UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORMN-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)
Rachael M. Zufall, Esq.
TIAA-CREF Life Funds
8500 Andrew Carnegie Blvd.
Charlotte, N.C. 28262-8500
(Name and address of agent for service)
Registrant’s telephone number, including area code:704-595-1000
Date of fiscal year end:December 31
Date of reporting period:June 30, 2019
Item 1. Reports to Stockholders.
| | | | | | |
| | TIAA-CREF Life Funds | | June 30, 2019 | | |
TIAA-CREF Life Funds
The semiannual report contains the financial statements (unaudited).
| | | | | | |
Fund name | | Ticker | | | | |
| | | |
Growth Equity Fund | | TLGQX | | | | |
| | | |
Growth & Income Fund | | TLGWX | | | | |
| | | |
Large-Cap Value Fund | | TLLVX | | | | |
| | | |
Real Estate Securities Fund | | TLRSX | | | | |
| | | |
Small-Cap Equity Fund | | TLEQX | | | | |
| | | |
Social Choice Equity Fund | | TLCHX | | | | |
| | | |
Stock Index Fund | | TLSTX | | | | |
| | | |
International Equity Fund | | TLINX | | | | |
| | | |
Bond Fund | | TLBDX | | | | |
| | | |
Money Market Fund | | TLMXX | | | | |
| | | |
Balanced Fund | | TLBAX | | | | |
Semiannual
Report
Contents
Understanding this report
This semiannual report contains information about the TIAA-CREF Life Funds and describes their results for the six months ended June 30, 2019. The report contains four main sections:
| | • | | A market review from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds. |
| | • | | 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, 2019. |
| | • | | 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. To see the risks of investing in any fund, please read the latest prospectus.
The TIAA-CREF Life Funds serve as underlying investment vehicles for certain variable annuity and variable life insurance separate accounts. The returns of the funds shown in this review do not reflect the administrative expense and the mortality and expense risk charges of these separate accounts. Because of these additional deductions, the returns contractholders of these separate accounts will experience are lower, for the same periods, than the figures shown here. For more information on the performance of your variable annuity and variable life insurance separate accounts, please visit TIAA.org.
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 call800-223-1200. We urge you to read the prospectus carefully before investing.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 3
Market review
Domestic and international stock markets posted strong gains for the first six months of 2019 amid continued economic growth. The U.S. economy expanded at a solid pace, and the unemployment rate approached a50-year low. The Federal Reserve, which had increased the federal funds target rate nine times since 2015, left the rate unchanged during the period and said it would closely monitor economic data and trade policy before making future decisions. Yields on U.S. Treasury securities of all maturities declined during the period. Growth of some foreign economies was a concern, but international stocks gained ground as central banks remained committed to historically low interest rates.
| | • | | Returns for the eight TIAA-CREF Life Funds that invest primarily in equities ranged from a gain of 13.0% for the International Equity Fund to an increase of 21.2% for the Growth Equity Fund. |
| | • | | The Balanced Fund advanced 12.4%, while the Bond Fund returned 6.8%. |
| | • | | Most of the TIAA-CREF Life Funds outperformed their respective benchmarks. |
TIAA-CREF Life Funds performance review
For thesix-month period, all of the TIAA-CREF Life Funds advanced and most exceeded their respective benchmarks. U.S. growth equities outperformed value stocks, andlarge-cap equities surpassedsmall-cap shares. U.S. stocks exceeded foreign equities and, overall, stocks outpaced bonds.
The Growth Equity Fund’s 21.2% return fell short of its Russell 1000® Growth Index benchmark. The Growth & Income Fund and theLarge-Cap Value Fund gained 20.0% and 17.0%, respectively, to outpace their corresponding S&P 500® Index and Russell 1000 Value Index benchmarks. TheSmall-Cap Equity Fund exceeded its Russell 2000® Index benchmark by advancing 18.3%. The Real Estate Securities Fund rose 20.9%, also outpacing its benchmark, the FTSE Nareit All Equity REITs Index.
The Social Choice Equity Fund, which does not invest in certain stocks because of its environmental, social and governance criteria, gained 18.2%, while the Stock Index Fund rose 18.6%. Both funds fell short of their mutual benchmark, the Russell 3000® Index. The International Equity Fund, which invests in developed foreign markets, returned 13.0% but underperformed the MSCI EAFE Index.
The Bond Fund advanced 6.8% and surpassed the Bloomberg Barclays U.S. Aggregate Bond Index. The Balanced Fund, which invests in both stock and bond funds, exceeded its composite index benchmark with a gain of 12.4%, while the Money Market Fund benefited from higher interest rates. For details on all of the TIAA-CREF Life Funds, please see the commentaries starting on page 10.
4 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Market review
| | |
U.S. stocks posted strong gains The domestic stock market, as represented by the broad-based Russell 3000 Index, advanced 18.7% over thesix-month period. Domestic equities generated most of their gains during the first three months of the period. International stocks, as measured in U.S.-dollar terms by the MSCI EAFE Index, gained 14.0%. U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 6.1% as yields on U.S. Treasury securities of all maturities declined (bond yields move in the opposite direction of prices). How quickly things can change Late in 2018, investors fretted over a slowing global economy, continued trade tensions and the potential for further Fed rate increases. Stock markets fell sharply in response to those concerns, but market sentiment shifted when the Fed announced it would be patient about decisions to raise rates in the future. Stocks came roaring out of the gate in 2019, and most asset classes produced exceptional gains in the first half of the year. | |  Brad Finkle |
It would have been difficult to predict such a powerful market recovery in the waning months of 2018. Likewise, no one knows for certain where markets are headed for the balance of 2019 and beyond. Please keep in mind that past performance cannot guarantee future results. Events of the recent past reinforce our belief that a well-balanced and diversified portfolio of assets is a prudent way for investors to manage whatever changes lie ahead. Of course, diversification does not guarantee against market loss.
As always, we recommend that you speak with your financial advisor or call a TIAA financial consultant with any questions about your investments. To learn more, visit us at TIAA.org or call800-842-2252. We would be happy to assist you.
/s/ Brad Finkle
Brad Finkle
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 5
Information for investors
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’ 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 at800-842-2252 to request a copy, which will be provided 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 FormN-CSR and FormN-PORT or FormN-Q filings. FormN-CSR filings are as of December 31 or June 30; FormN-PORT or FormN-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 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 sec.gov. You can also call us at800-223-1200 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 FormN-PX at 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 at800-223-1200.
Fund management
The TIAA-CREF Life Funds are managed by the portfolio management teams of Teachers Advisors, LLC. The members of these teams are responsible for theday-to-day investment management of the funds.
6 2019 Semiannual Report ∎ TIAA-CREF Life Funds
About the funds’ benchmarks
Equity indexes
Broad market indexes
TheRussell 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.
TheMSCI EAFE Index measures the performance of the leading stocks in 21 developed-markets countries outside North America—in Europe, Australasia, and the Far East.
Large-cap indexes
TheS&P 500® Index is a market-capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.
TheRussell 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.
TheRussell 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
TheRussell 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
TheFTSE 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.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 7
About the funds’ benchmarks
Fixed-income index
TheBloomberg 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.
Multi-asset class indexes
Composite benchmark
TheBalanced 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 (Bloomberg 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.
Broad market index
TheMorningstar Moderately Conservative Target Risk Index has a 40% global equity market exposure based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Moderately Conservative Target Risk Index reflect a multi-asset class exposure and similar risk profile as the Balanced Fund.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.
Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. 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 Standard & Poor’s Financial Services, LLC, a division of S&P Global.
FTSE International Limited (“FTSE”) © FTSE 2019. FTSE® is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. Nareit® is a trademark of the National Association of Real Estate Investment Trusts (“Nareit”). All intellectual property rights in the Index vest in FTSE and Nareit. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
8 2019 Semiannual Report ∎ TIAA-CREF Life Funds
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 in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. 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 thesix-month period and held for the entire period (January 1, 2019–June 30, 2019).
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 thesix-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 thesix-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 in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for thesix-month period and an assumed5%-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 the costs 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.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 9
Growth Equity Fund
Performance for the six months ended June 30, 2019
The Growth Equity Fund returned 21.19% for the period, compared with the 21.49% return of its benchmark, the Russell 1000® Growth Index. For the twelve months ended June 30, 2019, the Fund returned 9.10%, versus 11.56% for the index.
The U.S. economy continued to grow with moderate inflation for thesix-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The broad U.S. stock market, as measured by the Russell 3000® Index, gained 18.71% for the six months. Growth shares outperformed value stocks, whilemid-cap equities outpaced both large- andsmall-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)
Fund produced a sizable gain but trailed its benchmark
All ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the six months. The information technology (up 29.4%), consumer discretionary (up 21.8%) and communication services (up 20.9%) sectors contributed most to the index’s return. Together, these three sectors represented nearly 60.0% of the benchmark’s total market capitalization on June 30, 2019. The materials, financials and real estate sectors each produced solid returns that surpassed the index. Industrials, consumer staples and energy also gained but trailed the index. Health care (up 7.6%) was the worst-performing sector during the period.
The Fund underperformed its benchmark during the period as certain allocation decisions did not perform as anticipated. An overweight position in Tesla was the Fund’s largest detractor from relative performance. The electric vehicle manufacturer fell after price targets were reduced.Out-of-benchmark positions in poorly performing telecommunications firms Qualcomm and Nokia also hampered performance.
Conversely, avoiding exposure to biopharmaceutical company AbbVie and health insurer UnitedHealth Group boosted returns. AbbVie struggled on news of new generic drug competition in Europe. UnitedHealth Group was hurt by concerns about the potential of aMedicare-for-all program. An overweight position in Mastercard, which posted sizable double-digit gains, also benefited the Fund.
10 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Growth Equity Fund
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | | | Annual operating
expenses* | |
| | | Inception
date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | | | gross | | | net | |
Growth Equity Fund | | | 4/3/00 | | | | 21.19 | % | | | 9.10 | % | | | 13.75 | % | | | 16.42 | % | | | | | 0.56 | % | | | 0.52 | % |
Russell 1000® Growth Index | | | — | | | | 21.49 | | | | 11.56 | | | | 13.39 | | | | 16.28 | | | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Expense example
Six months ended June 30, 2019
| | | | | | |
Growth Equity Fund | | Beginning account value
(1/1/19) | | Ending account value
(6/30/19) | | Expenses paid during period*
(1/1/19–6/30/19) |
| | | |
Actual return | | $1,000.00 | | $ 1,211.94 | | $2.85 |
| | | |
5% annual hypothetical return | | 1,000.00 | | 1,022.22 | | 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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 11
Growth Equity Fund
Fund profile
| | | | |
| | | as of 6/30/2019 | |
| |
Net assets | | $ | 117.16 million | |
| |
Portfolio turnover rate* | | | 50% | |
| |
Number of holdings | | | 86 | |
| |
Weighted median market capitalization | | $ | 116.83 billion | |
| |
Price/earnings ratio (weighted12-month trailing average)† | | | 34.7 | |
| * | The portfolio turnover rate covers thesix-month period from January 1, 2019–June 30, 2019, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
| | | | |
Market capitalization | | % of equity investments as of 6/30/2019 | |
| |
More than $50 billion | | | 71.8 | |
| |
More than $15 billion–$50 billion | | | 23.4 | |
| |
More than $2 billion–$15 billion | | | 4.8 | |
Total | | | 100.0 | |
Portfolio composition
| | | | |
Sector | | % of net assets as of 6/30/2019 | |
Information technology | | | 39.7 | |
| |
Communication services | | | 16.5 | |
| |
Health care | | | 15.2 | |
| |
Consumer discretionary | | | 14.6 | |
| |
Industrials | | | 5.8 | |
| |
Materials | | | 3.3 | |
| |
Financials | | | 2.1 | |
| |
Consumer staples | | | 1.5 | |
| |
Short-term investments, other assets & liabilities, net | | | 1.3 | |
Total | | | 100.0 | |
12 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Growth & Income Fund
Performance for the six months ended June 30, 2019
The Growth & Income Fund returned 19.95% for the period, compared with the 18.54% return of its benchmark, the S&P 500® Index. For the twelve months ended June 30, 2019, the Fund returned 6.74%, versus 10.42% for the index.
The U.S. economy continued to grow with moderate inflation for thesix-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy.
The S&P 500 Index, a market capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy, trailed the broad U.S. stock market, as measured by the Russell 3000® Index, which gained 18.71% for the six months. The broad Russell 3000 Index includesmid-cap equities, which surpassedlarge-cap stocks for the year.
Fund’s double-digit gain surpassed that of its benchmark
All but one of the eleven industry sectors within the S&P 500 Index had double-digit gains for the six months. Information technology (up 27.1%)—the benchmark’s largest sector—performed best, followed by consumer discretionary (up 21.8%), industrials (up 21.4%), real estate (up 20.4%) and communication services (up 19.1%). Together, these five sectors represented overone-half of the total market capitalization of the index on June 30, 2019. Health care, the second-largest sector, had the only single-digit return at 8.1%. This was mainly due to political commentary pressuring the industry.
The Fund outperformed its benchmark, the S&P 500 Index, due to strong stock selection. The leading contributors to outperformance were an underweight position in poorly performing UnitedHealth Group, followed byout-of-benchmark holdings in Universal Display, a manufacturer of organic light-emitting diode technologies, and Zscaler, a provider of cloud security solutions.
Not all of the Fund’s holdings performed as anticipated. The largest detractor was anout-of-benchmark position in Israeli drug maker Teva Pharmaceutical. The second-largest was an overweight investment in biopharmaceutical company AbbVie. Not owning Visa also hindered relative performance as it posted strong gains, although this was partly offset by an overweight position in MasterCard, which also rose substantially.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 13
Growth & Income Fund
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | | | Annual operating
expenses* | |
| | | Inception
date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | | | gross | | | net | |
Growth & Income Fund | | | 4/3/00 | | | | 19.95 | % | | | 6.74 | % | | | 10.01 | % | | | 14.29 | % | | | | | 0.56 | % | | | 0.52 | % |
S&P 500® Index | | | — | | | | 18.54 | | | | 10.42 | | | | 10.71 | | | | 14.70 | | | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Expense example
Six months ended June 30, 2019
| | | | | | |
Growth & Income Fund | | Beginning account value
(1/1/19) | | Ending account value
(6/30/19) | | Expenses paid during period*
(1/1/19–6/30/19) |
| | | |
Actual return | | $1,000.00 | | $ 1,199.49 | | $2.84 |
| | | |
5% annual hypothetical return | | 1,000.00 | | 1,022.22 | | 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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
14 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Growth & Income Fund
Fund profile
| | | | |
| | | as of 6/30/2019 | |
| |
Net assets | | | $150.17 million | |
| |
Portfolio turnover rate* | | | 31% | |
| |
Number of holdings | | | 183 | |
| |
Weighted median market capitalization | | | $97.92 billion | |
| |
Price/earnings ratio (weighted12-month trailing average)† | | | 24.6 | |
| * | The portfolio turnover rate covers thesix-month period from January 1, 2019–June 30, 2019, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
| | | | |
Market capitalization | | % of equity investments as of 6/30/2019 | |
| |
More than $50 billion | | | 64.1 | |
| |
More than $15 billion–$50 billion | | | 21.0 | |
| |
More than $2 billion–$15 billion | | | 14.6 | |
| |
$2 billion or less | | | 0.3 | |
Total | | | 100.0 | |
Portfolio composition
| | | | |
Sector | | % of net assets as of 6/30/2019 | |
| |
Information technology | | | 23.2 | |
| |
Health care | | | 16.6 | |
| |
Communication services | | | 10.9 | |
| |
Financials | | | 10.8 | |
| |
Industrials | | | 9.2 | |
| |
Consumer discretionary | | | 8.6 | |
| |
Consumer staples | | | 8.4 | |
| |
Energy | | | 4.9 | |
| |
Materials | | | 4.1 | |
| |
Utilities | | | 2.1 | |
| |
Real estate | | | 1.2 | |
Total | | | 100.0 | |
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 15
Large-Cap Value Fund
Performance for the six months ended June 30, 2019
TheLarge-Cap Value Fund returned 17.02% for the period, compared with the 16.24% return of its benchmark, the Russell 1000® Value Index. For the twelve months ended June 30, 2019, the Fund returned 1.71%, versus 8.46% for the index.
The U.S. economy continued to grow with moderate inflation for thesix-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The broad U.S. stock market, as measured by the Russell 3000® Index, gained 18.71% for the six months. Growth shares outperformed value stocks, whilemid-cap equities outpaced both large- andsmall-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)
Fund’s strong gain exceeded that of its benchmark
All eleven industry sectors in the Russell 1000 Value Index generated double-digit gains for the six months. Financials (up 16.3%) performed nearly in line with the index but was the top contributor to the index’s return because of its heavy weighting. Industrials (up 26.6%) and information technology (up 22.2%) posted the strongest gains and also made sizable return contributions, as did health care (up 10.7%), the largest sector after financials. Together, these four sectors represented more thanone-half of the benchmark’s total market capitalization on June 30, 2019. Following health care, energy (up 12.4%) and materials (up 13.7%) recorded the weakest gains.
The Fund outperformed its benchmark mainly because of numerous successful stock selections. The top contributor to relative results was an overweight investment in Citigroup, which reported solid growth in its U.S. consumer banking division. Other top contributors included an overweight position in Ball Corporation and a nonbenchmark position in Crown Holdings. These two packaging companies benefited from strong global demand for beverage containers.
Several unfavorable stock allocations limited the Fund’s relative performance, particularly in the health care sector, where the potential for increased government regulation was a headwind. The top detractors were an overweight position in Cigna, anout-of-index holding in UnitedHealth Group and an overweight position in Anthem.
16 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Large-Cap Value Fund
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | | | Annual operating
expenses* | |
| | | Inception
date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | | | gross | | | net | |
Large-Cap Value Fund | | | 10/28/02 | | | | 17.02 | % | | | 1.71 | % | | | 5.55 | % | | | 11.78 | % | | | | | 0.63 | % | | | 0.52 | % |
Russell 1000® Value Index | | | — | | | | 16.24 | | | | 8.46 | | | | 7.46 | | | | 13.19 | | | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Expense example
Six months ended June 30, 2019
| | | | | | |
Large-Cap Value Fund | | Beginning account value
(1/1/19) | | Ending account value
(6/30/19) | | Expenses paid during period*
(1/1/19–6/30/19) |
| | | |
Actual return | | $1,000.00 | | $ 1,170.16 | | $2.80 |
| | | |
5% annual hypothetical return | | 1,000.00 | | 1,022.22 | | 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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 17
Large-Cap Value Fund
Fund profile
| | | | |
| | | as of 6/30/2019 | |
| |
Net assets | | | $69.87 million | |
| |
Portfolio turnover rate* | | | 13% | |
| |
Number of holdings | | | 83 | |
| |
Weighted median market capitalization | | | $127.38 billion | |
| |
Price/earnings ratio (weighted12-month trailing average)† | | | 17.9 | |
| * | The portfolio turnover rate covers thesix-month period from January 1, 2019–June 30, 2019, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
| | | | |
Market capitalization | | % of equity investments as of 6/30/2019 | |
| |
More than $50 billion | | | 75.3 | |
| |
More than $15 billion – $50 billion | | | 18.9 | |
| |
More than $2 billion – $15 billion | | | 5.8 | |
| |
Total | | | 100.0 | |
Portfolio composition
| | | | |
Sector | | % of net assets as of 6/30/2019 | |
| |
Financials | | | 24.2 | |
| |
Health care | | | 15.7 | |
| |
Information technology | | | 12.0 | |
| |
Industrials | | | 11.4 | |
| |
Energy | | | 8.2 | |
| |
Communication services | | | 7.1 | |
| |
Consumer staples | | | 6.4 | |
| |
Utilities | | | 4.9 | |
| |
Materials | | | 4.4 | |
| |
Consumer discretionary | | | 3.6 | |
| |
Real estate | | | 1.7 | |
| |
Short-term investments, other assets & liabilities, net | | | 0.4 | |
| |
Total | | | 100.0 | |
18 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Real Estate Securities Fund
��
Performance for the six months ended June 30, 2019
The Real Estate Securities Fund returned 20.88% for the period, compared with the 19.27% return of its benchmark, the FTSE Nareit All Equity REITs Index. For the twelve months ended June 30, 2019, the Fund returned 14.01%, versus 13.01% for the index.
REITs, as measured by the benchmark index, posted double-digit gains for the six months, supported by favorable property fundamentals, a strong labor market and ongoing economic growth. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019.
Amid continued U.S. economic growth, the Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. Yields on U.S. Treasury securities of all maturities declined, boosting bond prices (bond yields move in the opposite direction of prices). Short-term government securities offered higher yields than those on most longer-term Treasuries at the end of the period.
Fund produced a sizable gain, surpassed its benchmark
Among the benchmark’s 16 property sectors and subsectors, nearly all advanced for the six months. The largest gains were seen in the industrial (up 32.2%), single family homes (up 29.9%) and data centers (up 29.0%) sectors. Regional malls (down 4.8%) was the only sector to suffer a loss.
For thesix-month period, the Fund produced sizable gains and surpassed its benchmark mostly due to favorable security selection. An overweight position in industrial REIT Rexford Industrial Realty contributed most to relative performance, followed by anout-of-benchmark position in technology services company GDS Holdings, which produced high double-digit gains. Not owning poorly performing Macerich, a shopping center REIT, also contributed to the Fund’s relative performance versus the benchmark.
These positive effects were partly offset by an underweight position in telecommunication services company American Tower, which benefited from strong global leasing activity. Overweight positions in Simon Property Group, a commercial real estate company and shopping mall operator, and lodging REIT Sunstone Hotel Investors also limited the Fund’s relative performance as both struggled during the period.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 19
Real Estate Securities Fund
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | | | Annual operating
expenses* | |
| | | Inception
date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | | | gross | | | net | |
Real Estate Securities Fund | | | 10/28/02 | | | | 20.88 | % | | | 14.01 | % | | | 9.42 | % | | | 16.17 | % | | | | | 0.65 | % | | | 0.57 | % |
FTSE Nareit AII Equity REITs Index | | | — | | | | 19.27 | | | | 13.01 | | | | 8.88 | | | | 16.03 | | | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Expense example
Six months ended June 30, 2019
| | | | | | |
Real Estate Securities Fund | | Beginning account value
(1/1/19) | | Ending account value
(6/30/19) | | Expenses paid during period*
(1/1/19–6/30/19) |
| | | |
Actual return | | $1,000.00 | | $ 1,208.77 | | $3.12 |
| | | |
5% annual hypothetical return | | 1,000.00 | | 1,021.97 | | 2.86 |
| * | “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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.57%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
20 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Real Estate Securities Fund
Fund profile
| | | | |
| | | as of 6/30/2019 | |
| |
Net assets | | $ | 77.15 million | |
| |
Portfolio turnover rate* | | | 11% | |
| |
Number of holdings | | | 51 | |
| |
Weighted median market capitalization | | | $19.24 billion | |
| |
Price/earnings ratio (weighted12-month trailing average)† | | | 46.3 | |
| * | The portfolio turnover rate covers thesix-month period from January 1, 2019–June 30, 2019, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
| | | | |
Market capitalization | | % of equity investments as of 6/30/2019 | |
| |
More than $50 billion | | | 16.1 | |
| |
More than $15 billion–$50 billion | | | 39.2 | |
| |
More than $2 billion–$15 billion | | | 44.0 | |
| |
$2 billion or less | | | 0.7 | |
| |
Total | | | 100.0 | |
Portfolio composition
| | | | |
Sector | | % of net assets as of 6/30/2019 | |
| |
Specialized REITs | | | 29.0 | |
| |
Residential REITs | | | 20.8 | |
| |
Industrial REITs | | | 13.7 | |
| |
Office REITs | | | 11.1 | |
| |
Retail REITs | | | 11.0 | |
| |
Health care REITs | | | 7.0 | |
| |
Hotel & resort REITs | | | 3.4 | |
| |
Data processing & outsourced services | | | 1.0 | |
| |
Mortgage REITs | | | 0.9 | |
| |
IT consulting & other services | | | 0.8 | |
| |
Diversified REITs | | | 0.4 | |
| |
Short-term investments, other assets & liabilities, net | | | 0.9 | |
| |
Total | | | 100.0 | |
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 21
Small-Cap Equity Fund
Performance for the six months ended June 30, 2019
TheSmall-Cap Equity Fund returned 18.29% for the period, compared with the 16.98% return of its benchmark, the Russell 2000® Index. For the twelve months ended June 30, 2019, the Fund returned –0.49%, versus –3.31% for the index.
The U.S. economy continued to grow with moderate inflation for thesix-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The broad U.S. stock market, as measured by the Russell 3000® Index, gained 18.71% for the six months. Growth shares outperformed value stocks, whilemid-cap equities outpaced both large- andsmall-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)
Fund posted a strong gain, surpassed its benchmark
All eleven industry sectors in the Russell 2000 Index advanced for the period, with eight posting double-digit gains. Information technology (up 25.9%) and industrials (up 21.6%) generated the strongest returns and were the top contributors to the performance of the index. Gains in health care (up 16.5%) and financials (up 14.3%)—the index’s two biggest sectors—were more subdued; however, both still made significant return contributions. Together, these four sectors represented more than 60.0% of the benchmark’s total market capitalization on June 30, 2019. Consumer staples (up 4.0%) and communication services (up 8.6%) were the worst-performing sectors.
The Fund outperformed its benchmark primarily due to overweight positions in stocks that delivered exceptional gains. The top contributors to relative performance were overweight holdings in Roku, a maker of streaming video devices that experienced rapid growth in user accounts, and Lantheus, a medical imaging company that reported robust sales of key products. The next-largest contributor was an overweight position in medical genetics firm Invitae.
Conversely, the largest detractor was an overweight position in USANA Health Sciences, a nutrition company that announced a decrease in sales, in part due to headwinds from foreign currency conversions. Overweight investments in poorly performing Vanda Pharmaceuticals and Green Dot, a provider of prepaid debit cards, also hindered the Fund’s relative return.
22 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Small-Cap Equity Fund
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | Annual operating
expenses* | |
| | | Inception
date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | gross | | | net | |
Small-Cap Equity Fund | | | 10/28/02 | | | | 18.29 | % | | | –0.49 | % | | | 7.98 | % | | | 14.00 | % | | | 0.66 | % | | | 0.53% | |
Russell 2000® Index | | | — | | | | 16.98 | | | | –3.31 | | | | 7.06 | | | | 13.45 | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Expense example
Six months ended June 30, 2019
| | | | | | |
Small-Cap Equity Fund | | Beginning account value
(1/1/19) | | Ending account value
(6/30/19) | | Expenses paid during period* (1/1/19–6/30/19) |
| | | |
Actual return | | $1,000.00 | | $ 1,182.92 | | $2.87 |
| | | |
5% annual hypothetical return | | 1,000.00 | | 1,022.17 | | 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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.53%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 23
Small-Cap Equity Fund
Fund profile
| | | | |
| | | as of 6/30/2019 | |
| |
Net assets | | | $52.28 million | |
| |
Portfolio turnover rate* | | | 66% | |
| |
Number of holdings | | | 366 | |
| |
Weighted median market capitalization | | | $2.04 billion | |
| |
Price/earnings ratio (weighted12-month trailing average)† | | | 32.4 | |
| * | The portfolio turnover rate covers thesix-month period from January 1, 2019–June 30, 2019, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
| | | | |
Market capitalization | | % of equity investments as of 6/30/2019 | |
| |
More than $50 billion | | | 0.2 | |
| |
More than $15 billion – $50 billion | | | 1.2 | |
| |
More than $2 billion – $15 billion | | | 50.1 | |
| |
$2 billion or less | | | 48.5 | |
| |
Total | | | 100.0 | |
Portfolio composition
| | | | |
Sector | | % of net assets
as of 6/30/2019 | |
Industrials | | | 16.4 | |
| |
Financials | | | 16.4 | |
| |
Health care | | | 16.3 | |
| |
Information technology | | | 11.9 | |
| |
Consumer discretionary | | | 11.1 | |
| |
Real estate | | | 8.6 | |
| |
Materials | | | 4.9 | |
| |
Energy | | | 4.8 | |
| |
Consumer staples | | | 3.9 | |
| |
Utilities | | | 3.2 | |
| |
Communication services | | | 2.6 | |
| |
Short-term investments, other assets & liabilities, net | | | –0.1 | |
| |
Total | | | 100.0 | |
24 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Social Choice Equity Fund
Performance for the six months ended June 30, 2019
The Social Choice Equity Fund returned 18.16% for the period, compared with the 18.71% return of its benchmark, the Russell 3000® Index. For the twelve months ended June 30, 2019, the Fund returned 8.84%, versus 8.98% for the index. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.
Because of its ESG criteria, the Fund did not invest in a number of stocks that were included in the Russell 3000 Index. Avoiding these companies produced mixed results, but the net effect was that the Fund trailed its benchmark.
Not being invested in Mastercard, Visa and General Electric (GE) hindered performance versus the benchmark. Mastercard and Visa benefited from global growth in digital payments. GE suffered a rough couple of years, but recently reported improved earnings helped by new aviation deals.
Conversely, avoiding some stocks was beneficial, especially Berkshire Hathaway, Pfizer and Johnson & Johnson. Berkshire Hathaway’s stock stalled after Warren Buffet suggested it could be overvalued. Pfizer’s stock was negatively impacted by the potential for sweeping changes to the U.S. health care system and the public’s focus on high drug prices. Investors turned bearish on Johnson & Johnson given the recent opioid crisis.
Fund’s double-digit gain lagged that of its benchmark
To compensate for the Fund’s 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.
Among stocks the Fund held, underweights in Facebook and Amazon.com and an overweight in Occidental Petroleum detracted most. Facebook’s earnings topped Wall Street estimates, despite an anticipated fine from the Federal Trade Commission over privacy violations. Amazon.com reported higher-than-expected profits, highlighted by Amazon Web Services (AWS), Fire TV’s 30 million active users and personal-voice assistant Alexa. Occidental Petroleum beat out Chevron to acquire Anadarko Petroleum, leaving investors concerned about high debt.
In contrast, the Fund benefited from overweight positions in Copart, Netflix and Kinder Morgan. Online automotive dealer Copart reported strong financial results. Netflix attracted a record 9.5 million new paying subscribers in the first quarter of 2019. Energy infrastructure company Kinder Morgan benefited from strength in its natural gas pipeline business.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 25
Social Choice Equity Fund
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | | | Annual operating
expenses* | |
| | | Inception
date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | | | gross | | | net | |
Social Choice Equity Fund | | | 4/3/00 | | | | 18.16 | % | | | 8.84 | % | | | 9.06 | % | | | 13.90 | % | | | | | 0.32 | % | | | 0.22 | % |
Russell 3000® Index | | | — | | | | 18.71 | | | | 8.98 | | | | 10.19 | | | | 14.67 | | | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Expense example
Six months ended June 30, 2019
| | | | | | |
Social Choice Equity Fund | | Beginning account value
(1/1/19) | | Ending account value
(6/30/19) | | Expenses paid during period*
(1/1/19–6/30/19) |
| | | |
Actual return | | $1,000.00 | | $ 1,181.58 | | $1.19 |
| | | |
5% annual hypothetical return | | 1,000.00 | | 1,023.70 | | 1.10 |
| * | “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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.22%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
26 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Social Choice Equity Fund
Fund profile
| | | | |
| | | as of 6/30/2019 | |
| |
Net assets | | | $64.50 million | |
| |
Portfolio turnover rate* | | | 15% | |
| |
Number of holdings | | | 616 | |
| |
Weighted median market capitalization | | | $56.72 billion | |
| |
Price/earnings ratio (weighted12-month trailing average)† | | | 23.4 | |
| * | The portfolio turnover rate covers thesix-month period from January 1, 2019–June 30, 2019, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
| | | | |
Market capitalization | | % of equity investments as of 6/30/2019 | |
| |
More than $50 billion | | | 54.4 | |
| |
More than $15 billion – $50 billion | | | 29.9 | |
| |
More than $2 billion – $15 billion | | | 12.8 | |
| |
$2 billion or less | | | 2.9 | |
| |
Total | | | 100.0 | |
Portfolio composition
| | | | |
Sector | | % of net assets as of 6/30/2019 | |
| |
Information technology | | | 20.8 | |
| |
Financials | | | 14.8 | |
| |
Health care | | | 13.4 | |
| |
Consumer discretionary | | | 11.2 | |
| |
Industrials | | | 10.1 | |
| |
Communication services | | | 8.2 | |
| |
Consumer staples | | | 6.0 | |
| |
Energy | | | 4.8 | |
| |
Real estate | | | 4.2 | |
| |
Utilities | | | 3.3 | |
| |
Materials | | | 3.0 | |
| |
Short-term investments, other assets & liabilities, net | | | 0.2 | |
| |
Total | | | 100.0 | |
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 27
Stock Index Fund
Performance for the six months ended June 30, 2019
The Stock Index Fund returned 18.64% for the period, compared with the 18.71% return of its benchmark, the Russell 3000® Index. For the twelve months ended June 30, 2019, the Fund returned 8.93%, versus 8.98% for the index.
For thesix-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.
The U.S. economy continued to grow with moderate inflation for thesix-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The performance of the broad U.S. stock market, as measured by the Russell 3000 Index, was positive across investment styles and capitalization sizes. Growth shares outperformed value stocks, whilemid-cap equities outpaced both large- andsmall-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)
Information technology led the benchmark to a double-digit gain
All eleven sectors in the benchmark delivered positive performance for the six months. Information technology (up 27.6%)—the largest sector in the benchmark—and financials (up 17.2%) contributed most to the index’s return. Industrials (up 22.1%) and consumer discretionary (up 19.8%) also made strong contributions. Together, these four sectors represented more thanone-half of the index’s total market capitalization on June 30, 2019. Consumer staples, real estate, energy, materials and utilities advanced but had less of an impact on returns due to their smaller weightings. Health care (up 9.8%) had the lowest return.
For thesix-month period, four of the benchmark’s five largest stocks outperformed the benchmark’s overall return. Facebook performed best with a sizable double-digit gain, followed by Microsoft. Apple was next, rising on strong revenue growth. Amazon.com also posted an impressive double-digit return. Alphabet, the parent company of Google, lagged amid slower advertising growth.
28 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Stock Index Fund
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | | | Annual operating
expenses* | |
| | | Inception
date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | | | gross | | | net | |
Stock Index Fund | | | 1/4/99 | | | | 18.64 | % | | | 8.93 | % | | | 10.12 | % | | | 14.58 | % | | | | | 0.10 | % | | | 0.09 | % |
Russell 3000® Index | | | — | | | | 18.71 | | | | 8.98 | | | | 10.19 | | | | 14.67 | | | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Expense example
Six months ended June 30, 2019
| | | | | | |
Stock Index Fund | | Beginning account value
(1/1/19) | | Ending account value
(6/30/19) | | Expenses paid during period*
(1/1/19–6/30/19) |
| | | |
Actual return | | $1,000.00 | | $ 1,186.42 | | $0.49 |
| | | |
5% annual hypothetical return | | 1,000.00 | | 1,024.35 | | 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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.09%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 29
Stock Index Fund
Fund profile
| | | | |
| | | as of 6/30/2019 | |
| |
Net assets | | | $523.47 million | |
| |
Portfolio turnover rate* | | | 2% | |
| |
Number of holdings | | | 2,887 | |
| |
Weighted median market capitalization | | | $73.65 billion | |
| |
Price/earnings ratio (weighted12-month trailing average)† | | | 24.0 | |
| * | The portfolio turnover rate covers thesix-month period from January 1, 2019–June 30, 2019, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
| | | | |
Market capitalization | | % of equity investments as of 6/30/2019 | |
| |
More than $50 billion | | | 57.9 | |
| |
More than $15 billion – $50 billion | | | 21.8 | |
| |
More than $2 billion – $15 billion | | | 17.0 | |
| |
$2 billion or less | | | 3.3 | |
Total | | | 100.0 | |
Portfolio composition
| | | | |
Sector | | % of net assets as of 6/30/2019 | |
| |
Information technology | | | 21.1 | |
| |
Health care | | | 14.0 | |
| |
Financials | | | 13.4 | |
| |
Consumer discretionary | | | 10.4 | |
| |
Industrials | | | 10.1 | |
| |
Communication services | | | 9.2 | |
| |
Consumer staples | | | 6.4 | |
| |
Energy | | | 4.7 | |
| |
Real estate | | | 4.0 | |
| |
Utilities | | | 3.2 | |
| |
Materials | | | 3.0 | |
| |
Short-term investments, other assets & liabilities, net | | | 0.5 | |
Total | | | 100.0 | |
30 2019 Semiannual Report ∎ TIAA-CREF Life Funds
International Equity Fund
Performance for the six months ended June 30, 2019
The International Equity Fund returned 13.01% for the period, compared with the 14.03% return of its benchmark, the MSCI EAFE Index. For the twelve months ended June 30, 2019, the Fund returned –9.27%, versus 1.08% for the index.
Stock prices rose in both developed- and emerging-markets countries for thesix-month period, rebounding from sharp declines late in 2018. Economies in the eurozone grew at an annualized rate of 1.2% in the first quarter of 2019, and unemployment fell to adecade-low level of 7.5% in May 2019. The Chinese economy grew at a solid pace during the first quarter of 2019, aided by stronger industrial production. The U.S. Federal Reserve left the federal funds target rate unchanged at 2.25%–2.50%. The European Central Bank said it would maintain its benchmark interest rates at their current low levels until at leastmid-2020.
All of the country components within the MSCI EAFE Index, which includes 21 developed nations outside North America, advanced in both U.S.-dollar and local-currency terms for the six months.
Fund’s double-digit gain fell short of its benchmark
The Fund lagged its benchmark mainly due to allocation decisions that did not perform as anticipated. Overweight positions in German tourism-services provider TUI, Japanese machinery manufacturer IHI and French hotel operator Accor detracted most from the Fund’s relative performance.
Conversely, several holdings made notable contributions, namely an overweight position in French energy management solutions provider Schneider Electric, a nonbenchmark investment in German industrial gases producer Linde and an overweight position in Japanese game maker Nintendo. All three posted substantial double-digit gains.
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 current 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.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 31
International Equity Fund
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | | | Annual operating
expenses* | |
| | | Inception date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | | | gross | | | net | |
| | | | | | | | |
International Equity Fund | | | 4/3/00 | | | | 13.01 | % | | | –9.27 | % | | | 0.57 | % | | | 6.91 | % | | | | | 0.71 | % | | | 0.60% | |
| | | | | | | | |
MSCI EAFE® Index | | | — | | | | 14.03 | | | | 1.08 | | | | 2.25 | | | | 6.90 | | | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Expense example
Six months ended June 30, 2019
| | | | | | |
International Equity Fund | | Beginning account value
(1/1/19) | | Ending account value
(6/30/19) | | Expenses paid
during period*
(1/1/19–6/30/19) |
| | | |
Actual return | | $1,000.00 | | $ 1,130.13 | | $3.17 |
| | | |
5% annual hypothetical return | | 1,000.00 | | 1,021.82 | | 3.01 |
| * | “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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.60%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
32 2019 Semiannual Report ∎ TIAA-CREF Life Funds
International Equity Fund
Fund profile
| | | | |
| | | as of 6/30/2019 | |
| |
Net assets | | | $96.01 million | |
| |
Portfolio turnover rate* | | | 61% | |
| |
Number of holdings | | | 70 | |
| |
Weighted median market capitalization | | | $32.85 billion | |
| |
Price/earnings ratio (weighted12-month trailing average)† | | | 14.3 | |
| * | The portfolio turnover rate covers thesix-month period from January 1, 2019–June 30, 2019, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Portfolio composition
| | | | |
Sector | | % of net assets as of 6/30/2019 | |
| |
Industrials | | | 19.8 | |
| |
Consumer discretionary | | | 17.6 | |
| |
Financials | | | 15.5 | |
| |
Materials | | | 13.9 | |
| |
Consumer staples | | | 9.4 | |
| |
Information technology | | | 8.8 | |
| |
Health care | | | 7.4 | |
| |
Communication services | | | 3.9 | |
| |
Energy | | | 1.5 | |
| |
Real estate | | | 0.5 | |
| |
Short-term investments, other assets & liabilities, net | | | 1.7 | |
| |
Total | | | 100.0 | |
Holdings by company size
| | | | |
Market capitalization | | % of equity investments
as of 6/30/2019 | |
| |
More than $50 billion | | | 36.9 | |
| |
More than $15 billion–$50 billion | | | 38.8 | |
| |
More than $2 billion–$15 billion | | | 24.2 | |
| |
$2 billion or less | | | 0.1 | |
| |
Total | | | 100.0 | |
Holdings by country
| | | | |
| | | % of portfolio investments
as of 6/30/2019 | |
| |
United Kingdom | | | 19.6 | |
| |
Japan | | | 16.9 | |
| |
France | | | 16.6 | |
| |
Germany | | | 10.9 | |
| |
Switzerland | | | 7.4 | |
| |
Italy | | | 6.1 | |
| |
Denmark | | | 4.5 | |
| |
Sweden | | | 3.5 | |
| |
8 other nations | | | 11.2 | |
| |
Short-term investments | | | 3.3 | |
| |
Total | | | 100.0 | |
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 33
Bond Fund
Performance for the six months ended June 30, 2019
The Bond Fund returned 6.83% for the period, compared with the 6.11% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2019, the Fund returned 8.19%, versus 7.87% for the index.
The U.S. economy continued to grow with moderate inflation for thesix-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019.
The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. Yields on U.S. Treasury securities of all maturities declined, boosting bond prices (bond yields move in the opposite direction of prices). Short-term government securities offered higher yields than those on most longer-term Treasuries at the end of the period. The resulting “inverted yield curve”—in which short-term yields exceeded long-term yields—was viewed as significant, as inverted yield curves historically have often preceded periods of slower growth.
Fund surpassed its benchmark, driven by strength in corporate bonds
All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for thesix-month period. Corporate bonds, which accounted for 24.7% of the index’s total market capitalization on June 30, 2019, advanced 9.9%, and were a primary driver of the benchmark’s overall performance. Commercial mortgage-backed securities (CMBS) gained 6.6%. U.S. Treasuries, the largest index sector with a weight of 39.0%, returned 5.2%. Mortgage-backed securities (MBS), the benchmark’s second-largest sector at 27.5%, rose 4.2%.
The Fund outperformed its benchmark during the period, primarily due to an overweight position and strong security selection in corporate bonds, including modest positions in high-yield and emerging-markets corporates. Overweight positions in asset-backed securities, CMBS and municipal bonds further contributed. Security selection in CMBS was also beneficial.
Conversely, a short duration position detracted as rates fell during the period (duration is a measure of interest-rate sensitivity). An underweight position in the MBS sector also dampened the Fund’s relative performance.
34 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Bond Fund
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | | | Annual operating
expenses* | |
| | | Inception
date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | | | gross | | | net | |
| | | | | | | | |
Bond Fund | | | 7/8/03 | | | | 6.83 | % | | | 8.19 | % | | | 3.33 | % | | | 4.39 | % | | | | | 0.38 | % | | | 0.35% | |
| | | | | | | | |
Bloomberg Barclays U.S.
Aggregate Bond Index | | | — | | | | 6.11 | | | | 7.87 | | | | 2.95 | | | | 3.90 | | | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
Expense example
Six months ended June 30, 2019
| | | | | | |
Bond Fund | | Beginning account value
(1/1/19) | | Ending account value
(6/30/19) | | Expenses paid
during period*
(1/1/19–6/30/19) |
| | | |
Actual return | | $1,000.00 | | $1,068.27 | | $1.79 |
| | | |
5% annual hypothetical return | | 1,000.00 | | 1,023.06 | | 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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.35%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 35
Bond Fund
Fund profile
| | | | |
| | | as of 6/30/2019 | |
| |
Net assets | | | $199.08 million | |
| |
Portfolio turnover rate* | | | 75% | |
| |
Portfolio turnover rate, excluding
mortgage dollar-roll transactions* | | | 61% | |
| |
Number of issues | | | 759 | |
| |
Option-adjusted duration‡ | | | 5.54 years | |
| |
Average maturity§ | | | 15.16 years | |
| * | The portfolio turnover rate covers thesix-month period from January 1, 2019–June 30, 2019, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
Portfolio composition
| | | | |
Sector | | % of net assets
as of 6/30/2019 | |
| |
Corporate bonds | | | 24.0 | |
| |
Mortgage-backed securities | | | 22.4 | |
| |
U.S. Treasury securities | | | 20.2 | |
| |
Foreign government & corporate bonds denominated in U.S. dollars | | | 11.3 | |
| |
Asset-backed securities | | | 7.8 | |
| |
Commercial mortgage-backed securities | | | 6.4 | |
| |
Municipal bonds | | | 3.5 | |
| |
Bank loan obligations | | | 1.2 | |
| |
U.S. agency securities | | | 0.2 | |
| |
Preferred stock | | | 0.1 | |
| |
Short-term investments, other assets & liabilities, net | | | 2.9 | |
Total | | | 100.0 | |
Holdings by maturity
| | | | |
| | | % of fixed-income investments
(excluding short-term investments)
as of 6/30/2019 | |
| |
Less than 1 year | | | 5.6 | |
| |
1–3 years | | | 19.8 | |
| |
3–5 years | | | 23.9 | |
| |
5–10 years | | | 37.1 | |
| |
Over 10 years | | | 13.6 | |
Total | | | 100.0 | |
Holdings by credit quality
| | | | |
| | | % of fixed-income investments
(excluding short-term investments)
as of 6/30/2019 | |
| |
U.S. Treasury & U.S. agency securities* | | | 41.9 | |
| |
Aaa/AAA | | | 7.2 | |
| |
Aa/AA | | | 7.0 | |
| |
A/A | | | 13.0 | |
| |
Baa/BBB | | | 24.6 | |
| |
Ba/BB | | | 2.2 | |
| |
B/B | | | 1.9 | |
| |
Below B/B | | | 0.4 | |
| |
Non-rated | | | 1.8 | |
Total | | | 100.0 | |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg 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.
36 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Money Market Fund
Performance for the six months ended June 30, 2019
The Money Market Fund returned 1.14% for thesix-month period, compared with the 0.99% return of the iMoneyNet Money Fund Averages™—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.
During thesix-month period, the U.S. economy continued to grow with moderate inflation. Unemployment ended the period at 3.7%, while core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. Yields on U.S. Treasury securities of all maturities declined, boosting bond prices (bond yields move in the opposite direction of prices).
Yields on LIBOR—a key interest-rate benchmark for money market funds—also dropped.One-month LIBOR yields declined from 2.51% on January 2, 2019, to 2.40% on June 28, 2019. Over the same period, three-month LIBOR declined from 2.79% to 2.32%;six-month LIBOR declined from 2.87% to 2.20%; and twelve-month LIBOR declined from 3.00% to 2.18%. LIBOR is an indication of the interest rates that banks expect to pay to other banks for loans on the London market and is the most widely used benchmark for short-term rates. LIBOR will be phased out as a money market benchmark in 2021 and will be replaced by SOFR—the Secured Overnight Financing Rate—which is transaction based.
Fund outpaced the iMoneyNet average
For thesix-month period, the Money Market Fund outperformed the iMoneyNet government fund average. In pursuit of additional yield, the Fund continued to invest in longer-dated floating-rate government agency securities, which was generally beneficial. As of June 25, 2019, the Fund’s weighted average maturity (WAM) was 45 days, versus 28 days for the iMoneyNet government fund average, and this longer WAM also benefited the Fund’s relative performance. iMoneyNet releases their data on a weekly basis, and June 25 was the last date of release for the month.
Effective June 1, 2019, Michael Ferraro is no longer a portfolio manager of the Money Market Fund. Joseph Rolston continues to be a portfolio manager on the Fund.
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 37
Money Market Fund
Net annualized yield for the 7 days ended June 25, 2019§
| | | | | | | | |
| | | Current yield | | | Effective yield | |
Money Market Fund | | | 2.23 | % | | | 2.26 | % |
iMoneyNet Money Fund Averages™—All Government‡ | | | 1.93 | | | | 1.95 | |
The current yield more closely reflects current earnings than does the total return.
| § | Typically, iMoneyNet reports its7-day yields as of Tuesday of each week. |
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | Annual operating
expenses* | |
| | | Inception
date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | gross | | | net | |
Money Market Fund | | | 7/8/03 | | | | 1.14 | % | | | 2.14 | % | | | 0.77 | % | | | 0.42 | % | | | 0.24 | % | | | 0.15 | % |
iMoneyNet Money Fund
Averages™—All Government‡ | | | — | | | | 0.99 | | | | 1.84 | | | | 0.59 | | | | 0.30 | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, the7-day current and effective annualized yields and total returns would have been 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 could lose money by investing in this 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 (FDIC) 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 the total return.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
| ‡ | The iMoneyNet Money Fund Averages—All Government is a simple average of over 500 money market funds that invest in U.S. Treasuries, U.S. Agencies, repurchase agreements and government-backed floating-rate notes. You cannot invest directly in it. |
38 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Money Market Fund
Expense example
Six months ended June 30, 2019
| | | | | | |
Money Market Fund | | Beginning
account value
(1/1/19) | | Ending
account value
(6/30/19) | | Expenses paid during period* (1/1/19–6/30/19) |
| | | |
Actual return | | $1,000.00 | | $ 1,011.38 | | $0.75 |
| | | |
5% annual hypothetical return | | 1,000.00 | | 1,024.05 | | 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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.15%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
For more information about this expense example, please see page 9.
Fund profile
| | | | |
| | | as of 6/30/2019 | |
| |
Net assets | | | $108.44 million | |
| |
Number of issues | | | 97 | |
Portfolio composition
| | | | |
| | |
Sector | | % of net assets
as of 6/30/2019 | |
| |
U.S. government agency securities* | | | 69.8 | |
| |
Floating-rate securities, government* | | | 18.7 | |
| |
U.S. Treasury securities* | | | 11.0 | |
| |
Short-term investments, other assets & liabilities, net | | | 0.5 | |
| |
Total | | | 100.0 | |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 39
Balanced Fund
Performance for the six months ended June 30, 2019
The Balanced Fund returned 12.43% for the period, compared with the 12.02% return of its benchmark, the Balanced Fund Composite Index, which is a weighted average of the Russell 3000® Index, the MSCI EAFE Index and the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2019, the Fund returned 6.01%, versus 8.10% for the index.
The U.S. economy continued to grow with moderate inflation for thesix-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy.
U.S. stocks, as measured by the broad Russell 3000 Index, rose 18.71% for the six months. Growth shares outperformed value stocks, whilemid-cap equities outpaced both large- andsmall-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.) The MSCI EAFE Index, which measures the performance of stocks in 21 developed markets outside North America, gained 14.03%. (The MSCI EAFE Index returns are in U.S. dollars.) The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, rose 6.11%, driven by declining market yields as well as strength in the corporate bond sector.
Fund surpassed its benchmark, driven by strength in U.S. bond and stock funds
For thesix-month period, the Fund’s absolute performance benefited from the positive returns of both stocks and bonds held by the underlying funds of the Balanced Fund. The Growth Equity Fund posted the largest gain, followed closely by the Real Estate Securities Fund.
The Fund outperformed its composite benchmark for the period, helped by the strength of its underlying U.S. fixed-income and equity funds. Among them, the Bond Fund was the largest contributor, followed by the Growth & Income Fund and theLarge-Cap Value Fund.
Conversely, the International Equity Fund detracted most from the Fund’s performance relative to its benchmark.
40 2019 Semiannual Report ∎ TIAA-CREF Life Funds
Balanced Fund
Performance as of June 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total return | | | Average annual
total return | | | | | Annual operating
expenses*# | |
| | | Inception date | | | 6 months | | | 1 year | | | 5 years | | | since
inception | | | | | gross | | | net | |
| | | | | | | | |
Balanced Fund | | | 1/31/14 | | | | 12.43 | % | | | 6.01 | % | | | 5.73 | % | | | 6.33 | % | | | | | 0.62 | % | | | 0.51% | |
| | | | | | | | |
Balanced Fund Composite Index† | | | — | | | | 12.02 | | | | 8.10 | | | | 5.95 | | | | 6.67 | § | | | | | — | | | | — | |
| | | | | | | | |
Broad market index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Morningstar Moderately Conservative Target Risk Index | | | — | | | | 9.85 | | | | 7.27 | | | | 4.42 | | | | 5.11 | § | | | | | — | | | | — | |
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 recentmonth-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would 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.
| * | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
| # | These expenses include underlying fund expenses. |
| † | As of the close of business on June 30, 2019, the Balanced Fund Composite Index consisted of: 50.0% Bloomberg 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. |
TIAA-CREF Life Funds ◾ 2019 Semiannual Report 41
Balanced Fund
Expense example
Six months ended June 30, 2019
| | | | | | | | | | | | |
| | | | | |
Balanced Fund | | Beginning
account value
(1/1/19) | | | Ending
account value
(6/30/19) | | | Expenses paid
during period*
(1/1/19–6/30/19) | | Effective
expenses paid
during period†
(1/1/19–6/30/19) |
| | | | |
Actual return | | | $1,000.00 | | | | $1,124.31 | | | $0.53 | | $2.69 |
| | | | |
5% annual hypothetical return | | | 1,000.00 | | | | 1,024.30 | | | 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 overthe six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualizedsix-month expense ratio for that period was 0.10%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower. |
| † | “Effective expenses paid during period” is based on the 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 thesix-month period, the total annualized weighted average expense ratio was 0.51%. |
For more information about this expense example, please see page 9.
Fund profile
| | |
| | |
| | | as of 6/30/2019 |
| |
Net assets | | $64.38 million |
Asset allocation
| | | | |
| | |
| | | % of net assets as
of 6/30/19 | |
| |
Equity | | | | |
| |
U.S. equity | | | 40.58 | |
| |
International equity | | | 10.12 | |
| |
Fixed income | | | 49.23 | |
| |
Other assets & liabilities, net | | | 0.07 | |
| |
Total | | | 100.00 | |
Target allocation
| | |
Equity 50.00% Fixed Income 50.00% | |  |
42 2019 Semiannual Report ∎ TIAA-CREF Life Funds
| | |
| Summary portfolio of investments(unaudited) | | |
Growth Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | | | | | | |
| | CAPITAL GOODS | | | | | | | | | | |
| | 12,258 | | | | | Airbus SE | | | | $ | 1,734,772 | | | | 1.5 | % |
| | 2,628 | | | | | Boeing Co | | | | | 956,618 | | | | 0.8 | |
| | 2,920 | | | | | Roper Industries, Inc | | | | | 1,069,479 | | | | 0.9 | |
| | | | | | Other | | | | | 1,071,936 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,832,805 | | | | 4.1 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | | | | |
| | 14,787 | | | * | | IHS Markit Ltd | | | | | 942,228 | | | | 0.8 | |
| | | | | | Other | | | | | 359,585 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,301,813 | | | | 1.1 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | | | | | | |
| | 7,481 | | | | | Essilor International S.A. | | | | | 974,938 | | | | 0.8 | |
| | 33,302 | | | | | Nike, Inc (Class B) | | | | | 2,795,703 | | | | 2.4 | |
| | | | | | Other | | | | | 259,026 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,029,667 | | | | 3.4 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | 988,994 | | | | 0.9 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | | | | | | |
| | 12,414 | | | | | IntercontinentalExchange Group, Inc | | | | | 1,066,859 | | | | 0.9 | |
| | | | | | Other | | | | | 1,394,747 | | | | 1.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,461,606 | | | | 2.1 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | | | | | | |
| | 24,274 | | | | | Coca-Cola Co | | | | | 1,236,032 | | | | 1.0 | |
| | | | | | Other | | | | | 554,909 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,790,941 | | | | 1.5 | |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | | | | | | |
| | 4,808 | | | * | | Edwards Lifesciences Corp | | | | | 888,230 | | | | 0.8 | |
| | 4,502 | | | * | | Intuitive Surgical, Inc | | | | | 2,361,524 | | | | 2.0 | |
| | 6,119 | | | | | Stryker Corp | | | | | 1,257,944 | | | | 1.1 | |
| | | | | | Other | | | | | 957,107 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,464,805 | | | | 4.7 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | | | | | | |
| | 8,567 | | | | | Linde plc | | | | | 1,720,254 | | | | 1.5 | |
| | 3,618 | | | | | Sherwin-Williams Co | | | | | 1,658,093 | | | | 1.4 | |
| | | | | | Other | | | | | 518,658 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,897,005 | | | | 3.3 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | | | | | | |
| | 27,854 | | | | | Activision Blizzard, Inc | | | | | 1,314,709 | | | | 1.1 | |
| | 2,843 | | | * | | Alphabet, Inc (Class A) | | | | | 3,078,401 | | | | 2.6 | |
| | 2,498 | | | * | | Alphabet, Inc (Class C) | | | | | 2,700,113 | | | | 2.3 | |
| | 22,470 | | | * | | Facebook, Inc | | | | | 4,336,710 | | | | 3.7 | |
| | 7,869 | | | * | | IAC/InterActiveCorp | | | | | 1,711,744 | | | | 1.5 | |
| | 6,807 | | | * | | NetFlix, Inc | | | | | 2,500,347 | | | | 2.1 | |
| | 20,599 | | | | | Tencent Holdings Ltd | | | | | 931,886 | | | | 0.8 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 43 | |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Growth Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT—continued | | | | | | | | | | |
| | 13,752 | | | | | Walt Disney Co | | | | $ | 1,920,329 | | | | 1.7 | % |
| | | | | | Other | | | | | 399,186 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,893,425 | | | | 16.2 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | | | | |
| | 8,050 | | | * | | Alexion Pharmaceuticals, Inc | | | | | 1,054,389 | | | | 0.9 | |
| | 22,996 | | | | | AstraZeneca plc | | | | | 1,879,961 | | | | 1.6 | |
| | 11,851 | | | | | Eli Lilly & Co | | | | | 1,312,972 | | | | 1.1 | |
| | 3,421 | | | * | | Illumina, Inc | | | | | 1,259,441 | | | | 1.1 | |
| | 2,988 | | | | | Lonza Group AG. | | | | | 1,008,727 | | | | 0.9 | |
| | 12,364 | | | | | Merck & Co, Inc | | | | | 1,036,722 | | | | 0.9 | |
| | 4,808 | | | * | | Vertex Pharmaceuticals, Inc | | | | | 881,691 | | | | 0.7 | |
| | | | | | Other | | | | | 3,965,171 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,399,074 | | | | 10.5 | |
| | | | | | | | | | | | |
| | RETAILING | | | | | | | | | | |
| | 3,358 | | | * | | Amazon.com, Inc | | | | | 6,358,810 | | | | 5.4 | |
| | 13,430 | | | | | Expedia, Inc | | | | | 1,786,593 | | | | 1.5 | |
| | 7,796 | | | | | Home Depot, Inc | | | | | 1,621,334 | | | | 1.4 | |
| | 1,757 | | | | | Kering | | | | | 1,037,022 | | | | 0.9 | |
| | 2,515 | | | * | | Ulta Beauty, Inc | | | | | 872,428 | | | | 0.8 | |
| | | | | | Other | | | | | 355,198 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,031,385 | | | | 10.3 | |
| | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | |
| | 16,213 | | | | | Qualcomm, Inc | | | | | 1,233,323 | | | | 1.1 | |
| | 10,156 | | | | | Texas Instruments, Inc | | | | | 1,165,503 | | | | 1.0 | |
| | 7,099 | | | | | Xilinx, Inc | | | | | 837,114 | | | | 0.7 | |
| | | | | | Other | | | | | 1,097,944 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,333,884 | | | | 3.7 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | |
| | 9,486 | | | * | | Adobe, Inc | | | | | 2,795,050 | | | | 2.4 | |
| | 17,570 | | | * | | Akamai Technologies, Inc | | | | | 1,408,060 | | | | 1.2 | |
| | 14,024 | | | | | Automatic Data Processing, Inc | | | | | 2,318,588 | | | | 2.0 | |
| | 11,541 | | | * | | GoDaddy, Inc | | | | | 809,601 | | | | 0.7 | |
| | 10,885 | | | | | Intuit, Inc | | | | | 2,844,577 | | | | 2.4 | |
| | 16,450 | | | | | MasterCard, Inc (Class A) | | | | | 4,351,518 | | | | 3.7 | |
| | 59,665 | | | | | Microsoft Corp | | | | | 7,992,723 | | | | 6.8 | |
| | 26,429 | | | * | | PayPal Holdings, Inc | | | | | 3,025,063 | | | | 2.6 | |
| | 16,942 | | | * | | salesforce.com, Inc | | | | | 2,570,610 | | | | 2.2 | |
| | 5,240 | | | * | | ServiceNow, Inc | | | | | 1,438,747 | | | | 1.2 | |
| | 15,990 | | | | | Visa, Inc (Class A) | | | | | 2,775,065 | | | | 2.4 | |
| | | | | | Other | | | | | 2,482,462 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 34,812,064 | | | | 29.7 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | |
| | 15,572 | | | | | Apple, Inc | | | | | 3,082,011 | | | | 2.6 | |
| | 30,989 | | | | | Cisco Systems, Inc | | | | | 1,696,028 | | | | 1.5 | |
| | 7,337 | | | | | Motorola Solutions, Inc | | | | | 1,223,298 | | | | 1.0 | |
| | | | |
| 44 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | concluded |
Growth Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT—continued | | | | | | | | | | |
| | | | | | Other | | | | $ | 1,346,647 | | | | 1.2 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,347,984 | | | | 6.3 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | 385,419 | | | | 0.3 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | 701,717 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $71,411,875) | | | 115,672,588 | | | | 98.7 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| | |
| | SHORT-TERM INVESTMENTS | | | | | | | | |
| | GOVERNMENT AGENCY DEBT | | | 800,000 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | | |
| Shares | | | | | Company | | | | | | | | |
| | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | |
| | 245,564 | | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 245,564 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 245,564 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $1,045,564) | | | 1,045,564 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $72,457,439) | | | 116,718,152 | | | | 99.6 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | 438,167 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 117,156,319 | | | | 100.0 | % |
| | | | | | | | | | |
| c | | Investments made with cash collateral received from securities on loan. |
“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.
At 6/30/19, the aggregate value of securities on loan is $239,973. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
At 6/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $809,183 or 0.7% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
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.
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 45 | |
| | |
| Summary portfolio of investments(unaudited) | | |
Growth & Income Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | $ | 844,695 | | | | 0.6 | % |
| | | | | | | | | | | | |
| | BANKS | | | | | |
| | 85,748 | | | | | Bank of America Corp | | | | | 2,486,692 | | | | 1.7 | |
| | 27,529 | | | | | JPMorgan Chase & Co | | | | | 3,077,743 | | | | 2.0 | |
| | 20,728 | | | | | US Bancorp | | | | | 1,086,147 | | | | 0.7 | |
| | | | | | Other | | | | | 1,625,663 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,276,245 | | | | 5.5 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | |
| | 2,814 | | | n | | Boeing Co | | | | | 1,024,324 | | | | 0.7 | |
| | 5,432 | | | | | Deere & Co | | | | | 900,137 | | | | 0.6 | |
| | 11,441 | | | n | | Honeywell International, Inc | | | | | 1,997,484 | | | | 1.3 | |
| | 7,879 | | | | | Ingersoll-Rand plc | | | | | 998,033 | | | | 0.7 | |
| | 5,737 | | | | | L3Harris Technologies, Inc | | | | | 1,085,039 | | | | 0.7 | |
| | | | | | Other | | | | | 4,098,189 | | | | 2.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,103,206 | | | | 6.7 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | |
| | 10,662 | | | | | Waste Management, Inc | | | | | 1,230,075 | | | | 0.8 | |
| | | | | | Other | | | | | 709,891 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,939,966 | | | | 1.3 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | 2,331,119 | | | | 1.6 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | 1,065,759 | | | | 0.6 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | | | | | | |
| | 7,095 | | | n | | CME Group, Inc | | | | | 1,377,210 | | | | 0.9 | |
| | 28,205 | | | | | Morgan Stanley | | | | | 1,235,661 | | | | 0.8 | |
| | 17,022 | | | | | Voya Financial, Inc | | | | | 941,317 | | | | 0.7 | |
| | | | | | Other | | | | | 753,763 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,307,951 | | | | 2.9 | |
| | | | | | | | | | | | |
| | ENERGY | | | | | |
| | 14,758 | | | | | Chevron Corp | | | | | 1,836,486 | | | | 1.2 | |
| | 12,926 | | | | | Exxon Mobil Corp | | | | | 990,519 | | | | 0.6 | |
| | | | | | Other | | | | | 4,595,040 | | | | 3.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,422,045 | | | | 4.9 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | |
| | 3,743 | | | n | | Costco Wholesale Corp | | | | | 989,125 | | | | 0.7 | |
| | 8,171 | | | | | Walmart, Inc | | | | | 902,814 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,891,939 | | | | 1.3 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | |
| | 23,002 | | | | | Coca-Cola Co | | | | | 1,171,262 | | | | 0.8 | |
| | 23,299 | | | | | Mondelez International, Inc | | | | | 1,255,816 | | | | 0.8 | |
| | 11,500 | | | | | PepsiCo, Inc | | | | | 1,507,995 | | | | 1.0 | |
| | | | | | Other | | | | | 3,881,312 | | | | 2.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,816,385 | | | | 5.1 | |
| | | | | | | | | | | | |
| | | | |
| 46 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Growth & Income Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | |
| | 19,403 | | | | | Abbott Laboratories | | | | $ | 1,631,792 | | | | 1.1 | % |
| | 3,713 | | | n | | Anthem, Inc | | | | | 1,047,846 | | | | 0.7 | |
| | 25,620 | | | * | | Boston Scientific Corp | | | | | 1,101,147 | | | | 0.7 | |
| | 1,867 | | | *,n | | Intuitive Surgical, Inc | | | | | 979,335 | | | | 0.7 | |
| | 6,155 | | | | | Stryker Corp | | | | | 1,265,345 | | | | 0.8 | |
| | | | | | Other | | | | | 5,104,495 | | | | 3.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,129,960 | | | | 7.4 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | | | | | |
| | 18,578 | | | | | Procter & Gamble Co | | | | | 2,037,077 | | | | 1.4 | |
| | | | | | Other | | | | | 886,985 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,924,062 | | | | 2.0 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | |
| | 20,480 | | | | | Hartford Financial Services Group, Inc | | | | | 1,141,146 | | | | 0.8 | |
| | | | | | Other | | | | | 2,478,134 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,619,280 | | | | 2.4 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | |
| | 8,965 | | | | | Linde plc | | | | | 1,800,172 | | | | 1.2 | |
| | | | | | Other | | | | | 4,334,854 | | | | 2.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,135,026 | | | | 4.1 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | |
| | 3,393 | | | * | | Alphabet, Inc (Class C) | | | | | 3,667,528 | | | | 2.4 | |
| | 28,490 | | | | | Comcast Corp (Class A) | | | | | 1,204,557 | | | | 0.8 | |
| | 16,285 | | | * | | Facebook, Inc | | | | | 3,143,005 | | | | 2.1 | |
| | 3,988 | | | *,n | | NetFlix, Inc | | | | | 1,464,872 | | | | 1.0 | |
| | 17,445 | | | | | Walt Disney Co | | | | | 2,436,020 | | | | 1.6 | |
| | | | | | Other | | | | | 2,938,335 | | | | 2.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,854,317 | | | | 9.9 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | |
| | 18,248 | | | n | | AbbVie, Inc | | | | | 1,326,995 | | | | 0.9 | |
| | 8,903 | | | | | Eli Lilly & Co | | | | | 986,363 | | | | 0.7 | |
| | 20,624 | | | | | Merck & Co, Inc | | | | | 1,729,322 | | | | 1.1 | |
| | 39,110 | | | | | Pfizer, Inc | | | | | 1,694,245 | | | | 1.1 | |
| | | | | | Other | | | | | 8,092,177 | | | | 5.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,829,102 | | | | 9.2 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | |
| | 5,399 | | | n | | American Tower Corp | | | | | 1,103,826 | | | | 0.7 | |
| | | | | | Other | | | | | 707,123 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,810,949 | | | | 1.2 | |
| | | | | | | | | | | | |
| | RETAILING | | | | | |
| | 2,204 | | | * | | Amazon.com, Inc | | | | | 4,173,560 | | | | 2.8 | |
| | 10,148 | | | | | Home Depot, Inc | | | | | 2,110,480 | | | | 1.4 | |
| | | | | | Other | | | | | 2,391,665 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,675,705 | | | | 5.8 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 47 | |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Growth & Income Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | |
| | 14,737 | | | | | Qualcomm, Inc | | | | $ | 1,121,043 | | | | 0.7 | % |
| | | | | | Other | | | | | 4,891,976 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,013,019 | | | | 4.0 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | |
| | 3,043 | | | * | | Adobe, Inc | | | | | 896,620 | | | | 0.6 | |
| | 8,974 | | | | | MasterCard, Inc (Class A) | | | | | 2,373,892 | | | | 1.6 | |
| | 48,806 | | | | | Microsoft Corp | | | | | 6,538,052 | | | | 4.3 | |
| | 12,570 | | | * | | PayPal Holdings, Inc | | | | | 1,438,762 | | | | 0.9 | |
| | 8,598 | | | *,n | | salesforce.com, Inc | | | | | 1,304,575 | | | | 0.9 | |
| | | | | | Other | | | | | 5,214,167 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,766,068 | | | | 11.9 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | |
| | 27,579 | | | n | | Apple, Inc | | | | | 5,458,435 | | | | 3.6 | |
| | 43,867 | | | | | Cisco Systems, Inc | | | | | 2,400,841 | | | | 1.6 | |
| | 5,978 | | | n | | Motorola Solutions, Inc | | | | | 996,712 | | | | 0.7 | |
| | | | | | Other | | | | | 2,032,864 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,888,852 | | | | 7.3 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | 1,571,259 | | | | 1.0 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | | | | | | |
| | 17,039 | | | | | CSX Corp | | | | | 1,318,307 | | | | 0.9 | |
| | | | | | Other | | | | | 486,644 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,804,951 | | | | 1.2 | |
| | | | | | | | | | | | |
| | UTILITIES | | | | | |
| | 5,493 | | | | | NextEra Energy, Inc | | | | | 1,125,296 | | | | 0.7 | |
| | | | | | Other | | | | | 2,060,729 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,186,025 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $99,987,156) | | | 150,207,885 | | | | 100.0 | |
| | | | | | | | | | | | |
| | | |
| | PURCHASED OPTIONS | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | 11,200 | | | | 0.0 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | 2,350 | | | | 0.0 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | 3,875 | | | | 0.0 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | 117 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL PURCHASED OPTIONS | | (Cost $23,008) | | | 17,542 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
|
| | SHORT-TERM INVESTMENTS | |
| | GOVERNMENT AGENCY DEBT | | | | | 595,000 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | |
| 48 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Growth & Income Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | | | |
| | 666,742 | | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | $ | 666,742 | | | | 0.4 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | 666,742 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $1,261,742) | | | 1,261,742 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $101,271,906) | | | 151,487,169 | | | | 100.8 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (1,314,680 | ) | | | (0.8 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 150,172,489 | | | | 100.0 | % |
| | | | | | | | | | | | |
| c | | Investments made with cash collateral received from securities on loan. |
| n | | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contacts. |
“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.
At 6/30/19, the aggregate value of securities on loan is $959,357. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
At 6/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the securities Act of 1933 amounted to $460,062 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
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.
Purchased options outstanding as of June 30, 2019 were as follows (see Note 3):
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise
price | | | Expiration
date | | | Value | |
| |
Akamai Technologies, Inc, Call | | | 10 | | | $ | 5,770 | | | $ | 85.00 | | | | 11/15/19 | | | $ | 3,875 | |
Humana, Inc, Call | | | 8 | | | | 15,056 | | | | 275.00 | | | | 11/15/19 | | | | 11,200 | |
Pure Storage, Inc, Call | | | 13 | | | | 566 | | | | 17.50 | | | | 07/19/19 | | | | 117 | |
Take-Two Interactive Software, Inc, Call | | | 5 | | | | 1,616 | | | | 120.00 | | | | 09/20/19 | | | | 2,350 | |
| |
Total | | | 36 | | | $ | 23,008 | | | | | | | | | | | $ | 17,542 | |
|
| |
Written options outstanding as of June 30, 2019 were as follows (see Note 3):
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise price | | | Expiration
date | | | Value | |
| |
AbbVie, Inc, Put | | | 9 | | | $ | (889 | ) | | $ | 60.00 | | | | 08/16/19 | | | $ | (198 | ) |
Activision Blizzard, Inc, Put | | | 20 | | | | (5,580 | ) | | | 42.50 | | | | 11/15/19 | | | | (4,310 | ) |
Akamai Technologies, Inc, Call | | | 10 | | | | (3,529 | ) | | | 90.00 | | | | 11/15/19 | | | | (2,210 | ) |
Akamai Technologies, Inc, Put | | | 10 | | | | (3,229 | ) | | | 75.00 | | | | 11/15/19 | | | | (3,400 | ) |
American Tower Corp, Put | | | 5 | | | | (1,115 | ) | | | 175.00 | | | | 07/19/19 | | | | (50 | ) |
Anthem, Inc, Call | | | 3 | | | | (501 | ) | | | 310.00 | | | | 07/19/19 | | | | (66 | ) |
Anthem, Inc, Put | | | 3 | | | | (4,194 | ) | | | 240.00 | | | | 09/20/19 | | | | (882 | ) |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 49 | |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Growth & Income Fund § June 30, 2019
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise price | | | Expiration
date | | | Value | |
| |
Apple, Inc, Call | | | 10 | | | $ | (11,170 | ) | | $ | 210.00 | | | | 01/17/20 | | | $ | (9,790 | ) |
Apple, Inc, Call | | | 5 | | | | (2,436 | ) | | | 230.00 | | | | 01/17/20 | | | | (2,150 | ) |
Apple, Inc, Call | | | 5 | | | | (1,815 | ) | | | 250.00 | | | | 01/17/20 | | | | (900 | ) |
Apple, Inc, Put | | | 10 | | | | (1,989 | ) | | | 175.00 | | | | 08/16/19 | | | | (1,830 | ) |
Apple, Inc, Put | | | 10 | | | | (1,040 | ) | | | 170.00 | | | | 09/20/19 | | | | (2,230 | ) |
Apple, Inc, Put | | | 5 | | | | (3,303 | ) | | | 170.00 | | | | 10/18/19 | | | | (1,425 | ) |
Apple, Inc, Put | | | 10 | | | | (10,530 | ) | | | 190.00 | | | | 06/19/20 | | | | (15,700 | ) |
Arista Networks, Inc, Put | | | 3 | | | | (2,909 | ) | | | 210.00 | | | | 11/15/19 | | | | (2,415 | ) |
Biohaven Pharmaceutical Holding Co Ltd, Put | | | 14 | | | | (17,121 | ) | | | 50.00 | | | | 01/17/20 | | | | (17,850 | ) |
Boeing Co, Call | | | 3 | | | | (375 | ) | | | 405.00 | | | | 07/19/19 | | | | (105 | ) |
Broadcom, Inc, Put | | | 1 | | | | (128 | ) | | | 220.00 | | | | 07/19/19 | | | | (16 | ) |
Broadcom, Inc, Put | | | 3 | | | | (714 | ) | | | 230.00 | | | | 07/19/19 | | | | (75 | ) |
Cigna Corp, Put | | | 5 | | | | (465 | ) | | | 143.00 | | | | 07/26/19 | | | | (440 | ) |
Cigna Corp, Put | | | 5 | | | | (3,685 | ) | | | 145.00 | | | | 01/17/20 | | | | (3,750 | ) |
CME Group, Inc, Call | | | 4 | | | | (2,052 | ) | | | 210.00 | | | | 12/20/19 | | | | (1,700 | ) |
CME Group, Inc, Put | | | 4 | | | | (1,392 | ) | | | 170.00 | | | | 12/20/19 | | | | (1,220 | ) |
Coherent, Inc, Put | | | 5 | | | | (5,157 | ) | | | 110.00 | | | | 11/15/19 | | | | (2,375 | ) |
ConAgra Brands, Inc, Put | | | 6 | | | | (918 | ) | | | 22.00 | | | | 09/20/19 | | | | (120 | ) |
ConAgra Brands, Inc, Put | | | 18 | | | | (2,591 | ) | | | 23.00 | | | | 09/20/19 | | | | (630 | ) |
ConAgra Brands, Inc, Put | | | 12 | | | | (1,536 | ) | | | 24.00 | | | | 12/20/19 | | | | (1,620 | ) |
Constellation Brands, Inc, Put | | | 3 | | | | (1,048 | ) | | | 180.00 | | | | 10/18/19 | | | | (1,380 | ) |
Costco Wholesale Corp, Call | | | 4 | | | | (2,640 | ) | | | 260.00 | | | | 10/18/19 | | | | (5,960 | ) |
CVS Health Corp, Put | | | 11 | | | | (6,137 | ) | | | 55.00 | | | | 10/18/19 | | | | (3,828 | ) |
CVS Health Corp, Put | | | 22 | | | | (7,556 | ) | | | 52.50 | | | | 11/15/19 | | | | (6,490 | ) |
DexCom, Inc, Put | | | 7 | | | | (2,930 | ) | | | 100.00 | | | | 09/20/19 | | | | (542 | ) |
DexCom, Inc, Put | | | 7 | | | | (4,081 | ) | | | 100.00 | | | | 12/20/19 | | | | (1,610 | ) |
DISH Network Corp, Put | | | 14 | | | | (3,822 | ) | | | 27.50 | | | | 01/17/20 | | | | (1,960 | ) |
Exact Sciences Corp, Call | | | 18 | | | | (5,903 | ) | | | 125.00 | | | | 07/26/19 | | | | (4,338 | ) |
Exact Sciences Corp, Put | | | 18 | | | | (2,213 | ) | | | 99.00 | | | | 07/26/19 | | | | (1,125 | ) |
FedEx Corp, Put | | | 4 | | | | (9,156 | ) | | | 190.00 | | | | 01/17/20 | | | | (11,950 | ) |
Fidelity National Information Services, Inc, Put | | | 10 | | | | (1,556 | ) | | | 95.00 | | | | 07/19/19 | | | | (150 | ) |
General Mills, Inc, Put | | | 13 | | | | (467 | ) | | | 45.00 | | | | 08/16/19 | | | | (195 | ) |
Hain Celestial Group, Inc, Put | | | 24 | | | | (13,152 | ) | | | 23.00 | | | | 01/17/20 | | | | (6,840 | ) |
Humana, Inc, Call | | | 8 | | | | (5,824 | ) | | | 310.00 | | | | 11/15/19 | | | | (3,760 | ) |
Humana, Inc, Put | | | 8 | | | | (10,143 | ) | | | 245.00 | | | | 11/15/19 | | | | (7,440 | ) |
International Business Machines Corp, Put | | | 7 | | | | (2,312 | ) | | | 125.00 | | | | 11/15/19 | | | | (2,747 | ) |
Intuitive Surgical, Inc, Call | | | 1 | | | | (751 | ) | | | 620.00 | | | | 10/18/19 | | | | (610 | ) |
Jazz Pharmaceuticals plc, Put | | | 6 | | | | (4,710 | ) | | | 125.00 | | | | 12/20/19 | | | | (2,430 | ) |
Keysight Technologies, Inc, Put | | | 10 | | | | (634 | ) | | | 70.00 | | | | 07/19/19 | | | | (150 | ) |
LiveRamp Holdings, Inc, Put | | | 13 | | | | (1,070 | ) | | | 40.00 | | | | 08/16/19 | | | | (715 | ) |
Lululemon Athletica, Inc, Call | | | 5 | | | | (624 | ) | | | 200.00 | | | | 07/12/19 | | | | (55 | ) |
Micron Technology, Inc, Put | | | 13 | | | | (4,094 | ) | | | 34.00 | | | | 01/17/20 | | | | (3,653 | ) |
Monolithic Power Systems, Inc, Put | | | 5 | | | | (3,738 | ) | | | 120.00 | | | | 09/20/19 | | | | (1,600 | ) |
Motorola Solutions, Inc, Call | | | 7 | | | | (2,993 | ) | | | 165.00 | | | | 01/17/20 | | | | (8,872 | ) |
Motorola Solutions, Inc, Call | | | 7 | | | | (2,856 | ) | | | 185.00 | | | | 01/17/20 | | | | (3,080 | ) |
Motorola Solutions, Inc, Put | | | 7 | | | | (2,681 | ) | | | 130.00 | | | | 10/18/19 | | | | (759 | ) |
Motorola Solutions, Inc, Put | | | 7 | | | | (2,903 | ) | | | 130.00 | | | | 01/17/20 | | | | (1,677 | ) |
| | | | |
| 50 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | concluded |
Growth & Income Fund § June 30, 2019
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise price | | | Expiration
date | | | Value | |
| |
Motorola Solutions, Inc, Put | | | 7 | | | $ | (2,051 | ) | | $ | 135.00 | | | | 01/17/20 | | | $ | (2,054 | ) |
Nektar Therapeutics, Put | | | 8 | | | | (6,064 | ) | | | 36.00 | | | | 11/15/19 | | | | (4,640 | ) |
NetFlix, Inc, Call | | | 3 | | | | (325 | ) | | | 400.00 | | | | 07/05/19 | | | | (33 | ) |
Nevro Corp, Put | | | 11 | | | | (979 | ) | | | 40.00 | | | | 08/16/19 | | | | (413 | ) |
Northrop Grumman Corp, Call | | | 2 | | | | (2,379 | ) | | | 340.00 | | | | 11/15/19 | | | | (2,350 | ) |
Northrop Grumman Corp, Put | | | 1 | | | | (1,746 | ) | | | 270.00 | | | | 11/15/19 | | | | (405 | ) |
Northrop Grumman Corp, Put | | | 2 | | | | (3,860 | ) | | | 275.00 | | | | 11/15/19 | | | | (940 | ) |
Northrop Grumman Corp, Put | | | 2 | | | | (1,177 | ) | | | 280.00 | | | | 11/15/19 | | | | (1,090 | ) |
Nutanix, Inc, Put | | | 17 | | | | (4,576 | ) | | | 30.00 | | | | 10/18/19 | | | | (9,605 | ) |
Nutrien Ltd, Put | | | 13 | | | | (1,754 | ) | | | 45.00 | | | | 09/20/19 | | | | (423 | ) |
Parker-Hannifin Corp, Put | | | 4 | | | | (388 | ) | | | 125.00 | | | | 08/16/19 | | | | (120 | ) |
Planet Fitness, Inc, Put | | | 13 | | | | (481 | ) | | | 65.00 | | | | 07/19/19 | | | | (273 | ) |
PNC Financial Services Group, Inc, Put | | | 7 | | | | (1,397 | ) | | | 105.00 | | | | 08/16/19 | | | | (165 | ) |
PNC Financial Services Group, Inc, Put | | | 7 | | | | (2,541 | ) | | | 105.00 | | | | 11/15/19 | | | | (725 | ) |
PVH Corp, Put | | | 5 | | | | (2,787 | ) | | | 105.00 | | | | 09/20/19 | | | | (6,280 | ) |
PVH Corp, Put | | | 5 | | | | (4,240 | ) | | | 85.00 | | | | 01/17/20 | | | | (2,725 | ) |
Rockwell Automation, Inc, Put | | | 5 | | | | (2,088 | ) | | | 140.00 | | | | 10/18/19 | | | | (950 | ) |
Royal Caribbean Cruises Ltd, Put | | | 6 | | | | (390 | ) | | | 105.00 | | | | 07/19/19 | | | | (108 | ) |
salesforce.com, Inc, Call | | | 5 | | | | (440 | ) | | | 175.00 | | | | 07/19/19 | | | | (35 | ) |
ServiceNow, Inc, Call | | | 3 | | | | (1,890 | ) | | | 310.00 | | | | 07/26/19 | | | | (795 | ) |
ServiceNow, Inc, Call | | | 5 | | | | (5,806 | ) | | | 290.00 | | | | 11/15/19 | | | | (11,000 | ) |
ServiceNow, Inc, Put | | | 2 | | | | (896 | ) | | | 190.00 | | | | 08/16/19 | | | | (140 | ) |
Take-Two Interactive Software, Inc, Call | | | 7 | | | | (841 | ) | | | 135.00 | | | | 09/20/19 | | | | (994 | ) |
Take-Two Interactive Software, Inc, Put | | | 7 | | | | (1,793 | ) | | | 80.00 | | | | 09/20/19 | | | | (227 | ) |
Teladoc Health, Inc, Put | | | 7 | | | | (3,437 | ) | | | 45.00 | | | | 10/18/19 | | | | (630 | ) |
Teladoc Health, Inc, Put | | | 6 | | | | (3,566 | ) | | | 45.00 | | | | 12/20/19 | | | | (1,050 | ) |
Teradata Corp, Call | | | 11 | | | | (785 | ) | | | 47.50 | | | | 12/20/19 | | | | (275 | ) |
Teradata Corp, Put | | | 11 | | | | (1,772 | ) | | | 35.00 | | | | 10/18/19 | | | | (2,035 | ) |
Tiffany & Co, Put | | | 10 | | | | (23,280 | ) | | | 105.00 | | | | 01/17/20 | | | | (15,075 | ) |
Tiffany & Co, Put | | | 10 | | | | (27,030 | ) | | | 110.00 | | | | 01/17/20 | | | | (18,850 | ) |
Tiffany & Co, Put | | | 10 | | | | (5,099 | ) | | | 82.50 | | | | 01/17/20 | | | | (3,550 | ) |
Ulta Beauty, Inc, Call | | | 2 | | | | (2,792 | ) | | | 390.00 | | | | 09/20/19 | | | | (1,220 | ) |
Universal Display Corp, Call | | | 7 | | | | (4,977 | ) | | | 210.00 | | | | 09/20/19 | | | | (6,790 | ) |
Universal Display Corp, Call | | | 7 | | | | (6,810 | ) | | | 220.00 | | | | 09/20/19 | | | | (4,795 | ) |
Vulcan Materials Co, Put | | | 7 | | | | (343 | ) | | | 115.00 | | | | 07/19/19 | | | | (70 | ) |
WellCare Health Plans, Inc, Put | | | 3 | | | | (1,584 | ) | | | 220.00 | | | | 09/20/19 | | | | (765 | ) |
WellCare Health Plans, Inc, Put | | | 9 | | | | (5,663 | ) | | | 230.00 | | | | 12/20/19 | | | | (3,240 | ) |
WellCare Health Plans, Inc, Put | | | 3 | | | | (3,174 | ) | | | 240.00 | | | | 12/20/19 | | | | (1,305 | ) |
Xilinx, Inc, Put | | | 4 | | | | (1,072 | ) | | | 92.50 | | | | 09/20/19 | | | | (852 | ) |
Xilinx, Inc, Put | | | 3 | | | | (924 | ) | | | 95.00 | | | | 09/20/19 | | | | (738 | ) |
Xilinx, Inc, Put | | | 7 | | | | (2,697 | ) | | | 95.00 | | | | 12/20/19 | | | | (3,010 | ) |
| |
Total | | | 721 | | | $ | (342,251 | ) | | | | | | | | | | $ | (272,113 | ) |
|
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 51 | |
| | |
| Summary portfolio of investments(unaudited) | | |
Large-Cap Value Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | |
| | BANKS | |
| | 87,940 | | | | | Bank of America Corp | | | | $ | 2,550,260 | | | | 3.6 | % |
| | 32,500 | | | | | Citigroup, Inc | | | | | 2,275,975 | | | | 3.3 | |
| | 29,400 | | | | | JPMorgan Chase & Co | | | | | 3,286,920 | | | | 4.7 | |
| | 14,200 | | | | | US Bancorp | | | | | 744,080 | | | | 1.1 | |
| | 26,550 | | | | | Wells Fargo & Co | | | | | 1,256,346 | | | | 1.8 | |
| | | | | | Other | | | | | 580,008 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,693,589 | | | | 15.2 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | |
| | 6,350 | | | | | Deere & Co | | | | | 1,052,258 | | | | 1.5 | |
| | 6,093 | | | | | Dover Corp | | | | | 610,519 | | | | 0.9 | |
| | 7,487 | | | | | Honeywell International, Inc | | | | | 1,307,155 | | | | 1.9 | |
| | 8,961 | | | | | Ingersoll-Rand plc | | | | | 1,135,090 | | | | 1.6 | |
| | 16,365 | | | | | Masco Corp | | | | | 642,163 | | | | 0.9 | |
| | 3,506 | | | | | Parker-Hannifin Corp | | | | | 596,055 | | | | 0.9 | |
| | | | | | Other | | | | | 1,208,852 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,552,092 | | | | 9.4 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | |
| | 223 | | | * | | NVR, Inc | | | | | 751,566 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 751,566 | | | | 1.1 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | |
| | 3,600 | | | | | McDonald’s Corp | | | | | 747,576 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 747,576 | | | | 1.1 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | |
| | 4,975 | | | | | American Express Co | | | | | 614,114 | | | | 0.9 | |
| | 4,330 | | | | | Goldman Sachs Group, Inc | | | | | 885,918 | | | | 1.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,500,032 | | | | 2.1 | |
| | | | | | | | | | | | |
| | ENERGY | |
| | 14,100 | | | | | Chevron Corp | | | | | 1,754,604 | | | | 2.5 | |
| | 6,325 | | | | | Diamondback Energy, Inc | | | | | 689,235 | | | | 1.0 | |
| | 12,300 | | | | | EOG Resources, Inc | | | | | 1,145,868 | | | | 1.6 | |
| | 14,700 | | | | | Exxon Mobil Corp | | | | | 1,126,461 | | | | 1.6 | |
| | 7,250 | | | | | Valero Energy Corp | | | | | 620,673 | | | | 0.9 | |
| | | | | | Other | | | | | 417,879 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,754,720 | | | | 8.2 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | |
| | 8,500 | | | | | Walmart, Inc | | | | | 939,165 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 939,165 | | | | 1.4 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | |
| | 15,000 | | | | | Mondelez International, Inc | | | | | 808,500 | | | | 1.1 | |
| | 11,500 | | | | | Philip Morris International, Inc | | | | | 903,095 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,711,595 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | |
| 52 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Large-Cap Value Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | |
| | 2,750 | | | | | Anthem, Inc | | | | $ | 776,077 | | | | 1.1 | % |
| | 6,300 | | | | | Medtronic plc | | | | | 613,557 | | | | 0.9 | |
| | 6,625 | | | | | Zimmer Biomet Holdings, Inc | | | | | 780,027 | | | | 1.1 | |
| | | | | | Other | | | | | 2,490,496 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,660,157 | | | | 6.7 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | |
| | 16,300 | | | | | Procter & Gamble Co | | | | | 1,787,295 | | | | 2.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,787,295 | | | | 2.6 | |
| | | | | | | | | | | | |
| | INSURANCE | |
| | 19,411 | | | | | American International Group, Inc | | | | | 1,034,218 | | | | 1.5 | |
| | 6,248 | | | * | | Berkshire Hathaway, Inc (Class B) | | | | | 1,331,886 | | | | 1.9 | |
| | 6,600 | | | | | Chubb Ltd | | | | | 972,114 | | | | 1.4 | |
| | | | | | Other | | | | | 1,495,517 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,833,735 | | | | 6.9 | |
| | | | | | | | | | | | |
| | MATERIALS | |
| | 11,100 | | | | | Ball Corp | | | | | 776,889 | | | | 1.1 | |
| | 11,200 | | | * | | Crown Holdings, Inc | | | | | 684,320 | | | | 1.0 | |
| | | | | | Other | | | | | 1,629,267 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,090,476 | | | | 4.4 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | |
| | 33,000 | | | | | Comcast Corp (Class A) | | | | | 1,395,240 | | | | 2.0 | |
| | 10,300 | | | | | Walt Disney Co | | | | | 1,438,292 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,833,532 | | | | 4.1 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | |
| | 15,658 | | | | | Johnson & Johnson | | | | | 2,180,846 | | | | 3.1 | |
| | 11,972 | | | | | Merck & Co, Inc | | | | | 1,003,852 | | | | 1.5 | |
| | 39,000 | | | | | Pfizer, Inc | | | | | 1,689,480 | | | | 2.4 | |
| | | | | | Other | | | | | 1,413,525 | | | | 2.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,287,703 | | | | 9.0 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | 1,163,639 | | | | 1.7 | |
| | | | | | | | | | | | |
| | RETAILING | |
| | 4,740 | | | | | Home Depot, Inc | | | | | 985,778 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 985,778 | | | | 1.4 | |
| | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | |
| | 14,500 | | | | | Applied Materials, Inc | | | | | 651,195 | | | | 0.9 | |
| | 23,600 | | | | | Intel Corp | | | | | 1,129,732 | | | | 1.6 | |
| | | | | | Other | | | | | 1,652,411 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,433,338 | | | | 4.9 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | |
| | 4,297 | | | | | Accenture plc | | | | | 793,957 | | | | 1.1 | |
| | 9,700 | | | | | Microsoft Corp | | | | | 1,299,412 | | | | 1.9 | |
| | | | | | Other | | | | | 575,397 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,668,766 | | | | 3.8 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 53 | |
| | |
| Summary portfolio of investments(unaudited) | | concluded |
Large-Cap Value Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | |
| | 29,100 | | | | | Cisco Systems, Inc | | | | $ | 1,592,643 | | | | 2.3 | % |
| | 7,500 | | | | | TE Connectivity Ltd | | | | | 718,350 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,310,993 | | | | 3.3 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | |
| | 27,000 | | | | | Verizon Communications, Inc | | | | | 1,542,510 | | | | 2.2 | |
| | | | | | Other | | | | | 557,539 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,100,049 | | | | 3.0 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | |
| | 5,640 | | | | | Union Pacific Corp | | | | | 953,781 | | | | 1.4 | |
| | | | | | Other | | | | | 429,790 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,383,571 | | | | 2.0 | |
| | | | | | | | | | | | |
| | UTILITIES | |
| | 6,932 | | | | | American Electric Power Co, Inc | | | | | 610,085 | | | | 0.9 | |
| | 5,810 | | | | | Entergy Corp | | | | | 598,023 | | | | 0.9 | |
| | 18,100 | | | | | FirstEnergy Corp | | | | | 774,861 | | | | 1.1 | |
| | 4,579 | | | | | NextEra Energy, Inc | | | | | 938,054 | | | | 1.3 | |
| | | | | | Other | | | | | 477,742 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,398,765 | | | | 4.9 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $57,928,371) | | | 69,588,132 | | | | 99.6 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
|
| | SHORT-TERM INVESTMENTS | |
| | GOVERNMENT AGENCY DEBT | | | | | 570,000 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $570,000) | | | 570,000 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $58,498,371) | | | 70,158,132 | | | | 100.4 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (287,915 | ) | | | (0.4 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 69,870,217 | | | | 100.0 | % |
| | | | | | | | | | |
“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.
| | | | |
| 54 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | |
Real Estate Securities Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | |
| | DATA PROCESSING & OUTSOURCED SERVICES | | | | | |
| | 21,000 | | | * | | GDS Holdings Ltd (ADR) | | | | $ | 788,970 | | | | 1.0 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | 788,970 | | | | 1.0 | |
| | | | | | | | | | | | |
| | DIVERSIFIED REITS | | | | | |
| | 65,000 | | | | | Colony Capital, Inc | | | | | 325,000 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 325,000 | | | | 0.4 | |
| | | | | | | | | | | | |
| | HEALTH CARE REITS | | | | | |
| | 50,000 | | | | | HCP, Inc | | | | | 1,599,000 | | | | 2.1 | |
| | 22,000 | | | | | Healthcare Trust of America, Inc | | | | | 603,460 | | | | 0.8 | |
| | 20,000 | | | | | Ventas, Inc | | | | | 1,367,000 | | | | 1.8 | |
| | 22,000 | | | | | Welltower, Inc | | | | | 1,793,660 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,363,120 | | | | 7.0 | |
| | | | | | | | | | | | |
| | HOTEL & RESORT REITS | | | | | |
| | 90,000 | | | | | Host Marriott Corp | | | | | 1,639,800 | | | | 2.1 | |
| | 20,000 | | | | | Pebblebrook Hotel Trust | | | | | 563,600 | | | | 0.7 | |
| | 30,000 | | | | | Sunstone Hotel Investors, Inc | | | | | 411,300 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,614,700 | | | | 3.4 | |
| | | | | | | | | | | | |
| | INDUSTRIAL REITS | | | | | |
| | 25,000 | | | | | Americold Realty Trust | | | | | 810,500 | | | | 1.0 | |
| | 12,000 | | | | | Duke Realty Corp | | | | | 379,320 | | | | 0.5 | |
| | 6,000 | | | | | EastGroup Properties, Inc | | | | | 695,880 | | | | 0.9 | |
| | 55,000 | | | | | Prologis, Inc | | | | | 4,405,500 | | | | 5.7 | |
| | 80,000 | | | | | Rexford Industrial Realty, Inc | | | | | 3,229,600 | | | | 4.2 | |
| | 22,000 | | | | | Terreno Realty Corp | | | | | 1,078,880 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,599,680 | | | | 13.7 | |
| | | | | | | | | | | | |
| | IT CONSULTING & OTHER SERVICES | | | | | |
| | 8,000 | | | * | | InterXion Holding NV | | | | | 608,720 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 608,720 | | | | 0.8 | |
| | | | | | | | | | | | |
| | MORTGAGE REITS | | | | | |
| | 30,000 | | | | | Starwood Property Trust, Inc | | | | | 681,600 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 681,600 | | | | 0.9 | |
| | | | | | | | | | | | |
| | OFFICE REITS | | | | | |
| | 16,000 | | | | | Alexandria Real Estate Equities, Inc | | | | | 2,257,440 | | | | 2.9 | |
| | 24,000 | | | | | Boston Properties, Inc | | | | | 3,096,000 | | | | 4.0 | |
| | 27,000 | | | | | Hudson Pacific Properties | | | | | 898,290 | | | | 1.2 | |
| | 15,000 | | | | | Kilroy Realty Corp | | | | | 1,107,150 | | | | 1.4 | |
| | 15,000 | | | | | SL Green Realty Corp | | | | | 1,205,550 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,564,430 | | | | 11.1 | |
| | | | | | | | | | | | |
| | RESIDENTIAL REITS | | | | | |
| | 68,000 | | | | | American Homes 4 Rent | | | | | 1,653,080 | | | | 2.2 | |
| | 10,000 | | | | | AvalonBay Communities, Inc | | | | | 2,031,800 | | | | 2.6 | |
| | 15,000 | | | | | Camden Property Trust | | | | | 1,565,850 | | | | 2.0 | |
| | 21,000 | | | | | Equity Lifestyle Properties, Inc | | | | | 2,548,140 | | | | 3.3 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 55 | |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Real Estate Securities Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | RESIDENTIAL REITS—continued | | | | | | | | | | |
| | 25,000 | | | | | Equity Residential | | | | $ | 1,898,000 | | | | 2.5 | % |
| | 8,000 | | | | | Essex Property Trust, Inc | | | | | 2,335,440 | | | | 3.0 | |
| | 55,000 | | | | | Invitation Homes, Inc | | | | | 1,470,150 | | | | 1.9 | |
| | 20,000 | | | | | Sun Communities, Inc | | | | | 2,563,800 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,066,260 | | | | 20.8 | |
| | | | | | | | | | | | |
| | RETAIL REITS | | | | | |
| | 12,000 | | | | | Agree Realty Corp | | | | | 768,600 | | | | 1.0 | |
| | 9,000 | | | | | Federal Realty Investment Trust | | | | | 1,158,840 | | | | 1.5 | |
| | 17,000 | | | | | Realty Income Corp | | | | | 1,172,490 | | | | 1.5 | |
| | 28,000 | | | | | Regency Centers Corp | | | | | 1,868,720 | | | | 2.4 | |
| | 21,000 | | | | | Simon Property Group, Inc | | | | | 3,354,960 | | | | 4.4 | |
| | | | | | Other | | | | | 163,320 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,486,930 | | | | 11.0 | |
| | | | | | | | | | | | |
| | SPECIALIZED REITS | |
| | 22,000 | | | | | American Tower Corp | | | | | 4,497,900 | | | | 5.8 | |
| | 26,000 | | | | | Crown Castle International Corp | | | | | 3,389,100 | | | | 4.4 | |
| | 12,000 | | | | | CyrusOne, Inc | | | | | 692,640 | | | | 0.9 | |
| | 10,000 | | | | | Digital Realty Trust, Inc | | | | | 1,177,900 | | | | 1.5 | |
| | 6,500 | | | | | Equinix, Inc | | | | | 3,277,885 | | | | 4.2 | |
| | 13,000 | | | | | Extra Space Storage, Inc | | | | | 1,379,300 | | | | 1.8 | |
| | 10,000 | | | | | Four Corners Property Trust, Inc | | | | | 273,300 | | | | 0.4 | |
| | 22,000 | | | | | Gaming and Leisure Properties, Inc | | | | | 857,560 | | | | 1.1 | |
| | 10,000 | | | | | National Storage Affiliates Trust | | | | | 289,400 | | | | 0.4 | |
| | 6,500 | | | | | Public Storage, Inc | | | | | 1,548,105 | | | | 2.0 | |
| | 20,000 | | | | | QTS Realty Trust, Inc | | | | | 923,600 | | | | 1.2 | |
| | 7,500 | | | * | | SBA Communications Corp | | | | | 1,686,300 | | | | 2.2 | |
| | 45,000 | | | | | VICI Properties, Inc | | | | | 991,800 | | | | 1.3 | |
| | 52,000 | | | | | Weyerhaeuser Co | | | | | 1,369,680 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 22,354,470 | | | | 29.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $50,766,863) | | | 76,453,880 | | | | 99.1 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| | |
| | SHORT-TERM INVESTMENTS | | | | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | | |
| | $580,000 | | | | | Federal Home Loan Bank (FHLB) | | 2.100%, 07/01/19 | | | 580,000 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 580,000 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $580,000) | | | 580,000 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $51,346,863) | | | 77,033,880 | | | | 99.9 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | 114,547 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 77,148,427 | | | | 100.0 | % |
| | | | | | | | | | |
| | | | |
| 56 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | concluded |
Real Estate Securities Fund § June 30, 2019
Abbreviation(s):
| ADR | | American Depositary Receipt |
| REIT | | Real Estate Investment Trust |
“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.
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 57 | |
| | |
| Summary portfolio of investments(unaudited) | | |
Small-Cap Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | $ | 159,961 | | | | 0.3 | % |
| | | | | | | | | | | | |
| | BANKS | | | | | | | | | | |
| | 14,214 | | | | | Cadence BanCorp | | | | | 295,651 | | | | 0.6 | |
| | 8,760 | | | | | Cathay General Bancorp | | | | | 314,572 | | | | 0.6 | |
| | 8,870 | | | * | | Essent Group Ltd | | | | | 416,801 | | | | 0.8 | |
| | 4,650 | | | | | IBERIABANK Corp | | | | | 352,702 | | | | 0.7 | |
| | 12,230 | | | | | OFG Bancorp | | | | | 290,707 | | | | 0.5 | |
| | 17,420 | | | | | Radian Group, Inc | | | | | 398,047 | | | | 0.8 | |
| | 12,887 | | | | | United Community Banks, Inc | | | | | 368,053 | | | | 0.7 | |
| | 6,400 | | | | | Walker & Dunlop, Inc | | | | | 340,544 | | | | 0.6 | |
| | | | | | Other | | | | | 2,945,257 | | | | 5.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,722,334 | | | | 10.9 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | | | | | | |
| | 11,048 | | | * | | Atkore International Group, Inc | | | | | 285,812 | | | | 0.5 | |
| | 7,819 | | | | | Comfort Systems USA, Inc | | | | | 398,691 | | | | 0.8 | |
| | 4,207 | | | | | EMCOR Group, Inc | | | | | 370,637 | | | | 0.7 | |
| | 6,450 | | | * | | Generac Holdings, Inc | | | | | 447,694 | | | | 0.8 | |
| | 12,281 | | | * | | Meritor, Inc | | | | | 297,814 | | | | 0.6 | |
| | 3,300 | | | | | Moog, Inc (Class A) | | | | | 308,913 | | | | 0.6 | |
| | 9,830 | | | * | | Rexnord Corp | | | | | 297,063 | | | | 0.6 | |
| | | | | | Other | | | | | 3,300,426 | | | | 6.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,707,050 | | | | 10.9 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | | | | |
| | 5,809 | | | | | Exponent, Inc | | | | | 340,059 | | | | 0.7 | |
| | 4,050 | | | | | Insperity, Inc | | | | | 494,667 | | | | 1.0 | |
| | 4,906 | | | | | Tetra Tech, Inc | | | | | 385,366 | | | | 0.7 | |
| | 4,118 | | | | | Viad Corp | | | | | 272,776 | | | | 0.5 | |
| | | | | | Other | | | | | 697,275 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,190,143 | | | | 4.2 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | | | | | | |
| | 2,450 | | | * | | Deckers Outdoor Corp | | | | | 431,126 | | | | 0.8 | |
| | | | | | Other | | | | | 1,239,601 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,670,727 | | | | 3.2 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | | | | | | |
| | 3,640 | | | | | Jack in the Box, Inc | | | | | 296,260 | | | | 0.6 | |
| | 1,870 | | | | | Strategic Education, Inc | | | | | 332,860 | | | | 0.6 | |
| | 5,530 | | | | | Texas Roadhouse, Inc (Class A) | | | | | 296,795 | | | | 0.6 | |
| | | | | | Other | | | | | 1,141,146 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,067,061 | | | | 4.0 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | | | | | | |
| | 4,000 | | | | | iShares Russell 2000 Index Fund | | | | | 614,520 | | | | 1.2 | |
| | 6,064 | | | | | Stifel Financial Corp | | | | | 358,140 | | | | 0.7 | |
| | | | | | Other | | | | | 871,389 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,844,049 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | |
| 58 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Small-Cap Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | ENERGY | | | | | | | | | | |
| | 7,697 | | | | | Delek US Holdings, Inc | | | | $ | 311,882 | | | | 0.6 | % |
| | | | | | Other | | | | | 2,209,419 | | | | 4.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,521,301 | | | | 4.8 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | | | | | | |
| | 7,040 | | | * | | Performance Food Group Co | | | | | 281,811 | | | | 0.5 | |
| | | | | | Other | | | | | 21,939 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 303,750 | | | | 0.6 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | | | | | | |
| | 1,050 | | | * | | Boston Beer Co, Inc (Class A) | | | | | 396,648 | | | | 0.8 | |
| | | | | | Other | | | | | 834,886 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,231,534 | | | | 2.4 | |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | | | | | | |
| | 11,350 | | | * | | HMS Holdings Corp | | | | | 367,626 | | | | 0.7 | |
| | 4,630 | | | * | | Integer Holding Corp | | | | | 388,550 | | | | 0.8 | |
| | 11,740 | | | * | | Lantheus Holdings, Inc | | | | | 332,242 | | | | 0.6 | |
| | 4,750 | | | * | | NuVasive, Inc | | | | | 278,065 | | | | 0.5 | |
| | | | | | Other | | | | | 1,659,805 | | | | 3.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,026,288 | | | | 5.8 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | | | | | |
| | 2,150 | | | | | Medifast, Inc | | | | | 275,845 | | | | 0.5 | |
| | | | | | Other | | | | | 220,815 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 496,660 | | | | 0.9 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | 993,784 | | | | 1.9 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | 2,570,543 | | | | 4.9 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | 1,005,558 | | | | 1.9 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | |
| | 6,602 | | | * | | Array Biopharma, Inc | | | | | 305,871 | | | | 0.6 | |
| | | | | | Other | | | | | 5,166,666 | | | | 9.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,472,537 | | | | 10.5 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | |
| | 27,090 | | | | | DiamondRock Hospitality Co | | | | | 280,110 | | | | 0.5 | |
| | 3,670 | | | | | EastGroup Properties, Inc | | | | | 425,647 | | | | 0.8 | |
| | 14,400 | | | | | Geo Group, Inc | | | | | 302,544 | | | | 0.6 | |
| | 2,649 | | | | | PS Business Parks, Inc | | | | | 446,436 | | | | 0.9 | |
| | 3,860 | | | | | Ryman Hospitality Properties | | | | | 313,007 | | | | 0.6 | |
| | 8,990 | | | | | STAG Industrial, Inc | | | | | 271,858 | | | | 0.5 | |
| | | | | | Other | | | | | 2,457,133 | | | | 4.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,496,735 | | | | 8.6 | |
| | | | | | | | | | | | |
| | RETAILING | | | | | |
| | 6,110 | | | * | | Liberty Expedia Holdings, Inc | | | | | 291,997 | | | | 0.6 | |
| | 12,610 | | | * | | Rent-A-Center, Inc | | | | | 335,804 | | | | 0.6 | |
| | | | | | Other | | | | | 1,292,949 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,920,750 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 59 | |
| | |
| Summary portfolio of investments(unaudited) | | concluded |
Small-Cap Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | $ | 1,096,393 | | | | 2.1 | % |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | |
| | 5,160 | | | * | | Cornerstone OnDemand, Inc | | | | | 298,919 | | | | 0.6 | |
| | 6,630 | | | * | | Five9, Inc | | | | | 340,053 | | | | 0.7 | |
| | 7,100 | | | * | | Verint Systems, Inc | | | | | 381,838 | | | | 0.7 | |
| | | | | | Other | | | | | 1,942,404 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,963,214 | | | | 5.6 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | |
| | 5,000 | | | * | | Insight Enterprises, Inc | | | | | 291,000 | | | | 0.5 | |
| | 3,310 | | | * | | Tech Data Corp | | | | | 346,226 | | | | 0.7 | |
| | | | | | Other | | | | | 1,549,725 | | | | 3.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,186,951 | | | | 4.2 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | 357,274 | | | | 0.7 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | 677,069 | | | | 1.3 | |
| | | | | | | | | | | | |
| | UTILITIES | | | | | |
| | 8,580 | | | | | Portland General Electric Co | | | | | 464,778 | | | | 0.9 | |
| | 4,193 | | | | | Southwest Gas Corp | | | | | 375,777 | | | | 0.7 | |
| | 4,050 | | | | | Spire, Inc | | | | | 339,876 | | | | 0.6 | |
| | | | | | Other | | | | | 467,758 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,648,189 | | | | 3.2 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $48,253,499) | | | 52,329,855 | | | | 100.1 | |
| | | | | | | | | | | | |
| | SHORT-TERM INVESTMENTS | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |
| | 174,795 | | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 174,795 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 174,795 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $174,795) | | | 174,795 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $48,428,294) | | | 52,504,650 | | | | 100.4 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (221,615 | ) | | | (0.4 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 52,283,035 | | | | 100.0 | % |
| | | | | | | | | | | | |
| c | | Investments made with cash collateral received from securities on loan. |
“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.
At 6/30/19, the aggregate value of securities on loan is $281,550. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
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.
| | | | |
| 60 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | |
Social Choice Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | $ | 252,484 | | | | 0.3 | % |
| | | | | | | | | | | | |
| | BANKS | | | | | | | | | | | | | | | |
| | 8,849 | | | | | Citigroup, Inc | | | | | 619,696 | | | | 0.9 | |
| | 3,111 | | | | | PNC Financial Services Group, Inc | | | | | 427,078 | | | | 0.7 | |
| | 8,732 | | | | | US Bancorp | | | | | 457,557 | | | | 0.7 | |
| | | | | | Other | | | | | 1,847,875 | | | | 2.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,352,206 | | | | 5.2 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | | | | | | |
| | 2,542 | | | | | 3M Co | | | | | 440,630 | | | | 0.7 | |
| | 2,847 | | | | | Caterpillar, Inc | | | | | 388,018 | | | | 0.6 | |
| | 2,558 | | | | | Illinois Tool Works, Inc | | | | | 385,772 | | | | 0.6 | |
| | | | | | Other | | | | | 3,099,112 | | | | 4.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,313,532 | | | | 6.8 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | 928,397 | | | | 1.4 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | |
| | 5,791 | | | | | Nike, Inc (Class B) | | | | | 486,154 | | | | 0.8 | |
| | | | | | Other | | | | | 409,436 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 895,590 | | | | 1.4 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | |
| | 6,509 | | | | | Starbucks Corp | | | | | 545,649 | | | | 0.9 | |
| | | | | | Other | | | | | 838,506 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,384,155 | | | | 2.2 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | |
| | 3,824 | | | | | American Express Co | | | | | 472,035 | | | | 0.7 | |
| | 2,131 | | | | | CME Group, Inc | | | | | 413,648 | | | | 0.6 | |
| | 1,829 | | | | | S&P Global, Inc | | | | | 416,628 | | | | 0.7 | |
| | | | | | Other | | | | | 2,319,787 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,622,098 | | | | 5.6 | |
| | | | | | | | | | | | |
| | ENERGY | |
| | 7,458 | | | | | ConocoPhillips | | | | | 454,938 | | | | 0.7 | |
| | 19,566 | | | | | Kinder Morgan, Inc | | | | | 408,538 | | | | 0.6 | |
| | 9,579 | | | | | Schlumberger Ltd | | | | | 380,669 | | | | 0.6 | |
| | | | | | Other | | | | | 1,840,513 | | | | 2.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,084,658 | | | | 4.8 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | 345,855 | | | | 0.5 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | |
| | 14,513 | | | | | Coca-Cola Co | | | | | 739,002 | | | | 1.1 | |
| | 5,457 | | | | | PepsiCo, Inc | | | | | 715,577 | | | | 1.1 | |
| | | | | | Other | | | | | 568,198 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,022,777 | | | | 3.1 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 61 | |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Social Choice Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | |
| | 2,880 | | | | | UnitedHealth Group, Inc | | | | $ | 702,749 | | | | 1.1 | % |
| | | | | | Other | | | | | 2,989,033 | | | | 4.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,691,782 | | | | 5.7 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | |
| | 8,393 | | | | | Procter & Gamble Co | | | | | 920,292 | | | | 1.4 | |
| | | | | | Other | | | | | 585,704 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,505,996 | | | | 2.4 | |
| | | | | | | | | | | | |
| | INSURANCE | |
| | 7,255 | | | | | American International Group, Inc | | | | | 386,546 | | | | 0.6 | |
| | 3,044 | | | | | Chubb Ltd | | | | | 448,351 | | | | 0.7 | |
| | 3,713 | | | | | Marsh & McLennan Cos, Inc | | | | | 370,372 | | | | 0.6 | |
| | | | | | Other | | | | | 1,395,924 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,601,193 | | | | 4.0 | |
| | | | | | | | | | | | |
| | MATERIALS | |
| | 2,180 | | | | | Ecolab, Inc | | | | | 430,419 | | | | 0.7 | |
| | 2,881 | | | | | Linde plc | | | | | 578,505 | | | | 0.9 | |
| | | | | | Other | | | | | 953,838 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,962,762 | | | | 3.0 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | |
| | 772 | | | * | | Alphabet, Inc (Class A) | | | | | 835,922 | | | | 1.3 | |
| | 787 | | | * | | Alphabet, Inc (Class C) | | | | | 850,676 | | | | 1.3 | |
| | 5,962 | | | * | | Facebook, Inc | | | | | 1,150,666 | | | | 1.8 | |
| | | | | | Other | | | | | 1,444,382 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,281,646 | | | | 6.6 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | |
| | 2,626 | | | | | Amgen, Inc | | | | | 483,920 | | | | 0.7 | |
| | 4,415 | | | | | Eli Lilly & Co | | | | | 489,138 | | | | 0.8 | |
| | 9,459 | | | | | Merck & Co, Inc | | | | | 793,137 | | | | 1.2 | |
| | 3,978 | | | | | Zoetis, Inc | | | | | 451,463 | | | | 0.7 | |
| | | | | | Other | | | | | 2,759,734 | | | | 4.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,977,392 | | | | 7.7 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | |
| | 2,395 | | | | | American Tower Corp | | | | | 489,658 | | | | 0.8 | |
| | 5,300 | | | | | Prologis, Inc | | | | | 424,530 | | | | 0.7 | |
| | | | | | Other | | | | | 1,771,469 | | | | 2.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,685,657 | | | | 4.2 | |
| | | | | | | | | | | | |
| | RETAILING | | | | | |
| | 736 | | | * | | Amazon.com, Inc | | | | | 1,393,712 | | | | 2.2 | |
| | 253 | | | * | | Booking Holdings, Inc | | | | | 474,301 | | | | 0.7 | |
| | 3,765 | | | | | Home Depot, Inc | | | | | 783,007 | | | | 1.2 | |
| | | | | | Other | | | | | 2,063,649 | | | | 3.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,714,669 | | | | 7.3 | |
| | | | | | | | | | | | |
| | | | |
| 62 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Social Choice Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | |
| | 13,512 | | | | | Intel Corp | | | | $ | 646,819 | | | | 1.0 | % |
| | 2,238 | | | | | NVIDIA Corp | | | | | 367,547 | | | | 0.6 | |
| | 4,583 | | | | | Texas Instruments, Inc | | | | | 525,945 | | | | 0.8 | |
| | | | | | Other | | | | | 428,744 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,969,055 | | | | 3.1 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | |
| | 3,093 | | | | | Accenture plc | | | | | 571,494 | | | | 0.9 | |
| | 1,906 | | | * | | Adobe, Inc | | | | | 561,603 | | | | 0.8 | |
| | 4,249 | | | | | International Business Machines Corp | | | | | 585,937 | | | | 0.9 | |
| | 1,677 | | | | | Intuit, Inc | | | | | 438,250 | | | | 0.7 | |
| | 18,678 | | | d | | Microsoft Corp | | | | | 2,502,105 | | | | 3.9 | |
| | 3,440 | | | * | | salesforce.com, Inc | | | | | 521,951 | | | | 0.8 | |
| | | | | | Other | | | | | 1,931,535 | | | | 3.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,112,875 | | | | 11.1 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | |
| | 10,949 | | | | | Apple, Inc | | | | | 2,167,026 | | | | 3.4 | |
| | 15,030 | | | | | Cisco Systems, Inc | | | | | 822,592 | | | | 1.3 | |
| | | | | | Other | | | | | 1,229,104 | | | | 1.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,218,722 | | | | 6.6 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | |
| | 14,251 | | | | | Verizon Communications, Inc | | | | | 814,160 | | | | 1.3 | |
| | | | | | Other | | | | | 202,389 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,016,549 | | | | 1.6 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | |
| | 4,870 | | | | | CSX Corp | | | | | 376,792 | | | | 0.6 | |
| | | | | | Other | | | | | 868,586 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,245,378 | | | | 1.9 | |
| | | | | | | | | | | | |
| | UTILITIES | | | | | |
| | 2,696 | | | | | Sempra Energy | | | | | 370,538 | | | | 0.6 | |
| | 7,456 | | | | | Southern Co | | | | | 412,168 | | | | 0.7 | |
| | | | | | Other | | | | | 1,375,094 | | | | 2.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,157,800 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $44,834,024) | | | 64,343,228 | | | | 99.8 | |
| | | | | | | | | | | | |
| | | |
| | RIGHTS / WARRANTS | | | | | | | | | | |
| | TRANSPORTATION | | | | | 583 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL RIGHTS / WARRANTS | | (Cost $393) | | | 583 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| |
| | SHORT-TERM INVESTMENTS | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | | 210,000 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 63 | |
| | |
| Summary portfolio of investments(unaudited) | | concluded |
Social Choice Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |
| | 77,317 | | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | $ | 77,317 | | | | 0.1 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | 77,317 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $287,317) | | | 287,317 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $45,121,734) | | | 64,631,128 | | | | 100.2 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (132,565 | ) | | | (0.2 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 64,498,563 | | | | 100.0 | % |
| | | | | | | | | | |
| 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 contract. |
“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.
At 6/30/19, the aggregate value of securities on loan is $363,868. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
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.
Futures contracts outstanding as of June 30, 2019 were as follows (see Note 3):
| | | | | | | | | | | | | | | | | | |
| Description | | Number of long (short) contracts | | | Expiration date | | Notional
amount | | | Value | | | Unrealized
appreciation
(depreciation) | |
| |
S&P 500 E Mini Index | | | 2 | | | 09/20/19 | | $ | 291,450 | | | $ | 294,420 | | | $ | 2,970 | |
| |
| | | | |
| 64 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | |
Stock Index Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | $ | 3,528,229 | | | | 0.7 | % |
| | | | | | | | | | | | |
| | BANKS | | | | | |
| | 152,536 | | | | | Bank of America Corp | | | | | 4,423,544 | | | | 0.8 | |
| | 40,988 | | | | | Citigroup, Inc | | | | | 2,870,390 | | | | 0.5 | |
| | 57,197 | | | | | JPMorgan Chase & Co | | | | | 6,394,625 | | | | 1.2 | |
| | 71,813 | | | | | Wells Fargo & Co | | | | | 3,398,191 | | | | 0.7 | |
| | | | | | Other | | | | | 12,842,734 | | | | 2.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 29,929,484 | | | | 5.7 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | |
| | 9,386 | | | | | Boeing Co | | | | | 3,416,598 | | | | 0.7 | |
| | 12,875 | | | | | Honeywell International, Inc | | | | | 2,247,846 | | | | 0.4 | |
| | | | | | Other | | | | | 31,109,898 | | | | 5.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 36,774,342 | | | | 7.0 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | 5,741,399 | | | | 1.1 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | 6,959,909 | | | | 1.3 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | |
| | 13,608 | | | | | McDonald’s Corp | | | | | 2,825,838 | | | | 0.5 | |
| | | | | | Other | | | | | 9,647,706 | | | | 1.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,473,544 | | | | 2.4 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | 18,668,701 | | | | 3.6 | |
| | | | | | | |
| | ENERGY | | | | | |
| | 33,826 | | | | | Chevron Corp | | | | | 4,209,307 | | | | 0.8 | |
| | 75,068 | | | d | | Exxon Mobil Corp | | | | | 5,752,461 | | | | 1.1 | |
| | | | | | Other | | | | | 14,482,342 | | | | 2.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 24,444,110 | | | | 4.7 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | |
| | 7,756 | | | | | Costco Wholesale Corp | | | | | 2,049,601 | | | | 0.4 | |
| | 24,923 | | | | | Walmart, Inc | | | | | 2,753,742 | | | | 0.5 | |
| | | | | | Other | | | | | 2,096,283 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,899,626 | | | | 1.3 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | |
| | 67,865 | | | | | Coca-Cola Co | | | | | 3,455,686 | | | | 0.7 | |
| | 24,839 | | | | | PepsiCo, Inc | | | | | 3,257,138 | | | | 0.6 | |
| | 27,480 | | | | | Philip Morris International, Inc | | | | | 2,158,005 | | | | 0.4 | |
| | | | | | Other | | | | | 9,180,656 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,051,485 | | | | 3.5 | |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | |
| | 30,537 | | | | | Abbott Laboratories | | | | | 2,568,162 | | | | 0.5 | |
| | 23,797 | | | | | Medtronic plc | | | | | 2,317,590 | | | | 0.4 | |
| | 16,761 | | | | | UnitedHealth Group, Inc | | | | | 4,089,852 | | | | 0.8 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 65 | |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Stock Index Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES—continued | | | | | | | | | | |
| | | | | | Other | | | | $ | 23,169,537 | | | | 4.5 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | 32,145,141 | | | | 6.2 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | | | | | |
| | 43,833 | | | | | Procter & Gamble Co | | | | | 4,806,288 | | | | 0.9 | |
| | | | | | Other | | | | | 3,661,114 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,467,402 | | | | 1.6 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | |
| | 34,690 | | | * | | Berkshire Hathaway, Inc (Class B) | | | | | 7,394,867 | | | | 1.4 | |
| | | | | | Other | | | | | 14,319,533 | | | | 2.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,714,400 | | | | 4.1 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | 15,470,805 | | | | 3.0 | |
| | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | |
| | 5,304 | | | * | | Alphabet, Inc (Class A) | | | | | 5,743,171 | | | | 1.1 | |
| | 5,390 | | | * | | Alphabet, Inc (Class C) | | | | | 5,826,105 | | | | 1.1 | |
| | 79,662 | | | | | Comcast Corp (Class A) | | | | | 3,368,110 | | | | 0.6 | |
| | 42,380 | | | * | | Facebook, Inc | | | | | 8,179,340 | | | | 1.6 | |
| | 7,469 | | | * | | NetFlix, Inc | | | | | 2,743,513 | | | | 0.5 | |
| | 31,016 | | | | | Walt Disney Co | | | | | 4,331,074 | | | | 0.8 | |
| | | | | | Other | | | | | 8,259,370 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 38,450,683 | | | | 7.3 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | |
| | 10,813 | | | | | Amgen, Inc | | | | | 1,992,619 | | | | 0.4 | |
| | 47,107 | | | | | Johnson & Johnson | | | | | 6,561,063 | | | | 1.2 | |
| | 45,674 | | | | | Merck & Co, Inc | | | | | 3,829,765 | | | | 0.7 | |
| | 98,651 | | | | | Pfizer, Inc | | | | | 4,273,561 | | | | 0.8 | |
| | 7,113 | | | | | Thermo Fisher Scientific, Inc | | | | | 2,088,946 | | | | 0.4 | |
| | | | | | Other | | | | | 22,308,876 | | | | 4.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 41,054,830 | | | | 7.8 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | 20,870,788 | | | | 4.0 | |
| | | | | | | |
| | RETAILING | | | | | |
| | 7,334 | | | * | | Amazon.com, Inc | | | | | 13,887,882 | | | | 2.6 | |
| | 19,546 | | | | | Home Depot, Inc | | | | | 4,064,982 | | | | 0.8 | |
| | | | | | Other | | | | | 13,390,341 | | | | 2.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 31,343,205 | | | | 6.0 | |
| | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | |
| | 6,849 | | | | | Broadcom, Inc | | | | | 1,971,553 | | | | 0.4 | |
| | 79,454 | | | | | Intel Corp | | | | | 3,803,463 | | | | 0.7 | |
| | | | | | Other | | | | | 12,655,331 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,430,347 | | | | 3.5 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | |
| | 11,351 | | | | | Accenture plc | | | | | 2,097,324 | | | | 0.4 | |
| | 8,635 | | | * | | Adobe, Inc | | | | | 2,544,303 | | | | 0.5 | |
| | | | |
| 66 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Stock Index Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | SOFTWARE & SERVICES—continued | | | | | | | | | | |
| | 15,728 | | | | | International Business Machines Corp | | | | $ | 2,168,891 | | | | 0.4 | % |
| | 15,919 | | | | | MasterCard, Inc (Class A) | | | | | 4,211,053 | | | | 0.8 | |
| | 134,132 | | | | | Microsoft Corp | | | | | 17,968,323 | | | | 3.4 | |
| | 40,732 | | | | | Oracle Corp | | | | | 2,320,502 | | | | 0.4 | |
| | 20,833 | | | * | | PayPal Holdings, Inc | | | | | 2,384,545 | | | | 0.5 | |
| | 13,052 | | | * | | salesforce.com, Inc | | | | | 1,980,380 | | | | 0.4 | |
| | 30,853 | | | | | Visa, Inc (Class A) | | | | | 5,354,538 | | | | 1.0 | |
| | | | | | Other | | | | | 23,390,494 | | | | 4.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 64,420,353 | | | | 12.3 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | |
| | 81,634 | | | | | Apple, Inc | | | | | 16,157,001 | | | | 3.1 | |
| | 78,121 | | | | | Cisco Systems, Inc | | | | | 4,275,562 | | | | 0.8 | |
| | | | | | Other | | | | | 7,506,951 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 27,939,514 | | | | 5.3 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | |
| | 129,062 | | | | | AT&T, Inc | | | | | 4,324,867 | | | | 0.9 | |
| | 73,391 | | | | | Verizon Communications, Inc | | | | | 4,192,828 | | | | 0.8 | |
| | | | | | Other | | | | | 1,179,955 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,697,650 | | | | 1.9 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | |
| | 12,555 | | | | | Union Pacific Corp | | | | | 2,123,176 | | | | 0.4 | |
| | | | | | Other | | | | | 8,175,912 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,299,088 | | | | 2.0 | |
| | | | | | | | | | | | |
| | UTILITIES | | | | | 16,934,281 | | | | 3.2 | |
| | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $253,555,813) | | | 520,709,316 | | | | 99.5 | |
| | | | | | | | | | | | |
| | RIGHTS / WARRANTS | | | | | |
| | MATERIALS | | | | | 1,286 | | | | 0.0 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | 9 | | | | 0.0 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | 1,689 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL RIGHTS / WARRANTS | | (Cost $14,574) | | | 2,984 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| | |
| | SHORT-TERM INVESTMENTS | | | | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | | | | | | | |
| | $2,400,000 | | | | | Federal Home Loan Bank (FHLB) | | 2.100%, 07/01/19 | | | 2,400,000 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,400,000 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 67 | |
| | |
| Summary portfolio of investments(unaudited) | | concluded |
Stock Index Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |
| | 2,678,508 | | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | $ | 2,678,508 | | | | 0.5 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,678,508 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $5,078,508) | | | 5,078,508 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $258,648,895) | | | 525,790,808 | | | | 100.5 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (2,316,234 | ) | | | (0.5 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 523,474,574 | | | | 100.0 | % |
| | | | | | | | | | | | |
| 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 contract. |
“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.
At 6/30/19, the aggregate value of securities on loan is $4,083,022. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
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.
Futures contracts outstanding as of June 30, 2019 were as follows (see Note 3):
| | | | | | | | | | | | | | | | | | |
| Description | | Number of
long (short) contracts | | | Expiration date | | Notional
amount | | | Value | | | Unrealized
appreciation
(depreciation) | |
| |
S&P 500 E Mini Index | | | 15 | | | 09/20/19 | | $ | 2,182,654 | | | $ | 2,208,150 | | | $ | 25,496 | |
| |
| | | | |
| 68 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | |
International Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | |
| | AUSTRIA | | | | | |
| | 38,927 | | | | | Wienerberger AG. | | | | $ | 960,527 | | | | 1.0 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | 960,527 | | | | 1.0 | |
| | | | | | | | | | | | |
| | CHINA | | | | | 210,815 | | | | 0.2 | |
| | | | | | | | | | | | |
| | DENMARK | | | | | |
| | 15,896 | | | | | DSV AS | | | | | 1,565,278 | | | | 1.6 | |
| | 44,570 | | | | | Novo Nordisk AS | | | | | 2,276,511 | | | | 2.4 | |
| | | | | | Other | | | | | 594,815 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,436,604 | | | | 4.6 | |
| | | | | | | | | | | | |
| | FRANCE | | | | | |
| | 53,457 | | | | | Accor S.A. | | | | | 2,294,670 | | | | 2.4 | |
| | 71,606 | | | | | Credit Agricole S.A. | | | | | 854,453 | | | | 0.9 | |
| | 18,438 | | | | | Danone | | | | | 1,561,186 | | | | 1.6 | |
| | 13,004 | | | | | Essilor International S.A. | | | | | 1,694,706 | | | | 1.8 | |
| | 39,189 | | | | | Schneider Electric S.A. | | | | | 3,545,934 | | | | 3.7 | |
| | 30,181 | | | | | Vinci S.A. | | | | | 3,082,253 | | | | 3.2 | |
| | | | | | Other | | | | | 3,195,426 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,228,628 | | | | 16.9 | |
| | | | | | | | | | | | |
| | GERMANY | | | | | |
| | 23,306 | | | | | BASF SE | | | | | 1,695,493 | | | | 1.8 | |
| | 4,572 | | | | | Continental AG. | | | | | 665,770 | | | | 0.7 | |
| | 30,776 | | | g | | Covestro AG. | | | | | 1,566,792 | | | | 1.6 | |
| | 35,771 | | | | | Daimler AG. (Registered) | | | | | 1,995,014 | | | | 2.1 | |
| | 21,121 | | | | | HeidelbergCement AG. | | | | | 1,709,224 | | | | 1.8 | |
| | 21,346 | | | | | Lanxess AG. | | | | | 1,267,728 | | | | 1.3 | |
| | 16,266 | | | * | | Porsche AG. | | | | | 1,053,784 | | | | 1.1 | |
| | 5,139 | | | | | Siemens AG. | | | | | 611,826 | | | | 0.6 | |
| | | | | | Other | | | | | 115,207 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,680,838 | | | | 11.1 | |
| | | | | | | | | | | | |
| | HONG KONG | | | | | |
| | 48,648 | | | | | Hong Kong Exchanges and Clearing Ltd | | | | | 1,719,225 | | | | 1.8 | |
| | 28,402 | | | | | Melco Crown Entertainment Ltd (ADR) | | | | | 616,891 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,336,116 | | | | 2.4 | |
| | | | | | | | | | | | |
| | INDIA | | | | | |
| | 26,040 | | | | | HDFC Bank Ltd | | | | | 922,368 | | | | 1.0 | |
| | 28,707 | | | | | Housing Development Finance Corp | | | | | 911,537 | | | | 0.9 | |
| | | | | | Other | | | | | 26,101 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,860,006 | | | | 1.9 | |
| | | | | | | | | | | | |
| | IRELAND | | | | | |
| | 46,372 | | | | | CRH plc | | | | | 1,515,771 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,515,771 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 69 | |
| | |
| Summary portfolio of investments(unaudited) | | continued |
International Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | ITALY | | | | | |
| | 168,547 | | | | | Davide Campari-Milano S.p.A | | | | $ | 1,651,197 | | | | 1.7 | % |
| | 77,984 | | | | | Mediobanca S.p.A. | | | | | 804,155 | | | | 0.9 | |
| | 282,132 | | | | | UniCredit S.p.A. | | | | | 3,472,715 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,928,067 | | | | 6.2 | |
| | | | | | | | | | | | |
| | JAPAN | | | | | |
| | 7,096 | | | | | Central Japan Railway Co | | | | | 1,422,804 | | | | 1.5 | |
| | 58,851 | | | | | Hitachi Ltd | | | | | 2,165,288 | | | | 2.2 | |
| | 17,011 | | | | | Konami Corp | | | | | 800,176 | | | | 0.8 | |
| | 38,400 | | | | | Murata Manufacturing Co Ltd | | | | | 1,728,796 | | | | 1.8 | |
| | 7,321 | | | | | Nintendo Co Ltd | | | | | 2,686,065 | | | | 2.8 | |
| | 28,186 | | | | | Rohm Co Ltd | | | | | 1,899,057 | | | | 2.0 | |
| | 52,792 | | | | | Sony Corp | | | | | 2,774,217 | | | | 2.9 | |
| | 30,983 | | | | | Toyota Motor Corp | | | | | 1,922,923 | | | | 2.0 | |
| | | | | | Other | | | | | 1,131,244 | | | | 1.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,530,570 | | | | 17.2 | |
| | | | | | | | | | | | |
| | KOREA, REPUBLIC OF | | | | | 474,750 | | | | 0.5 | |
| | | | | | | | | | | | |
| | NETHERLANDS | | | | | |
| | 1,542 | | | *,g | | Adyen NV | | | | | 1,189,476 | | | | 1.3 | |
| | 44,125 | | | | | Royal Dutch Shell plc (A Shares) | | | | | 1,440,133 | | | | 1.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,629,609 | | | | 2.8 | |
| | | | | | | | | | | | |
| | SPAIN | | | | | |
| | 50,464 | | | | | Siemens Gamesa Renewable Energy | | | | | 838,754 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 838,754 | | | | 0.9 | |
| | | | | | | | | | | | |
| | SWEDEN | | | | | |
| | 67,473 | | | | | Electrolux AB (Series B) | | | | | 1,729,571 | | | | 1.8 | |
| | 93,500 | | | e | | Hennes & Mauritz AB (B Shares) | | | | | 1,661,132 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,390,703 | | | | 3.5 | |
| | | | | | | | | | | | |
| | SWITZERLAND | | | | | |
| | 207,912 | | | | | Credit Suisse Group | | | | | 2,488,535 | | | | 2.6 | |
| | 5,828 | | | | | Lonza Group AG. | | | | | 1,967,491 | | | | 2.1 | |
| | 8,321 | | | | | Roche Holding AG. | | | | | 2,339,762 | | | | 2.4 | |
| | | | | | Other | | | | | 403,563 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,199,351 | | | | 7.6 | |
| | | | | | | | | | | | |
| | UNITED KINGDOM | | | | | |
| | 190,623 | | | | | CNH Industrial NV | | | | | 1,958,315 | | | | 2.0 | |
| | 22,752 | | | | | Linde plc (Xetra) | | | | | 4,569,878 | | | | 4.8 | |
| | 3,772,600 | | | | | Lloyds TSB Group plc | | | | | 2,709,551 | | | | 2.8 | |
| | 37,102 | | | | | Reckitt Benckiser Group plc | | | | | 2,929,376 | | | | 3.1 | |
| | 25,013 | | | | | Schroders plc | | | | | 970,338 | | | | 1.0 | |
| | 1,006,735 | | | | | Tesco plc | | | | | 2,902,086 | | | | 3.0 | |
| | | | |
| 70 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | concluded |
International Equity Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | UNITED KINGDOM—continued | | | | | | | | | | |
| | 115,709 | | | | | Travis Perkins plc | | | | $ | 1,871,432 | | | | 1.9 | % |
| | | | | | Other | | | | | 1,215,406 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,126,382 | | | | 19.9 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $98,374,198) | | | 94,347,491 | | | | 98.3 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| |
| | SHORT-TERM INVESTMENTS | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | | |
| | $2,355,000 | | | | | Federal Home Loan Bank (FHLB) | | 2.100%, 07/01/19 | | | 2,355,000 | | | | 2.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,355,000 | | | | 2.5 | |
| | | | | | | | | | | | |
| | | | | |
| Shares | | | | | Company | | | | | | | | |
| |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | |
| | 881,937 | | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 881,937 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 881,937 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $3,236,937) | | | 3,236,937 | | | | 3.4 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $101,611,135) | | | 97,584,428 | | | | 101.7 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (1,570,426 | ) | | | (1.7 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 96,014,002 | | | | 100.0 | % |
| | | | | | | | | | |
Abbreviation(s):
| ADR | | American Depositary Receipt |
| 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 $833,472. See Note 5 in the Notes to financial statements for additional information about securities lending collateral. |
| g | | 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 6/30/19, the aggregate value of these securities, including those in “Other,” is $3,349,721 or 3.5% 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.
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.
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 71 | |
| | |
| Summary of market values by sector(unaudited) | | |
International Equity Fund § June 30, 2019
| | | | | | | | |
| Sector | | Value | | | % of net
assets | |
| INDUSTRIALS | | $ | 18,868,168 | | | | 19.8 | % |
| CONSUMER DISCRETIONARY | | | 16,921,194 | | | | 17.6 | |
| FINANCIALS | | | 14,852,877 | | | | 15.5 | |
| MATERIALS | | | 13,391,849 | | | | 13.9 | |
| CONSUMER STAPLES | | | 9,043,844 | | | | 9.4 | |
| INFORMATION TECHNOLOGY | | | 8,409,080 | | | | 8.8 | |
| HEALTH CARE | | | 7,142,657 | | | | 7.4 | |
| COMMUNICATION SERVICES | | | 3,791,806 | | | | 3.9 | |
| ENERGY | | | 1,440,132 | | | | 1.5 | |
| REAL ESTATE | | | 485,884 | | | | 0.5 | |
| SHORT-TERM INVESTMENTS | | | 3,236,937 | | | | 3.4 | |
| OTHER ASSETS & LIABILITIES, NET | | | (1,570,426 | ) | | | (1.7 | ) |
| | | | |
| NET ASSETS | | $ | 96,014,002 | | | | 100.0 | % |
| | | | |
| | | | |
| 72 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | |
Bond Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | BANK LOAN OBLIGATIONS | | | | | | | | | | |
| | CAPITAL GOODS | | | | $ | 96,850 | | | | 0.1 | % |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | 119,646 | | | | 0.1 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | 96,595 | | | | 0.1 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | 242,819 | | | | 0.1 | |
| | | | | | | | | | | | |
| | ENERGY | | | | | 15,195 | | | | 0.0 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | 28,896 | | | | 0.0 | |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | 256,985 | | | | 0.1 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | 98,134 | | | | 0.1 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | 220,030 | | | | 0.1 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | 179,968 | | | | 0.1 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | 91,811 | | | | 0.0 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | 197,328 | | | | 0.1 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | 307,700 | | | | 0.2 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | 254,242 | | | | 0.1 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | 48,514 | | | | 0.0 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | 48,194 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL BANK LOAN OBLIGATIONS | | (Cost $2,341,529) | | | 2,302,907 | | | | 1.2 | |
| | | | | | | | | | | | |
| | BONDS | | | | | | | | | | |
| | | |
| | CORPORATE BONDS | | | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | | 802,824 | | | | 0.4 | |
| | | | | | | | | | | | |
| | BANKS | | | | | |
| | $750,000 | | | | | Citigroup, Inc | | 3.200%, 10/21/26 | | | 765,252 | | | | 0.4 | |
| | | | | | Other | | | | | 10,844,599 | | | | 5.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,609,851 | | | | 5.8 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | 1,728,311 | | | | 0.9 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | 1,361,459 | | | | 0.7 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | 939,320 | | | | 0.4 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | 5,814,927 | | | | 2.9 | |
| | | | | | | | | | | | |
| | ENERGY | | | | | 6,079,116 | | | | 3.1 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | 2,485,386 | | | | 1.2 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | 2,352,807 | | | | 1.2 | |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | 1,530,807 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 73 | |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Bond Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | INSURANCE | | | | $ | 3,043,645 | | | | 1.5 | % |
| | | | | | | | | | | | |
| | MATERIALS | | | | | 2,110,775 | | | | 1.1 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | 3,343,661 | | | | 1.7 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | 2,649,313 | | | | 1.3 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | 4,156,621 | | | | 2.1 | |
| | | | | | | | | | | | |
| | RETAILING | | | 331,550 | | | | 0.2 | |
| | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 637,986 | | | | 0.3 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | 2,527,536 | | | | 1.3 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | 1,967,218 | | | | 1.0 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | 3,985,955 | | | | 2.0 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | 2,005,213 | | | | 1.0 | |
| | | | | | | | | | | | |
| | UTILITIES | | | 2,920,031 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | TOTAL CORPORATE BONDS | | (Cost $61,658,157) | | | 64,384,312 | | | | 32.3 | |
| | | | | | | | | | | | |
| | | |
| | GOVERNMENT BONDS | | | | | | | | | | |
| | AGENCY SECURITIES | | | 400,013 | | | | 0.2 | |
| | | | | | | | | | | | |
| | FOREIGN GOVERNMENT BONDS | | | | | |
| | $1,000,000 | | | | | Kreditanstalt fuer Wiederaufbau | | 2.750%, 10/01/20 | | | 1,009,511 | | | | 0.5 | |
| | | | | | Other | | | | | 4,079,204 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,088,715 | | | | 2.6 | |
| | | | | | | | | | | | |
| | MORTGAGE BACKED | | | | | |
| | 1,187,912 | | | | | Federal Home Loan Mortgage Corp Gold (FGLMC) | | 3.500%, 10/01/45 | | | 1,237,367 | | | | 0.6 | |
| | 2,270,311 | | | h | | FGLMC | | 3.000%, 01/01/47 | | | 2,297,175 | | | | 1.2 | |
| | 1,432,158 | | | | | FGLMC | | 3.000%, 02/01/47 | | | 1,449,218 | | | | 0.7 | |
| | 716,451 | | | | | FGLMC | | 3.500%, 03/01/48 | | | 743,512 | | | | 0.4 | |
| | 2,586,854 | | | h | | FGLMC | | 3.500%–5.000%, 06/01/36–08/01/48 | | | 2,727,041 | | | | 1.4 | |
| | 980,349 | | | | | Federal National Mortgage Association (FNMA) | | 3.500%, 11/01/33 | | | 1,013,006 | | | | 0.5 | |
| | 654,390 | | | | | FNMA | | 4.500%, 11/01/44 | | | 702,180 | | | | 0.4 | |
| | 1,362,969 | | | | | FNMA | | 3.000%, 12/25/45 | | | 1,388,244 | | | | 0.7 | |
| | 734,962 | | | | | FNMA | | 3.500%, 01/01/46 | | | 765,072 | | | | 0.4 | |
| | 840,071 | | | | | FNMA | | 3.500%, 12/01/46 | | | 864,852 | | | | 0.4 | |
| | 755,045 | | | | | FNMA | | 3.500%, 01/01/47 | | | 776,042 | | | | 0.4 | |
| | 1,032,069 | | | | | FNMA | | 3.000%, 02/25/48 | | | 1,056,080 | | | | 0.5 | |
| | 922,423 | | | | | FNMA | | 4.500%, 03/01/48 | | | 991,365 | | | | 0.5 | |
| | 3,141,644 | | | | | FNMA | | 4.000%, 04/01/48 | | | 3,265,636 | | | | 1.6 | |
| | 912,055 | | | | | FNMA | | 4.000%, 08/01/48 | | | 942,230 | | | | 0.5 | |
| | 984,882 | | | | | FNMA | | 4.500%, 12/01/48 | | | 1,030,338 | | | | 0.5 | |
| | 958,011 | | | h | | FNMA | | 3.500%, 06/01/49 | | | 980,456 | | | | 0.5 | |
| | 7,565,736 | | | i | | FNMA | | 3.000%–7.500%, 08/01/21–06/01/49 | | | 7,755,677 | | | | 3.9 | |
| | 1,308,274 | | | | | Government National Mortgage Association (GNMA) | | 3.500%, 12/20/47 | | | 1,351,814 | | | | 0.7 | |
| | 1,389,487 | | | | | GNMA | | 3.500%, 01/20/48 | | | 1,435,591 | | | | 0.7 | |
| | | | |
| 74 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Bond Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | MORTGAGE BACKED—continued | | | | | |
| | $2,258,125 | | | | | GNMA | | 3.000%–6.000%, 03/15/34–01/20/49 | | $ | 2,019,203 | | | | 1.0 | % |
| | | | | | Other | | | | | 1,434,618 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 36,226,717 | | | | 18.2 | |
| | | | | | | | | | | | |
| | MUNICIPAL BONDS | | | | | |
| | 1,400,000 | | | | | State of Illinois | | 5.100%, 06/01/33 | | | 1,474,312 | | | | 0.8 | |
| | 1,000,000 | | | | | State of Texas | | 3.295%, 10/01/25 | | | 1,066,650 | | | | 0.5 | |
| | | | | | Other | | | | | 4,448,440 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,989,402 | | | | 3.5 | |
| | | | | | | | | | | | |
| | U.S. TREASURY SECURITIES | | | | | |
| | 1,000,000 | | | | | United States Treasury Bond | | 3.125%, 11/15/41 | | | 1,118,164 | | | | 0.6 | |
| | 2,935,700 | | | | | United States Treasury Bond | | 3.000%, 11/15/45 | | | 3,208,972 | | | | 1.6 | |
| | 1,865,000 | | | | | United States Treasury Bond | | 2.875%, 11/15/46 | | | 1,993,292 | | | | 1.0 | |
| | 765,000 | | | | | United States Treasury Bond | | 3.000%, 05/15/47 | | | 836,928 | | | | 0.4 | |
| | 1,060,000 | | | | | United States Treasury Bond | | 3.125%, 05/15/48 | | | 1,187,821 | | | | 0.6 | |
| | 1,976,000 | | | | | United States Treasury Bond | | 3.375%, 11/15/48 | | | 2,322,726 | | | | 1.2 | |
| | 1,013,060 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.500%, 04/15/24 | | | 1,025,706 | | | | 0.5 | |
| | 850,000 | | | | | United States Treasury Note | | 2.500%, 12/31/20 | | | 858,102 | | | | 0.4 | |
| | 4,635,000 | | | | | United States Treasury Note | | 2.500%, 01/31/21 | | | 4,682,798 | | | | 2.4 | |
| | 1,365,000 | | | | | United States Treasury Note | | 2.500%, 02/28/21 | | | 1,379,930 | | | | 0.7 | |
| | 2,000,000 | | | | | United States Treasury Note | | 2.250%, 03/31/21 | | | 2,015,156 | | | | 1.0 | |
| | 3,930,000 | | | | | United States Treasury Note | | 2.250%, 04/30/21 | | | 3,962,238 | | | | 2.0 | |
| | 4,785,000 | | | | | United States Treasury Note | | 1.750%, 06/15/22 | | | 4,790,047 | | | | 2.4 | |
| | 925,000 | | | | | United States Treasury Note | | 2.875%, 09/30/23 | | | 967,312 | | | | 0.5 | |
| | 1,434,000 | | | | | United States Treasury Note | | 2.000%, 05/31/24 | | | 1,450,132 | | | | 0.7 | |
| | 650,000 | | | | | United States Treasury Note | | 2.625%, 01/31/26 | | | 680,469 | | | | 0.3 | |
| | 960,000 | | | | | United States Treasury Note | | 2.375%, 04/30/26 | | | 990,825 | | | | 0.5 | |
| | 3,094,000 | | | | | United States Treasury Note | | 2.375%,05/15/29 | | | 3,195,522 | | | | 1.6 | |
| | 1,329,000 | | | | | United States Treasury Note | | 3.000%,02/15/49 | | | 1,457,539 | | | | 0.7 | |
| | | | | | Other | | | | | 2,144,995 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 40,268,674 | | | | 20.2 | |
| | | | | | | | | | | | |
| | | | | | TOTAL GOVERNMENT BONDS | | (Cost $86,769,080) | | | 88,973,521 | | | | 44.7 | |
| | | | | | | | | | | | |
| | STRUCTURED ASSETS | | | | | | | | | | |
| | ASSET BACKED | | | | | | | | | | |
| | 995,852 | | | | | Capital Automotive REIT
Series - 2014 1A (Class A) | | 3.660%, 10/15/44 | | | 1,005,268 | | | | 0.5 | |
| | | | | | Other | | | | | 15,334,759 | | | | 7.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,340,027 | | | | 8.2 | |
| | | | | | | | | | | | |
| | OTHER MORTGAGE BACKED | | | | | | | | | | |
| | 898,038 | | | | | Agate Bay Mortgage Trust
Series - 2015 6 (Class A9) | | 3.500%, 09/25/45 | | | 895,322 | | | | 0.4 | |
| | 750,000 | | | | | COMM Mortgage Trust
Series - 2012 CR4 (Class A3) | | 2.853%, 10/15/45 | | | 757,146 | | | | 0.4 | |
| | 1,000,000 | | | | | COMM Mortgage Trust
Series - 2013 CR8 (Class B) | | 4.093%, 06/10/46 | | | 1,041,401 | | | | 0.5 | |
| | 3,390,000 | | | g,i | | COMM Mortgage Trust | | 3.603%–4.456%, 07/15/47–10/10/48 | | | 3,545,910 | | | | 1.8 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 75 | |
| | |
| Summary portfolio of investments(unaudited) | | continued |
Bond Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | OTHER MORTGAGE BACKED—continued | | | | | | | | | | |
| | $ 1,300,000 | | | | | DBUBS Mortgage Trust
Series - 2011 LC2A (Class D) | | 5.714%, 07/10/44 | | $ | 1,355,643 | | | | 0.7 | % |
| | 680,000 | | | | | JPMBB Commercial Mortgage Securities Trust
Series - 2014 C21 (Class A5) | | 3.775%, 08/15/47 | | | 718,953 | | | | 0.4 | |
| | 628,927 | | | | | Morgan Stanley Bank of America Merrill Lynch Trust
Series - 2015 C21 (Class AS) | | 3.652%, 03/15/48 | | | 655,703 | | | | 0.3 | |
| | 645,000 | | | | | WFRBS Commercial Mortgage Trust
Series - 2013 C18 (Class AS) | | 4.387%, 12/15/46 | | | 690,747 | | | | 0.3 | |
| | | | | | Other | | | | | 11,450,540 | | | | 5.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,111,365 | | | | 10.6 | |
| | | | | | | | | | | | |
| | | | | | TOTAL STRUCTURED ASSETS | | (Cost $36,749,640) | | | 37,451,392 | | | | 18.8 | |
| | | | | | | | | | | | |
| | | | | | TOTAL BONDS | | (Cost $185,176,877) | | | 190,809,225 | | | | 95.8 | |
| | | | | | | | | | | | |
| | | | | |
| Shares | | | | | Company | | | | | | | | |
| | | |
| | PREFERRED STOCKS | | | | | | | | | | |
| | BANKS | | | | | 283,533 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | TOTAL PREFERRED STOCKS | | (Cost $569,550) | | | 283,533 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| | | |
| | SHORT-TERM INVESTMENTS | | | | | | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | | | | | | | |
| | $4,824,000 | | | | | Federal Home Loan Bank (FHLB) | | 2.100%, 07/01/19 | | | 4,824,000 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,824,000 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $4,824,000) | | | 4,824,000 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $192,911,956) | | | 198,219,665 | | | | 99.5 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | 857,850 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 199,077,515 | | | | 100.0 | % |
| | | | | | | | | | | | |
Abbreviation(s):
| REIT | | Real Estate Investment Trust |
| g | | 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 6/30/19, the aggregate value of these securities, including those in “Other,” is $37,151,486 or 18.7% of net assets. |
| h | | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| k | | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
“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.
| | | | |
| 76 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | concluded |
Bond Fund § June 30, 2019
Bilateral credit default swap contracts outstanding as of June 30, 2019 were as follows (see Note 3):
PURCHASED
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference entity | | Terms of
payments to be paid | | Terms of
payments to be
received | | Counterparty | | Maturity date | | | Notional amount* | | | Value | | | Upfront premiums
paid
(received) | | | Unrealized appreciation (depreciation) | |
| |
| CDX-EMS31-V1-5Y Index | | 1.000% | | Credit event as specified in contract | | Citibank, N.A | | | 06/20/24 | | | $ | 500,000 | | | $ | 15,595 | | | $ | 15,679 | | | $ | (84 | ) |
| |
| * | | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable. |
Centrally cleared credit default swap contracts outstanding as of June 30, 2019 were as follows (see Note 3):
PURCHASED
| | | | | | | | | | | | | | | | | | | | | | |
Reference entity | | Terms of
payments
to be paid | | Terms of
payments
to be
received | | Counterparty | | Maturity date | | | Notional amount* | | | Variation
margin | | | Unrealized
appreciation
(depreciation) | |
| |
| CDX-NAHYS32V1-5Y Index | | 5.000% | | Credit event as specified in contract | | Citigroup Global Markets, Inc | | | 06/20/24 | | | $ | 500,000 | | | $ | (954 | ) | | $ | (5,620 | ) |
| |
| * | | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable. |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 77 | |
| | |
| Summary portfolio of investments(unaudited) | | |
Money Market Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % net
assets | |
| | | | | | | | | | | | | | | | |
| | SHORT-TERM INVESTMENTS | | | | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | | | | | | | |
| | $2,365,000 | | | | | Federal Agricultural Mortgage Corp (FAMC) | | 0.010%, 09/23/19 | | $ | 2,353,053 | | | | 2.2 | % |
| | 1,000,000 | | | | | Federal Farm Credit Bank (FFCB) | | 0.010%, 07/09/19 | | | 999,471 | | | | 0.9 | |
| | 1,000,000 | | | | | FFCB | | 0.010%, 07/31/19 | | | 998,083 | | | | 0.9 | |
| | 2,000,000 | | | | | FFCB | | 0.010%, 08/05/19 | | | 1,995,411 | | | | 1.8 | |
| | 1,500,000 | | | | | FFCB | | 0.010%, 08/06/19 | | | 1,496,465 | | | | 1.4 | |
| | 2,100,000 | | | | | FFCB | | 0.010%, 08/12/19 | | | 2,094,610 | | | | 1.9 | |
| | 2,000,000 | | | | | FFCB | | 0.010%, 08/14/19 | | | 1,994,476 | | | | 1.8 | |
| | 1,680,000 | | | | | FFCB | | 0.010%, 08/20/19 | | | 1,674,633 | | | | 1.6 | |
| | 1,100,000 | | | | | FFCB | | 0.010%, 08/26/19 | | | 1,095,876 | | | | 1.0 | |
| | 1,500,000 | | | | | FFCB | | 0.010%, 09/03/19 | | | 1,493,500 | | | | 1.4 | |
| | 1,000,000 | | | | | FFCB | | 0.010%, 09/16/19 | | | 994,888 | | | | 0.9 | |
| | 2,498,000 | | | | | FFCB | | 0.010%, 10/04/19 | | | 2,483,275 | | | | 2.3 | |
| | 1,842,000 | | | | | FFCB | | 0.010%, 07/03/19–10/21/19 | | | 1,831,407 | | | | 1.7 | |
| | 1,000,000 | | | | | Federal Home Loan Bank (FHLB) | | 0.010%, 07/01/19 | | | 1,000,000 | | | | 0.9 | |
| | 3,000,000 | | | | | FHLB | | 0.010%, 07/03/19 | | | 2,999,611 | | | | 2.8 | |
| | 1,925,000 | | | | | FHLB | | 0.010%, 07/10/19 | | | 1,923,842 | | | | 1.8 | |
| | 2,305,000 | | | | | FHLB | | 0.010%, 07/12/19 | | | 2,303,398 | | | | 2.1 | |
| | 1,000,000 | | | | | FHLB | | 0.010%, 07/15/19 | | | 999,055 | | | | 0.9 | |
| | 1,200,000 | | | | | FHLB | | 0.010%, 07/17/19 | | | 1,198,816 | | | | 1.1 | |
| | 1,000,000 | | | | | FHLB | | 0.010%, 07/19/19 | | | 998,795 | | | | 0.9 | |
| | 1,000,000 | | | | | FHLB | | 0.010%, 08/07/19 | | | 997,677 | | | | 0.9 | |
| | 2,950,000 | | | | | FHLB | | 0.010%, 08/15/19 | | | 2,941,482 | | | | 2.7 | |
| | 2,625,000 | | | | | FHLB | | 0.010%, 08/16/19 | | | 2,617,420 | | | | 2.4 | |
| | 1,000,000 | | | | | FHLB | | 0.010%, 08/21/19 | | | 996,650 | | | | 0.9 | |
| | 1,404,000 | | | | | FHLB | | 0.010%, 08/23/19 | | | 1,399,251 | | | | 1.3 | |
| | 2,159,000 | | | | | FHLB | | 0.010%, 08/30/19 | | | 2,150,607 | | | | 2.0 | |
| | 2,300,000 | | | | | FHLB | | 0.010%, 09/04/19 | | | 2,290,413 | | | | 2.1 | |
| | 6,000,000 | | | | | FHLB | | 0.010%, 09/13/19 | | | 5,972,867 | | | | 5.5 | |
| | 1,500,000 | | | | | FHLB | | 0.010%, 09/18/19 | | | 1,492,824 | | | | 1.4 | |
| | 1,000,000 | | | | | FHLB | | 0.010%, 09/20/19 | | | 995,163 | | | | 0.9 | |
| | 1,600,000 | | | | | FHLB | | 0.010%, 09/25/19 | | | 1,591,729 | | | | 1.5 | |
| | 2,000,000 | | | | | FHLB | | 0.010%, 09/30/19 | | | 1,989,181 | | | | 1.8 | |
| | 5,424,000 | | | | | FHLB | | 0.010%, 07/09/19–09/23/19 | | | 5,413,956 | | | | 5.0 | |
| | 1,000,000 | | | | | Federal Home Loan Mortgage Corp (FHLMC) | | 0.010%, 07/08/19 | | | 999,536 | | | | 0.9 | |
| | 1,225,000 | | | | | FHLMC | | 0.010%, 09/24/19 | | | 1,218,006 | | | | 1.1 | |
| | 1,085,000 | | | | | FHLMC | | 0.010%, 10/17/19 | | | 1,077,393 | | | | 1.0 | |
| | 1,370,000 | | | | | FHLMC | | 0.010%, 11/19/19 | | | 1,358,294 | | | | 1.3 | |
| | 4,165,000 | | | | | FHLMC | | 0.010%, 07/03/19–11/04/19 | | | 4,139,212 | | | | 3.8 | |
| | 1,000,000 | | | | | Federal National Mortgage Association (FNMA) | | 0.010%, 08/07/19 | | | 997,554 | | | | 0.9 | |
| | 1,380,000 | | | | | FNMA | | 0.010%, 07/01/19–09/18/19 | | | 1,376,226 | | | | 1.3 | |
| | | | | | Other | | | | | 822,146 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 75,766,252 | | | | 69.8 | |
| | | | | | | | | | | | |
| | TREASURY DEBT | | | | | | | | | | |
| | 1,500,000 | | | | | United States Treasury Bill | | 0.010%, 07/02/19 | | | 1,499,903 | | | | 1.4 | |
| | 1,000,000 | | | | | United States Treasury Bill | | 0.010%, 07/05/19 | | | 999,736 | | | | 0.9 | |
| | 2,000,000 | | | | | United States Treasury Bill | | 0.010%, 07/11/19 | | | 1,998,688 | | | | 1.9 | |
| | | | |
| 78 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments(unaudited) | | concluded |
Money Market Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % net
assets | |
| | | | | | | | | | | | | | | | |
| | TREASURY DEBT—continued | | | | | | | | | | |
| | $ 995,000 | | | | | United States Treasury Bill | | 0.010%, 07/16/19 | | $ | 994,051 | | | | 0.9 | % |
| | 1,080,000 | | | | | United States Treasury Bill | | 0.010%, 07/18/19 | | | 1,078,786 | | | | 1.0 | |
| | 1,000,000 | | | | | United States Treasury Bill | | 0.010%, 08/01/19 | | | 997,965 | | | | 0.9 | |
| | 2,500,000 | | | | | United States Treasury Bill | | 0.010%, 10/24/19 | | | 2,483,054 | | | | 2.3 | |
| | 1,563,000 | | | | | United States Treasury Note | | 1.000%, 11/15/19 | | | 1,554,012 | | | | 1.4 | |
| | | | | | Other | | | | | 298,701 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,904,896 | | | | 11.0 | |
| | | | | | | | | | | | |
| | VARIABLE RATE SECURITIES | | | | | | | | | | |
| | 1,000,000 | | | i | | Federal Agricultural Mortgage Corp (FAMC),
FRED – 3.020% | | 2.480%, 09/01/20 | | | 1,000,000 | | | | 0.9 | |
| | 2,000,000 | | | i | | FAMC, SOFR + 0.080% | | 2.500%, 12/21/20 | | | 2,000,000 | | | | 1.9 | |
| | 3,000,000 | | | i | | FAMC,
LIBOR 3 M – 0.200%–FRED – 2.950% | | 2.379%–2.550%, 09/27/19–07/08/20 | | | 3,000,000 | | | | 2.8 | |
| | 1,000,000 | | | i | | Federal Farm Credit Bank (FFCB),
LIBOR 1 M – 0.030% | | 2.389%, 01/07/20 | | | 1,000,000 | | | | 0.9 | |
| | 1,000,000 | | | i | | FFCB, FRED – 2.960% | | 2.540%, 07/09/20 | | | 999,924 | | | | 0.9 | |
| | 4,300,000 | | | i | | FFCB,
US Treasury Bill 3 M + 0.045%–
FRED – 2.870% | | 2.141%–2.630%, 08/16/19–01/19/21 | | | 4,299,128 | | | | 4.0 | |
| | 2,500,000 | | | i | | Federal Home Loan Bank (FHLB),
SOFR + 0.035% | | 2.455%, 06/19/20 | | | 2,500,000 | | | | 2.3 | |
| | 1,500,000 | | | i | | Federal National Mortgage Association (FNMA), SOFR + 0.060%–SOFR + 0.075% | | 2.480%–2.495%, 10/30/19–10/30/20 | | | 1,500,000 | | | | 1.4 | |
| | 1,500,000 | | | i | | United States Treasury Floating Rate Note,
US Treasury Bill 3 M + 0.033% | | 2.129%, 04/30/20 | | | 1,499,832 | | | | 1.4 | |
| | | | | | Other | | | | | 2,480,072 | | | | 2.2 | |
| | | | | | | | | | | 20,278,956 | | | | 18.7 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $107,950,104) | | | 107,950,104 | | | | 99.5 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $107,950,104) | | | 107,950,104 | | | | 99.5 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | 493,484 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 108,443,588 | | | | 100.0 | % |
| | | | | | | | | | | | |
Abbreviation(s):
| FRED | | Federal Bank Prime Loan Rate |
| LIBOR | | London Interbank Offered Rate |
| SOFR | | Secure Overnight Financing Rate |
| i | | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the 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.
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.
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 79 | |
| | |
| Portfolio of investments(unaudited) | | |
Balanced Fund § June 30, 2019
| | | | | | | | | | | | | | | | |
| Shares | | | | | Security | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | TIAA-CREF LIFE FUNDS—99.9%a | |
| | FIXED INCOME—49.2% | | | | | |
| | 2,978,397 | | | | | TIAA-CREF Life Bond Fund | | | | $ | 31,690,147 | | | | 49.2 | % |
| | | | | | | | | | | | |
| | | | | | TOTAL FIXED INCOME | | | | | 31,690,147 | | | | 49.2 | |
| | | | | | | | | | | | |
| | INTERNATIONAL EQUITY—10.1% | | | | | | | | | | |
| | 815,605 | | | | | TIAA-CREF Life International Equity Fund | | | | | 6,516,688 | | | | 10.1 | |
| | | | | | | | | | | | |
| | | | | | TOTAL INTERNATIONAL EQUITY | | | | | 6,516,688 | | | | 10.1 | |
| | | | | | | | | | | | |
| | U.S. EQUITY—40.6% | | | | | | | | | | |
| | 358,885 | | | | | TIAA-CREF Life Growth Equity Fund | | | | | 5,971,847 | | | | 9.3 | |
| | 350,128 | | | | | TIAA-CREF Life Growth & Income Fund | | | | | 6,526,391 | | | | 10.2 | |
| | 399,656 | | | | | TIAA-CREF LifeLarge-Cap Value Fund | | | | | 5,799,009 | | | | 9.0 | |
| | 86,494 | | | | | TIAA-CREF Life Real Estate Securities Fund | | | | | 1,287,038 | | | | 2.0 | |
| | 89,153 | | | | | TIAA-CREF LifeSmall-Cap Equity Fund | | | | | 1,308,762 | | | | 2.0 | |
| | 200,975 | | | | | TIAA-CREF Life Stock Index Fund | | | | | 5,231,389 | | | | 8.1 | |
| | | | | | | | | | | | |
| | | | | | TOTAL U.S. EQUITY | | | | | 26,124,436 | | | | 40.6 | |
| | | | | | | | | | | | |
| | | | | | TOTAL TIAA-CREF LIFE FUNDS | | (Cost $56,330,678) | | | 64,331,271 | | | | 99.9 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $56,330,678) | | | 64,331,271 | | | | 99.9 | |
| | | | | | OTHER ASSETS AND LIABILITIES, NET | | | | | 43,773 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 64,375,044 | | | | 100.0 | % |
| | | | | | | | | | | | |
| a | | The Fund invests its assets in the affiliated TIAA-CREF Life Funds. |
| | | | |
| 80 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
[This page intentionally left blank.]
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 81 | |
| | |
| Statements of assets and liabilities(unaudited) | | |
TIAA-CREF Life Funds § June 30, 2019
| | | | | | | | |
| | | Growth Equity Fund | | | | |
| |
| | |
ASSETS | | | | | | | | |
Portfolio investments, at value*† | | $ | 116,718,152 | | | | | |
Cash | | | 42,934 | | | | | |
Cash—foreign^ | | | — | | | | | |
Receivable from securities transactions | | | 2,111,608 | | | | | |
Receivable from Fund shares sold | | | 185,267 | | | | | |
Dividends and interest receivable | | | 60,351 | | | | | |
Due from affiliates | | | 5,024 | | | | | |
Receivable for variation margin on open futures contracts | | | — | | | | | |
Other | | | 10,608 | | | | | |
| |
Total assets | | | 119,133,944 | | | | | |
| |
| | |
LIABILITIES | | | | | | | | |
Management fees payable | | | 47,635 | | | | | |
Due to affiliates | | | 11,457 | | | | | |
Overdraft payable | | | — | | | | | |
Payable for collateral for securities loaned | | | 245,564 | | | | | |
Payable for securities transactions | | | 1,428,790 | | | | | |
Payable for Fund shares redeemed | | | 195,426 | | | | | |
Payable for trustee compensation | | | 7,357 | | | | | |
Written optionsà | | | — | | | | | |
Accrued expenses and other payables | | | 41,396 | | | | | |
| |
Total liabilities | | | 1,977,625 | | | | | |
| |
NET ASSETS | | $ | 117,156,319 | | | | | |
|
| |
| | |
NET ASSETS CONSIST OF: | | | | | | | | |
Paid-in-capital | | $ | 60,938,392 | | | | | |
Total distributable earnings (loss) | | | 56,217,927 | | | | | |
| |
NET ASSETS | | $ | 117,156,319 | | | | | |
|
| |
Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value) | | | 7,040,274 | | | | | |
| |
Net asset value per share | | $ | 16.64 | | | | | |
|
| |
| | |
* Includes securities loaned of | | $ | 239,973 | | | | | |
† Portfolio investments, cost | | $ | 72,457,439 | | | | | |
^ Foreign cash, cost | | $ | — | | | | | |
à Written options premiums | | $ | — | | | | | |
| | | | |
| 82 | | 2019 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 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 151,487,169 | | | $ | 70,158,132 | | | $ | 77,033,880 | | | $ | 52,504,650 | | | $ | 64,631,128 | |
| | | 48,182 | | | | 23,212 | | | | 29,727 | | | | — | | | | 5,896 | |
| | | 3,674 | | | | — | | | | — | | | | — | | | | — | |
| | | 1,185,149 | | | | 1,904,319 | | | | 123,806 | | | | 4,841,515 | | | | 267,965 | |
| | | — | | | | — | | | | 8,692 | | | | 4,198 | | | | 275 | |
| | | 112,691 | | | | 55,993 | | | | 307,241 | | | | 49,473 | | | | 62,907 | |
| | | 7,306 | | | | 9,109 | | | | 5,951 | | | | 7,890 | | | | 6,732 | |
| | | — | | | | — | | | | — | | | | — | | | | 2,974 | |
| | | 15,916 | | | | 11,194 | | | | 10,810 | | | | 8,470 | | | | 6,512 | |
| |
| | | 152,860,087 | | | | 72,161,959 | | | | 77,520,107 | | | | 57,416,196 | | | | 64,984,389 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 60,144 | | | | 27,918 | | | | 35,403 | | | | 21,364 | | | | 8,604 | |
| | | 11,751 | | | | 11,231 | | | | 11,191 | | | | 11,110 | | | | 11,137 | |
| | | — | | | | — | | | | — | | | | 186,218 | | | | — | |
| | | 666,742 | | | | — | | | | — | | | | 174,795 | | | | 77,317 | |
| | | 957,506 | | | | 1,807,225 | | | | — | | | | 4,550,056 | | | | — | |
| | | 649,840 | | | | 392,438 | | | | 281,067 | | | | 151,373 | | | | 345,987 | |
| | | 11,655 | | | | 8,411 | | | | 9,171 | | | | 6,400 | | | | 6,238 | |
| | | 272,113 | | | | — | | | | — | | | | — | | | | — | |
| | | 57,847 | | | | 44,519 | | | | 34,848 | | | | 31,845 | | | | 36,543 | |
| |
| | | 2,687,598 | | | | 2,291,742 | | | | 371,680 | | | | 5,133,161 | | | | 485,826 | |
| |
| | $ | 150,172,489 | | | $ | 69,870,217 | | | $ | 77,148,427 | | | $ | 52,283,035 | | | $ | 64,498,563 | |
|
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 86,052,217 | | | $ | 54,504,682 | | | $ | 46,662,892 | | | $ | 39,149,765 | | | $ | 31,830,858 | |
| | | 64,120,272 | | | | 15,365,535 | | | | 30,485,535 | | | | 13,133,270 | | | | 32,667,705 | |
| |
| | $ | 150,172,489 | | | $ | 69,870,217 | | | $ | 77,148,427 | | | $ | 52,283,035 | | | $ | 64,498,563 | |
|
| |
| |
|
8,054,969 |
| | | 4,814,273 | | | | 5,185,533 | | | | 3,561,575 | | | | 3,643,065 | |
| |
| | $ | 18.64 | | | $ | 14.51 | | | $ | 14.88 | | | $ | 14.68 | | | $ | 17.70 | |
|
| |
| | | | | |
| | $ | 959,357 | | | $ | — | | | $ | — | | | $ | 281,550 | | | $ | 363,868 | |
| | $ | 101,271,906 | | | $ | 58,498,371 | | | $ | 51,346,863 | | | $ | 48,428,294 | | | $ | 45,121,734 | |
| | $ | 3,674 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | $ | 342,251 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 83 | |
| | |
| Statements of assets and liabilities(unaudited) | | |
TIAA-CREF Life Funds § June 30, 2019
| | | | | | | | |
| | | Stock
Index
Fund | | | | |
| |
| | |
ASSETS | | | | | | | | |
Portfolio investments, at value*† | | $ | 525,790,808 | | | | | |
Affiliated investments, at value‡ | | | — | | | | | |
Cash#§ | | | 11,262 | | | | | |
Cash—foreign^ | | | — | | | | | |
Receivable from securities transactions | | | 6,183,138 | | | | | |
Receivable for delayed delivery securities | | | — | | | | | |
Receivable from Fund shares sold | | | 20,524 | | | | | |
Dividends and interest receivable | | | 461,786 | | | | | |
Due from affiliates | | | 5,428 | | | | | |
Receivable for variation margin on open futures contracts | | | 25,528 | | | | | |
Swap premiums paid | | | — | | | | | |
Other | | | 27,214 | | | | | |
| |
Total assets | | | 532,525,688 | | | | | |
| |
| | |
LIABILITIES | | | | | | | | |
Management fees payable | | | 27,775 | | | | | |
Due to affiliates | | | 13,842 | | | | | |
Payable for collateral for securities loaned | | | 2,678,508 | | | | | |
Payable for securities transactions | | | 5,739,862 | | | | | |
Payable for delayed delivery securities | | | — | | | | | |
Payable for Fund shares redeemed | | | 496,797 | | | | | |
Payable for trustee compensation | | | 26,888 | | | | | |
Payable for variation margin on centrally cleared swaps | | | — | | | | | |
Unfunded loan commitment | | | — | | | | | |
Unrealized depreciation on swap agreements | | | — | | | | | |
Accrued expenses and other payables | | | 67,442 | | | | | |
| |
Total liabilities | | | 9,051,114 | | | | | |
| |
NET ASSETS | | $ | 523,474,574 | | | | | |
|
| |
| | |
NET ASSETS CONSIST OF: | | | | | | | | |
Paid-in-capital | | $ | 248,229,186 | | | | | |
Total distributable earnings (loss) | | | 275,245,388 | | | | | |
| |
NET ASSETS | | $ | 523,474,574 | | | | | |
|
| |
Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value) | | | 20,113,089 | | | | | |
| |
Net asset value per share | | $ | 26.03 | | | | | |
|
| |
| | |
* Includes securities loaned of | | $ | 4,083,022 | | | | | |
# Includes cash collateral for mortgage dollar rolls | | $ | — | | | | | |
§ Includes cash collateral for open swap contracts | | $ | — | | | | | |
† Portfolio investments, cost | | $ | 258,648,895 | | | | | |
‡ Affiliated investments, cost | | $ | — | | | | | |
^ Foreign cash, cost | | $ | — | | | | | |
| | | | |
| 84 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | International
Equity
Fund | | | Bond
Fund | | | Money
Market
Fund | | | Balanced
Fund | |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | $ | 97,584,428 | | | $ | 198,219,665 | | | $ | 107,950,104 | | | $ | — | |
| | | — | | | | — | | | | — | | | | 64,331,271 | |
| | | 29,686 | | | | 1,009,139 | | | | 31,416 | | | | 64,351 | |
| | | 98,713 | | | | — | | | | — | | | | — | |
| | | 6,971,301 | | | | 67,967 | | | | — | | | | 381,654 | |
| | | — | | | | 2,436,267 | | | | — | | | | — | |
| | | — | | | | 379,675 | | | | 470,608 | | | | 3,316 | |
| | | 254,929 | | | | 1,130,350 | | | | 55,492 | | | | — | |
| | | 10,843 | | | | 10,964 | | | | 8,508 | | | | 6,150 | |
| | | — | | | | — | | | | — | | | | — | |
| | | — | | | | 15,679 | | | | — | | | | — | |
| | | 12,931 | | | | 15,474 | | | | — | | | | 1,986 | |
| |
| | | 104,962,831 | | | | 203,285,180 | | | | 108,516,128 | | | | 64,788,728 | |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 42,242 | | | | 53,618 | | | | 9,443 | | | | 5,727 | |
| | | 11,525 | | | | 12,038 | | | | 11,274 | | | | 4,414 | |
| | | 881,937 | | | | — | | | | — | | | | — | |
| | | 7,767,391 | | | | 52,457 | | | | — | | | | 381,711 | |
| | | — | | | | 3,913,615 | | | | — | | | | — | |
| | | 165,667 | | | | 75,166 | | | | 3,165 | | | | 307 | |
| | | 10,156 | | | | 17,449 | | | | 101 | | | | 1,977 | |
| | | — | | | | 954 | | | | — | | | | — | |
| | | — | | | | 68 | | | | — | | | | — | |
| | | — | | | | 84 | | | | — | | | | — | |
| | | 69,911 | | | | 82,216 | | | | 48,557 | | | | 19,548 | |
| |
| | | 8,948,829 | | | | 4,207,665 | | | | 72,540 | | | | 413,684 | |
| |
| | $ | 96,014,002 | | | $ | 199,077,515 | | | $ | 108,443,588 | | | $ | 64,375,044 | |
|
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | $ | 95,649,669 | | | $ | 186,678,396 | | | $ | 108,440,809 | | | $ | 54,637,275 | |
| | | 364,333 | | | | 12,399,119 | | | | 2,779 | | | | 9,737,769 | |
| |
| | $ | 96,014,002 | | | $ | 199,077,515 | | | $ | 108,443,588 | | | $ | 64,375,044 | |
|
| |
| |
|
12,024,972 |
| | | 18,706,457 | | | | 108,438,455 | | | | 5,232,780 | |
| |
| | $ | 7.98 | | | $ | 10.64 | | | $ | 1.00 | | | $ | 12.30 | |
|
| |
| | | | |
| | $ | 833,472 | | | $ | — | | | $ | — | | | $ | — | |
| | $ | — | | | $ | 960,000 | | | $ | — | | | $ | — | |
| | $ | — | | | $ | 37,824 | | | $ | — | | | $ | — | |
| | $ | 101,611,135 | | | $ | 192,911,956 | | | $ | 107,950,104 | | | $ | — | |
| | $ | — | | | $ | — | | | $ | — | | | $ | 56,330,678 | |
| | $ | 98,782 | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 85 | |
| | |
| Statements of operations(unaudited) | | |
TIAA-CREF Life Funds § For the period ended June 30, 2019
| | | | | | | | |
| | | Growth
Equity
Fund | | | | |
| |
| | |
INVESTMENT INCOME | | | | | | | | |
Dividends* | | $ | 513,474 | | | | | |
Interest | | | 14,891 | | | | | |
Income from securities lending | | | 13,179 | | | | | |
Payment from affiliate | | | 5,555 | | | | | |
| |
Total income | | | 547,099 | | | | | |
| |
| | |
EXPENSES | | | | | | | | |
Management fees | | | 252,174 | | | | | |
Shareholder servicing | | | 1,267 | | | | | |
Professional fees | | | 17,989 | | | | | |
Custody and accounting fees | | | 17,791 | | | | | |
Administrative service fees | | | 12,127 | | | | | |
Shareholder reports | | | 6,945 | | | | | |
Trustee fees and expenses | | | 713 | | | | | |
Other expenses | | | 3,603 | | | | | |
| |
Total expenses | | | 312,609 | | | | | |
Less: Expenses reimbursed by the investment adviser | | | (21,341 | ) | | | | |
| |
Net expenses | | | 291,268 | | | | | |
| |
| | |
Net investment income (loss) | | | 255,831 | | | | | |
| |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | | | | | | | | |
Realized gain (loss): | | | | | | | | |
Portfolio investments‡ | | | 2,798,980 | | | | | |
Futures contracts | | | — | | | | | |
Purchased options | | | (72,362 | ) | | | | |
Written options | | | 23,839 | | | | | |
Foreign currency transactions | | | 21 | | | | | |
| |
Net realized gain (loss) on total investments | | | 2,750,478 | | | | | |
| |
| | |
Change in unrealized appreciation (depreciation) on: | | | | | | | | |
Portfolio investments | | | 18,078,935 | | | | | |
Futures contracts | | | — | | | | | |
Purchased options | | | — | | | | | |
Written options | | | (605 | ) | | | | |
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | | | (538 | ) | | | | |
| |
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | | | 18,077,792 | | | | | |
| |
Net realized and unrealized gain (loss) on total investments | | | 20,828,270 | | | | | |
| |
Net increase (decrease) in net assets from operations | | $ | 21,084,101 | | | | | |
|
| |
| | |
* Net of foreign withholding taxes of | | $ | 10,585 | | | | | |
‡ Includes net realized gain (loss) from securities sold to affiliates of | | $ | 15,041 | | | | | |
| | | | |
| 86 | | 2019 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 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 1,498,424 | | | $ | 806,669 | | | $ | 863,804 | | | $ | 310,983 | | | $ | 588,949 | |
| | | 9,841 | | | | 7,674 | | | | 19,896 | | | | 4,246 | | | | 4,839 | |
| | | 6,089 | | | | — | | | | — | | | | 14,183 | | | | 4,911 | |
| | | 7,311 | | | | 3,547 | | | | 3,669 | | | | — | | | | — | |
| |
| | | 1,521,665 | | | | 817,890 | | | | 887,369 | | | | 329,412 | | | | 598,699 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 322,359 | | | | 153,604 | | | | 188,263 | | | | 120,698 | | | | 46,281 | |
| | | 1,457 | | | | 1,233 | | | | 1,249 | | | | 1,068 | | | | 1,393 | |
| | | 18,452 | | | | 17,918 | | | | 18,326 | | | | 16,562 | | | | 14,573 | |
| | | 27,347 | | | | 26,251 | | | | 12,422 | | | | 11,930 | | | | 13,008 | |
| | | 12,409 | | | | 11,791 | | | | 11,797 | | | | 11,648 | | | | 11,710 | |
| | | 7,720 | | | | 9,385 | | | | 4,377 | | | | 4,314 | | | | 4,553 | |
| | | 933 | | | | 441 | | | | 524 | | | | 370 | | | | 441 | |
| | | 13,004 | | | | 4,538 | | | | 4,063 | | | | 6,718 | | | | 8,083 | |
| |
| | | 403,681 | | | | 225,161 | | | | 241,021 | | | | 173,308 | | | | 100,042 | |
| | | (31,548 | ) | | | (47,519 | ) | | | (26,538 | ) | | | (34,311 | ) | | | (32,192 | ) |
| |
| | | 372,133 | | | | 177,642 | | | | 214,483 | | | | 138,997 | | | | 67,850 | |
| |
| | | | | |
| | | 1,149,532 | | | | 640,248 | | | | 672,886 | | | | 190,415 | | | | 530,849 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 2,682,550 | | | | (383,518 | ) | | | 1,306,562 | | | | 1,663,592 | | | | 2,887,922 | |
| | | — | | | | — | | | | — | | | | — | | | | 18,209 | |
| | | 7,175 | | | | — | | | | — | | | | — | | | | — | |
| | | 121,949 | | | | — | | | | — | | | | — | | | | — | |
| | | (2,890 | ) | | | — | | | | — | | | | — | | | | — | |
| |
| | | 2,808,784 | | | | (383,518 | ) | | | 1,306,562 | | | | 1,663,592 | | | | 2,906,131 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 21,436,109 | | | | 10,335,852 | | | | 11,902,643 | | | | 6,576,269 | | | | 6,646,689 | |
| | | — | | | | — | | | | — | | | | — | | | | 28,123 | |
| | | (3,637 | ) | | | — | | | | — | | | | — | | | | — | |
| | | 205,942 | | | | — | | | | — | | | | — | | | | — | |
| | | (588 | ) | | | (7 | ) | | | — | | | | — | | | | — | |
| |
| | | 21,637,826 | | | | 10,335,845 | | | | 11,902,643 | | | | 6,576,269 | | | | 6,674,812 | |
| |
| | | 24,446,610 | | | | 9,952,327 | | | | 13,209,205 | | | | 8,239,861 | | | | 9,580,943 | |
| |
| | $ | 25,596,142 | | | $ | 10,592,575 | | | $ | 13,882,091 | | | $ | 8,430,276 | | | $ | 10,111,792 | |
|
| |
| | | | | |
| | $ | 11,839 | | | $ | 282 | | | $ | — | | | $ | 259 | | | $ | 42 | |
| | $ | (64,998 | ) | | $ | — | | | $ | — | | | $ | 48,955 | | | $ | 18,179 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 87 | |
| | |
| Statements of operations(unaudited) | | |
TIAA-CREF Life Funds § For the period ended June 30, 2019
| | | | | | | | |
| | | Stock
Index
Fund | | | | |
| |
| | |
INVESTMENT INCOME | | | | | | | | |
Dividends* | | $ | 5,012,651 | | | | | |
Interest | | | 61,035 | | | | | |
Income from securities lending | | | 37,391 | | | | | |
Payment from affiliate | | | — | | | | | |
| |
Total income | | | 5,111,077 | | | | | |
| |
| | |
EXPENSES | | | | | | | | |
Management fees | | | 146,387 | | | | | |
Shareholder servicing | | | 1,409 | | | | | |
Professional fees | | | 26,395 | | | | | |
Custody and accounting fees | | | 17,942 | | | | | |
Administrative service fees | | | 15,082 | | | | | |
Shareholder reports | | | 20,854 | | | | | |
Trustee fees and expenses | | | 3,167 | | | | | |
Other expenses | | | 10,019 | | | | | |
| |
Total expenses | | | 241,255 | | | | | |
Less: Expenses reimbursed by the investment adviser | | | (21,897 | ) | | | | |
| |
Net expenses | | | 219,358 | | | | | |
| |
| | |
Net investment income (loss) | | | 4,891,719 | | | | | |
| |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | | | | | | | | |
Realized gain (loss): | | | | | | | | |
Portfolio investments | | | | | | | | |
Unaffiliated investments‡ | | | (302,176 | ) | | | | |
Affiliated investments | | | — | | | | | |
Futures contracts | | | 247,466 | | | | | |
Swap contracts | | | — | | | | | |
Foreign currency transactions | | | — | | | | | |
| |
Net realized gain (loss) on total investments | | | (54,710 | ) | | | | |
| |
| | |
Change in unrealized appreciation (depreciation) on: | | | | | | | | |
Portfolio investments | | | | | | | | |
Unaffiliated investments | | | 75,623,814 | | | | | |
Affiliated investments | | | — | | | | | |
Futures contracts | | | 292,607 | | | | | |
Swap contracts | | | — | | | | | |
Unfunded loan commitments | | | — | | | | | |
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 | | | 75,916,421 | | | | | |
| |
Net realized and unrealized gain (loss) on total investments | | | 75,861,711 | | | | | |
| |
Net increase (decrease) in net assets from operations | | $ | 80,753,430 | | | | | |
|
| |
| | |
* Net of foreign withholding taxes of | | $ | 629 | | | | | |
‡ Includes net realized gain (loss) from securities sold to affiliates of | | $ | — | | | | | |
| | | | |
| 88 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | International
Equity
Fund | | | Bond
Fund | | | Money
Market
Fund | | | Balanced
Fund | |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | $ | 1,665,685 | | | $ | — | | | $ | — | | | $ | — | |
| | | 26,768 | | | | 3,452,836 | | | | 1,193,460 | | | | 789 | |
| | | 15,556 | | | | — | | | | — | | | | — | |
| | | 5,839 | | | | — | | | | — | | | | — | |
| |
| | | 1,713,848 | | | | 3,452,836 | | | | 1,193,460 | | | | 789 | |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 231,559 | | | | 289,949 | | | | 48,984 | | | | 30,469 | |
| | | 1,269 | | | | 1,276 | | | | 904 | | | | 1,228 | |
| | | 22,108 | | | | 27,538 | | | | 15,276 | | | | 10,696 | |
| | | 35,366 | | | | 29,364 | | | | 25,858 | | | | 5,821 | |
| | | 12,003 | | | | 12,784 | | | | 12,057 | | | | 5,858 | |
| | | 6,810 | | | | 9,608 | | | | 7,383 | | | | 4,163 | |
| | | 564 | | | | 1,330 | | | | 777 | | | | 403 | |
| | | 16,057 | | | | 5,892 | | | | 3,031 | | | | 2,869 | |
| |
| | | 325,736 | | | | 377,741 | | | | 114,270 | | | | 61,507 | |
| | | (48,092 | ) | | | (38,963 | ) | | | (40,590 | ) | | | (30,962 | ) |
| |
| | | 277,644 | | | | 338,778 | | | | 73,680 | | | | 30,545 | |
| |
| | | | |
| | | 1,436,204 | | | | 3,114,058 | | | | 1,119,780 | | | | (29,756 | ) |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | (2,929,423 | ) | | | 631,886 | | | | 2,637 | | | | (115,479 | ) |
| | | — | | | | — | | | | — | | | | (5,021 | ) |
| | | — | | | | — | | | | — | | | | — | |
| | | — | | | | (8,307 | ) | | | — | | | | — | |
| | | (9,323 | ) | | | (19,570 | ) | | | — | | | | — | |
| |
| | | (2,938,746 | ) | | | 604,009 | | | | 2,637 | | | | (120,500 | ) |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | 12,690,786 | | | | 9,211,227 | | | | — | | | | — | |
| | | — | | | | — | | | | — | | | | 7,209,481 | |
| | | — | | | | — | | | | — | | | | — | |
| | | — | | | | (5,704 | ) | | | — | | | | — | |
| | | — | | | | (68 | ) | | | — | | | | — | |
| | | | |
| | | 464 | | | | 150 | | | | — | | | | — | |
| |
| | | | |
| | | 12,691,250 | | | | 9,205,605 | | | | — | | | | 7,209,481 | |
| |
| | | 9,752,504 | | | | 9,809,614 | | | | 2,637 | | | | 7,088,981 | |
| |
| | $ | 11,188,708 | | | $ | 12,923,672 | | | $ | 1,122,417 | | | $ | 7,059,225 | |
|
| |
| | | | |
| | $ | 195,676 | | | $ | — | | | $ | — | | | $ | — | |
| | $ | (196,608 | ) | | $ | — | | | $ | — | | | $ | (1,030 | ) |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 89 | |
| | |
| Statements of changes in net assets | | |
TIAA-CREF Life Funds § For the period or year ended
| | | | | | | | | | | | |
| | | Growth Equity Fund | | | | |
| | | June 30, 2019 | | | December 31, 2018 | | | | |
| |
| | | (unaudited) | | | | | | | |
OPERATIONS | | | | | | | | | | | | |
Net investment income (loss) | | $ | 255,831 | | | $ | 470,414 | | | | | |
Net realized gain (loss) on total investments | | | 2,750,478 | | | | 8,659,360 | | | | | |
Net change in unrealized appreciation (depreciation) on total investments | | | 18,077,792 | | | | (9,279,394 | ) | | | | |
| |
Net increase (decrease) in net assets from operations | | | 21,084,101 | | | | (149,620 | ) | | | | |
| |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS | | | — | | | | (7,162,495 | ) | | | | |
| |
Total distributions | | | — | | | | (7,162,495 | ) | | | | |
| |
| | | |
SHAREHOLDER TRANSACTIONS | | | | | | | | | | | | |
Subscriptions | | | 13,786,987 | | | | 23,046,935 | | | | | |
Reinvestments of distributions | | | — | | | | 7,162,495 | | | | | |
Redemptions | | | (15,931,066 | ) | | | (21,781,434 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (2,144,079 | ) | | | 8,427,996 | | | | | |
| |
| | | |
Net increase (decrease) in net assets | | | 18,940,022 | | | | 1,115,881 | | | | | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | 98,216,297 | | | | 97,100,416 | | | | | |
| |
End of period | | $ | 117,156,319 | | | $ | 98,216,297 | | | | | |
|
| |
| | | |
CHANGE IN FUND SHARES | | | | | | | | | | | | |
Shares sold | | | 885,865 | | | | 1,469,843 | | | | | |
Shares reinvested | | | — | | | | 441,040 | | | | | |
Shares redeemed | | | (997,693 | ) | | | (1,388,831 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (111,828 | ) | | | 522,052 | | | | | |
|
| |
| | | | |
| 90 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | | | | | |
| | | Growth & Income Fund | | | | | | Large-Cap Value Fund | |
| | | June 30, 2019 | | | December 31, 2018 | | | | | | June 30, 2019 | | | December 31, 2018 | |
| |
| | | (unaudited) | | | | | | | | | (unaudited) | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 1,149,532 | | | $ | 1,531,646 | | | | | | | $ | 640,248 | | | $ | 1,237,719 | |
| | | 2,808,784 | | | | 8,924,356 | | | | | | | | (383,518 | ) | | | 3,550,132 | |
| | | | | |
| | | 21,637,826 | | | | (20,239,378 | ) | | | | | | | 10,335,845 | | | | (15,122,740 | ) |
| |
| | | 25,596,142 | | | | (9,783,376 | ) | | | | | | | 10,592,575 | | | | (10,334,889 | ) |
| |
| |
| | | | | |
| | | — | | | | (10,596,948 | ) | | | | | | | — | | | | (6,487,384 | ) |
| |
| | | — | | | | (10,596,948 | ) | | | | | | | — | | | | (6,487,384 | ) |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 4,072,578 | | | | 15,924,379 | | | | | | | | 2,563,818 | | | | 8,390,235 | |
| | | — | | | | 10,596,104 | | | | | | | | — | | | | 6,486,526 | |
| | | (9,164,574 | ) | | | (22,278,093 | ) | | | | | | | (6,242,269 | ) | | | (11,568,496 | ) |
| |
| | | (5,091,996 | ) | | | 4,242,390 | | | | | | | | (3,678,451 | ) | | | 3,308,265 | |
| |
| | | | | |
| | | 20,504,146 | | | | (16,137,934 | ) | | | | | | | 6,914,124 | | | | (13,514,008 | ) |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 129,668,343 | | | | 145,806,277 | | | | | | | | 62,956,093 | | | | 76,470,101 | |
| |
| | $ | 150,172,489 | | | $ | 129,668,343 | | | | | | | $ | 69,870,217 | | | $ | 62,956,093 | |
|
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 232,240 | | | | 873,246 | | | | | | | | 187,207 | | | | 557,798 | |
| | | — | | | | 564,824 | | | | | | | | — | | | | 428,720 | |
| | | (520,568 | ) | | | (1,214,044 | ) | | | | | | | (450,040 | ) | | | (766,117 | ) |
| |
| | | (288,328 | ) | | | 224,026 | | | | | | | | (262,833 | ) | | | 220,401 | |
|
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 91 | |
| | |
| Statements of changes in net assets | | |
TIAA-CREF Life Funds § For the period or year ended
| | | | | | | | | | | | |
| | | Real Estate Securities Fund | | | | |
| | | June 30, 2019 | | | December 31, 2018 | | | | |
| |
| | | (unaudited) | | | | | | | |
OPERATIONS | | | | | | | | | | | | |
Net investment income (loss) | | $ | 672,886 | | | $ | 1,638,241 | | | | | |
Net realized gain (loss) on total investments | | | 1,306,562 | | | | 969,822 | | | | | |
Net change in unrealized appreciation (depreciation) on total investments | | | 11,902,643 | | | | (5,738,238 | ) | | | | |
| |
Net increase (decrease) in net assets from operations | | | 13,882,091 | | | | (3,130,175 | ) | | | | |
| |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS | | | — | | | | (3,982,177 | ) | | | | |
| |
Total distributions | | | — | | | | (3,982,177 | ) | | | | |
| |
| | | |
SHAREHOLDER TRANSACTIONS | | | | | | | | | | | | |
Subscriptions | | | 3,320,229 | | | | 5,109,851 | | | | | |
Reinvestments of distributions | | | — | | | | 3,981,876 | | | | | |
Redemptions | | | (7,196,156 | ) | | | (11,980,966 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (3,875,927 | ) | | | (2,889,239 | ) | | | | |
| |
| | | |
Net increase (decrease) in net assets | | | 10,006,164 | | | | (10,001,591 | ) | | | | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | 67,142,263 | | | | 77,143,854 | | | | | |
| |
End of period | | $ | 77,148,427 | | | $ | 67,142,263 | | | | | |
|
| |
| | | |
CHANGE IN FUND SHARES | | | | | | | | | | | | |
Shares sold | | | 233,860 | | | | 388,522 | | | | | |
Shares reinvested | | | — | | | | 300,519 | | | | | |
Shares redeemed | | | (502,682 | ) | | | (913,624 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (268,822 | ) | | | (224,583 | ) | | | | |
|
| |
| | | | |
| 92 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | | | | | |
| | | Small-Cap Equity Fund | | | | | | Social Choice Equity Fund | |
| | | June 30, 2019 | | | December 31, 2018 | | | | | | June 30, 2019 | | | December 31, 2018 | |
| |
| | | (unaudited) | | | | | | | | | (unaudited) | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 190,415 | | | $ | 297,374 | | | | | | | $ | 530,849 | | | $ | 1,030,430 | |
| | | 1,663,592 | | | | 7,007,084 | | | | | | | | 2,906,131 | | | | 8,734,660 | |
| | | | | |
| | | 6,576,269 | | | | (13,599,440 | ) | | | | | | | 6,674,812 | | | | (12,929,794 | ) |
| |
| | | 8,430,276 | | | | (6,294,982 | ) | | | | | | | 10,111,792 | | | | (3,164,704 | ) |
| |
| | | | | |
| | | — | | | | (6,414,744 | ) | | | | | | | — | | | | (3,944,778 | ) |
| |
| | | — | | | | (6,414,744 | ) | | | | | | | — | | | | (3,944,778 | ) |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 3,060,665 | | | | 4,408,393 | | | | | | | | 1,181,787 | | | | 4,449,391 | |
| | | — | | | | 6,414,744 | | | | | | | | — | | | | 3,944,061 | |
| | | (5,632,660 | ) | | | (10,277,253 | ) | | | | | | | (2,635,826 | ) | | | (6,827,742 | ) |
| |
| | | (2,571,995 | ) | | | 545,884 | | | | | | | | (1,454,039 | ) | | | 1,565,710 | |
| |
| | | | | |
| | | 5,858,281 | | | | (12,163,842 | ) | | | | | | | 8,657,753 | | | | (5,543,772 | ) |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 46,424,754 | | | | 58,588,596 | | | | | | | | 55,840,810 | | | | 61,384,582 | |
| |
| | $ | 52,283,035 | | | $ | 46,424,754 | | | | | | | $ | 64,498,563 | | | $ | 55,840,810 | |
|
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 216,173 | | | | 278,556 | | | | | | | | 69,896 | | | | 268,338 | |
| | | — | | | | 413,854 | | | | | | | | — | | | | 225,246 | |
| | | (395,866 | ) | | | (657,798 | ) | | | | | | | (155,458 | ) | | | (396,474 | ) |
| |
| | | (179,693 | ) | | | 34,612 | | | | | | | | (85,562 | ) | | | 97,110 | |
|
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 93 | |
| | |
| Statements of changes in net assets | | |
TIAA-CREF Life Funds § For the period or year ended
| | | | | | | | | | | | |
| | | Stock Index Fund | | | | |
| | | June 30, 2019 | | | December 31, 2018 | | | | |
| |
| | | (unaudited) | | | | | | | |
OPERATIONS | | | | | | | | | | | | |
Net investment income (loss) | | $ | 4,891,719 | | | $ | 8,783,599 | | | | | |
Net realized gain (loss) on total investments | | | (54,710 | ) | | | 4,443,653 | | | | | |
Net change in unrealized appreciation (depreciation) on total investments | | | 75,916,421 | | | | (37,291,381 | ) | | | | |
| |
Net increase (decrease) in net assets from operations | | | 80,753,430 | | | | (24,064,129 | ) | | | | |
| |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS | | | — | | | | (10,867,391 | ) | | | | |
| |
Total distributions | | | — | | | | (10,867,391 | ) | | | | |
| |
| | | |
SHAREHOLDER TRANSACTIONS | | | | | | | | | | | | |
Subscriptions | | | 37,552,964 | | | | 56,711,264 | | | | | |
Reinvestments of distributions | | | — | | | | 10,867,391 | | | | | |
Redemptions | | | (24,359,164 | ) | | | (48,549,782 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | 13,193,800 | | | | 19,028,873 | | | | | |
| |
| | | |
Net increase (decrease) in net assets | | | 93,947,230 | | | | (15,902,647 | ) | | | | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | 429,527,344 | | | | 445,429,991 | | | | | |
| |
End of period | | $ | 523,474,574 | | | $ | 429,527,344 | | | | | |
|
| |
| | | |
CHANGE IN FUND SHARES | | | | | | | | | | | | |
Shares sold | | | 1,514,533 | | | | 2,335,728 | | | | | |
Shares reinvested | | | — | | | | 422,362 | | | | | |
Shares redeemed | | | (977,740 | ) | | | (1,990,827 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | 536,793 | | | | 767,263 | | | | | |
|
| |
| | | | |
| 94 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | | | | | |
| | | International Equity Fund | | | | | | Bond Fund | |
| | | June 30, 2019 | | | December 31, 2018 | | | | | | June 30, 2019 | | | December 31, 2018 | |
| |
| | | (unaudited) | | | | | | | | | (unaudited) | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 1,436,204 | | | $ | 2,107,687 | | | | | | | $ | 3,114,058 | | | $ | 5,823,196 | |
| | | (2,938,746 | ) | | | 3,839,765 | | | | | | | | 604,009 | | | | (2,298,372 | ) |
| | | | | |
| | | 12,691,250 | | | | (32,412,568 | ) | | | | | | | 9,205,605 | | | | (5,147,337 | ) |
| |
| | | 11,188,708 | | | | (26,465,116 | ) | | | | | | | 12,923,672 | | | | (1,622,513 | ) |
| |
| | | | | |
| | | — | | | | (1,123,383 | ) | | | | | | | — | | | | (5,057,919 | ) |
| |
| | | — | | | | (1,123,383 | ) | | | | | | | — | | | | (5,057,919 | ) |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 5,449,929 | | | | 12,689,868 | | | | | | | | 13,507,249 | | | | 20,767,398 | |
| | | — | | | | 1,123,383 | | | | | | | | — | | | | 5,057,753 | |
| | | (6,675,512 | ) | | | (15,579,604 | ) | | | | | | | (16,638,290 | ) | | | (29,828,381 | ) |
| |
| | | (1,225,583 | ) | | | (1,766,353 | ) | | | | | | | (3,131,041 | ) | | | (4,003,230 | ) |
| |
| | | | | |
| | | 9,963,125 | | | | (29,354,852 | ) | | | | | | | 9,792,631 | | | | (10,683,662 | ) |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 86,050,877 | | | | 115,405,729 | | | | | | | | 189,284,884 | | | | 199,968,546 | |
| |
| | $ | 96,014,002 | | | $ | 86,050,877 | | | | | | | $ | 199,077,515 | | | $ | 189,284,884 | |
|
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 709,810 | | | | 1,451,600 | | | | | | | | 1,322,280 | | | | 2,066,035 | |
| | | — | | | | 127,368 | | | | | | | | — | | | | 513,999 | |
| | | (859,360 | ) | | | (1,746,386 | ) | | | | | | | (1,620,955 | ) | | | (2,974,914 | ) |
| |
| | | (149,550 | ) | | | (167,418 | ) | | | | | | | (298,675 | ) | | | (394,880 | ) |
|
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 95 | |
| | |
| Statements of changes in net assets | | |
TIAA-CREF Life Funds § For the period or year ended
| | | | | | | | | | | | |
| | | Money Market Fund | | | | |
| | | June 30, 2019 | | | December 31, 2018 | | | | |
| |
| | | (unaudited) | | | | | | | |
OPERATIONS | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,119,780 | | | $ | 1,509,783 | | | | | |
Net realized gain (loss) on total investments | | | 2,637 | | | | (50 | ) | | | | |
Net change in unrealized appreciation (depreciation) on total investments | | | — | | | | — | | | | | |
| |
Net increase (decrease) in net assets from operations | | | 1,122,417 | | | | 1,509,733 | | | | | |
| |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS | | | (1,118,753 | ) | | | (1,510,779 | ) | | | | |
| |
Total distributions | | | (1,118,753 | ) | | | (1,510,779 | ) | | | | |
| |
| | | |
SHAREHOLDER TRANSACTIONS | | | | | | | | | | | | |
Subscriptions | | | 61,426,032 | | | | 153,340,638 | | | | | |
Reinvestments of distributions | | | 1,118,753 | | | | 1,510,714 | | | | | |
Redemptions | | | (58,774,649 | ) | | | (132,591,226 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | 3,770,136 | | | | 22,260,126 | | | | | |
| |
| | | |
Net increase (decrease) in net assets | | | 3,773,800 | | | | 22,259,080 | | | | | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | 104,669,788 | | | | 82,410,708 | | | | | |
| |
End of period | | $ | 108,443,588 | | | $ | 104,669,788 | | | | | |
|
| |
| | | |
CHANGE IN FUND SHARES | | | | | | | | | | | | |
Shares sold | | | 61,426,032 | | | | 153,340,638 | | | | | |
Shares reinvested | | | 1,118,753 | | | | 1,510,714 | | | | | |
Shares redeemed | | | (58,774,649 | ) | | | (132,591,226 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | 3,770,136 | | | | 22,260,126 | | | | | |
|
| |
| | | | |
| 96 | | 2019 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | |
| | | Balanced Fund | |
| | | June 30, 2019 | | | December 31, 2018 | |
| |
| | | (unaudited) | | | | |
| | | | | | | | |
| | $ | (29,756 | ) | | $ | 1,072,622 | |
| | | (120,500 | ) | | | 1,560,551 | |
| | | 7,209,481 | | | | (5,901,397 | ) |
| |
| | | 7,059,225 | | | | (3,268,224 | ) |
| |
| | |
| | | — | | | | (308,311 | ) |
| |
| | | — | | | | (308,311 | ) |
| |
| | |
| | | | | | | | |
| | | 4,055,769 | | | | 5,005,948 | |
| | | — | | | | 308,252 | |
| | | (3,256,248 | ) | | | (4,564,169 | ) |
| |
| | | 799,521 | | | | 750,031 | |
| |
| | |
| | | 7,858,746 | | | | (2,826,504 | ) |
| | |
| | | | | | | | |
| | | 56,516,298 | | | | 59,342,802 | |
| |
| | $ | 64,375,044 | | | $ | 56,516,298 | |
|
| |
| | |
| | | | | | | | |
| | | 340,130 | | | | 429,326 | |
| | | — | | | | 25,904 | |
| | | (273,598 | ) | | | (389,454 | ) |
| |
| | | 66,532 | | | | 65,776 | |
|
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 97 | |
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 | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | $ | 13.73 | | | $ | 0.04 | | | $ | 2.87 | | | $ | 2.91 | | | $ | — | | | $ | — | | | $ | — | | | | | |
| | | 12/31/18 | | | | 14.65 | | | | 0.07 | | | | 0.07 | | | | 0.14 | | | | (0.06 | ) | | | (1.00 | ) | | | (1.06 | ) | | | | |
| | | 12/31/17 | * | | | 11.05 | | | | 0.06 | | | | 3.74 | | | | 3.80 | | | | — | | | | (0.20 | ) | | | (0.20 | ) | | | | |
| | | 12/31/16 | * | | | 11.55 | | | | 0.06 | | | | (0.17 | ) | | | (0.11 | ) | | | (0.06 | ) | | | (0.33 | ) | | | (0.39 | ) | | | | |
| | | 12/31/15 | * | | | 10.81 | | | | 0.03 | | | | 1.01 | | | | 1.04 | | | | (0.02 | ) | | | (0.28 | ) | | | (0.30 | ) | | | | |
| | | | 12/31/14 | * | | | 10.55 | | | | 0.04 | | | | 1.15 | | | | 1.19 | | | | (0.03 | ) | | | (0.90 | ) | | | (0.93 | ) | | | | |
| | | | |
GROWTH & INCOME FUND | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | | 15.54 | | | | 0.14 | | | | 2.96 | | | | 3.10 | | | | — | | | | — | | | | — | | | | | |
| | | 12/31/18 | | | | 17.96 | | | | 0.19 | | | | (1.26 | ) | | | (1.07 | ) | | | (0.17 | ) | | | (1.18 | ) | | | (1.35 | ) | | | | |
| | | 12/31/17 | * | | | 14.59 | | | | 0.16 | | | | 3.32 | | | | 3.48 | | | | — | | | | (0.11 | ) | | | (0.11 | ) | | | | |
| | | 12/31/16 | * | | | 14.28 | | | | 0.18 | | | | 1.05 | | | | 1.23 | | | | (0.20 | ) | | | (0.72 | ) | | | (0.92 | ) | | | | |
| | | 12/31/15 | * | | | 15.02 | | | | 0.16 | | | | 0.32 | | | | 0.48 | | | | (0.17 | ) | | | (1.05 | ) | | | (1.22 | ) | | | | |
| | | | 12/31/14 | * | | | 14.81 | | | | 0.15 | | | | 1.50 | | | | 1.65 | | | | (0.16 | ) | | | (1.28 | ) | | | (1.44 | ) | | | | |
| | | | |
LARGE-CAP VALUE FUND | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | | 12.40 | | | | 0.13 | | | | 1.98 | | | | 2.11 | | | | — | | | | — | | | | — | | | | | |
| | | 12/31/18 | | | | 15.75 | | | | 0.25 | | | | (2.23 | ) | | | (1.98 | ) | | | (0.22 | ) | | | (1.15 | ) | | | (1.37 | ) | | | | |
| | | 12/31/17 | * | | | 14.08 | | | | 0.21 | | | | 1.52 | | | | 1.73 | | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | | |
| | | 12/31/16 | * | | | 12.48 | | | | 0.24 | | | | 2.11 | | | | 2.35 | | | | (0.24 | ) | | | (0.51 | ) | | | (0.75 | ) | | | | |
| | | 12/31/15 | * | | | 14.72 | | | | 0.18 | | | | (0.95 | ) | | | (0.77 | ) | | | (0.24 | ) | | | (1.23 | ) | | | (1.47 | ) | | | | |
| | | | 12/31/14 | * | | | 14.66 | | | | 0.26 | | | | 1.06 | | | | 1.32 | | | | (0.27 | ) | | | (0.99 | ) | | | (1.26 | ) | | | | |
| | | | |
REAL ESTATE SECURITIES FUND | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | | 12.31 | | | | 0.13 | | | | 2.44 | | | | 2.57 | | | | — | | | | — | | | | — | | | | | |
| | | 12/31/18 | | | | 13.58 | | | | 0.30 | | | | (0.82 | ) | | | (0.52 | ) | | | (0.27 | ) | | | (0.48 | ) | | | (0.75 | ) | | | | |
| | | 12/31/17 | * | | | 12.42 | | | | 0.24 | | | | 1.27 | | | | 1.51 | | | | — | | | | (0.35 | ) | | | (0.35 | ) | | | | |
| | | 12/31/16 | * | | | 13.34 | | | | 0.23 | | | | 0.29 | | | | 0.52 | | | | (0.38 | ) | | | (1.06 | ) | | | (1.44 | ) | | | | |
| | | 12/31/15 | * | | | 14.66 | | | | 0.32 | | | | 0.27 | | | | 0.59 | | | | (0.40 | ) | | | (1.51 | ) | | | (1.91 | ) | | | | |
| | | | 12/31/14 | * | | | 11.74 | | | | 0.24 | | | | 3.11 | | | | 3.35 | | | | (0.22 | ) | | | (0.21 | ) | | | (0.43 | ) | | | | |
| | | | |
SMALL-CAP EQUITY FUND | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | | 12.41 | | | | 0.05 | | | | 2.22 | | | | 2.27 | | | | — | | | | — | | | | — | | | | | |
| | | 12/31/18 | | | | 15.81 | | | | 0.08 | | | | (1.61 | ) | | | (1.53 | ) | | | (0.10 | ) | | | (1.77 | ) | | | (1.87 | ) | | | | |
| | | 12/31/17 | * | | | 14.06 | | | | 0.10 | | | | 1.97 | | | | 2.07 | | | | — | | | | (0.32 | ) | | | (0.32 | ) | | | | |
| | | 12/31/16 | * | | | 12.16 | | | | 0.10 | | | | 2.32 | | | | 2.42 | | | | (0.12 | ) | | | (0.40 | ) | | | (0.52 | ) | | | | |
| | | 12/31/15 | * | | | 13.43 | | | | 0.09 | | | | (0.13 | ) | | | (0.04 | ) | | | (0.08 | ) | | | (1.15 | ) | | | (1.23 | ) | | | | |
| | | | 12/31/14 | * | | | 14.53 | | | | 0.11 | | | | 0.87 | | | | 0.98 | | | | (0.11 | ) | | | (1.97 | ) | | | (2.08 | ) | | | | |
| | | | |
| 98 | | 2019 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†† | | | Total return
excluding
payment
from
affiliatesu | | | Net assets at end of period (in thousands) | | | Gross
expenses | | | Net
expenses | | | Net
investment
income
(loss) | | | Net
investment
income
(loss) excluding
payment
from
affiliatesu | | | Portfolio
turnover
rate | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 16.64 | | | | 21.19 | %b | | | 21.19 | %b | | $ | 117,156 | | | | 0.56 | %c | | | 0.52 | %c | | | 0.46 | %c | | | 0.45 | %c | | | 50 | %b |
| | | 13.73 | | | | (0.21 | ) | | | (0.22 | ) | | | 98,216 | | | | 0.56 | | | | 0.52 | | | | 0.43 | | | | 0.43 | | | | 90 | |
| | | 14.65 | | | | 34.54 | | | | 34.53 | | | | 97,100 | | | | 0.59 | | | | 0.52 | | | | 0.43 | | | | 0.43 | | | | 81 | |
| | | 11.05 | | | | (0.96 | ) | | | (0.99 | ) | | | 74,746 | | | | 0.60 | | | | 0.52 | | | | 0.55 | | | | 0.51 | | | | 106 | |
| | | 11.55 | | | | 9.67 | | | | 9.67 | | | | 81,569 | | | | 0.57 | | | | 0.52 | | | | 0.24 | | | | 0.24 | | | | 78 | |
| | | | 10.81 | | | | 11.25 | | | | 11.25 | | | | 70,492 | | | | 0.59 | | | | 0.52 | | | | 0.35 | | | | 0.35 | | | | 103 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 18.64 | | | | 19.95 | b | | | 19.94 | b | | | 150,172 | | | | 0.56 | c | | | 0.52 | c | | | 1.60 | c | | | 1.59 | c | | | 31 | b |
| | | 15.54 | | | | (7.25 | ) | | | (7.26 | ) | | | 129,668 | | | | 0.56 | | | | 0.52 | | | | 1.03 | | | | 1.03 | | | | 61 | |
| | | 17.96 | | | | 23.91 | | | | 23.91 | | | | 145,806 | | | | 0.58 | | | | 0.52 | | | | 1.00 | | | | 1.00 | | | | 70 | |
| | | 14.59 | | | | 8.60 | | | | 8.53 | | | | 127,276 | | | | 0.58 | | | | 0.52 | | | | 1.28 | | | | 1.22 | | | | 88 | |
| | | 14.28 | | | | 3.34 | | | | 3.34 | | | | 132,244 | | | | 0.55 | | | | 0.52 | | | | 1.01 | | | | 1.01 | | | | 82 | |
| | | | 15.02 | | | | 11.09 | | | | 11.09 | | | | 147,873 | | | | 0.56 | | | | 0.52 | | | | 0.98 | | | | 0.98 | | | | 103 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 14.51 | | | | 17.02 | b | | | 17.01 | b | | | 69,870 | | | | 0.66 | c | | | 0.52 | c | | | 1.88 | c | | | 1.87 | c | | | 13 | b |
| | | 12.40 | | | | (14.13 | ) | | | (14.14 | ) | | | 62,956 | | | | 0.63 | | | | 0.52 | | | | 1.67 | | | | 1.67 | | | | 107 | |
| | | 15.75 | | | | 12.34 | | | | 12.34 | | | | 76,470 | | | | 0.63 | | | | 0.53 | | | | 1.39 | | | | 1.39 | | | | 55 | |
| | | 14.08 | | | | 18.74 | | | | 18.58 | | | | 74,680 | | | | 0.64 | | | | 0.52 | | | | 1.86 | | | | 1.70 | | | | 68 | |
| | | 12.48 | | | | (5.00 | ) | | | (5.00 | ) | | | 64,052 | | | | 0.58 | | | | 0.52 | | | | 1.25 | | | | 1.25 | | | | 61 | |
| | | | 14.72 | | | | 8.98 | | | | 8.98 | | | | 112,643 | | | | 0.56 | | | | 0.52 | | | | 1.75 | | | | 1.75 | | | | 60 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 14.88 | | | | 20.88 | b | | | 20.88 | b | | | 77,148 | | | | 0.64 | c | | | 0.57 | c | | | 1.79 | c | | | 1.78 | c | | | 11 | b |
| | | 12.31 | | | | (4.23 | ) | | | (4.24 | ) | | | 67,142 | | | | 0.65 | | | | 0.57 | | | | 2.29 | | | | 2.28 | | | | 34 | |
| | | 13.58 | | | | 12.32 | | | | 12.32 | | | | 77,144 | | | | 0.66 | | | | 0.58 | | | | 1.86 | | | | 1.86 | | | | 35 | |
| | | 12.42 | | | | 3.96 | | | | 3.85 | | | | 73,391 | | | | 0.65 | | | | 0.57 | | | | 1.71 | | | | 1.60 | | | | 59 | |
| | | 13.34 | | | | 4.37 | | | | 4.37 | | | | 73,223 | | | | 0.59 | | | | 0.57 | | | | 2.12 | | | | 2.12 | | | | 30 | |
| | | | 14.66 | | | | 28.47 | | | | 28.47 | | | | 128,653 | | | | 0.58 | | | | 0.57 | | | | 1.76 | | | | 1.76 | | | | 45 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 14.68 | | | | 18.29 | b | | | 18.29 | b | | | 52,283 | | | | 0.66 | c | | | 0.53 | c | | | 0.73 | c | | | 0.73 | c | | | 66 | b |
| | | 12.41 | | | | (12.05 | ) | | | (12.05 | ) | | | 46,425 | | | | 0.66 | | | | 0.53 | | | | 0.52 | | | | 0.52 | | | | 86 | |
| | | 15.81 | | | | 14.90 | | | | 14.90 | | | | 58,589 | | | | 0.71 | | | | 0.53 | | | | 0.68 | | | | 0.68 | | | | 77 | |
| | | 14.06 | | | | 19.87 | | | | 19.87 | | | | 54,372 | | | | 0.71 | | | | 0.53 | | | | 0.84 | | | | 0.84 | | | | 91 | |
| | | 12.16 | | | | (0.15 | ) | | | (0.15 | ) | | | 49,403 | | | | 0.63 | | | | 0.53 | | | | 0.68 | | | | 0.68 | | | | 92 | |
| | | | 13.43 | | | | 6.85 | | | | 6.85 | | | | 52,734 | | | | 0.64 | | | | 0.54 | | | | 0.73 | | | | 0.73 | | | | 98 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 99 | |
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 | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | $ | 14.98 | | | $ | 0.14 | | | $ | 2.58 | | | $ | 2.72 | | | $ | — | | | $ | — | | | $ | — | | | | | |
| | | 12/31/18 | | | | 16.90 | | | | 0.29 | | | | (1.06 | ) | | | (0.77 | ) | | | (0.29 | ) | | | (0.86 | ) | | | (1.15 | ) | | | | |
| | | 12/31/17 | * | | | 14.02 | | | | 0.27 | | | | 2.66 | | | | 2.93 | | | | (0.00 | )d | | | (0.05 | ) | | | (0.05 | ) | | | | |
| | | 12/31/16 | * | | | 13.61 | | | | 0.34 | | | | 1.48 | | | | 1.82 | | | | (0.34 | ) | | | (1.07 | ) | | | (1.41 | ) | | | | |
| | | 12/31/15 | * | | | 15.47 | | | | 0.27 | | | | (0.72 | ) | | | (0.45 | ) | | | (0.39 | ) | | | (1.02 | ) | | | (1.41 | ) | | | | |
| | | | 12/31/14 | * | | | 14.56 | | | | 0.26 | | | | 1.34 | | | | 1.60 | | | | (0.28 | ) | | | (0.41 | ) | | | (0.69 | ) | | | | |
| | | | |
STOCK INDEX FUND | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | | 21.94 | | | | 0.25 | | | | 3.84 | | | | 4.09 | | | | — | | | | — | | | | — | | | | | |
| | | 12/31/18 | | | | 23.68 | | | | 0.46 | | | | (1.62 | ) | | | (1.16 | ) | | | (0.40 | ) | | | (0.18 | ) | | | (0.58 | ) | | | | |
| | | 12/31/17 | * | | | 19.59 | | | | 0.40 | | | | 3.71 | | | | 4.11 | | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | | |
| | | 12/31/16 | * | | | 17.74 | | | | 0.40 | | | | 1.86 | | | | 2.26 | | | | (0.41 | ) | | | (0.00 | ) | | | (0.41 | ) | | | | |
| | | 12/31/15 | * | | | 18.17 | | | | 0.35 | | | | (0.28 | ) | | | 0.07 | | | | (0.36 | ) | | | (0.14 | ) | | | (0.50 | ) | | | | |
| | | | 12/31/14 | * | | | 16.49 | | | | 0.32 | | | | 1.73 | | | | 2.05 | | | | (0.33 | ) | | | (0.04 | ) | | | (0.37 | ) | | | | |
| | | | |
INTERNATIONAL EQUITY FUND | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | | 7.07 | | | | 0.12 | | | | 0.79 | | | | 0.91 | | | | — | | | | — | | | | — | | | | | |
| | | 12/31/18 | | | | 9.35 | | | | 0.17 | | | | (2.36 | ) | | | (2.19 | ) | | | (0.09 | ) | | | — | | | | (0.09 | ) | | | | |
| | | 12/31/17 | * | | | 7.11 | | | | 0.10 | | | | 2.24 | | | | 2.34 | | | | (0.10 | ) | | | — | | | | (0.10 | ) | | | | |
| | | 12/31/16 | * | | | 7.14 | | | | 0.11 | | | | (0.03 | ) | | | 0.08 | | | | (0.11 | ) | | | — | | | | (0.11 | ) | | | | |
| | | 12/31/15 | * | | | 7.32 | | | | 0.10 | | | | (0.18 | ) | | | (0.08 | ) | | | (0.10 | ) | | | — | | | | (0.10 | ) | | | | |
| | | | 12/31/14 | * | | | 8.06 | | | | 0.12 | | | | (0.76 | ) | | | (0.64 | ) | | | (0.10 | ) | | | — | | | | (0.10 | ) | | | | |
| | | | |
BOND FUND | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | | 9.96 | | | | 0.16 | | | | 0.52 | | | | 0.68 | | | | — | | | | — | | | | — | | | | | |
| | | 12/31/18 | | | | 10.31 | | | | 0.30 | | | | (0.38 | ) | | | (0.08 | ) | | | (0.27 | ) | | | — | | | | (0.27 | ) | | | | |
| | | 12/31/17 | * | | | 9.86 | | | | 0.27 | | | | 0.18 | | | | 0.45 | | | | (0.00 | )d | | | — | | | | (0.00 | )d | | | | |
| | | 12/31/16 | * | | | 9.82 | | | | 0.28 | | | | 0.13 | | | | 0.41 | | | | (0.29 | ) | | | (0.08 | ) | | | (0.37 | ) | | | | |
| | | 12/31/15 | * | | | 10.22 | | | | 0.29 | | | | (0.23 | ) | | | 0.06 | | | | (0.35 | ) | | | (0.11 | ) | | | (0.46 | ) | | | | |
| | | | 12/31/14 | * | | | 9.98 | | | | 0.24 | | | | 0.31 | | | | 0.55 | | | | (0.23 | ) | | | (0.08 | ) | | | (0.31 | ) | | | | |
| | | | |
MONEY MARKET FUND | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | | 1.00 | | | | 0.01 | | | | — | | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) | | | | |
| | | 12/31/18 | | | | 1.00 | | | | 0.02 | | | | — | | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) | | | | |
| | | 12/31/17 | | | | 1.00 | | | | 0.01 | | | | — | | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) | | | | |
| | | 12/31/16 | | | | 1.00 | | | | 0.00 | d | | | 0.00 | d | | | 0.00 | d | | | (0.00 | )d | | | — | | | | (0.00 | )d | | | | |
| | | 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 | | | — | | | | — | | | | — | | | | | |
| | | | |
| 100 | | 2019 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†† | | | Total return
excluding
payment
from
affiliatesu | | | Net assets at end of
period
(in thousands) | | | Gross
expenses | | | Net
expenses | | | Net
investment
income
(loss) | | | Net
investment
income (loss) excluding
payment
from
affiliatesu | | | Portfolio
turnover
rate | | | Portfolio
turnover
rate
excluding
mortgage
dollar
rolls | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 17.70 | | | | 18.16 | %b | | | 18.16 | %b | | $ | 64,499 | | | | 0.32 | %c | | | 0.22 | %c | | | 1.72 | %c | | | 1.72 | %c | | | 15 | %b | | | 15 | %b |
| | | 14.98 | | | | (5.55 | ) | | | (5.55 | ) | | | 55,841 | | | | 0.32 | | | | 0.22 | | | | 1.68 | | | | 1.68 | | | | 38 | | | | 38 | |
| | | 16.90 | | | | 20.96 | | | | 20.96 | | | | 61,385 | | | | 0.33 | | | | 0.22 | | | | 1.75 | | | | 1.75 | | | | 13 | | | | 13 | |
| | | 14.02 | | | | 13.35 | | | | 13.35 | | | | 52,595 | | | | 0.36 | | | | 0.22 | | | | 2.44 | | | | 2.44 | | | | 21 | | | | 21 | |
| | | 13.61 | | | | (2.70 | ) | | | (2.70 | ) | | | 47,408 | | | | 0.28 | | | | 0.22 | | | | 1.76 | | | | 1.76 | | | | 9 | | | | 9 | |
| | | | 15.47 | | | | 10.98 | | | | 10.98 | | | | 71,967 | | | | 0.26 | | | | 0.22 | | | | 1.68 | | | | 1.68 | | | | 10 | | | | 10 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 26.03 | | | | 18.64 | b | | | 18.64 | b | | | 523,475 | | | | 0.10 | c | | | 0.09 | c | | | 2.00 | c | | | 2.00 | c | | | 2 | b | | | 2 | b |
| | | 21.94 | | | | (5.28 | ) | | | (5.28 | ) | | | 429,527 | | | | 0.10 | | | | 0.09 | | | | 1.89 | | | | 1.89 | | | | 4 | | | | 4 | |
| | | 23.68 | | | | 21.01 | | | | 21.01 | | | | 445,430 | | | | 0.12 | | | | 0.09 | | | | 1.88 | | | | 1.88 | | | | 7 | | | | 7 | |
| | | 19.59 | | | | 12.71 | | | | 12.71 | | | | 364,787 | | | | 0.12 | | | | 0.09 | | | | 2.19 | | | | 2.19 | | | | 12 | | | | 12 | |
| | | 17.74 | | | | 0.43 | | | | 0.43 | | | | 332,443 | | | | 0.11 | | | | 0.09 | | | | 1.91 | | | | 1.91 | | | | 7 | | | | 7 | |
| | | | 18.17 | | | | 12.46 | | | | 12.46 | | | | 328,728 | | | | 0.12 | | | | 0.09 | | | | 1.86 | | | | 1.86 | | | | 8 | | | | 8 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 7.98 | | | | 13.01 | b | | | 13.00 | b | | | 96,014 | | | | 0.70 | c | | | 0.60 | c | | | 3.10 | c | | | 3.09 | c | | | 61 | b | | | 61 | b |
| | | 7.07 | | | | (23.58 | ) | | | (23.59 | ) | | | 86,051 | | | | 0.71 | | | | 0.60 | | | | 1.96 | | | | 1.95 | | | | 67 | | | | 67 | |
| | | 9.35 | | | | 32.98 | | | | 32.97 | | | | 115,406 | | | | 0.70 | | | | 0.60 | | | | 1.24 | | | | 1.24 | | | | 119 | | | | 119 | |
| | | 7.11 | | | | 1.06 | | | | 0.96 | | | | 88,738 | | | | 0.69 | | | | 0.60 | | | | 1.57 | | | | 1.47 | | | | 94 | | | | 94 | |
| | | 7.14 | | | | (0.98 | ) | | | (0.98 | ) | | | 91,819 | | | | 0.66 | | | | 0.60 | | | | 1.29 | | | | 1.29 | | | | 77 | | | | 77 | |
| | | | 7.32 | | | | (7.90 | ) | | | (7.90 | ) | | | 90,680 | | | | 0.66 | | | | 0.60 | | | | 1.46 | | | | 1.46 | | | | 91 | | | | 91 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 10.64 | | | | 6.83 | b | | | 6.83 | b | | | 199,078 | | | | 0.39 | c | | | 0.35 | c | | | 3.22 | c | | | 3.22 | c | | | 75 | b | | | 61 | b |
| | | 9.96 | | | | (0.79 | ) | | | (0.79 | ) | | | 189,285 | | | | 0.38 | | | | 0.35 | | | | 3.01 | | | | 3.01 | | | | 147 | | | | 139 | |
| | | 10.31 | | | | 4.54 | | | | 4.54 | | | | 199,969 | | | | 0.36 | | | | 0.35 | | | | 2.69 | | | | 2.69 | | | | 147 | | | | 114 | |
| | | 9.86 | | | | 4.23 | | | | 4.23 | | | | 177,844 | | | | 0.42 | | | | 0.35 | | | | 2.80 | | | | 2.80 | | | | 217 | | | | 143 | |
| | | 9.82 | | | | 0.57 | | | | 0.57 | | | | 179,096 | | | | 0.39 | | | | 0.35 | | | | 2.77 | | | | 2.77 | | | | 155 | | | | 155 | |
| | | | 10.22 | | | | 5.47 | | | | 5.47 | | | | 230,823 | | | | 0.39 | | | | 0.35 | | | | 2.38 | | | | 2.38 | | | | 180 | | | | 180 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1.00 | | | | 1.14 | b | | | 1.14 | b | | | 108,444 | | | | 0.23 | c | | | 0.15 | c | | | 2.29 | c | | | 2.29 | c | | | — | | | | — | |
| | | 1.00 | | | | 1.71 | | | | 1.71 | | | | 104,670 | | | | 0.24 | | | | 0.15 | | | | 1.73 | | | | 1.73 | | | | — | | | | — | |
| | | 1.00 | | | | 0.74 | | | | 0.74 | | | | 82,411 | | | | 0.26 | | | | 0.15 | | | | 0.75 | | | | 0.75 | | | | — | | | | — | |
| | | 1.00 | | | | 0.28 | | | | 0.28 | | | | 78,259 | | | | 0.26 | | | | 0.15 | | | | 0.28 | | | | 0.28 | | | | — | | | | — | |
| | | 1.00 | | | | 0.00 | | | | 0.00 | | | | 71,238 | | | | 0.23 | | | | 0.15 | | | | 0.00 | | | | 0.00 | | | | — | | | | — | |
| | | | 1.00 | | | | 0.00 | | | | 0.00 | | | | 68,628 | | | | 0.23 | | | | 0.11 | | | | 0.00 | | | | 0.00 | | | | — | | | | — | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 101 | |
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 | | | | | | | | | | | | | | | | | |
| | | 6/30/19 | # | | $ | 10.94 | | | $ | (0.01 | ) | | $ | 1.37 | | | $ | 1.36 | | | $ | — | | | $ | — | | | $ | — | | | | | |
| | | 12/31/18 | | | | 11.63 | | | | 0.21 | | | | (0.84 | ) | | | (0.63 | ) | | | (0.00 | )d | | | (0.06 | ) | | | (0.06 | ) | | | | |
| | | 12/31/17 | | | | 10.32 | | | | 0.00 | | | | 1.42 | | | | 1.42 | | | | — | | | | (0.11 | ) | | | (0.11 | ) | | | | |
| | | 12/31/16 | | | | 10.12 | | | | 0.23 | | | | 0.39 | | | | 0.62 | | | | (0.25 | ) | | | (0.17 | ) | | | (0.42 | ) | | | | |
| | | 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 | ) | | | | |
| * | | This per share data has been retroactively adjusted for5-for-2 stock split that occurred on October 25, 2017. |
| † | | 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. |
| 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. |
| u | | Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The total return and net investment income ratio displayed excludes this item. |
| | | | |
| 102 | | 2019 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
expensese | | | Net
expensese | | | Net
investment
income
(loss) | | | Portfolio
turnover
rate | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 12.30 | | | | 12.43 | %b | | $ | 64,375 | | | | 0.20 | %c | | | 0.10 | %c | | | (0.10 | )%c | | | 14 | %b |
| | | 10.94 | | | | (5.47 | ) | | | 56,516 | | | | 0.21 | | | | 0.10 | | | | 1.77 | | | | 17 | |
| | | 11.63 | | | | 13.82 | | | | 59,343 | | | | 0.23 | | | | 0.10 | | | | 0.02 | | | | 14 | |
| | | 10.32 | | | | 6.14 | | | | 49,957 | | | | 0.24 | | | | 0.10 | | | | 2.20 | | | | 17 | |
| | | 10.12 | | | | 1.28 | | | | 42,585 | | | | 0.23 | | | | 0.10 | | | | 2.03 | | | | 40 | |
| | | | 10.45 | | | | 7.21 | b | | | 36,932 | | | | 0.49 | c | | | 0.10 | c | | | 2.99 | c | | | 59 | b |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2019 Semiannual Report | | | 103 | |
| | |
| 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 U.S. Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-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 theex-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 theex-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
| | |
| 104 | | 2019 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 theex-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 § 2019 Semiannual Report | | | 105 | |
| | |
| Notes to financial statements(unaudited) | | |
retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately 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 October 2016, the Commission issued Final Rule ReleaseNo. 33-10233,Investment Company Liquidity Risk Management Programs. This final rule requires Funds to establish a liquidity risk management program and enhances disclosures regarding funds’ liquidity. The requirements of this final rule have been implemented and did not have a material impact on the Funds’ financial statements and various filings.
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 as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
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 at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time
| | |
| 106 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
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 as 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 as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as 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 as 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 as 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 as Level 1 of the fair value hierarchy.
Options: Purchased and written options traded over the counter and listed 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 as Level 1 of the fair value hierarchy.
Credit default swap contracts: Credit default swap contracts aremarked-to-market daily based upon a price supplied by a pricing service. Credit default swaps are generally categorized as Level 2 in the fair value hierarchy.
Unfunded loan commitment:Unfunded loan commitments aremarked-to-market daily based upon a price supplied by a pricing service. Unfunded loan commitments are generally categorized as Level 2 of 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 as Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 107 | |
| | |
| Notes to financial statements(unaudited) | | |
As of June 30, 2019, 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs, while 100% of the value of investments in theSmall-Cap Equity Fund and Balanced Fund were valued based on Level 1 inputs.
The following table summarizes the market value of the Funds’ investments as of June 30, 2019, based on the inputs used to value them:
| | | | | | | | | | | | | | | | |
| Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
Growth Equity | | | | | | | | | | | | | | | | |
Equity investments: | | | | | | | | | | | | | | | | |
Communication services | | $ | 17,961,539 | | | $ | 1,317,305 | | | $ | — | | | $ | 19,278,844 | |
Consumer discretionary | | | 15,038,086 | | | | 2,011,960 | | | | — | | | | 17,050,046 | |
Health care | | | 14,975,191 | | | | 2,888,688 | | | | — | | | | 17,863,879 | |
Industrials | | | 5,101,564 | | | | 1,734,771 | | | | — | | | | 6,836,335 | |
Information technology | | | 45,116,591 | | | | 1,377,341 | | | | — | | | | 46,493,932 | |
All other equity investments* | | | 8,149,552 | | | | — | | | | — | | | | 8,149,552 | |
Short-term investments | | | 245,564 | | | | 800,000 | | | | — | | | | 1,045,564 | |
| |
Total | | $ | 106,588,087 | | | $ | 10,130,065 | | | $ | — | | | $ | 116,718,152 | |
| |
Growth & Income | | | | | | | | | | | | | | | | |
Equity investments: | | | | | | | | | | | | | | | | |
Communication services | | $ | 15,835,036 | | | $ | 590,540 | | | $ | — | | | $ | 16,425,576 | |
Consumer discretionary | | | 12,457,215 | | | | 460,062 | | | | — | | | | 12,917,277 | |
Consumer staples | | | 12,089,218 | | | | 543,168 | | | | — | | | | 12,632,386 | |
Health care | | | 21,852,291 | | | | 3,106,771 | | | | — | | | | 24,959,062 | |
Industrials | | | 13,537,253 | | | | 310,870 | | | | — | | | | 13,848,123 | |
Information technology | | | 34,177,620 | | | | 490,319 | | | | — | | | | 34,667,939 | |
All other equity investments* | | | 34,757,522 | | | | — | | | | — | | | | 34,757,522 | |
Short-term investments | | | 666,742 | | | | 595,000 | | | | — | | | | 1,261,742 | |
Purchased options | | | 17,542 | | | | — | | | | — | | | | 17,542 | |
Written options** | | | (272,113 | ) | | | — | | | | — | | | | (272,113 | ) |
| |
Total | | $ | 145,118,326 | | | $ | 6,096,730 | | | $ | — | | | $ | 151,215,056 | |
| |
Large-Cap Value | | | | | | | | | | | | | | | | |
Equity investments* | | $ | 69,588,132 | | | $ | — | | | $ | — | | | $ | 69,588,132 | |
Short-term investments | | | — | | | | 570,000 | | | | — | | | | 570,000 | |
| |
Total | | $ | 69,588,132 | | | $ | 570,000 | | | $ | — | | | $ | 70,158,132 | |
| |
Real Estate Securities | | | | | | | | | | | | | | | | |
Equity investments* | | $ | 76,453,880 | | | $ | — | | | $ | — | | | $ | 76,453,880 | |
Short-term investments | | | — | | | | 580,000 | | | | — | | | | 580,000 | |
| |
Total | | $ | 76,453,880 | | | $ | 580,000 | | | $ | — | | | $ | 77,033,880 | |
| |
Social Choice Equity | | | | | | | | | | | | | | | | |
Equity investments* | | $ | 64,343,811 | | | $ | — | | | $ | — | | | $ | 64,343,811 | |
Short-term investments | | | 77,317 | | | | 210,000 | | | | — | | | | 287,317 | |
Futures contracts** | | | 2,970 | | | | — | | | | — | | | | 2,970 | |
| |
Total | | $ | 64,424,098 | | | $ | 210,000 | | | $ | — | | | $ | 64,634,098 | |
| |
| | |
| 108 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
| | | | | | | | | | | | | | | | |
| Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
Stock Index | | | | | | | | | | | | | | | | |
Equity investments: | | | | | | | | | | | | | | | | |
Financials | | $ | 70,312,460 | | | $ | 125 | | | $ | — | | | $ | 70,312,585 | |
Health care | | | 73,199,885 | | | | 95 | | | | — | | | | 73,199,980 | |
Materials | | | 15,470,805 | | | | — | | | | 1,286 | | | | 15,472,091 | |
All other equity investments* | | | 361,727,644 | | | | — | | | | — | | | | 361,727,644 | |
Short-term investments | | | 2,678,508 | | | | 2,400,000 | | | | — | | | | 5,078,508 | |
Futures contracts** | | | 25,496 | | | | — | | | | — | | | | 25,496 | |
| |
Total | | $ | 523,414,798 | | | $ | 2,400,220 | | | $ | 1,286 | | | $ | 525,816,304 | |
| |
International Equity | | | | | | | | | | | | | | | | |
Equity investments: | | | | | | | | | | | | | | | | |
Asia | | $ | 616,891 | | | $ | 18,249,795 | | | $ | — | | | $ | 18,866,686 | |
Europe | | | — | | | | 69,620,182 | | | | — | | | | 69,620,182 | |
All other equity investments* | | | — | | | | 5,860,623 | | | | — | | | | 5,860,623 | |
Short-term investments | | | 881,937 | | | | 2,355,000 | | | | — | | | | 3,236,937 | |
| |
Total | | $ | 1,498,828 | | | $ | 96,085,600 | | | $ | — | | | $ | 97,584,428 | |
| |
Bond | |
Bank loan obligations | | $ | — | | | $ | 2,302,907 | | | $ | — | | | $ | 2,302,907 | |
Corporate bonds | | | — | | | | 64,384,312 | | | | — | | | | 64,384,312 | |
Government bonds | | | — | | | | 88,923,108 | | | | 50,413 | | | | 88,973,521 | |
Structured assets | | | — | | | | 37,396,344 | | | | 55,048 | | | | 37,451,392 | |
Preferred stocks | | | 283,533 | | | | — | | | | — | | | | 283,533 | |
Short-term investments | | | — | | | | 4,824,000 | | | | — | | | | 4,824,000 | |
Swaps contracts** | | | — | | | | (5,704 | ) | | | — | | | | (5,704 | ) |
Unfunded loan commitment*** | | | — | | | | (68 | ) | | | — | | | | (68 | ) |
| |
Total | | $ | 283,533 | | | $ | 197,824,899 | | | $ | 105,461 | | | $ | 198,213,893 | |
| |
| * | | For detailed categories, see the accompanying Summary portfolio of investments. |
| ** | | Derivative instruments, excluding purchased options, are not reflected in the market value of portfolio investments. |
| *** | | Unfunded loan commitments are not reflected in the market value of portfolio 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 § 2019 Semiannual Report | | | 109 | |
| | |
| Notes to financial statements(unaudited) | | |
At June 30, 2019, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Assets derivatives | | | | | | Liabilities derivatives | |
| Derivative contract | | Location | | | Fair value
amount | | | | | | Location | | | Fair value
amount | |
| |
Growth & Income Fund | | | | | | | | | | | | | | | | | | | | |
Equity contracts | | | Portfolio investments | | | $ | 17,542 | | | | | | | | Written options | | | $ | (272,113 | ) |
| |
Social Choice Equity Fund | | | | | | | | | | | | | �� | | | | | | | |
Equity contracts | | | Futures contracts | * | | | 2,970 | | | | | | | | | | | | | |
| |
Stock Index Fund | | | | | | | | | | | | | | | | | | | | |
Equity contracts | | | Futures contracts | * | | | 25,496 | | | | | | | | | | | | | |
| |
Bond Fund | | | | | | | | | | | | | | | | | | | | |
Credit contracts | | | | | | | | | | | | | |
| Credit default
swap contracts |
| | | (5,704 | ) |
| |
| * | | The fair value presented includes cumulative gain (loss) on open futures contracts and centrally cleared swap contracts; however, the value reflected on the accompanying Statements of assets and liabilities is only the receivable or payable for variation margin on open futures and swap contracts. |
For the period ended June 30, 2019, 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 | | | Purchased options | | | $ | (72,362 | ) | | $ | — | |
Equity contracts | | | Written options | | | | 23,839 | | | | (605 | ) |
| |
Growth & Income Fund | |
Equity contracts | | | Purchased options | | | | 7,175 | | | | (3,637 | ) |
Equity contracts | | | Written options | | | | 121,949 | | | | 205,942 | |
| |
Social Choice Equity Fund | |
Equity contracts | | | Futures contracts | | | | 18,209 | | | | 28,123 | |
| |
Stock Index Fund | |
Equity contracts | | | Futures contracts | | | | 247,466 | | | | 292,607 | |
| |
Bond Fund | |
Credit contracts | | | Swap contracts | | | | (8,307 | ) | | | (5,704 | ) |
| |
Futures contracts: Certain 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
| | |
| 110 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures 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, 2019, the Social Choice Equity Fund and Stock Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 2% of net assets. The futures contracts outstanding as of June 30, 2019 are disclosed in the summary portfolio of investments and the full Schedules of Investments.
Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange traded). 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 may arise upon entering into over the counter options from the potential of default by counterparty. Also, 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, 2019, the Growth Equity Fund and Growth & Income Fund had exposure to options, based on underlying notional values, generally between 0% and 6% of net assets. The purchased and written options outstanding as of June 30, 2019 are disclosed in the summary portfolio of investments and the full Schedules of Investments.
Credit default swap contracts: Certain Funds are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled either directly with the counterparty (bilateral) or through a central clearinghouse
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 111 | |
| | |
| Notes to financial statements(unaudited) | | |
(centrally cleared). A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Funds are required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Funds. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Funds could be required to make under the contract. In return, the Funds receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Funds keep the stream of payments with no payment obligations. When the Funds sell a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Funds.
Certain Funds may also buy credit default swap contracts, in which case the Funds function as the counterparty referenced above. This involves the risk that the contract may expire worthless. Bilateral swaps involve counterparty risk that the seller may fail to satisfy its payment obligations to the Funds with the occurrence of a credit event. Centrally cleared swaps have minimal counterparty credit risk to the Funds as they are entered into with a central clearinghouse which guarantees the swap against default.
The value of a bilateral swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable on the Statements of Assets and Liabilities.
Under the terms of the credit default swap contracts, the Funds receive or make quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of Operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. Daily changes in the value of such contracts are reflected in net unrealized gains and losses.
The Funds (other than the Money Market Fund) invest in credit default swaps to hedge or manage the risks associated with assets held in the Funds and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the period ended June 30, 2019, the Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. The credit default swap contracts outstanding as of June 30, 2019 are disclosed in the summary portfolio of investments and the full schedule of investments.
| | |
| 112 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
Note 4—investment adviser and affiliates
Teachers Advisors, LLC (“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, 2019, 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 commissions and other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least April 30, 2020. The reimbursement arrangements can only be changed with the approval of the Board of Trustees. |
Income, reflected in Payment from affiliate on the Statement of Operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly.
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 113 | |
| | |
| Notes to financial statements(unaudited) | | |
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, 2019, the Funds engaged in the following security transactions with affiliated entities:
| | | | | | | | | | | | |
| Fund | | Purchases | | | Sales | | | Realized
gain (loss) | |
| |
Growth Equity | | $ | 328,221 | | | $ | 126,997 | | | $ | 15,041 | |
Growth & Income | | | 546,266 | | | | 785,779 | | | | (64,998 | ) |
Large-Cap Value | | | 73,911 | | | | — | | | | — | |
Real Estate Securities | | | 131,906 | | | | — | | | | — | |
Small-Cap Equity | | | 1,267,970 | | | | 248,500 | | | | 48,955 | |
Social Choice Equity | | | 130,923 | | | | 168,404 | | | | 18,179 | |
Stock Index | | | 2,608,872 | | | | — | | | | — | |
International Equity | | | — | | | | 2,227,471 | | | | (196,608 | ) |
Balanced | | | — | | | | 193,453 | | | | (1,030 | ) |
| |
Certain registered separate accounts of TIAA-CREF Life, which is a wholly owned subsidiary of TIAA, have varioussub-accounts which invest in the Funds.
The following is the percentage of the Funds’ shares owned by affiliates and the Balanced Fund as of June 30, 2019:
| | | | | | | | | | | | |
| Underlying Fund | | Investments in
funds held by
TIAA-CREF Life | | | Investments
in funds held by
Balanced Fund | | | Total | |
| |
Growth Equity | | | 95 | % | | | 5 | % | | | 100 | % |
Growth & Income | | | 96 | | | | 4 | | | | 100 | |
Large-Cap Value | | | 92 | | | | 8 | | | | 100 | |
Real Estate Securities | | | 98 | | | | 2 | | | | 100 | |
Small-Cap Equity | | | 97 | | | | 3 | | | | 100 | |
Social Choice Equity | | | 100 | | | | — | | | | 100 | |
Stock Index | | | 99 | | | | 1 | | | | 100 | |
International Equity | | | 93 | | | | 7 | | | | 100 | |
Bond | | | 84 | | | | 16 | | | | 100 | |
Money Market | | | 100 | | | | — | | | | 100 | |
Balanced | | | 100 | | | | — | | | | 100 | |
| |
| | |
| 114 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The TIAA-CREF Life Balanced Fund invests its assets in shares of the affiliated TIAA-CREF Life Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Issue | | Value at
12/31/18 | | | Purchases
cost | | | Sales
proceeds | | | Realized
gain
(loss) | | | Change in
unrealized
appreciation
(depreciation) | | | Dividend
income | | | Value at
6/30/19 | |
| |
TIAA-CREF Life Balanced Fund | |
| TIAA-CREF Life Funds: | | | | | | | | | | | | | |
Growth Equity | | $ | 4,940 | | | $ | 783 | | | $ | 811 | | | $ | 20 | | | $ | 1,040 | | | $ | — | | | $ | 5,972 | |
Growth & Income | | | 5,560 | | | | 661 | | | | 810 | | | | (12 | ) | | | 1,127 | | | | — | | | | 6,526 | |
Large-Cap Value | | | 5,062 | | | | 577 | | | | 710 | | | | (60 | ) | | | 930 | | | | — | | | | 5,799 | |
Real Estate Securities | | | 1,103 | | | | 193 | | | | 241 | | | | 10 | | | | 222 | | | | — | | | | 1,287 | |
Small Cap Equity | | | 1,109 | | | | 177 | | | | 184 | | | | (12 | ) | | | 219 | | | | — | | | | 1,309 | |
Stock Index | | | 4,453 | | | | 601 | | | | 663 | | | | 24 | | | | 816 | | | | — | | | | 5,231 | |
International Equity | | | 5,604 | | | | 749 | | | | 582 | | | | (97 | ) | | | 843 | | | | — | | | | 6,517 | |
Bond | | | 28,625 | | | | 4,045 | | | | 3,004 | | | | 12 | | | | 2,012 | | | | — | | | | 31,690 | |
| |
| | $ | 56,456 | | | $ | 7,786 | | | $ | 7,005 | | | $ | (115 | ) | | $ | 7,209 | | | $ | — | | | $ | 64,331 | |
| |
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.Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell orre-hypothecate those securities. As of June 30, 2019, 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.
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 115 | |
| | |
| Notes to financial statements(unaudited) | | |
At June 30, 2019, the total value of securities on loan and the total value of collateral received were as follows:
| | | | | | | | | | | | | | | | |
| Fund | | Aggregated
value of
securities
on loan | | | Cash
collateral
received* | | | Non-cash
collateral
received | | | Total
collateral
received | |
| |
Growth | | $ | 239,973 | | | $ | 245,564 | | | $ | — | | | $ | 245,564 | |
Growth & Income | | | 959,357 | | | | 666,742 | | | | 304,336 | | | | 971,078 | |
Small-Cap Equity | | | 281,550 | | | | 174,795 | | | | 112,967 | | | | 287,762 | |
Social Choice | | | 363,868 | | | | 77,317 | | | | 287,791 | | | | 365,108 | |
Stock Index | | | 4,083,022 | | | | 2,678,508 | | | | 1,513,306 | | | | 4,191,814 | |
International Equity | | | 833,472 | | | | 881,937 | | | | — | | | | 881,937 | |
| |
| * | | May include cash and investment of cash collateral. |
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. Amounts receivable and/or payable for these transactions are reflected separately in the Statements of Assets and Liabilities.
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.
Unfunded loan commitment: The Funds may enter into loan commitments to fund a portion of a delayed-draw term loan facility. The Funds are obligated to fund loan commitments at the borrower’s discretion. The Funds reserve against such contingent obligation by segregating short-term securities or cash. At June 30, 2019, the Bond Fund held an unfunded loan commitment of $8,641. Unfunded loan commitments aremarked-to-market daily and any unrealized appreciation (depreciation) is included as an asset (liability) on the Statements of Assets and Liabilities. Interest income and the change in unrealized appreciation (depreciation) are included on the Statements of Operations.
| | |
| 116 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
Net unrealized appreciation (depreciation): At June 30, 2019, net unrealized appreciation (depreciation) based on the aggregate cost of all 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 | | $ | 73,080,090 | | | $ | 43,945,795 | | | $ | (307,733 | ) | | $ | 43,638,062 | |
Growth & Income | | | 101,478,893 | | | | 51,151,177 | | | | (1,415,014 | ) | | | 49,736,163 | |
Large-Cap Value | | | 59,536,423 | | | | 11,305,221 | | | | (683,512 | ) | | | 10,621,709 | |
Real Estate Securities | | | 51,466,845 | | | | 25,986,071 | | | | (419,036 | ) | | | 25,567,035 | |
Small-Cap Equity | | | 48,630,014 | | | | 7,289,047 | | | | (3,414,411 | ) | | | 3,874,636 | |
Social Choice Equity | | | 45,199,295 | | | | 21,457,974 | | | | (2,023,171 | ) | | | 19,434,803 | |
Stock Index | | | 268,776,417 | | | | 270,318,310 | | | | (13,278,423 | ) | | | 257,039,887 | |
International Equity | | | 102,545,585 | | | | 4,036,874 | | | | (8,998,031 | ) | | | (4,961,157 | ) |
Bond | | | 193,001,255 | | | | 6,056,694 | | | | (828,225 | ) | | | 5,228,469 | |
Balanced | | | 57,343,607 | | | | 6,987,664 | | | | — | | | | 6,987,664 | |
| |
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well asup-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended June 30, 2019 were as follows:
| | | | | | | | | | | | | | | | |
| Fund | | Non-U.S.
government
purchases | | | U.S. government
purchases | | | Non-U.S.
government
sales | | | U.S.
government
sales | |
| |
Growth Equity | | $ | 55,309,593 | | | $ | — | | | $ | 57,490,635 | | | $ | — | |
Growth & Income | | | 44,248,629 | | | | — | | | | 47,153,767 | | | | — | |
Large-Cap Value | | | 9,056,877 | | | | — | | | | 12,039,522 | | | | — | |
Real Estate Securities | | | 8,204,878 | | | | — | | | | 11,009,306 | | | | — | |
Small-Cap Equity | | | 34,602,458 | | | | — | | | | 36,736,191 | | | | — | |
Social Choice Equity | | | 9,273,047 | | | | — | | | | 9,418,452 | | | | — | |
Stock Index | | | 34,249,689 | | | | — | | | | 9,901,071 | | | | — | |
International Equity | | | 55,008,880 | | | | — | | | | 57,652,713 | | | | — | |
Bond | | | 35,176,506 | | | | 111,687,064 | | | | 49,935,115 | | | | 91,362,728 | |
Balanced | | | 9,141,171 | | | | — | | | | 8,354,839 | | | | — | |
| |
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 117 | |
| | |
| Notes to financial statements(unaudited) | | |
Note 6—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended December 31, 2018 was as follows:
| | | | | | | | | | | | |
| | | 2018 | |
| Fund | | Ordinary
income | | | Long-term
capital gains | | | Total | |
| |
Growth Equity | | $ | 1,931,191 | | | $ | 5,231,304 | | | $ | 7,162,495 | |
Growth & Income | | | 2,948,877 | | | | 7,648,071 | | | | 10,596,948 | |
Large-Cap Value | | | 2,392,998 | | | | 4,094,386 | | | | 6,487,384 | |
Real Estate Securities | | | 1,420,413 | | | | 2,561,764 | | | | 3,982,177 | |
Small-Cap Equity | | | 2,135,741 | | | | 4,279,003 | | | | 6,414,744 | |
Social Choice Equity | | | 1,341,082 | | | | 2,603,696 | | | | 3,944,778 | |
Stock Index | | | 8,238,101 | | | | 2,629,290 | | | | 10,867,391 | |
International Equity | | | 1,123,383 | | | | — | | | | 1,123,383 | |
Bond | | | 5,057,919 | | | | — | | | | 5,057,919 | |
Money Market | | | 1,510,779 | | | | — | | | | 1,510,779 | |
Balanced | | | 111,207 | | | | 197,104 | | | | 308,311 | |
| |
The tax character of the fiscal year 2018 distributions will be determined at the end of the fiscal year.
Note 7—inter-fund lending program
Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended June 30, 2019, there were no inter-fund borrowing or lending transactions.
Note 8—line of credit
Each of the Funds, except the Money Market Fund, participates in a $1 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 18, 2019 expiring on June 16, 2020, replacing the previous $1.25 billion facility, which expired June 2019. 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
| | |
| 118 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
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, 2019, there were no borrowings under this credit facility by the Funds.
Note 9—share split
Effective October 25, 2017, the Growth Equity Fund, Growth & Income Fund, International Equity Fund,Large-Cap Value Fund, Real Estate Securities Fund,Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, and the Bond Fund underwent a5-for-2 share split. The effect of the share split transaction was to multiply the number of outstanding shares of the Funds by the split factor, with a corresponding decrease in the net asset value per share. These transactions did not change the net assets of the Funds or the value of a shareholder’s investment. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the share splits.
Note 10—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.
Note 11—legal proceedings
The Social Choice Equity Fund was named as defendant and a putative member of the proposed defendant class of shareholders, or could be added as a defendant, in pending litigation by the Bankruptcy Litigation Trustee for the Tribune Company (Tribune) and certain creditors of Tribune, as a result of its ownership of shares of Tribune in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The plaintiffs in that litigation seek to recover payments of the proceeds of the LBO. The litigation is now part of a multi-district litigation proceeding in the Southern District of New York and the Second Court of Appeals. The Fund’s exposure related to this matter is estimated to be 0.18% of net assets as of June 30, 2019.
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 119 | |
| | |
Approval of investment
management agreement(unaudited) | | |
Board renewal of the investment management agreement for the TIAA-CREF Life Funds
The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Life Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to each series covered by this Report (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 independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.
Overview of the renewal process
The Board held a meeting on March 28, 2019, 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. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.
Among other matters, the Operations Committee or certain of its designated members, following its consultations with Advisors’ representatives, the Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, confirmed or established certain guidance 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.
Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other
| | |
| 120 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
information, comparative performance and expense data regarding each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) 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, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge 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 objective 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) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.
Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.
In advance of the Board meeting held on March 28, 2019, legal counsel for the Trustees requested on behalf of the Board, and Advisors 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 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 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 management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any“fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 121 | |
| | |
Approval of investment
management agreement(unaudited) | | |
current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors 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 Advisors; (8) a copy of Advisors’ 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 provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.
Prior to the March 28, 2019 meeting, the Board met informally to review and discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 2019 meeting, the Trustees were given the opportunity to and did ask additional questions, and they reviewed responses from Advisors to the Board’sfollow-up questions and requests presented by the Board after its initial review of the information described above.
In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to each Fund, including: (1) the nature, extent and quality of services provided or to be provided by Advisors 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 Advisors 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) how such economies of scale are shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.
In addition to the general session meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors’ representatives were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.
While the contract renewal process included a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the
| | |
| 122 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
Funds by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.
The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on aFund-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 28, 2019, all Board members 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 Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Funds and TIAA Separate AccountVA-1, as well as advise andsub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Funds, including conducting research, identifying 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 may invest its assets in the securities of affiliated and unaffiliated investment companies or other investment 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 Funds’ investment portfolios; reporting on the investment performance and other metrics of the Funds to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of each Fund’s service providers; and overseeing the provision of various administrative services to the Funds. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner. The Board also considered that Advisors has committed significant resources to supporting the series of the Trust, including the Funds. It also considered Advisors’ compliance program and resources and its compliance record with respect to the Funds.
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 123 | |
| | |
Approval of investment
management agreement(unaudited) | | |
The Board also considered, among other factors, the performance of each Fund, as discussed below. In addition, the Board considered the nature and quality ofnon-portfolio management services provided by Advisors 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 Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.
During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.
Investment performance
The Board considered the investment performance of each Fund, over the periods indicated in theFund-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 three-year performance of the Stock Index Fund before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable, on the Stock Index Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see theFund-by-Fund synopsis below.
The Board considered, in those cases in which a Fund had performed materially differently from its Broadridge peers or benchmark based on a Board-established threshold, the factors identified by Advisors that contributed to such difference and any remedial measures being undertaken by Advisors. 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 Advisors’ services to the Funds for the calendar year 2018. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had incurred a net loss with respect to each of the Funds under the Agreement for theone-year period ended December 31, 2018.
| | |
| 124 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
Fees charged by other advisers
The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds that underlie variable insurance products to other advisers, as analyzed by Broadridge and reflected in theFund-by-Fund synopsis below. 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 Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds that underlie variable insurance products. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer mutual funds that underlie variable insurance products. 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 Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered that because Advisors 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’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.
Fee and performance comparisons with other Advisors clients
The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. The Board considered the management fee rates and the performance of such companies and accounts. The Board considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ 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 may be 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
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 125 | |
| | |
Approval of investment
management agreement(unaudited) | | |
different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; (5) may target different investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.
Other benefits
The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing Teachers Investments and Teachers Insurance and Annuity Association of America (“TIAA”), of which Advisors 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 Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Advisors may also benefit from the ability to acquire investment research related to the commission arrangements made on behalf of the Funds (i.e., soft dollars). Additionally, the Funds are utilized primarily as investment options for products offered by an affiliate of Advisors, TIAA-CREF Life Insurance Company.
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, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2018 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 expense ratio, actual investment management fee rate and contractual investment management fee rate 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 3rd, 3rd, 3rd and 2nd quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes |
| | |
| 126 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
| | (“Performance Group”) for theone-, three-, five- andten-year periods, respectively. The Fund was in the 2nd, 4th, 2nd and 2nd quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for theone-, three-, five- andten-year periods, respectively. |
| • | | The Board considered that the Fund’s underperformance was due to returns in 2016 where value investing was strongly favored over growth investing. |
| • | | The Fund received an Overall Morningstar Rating of 4 stars. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-year period. |
Growth & Income Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.45% of average daily net assets. |
| • | | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | | The Fund was in the 3rd, 4th, 2nd and 3rd quintiles of its Performance Group for theone-, three-, five- andten-year periods, respectively. The Fund was in the 3rd, 3rd, 1st and 2nd quintiles of its Performance Universe for theone-, three-, five- andten-year periods, respectively. |
| • | | The Fund received an Overall Morningstar Rating of 3 stars. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-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 expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | | The Fund was in the 4th, 4th, 4th and 3rd quintiles of its Performance Group for theone-, three-, five- andten-year periods, respectively. The Fund was in the 4th, 4th, 5th and 3rd quintiles of its Performance Universe for theone-, three-, five- andten-year periods, respectively. |
| • | | The Fund received an Overall Morningstar Rating of 2 stars. |
| • | | The Board considered that the Fund underwent a portfolio manager change in November 2018 to seek to improve the consistency and magnitude of excess returns. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-year period. |
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 127 | |
| | |
Approval of investment
management agreement(unaudited) | | |
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 expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | | The Fund was in the 2nd, 1st, 1st and 2nd quintiles of its Performance Group for theone-, three-, five- andten-year periods, respectively. The Fund was in the 1st quintile of its Performance Universe for each of theone-, three-, five- andten-year periods. |
| • | | The Fund received an Overall Morningstar Rating of 4 stars. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-year period. |
Small-Cap Equity Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.46% of average daily net assets. |
| • | | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were in each the 1st quintile of both its Expense Group and Expense Universe. |
| • | | The Fund was in the 4th, 4th, 2nd and 4th quintiles of its Performance Group for theone-, three-, five- andten-year periods, respectively. The Fund was in the 3rd, 3rd, 1st and 2nd quintiles of its Performance Universe for each of theone-, three-, five- andten-year periods, respectively. |
| • | | The Fund received an Overall Morningstar Rating of 2 stars. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-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 expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | | The Fund was in the 2nd, 3rd, 2nd and 3rd quintiles of its Performance Group for theone-, three-, five- andten-year periods, respectively. The Fund was in the 2nd, 1st, 2nd and 2nd quintiles of its Performance Universe for theone-, three-, five- andten-year periods, respectively. |
| • | | The Fund received an Overall Morningstar Rating of 3 stars. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-year period. |
| | |
| 128 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
Stock Index Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.06% of average daily net assets. |
| • | | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | | For the three-year period, the Fund’s adjusted relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses, including the effect of net asset value 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, differed by +1 basis points. For reference, one basis point equals 0.01%. |
| • | | The Fund received an Overall Morningstar Rating of 4 stars. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-year period. |
International Equity Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.50% of average daily net assets. |
| • | | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | | The Fund was in the 5th, 5th, 5th and 4th quintiles of both its Performance Group and Performance Universe for theone-, three-, five- andten-year periods, respectively. |
| • | | The Board considered Advisors’ representation that tactical changes had been implemented to mitigate risk, while maintaining the Fund’s ability to take advantage of future buying opportunities that could lead to positive relative returns. |
| • | | The Fund received an Overall Morningstar Rating of 2 stars. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-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 expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | | The Fund was in the 4th, 2nd, 1st, and 4th quintiles of its Performance Group for theone-, three-, five- andten-year periods, respectively. The Fund was in the 4th, 1st, 1st and 3rd quintiles of its Performance Universe for theone-, three-, five- andten-year periods, respectively. |
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 129 | |
| | |
Approval of investment
management agreement(unaudited) | | concluded |
| • | | The Fund received an Overall Morningstar Rating of 4 stars. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-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 expense ratio, actual investment management fee rate and contractual investment management fee rate 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 its Performance Universe for each of theone-, three-, five- andten-year periods. |
| • | | Money market funds are not rated by Morningstar. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-year period. |
Balanced Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.10% of average daily net assets. |
| • | | The Fund’s total expense ratio was in the 2nd quintile of its Expense Group, while the Fund’s actual investment management fee rate and contractual investment management fee rate each ranked 1 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were in the 2nd, 1st and 1st quintiles of its Expense Universe, respectively. |
| • | | The Fund was in the 4th and 2nd quintiles of its Performance Group for theone- and three-year periods, respectively. The Fund was in the 3rd quintile of its Performance Universe for both theone- and three-year periods. |
| • | | The Fund received an Overall Morningstar Rating of 4 stars. |
| • | | Advisors incurred a net loss with respect to its services to the Fund for theone-year period and also incurred a net loss on each of the underlying funds in which the Fund invested. |
Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.
| | |
| 130 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
| | |
Additional information about
index providers(unaudited) | | |
Russell indexes
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Bloomberg Barclays indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
FTSE index
Source: FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. “Nareit®” is a trade mark of the National Association of Real Estate Investment Trusts (“Nareit”). All intellectual property rights in the Index vest in FTSE and Nareit. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
Standard & Poor’s index
TheS&P 500® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by the Growth & Income Fund. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively,
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 131 | |
| | |
Additional information about
index providers(unaudited) | | |
“S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the Fund with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Fund. S&P Dow Jones Indices has no obligation to take the needs of the Fund or the owners of the Fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of Fund shares or in the determination or calculation of the equation by which Fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUND, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
MSCI indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis
| | |
| 132 | | 2019 Semiannual Report § TIAA-CREF Life Funds |
for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Morningstar index
©2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
| | | | |
| TIAA-CREF Life Funds § 2019 Semiannual Report | | | 133 | |
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
[This page intentionally left blank.]
How to reach us
TIAA website
Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options
TIAA.org
Automated telephone service
Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums
800-842-2252
24 hours a day, 7 days a week
National contact center
Retirement saving and planning, income options and payments, beneficiary services and tax reporting
800-842-2252
8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday
Insurance planning center
After-tax annuities and life insurance
For an existing policy or contract
800-223-1200
To apply for a new policy or contract
877-825-0411
8 a.m. to 8 p.m. (ET), Monday–Friday
For the hearing- or speech-impaired
800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday
You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-223-1200. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (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. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
©2019 Teachers Insurance and Annuity Association of America–College Retirement Equities Fund,
730 Third Avenue, New York, NY 10017-3206
| | | | |
 | | 730 Third Avenue New York, NY 10017-3206 | | |
Printed on paper containing recycled fiber
| | | | |
 | | We’re fond of paper . . . in its original form. Switch to eDelivery at TIAA.org/eDelivery | | |
| | |
 | | 730 Third Avenue New York, NY 10017-3206 |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audited Committee of Listed Registrants.
Not Applicable.
Item 6. Schedule of Investments.
TIAA-CREF LIFE FUNDS -Growth Equity Fund
TIAA-CREF LIFE FUNDS
GROWTH EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 98.7% | | | | |
| |
CAPITAL GOODS - 4.1% | | | | |
| 12,258 | | | | Airbus SE | | $ | 1,734,772 | |
| 2,628 | | | | Boeing Co | | | 956,618 | |
| 4,033 | | * | | Middleby Corp | | | 547,278 | |
| 2,920 | | | | Roper Industries, Inc | | | 1,069,479 | |
| 1,956 | | | | W.W. Grainger, Inc | | | 524,658 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 4,832,805 | |
| | | | | | | | |
| |
COMMERCIAL & PROFESSIONAL SERVICES - 1.1% | | | | |
| 649 | | * | | CoStar Group, Inc | | | 359,585 | |
| 14,787 | | * | | IHS Markit Ltd | | | 942,228 | |
| | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 1,301,813 | |
| | | | | | | | |
| |
CONSUMER DURABLES & APPAREL - 3.4% | | | | |
| 7,481 | | | | Essilor International S.A. | | | 974,938 | |
| 33,302 | | | | Nike, Inc (Class B) | | | 2,795,703 | |
| 10,218 | | * | | Under Armour, Inc (Class A) | | | 259,026 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 4,029,667 | |
| | | | | | | | |
| |
CONSUMER SERVICES - 0.9% | | | | |
| 653 | | * | | Chipotle Mexican Grill, Inc (Class A) | | | 478,571 | |
| 7,340 | | | | Restaurant Brands International, Inc | | | 510,423 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 988,994 | |
| | | | | | | | |
| |
DIVERSIFIED FINANCIALS - 2.1% | | | | |
| 13,461 | | * | | Blackstone Group LP | | | 597,938 | |
| 12,414 | | | | IntercontinentalExchange Group, Inc | | | 1,066,859 | |
| 3,498 | | | | S&P Global, Inc | | | 796,809 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 2,461,606 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 1.5% | | | | |
| 24,274 | | | | Coca-Cola Co | | | 1,236,032 | |
| 19,201 | | | | Keurig Dr Pepper, Inc | | | 554,909 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 1,790,941 | |
| | | | | | | | |
| |
HEALTH CARE EQUIPMENT & SERVICES - 4.7% | | | | |
| 12,990 | | * | | Alcon, Inc | | | 806,029 | |
| 4,808 | | * | | Edwards Lifesciences Corp | | | 888,230 | |
| 1,750 | | * | | Guardant Health, Inc | | | 151,078 | |
| 4,502 | | * | | Intuitive Surgical, Inc | | | 2,361,524 | |
| 6,119 | | | | Stryker Corp | | | 1,257,944 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 5,464,805 | |
| | | | | | | | |
| |
MATERIALS - 3.3% | | | | |
| 17,540 | | * | | Corteva, Inc | | | 518,658 | |
| 8,567 | | | | Linde plc | | | 1,720,254 | |
| 3,618 | | | | Sherwin-Williams Co | | | 1,658,093 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 3,897,005 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 16.2% | | | | |
| 27,854 | | | | Activision Blizzard, Inc | | | 1,314,709 | |
| 2,843 | | * | | Alphabet, Inc (Class A) | | | 3,078,401 | |
| 2,498 | | * | | Alphabet, Inc (Class C) | | | 2,700,113 | |
| 22,470 | | * | | Facebook, Inc | | | 4,336,710 | |
| 7,869 | | * | | IAC/InterActiveCorp | | | 1,711,744 | |
1
TIAA-CREF LIFE FUNDS -Growth Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 6,807 | | * | | NetFlix, Inc | | $ | 2,500,347 | |
| 20,599 | | | | Tencent Holdings Ltd | | | 931,886 | |
| 11,438 | | * | | Twitter, Inc | | | 399,186 | |
| 13,752 | | | | Walt Disney Co | | | 1,920,329 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 18,893,425 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.5% | | | | |
| 8,050 | | * | | Alexion Pharmaceuticals, Inc | | | 1,054,389 | |
| 4,290 | | | | Amgen, Inc | | | 790,561 | |
| 22,996 | | | | AstraZeneca plc | | | 1,879,961 | |
| 29,254 | | * | | Avantor, Inc | | | 558,459 | |
| 6,681 | | * | | BioMarin Pharmaceutical, Inc | | | 572,228 | |
| 11,851 | | | | Eli Lilly & Co | | | 1,312,972 | |
| 3,421 | | * | | Illumina, Inc | | | 1,259,441 | |
| 7,036 | | * | | Incyte Corp | | | 597,778 | |
| 1,133 | | * | | IQVIA Holdings, Inc | | | 182,300 | |
| 3,524 | | | | Johnson & Johnson | | | 490,823 | |
| 2,988 | | | | Lonza Group AG. | | | 1,008,727 | |
| 12,364 | | | | Merck & Co, Inc | | | 1,036,722 | |
| 917 | | * | | Sage Therapeutics, Inc | | | 167,893 | |
| 4,808 | | * | | Vertex Pharmaceuticals, Inc | | | 881,691 | |
| 5,332 | | | | Zoetis, Inc | | | 605,129 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 12,399,074 | |
| | | | | | | | |
| |
RETAILING - 10.3% | | | | |
| 3,358 | | * | | Amazon.com, Inc | | | 6,358,810 | |
| 13,430 | | | | Expedia, Inc | | | 1,786,593 | |
| 7,796 | | | | Home Depot, Inc | | | 1,621,334 | |
| 1,757 | | | | Kering | | | 1,037,022 | |
| 7,470 | | | | Kohl’s Corp | | | 355,198 | |
| 2,515 | | * | | Ulta Beauty, Inc | | | 872,428 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 12,031,385 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7% | | | | |
| 17,894 | | * | | Advanced Micro Devices, Inc | | | 543,441 | |
| 2,952 | | | | Lam Research Corp | | | 554,503 | |
| 16,213 | | | | Qualcomm, Inc | | | 1,233,323 | |
| 10,156 | | | | Texas Instruments, Inc | | | 1,165,503 | |
| 7,099 | | | | Xilinx, Inc | | | 837,114 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 4,333,884 | |
| | | | | | | | |
| |
SOFTWARE & SERVICES - 29.7% | | | | |
| 9,486 | | * | | Adobe, Inc | | | 2,795,050 | |
| 1,049 | | *,g | | Adyen NV | | | 809,183 | |
| 17,570 | | * | | Akamai Technologies, Inc | | | 1,408,060 | |
| 14,024 | | | | Automatic Data Processing, Inc | | | 2,318,588 | |
| 4,091 | | | | Broadridge Financial Solutions, Inc | | | 522,339 | |
| 3,562 | | | | Dassault Systemes S.A. | | | 568,158 | |
| 11,541 | | * | | GoDaddy, Inc | | | 809,601 | |
| 10,885 | | | | Intuit, Inc | | | 2,844,577 | |
| 16,450 | | | | MasterCard, Inc (Class A) | | | 4,351,518 | |
| 59,665 | | | | Microsoft Corp | | | 7,992,723 | |
| 26,429 | | * | | PayPal Holdings, Inc | | | 3,025,063 | |
| 16,942 | | * | | salesforce.com, Inc | | | 2,570,610 | |
| 5,240 | | * | | ServiceNow, Inc | | | 1,438,747 | |
| 4,858 | | * | | Square, Inc | | | 352,351 | |
| 1,690 | | * | | Twilio, Inc | | | 230,431 | |
| 15,990 | | | | Visa, Inc (Class A) | | | 2,775,065 | |
| | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | 34,812,064 | |
| | | | | | | | |
| |
TECHNOLOGY HARDWARE & EQUIPMENT - 6.3% | | | | |
| 15,572 | | | | Apple, Inc | | | 3,082,011 | |
| 1,432 | | * | | Arista Networks, Inc | | | 371,776 | |
| 30,989 | | | | Cisco Systems, Inc | | | 1,696,028 | |
2
TIAA-CREF LIFE FUNDS -Growth Equity Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 4,169 | | * | | Keysight Technologies, Inc | | | | | | | | | | $ | 374,418 | |
| 7,337 | | | | Motorola Solutions, Inc | | | | | | | | | | | 1,223,298 | |
| 119,851 | | | | Nokia Corp | | | | | | | | | | | 600,453 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | 7,347,984 | |
| | | | | | | | | |
| | | |
TELECOMMUNICATION SERVICES - 0.3% | | | | | | | | | | | | |
| 8,002 | | | | Softbank Group Corp | | | | | | | | | | | 385,419 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | | 385,419 | |
| | | | | | | | | |
| | | |
TRANSPORTATION - 0.6% | | | | | | | | | | | | |
| 10,679 | | *,e | | Lyft, Inc (Class A) | | | | | | | | | | | 701,717 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | 701,717 | |
| | | | | | | | | |
| | | | TOTAL COMMON STOCKS
| | | | 115,672,588 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $71,411,875) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 0.9% | | | | | |
| |
GOVERNMENT AGENCY DEBT - 0.7% | | | | | |
| $800,000 | | | | Federal Home Loan Bank (FHLB) | | | 2.100 | % | | | 07/01/19 | | | | 800,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | | | 800,000 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | |
| | | | | | | | | | | | | | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2% | | | | | |
| 245,564 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | | | | | | | | | 245,564 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | 245,564 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 1,045,564 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $1,045,564) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.6% | | | | | | | | | | | 116,718,152 | |
| | | | (Cost $72,457,439) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - 0.4% | | | | | | | | | | | 438,167 | |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 117,156,319 | |
| | | | | | | | | | | | | | | | |
| 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 $239,973. |
| g | 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 6/30/19, the aggregate value of these securities was $809,183 or 0.7% of net assets. |
3
TIAA-CREF LIFE FUNDS -Growth & Income Fund
TIAA-CREF LIFE FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 100.0% | | | | |
| |
AUTOMOBILES & COMPONENTS - 0.6% | | | | |
| 6,013 | | | | Aptiv plc | | $ | 486,031 | |
| 35,060 | | | | Ford Motor Co | | | 358,664 | |
| | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | 844,695 | |
| | | | | | | | |
| |
BANKS - 5.5% | | | | |
| 85,748 | | | | Bank of America Corp | | | 2,486,692 | |
| 22,186 | | | | Citizens Financial Group, Inc | | | 784,497 | |
| 27,529 | | | | JPMorgan Chase & Co | | | 3,077,743 | |
| 4,946 | | | | M&T Bank Corp | | | 841,166 | |
| 20,728 | | | | US Bancorp | | | 1,086,147 | |
| | | | | | | | |
| | | | TOTAL BANKS | | | 8,276,245 | |
| | | | | | | | |
| |
CAPITAL GOODS - 6.7% | | | | |
| 2,814 | | n | | Boeing Co | | | 1,024,324 | |
| 2,923 | | | | Carlisle Cos, Inc | | | 410,418 | |
| 5,432 | | | | Deere & Co | | | 900,137 | |
| 8,261 | | | | Dover Corp | | | 827,752 | |
| 24,464 | | n | | General Electric Co | | | 256,872 | |
| 11,441 | | n | | Honeywell International, Inc | | | 1,997,484 | |
| 7,879 | | | | Ingersoll-Rand plc | | | 998,033 | |
| 10,962 | | | | ITT, Inc | | | 717,792 | |
| 5,737 | | | | L3Harris Technologies, Inc | | | 1,085,039 | |
| 2,546 | | n | | Northrop Grumman Corp | | | 822,638 | |
| 4,188 | | n | | Rockwell Automation, Inc | | | 686,120 | |
| 3,328 | | | | Woodward Governor Co | | | 376,597 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 10,103,206 | |
| | | | | | | | |
| |
COMMERCIAL & PROFESSIONAL SERVICES - 1.3% | | | | |
| 4,847 | | | | Verisk Analytics, Inc | | | 709,891 | |
| 10,662 | | | | Waste Management, Inc | | | 1,230,075 | |
| | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 1,939,966 | |
| | | | | | | | |
| |
CONSUMER DURABLES & APPAREL - 1.6% | | | | |
| 10,522 | | * | | Levi Strauss & Co | | | 219,699 | |
| 2,537 | | *,n | | Lululemon Athletica, Inc | | | 457,193 | |
| 44,033 | | *,e | | Mattel, Inc | | | 493,610 | |
| 15,909 | | *,g | | Spin Master Corp | | | 460,062 | |
| 10,955 | | | | Tapestry, Inc | | | 347,602 | |
| 12,816 | | | | Wolverine World Wide, Inc | | | 352,953 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 2,331,119 | |
| | | | | | | | |
| |
CONSUMER SERVICES - 0.6% | | | | |
| 536 | | | | Domino’s Pizza, Inc | | | 149,158 | |
| 1,575 | | | | Papa John’s International, Inc | | | 70,434 | |
| 6,981 | | n | | Royal Caribbean Cruises Ltd | | | 846,167 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 1,065,759 | |
| | | | | | | | |
| |
DIVERSIFIED FINANCIALS - 2.9% | | | | |
| 16,969 | | * | | Blackstone Group LP | | | 753,763 | |
| 7,095 | | n | | CME Group, Inc | | | 1,377,210 | |
| 28,205 | | | | Morgan Stanley | | | 1,235,661 | |
| 17,022 | | | | Voya Financial, Inc | | | 941,317 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 4,307,951 | |
| | | | | | | | |
4
TIAA-CREF LIFE FUNDS -Growth & Income Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
ENERGY - 4.9% | | | | |
| 7,225 | | * | | Apergy Corp | | $ | 242,326 | |
| 24,320 | | | | Cabot Oil & Gas Corp | | | 558,387 | |
| 14,758 | | | | Chevron Corp | | | 1,836,486 | |
| 8,233 | | | | Concho Resources, Inc | | | 849,481 | |
| 9,683 | | | | Delek US Holdings, Inc | | | 392,355 | |
| 3,536 | | | | Diamondback Energy, Inc | | | 385,318 | |
| 7,002 | | | | EOG Resources, Inc | | | 652,306 | |
| 12,926 | | | | Exxon Mobil Corp | | | 990,519 | |
| 6,377 | | | | Hess Corp | | | 405,386 | |
| 7,370 | | | | ONEOK, Inc | | | 507,130 | |
| 31,686 | | * | | Parsley Energy, Inc | | | 602,351 | |
| | | | | | | | |
| | | | TOTAL ENERGY | | | 7,422,045 | |
| | | | | | | | |
| |
FOOD & STAPLES RETAILING - 1.3% | | | | |
| 3,743 | | n | | Costco Wholesale Corp | | | 989,125 | |
| 8,171 | | | | Walmart, Inc | | | 902,814 | |
| | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | 1,891,939 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 5.1% | | | | |
| 23,002 | | | | Coca-Cola Co | | | 1,171,262 | |
| 8,605 | | | | Coca-Cola European Partners plc (Class A) | | | 486,183 | |
| 21,320 | | n | | ConAgra Brands, Inc | | | 565,406 | |
| 12,620 | | | | Diageo plc | | | 543,168 | |
| 12,133 | | n | | General Mills, Inc | | | 637,225 | |
| 17,195 | | *,n | | Hain Celestial Group, Inc | | | 376,571 | |
| 3,278 | | | | Hershey Co | | | 439,350 | |
| 3,687 | | | | J.M. Smucker Co | | | 424,706 | |
| 23,299 | | | | Mondelez International, Inc | | | 1,255,816 | |
| 6,403 | | * | | Monster Beverage Corp | | | 408,703 | |
| 11,500 | | | | PepsiCo, Inc | | | 1,507,995 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 7,816,385 | |
| | | | | | | | |
| |
HEALTH CARE EQUIPMENT & SERVICES - 7.4% | | | | |
| 19,403 | | | | Abbott Laboratories | | | 1,631,792 | |
| 3,713 | | n | | Anthem, Inc | | | 1,047,846 | |
| 25,620 | | * | | Boston Scientific Corp | | | 1,101,147 | |
| 5,750 | | | | Danaher Corp | | | 821,790 | |
| 2,290 | | *,n | | DexCom, Inc | | | 343,134 | |
| 4,668 | | * | | Edwards Lifesciences Corp | | | 862,366 | |
| 3,009 | | * | | Guardant Health, Inc | | | 259,767 | |
| 3,492 | | | | HCA Holdings, Inc | | | 472,014 | |
| 2,526 | | * | | IDEXX Laboratories, Inc | | | 695,483 | |
| 1,867 | | *,n | | Intuitive Surgical, Inc | | | 979,335 | |
| 2,368 | | | | STERIS plc | | | 352,548 | |
| 6,155 | | | | Stryker Corp | | | 1,265,345 | |
| 3,187 | | | | UnitedHealth Group, Inc | | | 777,660 | |
| 17,429 | | * | | Wright Medical Group NV | | | 519,733 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 11,129,960 | |
| | | | | | | | |
| |
HOUSEHOLD & PERSONAL PRODUCTS - 2.0% | | | | |
| 4,844 | | | | Estee Lauder Cos (Class A) | | | 886,985 | |
| 18,578 | | | | Procter & Gamble Co | | | 2,037,077 | |
| | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 2,924,062 | |
| | | | | | | | |
| |
INSURANCE - 2.4% | | | | |
| 11,384 | | * | | Athene Holding Ltd | | | 490,195 | |
| 3,329 | | | | Chubb Ltd | | | 490,328 | |
| 3,719 | | | | Cincinnati Financial Corp | | | 385,549 | |
| 20,480 | | | | Hartford Financial Services Group, Inc | | | 1,141,146 | |
| 9,188 | | | | Metlife, Inc | | | 456,368 | |
| 4,472 | | * | | Palomar Holdings, Inc | | | 107,507 | |
| 2,862 | | | | Willis Towers Watson plc | | | 548,187 | |
| | | | | | | | |
| | | | TOTAL INSURANCE | | | 3,619,280 | |
| | | | | | | | |
5
TIAA-CREF LIFE FUNDS -Growth & Income Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
MATERIALS - 4.1% | | | | |
| 5,445 | | | | CF Industries Holdings, Inc | | $ | 254,336 | |
| 19,942 | | * | | Corteva, Inc | | | 589,685 | |
| 6,199 | | | | Dow, Inc | | | 305,673 | |
| 10,439 | | | | DuPont de Nemours, Inc | | | 783,656 | |
| 2,898 | | | | Ecolab, Inc | | | 572,181 | |
| 8,965 | | | | Linde plc | | | 1,800,172 | |
| 15,134 | | | | Newmont Mining Corp | | | 582,205 | |
| 9,407 | | n | | Nutrien Ltd | | | 502,898 | |
| 5,420 | | n | | Vulcan Materials Co | | | 744,220 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 6,135,026 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 9.9% | | | | |
| 3,393 | | * | | Alphabet, Inc (Class C) | | | 3,667,528 | |
| 28,490 | | | | Comcast Corp (Class A) | | | 1,204,557 | |
| 16,285 | | * | | Facebook, Inc | | | 3,143,005 | |
| 3,988 | | *,n | | NetFlix, Inc | | | 1,464,872 | |
| 690 | | | | Nintendo Co Ltd | | | 253,160 | |
| 7,472 | | *,n | | Take-Two Interactive Software, Inc | | | 848,296 | |
| 9,850 | | * | | Twitter, Inc | | | 343,765 | |
| 21,134 | | | | Viacom, Inc (Class B) | | | 631,273 | |
| 12,294 | | | | Vivendi Universal S.A. | | | 337,380 | |
| 17,445 | | | | Walt Disney Co | | | 2,436,020 | |
| 7,263 | | | | World Wrestling Entertainment, Inc (Class A) | | | 524,461 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 14,854,317 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.2% | | | | |
| 18,248 | | n | | AbbVie, Inc | | | 1,326,995 | |
| 10,559 | | * | | Acadia Pharmaceuticals, Inc | | | 282,242 | |
| 5,704 | | * | | Allogene Therapeutics, Inc | | | 153,152 | |
| 7,467 | | | | AstraZeneca plc | | | 610,440 | |
| 30,812 | | * | | Avantor, Inc | | | 588,201 | |
| 5,320 | | *,n | | Biohaven Pharmaceutical Holding Co Ltd | | | 232,963 | |
| 4,510 | | * | | BioMarin Pharmaceutical, Inc | | | 386,282 | |
| 2,556 | | * | | Bluebird Bio, Inc | | | 325,123 | |
| 6,321 | | | | Daiichi Sankyo Co Ltd | | | 331,508 | |
| 8,903 | | | | Eli Lilly & Co | | | 986,363 | |
| 4,198 | | *,n | | Exact Sciences Corp | | | 495,532 | |
| 1,752 | | *,e | | GW Pharmaceuticals plc (ADR) | | | 302,027 | |
| 3,429 | | * | | IQVIA Holdings, Inc | | | 551,726 | |
| 2,861 | | *,n | | Jazz Pharmaceuticals plc | | | 407,864 | |
| 1,634 | | | | Lonza Group AG. | | | 551,627 | |
| 20,624 | | | | Merck & Co, Inc | | | 1,729,322 | |
| 5,588 | | *,n | | Nektar Therapeutics | | | 198,821 | |
| 3,645 | | * | | Neurocrine Biosciences, Inc | | | 307,747 | |
| 7,657 | | | | Novo Nordisk AS | | | 391,098 | |
| 3,272 | | | | PerkinElmer, Inc | | | 315,224 | |
| 39,110 | | | | Pfizer, Inc | | | 1,694,245 | |
| 845 | | | | Roche Holding AG. | | | 237,604 | |
| 2,395 | | * | | Sage Therapeutics, Inc | | | 438,501 | |
| 7,734 | | | | Sanofi-Aventis | | | 668,390 | |
| 2,187 | | | | Vifor Pharma AG. | | | 316,105 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 13,829,102 | |
| | | | | | | | |
| |
REAL ESTATE - 1.2% | | | | |
| 5,399 | | n | | American Tower Corp | | | 1,103,826 | |
| 6,249 | | | | Outfront Media, Inc | | | 161,162 | |
| 6,816 | | | | Prologis, Inc | | | 545,961 | |
| | | | | | | | |
| | | | TOTAL REAL ESTATE | | | 1,810,949 | |
| | | | | | | | |
| |
RETAILING - 5.8% | | | | |
| 2,204 | | * | | Amazon.com, Inc | | | 4,173,560 | |
| 8,195 | | | | Best Buy Co, Inc | | | 571,437 | |
| 19,220 | | * | | BJ’s Wholesale Club Holdings, Inc | | | 507,408 | |
6
TIAA-CREF LIFE FUNDS -Growth & Income Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 10,148 | | | | Home Depot, Inc | | $ | 2,110,480 | |
| 5,995 | | | | Kohl’s Corp | | | 285,062 | |
| 5,204 | | n | | Tiffany & Co | | | 487,303 | |
| 1,558 | | *,n | | Ulta Beauty, Inc | | | 540,455 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 8,675,705 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0% | | | | |
| 26,265 | | * | | Advanced Micro Devices, Inc | | | 797,668 | |
| 1,579 | | n | | Broadcom, Inc | | | 454,531 | |
| 8,722 | | * | | Cree, Inc | | | 490,002 | |
| 17,923 | | | | Intel Corp | | | 857,974 | |
| 30,310 | | | | Marvell Technology Group Ltd | | | 723,500 | |
| 4,182 | | n | | Monolithic Power Systems, Inc | | | 567,832 | |
| 3,165 | | | | NVIDIA Corp | | | 519,788 | |
| 14,737 | | | | Qualcomm, Inc | | | 1,121,043 | |
| 2,556 | | n | | Universal Display Corp | | | 480,681 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 6,013,019 | |
| | | | | | | | |
| |
SOFTWARE & SERVICES - 11.9% | | | | |
| 3,043 | | * | | Adobe, Inc | | | 896,620 | |
| 3,074 | | | | Dassault Systemes S.A. | | | 490,319 | |
| 5,880 | | n | | Fidelity National Information Services, Inc | | | 721,359 | |
| 20,955 | | * | | First Data Corp | | | 567,252 | |
| 5,367 | | n | | International Business Machines Corp | | | 740,109 | |
| 5,305 | | *,n | | LiveRamp Holdings, Inc | | | 257,186 | |
| 8,974 | | | | MasterCard, Inc (Class A) | | | 2,373,892 | |
| 48,806 | | | | Microsoft Corp | | | 6,538,052 | |
| 12,570 | | * | | PayPal Holdings, Inc | | | 1,438,762 | |
| 2,417 | | * | | Proofpoint, Inc | | | 290,644 | |
| 8,598 | | *,n | | salesforce.com, Inc | | | 1,304,575 | |
| 2,017 | | *,n | | ServiceNow, Inc | | | 553,808 | |
| 5,371 | | * | | Synopsys, Inc | | | 691,194 | |
| 15,121 | | *,n | | Teradata Corp | | | 542,088 | |
| 4,700 | | * | | Zscaler, Inc | | | 360,208 | |
| | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | 17,766,068 | |
| | | | | | | | |
| |
TECHNOLOGY HARDWARE & EQUIPMENT - 7.3% | | | | |
| 27,579 | | n | | Apple, Inc | | | 5,458,435 | |
| 43,867 | | | | Cisco Systems, Inc | | | 2,400,841 | |
| 15,091 | | | | Corning, Inc | | | 501,474 | |
| 8,870 | | *,n | | Keysight Technologies, Inc | | | 796,615 | |
| 5,978 | | n | | Motorola Solutions, Inc | | | 996,712 | |
| 68,550 | | | | Nokia Corp | | | 343,435 | |
| 25,628 | | * | | Pure Storage, Inc | | | 391,340 | |
| | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 10,888,852 | |
| | | | | | | | |
| |
TELECOMMUNICATION SERVICES - 1.0% | | | | |
| 23,594 | | | | AT&T, Inc | | | 790,635 | |
| 13,664 | | | | Verizon Communications, Inc | | | 780,624 | |
| | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | 1,571,259 | |
| | | | | | | | |
| |
TRANSPORTATION - 1.2% | | | | |
| 17,039 | | | | CSX Corp | | | 1,318,307 | |
| 3,157 | | | | DSV AS | | | 310,870 | |
| 2,675 | | *,e | | Lyft, Inc (Class A) | | | 175,774 | |
| | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | 1,804,951 | |
| | | | | | | | |
| |
UTILITIES - 2.1% | | | | |
| 5,835 | | | | Alliant Energy Corp | | | 286,382 | |
| 5,257 | | | | Ameren Corp | | | 394,853 | |
| 4,933 | | | | Entergy Corp | | | 507,754 | |
| 20,363 | | | | FirstEnergy Corp | | | 871,740 | |
7
TIAA-CREF LIFE FUNDS -Growth & Income Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 5,493 | | | | NextEra Energy, Inc | | | | | | | | | | $ | 1,125,296 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL UTILITIES | | | | | | | | | | | 3,186,025 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 150,207,885 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $99,987,156) | | | | | | | | | | | | |
| |
PURCHASED OPTIONS - 0.0% | | | | | |
| | | |
HEALTH CARE EQUIPMENT & SERVICES - 0.0% | | | | | | | | | | | | |
| 800 | | | | Humana, Inc | | | | | | | | | | | 11,200 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | | 11,200 | |
| | | | | | | | | |
| | | |
MEDIA & ENTERTAINMENT - 0.0% | | | | | | | | | | | | |
| 500 | | | | Take-Two Interactive Software, Inc | | | | | | | | | | | 2,350 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | | 2,350 | |
| | | | | | | | | |
| | | |
SOFTWARE & SERVICES - 0.0% | | | | | | | | | | | | |
| 1,000 | | | | Akamai Technologies, Inc | | | | | | | | | | | 3,875 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | | 3,875 | |
| | | | | | | | | |
| | | |
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% | | | | | | | | | | | | |
| 1,300 | | | | Pure Storage, Inc | | | | | | | | | | | 117 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | 117 | |
| | | | | | | | | |
| | | | TOTAL PURCHASED OPTIONS | | | | 17,542 | |
| | | | | | | | | |
| | | | (Cost $23,008) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 0.8% | | | | | |
| |
GOVERNMENT AGENCY DEBT - 0.4% | | | | | |
| $595,000 | | | | Federal Home Loan Bank (FHLB) | | | 2.100 | % | | | 07/01/19 | | | | 595,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | 595,000 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | |
| | | | | | | | | | | | | | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4% | | | | | |
| 666,742 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | | | | | | | | | 666,742 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | 666,742 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 1,261,742 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $1,261,742) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.8% | | | | 151,487,169 | |
| | | | (Cost $101,271,906) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - (0.8)% | | | | (1,314,680 | ) |
| | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 150,172,489 | |
| | | | | | | | | | | | | | | | |
Abbreviation(s):
| ADR | American Depositary Receipt |
| 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 $959,357. |
| g | 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 6/30/19, the aggregate value of these securities was $460,062 or 0.3% 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. |
Purchased options outstanding as of June 30, 2019 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional amount | | | Exercise price | | | Expiration date | | | Value | |
Akamai Technologies, Inc, Call | | | 10 | | | $ | 5,770 | | | $ | 85.00 | | | | 11/15/19 | | | $ | 3,875 | |
Humana, Inc, Call | | | 8 | | | | 15,056 | | | | 275.00 | | | | 11/15/19 | | | | 11,200 | |
Pure Storage, Inc, Call | | | 13 | | | | 566 | | | | 17.50 | | | | 07/19/19 | | | | 117 | |
Take-Two Interactive Software, Inc, Call | | | 5 | | | | 1,616 | | | | 120.00 | | | | 09/20/19 | | | | 2,350 | |
| | | | | | | | | | | | | | | | | | | | | |
Total | | | 36 | | | $ | 23,008 | | | | | | | | | | | $ | 17,542 | |
| | | | | | | | | | | | | | | | | | | | | |
8
TIAA-CREF LIFE FUNDS -Growth & Income Fund
Written options outstanding as of June 30, 2019 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of contracts | | | Notional amount | | | Exercise price | | | Expiration date | | | Value | |
AbbVie, Inc, Put | | | 9 | | | $ | (889 | ) | | $ | 60.00 | | | | 08/16/19 | | | $ | (198 | ) |
Activision Blizzard, Inc, Put | | | 20 | | | | (5,580 | ) | | | 42.50 | | | | 11/15/19 | | | | (4,310 | ) |
Akamai Technologies, Inc, Call | | | 10 | | | | (3,529 | ) | | | 90.00 | | | | 11/15/19 | | | | (2,210 | ) |
Akamai Technologies, Inc, Put | | | 10 | | | | (3,229 | ) | | | 75.00 | | | | 11/15/19 | | | | (3,400 | ) |
American Tower Corp, Put | | | 5 | | | | (1,115 | ) | | | 175.00 | | | | 07/19/19 | | | | (50 | ) |
Anthem, Inc, Call | | | 3 | | | | (501 | ) | | | 310.00 | | | | 07/19/19 | | | | (66 | ) |
Anthem, Inc, Put | | | 3 | | | | (4,194 | ) | | | 240.00 | | | | 09/20/19 | | | | (882 | ) |
Apple, Inc, Call | | | 10 | | | | (11,170 | ) | | | 210.00 | | | | 01/17/20 | | | | (9,790 | ) |
Apple, Inc, Call | | | 5 | | | | (2,436 | ) | | | 230.00 | | | | 01/17/20 | | | | (2,150 | ) |
Apple, Inc, Call | | | 5 | | | | (1,815 | ) | | | 250.00 | | | | 01/17/20 | | | | (900 | ) |
Apple, Inc, Put | | | 10 | | | | (1,989 | ) | | | 175.00 | | | | 08/16/19 | | | | (1,830 | ) |
Apple, Inc, Put | | | 10 | | | | (1,040 | ) | | | 170.00 | | | | 09/20/19 | | | | (2,230 | ) |
Apple, Inc, Put | | | 5 | | | | (3,303 | ) | | | 170.00 | | | | 10/18/19 | | | | (1,425 | ) |
Apple, Inc, Put | | | 10 | | | | (10,530 | ) | | | 190.00 | | | | 06/19/20 | | | | (15,700 | ) |
Arista Networks, Inc, Put | | | 3 | | | | (2,909 | ) | | | 210.00 | | | | 11/15/19 | | | | (2,415 | ) |
Biohaven Pharmaceutical Holding Co Ltd, Put | | | 14 | | | | (17,121 | ) | | | 50.00 | | | | 01/17/20 | | | | (17,850 | ) |
Boeing Co, Call | | | 3 | | | | (375 | ) | | | 405.00 | | | | 07/19/19 | | | | (105 | ) |
Broadcom, Inc, Put | | | 1 | | | | (128 | ) | | | 220.00 | | | | 07/19/19 | | | | (16 | ) |
Broadcom, Inc, Put | | | 3 | | | | (714 | ) | | | 230.00 | | | | 07/19/19 | | | | (75 | ) |
Cigna Corp, Put | | | 5 | | | | (465 | ) | | | 143.00 | | | | 07/26/19 | | | | (440 | ) |
Cigna Corp, Put | | | 5 | | | | (3,685 | ) | | | 145.00 | | | | 01/17/20 | | | | (3,750 | ) |
CME Group, Inc, Call | | | 4 | | | | (2,052 | ) | | | 210.00 | | | | 12/20/19 | | | | (1,700 | ) |
CME Group, Inc, Put | | | 4 | | | | (1,392 | ) | | | 170.00 | | | | 12/20/19 | | | | (1,220 | ) |
Coherent, Inc, Put | | | 5 | | | | (5,157 | ) | | | 110.00 | | | | 11/15/19 | | | | (2,375 | ) |
ConAgra Brands, Inc, Put | | | 6 | | | | (918 | ) | | | 22.00 | | | | 09/20/19 | | | | (120 | ) |
ConAgra Brands, Inc, Put | | | 18 | | | | (2,591 | ) | | | 23.00 | | | | 09/20/19 | | | | (630 | ) |
ConAgra Brands, Inc, Put | | | 12 | | | | (1,536 | ) | | | 24.00 | | | | 12/20/19 | | | | (1,620 | ) |
Constellation Brands, Inc, Put | | | 3 | | | | (1,048 | ) | | | 180.00 | | | | 10/18/19 | | | | (1,380 | ) |
Costco Wholesale Corp, Call | | | 4 | | | | (2,640 | ) | | | 260.00 | | | | 10/18/19 | | | | (5,960 | ) |
CVS Health Corp, Put | | | 11 | | | | (6,137 | ) | | | 55.00 | | | | 10/18/19 | | | | (3,828 | ) |
CVS Health Corp, Put | | | 22 | | | | (7,556 | ) | | | 52.50 | | | | 11/15/19 | | | | (6,490 | ) |
DexCom, Inc, Put | | | 7 | | | | (2,930 | ) | | | 100.00 | | | | 09/20/19 | | | | (542 | ) |
DexCom, Inc, Put | | | 7 | | | | (4,081 | ) | | | 100.00 | | | | 12/20/19 | | | | (1,610 | ) |
DISH Network Corp, Put | | | 14 | | | | (3,822 | ) | | | 27.50 | | | | 01/17/20 | | | | (1,960 | ) |
Exact Sciences Corp, Call | | | 18 | | | | (5,903 | ) | | | 125.00 | | | | 07/26/19 | | | | (4,338 | ) |
Exact Sciences Corp, Put | | | 18 | | | | (2,213 | ) | | | 99.00 | | | | 07/26/19 | | | | (1,125 | ) |
FedEx Corp, Put | | | 4 | | | | (9,156 | ) | | | 190.00 | | | | 01/17/20 | | | | (11,950 | ) |
Fidelity National Information Services, Inc, Put | | | 10 | | | | (1,556 | ) | | | 95.00 | | | | 07/19/19 | | | | (150 | ) |
General Mills, Inc, Put | | | 13 | | | | (467 | ) | | | 45.00 | | | | 08/16/19 | | | | (195 | ) |
Hain Celestial Group, Inc, Put | | | 24 | | | | (13,152 | ) | | | 23.00 | | | | 01/17/20 | | | | (6,840 | ) |
Humana, Inc, Call | | | 8 | | | | (5,824 | ) | | | 310.00 | | | | 11/15/19 | | | | (3,760 | ) |
Humana, Inc, Put | | | 8 | | | | (10,143 | ) | | | 245.00 | | | | 11/15/19 | | | | (7,440 | ) |
International Business Machines Corp, Put | | | 7 | | | | (2,312 | ) | | | 125.00 | | | | 11/15/19 | | | | (2,747 | ) |
Intuitive Surgical, Inc, Call | | | 1 | | | | (751 | ) | | | 620.00 | | | | 10/18/19 | | | | (610 | ) |
Jazz Pharmaceuticals plc, Put | | | 6 | | | | (4,710 | ) | | | 125.00 | | | | 12/20/19 | | | | (2,430 | ) |
Keysight Technologies, Inc, Put | | | 10 | | | | (634 | ) | | | 70.00 | | | | 07/19/19 | | | | (150 | ) |
LiveRamp Holdings, Inc, Put | | | 13 | | | | (1,070 | ) | | | 40.00 | | | | 08/16/19 | | | | (715 | ) |
Lululemon Athletica, Inc, Call | | | 5 | | | | (624 | ) | | | 200.00 | | | | 07/12/19 | | | | (55 | ) |
Micron Technology, Inc, Put | | | 13 | | | | (4,094 | ) | | | 34.00 | | | | 01/17/20 | | | | (3,653 | ) |
Monolithic Power Systems, Inc, Put | | | 5 | | | | (3,738 | ) | | | 120.00 | | | | 09/20/19 | | | | (1,600 | ) |
Motorola Solutions, Inc, Call | | | 7 | | | | (2,993 | ) | | | 165.00 | | | | 01/17/20 | | | | (8,872 | ) |
Motorola Solutions, Inc, Call | | | 7 | | | | (2,856 | ) | | | 185.00 | | | | 01/17/20 | | | | (3,080 | ) |
Motorola Solutions, Inc, Put | | | 7 | | | | (2,681 | ) | | | 130.00 | | | | 10/18/19 | | | | (759 | ) |
Motorola Solutions, Inc, Put | | | 7 | | | | (2,903 | ) | | | 130.00 | | | | 01/17/20 | | | | (1,677 | ) |
Motorola Solutions, Inc, Put | | | 7 | | | | (2,051 | ) | | | 135.00 | | | | 01/17/20 | | | | (2,054 | ) |
Nektar Therapeutics, Put | | | 8 | | | | (6,064 | ) | | | 36.00 | | | | 11/15/19 | | | | (4,640 | ) |
NetFlix, Inc, Call | | | 3 | | | | (325 | ) | | | 400.00 | | | | 07/05/19 | | | | (33 | ) |
Nevro Corp, Put | | | 11 | | | | (979 | ) | | | 40.00 | | | | 08/16/19 | | | | (413 | ) |
Northrop Grumman Corp, Call | | | 2 | | | | (2,379 | ) | | | 340.00 | | | | 11/15/19 | | | | (2,350 | ) |
Northrop Grumman Corp, Put | | | 1 | | | | (1,746 | ) | | | 270.00 | | | | 11/15/19 | | | | (405 | ) |
9
TIAA-CREF LIFE FUNDS -Growth & Income Fund
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of contracts | | | Notional amount | | | Exercise price | | | Expiration date | | | Value | |
Northrop Grumman Corp, Put | | | 2 | | | $ | (3,860 | ) | | $ | 275.00 | | | | 11/15/19 | | | $ | (940 | ) |
Northrop Grumman Corp, Put | | | 2 | | | | (1,177 | ) | | | 280.00 | | | | 11/15/19 | | | | (1,090 | ) |
Nutanix, Inc, Put | | | 17 | | | | (4,576 | ) | | | 30.00 | | | | 10/18/19 | | | | (9,605 | ) |
Nutrien Ltd, Put | | | 13 | | | | (1,754 | ) | | | 45.00 | | | | 09/20/19 | | | | (423 | ) |
Parker-Hannifin Corp, Put | | | 4 | | | | (388 | ) | | | 125.00 | | | | 08/16/19 | | | | (120 | ) |
Planet Fitness, Inc, Put | | | 13 | | | | (481 | ) | | | 65.00 | | | | 07/19/19 | | | | (273 | ) |
PNC Financial Services Group, Inc, Put | | | 7 | | | | (1,397 | ) | | | 105.00 | | | | 08/16/19 | | | | (165 | ) |
PNC Financial Services Group, Inc, Put | | | 7 | | | | (2,541 | ) | | | 105.00 | | | | 11/15/19 | | | | (725 | ) |
PVH Corp, Put | | | 5 | | | | (2,787 | ) | | | 105.00 | | | | 09/20/19 | | | | (6,280 | ) |
PVH Corp, Put | | | 5 | | | | (4,240 | ) | | | 85.00 | | | | 01/17/20 | | | | (2,725 | ) |
Rockwell Automation, Inc, Put | | | 5 | | | | (2,088 | ) | | | 140.00 | | | | 10/18/19 | | | | (950 | ) |
Royal Caribbean Cruises Ltd, Put | | | 6 | | | | (390 | ) | | | 105.00 | | | | 07/19/19 | | | | (108 | ) |
salesforce.com, Inc, Call | | | 5 | | | | (440 | ) | | | 175.00 | | | | 07/19/19 | | | | (35 | ) |
ServiceNow, Inc, Call | | | 3 | | | | (1,890 | ) | | | 310.00 | | | | 07/26/19 | | | | (795 | ) |
ServiceNow, Inc, Call | | | 5 | | | | (5,806 | ) | | | 290.00 | | | | 11/15/19 | | | | (11,000 | ) |
ServiceNow, Inc, Put | | | 2 | | | | (896 | ) | | | 190.00 | | | | 08/16/19 | | | | (140 | ) |
Take-Two Interactive Software, Inc, Call | | | 7 | | | | (841 | ) | | | 135.00 | | | | 09/20/19 | | | | (994 | ) |
Take-Two Interactive Software, Inc, Put | | | 7 | | | | (1,793 | ) | | | 80.00 | | | | 09/20/19 | | | | (227 | ) |
Teladoc Health, Inc, Put | | | 7 | | | | (3,437 | ) | | | 45.00 | | | | 10/18/19 | | | | (630 | ) |
Teladoc Health, Inc, Put | | | 6 | | | | (3,566 | ) | | | 45.00 | | | | 12/20/19 | | | | (1,050 | ) |
Teradata Corp, Call | | | 11 | | | | (785 | ) | | | 47.50 | | | | 12/20/19 | | | | (275 | ) |
Teradata Corp, Put | | | 11 | | | | (1,772 | ) | | | 35.00 | | | | 10/18/19 | | | | (2,035 | ) |
Tiffany & Co, Put | | | 10 | | | | (23,280 | ) | | | 105.00 | | | | 01/17/20 | | | | (15,075 | ) |
Tiffany & Co, Put | | | 10 | | | | (27,030 | ) | | | 110.00 | | | | 01/17/20 | | | | (18,850 | ) |
Tiffany & Co, Put | | | 10 | | | | (5,099 | ) | | | 82.50 | | | | 01/17/20 | | | | (3,550 | ) |
Ulta Beauty, Inc, Call | | | 2 | | | | (2,792 | ) | | | 390.00 | | | | 09/20/19 | | | | (1,220 | ) |
Universal Display Corp, Call | | | 7 | | | | (4,977 | ) | | | 210.00 | | | | 09/20/19 | | | | (6,790 | ) |
Universal Display Corp, Call | | | 7 | | | | (6,810 | ) | | | 220.00 | | | | 09/20/19 | | | | (4,795 | ) |
Vulcan Materials Co, Put | | | 7 | | | | (343 | ) | | | 115.00 | | | | 07/19/19 | | | | (70 | ) |
WellCare Health Plans, Inc, Put | | | 3 | | | | (1,584 | ) | | | 220.00 | | | | 09/20/19 | | | | (765 | ) |
WellCare Health Plans, Inc, Put | | | 9 | | | | (5,663 | ) | | | 230.00 | | | | 12/20/19 | | | | (3,240 | ) |
WellCare Health Plans, Inc, Put | | | 3 | | | | (3,174 | ) | | | 240.00 | | | | 12/20/19 | | | | (1,305 | ) |
Xilinx, Inc, Put | | | 4 | | | | (1,072 | ) | | | 92.50 | | | | 09/20/19 | | | | (852 | ) |
Xilinx, Inc, Put | | | 3 | | | | (924 | ) | | | 95.00 | | | | 09/20/19 | | | | (738 | ) |
Xilinx, Inc, Put | | | 7 | | | | (2,697 | ) | | | 95.00 | | | | 12/20/19 | | | | (3,010 | ) |
Total | | | 721 | | | $ | (342,251 | ) | | | | | | | | | | $ | (272,113 | ) |
| | | | | | | | | | | | | | | | | | | | | |
10
TIAA-CREF LIFE FUNDS -Large-Cap Value Fund
TIAA-CREF LIFE FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 99.6% | | | | |
| |
BANKS - 15.2% | | | | |
| 87,940 | | | | Bank of America Corp | | $ | 2,550,260 | |
| 32,500 | | | | Citigroup, Inc | | | 2,275,975 | |
| 29,400 | | | | JPMorgan Chase & Co | | | 3,286,920 | |
| 4,225 | | | | PNC Financial Services Group, Inc | | | 580,008 | |
| 14,200 | | | | US Bancorp | | | 744,080 | |
| 26,550 | | | | Wells Fargo & Co | | | 1,256,346 | |
| | | | | | | | |
| | | | TOTAL BANKS | | | 10,693,589 | |
| | | | | | | | |
| |
CAPITAL GOODS - 9.4% | | | | |
| 5,171 | | | | Allegion plc | | | 571,654 | |
| 6,350 | | | | Deere & Co | | | 1,052,258 | |
| 6,093 | | | | Dover Corp | | | 610,519 | |
| 35,000 | | | | General Electric Co | | | 367,500 | |
| 7,487 | | | | Honeywell International, Inc | | | 1,307,155 | |
| 8,961 | | | | Ingersoll-Rand plc | | | 1,135,090 | |
| 16,365 | | | | Masco Corp | | | 642,163 | |
| 3,506 | | | | Parker-Hannifin Corp | | | 596,055 | |
| 1,865 | | | | Stanley Black & Decker, Inc | | | 269,698 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 6,552,092 | |
| | | | | | | | |
| |
CONSUMER DURABLES & APPAREL - 1.1% | | | | |
| 223 | | * | | NVR, Inc | | | 751,566 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 751,566 | |
| | | | | | | | |
| |
CONSUMER SERVICES - 1.1% | | | | |
| 3,600 | | | | McDonald’s Corp | | | 747,576 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 747,576 | |
| | | | | | | | |
| |
DIVERSIFIED FINANCIALS - 2.1% | | | | |
| 4,975 | | | | American Express Co | | | 614,114 | |
| 4,330 | | | | Goldman Sachs Group, Inc | | | 885,918 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 1,500,032 | |
| | | | | | | | |
| |
ENERGY - 8.2% | | | | |
| 14,100 | | | | Chevron Corp | | | 1,754,604 | |
| 4,050 | | | | Concho Resources, Inc | | | 417,879 | |
| 6,325 | | | | Diamondback Energy, Inc | | | 689,235 | |
| 12,300 | | | | EOG Resources, Inc | | | 1,145,868 | |
| 14,700 | | | | Exxon Mobil Corp | | | 1,126,461 | |
| 7,250 | | | | Valero Energy Corp | | | 620,673 | |
| | | | | | | | |
| | | | TOTAL ENERGY | | | 5,754,720 | |
| | | | | | | | |
| |
FOOD & STAPLES RETAILING - 1.4% | | | | |
| 8,500 | | | | Walmart, Inc | | | 939,165 | |
| | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | 939,165 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 2.4% | | | | |
| 15,000 | | | | Mondelez International, Inc | | | 808,500 | |
| 11,500 | | | | Philip Morris International, Inc | | | 903,095 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 1,711,595 | |
| | | | | | | | |
| |
HEALTH CARE EQUIPMENT & SERVICES - 6.7% | | | | |
| 5,000 | | | | Abbott Laboratories | | | 420,500 | |
| 2,750 | | | | Anthem, Inc | | | 776,077 | |
| 3,650 | | | | Cigna Corp | | | 575,058 | |
11
TIAA-CREF LIFE FUNDS -Large-Cap Value Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 10,000 | | | | CVS Health Corp | | $ | 544,900 | |
| 3,400 | | | | HCA Holdings, Inc | | | 459,578 | |
| 6,300 | | | | Medtronic plc | | | 613,557 | |
| 2,010 | | | | UnitedHealth Group, Inc | | | 490,460 | |
| 6,625 | | | | Zimmer Biomet Holdings, Inc | | | 780,027 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 4,660,157 | |
| | | | | | | | |
| |
HOUSEHOLD & PERSONAL PRODUCTS - 2.6% | | | | |
| 16,300 | | | | Procter & Gamble Co | | | 1,787,295 | |
| | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 1,787,295 | |
| | | | | | | | |
| |
INSURANCE - 6.9% | | | | |
| 19,411 | | | | American International Group, Inc | | | 1,034,218 | |
| 6,248 | | * | | Berkshire Hathaway, Inc (Class B) | | | 1,331,886 | |
| 6,600 | | | | Chubb Ltd | | | 972,114 | |
| 8,837 | | | | Lincoln National Corp | | | 569,545 | |
| 4,360 | | | | Marsh & McLennan Cos, Inc | | | 434,910 | |
| 4,862 | | | | Prudential Financial, Inc | | | 491,062 | |
| | | | | | | | |
| | | | TOTAL INSURANCE | | | 4,833,735 | |
| | | | | | | | |
| |
MATERIALS - 4.4% | | | | |
| 11,100 | | | | Ball Corp | | | 776,889 | |
| 10,325 | | * | | Corteva, Inc | | | 305,310 | |
| 11,200 | | * | | Crown Holdings, Inc | | | 684,320 | |
| 5,500 | | | | Dow, Inc | | | 271,205 | |
| 7,183 | | | | DuPont de Nemours, Inc | | | 539,228 | |
| 4,400 | | | | PPG Industries, Inc | | | 513,524 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 3,090,476 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 4.1% | | | | |
| 33,000 | | | | Comcast Corp (Class A) | | | 1,395,240 | |
| 10,300 | | | | Walt Disney Co | | | 1,438,292 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 2,833,532 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.0% | | | | |
| 2,090 | | | | Amgen, Inc | | | 385,145 | |
| 6,225 | | | | Bristol-Myers Squibb Co | | | 282,304 | |
| 8,300 | | | | Gilead Sciences, Inc | | | 560,748 | |
| 1,300 | | * | | Jazz Pharmaceuticals plc | | | 185,328 | |
| 15,658 | | | | Johnson & Johnson | | | 2,180,846 | |
| 11,972 | | | | Merck & Co, Inc | | | 1,003,852 | |
| 39,000 | | | | Pfizer, Inc | | | 1,689,480 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 6,287,703 | |
| | | | | | | | |
| |
REAL ESTATE - 1.7% | | | | |
| 1,775 | | | | AvalonBay Communities, Inc | | | 360,644 | |
| 2,375 | | | | Boston Properties, Inc | | | 306,375 | |
| 6,200 | | | | Prologis, Inc | | | 496,620 | |
| | | | | | | | |
| | | | TOTAL REAL ESTATE | | | 1,163,639 | |
| | | | | | | | |
| |
RETAILING - 1.4% | | | | |
| 4,740 | | | | Home Depot, Inc | | | 985,778 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 985,778 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9% | | | | |
| 14,500 | | | | Applied Materials, Inc | | | 651,195 | |
| 1,900 | | | | Broadcom, Inc | | | 546,934 | |
| 23,600 | | | | Intel Corp | | | 1,129,732 | |
| 6,300 | | * | | Micron Technology, Inc | | | 243,117 | |
| 3,925 | | | | NXP Semiconductors NV | | | 383,119 | |
| 6,300 | | | | Qualcomm, Inc | | | 479,241 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 3,433,338 | |
| | | | | | | | |
12
TIAA-CREF LIFE FUNDS -Large-Cap Value Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
SOFTWARE & SERVICES - 3.8% | | | | | | | | | | | | |
| 4,297 | | | | Accenture plc | | | | | | | | | | $ | 793,957 | |
| 9,700 | | | | Microsoft Corp | | | | | | | | | | | 1,299,412 | |
| 10,100 | | | | Oracle Corp | | | | | | | | | | | 575,397 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | | | | | | 2,668,766 | |
| | | | | | | | | | | | | | | | |
| | | |
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3% | | | | | | | | | | | | |
| 29,100 | | | | Cisco Systems, Inc | | | | | | | | | | | 1,592,643 | |
| 7,500 | | | | TE Connectivity Ltd | | | | | | | | | | | 718,350 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | | | 2,310,993 | |
| | | | | | | | | | | | | | | | |
| | | |
TELECOMMUNICATION SERVICES - 3.0% | | | | | | | | | | | | |
| 16,638 | | | | AT&T, Inc | | | | | | | | | | | 557,539 | |
| 27,000 | | | | Verizon Communications, Inc | | | | | | | | | | | 1,542,510 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | | | | | | | | | 2,100,049 | |
| | | | | | | | | | | | | | | | |
| | | |
TRANSPORTATION - 2.0% | | | | | | | | | | | | |
| 5,555 | | | | CSX Corp | | | | | | | | | | | 429,790 | |
| 5,640 | | | | Union Pacific Corp | | | | | | | | | | | 953,781 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | | | | | | | | 1,383,571 | |
| | | | | | | | | | | | | | | | |
| | | |
UTILITIES - 4.9% | | | | | | | | | | | | |
| 6,932 | | | | American Electric Power Co, Inc | | | | | | | | | | | 610,085 | |
| 5,810 | | | | Entergy Corp | | | | | | | | | | | 598,023 | |
| 18,100 | | | | FirstEnergy Corp | | | | | | | | | | | 774,861 | |
| 4,579 | | | | NextEra Energy, Inc | | | | | | | | | | | 938,054 | |
| 3,476 | | | | Sempra Energy | | | | | | | | | | | 477,742 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL UTILITIES | | | | | | | | | | | 3,398,765 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 69,588,132 | |
| | | | | | | | | | | | | | |
| | | | (Cost $57,928,371) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 0.8% | | | | | |
| | | |
GOVERNMENT AGENCY DEBT - 0.8% | | | | | | | | | | | | |
| $570,000 | | | | Federal Home Loan Bank (FHLB) | | | 2.100 | % | | | 07/01/19 | | | | 570,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | | | 570,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 570,000 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $570,000) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.4%
(Cost $58,498,371) | | | | | | | | | | | 70,158,132 | |
| | | | OTHER ASSETS & LIABILITIES, NET - (0.4)% | | | | | | | | | | | (287,915 | ) |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 69,870,217 | |
| | | | | | | | | | | | | | | | |
13
TIAA-CREF LIFE FUNDS -Real Estate Securities Fund
TIAA-CREF LIFE FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 99.1% | | | | |
| |
DATA PROCESSING & OUTSOURCED SERVICES - 1.0% | | | | |
| 21,000 | | * | | GDS Holdings Ltd (ADR) | | $ | 788,970 | |
| | | | | | | | |
| | | | TOTAL DATA PROCESSING & OUTSOURCED SERVICES | | | 788,970 | |
| | | | | | | | |
| |
DIVERSIFIED REITS - 0.4% | | | | |
| 65,000 | | | | Colony Capital, Inc | | | 325,000 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED REITS | | | 325,000 | |
| | | | | | | | |
| |
HEALTH CARE REITS - 7.0% | | | | |
| 50,000 | | | | HCP, Inc | | | 1,599,000 | |
| 22,000 | | | | Healthcare Trust of America, Inc | | | 603,460 | |
| 20,000 | | | | Ventas, Inc | | | 1,367,000 | |
| 22,000 | | | | Welltower, Inc | | | 1,793,660 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE REITS | | | 5,363,120 | |
| | | | | | | | |
| |
HOTEL & RESORT REITS - 3.4% | | | | |
| 90,000 | | | | Host Marriott Corp | | | 1,639,800 | |
| 20,000 | | | | Pebblebrook Hotel Trust | | | 563,600 | |
| 30,000 | | | | Sunstone Hotel Investors, Inc | | | 411,300 | |
| | | | | | | | |
| | | | TOTAL HOTEL & RESORT REITS | | | 2,614,700 | |
| | | | | | | | |
| |
INDUSTRIAL REITS - 13.7% | | | | |
| 25,000 | | | | Americold Realty Trust | | | 810,500 | |
| 12,000 | | | | Duke Realty Corp | | | 379,320 | |
| 6,000 | | | | EastGroup Properties, Inc | | | 695,880 | |
| 55,000 | | | | Prologis, Inc | | | 4,405,500 | |
| 80,000 | | | | Rexford Industrial Realty, Inc | | | 3,229,600 | |
| 22,000 | | | | Terreno Realty Corp | | | 1,078,880 | |
| | | | | | | | |
| | | | TOTAL INDUSTRIAL REITS | | | 10,599,680 | |
| | | | | | | | |
| |
IT CONSULTING & OTHER SERVICES - 0.8% | | | | |
| 8,000 | | * | | InterXion Holding NV | | | 608,720 | |
| | | | | | | | |
| | | | TOTAL IT CONSULTING & OTHER SERVICES | | | 608,720 | |
| | | | | | | | |
| |
MORTGAGE REITS - 0.9% | | | | |
| 30,000 | | | | Starwood Property Trust, Inc | | | 681,600 | |
| | | | | | | | |
| | | | TOTAL MORTGAGE REITS | | | 681,600 | |
| | | | | | | | |
| |
OFFICE REITS - 11.1% | | | | |
| 16,000 | | | | Alexandria Real Estate Equities, Inc | | | 2,257,440 | |
| 24,000 | | | | Boston Properties, Inc | | | 3,096,000 | |
| 27,000 | | | | Hudson Pacific Properties | | | 898,290 | |
| 15,000 | | | | Kilroy Realty Corp | | | 1,107,150 | |
| 15,000 | | | | SL Green Realty Corp | | | 1,205,550 | |
| | | | | | | | |
| | | | TOTAL OFFICE REITS | | | 8,564,430 | |
| | | | | | | | |
| |
RESIDENTIAL REITS - 20.8% | | | | |
| 68,000 | | | | American Homes 4 Rent | | | 1,653,080 | |
| 10,000 | | | | AvalonBay Communities, Inc | | | 2,031,800 | |
| 15,000 | | | | Camden Property Trust | | | 1,565,850 | |
| 21,000 | | | | Equity Lifestyle Properties, Inc | | | 2,548,140 | |
| 25,000 | | | | Equity Residential | | | 1,898,000 | |
| 8,000 | | | | Essex Property Trust, Inc | | | 2,335,440 | |
| 55,000 | | | | Invitation Homes, Inc | | | 1,470,150 | |
14
TIAA-CREF LIFE FUNDS -Real Estate Securities Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 20,000 | | | | Sun Communities, Inc | | | | | | | | | | $ | 2,563,800 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL RESIDENTIAL REITS | | | | | | | | | | | 16,066,260 | |
| | | | | | | | | | | | | | | | |
| | | |
RETAIL REITS - 11.0% | | | | | | | | | | | | |
| 12,000 | | | | Agree Realty Corp | | | | | | | | | | | 768,600 | |
| 9,000 | | | | Federal Realty Investment Trust | | | | | | | | | | | 1,158,840 | |
| 17,000 | | | | Realty Income Corp | | | | | | | | | | | 1,172,490 | |
| 28,000 | | | | Regency Centers Corp | | | | | | | | | | | 1,868,720 | |
| 21,000 | | | | Simon Property Group, Inc | | | | | | | | | | | 3,354,960 | |
| 4,000 | | | | Taubman Centers, Inc | | | | | | | | | | | 163,320 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL RETAIL REITS | | | | 8,486,930 | |
| | | | | | | | | |
| | | |
SPECIALIZED REITS - 29.0% | | | | | | | | | | | | |
| 22,000 | | | | American Tower Corp | | | | | | | | | | | 4,497,900 | |
| 26,000 | | | | Crown Castle International Corp | | | | | | | | | | | 3,389,100 | |
| 12,000 | | | | CyrusOne, Inc | | | | | | | | | | | 692,640 | |
| 10,000 | | | | Digital Realty Trust, Inc | | | | | | | | | | | 1,177,900 | |
| 6,500 | | | | Equinix, Inc | | | | | | | | | | | 3,277,885 | |
| 13,000 | | | | Extra Space Storage, Inc | | | | | | | | | | | 1,379,300 | |
| 10,000 | | | | Four Corners Property Trust, Inc | | | | | | | | | | | 273,300 | |
| 22,000 | | | | Gaming and Leisure Properties, Inc | | | | | | | | | | | 857,560 | |
| 10,000 | | | | National Storage Affiliates Trust | | | | | | | | | | | 289,400 | |
| 6,500 | | | | Public Storage, Inc | | | | | | | | | | | 1,548,105 | |
| 20,000 | | | | QTS Realty Trust, Inc | | | | | | | | | | | 923,600 | |
| 7,500 | | * | | SBA Communications Corp | | | | | | | | | | | 1,686,300 | |
| 45,000 | | | | VICI Properties, Inc | | | | | | | | | | | 991,800 | |
| 52,000 | | | | Weyerhaeuser Co | | | | | | | | | | | 1,369,680 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SPECIALIZED REITS | | | | | | | | | | | 22,354,470 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 76,453,880 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $50,766,863) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 0.8% | |
| | | |
GOVERNMENT AGENCY DEBT - 0.8% | | | | | | | | | | | | |
| $580,000 | | | | Federal Home Loan Bank (FHLB) | | | 2.100 | % | | | 07/01/19 | | | | 580,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | | | 580,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 580,000 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $580,000) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.9%
(Cost $51,346,863) | | | | | | | | | | | 77,033,880 | |
| | | | OTHER ASSETS & LIABILITIES, NET - 0.1% | | | | | | | | | | | 114,547 | |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 77,148,427 | |
| | | | | | | | | | | | | | | | |
Abbreviation(s):
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
15
TIAA-CREF LIFE FUNDS -Small-Cap Equity Fund
TIAA-CREF LIFE FUNDS
SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 100.1% | | | | |
| |
AUTOMOBILES & COMPONENTS - 0.3% | | | | |
| 3,993 | | * | | Modine Manufacturing Co | | $ | 57,140 | |
| 3,259 | | * | | Stoneridge, Inc | | | 102,821 | |
| | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | 159,961 | |
| | | | | | | | |
| |
BANKS - 10.9% | | | | |
| 7,130 | | | | Bank of NT Butterfield & Son Ltd | | | 242,135 | |
| 14,214 | | | | Cadence BanCorp | | | 295,651 | |
| 8,760 | | | | Cathay General Bancorp | | | 314,572 | |
| 460 | | | | Civista Bancshares, Inc | | | 10,327 | |
| 2,268 | | | | ConnectOne Bancorp, Inc | | | 51,393 | |
| 5,770 | | * | | Customers Bancorp, Inc | | | 121,170 | |
| 1,730 | | | | Eagle Bancorp, Inc | | | 93,645 | |
| 8,870 | | * | | Essent Group Ltd | | | 416,801 | |
| 2,180 | | | | Federal Agricultural Mortgage Corp (Class C) | | | 158,399 | |
| 1,730 | | | | First Bancorp | | | 63,007 | |
| 11,550 | | | | First Commonwealth Financial Corp | | | 155,578 | |
| 4,200 | | | | First Merchants Corp | | | 159,180 | |
| 8,610 | | | | First Midwest Bancorp, Inc | | | 176,247 | |
| 378 | | | | First of Long Island Corp | | | 7,590 | |
| 7,019 | | | | Flagstar Bancorp, Inc | | | 232,610 | |
| 3,480 | | | | Fulton Financial Corp | | | 56,968 | |
| 5,380 | | | | Great Western Bancorp, Inc | | | 192,174 | |
| 2,390 | | | | Hanmi Financial Corp | | | 53,225 | |
| 4,650 | | | | IBERIABANK Corp | | | 352,702 | |
| 1,804 | | | | Independent Bank Corp | | | 39,309 | |
| 2,500 | | | | Lakeland Bancorp, Inc | | | 40,375 | |
| 4,350 | | | | LegacyTexas Financial Group, Inc | | | 177,089 | |
| 5,490 | | | | Meta Financial Group, Inc | | | 153,995 | |
| 6,490 | | * | | NMI Holdings, Inc | | | 184,251 | |
| 12,230 | | | | OFG Bancorp | | | 290,707 | |
| 1,220 | | | | Old Second Bancorp, Inc | | | 15,579 | |
| 3,500 | | | | PennyMac Financial Services, Inc | | | 77,630 | |
| 590 | | | | Peoples Bancorp, Inc | | | 19,033 | |
| 590 | | | | QCR Holdings, Inc | | | 20,573 | |
| 17,420 | | | | Radian Group, Inc | | | 398,047 | |
| 2,446 | | | | Sandy Spring Bancorp, Inc | | | 85,316 | |
| 12,887 | | | | United Community Banks, Inc | | | 368,053 | |
| 2,212 | | | | Univest Corp of Pennsylvania | | | 58,087 | |
| 6,400 | | | | Walker & Dunlop, Inc | | | 340,544 | |
| 3,260 | | | | WesBanco, Inc | | | 125,673 | |
| 4,230 | | | | WSFS Financial Corp | | | 174,699 | |
| | | | | | | | |
| | | | TOTAL BANKS | | | 5,722,334 | |
| | | | | | | | |
|
CAPITAL GOODS - 10.9% | |
| 2,710 | | * | | Aerojet Rocketdyne Holdings, Inc | | | 121,327 | |
| 3,590 | | | | Applied Industrial Technologies, Inc | | | 220,893 | |
| 1,300 | | | | Arcosa, Inc | | | 48,919 | |
| 1,820 | | * | | Astronics Corp | | | 73,200 | |
| 11,048 | | * | | Atkore International Group, Inc | | | 285,812 | |
| 2,130 | | | | AZZ, Inc | | | 98,022 | |
| 4,430 | | * | | Bloom Energy Corp | | | 54,356 | |
| 7,469 | | * | | BMC Stock Holdings, Inc | | | 158,343 | |
| 12,750 | | * | | Builders FirstSource, Inc | | | 214,965 | |
| 7,819 | | | | Comfort Systems USA, Inc | | | 398,691 | |
| 4,360 | | * | | Continental Building Products, Inc | | | 115,845 | |
16
TIAA-CREF LIFE FUNDS -Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,098 | | | | CSW Industrials, Inc | | $ | 74,829 | |
| 1,640 | | | | Douglas Dynamics, Inc | | | 65,256 | |
| 860 | | * | | Ducommun, Inc | | | 38,760 | |
| 1,236 | | * | | DXP Enterprises, Inc | | | 46,832 | |
| 4,207 | | | | EMCOR Group, Inc | | | 370,637 | |
| 8,120 | | * | | Enphase Energy, Inc | | | 148,028 | |
| 1,300 | | | | ESCO Technologies, Inc | | | 107,406 | |
| 6,450 | | * | | Generac Holdings, Inc | | | 447,694 | |
| 1,590 | | | | Global Brass & Copper Holdings, Inc | | | 69,531 | |
| 8,902 | | * | | GMS, Inc | | | 195,844 | |
| 7,760 | | * | | Great Lakes Dredge & Dock Corp | | | 85,670 | |
| 8,570 | | * | | Harsco Corp | | | 235,161 | |
| 3,060 | | * | | Herc Holdings, Inc | | | 140,240 | |
| 3,170 | | | | Hillenbrand, Inc | | | 125,437 | |
| 2,060 | | | | Kadant, Inc | | | 187,069 | |
| 12,281 | | * | | Meritor, Inc | | | 297,814 | |
| 3,300 | | | | Moog, Inc (Class A) | | | 308,913 | |
| 3,668 | | | | Mueller Industries, Inc | | | 107,362 | |
| 4,915 | | * | | Parsons Corp | | | 181,167 | |
| 8,320 | | * | | PGT, Inc | | | 139,110 | |
| 2,217 | | | | Quanex Building Products Corp | | | 41,879 | |
| 9,830 | | * | | Rexnord Corp | | | 297,063 | |
| 470 | | * | | Thermon Group Holdings | | | 12,055 | |
| 2,300 | | * | | Titan Machinery, Inc | | | 47,334 | |
| 2,887 | | * | | Trimas Corp | | | 89,410 | |
| 1,385 | | * | | Vectrus, Inc | | | 56,176 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 5,707,050 | |
| | | | | | | | |
| |
COMMERCIAL & PROFESSIONAL SERVICES - 4.2% | | | | |
| 500 | | | | Barrett Business Services, Inc | | | 41,300 | |
| 3,640 | | * | | CBIZ, Inc | | | 71,308 | |
| 823 | | | | CRA International, Inc | | | 31,546 | |
| 5,809 | | | | Exponent, Inc | | | 340,059 | |
| 2,220 | | | | Heidrick & Struggles International, Inc | | | 66,533 | |
| 1,620 | | | | ICF International, Inc | | | 117,936 | |
| 4,050 | | | | Insperity, Inc | | | 494,667 | |
| 1,770 | | | | Kimball International, Inc (Class B) | | | 30,851 | |
| 1,880 | | | | MSA Safety, Inc | | | 198,133 | |
| 4,906 | | | | Tetra Tech, Inc | | | 385,366 | |
| 2,060 | | * | | TriNet Group, Inc | | | 139,668 | |
| 4,118 | | | | Viad Corp | | | 272,776 | |
| | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 2,190,143 | |
| | | | | | | | |
| |
CONSUMER DURABLES & APPAREL - 3.2% | | | | |
| 1,364 | | * | | Cavco Industries, Inc | | | 214,885 | |
| 2,060 | | | | Clarus Corp | | | 29,746 | |
| 2,450 | | * | | Deckers Outdoor Corp | | | 431,126 | |
| 465 | | | | Johnson Outdoors, Inc | | | 34,675 | |
| 4,210 | | * | | Kontoor Brands, Inc | | | 117,964 | |
| 3,820 | | | | La-Z-Boy, Inc | | | 117,121 | |
| 3,040 | | * | | Malibu Boats, Inc | | | 118,104 | |
| 2,959 | | * | | MasterCraft Boat Holdings, Inc | | | 57,967 | |
| 1,460 | | | | Movado Group, Inc | | | 39,420 | |
| 7,239 | | | | Skyline Corp | | | 198,204 | |
| 13,130 | | * | | Sonos, Inc | | | 148,894 | |
| 4,790 | | | | Steven Madden Ltd | | | 162,621 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 1,670,727 | |
| | | | | | | | |
| |
CONSUMER SERVICES - 4.0% | | | | |
| 4,010 | | | | BBX Capital Corp | | | 19,689 | |
| 70 | | * | | Biglari Holdings, Inc (B Shares) | | | 7,270 | |
| 12,880 | | | | Bloomin’ Brands, Inc | | | 243,561 | |
17
TIAA-CREF LIFE FUNDS -Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 8,050 | | * | | Career Education Corp | | $ | 153,513 | |
| 1,980 | | | | Carriage Services, Inc | | | 37,640 | |
| 960 | | | | Churchill Downs, Inc | | | 110,467 | |
| 11,250 | | * | | Houghton Mifflin Harcourt Co | | | 64,800 | |
| 3,640 | | | | Jack in the Box, Inc | | | 296,260 | |
| 4,560 | | * | | K12, Inc | | | 138,670 | |
| 11,140 | | * | | Laureate Education, Inc | | | 175,009 | |
| 3,380 | | | | Ruth’s Chris Steak House, Inc | | | 76,760 | |
| 5,740 | | * | | Scientific Games Corp (Class A) | | | 113,767 | |
| 1,870 | | | | Strategic Education, Inc | | | 332,860 | |
| 5,530 | | | | Texas Roadhouse, Inc (Class A) | | | 296,795 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 2,067,061 | |
| | | | | | | | |
| |
DIVERSIFIED FINANCIALS - 3.6% | | | | |
| 5,865 | | e | | Arlington Asset Investment Corp (Class A) | | | 40,351 | |
| 4,720 | | * | | Cowen Group, Inc | | | 81,137 | |
| 4,430 | | * | | Encore Capital Group, Inc | | | 150,044 | |
| 4,362 | | * | | Enova International, Inc | | | 100,544 | |
| 14,490 | | | | FGL Holdings | | | 121,716 | |
| 4,580 | | | | Houlihan Lokey, Inc | | | 203,947 | |
| 4,000 | | | | iShares Russell 2000 Index Fund | | | 614,520 | |
| 10,760 | | | | OM Asset Management plc | | | 122,772 | |
| 5,429 | | | | Orchid Island Capital, Inc | | | 34,529 | |
| 620 | | * | | Regional Management Corp | | | 16,349 | |
| 6,064 | | | | Stifel Financial Corp | | | 358,140 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 1,844,049 | |
| | | | | | | | |
| |
ENERGY - 4.8% | | | | |
| 9,960 | | * | | Abraxas Petroleum Corp | | | 10,259 | |
| 2,700 | | * | | Bonanza Creek Energy, Inc | | | 56,376 | |
| 12,060 | | * | | C&J Energy Services, Inc | | | 142,067 | |
| 5,220 | | | | CVR Energy, Inc | | | 260,948 | |
| 7,697 | | | | Delek US Holdings, Inc | | | 311,882 | |
| 2,180 | | | | Evolution Petroleum Corp | | | 15,587 | |
| 5,269 | | * | | Exterran Corp | | | 74,925 | |
| 10,470 | | | | Green Plains Renewable Energy, Inc | | | 112,867 | |
| 16,280 | | * | | Keane Group, Inc | | | 109,402 | |
| 4,080 | | | | Mammoth Energy Services, Inc | | | 28,070 | |
| 2,296 | | * | | Matrix Service Co | | | 46,517 | |
| 13,190 | | * | | McDermott International, Inc | | | 127,415 | |
| 2,810 | | * | | Midstates Petroleum Co, Inc | | | 16,551 | |
| 37,740 | | * | | Oasis Petroleum, Inc | | | 214,363 | |
| 8,860 | | * | | Par Pacific Holdings, Inc | | | 181,807 | |
| 7,310 | | | | Peabody Energy Corp | | | 176,171 | |
| 12,130 | | * | | ProPetro Holding Corp | | | 251,091 | |
| 9,174 | | * | | SandRidge Energy, Inc | | | 63,484 | |
| 3,605 | | * | | Talos Energy, Inc | | | 86,700 | |
| 6,530 | | | | World Fuel Services Corp | | | 234,819 | |
| | | | | | | | |
| | | | TOTAL ENERGY | | | 2,521,301 | |
| | | | | | | | |
| |
FOOD & STAPLES RETAILING - 0.6% | | | | |
| 2,183 | | * | | Natural Grocers by Vitamin C | | | 21,939 | |
| 7,040 | | * | | Performance Food Group Co | | | 281,811 | |
| | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | 303,750 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 2.4% | | | | |
| 1,050 | | * | | Boston Beer Co, Inc (Class A) | | | 396,648 | |
| 1,850 | | | | Calavo Growers, Inc | | | 178,969 | |
| 220 | | | | Coca-Cola Bottling Co Consolidated | | | 65,835 | |
| 1,110 | | * | | Craft Brewers Alliance, Inc | | | 15,529 | |
| 36,655 | | e | | Dean Foods Co | | | 33,862 | |
18
TIAA-CREF LIFE FUNDS -Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,680 | | | | Lancaster Colony Corp | | $ | 249,648 | |
| 3,230 | | | | National Beverage Corp | | | 144,155 | |
| 6,100 | | * | | Simply Good Foods Co | | | 146,888 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 1,231,534 | |
| | | | | | | | |
| |
HEALTH CARE EQUIPMENT & SERVICES - 5.8% | | | | |
| 2,100 | | * | | Cardiovascular Systems, Inc | | | 90,153 | |
| 2,850 | | | | Conmed Corp | | | 243,874 | |
| 5,360 | | * | | Globus Medical, Inc | | | 226,728 | |
| 11,350 | | * | | HMS Holdings Corp | | | 367,626 | |
| 4,630 | | * | | Integer Holding Corp | | | 388,550 | |
| 11,740 | | * | | Lantheus Holdings, Inc | | | 332,242 | |
| 1,650 | | * | | LivaNova plc | | | 118,734 | |
| 2,510 | | * | | Magellan Health Services, Inc | | | 186,317 | |
| 1,330 | | * | | Merit Medical Systems, Inc | | | 79,215 | |
| 4,750 | | * | | NuVasive, Inc | | | 278,065 | |
| 12,634 | | * | | OraSure Technologies, Inc | | | 117,244 | |
| 4,720 | | * | | Orthofix International NV | | | 249,594 | |
| 10,600 | | * | | Select Medical Holdings Corp | | | 168,222 | |
| 3,490 | | * | | Staar Surgical Co | | | 102,536 | |
| 1,788 | | * | | SurModics, Inc | | | 77,188 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 3,026,288 | |
| | | | | | | | |
| |
HOUSEHOLD & PERSONAL PRODUCTS - 0.9% | | | | |
| 2,150 | | | | Medifast, Inc | | | 275,845 | |
| 2,780 | | * | | USANA Health Sciences, Inc | | | 220,815 | |
| | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 496,660 | |
| | | | | | | | |
| |
INSURANCE - 1.9% | | | | |
| 6,596 | | | | American Equity Investment Life Holding Co | | | 179,147 | |
| 2,720 | | | | Amerisafe, Inc | | | 173,454 | |
| 1,400 | | | | Employers Holdings, Inc | | | 59,178 | |
| 7,594 | | *,e | | Health Insurance Innovations, Inc | | | 196,837 | |
| 2,254 | | | | Heritage Insurance Holdings, Inc | | | 34,734 | |
| 2,290 | | | | James River Group Holdings Ltd | | | 107,401 | |
| 8,600 | | * | | Third Point Reinsurance Ltd | | | 88,752 | |
| 1,600 | | | | United Insurance Holdings Corp | | | 22,816 | |
| 4,712 | | | | Universal Insurance Holdings, Inc | | | 131,465 | |
| | | | | | | | |
| | | | TOTAL INSURANCE | | | 993,784 | |
| | | | | | | | |
| |
MATERIALS - 4.9% | | | | |
| 27,360 | | * | | AK Steel Holding Corp | | | 64,843 | |
| 6,210 | | | | Boise Cascade Co | | | 174,563 | |
| 4,800 | | | | Commercial Metals Co | | | 85,680 | |
| 10,700 | | * | | Ferroglobe plc | | | 0 | |
| 7,370 | | * | | Gold Resource Corp | | | 24,911 | |
| 1,690 | | | | Greif, Inc (Class A) | | | 55,009 | |
| 100 | | * | | Ingevity Corp | | | 10,517 | |
| 1,800 | | | | Innospec, Inc | | | 164,232 | |
| 740 | | | | Kaiser Aluminum Corp | | | 72,231 | |
| 1,747 | | * | | Koppers Holdings, Inc | | | 51,292 | |
| 4,410 | | | | Kronos Worldwide, Inc | | | 67,561 | |
| 2,970 | | | | Materion Corp | | | 201,396 | |
| 740 | | | | Olympic Steel, Inc | | | 10,101 | |
| 2,710 | | * | | Omnova Solutions, Inc | | | 16,883 | |
| 2,750 | | | | PolyOne Corp | | | 86,323 | |
| 2,240 | | * | | Ryerson Holding Corp | | | 18,659 | |
| 9,729 | | | | Schnitzer Steel Industries, Inc (Class A) | | | 254,608 | |
| 2,330 | | | | Stepan Co | | | 214,150 | |
| 13,820 | | * | | Summit Materials, Inc | | | 266,035 | |
| 10,180 | | * | | SunCoke Energy, Inc | | | 90,398 | |
| 4,690 | | | | Trinseo S.A. | | | 198,575 | |
19
TIAA-CREF LIFE FUNDS -Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 5,250 | | * | | Verso Corp | | $ | 100,013 | |
| 6,780 | | | | Warrior Met Coal, Inc | | | 177,094 | |
| 4,110 | | * | | Worthington Industries, Inc | | | 165,469 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 2,570,543 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 1.9% | | | | |
| 3,310 | | * | | Cargurus, Inc | | | 119,524 | |
| 5,120 | | | | Entravision Communications Corp (Class A) | | | 15,974 | |
| 5,640 | | | | EW Scripps Co (Class A) | | | 86,236 | |
| 26,330 | | * | | Glu Mobile, Inc | | | 189,049 | |
| 5,330 | | * | | Gray Television, Inc | | | 87,359 | |
| 16 | | * | | Grocery Outlet Holding Corp | | | 526 | |
| 8,450 | | * | | Imax Corp | | | 170,690 | |
| 2,880 | | * | | Liberty Braves Group (Class C) | | | 80,554 | |
| 5,602 | | * | | Liberty Latin America Ltd (Class A) | | | 96,523 | |
| 7,310 | | * | | MSG Networks, Inc | | | 151,609 | |
| 260 | | * | | RealReal, Inc | | | 7,514 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 1,005,558 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.5% | | | | |
| 29,467 | | * | | Achillion Pharmaceuticals, Inc | | | 78,972 | |
| 227 | | * | | Adaptive Biotechnologies Corp | | | 10,964 | |
| 15,330 | | * | | Akebia Therapeutics, Inc | | | 74,197 | |
| 23,840 | | * | | Akorn, Inc | | | 122,776 | |
| 6,237 | | * | | AMAG Pharmaceuticals, Inc | | | 62,308 | |
| 17,512 | | * | | Amicus Therapeutics, Inc | | | 218,550 | |
| 7,430 | | * | | Amphastar Pharmaceuticals, Inc | | | 156,847 | |
| 5,450 | | * | | Ardelyx, Inc | | | 14,660 | |
| 2,380 | | * | | Arena Pharmaceuticals, Inc | | | 139,539 | |
| 6,460 | | * | | Arqule, Inc | | | 71,125 | |
| 6,602 | | * | | Array Biopharma, Inc | | | 305,871 | |
| 1,990 | | * | | Arvinas, Inc | | | 43,760 | |
| 3,170 | | * | | Assembly Biosciences, Inc | | | 42,763 | |
| 710 | | * | | Biospecifics Technologies Corp | | | 42,394 | |
| 4,490 | | * | | Calithera Biosciences, Inc | | | 17,511 | |
| 2,800 | | * | | CareDx, Inc | | | 100,772 | |
| 3,970 | | * | | ChemoCentryx, Inc | | | 36,921 | |
| 5,030 | | * | | Chimerix, Inc | | | 21,730 | |
| 4,891 | | * | | Concert Pharmaceuticals, Inc | | | 58,692 | |
| 6,775 | | * | | CytomX Therapeutics, Inc | | | 76,015 | |
| 1,810 | | * | | Enanta Pharmaceuticals, Inc | | | 152,728 | |
| 3,720 | | * | | Esperion Thereapeutics, Inc | | | 173,054 | |
| 4,570 | | * | | Five Prime Therapeutics, Inc | | | 27,557 | |
| 10,060 | | * | | Fluidigm Corp | | | 123,939 | |
| 3,610 | | * | | Genomic Health, Inc | | | 209,994 | |
| 8,680 | | * | | Halozyme Therapeutics, Inc | | | 149,122 | |
| 1,600 | | * | | Heron Therapeutics, Inc | | | 29,744 | |
| 4,744 | | * | | Intersect ENT, Inc | | | 107,973 | |
| 5,709 | | * | | Intra-Cellular Therapies, Inc | | | 74,103 | |
| 9,780 | | * | | Invitae Corp | | | 229,830 | |
| 1,352 | | * | | Kala Pharmaceuticals, Inc | | | 8,626 | |
| 4,700 | | | | Luminex Corp | | | 97,008 | |
| 6,826 | | * | | MacroGenics, Inc | | | 115,837 | |
| 2,030 | | *,e | | Medicines Co | | | 74,034 | |
| 6,330 | | * | | Myriad Genetics, Inc | | | 175,847 | |
| 4,450 | | * | | NanoString Technologies, Inc | | | 135,057 | |
| 7,640 | | * | | Natera, Inc | | | 210,711 | |
| 4,990 | | * | | NeoGenomics, Inc | | | 109,481 | |
| 5,520 | | * | | Pacira Pharmaceuticals, Inc | | | 240,065 | |
| 18 | | * | | Personalis, Inc | | | 489 | |
| 4,810 | | | | Phibro Animal Health Corp | | | 152,814 | |
| 6,830 | | * | | Pieris Pharmaceuticals, Inc | | | 32,101 | |
| 7,660 | | * | | Puma Biotechnology, Inc | | | 97,359 | |
20
TIAA-CREF LIFE FUNDS -Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 3,870 | | * | | Recro Pharma, Inc | | $ | 39,358 | |
| 1,480 | | * | | Repligen Corp | | | 127,206 | |
| 4,950 | | * | | Retrophin, Inc | | | 99,446 | |
| 1,966 | | * | | SIGA Technologies, Inc | | | 11,167 | |
| 5,050 | | * | | Spectrum Pharmaceuticals, Inc | | | 43,481 | |
| 4,704 | | * | | Syneos Health, Inc | | | 240,327 | |
| 9,780 | | * | | Vanda Pharmaceuticals, Inc | | | 137,800 | |
| 7,410 | | * | | Veracyte, Inc | | | 211,259 | |
| 7,340 | | * | | Vericel Corp | | | 138,653 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 5,472,537 | |
| | | | | | | | |
| |
REAL ESTATE - 8.6% | | | | |
| 5,370 | | | | Alexander & Baldwin, Inc | | | 124,047 | |
| 2,600 | | | | American Assets Trust, Inc | | | 122,512 | |
| 7,580 | | | | Ashford Hospitality Trust, Inc | | | 22,513 | |
| 2,568 | | | | Bluerock Residential Growth REIT, Inc | | | 30,174 | |
| 3,090 | | | | CareTrust REIT, Inc | | | 73,480 | |
| 10,550 | | | | CoreCivic, Inc | | | 219,018 | |
| 27,090 | | | | DiamondRock Hospitality Co | | | 280,110 | |
| 3,670 | | | | EastGroup Properties, Inc | | | 425,647 | |
| 6,773 | | | | First Industrial Realty Trust, Inc | | | 248,840 | |
| 14,400 | | | | Geo Group, Inc | | | 302,544 | |
| 2,210 | | | | Global Net Lease, Inc | | | 43,360 | |
| 8,232 | | | | Mack-Cali Realty Corp | | | 191,723 | |
| 6,240 | | | | Monmouth Real Estate Investment Corp (Class A) | | | 84,552 | |
| 7,510 | | | | National Storage Affiliates Trust | | | 217,339 | |
| 15,565 | | | | Newmark Group, Inc | | | 139,774 | |
| 11,760 | | | | Piedmont Office Realty Trust, Inc | | | 234,377 | |
| 10,360 | | | | Preferred Apartment Communities, Inc | | | 154,882 | |
| 2,649 | | | | PS Business Parks, Inc | | | 446,436 | |
| 3,860 | | | | Ryman Hospitality Properties | | | 313,007 | |
| 2,315 | | | | Saul Centers, Inc | | | 129,941 | |
| 10,940 | | | | Senior Housing Properties Trust | | | 90,474 | |
| 8,990 | | | | STAG Industrial, Inc | | | 271,858 | |
| 10,890 | | | | Summit Hotel Properties, Inc | | | 124,908 | |
| 12,660 | | | | Tanger Factory Outlet Centers, Inc | | | 205,219 | |
| | | | | | | | |
| | | | TOTAL REAL ESTATE | | | 4,496,735 | |
| | | | | | | | |
| |
RETAILING - 3.6% | | | | |
| 4,790 | | * | | 1-800-FLOWERS.COM, Inc (Class A) | | | 90,435 | |
| 4,140 | | | | Aaron’s, Inc | | | 254,238 | |
| 5,960 | | | | Abercrombie & Fitch Co (Class A) | | | 95,598 | |
| 184 | | * | | Chewy, Inc | | | 6,440 | |
| 51,250 | | * | | Groupon, Inc | | | 183,475 | |
| 2,760 | | * | | Hibbett Sports, Inc | | | 50,232 | |
| 6,110 | | * | | Liberty Expedia Holdings, Inc | | | 291,997 | |
| 12,610 | | * | | Rent-A-Center, Inc | | | 335,804 | |
| 170 | | *,e | | Revolve Group, Inc | | | 5,865 | |
| 1,700 | | * | | RH | | | 196,520 | |
| 1,680 | | | | Shoe Carnival, Inc | | | 46,368 | |
| 3,880 | | * | | Sleep Number Corp | | | 156,713 | |
| 4,574 | | * | | Stamps.com, Inc | | | 207,065 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 1,920,750 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1% | | | | |
| 1,775 | | | | Cabot Microelectronics Corp | | | 195,392 | |
| 5,330 | | * | | Diodes, Inc | | | 193,852 | |
| 3,340 | | * | | Formfactor, Inc | | | 52,338 | |
| 18,160 | | * | | Lattice Semiconductor Corp | | | 264,954 | |
| 14,980 | | * | | Rambus, Inc | | | 180,359 | |
| 4,360 | | * | | Semtech Corp | | | 209,498 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 1,096,393 | |
| | | | | | | | |
21
TIAA-CREF LIFE FUNDS -Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
SOFTWARE & SERVICES - 5.6% | | | | |
| 2,520 | | * | | Altair Engineering, Inc | | $ | 101,783 | |
| 2,760 | | * | | Bottomline Technologies, Inc | | | 122,102 | |
| 5,160 | | * | | Cornerstone OnDemand, Inc | | | 298,919 | |
| 50 | | * | | Crowdstrike Holdings, Inc | | | 3,414 | |
| 3,330 | | * | | eGain Corp | | | 27,106 | |
| 5,561 | | | | EVERTEC, Inc | | | 181,845 | |
| 6,630 | | * | | Five9, Inc | | | 340,053 | |
| 1,020 | | * | | I3 Verticals, Inc | | | 30,039 | |
| 3,580 | | | | Mantech International Corp (Class A) | | | 235,743 | |
| 3,290 | | | | Perspecta, Inc | | | 77,019 | |
| 1,770 | | | | Science Applications International Corp | | | 153,211 | |
| 2,440 | | * | | SPS Commerce, Inc | | | 249,392 | |
| 4,290 | | * | | SVMK, Inc | | | 70,828 | |
| 2,940 | | * | | Tenable Holdings, Inc | | | 83,908 | |
| 3,060 | | * | | Upland Software, Inc | | | 139,322 | |
| 7,100 | | * | | Verint Systems, Inc | | | 381,838 | |
| 3,590 | | * | | Verra Mobility Corp | | | 46,993 | |
| 2,890 | | * | | Virtusa Corp | | | 128,403 | |
| 4,250 | | * | | Workiva, Inc | | | 246,882 | |
| 4,886 | | * | | Zix Corp | | | 44,414 | |
| | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | 2,963,214 | |
| | | | | | | | |
| |
TECHNOLOGY HARDWARE & EQUIPMENT - 4.2% | | | | |
| 1,520 | | * | | Agilysys, Inc | | | 32,634 | |
| 2,350 | | * | | Anixter International, Inc | | | 140,318 | |
| 3,526 | | | | AVX Corp | | | 58,532 | |
| 2,340 | | | | Comtech Telecommunications Corp | | | 65,777 | |
| 4,100 | | * | | Control4 Corp | | | 97,375 | |
| 25,510 | | * | | Extreme Networks, Inc | | | 165,050 | |
| 5,000 | | * | | Insight Enterprises, Inc | | | 291,000 | |
| 10,875 | | | | Kemet Corp | | | 204,559 | |
| 1,040 | | * | | OSI Systems, Inc | | | 117,135 | |
| 4,950 | | * | | Ribbon Communications, Inc | | | 24,206 | |
| 7,660 | | * | | Sanmina Corp | | | 231,945 | |
| 3,310 | | * | | Tech Data Corp | | | 346,226 | |
| 12,980 | | * | | TTM Technologies, Inc | | | 132,396 | |
| 14,930 | | | | Vishay Intertechnology, Inc | | | 246,644 | |
| 816 | | * | | Vishay Precision Group, Inc | | | 33,154 | |
| | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 2,186,951 | |
| | | | | | | | |
| |
TELECOMMUNICATION SERVICES - 0.7% | | | | |
| 3,230 | | | | Shenandoah Telecom Co | | | 124,420 | |
| 20,552 | | * | | Vonage Holdings Corp | | | 232,854 | |
| | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | 357,274 | |
| | | | | | | | |
| |
TRANSPORTATION - 1.3% | | | | |
| 4,100 | | | | Arkansas Best Corp | | | 115,251 | |
| 1,610 | | * | | Covenant Transportation Group, Inc | | | 23,683 | |
| 5,100 | | * | | Daseke, Inc | | | 18,360 | |
| 1,020 | | * | | Echo Global Logistics, Inc | | | 21,287 | |
| 2,770 | | | | Forward Air Corp | | | 163,846 | |
| 5,880 | | | | Heartland Express, Inc | | | 106,252 | |
| 3,120 | | * | | Hub Group, Inc (Class A) | | | 130,978 | |
| 3,520 | | | | Marten Transport Ltd | | | 63,888 | |
| 5,460 | | * | | Radiant Logistics, Inc | | | 33,524 | |
| | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | 677,069 | |
| | | | | | | | |
| |
UTILITIES - 3.2% | | | | |
| 2,520 | | | | Avista Corp | | | 112,392 | |
| 1,404 | | | | Black Hills Corp | | | 109,751 | |
| 3,757 | | | | Clearway Energy, Inc (Class A) | | | 60,788 | |
22
TIAA-CREF LIFE FUNDS -Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,027 | | | | NorthWestern Corp | | $ | 74,098 | |
| 1,160 | | | | Otter Tail Corp | | | 61,260 | |
| 8,580 | | | | Portland General Electric Co | | | 464,778 | |
| 4,193 | | | | Southwest Gas Corp | | | 375,777 | |
| 4,050 | | | | Spire, Inc | | | 339,876 | |
| 826 | | | | Unitil Corp | | | 49,469 | |
| | | | | | | | |
| | | | TOTAL UTILITIES | | | 1,648,189 | |
| | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | 52,329,855 | |
| | | | | | | | |
| | | | (Cost $48,253,499) | | | | |
| | | | | | | | |
SHORT-TERM INVESTMENTS - 0.3% | | | | |
| |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3% | | | | |
| 174,795 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 174,795 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | 174,795 | |
| | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | 174,795 | |
| | | | | | | | |
| | | | (Cost $174,795) | | | | |
| | | | TOTAL INVESTMENTS - 100.4%
(Cost $48,428,294) | | | 52,504,650 | |
| | | | OTHER ASSETS & LIABILITIES, NET - (0.4)% | | | (221,615 | ) |
| | | | | | | | |
| | | | NET ASSETS - 100.0% | | $ | 52,283,035 | |
| | | | | | | | |
Abbreviation(s):
| REIT | Real Estate Investment Trust |
| 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 $281,550. |
23
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
TIAA-CREF LIFE FUNDS
SOCIAL CHOICE EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 99.8% | | | | |
| |
AUTOMOBILES & COMPONENTS - 0.3% | | | | |
| 862 | | | | Aptiv plc | | $ | 69,675 | |
| 114 | | | | BorgWarner, Inc | | | 4,786 | |
| 1,191 | | | | Harley-Davidson, Inc | | | 42,674 | |
| 292 | | * | | Modine Manufacturing Co | | | 4,178 | |
| 587 | | * | | Tesla, Inc | | | 131,171 | |
| | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | 252,484 | |
| | | | | | | | |
| |
BANKS - 5.2% | | | | |
| 312 | | | | Ameris Bancorp | | | 12,227 | |
| 885 | | | | Associated Banc-Corp | | | 18,709 | |
| 564 | | | | Bank OZK | | | 16,971 | |
| 5,679 | | | | BB&T Corp | | | 279,009 | |
| 190 | | | | Berkshire Hills Bancorp, Inc | | | 5,964 | |
| 126 | | | | Camden National Corp | | | 5,780 | |
| 8,849 | | | | Citigroup, Inc | | | 619,696 | |
| 6,854 | | | | Citizens Financial Group, Inc | | | 242,357 | |
| 1,904 | | | | Comerica, Inc | | | 138,307 | |
| 134 | | | | Commerce Bancshares, Inc | | | 7,994 | |
| 69 | | | | Cullen/Frost Bankers, Inc | | | 6,463 | |
| 710 | | * | | Customers Bancorp, Inc | | | 14,910 | |
| 246 | | | | Federal Agricultural Mortgage Corp (Class C) | | | 17,874 | |
| 3,563 | | | | Fifth Third Bancorp | | | 99,408 | |
| 212 | | | | First Financial Corp | | | 8,514 | |
| 505 | | | | First Republic Bank | | | 49,313 | |
| 278 | | | | Hanmi Financial Corp | | | 6,191 | |
| 244 | | | | Heritage Financial Corp | | | 7,208 | |
| 577 | | * | | HomeStreet, Inc | | | 17,102 | |
| 251 | | | | HomeTrust Bancshares, Inc | | | 6,310 | |
| 2,560 | | | | Huntington Bancshares, Inc | | | 35,379 | |
| 10,613 | | | | Keycorp | | | 188,381 | |
| 329 | | | | Live Oak Bancshares, Inc | | | 5,642 | |
| 1,526 | | | | M&T Bank Corp | | | 259,527 | |
| 528 | | * | | MGIC Investment Corp | | | 6,938 | |
| 370 | | | | New York Community Bancorp, Inc | | | 3,693 | |
| 479 | | | | Northfield Bancorp, Inc | | | 7,477 | |
| 905 | | | | OFG Bancorp | | | 21,512 | |
| 145 | | | | Old National Bancorp | | | 2,406 | |
| 417 | | | | Opus Bank | | | 8,803 | |
| 199 | | | | PacWest Bancorp | | | 7,727 | |
| 189 | | | | People’s United Financial, Inc | | | 3,171 | |
| 574 | | | | Pinnacle Financial Partners, Inc | | | 32,994 | |
| 3,111 | | | | PNC Financial Services Group, Inc | | | 427,078 | |
| 476 | | | | Popular, Inc | | | 25,818 | |
| 10,924 | | | | Regions Financial Corp | | | 163,205 | |
| 25 | | | | Signature Bank | | | 3,021 | |
| 130 | | | | Stock Yards Bancorp, Inc | | | 4,699 | |
| 195 | | * | | SVB Financial Group | | | 43,795 | |
| 561 | | | | TFS Financial Corp | | | 10,137 | |
| 567 | | * | | The Bancorp, Inc | | | 5,058 | |
| 538 | | * | | Tristate Capital Holdings, Inc | | | 11,481 | |
| 50 | | | | UMB Financial Corp | | | 3,291 | |
| 102 | | | | United Bankshares, Inc | | | 3,783 | |
| 8,732 | | | | US Bancorp | | | 457,557 | |
| 107 | | | | Webster Financial Corp | | | 5,111 | |
| 49 | | | | Westamerica Bancorporation | | | 3,019 | |
| 110 | | * | | Western Alliance Bancorp | | | 4,919 | |
24
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 354 | | | | Zions Bancorporation | | $ | 16,277 | |
| | | | | | | | |
| | | | TOTAL BANKS | | | 3,352,206 | |
| | | | | | | | |
| |
CAPITAL GOODS - 6.8% | | | | |
| 2,542 | | | | 3M Co | | | 440,630 | |
| 200 | | | | Air Lease Corp | | | 8,268 | |
| 100 | | | | Aircastle Ltd | | | 2,126 | |
| 155 | | | | Argan, Inc | | | 6,287 | |
| 489 | | * | | Armstrong Flooring, Inc | | | 4,817 | |
| 518 | | * | | Astronics Corp | | | 20,834 | |
| 802 | | * | | Axon Enterprise, Inc | | | 51,496 | |
| 999 | | | | Barnes Group, Inc | | | 56,284 | |
| 716 | | * | | Builders FirstSource, Inc | | | 12,072 | |
| 180 | | | | Carlisle Cos, Inc | | | 25,274 | |
| 2,847 | | | | Caterpillar, Inc | | | 388,018 | |
| 586 | | | | Cummins, Inc | | | 100,405 | |
| 1,006 | | | | Curtiss-Wright Corp | | | 127,893 | |
| 1,529 | | | | Deere & Co | | | 253,371 | |
| 2,547 | | | | Eaton Corp | | | 212,114 | |
| 2,184 | | | | Fastenal Co | | | 71,177 | |
| 1,079 | | | | Fortive Corp | | | 87,960 | |
| 274 | | | | HEICO Corp | | | 36,664 | |
| 747 | | | | HEICO Corp (Class A) | | | 77,217 | |
| 407 | | * | | Herc Holdings, Inc | | | 18,653 | |
| 1,120 | | | | Hexcel Corp | | | 90,586 | |
| 2,558 | | | | Illinois Tool Works, Inc | | | 385,772 | |
| 1,052 | | | | Ingersoll-Rand plc | | | 133,257 | |
| 4,469 | | | | Johnson Controls International plc | | | 184,614 | |
| 397 | | * | | Lydall, Inc | | | 8,019 | |
| 2,644 | | | | Masco Corp | | | 103,751 | |
| 831 | | * | | Mercury Systems, Inc | | | 58,461 | |
| 302 | | | | Moog, Inc (Class A) | | | 28,270 | |
| 32 | | | | Owens Corning, Inc | | | 1,862 | |
| 1,438 | | | | PACCAR, Inc | | | 103,047 | |
| 600 | | | | Parker-Hannifin Corp | | | 102,006 | |
| 1,590 | | *,e | | Plug Power, Inc | | | 3,577 | |
| 1,029 | | | | Quanta Services, Inc | | | 39,297 | |
| 538 | | | | Rockwell Automation, Inc | | | 88,141 | |
| 549 | | | | Roper Industries, Inc | | | 201,077 | |
| 343 | | * | | Sensata Technologies Holding plc | | | 16,807 | |
| 85 | | | | Snap-On, Inc | | | 14,079 | |
| 1,716 | | | | Spirit Aerosystems Holdings, Inc (Class A) | | | 139,631 | |
| 97 | | | | Stanley Black & Decker, Inc | | | 14,027 | |
| 717 | | * | | Teledyne Technologies, Inc | | | 196,365 | |
| 233 | | * | | Titan Machinery, Inc | | | 4,795 | |
| 357 | | * | | TransDigm Group, Inc | | | 172,717 | |
| 131 | | * | | Trimas Corp | | | 4,057 | |
| 404 | | * | | United Rentals, Inc | | | 53,582 | |
| 173 | | * | | Veritiv Corp | | | 3,360 | |
| 194 | | | | W.W. Grainger, Inc | | | 52,037 | |
| 1,603 | | * | | Wesco Aircraft Holdings, Inc | | | 17,793 | |
| 484 | | | | Woodward Governor Co | | | 54,769 | |
| 433 | | | | Xylem, Inc | | | 36,216 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 4,313,532 | |
| | | | | | | | |
| |
COMMERCIAL & PROFESSIONAL SERVICES - 1.4% | | | | |
| 590 | | | | ACCO Brands Corp | | | 4,643 | |
| 122 | | * | | Cimpress NV | | | 11,089 | |
| 3,459 | | * | | Copart, Inc | | | 258,526 | |
| 236 | | | | Exponent, Inc | | | 13,815 | |
| 112 | | | | Heidrick & Struggles International, Inc | | | 3,357 | |
| 274 | | * | | Huron Consulting Group, Inc | | | 13,804 | |
| 4,051 | | * | | IHS Markit Ltd | | | 258,130 | |
| 148 | | | | Insperity, Inc | | | 18,077 | |
| 49 | | | | Kelly Services, Inc (Class A) | | | 1,283 | |
25
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 220 | | | | Manpower, Inc | | $ | 21,252 | |
| 134 | | * | | Mistras Group, Inc | | | 1,926 | |
| 925 | | | | Robert Half International, Inc | | | 52,734 | |
| 730 | | * | | Team, Inc | | | 11,184 | |
| 1,832 | | | | TransUnion | | | 134,670 | |
| 1,074 | | | | Waste Management, Inc | | | 123,907 | |
| | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 928,397 | |
| | | | | | | | |
| |
CONSUMER DURABLES & APPAREL - 1.4% | | | | |
| 200 | | | | Callaway Golf Co | | | 3,432 | |
| 377 | | * | | Century Communities, Inc | | | 10,021 | |
| 10 | | | | Columbia Sportswear Co | | | 1,002 | |
| 546 | | *,e | | Fossil Group, Inc | | | 6,279 | |
| 677 | | * | | Green Brick Partners, Inc | | | 5,626 | |
| 616 | | | | Hanesbrands, Inc | | | 10,608 | |
| 13 | | | | Hasbro, Inc | | | 1,374 | |
| 200 | | *,e | | iRobot Corp | | | 18,328 | |
| 1,051 | | | | Lennar Corp (Class A) | | | 50,931 | |
| 159 | | * | | LGI Homes, Inc | | | 11,357 | |
| 169 | | * | | Lululemon Athletica, Inc | | | 30,455 | |
| 931 | | *,e | | Mattel, Inc | | | 10,437 | |
| 131 | | * | | Meritage Homes Corp | | | 6,726 | |
| 255 | | * | | Mohawk Industries, Inc | | | 37,605 | |
| 200 | | | | Movado Group, Inc | | | 5,400 | |
| 2,004 | | | | Newell Rubbermaid, Inc | | | 30,902 | |
| 5,791 | | | | Nike, Inc (Class B) | | | 486,154 | |
| 94 | | | | Pulte Homes, Inc | | | 2,972 | |
| 1,121 | | * | | Under Armour, Inc (Class A) | | | 28,417 | |
| 841 | | * | | Under Armour, Inc (Class C) | | | 18,670 | |
| 1,190 | | | | VF Corp | | | 103,946 | |
| 105 | | | | Whirlpool Corp | | | 14,948 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 895,590 | |
| | | | | | | | |
| |
CONSUMER SERVICES - 2.2% | | | | |
| 79 | | * | | American Public Education, Inc | | | 2,337 | |
| 506 | | | | ARAMARK Holdings Corp | | | 18,246 | |
| 1,633 | | | | BBX Capital Corp | | | 8,018 | |
| 407 | | * | | Bright Horizons Family Solutions | | | 61,404 | |
| 356 | | | | Carriage Services, Inc | | | 6,768 | |
| 78 | | * | | Chipotle Mexican Grill, Inc (Class A) | | | 57,165 | |
| 390 | | | | Choice Hotels International, Inc | | | 33,934 | |
| 604 | | | | Darden Restaurants, Inc | | | 73,525 | |
| 13 | | e | | DineEquity, Inc | | | 1,241 | |
| 175 | | * | | El Pollo Loco Holdings, Inc | | | 1,866 | |
| 282 | | * | | frontdoor, Inc | | | 12,281 | |
| 28 | | | | Graham Holdings Co | | | 19,321 | |
| 330 | | | | H&R Block, Inc | | | 9,669 | |
| 2,137 | | | | Hilton Worldwide Holdings, Inc | | | 208,870 | |
| 1,020 | | * | | Houghton Mifflin Harcourt Co | | | 5,875 | |
| 243 | | | | International Speedway Corp (Class A) | | | 10,908 | |
| 216 | | | | Marriott Vacations Worldwide Corp | | | 20,822 | |
| 1,002 | | * | | Norwegian Cruise Line Holdings Ltd | | | 53,737 | |
| 214 | | * | | Red Robin Gourmet Burgers, Inc | | | 6,542 | |
| 1,008 | | | | Royal Caribbean Cruises Ltd | | | 122,180 | |
| 1,004 | | | | Service Corp International | | | 46,967 | |
| 564 | | * | | ServiceMaster Global Holdings, Inc | | | 29,379 | |
| 6,509 | | | | Starbucks Corp | | | 545,649 | |
| 123 | | | | Vail Resorts, Inc | | | 27,451 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 1,384,155 | |
| | | | | | | | |
| |
DIVERSIFIED FINANCIALS - 5.6% | | | | |
| 879 | | | | Ally Financial, Inc | | | 27,240 | |
| 3,824 | | | | American Express Co | | | 472,035 | |
| 495 | | | | Ameriprise Financial, Inc | | | 71,854 | |
26
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 5,735 | | | | Bank of New York Mellon Corp | | $ | 253,200 | |
| 752 | | | | BlackRock, Inc | | | 352,914 | |
| 6,333 | | | | Charles Schwab Corp | | | 254,523 | |
| 2,131 | | | | CME Group, Inc | | | 413,648 | |
| 2,865 | | | | Discover Financial Services | | | 222,295 | |
| 78 | | | | Factset Research Systems, Inc | | | 22,352 | |
| 1,515 | | | | Franklin Resources, Inc | | | 52,722 | |
| 42 | | * | | Green Dot Corp | | | 2,054 | |
| 1,525 | | | | IntercontinentalExchange Group, Inc | | | 131,059 | |
| 2,613 | | | | Invesco Ltd | | | 53,462 | |
| 566 | | | | Legg Mason, Inc | | | 21,667 | |
| 604 | | | | Moody’s Corp | | | 117,967 | |
| 7,701 | | | | Morgan Stanley | | | 337,381 | |
| 1,975 | | | | Northern Trust Corp | | | 177,750 | |
| 1,162 | | * | | On Deck Capital, Inc | | | 4,822 | |
| 1,829 | | | | S&P Global, Inc | | | 416,628 | |
| 2,056 | | | | State Street Corp | | | 115,259 | |
| 857 | | | | T Rowe Price Group, Inc | | | 94,022 | |
| 131 | | | | Voya Financial, Inc | | | 7,244 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 3,622,098 | |
| | | | | | | | |
| |
ENERGY - 4.8% | | | | |
| 1,431 | | | | Apache Corp | | | 41,456 | |
| 2,780 | | | | Baker Hughes a GE Co | | | 68,471 | |
| 1,014 | | *,e | | California Resources Corp | | | 19,956 | |
| 4,094 | | * | | Callon Petroleum Co | | | 26,979 | |
| 1,314 | | * | | Cheniere Energy, Inc | | | 89,943 | |
| 255 | | | | Cimarex Energy Co | | | 15,129 | |
| 7,458 | | | | ConocoPhillips | | | 454,938 | |
| 634 | | *,e | | Covia Holdings Corp | | | 1,243 | |
| 170 | | | | Delek US Holdings, Inc | | | 6,888 | |
| 10,026 | | * | | Denbury Resources, Inc | | | 12,432 | |
| 2,603 | | | | Devon Energy Corp | | | 74,238 | |
| 1,146 | | | | EQT Corp | | | 18,118 | |
| 374 | | * | | Exterran Corp | | | 5,318 | |
| 1,863 | | * | | Forum Energy Technologies, Inc | | | 6,371 | |
| 484 | | | | Green Plains Renewable Energy, Inc | | | 5,218 | |
| 2,260 | | * | | Gulfport Energy Corp | | | 11,097 | |
| 1,309 | | * | | Helix Energy Solutions Group, Inc | | | 11,297 | |
| 1,276 | | | | Hess Corp | | | 81,115 | |
| 19,566 | | | | Kinder Morgan, Inc | | | 408,538 | |
| 3,737 | | * | | Laredo Petroleum Holdings, Inc | | | 10,837 | |
| 4,723 | | | | Marathon Oil Corp | | | 67,114 | |
| 41 | | * | | Matrix Service Co | | | 831 | |
| 1,290 | | *,e | | McDermott International, Inc | | | 12,461 | |
| 3,421 | | | | National Oilwell Varco, Inc | | | 76,049 | |
| 555 | | * | | Newpark Resources, Inc | | | 4,118 | |
| 2,757 | | | | Noble Energy, Inc | | | 61,757 | |
| 5,348 | | * | | Oasis Petroleum, Inc | | | 30,377 | |
| 5,256 | | | | Occidental Petroleum Corp | | | 264,272 | |
| 4 | | * | | Oceaneering International, Inc | | | 82 | |
| 2,554 | | | | ONEOK, Inc | | | 175,741 | |
| 172 | | | | PBF Energy, Inc | | | 5,384 | |
| 423 | | * | | PDC Energy, Inc | | | 15,253 | |
| 821 | | | | Pioneer Natural Resources Co | | | 126,319 | |
| 1,605 | | * | | Questar Market Resources, Inc | | | 11,604 | |
| 1,919 | | e | | Range Resources Corp | | | 13,395 | |
| 679 | | * | | Renewable Energy Group, Inc | | | 10,769 | |
| 9,579 | | | | Schlumberger Ltd | | | 380,669 | |
| 63 | | * | | Select Energy Services, Inc | | | 731 | |
| 1,954 | | | | SM Energy Co | | | 24,464 | |
| 2,403 | | * | | Southwestern Energy Co | | | 7,594 | |
| 3,699 | | * | | Superior Energy Services | | | 4,809 | |
| 2,507 | | * | | Tetra Technologies, Inc | | | 4,086 | |
| 243 | | * | | Tidewater, Inc | | | 5,706 | |
27
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 259 | | e | | US Silica Holdings, Inc | | $ | 3,313 | |
| 3,358 | | | | Valero Energy Corp | | | 287,478 | |
| 3,807 | | | | Williams Cos, Inc | | | 106,748 | |
| 388 | | | | World Fuel Services Corp | | | 13,952 | |
| | | | | | | | |
| | | | TOTAL ENERGY | | | 3,084,658 | |
| | | | | | | | |
| |
FOOD & STAPLES RETAILING - 0.5% | | | | |
| 595 | | | | Casey’s General Stores, Inc | | | 92,814 | |
| 467 | | * | | Chefs’ Warehouse Holdings, Inc | | | 16,377 | |
| 156 | | | | Pricesmart, Inc | | | 7,975 | |
| 582 | | | | Spartan Stores, Inc | | | 6,792 | |
| 2,120 | | * | | Sprouts Farmers Market, Inc | | | 40,047 | |
| 1,101 | | * | | United Natural Foods, Inc | | | 9,876 | |
| 4,747 | | * | | US Foods Holding Corp | | | 169,753 | |
| 61 | | | | Weis Markets, Inc | | | 2,221 | |
| | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | 345,855 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 3.1% | | | | |
| 487 | | | | Bunge Ltd | | | 27,131 | |
| 1,318 | | | | Campbell Soup Co | | | 52,812 | |
| 14,513 | | | | Coca-Cola Co | | | 739,002 | |
| 98 | | | | Fresh Del Monte Produce, Inc | | | 2,641 | |
| 4,029 | | | | General Mills, Inc | | | 211,603 | |
| 2,693 | | | | Hormel Foods Corp | | | 109,174 | |
| 1,963 | | | | Kellogg Co | | | 105,158 | |
| 385 | | | | McCormick & Co, Inc | | | 59,679 | |
| 5,457 | | | | PepsiCo, Inc | | | 715,577 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 2,022,777 | |
| | | | | | | | |
| |
HEALTH CARE EQUIPMENT & SERVICES - 5.7% | | | | |
| 309 | | * | | Abiomed, Inc | | | 80,491 | |
| 390 | | * | | Acadia Healthcare Co, Inc | | | 13,630 | |
| 1,019 | | * | | Accuray, Inc | | | 3,944 | |
| 678 | | * | | Align Technology, Inc | | | 185,569 | |
| 315 | | * | | Amedisys, Inc | | | 38,244 | |
| 389 | | * | | AMN Healthcare Services, Inc | | | 21,103 | |
| 863 | | * | | Angiodynamics, Inc | | | 16,992 | |
| 539 | | * | | AtriCure, Inc | | | 16,084 | |
| 379 | | * | | BioTelemetry, Inc | | | 18,249 | |
| 386 | | * | | Brookdale Senior Living, Inc | | | 2,783 | |
| 2,300 | | | | Cardinal Health, Inc | | | 108,330 | |
| 157 | | * | | Cardiovascular Systems, Inc | | | 6,740 | |
| 1,596 | | * | | Centene Corp | | | 83,694 | |
| 2,385 | | * | | Cerner Corp | | | 174,821 | |
| 1,662 | | * | | Cerus Corp | | | 9,340 | |
| 610 | | | | Cigna Corp | | | 96,106 | |
| 389 | | | | Computer Programs & Systems, Inc | | | 10,810 | |
| 423 | | | | Cooper Cos, Inc | | | 142,504 | |
| 3,850 | | | | CVS Health Corp | | | 209,787 | |
| 1,197 | | | | Dentsply Sirona, Inc | | | 69,857 | |
| 1,192 | | * | | Edwards Lifesciences Corp | | | 220,210 | |
| 944 | | * | | GenMark Diagnostics, Inc | | | 6,127 | |
| 178 | | * | | Glaukos Corp | | | 13,421 | |
| 144 | | * | | Globus Medical, Inc | | | 6,091 | |
| 31 | | * | | Haemonetics Corp | | | 3,731 | |
| 1,730 | | | | HCA Holdings, Inc | | | 233,844 | |
| 294 | | * | | Henry Schein, Inc | | | 20,551 | |
| 83 | | * | | Heska Corp | | | 7,069 | |
| 84 | | * | | HMS Holdings Corp | | | 2,721 | |
| 1,250 | | * | | Hologic, Inc | | | 60,025 | |
| 993 | | | | Humana, Inc | | | 263,443 | |
| 601 | | * | | IDEXX Laboratories, Inc | | | 165,473 | |
| 257 | | * | | Integer Holding Corp | | | 21,567 | |
| 661 | | * | | Laboratory Corp of America Holdings | | | 114,287 | |
28
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 301 | | | | LeMaitre Vascular, Inc | | $ | 8,422 | |
| 323 | | * | | LHC Group, Inc | | | 38,624 | |
| 85 | | * | | LivaNova plc | | | 6,117 | |
| 106 | | * | | Magellan Health Services, Inc | | | 7,868 | |
| 59 | | * | | Medidata Solutions, Inc | | | 5,340 | |
| 356 | | * | | Merit Medical Systems, Inc | | | 21,203 | |
| 499 | | * | | Omnicell, Inc | | | 42,929 | |
| 1,080 | | * | | OraSure Technologies, Inc | | | 10,022 | |
| 4 | | * | | Orthofix International NV | | | 212 | |
| 95 | | *,e | | Penumbra, Inc | | | 15,200 | |
| 218 | | * | | Premier, Inc | | | 8,526 | |
| 290 | | * | | Providence Service Corp | | | 16,629 | |
| 269 | | | | Quest Diagnostics, Inc | | | 27,387 | |
| 103 | | * | | Quidel Corp | | | 6,110 | |
| 740 | | | | Resmed, Inc | | | 90,302 | |
| 1,425 | | *,e | | Senseonics Holdings, Inc | | | 2,907 | |
| 580 | | * | | Staar Surgical Co | | | 17,040 | |
| 391 | | * | | Surgery Partners, Inc | | | 3,183 | |
| 330 | | * | | Tactile Systems Technology, Inc | | | 18,784 | |
| 93 | | * | | Tandem Diabetes Care, Inc | | | 6,000 | |
| 728 | | *,e | | Teladoc, Inc | | | 48,346 | |
| 778 | | * | | Tivity Health, Inc | | | 12,790 | |
| 3,022 | | *,e | | TransEnterix, Inc | | | 4,110 | |
| 442 | | * | | Triple-S Management Corp (Class B) | | | 10,542 | |
| 2,880 | | | | UnitedHealth Group, Inc | | | 702,749 | |
| 179 | | | | US Physical Therapy, Inc | | | 21,940 | |
| 336 | | * | | Varian Medical Systems, Inc | | | 45,740 | |
| 453 | | * | | Vocera Communications, Inc | | | 14,460 | |
| 245 | | | | West Pharmaceutical Services, Inc | | | 30,662 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 3,691,782 | |
| | | | | | | | |
| |
HOUSEHOLD & PERSONAL PRODUCTS - 2.4% | | | | |
| 5 | | | | Clorox Co | | | 766 | |
| 4,120 | | | | Colgate-Palmolive Co | | | 295,280 | |
| 953 | | | | Estee Lauder Cos (Class A) | | | 174,504 | |
| 864 | | | | Kimberly-Clark Corp | | | 115,154 | |
| 8,393 | | | | Procter & Gamble Co | | | 920,292 | |
| | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 1,505,996 | |
| | | | | | | | |
| |
INSURANCE - 4.0% | | | | |
| 965 | | | | Allstate Corp | | | 98,131 | |
| 7,255 | | | | American International Group, Inc | | | 386,546 | |
| 312 | | | | Aon plc | | | 60,210 | |
| 3,044 | | | | Chubb Ltd | | | 448,351 | |
| 1,265 | | * | | Genworth Financial, Inc (Class A) | | | 4,693 | |
| 48 | | | | Lincoln National Corp | | | 3,094 | |
| 2,879 | | | | Loews Corp | | | 157,395 | |
| 3,713 | | | | Marsh & McLennan Cos, Inc | | | 370,372 | |
| 1,069 | | | | Principal Financial Group | | | 61,916 | |
| 4,542 | | | | Progressive Corp | | | 363,042 | |
| 3,377 | | | | Prudential Financial, Inc | | | 341,077 | |
| 2,049 | | | | Travelers Cos, Inc | | | 306,366 | |
| | | | | | | | |
| | | | TOTAL INSURANCE | | | 2,601,193 | |
| | | | | | | | |
| |
MATERIALS - 3.0% | | | | |
| 47 | | | | Aptargroup, Inc | | | 5,844 | |
| 2,372 | | | | Ball Corp | | | 166,016 | |
| 1,021 | | * | | Century Aluminum Co | | | 7,055 | |
| 295 | | * | | Clearwater Paper Corp | | | 5,455 | |
| 749 | | | | Commercial Metals Co | | | 13,370 | |
| 1,001 | | * | | Corteva, Inc | | | 29,600 | |
| 1,952 | | | | DuPont de Nemours, Inc | | | 146,537 | |
| 2,180 | | | | Ecolab, Inc | | | 430,419 | |
| 288 | | | | H.B. Fuller Co | | | 13,363 | |
29
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 72 | | | | International Flavors & Fragrances, Inc | | $ | 10,446 | |
| 1,738 | | | | International Paper Co | | | 75,290 | |
| 484 | | * | | Kraton Polymers LLC | | | 15,038 | |
| 2,881 | | | | Linde plc | | | 578,505 | |
| 678 | | | | Louisiana-Pacific Corp | | | 17,777 | |
| 281 | | | | Minerals Technologies, Inc | | | 15,036 | |
| 1,894 | | | | Mosaic Co | | | 47,407 | |
| 2,096 | | | | Newmont Mining Corp | | | 80,633 | |
| 3,131 | | | | Nucor Corp | | | 172,518 | |
| 494 | | | | PH Glatfelter Co | | | 8,339 | |
| 58 | | | | Reliance Steel & Aluminum Co | | | 5,488 | |
| 859 | | | | Royal Gold, Inc | | | 88,039 | |
| 39 | | | | RPM International, Inc | | | 2,383 | |
| 392 | | * | | Summit Materials, Inc | | | 7,546 | |
| 137 | | | | Trinseo S.A. | | | 5,801 | |
| 299 | | * | | US Concrete, Inc | | | 14,857 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 1,962,762 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 6.6% | | | | |
| 772 | | * | | Alphabet, Inc (Class A) | | | 835,922 | |
| 787 | | * | | Alphabet, Inc (Class C) | | | 850,676 | |
| 90 | | | | Cable One, Inc | | | 105,389 | |
| 1,113 | | | | Cinemark Holdings, Inc | | | 40,179 | |
| 1,162 | | * | | Clear Channel | | | 5,485 | |
| 3,506 | | *,e | | Discovery, Inc (Class A) | | | 107,634 | |
| 5,516 | | * | | Discovery, Inc (Class C) | | | 156,930 | |
| 523 | | * | | Electronic Arts, Inc | | | 52,959 | |
| 1,519 | | | | Entravision Communications Corp (Class A) | | | 4,739 | |
| 5,962 | | * | | Facebook, Inc | | | 1,150,666 | |
| 2,613 | | | | Gannett Co, Inc | | | 21,322 | |
| 714 | | * | | GCI Liberty, Inc | | | 43,883 | |
| 1,552 | | * | | Gray Television, Inc | | | 25,437 | |
| 469 | | * | | Imax Corp | | | 9,474 | |
| 153 | | | | John Wiley & Sons, Inc (Class A) | | | 7,017 | |
| 2,527 | | * | | Liberty Broadband Corp (Class C) | | | 263,364 | |
| 219 | | | | Marcus Corp | | | 7,218 | |
| 1,010 | | | | New York Times Co (Class A) | | | 32,946 | |
| 4,189 | | | | Omnicom Group, Inc | | | 343,289 | |
| 475 | | | | Sinclair Broadcast Group, Inc (Class A) | | | 25,474 | |
| 288 | | | | TEGNA, Inc | | | 4,363 | |
| 2,183 | | | | Tribune Co | | | 100,898 | |
| 1,239 | | * | | TripAdvisor, Inc | | | 57,353 | |
| 402 | | | | World Wrestling Entertainment, Inc (Class A) | | | 29,029 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 4,281,646 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.7% | | | | |
| 4,234 | | | | AbbVie, Inc | | | 307,896 | |
| 907 | | * | | Acadia Pharmaceuticals, Inc | | | 24,244 | |
| 157 | | * | | Acceleron Pharma, Inc | | | 6,450 | |
| 3,162 | | * | | Achillion Pharmaceuticals, Inc | | | 8,474 | |
| 2,371 | | | | Agilent Technologies, Inc | | | 177,043 | |
| 244 | | *,e | | Agios Pharmaceuticals, Inc | | | 12,171 | |
| 21 | | *,e | | Akcea Therapeutics, Inc | | | 492 | |
| 2,060 | | * | | Akorn, Inc | | | 10,609 | |
| 2,626 | | | | Amgen, Inc | | | 483,920 | |
| 174 | | * | | Atara Biotherapeutics, Inc | | | 3,499 | |
| 1,565 | | * | | BioCryst Pharmaceuticals, Inc | | | 5,931 | |
| 871 | | * | | Biogen Idec, Inc | | | 203,701 | |
| 706 | | * | | BioMarin Pharmaceutical, Inc | | | 60,469 | |
| 156 | | * | | Bluebird Bio, Inc | | | 19,843 | |
| 6,826 | | | | Bristol-Myers Squibb Co | | | 309,559 | |
| 2,961 | | * | | Celgene Corp | | | 273,715 | |
| 729 | | * | | Coherus Biosciences, Inc | | | 16,111 | |
| 225 | | * | | Collegium Pharmaceutical, Inc | | | 2,959 | |
| 4,415 | | | | Eli Lilly & Co | | | 489,138 | |
30
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 70 | | * | | Esperion Thereapeutics, Inc | | $ | 3,256 | |
| 492 | | * | | FibroGen, Inc | | | 22,229 | |
| 4,677 | | | | Gilead Sciences, Inc | | | 315,978 | |
| 186 | | * | | Halozyme Therapeutics, Inc | | | 3,195 | |
| 658 | | * | | Illumina, Inc | | | 242,243 | |
| 433 | | *,e | | Inovio Pharmaceuticals, Inc | | | 1,273 | |
| 24 | | * | | Insmed, Inc | | | 614 | |
| 335 | | * | | Intersect ENT, Inc | | | 7,625 | |
| 405 | | * | | Intra-Cellular Therapies, Inc | | | 5,257 | |
| 1,060 | | * | | Iovance Biotherapeutics, Inc | | | 25,991 | |
| 898 | | * | | IQVIA Holdings, Inc | | | 144,488 | |
| 278 | | * | | Jazz Pharmaceuticals plc | | | 39,632 | |
| 608 | | *,e | | Karyopharm Therapeutics, Inc | | | 3,642 | |
| 9,459 | | | | Merck & Co, Inc | | | 793,137 | |
| 80 | | * | | Mettler-Toledo International, Inc | | | 67,200 | |
| 2 | | * | | Mirati Therapeutics, Inc | | | 206 | |
| 728 | | * | | Nektar Therapeutics | | | 25,902 | |
| 2,332 | | *,e | | Opko Health, Inc | | | 5,690 | |
| 346 | | | | Perrigo Co plc | | | 16,477 | |
| 1,704 | | * | | Progenics Pharmaceuticals, Inc | | | 10,514 | |
| 281 | | * | | Prothena Corp plc | | | 2,970 | |
| 360 | | * | | Radius Health, Inc | | | 8,770 | |
| 164 | | * | | Reata Pharmaceuticals, Inc | | | 15,473 | |
| 290 | | * | | Revance Therapeutics, Inc | | | 3,761 | |
| 89 | | *,e | | Sage Therapeutics, Inc | | | 16,295 | |
| 656 | | * | | Sangamo Biosciences, Inc | | | 7,065 | |
| 240 | | * | | Sarepta Therapeutics, Inc | | | 36,468 | |
| 69 | | * | | Spark Therapeutics, Inc | | | 7,064 | |
| 527 | | *,e | | Theravance Biopharma, Inc | | | 8,606 | |
| 277 | | * | | Ultragenyx Pharmaceutical, Inc | | | 17,590 | |
| 1,050 | | * | | Vertex Pharmaceuticals, Inc | | | 192,549 | |
| 272 | | * | | Waters Corp | | | 58,545 | |
| 3,978 | | | | Zoetis, Inc | | | 451,463 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 4,977,392 | |
| | | | | | | | |
| |
REAL ESTATE - 4.2% | | | | |
| 366 | | | | Alexandria Real Estate Equities, Inc | | | 51,639 | |
| 203 | | * | | Altisource Portfolio Solutions S.A. | | | 3,991 | |
| 455 | | | | American Campus Communities, Inc | | | 21,003 | |
| 2,395 | | | | American Tower Corp | | | 489,658 | |
| 1,054 | | | | Boston Properties, Inc | | | 135,966 | |
| 1,574 | | | | CatchMark Timber Trust, Inc | | | 16,448 | |
| 1,526 | | * | | CBRE Group, Inc | | | 78,284 | |
| 310 | | | | Chatham Lodging Trust | | | 5,850 | |
| 915 | | | | CorePoint Lodging, Inc | | | 11,337 | |
| 339 | | | | Coresite Realty | | | 39,043 | |
| 566 | | * | | Cousins Properties, Inc | | | 20,472 | |
| 603 | | | | Digital Realty Trust, Inc | | | 71,027 | |
| 165 | | | | Douglas Emmett, Inc | | | 6,574 | |
| 1,428 | | | | Duke Realty Corp | | | 45,139 | |
| 581 | | | | Easterly Government Properties, Inc | | | 10,522 | |
| 573 | | | | Equinix, Inc | | | 288,958 | |
| 997 | | | | First Industrial Realty Trust, Inc | | | 36,630 | |
| 1,028 | | | | Franklin Street Properties Corp | | | 7,587 | |
| 3,362 | | | | HCP, Inc | | | 107,517 | |
| 2,800 | | | | Host Marriott Corp | | | 51,016 | |
| 504 | | * | | Howard Hughes Corp | | | 62,415 | |
| 1,339 | | | | Iron Mountain, Inc | | | 41,911 | |
| 1,059 | | e | | iStar Financial, Inc | | | 13,153 | |
| 32 | | | | Jones Lang LaSalle, Inc | | | 4,502 | |
| 14 | | | | Kilroy Realty Corp | | | 1,033 | |
| 562 | | | | Kimco Realty Corp | | | 10,386 | |
| 325 | | | | Liberty Property Trust | | | 16,263 | |
| 642 | | | | NorthStar Realty Europe Corp | | | 10,548 | |
| 402 | | | | Office Properties Income Trust | | | 10,560 | |
31
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 463 | | | | Paramount Group, Inc | | $ | 6,487 | |
| 335 | | | | Park Hotels & Resorts, Inc | | | 9,233 | |
| 5,300 | | | | Prologis, Inc | | | 424,530 | |
| 296 | | | | QTS Realty Trust, Inc | | | 13,669 | |
| 147 | | e | | Realogy Holdings Corp | | | 1,064 | |
| 110 | | | | RMR Group, Inc | | | 5,168 | |
| 737 | | * | | SBA Communications Corp | | | 165,707 | |
| 91 | | | | Senior Housing Properties Trust | | | 752 | |
| 924 | | | | UDR, Inc | | | 41,478 | |
| 17 | | | | Washington REIT | | | 454 | |
| 3,419 | | | | Welltower, Inc | | | 278,751 | |
| 2,617 | | | | Weyerhaeuser Co | | | 68,932 | |
| | | | | | | | |
| | | | TOTAL REAL ESTATE | | | 2,685,657 | |
| | | | | | | | |
| |
RETAILING - 7.3% | | | | |
| 477 | | * | | 1-800-FLOWERS.COM, Inc (Class A) | | | 9,006 | |
| 77 | | | | Aaron’s, Inc | | | 4,729 | |
| 366 | | | | Advance Auto Parts, Inc | | | 56,415 | |
| 736 | | * | | Amazon.com, Inc | | | 1,393,712 | |
| 895 | | | | Best Buy Co, Inc | | | 62,408 | |
| 253 | | * | | Booking Holdings, Inc | | | 474,301 | |
| 785 | | * | | CarMax, Inc | | | 68,162 | |
| 5,244 | | | | eBay, Inc | | | 207,138 | |
| 833 | | * | | Etsy, Inc | | | 51,121 | |
| 2,270 | | | | Expedia, Inc | | | 301,978 | |
| 44 | | * | | Five Below, Inc | | | 5,281 | |
| 1,834 | | | | Gap, Inc | | | 32,957 | |
| 202 | | * | | Genesco, Inc | | | 8,543 | |
| 9,910 | | * | | Groupon, Inc | | | 35,478 | |
| 66 | | | | Haverty Furniture Cos, Inc | | | 1,124 | |
| 364 | | * | | Hibbett Sports, Inc | | | 6,625 | |
| 3,765 | | | | Home Depot, Inc | | | 783,007 | |
| 1,562 | | | | Kohl’s Corp | | | 74,273 | |
| 119 | | * | | Lands’ End, Inc | | | 1,454 | |
| 1,082 | | * | | LKQ Corp | | | 28,792 | |
| 3,613 | | | | Lowe’s Companies, Inc | | | 364,588 | |
| 44 | | | | Macy’s, Inc | | | 944 | |
| 535 | | | | Nordstrom, Inc | | | 17,045 | |
| 1,637 | | * | | Quotient Technology, Inc | | | 17,581 | |
| 2,067 | | | | Ross Stores, Inc | | | 204,881 | |
| 149 | | e | | Shoe Carnival, Inc | | | 4,112 | |
| 1,100 | | * | | Shutterfly, Inc | | | 55,605 | |
| 1,481 | | | | Target Corp | | | 128,270 | |
| 194 | | | | Tiffany & Co | | | 18,166 | |
| 1,800 | | | | TJX Companies, Inc | | | 95,184 | |
| 202 | | | | Tractor Supply Co | | | 21,978 | |
| 270 | | * | | Ulta Beauty, Inc | | | 93,660 | |
| 330 | | * | | Wayfair, Inc | | | 48,180 | |
| 435 | | e | | Williams-Sonoma, Inc | | | 28,275 | |
| 56 | | | | Winmark Corp | | | 9,696 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 4,714,669 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1% | | | | |
| 5,239 | | | | Applied Materials, Inc | | | 235,284 | |
| 149 | | * | | Cirrus Logic, Inc | | | 6,511 | |
| 461 | | * | | Cree, Inc | | | 25,899 | |
| 207 | | * | | First Solar, Inc | | | 13,596 | |
| 13,512 | | | | Intel Corp | | | 646,819 | |
| 785 | | | | Lam Research Corp | | | 147,454 | |
| 2,238 | | | | NVIDIA Corp | | | 367,547 | |
| 4,583 | | | | Texas Instruments, Inc | | | 525,945 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 1,969,055 | |
| | | | | | | | |
| |
SOFTWARE & SERVICES - 11.1% | | | | |
| 3,093 | | | | Accenture plc | | | 571,494 | |
32
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,906 | | * | | Adobe, Inc | | $ | 561,603 | |
| 1,533 | | * | | Autodesk, Inc | | | 249,726 | |
| 571 | | * | | Avaya Holdings Corp | | | 6,801 | |
| 634 | | * | | Benefitfocus, Inc | | | 17,213 | |
| 4,083 | | * | | Black Knight, Inc | | | 245,592 | |
| 316 | | | | Blackbaud, Inc | | | 26,386 | |
| 3,829 | | | | Booz Allen Hamilton Holding Co | | | 253,518 | |
| 1,656 | | * | | Cadence Design Systems, Inc | | | 117,261 | |
| 4,496 | | * | | Conduent, Inc | | | 43,117 | |
| 790 | | | | CSG Systems International, Inc | | | 38,576 | |
| 695 | | * | | ExlService Holdings, Inc | | | 45,960 | |
| 54 | | * | | Fair Isaac Corp | | | 16,957 | |
| 4,249 | | | | International Business Machines Corp | | | 585,937 | |
| 1,677 | | | | Intuit, Inc | | | 438,250 | |
| 3,927 | | * | | Limelight Networks, Inc | | | 10,603 | |
| 958 | | | | LogMeIn, Inc | | | 70,585 | |
| 18,678 | | d | | Microsoft Corp | | | 2,502,105 | |
| 953 | | * | | New Relic, Inc | | | 82,444 | |
| 885 | | * | | Nutanix, Inc | | | 22,957 | |
| 262 | | * | | OneSpan, Inc | | | 3,713 | |
| 55 | | * | | Paylocity Holding Corp | | | 5,160 | |
| 560 | | * | | Perficient, Inc | | | 19,219 | |
| 379 | | * | | Qualys, Inc | | | 33,003 | |
| 733 | | * | | Rapid7, Inc | | | 42,397 | |
| 1,043 | | * | | RingCentral, Inc | | | 119,862 | |
| 3,440 | | * | | salesforce.com, Inc | | | 521,951 | |
| 727 | | | | Science Applications International Corp | | | 62,929 | |
| 659 | | * | | SPS Commerce, Inc | | | 67,356 | |
| 977 | | * | | Sykes Enterprises, Inc | | | 26,828 | |
| 2,296 | | * | | Teradata Corp | | | 82,312 | |
| 696 | | | | TiVo Corp | | | 5,130 | |
| 213 | | | | TTEC Holdings, Inc | | | 9,924 | |
| 533 | | * | | Virtusa Corp | | | 23,681 | |
| 298 | | | | VMware, Inc (Class A) | | | 49,829 | |
| 463 | | * | | WEX, Inc | | | 96,350 | |
| 406 | | * | | Zendesk, Inc | | | 36,146 | |
| | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | 7,112,875 | |
| | | | | | | | |
| |
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6% | | | | |
| 130 | | * | | Anixter International, Inc | | | 7,762 | |
| 10,949 | | | | Apple, Inc | | | 2,167,026 | |
| 449 | | | | AVX Corp | | | 7,453 | |
| 41 | | | | Belden CDT, Inc | | | 2,442 | |
| 1,563 | | | | Benchmark Electronics, Inc | | | 39,263 | |
| 15,030 | | | | Cisco Systems, Inc | | | 822,592 | |
| 27 | | * | | Coherent, Inc | | | 3,682 | |
| 622 | | * | | Cray, Inc | | | 21,658 | |
| 413 | | | | CTS Corp | | | 11,391 | |
| 483 | | | | Daktronics, Inc | | | 2,980 | |
| 1,665 | | | | Dolby Laboratories, Inc (Class A) | | | 107,559 | |
| 543 | | * | | Fabrinet | | | 26,971 | |
| 257 | | * | | FARO Technologies, Inc | | | 13,513 | |
| 709 | | * | | Finisar Corp | | | 16,215 | |
| 12,120 | | | | Hewlett Packard Enterprise Co | | | 181,194 | |
| 11,157 | | | | HP, Inc | | | 231,954 | |
| 117 | | * | | Insight Enterprises, Inc | | | 6,809 | |
| 43 | | | | InterDigital, Inc | | | 2,769 | |
| 440 | | * | | Itron, Inc | | | 27,531 | |
| 1,058 | | | | Kemet Corp | | | 19,901 | |
| 78 | | * | | Keysight Technologies, Inc | | | 7,005 | |
| 532 | | * | | Kimball Electronics, Inc | | | 8,640 | |
| 286 | | | | Littelfuse, Inc | | | 50,596 | |
| 333 | | * | | Lumentum Holdings, Inc | | | 17,785 | |
| 840 | | | | Motorola Solutions, Inc | | | 140,053 | |
| 1,811 | | | | National Instruments Corp | | | 76,044 | |
33
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 233 | | * | | Novanta, Inc | | | | | | | | | | $ | 21,972 | |
| 282 | | * | | Plexus Corp | | | | | | | | | | | 16,460 | |
| 196 | | * | | Rogers Corp | | | | | | | | | | | 33,826 | |
| 160 | | | | Synnex Corp | | | | | | | | | | | 15,744 | |
| 725 | | * | | Tech Data Corp | | | | | | | | | | | 75,835 | |
| 1,213 | | * | | TTM Technologies, Inc | | | | | | | | | | | 12,373 | |
| 1,315 | | | | Vishay Intertechnology, Inc | | | | | | | | | | | 21,724 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | | | 4,218,722 | |
| | | | | | | | | | | | | | | | |
| | | |
TELECOMMUNICATION SERVICES - 1.6% | | | | | | | | | | | | |
| 385 | | * | | Boingo Wireless, Inc | | | | | | | | | | | 6,918 | |
| 9,404 | | | | CenturyLink, Inc | | | | | | | | | | | 110,591 | |
| 1,021 | | * | | Cincinnati Bell, Inc | | | | | | | | | | | 5,054 | |
| 275 | | | | Cogent Communications Group, Inc | | | | | | | | | | | 16,324 | |
| 2,309 | | * | | Iridium Communications, Inc | | | | | | | | | | | 53,707 | |
| 1,351 | | * | | Orbcomm, Inc | | | | | | | | | | | 9,795 | |
| 14,251 | | | | Verizon Communications, Inc | | | | | | | | | | | 814,160 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | | | | | | | | | 1,016,549 | |
| | | | | | | | | | | | | | | | |
| | | |
TRANSPORTATION - 1.9% | | | | | | | | | | | | |
| 4,870 | | | | CSX Corp | | | | | | | | | | | 376,792 | |
| 2,878 | | | | Delta Air Lines, Inc | | | | | | | | | | | 163,327 | |
| 299 | | *,e | | Hertz Global Holdings, Inc | | | | | | | | | | | 4,772 | |
| 983 | | | | Norfolk Southern Corp | | | | | | | | | | | 195,941 | |
| 6 | | | | Ryder System, Inc | | | | | | | | | | | 350 | |
| 2,801 | | | | Southwest Airlines Co | | | | | | | | | | | 142,235 | |
| 3,505 | | | | United Parcel Service, Inc (Class B) | | | | | | | | | | | 361,961 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | | | | | | | | 1,245,378 | |
| | | | | | | | | | | | | | | | |
| | | |
UTILITIES - 3.3% | | | | | | | | | | | | |
| 3,952 | | | | American Electric Power Co, Inc | | | | | | | | | | | 347,815 | |
| 140 | | | | American Water Works Co, Inc | | | | | | | | | | | 16,240 | |
| 339 | | | | Centerpoint Energy, Inc | | | | | | | | | | | 9,706 | |
| 162 | | | | Clearway Energy, Inc (Class C) | | | | | | | | | | | 2,731 | |
| 3,041 | | | | Consolidated Edison, Inc | | | | | | | | | | | 266,635 | |
| 2,325 | | | | Eversource Energy | | | | | | | | | | | 176,142 | |
| 384 | | | | New Jersey Resources Corp | | | | | | | | | | | 19,112 | |
| 2,655 | | | | Public Service Enterprise Group, Inc | | | | | | | | | | | 156,167 | |
| 2,696 | | | | Sempra Energy | | | | | | | | | | | 370,538 | |
| 949 | | | | South Jersey Industries, Inc | | | | | | | | | | | 32,010 | |
| 7,456 | | | | Southern Co | | | | | | | | | | | 412,168 | |
| 167 | | | | TerraForm Power, Inc | | | | | | | | | | | 2,388 | |
| 1,977 | | | | WEC Energy Group, Inc | | | | | | | | | | | 164,822 | |
| 3,048 | | | | Xcel Energy, Inc | | | | | | | | | | | 181,326 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL UTILITIES | | | | | | | | | | | 2,157,800 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 64,343,228 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $44,834,024) | | | | | | | | | | | | |
| |
RIGHTS / WARRANTS - 0.0% | | | | | |
| | | |
TRANSPORTATION - 0.0% | | | | | | | | | | | | |
| 299 | | e | | Hertz Global Holdings, Inc | | | | | | | | | | | 583 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | | | | | | | | 583 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL RIGHTS / WARRANTS | | | | | | | | | | | 583 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $393) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 0.4% | |
| | | |
GOVERNMENT AGENCY DEBT - 0.3% | | | | | | | | | | | | |
| $210,000 | | | | Federal Home Loan Bank (FHLB) | | | 2.100 | % | | | 07/01/19 | | | | 210,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | 210,000 | |
| | | | | | | | | | | | | | | | |
34
TIAA-CREF LIFE FUNDS -Social Choice Equity Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1% | | | | | | | | | | | | |
| 77,317 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | | | | | | | | $ | 77,317 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | | | | 77,317 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 287,317 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $287,317) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.2%
(Cost $45,121,734) | | | | | | | | | | | 64,631,128 | |
| | | | OTHER ASSETS & LIABILITIES, NET - (0.2)% | | | | | | | | | | | (132,565 | ) |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 64,498,563 | |
| | | | | | | | | | | | | | | | |
Abbreviation(s):
| REIT | Real Estate Investment Trust |
| 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 $363,868. |
Futures contracts outstanding as of June 30, 2019 were as follows:
| | | | | | | | | | | | | | | | | | |
| Description | | Number of
long (short)
contracts | | | Expiration date | | Notional
amount | | | Value | | | Unrealized
appreciation
(depreciation) | |
S&P 500 E Mini Index | | | 2 | | | 09/20/19 | | $ | 291,450 | | | $ | 294,420 | | | $ | 2,970 | |
35
TIAA-CREF LIFE FUNDS -Stock Index Fund
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 99.5% | | | | |
| |
AUTOMOBILES & COMPONENTS - 0.7% | | | | |
| 1,634 | | | | Adient plc | | $ | 39,657 | |
| 1,752 | | * | | American Axle & Manufacturing Holdings, Inc | | | 22,356 | |
| 4,457 | | | | Aptiv plc | | | 360,259 | |
| 3,646 | | | | BorgWarner, Inc | | | 153,059 | |
| 828 | | | | Cooper Tire & Rubber Co | | | 26,123 | |
| 274 | | * | | Cooper-Standard Holding, Inc | | | 12,555 | |
| 2,264 | | | | Dana Holding Corp | | | 45,144 | |
| 591 | | * | | Dorman Products, Inc | | | 51,500 | |
| 69,298 | | | | Ford Motor Co | | | 708,919 | |
| 794 | | * | | Fox Factory Holding Corp | | | 65,513 | |
| 21,991 | | | | General Motors Co | | | 847,313 | |
| 4,527 | | | | Gentex Corp | | | 111,409 | |
| 573 | | * | | Gentherm, Inc | | | 23,969 | |
| 3,947 | | | | Goodyear Tire & Rubber Co | | | 60,389 | |
| 2,737 | | | | Harley-Davidson, Inc | | | 98,067 | |
| 377 | | | | LCI Industries, Inc | | | 33,930 | |
| 1,077 | | | | Lear Corp | | | 149,994 | |
| 772 | | * | | Modine Manufacturing Co | | | 11,047 | |
| 292 | | * | | Motorcar Parts of America, Inc | | | 6,252 | |
| 514 | | | | Spartan Motors, Inc | | | 5,633 | |
| 330 | | | | Standard Motor Products, Inc | | | 14,962 | |
| 449 | | * | | Stoneridge, Inc | | | 14,166 | |
| 995 | | | | Tenneco, Inc | | | 11,035 | |
| 2,469 | | *,e | | Tesla, Inc | | | 551,723 | |
| 841 | | | | Thor Industries, Inc | | | 49,156 | |
| 321 | | | | Tower International, Inc | | | 6,259 | |
| 496 | | * | | Visteon Corp | | | 29,056 | |
| 486 | | | | Winnebago Industries, Inc | | | 18,784 | |
| | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | 3,528,229 | |
| | | | | | | | |
| |
BANKS - 5.7% | | | | |
| 184 | | | | 1st Constitution Bancorp | | | 3,398 | |
| 254 | | | | 1st Source Corp | | | 11,786 | |
| 95 | | | | ACNB Corp | | | 3,759 | |
| 166 | | * | | Allegiance Bancshares, Inc | | | 5,534 | |
| 197 | | | | Amalgamated Bank | | | 3,438 | |
| 442 | | * | | Amerant Bancorp Inc | | | 8,712 | |
| 127 | | | | American National Bankshares, Inc | | | 4,921 | |
| 966 | �� | | | Ameris Bancorp | | | 37,858 | |
| 129 | | * | | Ames National Corp | | | 3,496 | |
| 179 | | | | Arrow Financial Corp | | | 6,217 | |
| 2,719 | | | | Associated Banc-Corp | | | 57,480 | |
| 318 | | * | | Atlantic Capital Bancshares, Inc | | | 5,444 | |
| 1,279 | | | | Atlantic Union Bankshares Corp | | | 45,187 | |
| 945 | | * | | Axos Financial, Inc | | | 25,751 | |
| 697 | | | | Banc of California, Inc | | | 9,737 | |
| 529 | | | | Bancfirst Corp | | | 29,444 | |
| 1,326 | | | | BancorpSouth Bank | | | 38,507 | |
| 117 | | | | Bank First Corp | | | 8,068 | |
| 152,536 | | | | Bank of America Corp | | | 4,423,544 | |
| 254 | | | | Bank of Commerce Holdings | | | 2,715 | |
| 677 | | | | Bank of Hawaii Corp | | | 56,130 | |
| 174 | | | | Bank of Marin Bancorp | | | 7,137 | |
| 1,235 | | | | Bank of NT Butterfield & Son Ltd | | | 41,941 | |
| 130 | | | | Bank of Princeton | | | 3,900 | |
| 2,233 | | | | Bank OZK | | | 67,191 | |
| 487 | | * | | Bank7 Corp | | | 9,005 | |
36
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 238 | | | | BankFinancial Corp | | $ | 3,330 | |
| 1,888 | | | | BankUnited | | | 63,701 | |
| 81 | | | | Bankwell Financial Group, Inc | | | 2,325 | |
| 511 | | | | Banner Corp | | | 27,671 | |
| 219 | | | | Bar Harbor Bankshares | | | 5,823 | |
| 163 | | * | | Baycom Corp | | | 3,570 | |
| 13,633 | | | | BB&T Corp | | | 669,789 | |
| 152 | | | | BCB Bancorp, Inc | | | 2,105 | |
| 641 | | | | Berkshire Hills Bancorp, Inc | | | 20,121 | |
| 520 | | | | BOK Financial Corp | | | 39,250 | |
| 1,073 | | | | Boston Private Financial Holdings, Inc | | | 12,951 | |
| 287 | | | | Bridge Bancorp, Inc | | | 8,455 | |
| 385 | | * | | Bridgewater Bancshares, Inc | | | 4,443 | |
| 1,046 | | | | Brookline Bancorp, Inc | | | 16,087 | |
| 253 | | | | Bryn Mawr Bank Corp | | | 9,442 | |
| 147 | | | | Business First Bancshares, Inc | | | 3,741 | |
| 120 | | * | | Byline Bancorp, Inc | | | 2,294 | |
| 283 | | | | C&F Financial Corp | | | 15,455 | |
| 2,216 | | | | Cadence BanCorp | | | 46,093 | |
| 59 | | e | | Cambridge Bancorp | | | 4,808 | |
| 238 | | | | Camden National Corp | | | 10,917 | |
| 693 | | * | | Capital Bancorp, Inc | | | 8,524 | |
| 156 | | | | Capital City Bank Group, Inc | | | 3,877 | |
| 2,332 | | | | Capitol Federal Financial | | | 32,112 | |
| 128 | | | | Capstar Financial Holdings, Inc | | | 1,939 | |
| 222 | | | | Carolina Financial Corp | | | 7,790 | |
| 419 | | * | | Carter Bank & Trust | | | 8,275 | |
| 1,496 | | | | Cathay General Bancorp | | | 53,721 | |
| 287 | | | | CBTX, Inc | | | 8,076 | |
| 2,396 | | | | Centerstate Banks of Florida, Inc | | | 55,180 | |
| 470 | | | | Central Pacific Financial Corp | | | 14,081 | |
| 161 | | | | Central Valley Community Bancorp | | | 3,457 | |
| 47 | | | | Century Bancorp, Inc | | | 4,131 | |
| 1,211 | | | | Chemical Financial Corp | | | 49,784 | |
| 46 | | | | Chemung Financial Corp | | | 2,224 | |
| 1,706 | | | | CIT Group, Inc | | | 89,633 | |
| 40,988 | | | | Citigroup, Inc | | | 2,870,390 | |
| 167 | | | | Citizens & Northern Corp | | | 4,397 | |
| 8,425 | | | | Citizens Financial Group, Inc | | | 297,908 | |
| 236 | | | | City Holding Co | | | 17,997 | |
| 157 | | | | Civista Bancshares, Inc | | | 3,525 | |
| 226 | | | | CNB Financial Corp | | | 6,382 | |
| 524 | | * | | Coastal Financial Corp | | | 8,106 | |
| 133 | | | | Codorus Valley Bancorp, Inc | | | 3,059 | |
| 1,129 | | | | Columbia Banking System, Inc | | | 40,847 | |
| 1,682 | | * | | Columbia Financial, Inc | | | 25,398 | |
| 2,897 | | | | Comerica, Inc | | | 210,438 | |
| 1,935 | | | | Commerce Bancshares, Inc | | | 115,442 | |
| 102 | | | | Commerce Union Bancshares, Inc | | | 2,410 | |
| 763 | | | | Community Bank System, Inc | | | 50,236 | |
| 1,382 | | | | Community Bankers Trust Corp | | | 11,706 | |
| 61 | | | | Community Financial Corp | | | 2,058 | |
| 238 | | | | Community Trust Bancorp, Inc | | | 10,065 | |
| 422 | | | | ConnectOne Bancorp, Inc | | | 9,563 | |
| 1,101 | | | | Cullen/Frost Bankers, Inc | | | 103,120 | |
| 438 | | * | | Customers Bancorp, Inc | | | 9,198 | |
| 2,357 | | | | CVB Financial Corp | | | 49,568 | |
| 500 | | | | Dime Community Bancshares | | | 9,495 | |
| 638 | | | | Eagle Bancorp, Inc | | | 34,535 | |
| 2,453 | | | | East West Bancorp, Inc | | | 114,727 | |
| 100 | | * | | Entegra Financial Corp | | | 3,012 | |
| 147 | | | | Enterprise Bancorp, Inc | | | 4,661 | |
| 347 | | | | Enterprise Financial Services Corp | | | 14,435 | |
| 161 | | * | | Equity Bancshares, Inc | | | 4,292 | |
| 578 | | * | | Esquire Financial Holdings, Inc | | | 14,537 | |
| 660 | | | | ESSA Bancorp, Inc | | | 10,065 | |
37
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,695 | | * | | Essent Group Ltd | | $ | 79,648 | |
| 384 | | | | Evans Bancorp, Inc | | | 14,488 | |
| 144 | | e | | Farmers & Merchants Bancorp, Inc | | | 4,193 | |
| 378 | | | | Farmers National Banc Corp | | | 5,606 | |
| 362 | | | | FB Financial Corp | | | 13,249 | |
| 139 | | | | Federal Agricultural Mortgage Corp (Class C) | | | 10,100 | |
| 44 | | | | Fidelity D&D Bancorp, Inc | | | 2,957 | |
| 321 | | | | Fidelity Southern Corp | | | 9,941 | |
| 12,985 | | | | Fifth Third Bancorp | | | 362,281 | |
| 202 | | | | Financial Institutions, Inc | | | 5,888 | |
| 440 | | | | First Bancorp (NC) | | | 16,025 | |
| 3,399 | | | | First Bancorp (Puerto Rico) | | | 37,525 | |
| 162 | | | | First Bancorp, Inc | | | 4,350 | |
| 130 | | | | First Bancshares, Inc | | | 3,944 | |
| 354 | | | | First Bank | | | 4,156 | |
| 586 | | | | First Busey Corp | | | 15,476 | |
| 266 | | | | First Business Financial Services, Inc | | | 6,251 | |
| 166 | | | | First Capital Inc | | | 8,390 | |
| 117 | | | | First Choice Bancorp | | | 2,661 | |
| 132 | | | | First Citizens Bancshares, Inc (Class A) | | | 59,436 | |
| 1,371 | | | | First Commonwealth Financial Corp | | | 18,467 | |
| 242 | | | | First Community Bancshares, Inc | | | 8,170 | |
| 312 | | | | First Defiance Financial Corp | | | 8,914 | |
| 1,990 | | | | First Financial Bancorp | | | 48,198 | |
| 2,288 | | | | First Financial Bankshares, Inc | | | 70,448 | |
| 188 | | | | First Financial Corp | | | 7,550 | |
| 130 | | | | First Financial Northwest, Inc | | | 1,839 | |
| 445 | | | | First Foundation, Inc | | | 5,981 | |
| 64 | | | | First Guaranty Bancshares, Inc | | | 1,334 | |
| 2,293 | | | | First Hawaiian, Inc | | | 59,320 | |
| 5,859 | | | | First Horizon National Corp | | | 87,475 | |
| 85 | | | | First Internet Bancorp | | | 1,831 | |
| 744 | | | | First Interstate Bancsystem, Inc | | | 29,470 | |
| 960 | | | | First Merchants Corp | | | 36,384 | |
| 93 | | | | FirstMid-Illinois Bancshares, Inc | | | 3,248 | |
| 1,595 | | | | First Midwest Bancorp, Inc | | | 32,650 | |
| 158 | | | | First Northwest Bancorp | | | 2,567 | |
| 321 | | | | First of Long Island Corp | | | 6,446 | |
| 2,967 | | | | First Republic Bank | | | 289,728 | |
| 610 | | | | Flagstar Bancorp, Inc | | | 20,215 | |
| 358 | | | | Flushing Financial Corp | | | 7,948 | |
| 5,725 | | | | FNB Corp | | | 67,383 | |
| 206 | | | | Franklin Financial Network, Inc | | | 5,739 | |
| 220 | | | | Franklin Financial Services Corp | | | 8,386 | |
| 247 | | | | FS Bancorp, Inc | | | 12,812 | |
| 2,673 | | | | Fulton Financial Corp | | | 43,757 | |
| 325 | | | | German American Bancorp, Inc | | | 9,789 | |
| 1,494 | | | | Glacier Bancorp, Inc | | | 60,582 | |
| 161 | | | | Great Southern Bancorp, Inc | | | 9,636 | |
| 849 | | | | Great Western Bancorp, Inc | | | 30,326 | |
| 45 | | | | Greene County Bancorp, Inc | | | 1,324 | |
| 26 | | | | Guaranty Bancshares, Inc | | | 810 | |
| 1,541 | | | | Hancock Holding Co | | | 61,732 | |
| 484 | | | | Hanmi Financial Corp | | | 10,779 | |
| 639 | | * | | HarborOne Bancorp, Inc | | | 11,968 | |
| 305 | | | | Hawthorn Bancshares Inc | | | 8,174 | |
| 429 | | | | Heartland Financial USA, Inc | | | 19,189 | |
| 553 | | | | Heritage Commerce Corp | | | 6,774 | |
| 460 | | | | Heritage Financial Corp | | | 13,588 | |
| 1,168 | | | | Hilltop Holdings, Inc | | | 24,843 | |
| 22 | | | | Hingham Institution for Savings | | | 4,356 | |
| 89 | | | | Home Bancorp, Inc | | | 3,425 | |
| 2,960 | | | | Home Bancshares, Inc | | | 57,010 | |
| 314 | | * | | HomeStreet, Inc | | | 9,307 | |
| 265 | | | | HomeTrust Bancshares, Inc | | | 6,662 | |
| 1,956 | | | | Hope Bancorp, Inc | | | 26,954 | |
38
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 501 | | | | Horizon Bancorp | | $ | 8,186 | |
| 129 | | * | | Howard Bancorp, Inc | | | 1,957 | |
| 18,430 | | | | Huntington Bancshares, Inc | | | 254,703 | |
| 909 | | | | IBERIABANK Corp | | | 68,948 | |
| 491 | | | | Independent Bank Corp (MA) | | | 37,390 | |
| 308 | | | | Independent Bank Corp (MI) | | | 6,711 | |
| 488 | | | | Independent Bank Group, Inc | | | 26,820 | |
| 843 | | | | International Bancshares Corp | | | 31,790 | |
| 120 | | | | Investar Holding Corp | | | 2,862 | |
| 4,402 | | | | Investors Bancorp, Inc | | | 49,082 | |
| 57,197 | | | | JPMorgan Chase & Co | | | 6,394,625 | |
| 2,079 | | | | Kearny Financial Corp | | | 27,630 | |
| 17,530 | | | | Keycorp | | | 311,157 | |
| 584 | | | | Lakeland Bancorp, Inc | | | 9,432 | |
| 525 | | | | Lakeland Financial Corp | | | 24,586 | |
| 141 | | | | LCNB Corp | | | 2,679 | |
| 693 | | | | LegacyTexas Financial Group, Inc | | | 28,212 | |
| 166 | | *,e | | LendingTree, Inc | | | 69,725 | |
| 85 | | | | Level One Bancorp, Inc | | | 2,124 | |
| 310 | | | | Live Oak Bancshares, Inc | | | 5,316 | |
| 341 | | | | Luther Burbank Corp | | | 3,713 | |
| 2,442 | | | | M&T Bank Corp | | | 415,311 | |
| 400 | | | | Macatawa Bank Corp | | | 4,104 | |
| 489 | | * | | Malvern Bancorp, Inc | | | 10,763 | |
| 226 | | | | Mercantile Bank Corp | | | 7,363 | |
| 155 | | | | Merchants Bancorp | | | 2,640 | |
| 856 | | | | Meridian Bancorp, Inc | | | 15,314 | |
| 1,054 | | | | Meta Financial Group, Inc | | | 29,565 | |
| 101 | | * | | Metropolitan Bank Holding Corp | | | 4,444 | |
| 7,025 | | * | | MGIC Investment Corp | | | 92,308 | |
| 324 | | | | Midland States Bancorp, Inc | | | 8,657 | |
| 1,202 | | | | Midsouth Bancorp, Inc | | | 14,244 | |
| 169 | | | | MidWestOne Financial Group, Inc | | | 4,725 | |
| 236 | | * | | MMA Capital Holdings Inc | | | 7,899 | |
| 1,928 | | * | | Mr Cooper Group, Inc | | | 15,443 | |
| 101 | | | | MutualFirst Financial, Inc | | | 3,438 | |
| 142 | | | | MVB Financial Corp | | | 2,408 | |
| 535 | | | | National Bank Holdings Corp | | | 19,421 | |
| 109 | | | | National Bankshares, Inc | | | 4,243 | |
| 669 | | | | NBT Bancorp, Inc | | | 25,094 | |
| 8,219 | | | | New York Community Bancorp, Inc | | | 82,026 | |
| 140 | | * | | Nicolet Bankshares, Inc | | | 8,688 | |
| 1,146 | | * | | NMI Holdings, Inc | | | 32,535 | |
| 115 | | | | Northeast Bank | | | 3,172 | |
| 643 | | | | Northfield Bancorp, Inc | | | 10,037 | |
| 104 | | | | Northrim BanCorp, Inc | | | 3,709 | |
| 1,947 | | | | Northwest Bancshares, Inc | | | 34,287 | |
| 64 | | | | Norwood Financial Corp | | | 2,228 | |
| 530 | | | | Oak Valley Bancorp | | | 10,362 | |
| 714 | | | | OceanFirst Financial Corp | | | 17,743 | |
| 596 | | | | OFG Bancorp | | | 14,167 | |
| 287 | | | | Ohio Valley Banc Corp | | | 11,070 | |
| 134 | | | | Old Line Bancshares, Inc | | | 3,566 | |
| 3,054 | | | | Old National Bancorp | | | 50,666 | |
| 432 | | | | Old Second Bancorp, Inc | | | 5,517 | |
| 809 | | | | OP Bancorp | | | 8,770 | |
| 319 | | | | Opus Bank | | | 6,734 | |
| 249 | | | | Origin Bancorp, Inc | | | 8,217 | |
| 610 | | | | Oritani Financial Corp | | | 10,821 | |
| 111 | | | | Orrstown Financial Services, Inc | | | 2,441 | |
| 1,203 | | * | | Pacific Mercantile Bancorp | | | 9,925 | |
| 1,118 | | | | Pacific Premier Bancorp, Inc | | | 34,524 | |
| 2,138 | | | | PacWest Bancorp | | | 83,019 | |
| 205 | | | | Park National Corp | | | 20,375 | |
| 649 | | | | Parke Bancorp, Inc | | | 15,544 | |
| 226 | | * | | PCB Bancorp | | | 3,851 | |
39
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 290 | | | | PCSB Financial Corp | | $ | 5,873 | |
| 259 | | * | | PDL Community Bancorp | | | 3,701 | |
| 259 | | | | Peapack Gladstone Financial Corp | | | 7,283 | |
| 67 | | | | Penns Woods Bancorp, Inc | | | 3,032 | |
| 841 | | | | PennyMac Financial Services, Inc | | | 18,653 | |
| 365 | | | | Peoples Bancorp of North Carolina, Inc | | | 10,968 | |
| 261 | | | | Peoples Bancorp, Inc | | | 8,420 | |
| 101 | | | | Peoples Financial Services Corp | | | 4,544 | |
| 6,966 | | | | People’s United Financial, Inc | | | 116,889 | |
| 194 | | | | People’s Utah Bancorp | | | 5,704 | |
| 1,330 | | | | Pinnacle Financial Partners, Inc | | | 76,448 | |
| 7,994 | | | | PNC Financial Services Group, Inc | | | 1,097,416 | |
| 1,826 | | | | Popular, Inc | | | 99,042 | |
| 188 | | | | Preferred Bank | | | 8,883 | |
| 175 | | | | Premier Financial Bancorp, Inc | | | 2,625 | |
| 1,243 | | | | Prosperity Bancshares, Inc | | | 82,100 | |
| 367 | | * | | Provident Bancorp, Inc | | | 10,272 | |
| 964 | | | | Provident Financial Services, Inc | | | 23,377 | |
| 609 | | | | Prudential Bancorp, Inc | | | 11,522 | |
| 190 | | | | QCR Holdings, Inc | | | 6,625 | |
| 3,684 | | | | Radian Group, Inc | | | 84,179 | |
| 104 | | | | RBB Bancorp | | | 2,011 | |
| 18,527 | | | | Regions Financial Corp | | | 276,793 | |
| 670 | | | | Renasant Corp | | | 24,080 | |
| 146 | | | | Republic Bancorp, Inc (Class A) | | | 7,264 | |
| 750 | | * | | Republic First Bancorp, Inc | | | 3,683 | |
| 369 | | | | Riverview Bancorp, Inc | | | 3,151 | |
| 540 | | | | S&T Bancorp, Inc | | | 20,239 | |
| 495 | | | | Sandy Spring Bancorp, Inc | | | 17,266 | |
| 151 | | | | SB One Bancorp | | | 3,375 | |
| 617 | | * | | Seacoast Banking Corp of Florida | | | 15,696 | |
| 290 | | * | | Select Bancorp, Inc | | | 3,318 | |
| 726 | | | | ServisFirst Bancshares, Inc | | | 24,873 | |
| 185 | | | | Shore Bancshares, Inc | | | 3,023 | |
| 192 | | | | Sierra Bancorp | | | 5,207 | |
| 980 | | | | Signature Bank | | | 118,423 | |
| 1,396 | | | | Simmons First National Corp (Class A) | | | 32,471 | |
| 116 | | * | | SmartFinancial, Inc | | | 2,516 | |
| 670 | | | | South State Corp | | | 49,359 | |
| 101 | | * | | Southern First Bancshares, Inc | | | 3,955 | |
| 86 | | | | Southern Missouri Bancorp, Inc | | | 2,995 | |
| 169 | | | | Southern National Bancorp of Virginia, Inc | | | 2,587 | |
| 432 | | | | Southside Bancshares, Inc | | | 13,988 | |
| 154 | | * | | Spirit of Texas Bancshares, Inc | | | 3,465 | |
| 259 | | | | Sterling Bancorp, Inc | | | 2,582 | |
| 3,716 | | | | Sterling Bancorp/DE | | | 79,076 | |
| 339 | | | | Stock Yards Bancorp, Inc | | | 12,255 | |
| 164 | | | | Summit Financial Group, Inc | | | 4,403 | |
| 7,880 | | | | SunTrust Banks, Inc | | | 495,258 | |
| 955 | | * | | SVB Financial Group | | | 214,483 | |
| 2,625 | | | | Synovus Financial Corp | | | 91,875 | |
| 2,589 | | | | TCF Financial Corp | | | 53,825 | |
| 150 | | | | Territorial Bancorp, Inc | | | 4,635 | |
| 932 | | * | | Texas Capital Bancshares, Inc | | | 57,197 | |
| 1,347 | | | | TFS Financial Corp | | | 24,340 | |
| 714 | | * | | The Bancorp, Inc | | | 6,369 | |
| 100 | | | | Timberland Bancorp, Inc | | | 2,988 | |
| 229 | | | | Tompkins Trustco, Inc | | | 18,686 | |
| 996 | | | | TowneBank | | | 27,171 | |
| 618 | | | | Trico Bancshares | | | 23,360 | |
| 343 | | * | | Tristate Capital Holdings, Inc | | | 7,320 | |
| 599 | | * | | Triumph Bancorp, Inc | | | 17,401 | |
| 1,387 | | | | Trustco Bank Corp NY | | | 10,985 | |
| 1,035 | | | | Trustmark Corp | | | 34,414 | |
| 685 | | | | UMB Financial Corp | | | 45,087 | |
| 3,528 | | | | Umpqua Holdings Corp | | | 58,530 | |
40
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 60 | | e | | Union Bankshares, Inc | | $ | 2,221 | |
| 1,552 | | | | United Bankshares, Inc | | | 57,564 | |
| 1,078 | | | | United Community Banks, Inc | | | 30,788 | |
| 740 | | | | United Community Financial Corp | | | 7,082 | |
| 770 | | | | United Financial Bancorp, Inc (New) | | | 10,919 | |
| 113 | | | | United Security Bancshares | | | 1,287 | |
| 119 | | | | Unity Bancorp, Inc | | | 2,701 | |
| 364 | | | | Univest Corp of Pennsylvania | | | 9,559 | |
| 25,630 | | | | US Bancorp | | | 1,343,012 | |
| 6,127 | | | | Valley National Bancorp | | | 66,049 | |
| 1,054 | | | | Veritex Holdings, Inc | | | 27,351 | |
| 681 | | | | Walker & Dunlop, Inc | | | 36,236 | |
| 1,396 | | | | Washington Federal, Inc | | | 48,762 | |
| 232 | | | | Washington Trust Bancorp, Inc | | | 12,106 | |
| 384 | | | | Waterstone Financial, Inc | | | 6,551 | |
| 1,651 | | | | Webster Financial Corp | | | 78,868 | |
| 71,813 | | | | Wells Fargo & Co | | | 3,398,191 | |
| 770 | | | | WesBanco, Inc | | | 29,684 | |
| 239 | | | | West Bancorporation, Inc | | | 5,072 | |
| 533 | | | | Westamerica Bancorporation | | | 32,838 | |
| 1,643 | | * | | Western Alliance Bancorp | | | 73,475 | |
| 413 | | | | Western New England Bancorp, Inc | | | 3,857 | |
| 886 | | | | Wintrust Financial Corp | | | 64,820 | |
| 827 | | | | WSFS Financial Corp | | | 34,155 | |
| 3,277 | | | | Zions Bancorporation | | | 150,676 | |
| | | | | | | | |
| | | | TOTAL BANKS | | | 29,929,484 | |
| | | | | | | | |
| |
CAPITAL GOODS - 7.0% | | | | |
| 9,899 | | | | 3M Co | | | 1,715,893 | |
| 2,472 | | | | A.O. Smith Corp | | | 116,580 | |
| 724 | | | | Aaon, Inc | | | 36,330 | |
| 511 | | | | AAR Corp | | | 18,800 | |
| 917 | | | | Actuant Corp (Class A) | | | 22,751 | |
| 685 | | | | Acuity Brands, Inc | | | 94,468 | |
| 642 | | | | Advanced Drainage Systems, Inc | | | 21,051 | |
| 2,781 | | * | | Aecom Technology Corp | | | 105,261 | |
| 522 | | * | | Aegion Corp | | | 9,605 | |
| 1,505 | | * | | Aerojet Rocketdyne Holdings, Inc | | | 67,379 | |
| 318 | | * | | Aerovironment, Inc | | | 18,053 | |
| 1,119 | | | | AGCO Corp | | | 86,801 | |
| 1,858 | | | | Air Lease Corp | | | 76,810 | |
| 1,516 | | | | Aircastle Ltd | | | 32,230 | |
| 148 | | | | Alamo Group, Inc | | | 14,790 | |
| 445 | | | | Albany International Corp (Class A) | | | 36,895 | |
| 1,625 | | | | Allegion plc | | | 179,644 | |
| 91 | | | | Allied Motion Technologies, Inc | | | 3,449 | |
| 2,032 | | | | Allison Transmission Holdings, Inc | | | 94,183 | |
| 990 | | | | Altra Holdings, Inc | | | 35,521 | |
| 317 | | * | | Ameresco, Inc | | | 4,669 | |
| 254 | | * | | American Woodmark Corp | | | 21,493 | |
| 4,160 | | | | Ametek, Inc | | | 377,894 | |
| 438 | | | | Apogee Enterprises, Inc | | | 19,027 | |
| 567 | | | | Applied Industrial Technologies, Inc | | | 34,888 | |
| 7,052 | | | | Arconic, Inc | | | 182,083 | |
| 909 | | | | Arcosa, Inc | | | 34,206 | |
| 244 | | | | Argan, Inc | | | 9,897 | |
| 367 | | * | | Armstrong Flooring, Inc | | | 3,615 | |
| 902 | | | | Armstrong World Industries, Inc | | | 87,674 | |
| 334 | | | | Astec Industries, Inc | | | 10,875 | |
| 340 | | * | | Astronics Corp | | | 13,675 | |
| 491 | | * | | Atkore International Group, Inc | | | 12,702 | |
| 1,023 | | * | | Axon Enterprise, Inc | | | 65,687 | |
| 406 | | | | AZZ, Inc | | | 18,684 | |
| 782 | | | | Barnes Group, Inc | | | 44,058 | |
| 1,120 | | * | | Beacon Roofing Supply, Inc | | | 41,126 | |
41
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 967 | | * | | Bloom Energy Corp | | $ | 11,865 | |
| 87 | | * | | Blue Bird Corp | | | 1,713 | |
| 144 | | *,e | | BlueLinx Holdings, Inc | | | 2,853 | |
| 941 | | * | | BMC Stock Holdings, Inc | | | 19,949 | |
| 9,386 | | | | Boeing Co | | | 3,416,598 | |
| 656 | | | | Briggs & Stratton Corp | | | 6,717 | |
| 2,096 | | * | | Builders FirstSource, Inc | | | 35,339 | |
| 1,582 | | | | BWX Technologies, Inc | | | 82,422 | |
| 351 | | e | | CaesarstoneSdot-Yam Ltd | | | 5,276 | |
| 250 | | * | | CAI International, Inc | | | 6,205 | |
| 994 | | | | Carlisle Cos, Inc | | | 139,568 | |
| 9,833 | | | | Caterpillar, Inc | | | 1,340,140 | |
| 624 | | * | | Chart Industries, Inc | | | 47,973 | |
| 259 | | * | | CIRCOR International, Inc | | | 11,914 | |
| 1,386 | | * | | Colfax Corp | | | 38,850 | |
| 262 | | | | Columbus McKinnon Corp | | | 10,996 | |
| 575 | | | | Comfort Systems USA, Inc | | | 29,319 | |
| 388 | | * | | Commercial Vehicle Group, Inc | | | 3,112 | |
| 601 | | * | | Continental Building Products, Inc | | | 15,969 | |
| 2,980 | | * | | Cornerstone Building Brands, Inc | | | 17,373 | |
| 901 | | | | Crane Co | | | 75,179 | |
| 225 | | | | CSW Industrials, Inc | | | 15,334 | |
| 633 | | | | Cubic Corp | | | 40,816 | |
| 2,760 | | | | Cummins, Inc | | | 472,898 | |
| 801 | | | | Curtiss-Wright Corp | | | 101,831 | |
| 5,583 | | | | Deere & Co | | | 925,159 | |
| 2,203 | | | | Donaldson Co, Inc | | | 112,045 | |
| 347 | | | | Douglas Dynamics, Inc | | | 13,807 | |
| 2,649 | | | | Dover Corp | | | 265,430 | |
| 160 | | * | | Ducommun, Inc | | | 7,211 | |
| 240 | | * | | DXP Enterprises, Inc | | | 9,094 | |
| 486 | | * | | Dycom Industries, Inc | | | 28,611 | |
| 80 | | | | Eastern Co | | | 2,242 | |
| 7,487 | | | | Eaton Corp | | | 623,517 | |
| 916 | | | | EMCOR Group, Inc | | | 80,700 | |
| 10,709 | | | | Emerson Electric Co | | | 714,504 | |
| 318 | | | | Encore Wire Corp | | | 18,628 | |
| 2,281 | | *,e | | Energous Corp | | | 9,968 | |
| 568 | | * | | Energy Recovery, Inc | | | 5,919 | |
| 681 | | | | EnerSys | | | 46,648 | |
| 1,395 | | * | | Enphase Energy, Inc | | | 25,431 | |
| 330 | | | | EnPro Industries, Inc | | | 21,067 | |
| 502 | | | | ESCO Technologies, Inc | | | 41,475 | |
| 56 | | | | EVI Industries, Inc | | | 2,143 | |
| 1,196 | | * | | Evoqua Water Technologies Corp | | | 17,031 | |
| 10,086 | | | | Fastenal Co | | | 328,703 | |
| 1,130 | | | | Federal Signal Corp | | | 30,227 | |
| 2,325 | | | | Flowserve Corp | | | 122,504 | |
| 2,709 | | | | Fluor Corp | | | 91,266 | |
| 5,328 | | | | Fortive Corp | | | 434,339 | |
| 2,359 | | | | Fortune Brands Home & Security, Inc | | | 134,770 | |
| 199 | | * | | Foundation Building Materials, Inc | | | 3,538 | |
| 719 | | | | Franklin Electric Co, Inc | | | 34,152 | |
| 2,242 | | * | | Gardner Denver Holdings, Inc | | | 77,573 | |
| 730 | | * | | Gates Industrial Corp plc | | | 8,329 | |
| 608 | | | | GATX Corp | | | 48,208 | |
| 103 | | * | | Gencor Industries, Inc | | | 1,339 | |
| 1,240 | | * | | Generac Holdings, Inc | | | 86,068 | |
| 4,516 | | | | General Dynamics Corp | | | 821,099 | |
| 152,608 | | | | General Electric Co | | | 1,602,384 | |
| 230 | | * | | General Finance Corp | | | 1,925 | |
| 567 | | * | | Gibraltar Industries, Inc | | | 22,884 | |
| 336 | | | | Global Brass & Copper Holdings, Inc | | | 14,693 | |
| 370 | | * | | GMS, Inc | | | 8,140 | |
| 271 | | | | Gorman-Rupp Co | | | 8,897 | |
| 3,121 | | | | Graco, Inc | | | 156,612 | |
42
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,413 | | | | GrafTech International Ltd | | $ | 16,249 | |
| 128 | | | | Graham Corp | | | 2,587 | |
| 696 | | | | Granite Construction, Inc | | | 33,533 | |
| 890 | | * | | Great Lakes Dredge & Dock Corp | | | 9,826 | |
| 720 | | | | Greenbrier Cos, Inc | | | 21,888 | |
| 448 | | | | Griffon Corp | | | 7,580 | |
| 627 | | | | H&E Equipment Services, Inc | | | 18,239 | |
| 1,393 | | * | | Harsco Corp | | | 38,224 | |
| 3,020 | | * | | HD Supply Holdings, Inc | | | 121,646 | |
| 760 | | | | HEICO Corp | | | 101,696 | |
| 1,362 | | | | HEICO Corp (Class A) | | | 140,790 | |
| 672 | | * | | Helios Technologies, Inc | | | 31,188 | |
| 380 | | * | | Herc Holdings, Inc | | | 17,415 | |
| 1,413 | | | | Hexcel Corp | | | 114,283 | |
| 1,374 | | | | Hillenbrand, Inc | | | 54,369 | |
| 12,875 | | | | Honeywell International, Inc | | | 2,247,846 | |
| 1,006 | | | | Hubbell, Inc | | | 131,182 | |
| 719 | | | | Huntington Ingalls | | | 161,588 | |
| 96 | | | | Hurco Cos, Inc | | | 3,414 | |
| 158 | | | | Hyster-Yale Materials Handling, Inc | | | 8,731 | |
| 1,337 | | | | IDEX Corp | | | 230,151 | |
| 137 | | * | | IES Holdings, Inc | | | 2,582 | |
| 5,752 | | | | Illinois Tool Works, Inc | | | 867,459 | |
| 4,264 | | | | Ingersoll-Rand plc | | | 540,121 | |
| 289 | | | | Insteel Industries, Inc | | | 6,017 | |
| 1,602 | | | | ITT, Inc | | | 104,899 | |
| 2,322 | | | | Jacobs Engineering Group, Inc | | | 195,954 | |
| 1,178 | | * | | JELD-WEN Holding, Inc | | | 25,009 | |
| 486 | | | | John Bean Technologies Corp | | | 58,869 | |
| 16,068 | | | | Johnson Controls International plc | | | 663,769 | |
| 166 | | | | Kadant, Inc | | | 15,074 | |
| 415 | | | | Kaman Corp | | | 26,431 | |
| 1,244 | | | | Kennametal, Inc | | | 46,016 | |
| 2,104 | | * | | Kratos Defense & Security Solutions, Inc | | | 48,161 | |
| 1,390 | | | | L3 Technologies, Inc | | | 340,786 | |
| 2,113 | | | | L3Harris Technologies, Inc | | | 399,632 | |
| 87 | | * | | Lawson Products, Inc | | | 3,196 | |
| 122 | | * | | LB Foster Co (Class A) | | | 3,335 | |
| 606 | | | | Lennox International, Inc | | | 166,650 | |
| 1,115 | | | | Lincoln Electric Holdings, Inc | | | 91,787 | |
| 165 | | e | | Lindsay Corp | | | 13,565 | |
| 4,369 | | | | Lockheed Martin Corp | | | 1,588,306 | |
| 478 | | | | Luxfer Holdings PLC | | | 11,721 | |
| 258 | | * | | Lydall, Inc | | | 5,212 | |
| 539 | | * | | Manitowoc Co, Inc | | | 9,594 | |
| 4,995 | | | | Masco Corp | | | 196,004 | |
| 503 | | * | | Masonite International Corp | | | 26,498 | |
| 1,083 | | * | | Mastec, Inc | | | 55,807 | |
| 906 | | e | | Maxar Technologies, Inc | | | 7,085 | |
| 952 | | * | | Mercury Systems, Inc | | | 66,973 | |
| 1,303 | | * | | Meritor, Inc | | | 31,598 | |
| 1,001 | | * | | Middleby Corp | | | 135,836 | |
| 1,406 | | * | | Milacron Holdings Corp | | | 19,403 | |
| 168 | | | | Miller Industries, Inc | | | 5,166 | |
| 661 | | | | Moog, Inc (Class A) | | | 61,876 | |
| 1,441 | | * | | MRC Global, Inc | | | 24,670 | |
| 884 | | | | MSC Industrial Direct Co (Class A) | | | 65,646 | |
| 883 | | | | Mueller Industries, Inc | | | 25,845 | |
| 2,381 | | | | Mueller Water Products, Inc (Class A) | | | 23,381 | |
| 301 | | * | | MYR Group, Inc | | | 11,242 | |
| 76 | | | | National Presto Industries, Inc | | | 7,090 | |
| 783 | | * | | Navistar International Corp | | | 26,974 | |
| 1,965 | | | | NN, Inc | | | 19,178 | |
| 1,070 | | | | Nordson Corp | | | 151,202 | |
| 2,793 | | | | Northrop Grumman Corp | | | 902,446 | |
| 149 | | * | | Northwest Pipe Co | | | 3,841 | |
43
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,637 | | * | | NOW, Inc | | $ | 24,162 | |
| 224 | | * | | NV5 Holdings, Inc | | | 18,234 | |
| 2,708 | | | | nVent Electric plc | | | 67,131 | |
| 44 | | | | Omega Flex, Inc | | | 3,380 | |
| 1,266 | | | | Oshkosh Truck Corp | | | 105,698 | |
| 2,030 | | | | Owens Corning, Inc | | | 118,146 | |
| 5,950 | | | | PACCAR, Inc | | | 426,377 | |
| 2,304 | | | | Parker-Hannifin Corp | | | 391,703 | |
| 328 | | * | | Parsons Corp | | | 12,090 | |
| 381 | | * | | Patrick Industries, Inc | | | 18,741 | |
| 3,027 | | | | Pentair plc | | | 112,604 | |
| 763 | | * | | PGT, Inc | | | 12,757 | |
| 3,537 | | *,e | | Plug Power, Inc | | | 7,958 | |
| 125 | | | | Powell Industries, Inc | | | 4,750 | |
| 51 | | | | Preformed Line Products Co | | | 2,832 | |
| 613 | | | | Primoris Services Corp | | | 12,830 | |
| 418 | | * | | Proto Labs, Inc | | | 48,496 | |
| 492 | | | | Quanex Building Products Corp | | | 9,294 | |
| 2,753 | | | | Quanta Services, Inc | | | 105,137 | |
| 551 | | | | Raven Industries, Inc | | | 19,770 | |
| 4,959 | | | | Raytheon Co | | | 862,271 | |
| 477 | | * | | RBC Bearings, Inc | | | 79,568 | |
| 884 | | | | Regal-Beloit Corp | | | 72,232 | |
| 2,049 | | * | | Resideo Technologies, Inc | | | 44,914 | |
| 562 | | | | REV Group, Inc | | | 8,098 | |
| 1,622 | | * | | Rexnord Corp | | | 49,017 | |
| 2,155 | | | | Rockwell Automation, Inc | | | 353,054 | |
| 1,825 | | | | Roper Industries, Inc | | | 668,424 | |
| 461 | | | | Rush Enterprises, Inc (Class A) | | | 16,836 | |
| 96 | | | | Rush Enterprises, Inc (Class B) | | | 3,543 | |
| 2,806 | | * | | Sensata Technologies Holding plc | | | 137,494 | |
| 720 | | | | Simpson Manufacturing Co, Inc | | | 47,851 | |
| 641 | | *,e | | SiteOne Landscape Supply, Inc | | | 44,421 | |
| 1,023 | | | | Snap-On, Inc | | | 169,450 | |
| 1,891 | | | | Spirit Aerosystems Holdings, Inc (Class A) | | | 153,871 | |
| 647 | | * | | SPX Corp | | | 21,364 | |
| 646 | | * | | SPX FLOW, Inc | | | 27,042 | |
| 195 | | | | Standex International Corp | | | 14,262 | |
| 2,683 | | | | Stanley Black & Decker, Inc | | | 387,989 | |
| 394 | | * | | Sterling Construction Co, Inc | | | 5,287 | |
| 2,418 | | * | | Sunrun, Inc | | | 45,362 | |
| 642 | | * | | Teledyne Technologies, Inc | | | 175,825 | |
| 268 | | | | Tennant Co | | | 16,402 | |
| 1,185 | | | | Terex Corp | | | 37,209 | |
| 427 | | * | | Textainer Group Holdings Ltd | | | 4,304 | |
| 4,224 | | | | Textron, Inc | | | 224,041 | |
| 509 | | * | | Thermon Group Holdings | | | 13,056 | |
| 1,188 | | | | Timken Co | | | 60,992 | |
| 784 | | | | Titan International, Inc | | | 3,834 | |
| 282 | | * | | Titan Machinery, Inc | | | 5,804 | |
| 1,953 | | | | Toro Co | | | 130,656 | |
| 160 | | * | | TPI Composites, Inc | | | 3,955 | |
| 872 | | * | | TransDigm Group, Inc | | | 421,874 | |
| 1,137 | | * | | Trex Co, Inc | | | 81,523 | |
| 716 | | * | | Trimas Corp | | | 22,175 | |
| 1,884 | | | | Trinity Industries, Inc | | | 39,093 | |
| 1,184 | | | | Triton International Ltd | | | 38,788 | |
| 753 | | | | Triumph Group, Inc | | | 17,244 | |
| 585 | | * | | Tutor Perini Corp | | | 8,114 | |
| 142 | | * | | Twin Disc, Inc | | | 2,144 | |
| 1,363 | | * | | United Rentals, Inc | | | 180,775 | |
| 14,359 | | | | United Technologies Corp | | | 1,869,542 | |
| 2,797 | | * | | Univar, Inc | | | 61,646 | |
| 873 | | | | Universal Forest Products, Inc | | | 33,226 | |
| 345 | | | | Valmont Industries, Inc | | | 43,749 | |
| 156 | | * | | Vectrus, Inc | | | 6,327 | |
44
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 155 | | * | | Veritiv Corp | | $ | 3,010 | |
| 253 | | * | | Vicor Corp | | | 7,856 | |
| 557 | | *,e | | Vivint Solar, Inc | | | 4,066 | |
| 795 | | | | W.W. Grainger, Inc | | | 213,243 | |
| 918 | | | | Wabash National Corp | | | 14,936 | |
| 980 | | * | | WABCO Holdings, Inc | | | 129,948 | |
| 2,754 | | e | | Wabtec Corp | | | 197,627 | |
| 549 | | | | Watsco, Inc | | | 89,778 | |
| 522 | | | | Watts Water Technologies, Inc (Class A) | | | 48,640 | |
| 2,009 | | * | | Welbilt, Inc | | | 33,550 | |
| 849 | | * | | Wesco Aircraft Holdings, Inc | | | 9,424 | |
| 1,042 | | * | | WESCO International, Inc | | | 52,777 | |
| 71 | | * | | Willis Lease Finance Corp | | | 4,141 | |
| 524 | | * | | Willscot Corp | | | 7,881 | |
| 1,032 | | | | Woodward Governor Co | | | 116,781 | |
| 3,137 | | | | Xylem, Inc | | | 262,379 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 36,774,342 | |
| | | | | | | | |
| |
COMMERCIAL & PROFESSIONAL SERVICES - 1.1% | | | | |
| 1,317 | | | | ABM Industries, Inc | | | 52,680 | |
| 731 | | * | | Acacia Research Corp | | | 2,164 | |
| 1,696 | | | | ACCO Brands Corp | | | 13,347 | |
| 1,679 | | e | | ADT, Inc | | | 10,275 | |
| 1,378 | | * | | Advanced Disposal Services, Inc | | | 43,972 | |
| 110 | | | | Barrett Business Services, Inc | | | 9,086 | |
| 109 | | | | BG Staffing, Inc | | | 2,058 | |
| 723 | | | | Brady Corp (Class A) | | | 35,658 | |
| 329 | | * | | BrightView Holdings, Inc | | | 6,156 | |
| 805 | | | | Brink’s Co | | | 65,350 | |
| 801 | | * | | Casella Waste Systems, Inc (Class A) | | | 31,744 | |
| 778 | | * | | CBIZ, Inc | | | 15,241 | |
| 433 | | * | | Ceco Environmental Corp | | | 4,152 | |
| 390 | | * | | Cimpress NV | | | 35,447 | |
| 1,516 | | | | Cintas Corp | | | 359,732 | |
| 819 | | * | | Clean Harbors, Inc | | | 58,231 | |
| 3,641 | | * | | Copart, Inc | | | 272,128 | |
| 644 | | * | | CoStar Group, Inc | | | 356,815 | |
| 1,794 | | | | Covanta Holding Corp | | | 32,131 | |
| 128 | | | | CRA International, Inc | | | 4,906 | |
| 754 | | | | Deluxe Corp | | | 30,658 | |
| 394 | | | | Ennis, Inc | | | 8,085 | |
| 2,115 | | | | Equifax, Inc | | | 286,033 | |
| 944 | | | | Exponent, Inc | | | 55,262 | |
| 178 | | | | Forrester Research, Inc | | | 8,371 | |
| 148 | | * | | Franklin Covey Co | | | 5,032 | |
| 640 | | * | | FTI Consulting, Inc | | | 53,658 | |
| 191 | | * | | GP Strategies Corp | | | 2,880 | |
| 1,153 | | e | | Healthcare Services Group | | | 34,959 | |
| 286 | | | | Heidrick & Struggles International, Inc | | | 8,571 | |
| 247 | | * | | Heritage-Crystal Clean, Inc | | | 6,499 | |
| 928 | | | | Herman Miller, Inc | | | 41,482 | |
| 682 | | | | HNI Corp | | | 24,129 | |
| 334 | | * | | Huron Consulting Group, Inc | | | 16,827 | |
| 282 | | | | ICF International, Inc | | | 20,530 | |
| 7,012 | | * | | IHS Markit Ltd | | | 446,805 | |
| 708 | | * | | Innerworkings, Inc | | | 2,705 | |
| 734 | | | | Insperity, Inc | | | 89,651 | |
| 961 | | | | Interface, Inc | | | 14,732 | |
| 2,455 | | | | KAR Auction Services, Inc | | | 61,375 | |
| 481 | | | | Kelly Services, Inc (Class A) | | | 12,597 | |
| 366 | | | | Kforce, Inc | | | 12,843 | |
| 577 | | | | Kimball International, Inc (Class B) | | | 10,057 | |
| 752 | | | | Knoll, Inc | | | 17,281 | |
| 1,048 | | | | Korn/Ferry International | | | 41,993 | |
| 2,705 | | | | LSC Communications, Inc | | | 9,927 | |
45
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,129 | | | | Manpower, Inc | | $ | 109,061 | |
| 491 | | | | Matthews International Corp (Class A) | | | 17,111 | |
| 379 | | | | McGrath RentCorp | | | 23,555 | |
| 259 | | * | | Mistras Group, Inc | | | 3,722 | |
| 682 | | | | Mobile Mini, Inc | | | 20,753 | |
| 663 | | | | MSA Safety, Inc | | | 69,874 | |
| 210 | | | | Multi-Color Corp | | | 10,494 | |
| 729 | | | | Navigant Consulting, Inc | | | 16,905 | |
| 6,597 | | | | Nielsen NV | | | 149,092 | |
| 160 | | * | | NL Industries, Inc | | | 584 | |
| 781 | | * | | On Assignment, Inc | | | 47,329 | |
| 2,896 | | | | Pitney Bowes, Inc | | | 12,395 | |
| 482 | | e | | Quad Graphics, Inc | | | 3,813 | |
| 3,863 | | | | Republic Services, Inc | | | 334,690 | |
| 514 | | | | Resources Connection, Inc | | | 8,229 | |
| 2,179 | | | | Robert Half International, Inc | | | 124,225 | |
| 2,670 | | | | Rollins, Inc | | | 95,773 | |
| 1,220 | | | | RR Donnelley & Sons Co | | | 2,403 | |
| 269 | | * | | SP Plus Corp | | | 8,589 | |
| 1,350 | | | | Steelcase, Inc (Class A) | | | 23,085 | |
| 1,556 | | * | | Stericycle, Inc | | | 74,299 | |
| 187 | | | | Systemax, Inc | | | 4,144 | |
| 449 | | * | | Team, Inc | | | 6,879 | |
| 864 | | | | Tetra Tech, Inc | | | 67,867 | |
| 3,332 | | | | TransUnion | | | 244,935 | |
| 932 | | * | | TriNet Group, Inc | | | 63,190 | |
| 645 | | * | | TrueBlue, Inc | | | 14,229 | |
| 237 | | | | Unifirst Corp | | | 44,691 | |
| 964 | | * | | Upwork, Inc | | | 15,501 | |
| 338 | | | | US Ecology, Inc | | | 20,124 | |
| 2,831 | | | | Verisk Analytics, Inc | | | 414,628 | |
| 440 | | | | Viad Corp | | | 29,146 | |
| 134 | | | | VSE Corp | | | 3,844 | |
| 871 | | * | | WageWorks, Inc | | | 44,238 | |
| 7,571 | | | | Waste Management, Inc | | | 873,466 | |
| 116 | | * | | Willdan Group, Inc | | | 4,321 | |
| | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 5,741,399 | |
| | | | | | | | |
| |
CONSUMER DURABLES & APPAREL - 1.3% | | | | |
| 936 | | | | Acushnet Holdings Corp | | | 24,579 | |
| 840 | | * | | American Outdoor Brands Corp | | | 7,568 | |
| 194 | | | | Bassett Furniture Industries, Inc | | | 2,959 | |
| 565 | | * | | Beazer Homes USA, Inc | | | 5,430 | |
| 1,673 | | | | Brunswick Corp | | | 76,774 | |
| 1,433 | | | | Callaway Golf Co | | | 24,590 | |
| 2,340 | | * | | Capri Holdings Ltd | | | 81,151 | |
| 750 | | | | Carter’s, Inc | | | 73,155 | |
| 132 | | * | | Cavco Industries, Inc | | | 20,795 | |
| 772 | | * | | Century Communities, Inc | | | 20,520 | |
| 307 | | | | Clarus Corp | | | 4,433 | |
| 454 | | | | Columbia Sportswear Co | | | 45,473 | |
| 1,159 | | * | | CROCS, Inc | | | 22,890 | |
| 167 | | | | Culp, Inc | | | 3,173 | |
| 498 | | * | | Deckers Outdoor Corp | | | 87,633 | |
| 6,017 | | | | DR Horton, Inc | | | 259,513 | |
| 167 | | | | Escalade, Inc | | | 1,915 | |
| 327 | | | | Ethan Allen Interiors, Inc | | | 6,887 | |
| 122 | | | | Flexsteel Industries, Inc | | | 2,081 | |
| 730 | | *,e | | Fossil Group, Inc | | | 8,395 | |
| 2,568 | | | | Garmin Ltd | | | 204,926 | |
| 682 | | * | | G-III Apparel Group Ltd | | | 20,064 | |
| 1,762 | | *,e | | GoPro, Inc | | | 9,621 | |
| 578 | | * | | Green Brick Partners, Inc | | | 4,803 | |
| 132 | | | | Hamilton Beach Brands Holding Co | | | 2,515 | |
| 6,499 | | | | Hanesbrands, Inc | | | 111,913 | |
46
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 2,054 | | | | Hasbro, Inc | | $ | 217,067 | |
| 411 | | * | | Helen of Troy Ltd | | | 53,673 | |
| 173 | | | | Hooker Furniture Corp | | | 3,567 | |
| 379 | | * | | Installed Building Products, Inc | | | 22,444 | |
| 443 | | *,e | | iRobot Corp | | | 40,597 | |
| 75 | | | | Johnson Outdoors, Inc | | | 5,593 | |
| 2,009 | | | | KB Home | | | 51,692 | |
| 811 | | * | | Kontoor Brands, Inc | | | 22,724 | |
| 696 | | | | La-Z-Boy, Inc | | | 21,339 | |
| 2,404 | | | | Leggett & Platt, Inc | | | 92,241 | |
| 224 | | | | Lennar Corp (B Shares) | | | 8,626 | |
| 4,977 | | | | Lennar Corp (Class A) | | | 241,185 | |
| 353 | | *,e | | LGI Homes, Inc | | | 25,215 | |
| 163 | | | | Lifetime Brands, Inc | | | 1,542 | |
| 95 | | * | | Lovesac Co | | | 2,952 | |
| 2,090 | | * | | Lululemon Athletica, Inc | | | 376,639 | |
| 385 | | * | | M/I Homes, Inc | | | 10,988 | |
| 287 | | * | | Malibu Boats, Inc | | | 11,150 | |
| 156 | | | | Marine Products Corp | | | 2,409 | |
| 295 | | * | | MasterCraft Boat Holdings, Inc | | | 5,779 | |
| 6,326 | | *,e | | Mattel, Inc | | | 70,914 | |
| 1,006 | | | | MDC Holdings, Inc | | | 32,977 | |
| 640 | | * | | Meritage Homes Corp | | | 32,858 | |
| 998 | | * | | Mohawk Industries, Inc | | | 147,175 | |
| 227 | | | | Movado Group, Inc | | | 6,129 | |
| 66 | | | | Nacco Industries, Inc (Class A) | | | 3,428 | |
| 7,369 | | | | Newell Rubbermaid, Inc | | | 113,630 | |
| 21,882 | | | | Nike, Inc (Class B) | | | 1,836,994 | |
| 56 | | * | | NVR, Inc | | | 188,734 | |
| 276 | | | | Oxford Industries, Inc | | | 20,921 | |
| 973 | | | | Polaris Industries, Inc | | | 88,767 | |
| 4,730 | | | | Pulte Homes, Inc | | | 149,563 | |
| 1,147 | | * | | Purple Innovation, Inc | | | 7,742 | |
| 1,215 | | | | PVH Corp | | | 114,988 | |
| 885 | | | | Ralph Lauren Corp | | | 100,527 | |
| 508 | | | | Rocky Brands, Inc | | | 13,858 | |
| 1,450 | | * | | Roku, Inc | | | 131,341 | |
| 2,609 | | * | | Skechers U.S.A., Inc (Class A) | | | 82,157 | |
| 734 | | | | Skyline Corp | | | 20,097 | |
| 1,224 | | * | | Sonos, Inc | | | 13,880 | |
| 1,383 | | | | Steven Madden Ltd | | | 46,953 | |
| 272 | | | | Sturm Ruger & Co, Inc | | | 14,819 | |
| 133 | | | | Superior Uniform Group, Inc | | | 2,278 | |
| 4,883 | | | | Tapestry, Inc | | | 154,938 | |
| 2,087 | | * | | Taylor Morrison Home Corp | | | 43,744 | |
| 988 | | * | | Tempur Sealy International, Inc | | | 72,490 | |
| 2,373 | | | | Toll Brothers, Inc | | | 86,899 | |
| 563 | | * | | TopBuild Corp | | | 46,594 | |
| 2,459 | | * | | TRI Pointe Homes, Inc | | | 29,434 | |
| 917 | | | | Tupperware Corp | | | 17,451 | |
| 3,682 | | * | | Under Armour, Inc (Class A) | | | 93,339 | |
| 3,626 | | * | | Under Armour, Inc (Class C) | | | 80,497 | |
| 226 | | * | | Unifi, Inc | | | 4,106 | |
| 217 | | * | | Universal Electronics, Inc | | | 8,901 | |
| 320 | | * | | Vera Bradley, Inc | | | 3,840 | |
| 5,446 | | | | VF Corp | | | 475,708 | |
| 1,021 | | * | | Vista Outdoor, Inc | | | 9,066 | |
| 1,133 | | | | Whirlpool Corp | | | 161,294 | |
| 576 | | * | | William Lyon Homes, Inc | | | 10,500 | |
| 1,465 | | | | Wolverine World Wide, Inc | | | 40,346 | |
| 895 | | *,e | | YETI Holdings, Inc | | | 25,910 | |
| 423 | | * | | Zagg, Inc | | | 2,944 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 6,959,909 | |
| | | | | | | | |
47
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
CONSUMER SERVICES - 2.4% | | | | |
| 965 | | * | | Adtalem Global Education, Inc | | $ | 43,473 | |
| 239 | | * | | American Public Education, Inc | | | 7,070 | |
| 4,424 | | | | ARAMARK Holdings Corp | | | 159,529 | |
| 1,019 | | | | BBX Capital Corp | | | 5,003 | |
| 17 | | * | | Biglari Holdings, Inc (B Shares) | | | 1,766 | |
| 356 | | | | BJ’s Restaurants, Inc | | | 15,643 | |
| 1,539 | | | | Bloomin’ Brands, Inc | | | 29,102 | |
| 141 | | e | | Bluegreen Vacations Corp | | | 1,648 | |
| 1,270 | | | | Boyd Gaming Corp | | | 34,214 | |
| 1,085 | | * | | Bright Horizons Family Solutions | | | 163,694 | |
| 763 | | e | | Brinker International, Inc | | | 30,024 | |
| 9,591 | | * | | Caesars Entertainment Corp | | | 113,366 | |
| 1,137 | | * | | Career Education Corp | | | 21,683 | |
| 7,123 | | | | Carnival Corp | | | 331,576 | |
| 234 | | | | Carriage Services, Inc | | | 4,448 | |
| 507 | | * | | Carrols Restaurant Group, Inc | | | 4,578 | |
| 348 | | * | | Century Casinos, Inc | | | 3,376 | |
| 702 | | e | | Cheesecake Factory | | | 30,691 | |
| 1,956 | | * | | Chegg, Inc | | | 75,482 | |
| 453 | | * | | Chipotle Mexican Grill, Inc (Class A) | | | 331,995 | |
| 695 | | | | Choice Hotels International, Inc | | | 60,472 | |
| 630 | | | | Churchill Downs, Inc | | | 72,494 | |
| 247 | | * | | Chuy’s Holdings, Inc | | | 5,661 | |
| 386 | | e | | Cracker Barrel Old Country Store, Inc | | | 65,902 | |
| 2,146 | | | | Darden Restaurants, Inc | | | 261,233 | |
| 657 | | | | Dave & Buster’s Entertainment, Inc | | | 26,589 | |
| 331 | | *,e | | Del Frisco’s Restaurant Group, Inc | | | 2,635 | |
| 519 | | * | | Del Taco Restaurants, Inc | | | 6,654 | |
| 1,168 | | * | | Denny’s Corp | | | 23,979 | |
| 266 | | | | DineEquity, Inc | | | 25,395 | |
| 748 | | | | Domino’s Pizza, Inc | | | 208,153 | |
| 948 | | * | | Drive Shack, Inc | | | 4,446 | |
| 1,432 | | | | Dunkin Brands Group, Inc | | | 114,073 | |
| 302 | | * | | El Pollo Loco Holdings, Inc | | | 3,219 | |
| 1,053 | | *,e | | Eldorado Resorts, Inc | | | 48,512 | |
| 38 | | *,e | | Empire Resorts, Inc | | | 365 | |
| 3,065 | | | | Extended Stay America, Inc | | | 51,768 | |
| 402 | | * | | Fiesta Restaurant Group, Inc | | | 5,282 | |
| 1,596 | | * | | frontdoor, Inc | | | 69,506 | |
| 149 | | * | | Golden Entertainment, Inc | | | 2,086 | |
| 73 | | | | Graham Holdings Co | | | 50,372 | |
| 902 | | * | | Grand Canyon Education, Inc | | | 105,552 | |
| 3,944 | | | | H&R Block, Inc | | | 115,559 | |
| 326 | | * | | Habit Restaurants, Inc | | | 3,420 | |
| 1,521 | | * | | Hilton Grand Vacations, Inc | | | 48,398 | |
| 5,020 | | | | Hilton Worldwide Holdings, Inc | | | 490,655 | |
| 1,746 | | * | | Houghton Mifflin Harcourt Co | | | 10,057 | |
| 738 | | | | Hyatt Hotels Corp | | | 56,184 | |
| 1,684 | | e | | International Game Technology plc | | | 21,841 | |
| 389 | | | | International Speedway Corp (Class A) | | | 17,462 | |
| 211 | | * | | J Alexander’s Holdings, Inc | | | 2,370 | |
| 490 | | | | Jack in the Box, Inc | | | 39,881 | |
| 521 | | * | | K12, Inc | | | 15,844 | |
| 6,157 | | | | Las Vegas Sands Corp | | | 363,817 | |
| 1,806 | | * | | Laureate Education, Inc | | | 28,372 | |
| 322 | | * | | Lindblad Expeditions Holdings, Inc | | | 5,780 | |
| 4,916 | | | | Marriott International, Inc (Class A) | | | 689,666 | |
| 777 | | | | Marriott Vacations Worldwide Corp | | | 74,903 | |
| 13,608 | | | | McDonald’s Corp | | | 2,825,838 | |
| 8,887 | | | | MGM Resorts International | | | 253,902 | |
| 173 | | * | | Monarch Casino & Resort, Inc | | | 7,394 | |
| 49 | | | | Nathan’s Famous, Inc | | | 3,828 | |
| 279 | | *,e | | Noodles & Co | | | 2,198 | |
| 3,958 | | * | | Norwegian Cruise Line Holdings Ltd | | | 212,268 | |
| 422 | | e | | Papa John’s International, Inc | | | 18,872 | |
| 2,326 | | * | | Penn National Gaming, Inc | | | 44,799 | |
48
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,549 | | * | | Planet Fitness, Inc | | $ | 112,210 | |
| 148 | | * | | PlayAGS, Inc | | | 2,879 | |
| 320 | | * | | Potbelly Corp | | | 1,629 | |
| 142 | | | | RCI Hospitality Holdings, Inc | | | 2,486 | |
| 238 | | * | | Red Lion Hotels Corp | | | 1,692 | |
| 204 | | * | | Red Robin Gourmet Burgers, Inc | | | 6,236 | |
| 1,049 | | | | Red Rock Resorts, Inc | | | 22,532 | |
| 607 | | * | | Regis Corp | | | 10,076 | |
| 3,040 | | | | Royal Caribbean Cruises Ltd | | | 368,478 | |
| 473 | | | | Ruth’s Chris Steak House, Inc | | | 10,742 | |
| 843 | | * | | Scientific Games Corp (Class A) | | | 16,708 | |
| 1,062 | | * | | SeaWorld Entertainment, Inc | | | 32,922 | |
| 3,136 | | | | Service Corp International | | | 146,702 | |
| 2,355 | | * | | ServiceMaster Global Holdings, Inc | | | 122,672 | |
| 496 | | * | | Shake Shack, Inc | | | 35,811 | |
| 1,370 | | | | Six Flags Entertainment Corp | | | 68,062 | |
| 602 | | * | | Sotheby’s (Class A) | | | 34,994 | |
| 164 | | | | Speedway Motorsports, Inc | | | 3,042 | |
| 21,440 | | | | Starbucks Corp | | | 1,797,315 | |
| 403 | | | | Strategic Education, Inc | | | 71,734 | |
| 1,286 | | | | Texas Roadhouse, Inc (Class A) | | | 69,020 | |
| 368 | | * | | Twin River Worldwide Holdings Inc | | | 10,948 | |
| 720 | | | | Vail Resorts, Inc | | | 160,690 | |
| 619 | | * | | Weight Watchers International, Inc | | | 11,823 | |
| 2,954 | | | | Wendy’s | | | 57,839 | |
| 454 | | | | Wingstop, Inc | | | 43,016 | |
| 1,610 | | | | Wyndham Destinations, Inc | | | 70,679 | |
| 1,610 | | | | Wyndham Hotels & Resorts, Inc | | | 89,741 | |
| 1,791 | | | | Wynn Resorts Ltd | | | 222,066 | |
| 6,317 | | | | Yum China Holdings, Inc | | | 291,845 | |
| 5,430 | | | | Yum! Brands, Inc | | | 600,938 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 12,473,544 | |
| | | | | | | | |
| |
DIVERSIFIED FINANCIALS - 3.6% | | | | |
| 887 | | | | Affiliated Managers Group, Inc | | | 81,728 | |
| 430 | | | | AG Mortgage Investment Trust | | | 6,837 | |
| 9,449 | | | | AGNC Investment Corp | | | 158,932 | |
| 7,199 | | | | Ally Financial, Inc | | | 223,097 | |
| 12,130 | | | | American Express Co | | | 1,497,327 | |
| 2,369 | | | | Ameriprise Financial, Inc | | | 343,884 | |
| 25,755 | | | | Annaly Capital Management, Inc | | | 235,143 | |
| 1,539 | | | | Anworth Mortgage Asset Corp | | | 5,833 | |
| 2,943 | | | | Apollo Commercial Real Estate Finance, Inc | | | 54,122 | |
| 406 | | | | Ares Commercial Real Estate Corp | | | 6,033 | |
| 1,133 | | | | Ares Management Corp | | | 29,651 | |
| 359 | | e | | Arlington Asset Investment Corp (Class A) | | | 2,470 | |
| 566 | | * | | ARMOUR Residential REIT, Inc | | | 10,550 | |
| 693 | | | | Artisan Partners Asset Management, Inc | | | 19,071 | |
| 86 | | e | | Associated Capital Group, Inc | | | 3,216 | |
| 5,203 | | | | AXA Equitable Holdings, Inc | | | 108,743 | |
| 212 | | | | B. Riley Financial, Inc | | | 4,422 | |
| 461 | | | | Banco Latinoamericano de Exportaciones S.A. (Class E) | | | 9,603 | |
| 15,095 | | | | Bank of New York Mellon Corp | | | 666,444 | |
| 4,169 | | | | BGC Partners, Inc (Class A) | | | 21,804 | |
| 2,100 | | | | BlackRock, Inc | | | 985,530 | |
| 2,008 | | | | Blackstone Mortgage Trust, Inc | | | 71,445 | |
| 637 | | * | | Blucora, Inc | | | 19,346 | |
| 1,084 | | * | | Cannae Holdings, Inc | | | 31,414 | |
| 8,354 | | | | Capital One Financial Corp | | | 758,042 | |
| 1,473 | | | | Capstead Mortgage Corp | | | 12,300 | |
| 2,009 | | | | CBOE Holdings, Inc | | | 208,193 | |
| 21,416 | | | | Charles Schwab Corp | | | 860,709 | |
| 189 | | | | Cherry Hill Mortgage Investment Corp | | | 3,024 | |
| 3,165 | | | | Chimera Investment Corp | | | 59,724 | |
| 6,267 | | | | CME Group, Inc | | | 1,216,487 | |
49
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 321 | | | | Cohen & Steers, Inc | | $ | 16,512 | |
| 1,289 | | | | Colony Credit Real Estate, Inc | | | 19,979 | |
| 387 | | * | | Cowen Group, Inc | | | 6,653 | |
| 208 | | * | | Credit Acceptance Corp | | | 100,637 | |
| 153 | | * | | Curo Group Holdings Corp | | | 1,691 | |
| 49 | | | | Diamond Hill Investment Group, Inc | | | 6,944 | |
| 5,724 | | | | Discover Financial Services | | | 444,125 | |
| 397 | | * | | Donnelley Financial Solutions, Inc | | | 5,296 | |
| 258 | | | | Dynex Capital, Inc | | | 4,321 | |
| 4,309 | | | | E*TRADE Financial Corp | | | 192,181 | |
| 2,009 | | | | Eaton Vance Corp | | | 86,648 | |
| 241 | | * | | Elevate Credit, Inc | | | 993 | |
| 375 | | * | | Encore Capital Group, Inc | | | 12,701 | |
| 522 | | * | | Enova International, Inc | | | 12,032 | |
| 638 | | | | Evercore Partners, Inc (Class A) | | | 56,508 | |
| 422 | | | | Exantas Capital Corp | | | 4,773 | |
| 796 | | * | | Ezcorp, Inc (Class A) | | | 7,538 | |
| 688 | | | | Factset Research Systems, Inc | | | 197,153 | |
| 1,485 | | | | Federated Investors, Inc (Class B) | | | 48,262 | |
| 2,135 | | | | FGL Holdings | | | 17,934 | |
| 737 | | | | FirstCash, Inc | | | 73,715 | |
| 730 | | * | | Focus Financial Partners, Inc | | | 19,936 | |
| 4,985 | | | | Franklin Resources, Inc | | | 173,478 | |
| 546 | | e | | Gain Capital Holdings, Inc | | | 2,255 | |
| 93 | | | | GAMCO Investors, Inc (Class A) | | | 1,783 | |
| 5,836 | | | | Goldman Sachs Group, Inc | | | 1,194,046 | |
| 662 | | | | Granite Point Mortgage Trust, Inc | | | 12,704 | |
| 251 | | | | Great Ajax Corp | | | 3,514 | |
| 905 | | * | | Green Dot Corp | | | 44,254 | |
| 424 | | | | Greenhill & Co, Inc | | | 5,762 | |
| 218 | | | | Hamilton Lane, Inc | | | 12,439 | |
| 630 | | | | Houlihan Lokey, Inc | | | 28,054 | |
| 1,406 | | | | Interactive Brokers Group, Inc (Class A) | | | 76,205 | |
| 9,860 | | | | IntercontinentalExchange Group, Inc | | | 847,368 | |
| 241 | | * | | INTL FCStone, Inc | | | 9,541 | |
| 6,556 | | | | Invesco Ltd | | | 134,136 | |
| 1,752 | | | | Invesco Mortgage Capital, Inc | | | 28,242 | |
| 2,886 | | | | Janus Henderson Group plc | | | 72,381 | |
| 5,119 | | | | Jefferies Financial Group, Inc | | | 98,438 | |
| 168 | | | | KKR Real Estate Finance Trust, Inc | | | 3,347 | |
| 1,097 | | | | Ladder Capital Corp | | | 18,221 | |
| 1,533 | | | | Ladenburg Thalmann Financial Services, Inc | | | 5,258 | |
| 1,898 | | | | Lazard Ltd (Class A) | | | 65,272 | |
| 1,355 | | | | Legg Mason, Inc | | | 51,869 | |
| 5,056 | | * | | LendingClub Corp | | | 16,584 | |
| 1,625 | | | | LPL Financial Holdings, Inc | | | 132,551 | |
| 642 | | | | MarketAxess Holdings, Inc | | | 206,352 | |
| 144 | | | | Marlin Business Services Corp | | | 3,590 | |
| 9,365 | | | | MFA Mortgage Investments, Inc | | | 67,241 | |
| 609 | | | | Moelis & Co | | | 21,285 | |
| 2,912 | | | | Moody’s Corp | | | 568,743 | |
| 21,688 | | | | Morgan Stanley | | | 950,151 | |
| 355 | | | | Morningstar, Inc | | | 51,347 | |
| 1,489 | | | | MSCI, Inc (Class A) | | | 355,558 | |
| 2,154 | | | | NASDAQ OMX Group, Inc | | | 207,150 | |
| 4,428 | | | | Navient Corp | | | 60,442 | |
| 312 | | | | Nelnet, Inc (Class A) | | | 18,477 | |
| 7,422 | | | | New Residential Investment Corp | | | 114,225 | |
| 1,709 | | | | New York Mortgage Trust, Inc | | | 10,596 | |
| 483 | | * | | NewStar Financial, Inc | | | 125 | |
| 3,538 | | | | Northern Trust Corp | | | 318,420 | |
| 375 | | | | Och-Ziff Capital Management Group LLC | | | 8,610 | |
| 866 | | | | OM Asset Management plc | | | 9,881 | |
| 750 | | * | | On Deck Capital, Inc | | | 3,113 | |
| 1,264 | | | | OneMain Holdings, Inc | | | 42,736 | |
| 147 | | | | Oppenheimer Holdings, Inc | | | 4,001 | |
50
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 511 | | | | Orchid Island Capital, Inc | | $ | 3,250 | |
| 1,030 | | | | PennyMac Mortgage Investment Trust | | | 22,485 | |
| 324 | | | | Pico Holdings, Inc | | | 3,765 | |
| 229 | | | | Piper Jaffray Cos | | | 17,008 | |
| 271 | | | | PJT Partners, Inc | | | 10,981 | |
| 719 | | * | | PRA Group, Inc | | | 20,233 | |
| 257 | | | | Pzena Investment Management, Inc (Class A) | | | 2,208 | |
| 2,252 | | | | Raymond James Financial, Inc | | | 190,407 | |
| 259 | | | | Ready Capital Corp | | | 3,859 | |
| 1,174 | | | | Redwood Trust, Inc | | | 19,406 | |
| 143 | | * | | Regional Management Corp | | | 3,771 | |
| 4,361 | | | | S&P Global, Inc | | | 993,392 | |
| 296 | | * | | Safeguard Scientifics, Inc | | | 3,573 | |
| 1,924 | | | | Santander Consumer USA Holdings, Inc | | | 46,099 | |
| 2,255 | | | | SEI Investments Co | | | 126,506 | |
| 111 | | | | Silvercrest Asset Management Group, Inc | | | 1,557 | |
| 8,180 | | | | SLM Corp | | | 79,510 | |
| 5,018 | | | | Starwood Property Trust, Inc | | | 114,009 | |
| 6,626 | | | | State Street Corp | | | 371,454 | |
| 1,286 | | | | Stifel Financial Corp | | | 75,951 | |
| 12,194 | | | | Synchrony Financial | | | 422,766 | |
| 4,181 | | | | T Rowe Price Group, Inc | | | 458,698 | |
| 4,825 | | | | TD Ameritrade Holding Corp | | | 240,864 | |
| 867 | | | | TPG RE Finance Trust, Inc | | | 16,724 | |
| 4,626 | | | | Two Harbors Investment Corp | | | 58,611 | |
| 1,248 | | | | Virtu Financial, Inc | | | 27,181 | |
| 103 | | | | Virtus Investment Partners, Inc | | | 11,062 | |
| 2,789 | | | | Voya Financial, Inc | | | 154,232 | |
| 1,255 | | | | Waddell & Reed Financial, Inc (Class A) | | | 20,921 | |
| 614 | | | | Western Asset Mortgage Capital Corp | | | 6,128 | |
| 125 | | | | Westwood Holdings Group, Inc | | | 4,400 | |
| 1,867 | | | | WisdomTree Investments, Inc | | | 11,519 | |
| 90 | | * | | World Acceptance Corp | | | 14,770 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 18,668,701 | |
| | | | | | | | |
| |
ENERGY - 4.7% | | | | |
| 12,782 | | * | | Abraxas Petroleum Corp | | | 13,165 | |
| 8,990 | | | | Anadarko Petroleum Corp | | | 634,334 | |
| 3,992 | | | | Antero Midstream Corp | | | 45,748 | |
| 4,322 | | * | | Antero Resources Corp | | | 23,901 | |
| 6,619 | | | | Apache Corp | | | 191,752 | |
| 1,605 | | * | | Apergy Corp | | | 53,832 | |
| 338 | | | | Arch Coal, Inc | | | 31,843 | |
| 2,039 | | | | Archrock, Inc | | | 21,613 | |
| 454 | | * | | Ardmore Shipping Corp | | | 3,700 | |
| 9,080 | | | | Baker Hughes a GE Co | | | 223,640 | |
| 196 | | | | Berry Petroleum Co LLC | | | 2,078 | |
| 314 | | * | | Bonanza Creek Energy, Inc | | | 6,556 | |
| 1,022 | | * | | C&J Energy Services, Inc | | | 12,039 | |
| 7,897 | | | | Cabot Oil & Gas Corp | | | 181,315 | |
| 845 | | * | | Cactus, Inc | | | 27,986 | |
| 747 | | *,e | | California Resources Corp | | | 14,701 | |
| 4,694 | | * | | Callon Petroleum Co | | | 30,933 | |
| 2,694 | | * | | Carrizo Oil & Gas, Inc | | | 26,994 | |
| 2,955 | | * | | Centennial Resource Development, Inc | | | 22,428 | |
| 4,052 | | * | | Cheniere Energy, Inc | | | 277,359 | |
| 16,748 | | *,e | | Chesapeake Energy Corp | | | 32,659 | |
| 33,826 | | | | Chevron Corp | | | 4,209,307 | |
| 1,704 | | | | Cimarex Energy Co | | | 101,098 | |
| 1,943 | | * | | Clean Energy Fuels Corp | | | 5,188 | |
| 3,564 | | * | | CNX Resources Corp | | | 26,053 | |
| 3,522 | | | | Concho Resources, Inc | | | 363,400 | |
| 20,057 | | | | ConocoPhillips | | | 1,223,477 | |
| 445 | | * | | CONSOL Energy, Inc | | | 11,841 | |
| 1,365 | | * | | Continental Resources, Inc | | | 57,453 | |
51
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 333 | | * | | Contura Energy Inc | | $ | 17,283 | |
| 485 | | *,e | | Covia Holdings Corp | | | 951 | |
| 583 | | | | CVR Energy, Inc | | | 29,144 | |
| 1,312 | | | | Delek US Holdings, Inc | | | 53,162 | |
| 9,900 | | *,e | | Denbury Resources, Inc | | | 12,276 | |
| 7,329 | | | | Devon Energy Corp | | | 209,023 | |
| 1,283 | | | | DHT Holdings, Inc | | | 7,583 | |
| 994 | | *,e | | Diamond Offshore Drilling, Inc | | | 8,817 | |
| 2,909 | | | | Diamondback Energy, Inc | | | 316,994 | |
| 333 | | | | DMC Global, Inc | | | 21,096 | |
| 424 | | * | | Dorian LPG Ltd | | | 3,825 | |
| 582 | | * | | Dril-Quip, Inc | | | 27,936 | |
| 153 | | * | | Earthstone Energy, Inc | | | 936 | |
| 1,385 | | * | | Energy Fuels, Inc | | | 4,335 | |
| 10,147 | | | | EOG Resources, Inc | | | 945,295 | |
| 4,284 | | | | EQT Corp | | | 67,730 | |
| 4,125 | | | | Equitrans Midstream Corp | | | 81,304 | |
| 272 | | * | | Era Group, Inc | | | 2,269 | |
| 468 | | | | Evolution Petroleum Corp | | | 3,346 | |
| 499 | | * | | Exterran Corp | | | 7,096 | |
| 1,888 | | *,e | | Extraction Oil & Gas, Inc | | | 8,175 | |
| 75,068 | | d | | Exxon Mobil Corp | | | 5,752,461 | |
| 3,834 | | * | | Forum Energy Technologies, Inc | | | 13,112 | |
| 790 | | * | | Frank’s International NV | | | 4,313 | |
| 348 | | * | | FTS International, Inc | | | 1,942 | |
| 635 | | | | GasLog Ltd | | | 9,144 | |
| 1,502 | | | | Golar LNG Ltd | | | 27,757 | |
| 1,162 | | * | | Goodrich Petroleum Corp | | | 15,094 | |
| 569 | | | | Green Plains Renewable Energy, Inc | | | 6,134 | |
| 2,531 | | * | | Gulfport Energy Corp | | | 12,427 | |
| 223 | | | | Hallador Energy Co | | | 1,256 | |
| 15,738 | | | | Halliburton Co | | | 357,882 | |
| 2,257 | | * | | Helix Energy Solutions Group, Inc | | | 19,478 | |
| 2,085 | | | | Helmerich & Payne, Inc | | | 105,543 | |
| 4,756 | | | | Hess Corp | | | 302,339 | |
| 7,030 | | * | | HighPoint Resources Corp | | | 12,795 | |
| 2,656 | | | | HollyFrontier Corp | | | 122,920 | |
| 4,277 | | * | | Independence Contract Drilling, Inc | | | 6,758 | |
| 461 | | * | | International Seaways, Inc | | | 8,759 | |
| 13 | | * | | Isramco, Inc | | | 1,541 | |
| 1,246 | | * | | Jagged Peak Energy, Inc | | | 10,304 | |
| 488 | | * | | Keane Group, Inc | | | 3,279 | |
| 34,642 | | | | Kinder Morgan, Inc | | | 723,325 | |
| 312 | | * | | KLX Energy Services Holdings, Inc | | | 6,374 | |
| 4,331 | | | | Kosmos Energy Ltd | | | 27,155 | |
| 7,282 | | * | | Laredo Petroleum Holdings, Inc | | | 21,118 | |
| 1,013 | | e | | Liberty Oilfield Services, Inc | | | 16,390 | |
| 1,787 | | * | | Magnolia Oil & Gas Corp | | | 20,693 | |
| 67 | | | | Mammoth Energy Services, Inc | | | 461 | |
| 14,625 | | | | Marathon Oil Corp | | | 207,821 | |
| 11,742 | | | | Marathon Petroleum Corp | | | 656,143 | |
| 1,401 | | * | | Matador Resources Co | | | 27,852 | |
| 383 | | * | | Matrix Service Co | | | 7,760 | |
| 3,470 | | * | | McDermott International, Inc | | | 33,520 | |
| 169 | | * | | Midstates Petroleum Co, Inc | | | 995 | |
| 672 | | * | | Montage Resources Corp | | | 4,099 | |
| 3,127 | | | | Murphy Oil Corp | | | 77,081 | |
| 4,845 | | | | Nabors Industries Ltd | | | 14,051 | |
| 918 | | * | | National Energy Services Reunited Corp | | | 7,987 | |
| 6,228 | | | | National Oilwell Varco, Inc | | | 138,448 | |
| 180 | | * | | Natural Gas Services Group, Inc | | | 2,970 | |
| 164 | | * | | NCS Multistage Holdings, Inc | | | 582 | |
| 1,448 | | * | | Newpark Resources, Inc | | | 10,744 | |
| 132 | | * | | Nine Energy Service, Inc | | | 2,288 | |
| 4,315 | | * | | Noble Corp plc | | | 8,069 | |
| 8,473 | | | | Noble Energy, Inc | | | 189,795 | |
52
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 5,765 | | e | | Nordic American Tanker Shipping | | $ | 13,490 | |
| 6,914 | | * | | Northern Oil And Gas, Inc | | | 13,344 | |
| 4,419 | | * | | Oasis Petroleum, Inc | | | 25,100 | |
| 13,251 | | | | Occidental Petroleum Corp | | | 666,260 | |
| 1,532 | | * | | Oceaneering International, Inc | | | 31,238 | |
| 784 | | * | | Oil States International, Inc | | | 14,347 | |
| 7,278 | | | | ONEOK, Inc | | | 500,799 | |
| 546 | | * | | Overseas Shipholding Group, Inc | | | 1,027 | |
| 615 | | * | | Pacific Drilling SA | | | 7,749 | |
| 355 | | | | Panhandle Oil and Gas, Inc (Class A) | | | 4,629 | |
| 482 | | * | | Par Pacific Holdings, Inc | | | 9,891 | |
| 4,180 | | * | | Parsley Energy, Inc | | | 79,462 | |
| 3,250 | | | | Patterson-UTI Energy, Inc | | | 37,408 | |
| 2,058 | | | | PBF Energy, Inc | | | 64,415 | |
| 1,032 | | * | | PDC Energy, Inc | | | 37,214 | |
| 1,293 | | | | Peabody Energy Corp | | | 31,161 | |
| 217 | | * | | Penn Virginia Corp | | | 6,658 | |
| 8,042 | | | | Phillips 66 | | | 752,249 | |
| 3,041 | | | | Pioneer Natural Resources Co | | | 467,888 | |
| 1,178 | | * | | ProPetro Holding Corp | | | 24,385 | |
| 3,764 | | * | | Questar Market Resources, Inc | | | 27,214 | |
| 3,580 | | e | | Range Resources Corp | | | 24,988 | |
| 641 | | * | | Renewable Energy Group, Inc | | | 10,166 | |
| 92 | | * | | Rex American Resources Corp | | | 6,707 | |
| 1,104 | | * | | RigNet, Inc | | | 11,128 | |
| 994 | | * | | Ring Energy, Inc | | | 3,231 | |
| 3,664 | | *,e | | Rosehill Resources, Inc | | | 13,557 | |
| 901 | | e | | RPC, Inc | | | 6,496 | |
| 537 | | * | | SandRidge Energy, Inc | | | 3,716 | |
| 24,552 | | | | Schlumberger Ltd | | | 975,696 | |
| 1,212 | | | | Scorpio Tankers, Inc | | | 35,778 | |
| 308 | | * | | SEACOR Holdings, Inc | | | 14,633 | |
| 303 | | * | | SEACOR Marine Holdings, Inc | | | 4,533 | |
| 988 | | * | | Select Energy Services, Inc | | | 11,471 | |
| 1,275 | | | | SemGroup Corp | | | 15,300 | |
| 946 | | e | | Ship Finance International Ltd | | | 11,834 | |
| 148 | | * | | SilverBow Resources, Inc | | | 2,050 | |
| 1,739 | | | | SM Energy Co | | | 21,772 | |
| 338 | | *,e | | Smart Sand, Inc | | | 825 | |
| 678 | | | | Solaris Oilfield Infrastructure, Inc | | | 10,156 | |
| 10,291 | | * | | Southwestern Energy Co | | | 32,520 | |
| 4,016 | | * | | SRC Energy, Inc | | | 19,919 | |
| 8,575 | | * | | Superior Energy Services | | | 11,148 | |
| 300 | | * | | Talos Energy, Inc | | | 7,215 | |
| 4,054 | | | | Targa Resources Investments, Inc | | | 159,160 | |
| 818 | | e | | Teekay Corp | | | 2,814 | |
| 1,777 | | | | Teekay Tankers Ltd (Class A) | | | 2,275 | |
| 2,673 | | *,e | | Tellurian, Inc | | | 20,983 | |
| 1,816 | | * | | Tetra Technologies, Inc | | | 2,960 | |
| 384 | | * | | Tidewater, Inc | | | 9,016 | |
| 9,049 | | *,e | | Transocean Ltd | | | 58,004 | |
| 799 | | * | | Unit Corp | | | 7,103 | |
| 2,051 | | *,e | | Uranium Energy Corp | | | 2,810 | |
| 1,275 | | e | | US Silica Holdings, Inc | | | 16,307 | |
| 7,415 | | | | Valero Energy Corp | | | 634,798 | |
| 1,529 | | * | | W&T Offshore, Inc | | | 7,584 | |
| 1,434 | | *,e | | Whiting Petroleum Corp | | | 26,787 | |
| 21,144 | | | | Williams Cos, Inc | | | 592,878 | |
| 1,068 | | | | World Fuel Services Corp | | | 38,405 | |
| 7,431 | | * | | WPX Energy, Inc | | | 85,531 | |
| | | | | | | | |
| | | | TOTAL ENERGY | | | 24,444,110 | |
| | | | | | | | |
| |
FOOD & STAPLES RETAILING - 1.3% | | | | |
| 418 | | | | Andersons, Inc | | | 11,386 | |
| 618 | | | | Casey’s General Stores, Inc | | | 96,402 | |
53
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 300 | | * | | Chefs’ Warehouse Holdings, Inc | | $ | 10,521 | |
| 7,756 | | | | Costco Wholesale Corp | | | 2,049,601 | |
| 213 | | | | Ingles Markets, Inc (Class A) | | | 6,631 | |
| 14,229 | | | | Kroger Co | | | 308,912 | |
| 1,271 | | * | | Natural Grocers by Vitamin C | | | 12,773 | |
| 1,926 | | * | | Performance Food Group Co | | | 77,098 | |
| 385 | | | | Pricesmart, Inc | | | 19,681 | |
| 862 | | *,e | | Rite Aid Corp | | | 6,905 | |
| 584 | | | | Spartan Stores, Inc | | | 6,815 | |
| 2,100 | | * | | Sprouts Farmers Market, Inc | | | 39,669 | |
| 8,448 | | | | Sysco Corp | | | 597,442 | |
| 784 | | * | | United Natural Foods, Inc | | | 7,032 | |
| 3,868 | | * | | US Foods Holding Corp | | | 138,320 | |
| 127 | | | | Village Super Market (Class A) | | | 3,367 | |
| 13,681 | | | | Walgreens Boots Alliance, Inc | | | 747,940 | |
| 24,923 | | | | Walmart, Inc | | | 2,753,742 | |
| 148 | | | | Weis Markets, Inc | | | 5,389 | |
| | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | 6,899,626 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 3.5% | | | | |
| 1,894 | | *,e | | 22nd Century Group, Inc | | | 3,958 | |
| 99 | | | | Alico, Inc | | | 3,004 | |
| 33,174 | | | | Altria Group, Inc | | | 1,570,789 | |
| 10,119 | | | | Archer Daniels Midland Co | | | 412,855 | |
| 1,522 | | e | | B&G Foods, Inc (Class A) | | | 31,658 | |
| 172 | | * | | Beyond Meat, Inc | | | 27,637 | |
| 137 | | * | | Boston Beer Co, Inc (Class A) | | | 51,753 | |
| 896 | | | | Brown-Forman Corp (Class A) | | | 49,280 | |
| 3,039 | | | | Brown-Forman Corp (Class B) | | | 168,452 | |
| 2,572 | | | | Bunge Ltd | | | 143,286 | |
| 247 | | | | Calavo Growers, Inc | | | 23,895 | |
| 486 | | | | Cal-Maine Foods, Inc | | | 20,276 | |
| 3,182 | | e | | Campbell Soup Co | | | 127,503 | |
| 72 | | | | Coca-Cola Bottling Co Consolidated | | | 21,546 | |
| 67,865 | | | | Coca-Cola Co | | | 3,455,686 | |
| 8,365 | | | | ConAgra Brands, Inc | | | 221,840 | |
| 2,807 | | | | Constellation Brands, Inc (Class A) | | | 552,811 | |
| 190 | | * | | Craft Brewers Alliance, Inc | | | 2,658 | |
| 3,311 | | * | | Darling International, Inc | | | 65,856 | |
| 1,357 | | e | | Dean Foods Co | | | 1,254 | |
| 200 | | * | | Farmer Bros Co | | | 3,274 | |
| 3,751 | | | | Flowers Foods, Inc | | | 87,286 | |
| 499 | | | | Fresh Del Monte Produce, Inc | | | 13,448 | |
| 388 | | * | | Freshpet, Inc | | | 17,658 | |
| 10,619 | | | | General Mills, Inc | | | 557,710 | |
| 1,593 | | * | | Hain Celestial Group, Inc | | | 34,887 | |
| 2,484 | | | | Hershey Co | | | 332,930 | |
| 4,973 | | | | Hormel Foods Corp | | | 201,605 | |
| 1,568 | | * | | Hostess Brands, Inc | | | 22,642 | |
| 1,227 | | | | Ingredion, Inc | | | 101,215 | |
| 277 | | | | J&J Snack Foods Corp | | | 44,583 | |
| 1,901 | | | | J.M. Smucker Co | | | 218,976 | |
| 131 | | | | John B. Sanfilippo & Son, Inc | | | 10,439 | |
| 4,200 | | | | Kellogg Co | | | 224,994 | |
| 3,493 | | | | Keurig Dr Pepper, Inc | | | 100,948 | |
| 11,058 | | | | Kraft Heinz Co | | | 343,240 | |
| 2,706 | | | | Lamb Weston Holdings, Inc | | | 171,452 | |
| 364 | | | | Lancaster Colony Corp | | | 54,090 | |
| 422 | | * | | Landec Corp | | | 3,954 | |
| 187 | | | | Limoneira Co | | | 3,729 | |
| 2,188 | | | | McCormick & Co, Inc | | | 339,162 | |
| 203 | | e | | MGP Ingredients, Inc | | | 13,461 | |
| 3,002 | | | | Molson Coors Brewing Co (Class B) | | | 168,112 | |
| 25,402 | | | | Mondelez International, Inc | | | 1,369,168 | |
| 6,977 | | * | | Monster Beverage Corp | | | 445,342 | |
54
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 183 | | | | National Beverage Corp | | $ | 8,167 | |
| 1,827 | | * | | New Age Beverages Corp | | | 8,514 | |
| 24,839 | | | | PepsiCo, Inc | | | 3,257,138 | |
| 27,480 | | | | Philip Morris International, Inc | | | 2,158,005 | |
| 908 | | * | | Pilgrim’s Pride Corp | | | 23,054 | |
| 1,066 | | * | | Post Holdings, Inc | | | 110,832 | |
| 404 | | * | | Primo Water Corp | | | 4,969 | |
| 601 | | *,e | | Pyxus International, Inc | | | 9,135 | |
| 317 | | | | Sanderson Farms, Inc | | | 43,289 | |
| 4 | | | | Seaboard Corp | | | 16,547 | |
| 134 | | * | | Seneca Foods Corp | | | 3,729 | |
| 937 | | * | | Simply Good Foods Co | | | 22,563 | |
| 390 | | e | | Tootsie Roll Industries, Inc | | | 14,403 | |
| 1,099 | | * | | TreeHouse Foods, Inc | | | 59,456 | |
| 78 | | | | Turning Point Brands, Inc | | | 3,820 | |
| 5,131 | | | | Tyson Foods, Inc (Class A) | | | 414,277 | |
| 619 | | | | Universal Corp | | | 37,617 | |
| 1,607 | | | | Vector Group Ltd | | | 15,668 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 18,051,485 | |
| | | | | | | | |
| |
HEALTH CARE EQUIPMENT & SERVICES - 6.2% | | | | |
| 30,537 | | | | Abbott Laboratories | | | 2,568,162 | |
| 785 | | * | | Abiomed, Inc | | | 204,485 | |
| 1,914 | | *,e | | Acadia Healthcare Co, Inc | | | 66,894 | |
| 1,245 | | * | | Accuray, Inc | | | 4,818 | |
| 119 | | * | | Addus HomeCare Corp | | | 8,919 | |
| 1,384 | | * | | Align Technology, Inc | | | 378,801 | |
| 2,817 | | * | | Allscripts Healthcare Solutions, Inc | | | 32,762 | |
| 1,966 | | * | | Alphatec Holdings Inc | | | 8,926 | |
| 460 | | * | | Amedisys, Inc | | | 55,849 | |
| 137 | | * | | American Renal Associates Holdings, Inc | | | 1,019 | |
| 2,579 | | | | AmerisourceBergen Corp | | | 219,886 | |
| 1,023 | | * | | AMN Healthcare Services, Inc | | | 55,498 | |
| 563 | | * | | Angiodynamics, Inc | | | 11,085 | |
| 2,249 | | * | | Antares Pharma, Inc | | | 7,399 | |
| 4,562 | | | | Anthem, Inc | | | 1,287,442 | |
| 398 | | *,e | | Apollo Medical Holdings, Inc | | | 6,651 | |
| 1,361 | | * | | Apyx Medical Corp | | | 9,146 | |
| 480 | | * | | AtriCure, Inc | | | 14,323 | |
| 27 | | | | Atrion Corp | | | 23,024 | |
| 725 | | * | | Avanos Medical, Inc | | | 31,617 | |
| 560 | | * | | AxoGen, Inc | | | 11,088 | |
| 439 | | * | | Axonics Modulation Technologies, Inc | | | 17,986 | |
| 8,549 | | | | Baxter International, Inc | | | 700,163 | |
| 4,747 | | | | Becton Dickinson & Co | | | 1,196,291 | |
| 1,877 | | * | | BioScrip, Inc | | | 4,880 | |
| 679 | | * | | BioTelemetry, Inc | | | 32,694 | |
| 24,634 | | * | | Boston Scientific Corp | | | 1,058,769 | |
| 2,873 | | * | | Brookdale Senior Living, Inc | | | 20,714 | |
| 590 | | | | Cantel Medical Corp | | | 47,578 | |
| 5,081 | | | | Cardinal Health, Inc | | | 239,315 | |
| 501 | | * | | Cardiovascular Systems, Inc | | | 21,508 | |
| 977 | | * | | Castlight Health, Inc | | | 3,156 | |
| 7,060 | | * | | Centene Corp | | | 370,226 | |
| 5,729 | | * | | Cerner Corp | | | 419,936 | |
| 1,570 | | * | | Cerus Corp | | | 8,823 | |
| 292 | | | | Chemed Corp | | | 105,365 | |
| 6,544 | | | | Cigna Corp | | | 1,031,007 | |
| 168 | | | | Computer Programs & Systems, Inc | | | 4,669 | |
| 2,084 | | * | | ConforMIS, Inc | | | 9,086 | |
| 422 | | | | Conmed Corp | | | 36,111 | |
| 861 | | | | Cooper Cos, Inc | | | 290,062 | |
| 2,615 | | * | | Corindus Vascular Robotics, Inc | | | 7,793 | |
| 163 | | * | | Corvel Corp | | | 14,183 | |
| 1,718 | | * | | Covetrus, Inc | | | 42,022 | |
55
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 544 | | * | | Cross Country Healthcare, Inc | | $ | 5,103 | |
| 480 | | * | | CryoLife, Inc | | | 14,366 | |
| 407 | | *,e | | CryoPort, Inc | | | 7,456 | |
| 202 | | * | | Cutera, Inc | | | 4,198 | |
| 23,019 | | | | CVS Health Corp | | | 1,254,305 | |
| 466 | | *,e | | CytoSorbents Corp | | | 3,080 | |
| 11,286 | | | | Danaher Corp | | | 1,612,995 | |
| 2,220 | | * | | DaVita, Inc | | | 124,897 | |
| 3,982 | | | | Dentsply Sirona, Inc | | | 232,389 | |
| 1,603 | | * | | DexCom, Inc | | | 240,193 | |
| 1,292 | | * | | Diplomat Pharmacy, Inc | | | 7,868 | |
| 3,744 | | * | | Edwards Lifesciences Corp | | | 691,667 | |
| 4,625 | | * | | ElectroCore LLC | | | 9,250 | |
| 1,608 | | | | Encompass Health Corp | | | 101,883 | |
| 1,049 | | | | Ensign Group, Inc | | | 59,709 | |
| 623 | | * | | Enzo Biochem, Inc | | | 2,099 | |
| 1,209 | | * | | Evolent Health, Inc | | | 9,612 | |
| 995 | | * | | Genesis Health Care, Inc | | | 1,234 | |
| 665 | | * | | GenMark Diagnostics, Inc | | | 4,316 | |
| 627 | | * | | Glaukos Corp | | | 47,276 | |
| 1,419 | | * | | Globus Medical, Inc | | | 60,024 | |
| 607 | | * | | Guardant Health, Inc | | | 52,402 | |
| 886 | | * | | Haemonetics Corp | | | 106,621 | |
| 636 | | * | | Hanger Orthopedic Group, Inc | | | 12,179 | |
| 4,778 | | | | HCA Holdings, Inc | | | 645,842 | |
| 1,079 | | * | | HealthEquity, Inc | | | 70,567 | |
| 399 | | | | HealthStream, Inc | | | 10,318 | |
| 2,677 | | * | | Henry Schein, Inc | | | 187,122 | |
| 99 | | * | | Heska Corp | | | 8,432 | |
| 1,196 | | | | Hill-Rom Holdings, Inc | | | 125,126 | |
| 1,310 | | * | | HMS Holdings Corp | | | 42,431 | |
| 4,675 | | * | | Hologic, Inc | | | 224,493 | |
| 2,402 | | | | Humana, Inc | | | 637,251 | |
| 298 | | * | | ICU Medical, Inc | | | 75,069 | |
| 1,514 | | * | | IDEXX Laboratories, Inc | | | 416,850 | |
| 263 | | * | | Inogen, Inc | | | 17,558 | |
| 978 | | *,e | | Inovalon Holdings, Inc | | | 14,191 | |
| 401 | | * | | Inspire Medical Systems, Inc | | | 24,321 | |
| 1,070 | | * | | Insulet Corp | | | 127,737 | |
| 572 | | * | | Integer Holding Corp | | | 48,002 | |
| 1,162 | | * | | Integra LifeSciences Holdings Corp | | | 64,898 | |
| 100 | | * | | IntriCon Corp | | | 2,336 | |
| 2,028 | | * | | Intuitive Surgical, Inc | | | 1,063,787 | |
| 2,116 | | | | Invacare Corp | | | 10,982 | |
| 383 | | * | | iRhythm Technologies, Inc | | | 30,288 | |
| 1,743 | | * | | Laboratory Corp of America Holdings | | | 301,365 | |
| 754 | | * | | Lantheus Holdings, Inc | | | 21,338 | |
| 236 | | | | LeMaitre Vascular, Inc | | | 6,603 | |
| 490 | | * | | LHC Group, Inc | | | 58,594 | |
| 970 | | * | | LivaNova plc | | | 69,801 | |
| 426 | | * | | Magellan Health Services, Inc | | | 31,622 | |
| 849 | | * | | Masimo Corp | | | 126,348 | |
| 3,381 | | | | McKesson Corp | | | 454,373 | |
| 1,067 | | * | | Medidata Solutions, Inc | | | 96,574 | |
| 1,988 | | * | | MEDNAX, Inc | | | 50,157 | |
| 23,797 | | | | Medtronic plc | | | 2,317,590 | |
| 646 | | | | Meridian Bioscience, Inc | | | 7,674 | |
| 985 | | * | | Merit Medical Systems, Inc | | | 58,667 | |
| 49 | | | | Mesa Laboratories, Inc | | | 11,973 | |
| 1,120 | | * | | Molina Healthcare, Inc | | | 160,317 | |
| 173 | | | | National Healthcare Corp | | | 14,039 | |
| 208 | | | | National Research Corp | | | 11,979 | |
| 500 | | * | | Natus Medical, Inc | | | 12,845 | |
| 780 | | * | | Neogen Corp | | | 48,446 | |
| 771 | | * | | Neuronetics, Inc | | | 9,645 | |
| 613 | | * | | Nevro Corp | | | 39,741 | |
56
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 818 | | * | | NextGen Healthcare, Inc | | $ | 16,278 | |
| 1,434 | | * | | Novocure Ltd | | | 90,672 | |
| 1,047 | | * | | NuVasive, Inc | | | 61,291 | |
| 758 | | * | | Omnicell, Inc | | | 65,211 | |
| 545 | | * | | OptimizeRx Corp | | | 8,829 | |
| 873 | | * | | OraSure Technologies, Inc | | | 8,101 | |
| 267 | | * | | Orthofix International NV | | | 14,119 | |
| 112 | | * | | OrthoPediatrics Corp | | | 4,368 | |
| 4,900 | | | | Owens & Minor, Inc | | | 15,680 | |
| 1,530 | | | | Patterson Cos, Inc | | | 35,037 | |
| 597 | | *,e | | Penumbra, Inc | | | 95,520 | |
| 113 | | * | | PetIQ, Inc | | | 3,724 | |
| 1,204 | | * | | Premier, Inc | | | 47,088 | |
| 199 | | * | | Providence Service Corp | | | 11,411 | |
| 200 | | *,e | | Pulse Biosciences, Inc | | | 2,640 | |
| 2,406 | | | | Quest Diagnostics, Inc | | | 244,955 | |
| 665 | | * | | Quidel Corp | | | 39,448 | |
| 1,555 | | * | | R1 RCM, Inc | | | 19,562 | |
| 576 | | * | | RadNet, Inc | | | 7,943 | |
| 2,488 | | | | Resmed, Inc | | | 303,611 | |
| 726 | | * | | Rockwell Medical, Inc | | | 2,185 | |
| 837 | | * | | RTI Biologics, Inc | | | 3,557 | |
| 250 | | * | | SeaSpine Holdings Corp | | | 3,312 | |
| 1,678 | | * | | Select Medical Holdings Corp | | | 26,630 | |
| 1,097 | | *,e | | Senseonics Holdings, Inc | | | 2,238 | |
| 147 | | * | | Shockwave Medical Inc | | | 8,392 | |
| 141 | | * | | SI-BONE, Inc | | | 2,868 | |
| 1,519 | | *,e | | Sientra, Inc | | | 9,357 | |
| 166 | | | | Simulations Plus, Inc | | | 4,741 | |
| 646 | | * | | Staar Surgical Co | | | 18,979 | |
| 1,527 | | | | STERIS plc | | | 227,340 | |
| 6,034 | | | | Stryker Corp | | | 1,240,470 | |
| 328 | | * | | Surgery Partners, Inc | | | 2,670 | |
| 300 | | * | | SurModics, Inc | | | 12,951 | |
| 280 | | *,e | | Tabula Rasa HealthCare, Inc | | | 13,980 | |
| 280 | | * | | Tactile Systems Technology, Inc | | | 15,938 | |
| 1,107 | | * | | Tandem Diabetes Care, Inc | | | 71,424 | |
| 1,254 | | *,e | | Teladoc, Inc | | | 83,278 | |
| 818 | | | | Teleflex, Inc | | | 270,881 | |
| 1,657 | | * | | Tenet Healthcare Corp | | | 34,234 | |
| 668 | | * | | Tivity Health, Inc | | | 10,982 | |
| 9,142 | | *,e | | TransEnterix, Inc | | | 12,433 | |
| 360 | | * | | Triple-S Management Corp (Class B) | | | 8,586 | |
| 16,761 | | | | UnitedHealth Group, Inc | | | 4,089,852 | |
| 1,522 | | | | Universal Health Services, Inc (Class B) | | | 198,454 | |
| 187 | | | | US Physical Therapy, Inc | | | 22,921 | |
| 49 | | | | Utah Medical Products, Inc | | | 4,689 | |
| 587 | | * | | Varex Imaging Corp | | | 17,992 | |
| 1,596 | | * | | Varian Medical Systems, Inc | | | 217,263 | |
| 2,184 | | * | | Veeva Systems, Inc | | | 354,048 | |
| 2,186 | | *,e | | ViewRay, Inc | | | 19,259 | |
| 433 | | * | | Vocera Communications, Inc | | | 13,821 | |
| 884 | | * | | WellCare Health Plans, Inc | | | 252,002 | |
| 1,346 | | | | West Pharmaceutical Services, Inc | | | 168,452 | |
| 2,118 | | * | | Wright Medical Group NV | | | 63,159 | |
| 3,575 | | | | Zimmer Biomet Holdings, Inc | | | 420,920 | |
| 762 | | | | Zynex Inc | | | 6,850 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 32,145,141 | |
| | | | | | | | |
| |
HOUSEHOLD & PERSONAL PRODUCTS - 1.6% | | | | |
| 160 | | * | | Central Garden & Pet Co | | | 4,312 | |
| 580 | | * | | Central Garden and Pet Co (Class A) | | | 14,291 | |
| 4,312 | | | | Church & Dwight Co, Inc | | | 315,035 | |
| 2,289 | | | | Clorox Co | | | 350,469 | |
| 14,903 | | | | Colgate-Palmolive Co | | | 1,068,098 | |
57
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 5,109 | | | | Coty, Inc | | $ | 68,461 | |
| 893 | | * | | Edgewell Personal Care Co | | | 24,066 | |
| 326 | | * | | elf Beauty, Inc | | | 4,597 | |
| 957 | | | | Energizer Holdings, Inc | | | 36,978 | |
| 3,831 | | | | Estee Lauder Cos (Class A) | | | 701,494 | |
| 1,810 | | * | | Herbalife Ltd | | | 77,396 | |
| 253 | | | | Inter Parfums, Inc | | | 16,822 | |
| 6,069 | | | | Kimberly-Clark Corp | | | 808,876 | |
| 160 | | | | Medifast, Inc | | | 20,528 | |
| 140 | | * | | Nature’s Sunshine Products, Inc | | | 1,301 | |
| 992 | | | | Nu Skin Enterprises, Inc (Class A) | | | 48,925 | |
| 80 | | | | Oil-Dri Corp of America | | | 2,723 | |
| 43,833 | | | | Procter & Gamble Co | | | 4,806,288 | |
| 185 | | *,e | | Revlon, Inc (Class A) | | | 3,576 | |
| 680 | | | | Spectrum Brands Holdings, Inc | | | 36,564 | |
| 180 | | * | | USANA Health Sciences, Inc | | | 14,297 | |
| 266 | | | | WD-40 Co | | | 42,305 | |
| | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 8,467,402 | |
| | | | | | | | |
| |
INSURANCE - 4.1% | | | | |
| 13,074 | | | | Aflac, Inc | | | 716,586 | |
| 257 | | | | Alleghany Corp | | | 175,045 | |
| 5,930 | | | | Allstate Corp | | | 603,022 | |
| 699 | | * | | AMBAC Financial Group, Inc | | | 11,778 | |
| 1,557 | | | | American Equity Investment Life Holding Co | | | 42,288 | |
| 1,392 | | | | American Financial Group, Inc | | | 142,638 | |
| 15,426 | | | | American International Group, Inc | | | 821,897 | |
| 234 | | | | American National Insurance Co | | | 27,254 | |
| 299 | | | | Amerisafe, Inc | | | 19,067 | |
| 4,257 | | | | Aon plc | | | 821,516 | |
| 6,987 | | * | | Arch Capital Group Ltd | | | 259,078 | |
| 509 | | | | Argo Group International Holdings Ltd | | | 37,691 | |
| 3,256 | | | | Arthur J. Gallagher & Co | | | 285,193 | |
| 1,164 | | | | Assurant, Inc | | | 123,826 | |
| 1,876 | | | | Assured Guaranty Ltd | | | 78,942 | |
| 2,832 | | * | | Athene Holding Ltd | | | 121,946 | |
| 1,578 | | | | Axis Capital Holdings Ltd | | | 94,128 | |
| 34,690 | | * | | Berkshire Hathaway, Inc (Class B) | | | 7,394,867 | |
| 2,357 | | * | | Brighthouse Financial, Inc | | | 86,478 | |
| 4,413 | | | | Brown & Brown, Inc | | | 147,835 | |
| 8,072 | | | | Chubb Ltd | | | 1,188,925 | |
| 2,719 | | | | Cincinnati Financial Corp | | | 281,879 | |
| 712 | | *,e | | Citizens, Inc (Class A) | | | 5,198 | |
| 426 | | | | CNA Financial Corp | | | 20,052 | |
| 2,753 | | | | Conseco, Inc | | | 45,920 | |
| 143 | | | | Donegal Group, Inc (Class A) | | | 2,184 | |
| 494 | | * | | eHealth, Inc | | | 42,533 | |
| 124 | | | | EMC Insurance Group, Inc | | | 4,468 | |
| 488 | | | | Employers Holdings, Inc | | | 20,628 | |
| 247 | | * | | Enstar Group Ltd | | | 43,047 | |
| 436 | | | | Erie Indemnity Co (Class A) | | | 110,866 | |
| 706 | | | | Everest Re Group Ltd | | | 174,509 | |
| 150 | | | | FBL Financial Group, Inc (Class A) | | | 9,570 | |
| 201 | | | | FedNat Holding Co | | | 2,868 | |
| 1,977 | | | | First American Financial Corp | | | 106,165 | |
| 4,735 | | | | FNF Group | | | 190,821 | |
| 7,696 | | * | | Genworth Financial, Inc (Class A) | | | 28,552 | |
| 104 | | | | Global Indemnity Ltd | | | 3,220 | |
| 161 | | e | | Goosehead Insurance, Inc | | | 7,696 | |
| 463 | | * | | Greenlight Capital Re Ltd (Class A) | | | 3,931 | |
| 198 | | * | | Hallmark Financial Services | | | 2,818 | |
| 792 | | | | Hanover Insurance Group, Inc | | | 101,614 | |
| 6,514 | | | | Hartford Financial Services Group, Inc | | | 362,960 | |
| 121 | | | | HCI Group, Inc | | | 4,897 | |
| 161 | | * | | Health Insurance Innovations, Inc | | | 4,173 | |
58
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 362 | | | | Heritage Insurance Holdings, Inc | | $ | 5,578 | |
| 637 | | | | Horace Mann Educators Corp | | | 25,665 | |
| 90 | | | | Independence Holding Co | | | 3,485 | |
| 23 | | | | Investors Title Co | | | 3,841 | |
| 648 | | | | James River Group Holdings Ltd | | | 30,391 | |
| 1,008 | | | | Kemper Corp | | | 86,980 | |
| 347 | | | | Kinsale Capital Group, Inc | | | 31,744 | |
| 3,740 | | | | Lincoln National Corp | | | 241,043 | |
| 4,645 | | | | Loews Corp | | | 253,942 | |
| 240 | | * | | Markel Corp | | | 261,504 | |
| 9,069 | | | | Marsh & McLennan Cos, Inc | | | 904,633 | |
| 2,003 | | * | | MBIA, Inc | | | 18,648 | |
| 429 | | | | Mercury General Corp | | | 26,813 | |
| 14,407 | | | | Metlife, Inc | | | 715,596 | |
| 1,362 | | | | National General Holdings Corp | | | 31,244 | |
| 35 | | | | National Western Life Group, Inc | | | 8,995 | |
| 158 | | * | | NI Holdings, Inc | | | 2,782 | |
| 5,185 | | | | Old Republic International Corp | | | 116,040 | |
| 727 | | | | Primerica, Inc | | | 87,204 | |
| 4,749 | | | | Principal Financial Group | | | 275,062 | |
| 820 | | | | ProAssurance Corp | | | 29,610 | |
| 10,208 | | | | Progressive Corp | | | 815,925 | |
| 144 | | | | Protective Insurance Corp | | | 2,501 | |
| 7,320 | | | | Prudential Financial, Inc | | | 739,320 | |
| 1,153 | | | | Reinsurance Group of America, Inc (Class A) | | | 179,903 | |
| 771 | | | | RenaissanceRe Holdings Ltd | | | 137,246 | |
| 600 | | | | RLI Corp | | | 51,426 | |
| 227 | | | | Safety Insurance Group, Inc | | | 21,595 | |
| 1,030 | | | | Selective Insurance Group, Inc | | | 77,137 | |
| 243 | | | | State Auto Financial Corp | | | 8,505 | |
| 351 | | | | Stewart Information Services Corp | | | 14,212 | |
| 1,153 | | * | | Third Point Reinsurance Ltd | | | 11,899 | |
| 433 | | | | Tiptree Financial, Inc | | | 2,728 | |
| 1,976 | | | | Torchmark Corp | | | 176,773 | |
| 4,691 | | | | Travelers Cos, Inc | | | 701,398 | |
| 342 | | *,e | | Trupanion, Inc | | | 12,356 | |
| 338 | | | | United Fire & Casualty Co | | | 16,379 | |
| 255 | | | | United Insurance Holdings Corp | | | 3,636 | |
| 503 | | | | Universal Insurance Holdings, Inc | | | 14,034 | |
| 3,600 | | | | UnumProvident Corp | | | 120,780 | |
| 2,544 | | | | W.R. Berkley Corp | | | 167,726 | |
| 56 | | | | White Mountains Insurance Group Ltd | | | 57,202 | |
| 2,299 | | | | Willis Towers Watson plc | | | 440,350 | |
| | | | | | | | |
| | | | TOTAL INSURANCE | | | 21,714,400 | |
| | | | | | | | |
| |
MATERIALS - 3.0% | | | | |
| 324 | | | | Advanced Emissions Solutions, Inc | | | 4,095 | |
| 461 | | * | | AdvanSix, Inc | | | 11,262 | |
| 3,924 | | | | Air Products & Chemicals, Inc | | | 888,276 | |
| 6,324 | | *,e | | AK Steel Holding Corp | | | 14,988 | |
| 1,889 | | | | Albemarle Corp | | | 133,004 | |
| 3,306 | | * | | Alcoa Corp | | | 77,393 | |
| 2,222 | | * | | Allegheny Technologies, Inc | | | 55,994 | |
| 429 | | | | American Vanguard Corp | | | 6,611 | |
| 2,424 | | *,e | | Amyris, Inc | | | 8,629 | |
| 1,121 | | | | Aptargroup, Inc | | | 139,385 | |
| 271 | | | | Ardagh Group S.A. | | | 4,742 | |
| 1,151 | | | | Ashland Global Holdings, Inc | | | 92,045 | |
| 1,514 | | | | Avery Dennison Corp | | | 175,140 | |
| 3,458 | | * | | Axalta Coating Systems Ltd | | | 102,945 | |
| 485 | | | | Balchem Corp | | | 48,485 | |
| 5,898 | | | | Ball Corp | | | 412,801 | |
| 2,289 | | * | | Berry Plastics Group, Inc | | | 120,379 | |
| 597 | | | | Boise Cascade Co | | | 16,782 | |
| 953 | | | | Cabot Corp | | | 45,468 | |
59
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 723 | | | | Carpenter Technology Corp | | $ | 34,690 | |
| 2,318 | | | | Celanese Corp (Series A) | | | 249,880 | |
| 831 | | * | | Century Aluminum Co | | | 5,742 | |
| 3,995 | | | | CF Industries Holdings, Inc | | | 186,606 | |
| 111 | | | | Chase Corp | | | 11,948 | |
| 2,911 | | | | Chemours Co | | | 69,864 | |
| 261 | | * | | Clearwater Paper Corp | | | 4,826 | |
| 4,904 | | e | | Cleveland-Cliffs, Inc | | | 52,326 | |
| 6,019 | | * | | Coeur Mining, Inc | | | 26,122 | |
| 1,801 | | | | Commercial Metals Co | | | 32,148 | |
| 532 | | | | Compass Minerals International, Inc | | | 29,233 | |
| 13,205 | | * | | Corteva, Inc | | | 390,472 | |
| 2,327 | | * | | Crown Holdings, Inc | | | 142,180 | |
| 976 | | | | Domtar Corp | | | 43,461 | |
| 13,462 | | | | Dow, Inc | | | 663,811 | |
| 13,412 | | | | DuPont de Nemours, Inc | | | 1,006,839 | |
| 926 | | | | Eagle Materials, Inc | | | 85,840 | |
| 2,397 | | | | Eastman Chemical Co | | | 186,559 | |
| 4,468 | | | | Ecolab, Inc | | | 882,162 | |
| 3,394 | | * | | Element Solutions, Inc | | | 35,094 | |
| 1,255 | | * | | Ferro Corp | | | 19,829 | |
| 1,000 | | * | | Ferroglobe plc | | | 0 | |
| 835 | | *,e | | Flotek Industries, Inc | | | 2,764 | |
| 2,478 | | | | FMC Corp | | | 205,550 | |
| 325 | | *,e | | Forterra, Inc | | | 1,615 | |
| 25,598 | | | | Freeport-McMoRan Copper & Gold, Inc (Class B) | | | 297,193 | |
| 400 | | * | | FutureFuel Corp | | | 4,676 | |
| 1,119 | | * | | GCP Applied Technologies, Inc | | | 25,334 | |
| 816 | | * | | Gold Resource Corp | | | 2,758 | |
| 4,828 | | | | Graphic Packaging Holding Co | | | 67,495 | |
| 395 | | | | Greif, Inc (Class A) | | | 12,857 | |
| 87 | | | | Greif, Inc (Class B) | | | 3,798 | |
| 784 | | | | H.B. Fuller Co | | | 36,378 | |
| 142 | | | | Hawkins, Inc | | | 6,164 | |
| 193 | | | | Haynes International, Inc | | | 6,139 | |
| 7,106 | | | | Hecla Mining Co | | | 12,791 | |
| 3,508 | | | | Huntsman Corp | | | 71,704 | |
| 823 | | * | | Ingevity Corp | | | 86,555 | |
| 294 | | | | Innophos Holdings, Inc | | | 8,558 | |
| 373 | | | | Innospec, Inc | | | 34,033 | |
| 1,890 | | | | International Flavors & Fragrances, Inc | | | 274,220 | |
| 7,037 | | | | International Paper Co | | | 304,843 | |
| 1,493 | | * | | Intrepid Potash, Inc | | | 5,016 | |
| 261 | | | | Kaiser Aluminum Corp | | | 25,476 | |
| 315 | | * | | Koppers Holdings, Inc | | | 9,248 | |
| 468 | | * | | Kraton Polymers LLC | | | 14,541 | |
| 357 | | | | Kronos Worldwide, Inc | | | 5,469 | |
| 9,622 | | | | Linde plc | | | 1,932,098 | |
| 2,532 | | * | | Livent Corp | | | 17,521 | |
| 2,555 | | | | Louisiana-Pacific Corp | | | 66,992 | |
| 406 | | * | | LSB Industries, Inc | | | 1,583 | |
| 5,203 | | | | LyondellBasell Industries AF S.C.A | | | 448,134 | |
| 8,475 | | * | | Marrone Bio Innovations, Inc | | | 12,712 | |
| 1,050 | | | | Martin Marietta Materials, Inc | | | 241,615 | |
| 300 | | | | Materion Corp | | | 20,343 | |
| 741 | | | | Minerals Technologies, Inc | | | 39,651 | |
| 6,456 | | | | Mosaic Co | | | 161,594 | |
| 371 | | | | Myers Industries, Inc | | | 7,149 | |
| 257 | | | | Neenah Paper, Inc | | | 17,360 | |
| 121 | | | | NewMarket Corp | | | 48,514 | |
| 14,280 | | | | Newmont Mining Corp | | | 549,352 | |
| 4,092 | | * | | Novagold Resources Inc | | | 31,549 | |
| 5,438 | | | | Nucor Corp | | | 299,634 | |
| 3,054 | | | | Olin Corp | | | 66,913 | |
| 163 | | | | Olympic Steel, Inc | | | 2,225 | |
| 694 | | * | | Omnova Solutions, Inc | | | 4,324 | |
60
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,050 | | * | | Orion Engineered Carbons SA | | $ | 22,481 | |
| 2,868 | | | | Owens-Illinois, Inc | | | 49,530 | |
| 1,586 | | | | Packaging Corp of America | | | 151,178 | |
| 658 | | | | PH Glatfelter Co | | | 11,107 | |
| 1,269 | | | | PolyOne Corp | | | 39,834 | |
| 4,238 | | | | PPG Industries, Inc | | | 494,617 | |
| 462 | | * | | PQ Group Holdings, Inc | | | 7,323 | |
| 201 | | | | Quaker Chemical Corp | | | 40,779 | |
| 1,995 | | * | | Ramaco Resources, Inc | | | 10,613 | |
| 877 | | | | Rayonier Advanced Materials, Inc | | | 5,692 | |
| 1,275 | | | | Reliance Steel & Aluminum Co | | | 120,641 | |
| 1,100 | | | | Royal Gold, Inc | | | 112,739 | |
| 2,208 | | | | RPM International, Inc | | | 134,931 | |
| 272 | | * | | Ryerson Holding Corp | | | 2,266 | |
| 421 | | | | Schnitzer Steel Industries, Inc (Class A) | | | 11,018 | |
| 438 | | | | Schweitzer-Mauduit International, Inc | | | 14,533 | |
| 716 | | | | ScottsMiracle-Gro Co (Class A) | | | 70,526 | |
| 2,697 | | | | Sealed Air Corp | | | 115,378 | |
| 907 | | | | Sensient Technologies Corp | | | 66,646 | |
| 1,484 | | | | Sherwin-Williams Co | | | 680,102 | |
| 1,660 | | | | Silgan Holdings, Inc | | | 50,796 | |
| 1,952 | | | | Sonoco Products Co | | | 127,544 | |
| 1,781 | | | | Southern Copper Corp | | | 69,192 | |
| 3,643 | | | | Steel Dynamics, Inc | | | 110,019 | |
| 302 | | | | Stepan Co | | | 27,757 | |
| 1,996 | | * | | Summit Materials, Inc | | | 38,423 | |
| 1,010 | | * | | SunCoke Energy, Inc | | | 8,969 | |
| 146 | | | | Synalloy Corp | | | 2,281 | |
| 717 | | * | | TimkenSteel Corp | | | 5,829 | |
| 322 | | * | | Trecora Resources | | | 3,082 | |
| 394 | | | | Tredegar Corp | | | 6,548 | |
| 733 | | | | Trinseo S.A. | | | 31,035 | |
| 1,458 | | | | Tronox Holdings plc | | | 18,633 | |
| 97 | | * | | UFP Technologies, Inc | | | 4,036 | |
| 30 | | | | United States Lime & Minerals, Inc | | | 2,400 | |
| 3,129 | | e | | United States Steel Corp | | | 47,905 | |
| 238 | | * | | US Concrete, Inc | | | 11,826 | |
| 592 | | | | Valhi, Inc | | | 1,758 | |
| 3,141 | | | | Valvoline, Inc | | | 61,344 | |
| 1,196 | | * | | Verso Corp | | | 22,784 | |
| 2,303 | | | | Vulcan Materials Co | | | 316,225 | |
| 1,163 | | | | Warrior Met Coal, Inc | | | 30,378 | |
| 559 | | | | Westlake Chemical Corp | | | 38,828 | |
| 4,211 | | | | WestRock Co | | | 153,575 | |
| 702 | | * | | Worthington Industries, Inc | | | 28,263 | |
| 1,011 | | | | WR Grace and Co | | | 76,947 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 15,470,805 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 7.3% | | | | |
| 13,313 | | | | Activision Blizzard, Inc | | | 628,374 | |
| 5,304 | | * | | Alphabet, Inc (Class A) | | | 5,743,171 | |
| 5,390 | | * | | Alphabet, Inc (Class C) | | | 5,826,105 | |
| 5,822 | | * | | Altice USA, Inc | | | 141,766 | |
| 855 | | e | | AMC Entertainment Holdings, Inc | | | 7,977 | |
| 741 | | * | | AMC Networks, Inc | | | 40,377 | |
| 698 | | *,e | | Boston Omaha Corp | | | 16,159 | |
| 72 | | | | Cable One, Inc | | | 84,311 | |
| 339 | | * | | Cardlytics, Inc | | | 8,807 | |
| 253 | | * | | Care.com, Inc | | | 2,778 | |
| 1,307 | | * | | Cargurus, Inc | | | 47,196 | |
| 1,131 | | * | | Cars.com, Inc | | | 22,303 | |
| 5,858 | | | | CBS Corp (Class B) | | | 292,314 | |
| 1,847 | | * | | Central European Media Enterprises Ltd (Class A) | | | 8,053 | |
| 2,830 | | * | | Charter Communications, Inc | | | 1,118,359 | |
| 2,021 | | | | Cinemark Holdings, Inc | | | 72,958 | |
61
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 566 | | * | | Clear Channel | | $ | 2,672 | |
| 79,662 | | | | Comcast Corp (Class A) | | | 3,368,110 | |
| 17 | | *,e | | Daily Journal Corp | | | 4,046 | |
| 2,011 | | * | | DHI Group, Inc | | | 7,179 | |
| 2,851 | | *,e | | Discovery, Inc (Class A) | | | 87,526 | |
| 6,054 | | * | | Discovery, Inc (Class C) | | | 172,236 | |
| 3,978 | | * | | DISH Network Corp (Class A) | | | 152,795 | |
| 5,229 | | * | | Electronic Arts, Inc | | | 529,489 | |
| 235 | | | | Emerald Expositions Events, Inc | | | 2,620 | |
| 2,184 | | | | Entercom Communications Corp (Class A) | | | 12,667 | |
| 1,005 | | | | Entravision Communications Corp (Class A) | | | 3,136 | |
| 454 | | *,e | | Eros International plc | | | 613 | |
| 641 | | * | | Eventbrite Inc | | | 10,384 | |
| 916 | | | | EW Scripps Co (Class A) | | | 14,006 | |
| 42,380 | | * | | Facebook, Inc | | | 8,179,340 | |
| 1,809 | | * | | Fluent, Inc | | | 9,732 | |
| 6,424 | | | | Fox Corp (Class A) | | | 235,375 | |
| 2,830 | | | | Fox Corp (Class B) | | | 103,380 | |
| 1,767 | | | | Gannett Co, Inc | | | 14,419 | |
| 1,815 | | * | | GCI Liberty, Inc | | | 111,550 | |
| 1,606 | | * | | Glu Mobile, Inc | | | 11,531 | |
| 1,876 | | * | | Gray Television, Inc | | | 30,748 | |
| 248 | | * | | Hemisphere Media Group, Inc | | | 3,204 | |
| 2,455 | | * | | IAA, Inc | | | 95,205 | |
| 1,288 | | * | | IAC/InterActiveCorp | | | 280,179 | |
| 902 | | * | | Imax Corp | | | 18,220 | |
| 7,004 | | | | Interpublic Group of Cos, Inc | | | 158,220 | |
| 693 | | | | John Wiley & Sons, Inc (Class A) | | | 31,781 | |
| 170 | | * | | Liberty Braves Group (Class A) | | | 4,726 | |
| 525 | | * | | Liberty Braves Group (Class C) | | | 14,684 | |
| 542 | | * | | Liberty Broadband Corp (Class A) | | | 55,739 | |
| 1,881 | | * | | Liberty Broadband Corp (Class C) | | | 196,038 | |
| 681 | | * | | Liberty Latin America Ltd (Class A) | | | 11,734 | |
| 1,811 | | * | | Liberty Latin America Ltd (Class C) | | | 31,131 | |
| 398 | | * | | Liberty Media Group (Class A) | | | 14,272 | |
| 3,180 | | * | | Liberty Media Group (Class C) | | | 118,964 | |
| 1,395 | | * | | Liberty SiriusXM Group (Class A) | | | 52,745 | |
| 2,800 | | * | | Liberty SiriusXM Group (Class C) | | | 106,344 | |
| 1,108 | | * | | Liberty TripAdvisor Holdings, Inc | | | 13,739 | |
| 786 | | e | | Lions Gate Entertainment Corp (Class A) | | | 9,628 | |
| 1,548 | | | | Lions Gate Entertainment Corp (Class B) | | | 17,972 | |
| 2,286 | | * | | Live Nation, Inc | | | 151,447 | |
| 439 | | *,e | | LiveXLive Media, Inc | | | 1,822 | |
| 200 | | * | | Loral Space & Communications, Inc | | | 6,902 | |
| 336 | | * | | Madison Square Garden Co | | | 94,060 | |
| 294 | | | | Marcus Corp | | | 9,690 | |
| 1,051 | | e | | Match Group, Inc | | | 70,701 | |
| 1,000 | | * | | MDC Partners, Inc | | | 2,520 | |
| 1,034 | | * | | Meet Group, Inc | | | 3,598 | |
| 597 | | | | Meredith Corp | | | 32,871 | |
| 934 | | * | | MSG Networks, Inc | | | 19,371 | |
| 970 | | | | National CineMedia, Inc | | | 6,363 | |
| 7,469 | | * | | NetFlix, Inc | | | 2,743,513 | |
| 804 | | | | New Media Investment Group, Inc | | | 7,590 | |
| 2,867 | | | | New York Times Co (Class A) | | | 93,522 | |
| 6,379 | | | | News Corp (Class A) | | | 86,053 | |
| 1,884 | | | | News Corp (Class B) | | | 26,301 | |
| 706 | | | | Nexstar Broadcasting Group, Inc (Class A) | | | 71,306 | |
| 3,956 | | | | Omnicom Group, Inc | | | 324,194 | |
| 1,085 | | * | | QuinStreet, Inc | | | 17,197 | |
| 444 | | * | | Reading International, Inc | | | 5,763 | |
| 279 | | * | | Rosetta Stone, Inc | | | 6,384 | |
| 51 | | | | Saga Communications, Inc | | | 1,593 | |
| 438 | | | | Scholastic Corp | | | 14,559 | |
| 1,071 | | | | Sinclair Broadcast Group, Inc (Class A) | | | 57,438 | |
| 25,109 | | | | Sirius XM Holdings, Inc | | | 140,108 | |
62
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 2,090 | | * | | Spotify Technology S.A. | | $ | 287,375 | |
| 1,927 | | * | | Take-Two Interactive Software, Inc | | | 218,772 | |
| 317 | | * | | TechTarget, Inc | | | 6,736 | |
| 3,394 | | | | TEGNA, Inc | | | 51,419 | |
| 511 | | * | | Travelzoo, Inc | | | 7,890 | |
| 1,814 | | | | Tribune Co | | | 83,843 | |
| 414 | | | | Tribune Publishing Co | | | 3,300 | |
| 1,758 | | * | | TripAdvisor, Inc | | | 81,378 | |
| 963 | | * | | TrueCar, Inc | | | 5,258 | |
| 13,337 | | * | | Twitter, Inc | | | 465,461 | |
| 150 | | e | | Viacom, Inc (Class A) | | | 5,115 | |
| 6,363 | | | | Viacom, Inc (Class B) | | | 190,063 | |
| 31,016 | | | | Walt Disney Co | | | 4,331,074 | |
| 341 | | * | | WideOpenWest, Inc | | | 2,476 | |
| 894 | | | | World Wrestling Entertainment, Inc (Class A) | | | 64,556 | |
| 1,209 | | * | | Yelp, Inc | | | 41,324 | |
| 1,170 | | * | | Zillow Group, Inc (Class A) | | | 53,539 | |
| 2,300 | | *,e | | Zillow Group, Inc (Class C) | | | 106,697 | |
| 14,756 | | * | | Zynga, Inc | | | 90,454 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 38,450,683 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8% | | | | |
| 26,221 | | | | AbbVie, Inc | | | 1,906,791 | |
| 2,140 | | * | | Abeona Therapeutics, Inc | | | 10,229 | |
| 2,077 | | * | | Acadia Pharmaceuticals, Inc | | | 55,518 | |
| 406 | | *,e | | Accelerate Diagnostics, Inc | | | 9,289 | |
| 843 | | * | | Acceleron Pharma, Inc | | | 34,630 | |
| 1,942 | | * | | Acer Therapeutics Inc | | | 7,574 | |
| 4,752 | | * | | Achillion Pharmaceuticals, Inc | | | 12,735 | |
| 319 | | * | | Aclaris Therapeutics, Inc | | | 699 | |
| 662 | | * | | Acorda Therapeutics, Inc | | | 5,078 | |
| 1,628 | | *,e | | Adamas Pharmaceuticals, Inc | | | 10,094 | |
| 883 | | * | | Adverum Biotechnologies, Inc | | | 10,499 | |
| 1,425 | | * | | Aeglea BioTherapeutics, Inc | | | 9,761 | |
| 702 | | * | | Aerie Pharmaceuticals, Inc | | | 20,744 | |
| 1,104 | | * | | Agenus, Inc | | | 3,312 | |
| 2,172 | | *,e | | AgeX Therapeutics, Inc | | | 7,971 | |
| 5,650 | | | | Agilent Technologies, Inc | | | 421,885 | |
| 823 | | *,e | | Agios Pharmaceuticals, Inc | | | 41,051 | |
| 554 | | * | | Aimmune Therapeutics, Inc | | | 11,534 | |
| 239 | | *,e | | Akcea Therapeutics, Inc | | | 5,605 | |
| 2,885 | | * | | Akebia Therapeutics, Inc | | | 13,963 | |
| 1,391 | | * | | Akorn, Inc | | | 7,164 | |
| 147 | | * | | Albireo Pharma, Inc | | | 4,739 | |
| 965 | | * | | Alder Biopharmaceuticals, Inc | | | 11,358 | |
| 355 | | * | | Aldeyra Therapeutics, Inc | | | 2,130 | |
| 3,746 | | * | | Alexion Pharmaceuticals, Inc | | | 490,651 | |
| 2,871 | | * | | Alkermes plc | | | 64,712 | |
| 530 | | *,e | | Allakos, Inc | | | 22,965 | |
| 5,814 | | | | Allergan plc | | | 973,438 | |
| 356 | | * | | Allogene Therapeutics, Inc | | | 9,559 | |
| 1,718 | | * | | Alnylam Pharmaceuticals, Inc | | | 124,658 | |
| 533 | | * | | AMAG Pharmaceuticals, Inc | | | 5,325 | |
| 10,813 | | | | Amgen, Inc | | | 1,992,619 | |
| 4,081 | | * | | Amicus Therapeutics, Inc | | | 50,931 | |
| 2,013 | | * | | Amneal Pharmaceuticals, Inc | | | 14,433 | |
| 552 | | * | | Amphastar Pharmaceuticals, Inc | | | 11,653 | |
| 305 | | * | | AnaptysBio, Inc | | | 17,208 | |
| 2,425 | | * | | Anavex Life Sciences Corp | | | 8,172 | |
| 121 | | * | | ANI Pharmaceuticals, Inc | | | 9,946 | |
| 216 | | * | | Anika Therapeutics, Inc | | | 8,774 | |
| 582 | | * | | Apellis Pharmaceuticals, Inc | | | 14,748 | |
| 626 | | * | | Aratana Therapeutics, Inc | | | 3,230 | |
| 524 | | *,e | | Arcus Biosciences, Inc | | | 4,166 | |
| 3,838 | | * | | Ardelyx, Inc | | | 10,324 | |
63
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 884 | | * | | Arena Pharmaceuticals, Inc | | $ | 51,829 | |
| 1,796 | | * | | Arqule, Inc | | | 19,774 | |
| 3,839 | | * | | Array Biopharma, Inc | | | 177,861 | |
| 1,993 | | *,e | | Arrowhead Research Corp | | | 52,814 | |
| 357 | | * | | Arvinas, Inc | | | 7,850 | |
| 216 | | * | | Assembly Biosciences, Inc | | | 2,914 | |
| 928 | | * | | Assertio Therapeutics, Inc | | | 3,202 | |
| 719 | | * | | Atara Biotherapeutics, Inc | | | 14,459 | |
| 673 | | * | | Athenex, Inc | | | 13,325 | |
| 1,583 | | *,e | | Athersys, Inc | | | 2,659 | |
| 771 | | * | | Audentes Therapeutics, Inc | | | 29,190 | |
| 813 | | * | | Avid Bioservices, Inc | | | 4,553 | |
| 621 | | * | | Avrobio, Inc | | | 10,097 | |
| 427 | | * | | Axsome Therapeutics, Inc | | | 10,995 | |
| 1,257 | | * | | BioCryst Pharmaceuticals, Inc | | | 4,764 | |
| 3,467 | | * | | Biogen Idec, Inc | | | 810,827 | |
| 710 | | * | | Biohaven Pharmaceutical Holding Co Ltd | | | 31,091 | |
| 3,009 | | * | | BioMarin Pharmaceutical, Inc | | | 257,721 | |
| 379 | | * | | Bio-Rad Laboratories, Inc (Class A) | | | 118,472 | |
| 89 | | * | | Biospecifics Technologies Corp | | | 5,314 | |
| 657 | | | | Bio-Techne Corp | | | 136,978 | |
| 8,759 | | *,e | | BioTime, Inc | | | 9,635 | |
| 763 | | * | | Bioxcel Therapeutics Inc | | | 8,362 | |
| 961 | | * | | Bluebird Bio, Inc | | | 122,239 | |
| 859 | | * | | Blueprint Medicines Corp | | | 81,029 | |
| 28,951 | | | | Bristol-Myers Squibb Co | | | 1,312,928 | |
| 1,641 | | | | Bruker BioSciences Corp | | | 81,968 | |
| 470 | | * | | Calithera Biosciences, Inc | | | 1,833 | |
| 127 | | * | | Calyxt, Inc | | | 1,585 | |
| 504 | | * | | Cambrex Corp | | | 23,592 | |
| 425 | | * | | Cara Therapeutics, Inc | | | 9,137 | |
| 744 | | * | | CareDx, Inc | | | 26,777 | |
| 807 | | *,e | | CASI Pharmaceuticals, Inc | | | 2,582 | |
| 2,649 | | * | | Catalent, Inc | | | 143,602 | |
| 1,095 | | *,e | | Catalyst Pharmaceuticals, Inc | | | 4,205 | |
| 102 | | * | | Celcuity, Inc | | | 2,550 | |
| 12,503 | | * | | Celgene Corp | | | 1,155,777 | |
| 776 | | *,e | | Cellular Biomedicine Group, Inc | | | 12,827 | |
| 1,113 | | * | | CEL-SCI Corp | | | 9,327 | |
| 1,640 | | * | | Cerecor Inc | | | 8,922 | |
| 837 | | * | | Charles River Laboratories International, Inc | | | 118,770 | |
| 2,254 | | * | | Checkpoint Therapeutics Inc | | | 6,830 | |
| 402 | | * | | ChemoCentryx, Inc | | | 3,739 | |
| 1,052 | | * | | Chiasma, Inc | | | 7,858 | |
| 913 | | * | | Chimerix, Inc | | | 3,944 | |
| 3,917 | | *,e | | ChromaDex Corp | | | 18,214 | |
| 747 | | * | | Clovis Oncology, Inc | | | 11,108 | |
| 646 | | * | | Codexis, Inc | | | 11,906 | |
| 1,388 | | * | | Coherus Biosciences, Inc | | | 30,675 | |
| 351 | | * | | Collegium Pharmaceutical, Inc | | | 4,616 | |
| 271 | | * | | Concert Pharmaceuticals, Inc | | | 3,252 | |
| 885 | | * | | Constellation Pharmaceuticals, Inc | | | 10,868 | |
| 708 | | *,e | | Corbus Pharmaceuticals Holdings, Inc | | | 4,906 | |
| 1,401 | | * | | Corcept Therapeutics, Inc | | | 15,621 | |
| 478 | | *,e | | Corium International, Inc | | | 86 | |
| 1,038 | | * | | CorMedix Inc | | | 9,311 | |
| 107 | | * | | Crinetics Pharmaceuticals, Inc | | | 2,675 | |
| 320 | | *,e | | Cue Biopharma, Inc | | | 2,877 | |
| 208 | | * | | Cyclerion Therapeutics, Inc | | | 2,382 | |
| 949 | | * | | Cymabay Therapeutics, Inc | | | 6,795 | |
| 639 | | * | | Cytokinetics, Inc | | | 7,189 | |
| 459 | | * | | CytomX Therapeutics, Inc | | | 5,150 | |
| 127 | | *,e | | Deciphera Pharmaceuticals, Inc | | | 2,864 | |
| 957 | | *,e | | Denali Therapeutics, Inc | | | 19,867 | |
| 587 | | *,e | | Dermira, Inc | | | 5,612 | |
| 716 | | * | | Dicerna Pharmaceuticals, Inc | | | 11,277 | |
64
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 520 | | *,e | | Dova Pharmaceuticals, Inc | | $ | 7,332 | |
| 3,228 | | *,e | | Dynavax Technologies Corp | | | 12,880 | |
| 122 | | * | | Eagle Pharmaceuticals, Inc | | | 6,793 | |
| 736 | | * | | Editas Medicine, Inc | | | 18,209 | |
| 279 | | *,e | | Eidos Therapeutics, Inc | | | 8,671 | |
| 6,484 | | * | | Elanco Animal Health, Inc | | | 219,159 | |
| 15,249 | | | | Eli Lilly & Co | | | 1,689,437 | |
| 1,184 | | *,e | | Eloxx Pharmaceuticals, Inc | | | 11,804 | |
| 709 | | * | | Emergent Biosolutions, Inc | | | 34,252 | |
| 232 | | * | | Enanta Pharmaceuticals, Inc | | | 19,576 | |
| 3,476 | | * | | Endo International plc | | | 14,321 | |
| 1,795 | | * | | Epizyme, Inc | | | 22,527 | |
| 623 | | * | | Esperion Thereapeutics, Inc | | | 28,982 | |
| 231 | | *,e | | Evelo Biosciences, Inc | | | 2,074 | |
| 159 | | *,e | | Evolus, Inc | | | 2,325 | |
| 2,262 | | * | | Exact Sciences Corp | | | 267,006 | |
| 5,221 | | * | | Exelixis, Inc | | | 111,573 | |
| 5,064 | | * | | EyePoint Pharmaceuticals Inc | | | 8,305 | |
| 835 | | * | | Fate Therapeutics, Inc | | | 16,950 | |
| 1,241 | | * | | FibroGen, Inc | | | 56,068 | |
| 428 | | * | | Five Prime Therapeutics, Inc | | | 2,581 | |
| 438 | | *,e | | Flexion Therapeutics, Inc | | | 5,387 | |
| 1,214 | | * | | Fluidigm Corp | | | 14,956 | |
| 137 | | * | | Forty Seven, Inc | | | 1,452 | |
| 626 | | * | | G1 Therapeutics, Inc | | | 19,193 | |
| 303 | | * | | Genomic Health, Inc | | | 17,626 | |
| 7,757 | | *,e | | Geron Corp | | | 10,937 | |
| 22,626 | | | | Gilead Sciences, Inc | | | 1,528,613 | |
| 1,063 | | * | | Global Blood Therapeutics, Inc | | | 55,914 | |
| 541 | | * | | GlycoMimetics, Inc | | | 6,449 | |
| 362 | | * | | Gossamer Bio, Inc | | | 8,029 | |
| 815 | | * | | Gritstone Oncology, Inc | | | 9,079 | |
| 2,005 | | * | | Halozyme Therapeutics, Inc | | | 34,446 | |
| 643 | | * | | Harpoon Therapeutics, Inc | | | 8,359 | |
| 1,027 | | * | | Heron Therapeutics, Inc | | | 19,092 | |
| 188 | | * | | Homology Medicines, Inc | | | 3,679 | |
| 3,095 | | * | | Horizon Pharma plc | | | 74,466 | |
| 2,575 | | * | | Illumina, Inc | | | 947,986 | |
| 6,462 | | * | | Immunogen, Inc | | | 14,023 | |
| 3,050 | | * | | Immunomedics, Inc | | | 42,303 | |
| 3,064 | | * | | Incyte Corp | | | 260,317 | |
| 1,186 | | * | | Innoviva, Inc | | | 17,268 | |
| 1,045 | | *,e | | Inovio Pharmaceuticals, Inc | | | 3,072 | |
| 1,335 | | * | | Insmed, Inc | | | 34,176 | |
| 1,074 | | *,e | | Intellia Therapeutics, Inc | | | 17,581 | |
| 353 | | *,e | | Intercept Pharmaceuticals, Inc | | | 28,088 | |
| 388 | | * | | Intersect ENT, Inc | | | 8,831 | |
| 527 | | * | | Intra-Cellular Therapies, Inc | | | 6,840 | |
| 861 | | *,e | | Intrexon Corp | | | 6,595 | |
| 1,569 | | * | | Invitae Corp | | | 36,871 | |
| 2,281 | | * | | Ionis Pharmaceuticals, Inc | | | 146,600 | |
| 2,163 | | * | | Iovance Biotherapeutics, Inc | | | 53,037 | |
| 3,180 | | * | | IQVIA Holdings, Inc | | | 511,662 | |
| 2,083 | | * | | Ironwood Pharmaceuticals, Inc | | | 22,788 | |
| 1,055 | | * | | Jazz Pharmaceuticals plc | | | 150,401 | |
| 47,107 | | | | Johnson & Johnson | | | 6,561,063 | |
| 3,171 | | * | | Jounce Therapeutics, Inc | | | 15,696 | |
| 1,126 | | * | | Kadmon Holdings, Inc | | | 2,320 | |
| 1,521 | | * | | Kala Pharmaceuticals, Inc | | | 9,704 | |
| 390 | | * | | KalVista Pharmaceuticals Inc | | | 8,639 | |
| 1,858 | | *,e | | Karyopharm Therapeutics, Inc | | | 11,129 | |
| 1,049 | | * | | Kezar Life Sciences, Inc | | | 8,088 | |
| 337 | | * | | Kindred Biosciences, Inc | | | 2,807 | |
| 99 | | * | | Kiniksa Pharmaceuticals Ltd | | | 1,340 | |
| 702 | | * | | Kodiak Sciences, Inc | | | 8,213 | |
| 199 | | * | | Krystal Biotech Inc | | | 8,014 | |
65
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 217 | | * | | Kura Oncology, Inc | | $ | 4,273 | |
| 1,211 | | *,e | | La Jolla Pharmaceutical Co | | | 11,202 | |
| 429 | | *,e | | Lannett Co, Inc | | | 2,600 | |
| 657 | | *,e | | Lexicon Pharmaceuticals, Inc | | | 4,133 | |
| 305 | | *,e | | Ligand Pharmaceuticals, Inc (Class B) | | | 34,816 | |
| 674 | | * | | LogicBio Therapeutics, Inc | | | 8,762 | |
| 628 | | | | Luminex Corp | | | 12,962 | |
| 515 | | * | | MacroGenics, Inc | | | 8,740 | |
| 93 | | *,e | | Madrigal Pharmaceuticals, Inc | | | 9,747 | |
| 999 | | * | | Magenta Therapeutics, Inc | | | 14,735 | |
| 1,553 | | *,e | | Mallinckrodt plc | | | 14,257 | |
| 2,279 | | *,e | | MannKind Corp | | | 2,621 | |
| 2,772 | | * | | Marinus Pharmaceuticals, Inc | | | 11,504 | |
| 1,076 | | *,e | | Medicines Co | | | 39,242 | |
| 458 | | *,e | | MediciNova, Inc | | | 4,411 | |
| 358 | | * | | Medpace Holdings, Inc | | | 23,420 | |
| 206 | | *,e | | MeiraGTx Holdings plc | | | 5,537 | |
| 98 | | * | | Menlo Therapeutics, Inc | | | 587 | |
| 45,674 | | | | Merck & Co, Inc | | | 3,829,765 | |
| 2,722 | | * | | Mersana Therapeutics, Inc | | | 11,024 | |
| 425 | | * | | Mettler-Toledo International, Inc | | | 357,000 | |
| 553 | | * | | Minerva Neurosciences, Inc | | | 3,113 | |
| 495 | | * | | Mirati Therapeutics, Inc | | | 50,985 | |
| 457 | | *,e | | Moderna, Inc | | | 6,690 | |
| 1,020 | | * | | Molecular Templates, Inc | | | 8,517 | |
| 2,222 | | * | | Momenta Pharmaceuticals, Inc | | | 27,664 | |
| 2,333 | | * | | Mustang Bio, Inc | | | 8,585 | |
| 8,764 | | * | | Mylan NV | | | 166,867 | |
| 783 | | * | | MyoKardia, Inc | | | 39,260 | |
| 1,569 | | * | | Myriad Genetics, Inc | | | 43,587 | |
| 276 | | * | | NanoString Technologies, Inc | | | 8,377 | |
| 984 | | * | | Natera, Inc | | | 27,139 | |
| 3,021 | | * | | Nektar Therapeutics | | | 107,487 | |
| 1,622 | | * | | NeoGenomics, Inc | | | 35,587 | |
| 1,725 | | * | | Neon Therapeutics, Inc | | | 8,177 | |
| 1,620 | | * | | Neurocrine Biosciences, Inc | | | 136,777 | |
| 538 | | *,e | | Novavax, Inc | | | 3,153 | |
| 362 | | *,e | | Ocular Therapeutix, Inc | | | 1,593 | |
| 107 | | *,e | | Odonate Therapeutics, Inc | | | 3,926 | |
| 652 | | *,e | | Omeros Corp | | | 10,230 | |
| 2,006 | | * | | Oncocyte Corp | | | 4,995 | |
| 5,196 | | *,e | | Opko Health, Inc | | | 12,678 | |
| 258 | | *,e | | Optinose, Inc | | | 1,827 | |
| 3,121 | | * | | Pacific Biosciences of California, Inc | | | 18,882 | |
| 609 | | * | | Pacira Pharmaceuticals, Inc | | | 26,485 | |
| 14,286 | | *,e | | Palatin Technologies, Inc | | | 16,572 | |
| 2,502 | | *,e | | Paratek Pharmaceuticals, Inc | | | 9,983 | |
| 2,346 | | * | | PDL BioPharma, Inc | | | 7,366 | |
| 1,920 | | | | PerkinElmer, Inc | | | 184,973 | |
| 2,143 | | | | Perrigo Co plc | | | 102,050 | |
| 527 | | * | | Pfenex, Inc | | | 3,552 | |
| 98,651 | | | | Pfizer, Inc | | | 4,273,561 | |
| 293 | | | | Phibro Animal Health Corp | | | 9,309 | |
| 529 | | * | | Pieris Pharmaceuticals, Inc | | | 2,486 | |
| 140 | | *,e | | PolarityTE, Inc | | | 798 | |
| 1,084 | | *,e | | Portola Pharmaceuticals, Inc | | | 29,409 | |
| 926 | | * | | PRA Health Sciences, Inc | | | 91,813 | |
| 817 | | * | | Prestige Brands Holdings, Inc | | | 25,883 | |
| 95 | | * | | Principia Biopharma, Inc | | | 3,153 | |
| 1,110 | | * | | Progenics Pharmaceuticals, Inc | | | 6,849 | |
| 594 | | * | | Prothena Corp plc | | | 6,279 | |
| 1,091 | | * | | PTC Therapeutics, Inc | | | 49,095 | |
| 453 | | * | | Puma Biotechnology, Inc | | | 5,758 | |
| 3,971 | | * | | QIAGEN NV | | | 161,024 | |
| 141 | | * | | Quanterix Corp | | | 4,764 | |
| 742 | | * | | Ra Pharmaceuticals, Inc | | | 22,312 | |
66
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 582 | | * | | Radius Health, Inc | | $ | 14,178 | |
| 350 | | * | | Reata Pharmaceuticals, Inc | | | 33,023 | |
| 183 | | * | | Recro Pharma, Inc | | | 1,861 | |
| 1,413 | | * | | Regeneron Pharmaceuticals, Inc | | | 442,269 | |
| 641 | | * | | REGENXBIO, Inc | | | 32,928 | |
| 734 | | * | | Repligen Corp | | | 63,087 | |
| 560 | | * | | Replimune Group, Inc | | | 8,210 | |
| 802 | | * | | resTORbio, Inc | | | 8,180 | |
| 594 | | * | | Retrophin, Inc | | | 11,933 | |
| 352 | | * | | Revance Therapeutics, Inc | | | 4,565 | |
| 147 | | * | | Rhythm Pharmaceuticals, Inc | | | 3,234 | |
| 1,863 | | * | | Rigel Pharmaceuticals, Inc | | | 4,862 | |
| 856 | | * | | Rocket Pharmaceuticals, Inc | | | 12,840 | |
| 1,149 | | *,e | | Rubius Therapeutics, Inc | | | 18,074 | |
| 834 | | * | | Sage Therapeutics, Inc | | | 152,697 | |
| 1,935 | | * | | Sangamo Biosciences, Inc | | | 20,840 | |
| 1,249 | | * | | Sarepta Therapeutics, Inc | | | 189,786 | |
| 640 | | * | | Scholar Rock Holding Corp | | | 10,150 | |
| 1,816 | | * | | Seattle Genetics, Inc | | | 125,685 | |
| 3,177 | | *,e | | Seres Therapeutics, Inc | | | 10,230 | |
| 842 | | * | | SIGA Technologies, Inc | | | 4,783 | |
| 625 | | *,e | | Solid Biosciences, Inc | | | 3,594 | |
| 5,304 | | *,e | | Sorrento Therapeutics, Inc | | | 14,162 | |
| 615 | | * | | Spark Therapeutics, Inc | | | 62,964 | |
| 1,594 | | * | | Spectrum Pharmaceuticals, Inc | | | 13,724 | |
| 593 | | * | | Spero Therapeutics, Inc | | | 6,825 | |
| 334 | | * | | Stemline Therapeutics, Inc | | | 5,117 | |
| 725 | | * | | Supernus Pharmaceuticals, Inc | | | 23,990 | |
| 1,100 | | * | | Syndax Pharmaceuticals, Inc | | | 10,241 | |
| 1,109 | | * | | Syneos Health, Inc | | | 56,659 | |
| 1,588 | | * | | Synlogic, Inc | | | 14,451 | |
| 1,268 | | * | | Syros Pharmaceuticals, Inc | | | 11,742 | |
| 1,920 | | * | | TG Therapeutics, Inc | | | 16,608 | |
| 2,459 | | *,e | | TherapeuticsMD, Inc | | | 6,393 | |
| 661 | | *,e | | Theravance Biopharma, Inc | | | 10,794 | |
| 7,113 | | | | Thermo Fisher Scientific, Inc | | | 2,088,946 | |
| 1,395 | | * | | Tocagen, Inc | | | 9,319 | |
| 508 | | * | | Translate Bio, Inc | | | 6,416 | |
| 650 | | * | | Tricida, Inc | | | 25,649 | |
| 373 | | * | | Twist Bioscience Corp | | | 10,821 | |
| 4,055 | | *,e | | Tyme Technologies, Inc | | | 4,947 | |
| 996 | | * | | Ultragenyx Pharmaceutical, Inc | | | 63,246 | |
| 696 | | * | | United Therapeutics Corp | | | 54,330 | |
| 415 | | *,e | | UNITY Biotechnology, Inc | | | 3,943 | |
| 677 | | * | | Vanda Pharmaceuticals, Inc | | | 9,539 | |
| 818 | | * | | Veracyte, Inc | | | 23,321 | |
| 597 | | * | | Vericel Corp | | | 11,277 | |
| 843 | | * | | Verrica Pharmaceuticals, Inc | | | 9,796 | |
| 4,489 | | * | | Vertex Pharmaceuticals, Inc | | | 823,193 | |
| 1,907 | | *,e | | Viking Therapeutics, Inc | | | 15,828 | |
| 593 | | * | | Voyager Therapeutics, Inc | | | 16,141 | |
| 1,219 | | * | | Waters Corp | | | 262,378 | |
| 504 | | * | | WaVe Life Sciences Pte Ltd | | | 13,149 | |
| 748 | | * | | X4 Pharmaceuticals, Inc | | | 11,220 | |
| 743 | | * | | Xencor, Inc | | | 30,411 | |
| 740 | | * | | Xeris Pharmaceuticals, Inc | | | 8,466 | |
| 117 | | * | | Y-mAbs Therapeutics, Inc | | | 2,676 | |
| 2,318 | | *,e | | ZIOPHARM Oncology, Inc | | | 13,514 | |
| 8,602 | | | | Zoetis, Inc | | | 976,241 | |
| 629 | | * | | Zogenix, Inc | | | 30,054 | |
| 638 | | * | | Zynerba Pharmaceuticals, Inc | | | 8,645 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 41,054,830 | |
| | | | | | | | |
| |
REAL ESTATE - 4.0% | | | | |
| 1,300 | | | | Acadia Realty Trust | | | 35,581 | |
67
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 632 | | | | Agree Realty Corp | | $ | 40,480 | |
| 1,021 | | | �� | Alexander & Baldwin, Inc | | | 23,585 | |
| 57 | | | | Alexander’s, Inc | | | 21,107 | |
| 1,932 | | | | Alexandria Real Estate Equities, Inc | | | 272,586 | |
| 196 | | *,e | | Altisource Portfolio Solutions S.A. | | | 3,853 | |
| 714 | | | | American Assets Trust, Inc | | | 33,644 | |
| 2,413 | | | | American Campus Communities, Inc | | | 111,384 | |
| 1,878 | | | | American Finance Trust, Inc | | | 20,470 | |
| 4,773 | | | | American Homes 4 Rent | | | 116,032 | |
| 7,747 | | | | American Tower Corp | | | 1,583,874 | |
| 3,387 | | | | Americold Realty Trust | | | 109,807 | |
| 2,441 | | | | Apartment Investment & Management Co | | | 122,343 | |
| 4,063 | | * | | Apple Hospitality REIT, Inc | | | 64,439 | |
| 694 | | | | Armada Hoffler Properties, Inc | | | 11,486 | |
| 1,645 | | | | Ashford Hospitality Trust, Inc | | | 4,886 | |
| 2,445 | | | | AvalonBay Communities, Inc | | | 496,775 | |
| 379 | | | | Bluerock Residential Growth REIT, Inc | | | 4,453 | |
| 2,732 | | | | Boston Properties, Inc | | | 352,428 | |
| 403 | | | | BraeMar Hotels & Resorts, Inc | | | 3,990 | |
| 2,649 | | | | Brandywine Realty Trust | | | 37,934 | |
| 4,778 | | | | Brixmor Property Group, Inc | | | 85,431 | |
| 1,663 | | | | Brookfield Property REIT, Inc | | | 31,414 | |
| 1,146 | | | | Brt Realty Trust | | | 16,193 | |
| 1,599 | | | | Camden Property Trust | | | 166,920 | |
| 1,679 | | | | CareTrust REIT, Inc | | | 39,927 | |
| 568 | | | | CatchMark Timber Trust, Inc | | | 5,936 | |
| 2,955 | | | | CBL & Associates Properties, Inc | | | 3,073 | |
| 5,923 | | * | | CBRE Group, Inc | | | 303,850 | |
| 5,095 | | | | Cedar Realty Trust, Inc | | | 13,502 | |
| 572 | | | | Chatham Lodging Trust | | | 10,794 | |
| 909 | | | | Chesapeake Lodging Trust | | | 25,834 | |
| 471 | | | | City Office REIT, Inc | | | 5,647 | |
| 248 | | | | Clipper Realty, Inc | | | 2,773 | |
| 8,422 | | | | Colony Capital, Inc | | | 42,110 | |
| 1,903 | | | | Columbia Property Trust, Inc | | | 39,468 | |
| 199 | | | | Community Healthcare Trust, Inc | | | 7,843 | |
| 74 | | | | Consolidated-Tomoka Land Co | | | 4,418 | |
| 2,491 | | | | CoreCivic, Inc | | | 51,713 | |
| 185 | | | | CorEnergy Infrastructure Trust, Inc | | | 7,337 | |
| 675 | | | | CorePoint Lodging, Inc | | | 8,363 | |
| 582 | | | | Coresite Realty | | | 67,029 | |
| 2,132 | | | | Corporate Office Properties Trust | | | 56,221 | |
| 2,578 | | * | | Cousins Properties, Inc | | | 93,246 | |
| 7,293 | | | | Crown Castle International Corp | | | 950,643 | |
| 3,658 | | | | CubeSmart | | | 122,324 | |
| 1,631 | | * | | Cushman & Wakefield plc | | | 29,162 | |
| 1,868 | | | | CyrusOne, Inc | | | 107,821 | |
| 3,453 | | | | DiamondRock Hospitality Co | | | 35,704 | |
| 3,634 | | | | Digital Realty Trust, Inc | | | 428,049 | |
| 2,632 | | | | Douglas Emmett, Inc | | | 104,859 | |
| 6,366 | | | | Duke Realty Corp | | | 201,229 | |
| 1,427 | | | | Easterly Government Properties, Inc | | | 25,843 | |
| 673 | | | | EastGroup Properties, Inc | | | 78,055 | |
| 3,012 | | | | Empire State Realty Trust, Inc | | | 44,608 | |
| 1,161 | | | | Entertainment Properties Trust | | | 86,599 | |
| 1,485 | | | | Equinix, Inc | | | 748,871 | |
| 2,199 | | | | Equity Commonwealth | | | 71,511 | |
| 1,525 | | | | Equity Lifestyle Properties, Inc | | | 185,043 | |
| 6,483 | | | | Equity Residential | | | 492,189 | |
| 621 | | | | Essential Properties Realty Trust, Inc | | | 12,445 | |
| 1,129 | | | | Essex Property Trust, Inc | | | 329,589 | |
| 2,082 | | | | Extra Space Storage, Inc | | | 220,900 | |
| 482 | | | | Farmland Partners, Inc | | | 3,398 | |
| 1,232 | | | | Federal Realty Investment Trust | | | 158,632 | |
| 2,259 | | | | First Industrial Realty Trust, Inc | | | 82,996 | |
| 240 | | * | | Forestar Group, Inc | | | 4,692 | |
68
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,235 | | | | Four Corners Property Trust, Inc | | $ | 33,753 | |
| 1,621 | | | | Franklin Street Properties Corp | | | 11,963 | |
| 874 | | | | Front Yard Residential Corp | | | 10,680 | |
| 102 | | * | | FRP Holdings, Inc | | | 5,689 | |
| 3,570 | | | | Gaming and Leisure Properties, Inc | | | 139,159 | |
| 2,553 | | | | Geo Group, Inc | | | 53,639 | |
| 763 | | | | Getty Realty Corp | | | 23,470 | |
| 475 | | | | Gladstone Commercial Corp | | | 10,079 | |
| 1,177 | | | | Gladstone Land Corp | | | 13,571 | |
| 536 | | | | Global Medical REIT, Inc | | | 5,628 | |
| 1,848 | | | | Global Net Lease, Inc | | | 36,258 | |
| 775 | | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc | | | 21,839 | |
| 8,293 | | | | HCP, Inc | | | 265,210 | |
| 2,421 | | | | Healthcare Realty Trust, Inc | | | 75,826 | |
| 3,603 | | | | Healthcare Trust of America, Inc | | | 98,830 | |
| 697 | | | | Hersha Hospitality Trust | | | 11,528 | |
| 647 | | | | HFF, Inc (Class A) | | | 29,426 | |
| 1,796 | | | | Highwoods Properties, Inc | | | 74,175 | |
| 3,197 | | | | Hospitality Properties Trust | | | 79,925 | |
| 12,997 | | | | Host Marriott Corp | | | 236,805 | |
| 692 | | * | | Howard Hughes Corp | | | 85,697 | |
| 2,438 | | | | Hudson Pacific Properties | | | 81,112 | |
| 1,062 | | | | Independence Realty Trust, Inc | | | 12,287 | |
| 1,133 | | | | Industrial Logistics Properties Trust | | | 23,589 | |
| 169 | | | | Innovative Industrial Properties, Inc | | | 20,882 | |
| 192 | | | | Investors Real Estate Trust | | | 11,265 | |
| 6,743 | | | | Invitation Homes, Inc | | | 180,240 | |
| 4,939 | | | | Iron Mountain, Inc | | | 154,591 | |
| 1,070 | | | | iStar Financial, Inc | | | 13,289 | |
| 2,053 | | | | JBG SMITH Properties | | | 80,765 | |
| 145 | | | | Jernigan Capital, Inc | | | 2,972 | |
| 843 | | | | Jones Lang LaSalle, Inc | | | 118,602 | |
| 2,137 | | | | Kennedy-Wilson Holdings, Inc | | | 43,958 | |
| 1,727 | | | | Kilroy Realty Corp | | | 127,470 | |
| 6,452 | | | | Kimco Realty Corp | | | 119,233 | |
| 1,264 | | | | Kite Realty Group Trust | | | 19,124 | |
| 1,519 | | | | Lamar Advertising Co | | | 122,598 | |
| 3,541 | | | | Lexington Realty Trust | | | 33,321 | |
| 2,619 | | | | Liberty Property Trust | | | 131,055 | |
| 858 | | | | Life Storage, Inc | | | 81,579 | |
| 917 | | | | LTC Properties, Inc | | | 41,870 | |
| 2,511 | | | | Macerich Co | | | 84,093 | |
| 1,437 | | | | Mack-Cali Realty Corp | | | 33,468 | |
| 406 | | * | | Marcus & Millichap, Inc | | | 12,525 | |
| 169 | | * | | Maui Land & Pineapple Co, Inc | | | 1,739 | |
| 6,910 | | | | Medical Properties Trust, Inc | | | 120,510 | |
| 2,012 | | | | Mid-America Apartment Communities, Inc | | | 236,933 | |
| 2,033 | | | | Monmouth Real Estate Investment Corp (Class A) | | | 27,547 | |
| 885 | | | | National Health Investors, Inc | | | 69,057 | |
| 2,870 | | | | National Retail Properties, Inc | | | 152,139 | |
| 1,008 | | | | National Storage Affiliates Trust | | | 29,172 | |
| 1,266 | | | | New Senior Investment Group, Inc | | | 8,508 | |
| 2,520 | | | | Newmark Group, Inc | | | 22,630 | |
| 280 | | | | NexPoint Residential Trust, Inc | | | 11,592 | |
| 892 | | | | NorthStar Realty Europe Corp | | | 14,656 | |
| 1,200 | | | | Office Properties Income Trust | | | 31,524 | |
| 3,652 | | | | Omega Healthcare Investors, Inc | | | 134,211 | |
| 251 | | | | One Liberty Properties, Inc | | | 7,269 | |
| 2,970 | | | | Outfront Media, Inc | | | 76,596 | |
| 3,099 | | | | Paramount Group, Inc | | | 43,417 | |
| 3,690 | | | | Park Hotels & Resorts, Inc | | | 101,696 | |
| 2,135 | | | | Pebblebrook Hotel Trust | | | 60,164 | |
| 3,353 | | | | Pennsylvania REIT | | | 21,794 | |
| 2,932 | | | | Physicians Realty Trust | | | 51,134 | |
| 2,219 | | | | Piedmont Office Realty Trust, Inc | | | 44,225 | |
| 1,438 | | | | Potlatch Corp | | | 56,053 | |
69
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,193 | | | | Preferred Apartment Communities, Inc | | $ | 17,835 | |
| 10,984 | | | | Prologis, Inc | | | 879,818 | |
| 358 | | | | PS Business Parks, Inc | | | 60,334 | |
| 2,646 | | | | Public Storage, Inc | | | 630,198 | |
| 1,162 | | | | QTS Realty Trust, Inc | | | 53,661 | |
| 302 | | * | | Rafael Holdings, Inc | | | 8,682 | |
| 2,525 | | | | Rayonier, Inc | | | 76,507 | |
| 349 | | | | Re/Max Holdings, Inc | | | 10,735 | |
| 2,208 | | e | | Realogy Holdings Corp | | | 15,986 | |
| 5,579 | | | | Realty Income Corp | | | 384,784 | |
| 1,597 | | * | | Redfin Corp | | | 28,714 | |
| 2,945 | | | | Regency Centers Corp | | | 196,549 | |
| 1,675 | | | | Retail Opportunities Investment Corp | | | 28,693 | |
| 3,851 | | | | Retail Properties of America, Inc | | | 45,288 | |
| 264 | | | | Retail Value, Inc | | | 9,187 | |
| 1,780 | | | | Rexford Industrial Realty, Inc | | | 71,859 | |
| 3,486 | | | | RLJ Lodging Trust | | | 61,842 | |
| 148 | | | | RMR Group, Inc | | | 6,953 | |
| 1,201 | | | | RPT Realty | | | 14,544 | |
| 778 | | | | Ryman Hospitality Properties | | | 63,088 | |
| 3,697 | | | | Sabra Healthcare REIT, Inc | | | 72,794 | |
| 172 | | | | Safehold, Inc | | | 5,194 | |
| 445 | | | | Saul Centers, Inc | | | 24,978 | |
| 1,945 | | * | | SBA Communications Corp | | | 437,314 | |
| 4,896 | | | | Senior Housing Properties Trust | | | 40,490 | |
| 793 | | | | Seritage Growth Properties | | | 34,067 | |
| 5,464 | | | | Simon Property Group, Inc | | | 872,929 | |
| 2,580 | | | | SITE Centers Corp | | | 34,159 | |
| 1,436 | | | | SL Green Realty Corp | | | 115,411 | |
| 758 | | | | Spirit MTA REIT | | | 6,322 | |
| 1,516 | | | | Spirit Realty Capital, Inc | | | 64,673 | |
| 831 | | * | | St. Joe Co | | | 14,360 | |
| 1,899 | | | | STAG Industrial, Inc | | | 57,426 | |
| 3,669 | | | | STORE Capital Corp | | | 121,774 | |
| 93 | | * | | Stratus Properties, Inc | | | 3,016 | |
| 2,137 | | | | Summit Hotel Properties, Inc | | | 24,511 | |
| 1,497 | | | | Sun Communities, Inc | | | 191,900 | |
| 4,750 | | | | Sunstone Hotel Investors, Inc | | | 65,122 | |
| 1,459 | | | | Tanger Factory Outlet Centers, Inc | | | 23,650 | |
| 1,248 | | | | Taubman Centers, Inc | | | 50,956 | |
| 268 | | * | | Tejon Ranch Co | | | 4,446 | |
| 1,034 | | | | Terreno Realty Corp | | | 50,707 | |
| 4,734 | | | | UDR, Inc | | | 212,509 | |
| 435 | | | | UMH Properties, Inc | | | 5,398 | |
| 3,290 | | | | Uniti Group, Inc | | | 31,255 | |
| 198 | | | | Universal Health Realty Income Trust | | | 16,816 | |
| 2,537 | | | | Urban Edge Properties | | | 43,966 | |
| 465 | | | | Urstadt Biddle Properties, Inc (Class A) | | | 9,765 | |
| 6,345 | | | | Ventas, Inc | | | 433,681 | |
| 17,222 | | | | VEREIT, Inc | | | 155,170 | |
| 7,385 | | | | VICI Properties, Inc | | | 162,765 | |
| 3,062 | | | | Vornado Realty Trust | | | 196,274 | |
| 3,960 | | | | Washington Prime Group, Inc | | | 15,127 | |
| 1,848 | | | | Washington REIT | | | 49,397 | |
| 1,872 | | | | Weingarten Realty Investors | | | 51,330 | |
| 7,180 | | | | Welltower, Inc | | | 585,385 | |
| 13,181 | | | | Weyerhaeuser Co | | | 347,188 | |
| 550 | | * | | Whitestone REIT | | | 6,979 | |
| 2,861 | | | | WP Carey, Inc | | | 232,256 | |
| 2,548 | | | | Xenia Hotels & Resorts, Inc | | | 53,126 | |
| | | | | | | | |
| | | | TOTAL REAL ESTATE | | | 20,870,788 | |
| | | | | | | | |
| |
RETAILING - 6.0% | | | | |
| 426 | | * | | 1-800-FLOWERS.COM, Inc (Class A) | | | 8,043 | |
| 1,334 | | | | Aaron’s, Inc | | | 81,921 | |
70
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 1,074 | | | | Abercrombie & Fitch Co (Class A) | | $ | 17,227 | |
| 1,214 | | | | Advance Auto Parts, Inc | | | 187,126 | |
| 7,334 | | * | | Amazon.com, Inc | | | 13,887,882 | |
| 2,547 | | | | American Eagle Outfitters, Inc | | | 43,044 | |
| 122 | | * | | America’sCar-Mart, Inc | | | 10,502 | |
| 305 | | * | | Asbury Automotive Group, Inc | | | 25,724 | |
| 7,209 | | * | | Ascena Retail Group, Inc | | | 4,397 | |
| 908 | | *,e | | At Home Group, Inc | | | 6,047 | |
| 1,001 | | * | | Autonation, Inc | | | 41,982 | |
| 437 | | * | | AutoZone, Inc | | | 480,468 | |
| 603 | | * | | Barnes & Noble Education, Inc | | | 2,026 | |
| 965 | | | | Barnes & Noble, Inc | | | 6,456 | |
| 2,179 | | e | | Bed Bath & Beyond, Inc | | | 25,320 | |
| 4,166 | | | | Best Buy Co, Inc | | | 290,495 | |
| 744 | | | | Big Lots, Inc | | | 21,286 | |
| 2,230 | | * | | BJ’s Wholesale Club Holdings, Inc | | | 58,872 | |
| 766 | | * | | Booking Holdings, Inc | | | 1,436,028 | |
| 865 | | * | | Boot Barn Holdings, Inc | | | 30,829 | |
| 526 | | e | | Buckle, Inc | | | 9,105 | |
| 1,177 | | * | | Burlington Stores, Inc | | | 200,267 | |
| 639 | | | | Caleres, Inc | | | 12,729 | |
| 1,606 | | e | | Camping World Holdings, Inc | | | 19,947 | |
| 2,903 | | * | | CarMax, Inc | | | 252,067 | |
| 748 | | *,e | | Carvana Co | | | 46,817 | |
| 368 | | | | Cato Corp (Class A) | | | 4,534 | |
| 2,075 | | | | Chico’s FAS, Inc | | | 6,993 | |
| 288 | | e | | Children’s Place Retail Stores, Inc | | | 27,469 | |
| 243 | | | | Citi Trends, Inc | | | 3,553 | |
| 291 | | * | | Conn’s, Inc | | | 5,186 | |
| 231 | | * | | Container Store Group, Inc | | | 1,691 | |
| 775 | | | | Core-Mark Holding Co, Inc | | | 30,783 | |
| 1,574 | | | | Designer Brands, Inc | | | 30,174 | |
| 1,351 | | | | Dick’s Sporting Goods, Inc | | | 46,785 | |
| 236 | | e | | Dillard’s, Inc (Class A) | | | 14,698 | |
| 4,595 | | | | Dollar General Corp | | | 621,060 | |
| 4,144 | | * | | Dollar Tree, Inc | | | 445,024 | |
| 144 | | *,e | | Duluth Holdings, Inc | | | 1,957 | |
| 14,614 | | | | eBay, Inc | | | 577,253 | |
| 2,169 | | * | | Etsy, Inc | | | 133,112 | |
| 2,141 | | | | Expedia, Inc | | | 284,817 | |
| 1,208 | | * | | Express Parent LLC | | | 3,298 | |
| 969 | | * | | Five Below, Inc | | | 116,299 | |
| 1,023 | | * | | Floor & Decor Holdings, Inc | | | 42,864 | |
| 1,924 | | | | Foot Locker, Inc | | | 80,654 | |
| 185 | | *,e | | Funko, Inc | | | 4,481 | |
| 142 | | *,e | | Gaia, Inc | | | 1,076 | |
| 3,508 | | | | GameStop Corp (Class A) | | | 19,189 | |
| 3,661 | | | | Gap, Inc | | | 65,788 | |
| 313 | | * | | Genesco, Inc | | | 13,237 | |
| 2,563 | | | | Genuine Parts Co | | | 265,476 | |
| 1,455 | | *,e | | GNC Holdings, Inc | | | 2,182 | |
| 324 | | | | Group 1 Automotive, Inc | | | 26,532 | |
| 7,081 | | * | | Groupon, Inc | | | 25,350 | |
| 1,482 | | * | | GrubHub, Inc | | | 115,581 | |
| 904 | | | | Guess?, Inc | | | 14,600 | |
| 286 | | | | Haverty Furniture Cos, Inc | | | 4,871 | |
| 323 | | * | | Hibbett Sports, Inc | | | 5,879 | |
| 19,546 | | | | Home Depot, Inc | | | 4,064,982 | |
| 619 | | * | | Hudson Ltd | | | 8,536 | |
| 1,819 | | e | | J. Jill, Inc | | | 3,620 | |
| 6,812 | | *,e | | JC Penney Co, Inc | | | 7,766 | |
| 2,978 | | | | Kohl’s Corp | | | 141,604 | |
| 4,373 | | | | L Brands, Inc | | | 114,135 | |
| 221 | | * | | Lands’ End, Inc | | | 2,701 | |
| 198 | | * | | Leaf Group Ltd | | | 1,467 | |
| 1,009 | | * | | Liberty Expedia Holdings, Inc | | | 48,220 | |
71
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 325 | | * | | Liquidity Services, Inc | | $ | 1,979 | |
| 367 | | | | Lithia Motors, Inc (Class A) | | | 43,592 | |
| 5,805 | | * | | LKQ Corp | | | 154,471 | |
| 14,250 | | | | Lowe’s Companies, Inc | | | 1,437,967 | |
| 442 | | *,e | | Lumber Liquidators, Inc | | | 5,105 | |
| 5,634 | | | | Macy’s, Inc | | | 120,906 | |
| 389 | | * | | MarineMax, Inc | | | 6,395 | |
| 1,815 | | * | | Michaels Cos, Inc | | | 15,790 | |
| 452 | | | | Monro Muffler, Inc | | | 38,556 | |
| 539 | | * | | Murphy USA, Inc | | | 45,292 | |
| 956 | | * | | National Vision Holdings, Inc | | | 29,378 | |
| 1,826 | | | | Nordstrom, Inc | | | 58,176 | |
| 15,322 | | | | Office Depot, Inc | | | 31,563 | |
| 911 | | * | | Ollie’s Bargain Outlet Holdings, Inc | | | 79,357 | |
| 1,359 | | * | | O’Reilly Automotive, Inc | | | 501,906 | |
| 263 | | *,e | | Overstock.com, Inc | | | 3,577 | |
| 2,124 | | * | | Party City Holdco, Inc | | | 15,569 | |
| 554 | | | | Penske Auto Group, Inc | | | 26,204 | |
| 306 | | e | | PetMed Express, Inc | | | 4,795 | |
| 716 | | | | Pool Corp | | | 136,756 | |
| 1,155 | | * | | Quotient Technology, Inc | | | 12,405 | |
| 7,241 | | * | | Qurate Retail Group, Inc QVC Group | | | 89,716 | |
| 699 | | * | | Rent-A-Center, Inc | | | 18,614 | |
| 337 | | *,e | | RH | | | 38,957 | |
| 6,289 | | | | Ross Stores, Inc | | | 623,366 | |
| 2,965 | | * | | RTW RetailWinds, Inc | | | 5,041 | |
| 1,270 | | * | | Rubicon Project, Inc | | | 8,077 | |
| 2,233 | | * | | Sally Beauty Holdings, Inc | | | 29,788 | |
| 203 | | e | | Shoe Carnival, Inc | | | 5,603 | |
| 526 | | * | | Shutterfly, Inc | | | 26,589 | |
| 309 | | | | Shutterstock, Inc | | | 12,110 | |
| 961 | | | | Signet Jewelers Ltd | | | 17,183 | |
| 660 | | * | | Sleep Number Corp | | | 26,657 | |
| 455 | | | | Sonic Automotive, Inc (Class A) | | | 10,624 | |
| 571 | | * | | Sportsman’s Warehouse Holdings, Inc | | | 2,158 | |
| 279 | | * | | Stamps.com, Inc | | | 12,630 | |
| 738 | | * | | Stitch Fix Inc | | | 23,609 | |
| 856 | | e | | Tailored Brands, Inc | | | 4,939 | |
| 8,833 | | | | Target Corp | | | 765,026 | |
| 2,104 | | | | Tiffany & Co | | | 197,019 | |
| 528 | | | | Tile Shop Holdings, Inc | | | 2,112 | |
| 297 | | | | Tilly’s, Inc | | | 2,266 | |
| 21,716 | | | | TJX Companies, Inc | | | 1,148,342 | |
| 2,139 | | | | Tractor Supply Co | | | 232,723 | |
| 979 | | * | | Ulta Beauty, Inc | | | 339,605 | |
| 1,237 | | * | | Urban Outfitters, Inc | | | 28,142 | |
| 1,065 | | * | | Wayfair, Inc | | | 155,490 | |
| 99 | | | | Weyco Group, Inc | | | 2,644 | |
| 1,350 | | e | | Williams-Sonoma, Inc | | | 87,750 | |
| 37 | | | | Winmark Corp | | | 6,407 | |
| 314 | | * | | Zumiez, Inc | | | 8,195 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 31,343,205 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5% | | | | |
| 728 | | * | | Acacia Communications, Inc | | | 34,332 | |
| 1,029 | | * | | Adesto Technologies Corp | | | 8,386 | |
| 617 | | * | | Advanced Energy Industries, Inc | | | 34,719 | |
| 17,747 | | * | | Advanced Micro Devices, Inc | | | 538,976 | |
| 302 | | * | | Alpha & Omega Semiconductor Ltd | | | 2,821 | |
| 507 | | * | | Ambarella, Inc | | | 22,374 | |
| 1,455 | | * | | Amkor Technology, Inc | | | 10,854 | |
| 6,534 | | | | Analog Devices, Inc | | | 737,493 | |
| 17,017 | | | | Applied Materials, Inc | | | 764,233 | |
| 341 | | * | | Aquantia Corp | | | 4,443 | |
| 510 | | * | | Axcelis Technologies, Inc | | | 7,675 | |
72
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 582 | | * | | AXT, Inc | | $ | 2,305 | |
| 6,849 | | | | Broadcom, Inc | | | 1,971,553 | |
| 1,076 | | | | Brooks Automation, Inc | | | 41,695 | |
| 469 | | | | Cabot Microelectronics Corp | | | 51,628 | |
| 333 | | * | | Ceva, Inc | | | 8,109 | |
| 1,003 | | * | | Cirrus Logic, Inc | | | 43,831 | |
| 598 | | | | Cohu, Inc | | | 9,227 | |
| 1,899 | | * | | Cree, Inc | | | 106,686 | |
| 6,672 | | | | Cypress Semiconductor Corp | | | 148,385 | |
| 584 | | * | | Diodes, Inc | | | 21,240 | |
| 2,561 | | | | Entegris, Inc | | | 95,577 | |
| 1,588 | | * | | First Solar, Inc | | | 104,300 | |
| 1,075 | | * | | Formfactor, Inc | | | 16,845 | |
| 434 | | * | | Ichor Holdings Ltd | | | 10,260 | |
| 285 | | *,e | | Impinj, Inc | | | 8,157 | |
| 822 | | * | | Inphi Corp | | | 41,182 | |
| 79,454 | | | | Intel Corp | | | 3,803,463 | |
| 2,865 | | | | Kla-Tencor Corp | | | 338,643 | |
| 2,721 | | | | Lam Research Corp | | | 511,113 | |
| 1,895 | | * | | Lattice Semiconductor Corp | | | 27,648 | |
| 627 | | * | | MA-COM Technology Solutions | | | 9,487 | |
| 11,608 | | | | Marvell Technology Group Ltd | | | 277,083 | |
| 4,894 | | | | Maxim Integrated Products, Inc | | | 292,759 | |
| 927 | | * | | MaxLinear, Inc | | | 21,729 | |
| 4,231 | | e | | Microchip Technology, Inc | | | 366,828 | |
| 19,769 | | * | | Micron Technology, Inc | | | 762,886 | |
| 1,013 | | | | MKS Instruments, Inc | | | 78,903 | |
| 730 | | | | Monolithic Power Systems, Inc | | | 99,119 | |
| 364 | | * | | Nanometrics, Inc | | | 12,634 | |
| 478 | | * | | NeoPhotonics Corp Ltd | | | 1,998 | |
| 77 | | | | NVE Corp | | | 5,362 | |
| 10,348 | | | | NVIDIA Corp | | | 1,699,452 | |
| 7,472 | | * | | ON Semiconductor Corp | | | 151,009 | |
| 409 | | * | | PDF Solutions, Inc | | | 5,366 | |
| 1,020 | | * | | Photronics, Inc | | | 8,364 | |
| 446 | | | | Power Integrations, Inc | | | 35,760 | |
| 2,283 | | * | | Qorvo, Inc | | | 152,071 | |
| 21,470 | | | | Qualcomm, Inc | | | 1,633,223 | |
| 1,707 | | * | | Rambus, Inc | | | 20,552 | |
| 488 | | * | | Rudolph Technologies, Inc | | | 13,483 | |
| 1,008 | | * | | Semtech Corp | | | 48,434 | |
| 654 | | * | | Silicon Laboratories, Inc | | | 67,624 | |
| 3,182 | | | | Skyworks Solutions, Inc | | | 245,873 | |
| 170 | | *,e | | SMART Global Holdings, Inc | | | 3,908 | |
| 886 | | *,e | | SunPower Corp | | | 9,471 | |
| 3,141 | | | | Teradyne, Inc | | | 150,485 | |
| 16,625 | | | | Texas Instruments, Inc | | | 1,907,885 | |
| 789 | | * | | Ultra Clean Holdings | | | 10,983 | |
| 754 | | | | Universal Display Corp | | | 141,797 | |
| 729 | | * | | Veeco Instruments, Inc | | | 8,908 | |
| 2,096 | | | | Versum Materials, Inc | | | 108,112 | |
| 4,538 | | | | Xilinx, Inc | | | 535,121 | |
| 754 | | | | Xperi Corp | | | 15,525 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 18,430,347 | |
| | | | | | | | |
| |
SOFTWARE & SERVICES - 12.3% | | | | |
| 874 | | * | | 2U, Inc | | | 32,897 | |
| 1,702 | | * | | 8x8, Inc | | | 41,018 | |
| 754 | | * | | A10 Networks, Inc | | | 5,142 | |
| 11,351 | | | | Accenture plc | | | 2,097,324 | |
| 2,058 | | * | | ACI Worldwide, Inc | | | 70,672 | |
| 8,635 | | * | | Adobe, Inc | | | 2,544,303 | |
| 2,865 | | * | | Akamai Technologies, Inc | | | 229,601 | |
| 646 | | * | | Alarm.com Holdings, Inc | | | 34,561 | |
| 829 | | | | Alliance Data Systems Corp | | | 116,168 | |
73
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 677 | | * | | Altair Engineering, Inc | | $ | 27,344 | |
| 804 | | *,e | | Alteryx, Inc | | | 87,733 | |
| 273 | | * | | Amber Road, Inc | | | 3,565 | |
| 2,546 | | | | Amdocs Ltd | | | 158,081 | |
| 370 | | * | | American Software, Inc (Class A) | | | 4,866 | |
| 1,451 | | * | | Anaplan, Inc | | | 73,232 | |
| 1,478 | | * | | Ansys, Inc | | | 302,724 | |
| 237 | | * | | Appfolio, Inc | �� | | 24,238 | |
| 548 | | * | | Appian Corp | | | 19,766 | |
| 1,300 | | * | | Aspen Technology, Inc | | | 161,564 | |
| 1,812 | | * | | Atlassian Corp plc | | | 237,082 | |
| 3,961 | | * | | Autodesk, Inc | | | 645,247 | |
| 7,765 | | | | Automatic Data Processing, Inc | | | 1,283,787 | |
| 754 | | * | | Avalara, Inc | | | 54,439 | |
| 1,669 | | * | | Avaya Holdings Corp | | | 19,878 | |
| 527 | | * | | Benefitfocus, Inc | | | 14,308 | |
| 2,568 | | * | | Black Knight, Inc | | | 154,465 | |
| 741 | | | | Blackbaud, Inc | | | 61,874 | |
| 752 | | * | | Blackline, Inc | | | 40,240 | |
| 2,513 | | | | Booz Allen Hamilton Holding Co | | | 166,386 | |
| 808 | | * | | Bottomline Technologies, Inc | | | 35,746 | |
| 2,047 | | * | | Box, Inc | | | 36,048 | |
| 460 | | * | | Brightcove, Inc | | | 4,752 | |
| 2,063 | | | | Broadridge Financial Solutions, Inc | | | 263,404 | |
| 451 | | * | | CACI International, Inc (Class A) | | | 92,270 | |
| 5,009 | | * | | Cadence Design Systems, Inc | | | 354,687 | |
| 1,228 | | * | | Carbon Black, Inc | | | 20,532 | |
| 391 | | * | | Carbonite, Inc | | | 10,182 | |
| 708 | | * | | Cardtronics plc | | | 19,343 | |
| 222 | | | | Cass Information Systems, Inc | | | 10,763 | |
| 2,269 | | | | CDK Global, Inc | | | 112,179 | |
| 1,007 | | * | | Ceridian HCM Holding, Inc | | | 50,551 | |
| 378 | | * | | ChannelAdvisor Corp | | | 3,311 | |
| 1,608 | | * | | Cision Ltd | | | 18,862 | |
| 2,218 | | | | Citrix Systems, Inc | | | 217,675 | |
| 2,998 | | *,e | | Cloudera, Inc | | | 15,770 | |
| 10,183 | | | | Cognizant Technology Solutions Corp (Class A) | | | 645,500 | |
| 606 | | * | | Commvault Systems, Inc | | | 30,070 | |
| 3,045 | | * | | Conduent, Inc | | | 29,202 | |
| 985 | | * | | Cornerstone OnDemand, Inc | | | 57,061 | |
| 1,022 | | * | | Coupa Software, Inc | | | 129,395 | |
| 520 | | | | CSG Systems International, Inc | | | 25,392 | |
| 348 | | * | | Digimarc Corp | | | 15,448 | |
| 1,755 | | * | | Digital Turbine, Inc | | | 8,775 | |
| 2,702 | | * | | DocuSign, Inc | | | 134,316 | |
| 549 | | * | | Domo, Inc | | | 14,999 | |
| 3,745 | | * | | Dropbox, Inc | | | 93,812 | |
| 4,799 | | | | DXC Technology Co | | | 264,665 | |
| 387 | | e | | Ebix, Inc | | | 19,435 | |
| 1,316 | | * | | eGain Corp | | | 10,712 | |
| 661 | | * | | Elastic NV | | | 49,350 | |
| 895 | | * | | Endurance International Group Holdings, Inc | | | 4,296 | |
| 884 | | * | | Envestnet, Inc | | | 60,439 | |
| 940 | | * | | EPAM Systems, Inc | | | 162,714 | |
| 898 | | * | | Euronet Worldwide, Inc | | | 151,080 | |
| 572 | | * | | Everbridge, Inc | | | 51,148 | |
| 989 | | * | | Everi Holdings, Inc | | | 11,799 | |
| 941 | | | | EVERTEC, Inc | | | 30,771 | |
| 266 | | * | | Evo Payments, Inc | | | 8,387 | |
| 795 | | * | | Exela Technologies, Inc | | | 1,741 | |
| 511 | | * | | ExlService Holdings, Inc | | | 33,792 | |
| 537 | | * | | Fair Isaac Corp | | | 168,629 | |
| 5,725 | | | | Fidelity National Information Services, Inc | | | 702,343 | |
| 3,709 | | * | | FireEye, Inc | | | 54,930 | |
| 1,318 | | * | | First American Corp | | | 55,132 | |
| 10,116 | | * | | First Data Corp | | | 273,840 | |
74
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 6,941 | | * | | Fiserv, Inc | | $ | 632,742 | |
| 1,139 | | * | | Five9, Inc | | | 58,419 | |
| 1,535 | | * | | FleetCor Technologies, Inc | | | 431,105 | |
| 713 | | * | | ForeScout Technologies, Inc | | | 24,142 | |
| 2,484 | | * | | Fortinet, Inc | | | 190,846 | |
| 1,574 | | * | | Gartner, Inc | | | 253,320 | |
| 3,090 | | | | Genpact Ltd | | | 117,698 | |
| 2,808 | | | | Global Payments, Inc | | | 449,645 | |
| 3,114 | | * | | GoDaddy, Inc | | | 218,447 | |
| 827 | | *,e | | GTT Communications, Inc | | | 14,555 | |
| 1,102 | | * | | GTY Technology Holdings Inc | | | 7,549 | |
| 1,428 | | * | | Guidewire Software, Inc | | | 144,771 | |
| 450 | | | | Hackett Group, Inc | | | 7,556 | |
| 632 | | * | | HubSpot, Inc | | | 107,769 | |
| 139 | | * | | I3 Verticals, Inc | | | 4,094 | |
| 4,520 | | * | | Ideanomics Inc | | | 11,119 | |
| 513 | | * | | Information Services Group, Inc | | | 1,621 | |
| 506 | | * | | Instructure, Inc | | | 21,505 | |
| 308 | | * | | Intelligent Systems Corp | | | 8,867 | |
| 15,728 | | | | International Business Machines Corp | | | 2,168,891 | |
| 4,400 | | | | Intuit, Inc | | | 1,149,852 | |
| 736 | | | | j2 Global, Inc | | | 65,423 | |
| 1,367 | | | | Jack Henry & Associates, Inc | | | 183,069 | |
| 2,207 | | | | KBR, Inc | | | 55,043 | |
| 2,410 | | | | Leidos Holdings, Inc | | | 192,439 | |
| 1,126 | | * | | Limelight Networks, Inc | | | 3,040 | |
| 1,122 | | * | | Liveperson, Inc | | | 31,461 | |
| 1,208 | | * | | LiveRamp Holdings, Inc | | | 58,564 | |
| 811 | | | | LogMeIn, Inc | | | 59,754 | |
| 945 | | * | | Majesco | | | 8,798 | |
| 1,102 | | * | | Manhattan Associates, Inc | | | 76,402 | |
| 473 | | | | Mantech International Corp (Class A) | | | 31,147 | |
| 15,919 | | | | MasterCard, Inc (Class A) | | | 4,211,053 | |
| 1,221 | | | | MAXIMUS, Inc | | | 88,571 | |
| 134,132 | | | | Microsoft Corp | | | 17,968,323 | |
| 147 | | * | | MicroStrategy, Inc (Class A) | | | 21,067 | |
| 467 | | * | | Mitek Systems, Inc | | | 4,642 | |
| 2,278 | | * | | MobileIron, Inc | | | 14,124 | |
| 351 | | * | | Model N, Inc | | | 6,845 | |
| 423 | | * | | MongoDB, Inc | | | 64,334 | |
| 644 | | | | Monotype Imaging Holdings, Inc | | | 10,845 | |
| 713 | | * | | New Relic, Inc | | | 61,682 | |
| 1,004 | | | | NIC, Inc | | | 16,104 | |
| 5,319 | | * | | Nuance Communications, Inc | | | 84,944 | |
| 2,346 | | * | | Nutanix, Inc | | | 60,855 | |
| 1,807 | | * | | Okta, Inc | | | 223,183 | |
| 469 | | * | | OneSpan, Inc | | | 6,646 | |
| 40,732 | | | | Oracle Corp | | | 2,320,502 | |
| 1,602 | | * | | Palo Alto Networks, Inc | | | 326,424 | |
| 5,782 | | | | Paychex, Inc | | | 475,801 | |
| 870 | | * | | Paycom Software, Inc | | | 197,246 | |
| 562 | | * | | Paylocity Holding Corp | | | 52,727 | |
| 20,833 | | * | | PayPal Holdings, Inc | | | 2,384,545 | |
| 655 | | * | | Paysign Inc | | | 8,757 | |
| 804 | | | | Pegasystems, Inc | | | 57,253 | |
| 509 | | * | | Perficient, Inc | | | 17,469 | |
| 2,303 | | | | Perspecta, Inc | | | 53,913 | |
| 2,440 | | * | | Phunware, Inc | | | 7,588 | |
| 944 | | * | | Pluralsight, Inc | | | 28,622 | |
| 307 | | | | Presidio, Inc | | | 4,197 | |
| 449 | | * | | PRGX Global, Inc | | | 3,017 | |
| 766 | | | | Progress Software Corp | | | 33,413 | |
| 932 | | * | | Proofpoint, Inc | | | 112,073 | |
| 671 | | * | | PROS Holdings, Inc | | | 42,447 | |
| 1,840 | | * | | PTC, Inc | | | 165,158 | |
| 587 | | * | | Q2 Holdings, Inc | | | 44,823 | |
75
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 144 | | | | QAD, Inc (Class A) | | $ | 5,790 | |
| 667 | | * | | Qualys, Inc | | | 58,082 | |
| 847 | | * | | Rapid7, Inc | | | 48,990 | |
| 1,405 | | * | | RealPage, Inc | | | 82,684 | |
| 3,144 | | * | | Red Hat, Inc | | | 590,317 | |
| 1,545 | | * | | Rimini Street, Inc | | | 8,189 | |
| 1,248 | | * | | RingCentral, Inc | | | 143,420 | |
| 5,212 | | | | Sabre Corp | | | 115,706 | |
| 1,565 | | * | | SailPoint Technologies Holding, Inc | | | 31,363 | |
| 13,052 | | * | | salesforce.com, Inc | | | 1,980,380 | |
| 1,043 | | | | Science Applications International Corp | | | 90,282 | |
| 96 | | *,e | | SecureWorks Corp | | | 1,276 | |
| 3,253 | | * | | ServiceNow, Inc | | | 893,176 | |
| 623 | | * | | SharpSpring Inc | | | 8,093 | |
| 307 | | *,e | | ShotSpotter, Inc | | | 13,569 | |
| 1,506 | | * | | Smartsheet, Inc | | | 72,890 | |
| 852 | | * | | SolarWinds Corp | | | 15,626 | |
| 2,599 | | * | | Splunk, Inc | | | 326,824 | |
| 256 | | * | | SPS Commerce, Inc | | | 26,166 | |
| 5,895 | | * | | Square, Inc | | | 427,564 | |
| 3,832 | | | | SS&C Technologies Holdings, Inc | | | 220,762 | |
| 1,479 | | * | | SVMK, Inc | | | 24,418 | |
| 1,193 | | | | Switch, Inc | | | 15,616 | |
| 605 | | * | | Sykes Enterprises, Inc | | | 16,613 | |
| 10,603 | | | | Symantec Corp | | | 230,721 | |
| 1,067 | | * | | Synchronoss Technologies, Inc | | | 8,440 | |
| 2,702 | | * | | Synopsys, Inc | | | 347,720 | |
| 1,271 | | * | | Tableau Software, Inc | | | 211,011 | |
| 737 | | * | | Telaria, Inc | | | 5,542 | |
| 485 | | * | | TeleNav, Inc | | | 3,880 | |
| 703 | | * | | Tenable Holdings, Inc | | | 20,064 | |
| 2,058 | | * | | Teradata Corp | | | 73,779 | |
| 1,831 | | | | TiVo Corp | | | 13,494 | |
| 3,094 | | | | Total System Services, Inc | | | 396,867 | |
| 670 | | * | | Trade Desk, Inc | | | 152,613 | |
| 235 | | | | TTEC Holdings, Inc | | | 10,949 | |
| 143 | | *,e | | Tucows, Inc | | | 8,726 | |
| 2,043 | | * | | Twilio, Inc | | | 278,563 | |
| 664 | | * | | Tyler Technologies, Inc | | | 143,437 | |
| 769 | | * | | Unisys Corp | | | 7,475 | |
| 395 | | * | | Upland Software, Inc | | | 17,984 | |
| 1,726 | | *,e | | USA Technologies, Inc | | | 12,824 | |
| 446 | | * | | Varonis Systems, Inc | | | 27,625 | |
| 1,154 | | * | | Verint Systems, Inc | | | 62,062 | |
| 1,861 | | * | | VeriSign, Inc | | | 389,247 | |
| 1,731 | | * | | Verra Mobility Corp | | | 22,659 | |
| 2,120 | | *,e | | VirnetX Holding Corp | | | 13,165 | |
| 427 | | * | | Virtusa Corp | | | 18,972 | |
| 30,853 | | | | Visa, Inc (Class A) | | | 5,354,538 | |
| 1,376 | | | | VMware, Inc (Class A) | | | 230,081 | |
| 7,616 | | | | Western Union Co | | | 151,482 | |
| 739 | | * | | WEX, Inc | | | 153,786 | |
| 2,826 | | * | | Workday, Inc | | | 580,969 | |
| 617 | | * | | Workiva, Inc | | | 35,842 | |
| 5,480 | | * | | Worldpay, Inc | | | 671,574 | |
| 1,309 | | * | | Yext, Inc | | | 26,298 | |
| 1,861 | | * | | Zendesk, Inc | | | 165,685 | |
| 803 | | * | | Zix Corp | | | 7,299 | |
| 1,013 | | * | | Zscaler, Inc | | | 77,636 | |
| 1,498 | | * | | Zuora Inc | | | 22,949 | |
| | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | 64,420,353 | |
| | | | | | | | |
| |
TECHNOLOGY HARDWARE & EQUIPMENT - 5.3% | | | | |
| 1,699 | | *,e | | 3D Systems Corp | | | 15,461 | |
| 806 | | | | Adtran, Inc | | | 12,292 | |
76
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 513 | | * | | Aerohive Networks, Inc | | $ | 2,273 | |
| 400 | | * | | Agilysys, Inc | | | 8,588 | |
| 5,167 | | | | Amphenol Corp (Class A) | | | 495,722 | |
| 430 | | * | | Anixter International, Inc | | | 25,675 | |
| 81,634 | | | | Apple, Inc | | | 16,157,001 | |
| 285 | | *,e | | Applied Optoelectronics, Inc | | | 2,930 | |
| 1,024 | | * | | Arista Networks, Inc | | | 265,851 | |
| 1,226 | | * | | Arlo Technologies, Inc | | | 4,916 | |
| 1,678 | | * | | Arrow Electronics, Inc | | | 119,591 | |
| 470 | | * | | Avid Technology, Inc | | | 4,286 | |
| 1,997 | | | | Avnet, Inc | | | 90,404 | |
| 720 | | | | AVX Corp | | | 11,952 | |
| 438 | | | | Badger Meter, Inc | | | 26,144 | |
| 144 | | | | Bel Fuse, Inc (Class B) | | | 2,473 | |
| 636 | | | | Belden CDT, Inc | | | 37,887 | |
| 773 | | | | Benchmark Electronics, Inc | | | 19,418 | |
| 528 | | * | | CalAmp Corp | | | 6,167 | |
| 643 | | * | | Calix, Inc | | | 4,218 | |
| 1,029 | | * | | Casa Systems, Inc | | | 6,616 | |
| 2,565 | | | | CDW Corp | | | 284,715 | |
| 2,613 | | * | | Ciena Corp | | | 107,473 | |
| 78,121 | | | | Cisco Systems, Inc | | | 4,275,562 | |
| 153 | | * | | Clearfield, Inc | | | 2,027 | |
| 2,887 | | | | Cognex Corp | | | 138,518 | |
| 382 | | * | | Coherent, Inc | | | 52,093 | |
| 3,172 | | * | | CommScope Holding Co, Inc | | | 49,896 | |
| 356 | | | | Comtech Telecommunications Corp | | | 10,007 | |
| 375 | | * | | Control4 Corp | | | 8,906 | |
| 13,823 | | | | Corning, Inc | | | 459,338 | |
| 622 | | * | | Cray, Inc | | | 21,658 | |
| 485 | | | | CTS Corp | | | 13,376 | |
| 548 | | | | Daktronics, Inc | | | 3,381 | |
| 2,789 | | * | | Dell Technologies, Inc | | | 141,681 | |
| 1,043 | | * | | Diebold, Inc | | | 9,554 | |
| 400 | | * | | Digi International, Inc | | | 5,072 | |
| 1,151 | | | | Dolby Laboratories, Inc (Class A) | | | 74,355 | |
| 740 | | * | | EchoStar Corp (Class A) | | | 32,797 | |
| 717 | | * | | Electronics for Imaging, Inc | | | 26,464 | |
| 202 | | * | | ePlus, Inc | | | 13,926 | |
| 1,698 | | * | | Extreme Networks, Inc | | | 10,986 | |
| 1,098 | | * | | F5 Networks, Inc | | | 159,902 | |
| 561 | | * | | Fabrinet | | | 27,865 | |
| 256 | | * | | FARO Technologies, Inc | | | 13,460 | |
| 2,329 | | * | | Finisar Corp | | | 53,264 | |
| 2,680 | | * | | Fitbit, Inc | �� | | 11,792 | |
| 2,414 | | | | Flir Systems, Inc | | | 130,597 | |
| 1,256 | | * | | Harmonic, Inc | | | 6,971 | |
| 24,298 | | | | Hewlett Packard Enterprise Co | | | 363,255 | |
| 27,569 | | | | HP, Inc | | | 573,160 | |
| 1,271 | | * | | II-VI, Inc | | | 46,468 | |
| 400 | | * | | Immersion Corp | | | 3,044 | |
| 2,249 | | * | | Infinera Corp | | | 6,545 | |
| 698 | | * | | Insight Enterprises, Inc | | | 40,624 | |
| 539 | | | | InterDigital, Inc | | | 34,712 | |
| 631 | | * | | IPG Photonics Corp | | | 97,332 | |
| 397 | | * | | Iteris, Inc | | | 2,053 | |
| 536 | | * | | Itron, Inc | | | 33,538 | |
| 2,790 | | | | Jabil Circuit, Inc | | | 88,164 | |
| 6,230 | | | | Juniper Networks, Inc | | | 165,905 | |
| 1,292 | | | | Kemet Corp | | | 24,303 | |
| 3,258 | | * | | Keysight Technologies, Inc | | | 292,601 | |
| 411 | | * | | Kimball Electronics, Inc | | | 6,675 | |
| 1,352 | | * | | Knowles Corp | | | 24,755 | |
| 254 | | * | | KVH Industries, Inc | | | 2,761 | |
| 375 | | | | Littelfuse, Inc | | | 66,341 | |
| 1,378 | | * | | Lumentum Holdings, Inc | | | 73,599 | |
77
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 569 | | | | Methode Electronics, Inc | | $ | 16,256 | |
| 2,954 | | | | Motorola Solutions, Inc | | | 492,520 | |
| 261 | | | | MTS Systems Corp | | | 15,276 | |
| 171 | | * | | Napco Security Technologies, Inc | | | 5,075 | |
| 2,304 | | | | National Instruments Corp | | | 96,745 | |
| 1,908 | | * | | NCR Corp | | | 59,339 | |
| 4,377 | | | | NetApp, Inc | | | 270,061 | |
| 505 | | * | | Netgear, Inc | | | 12,771 | |
| 1,389 | | * | | Netscout Systems, Inc | | | 35,267 | |
| 829 | | * | | nLight, Inc | | | 15,917 | |
| 592 | | * | | Novanta, Inc | | | 55,826 | |
| 280 | | * | | OSI Systems, Inc | | | 31,536 | |
| 182 | | *,e | | PAR Technology Corp | | | 5,132 | |
| 291 | | | | Park Electrochemical Corp | | | 4,857 | |
| 196 | | | | PC Connection, Inc | | | 6,856 | |
| 228 | | * | | PC Mall, Inc | | | 7,989 | |
| 526 | | | | Plantronics, Inc | | | 19,483 | |
| 521 | | * | | Plexus Corp | | | 30,411 | |
| 4,045 | | * | | Pure Storage, Inc | | | 61,767 | |
| 704 | | * | | Ribbon Communications, Inc | | | 3,443 | |
| 281 | | * | | Rogers Corp | | | 48,495 | |
| 1,157 | | * | | Sanmina Corp | | | 35,034 | |
| 381 | | * | | Scansource, Inc | | | 12,405 | |
| 776 | | * | | Stratasys Ltd | | | 22,791 | |
| 548 | | * | | Synaptics, Inc | | | 15,969 | |
| 645 | | | | Synnex Corp | | | 63,468 | |
| 719 | | * | | Tech Data Corp | | | 75,207 | |
| 4,411 | | * | | Trimble Navigation Ltd | | | 198,980 | |
| 1,439 | | * | | TTM Technologies, Inc | | | 14,678 | |
| 362 | | | | Ubiquiti Networks, Inc | | | 47,603 | |
| 1,003 | | * | | Viasat, Inc | | | 81,062 | |
| 4,189 | | * | | Viavi Solutions, Inc | | | 55,672 | |
| 2,099 | | | | Vishay Intertechnology, Inc | | | 34,675 | |
| 161 | | * | | Vishay Precision Group, Inc | | | 6,541 | |
| 5,010 | | | | Western Digital Corp | | | 238,226 | |
| 1,308 | | * | | Wrap Technologies Inc | | | 8,136 | |
| 3,647 | | | | Xerox Corp | | | 129,140 | |
| 924 | | * | | Zebra Technologies Corp (Class A) | | | 193,569 | |
| | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 27,939,514 | |
| | | | | | | | |
| |
TELECOMMUNICATION SERVICES - 1.9% | | | | |
| 129,062 | | | | AT&T, Inc | | | 4,324,867 | |
| 251 | | | | ATN International, Inc | | | 14,490 | |
| 283 | | * | | Bandwidth Inc | | | 21,231 | |
| 1,215 | | * | | Boingo Wireless, Inc | | | 21,834 | |
| 19,284 | | | | CenturyLink, Inc | | | 226,780 | |
| 727 | | * | | Cincinnati Bell, Inc | | | 3,599 | |
| 772 | | | | Cogent Communications Group, Inc | | | 45,826 | |
| 1,064 | | e | | Consolidated Communications Holdings, Inc | | | 5,245 | |
| 6,530 | | *,e | | Frontier Communications Corp | | | 11,427 | |
| 890 | | *,e | | Gogo, Inc | | | 3,542 | |
| 1,299 | | * | | Intelsat S.A. | | | 25,266 | |
| 1,842 | | * | | Iridium Communications, Inc | | | 42,845 | |
| 259 | | * | | Ooma, Inc | | | 2,714 | |
| 1,000 | | * | | Orbcomm, Inc | | | 7,250 | |
| 3,188 | | * | | Pareteum Corp | | | 8,321 | |
| 184 | | * | | pdvWireless, Inc | | | 8,648 | |
| 728 | | | | Shenandoah Telecom Co | | | 28,043 | |
| 309 | | | | Spok Holdings, Inc | | | 4,647 | |
| 9,867 | | * | | Sprint Corp | | | 64,826 | |
| 1,512 | | | | Telephone & Data Systems, Inc | | | 45,965 | |
| 5,418 | | * | | T-Mobile US, Inc | | | 401,691 | |
| 247 | | * | | US Cellular Corp | | | 11,033 | |
| 73,391 | | | | Verizon Communications, Inc | | | 4,192,828 | |
| 4,303 | | * | | Vonage Holdings Corp | | | 48,753 | |
78
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 3,828 | | * | | Zayo Group Holdings, Inc | | $ | 125,979 | |
| | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | 9,697,650 | |
| | | | | | | | |
| |
TRANSPORTATION - 2.0% | | | | |
| 1,464 | | * | | Air Transport Services Group, Inc | | | 35,722 | |
| 2,129 | | | | Alaska Air Group, Inc | | | 136,064 | |
| 203 | | | | Allegiant Travel Co | | | 29,130 | |
| 157 | | | | Amerco, Inc | | | 59,432 | |
| 7,060 | | | | American Airlines Group, Inc | | | 230,227 | |
| 378 | | | | Arkansas Best Corp | | | 10,626 | |
| 363 | | * | | Atlas Air Worldwide Holdings, Inc | | | 16,204 | |
| 1,153 | | * | | Avis Budget Group, Inc | | | 40,539 | |
| 2,384 | | | | CH Robinson Worldwide, Inc | | | 201,090 | |
| 554 | | | | Copa Holdings S.A. (Class A) | | | 54,054 | |
| 542 | | | | Costamare, Inc | | | 2,780 | |
| 185 | | * | | Covenant Transportation Group, Inc | | | 2,721 | |
| 13,745 | | | | CSX Corp | | | 1,063,451 | |
| 306 | | * | | Daseke, Inc | | | 1,102 | |
| 10,325 | | | | Delta Air Lines, Inc | | | 585,944 | |
| 609 | | * | | Eagle Bulk Shipping, Inc | | | 3,191 | |
| 427 | | * | | Echo Global Logistics, Inc | | | 8,911 | |
| 3,089 | | | | Expeditors International of Washington, Inc | | | 234,332 | |
| 4,319 | | | | FedEx Corp | | | 709,137 | |
| 466 | | | | Forward Air Corp | | | 27,564 | |
| 127 | | * | | Genco Shipping & Trading Ltd | | | 1,072 | |
| 988 | | * | | Genesee & Wyoming, Inc (Class A) | | | 98,800 | |
| 828 | | | | Hawaiian Holdings, Inc | | | 22,712 | |
| 728 | | | | Heartland Express, Inc | | | 13,155 | |
| 1,781 | | *,e | | Hertz Global Holdings, Inc | | | 28,425 | |
| 505 | | * | | Hub Group, Inc (Class A) | | | 21,200 | |
| 1,477 | | | | JB Hunt Transport Services, Inc | | | 135,013 | |
| 5,315 | | * | | JetBlue Airways Corp | | | 98,274 | |
| 1,808 | | | | Kansas City Southern Industries, Inc | | | 220,251 | |
| 1,157 | | * | | Kirby Corp | | | 91,403 | |
| 2,000 | | | | Knight-Swift Transportation Holdings, Inc | | | 65,680 | |
| 719 | | | | Landstar System, Inc | | | 77,645 | |
| 579 | | * | | Lyft, Inc (Class A) | | | 38,046 | |
| 1,216 | | | | Macquarie Infrastructure Co LLC | | | 49,297 | |
| 531 | | | | Marten Transport Ltd | | | 9,638 | |
| 668 | | | | Matson, Inc | | | 25,952 | |
| 4,739 | | | | Norfolk Southern Corp | | | 944,625 | |
| 1,158 | | | | Old Dominion Freight Line | | | 172,843 | |
| 34 | | * | | PAM Transportation Services, Inc | | | 2,108 | |
| 124 | | | | Park-Ohio Holdings Corp | | | 4,041 | |
| 580 | | * | | Radiant Logistics, Inc | | | 3,561 | |
| 883 | | | | Ryder System, Inc | | | 51,479 | |
| 9,817 | | * | | Safe Bulkers, Inc | | | 15,314 | |
| 390 | | * | | Saia, Inc | | | 25,221 | |
| 932 | | | | Schneider National, Inc | | | 17,000 | |
| 934 | | | | Scorpio Bulkers, Inc | | | 4,296 | |
| 802 | | | | Skywest, Inc | | | 48,657 | |
| 8,647 | | | | Southwest Airlines Co | | | 439,095 | |
| 1,133 | | * | | Spirit Airlines, Inc | | | 54,078 | |
| 3,201 | | * | | Uber Technologies, Inc | | | 148,462 | |
| 12,555 | | | | Union Pacific Corp | | | 2,123,176 | |
| 4,414 | | * | | United Continental Holdings, Inc | | | 386,446 | |
| 12,252 | | | | United Parcel Service, Inc (Class B) | | | 1,265,264 | |
| 122 | | | | Universal Truckload Services, Inc | | | 2,741 | |
| 315 | | * | | US Xpress Enterprises, Inc | | | 1,619 | |
| 1,147 | | | | Werner Enterprises, Inc | | | 35,649 | |
| 1,622 | | * | | XPO Logistics, Inc | | | 93,768 | |
| 2,695 | | * | | YRC Worldwide, Inc | | | 10,861 | |
| | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | 10,299,088 | |
| | | | | | | | |
79
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
UTILITIES - 3.2% | | | | |
| 11,476 | | | | AES Corp | | $ | 192,338 | |
| 913 | | | | Allete, Inc | | | 75,971 | |
| 4,427 | | | | Alliant Energy Corp | | | 217,277 | |
| 4,294 | | | | Ameren Corp | | | 322,522 | |
| 8,756 | | | | American Electric Power Co, Inc | | | 770,615 | |
| 819 | | | | American States Water Co | | | 61,622 | |
| 3,192 | | | | American Water Works Co, Inc | | | 370,272 | |
| 3,872 | | | | Aqua America, Inc | | | 160,185 | |
| 177 | | * | | AquaVenture Holdings Ltd | | | 3,535 | |
| 111 | | | | Artesian Resources Corp | | | 4,126 | |
| 1,866 | | *,e | | Atlantic Power Corp | | | 4,516 | |
| 2,085 | | | | Atmos Energy Corp | | | 220,093 | |
| 1,049 | | | | Avangrid, Inc | | | 52,974 | |
| 1,326 | | | | Avista Corp | | | 59,140 | |
| 1,043 | | | | Black Hills Corp | | | 81,531 | |
| 324 | | *,e | | Cadiz, Inc | | | 3,645 | |
| 1,034 | | | | California Water Service Group | | | 52,351 | |
| 8,716 | | | | Centerpoint Energy, Inc | | | 249,539 | |
| 244 | | | | Chesapeake Utilities Corp | | | 23,185 | |
| 545 | | | | Clearway Energy, Inc (Class A) | | | 8,818 | |
| 1,281 | | | | Clearway Energy, Inc (Class C) | | | 21,598 | |
| 4,975 | | | | CMS Energy Corp | | | 288,102 | |
| 385 | | | | Connecticut Water Service, Inc | | | 26,842 | |
| 5,808 | | | | Consolidated Edison, Inc | | | 509,245 | |
| 420 | | | | Consolidated Water Co, Inc | | | 5,989 | |
| 14,207 | | | | Dominion Resources, Inc | | | 1,098,485 | |
| 3,221 | | | | DTE Energy Co | | | 411,901 | |
| 12,917 | | | | Duke Energy Corp | | | 1,139,796 | |
| 5,448 | | | | Edison International | | | 367,250 | |
| 767 | | | | El Paso Electric Co | | | 50,162 | |
| 3,353 | | | | Entergy Corp | | | 345,124 | |
| 4,312 | | | | Evergy, Inc | | | 259,367 | |
| 5,591 | | | | Eversource Energy | | | 423,574 | |
| 17,190 | | | | Exelon Corp | | | 824,089 | |
| 9,412 | | | | FirstEnergy Corp | | | 402,928 | |
| 133 | | | | Global Water Resources, Inc | | | 1,388 | |
| 1,922 | | | | Hawaiian Electric Industries, Inc | | | 83,703 | |
| 960 | | | | Idacorp, Inc | | | 96,413 | |
| 3,502 | | | | MDU Resources Group, Inc | | | 90,352 | |
| 640 | | | | MGE Energy, Inc | | | 46,771 | |
| 240 | | | | Middlesex Water Co | | | 14,220 | |
| 1,632 | | | | National Fuel Gas Co | | | 86,088 | |
| 1,561 | | | | New Jersey Resources Corp | | | 77,691 | |
| 8,478 | | | | NextEra Energy, Inc | | | 1,736,803 | |
| 6,737 | | | | NiSource, Inc | | | 194,026 | |
| 445 | | | | Northwest Natural Holding Co | | | 30,927 | |
| 893 | | | | NorthWestern Corp | | | 64,430 | |
| 4,986 | | | | NRG Energy, Inc | | | 175,108 | |
| 3,602 | | | | OGE Energy Corp | | | 153,301 | |
| 919 | | | | ONE Gas, Inc | | | 82,986 | |
| 751 | | | | Ormat Technologies, Inc | | | 47,606 | |
| 743 | | | | Otter Tail Corp | | | 39,238 | |
| 1,257 | | | | Pattern Energy Group, Inc | | | 29,024 | |
| 9,382 | | *,b | | PG&E Corp | | | 215,035 | |
| 2,036 | | | | Pinnacle West Capital Corp | | | 191,567 | |
| 1,400 | | | | PNM Resources, Inc | | | 71,274 | |
| 1,712 | | | | Portland General Electric Co | | | 92,739 | |
| 12,617 | | | | PPL Corp | | | 391,253 | |
| 8,729 | | | | Public Service Enterprise Group, Inc | | | 513,440 | |
| 250 | | * | | Pure Cycle Corp | | | 2,650 | |
| 105 | | | | RGC Resources, Inc | | | 3,205 | |
| 4,770 | | | | Sempra Energy | | | 655,589 | |
| 505 | | | | SJW Corp | | | 30,689 | |
| 1,730 | | | | South Jersey Industries, Inc | | | 58,353 | |
80
TIAA-CREF LIFE FUNDS -Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 18,332 | | | | Southern Co | | | | | | | | | | $ | 1,013,393 | |
| 882 | | | | Southwest Gas Corp | | | | | | | | | | | 79,045 | |
| 162 | | e | | Spark Energy, Inc | | | | | | | | | | | 1,813 | |
| 907 | | | | Spire, Inc | | | | | | | | | | | 76,115 | |
| 2,000 | | | | TerraForm Power, Inc | | | | | | | | | | | 28,600 | |
| 2,984 | | | | UGI Corp | | | | | | | | | | | 159,375 | |
| 217 | | | | Unitil Corp | | | | | | | | | | | 12,996 | |
| 7,212 | | | | Vistra Energy Corp | | | | | | | | | | | 163,280 | |
| 5,581 | | | | WEC Energy Group, Inc | | | | | | | | | | | 465,288 | |
| 9,120 | | | | Xcel Energy, Inc | | | | | | | | | | | 542,549 | |
| 203 | | | | York Water Co | | | | | | | | | | | 7,251 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL UTILITIES | | | | | | | | | | | 16,934,281 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 520,709,316 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $253,555,813) | | | | | | | | | | | | |
| | | |
RIGHTS / WARRANTS - 0.0% | | | | | | | | | | | | |
| | | |
COMMERCIAL & PROFESSIONAL SERVICES - 0.0% | | | | | | | | | | | | |
| 1,666 | | † | | Media General, Inc | | | | | | | | | | | 0 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | | | | | 0 | |
| | | | | | | | | | | | | | | | |
| | | |
MATERIALS - 0.0% | | | | | | | | | | | | |
| 450 | | † | | A Schulman, Inc | | | | | | | | | | | 195 | |
| 4,844 | | † | | Pan American Silver Corp | | | | | | | | | | | 1,091 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL MATERIALS | | | | | | | | | | | 1,286 | |
| | | | | | | | | | | | | | | | |
| | | |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | | | | | | | | | | | | |
| 145 | | | | Tobira Therapeutics, Inc | | | | | | | | | | | 9 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | | | | | 9 | |
| | | | | | | | | | | | | | | | |
| | | |
TRANSPORTATION - 0.0% | | | | | | | | | | | | |
| 866 | | e | | Hertz Global Holdings, Inc | | | | | | | | | | | 1,689 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | | | | | | | | 1,689 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL RIGHTS / WARRANTS | | | | | | | | | | | 2,984 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $14,574) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 1.0% | |
| | | |
GOVERNMENT AGENCY DEBT - 0.5% | | | | | | | | | | | | |
| $2,400,000 | | | | Federal Home Loan Bank (FHLB) | | | 2.100 | % | | | 07/01/19 | | | | 2,400,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | 2,400,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | |
| | | | | | | | | | | | | | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5% | | | | | | | | | | | | |
| 2,678,508 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | | | | | | 2,678,508 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | | | | 2,678,508 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 5,078,508 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $5,078,508) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.5%
(Cost $258,648,895) | | | | | | | | | | | 525,790,808 | |
| | | | OTHER ASSETS & LIABILITIES, NET - (0.5)% | | | | | | | | | | | (2,316,234 | ) |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 523,474,574 | |
| | | | | | | | | | | | | | | | |
81
TIAA-CREF LIFE FUNDS -Stock Index Fund
Abbreviation(s):
| REIT | Real Estate Investment Trust |
| † | Security is categorized as Level 3 in the fair value hierarchy. |
| 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 $4,083,022. |
| | | | | | | | | | | | | | | | | | |
Futures contracts outstanding as of June 30, 2019 were as follows: | |
| Description | | Number of
long (short)
contracts | | | Expiration date | | Notional
amount | | | Value | | | Unrealized
appreciation
(depreciation) | |
S&P 500 E Mini Index | | | 15 | | | 09/20/19 | | $ | 2,182,654 | | | $ | 2,208,150 | | | $ | 25,496 | |
82
TIAA-CREF LIFE FUNDS -International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 98.3% | | | | |
| |
AUSTRIA - 1.0% | | | | |
| 38,927 | | | | Wienerberger AG. | | $ | 960,527 | |
| | | | | | | | |
| | | | TOTAL AUSTRIA | | | 960,527 | |
| | | | | | | | |
| |
CHINA - 0.2% | | | | |
| 4,660 | | | | Tencent Holdings Ltd | | | 210,815 | |
| | | | | | | | |
| | | | TOTAL CHINA | | | 210,815 | |
| | | | | | | | |
| |
DENMARK - 4.6% | | | | |
| 15,896 | | | | DSV AS | | | 1,565,278 | |
| 44,570 | | | | Novo Nordisk AS | | | 2,276,511 | |
| 2,325 | | | | Rockwool International AS (B Shares) | | | 594,815 | |
| | | | | | | | |
| | | | TOTAL DENMARK | | | 4,436,604 | |
| | | | | | | | |
| |
FRANCE - 16.9% | | | | |
| 53,457 | | | | Accor S.A. | | | 2,294,670 | |
| 4,047 | | | | Airbus SE | | | 572,738 | |
| 37,945 | | e,g | | ALD S.A. | | | 593,453 | |
| 71,606 | | | | Credit Agricole S.A. | | | 854,453 | |
| 18,438 | | | | Danone | | | 1,561,186 | |
| 2,518 | | | | Dassault Systemes S.A. | | | 401,634 | |
| 13,004 | | | | Essilor International S.A. | | | 1,694,706 | |
| 7,972 | | | | Legrand S.A. | | | 582,824 | |
| 11,244 | | | | Nexity | | | 485,884 | |
| 6,467 | | | | Sanofi-Aventis | | | 558,893 | |
| 39,189 | | | | Schneider Electric S.A. | | | 3,545,934 | |
| 30,181 | | | | Vinci S.A. | | | 3,082,253 | |
| | | | | | | | |
| | | | TOTAL FRANCE | | | 16,228,628 | |
| | | | | | | | |
| |
GERMANY - 11.1% | | | | |
| 23,306 | | | | BASF SE | | | 1,695,493 | |
| 4,572 | | | | Continental AG. | | | 665,770 | |
| 30,776 | | g | | Covestro AG. | | | 1,566,792 | |
| 35,771 | | | | Daimler AG. (Registered) | | | 1,995,014 | |
| 21,121 | | | | HeidelbergCement AG. | | | 1,709,224 | |
| 21,346 | | | | Lanxess AG. | | | 1,267,728 | |
| 16,266 | | * | | Porsche AG. | | | 1,053,784 | |
| 940 | | | | Rheinmetall AG. | | | 115,207 | |
| 5,139 | | | | Siemens AG. | | | 611,826 | |
| | | | | | | | |
| | | | TOTAL GERMANY | | | 10,680,838 | |
| | | | | | | | |
| |
HONG KONG - 2.4% | | | | |
| 48,648 | | | | Hong Kong Exchanges and Clearing Ltd | | | 1,719,225 | |
| 28,402 | | | | Melco Crown Entertainment Ltd (ADR) | | | 616,891 | |
| | | | | | | | |
| | | | TOTAL HONG KONG | | | 2,336,116 | |
| | | | | | | | |
| |
INDIA - 1.9% | | | | |
| 26,040 | | | | HDFC Bank Ltd | | | 922,368 | |
| 28,707 | | | | Housing Development Finance Corp | | | 911,537 | |
| 14,765 | | | | Motherson Sumi Systems Ltd | | | 26,101 | |
| | | | | | | | |
| | | | TOTAL INDIA | | | 1,860,006 | |
| | | | | | | | |
83
TIAA-CREF LIFE FUNDS -International Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
IRELAND - 1.6% | | | | |
| 46,372 | | | | CRH plc | | $ | 1,515,771 | |
| | | | | | | | |
| | | | TOTAL IRELAND | | | 1,515,771 | |
| | | | | | | | |
| |
ITALY - 6.2% | | | | |
| 168,547 | | | | Davide Campari-Milano S.p.A | | | 1,651,197 | |
| 77,984 | | | | Mediobanca S.p.A. | | | 804,155 | |
| 282,132 | | | | UniCredit S.p.A. | | | 3,472,715 | |
| | | | | | | | |
| | | | TOTAL ITALY | | | 5,928,067 | |
| | | | | | | | |
| |
JAPAN - 17.2% | | | | |
| 14,101 | | | | Aisin Seiki Co Ltd | | | 486,416 | |
| 7,096 | | | | Central Japan Railway Co | | | 1,422,804 | |
| 2,600 | | | | CyberAgent, Inc | | | 94,750 | |
| 10,700 | | | | Hitachi High-Technologies Corp | | | 550,078 | |
| 58,851 | | | | Hitachi Ltd | | | 2,165,288 | |
| 17,011 | | | | Konami Corp | | | 800,176 | |
| 38,400 | | | | Murata Manufacturing Co Ltd | | | 1,728,796 | |
| 7,321 | | | | Nintendo Co Ltd | | | 2,686,065 | |
| 28,186 | | | | Rohm Co Ltd | | | 1,899,057 | |
| 52,792 | | | | Sony Corp | | | 2,774,217 | |
| 30,983 | | | | Toyota Motor Corp | | | 1,922,923 | |
| | | | | | | | |
| | | | TOTAL JAPAN | | | 16,530,570 | |
| | | | | | | | |
| |
KOREA, REPUBLIC OF - 0.5% | | | | |
| 2,314 | | | | Samsung SDI Co Ltd | | | 474,750 | |
| | | | | | | | |
| | | | TOTAL KOREA, REPUBLIC OF | | | 474,750 | |
| | | | | | | | |
| |
NETHERLANDS - 2.8% | | | | |
| 1,542 | | *,g | | Adyen NV | | | 1,189,476 | |
| 44,125 | | | | Royal Dutch Shell plc (A Shares) | | | 1,440,133 | |
| | | | | | | | |
| | | | TOTAL NETHERLANDS | | | 2,629,609 | |
| | | | | | | | |
| |
SPAIN - 0.9% | | | | |
| 50,464 | | | | Siemens Gamesa Renewable Energy | | | 838,754 | |
| | | | | | | | |
| | | | TOTAL SPAIN | | | 838,754 | |
| | | | | | | | |
| |
SWEDEN - 3.5% | | | | |
| 67,473 | | | | Electrolux AB (Series B) | | | 1,729,571 | |
| 93,500 | | e | | Hennes & Mauritz AB (B Shares) | | | 1,661,132 | |
| | | | | | | | |
| | | | TOTAL SWEDEN | | | 3,390,703 | |
| | | | | | | | |
| |
SWITZERLAND - 7.6% | | | | |
| 476 | | | | Burckhardt Compression Holding AG. | | | 126,517 | |
| 207,912 | | | | Credit Suisse Group | | | 2,488,535 | |
| 365 | | | | Geberit AG. | | | 170,611 | |
| 5,828 | | | | Lonza Group AG. | | | 1,967,491 | |
| 8,321 | | | | Roche Holding AG. | | | 2,339,762 | |
| 623 | | | | Sika AG. | | | 106,435 | |
| | | | | | | | |
| | | | TOTAL SWITZERLAND | | | 7,199,351 | |
| | | | | | | | |
| | |
UNITED KINGDOM - 19.9% | | | | | | |
| 79,784 | | | | BAE Systems plc | | | 501,433 | |
| 190,623 | | | | CNH Industrial NV | | | 1,958,315 | |
| 16,550 | | | | Experian Group Ltd | | | 501,292 | |
| 22,752 | | | | Linde plc (Xetra) | | | 4,569,878 | |
| 3,772,600 | | | | Lloyds TSB Group plc | | | 2,709,551 | |
| 37,102 | | | | Reckitt Benckiser Group plc | | | 2,929,376 | |
| 25,013 | | | | Schroders plc | | | 970,338 | |
84
TIAA-CREF LIFE FUNDS -International Equity Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,006,735 | | | | Tesco plc | | | | | | | | | | $ | 2,902,086 | |
| 115,709 | | | | Travis Perkins plc | | | | | | | | | | | 1,871,432 | |
| 10,809 | | | | Weir Group plc | | | | | | | | | | | 212,681 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL UNITED KINGDOM | | | | 19,126,382 | |
| | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | 94,347,491 | |
| | | | | | | | | |
| | | | (Cost $98,374,198) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 3.4% | | | | | |
| |
GOVERNMENT AGENCY DEBT - 2.5% | | | | | |
| $2,355,000 | | | | Federal Home Loan Bank (FHLB) | | | 2.100 | % | | | 07/01/19 | | | | 2,355,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | 2,355,000 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | |
| | | | | | | | | | | | | | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9% | | | | | |
| 881,937 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | | 881,937 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | 881,937 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 3,236,937 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $3,236,937) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 101.7% | | | | | | | | | | | 97,584,428 | |
| | | | (Cost $101,611,135) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - (1.7)% | | | | (1,570,426 | ) |
| | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 96,014,002 | |
| | | | | | | | | | | | | | | | |
Abbreviation(s):
| ADR | American Depositary Receipt |
| 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 $833,472. |
| g | 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 6/30/19, the aggregate value of these securities was $3,349,721 or 3.5% of net assets. |
85
TIAA-CREF LIFE FUNDS -International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
June 30, 2019
| | | | | | | | |
SECTOR | | VALUE | | | % OF
NET
ASSETS | |
INDUSTRIALS | | $ | 18,868,168 | | | | 19.8 | % |
CONSUMER DISCRETIONARY | | | 16,921,194 | | | | 17.6 | |
FINANCIALS | | | 14,852,877 | | | | 15.5 | |
MATERIALS | | | 13,391,849 | | | | 13.9 | |
CONSUMER STAPLES | | | 9,043,844 | | | | 9.4 | |
INFORMATION TECHNOLOGY | | | 8,409,080 | | | | 8.8 | |
HEALTH CARE | | | 7,142,657 | | | | 7.4 | |
COMMUNICATION SERVICES | | | 3,791,806 | | | | 3.9 | |
ENERGY | | | 1,440,132 | | | | 1.5 | |
REAL ESTATE | | | 485,884 | | | | 0.5 | |
SHORT-TERM INVESTMENTS | | | 3,236,937 | | | | 3.4 | |
OTHER ASSETS & LIABILITIES, NET | | | (1,570,426 | ) | | | (1.7 | ) |
| | | | | | | | |
NET ASSETS | | $ | 96,014,002 | | | | 100.0 | % |
| | | | | | | | |
86
TIAA-CREF LIFE FUNDS -Bond Fund
TIAA-CREF LIFE FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
BANK LOAN OBLIGATIONS - 1.2% | | | | | | | | | | | | | | |
| | | | |
CAPITAL GOODS - 0.1% | | | | | | | | | | | | | | |
| $ 98,995 | | i | | TransDigm, Inc | | LIBOR 3 M + 2.500% | | | 4.830 | % | | | 08/22/24 | | | $ | 96,850 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | | 96,850 | |
| | | | | | | | | |
| | | | |
COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | | | | | | | | | | | | | | |
| 71,587 | | i | | ProQuest LLC | | LIBOR 1 M + 3.250% | | | 5.650 | | | | 10/24/21 | | | | 71,319 | |
| 49,368 | | i | | Spin Holdco, Inc | | LIBOR 3 M + 3.250% | | | 5.850 | | | | 11/14/22 | | | | 48,327 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | | 119,646 | |
| | | | | | | | | |
| | | | |
CONSUMER DURABLES & APPAREL - 0.1% | | | | | | | | | | | | | | |
| 99,000 | | i | | Samsonite IP Holdings Sarl | | LIBOR 1 M + 1.750% | | | 4.150 | | | | 04/25/25 | | | | 96,595 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | | 96,595 | |
| | | | | | | | | |
| | | | |
CONSUMER SERVICES - 0.1% | | | | | | | | | | | | | | |
| 96,295 | | i | | KUEHG Corp | | LIBOR 3 M + 3.750% | | | 6.080 | | | | 02/21/25 | | | | 95,813 | |
| 98,997 | | i | | Las Vegas Sands LLC | | LIBOR 1 M + 1.750% | | | 4.150 | | | | 03/27/25 | | | | 98,176 | |
| 49,622 | | i | | Scientific Games International, Inc | | LIBOR 1 and 2 M + 2.750% | | | 5.230 | | | | 08/14/24 | | | | 48,830 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | | 242,819 | |
| | | | | | | | | |
| | | | |
ENERGY - 0.0% | | | | | | | | | | | | | | |
| 15,000 | | i | | California Resources Corp | | LIBOR 1 M + 10.375% | | | 12.780 | | | | 12/31/21 | | | | 15,195 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL ENERGY | | | | 15,195 | |
| | | | | | | | | |
| | | | |
FOOD, BEVERAGE & TOBACCO - 0.0% | | | | | | | | | | | | | | |
| 29,108 | | i | | Hostess Brands LLC | | LIBOR 1 and 3 M + 2.250% | | | 4.830 | | | | 08/03/22 | | | | 28,896 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | | 28,896 | |
| | | | | | | | | |
| | | | |
HEALTH CARE EQUIPMENT & SERVICES - 0.1% | | | | | | | | | | | | | | |
| 95,179 | | i | | DaVita HealthCare Partners, Inc | | LIBOR 1 W + 2.750% | | | 5.140 | | | | 06/24/21 | | | | 95,000 | |
| 99,126 | | i | | Envision Healthcare Corp | | LIBOR 1 M + 3.750% | | | 6.150 | | | | 10/10/25 | | | | 87,355 | |
| 34,060 | | i | | Greatbatch Ltd | | LIBOR 1 M + 3.000% | | | 5.420 | | | | 10/27/22 | | | | 34,084 | |
| 41,059 | | i | | NMN Holdings III Corp | | LIBOR 1 M + 3.750% | | | 6.150 | | | | 11/13/25 | | | | 40,546 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | | 256,985 | |
| | | | | | | | | |
| | | | |
INSURANCE - 0.1% | | | | | | | | | | | | | | |
| 99,000 | | i | | Acrisure LLC | | LIBOR 3 M + 3.750% | | | 6.270 | | | | 11/22/23 | | | | 98,134 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL INSURANCE | | | | 98,134 | |
| | | | | | | | | |
| | | | |
MATERIALS - 0.1% | | | | | | | | | | | | | | |
| 99,750 | | i | | Messer Industries USA, Inc | | LIBOR 3 M + 2.500% | | | 4.830 | | | | 03/01/26 | | | | 98,317 | |
| 23,815 | | i | | Plaze, Inc | | LIBOR 1 M + 3.500% | | | 5.940 | | | | 07/29/22 | | | | 23,667 | |
| 99,750 | | i | | Starfruit US Holdco LLC | | LIBOR 1 M + 3.250% | | | 5.670 | | | | 10/01/25 | | | | 98,046 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MATERIALS | | | | 220,030 | |
| | | | | | | | | |
| | | | |
MEDIA & ENTERTAINMENT - 0.1% | | | | | | | | | | | | | | |
| 96,285 | | i | | CDS US Intermediate Holdings, Inc | | LIBOR 3 M + 3.750% | | | 6.080 | | | | 07/08/22 | | | | 92,829 | |
| 38,713 | | i | | Lions Gate Capital Holdings LLC | | LIBOR 1 M + 2.250% | | | 4.650 | | | | 03/24/25 | | | | 38,406 | |
| 49,241 | | i | | Nielsen Finance LLC | | LIBOR 1 M + 2.000% | | | 4.410 | | | | 10/04/23 | | | | 48,733 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | | 179,968 | |
| | | | | | | | | |
87
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | | | | | | | | | | | | | | |
| $ 91,869 | | i | | Valeant Pharmaceuticals International, Inc | | LIBOR 1 M + 3.000% | | | 5.410 | % | | | 06/02/25 | | | $ | 91,811 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | 91,811 | |
| | | | | | | | | |
| | | | |
REAL ESTATE - 0.1% | | | | | | | | | | | | | | |
| 99,250 | | i | | DTZ US Borrower LLC | | LIBOR 1 M + 3.250% | | | 5.650 | | | | 08/21/25 | | | | 98,795 | |
| 99,231 | | i | | MGM Growth Properties LLC | | LIBOR 1 M + 2.000% | | | 4.400 | | | | 03/23/25 | | | | 98,533 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL REAL ESTATE | | | | 197,328 | |
| | | | | | | | | |
| | | | |
SOFTWARE & SERVICES - 0.2% | | | | | | | | | | | | | | |
| 75,000 | | i | | Dun & Bradstreet Corp | | LIBOR 1 M + 5.000% | | | 7.400 | | | | 02/06/26 | | | | 74,977 | |
| 143,750 | | i | | Mitchell International, Inc | | LIBOR 1 M + 3.250% | | | 5.650 | | | | 11/29/24 | | | | 136,948 | |
| 98,992 | | i | | NeuStar, Inc | | LIBOR 1 M + 3.500% | | | 5.900 | | | | 08/08/24 | | | | 95,775 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | | 307,700 | |
| | | | | | | | | |
| | | | |
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | | | | | | | | | | | | | | |
| 99,244 | | i | | Dell International LLC | | LIBOR 1 M + 2.000% | | | 4.410 | | | | 09/07/23 | | | | 98,691 | |
| 91,907 | | i | | Plantronics, Inc | | LIBOR 1 M + 2.500% | | | 4.900 | | | | 07/02/25 | | | | 91,256 | |
| 64,228 | | i | | Sensata Technologies BV | | LIBOR 2 M + 1.750% | | | 4.250 | | | | 10/14/21 | | | | 64,295 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | 254,242 | |
| | | | | | | | | |
| | | | |
TELECOMMUNICATION SERVICES - 0.0% | | | | | | | | | | | | | | |
| 49,113 | | i | | CNT Holdings III Corp | | LIBOR 3 M + 3.250% | | | 5.450 | | | | 01/22/23 | | | | 48,514 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | | 48,514 | |
| | | | | | | | | |
| | | | |
TRANSPORTATION - 0.0% | | | | | | | | | | | | | | |
| 48,990 | | i | | American Airlines, Inc | | LIBOR 1 M + 2.000% | | | 4.390 | | | | 12/14/23 | | | | 48,194 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | 48,194 | |
| | | | | | | | | |
| | | | TOTAL BANK LOAN OBLIGATIONS | | | | | | | | | | | 2,302,907 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $2,341,529) | | | | | | | | | | | | | | |
| | | | |
BONDS - 95.8% | | | | | | | | | | | | | | |
| | | | |
CORPORATE BONDS - 32.3% | | | | | | | | | | | | | | |
| | | | |
AUTOMOBILES & COMPONENTS - 0.4% | | | | | | | | | | | | | | |
| 100,000 | | | | Aptiv plc | | | | | 4.350 | | | | 03/15/29 | | | | 105,340 | |
| 100,000 | | g | | Dana Financing Luxembourg Sarl | | | | | 6.500 | | | | 06/01/26 | | | | 105,125 | |
| 100,000 | | | | General Motors Co | | | | | 4.200 | | | | 10/01/27 | | | | 100,700 | |
| 125,000 | | | | General Motors Co | | | | | 5.200 | | | | 04/01/45 | | | | 120,154 | |
| 200,000 | | g | | Hyundai Capital America | | | | | 2.750 | | | | 09/27/26 | | | | 188,410 | |
| 175,000 | | | | Magna International, Inc | | | | | 3.625 | | | | 06/15/24 | | | | 183,095 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | | | | | | 802,824 | |
| | | | | | | | | | | | | |
| | | | |
BANKS - 5.8% | | | | | | | | | | | | | | |
| 200,000 | | g | | Akbank TAS | | | | | 7.200 | | | | 03/16/27 | | | | 176,876 | |
| 200,000 | | g | | Banco del Estado de Chile | | | | | 2.668 | | | | 01/08/21 | | | | 200,002 | |
| 200,000 | | g | | Banco Internacional del Peru SAA Interbank | | | | | 3.375 | | | | 01/18/23 | | | | 200,800 | |
| 200,000 | | | | Banco Santander S.A. | | | | | 3.800 | | | | 02/23/28 | | | | 204,214 | |
| 300,000 | | | | Bank of America Corp | | | | | 2.151 | | | | 11/09/20 | | | | 299,023 | |
| 200,000 | | | | Bank of America Corp | | | | | 3.875 | | | | 08/01/25 | | | | 213,929 | |
| 300,000 | | | | Bank of America Corp | | | | | 3.248 | | | | 10/21/27 | | | | 307,249 | |
| 125,000 | | | | Bank of America Corp | | | | | 3.419 | | | | 12/20/28 | | | | 128,722 | |
| 400,000 | | | | Bank of America Corp | | | | | 3.974 | | | | 02/07/30 | | | | 428,391 | |
| 225,000 | | g | | Bank of Tokyo-Mitsubishi UFJ Ltd | | | | | 2.350 | | | | 09/08/19 | | | | 224,941 | |
| 200,000 | | | | Barclays plc | | | | | 4.338 | | | | 05/16/24 | | | | 206,501 | |
| 125,000 | | | | Barclays plc | | | | | 3.650 | | | | 03/16/25 | | | | 125,618 | |
| 200,000 | | g | | BNG Bank NV | | | | | 2.625 | | | | 02/27/24 | | | | 206,138 | |
| 175,000 | | | | Capital One Bank USA NA | | | | | 2.650 | | | | 08/08/22 | | | | 175,862 | |
88
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 360,000 | | | | Capital One Bank USA NA | | | | | 3.375 | % | | | 02/15/23 | | | $ | 367,083 | |
| 750,000 | | | | Citigroup, Inc | | | | | 3.200 | | | | 10/21/26 | | | | 765,252 | |
| 175,000 | | | | Citigroup, Inc | | | | | 4.300 | | | | 11/20/26 | | | | 185,771 | |
| 200,000 | | | | Citigroup, Inc | | | | | 3.668 | | | | 07/24/28 | | | | 208,629 | |
| 100,000 | | | | Citizens Bank NA | | | | | 2.650 | | | | 05/26/22 | | | | 100,743 | |
| 250,000 | | g | | Cooperatieve Rabobank UA | | | | | 3.875 | | | | 09/26/23 | | | | 263,607 | |
| 250,000 | | | | Cooperatieve Rabobank UA | | | | | 3.750 | | | | 07/21/26 | | | | 255,142 | |
| 150,000 | | g | | Credit Agricole S.A. | | | | | 3.250 | | | | 10/04/24 | | | | 152,912 | |
| 125,000 | | | | Discover Bank | | | | | 3.200 | | | | 08/09/21 | | | | 126,815 | |
| 150,000 | | | | Discover Bank | | | | | 3.450 | | | | 07/27/26 | | | | 152,545 | |
| 100,000 | | | | HSBC Holdings plc | | | | | 3.262 | | | | 03/13/23 | | | | 101,728 | |
| 200,000 | | | | HSBC Holdings plc | | | | | 3.033 | | | | 11/22/23 | | | | 202,430 | |
| 350,000 | | | | HSBC Holdings plc | | | | | 4.292 | | | | 09/12/26 | | | | 372,119 | |
| 200,000 | | | | HSBC Holdings plc | | | | | 4.375 | | | | 11/23/26 | | | | 211,351 | |
| 200,000 | | | | HSBC Holdings plc | | | | | 4.041 | | | | 03/13/28 | | | | 210,002 | |
| 250,000 | | | | Huntington National Bank | | | | | 2.500 | | | | 08/07/22 | | | | 251,427 | |
| 200,000 | | g | | ING Groep NV | | | | | 4.625 | | | | 01/06/26 | | | | 218,051 | |
| 200,000 | | | | JPMorgan Chase & Co | | | | | 2.776 | | | | 04/25/23 | | | | 201,887 | |
| 150,000 | | | | JPMorgan Chase & Co | | | | | 2.700 | | | | 05/18/23 | | | | 151,481 | |
| 350,000 | | | | JPMorgan Chase & Co | | | | | 3.200 | | | | 06/15/26 | | | | 360,057 | |
| 175,000 | | | | JPMorgan Chase & Co | | | | | 2.950 | | | | 10/01/26 | | | | 178,070 | |
| 500,000 | | | | JPMorgan Chase & Co | | | | | 3.702 | | | | 05/06/30 | | | | 526,965 | |
| 100,000 | | | | JPMorgan Chase & Co | | | | | 3.882 | | | | 07/24/38 | | | | 104,726 | |
| 80,000 | | | | KeyBank NA | | | | | 2.500 | | | | 12/15/19 | | | | 80,013 | |
| 100,000 | | | | Mitsubishi UFJ Financial Group, Inc | | | | | 3.741 | | | | 03/07/29 | | | | 107,253 | |
| 125,000 | | | | MUFG Americas Holdings Corp | | | | | 3.500 | | | | 06/18/22 | | | | 128,875 | |
| 200,000 | | | | Royal Bank of Canada | | | | | 3.700 | | | | 10/05/23 | | | | 210,635 | |
| 200,000 | | | | Santander Holdings USA, Inc | | | | | 3.400 | | | | 01/18/23 | | | | 202,877 | |
| 100,000 | | | | Santander Holdings USA, Inc | | | | | 4.400 | | | | 07/13/27 | | | | 104,307 | |
| 300,000 | | g | | Skandinaviska Enskilda Banken AB | | | | | 2.625 | | | | 11/17/20 | | | | 300,990 | |
| 150,000 | | | | Sumitomo Mitsui Banking Corp | | | | | 2.450 | | | | 01/16/20 | | | | 150,029 | |
| 250,000 | | | | Sumitomo Mitsui Financial Group, Inc | | | | | 2.442 | | | | 10/19/21 | | | | 250,392 | |
| 100,000 | | | | SunTrust Bank | | | | | 4.050 | | | | 11/03/25 | | | | 107,802 | |
| 100,000 | | | | SunTrust Bank, Inc | | | | | 2.750 | | | | 05/01/23 | | | | 100,710 | |
| 250,000 | | | | Toronto-Dominion Bank | | | | | 1.850 | | | | 09/11/20 | | | | 249,226 | |
| 100,000 | | | | Toronto-Dominion Bank | | | | | 3.625 | | | | 09/15/31 | | | | 101,864 | |
| 200,000 | | g | | Turkiye Is Bankasi | | | | | 5.500 | | | | 04/21/22 | | | | 191,976 | |
| 200,000 | | g | | UBS AG. | | | | | 2.450 | | | | 12/01/20 | | | | 200,188 | |
| 200,000 | | g,i | | United Overseas Bank Ltd | | LIBOR 3 M + 0.480% | | | 3.072 | | | | 04/23/21 | | | | 200,418 | |
| 150,000 | | | | Westpac Banking Corp | | | | | 4.322 | | | | 11/23/31 | | | | 155,237 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL BANKS | | | | | | | | 11,609,851 | |
| | | | | | | | | | | | | |
| | | | |
CAPITAL GOODS - 0.9% | | | | | | | | | | | | | | |
| 50,000 | | g | | Anixter, Inc | | | | | 6.000 | | | | 12/01/25 | | | | 54,250 | |
| 50,000 | | g | | Cleaver-Brooks, Inc | | | | | 7.875 | | | | 03/01/23 | | | | 47,948 | |
| 150,000 | | | | General Electric Co | | | | | 4.125 | | | | 10/09/42 | | | | 138,014 | |
| 100,000 | | | | Ingersoll-Rand Luxembourg Finance S.A. | | | | | 3.800 | | | | 03/21/29 | | | | 104,872 | |
| 100,000 | | | | Lam Research Corp | | | | | 4.000 | | | | 03/15/29 | | | | 106,444 | |
| 150,000 | | g | | Molex Electronic Technologies LLC | | | | | 2.878 | | | | 04/15/20 | | | | 150,067 | |
| 200,000 | | g | | Molex Electronic Technologies LLC | | | | | 3.900 | | | | 04/15/25 | | | | 206,512 | |
| 125,000 | | | | Parker-Hannifin Corp | | | | | 3.250 | | | | 06/14/29 | | | | 129,592 | |
| 50,000 | | | | Parker-Hannifin Corp | | | | | 4.000 | | | | 06/14/49 | | | | 52,773 | |
| 125,000 | | g | | Rolls-Royce plc | | | | | 2.375 | | | | 10/14/20 | | | | 124,783 | |
| 100,000 | | g | | Rolls-Royce plc | | | | | 3.625 | | | | 10/14/25 | | | | 103,460 | |
| 125,000 | | | | Roper Technologies, Inc | | | | | 3.800 | | | | 12/15/26 | | | | 130,478 | |
| 100,000 | | | | Textron, Inc | | | | | 3.875 | | | | 03/01/25 | | | | 104,603 | |
| 250,000 | | | | United Technologies Corp | | | | | 4.125 | | | | 11/16/28 | | | | 274,515 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | | | | | | 1,728,311 | |
| | | | | | | | | | | | | |
| | | | |
COMMERCIAL & PROFESSIONAL SERVICES - 0.7% | | | | | | | | | | | | | | |
| 50,000 | | g | | Prime Security Services Borrower LLC | | | | | 5.750 | | | | 04/15/26 | | | | 51,625 | |
| 350,000 | | | | Republic Services, Inc | | | | | 3.550 | | | | 06/01/22 | | | | 361,103 | |
89
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 290,000 | | | | Republic Services, Inc | | | | | 2.900 | % | | | 07/01/26 | | | $ | 291,430 | |
| 75,000 | | | | United Rentals North America, Inc | | | | | 5.500 | | | | 07/15/25 | | | | 78,094 | |
| 100,000 | | | | Waste Management, Inc | | | | | 2.950 | | | | 06/15/24 | | | | 102,819 | |
| 175,000 | | | | Waste Management, Inc | | | | | 3.150 | | | | 11/15/27 | | | | 180,620 | |
| 125,000 | | | | Waste Management, Inc | | | | | 3.450 | | | | 06/15/29 | | | | 131,464 | |
| 50,000 | | | | Waste Management, Inc | | | | | 4.100 | | | | 03/01/45 | | | | 54,501 | |
| 100,000 | | | | Waste Management, Inc | | | | | 4.150 | | | | 07/15/49 | | | | 109,803 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | | 1,361,459 | |
| | | | | | | | | | | | | |
| | | | |
CONSUMER SERVICES - 0.4% | | | | | | | | | | | | | | |
| 500,000 | | | | Anheuser-Busch Cos LLC | | | | | 3.650 | | | | 02/01/26 | | | | 525,886 | |
| 60,000 | | | | Boyd Gaming Corp | | | | | 6.000 | | | | 08/15/26 | | | | 63,075 | |
| 60,000 | | g | | International Game Technology plc | | | | | 6.250 | | | | 01/15/27 | | | | 65,625 | |
| 200,000 | | | | Sands China Ltd | | | | | 5.125 | | | | 08/08/25 | | | | 214,384 | |
| 70,000 | | | | Speedway Motorsports, Inc | | | | | 5.125 | | | | 02/01/23 | | | | 70,350 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | | | | | | 939,320 | |
| | | | | | | | | | | | | |
| | | | |
DIVERSIFIED FINANCIALS - 2.9% | | | | | | | | | | | | | | |
| 120,000 | | | | AerCap Ireland Capital DAC | | | | | 3.500 | | | | 01/15/25 | | | | 120,638 | |
| 100,000 | | | | Ameriprise Financial, Inc | | | | | 3.000 | | | | 03/22/22 | | | | 101,803 | |
| 100,000 | | | | Bank of Montreal | | | | | 3.803 | | | | 12/15/32 | | | | 101,411 | |
| 125,000 | | | | Berkshire Hathaway, Inc | | | | | 3.125 | | | | 03/15/26 | | | | 129,817 | |
| 75,000 | | g | | BPCE S.A. | | | | | 4.000 | | | | 09/12/23 | | | | 78,378 | |
| 200,000 | | g | | Credit Suisse Group AG. | | | | | 2.997 | | | | 12/14/23 | | | | 201,622 | |
| 200,000 | | | | Credit Suisse Group Funding Guernsey Ltd | | | | | 3.800 | | | | 06/09/23 | | | | 207,333 | |
| 150,000 | | | | Credit Suisse Group Funding Guernsey Ltd | | | | | 3.750 | | | | 03/26/25 | | | | 156,572 | |
| 175,000 | | | | Deutsche Bank AG. | | | | | 3.950 | | | | 02/27/23 | | | | 175,525 | |
| 150,000 | | | | Ford Motor Credit Co LLC | | | | | 3.096 | | | | 05/04/23 | | | | 147,748 | |
| 200,000 | | | | GE Capital International Funding Co | | | | | 3.373 | | | | 11/15/25 | | | | 202,336 | |
| 125,000 | | | | General Motors Financial Co, Inc | | | | | 3.950 | | | | 04/13/24 | | | | 127,650 | |
| 100,000 | | | | General Motors Financial Co, Inc | | | | | 5.650 | | | | 01/17/29 | | | | 109,628 | |
| 300,000 | | | | Goldman Sachs Group, Inc | | | | | 3.500 | | | | 01/23/25 | | | | 310,207 | |
| 150,000 | | | | Goldman Sachs Group, Inc | | | | | 3.691 | | | | 06/05/28 | | | | 154,910 | |
| 100,000 | | | | Goldman Sachs Group, Inc | | | | | 3.814 | | | | 04/23/29 | | | | 104,139 | |
| 100,000 | | | | Goldman Sachs Group, Inc | | | | | 4.017 | | | | 10/31/38 | | | | 102,942 | |
| 125,000 | | | | Goldman Sachs Group, Inc | | | | | 4.800 | | | | 07/08/44 | | | | 143,864 | |
| 100,000 | | | | Icahn Enterprises LP | | | | | 6.250 | | | | 02/01/22 | | | | 102,750 | |
| 250,000 | | g | | ICICI Bank Ltd | | | | | 3.800 | | | | 12/14/27 | | | | 250,378 | |
| 100,000 | | | | International Lease Finance Corp | | | | | 5.875 | | | | 08/15/22 | | | | 108,896 | |
| 150,000 | | | | Morgan Stanley | | | | | 3.125 | | | | 01/23/23 | | | | 153,330 | |
| 250,000 | | | | Morgan Stanley | | | | | 3.737 | | | | 04/24/24 | | | | 260,589 | |
| 600,000 | | | | Morgan Stanley | | | | | 3.125 | | | | 07/27/26 | | | | 611,160 | |
| 200,000 | | g | | Swiss Re Finance Luxembourg SA | | | | | 5.000 | | | | 04/02/49 | | | | 213,893 | |
| 150,000 | | | | Synchrony Financial | | | | | 4.250 | | | | 08/15/24 | | | | 156,214 | |
| 125,000 | | | | TD Ameritrade Holding Corp | | | | | 3.300 | | | | 04/01/27 | | | | 128,915 | |
| 200,000 | | g | | UBS Group Funding Switzerland AG. | | | | | 2.859 | | | | 08/15/23 | | | | 201,823 | |
| 175,000 | | | | Unilever Capital Corp | | | | | 2.900 | | | | 05/05/27 | | | | 178,910 | |
| 200,000 | | g | | United Overseas Bank Ltd | | | | | 3.750 | | | | 04/15/29 | | | | 206,205 | |
| 150,000 | | | | Wells Fargo & Co | | | | | 3.750 | | | | 01/24/24 | | | | 157,642 | |
| 100,000 | | | | Wells Fargo & Co | | | | | 3.550 | | | | 09/29/25 | | | | 104,336 | |
| 300,000 | | | | Wells Fargo & Co | | | | | 3.000 | | | | 04/22/26 | | | | 303,363 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | | | | | | 5,814,927 | |
| | | | | | | | | | | | | |
| | | | | | |
ENERGY - 3.1% | | | | | | | | | | | | | | | | | | |
| 75,000 | | g | | Antero Midstream Partners LP | | | | | 5.750 | | | | 03/01/27 | | | | 75,000 | |
| 100,000 | | g | | APT Pipelines Ltd | | | | | 4.250 | | | | 07/15/27 | | | | 104,850 | |
| 100,000 | | | | BP Capital Markets America, Inc | | | | | 2.520 | | | | 09/19/22 | | | | 100,759 | |
| 300,000 | | | | BP Capital Markets America, Inc | | | | | 3.796 | | | | 09/21/25 | | | | 319,966 | |
| 125,000 | | | | BP Capital Markets plc | | | | | 3.279 | | | | 09/19/27 | | | | 129,105 | |
| 100,000 | | g | | Cheniere Energy Partners LP | | | | | 5.625 | | | | 10/01/26 | | | | 105,500 | |
| 100,000 | | | | Cimarex Energy Co | | | | | 3.900 | | | | 05/15/27 | | | | 102,720 | |
90
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 100,000 | | | | Cimarex Energy Co | | | | | 4.375 | % | | | 03/15/29 | | | $ | 106,129 | |
| 125,000 | | | | Concho Resources, Inc | | | | | 3.750 | | | | 10/01/27 | | | | 129,499 | |
| 50,000 | | | | Ecopetrol S.A. | | | | | 5.875 | | | | 09/18/23 | | | | 55,375 | |
| 60,000 | | | | Ecopetrol S.A. | | | | | 5.875 | | | | 05/28/45 | | | | 66,354 | |
| 100,000 | | | | Enbridge, Inc | | | | | 3.700 | | | | 07/15/27 | | | | 103,237 | |
| 100,000 | | | | Energy Transfer Operating LP | | | | | 5.250 | | | | 04/15/29 | | | | 111,829 | |
| 100,000 | | | | Energy Transfer Operating LP | | | | | 6.250 | | | | 04/15/49 | | | | 118,367 | |
| 150,000 | | | | Energy Transfer Partners LP | | | | | 4.750 | | | | 01/15/26 | | | | 160,660 | |
| 150,000 | | | | Energy Transfer Partners LP | | | | | 4.950 | | | | 06/15/28 | | | | 163,922 | |
| 100,000 | | | | Enterprise Products Operating LLC | | | | | 3.700 | | | | 02/15/26 | | | | 105,811 | |
| 100,000 | | h | | Enterprise Products Operating LLC | | | | | 3.125 | | | | 07/31/29 | | | | 100,516 | |
| 100,000 | | | | Enterprise Products Operating LLC | | | | | 4.250 | | | | 02/15/48 | | | | 103,456 | |
| 100,000 | | h | | Enterprise Products Operating LLC | | | | | 4.200 | | | | 01/31/50 | | | | 102,719 | |
| 75,000 | | | | Exterran Partners LP | | | | | 6.000 | | | | 10/01/22 | | | | 75,937 | |
| 150,000 | | | | Marathon Oil Corp | | | | | 2.700 | | | | 06/01/20 | | | | 150,130 | |
| 125,000 | | | | MPLX LP | | | | | 4.000 | | | | 03/15/28 | | | | 129,752 | |
| 225,000 | | | | MPLX LP | | | | | 4.500 | | | | 04/15/38 | | | | 226,962 | |
| 125,000 | | | | MPLX LP | | | | | 4.700 | | | | 04/15/48 | | | | 127,862 | |
| 150,000 | | | | Noble Energy, Inc | | | | | 3.850 | | | | 01/15/28 | | | | 153,441 | |
| 150,000 | | | | Noble Energy, Inc | | | | | 5.050 | | | | 11/15/44 | | | | 159,394 | |
| 100,000 | | | | ONE Gas, Inc | | | | | 3.610 | | | | 02/01/24 | | | | 104,488 | |
| 100,000 | | | | ONEOK, Inc | | | | | 4.000 | | | | 07/13/27 | | | | 103,888 | |
| 225,000 | | | | ONEOK, Inc | | | | | 4.350 | | | | 03/15/29 | | | | 240,436 | |
| 100,000 | | | | Petrobras Global Finance BV | | | | | 5.999 | | | | 01/27/28 | | | | 106,300 | |
| 50,000 | | | | Petrobras Global Finance BV | | | | | 7.250 | | | | 03/17/44 | | | | 55,926 | |
| 75,000 | | | | Petroleos Mexicanos | | | | | 6.375 | | | | 02/04/21 | | | | 76,950 | |
| 65,000 | | | | Petroleos Mexicanos | | | | | 3.500 | | | | 01/30/23 | | | | 61,679 | |
| 80,000 | | | | Petroleos Mexicanos | | | | | 4.250 | | | | 01/15/25 | | | | 73,956 | |
| 100,000 | | | | Petroleos Mexicanos | | | | | 6.500 | | | | 03/13/27 | | | | 98,620 | |
| 50,000 | | | | Petroleos Mexicanos | | | | | 5.350 | | | | 02/12/28 | | | | 45,505 | |
| 25,000 | | | | Petroleos Mexicanos | | | | | 6.500 | | | | 01/23/29 | | | | 24,188 | |
| 175,000 | | | | Phillips 66 Partners LP | | | | | 3.550 | | | | 10/01/26 | | | | 178,109 | |
| 100,000 | | | | Phillips 66 Partners LP | | | | | 4.900 | | | | 10/01/46 | | | | 106,438 | |
| 250,000 | | g | | Reliance Industries Ltd | | | | | 3.667 | | | | 11/30/27 | | | | 252,092 | |
| 175,000 | | | | Sabine Pass Liquefaction LLC | | | | | 4.200 | | | | 03/15/28 | | | | 183,717 | |
| 125,000 | | | | Sunoco Logistics Partners Operations LP | | | | | 4.000 | | | | 10/01/27 | | | | 128,721 | |
| 25,000 | | | | Sunoco Logistics Partners Operations LP | | | | | 5.400 | | | | 10/01/47 | | | | 26,559 | |
| 25,000 | | | | Targa Resources Partners LP | | | | | 5.875 | | | | 04/15/26 | | | | 26,500 | |
| 25,000 | | g | | Targa Resources Partners LP | | | | | 6.500 | | | | 07/15/27 | | | | 27,250 | |
| 350,000 | | | | TransCanada PipeLines Ltd | | | | | 4.250 | | | | 05/15/28 | | | | 377,900 | |
| 40,000 | | | | USA Compression Partners LP | | | | | 6.875 | | | | 04/01/26 | | | | 42,296 | |
| 25,000 | | g | | USA Compression Partners LP | | | | | 6.875 | | | | 09/01/27 | | | | 26,253 | |
| 25,000 | | | | Vale Overseas Ltd | | | | | 6.875 | | | | 11/21/36 | | | | 30,031 | |
| 75,000 | | | | Williams Partners LP | | | | | 3.600 | | | | 03/15/22 | | | | 76,994 | |
| 75,000 | | | | Williams Partners LP | | | | | 4.900 | | | | 01/15/45 | | | | 78,988 | |
| 150,000 | | g | | YPF S.A. | | | | | 6.950 | | | | 07/21/27 | | | | 136,080 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL ENERGY | | | | 6,079,116 | |
| | | | | | | | | | | | | |
| | | | |
FOOD & STAPLES RETAILING - 1.2% | | | | | | | | | | | | | | |
| 100,000 | | | | Albertsons Cos LLC | | | | | 6.625 | | | | 06/15/24 | | | | 103,625 | |
| 175,000 | | | | CVS Health Corp | | | | | 3.700 | | | | 03/09/23 | | | | 180,661 | |
| 275,000 | | | | CVS Health Corp | | | | | 2.875 | | | | 06/01/26 | | | | 269,969 | |
| 300,000 | | | | CVS Health Corp | | | | | 4.300 | | | | 03/25/28 | | | | 316,179 | |
| 400,000 | | | | CVS Health Corp | | | | | 4.780 | | | | 03/25/38 | | | | 416,908 | |
| 200,000 | | | | CVS Health Corp | | | | | 5.050 | | | | 03/25/48 | | | | 212,713 | |
| 140,000 | | | | Ingles Markets, Inc | | | | | 5.750 | | | | 06/15/23 | | | | 143,150 | |
| 100,000 | | | | Kroger Co | | | | | 3.700 | | | | 08/01/27 | | | | 103,017 | |
| 100,000 | | | | Kroger Co | | | | | 4.500 | | | | 01/15/29 | | | | 108,835 | |
| 450,000 | | | | Walmart, Inc | | | | | 3.700 | | | | 06/26/28 | | | | 491,180 | |
| 125,000 | | | | Walmart, Inc | | | | | 3.950 | | | | 06/28/38 | | | | 139,149 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | | 2,485,386 | |
| | | | | | | | | | | | | |
91
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | �� | | | | | | | |
FOOD, BEVERAGE & TOBACCO - 1.2% | | | | | | | | | | | | | | |
| $ 100,000 | | | | Altria Group, Inc | | | | | 4.400 | % | | | 02/14/26 | | | $ | 106,897 | |
| 100,000 | | | | Altria Group, Inc | | | | | 5.950 | | | | 02/14/49 | | | | 113,724 | |
| 123,000 | | | | Anheuser-Busch InBev Finance, Inc | | | | | 2.650 | | | | 02/01/21 | | | | 123,644 | |
| 135,000 | | | | Anheuser-Busch InBev Finance, Inc | | | | | 3.300 | | | | 02/01/23 | | | | 139,275 | |
| 125,000 | | | | Anheuser-Busch InBev Worldwide, Inc | | | | | 4.150 | | | | 01/23/25 | | | | 135,275 | |
| 300,000 | | | | Anheuser-Busch InBev Worldwide, Inc | | | | | 4.750 | | | | 01/23/29 | | | | 339,829 | |
| 100,000 | | | | Anheuser-Busch InBev Worldwide, Inc | | | | | 5.450 | | | | 01/23/39 | | | | 118,797 | |
| 25,000 | | | | ConAgra Brands, Inc | | | | | 4.850 | | | | 11/01/28 | | | | 27,668 | |
| 75,000 | | | | ConAgra Brands, Inc | | | | | 5.300 | | | | 11/01/38 | | | | 81,452 | |
| 100,000 | | | | Constellation Brands, Inc | | | | | 4.400 | | | | 11/15/25 | | | | 108,853 | |
| 200,000 | | | | Constellation Brands, Inc | | | | | 3.600 | | | | 02/15/28 | | | | 206,139 | |
| 200,000 | | | | Diageo Capital plc | | | | | 3.500 | | | | 09/18/23 | | | | 209,241 | |
| 200,000 | | | | Diageo Capital plc | | | | | 3.875 | | | | 05/18/28 | | | | 218,514 | |
| 100,000 | | | | Kellogg Co | | | | | 3.400 | | | | 11/15/27 | | | | 101,789 | |
| 100,000 | | | | Tyson Foods, Inc | | | | | 3.900 | | | | 09/28/23 | | | | 105,333 | |
| 100,000 | | | | Tyson Foods, Inc | | | | | 3.550 | | | | 06/02/27 | | | | 103,591 | |
| 100,000 | | | | Tyson Foods, Inc | | | | | 5.100 | | | | 09/28/48 | | | | 112,786 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | | | | | | | | | 2,352,807 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
HEALTH CARE EQUIPMENT & SERVICES - 0.8% | | | | | | | | | | | | | | |
| 163,000 | | | | Becton Dickinson and Co | | | | | 3.700 | | | | 06/06/27 | | | | 170,252 | |
| 100,000 | | | | Boston Scientific Corp | | | | | 4.000 | | | | 03/01/29 | | | | 108,109 | |
| 200,000 | | | | Children’s Hospital Medic | | | | | 4.268 | | | | 05/15/44 | | | | 225,517 | |
| 100,000 | | | | Covidien International Finance S.A. | | | | | 3.200 | | | | 06/15/22 | | | | 102,736 | |
| 250,000 | | | | Dartmouth-Hitchcock Health | | | | | 4.178 | | | | 08/01/48 | | | | 269,399 | |
| 160,000 | | | | HCA, Inc | | | | | 5.625 | | | | 09/01/28 | | | | 173,200 | |
| 20,000 | | | | HCA, Inc | | | | | 5.875 | | | | 02/01/29 | | | | 21,925 | |
| 100,000 | | | | HCA, Inc | | | | | 5.500 | | | | 06/15/47 | | | | 106,730 | |
| 14,000 | | | | Medtronic, Inc | | | | | 4.625 | | | | 03/15/45 | | | | 16,947 | |
| 175,000 | | | | Thermo Fisher Scientific, Inc | | | | | 2.950 | | | | 09/19/26 | | | | 176,169 | |
| 100,000 | | | | Zimmer Biomet Holdings, Inc | | | | | 3.700 | | | | 03/19/23 | | | | 103,155 | |
| 55,000 | | | | Zimmer Holdings, Inc | | | | | 3.550 | | | | 04/01/25 | | | | 56,668 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | | | | | | | | | 1,530,807 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
INSURANCE - 1.5% | | | | | | | | | | | | | | |
| 100,000 | | | | ACE INA Holdings, Inc | | | | | 2.875 | | | | 11/03/22 | | | | 101,821 | |
| 100,000 | | | | American Financial Group, Inc | | | | | 3.500 | | | | 08/15/26 | | | | 100,567 | |
| 200,000 | | | | American International Group, Inc | | | | | 3.900 | | | | 04/01/26 | | | | 209,232 | |
| 175,000 | | | | Aon plc | | | | | 3.500 | | | | 06/14/24 | | | | 182,198 | |
| 100,000 | | | | Berkshire Hathaway Finance Corp | | | | | 4.250 | | | | 01/15/49 | | | | 112,375 | |
| 100,000 | | | | CNA Financial Corp | | | | | 3.950 | | | | 05/15/24 | | | | 105,478 | |
| 100,000 | | | | CNA Financial Corp | | | | | 3.450 | | | | 08/15/27 | | | | 101,449 | |
| 100,000 | | | | CNA Financial Corp | | | | | 3.900 | | | | 05/01/29 | | | | 105,105 | |
| 100,000 | | | | Hartford Financial Services Group, Inc | | | | | 4.300 | | | | 04/15/43 | | | | 105,620 | |
| 100,000 | | | | Humana, Inc | | | | | 3.950 | | | | 03/15/27 | | | | 103,844 | |
| 100,000 | | g | | Liberty Mutual Group, Inc | | | | | 4.500 | | | | 06/15/49 | | | | 104,897 | |
| 100,000 | | | | Lincoln National Corp | | | | | 3.800 | | | | 03/01/28 | | | | 104,926 | |
| 100,000 | | | | MetLife, Inc | | | | | 3.600 | | | | 11/13/25 | | | | 106,184 | |
| 100,000 | | | | Principal Financial Group, Inc | | | | | 3.700 | | | | 05/15/29 | | | | 104,732 | |
| 175,000 | | | | Prudential Financial, Inc | | | | | 3.878 | | | | 03/27/28 | | | | 190,163 | |
| 100,000 | | g | | Prudential Funding LLC | | | | | 6.750 | | | | 09/15/23 | | | | 115,402 | |
| 200,000 | | | | Reinsurance Group of America, Inc | | | | | 3.900 | | | | 05/15/29 | | | | 207,501 | |
| 100,000 | | | | Verisk Analytics, Inc | | | | | 4.125 | | | | 03/15/29 | | | | 107,493 | |
| 500,000 | | g,i | | Vitality Re IX Ltd | | | | | 3.687 | | | | 01/10/22 | | | | 498,350 | |
| 250,000 | | g,i | | Vitality Re X Ltd | | | | | 3.837 | | | | 01/10/23 | | | | 250,425 | |
| 25,000 | | | | WR Berkley Corp | | | | | 5.375 | | | | 09/15/20 | | | | 25,883 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL INSURANCE | | | | | | | | | | | | | 3,043,645 | |
| | | | | | | | | | | | | | | | | | |
92
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
MATERIALS - 1.1% | | | | | | | | | | | | | | |
| $ 100,000 | | | | ArcelorMittal | | | | | 6.250 | % | | | 02/25/22 | | | $ | 108,491 | |
| 200,000 | | g | | Celulosa Arauco y Constitucion S.A. | | | | | 4.250 | | | | 04/30/29 | | | | 210,400 | |
| 200,000 | | g | | Corp Nacional del Cobre de Chile-CODELCO | | | 3.625 | | | | 08/01/27 | | | | 206,952 | |
| 100,000 | | g | | CRH America Finance, Inc | | | | | 3.400 | | | | 05/09/27 | | | | 99,750 | |
| 50,000 | | | | Dow Chemical Co | | | | | 4.375 | | | | 11/15/42 | | | | 50,519 | |
| 55,000 | | | | DowDuPont, Inc | | | | | 4.725 | | | | 11/15/28 | | | | 62,127 | |
| 125,000 | | | | DowDuPont, Inc | | | | | 5.319 | | | | 11/15/38 | | | | 146,642 | |
| 250,000 | | | | International Paper Co | | | | | 4.350 | | | | 08/15/48 | | | | 245,013 | |
| 100,000 | | g | | James Hardie International Finance DAC | | | | | 4.750 | | | | 01/15/25 | | | | 102,000 | |
| 100,000 | | g | | Midwest Connector Capital Co LLC | | | | | 3.900 | | | | 04/01/24 | | | | 104,015 | |
| 100,000 | | g | | Midwest Connector Capital Co LLC | | | | | 4.625 | | | | 04/01/29 | | | | 107,122 | |
| 100,000 | | | | Nutrien Ltd | | | | | 3.375 | | | | 03/15/25 | | | | 102,452 | |
| 60,000 | | g | | OCI NV | | | | | 6.625 | | | | 04/15/23 | | | | 62,316 | |
| 80,000 | | g | | Owens-Brockway Glass Container, Inc | | | | | 5.875 | | | | 08/15/23 | | | | 86,284 | |
| 100,000 | | | | Rio Tinto Finance USA Ltd | | | | | 3.750 | | | | 06/15/25 | | | | 107,395 | |
| 200,000 | | g | | SABIC Capital II BV | | | | | 4.000 | | | | 10/10/23 | | | | 207,762 | |
| 100,000 | | | | Westlake Chemical Corp | | | | | 3.600 | | | | 08/15/26 | | | | 101,535 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MATERIALS | | | | | | | | | | | | | 2,110,775 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
MEDIA & ENTERTAINMENT - 1.7% | | | | | | | | | | | | | | |
| 25,000 | | | | CBS Corp | | | | | 2.900 | | | | 06/01/23 | | | | 25,212 | |
| 100,000 | | | | CBS Corp | | | | | 3.375 | | | | 02/15/28 | | | | 99,540 | |
| 75,000 | | | | Charter Communications Operating LLC | | | | | 3.579 | | | | 07/23/20 | | | | 75,662 | |
| 375,000 | | | | Charter Communications Operating LLC | | | | | 4.908 | | | | 07/23/25 | | | | 406,894 | |
| 100,000 | | | | Charter Communications Operating LLC | | | | | 5.375 | | | | 05/01/47 | | | | 105,222 | |
| 150,000 | | h | | Charter Communications Operating LLC | | | | | 5.125 | | | | 07/01/49 | | | | 152,007 | |
| 100,000 | | | | Comcast Corp | | | | | 3.700 | | | | 04/15/24 | | | | 106,085 | |
| 200,000 | | | | Comcast Corp | | | | | 3.950 | | | | 10/15/25 | | | | 215,649 | |
| 300,000 | | | | Comcast Corp | | | | | 2.350 | | | | 01/15/27 | | | | 292,511 | |
| 150,000 | | | | Comcast Corp | | | | | 3.150 | | | | 02/15/28 | | | | 153,906 | |
| 150,000 | | | | Comcast Corp | | | | | 4.150 | | | | 10/15/28 | | | | 165,331 | |
| 300,000 | | | | Comcast Corp | | | | | 3.200 | | | | 07/15/36 | | | | 291,405 | |
| 100,000 | | | | Discovery Communications LLC | | | | | 2.950 | | | | 03/20/23 | | | | 100,886 | |
| 100,000 | | | | Discovery Communications LLC | | | | | 3.950 | | | | 03/20/28 | | | | 103,061 | |
| 100,000 | | g | | Gray Escrow, Inc | | | | | 7.000 | | | | 05/15/27 | | | | 108,500 | |
| 35,000 | | | | Grupo Televisa SAB | | | | | 6.625 | | | | 01/15/40 | | | | 41,825 | |
| 40,000 | | | | Meredith, Corp | | | | | 6.875 | | | | 02/01/26 | | | | 42,445 | |
| 50,000 | | g | | Nielsen Finance LLC | | | | | 5.000 | | | | 04/15/22 | | | | 49,938 | |
| 80,000 | | g | | Tegna, Inc | | | | | 5.500 | | | | 09/15/24 | | | | 82,000 | |
| 75,000 | | | | Time Warner Cable, Inc | | | | | 5.875 | | | | 11/15/40 | | | | 81,058 | |
| 50,000 | | | | Viacom, Inc | | | | | 5.850 | | | | 09/01/43 | | | | 58,991 | |
| 500,000 | | g | | Walt Disney Co | | | | | 3.000 | | | | 09/15/22 | | | | 511,908 | |
| 50,000 | | g | | Walt Disney Co | | | | | 6.900 | | | | 08/15/39 | | | | 73,625 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | | | | | | | | | | | 3,343,661 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.3% | | | | | | | | | | | | | | |
| 100,000 | | | | Abbott Laboratories | | | | | 3.875 | | | | 09/15/25 | | | | 107,779 | |
| 227,000 | | | | Abbott Laboratories | | | | | 3.750 | | | | 11/30/26 | | | | 245,332 | |
| 100,000 | | | | Abbott Laboratories | | | | | 5.300 | | | | 05/27/40 | | | | 123,248 | |
| 100,000 | | | | AbbVie, Inc | | | | | 2.850 | | | | 05/14/23 | | | | 100,678 | |
| 150,000 | | | | AbbVie, Inc | | | | | 3.200 | | | | 05/14/26 | | | | 151,895 | |
| 200,000 | | | | AbbVie, Inc | | | | | 4.250 | | | | 11/14/28 | | | | 213,605 | |
| 125,000 | | | | AbbVie, Inc | | | | | 4.400 | | | | 11/06/42 | | | | 123,659 | |
| 50,000 | | | | AbbVie, Inc | | | | | 4.450 | | | | 05/14/46 | | | | 49,051 | |
| 100,000 | | | | AstraZeneca plc | | | | | 3.125 | | | | 06/12/27 | | | | 102,189 | |
| 150,000 | | | | AstraZeneca plc | | | | | 4.000 | | | | 01/17/29 | | | | 163,812 | |
| 100,000 | | g | | Bristol-Myers Squibb Co | | | | | 3.400 | | | | 07/26/29 | | | | 104,588 | |
| 100,000 | | g | | Bristol-Myers Squibb Co | | | | | 4.250 | | | | 10/26/49 | | | | 110,068 | |
| 75,000 | | | | Celgene Corp | | | | | 3.875 | | | | 08/15/25 | | | | 80,342 | |
93
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 275,000 | | | | Celgene Corp | | | | | 3.450 | % | | | 11/15/27 | | | $ | 286,561 | |
| 100,000 | | | | GlaxoSmithKline Capital, Inc | | | | | 3.875 | | | | 05/15/28 | | | | 109,401 | |
| 150,000 | | | | Johnson & Johnson | | | | | 2.900 | | | | 01/15/28 | | | | 154,662 | |
| 100,000 | | | | Johnson & Johnson | | | | | 3.400 | | | | 01/15/38 | | | | 104,116 | |
| 175,000 | | | | Novartis Capital Corp | | | | | 3.000 | | | | 11/20/25 | | | | 180,534 | |
| 150,000 | | | | Teva Pharmaceutical Finance Netherlands III BV | | | 3.150 | | | | 10/01/26 | | | | 116,625 | |
| 21,000 | | g | | Valeant Pharmaceuticals International, Inc | | | 5.500 | | | | 03/01/23 | | | | 21,168 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | | 2,649,313 | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
REAL ESTATE - 2.1% | | | | | | | | | | | | | | | | |
| 100,000 | | | | Alexandria Real Estate Equities, Inc | | | | | 3.950 | | | | 01/15/27 | | | | 104,863 | |
| 100,000 | | | | Alexandria Real Estate Equities, Inc | | | | | 3.950 | | | | 01/15/28 | | | | 105,119 | |
| 100,000 | | | | American Tower Corp | | | | | 3.000 | | | | 06/15/23 | | | | 100,930 | |
| 100,000 | | | | American Tower Corp | | | | | 2.950 | | | | 01/15/25 | | | | 100,732 | |
| 50,000 | | | | American Tower Corp | | | | | 3.375 | | | | 10/15/26 | | | | 50,842 | |
| 150,000 | | | | American Tower Corp | | | | | 3.800 | | | | 08/15/29 | | | | 154,610 | |
| 150,000 | | | | Brandywine Operating Partnership LP | | | | | 4.100 | | | | 10/01/24 | | | | 156,215 | |
| 100,000 | | | | Brandywine Operating Partnership LP | | | | | 3.950 | | | | 11/15/27 | | | | 103,061 | |
| 200,000 | | | | Brixmor Operating Partnership LP | | | | | 3.850 | | | | 02/01/25 | | | | 205,963 | |
| 160,000 | | | | Brixmor Operating Partnership LP | | | | | 4.125 | | | | 06/15/26 | | | | 165,329 | |
| 75,000 | | | | Brixmor Operating Partnership LP | | | | | 3.900 | | | | 03/15/27 | | | | 76,524 | |
| 100,000 | | | | Camden Property Trust | | | | | 3.150 | | | | 07/01/29 | | | | 101,546 | |
| 110,000 | | | | Crown Castle International Corp | | | | | 4.875 | | | | 04/15/22 | | | | 116,953 | |
| 50,000 | | | | Crown Castle International Corp | | | | | 3.700 | | | | 06/15/26 | | | | 51,906 | |
| 87,000 | | | | DDR Corp | | | | | 3.625 | | | | 02/01/25 | | | | 87,991 | |
| 50,000 | | | | Digital Realty Trust LP | | | | | 3.700 | | | | 08/15/27 | | | | 51,365 | |
| 100,000 | | | | Duke Realty LP | | | | | 3.250 | | | | 06/30/26 | | | | 101,599 | |
| 100,000 | | | | Equity One, Inc | | | | | 3.750 | | | | 11/15/22 | | | | 103,750 | |
| 75,000 | | | | Essex Portfolio LP | | | | | 3.375 | | | | 01/15/23 | | | | 76,607 | |
| 100,000 | | h | | HCP, Inc | | | | | 3.500 | | | | 07/15/29 | | | | 100,432 | |
| 100,000 | | | | Healthcare Realty Trust, Inc | | | | | 3.750 | | | | 04/15/23 | | | | 102,228 | |
| 175,000 | | | | Healthcare Realty Trust, Inc | | | | | 3.875 | | | | 05/01/25 | | | | 180,632 | |
| 100,000 | | | | Healthcare Trust of America Holdings LP | | | | | 3.700 | | | | 04/15/23 | | | | 102,197 | |
| 125,000 | | | | Healthcare Trust of America Holdings LP | | | | | 3.500 | | | | 08/01/26 | | | | 126,238 | |
| 100,000 | | | | Liberty Property LP | | | | | 4.375 | | | | 02/01/29 | | | | 108,182 | |
| 100,000 | | | | Mid-America Apartments LP | | | | | 4.300 | | | | 10/15/23 | | | | 106,278 | |
| 125,000 | | | | Mid-America Apartments LP | | | | | 3.750 | | | | 06/15/24 | | | | 130,033 | |
| 100,000 | | | | Mid-America Apartments LP | | | | | 3.600 | | | | 06/01/27 | | | | 103,180 | |
| 50,000 | | | | National Retail Properties, Inc | | | | | 3.800 | | | | 10/15/22 | | | | 51,855 | |
| 100,000 | | | | National Retail Properties, Inc | | | | | 3.300 | | | | 04/15/23 | | | | 102,146 | |
| 100,000 | | | | National Retail Properties, Inc | | | | | 4.000 | | | | 11/15/25 | | | | 105,439 | |
| 150,000 | | | | Regency Centers LP | | | | | 3.900 | | | | 11/01/25 | | | | 157,538 | |
| 200,000 | | | | Regency Centers LP | | | | | 3.600 | | | | 02/01/27 | | | | 206,496 | |
| 50,000 | | | | Weingarten Realty Investors | | | | | 3.375 | | | | 10/15/22 | | | | 50,783 | |
| 100,000 | | | | Weingarten Realty Investors | | | | | 3.500 | | | | 04/15/23 | | | | 101,935 | |
| 100,000 | | | | Weingarten Realty Investors | | | | | 4.450 | | | | 01/15/24 | | | | 105,382 | |
| 100,000 | | | | Weingarten Realty Investors | | | | | 3.850 | | | | 06/01/25 | | | | 102,458 | |
| 100,000 | | | | Weingarten Realty Investors | | | | | 3.250 | | | | 08/15/26 | | | | 97,284 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL REAL ESTATE | | | | | | | | | | | | | 4,156,621 | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
RETAILING - 0.2% | | | | | | | | | | | | | | | | |
| 25,000 | | | | Asbury Automotive Group, Inc | | | | | 6.000 | | | | 12/15/24 | | | | 25,875 | |
| 50,000 | | | | AutoNation, Inc | | | | | 3.800 | | | | 11/15/27 | | | | 48,989 | |
| 125,000 | | | | O’Reilly Automotive, Inc | | | | | 3.600 | | | | 09/01/27 | | | | 128,469 | |
| 125,000 | | | | Target Corp | | | | | 3.625 | | | | 04/15/46 | | | | 128,217 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL RETAILING | | | | | | | | | | | | | 331,550 | |
| | | | | | | | | | | | | | | | | | |
94
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3% | | | | | | | | | | | | | | |
| $ 300,000 | | | | Intel Corp | | | | | 2.875 | % | | | 05/11/24 | | | $ | 308,641 | |
| 70,000 | | | | Intel Corp | | | | | 2.600 | | | | 05/19/26 | | | | 70,441 | |
| 25,000 | | | | Intel Corp | | | | | 3.734 | | | | 12/08/47 | | | | 26,085 | |
| 100,000 | | g | | NXP BV | | | | | 3.875 | | | | 06/18/26 | | | | 102,530 | |
| 100,000 | | | | Texas Instruments, Inc | | | | | 2.625 | | | | 05/15/24 | | | | 101,789 | |
| 25,000 | | | | Texas Instruments, Inc | | | | | 4.150 | | | | 05/15/48 | | | | 28,500 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | | | 637,986 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
SOFTWARE & SERVICES - 1.3% | | | | | | | | | | | | | | |
| 100,000 | | | | Fidelity National Information Services, Inc | | | 3.750 | | | | 05/21/29 | | | | 106,172 | |
| 250,000 | | | | Fiserv, Inc | | | | | 2.750 | | | | 07/01/24 | | | | 251,654 | |
| 150,000 | | | | Fiserv, Inc | | | | | 3.500 | | | | 07/01/29 | | | | 153,820 | |
| 100,000 | | | | IHS Markit Ltd | | | | | 4.125 | | | | 08/01/23 | | | | 103,960 | |
| 100,000 | | | | IHS Markit Ltd | | | | | 4.250 | | | | 05/01/29 | | | | 105,371 | |
| 500,000 | | | | International Business Machines Corp | | | | | 3.500 | | | | 05/15/29 | | | | 522,674 | |
| 400,000 | | | | Microsoft Corp | | | | | 2.400 | | | | 08/08/26 | | | | 401,726 | |
| 100,000 | | | | Microsoft Corp | | | | | 4.100 | | | | 02/06/37 | | | | 114,045 | |
| 110,000 | | | | Microsoft Corp | | | | | 3.700 | | | | 08/08/46 | | | | 118,317 | |
| 125,000 | | | | Oracle Corp | | | | | 2.500 | | | | 05/15/22 | | | | 126,298 | |
| 175,000 | | | | Oracle Corp | | | | | 2.650 | | | | 07/15/26 | | | | 175,772 | |
| 100,000 | | | | Oracle Corp | | | | | 3.800 | | | | 11/15/37 | | | | 105,786 | |
| 125,000 | | | | Oracle Corp | | | | | 4.000 | | | | 11/15/47 | | | | 134,178 | |
| 100,000 | | | | salesforce.com, Inc | | | | | 3.700 | | | | 04/11/28 | | | | 107,763 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | | | | | | | | | | | 2,527,536 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0% | | | | | | | | | | | | | | |
| 200,000 | | | | Amphenol Corp | | | | | 3.125 | | | | 09/15/21 | | | | 202,871 | |
| 100,000 | | | | Amphenol Corp | | | | | 4.350 | | | | 06/01/29 | | | | 108,482 | |
| 275,000 | | | | Apple, Inc | | | | | 2.450 | | | | 08/04/26 | | | | 274,413 | |
| 500,000 | | | | Apple, Inc | | | | | 3.200 | | | | 05/11/27 | | | | 521,090 | |
| 75,000 | | | | Broadcom Corp | | | | | 3.875 | | | | 01/15/27 | | | | 73,528 | |
| 250,000 | | | | Cisco Systems, Inc | | | | | 1.850 | | | | 09/20/21 | | | | 248,454 | |
| 100,000 | | | | Corning, Inc | | | | | 4.375 | | | | 11/15/57 | | | | 97,121 | |
| 225,000 | | g | | Dell International LLC | | | | | 4.420 | | | | 06/15/21 | | | | 231,717 | |
| 100,000 | | g | | Dell International LLC | | | | | 5.300 | | | | 10/01/29 | | | | 105,241 | |
| 100,000 | | | | L-3 Technologies, Inc | | | | | 3.850 | | | | 06/15/23 | | | | 104,301 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | | | 1,967,218 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
TELECOMMUNICATION SERVICES - 2.0% | | | | | | | | | | | | | | |
| 250,000 | | | | AT&T, Inc | | | | | 3.400 | | | | 05/15/25 | | | | 256,862 | |
| 175,000 | | | | AT&T, Inc | | | | | 3.600 | | | | 07/15/25 | | | | 181,365 | |
| 100,000 | | | | AT&T, Inc | | | | | 3.800 | | | | 02/15/27 | | | | 103,892 | |
| 550,000 | | | | AT&T, Inc | | | | | 4.350 | | | | 03/01/29 | | | | 590,033 | |
| 300,000 | | | | AT&T, Inc | | | | | 4.300 | | | | 02/15/30 | | | | 320,355 | |
| 150,000 | | | | AT&T, Inc | | | | | 4.500 | | | | 05/15/35 | | | | 157,061 | |
| 100,000 | | | | AT&T, Inc | | | | | 4.500 | | | | 03/09/48 | | | | 102,451 | |
| 200,000 | | g | | Bharti Airtel Ltd | | | | | 4.375 | | | | 06/10/25 | | | | 201,833 | |
| 200,000 | | g | | C&W Senior Financing Designated Activity Co | | | 7.500 | | | | 10/15/26 | | | | 208,500 | |
| 50,000 | | | | Deutsche Telekom International Finance BV | | | 8.750 | | | | 06/15/30 | | | | 71,963 | |
| 200,000 | | g | | MTN Mauritius Investment Ltd | | | | | 6.500 | | | | 10/13/26 | | | | 215,854 | |
| 50,000 | | | | Orange S.A. | | | | | 5.375 | | | | 01/13/42 | | | | 60,409 | |
| 100,000 | | | | Telefonica Emisiones SAU | | | | | 4.103 | | | | 03/08/27 | | | | 106,187 | |
| 50,000 | | | | T-Mobile USA, Inc | | | | | 6.375 | | | | 03/01/25 | | | | 51,925 | |
| 14,000 | | | | Verizon Communications, Inc | | | | | 3.376 | | | | 02/15/25 | | | | 14,609 | |
| 533,000 | | | | Verizon Communications, Inc | | | | | 4.329 | | | | 09/21/28 | | | | 589,410 | |
| 100,000 | | | | Verizon Communications, Inc | | | | | 3.875 | | | | 02/08/29 | | | | 107,208 | |
| 86,000 | | g | | Verizon Communications, Inc | | | | | 4.016 | | | | 12/03/29 | | | | 93,148 | |
| 258,000 | | | | Verizon Communications, Inc | | | | | 4.272 | | | | 01/15/36 | | | | 279,203 | |
| 100,000 | | | | Verizon Communications, Inc | | | | | 4.522 | | | | 09/15/48 | | | | 111,689 | |
| 150,000 | | | | Vodafone Group plc | | | | | 4.375 | | | | 05/30/28 | | | | 161,998 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | | | | | | | | | 3,985,955 | |
| | | | | | | | | | | | | | | | | | |
95
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
TRANSPORTATION - 1.0% | | | | | | | | | | | | | | |
| $ 100,000 | | | | CSX Corp | | | | | 3.800 | % | | | 03/01/28 | | | $ | 107,457 | |
| 100,000 | | | | CSX Corp | | | | | 4.250 | | | | 03/15/29 | | | | 111,325 | |
| 100,000 | | | | CSX Corp | | | | | 3.800 | | | | 11/01/46 | | | | 101,244 | |
| 200,000 | | | | CSX Corp | | | | | 4.300 | | | | 03/01/48 | | | | 216,577 | |
| 200,000 | | | | Delta Air Lines, Inc | | | | | 3.625 | | | | 03/15/22 | | | | 203,352 | |
| 125,000 | | | | Delta Air Lines, Inc | | | | | 3.800 | | | | 04/19/23 | | | | 128,275 | |
| 100,000 | | | | FedEx Corp | | | | | 4.100 | | | | 02/01/45 | | | | 95,360 | |
| 100,000 | | | | FedEx Corp | | | | | 4.050 | | | | 02/15/48 | | | | 95,864 | |
| 200,000 | | | | Kansas City Southern | | | | | 2.350 | | | | 05/15/20 | | | | 199,575 | |
| 175,000 | | | | Northrop Grumman Corp | | | | | 3.250 | | | | 01/15/28 | | | | 179,556 | |
| 100,000 | | | | Northrop Grumman Corp | | | | | 4.030 | | | | 10/15/47 | | | | 106,401 | |
| 200,000 | | g | | Pelabuhan Indonesia III Persero PT | | | | | 4.500 | | | | 05/02/23 | | | | 208,982 | |
| 100,000 | | | | Union Pacific Corp | | | | | 3.950 | | | | 09/10/28 | | | | 109,465 | |
| 125,000 | | | | Union Pacific Corp | | | | | 4.500 | | | | 09/10/48 | | | | 141,780 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | | | | | | | | | | 2,005,213 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
UTILITIES - 1.4% | | | | | | | | | | | | | | |
| 100,000 | | | | AEP Transmission Co LLC | | | | | 3.100 | | | | 12/01/26 | | | | 101,566 | |
| 100,000 | | | | AEP Transmission Co LLC | | | | | 4.000 | | | | 12/01/46 | | | | 104,508 | |
| 100,000 | | | | American Water Capital Corp | | | | | 3.000 | | | | 12/01/26 | | | | 99,991 | |
| 100,000 | | | | American Water Capital Corp | | | | | 4.000 | | | | 12/01/46 | | | | 101,928 | |
| 150,000 | | | | American Water Capital Corp | | | | | 3.750 | | | | 09/01/47 | | | | 151,205 | |
| 125,000 | | | | Baltimore Gas & Electric Co | | | | | 3.750 | | | | 08/15/47 | | | | 127,516 | |
| 50,000 | | | | Berkshire Hathaway Energy Co | | | | | 3.250 | | | | 04/15/28 | | | | 51,600 | |
| 200,000 | | | | Black Hills Corp | | | | | 4.250 | | | | 11/30/23 | | | | 211,657 | |
| 100,000 | | | | Black Hills Corp | | | | | 3.150 | | | | 01/15/27 | | | | 99,281 | |
| 175,000 | | | | Exelon Generation Co LLC | | | | | 3.400 | | | | 03/15/22 | | | | 179,263 | |
| 100,000 | | | | Florida Power & Light Co | | | | | 3.990 | | | | 03/01/49 | | | | 109,565 | |
| 93,000 | | | | Fortis, Inc | | | | | 3.055 | | | | 10/04/26 | | | | 92,277 | |
| 100,000 | | | | Indiana Michigan Power Co | | | | | 3.750 | | | | 07/01/47 | | | | 100,956 | |
| 200,000 | | g | | Israel Electric Corp Ltd | | | | | 4.250 | | | | 08/14/28 | | | | 207,911 | |
| 125,000 | | | | MidAmerican Energy Co | | | | | 3.650 | | | | 08/01/48 | | | | 128,848 | |
| 200,000 | | g | | Minejesa Capital BV | | | | | 4.625 | | | | 08/10/30 | | | | 202,154 | |
| 50,000 | | | | NRG Energy, Inc | | | | | 5.750 | | | | 01/15/28 | | | | 53,625 | |
| 125,000 | | | | Ohio Power Co | | | | | 4.150 | | | | 04/01/48 | | | | 136,332 | |
| 125,000 | | | | Ohio Power Co | | | | | 4.000 | | | | 06/01/49 | | | | 134,495 | |
| 175,000 | | | | PSEG Power LLC | | | | | 3.850 | | | | 06/01/23 | | | | 182,272 | |
| 150,000 | | | | Southwest Gas Corp | | | | | 3.700 | | | | 04/01/28 | | | | 158,457 | |
| 55,000 | | | | Virginia Electric & Power Co | | | | | 2.950 | | | | 01/15/22 | | | | 55,758 | |
| 75,000 | | | | Virginia Electric & Power Co | | | | | 2.950 | | | | 11/15/26 | | | | 76,207 | |
| 50,000 | | | | Virginia Electric & Power Co | | | | | 3.500 | | | | 03/15/27 | | | | 52,659 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL UTILITIES | | | | | | | | 2,920,031 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CORPORATE BONDS | | | | | | | | | | | | | 64,384,312 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $61,658,157) | | | | | | | | | | | | | | |
| | | | |
GOVERNMENT BONDS - 44.7% | | | | | | | | | | | | | | |
| | | | |
AGENCY SECURITIES - 0.2% | | | | | | | | | | | | | | |
| 400,000 | | | | Private Export Funding Corp (PEFCO) | | | | | 2.250 | | | | 03/15/20 | | | | 400,013 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL AGENCY SECURITIES | | | | | | | | 400,013 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
FOREIGN GOVERNMENT BONDS - 2.6% | | | | | | | | | | | | | | |
| 200,000 | | | | Argentina Republic Government International Bond | | | 5.625 | | | | 01/26/22 | | | | 168,602 | |
| 200,000 | | g | | Bermuda Government International Bond | | | | | 3.717 | | | | 01/25/27 | | | | 203,752 | |
| 250,000 | | g | | Bermuda Government International Bond | | | | | 4.750 | | | | 02/15/29 | | | | 275,625 | |
| 150,000 | | g | | Caisse d’Amortissement de la Dette Sociale | | | 1.875 | | | | 07/28/20 | | | | 149,675 | |
| 200,000 | | | | Colombia Government International Bond | | | 5.000 | | | | 06/15/45 | | | | 220,700 | |
| 200,000 | | g | | Costa Rica Government International Bond | | | 7.158 | | | | 03/12/45 | | | | 200,502 | |
| 225,000 | | g | | Ecuador Government International Bond | | | | | 9.650 | | | | 12/13/26 | | | | 243,565 | |
| 200,000 | | g | | Egypt Government International Bond | | | | | 5.577 | | | | 02/21/23 | | | | 203,109 | |
| 100,000 | | | | European Investment Bank | | | | | 4.875 | | | | 02/15/36 | | | | 131,253 | |
96
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| $ 250,000 | | g | | Guatemala Government International Bond | | | | | 4.500 | % | | | 05/03/26 | | | $ | 252,250 | |
| 200,000 | | | | Japan Bank for International Cooperation | | | | | 2.375 | | | | 04/20/26 | | | | 201,340 | |
| 100,000 | | g | | Japan Finance Organization for Municipalities | | | | | 3.000 | | | | 03/12/24 | | | | 103,598 | |
| 250,000 | | g | | Korea Housing Finance Corp | | | | | 2.000 | | | | 10/11/21 | | | | 247,454 | |
| 1,000,000 | | | | Kreditanstalt fuer Wiederaufbau | | | | | 2.750 | | | | 10/01/20 | | | | 1,009,511 | |
| 200,000 | | | | Mexico Government International Bond | | | | | 3.600 | | | | 01/30/25 | | | | 204,700 | |
| 250,000 | | | | Mexico Government International Bond | | | | | 4.150 | | | | 03/28/27 | | | | 261,960 | |
| 32,000 | | | | Mexico Government International Bond | | | | | 6.050 | | | | 01/11/40 | | | | 38,192 | |
| 160,000 | | g | | Panama Notas del Tesora | | | | | 3.750 | | | | 04/17/26 | | | | 165,361 | |
| 150,000 | | g | | Provincia de Buenos Aires | | | | | 7.875 | | | | 06/15/27 | | | | 111,376 | |
| 200,000 | | g | | Provincia de Mendoza Argentina | | | | | 8.375 | | | | 05/19/24 | | | | 171,002 | |
| 300,000 | | g | | Republic of Uzbekistan Government International Bond | | | | | 4.750 | | | | 02/20/24 | | | | 313,415 | |
| UYU 2,765,000 | | g | | Uruguay Government International Bond | | | | | 9.875 | | | | 06/20/22 | | | | 77,810 | |
| $ 200,000 | | g | | Zambia Government International Bond | | | | | 8.500 | | | | 04/14/24 | | | | 133,963 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL FOREIGN GOVERNMENT BONDS | | | | | | | | 5,088,715 | |
| | | | | | | | | | | | | |
| | | | |
MORTGAGE BACKED - 18.2% | | | | | | | | | | | | | | |
| 187,224 | | | | Federal Home Loan Mortgage Corp (FHLMC) | | | | | 3.500 | | | | 08/15/43 | | | | 194,089 | |
| 78,033 | | | | FHLMC | | | | | 3.500 | | | | 09/15/44 | | | | 80,645 | |
| 410,405 | | i | | FHLMC | | LIBOR 1 M + 0.300% | | | 2.694 | | | | 06/15/48 | | | | 407,819 | |
| 256,503 | | i | | FHLMC | | LIBOR 1 M + 9.920% | | | 6.089 | | | | 06/15/48 | | | | 304,196 | |
| 384,756 | | i | | FHLMC | | LIBOR 1 M + 9.840% | | | 6.009 | | | | 10/15/48 | | | | 447,869 | |
| 36,808 | | | | Federal Home Loan Mortgage Corp Gold (FGLMC) | | | | | 5.000 | | | | 06/01/36 | | | | 40,253 | |
| 12,605 | | | | FGLMC | | | | | 5.000 | | | | 07/01/39 | | | | 13,699 | |
| 290,760 | | | | FGLMC | | | | | 3.500 | | | | 04/01/45 | | | | 303,211 | |
| 1,187,912 | | | | FGLMC | | | | | 3.500 | | | | 10/01/45 | | | | 1,237,367 | |
| 378,403 | | | | FGLMC | | | | | 4.000 | | | | 12/01/45 | | | | 400,625 | |
| 410,489 | | | | FGLMC | | | | | 3.500 | | | | 08/01/46 | | | | 427,498 | |
| 2,270,311 | | h | | FGLMC | | | | | 3.000 | | | | 01/01/47 | | | | 2,297,175 | |
| 1,432,158 | | | | FGLMC | | | | | 3.000 | | | | 02/01/47 | | | | 1,449,218 | |
| 19,473 | | | | FGLMC | | | | | 4.500 | | | | 06/01/47 | | | | 20,904 | |
| 556,609 | | | | FGLMC | | | | | 4.000 | | | | 09/01/47 | | | | 587,279 | |
| 226,727 | | h | | FGLMC | | | | | 3.500 | | | | 12/01/47 | | | | 235,989 | |
| 716,451 | | | | FGLMC | | | | | 3.500 | | | | 03/01/48 | | | | 743,512 | |
| 216,283 | | | | FGLMC | | | | | 4.000 | | | | 03/01/48 | | | | 228,878 | |
| 185,342 | | | | FGLMC | | | | | 4.000 | | | | 07/01/48 | | | | 196,244 | |
| 253,356 | | | | FGLMC | | | | | 4.500 | | | | 08/01/48 | | | | 272,461 | |
| 18,069 | | | | Federal National Mortgage Association (FNMA) | | | | | 6.000 | | | | 08/01/21 | | | | 18,528 | |
| 189,370 | | | | FNMA | | | | | 3.500 | | | | 06/01/32 | | | | 196,697 | |
| 131,925 | | | | FNMA | | | | | 3.000 | | | | 11/01/32 | | | | 134,828 | |
| 980,349 | | | | FNMA | | | | | 3.500 | | | | 11/01/33 | | | | 1,013,006 | |
| 173,599 | | | | FNMA | | | | | 5.000 | | | | 05/01/35 | | | | 189,715 | |
| 7,197 | | | | FNMA | | | | | 7.500 | | | | 07/01/35 | | | | 7,221 | |
| 190,417 | | | | FNMA | | | | | 5.000 | | | | 02/01/36 | | | | 208,169 | |
| 390,904 | | | | FNMA | | | | | 5.000 | | | | 09/01/40 | | | | 424,490 | |
| 204,821 | | i | | FNMA | | LIBOR 1 M + 5.950% | | | 3.546 | | | | 09/25/43 | | | | 36,233 | |
| 59,787 | | | | FNMA | | | | | 4.500 | | | | 03/01/44 | | | | 64,447 | |
| 319,041 | | | | FNMA | | | | | 4.500 | | | | 10/01/44 | | | | 342,322 | |
| 654,390 | | | | FNMA | | | | | 4.500 | | | | 11/01/44 | | | | 702,180 | |
| 194,923 | | | | FNMA | | | | | 5.000 | | | | 11/01/44 | | | | 211,609 | |
| 75,194 | | | | FNMA | | | | | 3.000 | | | | 02/25/45 | | | | 76,029 | |
| 421,957 | | | | FNMA | | | | | 3.000 | | | | 02/25/45 | | | | 433,685 | |
| 219,458 | | | | FNMA | | | | | 4.000 | | | | 06/01/45 | | | | 231,270 | |
| 1,362,969 | | | | FNMA | | | | | 3.000 | | | | 12/25/45 | | | | 1,388,244 | |
| 734,962 | | | | FNMA | | | | | 3.500 | | | | 01/01/46 | | | | 765,072 | |
| 469,375 | | | | FNMA | | | | | 4.000 | | | | 01/01/46 | | | | 496,605 | |
| 29,293 | | | | FNMA | | | | | 4.000 | | | | 03/01/46 | | | | 30,865 | |
97
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 344,816 | | | | FNMA | | | | | 3.000 | % | | | 10/01/46 | | | $ | 344,951 | |
| 595,191 | | | | FNMA | | | | | 3.000 | | | | 11/01/46 | | | | 602,602 | |
| 840,071 | | | | FNMA | | | | | 3.500 | | | | 12/01/46 | | | | 864,852 | |
| 755,045 | | | | FNMA | | | | | 3.500 | | | | 01/01/47 | | | | 776,042 | |
| 121,929 | | | | FNMA | | | | | 3.000 | | | | 04/25/47 | | | | 124,488 | |
| 58,591 | | | | FNMA | | | | | 3.500 | | | | 08/01/47 | | | | 60,395 | |
| 39,305 | | | | FNMA | | | | | 3.000 | | | | 11/01/47 | | | | 39,320 | |
| 72,676 | | | | FNMA | | | | | 3.000 | | | | 11/01/47 | | | | 72,704 | |
| 125,787 | | h | | FNMA | | | | | 3.500 | | | | 01/01/48 | | | | 130,465 | |
| 228,545 | | | | FNMA | | | | | 4.500 | | | | 01/01/48 | | | | 245,721 | |
| 209,186 | | | | FNMA | | | | | 4.500 | | | | 02/01/48 | | | | 224,820 | |
| 1,032,069 | | | | FNMA | | | | | 3.000 | | | | 02/25/48 | | | | 1,056,080 | |
| 194,272 | | | | FNMA | | | | | 4.000 | | | | 03/01/48 | | | | 205,450 | |
| 922,423 | | | | FNMA | | | | | 4.500 | | | | 03/01/48 | | | | 991,365 | |
| 3,141,644 | | | | FNMA | | | | | 4.000 | | | | 04/01/48 | | | | 3,265,636 | |
| 182,112 | | | | FNMA | | | | | 4.500 | | | | 05/01/48 | | | | 195,724 | |
| 133,737 | | | | FNMA | | | | | 4.500 | | | | 05/01/48 | | | | 143,733 | |
| 460,682 | | | | FNMA | | | | | 5.000 | | | | 06/01/48 | | | | 487,775 | |
| 912,055 | | | | FNMA | | | | | 4.000 | | | | 08/01/48 | | | | 942,230 | |
| 182,620 | | | | FNMA | | | | | 4.500 | | | | 08/01/48 | | | | 190,770 | |
| 242,921 | | | | FNMA | | | | | 5.000 | | | | 08/01/48 | | | | 264,485 | |
| 99,192 | | h | | FNMA | | | | | 4.000 | | | | 09/01/48 | | | | 102,531 | |
| 304,112 | | h | | FNMA | | | | | 3.000 | | | | 11/01/48 | | | | 307,277 | |
| 185,529 | | h | | FNMA | | | | | 4.500 | | | | 11/01/48 | | | | 193,799 | |
| 561,912 | | | | FNMA | | | | | 4.000 | | | | 12/01/48 | | | | 580,995 | |
| 984,882 | | | | FNMA | | | | | 4.500 | | | | 12/01/48 | | | | 1,030,338 | |
| 958,011 | | h | | FNMA | | | | | 3.500 | | | | 06/01/49 | | | | 980,456 | |
| 127,288 | | | | FNMA | | | | | 5.000 | | | | 06/01/49 | | | | 134,959 | |
| 6,906 | | | | Government National Mortgage Association (GNMA) | | | 5.000 | | | | 03/15/34 | | | | 7,227 | |
| 49,739 | | | | GNMA | | | | | 5.000 | | | | 06/15/34 | | | | 52,220 | |
| 5,820 | | | | GNMA | | | | | 5.000 | | | | 04/15/38 | | | | 6,404 | |
| 2,679 | | | | GNMA | | | | | 6.000 | | | | 08/20/38 | | | | 3,051 | |
| 15,260 | | | | GNMA | | | | | 4.500 | | | | 04/15/40 | | | | 16,315 | |
| 347,476 | | † | | GNMA | | | | | 4.000 | | | | 06/20/46 | | | | 50,413 | |
| 614,323 | | | | GNMA | | | | | 3.000 | | | | 12/20/47 | | | | 628,229 | |
| 1,308,274 | | | | GNMA | | | | | 3.500 | | | | 12/20/47 | | | | 1,351,814 | |
| 256,909 | | | | GNMA | | | | | 3.000 | | | | 01/20/48 | | | | 262,725 | |
| 1,389,487 | | | | GNMA | | | | | 3.500 | | | | 01/20/48 | | | | 1,435,591 | |
| 595,200 | | | | GNMA | | | | | 4.000 | | | | 12/20/48 | | | | 616,972 | |
| 363,814 | | | | GNMA | | | | | 3.500 | | | | 01/20/49 | | | | 375,647 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MORTGAGE BACKED | | | | | | | | 36,226,717 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
MUNICIPAL BONDS - 3.5% | | | | | | | | | | | | | | |
| 200,000 | | | | City & County of San Francisco CA Community Facilities District | | | 3.264 | | | | 09/01/25 | | | | 207,236 | |
| 200,000 | | | | City & County of San Francisco CA Community Facilities District | | | 4.038 | | | | 09/01/34 | | | | 212,366 | |
| 100,000 | | | | City of Austin TX Electric Utility Revenue | | | 2.456 | | | | 11/15/22 | | | | 101,265 | |
| 100,000 | | | | City of Austin TX Electric Utility Revenue | | | 2.524 | | | | 11/15/23 | | | | 101,546 | |
| 100,000 | | | | City of Austin TX Electric Utility Revenue | | | 2.574 | | | | 11/15/24 | | | | 101,797 | |
| 100,000 | | | | City of Austin TX Electric Utility Revenue | | | 2.677 | | | | 11/15/25 | | | | 102,303 | |
| 300,000 | | | | City of New York NY | | | | | 3.430 | | | | 12/01/24 | | | | 318,585 | |
| 270,000 | | | | Commonwealth Financing Authority | | | | | 3.864 | | | | 06/01/38 | | | | 283,897 | |
| 415,000 | | | | Denver City & County School District No | | | | | 4.242 | | | | 12/15/37 | | | | 469,365 | |
| 300,000 | | | | Florida Hurricane Catastrophe Fund Finance Corp | | | 2.995 | | | | 07/01/20 | | | | 301,950 | |
| 300,000 | | | | Health & Educational Facilities Authority of the State of Missouri | | | 3.651 | | | | 01/15/46 | | | | 313,710 | |
| 335,000 | | | | Michigan Finance Authority | | | | | 2.862 | | | | 09/01/49 | | | | 338,239 | |
| 350,000 | | | | Michigan Finance Authority | | | | | 2.988 | | | | 09/01/49 | | | | 357,102 | |
| 170,000 | | | | New York State Dormitory Authority | | | | | 4.294 | | | | 07/01/44 | | | | 182,119 | |
| 200,000 | | | | Public Finance Authority | | | | | 4.269 | | | | 07/01/40 | | | | 216,478 | |
| 1,400,000 | | | | State of Illinois | | | | | 5.100 | | | | 06/01/33 | | | | 1,474,312 | |
| 300,000 | | | | State of Oregon Department of Administrative Services | | | 4.103 | | | | 05/01/39 | | | | 321,267 | |
| 1,000,000 | | | | State of Texas | | | | | 3.295 | | | | 10/01/25 | | | | 1,066,650 | |
| 500,000 | | | | University of California | | | | | 3.063 | | | | 07/01/25 | | | | 519,215 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MUNICIPAL BONDS | | | | | | | | 6,989,402 | |
| | | | | | | | | | | | | | | | | | |
98
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
U.S. TREASURY SECURITIES - 20.2% | | | | | | | | | | | | | | |
| $ 100,000 | | | | United States Treasury Bond | | | | | 3.500 | % | | | 02/15/39 | | | $ | 118,676 | |
| 1,000,000 | | | | United States Treasury Bond | | | | | 3.125 | | | | 11/15/41 | | | | 1,118,164 | |
| 2,935,700 | | | | United States Treasury Bond | | | | | 3.000 | | | | 11/15/45 | | | | 3,208,972 | |
| 290,000 | | | | United States Treasury Bond | | | | | 2.500 | | | | 05/15/46 | | | | 287,950 | |
| 1,865,000 | | | | United States Treasury Bond | | | | | 2.875 | | | | 11/15/46 | | | | 1,993,292 | |
| 765,000 | | | | United States Treasury Bond | | | | | 3.000 | | | | 05/15/47 | | | | 836,928 | |
| 1,060,000 | | | | United States Treasury Bond | | | | | 3.125 | | | | 05/15/48 | | | | 1,187,821 | |
| 1,976,000 | | | | United States Treasury Bond | | | | | 3.375 | | | | 11/15/48 | | | | 2,322,726 | |
| 1,013,060 | | k | | United States Treasury Inflation Indexed Bonds | | | | | 0.500 | | | | 04/15/24 | | | | 1,025,706 | |
| 8,000 | | | | United States Treasury Note | | | | | 1.375 | | | | 09/30/19 | | | | 7,983 | |
| 45,000 | | | | United States Treasury Note | | | | | 1.500 | | | | 10/31/19 | | | | 44,909 | |
| 70,000 | | | | United States Treasury Note | | | | | 1.750 | | | | 11/30/19 | | | | 69,888 | |
| 100,000 | | | | United States Treasury Note | | | | | 1.625 | | | | 03/15/20 | | | | 99,707 | |
| 485,000 | | | | United States Treasury Note | | | | | 2.500 | | | | 05/31/20 | | | | 487,141 | |
| 850,000 | | | | United States Treasury Note | | | | | 2.500 | | | | 12/31/20 | | | | 858,102 | |
| 4,635,000 | | | | United States Treasury Note | | | | | 2.500 | | | | 01/31/21 | | | | 4,682,798 | |
| 1,365,000 | | | | United States Treasury Note | | | | | 2.500 | | | | 02/28/21 | | | | 1,379,930 | |
| 2,000,000 | | | | United States Treasury Note | | | | | 2.250 | | | | 03/31/21 | | | | 2,015,156 | |
| 3,930,000 | | | | United States Treasury Note | | | | | 2.250 | | | | 04/30/21 | | | | 3,962,238 | |
| 4,785,000 | | | | United States Treasury Note | | | | | 1.750 | | | | 06/15/22 | | | | 4,790,047 | |
| 75,000 | | | | United States Treasury Note | | | | | 1.625 | | | | 05/31/23 | | | | 74,678 | |
| 925,000 | | | | United States Treasury Note | | | | | 2.875 | | | | 09/30/23 | | | | 967,312 | |
| 300,000 | | | | United States Treasury Note | | | | | 2.000 | | | | 04/30/24 | | | | 303,129 | |
| 1,434,000 | | | | United States Treasury Note | | | | | 2.000 | | | | 05/31/24 | | | | 1,450,132 | |
| 35,000 | | | | United States Treasury Note | | | | | 2.250 | | | | 10/31/24 | | | | 35,798 | |
| 650,000 | | | | United States Treasury Note | | | | | 2.625 | | | | 01/31/26 | | | | 680,469 | |
| 960,000 | | | | United States Treasury Note | | | | | 2.375 | | | | 04/30/26 | | | | 990,825 | |
| 500,000 | | | | United States Treasury Note | | | | | 2.125 | | | | 05/31/26 | | | | 508,027 | |
| 3,094,000 | | | | United States Treasury Note | | | | | 2.375 | | | | 05/15/29 | | | | 3,195,522 | |
| 1,329,000 | | | | United States Treasury Note | | | | | 3.000 | | | | 02/15/49 | | | | 1,457,539 | |
| 100,000 | | | | United States Treasury Note | | | | | 2.875 | | | | 05/15/49 | | | | 107,109 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL U.S. TREASURY SECURITIES | | | | | | | | 40,268,674 | |
| | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT BONDS | | | | | | | | | | | | | 88,973,521 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $86,769,080) | | | | | | | | | | | | | | |
| | | | |
STRUCTURED ASSETS - 18.8% | | | | | | | | | | | | | | |
| | | | |
ASSET BACKED - 8.2% | | | | | | | | | | | | | | |
| 200,000 | | | | AmeriCredit Automobile Receivables Trust
Series - 2015 3 (Class D) | | | | | 3.340 | | | | 08/08/21 | | | | 200,912 | |
| 19,116 | | i | | Asset Backed Securities Corp Home Equity Loan Trust
Series - 2004 HE5 (Class M1) | | LIBOR 1 M + 0.900% | | | 3.386 | | | | 08/25/34 | | | | 18,981 | |
| 500,000 | | g | �� | Avis Budget Rental Car Funding AESOP LLC
Series - 2019 1A (Class A) | | | | | 3.450 | | | | 03/20/23 | | | | 512,016 | |
| 200,000 | | g | | Avis Budget Rental Car Funding AESOP LLC
Series - 2019 1A (Class B) | | | | | 3.700 | | | | 03/20/23 | | | | 204,415 | |
| 500,000 | | g | | Avis Budget Rental Car Funding AESOP LLC
Series - 2017 2A (Class A) | | | | | 2.970 | | | | 03/20/24 | | | | 507,551 | |
| 402,115 | | g | | BRE Grand Islander Timeshare Issuer LLC
Series - 2019 A (Class A) | | | | | 3.280 | | | | 09/26/33 | | | | 408,537 | |
| 995,852 | | g | | Capital Automotive REIT
Series - 2014 1A (Class A) | | | | | 3.660 | | | | 10/15/44 | | | | 1,005,268 | |
| 489,167 | | g | | Capital Automotive REIT
Series - 2017 1A (Class A1) | | | | | 3.870 | | | | 04/15/47 | | | | 497,724 | |
| 75,000 | | | | CarMax Auto Owner Trust
Series - 2015 2 (Class B) | | | | | 2.150 | | | | 03/15/21 | | | | 74,981 | |
99
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 55,000 | | | | CarMax Auto Owner Trust
Series - 2015 2 (Class C) | | | | | 2.390 | % | | | 03/15/21 | | | $ | 54,996 | |
| 144,702 | | †,g,i | | CBRE Realty Finance
Series - 2007 1A (Class A2) | | LIBOR 3 M + 0.300% | | | 2.889 | | | | 04/07/52 | | | | 0 | |
| 10,769 | | | | Centex Home Equity
Series - 2002 A (Class AF6) | | | | | 5.540 | | | | 01/25/32 | | | | 10,969 | |
| 500,000 | | | | CFCRE Commercial Mortgage Trust
Series - 2016 C7 (Class ASB) | | | | | 3.644 | | | | 12/10/54 | | | | 523,480 | |
| 492,500 | | g | | DB Master Finance LLC
Series - 2017 1A (Class A2I) | | | | | 3.629 | | | | 11/20/47 | | | | 500,114 | |
| 125,000 | | g | | DB Master Finance LLC
Series - 2019 1A (Class A2I) | | | | | 3.787 | | | | 05/20/49 | | | | 127,665 | |
| 125,000 | | g | | DB Master Finance LLC
Series - 2019 1A (Class A23) | | | | | 4.352 | | | | 05/20/49 | | | | 129,227 | |
| 202,645 | | g | | Diamond Resorts Owner Trust
Series - 2018 1 (Class A) | | | | | 3.700 | | | | 01/21/31 | | | | 205,492 | |
| 339,499 | | g | | Domino’s Pizza Master Issuer LLC
Series - 2015 1A (Class A2II) | | | | | 4.474 | | | | 10/25/45 | | | | 353,303 | |
| 245,625 | | g | | Domino’s Pizza Master Issuer LLC
Series - 2017 1A (Class A2II) | | | | | 3.082 | | | | 07/25/47 | | | | 245,996 | |
| 222,750 | | g | | Domino’s Pizza Master Issuer LLC
Series - 2018 1A (Class A2I) | | | | | 4.116 | | | | 07/25/48 | | | | 229,390 | |
| 64,769 | | g,i | | Ellington Loan Acquisition Trust
Series - 2007 2 (Class A2C) | | LIBOR 1 M + 1.100% | | | 3.504 | | | | 05/25/37 | | | | 65,243 | |
| 175,002 | | | | GM Financial Automobile Leasing Trust
Series - 2018 3 (Class A2A) | | | | | 2.890 | | | | 09/21/20 | | | | 175,229 | |
| 100,000 | | g | | GMF Floorplan Owner Revolving Trust
Series - 2017 1 (Class A1) | | | | | 2.220 | | | | 01/18/22 | | | | 99,903 | |
| 84,338 | | i | | GSAMP Trust
Series - 2004 HE2 (Class M1) | | LIBOR 1 M + 0.975% | | | 3.461 | | | | 09/25/34 | | | | 85,011 | |
| 199,154 | | g | | HERO Funding Trust
Series - 2017 3A (Class A1) | | | | | 3.190 | | | | 09/20/48 | | | | 202,383 | |
| 199,154 | | g | | HERO Funding Trust
Series - 2017 3A (Class A2) | | | | | 3.950 | | | | 09/20/48 | | | | 207,686 | |
| 500,000 | | g | | Hertz Vehicle Financing II LP
Series - 2018 1A (Class A) | | | | | 3.290 | | | | 02/25/24 | | | | 508,561 | |
| 250,000 | | g | | Hertz Vehicle Financing II LP
Series - 2019 2A (Class A) | | | | | 3.420 | | | | 05/25/25 | | | | 255,352 | |
| 428,187 | | g | | Hilton Grand Vacations Trust
Series - 2017 AA (Class B) | | | | | 2.960 | | | | 12/26/28 | | | | 430,069 | |
| 10,817 | | i | | Home Equity Asset Trust
Series - 2003 1 (Class M1) | | LIBOR 1 M + 1.500% | | | 3.986 | | | | 06/25/33 | | | | 10,858 | |
| 500,000 | | g,h | | Horizon Aircraft Finance II Ltd
Series - 2019 1 (Class A) | | | | | 3.721 | | | | 07/15/39 | | | | 499,998 | |
| 73,976 | | i | | JP Morgan Mortgage Acquisition Trust
Series - 2007 CH3 (Class A1B) | | LIBOR 1 M + 0.320% | | | 2.724 | | | | 03/25/37 | | | | 72,436 | |
| 143,702 | | i | | JP Morgan Mortgage Acquisition Trust
Series - 2007 CH5 (Class A1) | | LIBOR 1 M + 0.160% | | | 2.564 | | | | 06/25/37 | | | | 141,585 | |
| 23,041 | | i | | Morgan Stanley ABS Capital I, Inc Trust
Series - 2004 NC1 (Class M1) | | LIBOR 1 M + 1.050% | | | 3.266 | | | | 12/27/33 | | | | 23,129 | |
| 14,964 | | i | | Morgan Stanley ABS Capital I, Inc Trust
Series - 2004 HE6 (Class M1) | | LIBOR 1 M + 0.825% | | | 3.229 | | | | 08/25/34 | | | | 14,938 | |
| 555,472 | | g | | MVW Owner Trust
Series - 2017 1A (Class A) | | | | | 2.420 | | | | 12/20/34 | | | | 553,751 | |
| 300,000 | | g | | MVW Owner Trust
Series - 2019 1A (Class B) | | | | | 3.000 | | | | 11/20/36 | | | | 302,716 | |
| 195,000 | | g | | MVW Owner Trust | | | | | 3.330 | | | | 11/20/36 | | | | 197,272 | |
| | | | Series - 2019 1A (Class C) | | | | | | | | | | | | | | |
| 250,000 | | g | | Navient Student Loan Trust
Series - 2019 BA (Class A2A) | | | | | 3.390 | | | | 12/15/59 | | | | 257,968 | |
| 500,000 | | | | Nissan Auto Lease Trust | | | | | 2.050 | | | | 09/15/20 | | | | 499,753 | |
| | | | Series - 2017 B (Class A3) | | | | | | | | | | | | | | |
| 34,437 | | g,i | | Orange Lake Timeshare Trust | | | | | 3.030 | | | | 07/09/29 | | | | 34,224 | |
| | | | Series - 2014 AA (Class B) | | | | | | | | | | | | | | |
100
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 496,250 | | g | | Planet Fitness Master Issuer LLC | | | | | 4.262 | % | | | 09/05/48 | | | $ | 511,232 | |
| | | | Series - 2018 1A (Class A2I) | | | | | | | | | | | | | | |
| 177,148 | | g | | Pretium Mortgage Credit Partners I LLC (Step Bond) | | | | | 4.125 | | | | 08/25/33 | | | | 178,350 | |
| | | | Series - 2018 NPL3 (Class A1) | | | | | | | | | | | | | | |
| 98,283 | | g | | PRPM LLC (Step Bond) | | | | | 3.967 | | | | 04/25/24 | | | | 99,703 | |
| | | | Series - 2019 2A (Class A1) | | | | | | | | | | | | | | |
| 106,354 | | | | Santander Drive Auto Receivables Trust | | | | | 2.970 | | | | 07/15/21 | | | | 106,420 | |
| | | | Series - 2018 5 (Class A2A) | | | | | | | | | | | | | | |
| 500,000 | | g | | Santander Retail Auto Lease Trust | | | | | 2.370 | | | | 01/20/22 | | | | 499,951 | |
| | | | Series - 2017 A (Class A4) | | | | | | | | | | | | | | |
| 427,319 | | g | | Sierra Receivables Funding Co LLC | | | | | 3.200 | | | | 03/20/34 | | | | 429,798 | |
| | | | Series - 2017 1A (Class B) | | | | | | | | | | | | | | |
| 217,287 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.200 | | | | 01/20/36 | | | | 222,577 | |
| | | | Series - 2019 1A (Class A) | | | | | | | | | | | | | | |
| 217,287 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.770 | | | | 01/20/36 | | | | 220,617 | |
| | | | Series - 2019 1A (Class C) | | | | | | | | | | | | | | |
| 185,837 | | g | | Sofi Professional Loan Program LLC | | | | | 3.120 | | | | 02/25/48 | | | | 187,353 | |
| | | | Series - 2018 D (Class A1FX) | | | | | | | | | | | | | | |
| 91,186 | | g | | SoFi Professional Loan Program LLC | | | | | 2.760 | | | | 12/26/36 | | | | 91,713 | |
| | | | Series - 2016 A (Class A2) | | | | | | | | | | | | | | |
| 500,000 | | g | | SoFi Professional Loan Program LLC | | | | | 2.840 | | | | 01/25/41 | | | | 505,181 | |
| | | | Series - 2017 F (Class A2FX) | | | | | | | | | | | | | | |
| 152,469 | | g | | SolarCity LMC | | | | | 4.020 | | | | 07/20/44 | | | | 153,677 | |
| | | | Series - 2014 2 (Class A) | | | | | | | | | | | | | | |
| 15,401 | | i | | Structured Asset Investment Loan Trust | | LIBOR 1 M + 0.900% | | | 3.304 | | | | 09/25/34 | | | | 15,309 | |
| | | | Series - 2004 8 (Class M1) | | | | | | | | | | | | | | |
| 16,948 | | i | | Structured Asset Investment Loan Trust | | LIBOR 1 M + 1.000% | | | 3.404 | | | | 09/25/34 | | | | 16,974 | |
| | | | Series - 2004 8 (Class A9) | | | | | | | | | | | | | | |
| 497,500 | | g | | Taco Bell Funding LLC | | | | | 4.318 | | | | 11/25/48 | | | | 516,052 | |
| | | | Series - 2018 1A (Class A2I) | | | | | | | | | | | | | | |
| 491,126 | | g | | TLF National Tax Lien Trust | | | | | 3.840 | | | | 12/15/29 | | | | 492,402 | |
| | | | Series - 2017 1A (Class B) | | | | | | | | | | | | | | |
| 353,527 | | g | | Verizon Owner Trust | | | | | 2.060 | | | | 09/20/21 | | | | 353,041 | |
| | | | Series - 2017 1A (Class A) | | | | | | | | | | | | | | |
| 379,672 | | g | | VOLT LXV LLC (Step Bond) | | | | | 3.750 | | | | 04/25/48 | | | | 381,047 | |
| | | | Series - 2018 NPL1 (Class A1) | | | | | | | | | | | | | | |
| 91,491 | | g | | VOLT LXXIII LLC (Step Bond) | | | | | 4.458 | | | | 10/25/48 | | | | 92,346 | |
| | | | Series - 2018 NPL9 (Class A1A) | | | | | | | | | | | | | | |
| 116,651 | | g | | VOLT LXXV LLC (Step Bond) | | | | | 4.336 | | | | 01/25/49 | | | | 118,224 | |
| | | | Series - 2019 NPL1 (Class A1A) | | | | | | | | | | | | | | |
| 104,031 | | g | | VOLT LXXV LLC (Step Bond) | | | | | 3.967 | | | | 02/25/49 | | | | 105,009 | |
| | | | Series - 2019 NPL2 (Class A1) | | | | | | | | | | | | | | |
| 97,934 | | g | | VOLT LXXV LLC (Step Bond) | | | | | 3.967 | | | | 03/25/49 | | | | 98,642 | |
| | | | Series - 2019 NPL3 (Class A1) | | | | | | | | | | | | | | |
| 492,500 | | g | | Wendys Funding LLC | | | | | 3.573 | | | | 03/15/48 | | | | 495,327 | |
| | | | Series - 2018 1A (Class A2I) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | TOTAL ASSET BACKED | | | | | | | | 16,340,027 | |
| | | | | | | | | | | | | |
| | | | |
OTHER MORTGAGE BACKED - 10.6% | | | | | | | | | | | | | | |
| 46,233 | | g,i | | Agate Bay Mortgage Trust | | | | | 3.500 | | | | 11/25/44 | | | | 46,501 | |
| | | | Series - 2014 3 (Class A13) | | | | | | | | | | | | | | |
| 898,038 | | g,i | | Agate Bay Mortgage Trust | | | | | 3.500 | | | | 09/25/45 | | | | 895,322 | |
| | | | Series - 2015 6 (Class A9) | | | | | | | | | | | | | | |
| 22,915 | | i | | Alternative Loan Trust | | LIBOR 1 M + 0.500% | | | 2.904 | | | | 06/25/34 | | | | 23,166 | |
| | | | Series - 2004 8CB (Class M1) | | | | | | | | | | | | | | |
| 200,000 | | g | | BBCMS Trust | | | | | 4.197 | | | | 08/10/35 | | | | 219,885 | |
| | | | Series - 2015 SRCH (Class A2) | | | | | | | | | | | | | | |
| 43,196 | | i | | CHL Mortgage Pass-Through Trust | | | | | 4.285 | | | | 02/20/35 | | | | 43,633 | |
| | | | Series - 2004 HYB9 (Class 1A1) | | | | | | | | | | | | | | |
101
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 500,000 | | | | Citigroup Commercial Mortgage Trust | | | | | 3.576 | % | | | 04/10/49 | | | $ | 521,732 | |
| | | | Series - 2016 GC37 (Class AS) | | | | | | | | | | | | | | |
| 750,000 | | | | COMM Mortgage Trust | | | | | 2.853 | | | | 10/15/45 | | | | 757,146 | |
| | | | Series - 2012 CR4 (Class A3) | | | | | | | | | | | | | | |
| 1,000,000 | | g,i | | COMM Mortgage Trust | | | | | 4.093 | | | | 06/10/46 | | | | 1,041,401 | |
| | | | Series - 2013 CR8 (Class B) | | | | | | | | | | | | | | |
| 600,000 | | i | | COMM Mortgage Trust | | | | | 4.456 | | | | 07/15/47 | | | | 637,169 | |
| | | | Series - 2014 CR18 (Class B) | | | | | | | | | | | | | | |
| 300,000 | | i | | COMM Mortgage Trust | | | | | 3.603 | | | | 03/10/48 | | | | 312,478 | |
| | | | Series - 2015 CR22 (Class AM) | | | | | | | | | | | | | | |
| 200,000 | | g,i | | COMM Mortgage Trust | | | | | 4.255 | | | | 03/10/48 | | | | 194,975 | |
| | | | Series - 2015 CR22 (Class D) | | | | | | | | | | | | | | |
| 500,000 | | | | COMM Mortgage Trust | | | | | 3.801 | | | | 05/10/48 | | | | 525,909 | |
| | | | Series - 2015 CR23 (Class AM) | | | | | | | | | | | | | | |
| 390,000 | | g,i | | COMM Mortgage Trust | | | | | 3.807 | | | | 05/10/48 | | | | 392,721 | |
| | | | Series - 2015 CR23 (Class CMB) | | | | | | | | | | | | | | |
| 550,000 | | i | | COMM Mortgage Trust | | | | | 4.183 | | | | 05/10/48 | | | | 579,513 | |
| | | | Series - 2015 CR23 (Class B) | | | | | | | | | | | | | | |
| 100,000 | | i | | COMM Mortgage Trust | | | | | 4.393 | | | | 05/10/48 | | | | 105,078 | |
| | | | Series - 2015 CR23 (Class C) | | | | | | | | | | | | | | |
| 500,000 | | | | COMM Mortgage Trust | | | | | 3.696 | | | | 08/10/48 | | | | 532,611 | |
| | | | Series - 2015 CR24 (Class A5) | | | | | | | | | | | | | | |
| 250,000 | | | | COMM Mortgage Trust | | | | | 3.984 | | | | 10/10/48 | | | | 265,456 | |
| | | | Series - 2015 CR27 (Class AM) | | | | | | | | | | | | | | |
| 194,869 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.600% | | | 5.004 | | | | 05/25/24 | | | | 201,402 | |
| | | | Series - 2014 C02 (Class 1M2) | | | | | | | | | | | | | | |
| 240,564 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 3.000% | | | 5.404 | | | | 07/25/24 | | | | 252,251 | |
| | | | Series - 2014 C03 (Class 1M2) | | | | | | | | | | | | | | |
| 217,309 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 1.450% | | | 3.854 | | | | 01/25/29 | | | | 217,952 | |
| | | | Series - 2016 C04 (Class 1M1) | | | | | | | | | | | | | | |
| 420,464 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 1.300% | | | 3.704 | | | | 04/25/29 | | | | 421,952 | |
| | | | Series - 2016 C06 (Class 1M1) | | | | | | | | | | | | | | |
| 105,000 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.200% | | | 4.604 | | | | 01/25/30 | | | | 106,331 | |
| | | | Series - 2017 C05 (Class 1M2A) | | | | | | | | | | | | | | |
| 253,333 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.600% | | | 3.004 | | | | 07/25/30 | | | | 253,195 | |
| | | | Series - 2018 C01 (Class 1M1) | | | | | | | | | | | | | | |
| 155,000 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.850% | | | 3.254 | | | | 10/25/30 | | | | 155,369 | |
| | | | Series - 2018 C03 (Class 1EA2) | | | | | | | | | | | | | | |
| 11,000 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.350% | | | 4.754 | | | | 01/25/31 | | | | 11,098 | |
| | | | Series - 2018 C05 (Class 1M2) | | | | | | | | | | | | | | |
| 24,044 | | g,i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.850% | | | 3.254 | | | | 07/25/31 | | | | 24,079 | |
| | | | Series - 2019 R01 (Class 2M1) | | | | | | | | | | | | | | |
| 15,000 | | g,i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.450% | | | 4.854 | | | | 07/25/31 | | | | 15,180 | |
| | | | Series - 2019 R01 (Class 2M2) | | | | | | | | | | | | | | |
| 55,000 | | †,g,h,i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.750% | | | 3.154 | | | | 06/25/39 | | | | 55,048 | |
| | | | Series - 2019 R04 (Class 2M1) | | | | | | | | | | | | | | |
| 40,000 | | g,i | | CSMC Trust | | LIBOR 1 M + 0.650% | | | 3.054 | | | | 05/25/36 | | | | 39,710 | |
| | | | Series - 2006 CF2 (Class M3) | | | | | | | | | | | | | | |
| 1,300,000 | | g,i | | DBUBS Mortgage Trust | | | | | 5.714 | | | | 07/10/44 | | | | 1,355,643 | |
| | | | Series - 2011 LC2A (Class D) | | | | | | | | | | | | | | |
| 175,000 | | g,i | | DBUBS Mortgage Trust | | | | | 5.885 | | | | 11/10/46 | | | | 181,981 | |
| | | | Series - 2011 LC1A (Class C) | | | | | | | | | | | | | | |
| 93,179 | | i | | Fieldstone Mortgage Investment Trust | | LIBOR 1 M + 0.735% | | | 3.139 | | | | 12/25/35 | | | | 92,834 | |
| | | | Series - 2005 2 (Class M2) | | | | | | | | | | | | | | |
| 347,099 | | g,i | | FirstKey Mortgage Trust | | | | | 3.500 | | | | 11/25/44 | | | | 349,011 | |
| | | | Series - 2014 1 (Class A8) | | | | | | | | | | | | | | |
| 81,515 | | g,i | | Flagstar Mortgage Trust | | | | | 4.000 | | | | 09/25/48 | | | | 81,856 | |
| | | | Series - 2018 5 (Class A11) | | | | | | | | | | | | | | |
| 63,478 | | i | | HarborView Mortgage Loan Trust | | LIBOR 1 M + 0.620% | | | 3.010 | | | | 08/19/45 | | | | 63,094 | |
| | | | Series - 2005 11 (Class 2A1A) | | | | | | | | | | | | | | |
| 400,000 | | g | | Hudson Yards Mortgage Trust | | | | | 2.835 | | | | 08/10/38 | | | | 405,047 | |
| | | | Series - 2016 10HY (Class A) | | | | | | | | | | | | | | |
102
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 300,000 | | g | | JP Morgan Chase Commercial Mortgage Securities Trust | | | | | 4.021 | % | | | 07/05/32 | | | $ | 310,443 | |
| | | | Series - 2012 HSBC (Class C) | | | | | | | | | | | | | | |
| 100,000 | | g,i | | JP Morgan Chase Commercial Mortgage Securities Trust | | | | | 5.582 | | | | 07/15/46 | | | | 104,800 | |
| | | | Series - 2011 C4 (Class C) | | | | | | | | | | | | | | |
| 61,211 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 05/25/46 | | | | 60,873 | |
| | | | Series - 2016 1 (Class A13) | | | | | | | | | | | | | | |
| 34,578 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 01/25/47 | | | | 35,040 | |
| | | | Series - 2017 1 (Class A3) | | | | | | | | | | | | | | |
| 126,122 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 05/25/47 | | | | 125,896 | |
| | | | Series - 2017 2 (Class A13) | | | | | | | | | | | | | | |
| 60,154 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 08/25/47 | | | | 61,035 | |
| | | | Series - 2017 3 (Class 1A5) | | | | | | | | | | | | | | |
| 144,900 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 06/25/48 | | | | 147,023 | |
| | | | Series - 2018 1 (Class A5) | | | | | | | | | | | | | | |
| 47,428 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 09/25/48 | | | | 48,123 | |
| | | | Series - 2018 3 (Class A5) | | | | | | | | | | | | | | |
| 90,514 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 10/25/48 | | | | 91,840 | |
| | | | Series - 2018 4 (Class A5) | | | | | | | | | | | | | | |
| 442,236 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 10/25/48 | | | | 448,979 | |
| | | | Series - 2018 5 (Class A5) | | | | | | | | | | | | | | |
| 404,193 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 12/25/48 | | | | 410,114 | |
| | | | Series - 2018 6 (Class 1A3) | | | | | | | | | | | | | | |
| 57,367 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | | 01/25/49 | | | | 57,830 | |
| | | | Series - 2018 8 (Class A13) | | | | | | | | | | | | | | |
| 38,168 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | | 02/25/49 | | | | 38,542 | |
| | | | Series - 2018 9 (Class A13) | | | | | | | | | | | | | | |
| 182,717 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | | 05/25/49 | | | | 186,392 | |
| | | | Series - 2019 1 (Class A15) | | | | | | | | | | | | | | |
| 680,000 | | | | JPMBB Commercial Mortgage Securities Trust | | | | | 3.775 | | | | 08/15/47 | | | | 718,953 | |
| | | | Series - 2014 C21 (Class A5) | | | | | | | | | | | | | | |
| 500,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 3.917 | | | | 05/15/48 | | | | 526,044 | |
| | | | Series - 2015 C29 (Class AS) | | | | | | | | | | | | | | |
| 500,000 | | | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.106 | | | | 08/15/48 | | | | 531,788 | |
| | | | Series - 2015 C31 (Class AS) | | | | | | | | | | | | | | |
| 200,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.771 | | | | 08/15/48 | | | | 215,975 | |
| | | | Series - 2015 C31 (Class B) | | | | | | | | | | | | | | |
| 4,916 | | i | | LB-UBS Commercial Mortgage Trust | | | | | 6.114 | | | | 07/15/40 | | | | 4,910 | |
| | | | Series - 2007 C6 (Class AM) | | | | | | | | | | | | | | |
| 328,128 | | i | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 4.384 | | | | 02/15/47 | | | | 352,303 | |
| | | | Series - 2014 C14 (Class AS) | | | | | | | | | | | | | | |
| 628,927 | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 3.652 | | | | 03/15/48 | | | | 655,703 | |
| | | | Series - 2015 C21 (Class AS) | | | | | | | | | | | | | | |
| 52,714 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 05/25/45 | | | | 53,382 | |
| | | | Series - 2015 2 (Class A1) | | | | | | | | | | | | | | |
| 203,221 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 11/25/46 | | | | 206,584 | |
| | | | Series - 2016 3 (Class A10) | | | | | | | | | | | | | | |
| 81,567 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 02/25/47 | | | | 81,159 | |
| | | | Series - 2017 2 (Class A19) | | | | | | | | | | | | | | |
| 98,923 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 02/25/48 | | | | 100,117 | |
| | | | Series - 2018 2 (Class A1) | | | | | | | | | | | | | | |
| 321,818 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 03/25/48 | | | | 323,490 | |
| | | | Series - 2018 3 (Class A1) | | | | | | | | | | | | | | |
| 509,211 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 05/25/48 | | | | 517,536 | |
| | | | Series - 2018 5 (Class A4) | | | | | | | | | | | | | | |
| 77,964 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | | 06/25/48 | | | | 79,716 | |
| | | | Series - 2018 CH2 (Class A21) | | | | | | | | | | | | | | |
103
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 86,360 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | % | | | 11/25/48 | | | $ | 87,218 | |
| | | | Series - 2018 8 (Class A19) | | | | | | | | | | | | | | |
| 196,234 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | | 06/25/49 | | | | 200,764 | |
| | | | Series - 2019 2 (Class A1) | | | | | | | | | | | | | | |
| 98,117 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | | 06/25/49 | | | | 100,137 | |
| | | | Series - 2019 2 (Class A19) | | | | | | | | | | | | | | |
| 94,238 | | g,i | | Spruce Hill Mortgage Loan Trust | | | | | 3.395 | | | | 04/29/49 | | | | 95,095 | |
| | | | Series - 2019 SH1 (Class A1) | | | | | | | | | | | | | | |
| 142,942 | | i | | Structured Agency Credit Risk Debt Note (STACR) | | LIBOR 1 M + 2.200% | | | 4.604 | | | | 09/25/24 | | | | 145,192 | |
| | | | Series - 2014 HQ2 (Class M2) | | | | | | | | | | | | | | |
| 225,232 | | i | | STACR | | LIBOR 1 M + 3.800% | | | 6.204 | | | | 03/25/25 | | | | 231,742 | |
| | | | Series - 2015 HQ1 (Class M3) | | | | | | | | | | | | | | |
| 161,301 | | i | | STACR | | LIBOR 1 M + 1.950% | | | 4.354 | | | | 05/25/25 | | | | 162,866 | |
| | | | Series - 2015 HQ2 (Class M2) | | | | | | | | | | | | | | |
| 5,867 | | i | | STACR | | LIBOR 1 M + 1.200% | | | 3.604 | | | | 07/25/29 | | | | 5,890 | |
| | | | Series - 2017 DNA1 (Class M1) | | | | | | | | | | | | | | |
| 570,753 | | i | | STACR | | LIBOR 1 M + 0.750% | | | 3.154 | | | | 03/25/30 | | | | 571,404 | |
| | | | Series - 2017 DNA3 (Class M1) | | | | | | | | | | | | | | |
| 349,246 | | i | | STACR | | LIBOR 1 M + 0.950% | | | 3.354 | | | | 04/25/30 | | | | 347,316 | |
| | | | Series - 2017 HQA3 (Class M2AS) | | | | | | | | | | | | | | |
| 48,135 | | g,i | | STACR | | | | | 3.818 | | | | 05/25/48 | | | | 48,293 | |
| | | | Series - 2018 SPI2 (Class M1) | | | | | | | | | | | | | | |
| 99,358 | | g,i | | STACR | | | | | 4.165 | | | | 08/25/48 | | | | 100,391 | |
| | | | Series - 2018 SPI3 (Class M1) | | | | | | | | | | | | | | |
| 25,000 | | g,i | | STACR | | | | | 4.460 | | | | 11/25/48 | | | | 24,881 | |
| | | | Series - 2018 SPI4 (Class M2) | | | | | | | | | | | | | | |
| 301,036 | | i | | Wachovia Bank Commercial Mortgage Trust | | | | | 6.308 | | | | 05/15/46 | | | | 302,842 | |
| | | | Series - 2007 C34 (Class AJ) | | | | | | | | | | | | | | |
| 72,000 | | i | | Wachovia Bank Commercial Mortgage Trust | | | | | 6.383 | | | | 05/15/46 | | | | 72,726 | |
| | | | Series - 2007 C34 (Class C) | | | | | | | | | | | | | | |
| 50,000 | | g,i | | Wells Fargo Mortgage Backed Securities Trust | | | | | 5.276 | | | | 11/15/43 | | | | 51,542 | |
| | | | Series - 2010 C1 (Class B) | | | | | | | | | | | | | | |
| 645,000 | | i | | WFRBS Commercial Mortgage Trust | | | | | 4.387 | | | | 12/15/46 | | | | 690,747 | |
| | | | Series - 2013 C18 (Class AS) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL OTHER MORTGAGE BACKED | | | | | | | | 21,111,365 | |
| | | | | | | | | | | | | |
| | | | TOTAL STRUCTURED ASSETS | | | | | | | | | | | | | 37,451,392 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $36,749,640) | | | | | | | | | | | | | | |
| | | | TOTAL BONDS | | | | | | | | | | | | | 190,809,225 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $185,176,877) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PREFERRED STOCKS - 0.1% | | | | | | | | | | | | | | |
| | | | | | |
BANKS - 0.1% | | | | | | | | | | | | | | | | | | |
| 5,517 | | * | | Federal Home Loan Mortgage Corp | | | | | | | | | | | | | 68,411 | |
| 17,265 | | * | | Federal National Mortgage Association (FNMA) | | | | | | | | | | | | | 215,122 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL BANKS | | | | | | | | 283,533 | |
| | | | | | | | | | | | | |
| | | | TOTAL PREFERRED STOCKS | | | | | | | | | | | | | 283,533 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $569,550) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
104
TIAA-CREF LIFE FUNDS -Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 2.4% | | | | | | | | | | | | | | |
| | | | |
GOVERNMENT AGENCY DEBT - 2.4% | | | | | | | | | | | | | | |
| $ 4,824,000 | | | | Federal Home Loan Bank (FHLB) | | | | | 2.100 | % | | | 07/01/19 | | | $ | 4,824,000 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | 4,824,000 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 4,824,000 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $4,824,000) | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.5% | | | | | | | | | | | | | 198,219,665 | |
| | | | (Cost $192,911,956) | | | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - 0.5% | | | | | | | | | | | 857,850 | |
| | | | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | | | $ | 199,077,515 | |
| | | | | | | | | | | | | | | | | | |
Abbreviation(s):
| LIBOR | London Interbank Offered Rates |
| REIT | Real Estate Investment Trust |
| † | Security is categorized as Level 3 in the fair value hierarchy. |
| g | 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 6/30/19, the aggregate value of these securities was $37,151,486 or 18.7% of net assets. |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
Bilateral credit default swap contracts outstanding as of June 30, 2019 were as follows:
PURCHASED
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Reference
entity | | Terms of
payments to be paid | | Terms of
payments to be received | | Counterparty | | Maturity
date | | | Notional
amount* | | | Value | | | Upfront
premiums
paid
(received)
| | | Unrealized
appreciation
(depreciation) | |
| CDX-EMS31-V1-5Y Index | | 1.000% | | Credit event as specified in contract | | Citibank, N.A | | | 06/20/24 | | | $ | 500,000 | | | $ | 15,595 | | | $ | 15,679 | | | $ | (84 | ) |
| * | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable. |
Centrally cleared credit default swap contracts outstanding as of June 30, 2019 were as follows:
PURCHASED
| | | | | | | | | | | | | | | | | | | | | | |
Reference
entity | | Terms of
payments to be paid | | Terms of payments to be
received | | Counterparty | | Maturity
date | | | Notional
amount* | | | Variation
margin | | | Unrealized
appreciation
(depreciation) | |
| CDX-NAHYS32V1-5Y Index | | 5.000% | | Credit event as specified in contract | | Citigroup Global Markets, Inc | | | 06/20/24 | | | $ | 500,000 | | | $ | (954 | ) | | $ | (5,620 | ) |
| * | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable. |
105
TIAA-CREF LIFE FUNDS -Money Market Fund
TIAA-CREF LIFE FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 99.5% | | | | | | | | | | | | | | |
| | | | |
GOVERNMENT AGENCY DEBT - 69.8% | | | | | | | | | | | | | | |
| $ 825,000 | | | | Federal Agricultural Mortgage Corp (FAMC) | | | | | 0.010 | % | | | 08/23/19 | | | $ | 822,146 | |
| 2,365,000 | | | | FAMC | | | | | 0.010 | | | | 09/23/19 | | | | 2,353,053 | |
| 126,000 | | | | Federal Farm Credit Bank (FFCB) | | | | | 0.010 | | | | 07/03/19 | | | | 125,983 | |
| 1,000,000 | | | | FFCB | | | | | 0.010 | | | | 07/09/19 | | | | 999,471 | |
| 1,000,000 | | | | FFCB | | | | | 0.010 | | | | 07/31/19 | | | | 998,083 | |
| 2,000,000 | | | | FFCB | | | | | 0.010 | | | | 08/05/19 | | | | 1,995,411 | |
| 1,500,000 | | | | FFCB | | | | | 0.010 | | | | 08/06/19 | | | | 1,496,465 | |
| 2,100,000 | | | | FFCB | | | | | 0.010 | | | | 08/12/19 | | | | 2,094,610 | |
| 2,000,000 | | | | FFCB | | | | | 0.010 | | | | 08/14/19 | | | | 1,994,476 | |
| 1,680,000 | | | | FFCB | | | | | 0.010 | | | | 08/20/19 | | | | 1,674,633 | |
| 1,100,000 | | | | FFCB | | | | | 0.010 | | | | 08/26/19 | | | | 1,095,876 | |
| 1,500,000 | | | | FFCB | | | | | 0.010 | | | | 09/03/19 | | | | 1,493,500 | |
| 466,000 | | | | FFCB | | | | | 0.010 | | | | 09/09/19 | | | | 463,789 | |
| 1,000,000 | | | | FFCB | | | | | 0.010 | | | | 09/16/19 | | | | 994,888 | |
| 500,000 | | | | FFCB | | | | | 0.010 | | | | 09/23/19 | | | | 497,212 | |
| 2,498,000 | | | | FFCB | | | | | 0.010 | | | | 10/04/19 | | | | 2,483,275 | |
| 750,000 | | | | FFCB | | | | | 0.010 | | | | 10/21/19 | | | | 744,423 | |
| 1,000,000 | | | | Federal Home Loan Bank (FHLB) | | | | | 0.010 | | | | 07/01/19 | | | | 1,000,000 | |
| 3,000,000 | | | | FHLB | | | | | 0.010 | | | | 07/03/19 | | | | 2,999,611 | |
| 935,000 | | | | FHLB | | | | | 0.010 | | | | 07/09/19 | | | | 934,504 | |
| 1,925,000 | | | | FHLB | | | | | 0.010 | | | | 07/10/19 | | | | 1,923,842 | |
| 2,305,000 | | | | FHLB | | | | | 0.010 | | | | 07/12/19 | | | | 2,303,398 | |
| 1,000,000 | | | | FHLB | | | | | 0.010 | | | | 07/15/19 | | | | 999,055 | |
| 1,200,000 | | | | FHLB | | | | | 0.010 | | | | 07/17/19 | | | | 1,198,816 | |
| 1,000,000 | | | | FHLB | | | | | 0.010 | | | | 07/19/19 | | | | 998,795 | |
| 900,000 | | | | FHLB | | | | | 0.010 | | | | 07/22/19 | | | | 898,798 | |
| 828,000 | | | | FHLB | | | | | 0.010 | | | | 07/23/19 | | | | 826,816 | |
| 594,000 | | | | FHLB | | | | | 0.010 | | | | 07/24/19 | | | | 593,089 | |
| 897,000 | | | | FHLB | | | | | 0.010 | | | | 07/31/19 | | | | 895,348 | |
| 1,000,000 | | | | FHLB | | | | | 0.010 | | | | 08/07/19 | | | | 997,677 | |
| 750,000 | | | | FHLB | | | | | 0.010 | | | | 08/09/19 | | | | 748,034 | |
| 2,950,000 | | | | FHLB | | | | | 0.010 | | | | 08/15/19 | | | | 2,941,482 | |
| 2,625,000 | | | | FHLB | | | | | 0.010 | | | | 08/16/19 | | | | 2,617,420 | |
| 1,000,000 | | | | FHLB | | | | | 0.010 | | | | 08/21/19 | | | | 996,650 | |
| 1,404,000 | | | | FHLB | | | | | 0.010 | | | | 08/23/19 | | | | 1,399,251 | |
| 2,159,000 | | | | FHLB | | | | | 0.010 | | | | 08/30/19 | | | | 2,150,607 | |
| 2,300,000 | | | | FHLB | | | | | 0.010 | | | | 09/04/19 | | | | 2,290,413 | |
| 6,000,000 | | | | FHLB | | | | | 0.010 | | | | 09/13/19 | | | | 5,972,867 | |
| 1,500,000 | | | | FHLB | | | | | 0.010 | | | | 09/18/19 | | | | 1,492,824 | |
| 1,000,000 | | | | FHLB | | | | | 0.010 | | | | 09/20/19 | | | | 995,163 | |
| 520,000 | | | | FHLB | | | | | 0.010 | | | | 09/23/19 | | | | 517,367 | |
| 1,600,000 | | | | FHLB | | | | | 0.010 | | | | 09/25/19 | | | | 1,591,729 | |
| 2,000,000 | | | | FHLB | | | | | 0.010 | | | | 09/30/19 | | | | 1,989,181 | |
| 500,000 | | | | Federal Home Loan Mortgage Corp (FHLMC) | | | | | 0.010 | | | | 07/03/19 | | | | 499,934 | |
| 1,000,000 | | | | FHLMC | | | | | 0.010 | | | | 07/08/19 | | | | 999,536 | |
| 1,225,000 | | | | FHLMC | | | | | 0.010 | | | | 09/24/19 | | | | 1,218,006 | |
| 920,000 | | | | FHLMC | | | | | 0.010 | | | | 10/03/19 | | | | 914,271 | |
| 500,000 | | | | FHLMC | | | | | 0.010 | | | | 10/04/19 | | | | 496,860 | |
| 535,000 | | | | FHLMC | | | | | 0.010 | | | | 10/07/19 | | | | 531,585 | |
| 1,085,000 | | | | FHLMC | | | | | 0.010 | | | | 10/17/19 | | | | 1,077,393 | |
| 500,000 | | | | FHLMC | | | | | 0.010 | | | | 10/18/19 | | | | 496,472 | |
| 430,000 | | | | FHLMC | | | | | 0.010 | | | | 10/29/19 | | | | 426,574 | |
| 780,000 | | | | FHLMC | | | | | 0.010 | | | | 11/04/19 | | | | 773,516 | |
106
TIAA-CREF LIFE FUNDS -Money Market Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 1,370,000 | | | | FHLMC | | | | | 0.010 | % | | | 11/19/19 | | | $ | 1,358,294 | |
| 580,000 | | | | Federal National Mortgage Association (FNMA) | | | | | 0.010 | | | | 07/01/19 | | | | 580,000 | |
| 1,000,000 | | | | FNMA | | | | | 0.010 | | | | 08/07/19 | | | | 997,554 | |
| 800,000 | | | | FNMA | | | | | 0.010 | | | | 09/18/19 | | | | 796,226 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | | | 75,766,252 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
TREASURY DEBT - 11.0% | | | | | | | | | | | | | | |
| 1,500,000 | | | | United States Treasury Bill | | | | | 0.010 | | | | 07/02/19 | | | | 1,499,903 | |
| 1,000,000 | | | | United States Treasury Bill | | | | | 0.010 | | | | 07/05/19 | | | | 999,736 | |
| 2,000,000 | | | | United States Treasury Bill | | | | | 0.010 | | | | 07/11/19 | | | | 1,998,688 | |
| 995,000 | | | | United States Treasury Bill | | | | | 0.010 | | | | 07/16/19 | | | | 994,051 | |
| 1,080,000 | | | | United States Treasury Bill | | | | | 0.010 | | | | 07/18/19 | | | | 1,078,786 | |
| 1,000,000 | | | | United States Treasury Bill | | | | | 0.010 | | | | 08/01/19 | | | | 997,965 | |
| 2,500,000 | | | | United States Treasury Bill | | | | | 0.010 | | | | 10/24/19 | | | | 2,483,054 | |
| 300,000 | | | | United States Treasury Note | | | | | 1.000 | | | | 10/15/19 | | | | 298,701 | |
| 1,563,000 | | | | United States Treasury Note | | | | | 1.000 | | | | 11/15/19 | | | | 1,554,012 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TREASURY DEBT | | | | | | | | | | | | | 11,904,896 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
VARIABLE RATE SECURITIES - 18.7% | | | | | | | | | | | | | | |
| 500,000 | | i | | Federal Agricultural Mortgage Corp (FAMC) | | EFFR + 0.150% | | | 2.530 | | | | 09/27/19 | | | | 500,000 | |
| 500,000 | | i | | FAMC | | LIBOR 3 M - 0.200% | | | 2.379 | | | | 11/01/19 | | | | 500,000 | |
| 500,000 | | i | | FAMC | | EFFR + 0.120% | | | 2.500 | | | | 02/26/20 | | | | 500,000 | |
| 500,000 | | i | | FAMC | | FRED - 2.950% | | | 2.550 | | | | 05/19/20 | | | | 500,000 | |
| 500,000 | | i | | FAMC | | EFFR + 0.100% | | | 2.480 | | | | 07/06/20 | | | | 500,000 | |
| 500,000 | | i | | FAMC | | EFFR + 0.090% | | | 2.470 | | | | 07/08/20 | | | | 500,000 | |
| 1,000,000 | | i | | FAMC | | FRED - 3.020% | | | 2.480 | | | | 09/01/20 | | | | 1,000,000 | |
| 2,000,000 | | i | | FAMC | | SOFR + 0.080% | | | 2.500 | | | | 12/21/20 | | | | 2,000,000 | |
| 250,000 | | i | | Federal Farm Credit Bank (FFCB) | | FRED - 3.080% | | | 2.420 | | | | 08/16/19 | | | | 249,997 | |
| 600,000 | | i | | FFCB | | FRED - 3.075% | | | 2.425 | | | | 09/25/19 | | | | 599,886 | |
| 300,000 | | i | | FFCB | | FRED - 3.080% | | | 2.420 | | | | 10/10/19 | | | | 299,925 | |
| 300,000 | | i | | FFCB | | US Treasury Bill 3 M + 0.050% | | | 2.146 | | | | 10/18/19 | | | | 300,000 | |
| 250,000 | | i | | FFCB | | FRED - 3.065% | | | 2.435 | | | | 12/26/19 | | | | 249,951 | |
| 1,000,000 | | i | | FFCB | | LIBOR 1 M - 0.030% | | | 2.389 | | | | 01/07/20 | | | | 1,000,000 | |
| 300,000 | | i | | FFCB | | US Treasury Bill 3 M + 0.055% | | | 2.151 | | | | 01/27/20 | | | | 300,000 | |
| 500,000 | | i | | FFCB | | FRED - 2.980% | | | 2.520 | | | | 02/20/20 | | | | 500,000 | |
| 300,000 | | i | | FFCB | | FRED - 2.870% | | | 2.630 | | | | 05/29/20 | | | | 300,000 | |
| 1,000,000 | | i | | FFCB | | FRED - 2.960% | | | 2.540 | | | | 07/09/20 | | | | 999,924 | |
| 500,000 | | i | | FFCB | | US Treasury Bill 3 M + 0.045% | | | 2.141 | | | | 08/17/20 | | | | 499,972 | |
| 500,000 | | i | | FFCB | | FRED - 3.020% | | | 2.480 | | | | 09/28/20 | | | | 499,474 | |
| 500,000 | | i | | FFCB | | US Treasury Bill 3 M + 0.160% | | | 2.256 | | | | 01/19/21 | | | | 499,923 | |
| 500,000 | | i | | Federal Home Loan Bank (FHLB) | | LIBOR 1 M - 0.070% | | | 2.343 | | | | 07/12/19 | | | | 500,000 | |
| 500,000 | | i | | FHLB | | SOFR + 0.060% | | | 2.480 | | | | 09/10/19 | | | | 500,000 | |
| 2,500,000 | | i | | FHLB | | SOFR + 0.035% | | | 2.455 | | | | 06/19/20 | | | | 2,500,000 | |
| 230,000 | | i | | Federal Home Loan Mortgage Corp (FHLMC) | | LIBOR 3 M - 0.165% | | | 2.433 | | | | 07/05/19 | | | | 230,001 | |
| 750,000 | | i | | FHLMC | | LIBOR 1 M - 0.100% | | | 2.312 | | | | 08/08/19 | | | | 750,002 | |
| 500,000 | | i | | Federal National Mortgage Association (FNMA) | | SOFR + 0.070% | | | 2.490 | | | | 10/30/19 | | | | 500,000 | |
| 500,000 | | i | | FNMA | | SOFR + 0.060% | | | 2.480 | | | | 07/30/20 | | | | 500,000 | |
| 500,000 | | i | | FNMA | | SOFR + 0.075% | | | 2.495 | | | | 10/30/20 | | | | 500,000 | |
| 500,000 | | i | | United States Treasury Floating Rate Note | | US Treasury Bill 3 M + 0.048% | | | 2.144 | | | | 10/31/19 | | | | 500,069 | |
107
TIAA-CREF LIFE FUNDS -Money Market Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 1,500,000 | | i | | United States Treasury Floating Rate Note | | US Treasury Bill 3 M + 0.033% | | | 2.129 | % | | | 04/30/20 | | | $ | 1,499,832 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL VARIABLE RATE SECURITIES | | | | | | | | | | | | | 20,278,956 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | | | 107,950,104 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $107,950,104) | | | | | | | | | | | | | | |
| | | | TOTAL PORTFOLIO - 99.5% | | | | | | | | | | | | | 107,950,104 | |
| | | | (Cost $107,950,104) | | | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - 0.5% | | | | | | | | | | | | | 493,484 | |
| | | | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | | | $ | 108,443,588 | |
| | | | | | | | | | | | | | | | | | |
Abbreviation(s):
| EFFR | Effective Federal Funds Rate |
| FRED | Federal Bank Prime Loan Rate |
| LIBOR | London Interbank Offered Rate |
| SOFR | Secure Overnight Financing Rate |
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
108
TIAA-CREF LIFE FUNDS -Balanced Fund
TIAA-CREF LIFE FUNDS
BALANCED FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2019
| | | | | | | | | | | | | | | | |
SHARES | | | | SECURITY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
TIAA-CREF LIFE FUNDS - 99.9%(a) | |
| | | | |
FIXED INCOME - 49.2% | | | | | | | | | | | | | | |
| 2,978,397 | | | | TIAA-CREF Life Bond Fund | | | | | | | | | | $ | 31,690,147 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL FIXED INCOME | | | | | | | | | | | 31,690,147 | |
| | | | | | | | | | | | | | | | |
| | | | |
INTERNATIONAL EQUITY - 10.1% | | | | | | | | | | | | | | |
| 815,605 | | | | TIAA-CREF Life International Equity Fund | | | | | | | | | | | 6,516,688 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INTERNATIONAL EQUITY | | | | | | | | | | | 6,516,688 | |
| | | | | | | | | | | | | | | | |
| | | | |
U.S. EQUITY - 40.6% | | | | | | | | | | | | | | |
| 358,885 | | | | TIAA-CREF Life Growth Equity Fund | | | | | | | | | | | 5,971,847 | |
| 350,128 | | | | TIAA-CREF Life Growth & Income Fund | | | | | | | | | | | 6,526,391 | |
| 399,656 | | | | TIAA-CREF LifeLarge-Cap Value Fund | | | | | | | | | | | 5,799,009 | |
| 86,494 | | | | TIAA-CREF Life Real Estate Securities Fund | | | | | | | | | | | 1,287,038 | |
| 89,153 | | | | TIAA-CREF LifeSmall-Cap Equity Fund | | | | | | | | | | | 1,308,762 | |
| 200,975 | | | | TIAA-CREF Life Stock Index Fund | | | | | | | | | | | 5,231,389 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL U.S. EQUITY | | | | | | | | | | | 26,124,436 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TIAA-CREF LIFE FUNDS | | | | | | | | | | | 64,331,271 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $56,330,678) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.9% | | | | | | | | | | | 64,331,271 | |
| | | | (Cost $56,330,678) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - 0.1% | | | | | | | | | | | 43,773 | |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 64,375,044 | |
| | | | | | | | | | | | | | | | |
| (a) | The Fund invests its assets in the affiliated TIAA-CREF Life Funds. |
109
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities byClosed-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.
| | | | | | | | |
| | | | TIAA-CREF LIFE FUNDS |
| | | | |
| Dated: August 15, 2019 | | | | By: | | /s/ Bradley Finkle | | |
| | | | | | Bradley Finkle | | |
| | | | | | Principal Executive Officer and President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| | | | | | | | |
| Dated: August 15, 2019 | | | | By: | | /s/ Bradley Finkle | | |
| | | | | | Bradley Finkle |
| | | | | | Principal Executive Officer and President (principal executive officer) |
| | | | |
| Dated: August 15, 2019 | | | | By: | | /s/ E. Scott Wickerham | | |
| | | | | | E. Scott Wickerham |
| | | | | | 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
