,938		Sterling Bancorp/DE		30,427
315		Stock Yards Bancorp, Inc		8,892
179		Stonegate Bank		5,776
155		Suffolk Bancorp		4,853
127	e	Summit Financial Group, Inc		2,222
137	*	Sun Bancorp, Inc		2,830
7,753		SunTrust Banks, Inc		318,493
825	*	SVB Financial Group		78,507
1,928		Synovus Financial Corp		55,893
901		Talmer Bancorp Inc		17,272
2,235		TCF Financial Corp		28,273
150		Territorial Bancorp, Inc		3,970
720	*	Texas Capital Bancshares, Inc		33,667
890		TFS Financial Corp		15,326
434	*	The Bancorp, Inc		2,613
263		Tompkins Trustco, Inc		17,095
855	e	TowneBank		18,500
330		Trico Bancshares		9,108
296	*	Tristate Capital Holdings, Inc		4,064
207	*	Triumph Bancorp, Inc		3,312
1,387		Trustco Bank Corp NY		8,891
1,035		Trustmark Corp		25,720
688		UMB Financial Corp		36,608
3,528		Umpqua Holdings Corp		54,578
621		Union Bankshares Corp		15,345
60	e	Union Bankshares, Inc		2,182
1,086	e	United Bankshares, Inc		40,736
1,078		United Community Banks, Inc		19,717
680		United Community Financial Corp		4,134
770		United Financial Bancorp, Inc (New)		9,995
282		Univest Corp of Pennsylvania		5,928
25,145		US Bancorp		1,014,098
3,791		Valley National Bancorp		34,574
129	*	Veritex Holdings, Inc		2,067
422	*	Walker & Dunlop, Inc		9,613
637	*,e	Walter Investment Management Corp		1,758
1,293		Washington Federal, Inc		31,368

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

217		Washington Trust Bancorp, Inc	$	8,229
119		WashingtonFirst Bankshares, Inc		2,572
384		Waterstone Financial, Inc		5,887
1,420		Webster Financial Corp		48,209
70,780		Wells Fargo & Co		3,350,017
549		WesBanco, Inc		17,046
239		West Bancorporation, Inc		4,443
498	e	Westamerica Bancorporation		24,531
1,438	*	Western Alliance Bancorp		46,951
222		Westfield Financial, Inc		1,709
1,094		Wilshire Bancorp, Inc		11,399
758		Wintrust Financial Corp		38,658
3,175	*	WMIH Corp		7,049
438		WSFS Financial Corp		14,099
769		Yadkin Financial Corp		19,294
72		Your Community Bankshares, Inc		2,676
2,937		Zions Bancorporation		73,807

		TOTAL BANKS		18,814,369


CAPITAL GOODS - 7.6%
9,111		3M Co		1,595,518
1,110		A.O. Smith Corp		97,802
619		Aaon, Inc		17,029
511		AAR Corp		11,927
865		Actuant Corp (Class A)		19,558
681		Acuity Brands, Inc		168,861
536	e	Advanced Drainage Systems, Inc		14,670
2,168	*	Aecom Technology Corp		68,877
522	*	Aegion Corp		10,184
908	*	Aerojet Rocketdyne Holdings, Inc		16,598
288	*	Aerovironment, Inc		8,006
1,067		AGCO Corp		50,288
1,500		Air Lease Corp		40,170
726		Aircastle Ltd		14,201
140		Alamo Group, Inc		9,236
428		Albany International Corp (Class A)		17,090
1,475		Allegion plc		102,409
91		Allied Motion Technologies, Inc		2,117
2,181		Allison Transmission Holdings, Inc		61,570
385		Altra Holdings, Inc		10,387
969	*	Ameresco, Inc		4,235
127		American Railcar Industries, Inc		5,013
105		American Science & Engineering, Inc		3,928
190	*	American Superconductor Corp		1,604
212	*	American Woodmark Corp		14,073
3,561		Ametek, Inc		164,625
438		Apogee Enterprises, Inc		20,301
567		Applied Industrial Technologies, Inc		25,594
244		Argan, Inc		10,180
367	*	Armstrong Flooring, Inc		6,221
642	*	Armstrong World Industries, Inc		25,134
288		Astec Industries, Inc		16,171
301	*	Astronics Corp		10,011
343		AZZ, Inc		20,573
699	*	Babcock & Wilcox Enterprises, Inc		10,268
770		Barnes Group, Inc		25,502
1,574		BE Aerospace, Inc		72,679
914	*	Beacon Roofing Supply, Inc		41,560
87	*	Blue Bird Corp		1,035
843	*	BMC Stock Holdings, Inc		15,022
9,256		Boeing Co		1,202,077
600		Briggs & Stratton Corp		12,708
1,286	*	Builders FirstSource, Inc		14,467
1,444		BWX Technologies, Inc		51,652
318		Caesarstone Sdot-Yam Ltd		11,054

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

346	*	CAI International, Inc	$	2,595
966		Carlisle Cos, Inc		102,087
8,641		Caterpillar, Inc		655,074
467	*	Chart Industries, Inc		11,269
1,542		Chicago Bridge & Iron Co NV		53,399
248		CIRCOR International, Inc		14,134
719		Clarcor, Inc		43,737
1,520	*	Colfax Corp		40,219
262		Columbus McKinnon Corp		3,707
565		Comfort Systems USA, Inc		18,402
533	*	Continental Building Products Inc		11,849
753		Crane Co		42,710
225	*	CSW Industrials, Inc		7,337
352		Cubic Corp		14,136
2,440		Cummins, Inc		274,354
659		Curtiss-Wright Corp		55,521
9,284		Danaher Corp		937,684
4,847		Deere & Co		392,801
973	*	DigitalGlobe, Inc		20,812
1,968		Donaldson Co, Inc		67,620
296		Douglas Dynamics, Inc		7,616
2,372		Dover Corp		164,427
139	*	Ducommun, Inc		2,749
174	*,e	DXP Enterprises, Inc		2,598
473	*	Dycom Industries, Inc		42,456
199		Dynamic Materials Corp		2,139
7,057		Eaton Corp		421,515
930		EMCOR Group, Inc		45,812
9,914		Emerson Electric Co		517,114
295		Encore Wire Corp		10,998
241	*,e	Energous Corp		3,121
495	*	Energy Recovery, Inc		4,401
650		EnerSys		38,655
274		Engility Holdings, Inc		5,787
330		EnPro Industries, Inc		14,649
371		ESCO Technologies, Inc		14,818
456	*	Esterline Technologies Corp		28,290
4,438		Fastenal Co		197,003
743		Federal Signal Corp		9,570
2,007		Flowserve Corp		90,656
2,196		Fluor Corp		108,219
2,359		Fortune Brands Home & Security, Inc		136,751
709		Franklin Electric Co, Inc		23,432
165		Freightcar America, Inc		2,318
432	*,e	FuelCell Energy, Inc		2,687
618	e	GATX Corp		27,173
69	*	Gencor Industries, Inc		1,071
981	*	Generac Holdings, Inc		34,296
705		General Cable Corp		8,961
3,777		General Dynamics Corp		525,909
142,600		General Electric Co		4,489,048
472	*	Gibraltar Industries, Inc		14,901
312		Global Brass & Copper Holdings, Inc		8,514
253		Gorman-Rupp Co		6,935
854		Graco, Inc		67,457
128		Graham Corp		2,358
496		Granite Construction, Inc		22,593
890	*	Great Lakes Dredge & Dock Corp		3,880
414	e	Greenbrier Cos, Inc		12,060
654	e	Griffon Corp		11,026
450		H&E Equipment Services, Inc		8,563
187		Hardinge, Inc		1,881
1,243		Harsco Corp		8,254
549	*,e	HC2 Holdings, Inc		2,361
3,101	*	HD Supply Holdings, Inc		107,977
279		HEICO Corp		18,640

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

581		HEICO Corp (Class A)	$	31,171
1,429		Hexcel Corp		59,504
900		Hillenbrand, Inc		27,036
11,784		Honeywell International, Inc		1,370,715
848		Hubbell, Inc		89,439
718		Huntington Ingalls		120,646
78		Hurco Cos, Inc		2,171
138		Hyster-Yale Materials Handling, Inc		8,210
1,173		IDEX Corp		96,303
111	*	IES Holdings, Inc		1,379
4,538		Illinois Tool Works, Inc		472,678
3,978		Ingersoll-Rand plc		253,319
267		Insteel Industries, Inc		7,634
1,338		ITT, Inc		42,789
1,849	*	Jacobs Engineering Group, Inc		92,099
436		John Bean Technologies Corp		26,692
1,507		Joy Global, Inc		31,858
148		Kadant, Inc		7,623
415		Kaman Corp		17,646
2,207		KBR, Inc		29,221
1,208		Kennametal, Inc		26,709
488	*,e	KEYW Holding Corp		4,851
781	*	KLX, Inc		24,211
600	*,e	Kratos Defense & Security Solutions, Inc		2,460
1,169		L-3 Communications Holdings, Inc		171,481
87	*	Lawson Products, Inc		1,728
285	*	Layne Christensen Co		2,308
613		Lennox International, Inc		87,414
942		Lincoln Electric Holdings, Inc		55,653
169	e	Lindsay Corp		11,468
4,066		Lockheed Martin Corp		1,009,059
289		LSI Industries, Inc		3,199
242	*	Lydall, Inc		9,332
1,952	e	Manitowoc Co, Inc		10,638
1,943	*	Manitowoc Foodservice, Inc		34,236
5,196		Masco Corp		160,764
513	*	Masonite International Corp		33,930
1,015	*	Mastec, Inc		22,655
600	*	Mercury Systems, Inc		14,916
1,339	*	Meritor, Inc		9,641
873	*	Middleby Corp		100,613
250	*	Milacron Holdings Corp		3,627
168		Miller Industries, Inc		3,459
491	*	Moog, Inc (Class A)		26,475
1,441	*	MRC Global, Inc		20,477
731		MSC Industrial Direct Co (Class A)		51,579
862		Mueller Industries, Inc		27,481
2,264		Mueller Water Products, Inc (Class A)		25,855
301	*	MYR Group, Inc		7,248
68		National Presto Industries, Inc		6,416
755	*,e	Navistar International Corp		8,826
446	*	NCI Building Systems, Inc		7,132
229	*	Neff Corp		2,503
442		NN, Inc		6,184
877		Nordson Corp		73,326
140	*	Nortek, Inc		8,303
2,578		Northrop Grumman Corp		573,038
1,637	*	NOW, Inc		29,695
108	*	NV5 Holdings, Inc		3,072
44		Omega Flex, Inc		1,674
907		Orbital ATK, Inc		77,222
386	*	Orion Marine Group, Inc		2,050
1,122		Oshkosh Truck Corp		53,531
1,809		Owens Corning, Inc		93,200
5,299		Paccar, Inc		274,859
2,064		Parker Hannifin Corp		223,015

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

232	*	Patrick Industries, Inc	$	13,987
2,566		Pentair plc		149,572
692	*	Pgt, Inc		7,128
2,919	*,e	Plug Power, Inc		5,429
412	*	Ply Gem Holdings, Inc		6,003
125		Powell Industries, Inc		4,917
130	*	Power Solutions International, Inc		2,320
28		Preformed Line Products Co		1,131
613		Primoris Services Corp		11,604
380	*,e	Proto Labs, Inc		21,873
492		Quanex Building Products Corp		9,146
2,309	*	Quanta Services, Inc		53,384
551		Raven Industries, Inc		10,436
4,603		Raytheon Co		625,778
339	*	RBC Bearings, Inc		24,577
687		Regal-Beloit Corp		37,819
1,269	*	Rexnord Corp		24,910
2,008		Rockwell Automation, Inc		230,559
2,012		Rockwell Collins, Inc		171,302
1,517		Roper Industries, Inc		258,740
96	*	Rush Enterprises, Inc		1,996
520	*	Rush Enterprises, Inc (Class A)		11,206
604		Simpson Manufacturing Co, Inc		24,142
157	*	SiteOne Landscape Supply, Inc		5,336
873		Snap-On, Inc		137,777
1,007	*,e	SolarCity Corp		24,097
136	*	Sparton Corp		2,961
2,039	*	Spirit Aerosystems Holdings, Inc (Class A)		87,677
647	*	SPX Corp		9,608
542	*	SPX FLOW, Inc		14,130
183		Standex International Corp		15,121
2,313		Stanley Works		257,252
354		Sun Hydraulics Corp		10,510
978	*,e	Sunrun, Inc		5,800
189		Supreme Industries, Inc		2,589
480		TAL International Group, Inc		6,437
773	*,e	Taser International, Inc		19,232
491	*	Teledyne Technologies, Inc		48,634
268		Tennant Co		14,437
1,624		Terex Corp		32,983
401	e	Textainer Group Holdings Ltd		4,467
4,176		Textron, Inc		152,675
267	*,e	The ExOne Company		2,822
460	*	Thermon Group Holdings		8,837
1,085		Timken Co		33,266
592	e	Titan International, Inc		3,670
282	*,e	Titan Machinery, Inc		3,144
803		Toro Co		70,825
775	*	TransDigm Group, Inc		204,360
451	*	Trex Co, Inc		20,259
649	*	Trimas Corp		11,682
2,253		Trinity Industries, Inc		41,838
753		Triumph Group, Inc		26,731
570	*	Tutor Perini Corp		13,423
1,361	*	United Rentals, Inc		91,323
12,064		United Technologies Corp		1,237,163
667	*	Univar, Inc		12,613
291		Universal Forest Products, Inc		26,973
1,341	*	USG Corp		36,153
340		Valmont Industries, Inc		45,992
156	*	Vectrus, Inc		4,444
112	*	Veritiv Corp		4,209
200	*	Vicor Corp		2,014
855	e	W.W. Grainger, Inc		194,299
976	*	Wabash National Corp		12,395
811	*	WABCO Holdings, Inc		74,263

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

401		Watsco, Inc	$	56,417
405		Watts Water Technologies, Inc (Class A)		23,595
635	*,e	WESCO International, Inc		32,696
1,329		Westinghouse Air Brake Technologies Corp		93,336
71	*	Willis Lease Finance Corp		1,578
811		Woodward Governor Co		46,746
2,761		Xylem, Inc		123,279

		TOTAL CAPITAL GOODS		25,488,944


COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
807		ABM Industries, Inc		29,439
731		Acacia Research (Acacia Technologies)		3,216
1,616	*	ACCO Brands Corp		16,693
661	*	Advisory Board Co		23,393
152	*	Aqua Metals, Inc		1,788
601	*	ARC Document Solutions, Inc		2,338
97		Barrett Business Services, Inc		4,008
688		Brady Corp (Class A)		21,025
669		Brink’s Co		19,060
524	*	Casella Waste Systems, Inc (Class A)		4,113
758	*	CBIZ, Inc		7,891
480		CEB, Inc		29,606
433		Ceco Environmental Corp		3,785
1,323		Cintas Corp		129,826
812	*	Clean Harbors, Inc		42,313
1,524	*	Copart, Inc		74,691
1,794		Covanta Holding Corp		29,511
128	*	CRA International, Inc		3,228
751		Deluxe Corp		49,844
562		Dun & Bradstreet Corp		68,474
2,090	*,m	Dyax Corp		2,320
351		Ennis, Inc		6,732
1,797		Equifax, Inc		230,735
556		Essendant, Inc		16,991
434		Exponent, Inc		25,350
148	*	Franklin Covey Co		2,269
640	*	FTI Consulting, Inc		26,035
301		G & K Services, Inc (Class A)		23,048
191	*	GP Strategies Corp		4,143
1,162		Healthcare Services Group		48,084
286		Heidrick & Struggles International, Inc		4,828
347	*	Heritage-Crystal Clean, Inc		4,237
868		Herman Miller, Inc		25,945
315	*	Hill International, Inc		1,282
664		HNI Corp		30,869
334	*	Huron Consulting Group, Inc		20,180
261	*	ICF International, Inc		10,675
218	*,e	IDI, Inc		1,031
1,036	*	IHS, Inc (Class A)		119,772
608	*	Innerworkings, Inc		5,028
270		Insperity, Inc		20,852
989		Interface, Inc		15,082
2,170		KAR Auction Services, Inc		90,576
439		Kelly Services, Inc (Class A)		8,328
366		Kforce, Inc		6,182
577		Kimball International, Inc (Class B)		6,566
681		Knoll, Inc		16,535
867		Korn/Ferry International		17,947
1,126		Manpower, Inc		72,447
491		Matthews International Corp (Class A)		27,319
379		McGrath RentCorp		11,594
259	*	Mistras Group, Inc		6,182
656		Mobile Mini, Inc		22,724
475		MSA Safety, Inc		24,952
200		Multi-Color Corp		12,680

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

700	*	Navigant Consulting, Inc	$	11,305
5,559		Nielsen NV		288,901
725	*	On Assignment, Inc		26,789
2,896		Pitney Bowes, Inc		51,549
448		Quad		10,434
3,180		R.R. Donnelley & Sons Co		53,806
3,652		Republic Services, Inc		187,384
514		Resources Connection, Inc		7,597
1,970		Robert Half International, Inc		75,175
1,379		Rollins, Inc		40,363
778	*	RPX Corp		7,134
241	*	SP Plus Corp		5,442
1,322		Steelcase, Inc (Class A)		17,940
1,276	*	Stericycle, Inc		132,857
402	*	Team, Inc		9,982
848		Tetra Tech, Inc		26,072
817	*	TransUnion		27,321
235	*	TRC Cos, Inc		1,485
632	*	TriNet Group, Inc		13,139
645	*	TrueBlue, Inc		12,203
6,164		Tyco International plc		262,586
233		Unifirst Corp		26,963
314		US Ecology, Inc		14,428
2,390	*	Verisk Analytics, Inc		193,781
291		Viad Corp		9,021
67		VSE Corp		4,476
563	*	WageWorks, Inc		33,673
6,866		Waste Management, Inc		455,010
699		West Corp		13,742

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		3,554,320


CONSUMER DURABLES & APPAREL - 1.7%
171	e	Arctic Cat, Inc		2,907
194		Bassett Furniture Industries, Inc		4,644
565	*	Beazer Homes USA, Inc		4,379
1,367		Brunswick Corp		61,953
1,137		CalAtlantic Group, Inc		41,739
1,433		Callaway Golf Co		14,631
770		Carter’s, Inc		81,982
119	*	Cavco Industries, Inc		11,150
221	*	Century Communities, Inc		3,832
4,307		Coach, Inc		175,467
419		Columbia Sportswear Co		24,109
1,183	*	CROCS, Inc		13,344
125		CSS Industries, Inc		3,351
167		Culp, Inc		4,614
498	*	Deckers Outdoor Corp		28,645
108	*	Delta Apparel, Inc		2,435
5,213		DR Horton, Inc		164,105
167		Escalade, Inc		1,710
300		Ethan Allen Interiors, Inc		9,912
81		Flexsteel Industries, Inc		3,209
639	*,e	Fossil Group, Inc		18,231
1,765	*,e	Garmin Ltd		74,871
658	*	G-III Apparel Group Ltd		30,084
1,659	*,e	GoPro, Inc		17,934
578	*,e	Green Brick Partners, Inc		4,202
5,812		Hanesbrands, Inc		146,056
1,086		Harman International Industries, Inc		77,997
1,721		Hasbro, Inc		144,547
411	*	Helen of Troy Ltd		42,267
173		Hooker Furniture Corp		3,718
2,504	*,e	Hovnanian Enterprises, Inc (Class A)		4,207
753	*,e	Iconix Brand Group, Inc		5,090
308	*	Installed Building Products Inc		11,177
415	*,e	iRobot Corp		14,558

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

257	*,e	Jakks Pacific, Inc	$	2,033
70		Johnson Outdoors, Inc		1,799
1,956	*	Kate Spade & Co		40,313
1,281	e	KB Home		19,484
681		La-Z-Boy, Inc		18,946
2,049		Leggett & Platt, Inc		104,724
138		Lennar Corp (B Shares)		5,141
2,789		Lennar Corp (Class A)		128,573
235	*,e	LGI Homes, Inc		7,506
365		Libbey, Inc		5,800
163		Lifetime Brands, Inc		2,378
1,502	*,e	Lululemon Athletica, Inc		110,938
385	*	M/I Homes, Inc		7,250
287	*	Malibu Boats Inc		3,467
156		Marine Products Corp		1,320
5,223		Mattel, Inc		163,428
121		MCBC Holdings, Inc		1,337
558		MDC Holdings, Inc		13,582
567	*	Meritage Homes Corp		21,285
2,654	*	Michael Kors Holdings Ltd		131,320
953	*	Mohawk Industries, Inc		180,841
227		Movado Group, Inc		4,921
66		Nacco Industries, Inc (Class A)		3,696
575	*	Nautilus, Inc		10,258
389	*,e	New Home Co Inc		3,711
6,802		Newell Rubbermaid, Inc		330,373
20,554		Nike, Inc (Class B)		1,134,581
56	*	NVR, Inc		99,699
231		Oxford Industries, Inc		13,079
1,078	*,e	Performance Sports Group Ltd		3,234
161	*	Perry Ellis International, Inc		3,239
1,245		Phillips-Van Heusen Corp		117,316
931	e	Polaris Industries, Inc		76,119
636		Pool Corp		59,803
5,367		Pulte Homes, Inc		104,603
882		Ralph Lauren Corp		79,045
646	*	Sequential Brands Group, Inc		5,155
1,967	*	Skechers U.S.A., Inc (Class A)		58,459
818	*	Smith & Wesson Holding Corp		22,233
933	*	Steven Madden Ltd		31,890
272	e	Sturm Ruger & Co, Inc		17,411
100		Superior Uniform Group, Inc		1,909
461	*	Taylor Morrison Home Corp		6,841
823	*	Tempur-Pedic International, Inc		45,528
2,454	*	Toll Brothers, Inc		66,037
567	*	TopBuild Corp		20,525
2,322	*	TRI Pointe Homes, Inc		27,446
847	*	Tumi Holdings, Inc		22,649
774		Tupperware Corp		43,561
128	*	UCP, Inc (Class A)		1,027
2,861	*	Under Armour, Inc		104,146
2,820	*,e	Under Armour, Inc (Class A)		113,167
226	*	Unifi, Inc		6,154
205	*	Universal Electronics, Inc		14,817
320	*	Vera Bradley, Inc		4,534
5,261		VF Corp		323,499
307	*,e	Vince Holding Corp		1,682
917	*	Vista Outdoor, Inc		43,769
334	*	WCI Communities, Inc		5,645
99		Weyco Group, Inc		2,750
1,147		Whirlpool Corp		191,136
428	*,e	William Lyon Homes, Inc		6,899
1,495		Wolverine World Wide, Inc		30,378
423	*	Zagg, Inc		2,221

		TOTAL CONSUMER DURABLES & APPAREL		5,489,667

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

CONSUMER SERVICES - 2.3%
224	*	American Public Education, Inc	$	6,294
1,363	*	Apollo Group, Inc (Class A)		12,431
3,438		ARAMARK Holdings Corp		114,898
193	*	Ascent Media Corp (Series A)		2,970
1,433	*	Belmond Ltd.		14,187
356	*	BJ’s Restaurants, Inc		15,604
1,790		Bloomin’ Brands, Inc		31,987
331		Bob Evans Farms, Inc		12,561
120	*	Bojangles’, Inc		2,034
1,270	*	Boyd Gaming Corp		23,368
192	*	Bridgepoint Education, Inc		1,390
668	*	Bright Horizons Family Solutions		44,295
865		Brinker International, Inc		39,383
289	*	Buffalo Wild Wings, Inc		40,157
674	*	Caesars Acquisition Co		7,562
785	*,e	Caesars Entertainment Corp		6,037
222	*	Cambium Learning Group, Inc		1,001
164		Capella Education Co		8,633
1,325	*	Career Education Corp		7,884
6,295		Carnival Corp		278,239
234		Carriage Services, Inc		5,541
507	*	Carrols Restaurant Group, Inc		6,033
348	*	Century Casinos, Inc		2,168
732		Cheesecake Factory		35,239
1,106	*,e	Chegg, Inc		5,530
440	*	Chipotle Mexican Grill, Inc (Class A)		177,214
513		Choice Hotels International, Inc		24,429
194		Churchill Downs, Inc		24,514
247	*	Chuy’s Holdings, Inc		8,549
982		ClubCorp Holdings, Inc		12,766
92		Collectors Universe		1,817
294	e	Cracker Barrel Old Country Store, Inc		50,412
1,823		Darden Restaurants, Inc		115,469
582	*	Dave & Buster’s Entertainment, Inc		27,232
331	*	Del Frisco’s Restaurant Group, Inc		4,740
342	*	Del Taco Restaurants, Inc		3,112
1,168	*	Denny’s Corp		12,533
918	e	DeVry Education Group, Inc		16,377
570	*,e	Diamond Resorts International, Inc		17,077
266		DineEquity, Inc		22,551
775		Domino’s Pizza, Inc		101,820
1,432		Dunkin Brands Group, Inc		62,464
302	*,e	El Pollo Loco Holdings, Inc		3,926
435	*	Eldorado Resorts, Inc		6,610
38	*,e	Empire Resorts, Inc		600
1,135		Extended Stay America, Inc		16,968
402	*	Fiesta Restaurant Group, Inc		8,768
83	*	Fogo De Chao, Inc		1,084
149	e	Golden Entertainment, Inc		1,742
61		Graham Holdings Co		29,862
641	*	Grand Canyon Education, Inc		25,589
3,490		H&R Block, Inc		80,270
163	*	Habit Restaurants, Inc		2,670
8,099		Hilton Worldwide Holdings, Inc		182,470
1,907	*	Houghton Mifflin Harcourt Co		29,806
393	*,e	Hyatt Hotels Corp		19,312
1,368		International Game Technology plc		25,636
373		International Speedway Corp (Class A)		12,477
1,670		Interval Leisure Group, Inc		26,553
251	*	Intrawest Resorts Holdings Inc		3,258
353	*	Isle of Capri Casinos, Inc		6,467
211	*	J Alexander’s Holdings, Inc		2,095
509		Jack in the Box, Inc		43,733
192	*,e	Jamba, Inc		1,976
461	*	K12, Inc		5,758

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

117	*,e	Kona Grill, Inc	$	1,254
925	*	Krispy Kreme Doughnuts, Inc		19,388
1,351	*	La Quinta Holdings, Inc		15,401
5,620		Las Vegas Sands Corp		244,414
83		Liberty Tax, Inc		1,106
1,305	*,e	LifeLock, Inc		20,632
227	*	Lindblad Expeditions Holdings, Inc		2,186
281	*	Luby’s, Inc		1,411
271		Marcus Corp		5,718
2,916		Marriott International, Inc (Class A)		193,797
336		Marriott Vacations Worldwide Corp		23,013
13,611		McDonald’s Corp		1,637,948
7,324	*	MGM Resorts International		165,742
139	*	Monarch Casino & Resort, Inc		3,054
49	*	Nathan’s Famous, Inc		2,181
279	*,e	Noodles & Co		2,729
2,457	*	Norwegian Cruise Line Holdings Ltd		97,887
344	*	Panera Bread Co (Class A)		72,907
432		Papa John’s International, Inc		29,376
1,142	*	Penn National Gaming, Inc		15,931
905	*	Pinnacle Entertainment, Inc		10,027
396	*,e	Planet Fitness, Inc		7,476
334	*	Popeyes Louisiana Kitchen, Inc		18,250
320	*	Potbelly Corp		4,013
238	*	Red Lion Hotels Corp		1,728
204	*	Red Robin Gourmet Burgers, Inc		9,676
460	*	Red Rock Resorts, Inc		10,111
607	*	Regis Corp		7,557
2,596		Royal Caribbean Cruises Ltd		174,321
779	*	Ruby Tuesday, Inc		2,812
473		Ruth’s Chris Steak House, Inc		7,544
719	*,e	Scientific Games Corp (Class A)		6,608
956	e	SeaWorld Entertainment, Inc		13,699
2,955		Service Corp International		79,903
2,089	*	ServiceMaster Global Holdings, Inc		83,142
240	*,e	Shake Shack, Inc		8,743
1,104		Six Flags Entertainment Corp		63,977
729		Sonic Corp		19,719
800	e	Sotheby’s (Class A)		21,920
164		Speedway Motorsports, Inc		2,911
22,092		Starbucks Corp		1,261,895
2,609		Starwood Hotels & Resorts Worldwide, Inc		192,936
17	*	Steak N Shake Co		6,857
149	*	Strayer Education, Inc		7,320
1,016		Texas Roadhouse, Inc (Class A)		46,330
556		Vail Resorts, Inc		76,856
412	*,e	Weight Watchers International, Inc		4,792
3,342		Wendy’s		32,150
245	*	Wingstop, Inc		6,676
1,688		Wyndham Worldwide Corp		120,236
1,234	e	Wynn Resorts Ltd		111,850
6,029		Yum! Brands, Inc		499,925
274	*	Zoe’s Kitchen, Inc		9,938

		TOTAL CONSUMER SERVICES		7,434,105


DIVERSIFIED FINANCIALS - 3.8%
857	*	Affiliated Managers Group, Inc		120,640
6,925	*	Ally Financial, Inc		118,210
12,384		American Express Co		752,452
2,426		Ameriprise Financial, Inc		217,976
359	e	Arlington Asset Investment Corp (Class A)		4,671
577		Artisan Partners Asset Management, Inc		15,971
86		Associated Capital Group, Inc		2,467
142		B. Riley Financial, Inc		1,360
16,203		Bank of New York Mellon Corp		629,487

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

90	*	BBX Capital Corp	$	1,383
3,329		BGC Partners, Inc (Class A)		28,996
1,924		BlackRock, Inc		659,028
267		Calamos Asset Management, Inc (Class A)		1,952
7,844		Capital One Financial Corp		498,172
373		Cash America International, Inc		15,897
1,251		CBOE Holdings, Inc		83,342
17,923		Charles Schwab Corp		453,631
5,227		CME Group, Inc		509,110
321		Cohen & Steers, Inc		12,981
1,548	*,e	Cowen Group, Inc		4,582
132	*,e	Credit Acceptance Corp		24,431
41		Diamond Hill Investment Group, Inc		7,725
6,256		Discover Financial Services		335,259
4,309	*	E*TRADE Financial Corp		101,218
1,765		Eaton Vance Corp		62,375
375	*,e	Encore Capital Group, Inc		8,824
366	*	Enova International, Inc		2,694
601		Evercore Partners, Inc (Class A)		26,558
690	*	Ezcorp, Inc (Class A)		5,216
613		Factset Research Systems, Inc		98,951
105		FBR & Co		1,568
1,439		Federated Investors, Inc (Class B)		41,414
820	e	Financial Engines, Inc		21,213
424		First Cash Financial Services, Inc		21,764
1,222	*	FNFV Group		14,016
5,748		Franklin Resources, Inc		191,811
464		Gain Capital Holdings, Inc		2,933
86		GAMCO Investors, Inc (Class A)		2,818
6,030		Goldman Sachs Group, Inc		895,937
662	*	Green Dot Corp		15,219
424		Greenhill & Co, Inc		6,826
49		Hennessy Advisors, Inc		1,640
565		HFF, Inc (Class A)		16,317
185		Houlihan Lokey, Inc		4,138
978		Interactive Brokers Group, Inc (Class A)		34,621
1,805		IntercontinentalExchange Group, Inc		462,008
215	*	INTL FCStone, Inc		5,867
6,359		Invesco Ltd		162,409
524		Investment Technology Group, Inc		8,761
15,970		iShares Russell 3000 Index Fund		1,980,599
2,221		Janus Capital Group, Inc		30,916
767	*	KCG Holdings, Inc		10,201
1,533	*	Ladenburg Thalmann Financial Services, Inc		3,618
1,953		Lazard Ltd (Class A)		58,160
1,621		Legg Mason, Inc		47,803
5,024	*,e	LendingClub Corp		21,603
5,119		Leucadia National Corp		88,712
1,320	e	LPL Financial Holdings, Inc		29,740
225	*,e	Manning & Napier, Inc		2,138
581		MarketAxess Holdings, Inc		84,477
102		Marlin Business Services Corp		1,663
287		Moelis & Co		6,458
2,658		Moody’s Corp		249,081
22,129		Morgan Stanley		574,911
276		Morningstar, Inc		22,571
1,442		MSCI, Inc (Class A)		111,207
1,695		NASDAQ OMX Group, Inc		109,616
5,090		Navient Corp		60,826
312		Nelnet, Inc (Class A)		10,842
341	*	NewStar Financial, Inc		2,871
3,200		Northern Trust Corp		212,032
2,792		NorthStar Asset Management Group, Inc		28,506
431		OM Asset Management plc		5,754
750	*,e	On Deck Capital, Inc		3,863
821	*	OneMain Holdings, Inc		18,735

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

147		Oppenheimer Holdings, Inc	$	2,273
324	*	Pico Holdings, Inc		3,065
236	*	Piper Jaffray Cos		8,897
271	e	PJT Partners, Inc		6,233
719	*	PRA Group, Inc		17,357
189		Pzena Investment Management, Inc (Class A)		1,438
1,951		Raymond James Financial, Inc		96,184
143	*	Regional Management Corp		2,096
238		Resource America, Inc (Class A)		2,313
4,079		S&P Global, Inc		437,514
296	*	Safeguard Scientifics, Inc		3,697
1,619	*	Santander Consumer USA Holdings, Inc		16,724
2,042		SEI Investments Co		98,241
111		Silvercrest Asset Management Group, Inc		1,359
6,595	*	SLM Corp		40,757
6,101		State Street Corp		328,966
977	*	Stifel Financial Corp		30,727
12,611	*	Synchrony Financial		318,806
3,882		T Rowe Price Group, Inc		283,270
4,020		TD Ameritrade Holding Corp		114,470
433		Tiptree Financial, Inc		2,373
382	e	Virtu Financial, Inc		6,876
95	e	Virtus Investment Partners, Inc		6,762
3,247		Voya Financial, Inc		80,396
1,207		Waddell & Reed Financial, Inc (Class A)		20,785
113		Westwood Holdings Group, Inc		5,853
1,867	e	WisdomTree Investments, Inc		18,278
90	*,e	World Acceptance Corp		4,104

		TOTAL DIVERSIFIED FINANCIALS		12,453,556


ENERGY - 7.0%
1,395	*	Abraxas Petroleum Corp		1,576
30		Adams Resources & Energy, Inc		1,155
730	e	Alon USA Energy, Inc		4,730
7,900		Anadarko Petroleum Corp		420,675
2,539	*,e	Antero Resources Corp		65,963
5,866		Apache Corp		326,560
999		Archrock, Inc		9,411
242	e	Ardmore Shipping Corp		1,638
929		Atwood Oceanics, Inc		11,631
6,773		Baker Hughes, Inc		305,666
739	*,e	Bill Barrett Corp		4,722
499		Bristow Group, Inc		5,694
7,113		Cabot Oil & Gas Corp		183,089
488	*,e	California Resources Corp		5,954
1,852	*	Callon Petroleum Co		20,798
335	e	CARBO Ceramics, Inc		4,389
852	*	Carrizo Oil & Gas, Inc		30,544
3,106	*	Cheniere Energy, Inc		116,630
9,382	*,e	Chesapeake Energy Corp		40,155
29,120		Chevron Corp		3,052,650
1,455		Cimarex Energy Co		173,611
88	*,e	Clayton Williams Energy, Inc		2,416
1,943	*,e	Clean Energy Fuels Corp		6,742
6,888	*	Cobalt International Energy, Inc		9,230
6,180		Columbia Pipeline Group, Inc		157,528
2,015	*	Concho Resources, Inc		240,329
19,191		ConocoPhillips		836,728
3,461	e	Consol Energy, Inc		55,687
368	*	Contango Oil & Gas Co		4,504
1,298	*,e	Continental Resources, Inc		58,760
212	e	CVR Energy, Inc		3,286
318	*	Dawson Geophysical Co		2,592
967		Delek US Holdings, Inc		12,774
5,452	e	Denbury Resources, Inc		19,573

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

8,078	*	Devon Energy Corp	$	292,828
1,341		DHT Holdings, Inc		6,745
994	e	Diamond Offshore Drilling, Inc		24,184
1,111	*	Diamondback Energy, Inc		101,334
385	*,e	Dorian LPG Ltd		2,714
582	*	Dril-Quip, Inc		34,006
1,505		Energen Corp		72,556
4,645		Ensco plc		45,103
8,511		EOG Resources, Inc		709,988
571	*,e	EP Energy Corp		2,958
2,660		EQT Corp		205,964
272	*	Era Group, Inc		2,557
619	*,e	Erin Energy Corp		1,492
468		Evolution Petroleum Corp		2,560
2,241	*	EXCO Resources, Inc		2,913
499	*	Exterran Corp		6,412
64,218	d	Exxon Mobil Corp		6,019,795
1,053	*,e	Fairmount Santrol Holdings, Inc		8,119
3,519	*	FMC Technologies, Inc		93,852
928	*	Forum Energy Technologies, Inc		16,064
539	e	Frank’s International NV		7,875
968	e	Frontline Ltd		7,618
635	e	GasLog Ltd		8,242
430	*	Gener8 Maritime, Inc		2,752
283	*,e	Geospace Technologies Corp		4,633
1,362	e	Golar LNG Ltd		21,111
569		Green Plains Renewable Energy, Inc		11,221
1,966	*	Gulfport Energy Corp		61,457
13,266		Halliburton Co		600,817
1,588	*	Helix Energy Solutions Group, Inc		10,735
1,507	e	Helmerich & Payne, Inc		101,165
4,355		Hess Corp		261,736
2,571		HollyFrontier Corp		61,113
615	*,e	Hornbeck Offshore Services, Inc		5,129
489	*	Independence Contract Drilling, Inc		2,655
13	*,e	Isramco, Inc		1,069
503	*	Jones Energy, Inc (Class A)		2,072
29,772		Kinder Morgan, Inc		557,332
2,251	*	Kosmos Energy LLC		12,268
2,081	*,e	Laredo Petroleum Holdings, Inc		21,809
13,105		Marathon Oil Corp		196,706
8,205		Marathon Petroleum Corp		311,462
1,269	*	Matador Resources Co		25,126
383	*	Matrix Service Co		6,316
3,685	*	McDermott International, Inc		18,204
1,464	*	Memorial Resource Development Corp		23,248
2,551	e	Murphy Oil Corp		80,994
4,427		Nabors Industries Ltd		44,491
5,895		National Oilwell Varco, Inc		198,367
180	*	Natural Gas Services Group, Inc		4,122
764	e	Navios Maritime Acq Corp		1,199
3,066	*	Newfield Exploration Co		135,456
1,448	*	Newpark Resources, Inc		8,384
3,722		Noble Corp plc		30,669
6,478		Noble Energy, Inc		232,366
1,280	e	Nordic American Tanker Shipping		17,779
911	*,e	Northern Oil And Gas, Inc		4,209
2,778	*	Oasis Petroleum, Inc		25,947
11,805		Occidental Petroleum Corp		891,986
1,507		Oceaneering International, Inc		44,999
784	*	Oil States International, Inc		25,778
3,234		Oneok, Inc		153,453
546		Overseas Shipholding Group, Inc		6,001
627	*	Pacific Ethanol, Inc		3,417
355		Panhandle Oil and Gas, Inc (Class A)		5,918

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

439	*	Par Petroleum Corp	$	6,734
2,265	*	Parker Drilling Co		5,187
2,314	*	Parsley Energy, Inc		62,617
2,231		Patterson-UTI Energy, Inc		47,565
1,508		PBF Energy, Inc		35,860
707	*	PDC Energy, Inc		40,730
176	*	PHI, Inc		3,147
6,977		Phillips 66		553,555
1,182	*	Pioneer Energy Services Corp		5,437
2,517		Pioneer Natural Resources Co		380,596
3,400		Questar Market Resources, Inc		59,942
2,584		Range Resources Corp		111,474
641	*	Renewable Energy Group, Inc		5,660
92	*	Rex American Resources Corp		5,504
1,841	*	Rice Energy, Inc		40,576
159	*	RigNet, Inc		2,129
626	*	Ring Energy, Inc		5,521
1,813	e	Rowan Cos plc		32,018
849	*,e	RPC, Inc		13,185
1,208	*	RSP Permian, Inc		42,147
847	*	Sanchez Energy Corp		5,980
21,554		Schlumberger Ltd		1,704,490
2,573		Scorpio Tankers, Inc		10,807
341	*	SEACOR Holdings, Inc		19,761
5,760	*,e	Seadrill Ltd		18,662
681		SemGroup Corp		22,173
859	e	Ship Finance International Ltd		12,662
1,041	e	SM Energy Co		28,107
6,058	*	Southwestern Energy Co		76,210
10,812		Spectra Energy Corp		396,044
2,325		Superior Energy Services		42,803
2,737	*	Synergy Resources Corp		18,228
2,410		Targa Resources Investments, Inc		101,557
671	e	Teekay Corp		4,784
1,777	e	Teekay Tankers Ltd (Class A)		5,295
615		Tesco Corp		4,114
1,885		Tesoro Corp		141,224
1,431	*	Tetra Technologies, Inc		9,115
716	e	Tidewater, Inc		3,158
5,322		Transocean Ltd (NYSE)		63,279
818	*	Unit Corp		12,728
983		US Silica Holdings Inc		33,884
7,275		Valero Energy Corp		371,025
923	*,e	W&T Offshore, Inc		2,141
13,759	*	Weatherford International Ltd		76,362
1,106		Western Refining, Inc		22,817
292	*	Westmoreland Coal Co		2,780
3,122	*	Whiting Petroleum Corp		28,910
701	*	Willbros Group, Inc		1,774
10,736		Williams Cos, Inc		232,220
1,068		World Fuel Services Corp		50,719
4,246	*	WPX Energy, Inc		39,530

		TOTAL ENERGY		23,131,867


FOOD & STAPLES RETAILING - 2.1%
418		Andersons, Inc		14,856
599		Casey’s General Stores, Inc		78,774
300	*	Chefs’ Warehouse Holdings, Inc		4,800
6,734		Costco Wholesale Corp		1,057,507
16,621		CVS Health Corp		1,591,294
213		Ingles Markets, Inc (Class A)		7,945
14,716		Kroger Co		541,402
95	*	Natural Grocers by Vitamin C		1,240
462	*	Performance Food Group Co		12,432
308		Pricesmart, Inc		28,820

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

15,881	*	Rite Aid Corp	$	118,949
389	*	Smart & Final Stores, Inc		5,792
546		Spartan Stores, Inc		16,697
2,157	*	Sprouts Farmers Market, Inc		49,395
3,759	*	Supervalu, Inc		17,742
8,116		Sysco Corp		411,806
759	*	United Natural Foods, Inc		35,521
695	*	US Foods Holding Corp		16,847
77		Village Super Market (Class A)		2,225
13,274		Walgreens Boots Alliance, Inc		1,105,326
23,428		Wal-Mart Stores, Inc		1,710,713
148		Weis Markets, Inc		7,481
4,900	e	Whole Foods Market, Inc		156,898

		TOTAL FOOD & STAPLES RETAILING		6,994,462


FOOD, BEVERAGE & TOBACCO - 5.4%
100		Alico, Inc		3,025
98	*	Alliance One International, Inc		1,509
30,249		Altria Group, Inc		2,085,971
373	*,e	Amplify Snack Brands, Inc		5,502
8,866		Archer Daniels Midland Co		380,263
966		B&G Foods, Inc (Class A)		46,561
926	*,e	Blue Buffalo Pet Products, Inc		21,613
130	*,e	Boston Beer Co, Inc (Class A)		22,234
421	e	Brown-Forman Corp		45,481
1,537		Brown-Forman Corp (Class B)		153,331
2,145		Bunge Ltd		126,877
271		Calavo Growers, Inc		18,157
486	e	Cal-Maine Foods, Inc		21,540
2,795		Campbell Soup Co		185,951
72		Coca-Cola Bottling Co Consolidated		10,618
60,252		Coca-Cola Co		2,731,223
6,605		ConAgra Foods, Inc		315,785
2,557		Constellation Brands, Inc (Class A)		422,928
142	*	Craft Brewers Alliance, Inc		1,636
2,386	*	Darling International, Inc		35,551
1,357		Dean Foods Co		24,548
2,922		Dr Pepper Snapple Group, Inc		282,353
200	*	Farmer Bros Co		6,412
2,671		Flowers Foods, Inc		50,081
499		Fresh Del Monte Produce, Inc		27,161
307	*,e	Freshpet, Inc		2,864
9,199		General Mills, Inc		656,073
1,516	*	Hain Celestial Group, Inc		75,421
2,199		Hershey Co		249,565
4,179		Hormel Foods Corp		152,951
1,108		Ingredion, Inc		143,386
281	*,e	Inventure Foods, Inc		2,195
263		J&J Snack Foods Corp		31,368
1,807		J.M. Smucker Co		275,405
121		John B. Sanfilippo & Son, Inc		5,158
3,772		Kellogg Co		307,984
9,227		Kraft Heinz Co		816,405
289		Lancaster Colony Corp		36,879
359	*	Landec Corp		3,863
244	*	Lifeway Foods, Inc		2,359
150	e	Limoneira Co		2,643
1,841		McCormick & Co, Inc		196,379
2,888		Mead Johnson Nutrition Co		262,086
188		Mgp Ingredients, Inc		7,187
2,646		Molson Coors Brewing Co (Class B)		267,590
23,136		Mondelez International, Inc		1,052,919
2,323	*	Monster Beverage Corp		373,329
177	*	National Beverage Corp		11,117
311	*	Omega Protein Corp		6,217

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

22,368		PepsiCo, Inc	$	2,369,666
23,965		Philip Morris International, Inc		2,437,720
908	e	Pilgrim’s Pride Corp		23,136
1,853		Pinnacle Foods, Inc		85,775
1,001	*	Post Holdings, Inc		82,773
315	*	Primo Water		3,720
12,694		Reynolds American, Inc		684,587
304	e	Sanderson Farms, Inc		26,339
4	*	Seaboard Corp		11,483
134	*	Seneca Foods Corp		4,852
1,236		Snyder’s-Lance, Inc		41,888
309	*	Synutra International, Inc		1,177
359	e	Tootsie Roll Industries, Inc		13,832
844	*	TreeHouse Foods, Inc		86,637
4,504		Tyson Foods, Inc (Class A)		300,822
340		Universal Corp		19,632
1,353		Vector Group Ltd		30,334
2,754	*	WhiteWave Foods Co (Class A)		129,273

		TOTAL FOOD, BEVERAGE & TOBACCO		18,321,300


HEALTH CARE EQUIPMENT & SERVICES - 5.5%
155	*,e	AAC Holdings, Inc		3,537
339		Abaxis, Inc		16,011
22,734		Abbott Laboratories		893,674
627	*	Abiomed, Inc		68,525
1,127	*	Acadia Healthcare Co, Inc		62,436
1,151	*	Accuray, Inc		5,974
413		Aceto Corp		9,041
85	*	Addus HomeCare Corp		1,482
191	*,e	Adeptus Health, Inc		9,867
5,257		Aetna Inc		642,037
564	*,e	Air Methods Corp		20,208
1,385	*	Alere, Inc		57,727
1,146	*	Align Technology, Inc		92,310
2,770	*	Allscripts Healthcare Solutions, Inc		35,179
127	*	Almost Family, Inc		5,411
427	*	Amedisys, Inc		21,555
137	*	American Renal Associates Holdings, Inc		3,969
2,776		AmerisourceBergen Corp		220,192
725	*	AMN Healthcare Services, Inc		28,978
835	*	Amsurg Corp		64,746
192		Analogic Corp		15,252
364	*	Angiodynamics, Inc		5,231
216	*	Anika Therapeutics, Inc		11,588
4,056		Anthem, Inc		532,715
602	*,e	athenahealth, Inc		83,082
480	*	AtriCure, Inc		6,782
28		Atrion Corp		11,980
179	*	Avinger, Inc		2,135
376	*	AxoGen, Inc		2,587
1,135		Bard (C.R.), Inc		266,907
7,766		Baxter International, Inc		351,179
3,224		Becton Dickinson & Co		546,758
918	*,e	BioScrip, Inc		2,341
405	*	BioTelemetry, Inc		6,602
20,677	*	Boston Scientific Corp		483,222
2,839	*	Brookdale Senior Living, Inc		43,834
484		Cantel Medical Corp		33,265
442	*	Capital Senior Living Corp		7,810
5,090		Cardinal Health, Inc		397,071
459	*	Cardiovascular Systems, Inc		8,434
598	*	Castlight Health, Inc		2,368
2,582	*	Centene Corp		184,277
4,525	*	Cerner Corp		265,165
1,570	*,e	Cerus Corp		9,797

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

278		Chemed Corp	$	37,894
3,930		Cigna Corp		503,001
240	*	Civitas Solutions, Inc		4,999
1,691	*,e	Community Health Systems, Inc		20,377
168	e	Computer Programs & Systems, Inc		6,707
477	*,e	ConforMIS, Inc		3,349
422		Conmed Corp		20,142
734		Cooper Cos, Inc		125,932
312	*,e	Corindus Vascular Robotics, Inc		446
163	*	Corvel Corp		7,038
195	*	Cotiviti Holdings, Inc		4,120
459	*	Cross Country Healthcare, Inc		6,389
480		CryoLife, Inc		5,669
202	*	Cutera, Inc		2,264
362	*	Cynosure, Inc (Class A)		17,609
2,587	*	DaVita, Inc		200,027
3,552		DENTSPLY SIRONA, Inc		220,366
1,295	*	DexCom, Inc		102,732
703	*,e	Diplomat Pharmacy, Inc		24,605
3,249	*	Edwards Lifesciences Corp		324,023
1,168	*	Endologix, Inc		14,553
737		Ensign Group, Inc		15,484
75	*	Entellus Medical, Inc		1,370
2,869	*	Envision Healthcare Holdings, Inc		72,787
226	*	Evolent Health, Inc		4,339
165	*	Exactech, Inc		4,412
598	*	ExamWorks Group, Inc		20,840
9,790	*	Express Scripts Holding Co		742,082
1,168	*	Genesis Health Care, Inc		2,067
665	*	GenMark Diagnostics, Inc		5,786
254	*	Glaukos Corp		7,407
1,078	*	Globus Medical, Inc		25,689
782	*	Haemonetics Corp		22,670
725	*	Halyard Health, Inc		23,577
4,747	*	HCA Holdings, Inc		365,566
661	*	HealthEquity, Inc		20,084
1,389		Healthsouth Corp		53,921
367	*	HealthStream, Inc		9,733
492	*	Healthways, Inc		5,683
268	*,e	HeartWare International, Inc		15,477
1,262	*	Henry Schein, Inc		223,122
1,013		Hill-Rom Holdings, Inc		51,106
1,267	*	HMS Holdings Corp		22,312
4,308	*	Hologic, Inc		149,057
2,305		Humana, Inc		414,623
226	*	ICU Medical, Inc		25,482
1,392	*	Idexx Laboratories, Inc		129,261
240	*	Imprivata, Inc		3,360
2,244	*	IMS Health Holdings, Inc		56,908
252	*	Inogen Inc		12,628
904	*,e	Inovalon Holdings, Inc		16,281
877	*	Insulet Corp		26,520
472	*	Integer Holding Corp		14,599
483	*	Integra LifeSciences Holdings Corp		38,534
584	*	Intuitive Surgical, Inc		386,263
463		Invacare Corp		5,616
376	*	InVivo Therapeutics Holdings Corp		2,173
44	*,e	iRadimed Corp		957
116	*	IRIDEX Corp		1,716
385	*,e	K2M Group Holdings, Inc		5,975
1,284		Kindred Healthcare, Inc		14,496
1,582	*	Laboratory Corp of America Holdings		206,087
128		Landauer, Inc		5,268
421	*	LDR Holding Corp		15,556
185		LeMaitre Vascular, Inc		2,640
232	*	LHC Group, Inc		10,041

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

636	*	LifePoint Hospitals, Inc	$	41,575
396	*	Magellan Health Services, Inc		26,045
633	*	Masimo Corp		33,242
3,492		McKesson Corp		651,782
828	*	Medidata Solutions, Inc		38,808
1,412	*	MEDNAX, Inc		102,271
21,750		Medtronic plc		1,887,247
646		Meridian Bioscience, Inc		12,597
638	*	Merit Medical Systems, Inc		12,652
660	*	Molina Healthcare, Inc		32,934
173		National Healthcare Corp		11,200
133		National Research Corp		1,822
500	*	Natus Medical, Inc		18,900
585	*	Neogen Corp		32,906
367	*	Nevro Corp		27,070
1,036	*,e	Nobilis Health Corp		2,310
777	*	Novocure Ltd		9,068
757	*	NuVasive, Inc		45,208
969	*	NxStage Medical, Inc		21,008
517	*	Omnicell, Inc		17,697
749	*	OraSure Technologies, Inc		4,427
267	*	Orthofix International NV		11,321
999		Owens & Minor, Inc		37,343
286	*,e	Oxford Immunotec Global plc		2,574
1,361		Patterson Cos, Inc		65,178
390	*	Penumbra, Inc		23,205
435	*	PharMerica Corp		10,727
707	*	Premier, Inc		23,119
341	*	Press Ganey Holdings, Inc		13,418
199	*	Providence Service Corp		8,931
724		Quality Systems, Inc		8,623
2,187		Quest Diagnostics, Inc		178,044
382	*	Quidel Corp		6,823
377	*	Quorum Health Corp		4,038
576	*	RadNet, Inc		3,076
2,149		Resmed, Inc		135,881
726	*,e	Rockwell Medical, Inc		5,496
837	*	RTI Biologics, Inc		3,005
194	*,e	Second Sight Medical Products, Inc		695
1,633	*	Select Medical Holdings Corp		17,751
439	*,e	Senseonics Holdings, Inc		1,725
659	*	Spectranetics Corp		12,330
4,301		St. Jude Medical, Inc		335,478
515	*	Staar Surgical Co		2,838
5,193		Stryker Corp		622,277
278	*,e	Surgery Partners, Inc		4,976
412	*	Surgical Care Affiliates, Inc		19,640
310	*	SurModics, Inc		7,279
155	*	Symmetry Surgical, Inc		2,035
255	*	Tandem Diabetes Care, Inc		1,923
1,041	*	Team Health Holdings, Inc		42,337
455	*,e	Teladoc, Inc		7,289
674		Teleflex, Inc		119,507
1,253	*	Tenet Healthcare Corp		34,633
989	*,e	TransEnterix, Inc		1,207
334	*	Triple-S Management Corp (Class B)		8,160
14,519		UnitedHealth Group, Inc		2,050,083
892		Universal American Corp		6,761
1,322		Universal Health Services, Inc (Class B)		177,280
178		US Physical Therapy, Inc		10,717
52		Utah Medical Products, Inc		3,276
1,468	*	Varian Medical Systems, Inc		120,714
249	*	Vascular Solutions, Inc		10,373
1,249	*	VCA Antech, Inc		84,445
1,482	*	Veeva Systems, Inc		50,566
202	*	Veracyte, Inc		1,016

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

375	*	Vocera Communications, Inc	$	4,819
685	*	WellCare Health Plans, Inc		73,487
1,136		West Pharmaceutical Services, Inc		86,200
1,583	*	Wright Medical Group NV		27,497
471	*,e	Zeltiq Aesthetics, Inc		12,872
2,791		Zimmer Holdings, Inc		335,981

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		18,324,776


HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
6,726		Avon Products, Inc		25,424
135	*	Central Garden & Pet Co		3,082
580	*	Central Garden and Pet Co (Class A)		12,592
1,981		Church & Dwight Co, Inc		203,825
2,002		Clorox Co		277,057
13,437		Colgate-Palmolive Co		983,588
693	e	Coty, Inc		18,011
909		Edgewell Personal Care Co		76,729
373	*	Elizabeth Arden, Inc		5,133
894		Energizer Holdings, Inc		46,032
3,337		Estee Lauder Cos (Class A)		303,734
1,141	*,e	Herbalife Ltd		66,783
1,740	*	HRG Group, Inc		23,890
253		Inter Parfums, Inc		7,228
5,561		Kimberly-Clark Corp		764,526
196	*	Lifevantage Corp		2,666
152		Medifast, Inc		5,057
111	e	Natural Health Trends Corp		3,129
140		Nature’s Sunshine Products, Inc		1,334
843		Nu Skin Enterprises, Inc (Class A)		38,938
127	*	Nutraceutical International Corp		2,940
63		Oil-Dri Corp of America		2,175
108	e	Orchids Paper Products Co		3,842
41,323		Procter & Gamble Co		3,498,818
162	*	Revlon, Inc (Class A)		5,213
381	e	Spectrum Brands, Inc		45,457
85	*	USANA Health Sciences, Inc		9,472
215		WD-40 Co		25,252

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		6,461,927


INSURANCE - 4.2%
6,221		Aflac, Inc		448,907
232	*	Alleghany Corp		127,502
1,356		Allied World Assurance Co Holdings Ltd		47,650
5,784		Allstate Corp		404,591
653	*	AMBAC Financial Group, Inc		10,748
1,193		American Equity Investment Life Holding Co		17,000
1,062		American Financial Group, Inc		78,514
17,174		American International Group, Inc		908,333
146		American National Insurance Co		16,520
276		Amerisafe, Inc		16,897
1,346		Amtrust Financial Services, Inc		32,977
4,068		Aon plc		444,348
1,843	*	Arch Capital Group Ltd		132,696
443		Argo Group International Holdings Ltd		22,992
2,707		Arthur J. Gallagher & Co		128,853
930		Aspen Insurance Holdings Ltd		43,133
954		Assurant, Inc		82,340
2,057		Assured Guaranty Ltd		52,186
154	*	Atlas Financial Holdings, Inc		2,652
1,429		Axis Capital Holdings Ltd		78,595
125		Baldwin & Lyons, Inc (Class B)		3,082
29,277	*	Berkshire Hathaway, Inc (Class B)		4,239,017
99	e	Blue Capital Reinsurance Holdings Ltd		1,832
1,815		Brown & Brown, Inc		68,008
7,033		Chubb Ltd		919,283

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,314		Cincinnati Financial Corp	$	173,295
712	*,e	Citizens, Inc (Class A)		5,411
549		CNA Financial Corp		17,250
2,753		Conseco, Inc		48,067
300		Crawford & Co (Class B)		2,547
143		Donegal Group, Inc (Class A)		2,358
282	*	eHealth, Inc		3,954
124		EMC Insurance Group, Inc		3,437
488		Employers Holdings, Inc		14,162
1,001		Endurance Specialty Holdings Ltd		67,227
175	*	Enstar Group Ltd		28,348
390		Erie Indemnity Co (Class A)		38,743
649		Everest Re Group Ltd		118,553
150		FBL Financial Group, Inc (Class A)		9,100
201		Federated National Holding Co		3,827
176		Fidelity & Guaranty Life		4,080
1,654		First American Financial Corp		66,524
4,052		FNF Group		151,950
7,696	*	Genworth Financial, Inc (Class A)		19,856
420	*	Greenlight Capital Re Ltd (Class A)		8,467
198	*	Hallmark Financial Services		2,295
654		Hanover Insurance Group, Inc		55,341
5,991		Hartford Financial Services Group, Inc		265,881
121		HCI Group, Inc		3,301
362		Heritage Insurance Holdings, Inc		4,333
622		Horace Mann Educators Corp		21,017
102		Independence Holding Co		1,833
166		Infinity Property & Casualty Corp		13,390
23		Investors Title Co		2,191
222		James River Group Holdings Ltd		7,539
614		Kemper Corp		19,022
3,599		Lincoln National Corp		139,533
4,331		Loews Corp		177,961
910		Maiden Holdings Ltd		11,138
211	*	Markel Corp		201,037
8,067		Marsh & McLennan Cos, Inc		552,267
2,099	*	MBIA, Inc		14,336
435		Mercury General Corp		23,125
14,226		Metlife, Inc		566,622
742		National General Holdings Corp		15,894
95		National Interstate Corp		2,874
33		National Western Life Group, Inc		6,444
171		Navigators Group, Inc		15,727
3,737		Old Republic International Corp		72,087
313		OneBeacon Insurance Group Ltd (Class A)		4,319
230	*	Patriot National, Inc		1,881
736		Primerica, Inc		42,129
4,134		Principal Financial Group		169,949
825		ProAssurance Corp		44,179
8,994		Progressive Corp		301,299
6,845		Prudential Financial, Inc		488,322
987		Reinsurance Group of America, Inc (Class A)		95,729
660		RenaissanceRe Holdings Ltd		77,510
589		RLI Corp		40,511
216		Safety Insurance Group, Inc		13,301
874		Selective Insurance Group, Inc		33,395
200		State Auto Financial Corp		4,382
436		State National Cos, Inc		4,591
351		Stewart Information Services Corp		14,535
1,151	*	Third Point Reinsurance Ltd		13,490
1,834		Torchmark Corp		113,378
4,545		Travelers Cos, Inc		541,037
239	*,e	Trupanion, Inc		3,167
104	*	United America Indemnity Ltd		2,863
349		United Fire & Casualty Co		14,808
255		United Insurance Holdings Corp		4,177

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

503		Universal Insurance Holdings, Inc	$	9,346
3,672		UnumProvident Corp		116,733
1,170		Validus Holdings Ltd		56,850
1,479		W.R. Berkley Corp		88,622
75		White Mountains Insurance Group Ltd		63,150
4,308		XL Capital Ltd		143,499

		TOTAL INSURANCE		13,818,152


MATERIALS - 3.4%
412		A. Schulman, Inc		10,061
78		AEP Industries, Inc		6,276
332	*	AgroFresh Solutions, Inc		1,763
3,097		Air Products & Chemicals, Inc		439,898
3,624	*,e	AK Steel Holding Corp		16,888
1,735		Albemarle Corp		137,603
20,366		Alcoa, Inc		188,793
1,671	e	Allegheny Technologies, Inc		21,305
429		American Vanguard Corp		6,482
136		Ampco-Pittsburgh Corp		1,538
959		Aptargroup, Inc		75,886
1,000		Ashland, Inc		114,770
1,375		Avery Dennison Corp		102,781
2,441	*	Axalta Coating Systems Ltd		64,760
1,085		Axiall Corp		35,382
485		Balchem Corp		28,930
2,631	e	Ball Corp		190,195
1,453		Bemis Co, Inc		74,815
1,866	*	Berry Plastics Group, Inc		72,494
571	*	Boise Cascade Co		13,104
945		Cabot Corp		43,149
730		Calgon Carbon Corp		9,599
723		Carpenter Technology Corp		23,808
2,312		Celanese Corp (Series A)		151,320
742	*	Century Aluminum Co		4,697
3,608		CF Industries Holdings, Inc		86,953
90		Chase Corp		5,316
2,791		Chemours Co		22,998
982	*	Chemtura		25,905
261	*	Clearwater Paper Corp		17,062
2,680	*,e	Cliffs Natural Resources, Inc		15,196
490	*	Codexis, Inc		1,975
2,330	*	Coeur Mining, Inc		24,838
1,716		Commercial Metals Co		29,000
518	e	Compass Minerals International, Inc		38,430
2,078	*	Crown Holdings, Inc		105,292
153		Deltic Timber Corp		10,271
915		Domtar Corp		32,034
17,311		Dow Chemical Co		860,530
723		Eagle Materials, Inc		55,779
2,284		Eastman Chemical Co		155,084
4,010		Ecolab, Inc		475,586
13,535		EI du Pont de Nemours & Co		877,068
1,171	*	Ferro Corp		15,668
1,000		Ferroglobe plc		8,610
835	*,e	Flotek Industries, Inc		11,022
2,122		FMC Corp		98,270
19,335		Freeport-McMoRan Copper & Gold, Inc (Class B)		215,392
353		FutureFuel Corp		3,841
1,091	*	GCP Applied Technologies, Inc		28,410
816	*	Gold Resource Corp		2,929
4,828		Graphic Packaging Holding Co		60,543
87	e	Greif, Inc		4,763
395		Greif, Inc (Class A)		14,722
768		H.B. Fuller Co		33,784
54	*	Handy & Harman Ltd		1,414

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

142		Hawkins, Inc	$	6,164
193		Haynes International, Inc		6,191
1,118	*	Headwaters, Inc		20,057
5,828		Hecla Mining Co		29,723
3,115		Huntsman Corp		41,897
658	*	Ingevity Corp		22,398
294		Innophos Holdings, Inc		12,410
351		Innospec, Inc		16,142
1,232		International Flavors & Fragrances, Inc		155,318
6,356		International Paper Co		269,367
255		Kaiser Aluminum Corp		23,055
1,314		Kapstone Paper and Packaging Corp		17,095
139		KMG Chemicals, Inc		3,613
296	*	Koppers Holdings, Inc		9,096
448	*	Kraton Polymers LLC		12,513
274	e	Kronos Worldwide, Inc		1,438
2,147	*	Louisiana-Pacific Corp		37,250
315	*,e	LSB Industries, Inc		3,805
5,368		LyondellBasell Industries AF S.C.A		399,487
982		Martin Marietta Materials, Inc		188,544
300		Materion Corp		7,428
492		Minerals Technologies, Inc		27,946
6,738		Monsanto Co		696,777
5,504		Mosaic Co		144,095
320	*	Multi Packaging Solutions International Ltd		4,272
371		Myers Industries, Inc		5,342
240		Neenah Paper, Inc		17,369
125		NewMarket Corp		51,797
8,215		Newmont Mining Corp		321,371
4,904		Nucor Corp		242,307
2,434		Olin Corp		60,461
163		Olympic Steel, Inc		4,452
992	*	Omnova Solutions, Inc		7,192
2,473	*	Owens-Illinois, Inc		44,539
1,444		Packaging Corp of America		96,647
658		PH Glatfelter Co		12,870
2,532	*	Platform Specialty Products Corp		22,484
1,282		PolyOne Corp		45,178
4,108		PPG Industries, Inc		427,848
4,417		Praxair, Inc		496,427
190		Quaker Chemical Corp		16,948
593		Rayonier Advanced Materials, Inc		8,059
362	*	Real Industry, Inc		2,813
1,075		Reliance Steel & Aluminum Co		82,667
1,009		Royal Gold, Inc		72,668
2,085		RPM International, Inc		104,146
164	*	Ryerson Holding Corp		2,870
387		Schnitzer Steel Industries, Inc (Class A)		6,811
438		Schweitzer-Mauduit International, Inc		15,453
739		Scotts Miracle-Gro Co (Class A)		51,663
2,978		Sealed Air Corp		136,899
694		Sensient Technologies Corp		49,302
1,244		Sherwin-Williams Co		365,325
600		Silgan Holdings, Inc		30,876
1,536		Sonoco Products Co		76,278
1,344		Southern Copper Corp (NY)		36,261
3,620		Steel Dynamics, Inc		88,690
302		Stepan Co		17,978
1,878	*	Stillwater Mining Co		22,273
816	*	Summit Materials, Inc		16,695
936		SunCoke Energy, Inc		5,447
4,643		Tahoe Resources, Inc		69,506
579		TimkenSteel Corp		5,570
254	*	Trecora Resources		2,649
394		Tredegar Corp		6,351
388	*	Trinseo S.A.		16,657

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

974		Tronox Ltd	$	4,295
97	*	UFP Technologies, Inc		2,186
30		United States Lime & Minerals, Inc		1,770
2,110	e	United States Steel Corp		35,575
210	*	US Concrete, Inc		12,791
1,213		Valspar Corp		131,040
2,046		Vulcan Materials Co		246,257
584		Westlake Chemical Corp		25,065
3,880		WestRock Co		150,816
702	*	Worthington Industries, Inc		29,695
1,089		WR Grace & Co		79,726

		TOTAL MATERIALS		11,217,418


MEDIA - 3.1%
301		AMC Entertainment Holdings, Inc		8,311
935	*	AMC Networks, Inc		56,493
72		Cable One, Inc		36,822
409	*	Carmike Cinemas, Inc		12,319
6,301		CBS Corp (Class B)		343,026
2,102	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		4,435
3,115	*	Charter Communications, Inc		712,214
1,638		Cinemark Holdings, Inc		59,721
566		Clear Channel Outdoor Holdings, Inc (Class A)		3,521
37,323		Comcast Corp (Class A)		2,433,086
17	*,e	Daily Journal Corp		4,029
2,314	*	Discovery Communications, Inc (Class A)		58,382
3,639	*	Discovery Communications, Inc (Class C)		86,790
3,312	*	DISH Network Corp (Class A)		173,549
1,163	*	DreamWorks Animation SKG, Inc (Class A)		47,532
375		Entercom Communications Corp (Class A)		5,089
931		Entravision Communications Corp (Class A)		6,256
454	*,e	Eros International plc		7,387
916		EW Scripps Co (Class A)		14,509
1,713		Gannett Co, Inc		23,657
667	*	Global Eagle Entertainment, Inc		4,429
966	*	Gray Television, Inc		10,481
133	*	Hemisphere Media Group, Inc		1,569
902	*	Imax Corp		26,591
6,229		Interpublic Group of Cos, Inc		143,890
665		John Wiley & Sons, Inc (Class A)		34,700
170	*,e	Liberty Braves Group (Class A)		2,557
525	*	Liberty Braves Group (Class C)		7,696
392	*	Liberty Broadband Corp (Class A)		23,285
1,596	*	Liberty Broadband Corp (Class C)		95,760
398	*	Liberty Media Group (Class A)		7,618
702	*,e	Liberty Media Group (Class C)		13,317
1,473	*	Liberty SiriusXM Group (Class A)		46,193
2,940	*	Liberty SiriusXM Group (Class C)		90,758
1,419	e	Lions Gate Entertainment Corp		28,706
2,021	*	Live Nation, Inc		47,494
187	*	Loral Space & Communications, Inc		6,595
289	*	Madison Square Garden Co		49,855
698		MDC Partners, Inc		12,766
1,666	*	Media General, Inc		28,639
576		Meredith Corp		29,900
895	*	MSG Networks, Inc		13,729
760		National CineMedia, Inc		11,765
604		New Media Investment Group, Inc		10,914
1,915		New York Times Co (Class A)		23,172
5,864		News Corp		66,556
1,884		News Corp (Class B)		21,986
455	e	Nexstar Broadcasting Group, Inc (Class A)		21,649
3,690		Omnicom Group, Inc		300,698
331	*	Radio One, Inc		1,056
444	*	Reading International, Inc		5,546

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,186	e	Regal Entertainment Group (Class A)	$	26,139
51		Saga Communications, Inc		2,017
165		Salem Communications		1,191
395		Scholastic Corp		15,646
1,283		Scripps Networks Interactive (Class A)		79,892
1,014		Sinclair Broadcast Group, Inc (Class A)		30,278
28,141	*,e	Sirius XM Holdings, Inc		111,157
1,303	*	Starz-Liberty Capital		38,986
3,394		TEGNA, Inc		78,639
4,839		Thomson Corp		195,592
12,176		Time Warner, Inc		895,423
1,567		Time, Inc		25,793
99	*	Townsquare Media, Inc		781
1,158		Tribune Co		45,370
414	*	tronc, Inc		5,713
16,814		Twenty-First Century Fox, Inc		454,819
7,459		Twenty-First Century Fox, Inc (Class B)		203,258
150		Viacom, Inc		6,963
5,315		Viacom, Inc (Class B)		220,413
25,131		Walt Disney Co		2,458,315
583		World Wrestling Entertainment, Inc (Class A)		10,733

		TOTAL MEDIA		10,194,116


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.0%
25,061		AbbVie, Inc		1,551,527
1,406	*,e	Acadia Pharmaceuticals, Inc		45,639
305	*,e	Accelerate Diagnostics, Inc		4,389
422	*	Acceleron Pharma, Inc		14,340
590	*	AcelRx Pharmaceuticals, Inc		1,587
1,810	*	Achillion Pharmaceuticals, Inc		14,118
133	*	Aclaris Therapeutics, Inc		2,456
662	*	Acorda Therapeutics, Inc		16,884
265	*,e	Adamas Pharmaceuticals, Inc		4,012
554	*,e	Aduro Biotech, Inc		6,266
525	*,e	Advaxis, Inc		4,247
311	*	Adverum Biotechnologies, Inc		983
366	*,e	Aerie Pharmaceuticals, Inc		6,442
1,104	*,e	Agenus, Inc		4,471
150	*	Agile Therapeutics, Inc		1,141
5,027		Agilent Technologies, Inc		222,998
436	*,e	Agios Pharmaceuticals, Inc		18,266
495	*,e	Aimmune Therapeutics, Inc		5,356
473	*,e	Akebia Therapeutics, Inc		3,538
1,296	*	Akorn, Inc		36,917
359	*,e	Albany Molecular Research, Inc		4,825
713	*,e	Alder Biopharmaceuticals, Inc		17,804
3,335	*	Alexion Pharmaceuticals, Inc		389,395
2,322	*	Alkermes plc		100,357
6,125	*	Allergan plc		1,415,426
1,153	*	Alnylam Pharmaceuticals, Inc		63,980
533	*,e	AMAG Pharmaceuticals, Inc		12,749
11,604		Amgen, Inc		1,765,549
1,917	*	Amicus Therapeutics, Inc		10,467
536	*	Amphastar Pharmaceuticals, Inc		8,640
712	*,e	Ampio Pharmaceuticals, Inc		918
480	*,e	Anavex Life Sciences Corp		2,933
112	*,e	ANI Pharmaceuticals, Inc		6,252
506	*,e	Anthera Pharmaceuticals, Inc		1,564
189	*	Applied Genetic Technologies Corp		2,671
497	*,e	Aratana Therapeutics, Inc		3,141
333	*	Ardelyx, Inc		2,907
3,482	*	Arena Pharmaceuticals, Inc		5,954
181	*,e	Argos Therapeutics, Inc		1,110
2,717	*,e	Ariad Pharmaceuticals, Inc		20,079
2,149	*	Array Biopharma, Inc		7,650

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,097	*,e	Arrowhead Research Corp	$	5,836
356	*	Asterias Biotherapeutics, Inc		854
361	*	Atara Biotherapeutics, Inc		8,126
1,097	*,e	Athersys, Inc		2,380
88	*,e	Avexis, Inc		3,346
454	*	Axovant Sciences Ltd		5,829
152	*,e	Axsome Therapeutics, Inc		1,146
419	*,e	Bellicum Pharmaceuticals, Inc		5,430
1,100	*	BioCryst Pharmaceuticals, Inc		3,124
3,402	*	Biogen Idec, Inc		822,672
2,506	*	BioMarin Pharmaceutical, Inc		194,967
1,243	*,e	Bio-Path Holdings, Inc		2,474
349	*	Bio-Rad Laboratories, Inc (Class A)		49,914
73	*	Biospecifics Technologies Corp		2,916
579		Bio-Techne Corp		65,294
734	*,e	BioTime, Inc		1,916
594	*,e	Bluebird Bio, Inc		25,714
309	*	Blueprint Medicines Corp		6,257
25,794		Bristol-Myers Squibb Co		1,897,149
1,665		Bruker BioSciences Corp		37,862
487	*	Cambrex Corp		25,192
341	*,e	Cara Therapeutics Inc		1,640
1,409	*	Catalent, Inc		32,393
484	*	Celator Pharmaceuticals, Inc		14,607
11,897	*	Celgene Corp		1,173,401
1,443	*,e	Celldex Therapeutics, Inc		6,335
138	*,e	Cellular Biomedicine Group, Inc		1,655
640	*,e	Cempra, Inc		10,554
1,119	*	Cepheid, Inc		34,409
728	*	Charles River Laboratories International, Inc		60,016
316	*,e	ChemoCentryx, Inc		1,419
964	*	Chimerix, Inc		3,788
440	*,e	ChromaDex Corp		1,822
167	*	Cidara Therapeutics, Inc		1,722
463	*,e	Clovis Oncology, Inc		6,352
453	*	Coherus Biosciences, Inc		7,651
205	*,e	Collegium Pharmaceutical, Inc		2,429
219	*	Concert Pharmaceuticals Inc		2,459
1,127	*,e	Corcept Therapeutics, Inc		6,153
1,644	*	Curis, Inc		2,565
503	*,e	Cytokinetics, Inc		4,773
316	*	CytomX Therapeutics, Inc		3,228
748	*,e	CytRx Corp		1,668
928	*,e	Depomed, Inc		18,207
274	*	Dermira, Inc		8,014
178	*	Dimension Therapeutics, Inc		1,068
1,634	*	Durect Corp		1,993
677	*,e	Dynavax Technologies Corp		9,871
122	*,e	Eagle Pharmaceuticals, Inc		4,732
254	*	Edge Therapeutics, Inc		2,568
110	*	Editas Medicine, Inc		2,684
364	*	Egalet Corp		1,805
50	*,e	Eiger BioPharmaceuticals, Inc		991
15,008		Eli Lilly & Co		1,181,880
433	*	Emergent Biosolutions, Inc		12,176
232	*	Enanta Pharmaceuticals, Inc		5,116
3,166	*	Endo International plc		49,358
543	*,e	Endocyte, Inc		1,743
596	*	Enzo Biochem, Inc		3,558
620	*	Epizyme, Inc		6,349
183	*,e	Esperion Thereapeutics, Inc		1,808
1,491	*,e	Exact Sciences Corp		18,265
3,488	*,e	Exelixis, Inc		27,241
799	*	FibroGen, Inc		13,112
390	*	Five Prime Therapeutics, Inc		16,126
86	*	Flex Pharma, Inc		878

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

295	*,e	Flexion Therapeutics Inc	$	4,415
419	*,e	Fluidigm Corp		3,784
519	*	Fortress Biotech, Inc		1,396
173	*,e	Foundation Medicine, Inc		3,228
2,860	*,e	Galena Biopharma, Inc		1,333
270	*	Genomic Health, Inc		6,992
2,277	*,e	Geron Corp		6,102
20,538		Gilead Sciences, Inc		1,713,280
209	*,e	Global Blood Therapeutics, Inc		3,467
161	*	GlycoMimetics Inc		1,170
1,654	*	Halozyme Therapeutics, Inc		14,274
487	*,e	Heron Therapeutics, Inc		8,790
80	*	Heska Corp		2,974
2,468	*	Horizon Pharma plc		40,648
1,665	*,e	Idera Pharmaceuticals, Inc		2,547
462	*	Ignyta, Inc		2,504
2,249	*	Illumina, Inc		315,715
247	*,e	Immune Design Corp		2,016
1,233	*,e	Immunogen, Inc		3,798
1,305	*,e	Immunomedics, Inc		3,028
1,124	*	Impax Laboratories, Inc		32,394
635	*	INC Research Holdings, Inc		24,213
2,514	*	Incyte Corp		201,070
696	*	Infinity Pharmaceuticals, Inc		926
1,228	e	Innoviva, Inc		12,931
286	*	Inotek Pharmaceuticals Corp		2,128
1,045	*,e	Inovio Pharmaceuticals, Inc		9,656
884	*	Insmed, Inc		8,716
340	*,e	Insys Therapeutics, Inc		4,400
103	*,e	Intellia Therapeutics, Inc		2,199
253	*,e	Intercept Pharmaceuticals, Inc		36,098
388	*	Intersect ENT, Inc		5,017
527	*,e	Intra-Cellular Therapies, Inc		20,458
861	*,e	Intrexon Corp		21,189
331	*,e	Invitae Corp		2,446
1,859	*,e	Ionis Pharmaceuticals, Inc		43,296
1,976	*	Ironwood Pharmaceuticals, Inc		25,836
42,530		Johnson & Johnson		5,158,889
968	*,e	Juno Therapeutics, Inc		37,210
499	*	Karyopharm Therapeutics, Inc		3,348
1,346	*,e	Keryx Biopharmaceuticals, Inc		8,911
599	*,e	Kite Pharma, Inc		29,950
222	*,e	La Jolla Pharmaceutical Co		3,552
429	*,e	Lannett Co, Inc		10,206
657	*,e	Lexicon Pharmaceuticals, Inc		9,428
291	*,e	Ligand Pharmaceuticals, Inc (Class B)		34,708
664	*,e	Lion Biotechnologies, Inc		5,378
243	*,e	Lipocine, Inc		739
208	*,e	Loxo Oncology, Inc		4,821
588	*	Luminex Corp		11,895
488	*	MacroGenics, Inc		13,171
1,702	*	Mallinckrodt plc		103,448
5,032	*,e	MannKind Corp		5,837
378	*	Medgenics, Inc		2,098
1,035	*,e	Medicines Co		34,807
458	*,e	MediciNova, Inc		3,458
2,464	*	Medivation, Inc		148,579
43,049		Merck & Co, Inc		2,480,053
1,884	*	Merrimack Pharmaceuticals, Inc		10,155
413	*	Mettler-Toledo International, Inc		150,712
1,555	*,e	MiMedx Group, Inc		12,409
255	*,e	Minerva Neurosciences, Inc		2,604
140	*,e	Mirati Therapeutics, Inc		764
985	*	Momenta Pharmaceuticals, Inc		10,638
6,745	*	Mylan NV		291,654
179	*	MyoKardia, Inc		2,220

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,050	*,e	Myriad Genetics, Inc	$	32,130
188	*	NanoString Technologies, Inc		2,369
263	*,e	NantKwest, Inc		1,636
414	*,e	Natera, Inc		4,995
1,989	*	Nektar Therapeutics		28,303
820	*	NeoGenomics, Inc		6,593
210	*	Neos Therapeutics, Inc		1,949
1,324	*	Neurocrine Biosciences, Inc		60,176
298	*,e	NewLink Genetics Corp		3,355
4,132	*,e	Novavax, Inc		30,040
185	*	Ocular Therapeutix, Inc		916
548	*,e	Omeros Corp		5,765
240	*,e	OncoMed Pharmaceuticals, Inc		2,954
466	*	Ophthotech Corp		23,780
4,827	*,e	Opko Health, Inc		45,084
1,615	*,e	Organovo Holdings, Inc		6,008
254	e	Osiris Therapeutics, Inc		1,293
379	*	Otonomy, Inc		6,019
503	*	OvaScience, Inc		2,621
1,153	*,e	Pacific Biosciences of California, Inc		8,111
563	*,e	Pacira Pharmaceuticals, Inc		18,990
180		Paratek Pharmaceuticals, Inc		2,504
876	*	Parexel International Corp		55,083
2,346		PDL BioPharma, Inc		7,366
1,676		PerkinElmer, Inc		87,856
2,141		Perrigo Co plc		194,124
236	*	Pfenex, Inc		1,975
93,258		Pfizer, Inc		3,283,614
903	*	PharmAthene, Inc		2,203
293		Phibro Animal Health Corp		5,467
754	*	Portola Pharmaceuticals, Inc		17,794
375	*	PRA Health Sciences, Inc		15,660
817	*	Prestige Brands Holdings, Inc		45,262
933	*,e	Progenics Pharmaceuticals, Inc		3,937
105	*	Proteostasis Therapeutics, Inc		1,274
536	*	Prothena Corp plc		18,739
488	*,e	PTC Therapeutics, Inc		3,426
358	*	Puma Biotechnology, Inc		10,665
3,616	*	Qiagen NV (NASDAQ)		78,865
1,273	*	Quintiles Transnational Holdings, Inc		83,152
495	*,e	Radius Health, Inc		18,191
1,331	*	Raptor Pharmaceutical Corp		7,147
85	*	Reata Pharmaceuticals, Inc		1,679
1,194	*	Regeneron Pharmaceuticals, Inc		416,981
324	*	REGENXBIO, Inc		2,592
621	*,e	Regulus Therapeutics, Inc		1,795
578	*,e	Relypsa, Inc		10,693
475	*	Repligen Corp		12,996
562	*,e	Retrophin, Inc		10,009
322	*,e	Revance Therapeutics, Inc		4,379
1,285	*	Rigel Pharmaceuticals, Inc		2,866
410	*,e	Sage Therapeutics, Inc		12,353
340	*	Sagent Pharmaceuticals		5,093
987	*,e	Sangamo Biosciences, Inc		5,715
671	*,e	Sarepta Therapeutics, Inc		12,796
780	*	Sciclone Pharmaceuticals, Inc		10,187
1,519	*,e	Seattle Genetics, Inc		61,383
309	*,e	Seres Therapeutics, Inc		8,976
405	*,e	Sorrento Therapeutics, Inc		2,268
262	*,e	Spark Therapeutics, Inc		13,396
972	*	Spectrum Pharmaceuticals, Inc		6,386
213	*	Stemline Therapeutics, Inc		1,442
357	*	Sucampo Pharmaceuticals, Inc (Class A)		3,916
720	*	Supernus Pharmaceuticals, Inc		14,666
2,659	*,e	Synergy Pharmaceuticals, Inc		10,104
1,141	*	Synthetic Biologics, Inc		2,054

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

240	*,e	T2 Biosystems, Inc	$	1,894
744	*,e	Teligent, Inc		5,312
372	*,e	TESARO, Inc		31,267
518	*	Tetraphase Pharmaceuticals, Inc		2,227
516	*,e	TG Therapeutics, Inc		3,127
2,328	*,e	TherapeuticsMD, Inc		19,788
520	*,e	Theravance Biopharma, Inc		11,799
6,074		Thermo Electron Corp		897,494
287	*,e	Titan Pharmaceuticals, Inc		1,570
145	*,e	Tobira Therapeutics, Inc		1,821
146	*,e	Tokai Pharmaceuticals, Inc		804
667	*	Trevena, Inc		4,202
349	*,e	Trovagene, Inc		1,581
563	*	Ultragenyx Pharmaceutical, Inc		27,536
690	*	United Therapeutics Corp		73,085
604	*	Vanda Pharmaceuticals, Inc		6,759
419	*,e	Versartis, Inc		4,634
3,808	*	Vertex Pharmaceuticals, Inc		327,564
488	*	Vitae Pharmaceuticals, Inc		5,266
321	*	Vital Therapies, Inc		1,990
180	*,e	Voyager Therapeutics, Inc		1,978
308	*,e	vTv Therapeutics, Inc		1,786
1,201	*	VWR Corp		34,709
1,215	*	Waters Corp		170,890
117	*	WaVe Life Sciences Pte Ltd		2,421
233	*,e	XBiotech, Inc		4,874
494	*	Xencor Inc		9,381
827	*	Xenoport, Inc		5,822
240	*,e	Zafgen, Inc		1,438
1,888	*,e	ZIOPHARM Oncology, Inc		10,365
7,046		Zoetis Inc		334,403
287	*	Zogenix, Inc		2,310

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		29,817,217


REAL ESTATE - 4.9%
1,088		Acadia Realty Trust		38,646
430		AG Mortgage Investment Trust		6,209
399		Agree Realty Corp		19,248
719		Alexander & Baldwin, Inc		25,985
30		Alexander’s, Inc		12,277
1,127		Alexandria Real Estate Equities, Inc		116,667
196	*	Altisource Portfolio Solutions S.A.		5,457
766		Altisource Residential Corp		7,040
596		American Assets Trust, Inc		25,294
2,087		American Campus Communities, Inc		110,340
5,123		American Capital Agency Corp		101,538
922		American Capital Mortgage, Inc		14,558
2,736		American Homes 4 Rent		56,033
6,504		American Tower Corp		738,919
14,308		Annaly Capital Management, Inc		158,390
1,539		Anworth Mortgage Asset Corp		7,233
2,482		Apartment Investment & Management Co (Class A)		109,605
910		Apollo Commercial Real Estate Finance, Inc		14,624
2,657		Apple Hospitality REIT, Inc		49,978
100		Ares Commercial Real Estate Corp		1,229
472		Armada Hoffler Properties, Inc		6,485
566		ARMOUR Residential REIT, Inc		11,320
403		Ashford Hospitality Prime, Inc		5,698
1,205		Ashford Hospitality Trust, Inc		6,471
179	*	AV Homes, Inc		2,187
2,120		AvalonBay Communities, Inc		382,427
262		Bluerock Residential Growth REIT, Inc		3,406
2,365		Boston Properties, Inc		311,944
2,649		Brandywine Realty Trust		44,503
2,800		Brixmor Property Group, Inc		74,088

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,378		Camden Property Trust	$	121,843
1,382		Capstead Mortgage Corp		13,405
1,293		Care Capital Properties, Inc		33,890
877		CareTrust REIT, Inc		12,085
568		CatchMark Timber Trust Inc		6,941
2,597		CBL & Associates Properties, Inc		24,178
4,546	*	CBRE Group, Inc		120,378
1,224		Cedar Realty Trust, Inc		9,094
572		Chatham Lodging Trust		12,573
909		Chesapeake Lodging Trust		21,134
2,903		Chimera Investment Corp		45,577
277	*	City Office REIT, Inc		3,595
1,729		Colony Financial, Inc		26,540
998		Colony Starwood Homes		30,359
1,903		Columbia Property Trust, Inc		40,724
1,776		Communications Sales & Leasing, Inc		51,326
199		Community Healthcare Trust, Inc		4,207
74	e	Consolidated-Tomoka Land Co		3,513
185		CorEnergy Infrastructure Trust, Inc		5,337
516		Coresite Realty		45,764
1,456		Corporate Office Properties Trust		43,054
1,864		Corrections Corp of America		65,277
3,339		Cousins Properties, Inc		34,726
5,043		Crown Castle International Corp		511,512
2,790		CubeSmart		86,155
1,124		CyrusOne, Inc		62,562
2,338		CYS Investments, Inc		19,569
1,403		DCT Industrial Trust, Inc		67,400
4,755		DDR Corp		86,256
3,094		DiamondRock Hospitality Co		27,939
2,269		Digital Realty Trust, Inc		247,298
2,163		Douglas Emmett, Inc		76,830
5,343		Duke Realty Corp		142,444
1,144		DuPont Fabros Technology, Inc		54,386
776		Dynex Capital, Inc		5,385
359		Easterly Government Properties, Inc		7,083
484		EastGroup Properties, Inc		33,357
1,017		Education Realty Trust, Inc		46,924
1,869		Empire State Realty Trust, Inc		35,492
976		Entertainment Properties Trust		78,744
1,070		Equinix, Inc		414,871
1,880	*	Equity Commonwealth		54,764
1,231		Equity Lifestyle Properties, Inc		98,542
1,411		Equity One, Inc		45,406
5,499		Equity Residential		378,771
1,007		Essex Property Trust, Inc		229,687
1,848		Extra Space Storage, Inc		171,014
183		Farmland Partners, Inc		2,072
1,091		Federal Realty Investment Trust		180,615
2,066		FelCor Lodging Trust, Inc		12,871
1,776		First Industrial Realty Trust, Inc		49,408
906		First Potomac Realty Trust		8,335
3,533		Forest City Realty Trust, Inc		78,821
498	*,e	Forestar Group, Inc		5,921
840		Four Corners Property Trust, Inc		17,296
1,291		Franklin Street Properties Corp		15,841
102	*	FRP Holdings, Inc		3,519
2,889		Gaming and Leisure Properties, Inc		99,613
8,714		General Growth Properties, Inc		259,852
1,137		Geo Group, Inc		38,863
401		Getty Realty Corp		8,601
475		Gladstone Commercial Corp		8,023
2,605	*	Global Net Lease, Inc		20,710
1,082		Government Properties Income Trust		24,951
6,461		Gramercy Property Trust		59,570
203		Great Ajax Corp		2,816

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

560		Hannon Armstrong Sustainable Infrastructure Capital, Inc	$	12,096
1,444		Hatteras Financial Corp		23,682
7,225		HCP, Inc		255,621
1,600		Healthcare Realty Trust, Inc		55,984
2,088		Healthcare Trust of America, Inc		67,526
712		Hersha Hospitality Trust		12,211
1,490		Highwoods Properties, Inc		78,672
2,307		Hospitality Properties Trust		66,442
11,436		Host Marriott Corp		185,378
579	*	Howard Hughes Corp		66,191
1,207		Hudson Pacific Properties		35,220
463		Independence Realty Trust, Inc		3,787
1,752		Invesco Mortgage Capital, Inc		23,985
1,762		Investors Real Estate Trust		11,400
4,021		Iron Mountain, Inc		160,156
790	*	iStar Financial, Inc		7,576
698		Jones Lang LaSalle, Inc		68,020
1,291		Kennedy-Wilson Holdings, Inc		24,477
1,398		Kilroy Realty Corp		92,673
6,474		Kimco Realty Corp		203,154
1,264		Kite Realty Group Trust		35,430
624		Ladder Capital Corp		7,613
1,299		Lamar Advertising Co		86,124
1,627		LaSalle Hotel Properties		38,365
3,541		Lexington Realty Trust		35,800
2,339		Liberty Property Trust		92,905
628		LTC Properties, Inc		32,486
2,218		Macerich Co		189,395
1,437		Mack-Cali Realty Corp		38,799
194	*	Marcus & Millichap, Inc		4,930
3,687		Medical Properties Trust, Inc		56,079
5,699		MFA Mortgage Investments, Inc		41,432
1,190		Mid-America Apartment Communities, Inc		126,616
959		Monmouth Real Estate Investment Corp (Class A)		12,716
2,397		Monogram Residential Trust, Inc		24,473
570		National Health Investors, Inc		42,801
2,209		National Retail Properties, Inc		114,249
450		National Storage Affiliates Trust		9,369
3,380		New Residential Investment Corp		46,779
1,159		New Senior Investment Group, Inc		12,378
1,563		New York Mortgage Trust, Inc		9,534
2,526		New York REIT, Inc		23,366
280		NexPoint Residential Trust, Inc		5,096
892		NorthStar Realty Europe Corp		8,251
2,676		NorthStar Realty Finance Corp		30,587
2,900		Omega Healthcare Investors, Inc		98,455
251		One Liberty Properties, Inc		5,986
262		Orchid Island Capital, Inc		2,696
2,075		Outfront Media, Inc		50,153
145		Owens Realty Mortgage, Inc		2,413
2,787		Paramount Group, Inc		44,425
1,208		Parkway Properties, Inc		20,210
1,101		Pebblebrook Hotel Trust		28,901
1,046		Pennsylvania REIT		22,437
1,079		Pennymac Mortgage Investment Trust		17,512
2,101		Physicians Realty Trust		44,142
2,219		Piedmont Office Realty Trust, Inc		47,797
811		Post Properties, Inc		49,512
651		Potlatch Corp		22,199
340		Preferred Apartment Communities, Inc		5,005
7,916		Prologis, Inc		388,201
346		PS Business Parks, Inc		36,704
2,282		Public Storage, Inc		583,256
719		QTS Realty Trust, Inc		40,250
1,095		RAIT Investment Trust		3,427
1,201		Ramco-Gershenson Properties		23,552

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,889		Rayonier, Inc	$	49,567
273		Re/Max Holdings, Inc		10,991
2,230	*	Realogy Holdings Corp		64,715
3,769		Realty Income Corp		261,418
1,174		Redwood Trust, Inc		16,213
1,534		Regency Centers Corp		128,442
422		Resource Capital Corp		5,427
1,525		Retail Opportunities Investment Corp		33,047
3,851		Retail Properties of America, Inc		65,082
1,001		Rexford Industrial Realty, Inc		21,111
1,906		RLJ Lodging Trust		40,884
99		RMR Group, Inc		3,066
518		Rouse Properties, Inc		9,454
669		Ryman Hospitality Properties		33,885
994		Sabra Healthcare REIT, Inc		20,511
133		Saul Centers, Inc		8,207
968		Select Income REIT		25,158
3,633		Senior Housing Properties Trust		75,675
385		Seritage Growth Properties		19,188
516		Silver Bay Realty Trust Corp		8,787
4,765		Simon Property Group, Inc		1,033,529
1,551		SL Green Realty Corp		165,135
704		Sovran Self Storage, Inc		73,864
7,413		Spirit Realty Capital, Inc		94,664
831	*,e	St. Joe Co		14,725
1,057	*	STAG Industrial, Inc		25,167
3,583		Starwood Property Trust, Inc		74,240
2,331		STORE Capital Corp		68,648
93	*	Stratus Properties, Inc		1,742
1,404		Summit Hotel Properties, Inc		18,589
964		Sun Communities, Inc		73,881
3,320		Sunstone Hotel Investors, Inc		40,072
1,512		Tanger Factory Outlet Centers, Inc		60,752
931		Taubman Centers, Inc		69,080
200	*	Tejon Ranch Co		4,728
659		Terreno Realty Corp		17,048
721		Tier REIT, Inc		11,053
284	*	Trinity Place Holdings, Inc		2,184
5,213		Two Harbors Investment Corp		44,623
4,118		UDR, Inc		152,037
370		UMH Properties, Inc		4,163
438	m	United Development Funding IV		1,402
282		Universal Health Realty Income Trust		16,125
1,349		Urban Edge Properties		40,281
405		Urstadt Biddle Properties, Inc (Class A)		10,036
4,998		Ventas, Inc		363,954
14,020		VEREIT, Inc		142,163
2,759		Vornado Realty Trust		276,231
1,125		Washington REIT		35,393
1,782		Weingarten Realty Investors		72,741
5,525		Welltower, Inc		420,839
614		Western Asset Mortgage Capital Corp		5,765
11,460		Weyerhaeuser Co		341,164
550		Whitestone REIT		8,294
1,596		WP Carey, Inc		110,794
2,855		WP GLIMCHER, Inc		31,947
1,622		Xenia Hotels & Resorts, Inc		27,217

		TOTAL REAL ESTATE		16,095,563


RETAILING - 5.2%
426	*	1-800-FLOWERS.COM, Inc (Class A)		3,843
1,005		Aaron’s, Inc		21,999
976		Abercrombie & Fitch Co (Class A)		17,383
1,102		Advance Auto Parts, Inc		178,116
6,024	*	Amazon.com, Inc		4,310,895

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,547	e	American Eagle Outfitters, Inc	$	40,574
122	*,e	America’s Car-Mart, Inc		3,445
309	*	Asbury Automotive Group, Inc		16,297
2,570	*	Ascena Retail Group, Inc		17,964
1,018	*,e	Autonation, Inc		47,826
458	*	AutoZone, Inc		363,579
603	*	Barnes & Noble Education, Inc		6,120
965		Barnes & Noble, Inc		10,953
2,335	*	Bed Bath & Beyond, Inc		100,919
4,281		Best Buy Co, Inc		130,999
334		Big 5 Sporting Goods Corp		3,096
777	e	Big Lots, Inc		38,935
158		Blue Nile, Inc		4,326
176	*,e	Boot Barn Holdings, Inc		1,517
378	e	Buckle, Inc		9,824
165	*	Build-A-Bear Workshop, Inc		2,214
1,083	*	Burlington Stores, Inc		72,247
774	*	Cabela’s, Inc		38,746
657		Caleres, Inc		15,906
2,953	*,e	Carmax, Inc		144,786
368		Cato Corp (Class A)		13,881
2,056		Chico’s FAS, Inc		22,020
288		Children’s Place Retail Stores, Inc		23,092
243		Citi Trends, Inc		3,774
231	*	Container Store Group, Inc		1,236
680		Core-Mark Holding Co, Inc		31,865
1,158		CST Brands, Inc		49,887
514	*	Destination XL Group, Inc		2,349
1,351		Dick’s Sporting Goods, Inc		60,876
290	e	Dillard’s, Inc (Class A)		17,574
4,418		Dollar General Corp		415,292
3,502	*	Dollar Tree, Inc		330,028
1,032		DSW, Inc (Class A)		21,858
144	*	Duluth Holdings, Inc		3,522
1,598	*,e	Etsy, Inc		15,325
1,845		Expedia, Inc		196,123
1,044	*	Express Parent LLC		15,148
637		Finish Line, Inc (Class A)		12,861
824	*	Five Below, Inc		38,242
2,083		Foot Locker, Inc		114,273
616	*	Francesca’s Holdings Corp		6,807
543		Fred’s, Inc (Class A)		8,748
254	*	FTD Cos, Inc		6,340
222	*	Gaiam, Inc (Class A)		1,718
1,573		GameStop Corp (Class A)		41,810
3,431	e	Gap, Inc		72,806
313	*	Genesco, Inc		20,129
2,264		Genuine Parts Co		229,230
1,054		GNC Holdings, Inc		25,602
324		Group 1 Automotive, Inc		15,993
5,868	*	Groupon, Inc		19,071
904		Guess?, Inc		13,605
270		Haverty Furniture Cos, Inc		4,868
411	*,e	Hibbett Sports, Inc		14,299
19,272		Home Depot, Inc		2,460,841
475		HSN, Inc		23,242
4,736	*,e	JC Penney Co, Inc		42,056
247		Kirkland’s, Inc		3,626
2,808		Kohl’s Corp		106,479
3,738		L Brands, Inc		250,932
221	*,e	Lands’ End, Inc		3,629
6,954	*	Liberty Interactive Corp		176,423
1,108	*	Liberty TripAdvisor Holdings, Inc		24,243
2,074	*	Liberty Ventures		76,883
358		Lithia Motors, Inc (Class A)		25,443
4,712	*	LKQ Corp		149,370

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

13,793		Lowe’s Companies, Inc	$	1,091,992
368	*,e	Lumber Liquidators, Inc		5,675
4,746		Macy’s, Inc		159,513
389	*	MarineMax, Inc		6,601
267	*,e	Mattress Firm Holding Corp		8,958
1,431	*	Michaels Cos, Inc		40,698
452		Monro Muffler, Inc		28,729
581	*	Murphy USA, Inc		43,087
6,312	*	NetFlix, Inc		577,422
1,902	e	Nordstrom, Inc		72,371
451		Nutri/System, Inc		11,437
8,441	*	Office Depot, Inc		27,940
335	*	Ollie’s Bargain Outlet Holdings, Inc		8,338
1,476	*	O’Reilly Automotive, Inc		400,144
275	e	Outerwall, Inc		11,550
176	*	Overstock.com, Inc		2,835
363	*,e	Party City Holdco, Inc		5,049
608		Penske Auto Group, Inc		19,128
278	e	PetMed Express, Inc		5,215
1,303	e	Pier 1 Imports, Inc		6,697
767	*	Priceline.com, Inc		957,530
765		Rent-A-Center, Inc		9,394
591	*,e	Restoration Hardware Holdings, Inc		16,950
6,087		Ross Stores, Inc		345,072
2,288	*	Sally Beauty Holdings, Inc		67,290
188	*,e	Sears Holdings Corp		2,559
168	*	Sears Hometown and Outlet Stores, Inc		1,132
680	*	Select Comfort Corp		14,538
203		Shoe Carnival, Inc		5,087
541	*	Shutterfly, Inc		25,216
1,212		Signet Jewelers Ltd		99,881
297		Sonic Automotive, Inc (Class A)		5,082
571	*	Sportsman’s Warehouse Holdings, Inc		4,602
411	e	Stage Stores, Inc		2,006
10,025		Staples, Inc		86,415
493		Stein Mart, Inc		3,806
747		Tailored Brands, Inc		9,457
9,137		Target Corp		637,945
1,715		Tiffany & Co		103,998
482	*,e	Tile Shop Holdings, Inc		9,582
297	*	Tilly’s, Inc		1,720
10,230		TJX Companies, Inc		790,063
2,059		Tractor Supply Co		187,740
1,758	*	TripAdvisor, Inc		113,039
632	*	Tuesday Morning Corp		4,437
904	*	Ulta Salon Cosmetics & Fragrance, Inc		220,251
1,403	*	Urban Outfitters, Inc		38,583
409	*	Vitamin Shoppe, Inc		12,503
484	*,e	Wayfair, Inc		18,876
258	*	West Marine, Inc		2,165
1,386		Williams-Sonoma, Inc		72,252
32		Winmark Corp		3,189
314	*	Zumiez, Inc		4,493

		TOTAL RETAILING		17,226,160


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
77	*,e	Acacia Communications, Inc		3,075
635	*	Advanced Energy Industries, Inc		24,105
10,005	*	Advanced Micro Devices, Inc		51,426
302	*	Alpha & Omega Semiconductor Ltd		4,207
497	*,e	Ambarella, Inc		25,253
1,424	*	Amkor Technology, Inc		8,188
4,735		Analog Devices, Inc		268,190
16,864		Applied Materials, Inc		404,230
1,304	*	Applied Micro Circuits Corp		8,372

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,300	*	Axcelis Technologies, Inc	$	6,187
5,835		Broadcom Ltd		906,759
977		Brooks Automation, Inc		10,962
353		Cabot Microelectronics Corp		14,946
866	*	Cavium, Inc		33,428
293	*	Ceva, Inc		7,961
944	*	Cirrus Logic, Inc		36,618
379		Cohu, Inc		4,112
1,538	*,e	Cree, Inc		37,589
4,786	e	Cypress Semiconductor Corp		50,492
584	*	Diodes, Inc		10,973
289	*	DSP Group, Inc		3,066
2,131	*	Entegris, Inc		30,836
634	*	Exar Corp		5,104
1,745	*	Fairchild Semiconductor International, Inc		34,638
1,170	*	First Solar, Inc		56,722
1,076	*	Formfactor, Inc		9,674
642	*	GigOptix, Inc		1,258
592	*	Inphi Corp		18,962
2,070	*	Integrated Device Technology, Inc		41,669
73,205		Intel Corp		2,401,124
2,022		Intersil Corp (Class A)		27,378
353		IXYS Corp		3,618
2,412		Kla-Tencor Corp		176,679
800	*	Kopin Corp		1,776
2,446	e	Lam Research Corp		205,611
1,835	*	Lattice Semiconductor Corp		9,817
3,661		Linear Technology Corp		170,346
336	*	MA-COM Technology Solutions		11,081
6,275		Marvell Technology Group Ltd		59,801
4,327		Maxim Integrated Products, Inc		154,431
850	*	MaxLinear, Inc		15,283
3,249		Microchip Technology, Inc		164,919
16,036	*	Micron Technology, Inc		220,655
1,741	*	Microsemi Corp		56,896
858		MKS Instruments, Inc		36,945
598		Monolithic Power Systems, Inc		40,855
364	*	Nanometrics, Inc		7,567
478	*	NeoPhotonics Corp Ltd		4,555
68		NVE Corp		3,988
7,873		Nvidia Corp		370,110
6,349	*	ON Semiconductor Corp		55,998
409	*	PDF Solutions, Inc		5,722
970	*	Photronics, Inc		8,643
425		Power Integrations, Inc		21,280
2,116	*	Qorvo, Inc		116,930
22,745		Qualcomm, Inc		1,218,450
1,707	*	Rambus, Inc		20,621
456	*	Rudolph Technologies, Inc		7,082
936	*	Semtech Corp		22,333
497	*	Sigma Designs, Inc		3,196
618	*	Silicon Laboratories, Inc		30,121
2,933		Skyworks Solutions, Inc		185,600
886	*,e	SunPower Corp		13,724
3,141		Teradyne, Inc		61,846
754		Tessera Technologies, Inc		23,103
15,602		Texas Instruments, Inc		977,465
395	*	Ultra Clean Holdings		2,247
367	*	Ultratech, Inc		8,430
603	*	Veeco Instruments, Inc		9,986
584	*	Xcerra Corp		3,358
3,922		Xilinx, Inc		180,922

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		9,239,494

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

SOFTWARE & SERVICES - 12.0%
568	*	2U, Inc	$	16,705
670	*	A10 Networks, Inc		4,335
9,603		Accenture plc		1,087,924
1,775	*	ACI Worldwide, Inc		34,630
8,625		Activision Blizzard, Inc		341,809
552	*	Actua Corp		4,985
1,189	*	Acxiom Corp		26,146
7,550	*	Adobe Systems, Inc		723,214
2,664	*	Akamai Technologies, Inc		148,998
89	*,e	Alarm.com Holdings, Inc		2,281
291	*,e	ALJ Regional Holdings, Inc		1,455
900	*	Alliance Data Systems Corp		176,328
4,547	*	Alphabet, Inc (Class A)		3,198,951
4,596	*	Alphabet, Inc (Class C)		3,180,892
273	*,e	Amber Road, Inc		2,105
2,296		Amdocs Ltd		132,525
370	*	American Software, Inc (Class A)		3,878
555	*	Angie’s List, Inc		3,613
1,337	*	Ansys, Inc		121,333
235	*	Apigee Corp		2,872
116	*	Appfolio, Inc		1,677
1,374	*	Aspen Technology, Inc		55,290
403	*	Atlassian Corp plc		10,438
145	*	Autobytel, Inc		2,011
3,271	*	Autodesk, Inc		177,092
7,172		Automatic Data Processing, Inc		658,892
591	*	AVG Technologies NV		11,223
727	*	Bankrate, Inc		5,438
335	*	Barracuda Networks, Inc		5,072
1,241	*	Bazaarvoice, Inc		4,976
169	*,e	Benefitfocus, Inc		6,442
303	*,e	Black Knight Financial Services, Inc		11,393
735		Blackbaud, Inc		49,906
841	*	Blackhawk Network Holdings, Inc		28,165
583	*	Blucora, Inc		6,040
1,759		Booz Allen Hamilton Holding Co		52,137
528	*	Bottomline Technologies, Inc		11,368
735	*,e	Box, Inc		7,600
460	*	Brightcove, Inc		4,048
1,807		Broadridge Financial Solutions, Inc		117,816
423	*	BroadSoft, Inc		17,356
4,515		CA, Inc		148,227
373	*	CACI International, Inc (Class A)		33,723
4,614	*	Cadence Design Systems, Inc		112,120
790	*	Callidus Software, Inc		15,784
238	*	Carbonite, Inc		2,316
692	*	Cardtronics, Inc		27,549
271	*	Care.com, Inc		3,165
155		Cass Information Systems, Inc		8,013
2,399		CDK Global, Inc		133,121
347	*	ChannelAdvisor Corp		5,028
387	*	Cimpress NV		35,790
2,399	*	Citrix Systems, Inc		192,136
9,346	*	Cognizant Technology Solutions Corp (Class A)		534,965
592	*	Commvault Systems, Inc		25,568
2,139		Computer Sciences Corp		106,201
734	*	comScore, Inc		17,528
1,361		Convergys Corp		34,025
779	*	Cornerstone OnDemand, Inc		29,649
494	*	CoStar Group, Inc		108,018
485		CSG Systems International, Inc		19,550
2,529		CSRA, Inc		59,254
464	*	Cvent, Inc		16,574
297	*	Datalink Corp		2,227

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

579	*	Demandware, Inc	$	43,367
789	*	DHI Group, Inc		4,915
110	*,e	Digimarc Corp		3,516
515		DST Systems, Inc		59,961
1,405		EarthLink Holdings Corp		8,992
16,520	*	eBay, Inc		386,733
405	e	Ebix, Inc		19,399
4,498	*	Electronic Arts, Inc		340,768
472	*	Ellie Mae, Inc		43,259
845	*	Endurance International Group Holdings, Inc		7,597
382	*,e	EnerNOC, Inc		2,414
639	*	Envestnet, Inc		21,285
739	*	EPAM Systems, Inc		47,525
365		EPIQ Systems, Inc		5,329
781	*	Euronet Worldwide, Inc		54,037
941		EVERTEC, Inc		14,623
434	*	Everyday Health, Inc		3,420
203	*	EXA Corp		2,933
484	*	ExlService Holdings, Inc		25,366
34,757	*	Facebook, Inc		3,972,030
458		Fair Isaac Corp		51,759
4,921		Fidelity National Information Services, Inc		362,579
2,341	*,e	FireEye, Inc		38,556
1,418	*	First American Corp		54,565
4,841	*	First Data Corp		53,590
3,430	*	Fiserv, Inc		372,944
351	*	Five9, Inc		4,177
1,414	*	FleetCor Technologies, Inc		202,386
552	*	FleetMatics Group plc		23,918
178		Forrester Research, Inc		6,561
2,237	*	Fortinet, Inc		70,667
1,261	*	Gartner, Inc		122,834
2,440	*	Genpact Ltd		65,490
494	*	Gigamon, Inc		18,471
2,370		Global Payments, Inc		169,171
117	*	Global Sources Ltd		1,073
359	*,e	Globant S.A.		14,127
1,606	*,e	Glu Mobile, Inc		3,533
720	*	GoDaddy, Inc		22,457
805	*,e	Gogo, Inc		6,754
1,239	*,e	GrubHub, Inc		38,496
399	*	GTT Communications, Inc		7,374
239	*	Guidance Software, Inc		1,479
1,120	*	Guidewire Software, Inc		69,171
476		Hackett Group, Inc		6,602
495	*	Higher One Holdings, Inc		2,529
611	*,e	Hortonworks, Inc		6,532
443	*	HubSpot, Inc		19,235
1,106		IAC/InterActiveCorp		62,268
439	*	Imperva, Inc		18,881
907	*	inContact, Inc		12,562
889	*	Infoblox, Inc		16,678
513	*	Information Services Group, Inc		1,924
166	*	Instructure, Inc		3,154
273	*,e	Interactive Intelligence, Inc		11,190
13,618		International Business Machines Corp		2,066,940
651	*	Intralinks Holdings, Inc		4,231
3,769		Intuit, Inc		420,658
736		j2 Global, Inc		46,493
1,233		Jack Henry & Associates, Inc		107,604
661	*	Jive Software, Inc		2,485
1,032		Leidos Holdings, Inc		49,402
884	*	Limelight Networks, Inc		1,317
1,816	*	LinkedIn Corp		343,678
915	*	Lionbridge Technologies		3,614
325	*	Liquidity Services, Inc		2,548

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

827	*	Liveperson, Inc	$	5,243
385	*	LogMeIn, Inc		24,421
1,109	*	Manhattan Associates, Inc		71,120
349		Mantech International Corp (Class A)		13,199
441		Marchex, Inc (Class B)		1,402
639	*	Marketo, Inc		22,250
14,991		MasterCard, Inc (Class A)		1,320,107
447	*,e	Match Group, Inc		6,739
1,027		MAXIMUS, Inc		56,865
650	*	MeetMe, Inc		3,464
1,645		Mentor Graphics Corp		34,973
117,507		Microsoft Corp		6,012,833
136	*	MicroStrategy, Inc (Class A)		23,803
348	*,e	MINDBODY, Inc		5,617
467	*	Mitek Systems, Inc		3,320
577	*	MobileIron, Inc		1,760
351	*	Model N, Inc		4,686
445	*	MoneyGram International, Inc		3,048
614		Monotype Imaging Holdings, Inc		15,123
1,321	*	Monster Worldwide, Inc		3,157
81		NCI, Inc (Class A)		1,138
605	*	NetSuite, Inc		44,044
808	*,e	NeuStar, Inc (Class A)		18,996
339	*,e	New Relic, Inc		9,960
949		NIC, Inc		20,821
3,449	*	Nuance Communications, Inc		53,908
223	*	Numerex Corp		1,670
45,855		Oracle Corp		1,876,845
3,395	*,e	Pandora Media, Inc		42,268
128	*	Park City Group, Inc		1,148
5,083		Paychex, Inc		302,439
676	*,e	Paycom Software, Inc		29,210
318	*,e	Paylocity Holding Corp		13,738
17,512	*	PayPal Holdings, Inc		639,363
548		Pegasystems, Inc		14,769
509	*	Perficient, Inc		10,338
221	*	PFSweb, Inc		2,100
637	*	Planet Payment, Inc		2,860
766	*	Progress Software Corp		21,034
616	*,e	Proofpoint, Inc		38,863
336	*	PROS Holdings, Inc		5,856
1,758	*	PTC, Inc		66,066
395	*	Q2 Holdings, Inc		11,068
144		QAD, Inc (Class A)		2,775
1,434	*	QLIK Technologies, Inc		42,418
419	*	Qualys, Inc		12,490
335	*	QuinStreet, Inc		1,189
978	*	Quotient Technology, Inc		13,115
1,710	*	Rackspace Hosting, Inc		35,671
302	*,e	Rapid7, Inc		3,799
299	*	RealNetworks, Inc		1,289
795	*	RealPage, Inc		17,752
2,790	*	Red Hat, Inc		202,554
111		Reis, Inc		2,764
560	*	RetailMeNot, Inc		4,318
187	*	Rightside Group Ltd		1,990
906	*	RingCentral, Inc		17,866
279	*	Rosetta Stone, Inc		2,162
1,271	*	Rovi Corp		19,878
572	*	Rubicon Project, Inc		7,808
3,197		Sabre Corp		85,648
9,907	*	Salesforce.com, Inc		786,715
329		Sapiens International Corp NV		3,853
661		Science Applications International Corp		38,569
421	*	Sciquest, Inc		7,435
96	*	SecureWorks Corp		1,354

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,435	*	ServiceNow, Inc	$	161,684
819	*	ServiceSource International LLC		3,301
309	*,e	Shutterstock, Inc		14,152
710	*	Silver Spring Networks, Inc		8,627
2,022	*	Splunk, Inc		109,552
256	*	SPS Commerce, Inc		15,514
797	*	Square, Inc		7,213
2,602		SS&C Technologies Holdings, Inc		73,064
252	*	Stamps.com, Inc		22,030
566	*	Sykes Enterprises, Inc		16,391
9,435		Symantec Corp		193,795
630	*	Synchronoss Technologies, Inc		20,072
2,302	*	Synopsys, Inc		124,492
543	*	Syntel, Inc		24,576
849	*	Tableau Software, Inc		41,533
1,280	*	Take-Two Interactive Software, Inc		48,538
496	*	Tangoe, Inc		3,829
222	*	TechTarget, Inc		1,798
397	*	TeleNav, Inc		2,025
235		TeleTech Holdings, Inc		6,376
2,058	*	Teradata Corp		51,594
1,433	*	TiVo, Inc		14,187
2,459		Total System Services, Inc		130,597
1,781		Travelport Worldwide Ltd		22,957
821	*,e	TrueCar, Inc		6,445
338	*,e	TubeMogul, Inc		4,022
9,794	*,e	Twitter, Inc		165,617
509	*	Tyler Technologies, Inc		84,855
424	*	Ultimate Software Group, Inc		89,163
686	*,e	Unisys Corp		4,994
216	*	United Online, Inc		2,376
2,297	*	Vantiv, Inc		130,010
158	*	Varonis Systems, Inc		3,795
469	*	Vasco Data Security International		7,687
1,046	*	Verint Systems, Inc		34,654
1,481	*,e	VeriSign, Inc		128,047
631	*,e	VirnetX Holding Corp		2,524
427	*	Virtusa Corp		12,332
29,631		Visa, Inc (Class A)		2,197,731
1,255	*,e	VMware, Inc (Class A)		71,811
577	*,e	WebMD Health Corp (Class A)		33,529
659	*	Website Pros, Inc		11,981
7,662		Western Union Co		146,957
596	*	WEX, Inc		52,847
1,800	*	Workday, Inc		134,406
340	*,e	Workiva, Inc		4,644
346	*	Xactly Corp		4,432
15,226		Xerox Corp		144,495
376	*	XO Group, Inc		6,554
372	*	Xura, Inc		9,088
13,418	*	Yahoo!, Inc		503,980
1,055	*	Yelp, Inc		32,030
1,214	*	Zendesk, Inc		32,025
795	*,e	Zillow Group, Inc		29,137
1,533	*	Zillow Group, Inc (Class C)		55,617
743	*	Zix Corp		2,786
10,999	*	Zynga, Inc		27,388

		TOTAL SOFTWARE & SERVICES		39,660,916


TECHNOLOGY HARDWARE & EQUIPMENT - 4.9%
1,599	*,e	3D Systems Corp		21,890
806		Adtran, Inc		15,032
317	*	Aerohive Networks, Inc		2,099
400	*	Agilysys, Inc		4,188
4,637		Amphenol Corp (Class A)		265,839

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

412	*	Anixter International, Inc	$	21,951
84,936		Apple, Inc		8,119,882
367	*,e	Applied Optoelectronics, Inc		4,092
593	*	Arista Networks, Inc		38,177
2,915	*	ARRIS International plc		61,098
1,404	*	Arrow Electronics, Inc		86,908
470	*	Avid Technology, Inc		2,731
1,982		Avnet, Inc		80,291
720		AVX Corp		9,778
210		Badger Meter, Inc		15,336
144		Bel Fuse, Inc (Class B)		2,560
626		Belden CDT, Inc		37,792
750	*	Benchmark Electronics, Inc		15,862
226		Black Box Corp		2,956
7,193		Brocade Communications Systems, Inc		66,032
528	*	CalAmp Corp		7,820
643	*	Calix, Inc		4,443
2,466		CDW Corp		98,837
2,102	*	Ciena Corp		39,412
77,965		Cisco Systems, Inc		2,236,816
153	*,e	Clearfield, Inc		2,737
1,253		Cognex Corp		54,004
369	*	Coherent, Inc		33,867
1,980	*	CommScope Holding Co, Inc		61,439
234		Comtech Telecommunications Corp		3,005
305	*,e	Control4 Corp		2,489
16,640		Corning, Inc		340,787
351		CPI Card Group, Inc		1,758
622	*	Cray, Inc		18,610
485		CTS Corp		8,691
548		Daktronics, Inc		3,425
936		Diebold, Inc		23,241
400	*	Digi International, Inc		4,292
782		Dolby Laboratories, Inc (Class A)		37,419
255	*	DTS, Inc		6,745
250	*,e	Eastman Kodak Co		4,020
702	*	EchoStar Corp (Class A)		27,869
248		Electro Rent Corp		3,822
447		Electro Scientific Industries, Inc		2,610
717	*	Electronics for Imaging, Inc		30,860
30,213		EMC Corp		820,887
381	*	EMCORE Corp		2,263
96	*	ePlus, Inc		7,852
1,428	*	Extreme Networks, Inc		4,841
1,036	*	F5 Networks, Inc		117,938
537	*	Fabrinet		19,933
256	*	FARO Technologies, Inc		8,660
644		FEI Co		68,831
1,708	*	Finisar Corp		29,907
1,957	*,e	Fitbit, Inc		23,915
2,092		Flir Systems, Inc		64,747
1,256	*,e	Harmonic, Inc		3,580
1,864		Harris Corp		155,532
26,651		Hewlett Packard Enterprise Co		486,914
26,647		HP, Inc		334,420
909	*	II-VI, Inc		17,053
400	*	Immersion Corp		2,936
2,159	*	Infinera Corp		24,354
2,243		Ingram Micro, Inc (Class A)		78,012
620	*	Insight Enterprises, Inc		16,120
520		InterDigital, Inc		28,954
1,144	*	InvenSense, Inc		7,013
544	*	IPG Photonics Corp		43,520
553	*	Itron, Inc		23,834
983	*	Ixia		9,653
2,873		Jabil Circuit, Inc		53,064

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

5,775		Juniper Networks, Inc	$	129,880
2,647	*	Keysight Technologies, Inc		77,001
411	*	Kimball Electronics, Inc		5,117
1,352	*,e	Knowles Corp		18,495
172	*	KVH Industries, Inc		1,324
918		Lexmark International, Inc (Class A)		34,654
356		Littelfuse, Inc		42,076
776	*	Lumentum Holdings, Inc		18,779
509	*	Maxwell Technologies, Inc		2,688
41		Mesa Laboratories, Inc		5,043
638		Methode Electronics, Inc		21,839
2,667		Motorola, Inc		175,942
221		MTS Systems Corp		9,689
160	*	Multi-Fineline Electronix, Inc		3,712
1,689		National Instruments Corp		46,279
1,908	*	NCR Corp		52,985
4,480		NetApp, Inc		110,163
482	*	Netgear, Inc		22,914
1,579	*	Netscout Systems, Inc		35,133
953	*,e	Nimble Storage, Inc		7,586
497	*	Novanta, Inc		7,530
1,530	*,e	Oclaro, Inc		7,466
283	*	OSI Systems, Inc		16,451
1,343	*	Palo Alto Networks, Inc		164,706
291		Park Electrochemical Corp		4,228
196		PC Connection, Inc		4,665
547		Plantronics, Inc		24,068
511	*	Plexus Corp		22,075
2,087	*	Polycom, Inc		23,479
926	*,e	Pure Storage, Inc		10,093
1,275	*	QLogic Corp		18,793
553	*	Radisys Corp		2,477
415	*	Rofin-Sinar Technologies, Inc		13,255
267	*	Rogers Corp		16,314
1,157	*	Sanmina Corp		31,019
381	*	Scansource, Inc		14,139
1,028	*	ShoreTel, Inc		6,877
81	e	Silicom Ltd		2,422
435	*,e	Silicon Graphics International Corp		2,188
704	*	Sonus Networks, Inc		6,118
751	*,e	Stratasys Ltd		17,190
589	*	Super Micro Computer, Inc		14,637
572	*	Synaptics, Inc		30,745
461		SYNNEX Corp		43,712
151	*	Systemax, Inc		1,288
538	*	Tech Data Corp		38,655
3,961	*	Trimble Navigation Ltd		96,490
1,110	*	TTM Technologies, Inc		8,358
407	e	Ubiquiti Networks, Inc		15,735
637	*	Universal Display Corp		43,189
591	*	USA Technologies, Inc		2,524
1,621	*	VeriFone Systems, Inc		30,053
682	*,e	Viasat, Inc		48,695
3,759	*	Viavi Solutions, Inc		24,922
1,913		Vishay Intertechnology, Inc		23,702
161	*	Vishay Precision Group, Inc		2,161
4,365		Western Digital Corp		206,290
799	*	Zebra Technologies Corp (Class A)		40,030

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		16,296,283


TELECOMMUNICATION SERVICES - 2.7%
1,358	*	8x8, Inc		19,840
95,429		AT&T, Inc		4,123,487
208		ATN International, Inc		16,185
542	*	Boingo Wireless, Inc		4,835

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

8,430		CenturyTel, Inc	$	244,554
3,005	*	Cincinnati Bell, Inc		13,733
635		Cogent Communications Group, Inc		25,438
862	e	Consolidated Communications Holdings, Inc		23,481
499	*	Fairpoint Communications, Inc		7,325
17,604	e	Frontier Communications Corp		86,964
464	*	General Communication, Inc (Class A)		7,331
5,885	*,e	Globalstar, Inc		7,121
126	*	Hawaiian Telcom Holdco, Inc		2,670
238		IDT Corp (Class B)		3,377
505		Inteliquent, Inc		10,044
1,269	*,e	Iridium Communications, Inc		11,269
4,457	*	Level 3 Communications, Inc		229,491
323	*	Lumos Networks Corp		3,908
854	*	NII Holdings, Inc		2,716
1,000	*	Orbcomm, Inc		9,950
184	*	pdvWireless, Inc		3,936
1,945	*	SBA Communications Corp (Class A)		209,943
728		Shenandoah Telecom Co		28,436
309		Spok Holdings, Inc		5,922
11,457	*	Sprint Corp		51,900
164	*,e	Straight Path Communications, Inc		4,538
1,431		Telephone & Data Systems, Inc		42,444
4,378	*	T-Mobile US, Inc		189,436
260	*	US Cellular Corp		10,210
63,110		Verizon Communications, Inc		3,524,062
2,643	*	Vonage Holdings Corp		16,122
1,408	e	Windstream Holdings, Inc		13,052
2,522	*	Zayo Group Holdings, Inc		70,440

		TOTAL TELECOMMUNICATION SERVICES		9,024,160


TRANSPORTATION - 2.0%
797	*	Air Transport Services Group, Inc		10,329
1,848		Alaska Air Group, Inc		107,720
203		Allegiant Travel Co		30,754
94		Amerco, Inc		35,208
8,915		American Airlines Group, Inc		252,384
378		Arkansas Best Corp		6,142
363	*	Atlas Air Worldwide Holdings, Inc		15,035
1,294	*	Avis Budget Group, Inc		41,706
390	*	Celadon Group, Inc		3,186
2,198		CH Robinson Worldwide, Inc		163,201
473	e	Copa Holdings S.A. (Class A)		24,719
383		Costamare, Inc		2,938
185	*	Covenant Transportation Group, Inc		3,343
14,818		CSX Corp		386,453
11,913		Delta Air Lines, Inc		433,991
427	*	Echo Global Logistics, Inc		9,573
2,803		Expeditors International of Washington, Inc		137,459
3,870		FedEx Corp		587,389
458		Forward Air Corp		20,395
875	*	Genesee & Wyoming, Inc (Class A)		51,581
884	*	Hawaiian Holdings, Inc		33,557
689	e	Heartland Express, Inc		11,982
5,562	*	Hertz Global Holdings, Inc		61,571
505	*	Hub Group, Inc (Class A)		19,377
1,370		J.B. Hunt Transport Services, Inc		110,874
4,976	*	JetBlue Airways Corp		82,403
1,656		Kansas City Southern Industries, Inc		149,189
813	*	Kirby Corp		50,723
1,000		Knight Transportation, Inc		26,580
621		Landstar System, Inc		42,638
1,110		Macquarie Infrastructure Co LLC		82,196
319		Marten Transport Ltd		6,316
668		Matson, Inc		21,570

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

4,571		Norfolk Southern Corp	$	389,129
1,041	*	Old Dominion Freight Line		62,783
118		Park-Ohio Holdings Corp		3,337
958	*	Radiant Logistics, Inc		2,874
411	*	Roadrunner Transportation Services Holdings, Inc		3,066
808		Ryder System, Inc		49,401
384	*	Saia, Inc		9,654
751		Skywest, Inc		19,871
9,891		Southwest Airlines Co		387,826
1,104	*	Spirit Airlines, Inc		49,536
1,289	*,e	Swift Transportation Co, Inc		19,863
13,091		Union Pacific Corp		1,142,190
5,186	*	United Continental Holdings, Inc		212,833
10,709		United Parcel Service, Inc (Class B)		1,153,573
122		Universal Truckload Services, Inc		1,574
139	*	USA Truck, Inc		2,434
296	*	Virgin America, Inc		16,638
683		Werner Enterprises, Inc		15,689
849	*	Wesco Aircraft Holdings, Inc		11,394
1,499	*,e	XPO Logistics, Inc		39,364
521	*	YRC Worldwide, Inc		4,585

		TOTAL TRANSPORTATION		6,620,096


UTILITIES - 3.8%
10,475		AES Corp		130,728
1,808		AGL Resources, Inc		119,274
763		Allete, Inc		49,313
3,512		Alliant Energy Corp		139,426
3,751		Ameren Corp		200,979
7,617		American Electric Power Co, Inc		533,876
543		American States Water Co		23,794
2,716		American Water Works Co, Inc		229,529
2,696		Aqua America, Inc		96,139
111		Artesian Resources Corp		3,765
1,866		Atlantic Power Corp		4,628
854	e	Atlantica Yield plc		15,867
1,523		Atmos Energy Corp		123,850
895		Avangrid, Inc		41,224
968		Avista Corp		43,366
814		Black Hills Corp		51,315
689		California Water Service Group		24,067
5,665	*	Calpine Corp		83,559
6,672		Centerpoint Energy, Inc		160,128
223		Chesapeake Utilities Corp		14,758
4,177		CMS Energy Corp		191,557
165		Connecticut Water Service, Inc		9,273
4,557		Consolidated Edison, Inc		366,565
213		Consolidated Water Co, Inc		2,782
102		Delta Natural Gas Co, Inc		2,748
9,396		Dominion Resources, Inc		732,230
2,708		DTE Energy Co		268,417
10,675		Duke Energy Corp		915,808
1,845	*	Dynegy, Inc		31,808
4,922		Edison International		382,292
600		El Paso Electric Co		28,362
728		Empire District Electric Co		24,730
2,767		Entergy Corp		225,096
4,910		Eversource Energy		294,109
13,726		Exelon Corp		499,077
6,573		FirstEnergy Corp		229,463
182	e	Genie Energy Ltd		1,232
133	*,e	Global Water Resources, Inc		1,170
2,468		Great Plains Energy, Inc		75,027
1,656	*	Hawaiian Electric Industries, Inc		54,300
845		Idacorp, Inc		68,741

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,403		ITC Holdings Corp	$	112,509
2,855		MDU Resources Group, Inc		68,520
677		MGE Energy, Inc		38,261
240		Middlesex Water Co		10,411
1,140		National Fuel Gas Co		64,843
1,317		New Jersey Resources Corp		50,770
7,131		NextEra Energy, Inc		929,882
4,785		NiSource, Inc		126,898
419		Northwest Natural Gas Co		27,160
838		NorthWestern Corp		52,853
4,874		NRG Energy, Inc		73,061
495		NRG Yield, Inc (Class A)		7,534
926	e	NRG Yield, Inc (Class C)		14,436
3,173		OGE Energy Corp		103,916
798		ONE Gas, Inc		53,139
595		Ormat Technologies, Inc		26,037
489		Otter Tail Corp		16,377
860	e	Pattern Energy Group, Inc		19,754
7,683		PG&E Corp		491,097
1,187		Piedmont Natural Gas Co, Inc		71,362
1,713		Pinnacle West Capital Corp		138,856
1,356		PNM Resources, Inc		48,057
1,370		Portland General Electric Co		60,444
10,491		PPL Corp		396,035
7,825		Public Service Enterprise Group, Inc		364,723
2,664		Questar Corp		67,586
2,156		SCANA Corp		163,123
3,844		Sempra Energy		438,293
254		SJW Corp		10,003
1,083		South Jersey Industries, Inc		34,245
14,550		Southern Co		780,317
672		Southwest Gas Corp		52,893
78	e	Spark Energy, Inc		2,578
687		Spire, Inc		48,667
1,280	*	Talen Energy Corp		17,344
3,757		TECO Energy, Inc		103,844
1,167	e	TerraForm Global, Inc		3,804
1,278	e	TerraForm Power, Inc		13,930
2,656		UGI Corp		120,184
205		Unitil Corp		8,747
1,283		Vectren Corp		67,576
557	*,e	Vivint Solar, Inc		1,710
4,768		WEC Energy Group, Inc		311,350
2,185		Westar Energy, Inc		122,557
775		WGL Holdings, Inc		54,862
7,657		Xcel Energy, Inc		342,881
183		York Water Co		5,863

		TOTAL UTILITIES		12,633,664

		TOTAL COMMON STOCKS (Cost $204,089,569)		341,647,757


RIGHTS / WARRANTS - 0.0%

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
118	m	Forest Laboratories, Inc CVR		112
499	m	Trius Therapeutics, Inc		65

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		177

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)		1,966

TIAA-CREF LIFE FUNDS - Stock Index Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

SHORT-TERM INVESTMENTS - 3.2%

GOVERNMENT AGENCY DEBT - 0.9%

$3,100,000

Federal Home Loan Bank (FHLB)

0.100

07/01/16

3,100,000

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.3%

7,536,330

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

7,536,330

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

7,536,330

TOTAL SHORT-TERM INVESTMENTS
(Cost $10,636,330)

10,636,330

TOTAL INVESTMENTS - 106.4%
(Cost $214,727,696)

352,286,053

OTHER ASSETS & LIABILITIES, NET - (6.4)%

(21,145,832

)

NET ASSETS - 100.0%

331,140,221

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 to cover margin requirements on open futures contracts.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $7,414,485.

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 (unaudited)

June 30, 2016


SHARES		COMPANY	VALUE

COMMON STOCKS - 101.9%

AUSTRALIA - 1.2%
77,035		BHP Billiton Ltd	$	1,073,577

		TOTAL AUSTRALIA		1,073,577


DENMARK - 1.6%
11,690		DSV AS		491,543
19,557	*	H Lundbeck AS		733,140
2,808		Novo Nordisk AS		151,219

		TOTAL DENMARK		1,375,902


FRANCE - 24.7%
98,469		Accor S.A.		3,772,951
3,991		BNP Paribas		175,027
68,262		Compagnie de Saint-Gobain		2,587,511
26,412		Essilor International S.A.		3,471,302
17,207		Groupe Danone		1,204,191
2,356		Kering		379,274
87,224		Schneider Electric S.A.		5,088,705
50,084		Societe Generale		1,566,922
44,688		Vinci S.A.		3,153,490

		TOTAL FRANCE		21,399,373


GERMANY - 13.3%
40,911		Adidas-Salomon AG.		5,872,741
4,019		Continental AG.		760,502
11,918		Deutsche Boerse AG.		979,119
12,224		Henkel KGaA (Preference)		1,493,901
30,154		Lanxess AG.		1,322,943
86,056		Schaeffler AG.		1,136,671

		TOTAL GERMANY		11,565,877


INDIA - 10.3%
93,117		Asian Paints Ltd		1,386,301
5,678		Eicher Motors Ltd		1,621,858
12,785		Emami Ltd		208,987
158,064		HDFC Bank Ltd		2,763,691
140,221		IndusInd Bank Ltd		2,317,196
51,655	*	SKS Microfinance Pvt Ltd		568,928

		TOTAL INDIA		8,866,961


ITALY - 3.5%
673,988		Banca Intesa S.p.A.		1,283,752
112,885		Mediobanca S.p.A.		650,420
47,590		Moncler S.p.A		751,320
795,183	*	Saipem S.p.A.		317,937

		TOTAL ITALY		3,003,429


JAPAN - 17.3%
68,385		Ajinomoto Co, Inc		1,611,216
640,242		Ishikawajima-Harima Heavy Industries Co Ltd		1,725,766
43,200		J Front Retailing Co Ltd		447,913
21,700		Kao Corp		1,263,854
16,610	e	Konami Corp		633,669
17,425		Murata Manufacturing Co Ltd		1,953,596

TIAA-CREF LIFE FUNDS - International Equity Fund


SHARES		COMPANY	VALUE

69,375		Olympus Corp	$	2,590,571
24,369		Oriental Land Co Ltd		1,577,878
109,448		Sony Corp		3,224,554

		TOTAL JAPAN		15,029,017


NETHERLANDS - 4.8%
1,033		ASML Holding NV		101,687
39,311		Heineken NV		3,605,676
43,894		ING Groep NV		454,123
47		Royal Dutch Shell plc (A Shares)		1,291

		TOTAL NETHERLANDS		4,162,777


NORWAY - 2.2%
108,930		Statoil ASA		1,882,141

		TOTAL NORWAY		1,882,141


SWEDEN - 3.1%
97,110		Electrolux AB (Series B)		2,647,689

		TOTAL SWEDEN		2,647,689


SWITZERLAND - 3.9%
2,682		Burckhardt Compression Holding AG.		830,656
2,188		Geberit AG.		828,732
8,189		Swatch Group AG. (Registered)		468,965
4,883		Zurich Financial Services AG.		1,207,970

		TOTAL SWITZERLAND		3,336,323


TAIWAN - 1.2%
877,927		Advanced Semiconductor Engineering, Inc		998,813

		TOTAL TAIWAN		998,813


UNITED KINGDOM - 14.8%
5,537		Associated British Foods plc		201,759
95,877		BAE Systems plc		671,192
160,269		Man Group plc		249,008
2,056		Rio Tinto plc		63,873
253,948		Sky plc		2,885,722
2,063,255	*	Tesco plc		4,845,746
135,073		Weir Group plc		2,608,725
61,800		WPP plc		1,287,997

		TOTAL UNITED KINGDOM		12,814,022

		TOTAL COMMON STOCKS (Cost $88,779,939)		88,155,901


SHORT-TERM INVESTMENTS - 0.3%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
227,430	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		227,430

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		227,430

		TOTAL SHORT-TERM INVESTMENTS (Cost $227,430)		227,430

		TOTAL INVESTMENTS - 102.2% (Cost $89,007,369)		88,383,331
		OTHER ASSETS & LIABILITIES, NET - (2.2)%		(1,897,526	)

		NET ASSETS - 100.0%	$	86,485,805

*	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 $214,999.

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

June 30, 2016


SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	25,214,175			29.0	%
INDUSTRIALS		19,608,179			22.7
CONSUMER STAPLES		14,435,331			16.7
FINANCIALS		12,216,156			14.1
HEALTH CARE		6,946,232			8.0
MATERIALS		3,846,693			4.5
INFORMATION TECHNOLOGY		3,687,765			4.3
ENERGY		2,201,370			2.6
SHORT-TERM INVESTMENTS		227,430			0.3
OTHER ASSETS & LIABILITIES, NET		(1,897,526	)		(2.2	)

NET ASSETS	$	86,485,805			100.0

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

BANK LOAN OBLIGATIONS - 0.9%

AUTOMOBILES & COMPONENTS - 0.0%
$ 49,250	i	Dealer Tire LLC		5.500	%		12/22/21	$	49,373

		TOTAL AUTOMOBILES & COMPONENTS							49,373


CAPITAL GOODS - 0.0%
24,813	i	CHI Overhead Doors, Inc		4.750			07/31/22		24,595
24,833	i	Plaze, Inc		5.250			07/29/22		24,709

		TOTAL CAPITAL GOODS							49,304


COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
78,605	i	AECOM Technology Corp		3.750			10/15/21		78,654
59,100	i	Creative Artists Agency LLC		5.500			12/17/21		59,002
66,755	h,i	USAGM HoldCo LLC		5.500			07/28/22		66,004
13,245	h,i	USAGM HoldCo LLC		5.500			07/28/22		13,096

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							216,756


CONSUMER DURABLES & APPAREL - 0.0%
61,459	i	Otter Products LLC		5.750			06/03/20		52,240

		TOTAL CONSUMER DURABLES & APPAREL							52,240


CONSUMER SERVICES - 0.2%
98,000	i	Jackson Hewitt Tax Service, Inc		8.000			06/25/21		95,795
99,250	i	Knowledge Universe Education LLC		6.000			08/13/22		98,092

		TOTAL CONSUMER SERVICES							193,887


DIVERSIFIED FINANCIALS - 0.0%
97,995	i	TransUnion LLC		3.500			04/09/21		96,664

		TOTAL DIVERSIFIED FINANCIALS							96,664


FOOD, BEVERAGE & TOBACCO - 0.0%
29,775	i	Hostess Brands LLC		4.500			08/03/22		29,715

		TOTAL FOOD, BEVERAGE & TOBACCO							29,715


HEALTH CARE EQUIPMENT & SERVICES - 0.1%
98,184	i	DaVita HealthCare Partners, Inc		3.500			06/24/21		98,307
74,813	i	Greatbatch Ltd		5.250			10/27/22		74,064

		TOTAL HEALTH CARE EQUIPMENT & SERVICES							172,371


INSURANCE - 0.0%
123,898	i	Acrisure LLC		6.500			05/19/22		122,762

		TOTAL INSURANCE							122,762


MATERIALS - 0.0%
40,000	i	Solenis International LP		7.750			07/29/22		36,833

		TOTAL MATERIALS							36,833


MEDIA - 0.1%
99,250	i	CDS US Intermediate Holdings, Inc		5.000	%		07/08/22		96,490
75,000	i	Neptune Finco Corp		5.000			10/09/22		75,019

		TOTAL MEDIA							171,509

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

REAL ESTATE - 0.0%
$ 73,315	i	DTZ US Borrower LLC		4.250	%		11/04/21	$	72,170

		TOTAL REAL ESTATE							72,170


SOFTWARE & SERVICES - 0.2%
130,000	h,i	Evergreen Skills Lux S.a.r.l.		9.250			04/28/22		58,500
68,769	i	IMS Health, Inc		3.500			03/17/21		68,081
48,444	i	Mitchell International, Inc		4.500			10/13/20		47,597
73,873		ProQuest LLC		5.750			10/24/21		70,179
2,461	i	SS&C Technologies Holdings Europe SARL		4.000			07/08/22		2,458
17,988	i	SS&C Technologies Holdings, Inc		4.000			07/08/22		17,969

		TOTAL SOFTWARE & SERVICES							264,784


TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
99,250	i	CommScope, Inc		3.750			12/29/22		99,188
68,779	i	Sensata Technologies BV		3.000			10/14/21		68,656
17,591	i	Zebra Technologies Corp		4.000			10/27/21		17,569

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							185,413

		TOTAL BANK LOAN OBLIGATIONS (Cost $1,800,625)							1,713,781


BONDS - 98.1%

CORPORATE BONDS - 41.7%

AUTOMOBILES & COMPONENTS - 0.5%
175,000	g	BMW US Capital LLC		2.000			04/11/21		177,289
125,000	g	BMW US Capital LLC		2.800			04/11/26		128,284
125,000		Delphi Automotive plc		3.150			11/19/20		128,588
33,000	g	Gates Global LLC		6.000			07/15/22		28,875
100,000		Goodyear Tire & Rubber Co		5.000			05/31/26		101,875
175,000		Magna International, Inc		3.625			06/15/24		184,665
150,000	g	ZF North America Capital, Inc		4.500			04/29/22		152,062

		TOTAL AUTOMOBILES & COMPONENTS							901,638


BANKS - 5.6%
200,000	g	Banco de Bogota S.A.		6.250			05/12/26		203,500
200,000		Bank of America Corp		5.300			03/15/17		205,341
275,000		Bank of America Corp		3.950			04/21/25		279,605
200,000		Bank of America Corp		3.875			08/01/25		212,870
50,000		Bank of America Corp		4.750			04/21/45		51,116
150,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350			02/23/17		151,153
225,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350			09/08/19		230,100
150,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		3.250			09/08/24		157,303
125,000		Barclays plc		3.650			03/16/25		120,196
250,000		Branch Banking & Trust Co		2.300			10/15/18		256,254
60,000		Capital One Bank USA NA		3.375			02/15/23		61,395
650,000		Citigroup, Inc		4.450			09/29/27		668,256
125,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		4.625			12/01/23		131,865
250,000		Cooperatieve Rabobank UA		2.500			01/19/21		256,359
100,000	g	Credit Agricole S.A.		2.500			04/15/19		102,301
200,000	g	DBS Group Holdings Ltd		2.246			07/16/19		202,956
225,000		Discover Bank		3.100			06/04/20		230,153
200,000	g	GTH Finance BV		7.250			04/26/23		208,000
150,000	g	HSBC Bank plc		4.125			08/12/20		161,477
200,000		HSBC Holdings plc		2.950			05/25/21		202,094
250,000		HSBC Holdings plc		3.900			05/25/26		258,021
375,000		JPMorgan Chase & Co		2.750			06/23/20		386,446
150,000		JPMorgan Chase & Co		2.700			05/18/23		151,547
350,000		JPMorgan Chase & Co		3.200			06/15/26		359,930
100,000	i	JPMorgan Chase & Co		5.150			12/30/49		97,260
80,000		KeyBank NA		2.500			12/15/19		82,035

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 100,000		Lloyds Banking Group plc		3.100	%		07/06/21	$	99,926
100,000	g	Macquarie Bank Ltd		2.600			06/24/19		101,995
225,000		Manufacturers & Traders Trust Co		2.100			02/06/20		227,658
175,000		PNC Bank NA		2.200			01/28/19		178,559
225,000		PNC Bank NA		2.250			07/02/19		229,835
350,000		PNC Bank NA		2.600			07/21/20		362,471
150,000		PNC Bank NA		2.700			11/01/22		151,622
140,000	g,i	Rabobank Nederland NV		11.000			12/30/49		166,950
500,000		Royal Bank of Canada		1.200			09/19/17		501,085
200,000	g	Shinhan Bank		3.875			03/24/26		206,890
300,000	g	Skandinaviska Enskilda Banken AB		2.625			11/17/20		309,140
75,000		Sumitomo Mitsui Banking Corp		2.500			07/19/18		76,551
150,000		Sumitomo Mitsui Banking Corp		2.450			01/16/20		153,299
250,000		Sumitomo Mitsui Banking Corp		3.650			07/23/25		271,167
125,000		SunTrust Banks, Inc		2.900			03/03/21		129,436
100,000		SunTrust Banks, Inc		2.750			05/01/23		100,643
250,000		Toronto-Dominion Bank		2.500			12/14/20		258,615
200,000	g,h	Turkiye Halk Bankasi AS.		5.000			07/13/21		199,890
200,000	g	Turkiye Is Bankasi		5.375			10/06/21		206,232
150,000		Union Bank NA		2.125			06/16/17		151,385
125,000		UnionBanCal Corp		3.500			06/18/22		132,720
370,000		US Bank NA		2.800			01/27/25		385,479
200,000		Westpac Banking Corp		2.250			01/17/19		204,217
225,000		Westpac Banking Corp		2.850			05/13/26		228,516
200,000	g	Zenith Bank plc		6.250			04/22/19		188,540

		TOTAL BANKS							10,650,354


CAPITAL GOODS - 1.2%
100,000		Eaton Corp		4.000			11/02/32		106,318
125,000		Ingersoll-Rand Luxembourg Finance S.A.		3.550			11/01/24		131,580
150,000		John Deere Capital Corp		2.550			01/08/21		155,849
175,000		Lockheed Martin Corp		2.500			11/23/20		180,532
100,000		Lockheed Martin Corp		3.550			01/15/26		109,098
250,000	g	Molex Electronic Technologies LLC		2.878			04/15/20		248,938
200,000	g	Molex Electronic Technologies LLC		3.900			04/15/25		204,204
125,000		Rockwell Automation, Inc		2.050			03/01/20		127,051
200,000	g	Sigma Alimentos S.A. de C.V.		4.125			05/02/26		203,000
100,000	g	Stena AB		7.000			02/01/24		78,750
100,000		Textron, Inc		3.875			03/01/25		105,596
425,000		Timken Co		3.875			09/01/24		429,686
100,000	g	TransDigm, Inc		6.375			06/15/26		99,750

		TOTAL CAPITAL GOODS							2,180,352


COMMERCIAL & PROFESSIONAL SERVICES - 1.7%
500,000		21st Century Fox America, Inc		3.000			09/15/22		522,086
50,000		21st Century Fox America, Inc		6.900			08/15/39		66,923
25,000		AECOM		5.750			10/15/22		25,500
50,000		AECOM		5.875			10/15/24		51,250
250,000		Air Lease Corp		3.875			04/01/21		257,500
475,000	g	Daimler Finance North America LLC		2.000			07/06/21		474,820
225,000		Equifax, Inc		3.250			06/01/26		232,467
100,000	g	Herc Spinoff Escrow Issuer LLC		7.750			06/01/24		97,500
100,000		Quest Diagnostics, Inc		3.450			06/01/26		103,385
75,000		Republic Services, Inc		3.800			05/15/18		78,473
250,000		Republic Services, Inc		3.550			06/01/22		270,036
150,000		Republic Services, Inc		3.200			03/15/25		156,758
100,000	h	Republic Services, Inc		2.900			07/01/26		101,472
75,000		United Rentals North America, Inc		5.500			07/15/25		73,875
250,000		Waste Management, Inc		2.600			09/01/16		250,570
100,000		Waste Management, Inc		2.900			09/15/22		104,707
150,000		Waste Management, Inc		2.400			05/15/23		152,224
50,000		Waste Management, Inc		3.900			03/01/35		52,423

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 50,000		Waste Management, Inc		4.100	%		03/01/45	$	54,300
75,000	g	XPO Logistics, Inc		6.500			06/15/22		71,531

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							3,197,800


CONSUMER DURABLES & APPAREL - 0.3%
75,000		Newell Rubbermaid, Inc		3.150			04/01/21		78,142
100,000		Newell Rubbermaid, Inc		3.900			11/01/25		104,797
125,000		Newell Rubbermaid, Inc		4.200			04/01/26		135,574
100,000		PVH Corp		4.500			12/15/22		101,375
100,000		Whirlpool Corp		3.700			03/01/23		106,043

		TOTAL CONSUMER DURABLES & APPAREL							525,931


CONSUMER SERVICES - 0.3%
50,000	g	1011778 BC / New Red Fin		6.000			04/01/22		51,859
100,000		ADT Corp		6.250			10/15/21		106,850
100,000	g	Aramark Services, Inc		4.750			06/01/26		98,000
65,000	g	International Game Technology		5.625			02/15/20		68,494
150,000	g	SABMiller Holdings, Inc		3.750			01/15/22		160,855
70,000		Speedway Motorsports, Inc		5.125			02/01/23		71,225

		TOTAL CONSUMER SERVICES							557,283


DIVERSIFIED FINANCIALS - 4.5%
125,000		American Express Centurion Bank		6.000			09/13/17		131,690
50,000		American Express Credit Corp		2.250			05/05/21		50,903
750,000	g,i	Armor Re Ltd		4.709			12/15/16		746,250
50,000		Bank of New York Mellon Corp		5.450			05/15/19		55,582
225,000	g	Bayer US Finance LLC		2.375			10/08/19		230,003
200,000	g	Bayer US Finance LLC		3.375			10/08/24		207,994
200,000	g	BBVA Bancomer S.A.		6.750			09/30/22		223,274
125,000		Credit Suisse		2.300			05/28/19		126,679
125,000		Credit Suisse		3.000			10/29/21		128,052
200,000	g	Credit Suisse Group Funding Guernsey Ltd		3.800			06/09/23		199,603
150,000		Credit Suisse Group Funding Guernsey Ltd		3.750			03/26/25		146,882
100,000	g	Dana Financing Luxembourg Sarl		6.500			06/01/26		97,375
65,000		Ford Motor Credit Co LLC		4.250			02/03/17		66,039
250,000		Ford Motor Credit Co LLC		3.000			06/12/17		253,555
35,000		Ford Motor Credit Co LLC		6.625			08/15/17		36,944
750,000		Ford Motor Credit Co LLC		2.597			11/04/19		767,310
325,000		Ford Motor Credit Co LLC		3.200			01/15/21		334,811
250,000		Ford Motor Credit Co LLC		3.336			03/18/21		259,567
275,000		Ford Motor Credit Co LLC		4.134			08/04/25		294,984
160,000		General Motors Financial Co, Inc		3.500			07/10/19		165,559
100,000		General Motors Financial Co, Inc		3.200			07/13/20		101,316
225,000		General Motors Financial Co, Inc		4.200			03/01/21		235,408
300,000		General Motors Financial Co, Inc		3.200			07/06/21		300,869
40,000		General Motors Financial Co, Inc		4.375			09/25/21		42,215
125,000		General Motors Financial Co, Inc		3.700			05/09/23		125,813
100,000		General Motors Financial Co, Inc		5.250			03/01/26		108,760
300,000		Goldman Sachs Group, Inc		3.500			01/23/25		308,393
125,000		Goldman Sachs Group, Inc		4.800			07/08/44		138,044
100,000		Goldman Sachs Group, Inc		4.750			10/21/45		110,276
200,000	g	GrupoSura Finance S.A.		5.500			04/29/26		208,500
200,000	g	Hyundai Capital America		2.000			07/01/19		201,235
200,000	g	ICICI Bank Ltd		4.000			03/18/26		203,333
100,000		International Lease Finance Corp		5.875			08/15/22		108,250
250,000	g	KOC Holding AS.		5.250			03/15/23		259,300
100,000		Legg Mason, Inc		2.700			07/15/19		102,318
100,000		Legg Mason, Inc		3.950			07/15/24		101,132
325,000		Morgan Stanley		1.875			01/05/18		326,869
150,000		Morgan Stanley		4.000			07/23/25		160,696
100,000		Morgan Stanley		3.875			01/27/26		106,467
250,000		Morgan Stanley		6.375			07/24/42		337,437
50,000		National Rural Utilities Cooperative Finance Corp		10.375			11/01/18		60,415

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 150,000	g	UBS Group Funding Jersey Ltd		2.950	%		09/24/20	$	152,560
75,000		Wells Fargo & Co		2.500			03/04/21		76,916

		TOTAL DIVERSIFIED FINANCIALS							8,399,578


ENERGY - 3.6%
175,000		Anadarko Petroleum Corp		4.850			03/15/21		185,626
100,000		Anadarko Petroleum Corp		5.550			03/15/26		110,480
50,000		Apache Corp		4.750			04/15/43		51,436
25,000		Apache Corp		4.250			01/15/44		24,216
250,000		BP Capital Markets plc		1.375			05/10/18		250,368
300,000		BP Capital Markets plc		2.315			02/13/20		307,099
125,000		BP Capital Markets plc		3.119			05/04/26		127,164
12,000		California Resources Corp		5.000			01/15/20		6,330
30,000	g	California Resources Corp		8.000			12/15/22		21,300
10,000	g	Cheniere Corpus Christi Holdings LLC		7.000			06/30/24		10,269
325,000		Chevron Corp		2.419			11/17/20		335,275
192,000		Cimarex Energy Co		4.375			06/01/24		200,866
150,000		Concho Resources, Inc		5.500			04/01/23		150,375
200,000		Devon Energy Corp		5.000			06/15/45		186,692
50,000		Ecopetrol S.A.		5.875			09/18/23		51,500
200,000		Ecopetrol S.A.		5.375			06/26/26		194,500
25,000		Enbridge Energy Partners LP		5.200			03/15/20		26,231
100,000		Enbridge Energy Partners LP		4.375			10/15/20		102,639
150,000		Enbridge Energy Partners LP		5.875			10/15/25		165,962
200,000		Enterprise Products Operating LLC		3.750			02/15/25		208,692
250,000		Enterprise Products Operating LLC		5.100			02/15/45		275,084
100,000		EOG Resources, Inc		4.150			01/15/26		110,068
25,000		EP Energy LLC		6.375			06/15/23		15,000
75,000		Exterran Partners LP		6.000			10/01/22		66,375
200,000		Exxon Mobil Corp		2.222			03/01/21		206,231
225,000		Exxon Mobil Corp		3.043			03/01/26		238,230
100,000		Exxon Mobil Corp		4.114			03/01/46		112,549
100,000		Husky Energy, Inc		3.950			04/15/22		103,440
150,000		Marathon Oil Corp		2.700			06/01/20		141,266
52,000		Noble Energy, Inc		5.625			05/01/21		54,173
25,000		Noble Energy, Inc		5.250			11/15/43		25,789
115,000		Occidental Petroleum Corp		2.600			04/15/22		117,854
75,000		Occidental Petroleum Corp		3.500			06/15/25		79,292
100,000		Occidental Petroleum Corp		3.400			04/15/26		105,524
200,000		ONE Gas, Inc		2.070			02/01/19		202,995
100,000		ONE Gas, Inc		3.610			02/01/24		108,066
100,000	i	Petrobras Global Finance BV		2.768			01/15/19		90,350
47,000		Petrobras Global Finance BV		3.000			01/15/19		43,546
125,000		Petrobras Global Finance BV		4.875			03/17/20		117,188
50,000	g	Petroleos Mexicanos		5.500			02/04/19		52,625
100,000		Petroleos Mexicanos		3.500			07/23/20		99,911
75,000	g	Petroleos Mexicanos		6.375			02/04/21		81,548
150,000		Petroleos Mexicanos		3.500			01/30/23		142,083
80,000		Petroleos Mexicanos		4.250			01/15/25		77,040
40,000		Petroleos Mexicanos		5.500			06/27/44		36,142
45,000		Pioneer Natural Resources Co		7.500			01/15/20		52,697
150,000		Pioneer Natural Resources Co		3.450			01/15/21		154,902
125,000		Pioneer Natural Resources Co		4.450			01/15/26		136,253
100,000		Plains All American Pipeline LP		4.650			10/15/25		101,012
39,000		Plains All American Pipeline LP		4.900			02/15/45		34,885
45,000		Precision Drilling Corp		6.500			12/15/21		40,388
32,000		Questar Market Resources, Inc		6.875			03/01/21		32,320
17,000		Regency Energy Partners LP		5.875			03/01/22		18,053
75,000		Shell International Finance BV		2.375			08/21/22		76,792
175,000		Shell International Finance BV		4.000			05/10/46		178,617
100,000		Statoil ASA		1.200			01/17/18		100,160
200,000		Statoil ASA		2.450			01/17/23		202,560
125,000		Statoil ASA		4.250			11/23/41		131,666
10,000		Tesoro Logistics LP		6.125			10/15/21		10,350

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 10,000		Tesoro Logistics LP		6.375	%		05/01/24	$	10,475
100,000		TransCanada PipeLines Ltd		5.850			03/15/36		115,044
50,000		Vale Overseas Ltd		4.375			01/11/22		46,860
25,000		Vale Overseas Ltd		6.875			11/21/36		23,000

		TOTAL ENERGY							6,885,423


FOOD & STAPLES RETAILING - 1.4%
100,000	g	Albertsons Cos LLC		6.625			06/15/24		103,250
400,000		CVS Health Corp		2.800			07/20/20		416,351
275,000		CVS Health Corp		2.125			06/01/21		278,250
421,000		CVS Health Corp		3.875			07/20/25		463,311
275,000		CVS Health Corp		2.875			06/01/26		281,070
140,000		Ingles Markets, Inc		5.750			06/15/23		141,750
100,000		SYSCO Corp		2.500			07/15/21		102,198
225,000		Walgreens Boots Alliance, Inc		2.700			11/18/19		232,496
125,000		Walgreens Boots Alliance, Inc		2.600			06/01/21		127,061
250,000		Walgreens Boots Alliance, Inc		3.800			11/18/24		264,989
100,000		Walgreens Boots Alliance, Inc		3.450			06/01/26		102,810
100,000		Walgreens Boots Alliance, Inc		4.650			06/01/46		106,727

		TOTAL FOOD & STAPLES RETAILING							2,620,263


FOOD, BEVERAGE & TOBACCO - 1.2%
250,000		Anheuser-Busch InBev Finance, Inc		2.650			02/01/21		259,065
425,000		Anheuser-Busch InBev Finance, Inc		3.650			02/01/26		454,883
200,000		Anheuser-Busch InBev Finance, Inc		4.900			02/01/46		234,274
200,000	g	Corp Lindley S.A.		4.625			04/12/23		204,500
100,000		Mead Johnson Nutrition Co		3.000			11/15/20		104,478
300,000		Mondelez International, Inc		4.000			02/01/24		328,233
5,000		PepsiCo, Inc		7.900			11/01/18		5,783
75,000		PepsiCo, Inc		2.750			04/30/25		77,539
265,000		PepsiCo, Inc		4.450			04/14/46		309,479
32,000	g	Pernod-Ricard S.A.		5.750			04/07/21		36,877
175,000	g	Pernod-Ricard S.A.		4.250			07/15/22		191,316
100,000	g	Pernod-Ricard S.A.		3.250			06/08/26		102,402

		TOTAL FOOD, BEVERAGE & TOBACCO							2,308,829


HEALTH CARE EQUIPMENT & SERVICES - 1.1%
50,000		Becton Dickinson & Co		1.750			11/08/16		50,115
100,000		Covidien International Finance S.A.		3.200			06/15/22		106,716
100,000		Express Scripts Holding Co		3.900			02/15/22		107,181
150,000		Express Scripts Holding Co		3.400			03/01/27		150,165
15,000		HCA, Inc		6.500			02/15/20		16,631
150,000		HCA, Inc		5.875			03/15/22		163,125
30,000	g	LifePoint Health, Inc		5.375			05/01/24		30,075
200,000		Medtronic, Inc		3.500			03/15/25		218,130
200,000		Medtronic, Inc		4.625			03/15/45		235,348
125,000		Stryker Corp		2.625			03/15/21		129,212
100,000		Stryker Corp		3.375			11/01/25		104,993
100,000		Thermo Fisher Scientific, Inc		2.400			02/01/19		101,739
100,000		Thermo Fisher Scientific, Inc		3.300			02/15/22		104,101
125,000		Thermo Fisher Scientific, Inc		3.150			01/15/23		127,770
250,000		Zimmer Holdings, Inc		2.700			04/01/20		253,056

		TOTAL HEALTH CARE EQUIPMENT & SERVICES							1,898,357


HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
125,000		Colgate-Palmolive Co		4.000			08/15/45		143,810

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS							143,810


INSURANCE - 2.1%
125,000		Aetna, Inc		1.500			11/15/17		125,572
100,000		Allstate Corp		3.150			06/15/23		106,357

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 100,000		Allstate Corp		4.500	%		06/15/43	$	116,341
200,000		American International Group, Inc		2.300			07/16/19		203,507
200,000		Children’s Hospital Medic		4.268			05/15/44		223,262
100,000		Chubb Corp		6.000			05/11/37		135,824
20,000		Cigna Corp		5.125			06/15/20		22,195
100,000		Cigna Corp		4.500			03/15/21		109,790
125,000		Cigna Corp		3.250			04/15/25		127,685
100,000	g	Five Corners Funding Trust		4.419			11/15/23		107,967
25,000		Lincoln National Corp		7.000			06/15/40		32,212
300,000		MetLife, Inc		4.368			09/15/23		332,251
150,000	i	MetLife, Inc		5.250			12/30/49		148,875
100,000		Principal Financial Group, Inc		1.850			11/15/17		100,547
150,000		Progressive Corp		3.750			08/23/21		165,041
175,000		Prudential Financial, Inc		5.400			06/13/35		198,470
100,000		Prudential Financial, Inc		5.100			08/15/43		110,854
225,000	i	Prudential Financial, Inc		5.375			05/15/45		227,531
100,000	g	Prudential Funding LLC		6.750			09/15/23		121,599
100,000	g	Swiss Re Treasury US Corp		2.875			12/06/22		101,286
125,000	g	Swiss Re Treasury US Corp		4.250			12/06/42		130,430
25,000		Travelers Cos, Inc		5.800			05/15/18		27,117
100,000		Travelers Cos, Inc		3.750			05/15/46		104,758
150,000		UnitedHealth Group, Inc		3.750			07/15/25		164,390
275,000		UnitedHealth Group, Inc		4.750			07/15/45		332,933
250,000		WellPoint, Inc		3.125			05/15/22		258,675
150,000		WellPoint, Inc		4.625			05/15/42		157,446
25,000		WR Berkley Corp		5.375			09/15/20		27,705

		TOTAL INSURANCE							4,020,620


MATERIALS - 1.8%
35,000		Air Products & Chemicals, Inc		4.375			08/21/19		38,291
52,000		Barrick Gold Corp		4.100			05/01/23		54,981
25,000		Berry Plastics Corp		6.000			10/15/22		25,844
50,000	g	Blue Cube Spinco, Inc		9.750			10/15/23		57,875
50,000	g	Blue Cube Spinco, Inc		10.000			10/15/25		57,750
200,000		Celulosa Arauco y Constitucion S.A.		4.500			08/01/24		208,336
200,000	g	Cemex SAB de C.V.		7.750			04/16/26		210,000
100,000		Corning, Inc		1.450			11/15/17		99,948
200,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.500			09/16/25		209,446
105,000		Crown Americas LLC		4.500			01/15/23		107,100
100,000		Eastman Chemical Co		3.800			03/15/25		105,737
200,000	g	Georgia-Pacific LLC		2.539			11/15/19		204,820
930,000	g	Glencore Funding LLC		2.125			04/16/18		906,750
125,000	g	Glencore Funding LLC		4.625			04/29/24		116,875
50,000		Hexion US Finance Corp		8.875			02/01/18		43,375
50,000		Hexion US Finance Corp		6.625			04/15/20		41,815
200,000	g	Klabin Finance S.A.		5.250			07/16/24		196,500
125,000		Nucor Corp		4.000			08/01/23		133,546
200,000	g	OCP S.A.		4.500			10/22/25		195,360
80,000	g	Owens-Brockway Glass Container, Inc		5.875			08/15/23		84,034
150,000		Packaging Corp of America		3.650			09/15/24		155,005
70,000	g	Sealed Air Corp		5.250			04/01/23		72,450
25,000		Steel Dynamics, Inc		5.125			10/01/21		25,531
100,000		Teck Resources Ltd		3.750			02/01/23		76,000
45,000	g	Univar, Inc		6.750			07/15/23		44,437

		TOTAL MATERIALS							3,471,806


MEDIA - 2.0%
100,000		AMC Entertainment, Inc		5.875			02/15/22		100,500
150,000		CBS Corp		2.300			08/15/19		152,308
50,000		CBS Corp		4.000			01/15/26		53,395
250,000	g	CCO Safari II LLC		3.579			07/23/20		261,384
175,000	g	CCO Safari II LLC		4.464			07/23/22		188,418
325,000	g	Charter Communications Operating LLC		4.908			07/23/25		354,217

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 75,000		Cinemark USA, Inc		4.875	%		06/01/23	$	74,062
475,000		Comcast Corp		4.250			01/15/33		524,495
50,000	g	EMI Music Publishing Group North America Holdings, Inc		7.625			06/15/24		51,375
15,000	g	Gannett Co, Inc		4.875			09/15/21		15,375
80,000	g	Gannett Co, Inc		5.500			09/15/24		82,400
200,000		Grupo Televisa SAB		4.625			01/30/26		216,351
100,000	g	NBC Universal Enterprise, Inc		1.662			04/15/18		101,092
125,000	g	NBC Universal Enterprise, Inc		1.974			04/15/19		127,791
50,000	g	Nielsen Finance LLC		5.000			04/15/22		51,000
50,000		Outfront Media Capital LLC		5.250			02/15/22		50,750
200,000		Scripps Networks Interactive, Inc		2.800			06/15/20		203,156
50,000	g	Sirius XM Radio, Inc		5.375			07/15/26		49,250
75,000		Time Warner Cable, Inc		5.875			11/15/40		81,720
450,000		Time Warner, Inc		2.100			06/01/19		457,564
50,000		Time Warner, Inc		6.500			11/15/36		63,441
150,000		Time Warner, Inc		4.650			06/01/44		157,775
104,000	g	Time, Inc		5.750			04/15/22		97,760
100,000	g	Univision Communications, Inc		5.125			05/15/23		99,250
115,000		Viacom, Inc		2.500			12/15/16		115,499
125,000		Viacom, Inc		5.850			09/01/43		125,402

		TOTAL MEDIA							3,855,730


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6%
425,000		AbbVie, Inc		2.500			05/14/20		435,064
150,000		AbbVie, Inc		3.200			05/14/26		151,665
175,000		Actavis Funding SCS		3.000			03/12/20		180,317
275,000		Actavis Funding SCS		3.800			03/15/25		286,137
150,000		Biogen, Inc		2.900			09/15/20		156,338
175,000		Celgene Corp		2.875			08/15/20		180,990
250,000		Celgene Corp		3.875			08/15/25		266,793
125,000		Gilead Sciences, Inc		3.500			02/01/25		133,321
250,000		Gilead Sciences, Inc		3.650			03/01/26		272,005
225,000		Johnson & Johnson		2.450			03/01/26		232,682
100,000	g	Mylan NV		3.750			12/15/20		104,268
75,000		Mylan, Inc		2.550			03/28/19		75,922
250,000		Novartis Capital Corp		4.000			11/20/45		285,191
100,000		Perrigo Finance plc		4.900			12/15/44		98,698
100,000		Zoetis, Inc		3.450			11/13/20		103,247
100,000		Zoetis, Inc		4.500			11/13/25		110,337

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							3,072,975


REAL ESTATE - 2.0%
100,000		Alexandria Real Estate Equities, Inc		3.950			01/15/27		103,491
150,000		Brandywine Operating Partnership LP		4.100			10/01/24		152,918
100,000		Brixmor Operating Partnership LP		3.875			08/15/22		102,750
200,000		Brixmor Operating Partnership LP		3.850			02/01/25		201,215
100,000		Brixmor Operating Partnership LP		4.125			06/15/26		102,677
35,000		Camden Property Trust		4.625			06/15/21		38,452
100,000		Camden Property Trust		2.950			12/15/22		101,130
100,000		DCT Industrial Operating Partnership LP		4.500			10/15/23		105,956
100,000		DDR Corp		3.625			02/01/25		100,343
75,000		DDR Corp		4.250			02/01/26		78,667
100,000		Developers Diversified Realty Corp		4.750			04/15/18		104,333
40,000		Developers Diversified Realty Corp		7.875			09/01/20		48,310
100,000		Duke Realty LP		3.250			06/30/26		101,442
100,000		Equity One, Inc		3.750			11/15/22		101,687
75,000		Essex Portfolio LP		3.375			01/15/23		77,464
25,000		Healthcare Realty Trust, Inc		5.750			01/15/21		28,057
100,000		Healthcare Realty Trust, Inc		3.750			04/15/23		100,373
175,000		Healthcare Realty Trust, Inc		3.875			05/01/25		176,152
100,000		Healthcare Trust of America Holdings LP		3.700			04/15/23		102,520
100,000		Host Hotels & Resorts LP		4.500			02/01/26		105,492
100,000		Kimco Realty Corp		3.400			11/01/22		104,833
100,000		Mid-America Apartments LP		4.300			10/15/23		107,593

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 125,000		Mid-America Apartments LP		3.750	%		06/15/24	$	129,700
50,000		National Retail Properties, Inc		3.800			10/15/22		52,825
100,000		National Retail Properties, Inc		3.300			04/15/23		101,496
100,000		National Retail Properties, Inc		4.000			11/15/25		106,156
150,000		Regency Centers LP		3.900			11/01/25		157,907
40,000		Simon Property Group LP		10.350			04/01/19		48,723
200,000	g	Trust F/1401		5.250			01/30/26		203,500
50,000		Weingarten Realty Investors		3.375			10/15/22		50,989
100,000		Weingarten Realty Investors		3.500			04/15/23		100,935
100,000		Weingarten Realty Investors		4.450			01/15/24		106,356
100,000		Weingarten Realty Investors		3.850			06/01/25		102,637
325,000		Welltower, Inc		4.000			06/01/25		341,737

		TOTAL REAL ESTATE							3,748,816


RETAILING - 1.4%
100,000	g	Argos Merger Sub, Inc		7.125			03/15/23		102,875
25,000		Asbury Automotive Group, Inc		6.000			12/15/24		25,187
100,000		AutoNation, Inc		3.350			01/15/21		102,407
300,000		AutoZone, Inc		2.500			04/15/21		305,540
100,000		AutoZone, Inc		3.250			04/15/25		103,714
15,000	g	Family Tree Escrow LLC		5.750			03/01/23		15,938
200,000		Home Depot, Inc		2.000			04/01/21		205,437
150,000		Home Depot, Inc		3.350			09/15/25		163,551
100,000		Home Depot, Inc		3.000			04/01/26		106,333
75,000		L Brands, Inc		6.875			11/01/35		75,938
75,000		L Brands, Inc		6.750			07/01/36		74,953
70,000		Men’s Wearhouse, Inc		7.000			07/01/22		58,800
35,000		O’Reilly Automotive, Inc		4.625			09/15/21		38,647
725,000		O’Reilly Automotive, Inc		3.800			09/01/22		780,761
125,000	g	Rolls-Royce plc		2.375			10/14/20		128,400
100,000	g	Rolls-Royce plc		3.625			10/14/25		106,189
200,000		Target Corp		2.500			04/15/26		205,167
125,000		Target Corp		3.625			04/15/46		128,268

		TOTAL RETAILING							2,728,105


SOFTWARE & SERVICES - 1.1%
1,170,000		Fidelity National Information Services, Inc		5.000			03/15/22		1,219,082
100,000		NCR Corp		5.875			12/15/21		101,500
50,000	g	Open Text Corp		5.625			01/15/23		50,625
50,000	g	Open Text Corp		5.875			06/01/26		50,250
225,000	h	Oracle Corp		1.900			09/15/21		225,875
225,000	h	Oracle Corp		2.650			07/15/26		225,257
225,000	h	Oracle Corp		4.000			07/15/46		226,704
25,000		SS&C Technologies Holdings, Inc		5.875			07/15/23		25,438

		TOTAL SOFTWARE & SERVICES							2,124,731


TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
200,000		Amphenol Corp		3.125			09/15/21		206,766
100,000		CC Holdings GS V LLC		2.381			12/15/17		101,299
75,000	g	CommScope, Inc		5.000			06/15/21		76,613
75,000	g	CommScope, Inc		5.500			06/15/24		76,125
75,000	g	NXP BV		4.625			06/01/23		76,313
100,000		Tyco Electronics Group S.A.		2.375			12/17/18		101,480
150,000		Tyco Electronics Group S.A.		3.500			02/03/22		158,528
100,000		Tyco Electronics Group S.A.		3.700			02/15/26		105,466

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							902,590


TELECOMMUNICATION SERVICES - 2.4%
200,000		Alibaba Group Holding Ltd		2.500			11/28/19		202,338
200,000		American Tower Corp		3.300			02/15/21		208,662
50,000		American Tower Corp		3.500			01/31/23		51,745
50,000		American Tower Corp		4.400			02/15/26		54,311

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 75,000		American Tower Corp		3.375	%		10/15/26	$	75,431
125,000		AT&T, Inc		1.400			12/01/17		125,202
225,000		AT&T, Inc		2.450			06/30/20		229,736
150,000		AT&T, Inc		2.625			12/01/22		150,208
175,000		AT&T, Inc		4.450			04/01/24		191,659
275,000		AT&T, Inc		3.400			05/15/25		281,432
225,000		AT&T, Inc		4.125			02/17/26		241,704
300,000		AT&T, Inc		4.500			05/15/35		306,558
100,000		AT&T, Inc		4.750			05/15/46		102,495
200,000	g	Bharti Airtel International Netherlands BV		5.350			05/20/24		221,128
15,000		Crown Castle International Corp		3.400			02/15/21		15,661
110,000		Crown Castle International Corp		4.875			04/15/22		120,802
100,000		Deutsche Telekom International Finance BV		8.750			06/15/30		150,677
50,000		Orange S.A.		5.500			02/06/44		62,982
100,000		T-Mobile USA, Inc		6.731			04/28/22		105,155
50,000		T-Mobile USA, Inc		6.375			03/01/25		52,250
675,000		Verizon Communications, Inc		3.450			03/15/21		723,291
400,000		Verizon Communications, Inc		4.150			03/15/24		441,187
433,000		Verizon Communications, Inc		4.272			01/15/36		442,633

		TOTAL TELECOMMUNICATION SERVICES							4,557,247


TRANSPORTATION - 1.7%
200,000	g	Adani Ports & Special Economic Zone Ltd		3.500			07/29/20		198,944
165,000	g	Asciano Finance Ltd		5.000			04/07/18		170,480
100,000	g	Bombardier, Inc		5.500			09/15/18		99,000
225,000		Canadian Pacific Railway Co		2.900			02/01/25		228,588
100,000		Canadian Pacific Railway Co		4.800			08/01/45		115,372
125,000	g	ERAC USA Finance LLC		2.600			12/01/21		127,052
100,000	g	ERAC USA Finance LLC		3.300			10/15/22		104,082
100,000	g	ERAC USA Finance LLC		3.300			12/01/26		102,713
100,000	g	ERAC USA Finance LLC		5.625			03/15/42		121,319
125,000		FedEx Corp		3.250			04/01/26		130,237
221,000		GATX Corp		1.250			03/04/17		220,699
200,000		GATX Corp		2.500			07/30/19		202,037
125,000		GATX Corp		3.250			03/30/25		121,919
200,000		GATX Corp		5.200			03/15/44		207,337
150,000		GATX Corp		4.500			03/30/45		137,497
400,000	g	Kansas City Southern		2.350			05/15/20		399,789
175,000	g	Kansas City Southern		4.950			08/15/45		196,648
250,000		Norfolk Southern Corp		4.450			06/15/45		275,694
250,000	g	TTX Co		3.600			01/15/25		261,525

		TOTAL TRANSPORTATION							3,420,932


UTILITIES - 3.6%
200,000	g	Abu Dhabi National Energy Co PJSC		3.625			06/22/21		209,540
8,000	i	AES Corp		3.673			06/01/19		7,980
100,000		AES Corp		4.875			05/15/23		98,750
200,000		AGL Capital Corp		3.875			11/15/25		214,931
100,000		Alabama Power Co		3.550			12/01/23		109,282
100,000		Alabama Power Co		4.150			08/15/44		109,472
75,000		Atmos Energy Corp		8.500			03/15/19		88,419
200,000		Black Hills Corp		4.250			11/30/23		218,202
200,000		Carolina Power & Light Co		5.300			01/15/19		220,204
100,000		CMS Energy Corp		3.600			11/15/25		106,240
25,000		Connecticut Light & Power Co		5.500			02/01/19		27,661
150,000		Consolidated Edison Co of New York, Inc		4.500			12/01/45		170,614
125,000		Consolidated Edison Co of New York, Inc		3.850			06/15/46		129,508
100,000		Consolidated Edison, Inc		2.000			05/15/21		101,060
100,000	g	Diamond Finance Corp		3.480			06/01/19		102,441
225,000	g	Diamond Finance Corp		4.420			06/15/21		231,256
125,000		Dominion Gas Holdings LLC		4.600			12/15/44		130,191
15,000		Duke Energy Carolinas LLC		4.300			06/15/20		16,689
300,000	g	Electricite de France S.A.		2.350			10/13/20		306,591

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 300,000	g	Electricite de France S.A.		3.625	%		10/13/25	$	313,031
150,000	g,i	Electricite de France S.A.		5.625			12/30/49		142,875
200,000	g	Empresa Electrica Angamos S.A.		4.875			05/25/29		196,594
50,000		Ferrellgas Partners LP		6.750			01/15/22		45,500
150,000	g	FirstEnergy Transmission LLC		4.350			01/15/25		158,655
200,000	g	Golden Legacy Pte Ltd		8.250			06/07/21		203,807
50,000		Indiana Michigan Power Co		7.000			03/15/19		56,808
25,000		Integrys Energy Group, Inc		4.170			11/01/20		27,486
100,000		LG&E and KU Energy LLC		3.750			11/15/20		107,404
80,000		MPLX LP		4.000			02/15/25		72,701
50,000		NiSource Finance Corp		4.800			02/15/44		57,384
100,000		Northeast Utilities		1.450			05/01/18		100,139
100,000		NRG Energy, Inc		6.250			05/01/24		95,188
125,000		Oncor Electric Delivery Co LLC		2.150			06/01/19		127,022
100,000		Oncor Electric Delivery Co LLC		3.750			04/01/45		102,596
125,000		Pacific Gas & Electric Co		4.250			03/15/46		138,998
200,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125			05/16/24		208,453
200,000	g	Perusahaan Listrik Negara PT		5.500			11/22/21		217,604
300,000		PPL Capital Funding, Inc		4.200			06/15/22		326,951
100,000		PPL Capital Funding, Inc		3.100			05/15/26		101,140
250,000		PPL Electric Utilities Corp		3.000			09/15/21		266,122
50,000		Progress Energy, Inc		7.050			03/15/19		57,070
80,000		Public Service Co of Colorado		4.750			08/15/41		96,415
100,000		Public Service Co of Oklahoma		5.150			12/01/19		111,277
100,000		Public Service Electric & Gas Co		3.800			03/01/46		108,570
125,000		Sempra Energy		2.875			10/01/22		127,893
125,000		Southern Co		4.400			07/01/46		134,463
150,000		Southern Power Co		4.150			12/01/25		162,282
150,000		Spectra Energy Partners LP		4.500			03/15/45		152,573
100,000	g	Transurban Finance Co Pty Ltd		4.125			02/02/26		106,287
55,000		Virginia Electric & Power Co		2.950			01/15/22		57,948
100,000	h	Western Gas Partners LP		4.650			07/01/26		99,726
75,000		Williams Partners LP		3.600			03/15/22		71,008
100,000		Williams Partners LP		4.500			11/15/23		95,945
35,000		Xcel Energy, Inc		4.800			09/15/41		40,251

		TOTAL UTILITIES							7,087,197

		TOTAL CORPORATE BONDS (Cost $76,095,232)							79,260,367


GOVERNMENT BONDS - 42.5%

AGENCY SECURITIES - 0.3%
400,000		Private Export Funding Corp (PEFCO)		2.250			03/15/20		414,899
109,375		Totem Ocean Trailer Express, Inc		4.514			12/18/19		115,349

		TOTAL AGENCY SECURITIES							530,248


FOREIGN GOVERNMENT BONDS - 3.3%
175,000	g	Argentine Republic Government International Bond		6.875			04/22/21		186,812
200,000	g	Banque Centrale de Tunisie S.A.		5.750			01/30/25		180,500
BRL 350,000		Brazil Notas do Tesouro Nacional Serie F		10.000			01/01/21		101,802
$ 100,000		Brazilian Government International Bond		2.625			01/05/23		91,150
25,000		Brazilian Government International Bond		7.125			01/20/37		28,188
150,000	g	Caisse d’Amortissement de la Dette Sociale		1.875			07/28/20		152,765
250,000		Canada Government International Bond		0.875			02/14/17		250,400
200,000		Colombia Government International Bond		2.625			03/15/23		193,500
200,000	g	Costa Rica Government International Bond		7.158			03/12/45		200,000
150,000	g	Croatia Government International Bond		6.375			03/24/21		163,643
DOP 4,500,000	g	Dominican Republic International Bond		10.000			01/05/17		98,139
$ 200,000	g	Ecuador Government International Bond		10.500			03/24/20		198,000
200,000	g	Egypt Government International Bond		5.875			06/11/25		175,000
100,000		European Investment Bank		4.875			02/15/36		134,706
250,000	g	Guatemala Government Bond		4.500			05/03/26		254,375

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 100,000		Hungary Government International Bond		5.750	%		11/22/23	$	113,840
200,000		Israel Government International Bond		4.500			01/30/43		223,968
35,000		Italy Government International Bond		6.875			09/27/23		43,890
800,000		Japan Bank for International Cooperation		2.375			04/20/26		835,556
200,000	g,i	Kommunalbanken AS.		0.816			02/20/18		199,671
100,000		Mexico Government International Bond		4.000			10/02/23		107,625
200,000	g	Namibia International Bonds		5.250			10/29/25		203,760
200,000	g	Pakistan Government International Bond		8.250			09/30/25		211,314
200,000		Panama Government International Bond		3.875			03/17/28		212,000
275,000		Peruvian Government International Bond		4.125			08/25/27		302,500
200,000	g	Provincia de Mendoza Argentina		8.375			05/19/24		207,000
200,000	g	Republic of Angola		9.500			11/12/25		198,040
100,000		Turkey Government International Bond		5.625			03/30/21		109,000
200,000		Turkey Government International Bond		4.875			10/09/26		210,608
200,000		Turkey Government International Bond		6.625			02/17/45		242,884
125,000		Uruguay Government International Bond		4.375			10/27/27		133,125
70,000		Uruguay Government International Bond		5.100			06/18/50		70,000
200,000	g	Zambia Government International Bond		8.970			07/30/27		173,020

		TOTAL FOREIGN GOVERNMENT BONDS							6,206,781


MORTGAGE BACKED - 19.7%
330,168		Federal Home Loan Mortgage Corp (FHLMC)		3.000			12/15/41		346,016
1,605		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.000			03/01/33		1,822
121,464		FGLMC		6.000			11/01/33		141,441
20,228		FGLMC		5.000			05/01/34		22,456
13,748		FGLMC		6.000			09/01/34		15,880
6,777		FGLMC		6.000			04/01/35		7,699
4,732		FGLMC		5.000			02/01/36		5,257
199		FGLMC		6.500			05/01/36		228
35,011		FGLMC		6.000			08/01/37		39,911
8,991		FGLMC		6.500			09/01/37		10,330
7,957		FGLMC		6.500			11/01/37		9,141
28,660		FGLMC		5.000			04/01/38		32,036
3,710		FGLMC		6.500			05/01/38		4,263
4,663		FGLMC		5.500			01/01/39		5,193
23,047		FGLMC		5.000			07/01/39		25,430
40,076		FGLMC		5.000			01/01/40		44,225
467,742		FGLMC		3.500			04/01/45		500,233
2,333,289		FGLMC		3.500			10/01/45		2,493,223
836,217		FGLMC		4.000			12/01/45		910,883
70,516		Federal National Mortgage Association (FNMA)		6.000			08/01/21		76,513
2,039		FNMA		5.500			09/01/24		2,289
159,480		FNMA		3.500			01/01/26		169,885
1,000,000	h	FNMA		2.500			07/25/31		1,034,609
2,000,000	g,h	FNMA		3.000			07/25/31		2,096,992
1,000,000	h	FNMA		2.500			08/25/31		1,033,047
332,351		FNMA		3.500			06/01/32		356,501
12,995		FNMA		6.500			07/01/32		15,331
315,626		FNMA		5.500			03/01/34		358,180
25,562		FNMA		6.500			02/01/35		29,418
268,452		FNMA		5.000			05/01/35		298,976
7,798		FNMA		7.500			07/01/35		7,873
373,256		FNMA		5.000			02/01/36		415,363
321,360	h	FNMA		3.500			07/01/36		342,066
6,404		FNMA		6.500			09/01/36		7,370
19,776		FNMA		7.000			02/01/37		23,500
25,387		FNMA		7.000			04/01/37		30,751
3,336		FNMA		6.500			08/01/37		3,840
5,000		FNMA		7.000			11/01/37		6,082
1,153		FNMA		6.500			02/01/38		1,327
2,333		FNMA		6.500			03/01/38		2,685
92,383		FNMA		6.500			07/01/39		112,765
263,548		FNMA		4.500			09/01/39		294,295
215,321		FNMA		4.500			10/01/39		240,418
98,785		FNMA		5.000			03/01/40		111,426

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 1,018,438		FNMA		5.500	%		07/01/40	$	1,151,845
457,261		FNMA		6.000			10/01/40		523,246
1,382,961		FNMA		4.500			11/01/40		1,515,819
179,756		FNMA		5.000			02/01/41		204,809
173,280		FNMA		5.000			07/01/41		193,149
627,844		FNMA		3.000			06/25/42		656,263
190,794	i	FNMA		0.953			08/25/42		191,117
178,660	i	FNMA		0.853			11/25/42		178,606
395,598		FNMA		3.500			11/25/42		61,852
116,753	i	FNMA		0.803			03/25/43		116,208
911,948		FNMA		4.500			07/01/44		998,657
470,607		FNMA		4.500			10/01/44		525,860
914,962		FNMA		4.500			11/01/44		1,022,424
925,649		FNMA		4.000			12/01/44		1,011,170
455,336		FNMA		3.500			04/01/45		486,063
2,090,838		FNMA		3.500			07/01/45		2,215,725
2,970,285		FNMA		4.000			07/01/45		3,240,598
721,836		FNMA		4.000			01/01/46		787,509
1,327,302		FNMA		3.500			06/01/46		1,401,486
1,000,000	h	FNMA		3.000			07/25/46		1,037,734
1,000,000	h	FNMA		3.500			07/25/46		1,054,961
1,000,000	h	FNMA		3.000			08/25/46		1,035,859
1,000,000	h	FNMA		3.000			09/25/46		1,033,672
7,528		Government National Mortgage Association (GNMA)		5.500			07/15/33		8,568
64,815		GNMA		5.500			07/20/33		73,101
7,782		GNMA		5.000			03/15/34		8,661
84,759		GNMA		5.000			06/15/34		94,323
40,578		GNMA		5.500			02/15/37		45,701
10,027		GNMA		5.000			04/15/38		11,229
26,000		GNMA		5.500			05/15/38		29,248
4,690		GNMA		6.000			08/15/38		5,360
5,498		GNMA		6.000			08/20/38		6,279
130,844		GNMA		5.500			07/15/39		147,099
38,324		GNMA		4.500			04/15/40		42,220
697,356		GNMA		3.500			10/20/42		126,876
333,460		GNMA		3.500			09/20/44		357,828
997,556		GNMA		3.500			05/20/46		1,060,441
1,000,000	h	GNMA		3.000			07/20/46		1,045,156
1,000,000	h	GNMA		3.000			08/20/46		1,043,125
1,000,000	h	GNMA		3.000			09/20/46		1,040,781

		TOTAL MORTGAGE BACKED							37,477,797


MUNICIPAL BONDS - 0.4%
590,000		State of Illinois		3.860			04/01/21		612,455
200,000		University of Massachusetts Building Authority		0.770			11/01/16		200,082

		TOTAL MUNICIPAL BONDS							812,537


U.S. TREASURY SECURITIES - 18.8%
1,000,000		United States Treasury Bond		3.125			11/15/41		1,182,031
5,435,700		United States Treasury Bond		3.000			11/15/45		6,255,512
760,000		United States Treasury Bond		2.500			02/15/46		792,093
1,450,000		United States Treasury Bond		2.500			05/15/46		1,512,701
250,000		United States Treasury Note		0.750			02/28/18		250,703
7,400,000		United States Treasury Note		0.875			03/31/18		7,436,711
2,250,000		United States Treasury Note		0.750			04/30/18		2,256,680
1,000,000		United States Treasury Note		0.875			05/31/18		1,005,508
750,000		United States Treasury Note		0.625			06/30/18		750,352
2,935,000		United States Treasury Note		0.875			05/15/19		2,949,332
110,000		United States Treasury Note		0.875			06/15/19		110,546
2,358,000		United States Treasury Note		1.375			05/31/21		2,401,015
375,000		United States Treasury Note		1.125			06/30/21		376,904
1,000,000		United States Treasury Note		2.000			11/30/22		1,046,797
300,000		United States Treasury Note		1.625			04/30/23		306,832
1,000,000		United States Treasury Note		1.625			05/31/23		1,022,773

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 5,929,000		United States Treasury Note		1.625	%		05/15/26	$	6,004,962

		TOTAL U.S. TREASURY SECURITIES							35,661,452

		TOTAL GOVERNMENT BONDS (Cost $78,734,122)							80,688,815


STRUCTURED ASSETS - 13.9%

ASSET BACKED - 4.2%
142,172	i	ACE Securities Corp Home Equity Loan Trust		1.188			08/25/35		140,542
		Series - 2005 HE5 (Class M2)
110,190		AmeriCredit Automobile Receivables Trust		2.420			05/08/18		110,286
		Series - 2012 3 (Class C)
300,000		AmeriCredit Automobile Receivables Trust		1.270			07/08/19		300,092
		Series - 2014 4 (Class A3)
200,000		AmeriCredit Automobile Receivables Trust		3.340			08/08/21		205,073
		Series - 2015 3 (Class D)
45,719	i	Asset Backed Securities Corp Home Equity Loan Trust		0.635			07/25/35		45,573
		Series - 2005 HE7 (Class M2)
166,667	g	Avis Budget Rental Car Funding AESOP LLC		4.740			11/20/17		167,593
		Series - 2011 3A (Class B)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		2.802			05/20/18		201,837
		Series - 2012 2A (Class A)
200,000	g	Avis Budget Rental Car Funding AESOP LLC		3.040			03/20/19		201,735
		Series - 2012 3A (Class B)
188,058	g	Capital Automotive REIT		4.700			07/15/42		193,195
		Series - 2012 1A (Class A)
1,000,000	g	Capital Automotive REIT		3.660			10/15/44		963,612
		Series - 2014 1A (Class A)
232,235	g,i	CBRE Realty Finance CDO		0.927			04/07/52		76,604
		Series - 2007 1A (Class A2)
107,516	i,m	CCR, Inc		0.890			07/10/17		106,749
		Series - 2010 CX (Class C)
33,911		Centex Home Equity		5.540			01/25/32		33,829
		Series - 2002 A (Class AF6)
493,750	g	DB Master Finance LLC		3.262			02/20/45		498,342
		Series - 2015 1A (Class A2I)
175,000	g,i	DB/UBS Mortgage Trust		5.884			11/10/46		198,573
		Series - 2011 LC1A (Class C)
646,750	g	Domino’s Pizza Master Issuer LLC		3.484			10/25/45		656,982
		Series - 2015 1A (Class A2I)
497,500	g	Domino’s Pizza Master Issuer LLC		4.474			10/25/45		508,480
		Series - 2015 1A (Class A2II)
200,000		Ford Credit Auto Owner Trust		2.930			10/15/18		200,453
		Series - 2012 B (Class D)
200,000		Ford Credit Auto Owner Trust		2.430			01/15/19		200,740
		Series - 2012 C (Class D)
260,000		Ford Credit Auto Owner Trust		1.860			08/15/19		260,530
		Series - 2013 A (Class D)
124,951	i	Lehman XS Trust		6.500			06/25/46		97,499
		Series - 2006 13 (Class 2A1)
109,144	g	Orange Lake Timeshare Trust		3.030			07/09/29		108,416
		Series - 2014 AA (Class B)
100,000	i	Residential Funding Mortgage Securities II, Inc		6.060			02/25/36		103,903
		Series - 2006 HI1 (Class M2) (Step Bond)
175,026		Santander Drive Auto Receivables Trust		3.870			02/15/18		175,534
		Series - 2012 2 (Class D)
273,158		Santander Drive Auto Receivables Trust		1.590			10/15/18		273,330
		Series - 2014 1 (Class B)
8,606	i	Securitized Asset Backed Receivables LLC		0.753			10/25/35		8,588
		Series - 2006 OP1 (Class A2C)
27,293	g	Sierra Receivables Funding Co LLC		3.420			03/20/29		27,401
		Series - 2012 2A (Class B)
46,160	g	Sierra Receivables Funding Co LLC		1.590			11/20/29		45,793
		Series - 2013 1A (Class A)
73,856	g	Sierra Receivables Funding Co LLC		2.390			11/20/29		73,316
		Series - 2013 1A (Class B)

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 400,000	g	SLM Student Loan Trust		3.830	%		01/17/45	$	416,778
		Series - 2012 A (Class A2)
188,154	g	SolarCity LMC		4.020			07/20/44		181,917
		Series - 2014 2 (Class A)
346,140	g	SpringCastle America Funding LLC		2.700			05/25/23		347,320
		Series - 2014 AA (Class A)
36,460	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.673			10/25/36		36,263
		Series - 2006 GEL4 (Class A2)
750,000	g	Taco Bell Funding LLC		3.832			05/25/46		759,150
		Series - 2016 1A (Class A2I)
200,000	g,i	Vitality Re IV Ltd		3.009			01/09/17		200,040
		Series - 2013 IV B (Class )
58,674	g,m	Wachovia Amortization Controlled Heloc NIM		5.683			08/12/47		59,583
		Series - 2006 N1 (Class N1)

		TOTAL ASSET BACKED							8,185,651


OTHER MORTGAGE BACKED - 9.7%
700,191	i	Banc of America Commercial Mortgage Trust		5.954			05/10/45		699,659
		Series - 2006 2 (Class AJ)
200,000		Banc of America Commercial Mortgage Trust		5.480			10/10/45		197,963
		Series - 2006 6 (Class B)
200,000	g	Banc of America Commercial Mortgage Trust		5.416			01/15/49		197,677
		Series - 2007 1 (Class AM)
235,000	i	Banc of America Commercial Mortgage Trust		5.482			01/15/49		232,377
		Series - 2007 1 (Class AMFX)
500,000	g,i	Banc of America Commercial Mortgage Trust		5.821			02/10/51		440,568
		Series - 2007 4 (Class E)
1,175,000	i	Bear Stearns Commercial Mortgage Securities Trust		6.101			09/11/42		1,224,989
		Series - 2007 T28 (Class AJ)
162,699	i	CHL Mortgage Pass-Through Trust		2.823			02/20/35		162,077
		Series - 2004 HYB9 (Class 1A1)
135,949	i	Citigroup Commercial Mortgage Trust		5.713			12/10/49		137,026
		Series - 2007 C6 (Class ASB)
424,454	g,i	Citigroup Mortgage Loan Trust		0.626			05/25/37		406,197
		Series - 2015 8 (Class 1A1)
1,500,000	i	COBALT CMBS Commercial Mortgage Trust		5.771			05/15/46		1,471,839
		Series - 2007 C3 (Class AJ)
10,939	i	Commercial Mortgage Trust		5.238			04/10/37		10,931
		Series - 2005 GG5 (Class AJ)
1,190,601	i	Commercial Mortgage Trust		5.867			12/10/49		1,231,633
		Series - 2007 GG11 (Class AM)
2,275		Countrywide Alternative Loan Trust		5.500			08/25/16		2,272
		Series - 2004 30CB (Class 1A15)
200,000	i	Credit Suisse Commercial Mortgage Trust		5.903			09/15/39		198,872
		Series - 2007 C4 (Class A1AJ)
75,000	g	Credit Suisse Commercial Mortgage Trust		5.383			02/15/40		75,703
		Series - 2009 RR1 (Class A3C)
500,000	i	Credit Suisse Commercial Mortgage Trust		5.625			01/15/49		501,232
		Series - 2007 C2 (Class AJ)
2,245		Credit Suisse First Boston Mortgage Securities Corp		4.771			07/15/37		2,244
		Series - 2005 C3 (Class AJ)
370,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.911			07/15/42		369,620
		Series - 2005 LDP2 (Class C)
364,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.801			02/15/46		377,304
		Series - 2011 C3 (Class D)
100,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.577			07/15/46		109,966
		Series - 2011 C4 (Class C)
330,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		6.192			02/15/51		342,108
		Series - 2007 LD12 (Class AM)
200,000	i	LB-UBS Commercial Mortgage Trust		6.049			06/15/38		199,777
		Series - 2006 C4 (Class B)
400,000	i	LB-UBS Commercial Mortgage Trust		5.533			02/15/40		394,548
		Series - 2007 C1 (Class C)
250,000	i	LB-UBS Commercial Mortgage Trust		5.563			02/15/40		240,261
		Series - 2007 C1 (Class D)

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 1,000,000	i	LB-UBS Commercial Mortgage Trust		6.114	%		07/15/40	$	1,031,208
		Series - 2007 C6 (Class AM)
406,978	g,i	LVII Resecuritization Trust		3.257			07/25/47		407,741
		Series - 2015 A (Class A)
170,000	i	Merrill Lynch Mortgage Trust		6.472			02/12/51		176,537
		Series - 0 C1 (Class AJA)
300,000	i	ML-CFC Commercial Mortgage Trust		5.526			03/12/51		301,461
		Series - 2007 6 (Class AM)
90,000	g,i	Morgan Stanley Capital I Trust		6.133			08/12/41		89,813
		Series - 2006 T23 (Class B)
800,000	i	Morgan Stanley Capital I Trust		5.389			11/12/41		793,179
		Series - 2006 HQ10 (Class AJ)
55,000	i	Morgan Stanley Capital I Trust		5.832			07/12/44		54,942
		Series - 2006 HQ9 (Class B)
100,000	i	Morgan Stanley Capital I Trust		5.842			07/12/44		99,016
		Series - 2006 HQ9 (Class C)
22,000	g,i	Morgan Stanley Capital I Trust		5.601			09/15/47		22,933
		Series - 2011 C1 (Class D)
800,000	i	Morgan Stanley Capital I Trust		5.907			06/11/49		751,631
		Series - 2007 IQ15 (Class AJ)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.653			09/25/24		250,098
		Series - 2014 HQ2 (Class M2)
19,880	i	Structured Agency Credit Risk Debt Note (STACR)		1.703			01/25/25		19,880
		Series - 2015 DN1 (Class M1)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.653			03/25/25		251,027
		Series - 2015 HQ1 (Class M2)
250,000	i	Structured Agency Credit Risk Debt Note (STACR)		4.253			03/25/25		258,498
		Series - 2015 HQ1 (Class M3)
193,555	i	Structured Agency Credit Risk Debt Note (STACR)		1.553			05/25/25		193,555
		Series - 2015 HQ2 (Class M1)
275,000	i	Structured Agency Credit Risk Debt Note (STACR)		2.403			05/25/25		272,785
		Series - 2015 HQ2 (Class M2)
200,000	g,i	Wachovia Bank Commercial Mortgage Trust		0.646			12/15/43		192,469
		Series - 2007 C30 (Class AMFL)
200,000	i	Wachovia Bank Commercial Mortgage Trust		5.789			01/15/45		194,619
		Series - 2006 C23 (Class F)
980,000	i	Wachovia Bank Commercial Mortgage Trust		5.818			05/15/46		1,025,021
		Series - 2007 C34 (Class AM)
1,200,000	i	Wachovia Bank Commercial Mortgage Trust		6.141			05/15/46		1,188,023
		Series - 2007 C34 (Class AJ)
200,000	i	Wachovia Bank Commercial Mortgage Trust		5.829			04/15/47		189,512
		Series - 2007 C31 (Class C)
1,260,000	i	Wachovia Bank Commercial Mortgage Trust		5.750			06/15/49		1,229,721
		Series - 2007 C32 (Class AJ)
70,000	i	Wachovia Bank Commercial Mortgage Trust		5.953			02/15/51		72,082
		Series - 2007 C33 (Class AM)
50,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276			11/15/43		55,529
		Series - 2010 C1 (Class B)
15,921		WF-RBS Commercial Mortgage Trust		0.735			03/15/48		15,911
		Series - 2013 C12 (Class A1)

		TOTAL OTHER MORTGAGE BACKED							18,364,034

		TOTAL STRUCTURED ASSETS
		(Cost $26,836,877)							26,549,685

		TOTAL BONDS
		(Cost $181,666,231)							186,498,867


SHARES		COMPANY

PREFERRED STOCKS - 0.1%

BANKS - 0.1%
5,517	*	Federal Home Loan Mortgage Corp		8.375			12/30/49		24,551
17,265	*	Federal National Mortgage Association		8.250			12/30/49		77,174

		TOTAL BANKS							101,725

		TOTAL PREFERRED STOCKS
		(Cost $569,550)							101,725

100

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

SHORT-TERM INVESTMENTS - 2.1%

GOVERNMENT AGENCY DEBT - 2.1%

$ 4,000,000

Federal Home Loan Bank (FHLB)

0.345

07/22/16

3,999,604

TOTAL GOVERNMENT AGENCY DEBT

3,999,604

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,999,195)

3,999,604

TOTAL INVESTMENTS - 101.2%

(Cost $188,035,601)

192,313,977

OTHER ASSETS & LIABILITIES, NET - (1.2)%

(2,329,900

)

NET ASSETS - 100.0%

189,984,077

Abbreviation(s):

BRL	Brazilian Real

CDO	Collateralized Debt Obligation

DOP	Dominican Peso

REIT	Real Estate Investment Trust

*	Non-income producing

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/16, the total value of these securities amounted to $31,589,889 or 16.6% of net assets.

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.

101

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

SHORT-TERM INVESTMENTS - 99.9%

CERTIFICATE OF DEPOSIT - 2.4%
$ 500,000		Banco Del Estado De Chile		0.580	%		07/08/16	$	500,000
500,000		Banco Del Estado De Chile		0.580			08/17/16		500,000
300,000		Banco Del Estado De Chile		0.600			09/12/16		300,000
500,000		Toronto-Dominion Bank		0.540			08/01/16		500,000

		TOTAL CERTIFICATE OF DEPOSIT							1,800,000


COMMERCIAL PAPER - 29.0%
300,000	y	Apple, Inc		0.450			07/14/16		299,951
1,000,000	y	Apple, Inc		0.450			07/19/16		999,775
400,000	y	Australia & New Zealand Banking Group Ltd		0.540			07/26/16		399,850
500,000	y	Australia & New Zealand Banking Group Ltd		0.555			08/03/16		499,745
500,000	y	Australia & New Zealand Banking Group Ltd		0.630			09/06/16		499,414
500,000	y	Bedford Row Funding Corp		0.620			09/15/16		499,345
500,000	y	Chevron Corp		0.520			07/11/16		499,928
500,000	y	Coca-Cola Co		0.650			10/05/16		499,133
300,000	y	Commonwealth Bank of Australia		0.580			09/16/16		299,628
250,000	y	Commonwealth Bank of Australia		0.670			09/30/16		249,577
400,000	y	DBS Bank Ltd		0.570			07/29/16		399,823
1,000,000	y	Fairway Finance Co LLC		0.490			07/25/16		999,673
365,000	y	Hydro-Quebec		0.505			08/18/16		364,754
167,000		JPMorgan Chase Bank NA		0.720			07/01/16		167,000
163,000		JPMorgan Chase Bank NA		0.570			07/05/16		162,989
186,000		JPMorgan Chase Bank NA		0.480			07/25/16		185,940
175,000		JPMorgan Chase Bank NA		0.600			08/08/16		174,889
500,000		Korea Development Bank		0.730			10/04/16		499,037
485,000	y	Microsoft Corp		0.420			07/13/16		484,932
500,000	y	Microsoft Corp		0.440			09/07/16		499,585
290,000	y	Microsoft Corp		0.470			09/28/16		289,663
400,000	y	National Australia Bank Ltd		0.800			09/19/16		399,289
500,000	y	Nestle Capital Corp		0.580			07/22/16		499,831
275,000	y	Nestle Capital Corp		0.550			07/26/16		274,895
400,000	y	Nestle Capital Corp		0.560			08/05/16		399,782
750,000	y	Nestle Capital Corp		0.555			08/30/16		749,306
500,000	y	Nordea Bank AB		0.618			07/29/16		499,760
290,000	y	Nordea Bank AB		0.600			08/31/16		289,705
400,000	y	Novartis Finance Corp		0.470			07/18/16		399,911
235,000	y	Novartis Finance Corp		0.520			08/19/16		234,834
500,000	y	Old Line Funding LLC		0.670			09/06/16		499,376
500,000	y	Old Line Funding LLC		0.660			09/07/16		499,377
500,000		PACCAR Financial Corp		0.480			07/18/16		499,887
500,000	y	Private Export Funding Corp		0.520			08/03/16		499,762
360,000	y	Private Export Funding Corp		0.560			10/03/16		359,473
850,000		Province of British Columbia Canada		0.590 - 0.600			07/12/16		849,846
500,000		Province of British Columbia Canada		0.460			07/15/16		499,911
500,000		Province of British Columbia Canada		0.580			10/03/16		499,243
500,000	y	PSP Capital, Inc		0.520			07/05/16		499,971
300,000	y	PSP Capital, Inc		0.480			07/21/16		299,920
500,000	y	PSP Capital, Inc		0.650			08/26/16		499,495
250,000	y	PSP Capital, Inc		0.580			08/29/16		249,762
574,000	y	Roche Holdings, Inc		0.410			07/05/16		573,974
500,000	y	Roche Holdings, Inc		0.420			07/12/16		499,936
291,000	y	Svenska Handelsbanken AB		0.530			08/03/16		290,859
250,000	y	Svenska Handelsbanken AB		0.640			10/05/16		249,573
500,000	y	Toronto-Dominion Holdings USA, Inc		0.650			10/07/16		499,115
500,000	y	Unilever Capital Corp		0.470			07/26/16		499,837
500,000	y	Unilever Capital Corp		0.510			07/28/16		499,809
480,000	y	Westpac Banking Corp		0.610			09/28/16		479,276

		TOTAL COMMERCIAL PAPER							22,070,346

102

TIAA-CREF LIFE FUNDS - Money Market Fund


PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE

GOVERNMENT AGENCY DEBT - 33.1%
$ 440,000	Federal Agricultural Mortgage Corp (FAMC)		0.395	%		10/11/16	$	439,507
400,000	FAMC		0.010			11/18/16		399,308
400,000	FAMC		0.500			12/16/16		399,067
200,000	Federal Farm Credit Bank (FFCB)		0.500			10/11/16		199,717
250,000	FFCB		0.430			10/26/16		249,651
500,000	FFCB		0.390			10/31/16		499,339
300,000	FFCB		0.520			11/09/16		299,432
540,000	FFCB		0.440			11/10/16		539,129
250,000	FFCB		0.440			11/16/16		249,578
460,000	Federal Home Loan Bank (FHLB)		0.285			07/01/16		460,000
200,000	FHLB		0.330 - 0.375			07/05/16		199,992
4,120,000	FHLB		0.335 - 0.570			07/06/16		4,119,782
965,000	FHLB		0.307 - 0.340			07/08/16		964,941
500,000	FHLB		0.300			07/14/16		499,946
600,000	FHLB		0.330			07/15/16		599,923
800,000	FHLB		0.300 - 0.340			07/18/16		799,883
150,000	FHLB		0.290			07/19/16		149,978
500,000	FHLB		0.360			07/20/16		499,905
600,000	FHLB		0.300			07/21/16		599,900
500,000	FHLB		0.345			07/22/16		499,899
1,372,000	FHLB		0.320 - 0.330			07/27/16		1,371,679
300,000	FHLB		0.355			07/29/16		299,917
147,000	FHLB		0.400			08/01/16		146,950
500,000	FHLB		0.320			08/02/16		499,858
1,795,000	FHLB		0.330 - 0.450			08/05/16		1,794,370
562,000	FHLB		0.330 - 0.460			08/10/16		561,751
220,000	FHLB		0.315			08/11/16		219,921
1,000,000	FHLB		0.420			08/12/16		999,510
119,000	FHLB		0.320			08/16/16		118,951
500,000	FHLB		0.330			08/17/16		499,785
635,000	FHLB		0.330 - 0.360			08/19/16		634,698
482,000	FHLB		0.335 - 0.500			08/31/16		481,676
1,100,000	FHLB		0.400			09/14/16		1,099,083
100,000	FHLB		0.520			10/14/16		99,848
100,000	FHLB		0.480			10/19/16		99,853
100,000	Federal Home Loan Mortgage Corp (FHLMC)		0.420			09/02/16		99,927
200,000	FHLMC		0.402			11/04/16		199,719
200,000	FHLMC		0.520			11/07/16		199,627
155,000	FHLMC		0.530			11/16/16		154,685
300,000	FHLMC		0.875			02/22/17		300,532
400,000	Federal National Mortgage Association (FNMA)		0.420			10/05/16		399,552
770,000	FNMA		0.450 - 0.455			10/17/16		768,953
200,000	FNMA		0.360			10/18/16		199,782
420,000	FNMA		0.450			10/19/16		419,422
130,000	FNMA		0.470			10/31/16		129,793
500,000	FNMA		0.535			11/04/16		499,064
200,000	FNMA		1.250			01/30/17		200,649

	TOTAL GOVERNMENT AGENCY DEBT							25,168,432


TREASURY DEBT - 18.5%
790,000	United States Treasury Bill		0.225 - 0.447			07/07/16		789,964
1,000,000	United States Treasury Bill		0.202 - 0.210			07/14/16		999,926
838,000	United States Treasury Bill		0.145 - 0.213			07/21/16		837,912
700,000	United States Treasury Bill		0.243 - 0.395			07/28/16		699,838
783,000	United States Treasury Bill		0.270 - 0.426			08/04/16		782,754
827,000	United States Treasury Bill		0.203 - 0.409			08/11/16		826,772
874,000	United States Treasury Bill		0.330 - 0.433			08/18/16		873,569
693,000	United States Treasury Bill		0.220 - 0.396			08/25/16		692,651
846,000	United States Treasury Bill		0.240 - 0.475			09/01/16		845,525
500,000	United States Treasury Bill		0.459			09/08/16		499,560
198,000	United States Treasury Bill		0.311 - 0.395			09/22/16		197,827
600,000	United States Treasury Bill		0.248			09/29/16		599,629
500,000	United States Treasury Bill		0.395			10/13/16		499,429
768,000	United States Treasury Bill		0.216 - 0.391			10/20/16		767,404
34,000	United States Treasury Bill		0.436			11/25/16		33,940

103

TIAA-CREF LIFE FUNDS - Money Market Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 300,000		United States Treasury Bill		0.291	%		12/22/16	$	299,578
550,000		United States Treasury Note		0.625			07/15/16		550,067
500,000		United States Treasury Note		0.625			08/15/16		500,088
468,000		United States Treasury Note		0.500			08/31/16		467,984
300,000		United States Treasury Note		0.875			09/15/16		300,225
400,000		United States Treasury Note		0.500			09/30/16		400,022
525,000		United States Treasury Note		0.375			10/31/16		524,929
600,000		United States Treasury Note		0.625			11/15/16		600,409
300,000		United States Treasury Note		0.500			11/30/16		300,072
125,000		United States Treasury Note		0.875			11/30/16		125,216

		TOTAL TREASURY DEBT							14,015,290


VARIABLE RATE SECURITIES - 16.9%
250,000	i	Federal Agricultural Mortgage Corp (FAMC)		0.426			11/23/16		250,000
300,000	i	FAMC		0.497			01/03/17		300,000
200,000	i	FAMC		0.572			06/07/17		200,000
250,000	i	FAMC		0.523			09/06/17		250,000
438,000	i	Federal Farm Credit Bank (FFCB)		0.565			12/16/16		438,017
700,000	i	FFCB		0.480			12/30/16		699,741
500,000	i	FFCB		0.432			01/24/17		499,987
500,000	i	FFCB		0.469			03/02/17		500,001
500,000	i	FFCB		0.500			03/09/17		499,861
1,000,000	i	FFCB		0.437			06/15/17		999,883
300,000	i	FFCB		0.540			06/27/17		299,790
300,000	i	FFCB		0.503			08/04/17		299,703
425,000	i	FFCB		0.519			02/02/18		424,254
250,000	i	FFCB		0.604			02/06/18		249,904
250,000	i	FFCB		0.601			02/23/18		249,938
500,000	i	Federal Home Loan Bank (FHLB)		0.493			02/17/17		499,881
500,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.452			01/12/17		499,987
1,750,000	i	FHLMC		0.452			01/13/17		1,750,186
430,000	i	FHLMC		0.453			04/20/17		429,843
500,000	i	FHLMC		0.709			04/26/17		499,763
200,000	i	FHLMC		0.578			07/21/17		199,978
300,000	i	FHLMC		0.517			11/13/17		300,000
1,000,000	i	Federal National Mortgage Association (FNMA)		0.468			01/26/17		1,000,034
500,000	i	FNMA		0.468			07/20/17		499,626
500,000	i	FNMA		0.452			08/16/17		499,943
475,000	i	FNMA		0.473			10/05/17		474,217

		TOTAL VARIABLE RATE SECURITIES							12,814,537

		TOTAL SHORT-TERM INVESTMENTS (Cost $75,868,605)							75,868,605

		TOTAL PORTFOLIO - 99.9% (Cost $75,868,605)							75,868,605
		OTHER ASSETS & LIABILITIES, NET - 0.1%							82,711

		NET ASSETS - 100.0%						$	75,951,316

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

Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors. At 06/30/16, the aggregate value of these securities was $18,531,605 or 24.4% of net assets.

104

TIAA-CREF LIFE FUNDS - Balanced Fund

TIAA-CREF LIFE FUNDS

BALANCED FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2016


SHARES	SECURITY	VALUE

TIAA-CREF LIFE FUNDS - 100.1%(a)

FIXED INCOME - 49.9%
880,230	TIAA-CREF Life Bond Fund	$	22,859,575

	TOTAL FIXED INCOME		22,859,575


INTERNATIONAL EQUITY - 9.9%
261,187	TIAA-CREF Life International Equity Fund		4,544,652

	TOTAL INTERNATIONAL EQUITY		4,544,652


U.S. EQUITY - 40.3%
148,916	TIAA-CREF Life Growth Equity Fund		4,120,512
127,709	TIAA-CREF Life Growth & Income Fund		4,609,025
127,153	TIAA-CREF Life Large-Cap Value Fund		4,161,715
25,505	TIAA-CREF Life Real Estate Securities Fund		923,544
30,766	TIAA-CREF Life Small-Cap Equity Fund		924,526
80,376	TIAA-CREF Life Stock Index Fund		3,694,066

	TOTAL U.S. EQUITY		18,433,388

	TOTAL TIAA-CREF LIFE FUNDS (Cost $45,506,439)		45,837,615

	TOTAL INVESTMENTS - 100.1% (Cost $45,506,439)		45,837,615
	OTHER ASSETS & LIABILITIES, NET - (0.1)%		(32,322	)

	NET ASSETS - 100.0%	$	45,805,293

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

105

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 semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-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)(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.


Date: August 11, 2016	By:	/s/ Robert G. Leary
		Robert G. Leary
		President and Principal Executive Officer (principal executive officer)

Date: August 11, 2016	By:	/s/ Glenn E. Brightman
		Glenn E. Brightman
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

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

Date: August 11, 2016

/s/ Robert G. Leary

Robert G. Leary

President and Principal Executive Officer