UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-08961
TIAA-CREF LIFE FUNDS
(Exact Name of Registrant as specified in charter)
730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)
John M. McCann, 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, 2021
Item 1. Reports to Stockholders.
| | | | | | |
| | | |
 | | TIAA-CREF
Life Funds | | June 30,
2021 | | |
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 | | |
| | |
Core 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, 2021. The report contains four main sections:
| | • | | A market review from Brad Finkle, President of the TIAA-CREF Fund Complex. |
| | • | | 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, 2021. |
| | • | | 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 call 800-223-1200. We urge you to read the prospectus carefully before investing.
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 3
Market review
Domestic and international stock markets generated solid returns for the period, but global economies experienced mixed results as they recovered from the COVID-19 pandemic. The U.S. economy expanded at a brisk pace during the first quarter of 2021; however, countries in the 19-nation euro area and the United Kingdom contracted. Most central banks around the world kept near-zero benchmark interest rates in place over the six months. The U.S. Federal Reserve maintained the federal funds target rate at 0.00%–0.25% but took note of rising inflation levels in the latter months of the period. The European Central Bank and the Bank of England also left their benchmark rates unchanged.
| | • | | Returns for the eight TIAA-CREF Life Funds that invest primarily in stocks ranged from a gain of 9.2% for the International Equity Fund to an increase of 22.3% for the Small-Cap Equity Fund. |
| | • | | The Balanced Fund rose 6.6%, while the Core Bond Fund returned –0.9%. |
| | • | | Most of the TIAA-CREF Life Funds outperformed their respective benchmarks. |
TIAA-CREF Life Funds performance review
For the six-month period, nine of the eleven TIAA-CREF Life Funds gained ground and most surpassed their respective indexes. Overall, the performance of stocks surpassed that of bonds, and U.S. equities gained more than foreign stocks.
The Small-Cap Equity Fund’s 22.3% gain outpaced the performance of its benchmark, the Russell 2000® Index. The Real Estate Securities Fund returned 21.1% but lagged the FTSE Nareit All Equity REITs Index. The Large-Cap Value Fund advanced 17.4%, topping its benchmark, the Russell 1000® Value Index.
The Social Choice Equity Fund, which does not invest in certain stocks because of environmental, social and governance criteria, gained 15.9% and outperformed the Russell 3000® Index. The Stock Index Fund rose 15.1% but slightly underperformed this same benchmark. The Growth & Income Fund advanced 14.3% but trailed the S&P 500® Index. The Growth Equity Fund gained 13.7% and outpaced its benchmark, the Russell 1000 Growth Index. The International Equity Fund, which invests in developed foreign markets, outperformed the MSCI EAFE® Index with a return of 9.2%.
The Balanced Fund, which invests in both stock and bond funds, outpaced its composite benchmark with a gain of 6.6%. The Core Bond Fund’s –0.9% return exceeded the performance of the Bloomberg Barclays U.S. Aggregate Bond Index. The Money Market Fund returned 0.0% and slightly lagged the iMoneyNet Money Market Fund Averages™—All Government. For more information regarding the performance of the TIAA-CREF Life Funds, please see the commentaries starting on page 10.
4 2021 Semiannual Report ∎ TIAA-CREF Life Funds
| | |
Stocks gained while bond returns were negative The domestic stock market, as represented by the Russell 3000 Index, rose 15.1%. Foreign equities, as measured by the MSCI EAFE Index, gained 8.8%. U.S. investment-grade fixed-rate bonds, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned –1.6%. Yields on longer-term U.S. Treasury securities rose, sending bond prices generally lower (bond yields move in the opposite direction of prices). Staying focused on a long-term financial plan It’s refreshing to see the pace of life getting back to normal after enduring the challenges of the COVID-19 pandemic. Businesses and restaurants are experiencing increased customer activity, and travel appears to be on the rise. However, seasoned long-term investors know that they will inevitably experience ups and downs in the financial markets. As such, we believe that no matter what the economic outlook may be, maintaining a diversified portfolio as part of a long-term, well-thought-out financial plan is a wise course of action. Furthermore, our experience has shown that a professionally managed portfolio, which includes multiple asset classes, can provide the means to help investors achieve the appropriate balance of risk and reward and reach their investment goals. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results. | | 
Brad Finkle |
If you have questions or concerns about your investments, we recommend that you speak with your financial advisor or call a TIAA financial consultant. To learn more, visit us at TIAA.org or call 800-842-2252. We would be pleased to assist you.
Brad Finkle
President of the TIAA-CREF Fund Complex
TIAA-CREF Life Funds ◾ 2021 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 at 800-842-2252 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 Form N-CSR and Form N-PORT or Form N-MFP (for money market products only) filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT or Form N-MFP 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 at 800-223-1200 to request a free copy. A report of how the funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-223-1200.
Fund management
The TIAA-CREF Life Funds are managed by the portfolio management teams of Teachers Advisors, LLC. The members of these teams are responsible for the day-to-day investment management of the funds.
6 2021 Semiannual Report ∎ TIAA-CREF Life Funds
About the funds’ benchmarks
Equity indexes
Broad market indexes
The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
The MSCI EAFE® Index measures the performance of the leading stocks in 21 developed-markets countries outside North America—in Europe, Australasia, and the Far East.
Large-cap indexes
The S&P 500® Index is a market capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy.
The Russell 1000® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.
The Russell 1000 Value Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 Index with lower relative forecasted growth rates and price/book ratios.
Small-cap index
The Russell 2000® Index measures the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index, based on market capitalization.
Specialty equity index
The FTSE Nareit All Equity REITs Index measures the performance of certain publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate.
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 7
About the funds’ benchmarks
Fixed-income index
The Bloomberg 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
The Balanced Fund Composite Index is a composite of three unmanaged benchmark indexes, each of which represents one of the three market sectors in which the underlying funds invest: domestic equity (Russell 3000 Index), international equity (MSCI EAFE Index), and fixed income (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
The Morningstar 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 2021. 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 2021 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 for purchases, reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2021–June 30, 2021).
Actual expenses
The first line in each table uses the Fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. Some funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second line in each table shows hypothetical account values and expenses based on the Fund’s actual expense ratio for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the Fund’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with 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 ◾ 2021 Semiannual Report 9
Growth Equity Fund
Performance for the six months ended June 30, 2021
The Growth Equity Fund returned 13.67% for the period, compared with the 12.99% return of its benchmark, the Russell 1000® Growth Index. For the twelve months ended June 30, 2021, the Fund returned 45.04%, versus 42.50% for the index.
The U.S. economy grew at a solid pace during the period, extending its recovery from the impact of the COVID-19 pandemic. The unemployment rate declined from 6.3% in January 2021 to 5.9% in June. Core inflation, which includes all items except food and energy, rose 4.5% over the twelve months ended June 30, 2021. The Federal Reserve left the federal funds target rate unchanged during the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Crude oil prices rose sharply, reaching their highest level since October 2018.
The broad U.S. stock market, as measured by the Russell 3000® Index, gained 15.11% for the period. Value stocks outperformed growth shares, while small-cap equities outperformed larger stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Fund surpassed its benchmark
All eleven industry sectors in the Russell 1000 Growth Index advanced for the six months. Energy (up 42.9%) was the best-performing sector amid rising oil prices. Information technology (up 13.1%)—the benchmark’s largest sector—contributed more than 40.0% of the index’s return. The next-largest contributor was communication services (up 26.0%), followed by health care (up 12.4%). Together, these four sectors represented over 70.0% of the benchmark’s total market capitalization on June 30, 2021. Consumer staples (up 3.3%) and materials (up 4.3%) registered the weakest returns.
The Fund outperformed its benchmark for the period on the strength of several successful stock choices. The top contributor to relative performance was an underweight position in Apple, which was hurt by concerns that a global shortage of semiconductors would slow sales of its products. Other top contributors included an out-of-benchmark investment in special purpose acquisition company Churchill Capital Corp IV and an overweight position in Alphabet (the parent company of Google), which benefited from growth in online advertising.
These and other favorable security selections were partly offset by stock selections that did not perform as intended. The largest detractor was an underweight position in Microsoft, which benefited from strength in its cloud-computing and video gaming businesses. Next in line were an out-of-benchmark position in Flutter Entertainment and a lack of exposure to biotechnology firm Moderna.
10 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Growth Equity Fund
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | 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 | | | | 13.67 | % | | | 45.04 | % | | | 24.31 | % | | | 18.40 | % | | | | | | | 0.54 | % | | | 0.52 | % |
Russell 1000® Growth Index | | | — | | | | 12.99 | | | | 42.50 | | | | 23.66 | | | | 17.87 | | | | | | | | — | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | |
| | | | |
| Growth Equity Fund | | Beginning
account value
(1/1/21) | | | Ending
account value
(6/30/21) | | | Expenses paid
during period*
(1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 1,136.65 | | | $ | 2.70 | |
5% annual hypothetical return | | | 1,000.00 | | | | 1,022.27 | | | | 2.56 | |
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-month expense ratio for that period was 0.51%. 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 ◾ 2021 Semiannual Report 11
Growth Equity Fund
Fund profile
| | | | |
| | |
| | | as of 6/30/2021 | |
Net assets | | $ | 179.78 million | |
Portfolio turnover rate* | | | 23% | |
Number of holdings | | | 95 | |
Weighted median market capitalization | | $ | 174.59 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | | | 58.5 | |
| * | The portfolio turnover rate covers the six-month period from January 1, 2021–June 30, 2021, 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 6/30/2021 | |
More than $50 billion | | | 75.1 | |
More than $15 billion–$50 billion | | | 21.2 | |
More than $2 billion–$15 billion | | | 3.6 | |
$2 billion or less | | | 0.1 | |
Total | | | 100.0 | |
Portfolio composition
| | | | |
| | |
| Sector | | % of net assets
as of 6/30/2021 | |
Information technology | | | 33.0 | |
Consumer discretionary | | | 20.7 | |
Communication services | | | 17.5 | |
Health care | | | 12.0 | |
Industrials | | | 7.7 | |
Consumer staples | | | 5.0 | |
Financials | | | 1.2 | |
Materials | | | 0.4 | |
Short-term investments, other assets & liabilities, net | | | 2.5 | |
Total | | | 100.0 | |
12 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Growth & Income Fund
Performance for the six months ended June 30, 2021
The Growth & Income Fund returned 14.25% for the period, compared with the 15.25% return of its benchmark, the S&P 500® Index. For the twelve months ended June 30, 2021, the Fund returned 43.48%, versus 40.79% for the index.
The U.S. economy grew at a solid pace during the period, extending its recovery from the impact of the COVID-19 pandemic. The unemployment rate declined from 6.3% in January 2021 to 5.9% in June. Core inflation, which includes all items except food and energy, rose 4.5% over the twelve months ended June 30, 2021. The Federal Reserve left the federal funds target rate unchanged during the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Crude oil prices rose sharply, reaching their highest level since October 2018.
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, outpaced the 15.11% gain of the Russell 3000® Index, a broad measure of the U.S. stock market.
Fund’s strong gain fell short of its benchmark
All eleven industry sectors in the S&P 500 Index advanced for the six months. Energy (up 45.6%) was the clear leader, followed by financials (up 25.7%), real estate (up 23.3%) and communication services (up 19.7%). Together, these four sectors represented almost 30.0% of the benchmark’s total market capitalization on June 30, 2021. Returns were strong but less robust for information technology (up 13.8%) and health care (up 11.9%), the benchmark’s largest sectors. Utilities (up 2.4%) and consumer staples (up 5.0%) posted the smallest gains.
The Fund generated a strong return but underperformed for the period as certain stock selections did not perform as expected. The largest detractors were an out-of-benchmark position in Acadia Pharmaceuticals, whose leading drug experienced a regulatory setback, and an underweight in Exxon Mobil, which benefited from rising oil prices. The next-largest detractors were an underweight position in health insurer Anthem and an out-of-benchmark investment in e-commerce company THG.
On the positive side, the top contributor to relative performance was an out-of-benchmark position in The Children’s Place, a retailer that reported strong revenue growth as COVID-19 restrictions eased. An overweight in Bank of America was another top contributor, lifted by optimism that rising long-term interest rates and higher economic growth would boost its profitability.
Overweight positions in energy companies Hess and Pioneer Natural Resources also made sizeable contributions to the Fund’s relative return.
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 13
Growth & Income Fund
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | 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 | | | | 14.25 | % | | | 43.48 | % | | | 17.18 | % | | | 14.37 | % | | | | | | | 0.54 | % | | | 0.52 | % |
S&P 500® Index | | | — | | | | 15.25 | | | | 40.79 | | | | 17.65 | | | | 14.84 | | | | | | | | — | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | |
| | | | |
| Growth & Income Fund | | Beginning
account value
(1/1/21) | | | Ending
account value
(6/30/21) | | | Expenses paid
during period*
(1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 1,142.52 | | | $ | 2.76 | |
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 over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-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 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Growth & Income Fund
Fund profile
| | | | |
| | |
| | | as of 6/30/2021 | |
Net assets | | $ | 198.80 million | |
Portfolio turnover rate* | | | 37% | |
Number of holdings | | | 186 | |
Weighted median market capitalization | | $ | 152.84 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | | | 53.7 | |
| * | The portfolio turnover rate covers the six-month period from January 1, 2021–June 30, 2021, 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 6/30/2021 | |
More than $50 billion | | | 69.1 | |
More than $15 billion–$50 billion | | | 20.3 | |
More than $2 billion–$15 billion | | | 10.1 | |
$2 billion or less | | | 0.5 | |
Total | | | 100.0 | |
Portfolio composition
| | | | |
| | |
| Sector | | % of net assets
as of 6/30/2021 | |
Information technology | | | 27.0 | |
Health care | | | 13.9 | |
Consumer discretionary | | | 13.8 | |
Communication services | | | 11.1 | |
Industrials | | | 10.9 | |
Financials | | | 9.4 | |
Consumer staples | | | 5.2 | |
Materials | | | 4.3 | |
Energy | | | 2.6 | |
Real estate | | | 1.0 | |
Utilities | | | 0.9 | |
Short-term investments, other assets & liabilities, net | | | –0.1 | |
Total | | | 100.0 | |
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 15
Large-Cap Value Fund
Performance for the six months ended June 30, 2021
The Large-Cap Value Fund returned 17.37% for the period, compared with the 17.05% return of its benchmark, the Russell 1000® Value Index. For the twelve months ended June 30, 2021, the Fund returned 45.35%, versus 43.68% for the index.
The U.S. economy grew at a solid pace during the period, extending its recovery from the impact of the COVID-19 pandemic. The unemployment rate declined from 6.3% in January 2021 to 5.9% in June. Core inflation, which includes all items except food and energy, rose 4.5% over the twelve months ended June 30, 2021. The Federal Reserve left the federal funds target rate unchanged during the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Crude oil prices rose sharply, reaching their highest level since October 2018.
The broad U.S. stock market, as measured by the Russell 3000® Index, gained 15.11% for the period. Value stocks outperformed growth shares, while small-cap equities outperformed larger stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Fund surpassed its benchmark
All eleven industry sectors in the Russell 1000 Value Index generated positive returns for the six months. Financials (up 26.5%)—the index’s largest sector—contributed more than 30.0% of the index’s return. Industrials (up 16.7%) was the next-largest contributor, followed by energy (up 46.5%), which delivered the strongest gain. Together, these three sectors represented almost 40.0% of the benchmark’s total market capitalization on June 30, 2021. Amid the continued economic recovery, sectors which tend to be defensive like utilities (up 2.5%) and consumer staples (up 6.6%) posted the lowest gains.
The Fund outperformed its benchmark primarily because of several successful stock choices. The top contributors to relative performance were an out-of-benchmark position in semiconductor manufacturing equipment maker Applied Materials and overweight positions in Bank of America and Goldman Sachs Group. Applied Materials benefited from a global shortage of semiconductors that increased demand for its products. Bank of America and Goldman Sachs Group reported strong growth in trading revenues and investment banking fees.
Several unfavorable stock allocations limited the Fund’s relative performance. The largest detractor was an underweight position in Exxon Mobil, which benefited from rising oil prices. The next-largest detractors were overweight positions in Honeywell International, a diversified manufacturer that experienced weakness in its aerospace unit, and Crown Holdings, a maker of packaging products that was generally hurt by fears of industry capacity expansion.
16 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Large-Cap Value Fund
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | 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 | | | | 17.37 | % | | | 45.35 | % | | | 11.39 | % | | | 10.50 | % | | | | | | | 0.61 | % | | | 0.52 | % |
Russell 1000® Value Index | | | — | | | | 17.05 | | | | 43.68 | | | | 11.87 | | | | 11.61 | | | | | | | | — | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | |
| | | | |
| Large-Cap Value Fund | | Beginning
account value
(1/1/21) | | | Ending
account value
(6/30/21) | | | Expenses paid
during period*
(1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 1,173.68 | | | $ | 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 over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-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 ◾ 2021 Semiannual Report 17
Large-Cap Value Fund
Fund profile
| | | | |
| | |
| | | as of 6/30/2021 | |
Net assets | | $ | 87.32 million | |
Portfolio turnover rate* | | | 17% | |
Number of holdings | | | 84 | |
Weighted median market capitalization | | $ | 139.50 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | | | 26.9 | |
| * | The portfolio turnover rate covers the six-month period from January 1, 2021–June 30, 2021, 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 6/30/2021 | |
More than $50 billion | | | 79.7 | |
More than $15 billion–$50 billion | | | 16.3 | |
More than $2 billion–$15 billion | | | 4.0 | |
Total | | | 100.0 | |
Portfolio composition
| | | | |
| | |
| Sector | | % of net assets
as of 6/30/2021 | |
Financials | | | 23.6 | |
Health care | | | 16.1 | |
Industrials | | | 15.6 | |
Information technology | | | 12.9 | |
Communication services | | | 9.6 | |
Consumer discretionary | | | 5.9 | |
Energy | | | 4.6 | |
Materials | | | 4.5 | |
Consumer staples | | | 3.0 | |
Utilities | | | 2.6 | |
Real estate | | | 1.0 | |
Short-term investments, other assets & liabilities, net | | | 0.6 | |
Total | | | 100.0 | |
18 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Real Estate Securities Fund
Performance for the six months ended June 30, 2021
The Real Estate Securities Fund returned 21.06% for the period, compared with the 21.35% return of its benchmark, the FTSE Nareit All Equity REITs Index. For the twelve months ended June 30, 2021, the Fund returned 34.68%, versus 32.80% for the index.
The U.S. economy grew at a solid pace during the period, extending its recovery from the impact of the COVID-19 pandemic. The unemployment rate declined from 6.3% in January 2021 to 5.9% in June. Core inflation, which includes all items except food and energy, rose 4.5% over the twelve months ended June 30, 2021. The Federal Reserve left the federal funds target rate unchanged during the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Yields on short-term U.S. Treasury securities edged lower while yields on intermediate-and long-term securities rose (bond yields move in the opposite direction of prices).
For the period, the FTSE Nareit All Equity REITs Index surpassed both the 15.11% return of the broad U.S. stock market, as measured by the Russell 3000® Index, and the –1.60% return of the broad U.S. investment-grade fixed-rate bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index.
Fund advanced substantially, but trailed its benchmark
Among the benchmark’s 16 property sectors and subsectors, all returns were positive for the period. The largest gains were seen in the regional malls (up 55.3%), shopping centers (up 43.8%) and self-storage (up 36.4%) sectors. The worst-performing sector was timber REITs (up 6.9%).
For the six-month period, the Fund underperformed its benchmark, primarily due to its expense charge. Out-of-benchmark allocations to technology services company GDS Holdings and resort and casino firm Las Vegas Sands detracted most from relative performance. Not holding enterprise information management company Iron Mountain, which posted a double-digit gain, was the next-largest detractor. An overweight position in Sun Communities, a manufactured home and RV community REIT, also hampered the Fund’s relative return.
On the positive side, these negative effects were offset by an overweight position in retail REIT Simon Property Group, which delivered a double-digit gain for the period. Not holding health care facilities REIT Medical Properties Trust and data center REIT CyrusOne also benefited the Fund’s performance versus its benchmark as both suffered losses. An overweight allocation to apartment REIT Equity Residential further augmented the Fund’s relative performance.
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 19
Real Estate Securities Fund
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | 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 | | | | 21.06 | % | | | 34.68 | % | | | 10.65 | % | | | 11.08 | % | | | | | | | 0.62 | % | | | 0.57 | % |
FTSE Nareit All Equity REITs Index | | | — | | | | 21.35 | | | | 32.80 | | | | 8.10 | | | | 10.29 | | | | | | | | — | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | |
| | | | |
| Real Estate Securities Fund | | Beginning account value (1/1/21) | | | Ending account value (6/30/21) | | | Expenses paid during period*
(1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 1,210.60 | | | $ | 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 over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-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 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Real Estate Securities Fund
Fund profile
| | | | |
| | |
| | | as of 6/30/2021 | |
Net assets | | $ | 96.23 million | |
Portfolio turnover rate* | | | 20% | |
Number of holdings | | | 66 | |
Weighted median market capitalization | | $ | 21.52 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | | | 89.7 | |
| * | The portfolio turnover rate covers the six-month period from January 1, 2021–June 30, 2021, 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 6/30/2021 | |
More than $50 billion | | | 23.8 | |
More than $15 billion–$50 billion | | | 41.6 | |
More than $2 billion–$15 billion | | | 33.5 | |
$2 billion or less | | | 1.1 | |
Total | | | 100.0 | |
Portfolio composition
| | | | |
| | |
| Sector | | % of net assets as of 6/30/2021 | |
Specialized REITs | | | 28.3 | |
Residential REITs | | | 24.2 | |
Retail REITs | | | 12.7 | |
Industrial REITs | | | 11.4 | |
Health care REITs | | | 7.1 | |
| Office REITs | | | 7.1 | |
Internet services & infrastructure | | | 3.2 | |
Hotel & resort REITs | | | 1.9 | |
Casinos & gaming | | | 1.8 | |
Diversified REITs | | | 1.2 | |
Hotels, resorts & cruise lines | | | 0.8 | |
Short-term investments, other assets & liabilities, net | | | 0.3 | |
Total | | | 100.0 | |
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 21
Small-Cap Equity Fund
Performance for the six months ended June 30, 2021
The Small-Cap Equity Fund returned 22.32% for the period, compared with the 17.54% return of its benchmark, the Russell 2000® Index. For the twelve months ended June 30, 2021, the Fund returned 66.82%, versus 62.03% for the index.
The U.S. economy grew at a solid pace during the period, extending its recovery from the impact of the COVID-19 pandemic. The unemployment rate declined from 6.3% in January 2021 to 5.9% in June. Core inflation, which includes all items except food and energy, rose 4.5% over the twelve months ended June 30, 2021. The Federal Reserve left the federal funds target rate unchanged during the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Crude oil prices rose sharply, reaching their highest level since October 2018.
The broad U.S. stock market, as measured by the Russell 3000® Index, gained 15.11% for the period. Value stocks outperformed growth shares, while small-cap equities outperformed larger stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
Fund posted a sizeable gain, surpassed its benchmark
All eleven industry sectors in the Russell 2000 Index advanced for the six months. Energy (up 71.2%) delivered a particularly impressive gain, buoyed by the steep rise in oil prices. The top contributors to the index’s return were consumer discretionary (up 33.8%), financials (up 19.2%) and industrials (up 16.1%). Together, these four sectors represented nearly one-half of the benchmark’s total market capitalization on June 30, 2021. Utilities (up 1.6%) registered the weakest gain and also made the smallest contribution to return. Health care (up 3.3%)—the index’s largest component—was the only other sector that failed to generate a double-digit increase.
The Fund significantly outperformed its benchmark for the period on the strength of numerous stock allocations. The top contributors to relative performance were overweight positions in biopharmaceutical firm Cassava Sciences, which released promising clinical data on its leading drug candidate, and energy company Green Plains, which showed progress toward transitioning from a primarily ethanol producer to a high-technology agriculture firm. The next-largest contributor was an overweight position in publisher Houghton Mifflin Harcourt.
On the negative side, the largest detractors were the exclusion of index components AMC Entertainment Holdings and retailer GameStop. Both stocks shot up primarily due to a social media-driven buying frenzy. Next in line was an overweight position in biotechnology company Travere Therapeutics, which received disappointing regulatory news on a drug it is developing.
22 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Small-Cap Equity Fund
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | 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 | | | | 22.32 | % | | | 66.82 | % | | | 15.91 | % | | | 12.07 | % | | | | | | | 0.69 | % | | | 0.53 | % |
Russell 2000® Index | | | — | | | | 17.54 | | | | 62.03 | | | | 16.47 | | | | 12.34 | | | | | | | | — | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | |
| | | | |
| Small-Cap Equity Fund | | Beginning
account value
(1/1/21) | | | Ending account value
(6/30/21) | | | Expenses paid
during period* (1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 1,223.25 | | | $ | 2.92 | |
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 over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-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 ◾ 2021 Semiannual Report 23
Small-Cap Equity Fund
Fund profile
| | | | |
| | |
| | | as of 6/30/2021 | |
Net assets | | $ | 72.50 million | |
Portfolio turnover rate* | | | 39% | |
Number of holdings | | | 451 | |
Weighted median market capitalization | | $ | 2.95 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | | | 17.4 | |
| * | The portfolio turnover rate covers the six-month period from January 1, 2021–June 30, 2021, 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 6/30/2021 | |
More than $15 billion–$50 billion | | | 0.4 | |
More than $2 billion–$15 billion | | | 68.7 | |
$2 billion or less | | | 30.9 | |
Total | | | 100.0 | |
Portfolio composition
| | | | |
| | |
| Sector | | % of net assets
as of 6/30/2021 | |
Health care | | | 19.5 | |
Industrials | | | 14.7 | |
Consumer discretionary | | | 13.2 | |
Financials | | | 12.8 | |
Information technology | | | 12.3 | |
Real estate | | | 6.3 | |
Materials | | | 4.2 | |
Energy | | | 4.0 | |
Consumer staples | | | 4.0 | |
Communication services | | | 3.7 | |
Utilities | | | 2.0 | |
Short-term investments, other assets & liabilities, net | | | 3.3 | |
Total | | | 100.0 | |
24 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Social Choice Equity Fund
Performance for the six months ended June 30, 2021
The Social Choice Equity Fund returned 15.91% for the period, compared with the 15.11% return of its benchmark, the Russell 3000® Index. For the twelve months ended June 30, 2021, the Fund returned 43.48%, versus 44.16% 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 outperformed its benchmark.
Omitting Amazon.com aided the Fund’s performance most relative to its benchmark. Excluding Johnson & Johnson and Qualcomm also helped. Amazon announced that CEO Jeff Bezos would step down later in the year, while Johnson & Johnson reported a rare side effect for its Janssen COVID-19 vaccine. Qualcomm delivered strong results, but a high share price and a global shortage of semiconductors concerned investors.
Conversely, excluding ExxonMobil, Facebook and Bank of America partly offset the benefit of avoiding the stocks mentioned above. Rising oil and gas prices helped ExxonMobil; Facebook reported robust revenue growth aided by advertising sales; and Bank of America saw strong growth in its capital markets and wealth management businesses.
Fund surpassed 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.
Of stocks the Fund held, overweight positions in semiconductor companies NVIDIA and Applied Materials, along with an underweight in Netflix, contributed most. NVIDIA reported record revenue, aided by strong growth in its gaming, data center and professional visualization platforms. Applied Materials’ quarterly results were very strong, helped by trends supporting semiconductor demand. Netflix saw disappointing membership growth attributed to the pandemic-related slowdown in new content production.
Not all Fund holdings aided performance. Overweight positions in PayPal Holdings, Vertex Pharmaceuticals and drug maker Merck detracted most. The Fund’s position in PayPal lagged that of the benchmark despite the company reporting strong operating results and growth in new active accounts. Vertex announced it would discontinue development of a key treatment for a rare respiratory disease. Merck reported disappointing earnings and said the CEO would retire.
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 25
Social Choice Equity Fund
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | 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 | | | | 15.91 | % | | | 43.48 | % | | | 17.92 | % | | | 14.04 | % | | | | | | | 0.30 | % | | | 0.22 | % |
Russell 3000® Index | | | — | | | | 15.11 | | | | 44.16 | | | | 17.89 | | | | 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 recent month-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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | |
| | | | |
| Social Choice Equity Fund | | Beginning
account value
(1/1/21) | | | Ending
account value
(6/30/21) | | | Expenses paid during period* (1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 1,159.08 | | | $ | 1.18 | |
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 over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-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 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Social Choice Equity Fund
Fund profile
| | | | |
| | |
| | | as of 6/30/2021 | |
Net assets | | $ | 94.29 million | |
Portfolio turnover rate* | | | 20% | |
Number of holdings | | | 565 | |
Weighted median market capitalization | | $ | 74.87 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | | | 42.2 | |
| * | The portfolio turnover rate covers the six-month period from January 1, 2021–June 30, 2021, 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 6/30/2021 | |
More than $50 billion | | | 61.6 | |
More than $15 billion–$50 billion | | | 26.3 | |
More than $2 billion–$15 billion | | | 10.6 | |
$2 billion or less | | | 1.5 | |
Total | | | 100.0 | |
Portfolio composition
| | | | |
| | |
| Sector | | % of net assets as of 6/30/2021 | |
Information technology | | | 26.7 | |
Health care | | | 14.3 | |
Financials | | | 12.7 | |
Consumer discretionary | | | 11.0 | |
Industrials | | | 9.7 | |
Communication services | | | 8.2 | |
Consumer staples | | | 5.7 | |
Real estate | | | 3.5 | |
Energy | | | 3.0 | |
Materials | | | 2.2 | |
Utilities | | | 2.2 | |
Short-term investments, other assets & liabilities, net | | | 0.8 | |
Total | | | 100.0 | |
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 27
Stock Index Fund
Performance for the six months ended June 30, 2021
The Stock Index Fund returned 15.06% for the period, compared with the 15.11% return of its benchmark, the Russell 3000® Index. For the twelve months ended June 30, 2021, the Fund returned 43.99%, versus 44.16% for the index.
For the six-month period, the Fund’s return slightly 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 grew at a solid pace during the period, extending its recovery from the impact of the COVID-19 pandemic. The unemployment rate declined from 6.3% in January 2021 to 5.9% in June. Core inflation, which includes all items except food and energy, rose 4.5% over the twelve months ended June 30, 2021. The Federal Reserve left the federal funds target rate unchanged during the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Crude oil prices rose sharply, reaching their highest level since October 2018.
The broad U.S. stock market, as measured by the Russell 3000 Index, generated double-digit gains for the period. Value stocks outperformed growth shares, while small-cap equities outperformed larger stocks. (Returns by investment style and capitalization size are based on the Russell indexes.)
All benchmark sectors advanced
All eleven industry sectors in the Russell 3000 Index posted gains for the six months. Energy (up 48.0%) delivered the strongest return, helped by the steep increase in oil prices. Information technology (up 12.9%)—the benchmark’s largest sector—was the top contributor to the index’s return. The next-largest contributors were financials (up 24.8%) and communication services (up 19.3%). Together, these four sectors represented more than one-half of the benchmark’s total market capitalization on June 30, 2021. The worst performers were utilities (up 2.4%) and consumer staples (up 5.8%), two defensive sectors that tend to lag when the economy is accelerating.
For the six-month period, three of the five largest stocks in the Russell 3000 Index registered impressive gains that exceeded the overall return of the benchmark. Alphabet (the parent company of Google) and Facebook performed best, as both companies benefited from strong growth in spending on digital advertising. Next in line was Microsoft, which experienced robust demand for its cloud-computing services and video gaming products. Amazon.com and Apple generated gains but lagged the benchmark.
28 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Stock Index Fund
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | 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 | | | | 15.06 | % | | | 43.99 | % | | | 17.78 | % | | | 14.61 | % | | | | | | | 0.09 | % | | | 0.09 | % |
Russell 3000® Index | | | — | | | | 15.11 | | | | 44.16 | | | | 17.89 | | | | 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 recent month-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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | |
| | | | |
| Stock Index Fund | | Beginning
account value
(1/1/21) | | | Ending
account value
(6/30/21) | | | Expenses paid
during period*
(1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 1,150.62 | | | $ | 0.43 | |
5% annual hypothetical return | | | 1,000.00 | | | | 1,024.40 | | | | 0.40 | |
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-month expense ratio for that period was 0.08%. 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 ◾ 2021 Semiannual Report 29
Stock Index Fund
Fund profile
| | | | |
| | |
| | | as of 6/30/2021 | |
Net assets | | $ | 772.23 million | |
Portfolio turnover rate* | | | 3% | |
Number of holdings | | | 2,990 | |
Weighted median market capitalization | | $ | 121.08 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | | | 38.5 | |
| * | The portfolio turnover rate covers the six-month period from January 1, 2021–June 30, 2021, 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 6/30/2021 | |
More than $50 billion | | | 65.2 | |
More than $15 billion–$50 billion | | | 19.6 | |
More than $2 billion–$15 billion | | | 13.2 | |
$2 billion or less | | | 2.0 | |
Total | | | 100.0 | |
Portfolio composition
| | | | |
| | |
| Sector | | % of net assets
as of 6/30/2021 | |
Information technology | | | 26.3 | |
Health care | | | 13.5 | |
Consumer discretionary | | | 12.1 | |
Financials | | | 11.5 | |
Communication services | | | 10.1 | |
Industrials | | | 9.4 | |
Consumer staples | | | 5.3 | |
Real estate | | | 3.3 | |
Energy | | | 2.8 | |
Materials | | | 2.5 | |
Utilities | | | 2.3 | |
Short-term investments, other assets & liabilities, net | | | 0.9 | |
Total | | | 100.0 | |
30 2021 Semiannual Report ∎ TIAA-CREF Life Funds
International Equity Fund
Performance for the six months ended June 30, 2021
The International Equity Fund returned 9.22% for the period, compared with the 8.83% return of its benchmark, the MSCI EAFE® Index. For the twelve months ended June 30, 2021, the Fund returned 38.98%, versus 32.35% for the index.
International stocks in both developed and emerging markets posted solid gains for the period, although the pace of economic recovery from the COVID-19 pandemic varied around the world. During the first quarter of 2021, the Chinese economy grew at a robust pace; however, countries in the 19-nation euro area and the United Kingdom contracted. Global central banks generally left accommodative monetary policies unchanged during the period, maintaining very low interest rates and purchasing assets to support their economies. The U.S. Federal Reserve held the federal funds target rate steady at 0.00%–0.25%. The European Central Bank left its benchmark rates unchanged at near-zero levels. The Bank of England maintained its benchmark rate at 0.1%.
Within the MSCI EAFE Index, which includes 21 developed nations outside North America, 19 country components produced gains in U.S.-dollar terms for the six months. Returns for all country components, except the United Kingdom, were higher in local-currency terms.
Fund surpassed its benchmark
Favorable stock selection and sector allocation helped the Fund to outperform its benchmark. An out-of-benchmark holding in Russian online financial services provider TCS Group Holding contributed most, followed by overweight positions in Japanese multinational conglomerate Hitachi and Dutch financial firm ING Groep. TCS reported record quarterly profits and added four million new customers. Hitachi achieved an impressive increase in net income, while ING reported better-than-expected profits.
Conversely, overweight positions in Japanese pharmaceutical company Daiichi Sankyo, Japanese game maker Nintendo and Danish offshore wind farm developer Orsted detracted most, as all performed poorly for the period.
The Fund’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Fund’s fair value pricing adjustments or of the timing of foreign currency valuations. Many foreign exchanges close for trading before the Fund’s net asset value (NAV) is calculated (see the Fund’s 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 ◾ 2021 Semiannual Report 31
International Equity Fund
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | 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 | | | | 9.22 | % | | | 38.98 | % | | | 10.32 | % | | | 5.92 | % | | | | | | | 0.64 | % | | | 0.60 | % |
MSCI EAFE® Index | | | — | | | | 8.83 | | | | 32.35 | | | | 10.28 | | | | 5.89 | | | | | | | | — | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | |
| | | | |
| International Equity Fund | | Beginning
account value
(1/1/21) | | | Ending
account value
(6/30/21) | | | Expenses paid
during period*
(1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 1,092.19 | | | $ | 3.11 | |
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 over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-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 2021 Semiannual Report ∎ TIAA-CREF Life Funds
International Equity Fund
Fund profile
| | | | |
| | |
| | | as of 6/30/2021 | |
Net assets | | $ | 135.98 million | |
Portfolio turnover rate* | | | 15% | |
Number of holdings | | | 82 | |
Weighted median market capitalization | | $ | 72.37 billion | |
Price/earnings ratio (weighted 12-month trailing average)† | | | 27.9 | |
| * | The portfolio turnover rate covers the six-month period from January 1, 2021–June 30, 2021, 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 6/30/2021 | |
Industrials | | | 21.7 | |
Financials | | | 18.0 | |
Consumer discretionary | | | 15.6 | |
Materials | | | 10.0 | |
Health care | | | 8.7 | |
Consumer staples | | | 7.3 | |
Information technology | | | 7.3 | |
Communication services | | | 4.0 | |
Energy | | | 3.2 | |
Utilities | | | 1.9 | |
Short-term investments, other assets & liabilities, net | | | 2.3 | |
Total | | | 100.0 | |
Holdings by company size
| | | | |
| | |
| Market capitalization | | % of equity investments
as of 6/30/2021 | |
More than $50 billion | | | 68.1 | |
More than $15 billion–$50 billion | | | 26.0 | |
More than $2 billion–$15 billion | | | 5.9 | |
Total | | | 100.0 | |
Holdings by country
| | | | |
| | |
| | | % of portfolio investments
as of 6/30/2021 | |
Japan | | | 19.1 | |
France | | | 15.7 | |
United Kingdom | | | 13.3 | |
Germany | | | 11.0 | |
Netherlands | | | 7.1 | |
Australia | | | 5.9 | |
Switzerland | | | 4.4 | |
United States | | | 3.6 | |
11 other nations | | | 17.4 | |
Short-term investments | | | 2.5 | |
Total | | | 100.0 | |
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 33
Core Bond Fund
Performance for the six months ended June 30, 2021
The Core Bond Fund returned –0.90% for the period, compared with the –1.60% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2021, the Fund returned 2.44%, versus –0.33% for the index.
The U.S. economy grew at a solid pace during the period, extending its recovery from the impact of the COVID-19 pandemic. The unemployment rate declined from 6.3% in January 2021 to 5.9% in June. Core inflation, which includes all items except food and energy, rose 4.5% over the twelve months ended June 30, 2021. Crude oil prices increased sharply, reaching their highest level since October 2018.
The Federal Reserve left the federal funds target rate unchanged during the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Yields on short-term U.S. Treasury securities edged lower while yields on intermediate- and long-term securities rose (bond yields move in the opposite direction of prices). Foreign central banks also left accommodative monetary policies in place during the period. The European Central Bank held benchmark rates at near-zero levels, and the Bank of England maintained its benchmark rate at 0.1%.
Fund surpassed its benchmark
Most sectors in the Bloomberg Barclays U.S. Aggregate Bond Index declined for the six-month period due to the rise in intermediate- and long-term bond yields. The U.S. Treasuries sector, the largest in the index with a weight of 37.2%, returned –2.6%. Corporate bonds, the second-largest sector, accounting for 26.7% of the index’s total market capitalization on June 30, 2021, returned –1.3%. Mortgage-backed securities—the benchmark’s third-largest sector at 26.4% returned –0.8%, while asset-backed securities (ABS) posted a small gain of 0.2%, and commercial mortgage-backed securities (CMBS) were slightly negative at –0.5%.
The Fund outperformed its benchmark for the period. The biggest contributor was the Fund’s sector allocation with broadly diversified overweights to non-government sectors. An allocation to corporate bonds, including small allocations to high yield and emerging-markets corporates, were especially helpful. Fund positions in emerging-markets debt, ABS and CMBS sectors also contributed. Corresponding underweights to mortgage-backed securities and U.S. Treasuries were also beneficial as these sectors were hurt by rising interest rates. The Fund’s shorter-than-benchmark duration was additive as rates rose over the course of the period, but this was mostly offset by its yield curve positioning—how the Fund was invested across different maturities.
34 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Core Bond Fund
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | Total return | | | Average annual
total return | | | | | | Annual operating
expenses* | |
| | | | | | | | |
| | | Inception
date | | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | | | | gross | | | net | |
Core Bond Fund | | | 7/8/03 | | | | –0.90 | % | | | 2.44 | % | | | 3.64 | % | | | 3.88 | % | | | | | | | 0.37 | % | | | 0.35 | % |
Bloomberg Barclays U.S.
Aggregate Bond Index | | | — | | | | –1.60 | | | | –0.33 | | | | 3.03 | | | | 3.39 | | | | | | | | — | | | | — | |
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 and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | |
| | | | |
| Core Bond Fund | | Beginning
account value
(1/1/21) | | | Ending
account value
(6/30/21) | | | Expenses paid
during period*
(1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 990.99 | | | $ | 1.73 | |
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 over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-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 ◾ 2021 Semiannual Report 35
Core Bond Fund
Fund profile
| | | | |
| | |
| | | as of 6/30/2021 | |
Net assets | | $ | 222.82 million | |
Portfolio turnover rate* | | | 136% | |
Portfolio turnover rate, excluding mortgage dollar-roll transactions* | | | 54% | |
Number of issues | | | 1,065 | |
Option-adjusted duration‡ | | | 5.83 years | |
Average maturity§ | | | 7.55 years | |
| * | The portfolio turnover rate covers the six-month period from January 1, 2021–June 30, 2021, 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 6/30/2021 | |
Corporate bonds | | | 32.6 | |
Mortgage-backed securities | | | 23.3 | |
Foreign government & corporate bonds denominated in U.S. dollars | | | 16.5 | |
U.S. Treasury securities | | | 7.5 | |
Asset-backed securities | | | 7.1 | |
Commercial mortgage-backed securities | | | 6.2 | |
Municipal bonds | | | 2.0 | |
Bank loan obligations | | | 1.8 | |
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 6/30/2021 | |
Less than 1 year | | | 1.7 | |
1–3 years | | | 12.4 | |
3–5 years | | | 28.4 | |
5–10 years | | | 43.3 | |
Over 10 years | | | 14.2 | |
Total | | | 100.0 | |
Holdings by credit quality
| | | | |
| | |
| | | % of fixed-income investments
(excluding short-term investments)
as of 6/30/2021 | |
U.S. Treasury & U.S. agency securities* | | | 29.6 | |
Aaa/AAA | | | 5.6 | |
Aa/AA | | | 6.9 | |
A/A | | | 15.7 | |
Baa/BBB | | | 30.7 | |
Ba/BB | | | 4.5 | |
B/B | | | 3.3 | |
Below B/B | | | 0.4 | |
Non-rated | | | 3.3 | |
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 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Money Market Fund
Performance for the six months ended June 30, 2021
The Money Market Fund returned 0.00% for the six-month period, compared with the 0.01% 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.
The U.S. economy grew at a solid pace during the period, extending its recovery from the impact of the COVID-19 pandemic. The unemployment rate declined from 6.3% in January 2021 to 5.9% in June. Core inflation, which includes all items except food and energy, rose 4.5% over the twelve months ended June 30, 2021. Crude oil prices increased sharply, reaching their highest level since October 2018.
The Federal Reserve left the federal funds target rate unchanged during the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Yields on short-term U.S. Treasury securities edged lower while yields on intermediate- and long-term securities rose (bond yields move in the opposite direction of prices). Foreign central banks also left accommodative monetary policies in place during the period. The European Central Bank held benchmark rates at near-zero levels, and the Bank of England maintained its benchmark rate at 0.1%.
The low interest-rate environment continued to keep yields on short-term government securities at near-zero levels. The “secured overnight financing rate” (SOFR), which represents dealer transactions in Treasury collateralized overnight repurchase agreements, has become widely accepted by government agencies as a key indicator of short-term government money market rates. Over the six-month period, SOFR declined from 0.10% on January 4, 2021, to 0.05% on June 30, 2021. With short-term interest rates at such low levels, money market fund yields followed suit and remained at almost zero.
Fund slightly trailed the iMoneyNet average
In an environment of historically low money market rates, the Money Market Fund’s return was zero—slightly lower than that of the iMoneyNet average for the six-month period. The Fund continued to invest in floating-rate government agency securities, which provide a yield enhancement over short-term fixed-rate securities while maintaining the high credit quality of government agency issues. As of June 29, 2021, the Fund’s weighted average maturity (WAM) was 34 days, versus 36 days for the iMoneyNet average. iMoneyNet releases their data on a weekly basis, and June 29 was the last date of release for the month.
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 37
Money Market Fund
Net annualized yield for the 7 days ended June 29, 2021§
| | | | | | | | |
| | | |
| | | Current yield | | | Effective yield | |
Money Market Fund | | | 0.00 | % | | | 0.00 | % |
iMoneyNet Money Fund Averages™—All Government‡ | | | 0.01 | | | | 0.01 | |
The current yield more closely reflects current earnings than does the total return.
| § | Typically, iMoneyNet reports its 7-day yields as of Tuesday of each week. |
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | 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 | | | | 0.00 | % | | | 0.00 | % | | | 1.02 | % | | | 0.52 | % | | | | | | | 0.20 | % | | | 0.15 | % |
iMoneyNet Money Fund
Averages™—All Government‡ | | | — | | | | 0.01 | | | | 0.02 | | | | 0.80 | | | | 0.41 | | | | | | | | — | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, the 7-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, 2022, unless changed with the approval of the Board of Trustees. Beginning September 9, 2020, part or all of the investment management fees of the TIAA-CREF Life Money Market Fund are being voluntarily waived. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| ‡ | 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 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Money Market Fund
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | |
| | | | |
| Money Market Fund | | Beginning account value
(1/1/21) | | | Ending
account value
(6/30/21) | | | Expenses paid during period*
(1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.30 | |
5% annual hypothetical return | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | |
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-month expense ratio for that period was 0.06%. 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 6/30/2021 | |
Net assets | | $ | 112.41 million | |
Number of issues | | | 104 | |
Portfolio composition
| | | | |
| | |
| Sector | | % of net assets
as of 6/30/2021 | |
U.S. government agency securities* | | | 47.7 | |
U.S. Treasury securities* | | | 37.1 | |
Floating-rate securities, government* | | | 17.3 | |
Other assets & liabilities, net | | | –2.1 | |
Total | | | 100.0 | |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
TIAA-CREF Life Funds ◾ 2021 Semiannual Report 39
Balanced Fund
Performance for the six months ended June 30, 2021
The Balanced Fund returned 6.56% for the period, compared with the 5.92% 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, 2021, the Fund returned 21.75%, versus 19.29% for the index.
During the six-month period, the U.S. economy grew at a solid pace, extending its recovery from the impact of the COVID-19 pandemic. The unemployment rate declined from 6.3% in January 2021 to 5.9% in June. Core inflation, which includes all items except food and energy, rose 4.5% over the twelve months ended June 30, 2021. The Federal Reserve left the federal funds target rate unchanged during the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%.
The broad U.S. stock market, as measured by the Russell 3000 Index, gained 15.11%. Value stocks outperformed growth shares, while small-cap equities outperformed larger stocks. (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, returned 8.83%. (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, returned –1.60%, driven by rising market yields.
Fund surpassed its composite benchmark
For the six-month period, the Fund’s absolute return—that is, without regard to the performance of its composite benchmark—benefited mostly by gains in U.S. stocks held by the underlying funds of the Balanced Fund. The Small-Cap Equity Fund posted the largest advance, followed by the Real Estate Securities Fund and the Large-Cap Value Fund. By contrast, the Core Bond Fund was the sole decliner for the period on an absolute basis.
The Fund outperformed its composite benchmark for the period, helped by strength in its underlying fixed-income and equity funds. Among them, the Core Bond Fund was the largest contributor, with regard to the Fund’s performance versus its composite benchmark, followed by the Small-Cap Equity Fund, the Growth Equity Fund, the Large-Cap Value Fund and the International Equity Fund.
Conversely, the Growth & Income Fund was the largest detractor from the Fund’s return compared to its benchmark. The Real Estate Securities Fund also hampered relative performance.
40 2021 Semiannual Report ∎ TIAA-CREF Life Funds
Balanced Fund
Performance as of June 30, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | 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 | | | | 6.56 | % | | | 21.75 | % | | | 9.83 | % | | | 8.19 | % | | | | | | | 0.59 | % | | | 0.51 | % |
Balanced Fund Composite Index† | | | — | | | | 5.92 | | | | 19.29 | | | | 9.84 | | | | 8.35 | § | | | | | | | — | | | | — | |
| | | | | | | | |
Broad market index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Morningstar Moderately Conservative Target Risk Index | | | — | | | | 4.41 | | | | 15.88 | | | | 8.07 | | | | 6.59 | § | | | | | | | — | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance 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, 2022, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. Refer to the Financial highlights later in this report for the Fund’s expense ratios as of the end of the reporting period. |
| # | These expenses include underlying fund expenses. |
| † | As of the close of business on June 30, 2021, 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 ◾ 2021 Semiannual Report 41
Balanced Fund
Expense example
Six months ended June 30, 2021
| | | | | | | | | | | | | | | | |
| | | | | |
| Balanced Fund | | Beginning
account value
(1/1/21) | | | Ending
account value
(6/30/21) | | | Expenses paid
during period*
(1/1/21–6/30/21) | | | Effective
expenses paid
during period†
(1/1/21–6/30/21) | |
Actual return | | $ | 1,000.00 | | | $ | 1,065.59 | | | $ | 0.51 | | | $ | 2.56 | |
5% annual hypothetical return | | | 1,000.00 | | | | 1,024.30 | | | | 0.50 | | | | 2.51 | |
| * | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2021. The Fund’s annualized six-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 the six-month period, the total annualized weighted average expense ratio was 0.50%. |
For more information about this expense example, please see page 9.
Fund profile
| | | | |
| | |
| | | as of 6/30/2021 | |
Net assets | | $ | 77.48 million | |
Asset allocation
| | | | |
| | |
| | | % of net assets as
of 6/30/21 | |
Equity | | | | |
U.S. equity | | | 40.97 | |
International equity | | | 10.02 | |
| |
Fixed income | | | 50.80 | |
Other assets & liabilities, net | | | –1.79 | |
Total | | | 100.00 | |
Target allocation
| | |
Equity 50.00% Fixed Income 50.00% | | 
|
42 2021 Semiannual Report ∎ TIAA-CREF Life Funds
| | |
| Summary portfolio of investments (unaudited) | | |
Growth Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | | |
| | 2,775 | | | * | | Tesla, Inc | | | | $ | 1,886,168 | | | | 1.1 | % |
| | | | | | Other | | | | | 768,204 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,654,372 | | | | 1.5 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | |
| | 5,487 | | | | | Roper Technologies Inc | | | | | 2,579,987 | | | | 1.4 | |
| | 9,790 | | | | | Safran S.A. | | | | | 1,358,685 | | | | 0.8 | |
| | | | | | Other | | | | | 1,667,896 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,606,568 | | | | 3.1 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | |
| | 60,794 | | | * | | Clarivate Analytics plc | | | | | 1,673,659 | | | | 0.9 | |
| | 14,279 | | | | | Waste Connections, Inc | | | | | 1,705,341 | | | | 0.9 | |
| | | | | | Other | | | | | 1,806,038 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,185,038 | | | | 2.9 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | |
| | 7,829 | | | | | Essilor International S.A. | | | | | 1,446,277 | | | | 0.8 | |
| | 14,358 | | | * | | Peloton Interactive, Inc | | | | | 1,780,679 | | | | 1.0 | |
| | | | | | Other | | | | | 1,899,136 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,126,092 | | | | 2.8 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | |
| | 1,085 | | | * | | Booking Holdings, Inc | | | | | 2,374,078 | | | | 1.3 | |
| | 60,534 | | | * | | Carnival Corp | | | | | 1,595,676 | | | | 0.9 | |
| | 917 | | | * | | Chipotle Mexican Grill, Inc (Class A) | | | | | 1,421,662 | | | | 0.8 | |
| | | | | | Other | | | | | 1,727,272 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,118,688 | | | | 4.0 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | |
| | 3,216 | | | | | S&P Global, Inc | | | | | 1,320,007 | | | | 0.7 | |
| | | | | | Other | | | | | 577,849 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,897,856 | | | | 1.0 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | |
| | 8,617 | | | | | Costco Wholesale Corp | | | | | 3,409,488 | | | | 1.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,409,488 | | | | 1.9 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | |
| | 18,498 | | | * | | Monster Beverage Corp | | | | | 1,689,792 | | | | 0.9 | |
| | | | | | Other | | | | | 2,643,957 | | | | 1.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,333,749 | | | | 2.4 | |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | |
| | 3,174 | | | * | | Align Technology, Inc | | | | | 1,939,314 | | | | 1.1 | |
| | 8,124 | | | | | Cigna Corp | | | | | 1,925,957 | | | | 1.1 | |
| | 3,642 | | | * | | DexCom, Inc | | | | | 1,555,134 | | | | 0.9 | |
| | 2,229 | | | * | | Intuitive Surgical, Inc | | | | | 2,049,878 | | | | 1.1 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 43 | |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Growth Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES—continued | | | | | |
| | | | | | Other | | | | $ | 2,738,164 | | | | 1.5 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,208,447 | | | | 5.7 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | | | | | 1,258,006 | | | | 0.7 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | 187,216 | | | | 0.1 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | 714,655 | | | | 0.4 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | |
| | 3,989 | | | * | | Alphabet, Inc (Class C) | | | | | 9,997,711 | | | | 5.6 | |
| | 9,201 | | | | | Electronic Arts, Inc | | | | | 1,323,380 | | | | 0.7 | |
| | 24,206 | | | * | | Facebook, Inc | | | | | 8,416,668 | | | | 4.7 | |
| | 9,227 | | | * | | IAC | | | | | 1,422,527 | | | | 0.8 | |
| | 12,571 | | | * | | Match Group, Inc | | | | | 2,027,074 | | | | 1.1 | |
| | 17,800 | | | | | Tencent Holdings Ltd | | | | | 1,340,206 | | | | 0.7 | |
| | 25,188 | | | * | | Twitter, Inc | | | | | 1,733,186 | | | | 1.0 | |
| | | | | | Other | | | | | 2,685,489 | | | | 1.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 28,946,241 | | | | 16.1 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | |
| | 12,693 | | | | | AstraZeneca plc | | | | | 1,524,989 | | | | 0.8 | |
| | 56,959 | | | * | | Avantor, Inc | | | | | 2,022,614 | | | | 1.1 | |
| | 5,695 | | | * | | Illumina, Inc | | | | | 2,694,931 | | | | 1.5 | |
| | 6,926 | | | * | | Vertex Pharmaceuticals, Inc | | | | | 1,396,489 | | | | 0.8 | |
| | 14,224 | | | | | Zoetis, Inc | | | | | 2,650,785 | | | | 1.5 | |
| | | | | | Other | | | | | 992,858 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,282,666 | | | | 6.3 | |
| | | | | | | | | | | | |
| | RETAILING | | | | | |
| | 5,710 | | | * | | Alibaba Group Holding Ltd (ADR) | | | | | 1,294,914 | | | | 0.7 | |
| | 4,019 | | | * | | Amazon.com, Inc | | | | | 13,826,003 | | | | 7.7 | |
| | 12,330 | | | * | | CarMax, Inc | | | | | 1,592,419 | | | | 0.9 | |
| | 25,024 | | | | | TJX Companies, Inc | | | | | 1,687,118 | | | | 0.9 | |
| | | | | | Other | | | | | 3,837,686 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 22,238,140 | | | | 12.4 | |
| | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | |
| | 18,287 | | | | | Applied Materials, Inc | | | | | 2,604,069 | | | | 1.4 | |
| | 3,156 | | | | | Broadcom, Inc | | | | | 1,504,907 | | | | 0.8 | |
| | 28,850 | | | | | Intel Corp | | | | | 1,619,639 | | | | 0.9 | |
| | 4,179 | | | | | NVIDIA Corp | | | | | 3,343,618 | | | | 1.9 | |
| | 9,605 | | | | | QUALCOMM, Inc | | | | | 1,372,843 | | | | 0.8 | |
| | 13,857 | | | | | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | | | 1,665,057 | | | | 0.9 | |
| | | | | | Other | | | | | 1,194,423 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,304,556 | | | | 7.4 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | |
| | 612 | | | *,g | | Adyen NV | | | | | 1,500,826 | | | | 0.8 | |
| | 5,295 | | | | | Intuit, Inc | | | | | 2,595,450 | | | | 1.4 | |
| | | | |
| 44 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Growth Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | SOFTWARE & SERVICES—continued | | | | | |
| | 34,224 | | | | | Microsoft Corp | | | | $ | 9,271,282 | | | | 5.2 | % |
| | 23,978 | | | * | | PayPal Holdings, Inc | | | | | 6,989,107 | | | | 3.9 | |
| | 24,480 | | | * | | salesforce.com, Inc | | | | | 5,979,730 | | | | 3.3 | |
| | 3,854 | | | * | | ServiceNow, Inc | | | | | 2,117,966 | | | | 1.2 | |
| | 27,564 | | | | | Visa, Inc (Class A) | | | | | 6,445,014 | | | | 3.6 | |
| | | | | | Other | | | | | 4,717,548 | | | | 2.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 39,616,923 | | | | 22.0 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | |
| | 48,167 | | | | | Apple, Inc | | | | | 6,596,952 | | | | 3.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,596,952 | | | | 3.7 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | |
| | 10,213 | | | * | | T-Mobile US, Inc | | | | | 1,479,149 | | | | 0.8 | |
| | | | | | Other | | | | | 1,114,641 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,593,790 | | | | 1.4 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | |
| | 44,386 | | | * | | Uber Technologies, Inc | | | | | 2,224,626 | | | | 1.3 | |
| | | | | | Other | | | | | 767,776 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,992,402 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $98,225,805) | | | 175,271,845 | | | | 97.5 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| |
| | SHORT-TERM INVESTMENTS | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | | 212,000 | | | | 0.1 | |
| | | | | | | | | | | | |
| | TREASURY DEBT | | | | | | | | | | |
| | $3,280,000 | | | | | United States Treasury Bill
0.020%, 07/06/21 | | | | | 3,279,984 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,279,984 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | | | |
| Shares | | | | | Company | | | | | | | | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |
| | 877,477 | | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | 0.020% | | | 877,477 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 877,477 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $4,369,468) | | | 4,369,461 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $102,595,273) | | | 179,641,306 | | | | 99.9 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | 139,095 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 179,780,401 | | | | 100.0 | % |
| | | | | | | | | | | | |
Abbreviation(s):
| ADR | | American Depositary Receipt |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 45 | |
| | |
| Summary portfolio of investments (unaudited) | | concluded |
Growth Equity Fund § June 30, 2021
| c | | Investments made with cash collateral received from securities on loan. |
| g | | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/21, the aggregate value of these securities, including those in “Other,” is $2,615,467 or 1.5% 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.
At 06/30/21, the aggregate value of securities on loan is $ 1,109,226. See Note 4 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.
| | | | |
| 46 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | |
Growth & Income Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | COMMON STOCKS | | | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | | |
| | 7,053 | | | * | | Aptiv plc | | | | $ | 1,109,649 | | | | 0.5 | % |
| | 22,845 | | | * | | General Motors Co | | | | | 1,351,739 | | | | 0.7 | |
| | 1,982 | | | * | | Tesla, Inc | | | | | 1,347,165 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,808,553 | | | | 1.9 | |
| | | | | | | | | | | | |
| | BANKS | | | | | |
| | 78,434 | | | | | Bank of America Corp | | | | | 3,233,834 | | | | 1.6 | |
| | 16,747 | | | | | JPMorgan Chase & Co | | | | | 2,604,828 | | | | 1.3 | |
| | 34,893 | | | | | Wells Fargo & Co | | | | | 1,580,304 | | | | 0.8 | |
| | | | | | Other | | | | | 2,117,211 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,536,177 | | | | 4.8 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | |
| | 3,535 | | | | | Deere & Co | | | | | 1,246,830 | | | | 0.6 | |
| | 11,527 | | | | | Eaton Corp | | | | | 1,708,071 | | | | 0.9 | |
| | 9,687 | | | | | Honeywell International, Inc | | | | | 2,124,843 | | | | 1.1 | |
| | 14,049 | | | | | Raytheon Technologies Corp | | | | | 1,198,520 | | | | 0.6 | |
| | 2,611 | | | * | | Teledyne Technologies, Inc | | | | | 1,093,565 | | | | 0.6 | |
| | | | | | Other | | | | | 8,053,260 | | | | 4.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,425,089 | | | | 7.8 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | 2,029,161 | | | | 1.0 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | 2,443,326 | | | | 1.2 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | |
| | 8,783 | | | n | | Darden Restaurants, Inc | | | | | 1,282,230 | | | | 0.7 | |
| | 8,890 | | | *,n | | Expedia Group, Inc | | | | | 1,455,382 | | | | 0.7 | |
| | | | | | Other | | | | | 2,862,759 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,600,371 | | | | 2.8 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | |
| | 45,656 | | | | | Equitable Holdings, Inc | | | | | 1,390,225 | | | | 0.7 | |
| | 24,545 | | | | | Morgan Stanley | | | | | 2,250,531 | | | | 1.1 | |
| | | | | | Other | | | | | 2,436,693 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,077,449 | | | | 3.1 | |
| | | | | | | | | | | | |
| | ENERGY | | | | | 5,118,491 | | | | 2.6 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | 677,883 | | | | 0.3 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | |
| | 13,169 | | | | | PepsiCo, Inc | | | | | 1,951,251 | | | | 1.0 | |
| | | | | | Other | | | | | 4,926,129 | | | | 2.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,877,380 | | | | 3.5 | |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | |
| | 7,174 | | | | | Danaher Corp | | | | | 1,925,215 | | | | 1.0 | |
| | 15,035 | | | | | Medtronic plc | | | | | 1,866,294 | | | | 0.9 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 47 | |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Growth & Income Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | HEALTH CARE EQUIPMENT & SERVICES—continued | | | | | |
| | 5,161 | | | | | UnitedHealth Group, Inc | | | | $ | 2,066,671 | | | | 1.1 | % |
| | | | | | Other | | | | | 6,996,188 | | | | 3.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,854,368 | | | | 6.5 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | | | | | |
| | 3,907 | | | n | | Estee Lauder Cos (Class A) | | | | | 1,242,739 | | | | 0.6 | |
| | 11,125 | | | | | Procter & Gamble Co | | | | | 1,501,096 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,743,835 | | | | 1.4 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | |
| | 21,015 | | | | | Metlife, Inc | | | | | 1,257,748 | | | | 0.6 | |
| | | | | | Other | | | | | 1,903,614 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,161,362 | | | | 1.6 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | |
| | 7,782 | | | | | Linde plc | | | | | 2,249,776 | | | | 1.1 | |
| | | | | | Other | | | | | 6,209,795 | | | | 3.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,459,571 | | | | 4.3 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | |
| | 3,439 | | | *,n | | Alphabet, Inc (Class C) | | | | | 8,619,234 | | | | 4.3 | |
| | 23,124 | | | | | Comcast Corp (Class A) | | | | | 1,318,530 | | | | 0.6 | |
| | 14,166 | | | * | | Facebook, Inc | | | | | 4,925,660 | | | | 2.5 | |
| | 14,329 | | | * | | Walt Disney Co | | | | | 2,518,608 | | | | 1.3 | |
| | | | | | Other | | | | | 3,757,584 | | | | 1.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,139,616 | | | | 10.6 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | |
| | 17,517 | | | | | AbbVie, Inc | | | | | 1,973,115 | | | | 1.0 | |
| | 19,604 | | | | | Bristol-Myers Squibb Co | | | | | 1,309,939 | | | | 0.7 | |
| | 4,536 | | | * | | IQVIA Holdings, Inc | | | | | 1,099,164 | | | | 0.6 | |
| | 47,642 | | | | | Pfizer, Inc | | | | | 1,865,661 | | | | 0.9 | |
| | | | | | Other | | | | | 8,424,034 | | | | 4.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,671,913 | | | | 7.4 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | |
| | 9,469 | | | | | Prologis, Inc | | | | | 1,131,829 | | | | 0.6 | |
| | | | | | Other | | | | | 892,614 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,024,443 | | | | 1.0 | |
| | | | | | | | | | | | |
| | RETAILING | | | | | |
| | 2,268 | | | * | | Amazon.com, Inc | | | | | 7,802,283 | | | | 3.9 | |
| | 5,220 | | | n | | Home Depot, Inc | | | | | 1,664,606 | | | | 0.8 | |
| | 7,522 | | | | | Target Corp | | | | | 1,818,368 | | | | 0.9 | |
| | | | | | Other | | | | | 4,219,055 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,504,312 | | | | 7.8 | |
| | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | |
| | 7,676 | | | n | | Applied Materials, Inc | | | | | 1,093,062 | | | | 0.5 | |
| | | | |
| 48 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Growth & Income Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—continued | | | | | |
| | 2,913 | | | | | Broadcom, Inc | | | | $ | 1,389,035 | | | | 0.7 | % |
| | 4,169 | | | | | NVIDIA Corp | | | | | 3,335,617 | | | | 1.7 | |
| | 9,808 | | | n | | QUALCOMM, Inc | | | | | 1,401,857 | | | | 0.7 | |
| | | | | | Other | | | | | 3,943,841 | | | | 2.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,163,412 | | | | 5.6 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | |
| | 10,500 | | | * | | Fiserv, Inc | | | | | 1,122,345 | | | | 0.6 | |
| | 7,864 | | | | | Mastercard, Inc (Class A) | | | | | 2,871,068 | | | | 1.5 | |
| | 41,417 | | | | | Microsoft Corp | | | | | 11,219,865 | | | | 5.6 | |
| | 7,776 | | | * | | PayPal Holdings, Inc | | | | | 2,266,549 | | | | 1.1 | |
| | 9,224 | | | * | | salesforce.com, Inc | | | | | 2,253,146 | | | | 1.1 | |
| | 2,324 | | | * | | ServiceNow, Inc | | | | | 1,277,154 | | | | 0.6 | |
| | | | | | Other | | | | | 4,497,346 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,507,473 | | | | 12.8 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | |
| | 80,656 | | | n | | Apple, Inc | | | | | 11,046,646 | | | | 5.6 | |
| | 37,165 | | | | | Cisco Systems, Inc | | | | | 1,969,745 | | | | 1.0 | |
| | 9,369 | | | | | TE Connectivity Ltd | | | | | 1,266,782 | | | | 0.6 | |
| | | | | | Other | | | | | 2,703,666 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,986,839 | | | | 8.5 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | 1,005,505 | | | | 0.5 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | |
| | 7,045 | | | | | United Parcel Service, Inc (Class B) | | | | | 1,465,149 | | | | 0.8 | |
| | | | | | Other | | | | | 2,825,488 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,290,637 | | | | 2.2 | |
| | | | | | | | | | | | |
| | UTILITIES | | | | | |
| | 18,862 | | | n | | NextEra Energy, Inc | | | | | 1,382,208 | | | | 0.7 | |
| | | | | | Other | | | | | 391,892 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,774,100 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $106,196,034) | | | 198,881,266 | | | | 100.1 | |
| | | | | | | | | | | | |
| | | |
| | PURCHASED OPTIONS | | | | | | | | | | |
| | MATERIALS | | | | | 90 | | | | 0.0 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | 3,020 | | | | 0.0 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | 9,750 | | | | 0.0 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | 5,335 | | | | 0.0 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | 2,150 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL PURCHASED OPTIONS | | (Cost $52,987) | | | 20,345 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 49 | |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Growth & Income Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | SHORT-TERM INVESTMENTS | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | $ | 645,990 | | | | 0.2 | % |
| | | | | | | | | | | | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |
| | 703,516 | | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | 0.020% | | | 703,516 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 703,516 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $1,349,515) | | | 1,349,506 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $107,598,536) | | | 200,251,117 | | | | 100.7 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (1,450,397 | ) | | | (0.7 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 198,800,720 | | | | 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 contracts. |
“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 06/30/21, the aggregate value of securities on loan is $1,128,356. See Note 4 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.
Purchased options outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | |
Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise
price | | | Expiration
date | | | Value | |
| |
Anaplan, Inc, Call | | | 22 | | | $ | 17,795 | | | $ | 67.50 | | | | 11/19/21 | | | $ | 5,335 | |
DuPont de Nemours, Inc, Call | | | 12 | | | | 6,300 | | | | 87.50 | | | | 07/16/21 | | | | 90 | |
Lumentum Holdings, Inc, Call | | | 10 | | | | 6,231 | | | | 92.50 | | | | 09/17/21 | | | | 2,150 | |
Seagen, Inc, Call | | | 10 | | | | 8,920 | | | | 175.00 | | | | 12/17/21 | | | | 9,750 | |
ViacomCBS, Inc, Call | | | 20 | | | | 13,741 | | | | 52.50 | | | | 09/17/21 | | | | 3,020 | |
| |
Total | | | 74 | | | $ | 52,987 | | | | | | | | | | | $ | 20,345 | |
|
| |
Written options outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise
price | | | Expiration
date | | | Value | |
| |
10X Genomics, Inc, Call | | | 6 | | | $ | (1,526 | ) | | $ | 220.00 | | | | 07/16/21 | | | $ | (915 | ) |
ACADIA Pharmaceuticals, Inc, Put | | | 15 | | | | (4,722 | ) | | | 17.50 | | | | 01/21/22 | | | | (4,162 | ) |
Advanced Micro Devices, Inc, Call | | | 12 | | | | (1,200 | ) | | | 100.00 | | | | 08/20/21 | | | | (4,404 | ) |
Alliance Data Systems Corp, Put | | | 6 | | | | (582 | ) | | | 90.00 | | | | 07/16/21 | | | | (252 | ) |
Alliance Data Systems Corp, Put | | | 6 | | | | (2,682 | ) | | | 90.00 | | | | 08/20/21 | | | | (1,500 | ) |
| |
| | | | |
| 50 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Growth & Income Fund § June 30, 2021
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise
price | | | Expiration
date | | | Value | |
| |
Alnylam Pharmaceuticals, Inc, Put | | | 10 | | | $ | (1,400 | ) | | $ | 135.00 | | | | 08/20/21 | | | $ | (2,775 | ) |
Anaplan, Inc, Call | | | 22 | | | | (13,821 | ) | | | 72.50 | | | | 11/19/21 | | | | (3,685 | ) |
Anaplan, Inc, Put | | | 22 | | | | (8,022 | ) | | | 50.00 | | | | 11/19/21 | | | | (10,120 | ) |
Apple, Inc, Put | | | 21 | | | | (3,044 | ) | | | 105.00 | | | | 09/17/21 | | | | (987 | ) |
Applied Materials, Inc, Put | | | 12 | | | | (264 | ) | | | 120.00 | | | | 07/02/21 | | | | (24 | ) |
Arcturus Therapeutics Holdings, Inc, Put | | | 10 | | | | (13,054 | ) | | | 45.00 | | | | 09/17/21 | | | | (13,350 | ) |
Arcturus Therapeutics Holdings, Inc, Put | | | 12 | | | | (17,295 | ) | | | 50.00 | | | | 09/17/21 | | | | (21,600 | ) |
Avantor, Inc, Put | | | 40 | | | | (1,559 | ) | | | 30.00 | | | | 08/20/21 | | | | (800 | ) |
Ball Corp, Put | | | 18 | | | | (1,314 | ) | | | 70.00 | | | | 08/20/21 | | | | (855 | ) |
Best Buy Co, Inc, Put | | | 12 | | | | (1,056 | ) | | | 95.00 | | | | 08/20/21 | | | | (450 | ) |
BioNTech SE, Put | | | 7 | | | | (1,462 | ) | | | 170.00 | | | | 07/16/21 | | | | (210 | ) |
Brunswick Corp, Put | | | 14 | | | | (2,771 | ) | | | 70.00 | | | | 12/17/21 | | | | (1,575 | ) |
Cadence Design Systems, Inc, Put | | | 10 | | | | (2,880 | ) | | | 105.00 | | | | 08/20/21 | | | | (775 | ) |
Caesars Entertainment, Inc, Call | | | 10 | | | | (1,320 | ) | | | 130.00 | | | | 07/16/21 | | | | (75 | ) |
Caesars Entertainment, Inc, Put | | | 16 | | | | (1,623 | ) | | | 80.00 | | | | 08/20/21 | | | | (1,760 | ) |
Celanese Corp, Put | | | 9 | | | | (1,152 | ) | | | 130.00 | | | | 09/17/21 | | | | (1,350 | ) |
CF Industries Holdings, Inc, Call | | | 20 | | | | (1,073 | ) | | | 60.00 | | | | 08/20/21 | | | | (720 | ) |
Children’s Place, Inc, Call | | | 14 | | | | (10,198 | ) | | | 110.00 | | | | 09/17/21 | | | | (7,420 | ) |
Children’s Place, Inc, Call | | | 14 | | | | (4,795 | ) | | | 130.00 | | | | 09/17/21 | | | | (2,450 | ) |
Children’s Place, Inc, Put | | | 14 | | | | (6,410 | ) | | | 70.00 | | | | 09/17/21 | | | | (3,360 | ) |
Children’s Place, Inc, Put | | | 14 | | | | (6,560 | ) | | | 80.00 | | | | 09/17/21 | | | | (7,000 | ) |
Chipotle Mexican Grill, Inc, Put | | | 1 | | | | (3,458 | ) | | | 1,100.00 | | | | 09/17/21 | | | | (275 | ) |
Chipotle Mexican Grill, Inc, Put | | | 1 | | | | (1,066 | ) | | | 1,240.00 | | | | 09/17/21 | | | | (600 | ) |
Citigroup, Inc, Call | | | 9 | | | | (3,510 | ) | | | 87.50 | | | | 01/21/22 | | | | (981 | ) |
Citigroup, Inc, Put | | | 9 | | | | (3,510 | ) | | | 57.50 | | | | 01/21/22 | | | | (1,521 | ) |
Cleveland-Cliffs, Inc, Put | | | 53 | | | | (847 | ) | | | 17.00 | | | | 07/16/21 | | | | (477 | ) |
Corteva, Inc, Put | | | 16 | | | | (1,818 | ) | | | 38.00 | | | | 09/17/21 | | | | (920 | ) |
Darden Restaurants, Inc, Put | | | 11 | | | | (1,385 | ) | | | 115.00 | | | | 08/20/21 | | | | (495 | ) |
Darling Ingredients, Inc, Put | | | 22 | | | | (1,847 | ) | | | 55.00 | | | | 07/16/21 | | | | (220 | ) |
DraftKings, Inc, Put | | | 18 | | | | (4,607 | ) | | | 40.00 | | | | 11/19/21 | | | | (4,176 | ) |
DraftKings, Inc, Put | | | 6 | | | | (4,031 | ) | | | 40.00 | | | | 01/21/22 | | | | (1,842 | ) |
DuPont de Nemours, Inc, Call | | | 12 | | | | (2,975 | ) | | | 95.00 | | | | 07/16/21 | | | | (12 | ) |
DuPont de Nemours, Inc, Put | | | 6 | | | | (564 | ) | | | 70.00 | | | | 08/20/21 | | | | (468 | ) |
DuPont de Nemours, Inc, Put | | | 6 | | | | (750 | ) | | | 67.50 | | | | 10/15/21 | | | | (759 | ) |
Emergent BioSolutions, Inc, Put | | | 14 | | | | (9,771 | ) | | | 70.00 | | | | 09/17/21 | | | | (14,000 | ) |
Enphase Energy, Inc, Put | | | 10 | | | | (1,749 | ) | | | 125.00 | | | | 07/23/21 | | | | (870 | ) |
Enphase Energy, Inc, Put | | | 4 | | | | (1,652 | ) | | | 120.00 | | | | 08/20/21 | | | | (488 | ) |
Enphase Energy, Inc, Put | | | 4 | | | | (1,474 | ) | | | 125.00 | | | | 08/20/21 | | | | (600 | ) |
Enphase Energy, Inc, Put | | | 4 | | | | (1,206 | ) | | | 140.00 | | | | 08/20/21 | | | | (1,206 | ) |
Estee Lauder Cos, Inc, Put | | | 3 | | | | (417 | ) | | | 250.00 | | | | 07/16/21 | | | | (120 | ) |
Estee Lauder Cos, Inc, Put | | | 3 | | | | (861 | ) | | | 260.00 | | | | 07/16/21 | | | | (33 | ) |
Expedia Group, Inc, Call | | | 7 | | | | (5,680 | ) | | | 210.00 | | | | 10/15/21 | | | | (1,505 | ) |
Expedia Group, Inc, Put | | | 7 | | | | (2,253 | ) | | | 145.00 | | | | 07/16/21 | | | | (294 | ) |
Farfetch Ltd, Put | | | 24 | | | | (2,351 | ) | | | 40.00 | | | | 08/20/21 | | | | (2,424 | ) |
FedEx Corp, Put | | | 5 | | | | (920 | ) | | | 250.00 | | | | 07/16/21 | | | | (60 | ) |
FedEx Corp, Put | | | 5 | | | | (1,001 | ) | | | 250.00 | | | | 08/20/21 | | | | (420 | ) |
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 51 | |
| | |
| Summary portfolio of investments (unaudited) | | concluded |
Growth & Income Fund § June 30, 2021
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise
price | | | Expiration
date | | | Value | |
| |
Gap, Inc, Put | | | 46 | | | $ | (1,194 | ) | | $ | 27.00 | | | | 07/09/21 | | | $ | (184 | ) |
Generac Holdings, Inc, Put | | | 5 | | | | (1,490 | ) | | | 320.00 | | | | 08/20/21 | | | | (690 | ) |
Hess Corp, Call | | | 14 | | | | (3,093 | ) | | | 100.00 | | | | 08/20/21 | | | | (1,890 | ) |
Home Depot, Inc, Call | | | 4 | | | | (5,332 | ) | | | 345.00 | | | | 11/19/21 | | | | (2,700 | ) |
Home Depot, Inc, Put | | | 4 | | | | (1,592 | ) | | | 260.00 | | | | 11/19/21 | | | | (1,178 | ) |
Horizon Therapeutics PLC, Put | | | 16 | | | | (3,324 | ) | | | 75.00 | | | | 08/20/21 | | | | (1,120 | ) |
Lumentum Holdings, Inc, Call | | | 10 | | | | (2,765 | ) | | | 105.00 | | | | 09/17/21 | | | | (475 | ) |
Lumentum Holdings, Inc, Put | | | 6 | | | | (3,948 | ) | | | 75.00 | | | | 09/17/21 | | | | (1,455 | ) |
Lumentum Holdings, Inc, Put | | | 4 | | | | (2,205 | ) | | | 75.00 | | | | 12/17/21 | | | | (1,880 | ) |
Moderna, Inc, Put | | | 8 | | | | (872 | ) | | | 155.00 | | | | 07/16/21 | | | | (176 | ) |
Mosaic Co, Put | | | 40 | | | | (4,493 | ) | | | 27.00 | | | | 09/17/21 | | | | (3,520 | ) |
NextEra Energy, Inc, Put | | | 18 | | | | (2,699 | ) | | | 65.00 | | | | 09/17/21 | | | | (1,116 | ) |
Nordstrom, Inc, Put | | | 40 | | | | (3,386 | ) | | | 27.50 | | | | 08/20/21 | | | | (1,400 | ) |
Pacific Biosciences of California, Inc, Put | | | 56 | | | | (5,486 | ) | | | 24.00 | | | | 08/20/21 | | | | (1,960 | ) |
Penn National Gaming, Inc, Put | | | 14 | | | | (937 | ) | | | 65.00 | | | | 07/16/21 | | | | (378 | ) |
Petco Health & Wellness Co, Inc, Put | | | 60 | | | | (2,938 | ) | | | 17.50 | | | | 09/17/21 | | | | (2,700 | ) |
QUALCOMM, Inc, Put | | | 8 | | | | (1,024 | ) | | | 120.00 | | | | 07/30/21 | | | | (400 | ) |
Seagen, Inc, Call | | | 10 | | | | (5,047 | ) | | | 190.00 | | | | 12/17/21 | | | | (5,650 | ) |
Seagen, Inc, Put | | | 10 | | | | (5,264 | ) | | | 125.00 | | | | 12/17/21 | | | | (3,950 | ) |
Shake Shack, Inc, Put | | | 16 | | | | (2,223 | ) | | | 85.00 | | | | 08/20/21 | | | | (2,240 | ) |
Six Flags Entertainment Corp, Put | | | 30 | | | | (5,639 | ) | | | 37.50 | | | | 09/17/21 | | | | (4,425 | ) |
Spirit AeroSystems Holdings, Inc, Put | | | 30 | | | | (1,913 | ) | | | 40.00 | | | | 08/20/21 | | | | (2,700 | ) |
Spotify Technology S.A., Put | | | 5 | | | | (5,025 | ) | | | 200.00 | | | | 09/17/21 | | | | (710 | ) |
Stratasys Ltd, Call | | | 30 | | | | (869 | ) | | | 35.00 | | | | 07/16/21 | | | | (675 | ) |
Take-Two Interactive Software, Inc, Put | | | 8 | | | | (1,571 | ) | | | 145.00 | | | | 09/17/21 | | | | (1,400 | ) |
Teladoc Health, Inc, Put | | | 8 | | | | (8,064 | ) | | | 125.00 | | | | 10/15/21 | | | | (2,176 | ) |
UiPath, Inc, Put | | | 20 | | | | (1,637 | ) | | | 60.00 | | | | 07/16/21 | | | | (1,320 | ) |
VF Corp, Put | | | 18 | | | | (1,598 | ) | | | 65.00 | | | | 08/20/21 | | | | (495 | ) |
ViacomCBS, Inc, Call | | | 20 | | | | (8,859 | ) | | | 60.00 | | | | 09/17/21 | | | | (1,440 | ) |
ViacomCBS, Inc, Put | | | 20 | | | | (11,467 | ) | | | 48.00 | | | | 09/17/21 | | | | (11,050 | ) |
Zimmer Biomet Holdings, Inc, Put | | | 8 | | | | (592 | ) | | | 135.00 | | | | 08/20/21 | | | | (592 | ) |
| |
Total | | | 1,212 | | | $ | (278,034 | ) | | | | | | | | | | $ | (189,385 | ) |
|
| |
| | | | |
| 52 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | |
Large-Cap Value Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | $ | 694,892 | | | | 0.8 | % |
| | | | | | | | | | | | |
| | BANKS | | | | | | | | |
| | 72,103 | | | | | Bank of America Corp | | | | | 2,972,807 | | | | 3.4 | |
| | 18,529 | | | | | Citigroup, Inc | | | | | 1,310,927 | | | | 1.5 | |
| | 22,301 | | | | | JPMorgan Chase & Co | | | | | 3,468,698 | | | | 4.0 | |
| | 5,598 | | | | | PNC Financial Services Group, Inc | | | | | 1,067,874 | | | | 1.2 | |
| | 17,156 | | | | | US Bancorp | | | | | 977,377 | | | | 1.1 | |
| | 32,024 | | | | | Wells Fargo & Co | | | | | 1,450,367 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,248,050 | | | | 12.9 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | | | | |
| | 2,896 | | | | | Deere & Co | | | | | 1,021,448 | | | | 1.2 | |
| | 6,344 | | | | | Dover Corp | | | | | 955,406 | | | | 1.1 | |
| | 6,526 | | | | | Eaton Corp | | | | | 967,023 | | | | 1.1 | |
| | 8,163 | | | | | Honeywell International, Inc | | | | | 1,790,554 | | | | 2.0 | |
| | 3,655 | | | | | Parker-Hannifin Corp | | | | | 1,122,487 | | | | 1.3 | |
| | 13,978 | | | | | Raytheon Technologies Corp | | | | | 1,192,463 | | | | 1.4 | |
| | 5,827 | | | | | Trane Technologies plc | | | | | 1,072,984 | | | | 1.2 | |
| | | | | | Other | | | | | 2,938,823 | | | | 3.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,061,188 | | | | 12.7 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | |
| | 207 | | | * | | NVR, Inc | | | | | 1,029,473 | | | | 1.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,029,473 | | | | 1.2 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | |
| | 8,682 | | | * | | Hilton Worldwide Holdings, Inc | | | | | 1,047,223 | | | | 1.2 | |
| | 4,255 | | | | | McDonald’s Corp | | | | | 982,862 | | | | 1.1 | |
| | | | | | Other | | | | | 479,192 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,509,277 | | | | 2.9 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | |
| | 7,990 | | | | | American Express Co | | | | | 1,320,188 | | | | 1.5 | |
| | 4,736 | | | * | | Berkshire Hathaway, Inc (Class B) | | | | | 1,316,229 | | | | 1.5 | |
| | 1,134 | | | | | BlackRock, Inc | | | | | 992,216 | | | | 1.1 | |
| | 4,621 | | | | | Goldman Sachs Group, Inc | | | | | 1,753,808 | | | | 2.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,382,441 | | | | 6.1 | |
| | | | | | | | | | | | |
| | ENERGY | | | | | |
| | 14,047 | | | | | Chevron Corp | | | | | 1,471,283 | | | | 1.7 | |
| | 16,778 | | | | | ConocoPhillips | | | | | 1,021,780 | | | | 1.2 | |
| | | | | | Other | | | | | 1,530,354 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,023,417 | | | | 4.6 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | |
| | 8,724 | | | | | Walmart, Inc | | | | | 1,230,258 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,230,258 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 53 | |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Large-Cap Value Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | $ | 743,536 | | | | 0.8 | % |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | |
| | 3,435 | | | | | Anthem, Inc | | | | | 1,311,483 | | | | 1.5 | |
| | 5,271 | | | | | Cigna Corp | | | | | 1,249,596 | | | | 1.4 | |
| | 5,028 | | | | | HCA Healthcare, Inc | | | | | 1,039,489 | | | | 1.2 | |
| | 9,792 | | | | | Medtronic plc | | | | | 1,215,481 | | | | 1.4 | |
| | 6,037 | | | | | UnitedHealth Group, Inc | | | | | 2,417,456 | | | | 2.8 | |
| | 7,343 | | | | | Zimmer Biomet Holdings, Inc | | | | | 1,180,901 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,414,406 | | | | 9.6 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | | | | | 674,110 | | | | 0.8 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | |
| | 20,638 | | | | | American International Group, Inc | | | | | 982,369 | | | | 1.1 | |
| | 8,220 | | | | | Chubb Ltd | | | | | 1,306,487 | | | | 1.5 | |
| | 6,907 | | | | | Marsh & McLennan Cos, Inc | | | | | 971,676 | | | | 1.1 | |
| | | | | | Other | | | | | 756,331 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,016,863 | | | | 4.6 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | |
| | 10,870 | | | | | Crown Holdings, Inc | | | | | 1,111,023 | | | | 1.3 | |
| | 5,692 | | | | | PPG Industries, Inc | | | | | 966,331 | | | | 1.1 | |
| | | | | | Other | | | | | 1,850,679 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,928,033 | | | | 4.5 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | |
| | 764 | | | * | | Alphabet, Inc (Class C) | | | | | 1,914,829 | | | | 2.2 | |
| | 42,195 | | | | | Comcast Corp (Class A) | | | | | 2,405,959 | | | | 2.7 | |
| | 10,768 | | | * | | Walt Disney Co | | | | | 1,892,691 | | | | 2.2 | |
| | | | | | Other | | | | | 845,539 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,059,018 | | | | 8.1 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | |
| | 18,505 | | | | | Bristol-Myers Squibb Co | | | | | 1,236,504 | | | | 1.4 | |
| | 16,024 | | | | | Johnson & Johnson | | | | | 2,639,794 | | | | 3.1 | |
| | | | | | Other | | | | | 1,776,989 | | | | 2.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,653,287 | | | | 6.5 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | 885,956 | | | | 1.0 | |
| | | | | | | | | | | | |
| | RETAILING | | | | | 886,833 | | | | 1.0 | |
| | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | |
| | 5,266 | | | | | Analog Devices, Inc | | | | | 906,594 | | | | 1.0 | |
| | 7,043 | | | | | Applied Materials, Inc | | | | | 1,002,923 | | | | 1.2 | |
| | 16,824 | | | | | Intel Corp | | | | | 944,499 | | | | 1.1 | |
| | 11,499 | | | * | | Micron Technology, Inc | | | | | 977,185 | | | | 1.1 | |
| | 4,683 | | | | | NXP Semiconductors NV | | | | | 963,387 | | | | 1.1 | |
| | | | | | Other | | | | | 454,189 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,248,777 | | | | 6.0 | |
| | | | | | | | | | | | |
| | | | |
| 54 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | concluded |
Large-Cap Value Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | |
| | 3,843 | | | | | Accenture plc | | | | $ | 1,132,878 | | | | 1.3 | % |
| | 4,997 | | | | | Microsoft Corp | | | | | 1,353,687 | | | | 1.5 | |
| | | | | | Other | | | | | 1,012,183 | | | | 1.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,498,748 | | | | 4.0 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | |
| | 22,108 | | | | | Cisco Systems, Inc | | | | | 1,171,724 | | | | 1.4 | |
| | 9,918 | | | | | TE Connectivity Ltd | | | | | 1,341,013 | | | | 1.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,512,737 | | | | 2.9 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | |
| | 6,451 | | | * | | T-Mobile US, Inc | | | | | 934,298 | | | | 1.1 | |
| | | | | | Other | | | | | 367,949 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,302,247 | | | | 1.5 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | |
| | 6,381 | | | | | Union Pacific Corp | | | | | 1,403,373 | | | | 1.6 | |
| | | | | | Other | | | | | 1,118,388 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,521,761 | | | | 2.9 | |
| | | | | | | | | | | | |
| | UTILITIES | | | | | 2,242,916 | | | | 2.6 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $56,870,570) | | | 86,768,224 | | | | 99.4 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| |
| | SHORT-TERM INVESTMENTS | | | | | |
| | TREASURY DEBT | | | | | 260,999 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $260,999) | | | 260,999 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $57,131,569) | | | 87,029,223 | | | | 99.7 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | 292,193 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 87,321,416 | | | | 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.
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 55 | |
| | |
| Summary portfolio of investments (unaudited) | | |
Real Estate Securities Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | | | | | | |
| | CASINOS & GAMING | | | | | | | | | | |
| | 13,800 | | | | | MGM Resorts International | | | | $ | 588,570 | | | | 0.6 | % |
| | 5,200 | | | * | | Wynn Resorts Ltd | | | | | 635,960 | | | | 0.7 | |
| | | | | | Other | | | | | 484,748 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,709,278 | | | | 1.8 | |
| | | | | | | | | | | | |
| | DIVERSIFIED REITS | | | | | | | | | | |
| | 18,800 | | | | | STORE Capital Corp | | | | | 648,788 | | | | 0.7 | |
| | | | | | Other | | | | | 482,400 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,131,188 | | | | 1.2 | |
| | | | | | | | | | | | |
| | HEALTH CARE REITS | | | | | | | | | | |
| | 40,300 | | | | | Healthpeak Properties Inc | | | | | 1,341,587 | | | | 1.4 | |
| | 36,500 | | | | | Sabra Healthcare REIT, Inc | | | | | 664,300 | | | | 0.7 | |
| | 36,600 | | | | | Ventas, Inc | | | | | 2,089,860 | | | | 2.2 | |
| | 27,100 | | | | | Welltower, Inc | | | | | 2,252,010 | | | | 2.3 | |
| | | | | | Other | | | | | 504,431 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,852,188 | | | | 7.1 | |
| | | | | | | | | | | | |
| | HOTEL & RESORT REITS | | | | | | | | | | |
| | 46,200 | | | * | | Host Hotels and Resorts, Inc | | | | | 789,558 | | | | 0.8 | |
| | | | | | Other | | | | | 1,049,984 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,839,542 | | | | 1.9 | |
| | | | | | | | | | | | |
| | HOTELS, RESORTS & CRUISE LINES | | | | | 726,352 | | | | 0.8 | |
| | | | | | | | | | | | |
| | INDUSTRIAL REITS | | | | | | | | | | |
| | 3,800 | | | | | EastGroup Properties, Inc | | | | | 624,910 | | | | 0.7 | |
| | 49,200 | | | | | Prologis, Inc | | | | | 5,880,876 | | | | 6.1 | |
| | 50,700 | | | | | Rexford Industrial Realty, Inc | | | | | 2,887,365 | | | | 3.0 | |
| | 18,400 | | | | | Terreno Realty Corp | | | | | 1,187,168 | | | | 1.2 | |
| | | | | | Other | | | | | 382,040 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,962,359 | | | | 11.4 | |
| | | | | | | | | | | | |
| | INTERNET SERVICES & INFRASTRUCTURE | | | | | | | | | | |
| | 25,700 | | | * | | GDS Holdings Ltd (ADR) | | | | | 2,017,193 | | | | 2.1 | |
| | 49,500 | | | * | | Megaport Ltd | | | | | 686,220 | | | | 0.7 | |
| | | | | | Other | | | | | 362,176 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,065,589 | | | | 3.2 | |
| | | | | | | | | | | | |
| | OFFICE REITS | | | | | | | | | | |
| | 11,100 | | | | | Alexandria Real Estate Equities, Inc | | | | | 2,019,534 | | | | 2.1 | |
| | 14,000 | | | | | Boston Properties, Inc | | | | | 1,604,260 | | | | 1.7 | |
| | 10,600 | | | | | Kilroy Realty Corp | | | | | 738,184 | | | | 0.8 | |
| | 15,100 | | | | | SL Green Realty Corp | | | | | 1,208,000 | | | | 1.2 | |
| | 26,400 | | | | | Vornado Realty Trust | | | | | 1,232,088 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,802,066 | | | | 7.1 | |
| | | | | | | | | | | | |
| | | | |
| 56 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Real Estate Securities Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | RESIDENTIAL REITS | | | | | | | | | | |
| | 65,400 | | | | | American Homes 4 Rent | | | | $ | 2,540,790 | | | | 2.6 | % |
| | 18,800 | | | | | AvalonBay Communities, Inc | | | | | 3,923,372 | | | | 4.1 | |
| | 6,200 | | | | | Camden Property Trust | | | | | 822,554 | | | | 0.8 | |
| | 24,500 | | | | | Equity Lifestyle Properties, Inc | | | | | 1,820,595 | | | | 1.9 | |
| | 50,800 | | | | | Equity Residential | | | | | 3,911,600 | | | | 4.1 | |
| | 7,900 | | | | | Essex Property Trust, Inc | | | | | 2,370,079 | | | | 2.5 | |
| | 80,500 | | | | | Invitation Homes, Inc | | | | | 3,001,845 | | | | 3.1 | |
| | 5,400 | | | | | Mid-America Apartment Communities, Inc | | | | | 909,468 | | | | 0.9 | |
| | 11,200 | | | | | Sun Communities, Inc | | | | | 1,919,680 | | | | 2.0 | |
| | 24,000 | | | | | UDR, Inc | | | | | 1,175,520 | | | | 1.2 | |
| | | | | | Other | | | | | 932,027 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,327,530 | | | | 24.2 | |
| | | | | | | | | | | | |
| | RETAIL REITS | | | | | | | | | | |
| | 8,200 | | | | | Agree Realty Corp | | | | | 578,018 | | | | 0.6 | |
| | 38,900 | | | | | Brixmor Property Group, Inc | | | | | 890,421 | | | | 0.9 | |
| | 43,700 | | | | | Kimco Realty Corp | | | | | 911,145 | | | | 1.0 | |
| | 32,000 | | | | | Macerich Co | | | | | 584,000 | | | | 0.6 | |
| | 21,100 | | | | | Regency Centers Corp | | | | | 1,351,877 | | | | 1.4 | |
| | 43,800 | | | | | Simon Property Group, Inc | | | | | 5,715,024 | | | | 5.9 | |
| | 51,900 | | | | | SITE Centers Corp | | | | | 781,614 | | | | 0.8 | |
| | 29,400 | | | | | Tanger Factory Outlet Centers, Inc | | | | | 554,190 | | | | 0.6 | |
| | | | | | Other | | | | | 854,152 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,220,441 | | | | 12.7 | |
| | | | | | | | | | | | |
| | SPECIALIZED REITS | | | | | | | | | | |
| | 22,800 | | | | | American Tower Corp | | | | | 6,159,192 | | | | 6.4 | |
| | 15,900 | | | | | Crown Castle International Corp | | | | | 3,102,090 | | | | 3.2 | |
| | 12,500 | | | | | Digital Realty Trust, Inc | | | | | 1,880,750 | | | | 2.0 | |
| | 18,900 | | | * | | EPR Properties | | | | | 995,652 | | | | 1.0 | |
| | 6,200 | | | | | Equinix, Inc | | | | | 4,976,120 | | | | 5.2 | |
| | 5,300 | | | | | Extra Space Storage, Inc | | | | | 868,246 | | | | 0.9 | |
| | 9,300 | | | | | Lamar Advertising Co | | | | | 971,106 | | | | 1.0 | |
| | 11,900 | | | | | National Storage Affiliates Trust | | | | | 601,664 | | | | 0.6 | |
| | 28,400 | | | * | | Outfront Media, Inc | | | | | 682,452 | | | | 0.7 | |
| | 8,900 | | | | | Public Storage, Inc | | | | | 2,676,141 | | | | 2.8 | |
| | 3,400 | | | | | SBA Communications Corp | | | | | 1,083,580 | | | | 1.1 | |
| | 29,000 | | | | | VICI Properties, Inc | | | | | 899,580 | | | | 1.0 | |
| | 59,300 | | | | | Weyerhaeuser Co | | | | | 2,041,106 | | | | 2.1 | |
| | | | | | Other | | | | | 356,742 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 27,294,421 | | | | 28.3 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $55,641,608) | | | 95,930,954 | | | | 99.7 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 57 | |
| | |
| Summary portfolio of investments (unaudited) | | concluded |
Real Estate Securities Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | SHORT-TERM INVESTMENTS | | | | | | | | |
| | GOVERNMENT AGENCY DEBT | | $ | 163,000 | | | | 0.2 | % |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $163,000) | | | 163,000 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $55,804,608) | | | 96,093,954 | | | | 99.9 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | 136,592 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 96,230,546 | | | | 100.0 | % |
| | | | | | | | | | | | |
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.
| | | | |
| 58 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | |
Small-Cap Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | COMMON STOCKS | | | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | $ | 864,741 | | | | 1.2 | % |
| | | | | | | | | | | | |
| | BANKS | | | | | |
| | 6,941 | | | | | Essent Group Ltd | | | | | 311,998 | | | | 0.4 | |
| | 7,776 | | | | | Hilltop Holdings, Inc | | | | | 283,046 | | | | 0.4 | |
| | 16,137 | | | | | Radian Group, Inc | | | | | 359,048 | | | | 0.5 | |
| | 12,933 | | | | | United Community Banks, Inc | | | | | 413,985 | | | | 0.6 | |
| | 2,707 | | | | | Walker & Dunlop, Inc | | | | | 282,557 | | | | 0.4 | |
| | | | | | Other | | | | | 4,795,517 | | | | 6.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,446,151 | | | | 8.9 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | |
| | 5,055 | | | | | Boise Cascade Co | | | | | 294,959 | | | | 0.4 | |
| | 5,371 | | | | | Comfort Systems USA, Inc | | | | | 423,181 | | | | 0.6 | |
| | 6,991 | | | | | Federal Signal Corp | | | | | 281,248 | | | | 0.4 | |
| | 1,480 | | | * | | RBC Bearings, Inc | | | | | 295,142 | | | | 0.4 | |
| | 7,465 | | | d | | Rexnord Corp | | | | | 373,549 | | | | 0.5 | |
| | 10,950 | | | * | | WillScot Mobile Mini Holdings Corp | | | | | 305,176 | | | | 0.4 | |
| | | | | | Other | | | | | 5,192,883 | | | | 7.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,166,138 | | | | 9.9 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | |
| | 8,760 | | | | | KBR, Inc | | | | | 334,194 | | | | 0.4 | |
| | 3,249 | | | | | Mantech International Corp (Class A) | | | | | 281,168 | | | | 0.4 | |
| | 4,460 | | | * | | TriNet Group, Inc | | | | | 323,261 | | | | 0.4 | |
| | 9,400 | | | * | | Upwork, Inc | | | | | 547,926 | | | | 0.7 | |
| | | | | | Other | | | | | 1,175,837 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,662,386 | | | | 3.7 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | |
| | 3,510 | | | * | | Crocs, Inc | | | | | 408,985 | | | | 0.6 | |
| | 10,085 | | | * | | Sonos, Inc | | | | | 355,295 | | | | 0.5 | |
| | | | | | Other | | | | | 1,432,314 | | | | 1.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,196,594 | | | | 3.0 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | |
| | 26,130 | | | * | | Houghton Mifflin Harcourt Co | | | | | 288,475 | | | | 0.4 | |
| | 6,890 | | | * | | Red Rock Resorts, Inc | | | | | 292,825 | | | | 0.4 | |
| | | | | | Other | | | | | 2,509,087 | | | | 3.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,090,387 | | | | 4.3 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | |
| | 6,240 | | | | | Artisan Partners Asset Management, Inc | | | | | 317,117 | | | | 0.4 | |
| | | | | | Other | | | | | 1,748,021 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,065,138 | | | | 2.8 | |
| | | | | | | | | | | | |
| | ENERGY | | | | | |
| | 12,000 | | | * | | ChampionX Corp | | | | | 307,800 | | | | 0.4 | |
| | 8,750 | | | * | | Green Plains Inc | | | | | 294,175 | | | | 0.4 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 59 | |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Small-Cap Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | ENERGY—continued | | | | | |
| | 7,330 | | | | | PDC Energy, Inc | | | | $ | 335,641 | | | | 0.5 | % |
| | | | | | Other | | | | | 1,969,568 | | | | 2.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,907,184 | | | | 4.0 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | |
| | 10,983 | | | * | | BJ’s Wholesale Club Holdings, Inc | | | | | 522,571 | | | | 0.7 | |
| | | | | | Other | | | | | 378,223 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 900,794 | | | | 1.2 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | |
| | 1,580 | | | | | Sanderson Farms, Inc | | | | | 296,993 | | | | 0.4 | |
| | | | | | Other | | | | | 986,573 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,283,566 | | | | 1.8 | |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | |
| | 3,240 | | | * | | Inari Medical, Inc | | | | | 302,227 | | | | 0.4 | |
| | 9,015 | | | * | | Inovalon Holdings, Inc | | | | | 307,231 | | | | 0.4 | |
| | 12,970 | | | * | | R1 RCM, Inc | | | | | 288,453 | | | | 0.4 | |
| | 7,054 | | | | | Select Medical Holdings Corp | | | | | 298,102 | | �� | | 0.4 | |
| | 5,540 | | | * | | Tenet Healthcare Corp | | | | | 371,125 | | | | 0.5 | |
| | | | | | Other | | | | | 4,129,529 | | | | 5.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,696,667 | | | | 7.9 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | | | | | 709,008 | | | | 1.0 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | 787,068 | | | | 1.1 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | | | | | | | | | | | |
| | 11,343 | | | * | | Summit Materials, Inc | | | | | 395,304 | | | | 0.5 | |
| | | | | | Other | | | | | 2,656,486 | | | | 3.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,051,790 | | | | 4.2 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | 2,081,400 | | | | 2.9 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | | |
| | 18,160 | | | * | | BioCryst Pharmaceuticals, Inc | | | | | 287,110 | | | | 0.4 | |
| | 3,543 | | | * | | CareDx, Inc | | | | | 324,255 | | | | 0.5 | |
| | 3,897 | | | *,e | | Cassava Sciences, Inc | | | | | 332,960 | | | | 0.5 | |
| | 5,430 | | | * | | Editas Medicine, Inc | | | | | 307,555 | | | | 0.4 | |
| | | | | | Other | | | | | 7,199,594 | | | | 9.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,451,474 | | | | 11.7 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | | | | | | |
| | 2,081 | | | | | EastGroup Properties, Inc | | | | | 342,220 | | | | 0.5 | |
| | 9,500 | | | | | Healthcare Realty Trust, Inc | | | | | 286,900 | | | | 0.4 | |
| | 8,307 | | | | | National Storage Affiliates Trust | | | | | 420,002 | | | | 0.6 | |
| | 2,791 | | | | | PS Business Parks, Inc | | | | | 413,291 | | | | 0.6 | |
| | 4,060 | | | | | QTS Realty Trust, Inc | | | | | 313,838 | | | | 0.4 | |
| | 9,776 | | | | | STAG Industrial, Inc | | | | | 365,916 | | | | 0.5 | |
| | | | | | Other | | | | | 2,437,609 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,579,776 | | | | 6.3 | |
| | | | | | | | | | | | |
| | | | |
| 60 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Small-Cap Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | RETAILING | | | | | | | | | | | | | | | |
| | 5,970 | | | * | | Abercrombie & Fitch Co (Class A) | | | | $ | 277,187 | | | | 0.4 | % |
| | 15,080 | | | * | | Macy’s, Inc | | | | | 285,917 | | | | 0.4 | |
| | 7,759 | | | | | Rent-A-Center, Inc | | | | | 411,770 | | | | 0.6 | |
| | | | | | Other | | | | | 2,442,036 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,416,910 | | | | 4.7 | |
| | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | | | | | |
| | 7,063 | | | * | | Lattice Semiconductor Corp | | | | | 396,799 | | | | 0.5 | |
| | | | | | Other | | | | | 1,804,699 | | | | 2.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,201,498 | | | | 3.0 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | | | | | | |
| | 11,120 | | | * | | Box, Inc | | | | | 284,116 | | | | 0.4 | |
| | 5,590 | | | * | | Cornerstone OnDemand, Inc | | | | | 288,332 | | | | 0.4 | |
| | 6,060 | | | * | | Digital Turbine, Inc | | | | | 460,742 | | | | 0.6 | |
| | | | | | Other | | | | | 3,431,246 | | | | 4.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,464,436 | | | | 6.2 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | | |
| | 9,211 | | | * | | Sanmina Corp | | | | | 358,861 | | | | 0.5 | |
| | | | | | Other | | | | | 1,857,054 | | | | 2.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,215,915 | | | | 3.0 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | 564,914 | | | | 0.8 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | 829,267 | | | | 1.1 | |
| | | | | | | | | | | | |
| | UTILITIES | | | | | 1,475,463 | | | | 2.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $48,845,890) | | | 70,108,665 | | | | 96.7 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| |
| | SHORT-TERM INVESTMENTS | | | | | |
| | TREASURY DEBT | | | | | | | | | | |
| | $2,450,000 | | | | | United States Treasury Bill
2.059%, 07/06/21 | | | | | 2,449,988 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,449,988 | | | | 3.3 | |
| | | | | | | | | | | | |
| | | | | |
| Shares | | | | | Company | | | | | | | | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |
| | 193,015 | | | c | | State Street Navigator Securities Lending
Government Money Market Portfolio | | 0.020% | | | 193,015 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 193,015 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $2,643,008) | | | 2,643,003 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $51,488,898) | | | 72,751,668 | | | | 100.3 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (252,461 | ) | | | (0.3 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 72,499,207 | | | | 100.0 | % |
| | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 61 | |
| | |
| Summary portfolio of investments (unaudited) | | concluded |
Small-Cap Equity Fund § June 30, 2021
| 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 $751,919. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
“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 6/30/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $121,789 or 0.2% 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.
Futures contracts outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | |
| Description | | Number of long (short) contracts | | | Expiration
date | | Notional
amount | | | Value | | | Unrealized
appreciation (depreciation) | |
| |
Russell 2000 E Mini Index | | | 20 | | | 09/17/21 | | $ | 2,324,261 | | | $ | 2,307,800 | | | $ | (16,461 | ) |
| |
| | | | |
| 62 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | |
Social Choice Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | COMMON STOCKS | | | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | | |
| | 2,321 | | | * | | Tesla, Inc | | | | $ | 1,577,584 | | | | 1.7 | % |
| | | | | | Other | | | | | 258,419 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,836,003 | | | | 1.9 | |
| | | | | | | | | | | | |
| | BANKS | | | | | |
| | 3,197 | | | | | PNC Financial Services Group, Inc | | | | | 609,860 | | | | 0.7 | |
| | | | | | Other | | | | | 2,253,858 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,863,718 | | | | 3.0 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | |
| | 2,851 | | | | | Caterpillar, Inc | | | | | 620,463 | | | | 0.7 | |
| | 1,776 | | | | | Deere & Co | | | | | 626,413 | | | | 0.7 | |
| | | | | | Other | | | | | 4,468,955 | | | | 4.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,715,831 | | | | 6.1 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | 1,605,756 | | | | 1.7 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | |
| | 5,609 | | | | | Nike, Inc (Class B) | | | | | 866,534 | | | | 0.9 | |
| | | | | | Other | | | | | 660,833 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,527,367 | | | | 1.6 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | |
| | 295 | | | * | | Booking Holdings, Inc | | | | | 645,487 | | | | 0.7 | |
| | 6,501 | | | | | Starbucks Corp | | | | | 726,877 | | | | 0.8 | |
| | | | | | Other | | | | | 1,290,199 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,662,563 | | | | 2.8 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | |
| | 4,139 | | | | | American Express Co | | | | | 683,887 | | | | 0.7 | |
| | 851 | | | | | BlackRock, Inc | | | | | 744,599 | | | | 0.8 | |
| | 8,058 | | | | | Charles Schwab Corp | | | | | 586,703 | | | | 0.6 | |
| | 5,072 | | | | | Intercontinental Exchange Group, Inc | | | | | 602,046 | | | | 0.6 | |
| | 7,845 | | | | | Morgan Stanley | | | | | 719,308 | | | | 0.8 | |
| | 1,646 | | | | | S&P Global, Inc | | | | | 675,601 | | | | 0.7 | |
| | | | | | Other | | | | | 2,660,235 | | | | 2.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,672,379 | | | | 7.1 | |
| | | | | | | | | | | | |
| | ENERGY | | | | | |
| | 7,181 | | | | | Chevron Corp | | | | | 752,138 | | | | 0.8 | |
| | | | | | Other | | | | | 2,057,376 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,809,514 | | | | 3.0 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | 449,921 | | | | 0.5 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | |
| | 16,565 | | | | | Coca-Cola Co | | | | | 896,332 | | | | 1.0 | |
| | 6,092 | | | | | PepsiCo, Inc | | | | | 902,652 | | | | 1.0 | |
| | | | | | Other | | | | | 849,179 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,648,163 | | | | 2.8 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 63 | |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Social Choice Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | |
| | 2,413 | | | | | Cigna Corp | | | | $ | 572,050 | | | | 0.6 | % |
| | 3,032 | | | | | Danaher Corp | | | | | 813,668 | | | | 0.9 | |
| | 646 | | | * | | Intuitive Surgical, Inc | | | | | 594,088 | | | | 0.6 | |
| | | | | | Other | | | | | 5,276,832 | | | | 5.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,256,638 | | | | 7.7 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | | | | | |
| | 1,777 | | | | | Estee Lauder Cos (Class A) | | | | | 565,228 | | | | 0.6 | |
| | 8,560 | | | | | Procter & Gamble Co | | | | | 1,155,001 | | | | 1.2 | |
| | | | | | Other | | | | | 541,038 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,261,267 | | | | 2.4 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | 2,442,532 | | | | 2.6 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | 2,092,684 | | | | 2.2 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | |
| | 5,824 | | | | | Activision Blizzard, Inc | | | | | 555,843 | | | | 0.6 | |
| | 1,315 | | | * | | Netflix, Inc | | | | | 694,596 | | | | 0.7 | |
| | 5,630 | | | * | | Walt Disney Co | | | | | 989,585 | | | | 1.1 | |
| | | | | | Other | | | | | 3,966,393 | | | | 4.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,206,417 | | | | 6.6 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | |
| | 2,359 | | | | | Amgen, Inc | | | | | 575,006 | | | | 0.6 | |
| | 9,462 | | | | | Bristol-Myers Squibb Co | | | | | 632,251 | | | | 0.7 | |
| | 3,645 | | | | | Eli Lilly & Co | | | | | 836,600 | | | | 0.9 | |
| | 1,614 | | | | | Thermo Fisher Scientific, Inc | | | | | 814,215 | | | | 0.9 | |
| | 3,073 | | | | | Zoetis, Inc | | | | | 572,684 | | | | 0.6 | |
| | | | | | Other | | | | | 2,748,545 | | | | 2.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,179,301 | | | | 6.6 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | |
| | 2,691 | | | | | American Tower Corp | | | | | 726,947 | | | | 0.8 | |
| | | | | | Other | | | | | 2,551,940 | | | | 2.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,278,887 | | | | 3.5 | |
| | | | | | | | | | | | |
| | RETAILING | | | | | |
| | 8,192 | | | | | eBay, Inc | | | | | 575,160 | | | | 0.6 | |
| | 3,740 | | | | | Home Depot, Inc | | | | | 1,192,649 | | | | 1.3 | |
| | 2,955 | | | | | Target Corp | | | | | 714,342 | | | | 0.8 | |
| | | | | | Other | | | | | 1,888,309 | | | | 1.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,370,460 | | | | 4.6 | |
| | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | |
| | 5,266 | | | | | Applied Materials, Inc | | | | | 749,878 | | | | 0.8 | |
| | 16,846 | | | | | Intel Corp | | | | | 945,734 | | | | 1.0 | |
| | 1,008 | | | | | Lam Research Corp | | | | | 655,906 | | | | 0.7 | |
| | 1,853 | | | | | NVIDIA Corp | | | | | 1,482,585 | | | | 1.6 | |
| | | | |
| 64 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Social Choice Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—continued | | | | | |
| | 4,358 | | | | | Texas Instruments, Inc | | | | $ | 838,043 | | | | 0.9 | % |
| | | | | | Other | | | | | 534,217 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,206,363 | | | | 5.5 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | |
| | 2,966 | | | | | Accenture plc | | | | | 874,347 | | | | 0.9 | |
| | 1,836 | | | * | | Adobe, Inc | | | | | 1,075,235 | | | | 1.1 | |
| | 4,946 | | | | | International Business Machines Corp | | | | | 725,034 | | | | 0.8 | |
| | 1,493 | | | | | Intuit, Inc | | | | | 731,824 | | | | 0.8 | |
| | 3,151 | | | | | Mastercard, Inc (Class A) | | | | | 1,150,399 | | | | 1.2 | |
| | 17,617 | | | d | | Microsoft Corp | | | | | 4,772,445 | | | | 5.1 | |
| | 4,097 | | | * | | PayPal Holdings, Inc | | | | | 1,194,194 | | | | 1.3 | |
| | 3,747 | | | * | | salesforce.com, Inc | | | | | 915,280 | | | | 1.0 | |
| | 1,058 | | | * | | ServiceNow, Inc | | | | | 581,424 | | | | 0.6 | |
| | | | | | Other | | | | | 4,237,857 | | | | 4.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,258,039 | | | | 17.2 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | |
| | 17,738 | | | | | Cisco Systems, Inc | | | | | 940,114 | | | | 1.0 | |
| | | | | | Other | | | | | 2,807,648 | | | | 3.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,747,762 | | | | 4.0 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | |
| | 16,472 | | | | | Verizon Communications, Inc | | | | | 922,926 | | | | 1.0 | |
| | | | | | Other | | | | | 557,738 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,480,664 | | | | 1.6 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | 1,869,940 | | | | 2.0 | |
| | | | | | | | | | | | |
| | UTILITIES | | | | | 2,058,934 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $53,146,019) | | | 93,501,103 | | | | 99.2 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| |
| | SHORT-TERM INVESTMENTS | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | | 137,000 | | | | 0.1 | |
| | | | | | | | | | | | |
| | TREASURY DEBT | | | | | | | | | | |
| | $1,250,000 | | | | | United States Treasury Bill
0.031%, 07/13/21 | | | | | 1,249,982 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,249,982 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 65 | |
| | |
| Summary portfolio of investments (unaudited) | | concluded |
Social Choice Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |
| | 180,296 | | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | 0.020% | | $ | 180,296 | | | | 0.2 | % |
| | | | | | | | | | | | |
| | | | | | | | | | | 180,296 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $1,567,283) | | | 1,567,278 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $54,713,302) | | | 95,068,381 | | | | 100.8 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (782,982 | ) | | | (0.8 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 94,285,399 | | | | 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 contracts. |
“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 06/30/21, the aggregate value of securities on loan is $590,339. See Note 4 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, 2021 were as follows:
| | | | | | | | | | | | | | | | | | |
| Description | | Number of long (short) contracts | | | Expiration
date | | Notional
amount | | | Value | | | Unrealized
appreciation (depreciation) | |
| |
S&P 500 E Mini Index | | | 3 | | | 09/17/21 | | $ | 640,674 | | | $ | 643,290 | | | $ | 2,616 | |
| |
| | | | |
| 66 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | |
Stock Index Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | BONDS | | | | | | | | | | | | | | | |
| |
| | CORPORATE BONDS | | | | | |
| | DIVERSIFIED FINANCIALS | | | | $ | 186 | | | | 0.0 | % |
| | | | | | | | | | | | |
| | | | | | TOTAL CORPORATE BONDS | | (Cost $186) | | | 186 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL BONDS | | (Cost $186) | | | 186 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | |
| Shares | | | | | Company | | | | | | | | |
| | | |
| | COMMON STOCKS | | | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | | |
| | 13,440 | | | * | | Tesla, Inc | | | | | 9,135,168 | | | | 1.2 | |
| | | | | | Other | | | | | 4,793,339 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,928,507 | | | | 1.8 | |
| | | | | | | | | | | | |
| | BANKS | | | | | |
| | 130,625 | | | | | Bank of America Corp | | | | | 5,385,669 | | | | 0.7 | |
| | 52,090 | | | | | JPMorgan Chase & Co | | | | | 8,102,079 | | | | 1.1 | |
| | 70,847 | | | | | Wells Fargo & Co | | | | | 3,208,661 | | | | 0.4 | |
| | | | | | Other | | | | | 17,543,462 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 34,239,871 | | | | 4.4 | |
| | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | 47,744,242 | | | | 6.2 | |
| | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | 9,231,230 | | | | 1.2 | |
| | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | |
| | 21,468 | | | | | Nike, Inc (Class B) | | | | | 3,316,591 | | | | 0.5 | |
| | | | | | Other | | | | | 8,430,664 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,747,255 | | | | 1.5 | |
| | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | |
| | 12,863 | | | | | McDonald’s Corp | | | | | 2,971,224 | | | | 0.4 | |
| | | | | | Other | | | | | 14,188,697 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,159,921 | | | | 2.2 | |
| | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | |
| | 32,484 | | | * | | Berkshire Hathaway, Inc (Class B) | | | | | 9,027,953 | | | | 1.2 | |
| | | | | | Other | | | | | 30,152,315 | | | | 3.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 39,180,268 | | | | 5.1 | |
| | | | | | | | | | | | |
| | ENERGY | | | | | |
| | 33,508 | | | | | Chevron Corp | | | | | 3,509,628 | | | | 0.5 | |
| | 73,368 | | | d | | Exxon Mobil Corp | | | | | 4,628,053 | | | | 0.6 | |
| | | | | | Other | | | | | 13,190,040 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,327,721 | | | | 2.8 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | |
| | 7,691 | | | | | Costco Wholesale Corp | | | | | 3,043,098 | | | | 0.4 | |
| | 24,585 | | | | | Walmart, Inc | | | | | 3,466,977 | | | | 0.5 | |
| | | | | | Other | | | | | 2,631,637 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,141,712 | | | | 1.2 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 67 | |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Stock Index Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | |
| | 67,194 | | | | | Coca-Cola Co | | | | $ | 3,635,867 | | | | 0.5 | % |
| | 23,910 | | | | | PepsiCo, Inc | | | | | 3,542,745 | | | | 0.5 | |
| | 26,977 | | | | | Philip Morris International, Inc | | | | | 2,673,690 | | | | 0.4 | |
| | | | | | Other | | | | | 11,465,208 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,317,510 | | | | 2.8 | |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | |
| | 30,087 | | | | | Abbott Laboratories | | | | | 3,487,986 | | | | 0.5 | |
| | 10,999 | | | | | Danaher Corp | | | | | 2,951,692 | | | | 0.4 | |
| | 23,252 | | | | | Medtronic plc | | | | | 2,886,271 | | | | 0.4 | |
| | 16,285 | | | | | UnitedHealth Group, Inc | | | | | 6,521,165 | | | | 0.9 | |
| | | | | | Other | | | | | 32,281,646 | | | | 4.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 48,128,760 | | | | 6.2 | |
| | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | | | | | |
| | 42,122 | | | | | Procter & Gamble Co | | | | | 5,683,521 | | | | 0.7 | |
| | | | | | Other | | | | | 4,615,015 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,298,536 | | | | 1.3 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | 15,375,757 | | | | 2.0 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | 18,978,087 | | | | 2.5 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | |
| | 5,210 | | | * | | Alphabet, Inc (Class A) | | | | | 12,721,726 | | | | 1.7 | |
| | 4,912 | | | * | | Alphabet, Inc (Class C) | | | | | 12,311,044 | | | | 1.6 | |
| | 78,968 | | | | | Comcast Corp (Class A) | | | | | 4,502,755 | | | | 0.6 | |
| | 41,453 | | | * | | Facebook, Inc | | | | | 14,413,623 | | | | 1.9 | |
| | 7,485 | | | * | | Netflix, Inc | | | | | 3,953,652 | | | | 0.5 | |
| | 31,467 | | | * | | Walt Disney Co | | | | | 5,530,955 | | | | 0.7 | |
| | | | | | Other | | | | | 14,431,818 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 67,865,573 | | | | 8.8 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | |
| | 30,597 | | | | | AbbVie, Inc | | | | | 3,446,446 | | | | 0.5 | |
| | 14,681 | | | | | Eli Lilly & Co | | | | | 3,369,583 | | | | 0.4 | |
| | 45,567 | | | | | Johnson & Johnson | | | | | 7,506,708 | | | | 1.0 | |
| | 43,791 | | | | | Merck & Co, Inc | | | | | 3,405,626 | | | | 0.4 | |
| | 96,540 | | | | | Pfizer, Inc | | | | | 3,780,506 | | | | 0.5 | |
| | 6,814 | | | | | Thermo Fisher Scientific, Inc | | | | | 3,437,459 | | | | 0.4 | |
| | | | | | Other | | | | | 31,081,771 | | | | 4.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 56,028,099 | | | | 7.2 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | 25,646,806 | | | | 3.3 | |
| | | | | | | | | | | | |
| | RETAILING | | | | | | | | | | | | |
| | 7,511 | | | * | | Amazon.com, Inc | | | | | 25,839,042 | | | | 3.4 | |
| | 18,616 | | | | | Home Depot, Inc | | | | | 5,936,456 | | | | 0.8 | |
| | | | | | Other | | | | | 19,098,210 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 50,873,708 | | | | 6.6 | |
| | | | | | | | | | | | |
| | | | |
| 68 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Stock Index Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | |
| | 6,919 | | | | | Broadcom, Inc | | | | $ | 3,299,256 | | | | 0.4 | % |
| | 69,957 | | | | | Intel Corp | | | | | 3,927,386 | | | | 0.5 | |
| | 10,358 | | | | | NVIDIA Corp | | | | | 8,287,436 | | | | 1.1 | |
| | 19,537 | | | | | QUALCOMM, Inc | | | | | 2,792,423 | | | | 0.4 | |
| | 15,973 | | | | | Texas Instruments, Inc | | | | | 3,071,608 | | | | 0.4 | |
| | | | | | Other | | | | | 17,972,819 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 39,350,928 | | | | 5.1 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | |
| | 11,020 | | | | | Accenture plc | | | | | 3,248,586 | | | | 0.4 | |
| | 8,292 | | | * | | Adobe, Inc | | | | | 4,856,127 | | | | 0.6 | |
| | 15,157 | | | | | Mastercard, Inc (Class A) | | | | | 5,533,669 | | | | 0.7 | |
| | 130,549 | | | | | Microsoft Corp | | | | | 35,365,724 | | | | 4.6 | |
| | 20,363 | | | * | | PayPal Holdings, Inc | | | | | 5,935,407 | | | | 0.8 | |
| | 15,360 | | | * | | salesforce.com, Inc | | | | | 3,751,987 | | | | 0.5 | |
| | 29,317 | | | | | Visa, Inc (Class A) | | | | | 6,854,901 | | | | 0.9 | |
| | | | | | Other | | | | | 47,633,346 | | | | 6.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 113,179,747 | | | | 14.7 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | |
| | 271,915 | | | | | Apple, Inc | | | | | 37,241,478 | | | | 4.8 | |
| | 73,198 | | | | | Cisco Systems, Inc | | | | | 3,879,494 | | | | 0.5 | |
| | | | | | Other | | | | | 10,108,261 | | | | 1.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 51,229,233 | | | | 6.6 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | |
| | 123,476 | | | | | AT&T, Inc | | | | | 3,553,639 | | | | 0.5 | |
| | 71,881 | | | | | Verizon Communications, Inc | | | | | 4,027,492 | | | | 0.5 | |
| | | | | | Other | | | | | 2,199,930 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,781,061 | | | | 1.3 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | 15,492,706 | | | | 2.0 | |
| | | | | | | | | | | | |
| | UTILITIES | | | | | 17,999,840 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $258,049,642) | | | 765,247,078 | | | | 99.1 | |
| | | | | | | | | | | | |
| |
| | RIGHTS / WARRANTS | | | | | |
| | ENERGY | | | | | 350 | | | | 0.0 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 44 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL RIGHTS / WARRANTS | | (Cost $24) | | | 394 | | | | 0.0 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 69 | |
| | |
| Summary portfolio of investments (unaudited) | | concluded |
Stock Index Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | SHORT-TERM INVESTMENTS | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | | | | | | | |
| | $5,632,000 | | | | | Federal Home Loan Bank (FHLB)
0.035%, 07/02/21 | | | | $ | 5,631,995 | | | | 0.7 | % |
| | | | | | Other | | | | | 608,000 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,239,995 | | | | 0.8 | |
| | | | | | | | | | | | |
| | TREASURY DEBT | | | | | 1,189,994 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | |
| Shares | | | | | Company | | | | | | | | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | |
| | 1,358,276 | | | c | | State Street Navigator Securities Lending
Government Money Market Portfolio | | 0.020% | | | 1,358,276 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,358,276 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $8,788,267) | | | 8,788,265 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $266,838,119) | | | 774,035,923 | | | | 100.2 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (1,807,442 | ) | | | (0.2 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 772,228,481 | | | | 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 contracts. |
“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 06/30/21, the aggregate value of securities on loan is $2,962,413. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
At 6/30/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $59,223 or 0.0% 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.
Futures contracts outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | |
| Description | | Number of
long (short) contracts | | | Expiration
date | | Notional
amount | | | Value | | | Unrealized
appreciation
(depreciation) | |
| |
S&P 500 E Mini Index | | | 33 | | | 09/17/21 | | $ | 6,970,668 | | | $ | 7,076,190 | | | $ | 105,522 | |
| |
| | | | |
| 70 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | |
International Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | COMMON STOCKS | | | | | |
| | AUSTRALIA | | | | | | | | |
| | 52,221 | | | | | BHP Billiton Ltd | | | | $ | 1,899,816 | | | | 1.4 | % |
| | 29,522 | | | | | Commonwealth Bank of Australia | | | | | 2,210,685 | | | | 1.6 | |
| | 21,880 | | | | | Rio Tinto plc | | | | | 1,807,013 | | | | 1.3 | |
| | | | | | Other | | | | | 2,133,372 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,050,886 | | | | 5.9 | |
| | | | | | | | | | | | |
| | BRAZIL | | | | | 1,838,811 | | | | 1.4 | |
| | | | | | | | | | | | |
| | CHINA | | | | | 3,061,085 | | | | 2.3 | |
| | | | | | | | | | | | |
| | DENMARK | | | | | | | | | | | | | | | |
| | 10,274 | | | | | DSV AS | | | | | 2,398,342 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,398,342 | | | | 1.8 | |
| | | | | | | | | | | | |
| | FINLAND | | | | | 876,087 | | | | 0.6 | |
| | | | | | | | | | | | |
| | FRANCE | | | | | | | | | | | | | | | |
| | 26,532 | | | * | | Airbus SE | | | | | 3,418,722 | | | | 2.5 | |
| | 38,991 | | | | | BNP Paribas S.A. | | | | | 2,447,061 | | | | 1.8 | |
| | 36,086 | | | | | Compagnie de Saint-Gobain | | | | | 2,381,526 | | | | 1.8 | |
| | 108,932 | | | | | Credit Agricole S.A. | | | | | 1,527,182 | | | | 1.1 | |
| | 6,986 | | | | | Dassault Systemes S.A. | | | | | 1,695,475 | | | | 1.2 | |
| | 11,516 | | | | | Essilor International S.A. | | | | | 2,127,388 | | | | 1.6 | |
| | 2,836 | | | | | Kering | | | | | 2,484,952 | | | | 1.8 | |
| | 38,116 | | | | | Total S.A. | | | | | 1,726,723 | | | | 1.3 | |
| | 13,854 | | | | | Vinci S.A. | | | | | 1,480,962 | | | | 1.1 | |
| | 41,663 | | | | | Vivendi Universal S.A. | | | | | 1,399,840 | | | | 1.0 | |
| | | | | | Other | | | | | 696,988 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,386,819 | | | | 15.7 | |
| | | | | | | | | | | | |
| | GERMANY | | | | | | | | | | | | | | | |
| | 5,346 | | | | | Adidas-Salomon AG. | | | | | 1,994,900 | | | | 1.5 | |
| | 26,517 | | | | | Deutsche Post AG. | | | | | 1,805,932 | | | | 1.3 | |
| | 17,525 | | | | | HeidelbergCement AG. | | | | | 1,504,635 | | | | 1.1 | |
| | 33,168 | | | | | Infineon Technologies AG. | | | | | 1,334,125 | | | | 1.0 | |
| | 23,503 | | | | | Siemens AG. | | | | | 3,731,775 | | | | 2.7 | |
| | 6,521 | | | | | Volkswagen AG. (Preference) | | | | | 1,635,020 | | | | 1.2 | |
| | | | | | Other | | | | | 2,977,641 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,984,028 | | | | 11.0 | |
| | | | | | | | | | | | |
| | HONG KONG | | | | | | | | |
| | 40,999 | | | | | Hong Kong Exchanges and Clearing Ltd | | | | | 2,440,659 | | | | 1.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,440,659 | | | | 1.8 | |
| | | | | | | | | | | | |
| | IRELAND | | | | | | | | |
| | 44,310 | | | | | CRH plc | | | | | 2,240,815 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,240,815 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 71 | |
| | |
| Summary portfolio of investments (unaudited) | | continued |
International Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | ITALY | | | | | | | | |
| | 27,171 | | | | | Moncler S.p.A | | | | $ | 1,841,866 | | | | 1.4 | % |
| | | | | | Other | | | | | 1,284,553 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,126,419 | | | | 2.3 | |
| | | | | | | | | | | | |
| | JAPAN | | | | | | | | |
| | 83,100 | | | | | Daiichi Sankyo Co Ltd | | | | | 1,792,724 | | | | 1.3 | |
| | 8,184 | | | | | Daikin Industries Ltd | | | | | 1,525,086 | | | | 1.1 | |
| | 7,000 | | | * | | Fanuc Ltd | | | | | 1,678,585 | | | | 1.2 | |
| | 56,851 | | | * | | Hitachi Ltd | | | | | 3,257,970 | | | | 2.4 | |
| | 4,174 | | | | | Nintendo Co Ltd | | | | | 2,415,380 | | | | 1.8 | |
| | 49,300 | | | | | Recruit Holdings Co Ltd | | | | | 2,417,611 | | | | 1.8 | |
| | 20,700 | | | e | | Shiseido Co Ltd | | | | | 1,526,806 | | | | 1.1 | |
| | 37,092 | | | | | Sony Corp | | | | | 3,596,708 | | | | 2.7 | |
| | 40,200 | | | | | Sumitomo Mitsui Financial Group, Inc | | | | | 1,385,773 | | | | 1.0 | |
| | 33,983 | | | * | | Toyota Motor Corp | | | | | 2,970,591 | | | | 2.2 | |
| | | | | | Other | | | | | 3,401,237 | | | | 2.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,968,471 | | | | 19.1 | |
| | | | | | | | | | | | |
| | KOREA, REPUBLIC OF | | | | | 1,743,770 | | | | 1.3 | |
| | | | | | | | | | | | |
| | NETHERLANDS | | | | | |
| | 5,668 | | | | | ASML Holding NV | | | | | 3,912,730 | | | | 2.9 | |
| | 224,891 | | | | | ING Groep NV | | | | | 2,985,282 | | | | 2.2 | |
| | 89,294 | | | | | Royal Dutch Shell plc (A Shares) | | | | | 1,790,154 | | | | 1.3 | |
| | | | | | Other | | | | | 927,491 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,615,657 | | | | 7.1 | |
| | | | | | | | | | | | |
| | RUSSIA | | | | | |
| | 17,311 | | | | | TCS Group Holding plc (ADR) | | | | | 1,514,712 | | | | 1.1 | |
| | | | | | Other | | | | | 1,427,739 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,942,451 | | | | 2.2 | |
| | | | | | | | | | | | |
| | SPAIN | | | | | |
| | 324,764 | | | | | Banco Bilbao Vizcaya Argentaria S.A. | | | | | 2,014,505 | | | | 1.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,014,505 | | | | 1.5 | |
| | | | | | | | | | | | |
| | SWITZERLAND | | | | | |
| | 2,492 | | | | | Lonza Group AG. | | | | | 1,766,720 | | | | 1.3 | |
| | 11,979 | | | | | Nestle S.A. | | | | | 1,493,147 | | | | 1.1 | |
| | 7,349 | | | | | Roche Holding AG. | | | | | 2,769,381 | | | | 2.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,029,248 | | | | 4.4 | |
| | | | | | | | | | | | |
| | TAIWAN | | | | | 1,046,473 | | | | 0.8 | |
| | | | | | | | | | | | |
| | UNITED KINGDOM | | | | | |
| | 28,903 | | | | | Ashtead Group plc | | | | | 2,148,310 | | | | 1.6 | |
| | 27,648 | | | | | AstraZeneca plc | | | | | 3,321,745 | | | | 2.5 | |
| | 1,043,771 | | | | | Barclays plc | | | | | 2,476,949 | | | | 1.8 | |
| | 59,739 | | | | | Diageo plc | | | | | 2,863,200 | | | | 2.1 | |
| | 7,508 | | | | | Linde plc (Xetra) | | | | | 2,170,788 | | | | 1.6 | |
| | | | |
| 72 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | concluded |
International Equity Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Company | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | UNITED KINGDOM—continued | | | | | |
| | 15,960 | | | | | Reckitt Benckiser Group plc | | | | $ | 1,410,068 | | | | 1.0 | % |
| | 441,007 | | | | | Tesco plc | | | | | 1,362,350 | | | | 1.0 | |
| | | | | | Other | | | | | 2,352,122 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,105,532 | | | | 13.3 | |
| | | | | | | | | | | | |
| | UNITED STATES | | | | | |
| | 18,831 | | | | | Schneider Electric S.A. | | | | | 2,968,604 | | | | 2.2 | |
| | | | | | Other | | | | | 1,960,137 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,928,741 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $102,582,918) | | | 132,798,799 | | | | 97.7 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| | |
| | SHORT-TERM INVESTMENTS | | | | | | | | |
| | TREASURY DEBT | | | | | |
| | $1,600,000 | | | | | United States Treasury Bill
0.021%, 07/06/21 | | | | | 1,599,992 | | | | 1.2 | |
| | | | | | Other | | | | | 1,319,982 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,919,974 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | | | |
| Shares | | | | | Company | | | | | | | | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | |
| | 494,265 | | | c | | State Street Navigator Securities Lending
Government Money Market Portfolio | | 0.020% | | | 494,265 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 494,265 | | | | 0.4 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $3,414,247) | | | 3,414,239 | | | | 2.5 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $105,997,165) | | | 136,213,038 | | | | 100.2 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (230,143 | ) | | | (0.2 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 135,982,895 | | | | 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 $1,963,572. See Note 4 in the Notes to financial statements for additional information about securities lending collateral. |
“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 6/30/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $1,263,409 or 0.9% 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 § 2021 Semiannual Report | | | 73 | |
| | |
| Summary of market values by sector (unaudited) | | |
International Equity Fund § June 30, 2021
| | | | | | | | |
| Sector | | Value | | | % of net
assets | |
| INDUSTRIALS | | $ | 29,213,425 | | | | 21.5 | % |
| FINANCIALS | | | 24,537,847 | | | | 18.0 | |
| CONSUMER DISCRETIONARY | | | 21,275,713 | | | | 15.7 | |
| MATERIALS | | | 13,576,468 | | | | 10.0 | |
| HEALTH CARE | | | 11,848,733 | | | | 8.7 | |
| INFORMATION TECHNOLOGY | | | 9,939,107 | | | | 7.3 | |
| CONSUMER STAPLES | | | 9,990,203 | | | | 7.4 | |
| COMMUNICATION SERVICES | | | 5,480,356 | | | | 4.0 | |
| ENERGY | | | 4,392,964 | | | | 3.2 | |
| UTILITIES | | | 2,543,983 | | | | 1.9 | |
| SHORT-TERM INVESTMENTS | | | 3,414,239 | | | | 2.5 | |
| OTHER ASSETS & LIABILITIES, NET | | | (230,143 | ) | | | (0.2 | ) |
| | | | |
| NET ASSETS | | $ | 135,982,895 | | | | 100.0 | % |
| | | | |
| | | | |
| 74 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | |
Core Bond Fund § June 30, 2021
| | | | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | | Value | | | % of net
assets | |
| | BANK LOAN OBLIGATIONS | | | | | | | | | | | | |
| | BANKS | | | | | | $ | 99,917 | | | | 0.0 | % |
| | | | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | | | 130,882 | | | | 0.1 | |
| | | | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | 300,259 | | | | 0.1 | |
| | | | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | | | 191,922 | | | | 0.1 | |
| | | | | | | | | | | | | | |
| | DIVERSIFIED FINANCIALS | | | | | | | 34,025 | | | | 0.0 | |
| | | | | | | | | | | | | | |
| | ENERGY | | | | | | | 121,519 | | | | 0.1 | |
| | | | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | | | 603,887 | | | | 0.3 | |
| | | | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | | | 480,607 | | | | 0.2 | |
| | | | | | | | | | | | | | |
| | HOUSEHOLD & PERSONAL PRODUCTS | | | | | | | 34,799 | | | | 0.0 | |
| | | | | | | | | | | | | | |
| | INSURANCE | | | | | | | 193,389 | | | | 0.1 | |
| | | | | | | | | | | | | | |
| | MATERIALS | | | | | | | 179,564 | | | | 0.1 | |
| | | | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | | | 564,684 | | | | 0.3 | |
| | | | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | 328,426 | | | | 0.2 | |
| | | | | | | | | | | | | | |
| | REAL ESTATE | | | | | | | 96,558 | | | | 0.0 | |
| | | | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | | | 306,098 | | | | 0.1 | |
| | | | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | 143,457 | | | | 0.1 | |
| | | | | | | | | | | | | | |
| | TRANSPORTATION | | | | | | | 73,469 | | | | 0.0 | |
| | | | | | | | | | | | | | |
| | UTILITIES | | | | | | | 32,509 | | | | 0.0 | |
| | | | | | | | | | | | | | |
| | | | | | TOTAL BANK LOAN OBLIGATIONS | | | (Cost $3,939,455) | | | | 3,915,971 | | | | 1.8 | |
| | | | | | | | | | | | | | |
| | BONDS | | | | | | | | | | | | | | |
| | | |
| | CORPORATE BONDS | | | | | | | | | | | | |
| | AUTOMOBILES & COMPONENTS | | | | | | | 642,350 | | | | 0.3 | |
| | | | | | | | | | | | | | |
| | BANKS | | | | | | | | | | | | |
| | $ 1,700,000 | | | | | Bank of America Corp | | | 2.456%, 10/22/25 | | | | 1,761,688 | | | | 0.8 | |
| | 2,050,000 | | | | | Bank of America Corp | | | 1.922%–6.100%, 08/01/25–N/A | ‡ | | | 2,167,695 | | | | 1.0 | |
| | 775,000 | | | | | Citigroup, Inc | | | 2.666%, 01/29/31 | | | | 799,824 | | | | 0.4 | |
| | 600,000 | | | | | JPMorgan Chase & Co | | | 2.739%, 10/15/30 | | | | 627,964 | | | | 0.3 | |
| | 2,938,000 | | | e | | JPMorgan Chase & Co | | | 1.953%–6.100%, 05/18/23–04/01/70 | | | | 3,066,417 | | | | 1.3 | |
| | | | | | Other | | | | | | | 11,753,511 | | | | 5.3 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 20,177,099 | | | | 9.1 | |
| | | | | | | | | | | | | | |
| | CAPITAL GOODS | | | | | | | 3,160,327 | | | | 1.4 | |
| | | | | | | | | | | | | | |
| | COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | 860,441 | | | | 0.4 | |
| | | | | | | | | | | | | | |
| | CONSUMER DURABLES & APPAREL | | | | | | | 8,850 | | | | 0.0 | |
| | | | | | | | | | | | | | |
| | CONSUMER SERVICES | | | | | | | 791,162 | | | | 0.4 | |
| | | | | | | | | | | | | | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 75 | |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Core Bond Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | DIVERSIFIED FINANCIALS | | | | | | | | | | |
| | $ 900,000 | | | | | General Motors Financial Co, Inc | | 3.450%, 01/14/22 | | $ | 912,547 | | | | 0.4 | % |
| | 700,000 | | | | | Morgan Stanley | | 3.125%, 07/27/26 | | | 758,434 | | | | 0.3 | |
| | | | | | Other | | | | | 8,561,791 | | | | 3.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,232,772 | | | | 4.5 | |
| | | | | | | | | | | | |
| | ENERGY | | | | | 9,646,888 | | | | 4.3 | |
| | | | | | | | | | | | |
| | FOOD & STAPLES RETAILING | | | | | 1,112,583 | | | | 0.5 | |
| | | | | | | | | | | | |
| | FOOD, BEVERAGE & TOBACCO | | | | | 2,663,959 | | | | 1.1 | |
| | | | | | | | | | | | |
| | HEALTH CARE EQUIPMENT & SERVICES | | | | | 4,436,519 | | | | 2.0 | |
| | | | | | | | | | | | |
| | INSURANCE | | | | | 3,616,561 | | | | 1.6 | |
| | | | | | | | | | | | |
| | MATERIALS | | | | | 4,639,285 | | | | 2.1 | |
| | | | | | | | | | | | |
| | MEDIA & ENTERTAINMENT | | | | | | | | | | |
| | 600,000 | | | | | Charter Communications Operating LLC | | 4.800%, 03/01/50 | | | 689,129 | | | | 0.3 | |
| | | | | | Other | | | | | 4,945,883 | | | | 2.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,635,012 | | | | 2.5 | |
| | | | | | | | | | | | |
| | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | 3,498,722 | | | | 1.5 | |
| | | | | | | | | | | | |
| | REAL ESTATE | | | | | 5,890,708 | | | | 2.6 | |
| | | | | | | | | | | | |
| | RETAILING | | | | | 1,281,545 | | | | 0.6 | |
| | | | | | | | | | | | |
| | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | 1,325,508 | | | | 0.6 | |
| | | | | | | | | | | | |
| | SOFTWARE & SERVICES | | | | | 1,955,363 | | | | 0.9 | |
| | | | | | | | | | | | |
| | TECHNOLOGY HARDWARE & EQUIPMENT | | | | | 1,350,602 | | | | 0.7 | |
| | | | | | | | | | | | |
| | TELECOMMUNICATION SERVICES | | | | | 7,153,754 | | | | 3.2 | |
| | | | | | | | | | | | |
| | TRANSPORTATION | | | | | 1,003,985 | | | | 0.5 | |
| | | | | | | | | | | | |
| | UTILITIES | | | | | 7,094,873 | | | | 3.1 | |
| | | | | | | | | | | | |
| | | | | | TOTAL CORPORATE BONDS | | (Cost $93,389,994) | | | 98,178,868 | | | | 43.9 | |
| | | | | | | | | | | | |
| | GOVERNMENT BONDS | | | | | | | | | | |
| | FOREIGN GOVERNMENT BONDS | | | | | 7,735,364 | | | | 3.5 | |
| | | | | | | | | | | | |
| | MORTGAGE BACKED | | | | | | | | | | |
| | 1,412,486 | | | | | Federal Home Loan Mortgage Corp (FHLMC) | | 3.000%, 11/01/49 | | | 1,499,091 | | | | 0.7 | |
| | 688,509 | | | | | Federal Home Loan Mortgage Corp Gold (FGLMC) | | 3.500%, 10/01/45 | | | 747,629 | | | | 0.3 | |
| | 726,192 | | | | | FGLMC | | 3.000%, 02/01/47 | | | 769,349 | | | | 0.3 | |
| | 2,550,513 | | | | | FGLMC | | 3.500%–5.000%, 06/01/36–08/01/48 | | | 2,788,974 | | | | 1.3 | |
| | 750,000 | | | | | Federal National Mortgage Association (FNMA) | | 2.500%, 07/25/32 | | | 782,080 | | | | 0.4 | |
| | 1,500,000 | | | | | FNMA | | 2.000%, 07/25/35 | | | 1,547,139 | | | | 0.7 | |
| | 1,500,000 | | | h | | FNMA | | 2.000%, 08/25/35 | | | 1,544,944 | | | | 0.7 | |
| | 850,000 | | | h | | FNMA | | 2.500%, 08/25/35 | | | 885,417 | | | | 0.4 | |
| | 662,272 | | | | | FNMA | | 3.000%, 02/25/48 | | | 698,610 | | | | 0.3 | |
| | | | |
| 76 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Core Bond Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | MORTGAGE BACKED—continued | | | | | | | | | | |
| | $ 1,985,000 | | | | | FNMA | | 3.000%, 07/25/50 | | $ | 2,069,091 | | | | 0.9 | % |
| | 3,100,000 | | | | | FNMA | | 2.000%, 08/25/50 | | | 3,123,977 | | | | 1.4 | |
| | 4,550,000 | | | h | | FNMA | | 2.500%, 08/25/50 | | | 4,697,164 | | | | 2.1 | |
| | 1,300,000 | | | h | | FNMA | | 2.000%, 09/25/50 | | | 1,341,133 | | | | 0.6 | |
| | 830,000 | | | | | FNMA | | 2.000%, 07/25/51 | | | 838,041 | | | | 0.4 | |
| | 2,185,000 | | | | | FNMA | | 2.500%, 07/25/51 | | | 2,259,939 | | | | 1.0 | |
| | 1,075,000 | | | | | FNMA | | 3.000%, 08/25/51 | | | 1,119,827 | | | | 0.5 | |
| | 9,863,562 | | | i | | FNMA | | 2.000%–7.500%, 08/01/21–02/25/51 | | | 9,665,607 | | | | 4.4 | |
| | 750,000 | | | h | | Government National Mortgage Association (GNMA) | | 2.500%, 08/20/50 | | | 774,756 | | | | 0.3 | |
| | 980,000 | | | | | GNMA | | 2.000%, 07/20/51 | | | 998,069 | | | | 0.5 | |
| | 4,050,000 | | | | | GNMA | | 2.500%, 07/20/51 | | | 4,191,117 | | | | 1.9 | |
| | 750,000 | | | h | | GNMA | | 2.000%, 08/20/51 | | | 762,451 | | | | 0.3 | |
| | 2,750,000 | | | h | | GNMA | | 3.000%, 08/20/51 | | | 2,868,218 | | | | 1.3 | |
| | | | | | Other | | | | | 1,525,296 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 47,497,919 | | | | 21.3 | |
| | | | | | | | | | | | |
| | MUNICIPAL BONDS | | | | | | | | | | |
| | 1,400,000 | | | | | State of Illinois | | 5.100%, 06/01/33 | | | 1,646,179 | | | | 0.7 | |
| | | | | | Other | | | | | 2,920,364 | | | | 1.4 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,566,543 | | | | 2.1 | |
| | | | | | | | | | | | |
| | U.S. TREASURY SECURITIES | | | | | | | | | | |
| | 950,000 | | | | | United States Treasury Bond | | 3.125%, 11/15/41 | | | 1,132,430 | | | | 0.5 | |
| | 1,535,700 | | | | | United States Treasury Bond | | 3.000%, 11/15/45 | | | 1,815,665 | | | | 0.8 | |
| | 1,615,000 | | | | | United States Treasury Bond | | 2.875%, 11/15/46 | | | 1,874,409 | | | | 0.9 | |
| | 765,700 | | | | | United States Treasury Bond | | 3.000%, 05/14/47 | | | 909,663 | | | | 0.4 | |
| | 1,058,570 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.500%, 04/15/24 | | | 1,140,968 | | | | 0.5 | |
| | 2,915,000 | | | | | United States Treasury Note | | 0.250%, 06/15/24 | | | 2,897,237 | | | | 1.3 | |
| | 1,000,000 | | | | | United States Treasury Note | | 0.375%, 01/31/26 | | | 979,961 | | | | 0.4 | |
| | 3,835,000 | | | | | United States Treasury Note | | 0.875%, 06/30/26 | | | 3,833,202 | | | | 1.7 | |
| | 1,000,000 | | | | | United States Treasury Note | | 1.250%, 06/30/28 | | | 1,001,563 | | | | 0.5 | |
| | | | | | Other | | | | | 1,030,697 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,615,795 | | | | 7.5 | |
| | | | | | | | | | | | |
| | | | | | TOTAL GOVERNMENT BONDS | | (Cost $74,192,637) | | | 76,415,621 | | | | 34.4 | |
| | | | | | | | | | | | |
| | STRUCTURED ASSETS | | | | | | | | | | |
| | ASSET BACKED | | | 19,376,806 | | | | 8.7 | |
| | | | | | | | | | | | |
| | OTHER MORTGAGE BACKED | | | | | | | | | | |
| | 745,447 | | | | | COMM Mortgage Trust | | | | | | | | | | |
| | | | | | Series - 2012 CR4 (Class A3) | | 2.853%, 10/15/45 | | | 762,485 | | | | 0.4 | |
| | 1,000,000 | | | g,i | | COMM Mortgage Trust | | | | | | | | | | |
| | | | | | Series - 2013 CR8 (Class B) | | 4.062%, 06/10/46 | | | 1,039,924 | | | | 0.5 | |
| | 600,000 | | | i | | COMM Mortgage Trust | | | | | | | | | | |
| | | | | | Series - 2015 LC23 (Class AM) | | 4.158%, 10/10/48 | | | 659,908 | | | | 0.3 | |
| | 2,750,000 | | | g,i | | COMM Mortgage Trust | | 3.603%–4.927%, 06/10/47–10/10/48 | | | 2,931,700 | | | | 1.4 | |
| | 680,000 | | | | | JPMBB Commercial Mortgage Securities Trust | | | | | | | | | | |
| | | | | | Series - 2014 C21 (Class A5) | | 3.775%, 08/15/47 | | | 734,835 | | | | 0.3 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 77 | |
| | |
| Summary portfolio of investments (unaudited) | | continued |
Core Bond Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % of net
assets | |
| | OTHER MORTGAGE BACKED—continued | | | | | | | | | | |
| | $ 1,850,000 | | | i | | JPMBB Commercial Mortgage
Securities Trust | | 3.917%–4.773%, 05/15/48–08/15/48 | | $ | 2,013,376 | | | | 1.0 | % |
| | 770,000 | | | g | | SLG Office Trust | | | | | | | | | | |
| | | | | | Series - 2021 OVA (Class E) | | 2.851%, 07/15/41 | | | 753,700 | | | | 0.3 | |
| | 675,000 | | | g,i | | UBS-Barclays Commercial Mortgage Trust | | | | | | | | | | |
| | | | | | Series - 2013 C6 (Class B) | | 3.875%, 04/10/46 | | | 682,252 | | | | 0.3 | |
| | | | | | Other | | | | | 8,685,815 | | | | 3.7 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,263,995 | | | | 8.2 | |
| | | | | | | | | | | | |
| | | | | | TOTAL STRUCTURED ASSETS | | (Cost $36,872,814) | | | 37,640,801 | | | | 16.9 | |
| | | | | | | | | | | | |
| | | | | | TOTAL BONDS | | (Cost $204,455,445) | | | 212,235,290 | | | | 95.2 | |
| | | | | | | | | | | | |
| | | | | |
| Shares | | | | | Company | | | | | | | | |
| | | |
| | PREFERRED STOCKS | | | | | | | | | | |
| | BANKS | | | 248,774 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | TOTAL PREFERRED STOCKS | | (Cost $759,550) | | | 248,774 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | |
| Principal | | | | | Issuer | | | | | | | | |
| | | |
| | SHORT-TERM INVESTMENTS | | | | | | | | | | |
| | | |
| | GOVERNMENT AGENCY DEBT | | | | | | | | | | |
| | $ 1,000,000 | | | | | Federal Farm Credit Bank (FFCB) | | 0.010%, 07/15/21 | | | 999,988 | | | | 0.5 | |
| | 1,825,000 | | | | | Federal Home Loan Bank (FHLB) | | 0.005%, 07/01/21 | | | 1,825,000 | | | | 0.8 | |
| | 10,127,000 | | | | | (FHLB) | | 0.010%–0.035%, 07/02/21 | | | 10,126,992 | | | | 4.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,951,980 | | | | 5.8 | |
| | | | | | | | | | | | |
| | TREASURY DEBT | | | | | | | | | | |
| | 3,881,000 | | | | | United States Treasury Bill | | 0.005%, 07/01/21 | | | 3,881,000 | | | | 1.7 | |
| | 11,680,000 | | | | | United States Treasury Bill | | 0.002%–0.021%, 07/06/21 | | | 11,679,941 | | | | 5.2 | |
| | 5,000,000 | | | | | United States Treasury Bill | | 0.003%, 08/05/21 | | | 4,999,772 | | | | 2.3 | |
| | | | | | Other | | | | | 188,007 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 20,748,720 | | | | 9.3 | |
| | | | | | | | | | | | |
| | | | | |
| Shares | | | | | Company | | | | | | | | |
| | INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | | | |
| | 1684879.31 | | | c | | State Street Navigator Securities Lending
Government Money Market Portfolio | | 0.020% | | | 1,684,879 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,684,879 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $35,386,018) | | | 35,385,579 | | | | 15.9 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $244,540,468) | | | 251,785,614 | | | | 113.0 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (28,965,320 | ) | | | (13.0 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 222,820,294 | | | | 100.0 | % |
| | | | | | | | | | | | |
| c | | Investments made with cash collateral received from securities on loan. |
| | | | |
| 78 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | concluded |
Core Bond Fund § June 30, 2021
| e | | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,642,124. See Note 4 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, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/21, the aggregate value of these securities, including those in “Other,” is $55,063,886 or 24.7% of net assets. |
| 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. |
| h | | All or a portion of these securities were purchased on a delayed delivery basis. |
| 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.
At 06/30/21, the aggregate value of securities on loan is $1,642,124. See Note 4 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.
Forward foreign currency contracts outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | |
Currency
to be
purchased | | Receive | | | Currency
to be
sold | | | Deliver | | | Counterparty | | Settlement
date | | Unrealized
appreciation
(depreciation) | |
| |
| $ | | | 125,301 | | | | EUR | | | | 103,921 | | | Australia and New Zealand Banking Group | | 07/21/21 | | | $2,096 | |
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 79 | |
| | |
| Summary portfolio of investments (unaudited) | | |
Money Market Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % net
assets | |
| | | | | | | | | | | | | | | | |
| | SHORT-TERM INVESTMENTS | | | | | | | | | | |
| | GOVERNMENT AGENCY DEBT | | | | | |
| | $ 1,102,000 | | | | | Federal Farm Credit Bank (FFCB) | | 0.010%, 07/02/21 | | $ | 1,102,000 | | | | 1.0 | % |
| | 2,000,000 | | | | | FFCB | | 0.010%, 07/15/21 | | | 1,999,992 | | | | 1.8 | |
| | 1,429,000 | | | | | FFCB | | 0.010%–2.850%, 07/09/21–10/06/21 | | | 1,432,272 | | | | 1.2 | |
| | 1,200,000 | | | | | Federal Home Loan Bank (FHLB) | | 0.010%, 07/01/21 | | | 1,200,000 | | | | 1.1 | |
| | 1,202,000 | | | | | FHLB | | 0.010%, 07/02/21 | | | 1,202,000 | | | | 1.1 | |
| | 1,200,000 | | | | | FHLB | | 0.010%, 07/07/21 | | | 1,199,997 | | | | 1.1 | |
| | 2,043,000 | | | | | FHLB | | 0.010%, 07/09/21 | | | 2,042,979 | | | | 1.8 | |
| | 1,400,000 | | | | | FHLB | | 0.010%, 07/16/21 | | | 1,399,982 | | | | 1.2 | |
| | 3,072,000 | | | | | FHLB | | 0.010%, 07/21/21 | | | 3,071,968 | | | | 2.7 | |
| | 1,884,000 | | | | | FHLB | | 0.010%, 07/27/21 | | | 1,883,979 | | | | 1.7 | |
| | 3,748,000 | | | | | FHLB | | 0.010%, 07/28/21 | | | 3,747,940 | | | | 3.3 | |
| | 1,258,000 | | | | | FHLB | | 0.010%, 07/30/21 | | | 1,257,984 | | | | 1.1 | |
| | 1,000,000 | | | | | FHLB | | 0.020%, 08/03/21 | | | 999,997 | | | | 0.9 | |
| | 1,511,000 | | | | | FHLB | | 0.010%, 08/04/21 | | | 1,510,967 | | | | 1.3 | |
| | 1,905,000 | | | | | FHLB | | 0.010%, 08/06/21 | | | 1,904,961 | | | | 1.7 | |
| | 1,000,000 | | | | | FHLB | | 0.010%, 08/11/21 | | | 999,972 | | | | 0.9 | |
| | 1,300,000 | | | | | FHLB | | 0.010%, 08/20/21 | | | 1,299,947 | | | | 1.1 | |
| | 2,000,000 | | | | | FHLB | | 0.010%, 08/25/21 | | | 1,999,963 | | | | 1.8 | |
| | 1,450,000 | | | | | FHLB | | 0.010%, 08/27/21 | | | 1,449,967 | | | | 1.3 | |
| | 3,440,000 | | | | | FHLB | | 0.010%, 09/17/21 | | | 3,439,819 | | | | 3.1 | |
| | 2,820,000 | | | | | FHLB | | 0.010%, 09/29/21 | | | 2,819,675 | | | | 2.5 | |
| | 1,000,000 | | | | | FHLB | | 0.010%, 10/07/21 | | | 999,885 | | | | 0.9 | |
| | 12,130,000 | | | | | FHLB | | 0.010%–3.000%, 06/01/21–11/19/21 | | | 12,136,248 | | | | 10.8 | |
| | 1,078,000 | | | | | Federal Home Loan Mortgage Corp (FHLMC) | | 1.125%, 08/12/21 | | | 1,079,346 | | | | 1.0 | |
| | | | | | Other | | | | | 1,312,439 | | | | 1.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 53,494,279 | | | | 47.6 | |
| | | | | | | | | | | | |
| | TREASURY DEBT | | | | | |
| | 1,612,000 | | | | | United States Cash Management Bill | | 0.010%, 10/26/21 | | | 1,611,749 | | | | 1.4 | |
| | 2,117,000 | | | | | United States Treasury Bill | | 0.010%, 07/01/21 | | | 2,117,000 | | | | 1.9 | |
| | 3,700,000 | | | | | United States Treasury Bill | | 0.010%, 07/06/21 | | | 3,699,982 | | | | 3.3 | |
| | 2,686,000 | | | | | United States Treasury Bill | | 0.010%, 07/13/21 | | | 2,685,993 | | | | 2.4 | |
| | 1,400,000 | | | | | United States Treasury Bill | | 0.010%, 07/15/21 | | | 1,399,996 | | | | 1.2 | |
| | 2,048,000 | | | | | United States Treasury Bill | | 0.010%, 07/20/21 | | | 2,047,994 | | | | 1.8 | |
| | 1,750,000 | | | | | United States Treasury Bill | | 0.010%, 07/22/21 | | | 1,749,976 | | | | 1.6 | |
| | 4,444,000 | | | | | United States Treasury Bill | | 0.010%, 07/29/21 | | | 4,443,756 | | | | 4.0 | |
| | 2,166,000 | | | | | United States Treasury Bill | | 0.010%, 08/03/21 | | | 2,165,946 | | | | 1.9 | |
| | 3,152,000 | | | | | United States Treasury Bill | | 0.010%, 08/05/21 | | | 3,151,842 | | | | 2.8 | |
| | 2,276,000 | | | | | United States Treasury Bill | | 0.010%, 08/10/21 | | | 2,275,941 | | | | 2.0 | |
| | 3,634,000 | | | | | United States Treasury Bill | | 0.010%, 08/12/21 | | | 3,633,943 | | | | 3.2 | |
| | 3,165,000 | | | | | United States Treasury Bill | | 0.010%, 08/19/21 | | | 3,164,945 | | | | 2.8 | |
| | 3,784,000 | | | | | United States Treasury Bill | | 0.010%, 08/26/21 | | | 3,783,949 | | | | 3.4 | |
| | 1,000,000 | | | | | United States Treasury Bill | | 0.010%, 09/02/21 | | | 999,965 | | | | 0.9 | |
| | 1,000,000 | | | | | United States Treasury Bill | | 0.010%, 10/21/21 | | | 999,868 | | | | 0.9 | |
| | 1,410,000 | | | | | United States Treasury Bill | | 0.010%–0.010%, 06/01/21–09/30/21 | | | 1,409,858 | | | | 1.3 | |
| | | | | | Other | | | | | 400,368 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 41,743,071 | | | | 37.1 | |
| | | | | | | | | | | | |
| | | | |
| 80 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | |
| Summary portfolio of investments (unaudited) | | concluded |
Money Market Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Principal | | | | | Issuer | | | | Value | | | % net
assets | |
| | VARIABLE RATE SECURITIES | | | | | |
| | $ 1,000,000 | | | i | | Federal Farm Credit Bank (FFCB), SOFR + 0.040% | | 0.090%, 08/04/21 | | $ | 1,000,000 | | | | 0.9 | % |
| | 1,000,000 | | | i | | FFCB, SOFR + 0.055% | | 0.105%, 10/15/21 | | | 1,000,000 | | | | 0.9 | |
| | 1,000,000 | | | i | | FFCB, SOFR + 0.070% | | 0.120%, 02/17/22 | | | 1,000,000 | | | | 0.9 | |
| | 1,300,000 | | | i | | FFCB, SOFR + 0.040% | | 0.090%, 06/01/22 | | | 1,300,033 | | | | 1.1 | |
| | 1,000,000 | | | i | | FFCB, SOFR + 0.190% | | 0.240%, 07/14/22 | | | 1,000,000 | | | | 0.9 | |
| | 1,000,000 | | | i | | FFCB, SOFR + 0.045% | | 0.095%, 09/08/22 | | | 999,940 | | | | 0.9 | |
| | 2,275,000 | | | i | | Federal Farm Credit Bank (FFCB), SOFR + 0.035%–SOFR + 0.310% | | 0.085%–0.360%, 08/12/22–05/12/23 | | | 2,276,422 | | | | 2.1 | |
| | 2,000,000 | | | i | | Federal Home Loan Bank (FHLB), SOFR + 0.120% | | 0.170%, 10/13/21 | | | 2,000,000 | | | | 1.8 | |
| | 1,000,000 | | | i | | FHLB, SOFR + 0.065% | | 0.115%, 12/21/21 | | | 1,000,000 | | | | 0.9 | |
| | 1,000,000 | | | i | | FHLB, SOFR + 0.080% | | 0.130%, 02/22/22 | | | 1,000,000 | | | | 0.9 | |
| | 1,000,000 | | | i | | FHLB, SOFR + 0.055% | | 0.105%, 05/13/22 | | | 1,000,000 | | | | 0.9 | |
| | 1,000,000 | | | i | | FHLB, SOFR + 0.085% | | 0.135%, 10/05/22 | | | 1,000,000 | | | | 0.9 | |
| | 2,775,000 | | | i | | Federal Home Loan Bank (FHLB), SOFR + 0.010%–SOFR + 0.090% | | 0.060%–0.140%, 04/11/22–05/19/23 | | | 2,775,000 | | | | 2.4 | |
| | 1,000,000 | | | i | | Federal Home Loan Mortgage Corp (FHLMC), SOFR + 0.095% | | 0.145%, 08/19/22 | | | 1,000,000 | | | | 0.9 | |
| | | | | | Other | | | | | 1,150,974 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,502,369 | | | | 17.4 | |
| | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $114,739,719) | | | 114,739,719 | | | | 102.1 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $114,739,719) | | | 114,739,719 | | | | 102.1 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (2,331,548 | ) | | | (2.1 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 112,408,171 | | | | 100.0 | % |
| | | | | | | | | | | | |
Abbreviation(s):
| 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 § 2021 Semiannual Report | | | 81 | |
| | |
| Summary portfolio of investments (unaudited) | | |
Balanced Fund § June 30, 2021
| | | | | | | | | | | | | | | | |
| Shares | | | | | Security | | | | Value | | | % of net
assets | |
| | | | | | | | | | | | | | | | |
| | TIAA-CREF LIFE FUNDS—101.8%a | | | | | | | | | | |
| | FIXED INCOME—50.8% | | | | | |
| | 3,578,049 | | | | | TIAA-CREF Life Core Bond Fund | | | | $ | 39,358,542 | | | | 50.8 | % |
| | | | | | | | | | | | |
| | | | | | TOTAL FIXED INCOME | | | | | 39,358,542 | | | | 50.8 | |
| | | | | | | | | | | | |
| | INTERNATIONAL EQUITY—10.0% | | | | | | | | | | |
| | 770,884 | | | | | TIAA-CREF Life International Equity Fund | | | | | 7,762,805 | | | | 10.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL INTERNATIONAL EQUITY | | | | | 7,762,805 | | | | 10.0 | |
| | | | | | | | | | | | |
| | U.S. EQUITY—41.0% | | | | | | | | | | |
| | 293,301 | | | | | TIAA-CREF Life Growth Equity Fund | | | | | 7,294,402 | | | | 9.4 | |
| | 324,501 | | | | | TIAA-CREF Life Growth & Income Fund | | | | | 7,934,052 | | | | 10.3 | |
| | 393,028 | | | | | TIAA-CREF Life Large-Cap Value Fund | | | | | 7,011,625 | | | | 9.1 | |
| | 89,466 | | | | | TIAA-CREF Life Real Estate Securities Fund | | | | | 1,573,715 | | | | 2.0 | |
| | 91,594 | | | | | TIAA-CREF Life Small-Cap Equity Fund | | | | | 1,580,921 | | | | 2.0 | |
| | 166,533 | | | | | TIAA-CREF Life Stock Index Fund | | | | | 6,348,220 | | | | 8.2 | |
| | | | | | | | | | | | |
| | | | | | TOTAL U.S. EQUITY | | | | | 31,742,935 | | | | 41.0 | |
| | | | | | | | | | | | |
| | | | | | TOTAL TIAA-CREF LIFE FUNDS | | (Cost $60,172,117) | | | 78,864,282 | | | | 101.8 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $60,172,117) | | | 78,864,282 | | | | 101.8 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (1,387,466 | ) | | | (1.8 | ) |
| | | | | | | | | | | | |
| | | | | | NET ASSETS | | | | $ | 77,476,816 | | | | 100.0 | % |
| | | | | | | | | | | | |
| a | | The Fund Invest its assets in the affiliated TIAA-CREF Life Funds. |
| | | | |
| 82 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
[This page intentionally left blank.]
| | | | |
| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 83 | |
| | |
| Statements of assets and liabilities (unaudited) | | |
TIAA-CREF Life Funds § June 30, 2021
| | | | | | | | |
| | | Growth
Equity
Fund | | | | |
| |
| | |
ASSETS | | | | | | | | |
Portfolio investments, at value*† | | $ | 179,641,306 | | | | | |
Cash | | | 495 | | | | | |
Cash—foreign^ | | | 3,236 | | | | | |
Receivable from securities transactions | | | 3,774,362 | | | | | |
Receivable from Fund shares sold | | | 31 | | | | | |
Dividends and interest receivable | | | 36,853 | | | | | |
Due from affiliates | | | — | | | | | |
Receivable for variation margin on open futures contracts | | | — | | | | | |
Other | | | 19,434 | | | | | |
| |
Total assets | | | 183,475,717 | | | | | |
| |
| | |
LIABILITIES | | | | | | | | |
Management fees payable | | | 63,833 | | | | | |
Due to affiliates | | | 819 | | | | | |
Overdraft payable | | | — | | | | | |
Payable for collateral for securities loaned | | | 877,477 | | | | | |
Payable for securities transactions | | | 2,495,513 | | | | | |
Payable for Fund shares redeemed | | | 221,417 | | | | | |
Written optionsà | | | — | | | | | |
Payable for variation margin on futures contracts | | | — | | | | | |
Payable for trustee compensation | | | 11,689 | | | | | |
Accrued expenses and other payables | | | 24,568 | | | | | |
| |
Total liabilities | | | 3,695,316 | | | | | |
| |
NET ASSETS | | $ | 179,780,401 | | | | | |
|
| |
| | |
NET ASSETS CONSIST OF: | | | | | | | | |
Paid-in-capital | | $ | 62,270,187 | | | | | |
Total distributable earnings (loss) | | | 117,510,214 | | | | | |
| |
NET ASSETS | | $ | 179,780,401 | | | | | |
|
| |
Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value) | | | 7,228,982 | | | | | |
| |
Net asset value per share | | $ | 24.87 | | | | | |
|
| |
| | |
* Includes securities loaned of | | $ | 1,109,226 | | | | | |
† Portfolio investments, cost | | $ | 102,595,273 | | | | | |
^ Foreign cash, cost | | $ | 3,235 | | | | | |
à Written options premiums | | $ | — | | | | | |
| | | | |
| 84 | | 2021 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 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 200,251,117 | | | $ | 87,029,223 | | | $ | 96,093,954 | | | $ | 72,751,668 | | | $ | 95,068,381 | |
| | | 927 | | | | 90 | | | | 703 | | | | 20,362 | | | | — | |
| | | — | | | | — | | | | — | | | | — | | | | — | |
| | | 548,449 | | | | 500,807 | | | | — | | | | — | | | | 82,900 | |
| | | 35 | | | | 15 | | | | 13,685 | | | | 15 | | | | 5 | |
| | | 71,062 | | | | 38,144 | | | | 296,977 | | | | 35,610 | | | | 54,525 | |
| | | — | | | | 3,952 | | | | 2,254 | | | | 5,046 | | | | 3,221 | |
| | | — | | | | — | | | | — | | | | — | | | | 2,623 | |
| | | 25,807 | | | | 15,324 | | | | 16,759 | | | | 8,977 | | | | 9,118 | |
| |
| | | 200,897,397 | | | | 87,587,555 | | | | 96,424,332 | | | | 72,821,678 | | | | 95,220,773 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 72,737 | | | | 32,707 | | | | 40,209 | | | | 27,325 | | | | 11,451 | |
| | | 807 | | | | 751 | | | | 759 | | | | 760 | | | | 764 | |
| | | — | | | | — | | | | — | | | | — | | | | 1,926 | |
| | | 703,516 | | | | — | | | | — | | | | 193,015 | | | | 180,296 | |
| | | 579,398 | | | | 122,964 | | | | — | | | | — | | | | 691,906 | |
| | | 501,570 | | | | 74,956 | | | | 120,973 | | | | 48,374 | | | | 12,913 | |
| | | 189,385 | | | | — | | | | — | | | | — | | | | — | |
| | | — | | | | — | | | | — | | | | 16,418 | | | | — | |
| | | 17,619 | | | | 11,934 | | | | 13,030 | | | | 9,005 | | | | 9,179 | |
| | | 31,645 | | | | 22,827 | | | | 18,815 | | | | 27,574 | | | | 26,939 | |
| |
| | | 2,096,677 | | | | 266,139 | | | | 193,786 | | | | 322,471 | | | | 935,374 | |
| |
| | $ | 198,800,720 | | | $ | 87,321,416 | | | $ | 96,230,546 | | | $ | 72,499,207 | | | $ | 94,285,399 | |
|
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 86,324,020 | | | $ | 56,248,874 | | | $ | 50,598,905 | | | $ | 46,251,267 | | | $ | 42,742,887 | |
| | | 112,476,700 | | | | 31,072,542 | | | | 45,631,641 | | | | 26,247,940 | | | | 51,542,512 | |
| |
| | $ | 198,800,720 | | | $ | 87,321,416 | | | $ | 96,230,546 | | | $ | 72,499,207 | | | $ | 94,285,399 | |
|
| |
| |
|
8,129,847 |
| | | 4,895,136 | | | | 5,470,759 | | | | 4,199,230 | | | | 4,357,010 | |
| |
| | $ | 24.45 | | | $ | 17.84 | | | $ | 17.59 | | | $ | 17.26 | | | $ | 21.64 | |
|
| |
| | | | | |
| | $ | 1,128,356 | | | $ | — | | | $ | — | | | $ | 751,919 | | | $ | 590,339 | |
| | $ | 107,598,536 | | | $ | 57,131,569 | | | $ | 55,804,608 | | | $ | 51,488,898 | | | $ | 54,713,302 | |
| | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | $ | 278,034 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 85 | |
| | |
| Statements of assets and liabilities (unaudited) | | |
TIAA-CREF Life Funds § June 30, 2021
| | | | | | | | |
| | | Stock
Index
Fund | | | | |
| |
| | |
ASSETS | | | | | | | | |
Portfolio investments, at value*† | | $ | 774,035,923 | | | | | |
Affiliated investments, at value‡ | | | — | | | | | |
Cash§ | | | — | | | | | |
Cash—foreign^ | | | — | | | | | |
Receivable from securities transactions | | | 179,103 | | | | | |
Receivable for delayed delivery securities | | | — | | | | | |
Receivable from Fund shares sold | | | 1,083 | | | | | |
Dividends and interest receivable | | | 473,230 | | | | | |
Due from affiliates | | | — | | | | | |
Receivable for variation margin on open futures contracts | | | 105,589 | | | | | |
Unrealized appreciation on forward foreign currency contracts | | | — | | | | | |
Receivable for variation margin on centrally cleared swap contracts | | | — | | | | | |
Other | | | 44,326 | | | | | |
| |
Total assets | | | 774,839,254 | | | | | |
| |
| | |
LIABILITIES | | | | | | | | |
Management fees payable | | | 37,561 | | | | | |
Due to affiliates | | | 996 | | | | | |
Overdraft payable | | | 94,005 | | | | | |
Payable for collateral for securities loaned | | | 1,358,276 | | | | | |
Payable for securities transactions | | | — | | | | | |
Payable for delayed delivery securities | | | — | | | | | |
Payable for Fund shares redeemed | | | 1,024,111 | | | | | |
Payable for trustee compensation | | | 44,551 | | | | | |
Accrued expenses and other payables | | | 51,273 | | | | | |
| |
Total liabilities | | | 2,610,773 | | | | | |
| |
NET ASSETS | | $ | 772,228,481 | | | | | |
|
| |
| | |
NET ASSETS CONSIST OF: | | | | | | | | |
Paid-in-capital | | $ | 249,096,182 | | | | | |
Total distributable earnings (loss) | | | 523,132,299 | | | | | |
| |
NET ASSETS | | $ | 772,228,481 | | | | | |
|
| |
Outstanding shares of beneficial interest,
unlimited shares authorized ($.0001 par value) | | | 20,255,694 | | | | | |
| |
Net asset value per share | | $ | 38.12 | | | | | |
|
| |
| | |
* Includes securities loaned of | | $ | 2,962,413 | | | | | |
† Portfolio investments, cost | | $ | 266,838,119 | | | | | |
‡ Affiliated investments, cost | | $ | — | | | | | |
§ Includes cash collateral for mortgage dollar rolls of | | $ | — | | | | | |
^ ���Foreign cash, cost | | $ | — | | | | | |
| | | | |
| 86 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | International
Equity
Fund | | | Core
Bond
Fund | | | Money
Market
Fund | | | Balanced
Fund | |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | $ | 136,213,038 | | | $ | 251,785,614 | | | $ | 114,739,719 | | | $ | — | |
| | | — | | | | — | | | | — | | | | 78,864,282 | |
| | | 49,380 | | | | 2,164,836 | | | | 617 | | | | 75,051 | |
| | | 99,669 | | | | — | | | | — | | | | — | |
| | | 1,223,652 | | | | 839,445 | | | | — | | | | 173,329 | |
| | | — | | | | 19,859,719 | | | | — | | | | — | |
| | | 49,592 | | | | 120,238 | | | | 281,792 | | | | — | |
| | | 393,803 | | | | 1,187,910 | | | | 33,808 | | | | — | |
| | | — | | | | 8,030 | | | | 16,411 | | | | 5,484 | |
| | | — | | | | — | | | | — | | | | — | |
| | | — | | | | 2,096 | | | | — | | | | — | |
| | | — | | | | 6,319 | | | | — | | | | — | |
| | | 21,893 | | | | 25,772 | | | | — | | | | 3,790 | |
| |
| | | 138,051,027 | | | | 275,999,979 | | | | 115,072,347 | | | | 79,121,936 | |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 56,591 | | | | 54,665 | | | | 9,385 | | | | 6,433 | |
| | | 784 | | | | 845 | | | | 793 | | | | 751 | |
| | | — | | | | — | | | | — | | | | — | |
| | | 494,265 | | | | 1,684,879 | | | | — | | | | — | |
| | | 1,396,142 | | | | 187,843 | | | | 1,549,815 | | | | 169,456 | |
| | | — | | | | 50,991,145 | | | | — | | | | — | |
| | | 76,820 | | | | 157,402 | | | | 1,063,114 | | | | 1,455,938 | |
| | | 14,793 | | | | 25,822 | | | | 10 | | | | 3,833 | |
| | | 28,737 | | | | 77,084 | | | | 41,059 | | | | 8,709 | |
| |
| | | 2,068,132 | | | | 53,179,685 | | | | 2,664,176 | | | | 1,645,120 | |
| |
| | $ | 135,982,895 | | | $ | 222,820,294 | | | $ | 112,408,171 | | | $ | 77,476,816 | |
|
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | $ | 106,926,150 | | | $ | 203,922,586 | | | $ | 112,394,234 | | | $ | 56,013,369 | |
| | | 29,056,745 | | | | 18,897,708 | | | | 13,937 | | | | 21,463,447 | |
| |
| | $ | 135,982,895 | | | $ | 222,820,294 | | | $ | 112,408,171 | | | $ | 77,476,816 | |
|
| |
| |
|
13,503,382 |
| | | 20,252,449 | | | | 112,391,880 | | | | 5,358,748 | |
| |
| | $ | 10.07 | | | $ | 11.00 | | | $ | 1.00 | | | $ | 14.46 | |
|
| |
| | | | |
| | $ | 1,963,572 | | | $ | 1,642,124 | | | $ | — | | | $ | — | |
| | $ | 105,997,165 | | | $ | 244,540,468 | | | $ | 114,739,719 | | | $ | — | |
| | $ | — | | | $ | — | | | $ | — | | | $ | 60,172,117 | |
| | $ | — | | | $ | 1,960,000 | | | $ | — | | | $ | — | |
| | $ | 100,159 | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 87 | |
| | |
| Statements of operations (unaudited) | | |
TIAA-CREF Life Funds § For the period ended June 30, 2021
| | | | | | | | |
| | | Growth
Equity
Fund | | | | |
| |
| | |
INVESTMENT INCOME | | | | | | | | |
Dividends* | | $ | 365,597 | | | | | |
Payment from affiliate | | | 13,711 | | | | | |
Income from securities lending, net | | | 11,499 | | | | | |
Interest* | | | 69 | | | | | |
| |
Total income | | | 390,876 | | | | | |
| |
| | |
EXPENSES | | | | | | | | |
Management fees | | | 377,914 | | | | | |
Shareholder servicing | | | 1,079 | | | | | |
Custody and accounting fees | | | 3,781 | | | | | |
Professional fees | | | 14,808 | | | | | |
Administrative service fees | | | 11,399 | | | | | |
Shareholder reports | | | 8,576 | | | | | |
Trustee fees and expenses | | | 898 | | | | | |
Other expenses | | | 7,258 | | | | | |
| |
Total expenses | | | 425,713 | | | | | |
Less: Expenses reimbursed by the investment adviser | | | — | | | | | |
| |
Net expenses | | | 425,713 | | | | | |
| |
| | |
Net investment income (loss) | | | (34,837 | ) | | | | |
| |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | | | | | | | | |
Realized gain (loss): | | | | | | | | |
Portfolio investments‡ | | | 8,571,369 | | | | | |
Purchased options | | | — | | | | | |
Written options | | | — | | | | | |
Futures contracts | | | — | | | | | |
Foreign currency transactions | | | 9,536 | | | | | |
| |
Net realized gain (loss) on total investments | | | 8,580,905 | | | | | |
| |
| | |
Change in unrealized appreciation (depreciation) on: | | | | | | | | |
Portfolio investments | | | 13,120,046 | | | | | |
Purchased options | | | — | | | | | |
Written options | | | — | | | | | |
Futures contracts | | | — | | | | | |
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | | | 4,354 | | | | | |
| |
Net change in unrealized appreciation (depreciation) on total investments and from unaffiliated and affiliated investments | | | 13,124,400 | | | | | |
| |
Net realized and unrealized gain (loss) on total investments | | | 21,705,305 | | | | | |
| |
Net increase (decrease) in net assets from operations | | $ | 21,670,468 | | | | | |
|
| |
| | |
* Net of foreign withholding taxes of | | $ | 7,555 | | | | | |
‡ Includes net realized gain (loss) from securities sold to affiliates of | | $ | 60,802 | | | | | |
| | | | |
| 88 | | 2021 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 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 1,026,076 | | | $ | 670,591 | | | $ | 799,690 | | | $ | 243,460 | | | $ | 571,046 | |
| | | 14,305 | | | | 5,711 | | | | 6,171 | | | | — | | | | — | |
| | | 10,945 | | | | — | | | | — | | | | 7,616 | | | | 992 | |
| | | 77 | | | | 38 | | | | 106 | | | | (17 | ) | | | 90 | |
| |
| | | 1,051,403 | | | | 676,340 | | | | 805,967 | | | | 251,059 | | | | 572,128 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 420,217 | | | | 183,456 | | | | 217,932 | | | | 161,707 | | | | 65,751 | |
| | | 1,122 | | | | 1,037 | | | | 1,027 | | | | 1,006 | | | | 1,080 | |
| | | 15,519 | | | | 16,179 | | | | 6,018 | | | | 18,990 | | | | 9,057 | |
| | | 15,098 | | | | 14,414 | | | | 15,055 | | | | 13,047 | | | | 10,737 | |
| | | 11,490 | | | | 10,845 | | | | 10,877 | | | | 10,797 | | | | 10,895 | |
| | | 8,570 | | | | 3,880 | | | | 6,356 | | | | 5,850 | | | | 6,158 | |
| | | 1,009 | | | | 433 | | | | 479 | | | | 365 | | | | 464 | |
| | | 10,301 | | | | 7,235 | | | | 7,374 | | | | 8,779 | | | | 13,813 | |
| |
| | | 483,326 | | | | 237,479 | | | | 265,118 | | | | 220,541 | | | | 117,955 | |
| | | — | | | | (25,458 | ) | | | (16,646 | ) | | | (34,198 | ) | | | (21,492 | ) |
| |
| | | 483,326 | | | | 212,021 | | | | 248,472 | | | | 186,343 | | | | 96,463 | |
| |
| | | | | |
| | | 568,077 | | | | 464,319 | | | | 557,495 | | | | 64,716 | | | | 475,665 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 14,460,415 | | | | 2,521,675 | | | | 3,830,011 | | | | 7,409,411 | | | | 7,248,103 | |
| | | (13,344 | ) | | | — | | | | — | | | | — | | | | — | |
| | | 480,731 | | | | — | | | | — | | | | — | | | | — | |
| | | — | | | | — | | | | — | | | | 354,906 | | | | 105,300 | |
| | | (3,706 | ) | | | — | | | | (914 | ) | | | — | | | | — | |
| |
| |
| 14,924,096
|
| | | 2,521,675 | | | | 3,829,097 | | | | 7,764,317 | | | | 7,353,403 | |
| |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | 9,740,069 | | | | 9,796,599 | | | | 12,352,367 | | | | 5,663,131 | | | | 5,166,913 | |
| | | (26,921 | ) | | | — | | | | — | | | | — | | | | — | |
| | | (109,612 | ) | | | — | | | | — | | | | — | | | | — | |
| | | — | | | | — | | | | — | | | | (89,199 | ) | | | (11,209 | ) |
| | | (213 | ) | | | (31 | ) | | | — | | | | — | | | | — | |
| |
| |
|
9,603,323 |
| | | 9,796,568 | | | | 12,352,367 | | | | 5,573,932 | | | | 5,155,704 | |
| |
| | | 24,527,419 | | | | 12,318,243 | | | | 16,181,464 | | | | 13,338,249 | | | | 12,509,107 | |
| |
| | $ | 25,095,496 | | | $ | 12,782,562 | | | $ | 16,738,959 | | | $ | 13,402,965 | | | $ | 12,984,772 | |
|
| |
| | | | | |
| | $ | 4,040 | | | $ | 765 | | | $ | — | | | $ | 539 | | | $ | 7 | |
| | $ | — | | | $ | 667 | | | $ | 32 | | | $ | — | | | $ | — | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 89 | |
| | |
| Statements of operations (unaudited) | | |
TIAA-CREF Life Funds § For the period ended June 30, 2021
| | | | | | | | |
| | | Stock
Index
Fund | | | | |
| |
| | |
INVESTMENT INCOME | | | | | | | | |
Dividends* | | $ | 4,524,590 | | | | | |
Payment from affiliate | | | — | | | | | |
Income from securities lending, net | | | 18,844 | | | | | |
Interest* | | | (8 | ) | | | | |
| |
Total income | | | 4,543,426 | | | | | |
| |
| | |
EXPENSES | | | | | | | | |
Management fees | | | 215,798 | | | | | |
Shareholder servicing | | | 1,173 | | | | | |
Custody and accounting fees | | | 9,374 | | | | | |
Professional fees | | | 23,768 | | | | | |
Administrative service fees | | | 14,632 | | | | | |
Shareholder reports | | | 21,628 | | | | | |
Trustee fees and expenses | | | 3,893 | | | | | |
Other expenses | | | 10,038 | | | | | |
| |
Total expenses | | | 300,304 | | | | | |
Less: Expenses reimbursed by the investment adviser | | | — | | | | | |
| |
Net expenses | | | 300,304 | | | | | |
| |
| | |
Net investment income (loss) | | | 4,243,122 | | | | | |
| |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | | | | | | | | |
Realized gain (loss): | | | | | | | | |
Portfolio investments: | | | | | | | | |
Unaffiliated investments‡ | | | 9,248,077 | | | | | |
Affiliated investments | | | — | | | | | |
Futures contracts | | | 487,050 | | | | | |
Forward foreign currency contracts | | | — | | | | | |
Swap contracts | | | — | | | | | |
Foreign currency transactions | | | — | | | | | |
| |
Net realized gain (loss) on total investments | | | 9,735,127 | | | | | |
| |
| | |
Change in unrealized appreciation (depreciation) on: | | | | | | | | |
Portfolio investments: | | | | | | | | |
Unaffiliated investments | | | 87,586,858 | | | | | |
Affiliated investments | | | — | | | | | |
Futures contracts | | | 74,278 | | | | | |
Forward foreign currency contracts | | | — | | | | | |
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | | | — | | | | | |
| |
Net change in unrealized appreciation (depreciation) on total investments and from unaffiliated and affiliated investments | | | 87,661,136 | | | | | |
| |
Net realized and unrealized gain (loss) on total investments | | | 97,396,263 | | | | | |
| |
Net increase (decrease) in net assets from operations | | $ | 101,639,385 | | | | | |
|
| |
| | |
* Net of foreign withholding taxes of | | $ | 580 | | | | | |
‡ Includes net realized gain (loss) from securities sold to affiliates of | | $ | (9,213 | ) | | | | |
| | | | |
| 90 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | International
Equity
Fund | | | Core
Bond
Fund | | | Money
Market
Fund | | | Balanced
Fund | |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | $ | 2,144,145 | | | $ | 2,948 | | | $ | — | | | $ | — | |
| | | 10,872 | | | | — | | | | — | | | | — | |
| | | 1,875 | | | | 1,414 | | | | — | | | | — | |
| | | 87 | | | | 2,582,956 | | | | 36,050 | | | | — | |
| |
| | | 2,156,979 | | | | 2,587,318 | | | | 36,050 | | | | — | |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 323,805 | | | | 324,291 | | | | 55,696 | | | | 37,676 | |
| | | 1,077 | | | | 1,172 | | | | 913 | | | | 1,022 | |
| | | 18,846 | | | | 16,805 | | | | 22,001 | | | | 2,180 | |
| | | 18,538 | | | | 33,270 | | | | 11,801 | | | | 7,425 | |
| | | 11,146 | | | | 11,685 | | | | 11,094 | | | | 8,341 | |
| | | 5,413 | | | | 11,615 | | | | 7,587 | | | | 5,879 | |
| | | 691 | | | | 1,190 | | | | 618 | | | | 406 | |
| | | 7,386 | | | | 9,873 | | | | 4,765 | | | | 6,464 | |
| |
| | | 386,902 | | | | 409,901 | | | | 114,475 | | | | 69,393 | |
| | | — | | | | (31,014 | ) | | | (78,425 | ) | | | (31,689 | ) |
| |
| | | 386,902 | | | | 378,887 | | | | 36,050 | | | | 37,704 | |
| |
| | | | |
| | | 1,770,077 | | | | 2,208,431 | | | | — | | | | (37,704 | ) |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | 2,480,078 | | | | 553,792 | | | | 234 | | | | — | |
| | | — | | | | — | | | | — | | | | 897,520 | |
| | | — | | | | — | | | | — | | | | — | |
| | | — | | | | 1,609 | | | | — | | | | — | |
| | | — | | | | 17,890 | | | | — | | | | — | |
| | | 7,258 | | | | 10,398 | | | | — | | | | — | |
| |
| | | 2,487,336 | | | | 583,689 | | | | 234 | | | | 897,520 | |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | 7,082,421 | | | | (4,670,603 | ) | | | — | | | | — | |
| | | — | | | | — | | | | — | | | | 3,951,871 | |
| | | — | | | | — | | | | — | | | | — | |
| | | — | | | | 2,096 | | | | — | | | | — | |
| | | (11,613 | ) | | | (1,618 | ) | | | — | | | | — | |
| |
| | | 7,070,808 | | | | (4,670,125 | ) | | | — | | | | 3,951,871 | |
| |
| | | 9,558,144 | | | | (4,086,436 | ) | | | 234 | | | | 4,849,391 | |
| |
| | $ | 11,328,221 | | | $ | (1,878,005 | ) | | $ | 234 | | | $ | 4,811,687 | |
|
| |
| | | | |
| | $ | 184,947 | | | $ | 2,455 | | | $ | — | | | $ | — | |
| | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 91 | |
| | |
| Statements of changes in net assets | | |
TIAA-CREF Life Funds § For the period or year ended
| | | | | | | | | | | | |
| | | Growth Equity Fund | | | | |
| | | June 30, 2021 | | | December 31, 2020 | | | | |
| |
| | | (unaudited) | | | | | | | |
OPERATIONS | | | | | | | | | | | | |
Net investment income (loss) | | $ | (34,837 | ) | | $ | 288,364 | | | | | |
Net realized gain (loss) on total investments | | | 8,580,905 | | | | 31,995,800 | | | | | |
Net change in unrealized appreciation (depreciation) on total investments | | | 13,124,400 | | | | 18,837,211 | | | | | |
| |
Net increase (decrease) in net assets from operations | | | 21,670,468 | | | | 51,121,375 | | | | | |
| |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS | | | — | | | | (10,356,297 | ) | | | | |
| |
Total distributions | | | — | | | | (10,356,297 | ) | | | | |
| |
| | | |
SHAREHOLDER TRANSACTIONS | | | | | | | | | | | | |
Subscriptions | | | 10,065,434 | | | | 37,578,418 | | | | | |
Reinvestments of distributions | | | — | | | | 10,356,297 | | | | | |
Redemptions | | | (18,390,727 | ) | | | (40,203,080 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (8,325,293 | ) | | | 7,731,635 | | | | | |
| |
| | | |
Net increase (decrease) in net assets | | | 13,345,175 | | | | 48,496,713 | | | | | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | 166,435,226 | | | | 117,938,513 | | | | | |
| |
End of period | | $ | 179,780,401 | | | $ | 166,435,226 | | | | | |
|
| |
| | | |
CHANGE IN FUND SHARES | | | | | | | | | | | | |
Shares sold | | | 429,941 | | | | 2,111,441 | | | | | |
Shares reinvested | | | — | | | | 549,989 | | | | | |
Shares redeemed | | | (808,536 | ) | | | (2,255,366 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (378,595 | ) | | | 406,064 | | | | | |
|
| |
| | | | |
| 92 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | Growth & Income Fund | | | Large-Cap Value Fund | |
| | | June 30, 2021 | | | December 31, 2020 | | | June 30, 2021 | | | December 31, 2020 | |
| |
| | | (unaudited) | | | | | | (unaudited) | | | | |
| | | | | | | | | | | | | | | | |
| | $ | 568,077 | | | $ | 1,454,201 | | | $ | 464,319 | | | $ | 1,193,018 | |
| | | 14,924,096 | | | | 3,547,475 | | | | 2,521,675 | | | | (1,985,982 | ) |
| | | | |
| | | 9,603,323 | | | | 24,941,268 | | | | 9,796,568 | | | | 2,754,824 | |
| |
| | | 25,095,496 | | | | 29,942,944 | | | | 12,782,562 | | | | 1,961,860 | |
| |
| | | | |
| | | — | | | | (8,699,826 | ) | | | — | | | | (1,299,154 | ) |
| |
| | | — | | | | (8,699,826 | ) | | | — | | | | (1,299,154 | ) |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 4,756,135 | | | | 10,693,429 | | | | 8,709,478 | | | | 10,721,832 | |
| | | — | | | | 8,699,145 | | | | — | | | | 1,298,983 | |
| | | (8,204,416 | ) | | | (23,706,990 | ) | | | (7,999,353 | ) | | | (13,955,827 | ) |
| |
| | | (3,448,281 | ) | | | (4,314,416 | ) | | | 710,125 | | | | (1,935,012 | ) |
| |
| | | | |
| | | 21,647,215 | | | | 16,928,702 | | | | 13,492,687 | | | | (1,272,306 | ) |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 177,153,505 | | | | 160,224,803 | | | | 73,828,729 | | | | 75,101,035 | |
| |
| | $ | 198,800,720 | | | $ | 177,153,505 | | | $ | 87,321,416 | | | $ | 73,828,729 | |
|
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 209,840 | | | | 590,401 | | | | 510,109 | | | | 810,807 | |
| | | — | | | | 472,266 | | | | — | | | | 99,387 | |
| | | (359,353 | ) | | | (1,299,064 | ) | | | (472,885 | ) | | | (1,085,251 | ) |
| |
| | | (149,513 | ) | | | (236,397 | ) | | | 37,224 | | | | (175,057 | ) |
|
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 93 | |
| | |
| Statements of changes in net assets | | |
TIAA-CREF Life Funds § For the period or year ended
| | | | | | | | | | | | |
| | | Real Estate Securities Fund | | | | |
| | | June 30, 2021 | | | December 31, 2020 | | | | |
| |
| | | (unaudited) | | | | | | | |
OPERATIONS | | | | | | | | | | | | |
Net investment income (loss) | | $ | 557,495 | | | $ | 1,430,898 | | | | | |
Net realized gain (loss) on total investments | | | 3,829,097 | | | | (345,636 | ) | | | | |
Net change in unrealized appreciation (depreciation) on total investments | | | 12,352,367 | | | | (438,735 | ) | | | | |
| |
Net increase (decrease) in net assets from operations | | | 16,738,959 | | | | 646,527 | | | | | |
| |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS | | | — | | | | (6,053,015 | ) | | | | |
| |
Total distributions | | | — | | | | (6,053,015 | ) | | | | |
| |
| | | |
SHAREHOLDER TRANSACTIONS | | | | | | | | | | | | |
Subscriptions | | | 5,897,412 | | | | 7,620,372 | | | | | |
Reinvestments of distributions | | | — | | | | 6,052,541 | | | | | |
Redemptions | | | (7,222,152 | ) | | | (12,426,848 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (1,324,740 | ) | | | 1,246,065 | | | | | |
| |
| | | |
Net increase (decrease) in net assets | | | 15,414,219 | | | | (4,160,423 | ) | | | | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | 80,816,327 | | | | 84,976,750 | | | | | |
| |
End of period | | $ | 96,230,546 | | | $ | 80,816,327 | | | | | |
|
| |
| | | |
CHANGE IN FUND SHARES | | | | | | | | | | | | |
Shares sold | | | 352,705 | | | | 535,348 | | | | | |
Shares reinvested | | | — | | | | 450,338 | | | | | |
Shares redeemed | | | (443,730 | ) | | | (870,099 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (91,025 | ) | | | 115,587 | | | | | |
|
| |
| | | | |
| 94 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | Small-Cap Equity Fund | | | Social Choice Equity Fund | |
| | | June 30, 2021 | | | December 31, 2020 | | | June 30, 2021 | | | December 31, 2020 | |
| |
| | | (unaudited) | | | | | | (unaudited) | | | | |
| | | | | | | | | | | | | | | | |
| | $ | 64,716 | | | $ | 257,956 | | | $ | 475,665 | | | $ | 955,309 | |
| | | 7,764,317 | | | | (2,921,926 | ) | | | 7,353,403 | | | | 2,414,979 | |
| | | | |
| | | 5,573,932 | | | | 9,670,070 | | | | 5,155,704 | | | | 10,440,012 | |
| |
| | | 13,402,965 | | | | 7,006,100 | | | | 12,984,772 | | | | 13,810,300 | |
| |
| | | | |
| | | — | | | | (2,212,238 | ) | | | — | | | | (5,322,958 | ) |
| |
| | | — | | | | (2,212,238 | ) | | | — | | | | (5,322,958 | ) |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 9,888,453 | | | | 7,619,004 | | | | 3,323,196 | | | | 6,667,477 | |
| | | — | | | | 2,212,239 | | | | — | | | | 5,322,140 | |
| | | (11,046,483 | ) | | | (7,979,521 | ) | | | (3,834,979 | ) | | | (9,554,192 | ) |
| |
| | | (1,158,030 | ) | | | 1,851,722 | | | | (511,783 | ) | | | 2,435,425 | |
| |
| | | | |
| | | 12,244,935 | | | | 6,645,584 | | | | 12,472,989 | | | | 10,922,767 | |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 60,254,272 | | | | 53,608,688 | | | | 81,812,410 | | | | 70,889,643 | |
| |
| | $ | 72,499,207 | | | $ | 60,254,272 | | | $ | 94,285,399 | | | $ | 81,812,410 | |
|
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 604,180 | | | | 690,937 | | | | 164,151 | | | | 408,689 | |
| | | — | | | | 204,458 | | | | — | | | | 328,730 | |
| | | (674,247 | ) | | | (708,733 | ) | | | (188,941 | ) | | | (586,853 | ) |
| |
| | | (70,067 | ) | | | 186,662 | | | | (24,790 | ) | | | 150,566 | |
|
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 95 | |
| | |
| Statements of changes in net assets | | |
TIAA-CREF Life Funds § For the period or year ended
| | | | | | | | | | | | |
| | | Stock Index Fund | | | | |
| | | June 30, 2021 | | | December 31, 2020 | | | | |
| |
| | | (unaudited) | | | | | | | |
OPERATIONS | | | | | | | | | | | | |
Net investment income (loss) | | $ | 4,243,122 | | | $ | 9,120,558 | | | | | |
Net realized gain (loss) on total investments | | | 9,735,127 | | | | 2,421,970 | | | | | |
Net change in unrealized appreciation (depreciation) on total investments | | | 87,661,136 | | | | 105,562,221 | | | | | |
| |
Net increase (decrease) in net assets from operations | | | 101,639,385 | | | | 117,104,749 | | | | | |
| |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS | | | — | | | | (12,391,194 | ) | | | | |
| |
Total distributions | | | — | | | | (12,391,194 | ) | | | | |
| |
| | | |
SHAREHOLDER TRANSACTIONS | | | | | | | | | | | | |
Subscriptions | | | 23,468,865 | | | | 48,638,143 | | | | | |
Reinvestments of distributions | | | — | | | | 12,391,194 | | | | | |
Redemptions | | | (31,611,846 | ) | | | (71,166,430 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (8,142,981 | ) | | | (10,137,093 | ) | | | | |
| |
| | | |
Net increase (decrease) in net assets | | | 93,496,404 | | | | 94,576,462 | | | | | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | 678,732,077 | | | | 584,155,615 | | | | | |
| |
End of period | | $ | 772,228,481 | | | $ | 678,732,077 | | | | | |
|
| |
| | | |
CHANGE IN FUND SHARES | | | | | | | | | | | | |
Shares sold | | | 659,744 | | | | 1,794,172 | | | | | |
Shares reinvested | | | — | | | | 433,713 | | | | | |
Shares redeemed | | | (889,558 | ) | | | (2,590,043 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (229,814 | ) | | | (362,158 | ) | | | | |
|
| |
| | | | |
| 96 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | |
| | | International Equity Fund | | | Core Bond Fund | |
| | | June 30, 2021 | | | December 31, 2020 | | | June 30, 2021 | | | December 31, 2020 | |
| |
| | | (unaudited) | | | | | | (unaudited) | | | | |
| | | | | | | | | | | | | | | | |
| | $ | 1,770,077 | | | $ | 1,535,453 | | | $ | 2,208,431 | | | $ | 5,180,520 | |
| | | 2,487,336 | | | | (4,060,879 | ) | | | 583,689 | | | | 4,298,603 | |
| | | | |
| | | 7,070,808 | | | | 19,238,491 | | | | (4,670,125 | ) | | | 5,712,598 | |
| |
| | | 11,328,221 | | | | 16,713,065 | | | | (1,878,005 | ) | | | 15,191,721 | |
| |
| | | | |
| | | — | | | | (1,665,039 | ) | | | — | | | | (5,983,037 | ) |
| |
| | | — | | | | (1,665,039 | ) | | | — | | | | (5,983,037 | ) |
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 8,353,175 | | | | 14,181,132 | | | | 15,098,632 | | | | 25,101,091 | |
| | | — | | | | 1,665,040 | | | | — | | | | 5,982,838 | |
| | | (6,144,482 | ) | | | (16,066,771 | ) | | | (8,223,570 | ) | | | (25,470,164 | ) |
| |
| | | 2,208,693 | | | | (220,599 | ) | | | 6,875,062 | | | | 5,613,765 | |
| |
| | | | |
| | | 13,536,914 | | | | 14,827,427 | | | | 4,997,057 | | | | 14,822,449 | |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 122,445,981 | | | | 107,618,554 | | | | 217,823,237 | | | | 203,000,788 | |
| |
| | $ | 135,982,895 | | | $ | 122,445,981 | | | $ | 222,820,294 | | | $ | 217,823,237 | |
|
| |
| | | | |
| | | | | | | | | | | | | | | | |
| | | 858,011 | | | | 1,919,745 | | | | 1,382,250 | | | | 2,287,222 | |
| | | — | | | | 208,130 | | | | — | | | | 546,877 | |
| | | (629,705 | ) | | | (2,099,616 | ) | | | (752,141 | ) | | | (2,372,638 | ) |
| |
| | | 228,306 | | | | 28,259 | | | | 630,109 | | | | 461,461 | |
|
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 97 | |
| | |
| Statements of changes in net assets | | |
TIAA-CREF Life Funds § For the period or year ended
| | | | | | | | | | | | |
| | | Money Market Fund | | | | |
| | | June 30, 2021 | | | December 31, 2020 | | | | |
| |
| | | (unaudited) | | | | | | | |
OPERATIONS | | | | | | | | | | | | |
Net investment income (loss) | | $ | — | | | $ | 447,634 | | | | | |
Net realized gain (loss) on total investments | | | 234 | | | | 4,963 | | | | | |
Net change in unrealized appreciation (depreciation) on total investments | | | — | | | | — | | | | | |
| |
Net increase (decrease) in net assets from operations | | | 234 | | | | 452,597 | | | | | |
| |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS | | | — | | | | (447,661 | ) | | | | |
| |
Total distributions | | | — | | | | (447,661 | ) | | | | |
| |
| | | |
SHAREHOLDER TRANSACTIONS | | | | | | | | | | | | |
Subscriptions | | | 52,891,557 | | | | 112,874,716 | | | | | |
Reinvestments of distributions | | | — | | | | 447,661 | | | | | |
Redemptions | | | (55,522,475 | ) | | | (104,094,762 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (2,630,918 | ) | | | 9,227,615 | | | | | |
| |
| | | |
Net increase (decrease) in net assets | | | (2,630,684 | ) | | | 9,232,551 | | | | | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | 115,038,855 | | | | 105,806,304 | | | | | |
| |
End of period | | $ | 112,408,171 | | | $ | 115,038,855 | | | | | |
|
| |
| | | |
CHANGE IN FUND SHARES | | | | | | | | | | | | |
Shares sold | | | 52,891,557 | | | | 112,874,716 | | | | | |
Shares reinvested | | | — | | | | 447,661 | | | | | |
Shares redeemed | | | (55,522,475 | ) | | | (104,094,762 | ) | | | | |
| |
Net increase (decrease) from shareholder transactions | | | (2,630,918 | ) | | | 9,227,615 | | | | | |
|
| |
| | | | |
| 98 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | |
| | | Balanced Fund | |
| | | June 30, 2021 | | | December 31, 2020 | |
| |
| | | (unaudited) | | | | |
| | | | | | | | |
| | $ | (37,704 | ) | | $ | 1,369,105 | |
| | | 897,520 | | | | 1,595,985 | |
| | |
| | | 3,951,871 | | | | 6,163,476 | |
| |
| | | 4,811,687 | | | | 9,128,566 | |
| |
| | |
| | | — | | | | (3,087,925 | ) |
| |
| | | — | | | | (3,087,925 | ) |
| |
| | |
| | | | | | | | |
| | | 2,552,021 | | | | 4,424,931 | |
| | | — | | | | 3,087,333 | |
| | | (4,044,358 | ) | | | (8,220,673 | ) |
| |
| | | (1,492,337 | ) | | | (708,409 | ) |
| |
| | |
| | | 3,319,350 | | | | 5,332,232 | |
| | |
| | | | | | | | |
| | | 74,157,466 | | | | 68,825,234 | |
| |
| | $ | 77,476,816 | | | $ | 74,157,466 | |
|
| |
| | |
| | | | | | | | |
| | | 181,370 | | | | 350,725 | |
| | | — | | | | 247,382 | |
| | | (286,730 | ) | | | (663,464 | ) |
| |
| | | (105,360 | ) | | | (65,357 | ) |
|
| |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 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 | | | Net asset
value,
end of
period | | | | |
| | | | | | |
GROWTH EQUITY FUND | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 6/30/21 | # | | $ | 21.88 | | | $ | (0.00 | )d | | $ | 2.99 | | | $ | 2.99 | | | $ | — | | | $ | — | | | $ | — | | | $ | 24.87 | | | | | |
| | | 12/31/20 | | | | 16.38 | | | | 0.04 | | | | 6.92 | | | | 6.96 | | | | (0.06 | ) | | | (1.40 | ) | | | (1.46 | ) | | | 21.88 | | | | | |
| | | 12/31/19 | | | | 13.73 | | | | 0.06 | | | | 4.05 | | | | 4.11 | | | | (0.07 | ) | | | (1.39 | ) | | | (1.46 | ) | | | 16.38 | | | | | |
| | | 12/31/18 | | | | 14.65 | | | | 0.07 | | | | 0.07 | | | | 0.14 | | | | (0.06 | ) | | | (1.00 | ) | | | (1.06 | ) | | | 13.73 | | | | | |
| | | 12/31/17 | * | | | 11.05 | | | | 0.06 | | | | 3.74 | | | | 3.80 | | | | — | | | | (0.20 | ) | | | (0.20 | ) | | | 14.65 | | | | | |
| | | | 12/31/16 | * | | | 11.55 | | | | 0.06 | | | | (0.17 | ) | | | (0.11 | ) | | | (0.06 | ) | | | (0.33 | ) | | | (0.39 | ) | | | 11.05 | | | | | |
| | | | | | | |
GROWTH & INCOME FUND | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 6/30/21 | # | | | 21.40 | | | | 0.07 | | | | 2.98 | | | | 3.05 | | | | — | | | | — | | | | — | | | | 24.45 | | | | | |
| | | 12/31/20 | | | | 18.82 | | | | 0.18 | | | | 3.49 | | | | 3.67 | | | | (0.25 | ) | | | (0.84 | ) | | | (1.09 | ) | | | 21.40 | | | | | |
| | | 12/31/19 | | | | 15.54 | | | | 0.24 | | | | 4.35 | | | | 4.59 | | | | (0.19 | ) | | | (1.12 | ) | | | (1.31 | ) | | | 18.82 | | | | | |
| | | 12/31/18 | | | | 17.96 | | | | 0.19 | | | | (1.26 | ) | | | (1.07 | ) | | | (0.17 | ) | | | (1.18 | ) | | | (1.35 | ) | | | 15.54 | | | | | |
| | | 12/31/17 | * | | | 14.59 | | | | 0.16 | | | | 3.32 | | | | 3.48 | | | | — | | | | (0.11 | ) | | | (0.11 | ) | | | 17.96 | | | | | |
| | | | 12/31/16 | * | | | 14.28 | | | | 0.18 | | | | 1.05 | | | | 1.23 | | | | (0.20 | ) | | | (0.72 | ) | | | (0.92 | ) | | | 14.59 | | | | | |
|
LARGE-CAP VALUE FUND | |
| | | 6/30/21 | # | | | 15.20 | | | | 0.10 | | | | 2.54 | | | | 2.64 | | | | — | | | | — | | | | — | | | | 17.84 | | | | | |
| | | 12/31/20 | | | | 14.92 | | | | 0.25 | | | | 0.30 | | | | 0.55 | | | | (0.27 | ) | | | — | | | | (0.27 | ) | | | 15.20 | | | | | |
| | | 12/31/19 | | | | 12.40 | | | | 0.26 | | | | 3.21 | | | | 3.47 | | | | (0.26 | ) | | | (0.69 | ) | | | (0.95 | ) | | | 14.92 | | | | | |
| | | 12/31/18 | | | | 15.75 | | | | 0.25 | | | | (2.23 | ) | | | (1.98 | ) | | | (0.22 | ) | | | (1.15 | ) | | | (1.37 | ) | | | 12.40 | | | | | |
| | | 12/31/17 | * | | | 14.08 | | | | 0.21 | | | | 1.52 | | | | 1.73 | | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | 15.75 | | | | | |
| | | | 12/31/16 | * | | | 12.48 | | | | 0.24 | | | | 2.11 | | | | 2.35 | | | | (0.24 | ) | | | (0.51 | ) | | | (0.75 | ) | | | 14.08 | | | | | |
| |
REAL ESTATE SECURITIES FUND | | | | | |
| | | 6/30/21 | # | | | 14.53 | | | | 0.10 | | | | 2.96 | | | | 3.06 | | | | — | | | | — | | | | — | | | | 17.59 | | | | | |
| | | 12/31/20 | | | | 15.60 | | | | 0.27 | | | | (0.17 | ) | | | 0.10 | | | | (0.34 | ) | | | (0.83 | ) | | | (1.17 | ) | | | 14.53 | | | | | |
| | | 12/31/19 | | | | 12.31 | | | | 0.27 | | | | 3.58 | | | | 3.85 | | | | (0.29 | ) | | | (0.27 | ) | | | (0.56 | ) | | | 15.60 | | | | | |
| | | 12/31/18 | | | | 13.58 | | | | 0.30 | | | | (0.82 | ) | | | (0.52 | ) | | | (0.27 | ) | | | (0.48 | ) | | | (0.75 | ) | | | 12.31 | | | | | |
| | | 12/31/17 | * | | | 12.42 | | | | 0.24 | | | | 1.27 | | | | 1.51 | | | | — | | | | (0.35 | ) | | | (0.35 | ) | | | 13.58 | | | | | |
| | | | 12/31/16 | * | | | 13.34 | | | | 0.23 | | | | 0.29 | | | | 0.52 | | | | (0.38 | ) | | | (1.06 | ) | | | (1.44 | ) | | | 12.42 | | | | | |
|
SMALL-CAP EQUITY FUND | |
| | | 6/30/21 | # | | | 14.11 | | | | 0.01 | | | | 3.14 | | | | 3.15 | | | | — | | | | — | | | | — | | | | 17.26 | | | | | |
| | | 12/31/20 | | | | 13.13 | | | | 0.06 | | | | 1.46 | | | | 1.52 | | | | (0.10 | ) | | | (0.44 | ) | | | (0.54 | ) | | | 14.11 | | | | | |
| | | 12/31/19 | | | | 12.41 | | | | 0.12 | | | | 2.71 | | | | 2.83 | | | | (0.08 | ) | | | (2.03 | ) | | | (2.11 | ) | | | 13.13 | | | | | |
| | | 12/31/18 | | | | 15.81 | | | | 0.08 | | | | (1.61 | ) | | | (1.53 | ) | | | (0.10 | ) | | | (1.77 | ) | | | (1.87 | ) | | | 12.41 | | | | | |
| | | 12/31/17 | * | | | 14.06 | | | | 0.10 | | | | 1.97 | | | | 2.07 | | | | — | | | | (0.32 | ) | | | (0.32 | ) | | | 15.81 | | | | | |
| | | | 12/31/16 | * | | | 12.16 | | | | 0.10 | | | | 2.32 | | | | 2.42 | | | | (0.12 | ) | | | (0.40 | ) | | | (0.52 | ) | | | 14.06 | | | | | |
| | | | |
| 100 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Ratios and supplemental data | |
| | | | | | | | | | | | | Ratios to average net assets | | | | |
| | | | | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 13.67 | %b | | | 13.66 | %b | | $ | 179,780 | | | | 0.51 | %c | | | 0.51 | %c | | | (0.04 | )%c | | | (0.06 | )%c | | | 23 | %b |
| | | | | 43.97 | | | | 43.95 | | | | 166,435 | | | | 0.54 | | | | 0.52 | | | | 0.22 | | | | 0.20 | | | | 120 | |
| | | | | 30.73 | | | | 30.72 | | | | 117,939 | | | | 0.57 | | | | 0.52 | | | | 0.39 | | | | 0.38 | | | | 108 | |
| | | | | (0.21 | ) | | | (0.22 | ) | | | 98,216 | | | | 0.56 | | | | 0.52 | | | | 0.43 | | | | 0.43 | | | | 90 | |
| | | | | 34.54 | | | | 34.53 | | | | 97,100 | | | | 0.59 | | | | 0.52 | | | | 0.43 | | | | 0.43 | | | | 81 | |
| | | | | | (0.96 | ) | | | (0.99 | ) | | | 74,746 | | | | 0.60 | | | | 0.52 | | | | 0.55 | | | | 0.51 | | | | 106 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 14.25 | b | | | 14.24 | b | | | 198,801 | | | | 0.52 | c | | | 0.52 | c | | | 0.61 | c | | | 0.59 | c | | | 37 | b |
| | | | | 20.44 | | | | 20.42 | | | | 177,154 | | | | 0.54 | | | | 0.52 | | | | 0.95 | | | | 0.94 | | | | 64 | |
| | | | | 30.10 | | | | 30.09 | | | | 160,225 | | | | 0.55 | | | | 0.52 | | | | 1.35 | | | | 1.34 | | | | 63 | |
| | | | | (7.25 | ) | | | (7.26 | ) | | | 129,668 | | | | 0.56 | | | | 0.52 | | | | 1.03 | | | | 1.03 | | | | 61 | |
| | | | | 23.91 | | | | 23.91 | | | | 145,806 | | | | 0.58 | | | | 0.52 | | | | 1.00 | | | | 1.00 | | | | 70 | |
| | | | | | 8.60 | | | | 8.53 | | | | 127,276 | | | | 0.58 | | | | 0.52 | | | | 1.28 | | | | 1.22 | | | | 88 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 17.37 | b | | | 17.36 | b | | | 87,321 | | | | 0.58 | c | | | 0.52 | c | | | 1.14 | c | | | 1.12 | c | | | 17 | b |
| | | | | 4.01 | | | | 3.99 | | | | 73,829 | | | | 0.61 | | | | 0.52 | | | | 1.85 | | | | 1.83 | | | | 30 | |
| | | | | 28.66 | | | | 28.65 | | | | 75,101 | | | | 0.62 | | | | 0.52 | | | | 1.87 | | | | 1.86 | | | | 19 | |
| | | | | (14.13 | ) | | | (14.14 | ) | | | 62,956 | | | | 0.63 | | | | 0.52 | | | | 1.67 | | | | 1.67 | | | | 107 | |
| | | | | 12.34 | | | | 12.34 | | | | 76,470 | | | | 0.63 | | | | 0.53 | | | | 1.39 | | | | 1.39 | | | | 55 | |
| | | | | | 18.74 | | | | 18.58 | | | | 74,680 | | | | 0.64 | | | | 0.52 | | | | 1.86 | | | | 1.70 | | | | 68 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 21.06 | b | | | 21.05 | b | | | 96,231 | | | | 0.61 | c | | | 0.57 | c | | | 1.28 | c | | | 1.26 | c | | | 20 | b |
| | | | | 1.27 | | | | 1.25 | | | | 80,816 | | | | 0.62 | | | | 0.57 | | | | 1.86 | | | | 1.85 | | | | 44 | |
| | | | | 31.33 | | | | 31.32 | | | | 84,977 | | | | 0.63 | | | | 0.57 | | | | 1.83 | | | | 1.82 | | | | 35 | |
| | | | | (4.23 | ) | | | (4.24 | ) | | | 67,142 | | | | 0.65 | | | | 0.57 | | | | 2.29 | | | | 2.28 | | | | 34 | |
| | | | | 12.32 | | | | 12.32 | | | | 77,144 | | | | 0.66 | | | | 0.58 | | | | 1.86 | | | | 1.86 | | | | 35 | |
| | | | | | 3.96 | | | | 3.85 | | | | 73,391 | | | | 0.65 | | | | 0.57 | | | | 1.71 | | | | 1.60 | | | | 59 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 22.32 | b | | | 22.32 | b | | | 72,499 | | | | 0.63 | c | | | 0.53 | c | | | 0.18 | c | | | 0.18 | c | | | 39 | b |
| | | | | 12.80 | | | | 12.80 | | | | 60,254 | | | | 0.69 | | | | 0.53 | | | | 0.55 | | | | 0.55 | | | | 97 | |
| | | | | 23.72 | | | | 23.72 | | | | 53,609 | | | | 0.72 | | | | 0.53 | | | | 0.88 | | | | 0.88 | | | | 124 | |
| | | | | (12.05 | ) | | | (12.05 | ) | | | 46,425 | | | | 0.66 | | | | 0.53 | | | | 0.52 | | | | 0.52 | | | | 86 | |
| | | | | 14.90 | | | | 14.90 | | | | 58,589 | | | | 0.71 | | | | 0.53 | | | | 0.68 | | | | 0.68 | | | | 77 | |
| | | | | | 19.87 | | | | 19.87 | | | | 54,372 | | | | 0.71 | | | | 0.53 | | | | 0.84 | | | | 0.84 | | | | 91 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 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 | | | Net asset
value,
end of
period | | | | |
|
SOCIAL CHOICE EQUITY FUND | |
| | | 6/30/21 | # | | $ | 18.67 | | | $ | 0.11 | | | $ | 2.86 | | | $ | 2.97 | | | $ | — | | | $ | — | | | $ | — | | | $ | 21.64 | | | | | |
| | | 12/31/20 | | | | 16.75 | | | | 0.23 | | | | 3.00 | | | | 3.23 | | | | (0.27 | ) | | | (1.04 | ) | | | (1.31 | ) | | | 18.67 | | | | | |
| | | 12/31/19 | | | | 14.98 | | | | 0.29 | | | | 4.18 | | | | 4.47 | | | | (0.28 | ) | | | (2.42 | ) | | | (2.70 | ) | | | 16.75 | | | | | |
| | | 12/31/18 | | | | 16.90 | | | | 0.29 | | | | (1.06 | ) | | | (0.77 | ) | | | (0.29 | ) | | | (0.86 | ) | | | (1.15 | ) | | | 14.98 | | | | | |
| | | 12/31/17 | * | | | 14.02 | | | | 0.27 | | | | 2.66 | | | | 2.93 | | | | (0.00 | )d | | | (0.05 | ) | | | (0.05 | ) | | | 16.90 | | | | | |
| | | | 12/31/16 | * | | | 13.61 | | | | 0.34 | | | | 1.48 | | | | 1.82 | | | | (0.34 | ) | | | (1.07 | ) | | | (1.41 | ) | | | 14.02 | | | | | |
| | | | | | | | |
STOCK INDEX FUND | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 6/30/21 | # | | | 33.13 | | | | 0.21 | | | | 4.78 | | | | 4.99 | | | | — | | | | — | | | | — | | | | 38.12 | | | | | |
| | | 12/31/20 | | | | 28.02 | | | | 0.44 | | | | 5.28 | | | | 5.72 | | | | (0.48 | ) | | | (0.13 | ) | | | (0.61 | ) | | | 33.13 | | | | | |
| | | 12/31/19 | | | | 21.94 | | | | 0.50 | | | | 6.21 | | | | 6.71 | | | | (0.43 | ) | | | (0.20 | ) | | | (0.63 | ) | | | 28.02 | | | | | |
| | | 12/31/18 | | | | 23.68 | | | | 0.46 | | | | (1.62 | ) | | | (1.16 | ) | | | (0.40 | ) | | | (0.18 | ) | | | (0.58 | ) | | | 21.94 | | | | | |
| | | 12/31/17 | * | | | 19.59 | | | | 0.40 | | | | 3.71 | | | | 4.11 | | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | 23.68 | | | | | |
| | | | 12/31/16 | * | | | 17.74 | | | | 0.40 | | | | 1.86 | | | | 2.26 | | | | (0.41 | ) | | | (0.00 | ) | | | (0.41 | ) | | | 19.59 | | | | | |
|
INTERNATIONAL EQUITY FUND | |
| | | 6/30/21 | # | | | 9.22 | | | | 0.13 | | | | 0.72 | | | | 0.85 | | | | — | | | | — | | | | — | | | | 10.07 | | | | | |
| | | 12/31/20 | | | | 8.12 | | | | 0.12 | | | | 1.11 | | | | 1.23 | | | | (0.13 | ) | | | — | | | | (0.13 | ) | | | 9.22 | | | | | |
| | | 12/31/19 | | | | 7.07 | | | | 0.14 | | | | 1.45 | | | | 1.59 | | | | (0.17 | ) | | | (0.37 | ) | | | (0.54 | ) | | | 8.12 | | | | | |
| | | 12/31/18 | | | | 9.35 | | | | 0.17 | | | | (2.36 | ) | | | (2.19 | ) | | | (0.09 | ) | | | — | | | | (0.09 | ) | | | 7.07 | | | | | |
| | | 12/31/17 | * | | | 7.11 | | | | 0.10 | | | | 2.24 | | | | 2.34 | | | | (0.10 | ) | | | — | | | | (0.10 | ) | | | 9.35 | | | | | |
| | | | 12/31/16 | * | | | 7.14 | | | | 0.11 | | | | (0.03 | ) | | | 0.08 | | | | (0.11 | ) | | | — | | | | (0.11 | ) | | | 7.11 | | | | | |
| | | | | | | | |
CORE BOND FUND | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 6/30/21 | # | | | 11.10 | | | | 0.11 | | | | (0.21 | ) | | | (0.10 | ) | | | — | | | | — | | | | — | | | | 11.00 | | | | | |
| | | 12/31/20 | | | | 10.59 | | | | 0.27 | | | | 0.56 | | | | 0.83 | | | | (0.32 | ) | | | — | | | | (0.32 | ) | | | 11.10 | | | | | |
| | | 12/31/19 | | | | 9.96 | | | | 0.32 | | | | 0.62 | | | | 0.94 | | | | (0.31 | ) | | | — | | | | (0.31 | ) | | | 10.59 | | | | | |
| | | 12/31/18 | | | | 10.31 | | | | 0.30 | | | | (0.38 | ) | | | (0.08 | ) | | | (0.27 | ) | | | — | | | | (0.27 | ) | | | 9.96 | | | | | |
| | | 12/31/17 | * | | | 9.86 | | | | 0.27 | | | | 0.18 | | | | 0.45 | | | | (0.00 | )d | | | — | | | | (0.00 | )d | | | 10.31 | | | | | |
| | | | 12/31/16 | * | | | 9.82 | | | | 0.28 | | | | 0.13 | | | | 0.41 | | | | (0.29 | ) | | | (0.08 | ) | | | (0.37 | ) | | | 9.86 | | | | | |
| | | | | | | | |
MONEY MARKET FUND | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 6/30/21 | # | | | 1.00 | | | | — | | | | — | | | | – | | | | — | | | | — | | | | — | | | | 1.00 | | | | | |
| | | 12/31/20 | | | | 1.00 | | | | 0.00 | | | | — | | | | 0.00 | | | | 0.00 | | | | — | | | | 0.00 | | | | 1.00 | | | | | |
| | | 12/31/19 | | | | 1.00 | | | | 0.02 | | | | — | | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) | | | 1.00 | | | | | |
| | | 12/31/18 | | | | 1.00 | | | | 0.02 | | | | — | | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) | | | 1.00 | | | | | |
| | | 12/31/17 | | | | 1.00 | | | | 0.01 | | | | — | | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) | | | 1.00 | | | | | |
| | | | 12/31/16 | | | | 1.00 | | | | (0.00 | )d | | | (0.00 | )d | | | (0.00 | )d | | | (0.00 | )d | | | — | | | | (0.00 | )d | | | 1.00 | | | | | |
| | | | |
| 102 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Ratios and supplemental data | |
| | | | | | | | | | | | | Ratios to average net assets | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 15.91 | %b | | | 15.91 | %b | | $ | 94,285 | | | | 0.27 | %c | | | 0.22 | %c | | | 1.09 | %c | | | 1.09 | %c | | | 20 | %b | | | 20 | %b |
| | | | | 20.47 | | | | 20.47 | | | | 81,812 | | | | 0.30 | | | | 0.22 | | | | 1.38 | | | | 1.38 | | | | 29 | | | | 29 | |
| | | | | 31.38 | | | | 31.38 | | | | 70,890 | | | | 0.31 | | | | 0.22 | | | | 1.75 | | | | 1.75 | | | | 27 | | | | 27 | |
| | | | | (5.55 | ) | | | (5.55 | ) | | | 55,841 | | | | 0.32 | | | | 0.22 | | | | 1.68 | | | | 1.68 | | | | 38 | | | | 38 | |
| | | | | 20.96 | | | | 20.96 | | | | 61,385 | | | | 0.33 | | | | 0.22 | | | | 1.75 | | | | 1.75 | | | | 13 | | | | 13 | |
| | | | | | 13.35 | | | | 13.35 | | | | 52,595 | | | | 0.36 | | | | 0.22 | | | | 2.44 | | | | 2.44 | | | | 21 | | | | 21 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 15.06 | b | | | 15.06 | b | | | 772,228 | | | | 0.08 | c | | | 0.08 | c | | | 1.18 | c | | | 1.18 | c | | | 3 | b | | | 3 | b |
| | | | | 20.76 | | | | 20.76 | | | | 678,732 | | | | 0.09 | | | | 0.09 | | | | 1.58 | | | | 1.58 | | | | 3 | | | | 3 | |
| | | | | 30.81 | | | | 30.81 | | | | 584,156 | | | | 0.10 | | | | 0.09 | | | | 1.94 | | | | 1.94 | | | | 3 | | | | 3 | |
| | | | | (5.28 | ) | | | (5.28 | ) | | | 429,527 | | | | 0.10 | | | | 0.09 | | | | 1.89 | | | | 1.89 | | | | 4 | | | | 4 | |
| | | | | 21.01 | | | | 21.01 | | | | 445,430 | | | | 0.12 | | | | 0.09 | | | | 1.88 | | | | 1.88 | | | | 7 | | | | 7 | |
| | | | | | 12.71 | | | | 12.71 | | | | 364,787 | | | | 0.12 | | | | 0.09 | | | | 2.19 | | | | 2.19 | | | | 12 | | | | 12 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 9.22 | b | | | 9.21 | b | | | 135,983 | | | | 0.60 | c | | | 0.60 | c | | | 2.73 | c | | | 2.72 | c | | | 15 | b | | | 15 | b |
| | | | | 15.34 | | | | 15.32 | | | | 122,446 | | | | 0.64 | | | | 0.60 | | | | 1.52 | | | | 1.50 | | | | 88 | | | | 88 | |
| | | | | 23.07 | | | | 23.06 | | | | 107,619 | | | | 0.71 | | | | 0.60 | | | | 1.75 | | | | 1.74 | | | | 108 | | | | 108 | |
| | | | | (23.58 | ) | | | (23.59 | ) | | | 86,051 | | | | 0.71 | | | | 0.60 | | | | 1.96 | | | | 1.95 | | | | 67 | | | | 67 | |
| | | | | 32.98 | | | | 32.97 | | | | 115,406 | | | | 0.70 | | | | 0.60 | | | | 1.24 | | | | 1.24 | | | | 119 | | | | 119 | |
| | | | | | 1.06 | | | | 0.96 | | | | 88,738 | | | | 0.69 | | | | 0.60 | | | | 1.57 | | | | 1.47 | | | | 94 | | | | 94 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | (0.90 | )b | | | (0.90 | )b | | | 222,820 | | | | 0.38 | c | | | 0.35 | c | | | 2.04 | c | | | 2.04 | c | | | 136 | b | | | 54 | b |
| | | | | 7.86 | | | | 7.86 | | | | 217,823 | | | | 0.37 | | | | 0.35 | | | | 2.52 | | | | 2.52 | | | | 154 | | | | 91 | |
| | | | | 9.48 | | | | 9.48 | | | | 203,001 | | | | 0.37 | | | | 0.35 | | | | 3.04 | | | | 3.04 | | | | 117 | | | | 111 | |
| | | | | (0.79 | ) | | | (0.79 | ) | | | 189,285 | | | | 0.38 | | | | 0.35 | | | | 3.01 | | | | 3.01 | | | | 147 | | | | 139 | |
| | | | | 4.54 | | | | 4.54 | | | | 199,969 | | | | 0.36 | | | | 0.35 | | | | 2.69 | | | | 2.69 | | | | 147 | | | | 114 | |
| | | | | | 4.23 | | | | 4.23 | | | | 177,844 | | | | 0.42 | | | | 0.35 | | | | 2.80 | | | | 2.80 | | | | 217 | | | | 143 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0.00 | | | | 0.00 | | | | 112,408 | | | | 0.21 | c | | | 0.06 | c | | | — | | | | — | | | | — | | | | — | |
| | | | | 0.41 | | | | 0.41 | | | | 115,039 | | | | 0.20 | | | | 0.14 | | | | 0.37 | | | | 0.37 | | | | — | | | | — | |
| | | | | 2.09 | | | | 2.09 | | | | 105,806 | | | | 0.23 | | | | 0.15 | | | | 2.06 | | | | 2.06 | | | | — | | | | — | |
| | | | | 1.71 | | | | 1.71 | | | | 104,670 | | | | 0.24 | | | | 0.15 | | | | 1.73 | | | | 1.73 | | | | — | | | | — | |
| | | | | 0.74 | | | | 0.74 | | | | 82,411 | | | | 0.26 | | | | 0.15 | | | | 0.75 | | | | 0.75 | | | | — | | | | — | |
| | | | | | 0.28 | | | | 0.28 | | | | 78,259 | | | | 0.26 | | | | 0.15 | | | | 0.28 | | | | 0.28 | | | | — | | | | — | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 103 | |
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 | | | Net asset
value,
end of
period | | | | |
| | | | | | | | |
BALANCED FUND | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 6/30/21 | # | | $ | 13.57 | | | $ | (0.01 | ) | | $ | 0.90 | | | $ | 0.89 | | | $ | — | | | $ | — | | | $ | — | | | $ | 14.46 | | | | | |
| | | 12/31/20 | | | | 12.45 | | | | 0.26 | | | | 1.45 | | | | 1.71 | | | | (0.26 | ) | | | (0.33 | ) | | | (0.59 | ) | | | 13.57 | | | | | |
| | | 12/31/19 | | | | 10.94 | | | | 0.25 | | | | 1.79 | | | | 2.04 | | | | (0.26 | ) | | | (0.27 | ) | | | (0.53 | ) | | | 12.45 | | | | | |
| | | 12/31/18 | | | | 11.63 | | | | 0.21 | | | | (0.84 | ) | | | (0.63 | ) | | | (0.00 | )d | | | (0.06 | ) | | | (0.06 | ) | | | 10.94 | | | | | |
| | | 12/31/17 | | | | 10.32 | | | | 0.00 | | | | 1.42 | | | | 1.42 | | | | — | | | | (0.11 | ) | | | (0.11 | ) | | | 11.63 | | | | | |
| | | | 12/31/16 | | | | 10.12 | | | | 0.23 | | | | 0.39 | | | | 0.62 | | | | (0.25 | ) | | | (0.17 | ) | | | (0.42 | ) | | | 10.32 | | | | | |
| * | | Share transactions have been retroactively adjusted for 5-for-2 stock split that occurred on October 25, 2017. |
| †† | | 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. |
| | | | |
| 104 | | 2021 Semiannual Report § TIAA-CREF Life Funds | | See notes to financial statements |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Ratios and supplemental data | |
| | | | | | | | | | | | | Ratios to average net assets | | | | |
| | | | | | | | | | | | | | | | | |
| | | | Total
return†† | | | | | |
Net assets
at end of
period
(in thousands) | | | Gross
expensese | | | Net
expensese | | | Net
investment
income
(loss) | | | Portfolio
turnover
rate | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 6.56 | %b | | | | | | $ | 77,477 | | | | 0.18 | %c | | | 0.10 | %c | | | (0.10 | )%c | | | 7 | %b |
| | | | | 14.16 | | | | | | | | 74,157 | | | | 0.18 | | | | 0.10 | | | | 2.06 | | | | 28 | |
| | | | | 18.81 | | | | | | | | 68,825 | | | | 0.20 | | | | 0.10 | | | | 2.07 | | | | 19 | |
| | | | | (5.47 | ) | | | | | | | 56,516 | | | | 0.21 | | | | 0.10 | | | | 1.77 | | | | 17 | |
| | | | | 13.82 | | | | | | | | 59,343 | | | | 0.23 | | | | 0.10 | | | | 0.02 | | | | 14 | |
| | | | | | 6.14 | | | | | | | | 49,957 | | | | 0.24 | | | | 0.10 | | | | 2.20 | | | | 17 | |
| | | | | | |
| See notes to financial statements | | TIAA-CREF Life Funds § 2021 Semiannual Report | | | 105 | |
| | |
| Notes to financial statements (unaudited) | | |
TIAA-CREF Life Funds
Note 1—organization
TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust consists of the following funds: Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Core 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”).
Note 2—significant accounting policies
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.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Foreign currency transactions and translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities
| | |
| 106 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received and are recognized as a component of “Net realized gain (loss) on total investments” on the Statements of operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “change in Net unrealized appreciation (depreciation) of investments and foreign currency” on the Statements of operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Net change unrealized appreciation (depreciation) on total investments and from affiliated investments” on the Statements of operations, when applicable.
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 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.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated
| | | | |
| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 107 | |
| | |
| Notes to financial statements (unaudited) | | |
at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
New accounting pronouncement: In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.
New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
Note 3—valuation of investments
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of
| | |
| 108 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| • | | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| • | | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
| • | | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Debt securities: Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by Advisors. These securities are generally classified as Level 2.
Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds 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. 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. To the extent these securities are actively traded and that valuation adjustments are not applied, they are categorized as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and the securities are generally classified as Level 2.
For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with
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| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 109 | |
| | |
| Notes to financial statements (unaudited) | | |
procedures adopted by the Board. These foreign securities are generally classified as Level 2.
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
The Money Market Fund: The Money Market Fund’s portfolio securities are valued on an amortized cost basis. Money Market investments are generally classified as Level 2.
Futures contracts: Futures contracts are valued using the closing settlement price and are generally classified as Level 1.
Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing service using the procedures approved by the Board and are classified as Level 2.
Swap contracts: Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.
Option contracts: Purchased and written options traded 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 and are generally classified as Level 1. Over-the-counter (“OTC”) options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified as Level 2.
Any portfolio security or derivative 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. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
As of June 30, 2021, 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs while 100% of the value in the Balanced Fund was valued based on Level 1 inputs.
The following table summarizes the market value of the Funds’ investments as of June 30, 2021, based on the inputs used to value them:
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| 110 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
| | | | | | | | | | | | | | | | |
| Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
Growth Equity | | | | | | | | | | | | | | | | |
Equity investments: | | | | | | | | | | | | | | | | |
Communication services | | $ | 29,085,183 | | | $ | 2,454,847 | | | $ | — | | | $ | 31,540,030 | |
Consumer discretionary | | | 31,608,373 | | | | 5,528,919 | | | | — | | | | 37,137,292 | |
Consumer staples | | | 8,162,222 | | | | 839,022 | | | | — | | | | 9,001,244 | |
Health care | | | 19,132,750 | | | | 2,358,363 | | | | — | | | | 21,491,113 | |
Industrials | | | 11,195,467 | | | | 2,588,541 | | | | — | | | | 13,784,008 | |
Information technology | | | 58,017,605 | | | | 1,500,826 | | | | — | | | | 59,518,431 | |
All other equity investments* | | | 2,799,727 | | | | — | | | | — | | | | 2,799,727 | |
Short-term investments | | | 877,477 | | | | 3,491,984 | | | | — | | | | 4,369,461 | |
| |
Total | | $ | 160,878,804 | | | $ | 18,762,502 | | | $ | — | | | $ | 179,641,306 | |
| |
Growth & Income | | | | | | | | | | | | | | | | |
Equity investments: | | | | | | | | | | | | | | | | |
Consumer discretionary | | $ | 25,482,301 | | | $ | 1,874,261 | | | $ | — | | | $ | 27,356,562 | |
Consumer staples | | | 9,891,692 | | | | 407,407 | | | | — | | | | 10,299,099 | |
Financials | | | 17,964,177 | | | | 810,811 | | | | — | | | | 18,774,988 | |
Health care | | | 26,213,827 | | | | 1,312,454 | | | | — | | | | 27,526,281 | |
Industrials | | | 20,333,428 | | | | 1,411,459 | | | | — | | | | 21,744,887 | |
All other equity investments* | | | 93,179,449 | | | | — | | | | — | | | | 93,179,449 | |
Short-term investments | | | 703,516 | | | | 645,990 | | | | — | | | | 1,349,506 | |
Purchased options | | | 20,345 | | | | — | | | | — | | | | 20,345 | |
Written options** | | | (189,385 | ) | | | — | | | | — | | | | (189,385 | ) |
| |
Total | | $ | 193,599,350 | | | $ | 6,462,382 | | | $ | — | | | $ | 200,061,732 | |
| |
Large-Cap Value | | | | | | | | | | | | | | | | |
Equity investments* | | $ | 86,768,224 | | | $ | — | | | $ | — | | | $ | 86,768,224 | |
Short-term investments | | | — | | | | 260,999 | | | | — | | | | 260,999 | |
| |
Total | | $ | 86,768,224 | | | $ | 260,999 | | | $ | — | | | $ | 87,029,223 | |
| |
Real Estate Securities | | | | | | | | | | | | | | | | |
Equity investments: | | | | | | | | | | | | | | | | |
Internet services & infrastructure | | $ | 2,017,193 | | | $ | 1,048,397 | | | $ | — | | | $ | 3,065,590 | |
All other equity investments* | | | 92,379,179 | | | | 486,185 | | | | — | | | | 92,865,364 | |
Short-term investments | | | — | | | | 163,000 | | | | — | | | | 163,000 | |
| |
Total | | $ | 94,396,372 | | | $ | 1,697,582 | | | $ | — | | | $ | 96,093,954 | |
| |
Small-Cap Equity | | | | | | | | | | | | | | | | |
Equity investments* | | $ | 70,108,665 | | | $ | — | | | $ | — | | | $ | 70,108,665 | |
Short-term investments | | | 193,015 | | | | 2,449,988 | | | | — | | | | 2,643,003 | |
Futures contracts** | | | (16,461 | ) | | | — | | | | — | | | | (16,461 | ) |
| |
Total | | $ | 70,285,219 | | | $ | 2,449,988 | | | $ | — | | | $ | 72,735,207 | |
| |
Social Choice Equity | | | | | | | | | | | | | | | | |
Equity investments* | | $ | 93,501,103 | | | $ | — | | | $ | — | | | $ | 93,501,103 | |
Short-term investments | | | 180,296 | | | | 1,386,982 | | | | — | | | | 1,567,278 | |
Futures contracts** | | | 2,616 | | | | — | | | | — | | | | 2,616 | |
| |
Total | | $ | 93,684,015 | | | $ | 1,386,982 | | | $ | — | | | $ | 95,070,997 | |
| |
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| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 111 | |
| | |
| Notes to financial statements (unaudited) | | |
| | | | | | | | | | | | | | | | |
| Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
Stock Index | | | | | | | | | | | | | | | | |
Corporate bonds | | $ | — | | | $ | 186 | | | $ | — | | | $ | 186 | |
Equity investments: | | | | | | | | | | | | | | | | |
Financials | | | 88,795,780 | | | | — | | | | 117 | | | | 88,795,897 | |
Health care | | | 104,155,274 | | | | — | | | | 1,629 | | | | 104,156,903 | |
All other equity investments* | | | 572,294,672 | | | | — | | | | — | | | | 572,294,672 | |
Short-term investments | | | 1,358,276 | | | | 7,429,989 | | | | — | | | | 8,788,265 | |
Futures contracts** | | | 105,522 | | | | — | | | | — | | | | 105,522 | |
| |
Total | | $ | 766,709,524 | | | $ | 7,430,175 | | | $ | 1,746 | | | $ | 774,141,445 | |
| |
International Equity | | | | | | | | | | | | | | | | |
Equity investments: | | | | | | | | | | | | | | | | |
Asia | | $ | 1,047,763 | | | $ | 27,981,794 | | | $ | — | | | $ | 29,029,557 | |
Australasia | | | — | | | | 8,050,886 | | | | — | | | | 8,050,886 | |
Europe | | | 1,427,739 | | | | 74,762,415 | | | | — | | | | 76,190,154 | |
North America | | | 1,960,137 | | | | 2,968,604 | | | | — | | | | 4,928,741 | |
All other equity investments* | | | 3,368,053 | | | | 11,231,408 | | | | — | | | | 14,599,461 | |
Short-term investments | | | 494,265 | | | | 2,919,974 | | | | — | | | | 3,414,239 | |
| |
Total | | $ | 8,297,957 | | | $ | 127,915,081 | | | $ | — | | | $ | 136,213,038 | |
| |
Core Bond | | | | | | | | | | | | | | | | |
Bank loan obligations | | $ | — | | | $ | 3,915,971 | | | $ | — | | | $ | 3,915,971 | |
Corporate bonds | | | — | | | | 98,178,868 | | | | — | | | | 98,178,868 | |
Government bonds | | | — | | | | 76,221,219 | | | | 194,402 | | | | 76,415,621 | |
Structured assets | | | — | | | | 37,172,870 | | | | 467,931 | | | | 37,640,801 | |
Preferred stocks | | | 248,774 | | | | — | | | | — | | | | 248,774 | |
Short-term investments | | | 1,684,879 | | | | 33,700,700 | | | | — | | | | 35,385,579 | |
Forward foreign currency contracts** | | | — | | | | 2,096 | | | | — | | | | 2,096 | |
| |
Total | | $ | 1,933,653 | | | $ | 249,191,724 | | | $ | 662,333 | | | $ | 251,787,710 | |
| |
| * | | 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. |
Note 4—investments
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 repurchase price is recorded as a realized gain or loss.
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, as amended. The risk of investing in such securities is
| | |
| 112 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
generally greater than the risk of investing in securities that are widely held and publicly traded.
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 Agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.
As of June 30, 2021, 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.
At June 30, 2021, the total value of securities on loan and the total value of collateral received were as follows:
| | | | | | | | | | | | | | | | |
| Fund | | Aggregate value of
securities on loan | | | Cash collateral
received* | | | Non-cash collateral
received | | | Total collateral
received | |
| |
Growth Equity | | $ | 1,109,226 | | | $ | 877,477 | | | $ | 268,507 | | | $ | 1,145,984 | |
Growth & Income | | | 1,128,356 | | | | 703,516 | | | | 460,135 | | | | 1,163,651 | |
Small-Cap Equity | | | 751,919 | | | | 193,015 | | | | 582,648 | | | | 775,663 | |
Social Choice Equity | | | 590,339 | | | | 180,296 | | | | 416,808 | | | | 597,104 | |
Stock Index | | | 2,962,413 | | | | 1,358,276 | | | | 1,689,234 | | | | 3,047,510 | |
International Equity | | | 1,963,572 | | | | 494,265 | | | | 1,573,552 | | | | 2,067,817 | |
Core Bond | | | 1,642,124 | | | | 1,684,879 | | | | — | | | | 1,684,879 | |
| |
| * | | 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
| | | | |
| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 113 | |
| | |
| Notes to financial statements (unaudited) | | |
purchased or sold on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have segregated securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | |
| Fund | | Non-U.S.
government
purchases | | | U.S.
government
purchases | | | Non-U.S.
government
sales | | | U.S.
government
sales | |
| |
Growth Equity | | $ | 38,209,855 | | | $ | — | | | $ | 46,791,212 | | | $ | — | |
Growth & Income | | | 69,631,780 | | | | — | | | | 71,952,929 | | | | — | |
Large-Cap Value | | | 14,452,509 | | | | — | | | | 13,595,792 | | | | — | |
Real Estate Securities | | | 18,852,685 | | | | — | | | | 17,658,006 | | | | — | |
Small-Cap Equity | | | 26,180,024 | | | | — | | | | 27,196,989 | | | | — | |
Social Choice Equity | | | 17,301,318 | | | | — | | | | 17,336,492 | | | | — | |
Stock Index | | | 18,871,515 | | | | — | | | | 25,713,561 | | | | — | |
International Equity | | | 20,429,519 | | | | — | | | | 19,461,660 | | | | — | |
Core Bond | | | 39,147,018 | | | | 266,624,065 | | | | 24,356,248 | | | | 262,332,813 | |
Balanced | | | 5,302,063 | | | | — | | | | 5,432,585 | | | | — | |
| |
Note 5—derivative investments
Each Fund is authorized to invest in certain 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. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.
At June 30, 2021, 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 | | | $ | 20,345 | | | | | | | | Written options | | | $ | (189,385 | ) |
| |
Small-Cap Equity Fund | | | | | | | | | | | | | | | | | | | | |
Equity contracts | | | | | | | | | | | | | | | Futures contracts* | | | | (16,461 | ) |
| |
Social Choice Equity Fund | | | | | | | | | | | | | | | | | | | | |
Equity contracts | | | Futures contracts* | | | | 2,616 | | | | | | | | | | | | | |
| |
Stock Index Fund | | | | | | | | | | | | | | | | | | | | |
Equity contracts | | | Futures contracts* | | | | 105,522 | | | | | | | | | | | | | |
| |
Core Bond Fund | | | | | | | | | | | | | | | | | | | | |
Foreign-exchange contracts | |
| Forward foreign
currency contracts |
| | | 2,096 | | | | | | | | | | | | | |
| |
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| 114 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
| * | | 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, 2021, the effect of derivative contracts on the Funds’ Statements of operations was as follows:
| | | | | | | | | | |
| Derivative contract | | Location | | Realized
gain (loss) | | | Change in
unrealized
appreciation
(depreciation) | |
| |
Growth & Income Fund | |
Equity contracts | | Purchased options | | $ | (13,344 | ) | | $ | (26,921 | ) |
Equity contracts | | Written options | | | 480,731 | | | | (109,612 | ) |
| |
Small-Cap Equity Fund | |
Equity contracts | | Futures contracts | | | 354,906 | | | | (89,199 | ) |
| |
Social Choice Equity Fund | |
Equity contracts | | Futures contracts | | | 105,300 | | | | (11,209 | ) |
| |
Stock Index Fund | |
Equity contracts | | Futures contracts | | | 487,050 | | | | 74,278 | |
| |
Core Bond Fund | |
Credit contracts | | Swap contracts | | | 17,890 | | | | — | |
Foreign-exchange contracts | | Forward foreign
currency contracts | | | 1,609 | | | | 2,096 | |
| |
Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation. The Funds realize gains and losses at the time the forward is closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of assets and liabilities. During the period ended June 30, 2021, the Core Bond Fund had exposure to forward contracts, based on underlying notional values, generally less than 1% of net assets. The forward contracts outstanding as of June 30, 2021 are disclosed in the Summary portfolio of investments and the full schedules of investments.
| | | | |
| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 115 | |
| | |
| Notes to financial statements (unaudited) | | |
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 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, 2021, the Small-Cap Equity Fund, the Social Choice Equity Fund and the Stock Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 3% of net assets. The futures contracts outstanding as of June 30, 2021 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 clearinghouse (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, 2021, the Growth & Income Fund had exposure to options, based on underlying notional values, generally between 4% and 6% of net assets.
| | |
| 116 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
The purchased and written options outstanding as of June 30, 2021 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 (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.
| | | | |
| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 117 | |
| | |
| Notes to financial statements (unaudited) | | |
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, 2021, the Core Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 1% and 2% of net assets. There were no credit default swap contracts outstanding as of June 30, 2021.
Note 6—income tax and other tax matters
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.
Net unrealized appreciation (depreciation): At June 30, 2021, 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 | | $ | 103,124,352 | | | $ | 77,431,898 | | | $ | (914,944 | ) | | $ | 76,516,954 | |
Growth & Income | | | 108,612,008 | | | | 93,250,351 | | | | (1,800,627 | ) | | | 91,449,724 | |
Large-Cap Value | | | 58,343,338 | | | | 29,980,047 | | | | (1,294,162 | ) | | | 28,685,885 | |
Real Estate Securities | | | 56,444,624 | | | | 40,296,970 | | | | (647,640 | ) | | | 39,649,330 | |
Small-Cap Equity | | | 51,652,928 | | | | 22,598,450 | | | | (1,516,171 | ) | | | 21,082,279 | |
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| 118 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
| | | | | | | | | | | | | | | | |
| Fund | | Tax cost | | | Gross
unrealized
appreciation | | | Gross
unrealized
(depreciation) | | | Net unrealized
appreciation
(depreciation) | |
| |
Social Choice Equity | | $ | 54,820,804 | | | $ | 41,040,107 | | | $ | (789,914 | ) | | $ | 40,250,193 | |
Stock Index | | | 276,668,652 | | | | 516,648,657 | | | | (19,175,864 | ) | | | 497,472,793 | |
International Equity | | | 106,109,761 | | | | 32,702,954 | | | | (2,599,677 | ) | | | 30,103,277 | |
Core Bond | | | 244,616,218 | | | | 8,606,827 | | | | (1,435,335 | ) | | | 7,171,492 | |
Balanced | | | 61,448,891 | | | | 18,692,165 | | | | (1,276,774 | ) | | | 17,415,391 | |
| |
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-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.
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended December 31, 2020 was as follows:
| | | | | | | | | | | | |
| | | 2020 | |
| Fund | | Ordinary
income | | | Long-term
capital gains | | | Total | |
| |
Growth Equity | | $ | 437,645 | | | $ | 9,918,652 | | | $ | 10,356,297 | |
Growth & Income | | | 1,961,079 | | | | 6,738,747 | | | | 8,699,826 | |
Large-Cap Value | | | 1,299,154 | | | | — | | | | 1,299,154 | |
Real Estate Securities | | | 2,415,808 | | | | 3,637,207 | | | | 6,053,015 | |
Small-Cap Equity | | | 401,757 | | | | 1,810,481 | | | | 2,212,238 | |
Social Choice Equity | | | 1,307,131 | | | | 4,015,827 | | | | 5,322,958 | |
Stock Index | | | 10,353,979 | | | | 2,037,215 | | | | 12,391,194 | |
International Equity | | | 1,665,039 | | | | — | | | | 1,665,039 | |
Core Bond | | | 5,983,037 | | | | — | | | | 5,983,037 | |
Money Market | | | 447,661 | | | | — | | | | 447,661 | |
Balanced | | | 1,441,693 | | | | 1,646,232 | | | | 3,087,925 | |
| |
The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year.
Note 7—investment adviser and affiliates
Under the terms of the Investment Management Agreement with respect to each Fund, Advisors provides asset management services to the Fund for an annual fee, payable monthly. The Funds have 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.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of June 30, 2021, the investment management fees and maximum expense
| | | | |
| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 119 | |
| | |
| Notes to financial statements (unaudited) | | |
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 | |
Core 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, 2022. The reimbursement arrangements can only be changed with the approval of the Board of Trustees. |
Income, reflected in Payment from affiliate on the Statements 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. 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, 2021, these transactions did not materially impact the funds.
As of June 30, 2021, certain registered separate accounts of TIAA-CREF Life, which is a wholly owned subsidiary of TIAA, have various sub-accounts which invest in the Funds.
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| 120 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
The following is the percentage of the Funds’ shares owned by affiliates and the Balanced Fund as of June 30, 2021:
| | | | | | | | | | | | |
| Underlying Fund | | Investments in
funds held by
TIAA-CREF Life | | | Investments
in funds held by
Life Balanced | | | Total | |
| |
Growth Equity | | | 96 | % | | | 4 | % | | | 100 | % |
Growth & Income | | | 96 | | | | 4 | | | | 100 | |
Large-Cap Value | | | 92 | | | | 8 | | | | 100 | |
Real Estate Securities | | | 98 | | | | 2 | | | | 100 | |
Small-Cap Equity | | | 98 | | | | 2 | | | | 100 | |
Social Choice Equity | | | 100 | | | | — | | | | 100 | |
Stock Index | | | 99 | | | | 1 | | | | 100 | |
International Equity | | | 94 | | | | 6 | | | | 100 | |
Core Bond | | | 82 | | | | 18 | | | | 100 | |
Money Market | | | 100 | | | | — | | | | 100 | |
Balanced | | | 100 | | | | — | | | | 100 | |
| |
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
12/31/20 | | | Purchases
cost | | | Sales
proceeds | | | Realized
gain
(loss) | | | Change in
unrealized
appreciation
(depreciation) | | | Dividend
income | | | Value at
6/30/21 | |
| |
TIAA-CREF Life Balanced Fund | | | | | | | | | | | | | | | | | | | | | |
TIAA-CREF Life Funds: | | | | | | | | | | | | | | | | | | | | | |
Growth Equity | | $ | 6,988 | | | $ | 259 | | | $ | 848 | | | $ | 194 | | | $ | 701 | | | $ | — | | | $ | 7,294 | |
Growth & Income | | | 7,510 | | | | 236 | | | | 830 | | | | 144 | | | | 874 | | | | — | | | | 7,934 | |
Large-Cap Value | | | 6,521 | | | | 255 | | | | 856 | | | | 110 | | | | 982 | | | | — | | | | 7,012 | |
Real Estate Securities | | | 1,507 | | | | 125 | | | | 354 | | | | 47 | | | | 249 | | | | — | | | | 1,574 | |
Small Cap Equity | | | 1,499 | | | | 142 | | | | 375 | | | | 52 | | | | 263 | | | | — | | | | 1,581 | |
Stock Index | | | 5,994 | | | | 81 | | | | 584 | | | | 239 | | | | 618 | | | | — | | | | 6,348 | |
International Equity | | | 7,515 | | | | 527 | | | | 959 | | | | 130 | | | | 550 | | | | — | | | | 7,763 | |
Core Bond | | | 36,611 | | | | 3,677 | | | | 627 | | | | (18 | ) | | | (285 | ) | | | — | | | | 39,358 | |
| |
| | $ | 74,145 | | | $ | 5,302 | | | $ | 5,433 | | | $ | 898 | | | $ | 3,952 | | | $ | — | | | $ | 78,864 | |
| |
Note 8—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, 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
| | | | |
| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 121 | |
| | |
| Notes to financial statements (unaudited) | | concluded |
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, 2021, there were no inter-fund borrowing or lending transactions.
Note 9—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 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2021, there were no borrowings under this credit facility by the Funds.
Note 10—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 0.13% of net assets as of June 30, 2021.
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| 122 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
| | |
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 series of the Trust. 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 of the Trust (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 the Agreement. None of the Trustees is an interested person of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.
Under normal circumstances, Section 15(c) requires any initial approval or annual renewal of an investment management agreement to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.
Overview of the renewal process
The Board held a videoconference meeting on March 12, 2021, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.
As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of
| | | | |
| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 123 | |
| | |
Approval of investment
management agreement (unaudited) | | |
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 consultations with representatives of Advisors, other Board members, 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., an independent provider of investment company data. The Operations Committee considered that 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 information, comparative performance and expense data for 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 that underlie variable products with similar investment objectives and strategies, 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 considered, 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 reports is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and 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.
In advance of the Board meeting held on March 12, 2021, 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
| | |
| 124 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
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 current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage 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 SEC (which was presented only to legal counsel for the Trustees); and (9) draft narrative explanations to be included in shareholder reports 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.
On March 4, 2021, the Board had a videoconference meeting with legal counsel to the Trustees to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 12, 2021 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from Advisors to the Board’s follow-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 considered various factors, 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 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, if applicable, through management fee breakpoints; (7) comparisons, if applicable, 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 identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As part of the Board’s review of these factors, the Board received information from management on the impact of the COVID-19
| | | | |
| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 125 | |
| | |
Approval of investment
management agreement (unaudited) | | |
pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations. As a general matter, the Board considered 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 March 12, 2021 meeting that included Advisors’ personnel, the Trustees met in executive sessions, at which no representatives of Advisors 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 discussions and meetings leading up to the March 12, 2021 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed 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 their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and discuss information regarding the performance of the Funds and other matters. 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 a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, 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 12, 2021, 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 Account VA-1, as well as advise and sub-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
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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.
The Board also considered, among other factors, the performance of each Fund, as discussed below. In addition, the Board considered the nature and quality of non-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 regulatory requirements and 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 the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index or, in circumstances where a Fund’s peer group or peer universe was not viewed as a representative basis for comparison, other comparative information deemed relevant by management and/or the Board. The Board also discussed 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 the Fund-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
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Approval of investment
management agreement (unaudited) | | |
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 2020. 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 calculated that it had incurred a net loss with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2020.
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 the Fund-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. The Board considered 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 similar mutual funds that underlie variable insurance products. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.
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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. The Board also considered Advisors’ reimbursement to the Funds for some of the soft dollar amounts the Funds spent on research during the year, as well as Advisors’ commitment to reimburse the Funds for all of their soft dollar expense in 2021. 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 investment companies and accounts. The Board also 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 may: (1) be offered through products that charge additional fees to their investors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; (5) target different investors; and/or (6) 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 “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Funds to Advisors or its affiliates for other services, such as administration, and investment-related benefits and/or personnel with other clients of Advisors, such as economies of scale to the extent the Funds share investment resources, use of research obtained through the Funds’ use of soft dollar to manage the assets of other clients and the ability to incubate strategies within one or more Funds that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Funds have with certain service providers. Additionally, the Funds are utilized primarily as investment options for products offered by an affiliate of Advisors, TIAA-CREF Life Insurance Company. Also, Advisors and its affiliates may benefit from their
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Approval of investment
management agreement (unaudited) | | |
relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.
Fund-by-fund synopsis of 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, 2020. Under the Morningstar rating system, an Overall Morningstar Rating of 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, 2020. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2020 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 2nd, 3rd, 3rd and 2nd quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 2nd, 3rd and 1st quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively. |
| • | | The Fund received an Overall Morningstar Rating of 4 stars. |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-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. |
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| • | | The Fund was in the 2nd, 2nd, 3rd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 2nd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
| • | | The Fund received an Overall Morningstar Rating of 3 stars. |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period. |
Large-Cap Value Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.45% of average daily net assets. |
| • | | The Fund’s total 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, 4th, 4th and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 4th, 3rd and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
| • | | The Fund received an Overall Morningstar Rating of 2 stars. |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period. |
Real Estate Securities Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.50% of average daily net assets. |
| • | | The Fund’s total 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 Performance Universe for each of the one-, three-, five- and ten-year periods. |
| • | | The Fund received an Overall Morningstar Rating of 5 stars. |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period. |
Small-Cap Equity Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.46% of average daily net assets. |
| • | | 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 3rd quintile of its Performance Group for each of the one-, three-, five- and ten-year periods. The Fund was in the 3rd, 3rd, 3rd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
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Approval of investment
management agreement (unaudited) | | |
| • | | The Fund received an Overall Morningstar Rating of 3 stars. |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period. |
Social Choice Equity Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.15% of average daily net assets. |
| • | | The Fund’s total 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, 2nd, 1st and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 1st, 1st and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
| • | | The Fund received an Overall Morningstar Rating of 3 stars. |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period. |
Stock Index Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.06% of average daily net assets. |
| • | | The Fund’s total 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 –3 basis points. For reference, one basis point equals 0.01%. |
| • | | The Fund received an Overall Morningstar Rating of 4 stars. |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-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 ranked 1 out of 2, 2 out of 2, 1 out of 2 and 1 out of 2 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 3rd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
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| • | | The Fund received an Overall Morningstar Rating of 1 star. |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period. |
Bond Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.30% of average daily net assets. |
| • | | The Fund’s total 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, 3rd, 2nd and 2nd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 3rd, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
| • | | The Fund received an Overall Morningstar Rating of 3 stars. |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-year period. |
Money Market Fund
| • | | The Fund’s annual contractual investment management fee rate is 0.10% of average daily net assets. |
| • | | The Fund’s total 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 did not have a Performance Group. The Fund was in the 2nd and 1st quintiles of its Performance Universe for the one- and three-year periods, respectively, and ranked 2 out of 5 for both the five- and ten-year periods. |
| • | | Money market funds are not rated by Morningstar. |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-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 1st quintile of its Expense Group and in the 2nd quintile of its Expense Universe. The Fund’s 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 its Performance Group for each of the one-, three-and five-year periods. The Fund was in the 1st, 2nd and 2nd quintiles of its Performance Universe for the one-, three- and five-year periods, respectively. |
| • | | The Fund received an Overall Morningstar Rating of 5 stars. |
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Approval of investment
management agreement (unaudited) | | concluded |
| • | | Advisors calculated that it incurred a net loss with respect to its services to the Fund for the one-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.
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| 134 | | 2021 Semiannual Report § TIAA-CREF Life Funds |
| | |
| Liquidity risk management program | | |
Discussion of the operation and effectiveness of the Funds’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each series of the Trust covered by this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Funds’ Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.
At a February 9, 2021 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2020 through December 31, 2020 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.
In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.
Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
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| TIAA-CREF Life Funds § 2021 Semiannual Report | | | 135 | |
The Liquidity Rule also limits each Fund’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on illiquid investments.
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| | |
Additional information about
index providers (unaudited) | | |
Russell indexes
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2021. 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 2021. “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
The S&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,
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| | |
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
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| 138 | | 2021 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
©2021 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.
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You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other 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. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY.
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©2021 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 | | |
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| 1697894 | | | | A10937 (8/21) |
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 | | 730 Third Avenue New York, NY 10017-3206 | | |
Item 2. Code of Conduct.
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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, 2021
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 97.5% | | | | |
| |
AUTOMOBILES & COMPONENTS - 1.5% | | | | |
| 12,983 | | * | | General Motors Co | | $ | 768,204 | |
| 2,775 | | * | | Tesla, Inc | | | 1,886,168 | |
| | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | 2,654,372 | |
| | | | | | | | |
| |
CAPITAL GOODS - 3.1% | | | | |
| 16,060 | | | | Carrier Global Corp | | | 780,516 | |
| 24,448 | | * | | Churchill Capital Corp IV | | | 782,825 | |
| 9,873 | | * | | Liberty Media Acquisition Corp | | | 104,555 | |
| 5,487 | | | | Roper Technologies Inc | | | 2,579,987 | |
| 9,790 | | | | Safran S.A. | | | 1,358,685 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 5,606,568 | |
| | | | | | | | |
| |
COMMERCIAL & PROFESSIONAL SERVICES - 2.9% | | | | |
| 4,249 | | * | | Cimpress plc | | | 460,634 | |
| 60,794 | | * | | Clarivate Analytics plc | | | 1,673,659 | |
| 3,737 | | * | | Driven Brands Holdings, Inc | | | 115,548 | |
| 31,854 | | | | Experian Group Ltd | | | 1,229,856 | |
| 14,279 | | | | Waste Connections, Inc | | | 1,705,341 | |
| | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 5,185,038 | |
| | | | | | | | |
| |
CONSUMER DURABLES & APPAREL - 2.8% | | | | |
| 7,829 | | | | Essilor International S.A. | | | 1,446,277 | |
| 7,362 | | | | Nike, Inc (Class B) | | | 1,137,355 | |
| 14,358 | | * | | Peloton Interactive, Inc | | | 1,780,679 | |
| 100,400 | | | | Prada S.p.A | | | 761,781 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 5,126,092 | |
| | | | | | | | |
| |
CONSUMER SERVICES - 4.0% | | | | |
| 1,085 | | * | | Booking Holdings, Inc | | | 2,374,078 | |
| 60,534 | | * | | Carnival Corp | | | 1,595,676 | |
| 917 | | * | | Chipotle Mexican Grill, Inc (Class A) | | | 1,421,662 | |
| 5,564 | | * | | Flutter Entertainment plc | | | 1,012,638 | |
| 13,563 | | * | | Las Vegas Sands Corp | | | 714,634 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 7,118,688 | |
| | | | | | | | |
| |
DIVERSIFIED FINANCIALS - 1.0% | | | | |
| 3,038 | | | | Capital One Financial Corp | | | 469,948 | |
| 9,712 | | * | | Ribbit LEAP Ltd | | | 107,901 | |
| 3,216 | | | | S&P Global, Inc | | | 1,320,007 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 1,897,856 | |
| | | | | | | | |
| |
FOOD & STAPLES RETAILING - 1.9% | | | | |
| 8,617 | | | | Costco Wholesale Corp | | | 3,409,488 | |
| | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | 3,409,488 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 2.4% | | | | |
| 3,793 | | | | Constellation Brands, Inc (Class A) | | | 887,145 | |
| 62,594 | | | | Davide Campari-Milano NV | | | 839,022 | |
| 26,044 | | | | Keurig Dr Pepper, Inc | | | 917,790 | |
| 18,498 | | * | | Monster Beverage Corp | | | 1,689,792 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 4,333,749 | |
| | | | | | | | |
| |
HEALTH CARE EQUIPMENT & SERVICES - 5.7% | | | | |
| 11,882 | | | | Alcon, Inc | | | 833,374 | |
| 3,174 | | * | | Align Technology, Inc | | | 1,939,314 | |
| 8,124 | | | | Cigna Corp | | | 1,925,957 | |
| 3,642 | | * | | DexCom, Inc | | | 1,555,134 | |
| 7,425 | | *,e | | GoodRx Holdings, Inc | | | 267,374 | |
| 6,892 | | * | | Guardant Health, Inc | | | 855,917 | |
| 2,229 | | * | | Intuitive Surgical, Inc | | | 2,049,878 | |
1
TIAA-CREF LIFE FUNDS - Growth Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 13,343 | | * | | Oak Street Health, Inc | | $ | 781,499 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 10,208,447 | |
| | | | | | | | |
| |
HOUSEHOLD & PERSONAL PRODUCTS - 0.7% | | | | |
| 3,955 | | | | Estee Lauder Cos (Class A) | | | 1,258,006 | |
| | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 1,258,006 | |
| | | | | | | | |
| |
INSURANCE - 0.1% | | | | |
| 10,910 | | * | | Bright Health Group, Inc | | | 187,216 | |
| | | | | | | | |
| | | | TOTAL INSURANCE | | | 187,216 | |
| | | | | | | | |
| |
MATERIALS - 0.4% | | | | |
| 2,472 | | | | Linde plc | | | 714,655 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 714,655 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 16.1% | | | | |
| 3,989 | | * | | Alphabet, Inc (Class C) | | | 9,997,711 | |
| 12,270 | | | | Comcast Corp (Class A) | | | 699,635 | |
| 9,201 | | | | Electronic Arts, Inc | | | 1,323,380 | |
| 24,206 | | * | | Facebook, Inc | | | 8,416,668 | |
| 9,227 | | * | | IAC | | | 1,422,527 | |
| 12,571 | | * | | Match Group, Inc | | | 2,027,074 | |
| 17,800 | | | | Tencent Holdings Ltd | | | 1,340,206 | |
| 25,188 | | * | | Twitter, Inc | | | 1,733,186 | |
| 14,980 | | * | | Vimeo, Inc | | | 734,020 | |
| 7,122 | | * | | Walt Disney Co | | | 1,251,834 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 28,946,241 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3% | | | | |
| 679 | | * | | 10X Genomics, Inc | | | 132,962 | |
| 12,693 | | | | AstraZeneca plc | | | 1,524,989 | |
| 56,959 | | * | | Avantor, Inc | | | 2,022,614 | |
| 9,183 | | * | | Horizon Therapeutics Plc | | | 859,896 | |
| 5,695 | | * | | Illumina, Inc | | | 2,694,931 | |
| 6,926 | | * | | Vertex Pharmaceuticals, Inc | | | 1,396,489 | |
| 14,224 | | | | Zoetis, Inc | | | 2,650,785 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 11,282,666 | |
| | | | | | | | |
| |
RETAILING - 12.4% | | | | |
| 5,710 | | * | | Alibaba Group Holding Ltd (ADR) | | | 1,294,914 | |
| 4,019 | | * | | Amazon.com, Inc | | | 13,826,003 | |
| 8,403 | | * | | ASOS plc | | | 577,483 | |
| 12,330 | | * | | CarMax, Inc | | | 1,592,419 | |
| 21,235 | | *,e | | Coupang, Inc | | | 888,048 | |
| 443 | | * | | ironSource Ltd | | | 4,651 | |
| 54,985 | | * | | ironSource Ltd | | | 533,828 | |
| 34,872 | | * | | Just Eat Takeaway.com NV (ADR) | | | 636,763 | |
| 1,366 | | | | Kering | | | 1,196,913 | |
| 25,024 | | | | TJX Companies, Inc | | | 1,687,118 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 22,238,140 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.4% | | | | |
| 18,287 | | | | Applied Materials, Inc | | | 2,604,069 | |
| 3,156 | | | | Broadcom, Inc | | | 1,504,907 | |
| 28,850 | | | | Intel Corp | | | 1,619,639 | |
| 20,477 | | | | Marvell Technology, Inc | | | 1,194,423 | |
| 4,179 | | | | NVIDIA Corp | | | 3,343,618 | |
| 9,605 | | | | QUALCOMM, Inc | | | 1,372,843 | |
| 13,857 | | | | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | | | 1,665,057 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 13,304,556 | |
| | | | | | | | |
| |
SOFTWARE & SERVICES - 22.0% | | | | |
| 612 | | *,g | | Adyen NV | | | 1,500,826 | |
| 4,501 | | * | | DocuSign, Inc | | | 1,258,344 | |
| 5,295 | | | | Intuit, Inc | | | 2,595,450 | |
| 34,224 | | | | Microsoft Corp | | | 9,271,282 | |
| 23,978 | | * | | PayPal Holdings, Inc | | | 6,989,107 | |
| 4,779 | | * | | Qualtrics International, Inc | | | 182,797 | |
| 24,480 | | * | | salesforce.com, Inc | | | 5,979,730 | |
| 3,854 | | * | | ServiceNow, Inc | | | 2,117,966 | |
2
TIAA-CREF LIFE FUNDS - Growth Equity Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 12,113 | | * | | Slack Technologies, Inc | | | | | | | | | | $ | 536,606 | |
| 3,971 | | * | | Synopsys, Inc | | | | | | | | | | | 1,095,162 | |
| 2,532 | | * | | Twilio, Inc | | | | | | | | | | | 998,013 | |
| 9,519 | | * | | UiPath, Inc | | | | | | | | | | | 646,626 | |
| 27,564 | | | | Visa, Inc (Class A) | | | | | | | | | | | 6,445,014 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | | | | | | | | | 39,616,923 | |
| | | | | | | | | | | | | | | | |
| | | |
TECHNOLOGY HARDWARE & EQUIPMENT - 3.7% | | | | | | | | | | | | |
| 48,167 | | | | Apple, Inc | | | | | | | | | | | 6,596,952 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | | | 6,596,952 | |
| | | | | | | | | | | | | | | | |
| | | |
TELECOMMUNICATION SERVICES - 1.4% | | | | | | | | | | | | |
| 17,476 | | g | | Cellnex Telecom SAU | | | | | | | | | | | 1,114,641 | |
| 10,213 | | * | | T-Mobile US, Inc | | | | | | | | | | | 1,479,149 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | | | | | | | | | 2,593,790 | |
| | | | | | | | | | | | | | | | |
| | | |
TRANSPORTATION - 1.7% | | | | | | | | | | | | |
| 44,386 | | * | | Uber Technologies, Inc | | | | | | | | | | | 2,224,626 | |
| 3,491 | | | | Union Pacific Corp | | | | | | | | | | | 767,776 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | | | | | | | | 2,992,402 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 175,271,845 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $98,225,805) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 2.4% | | | | | | | | | | | | |
| | |
GOVERNMENT AGENCY DEBT - 0.1% | | | | | | | | | |
| $ 212,000 | | | | Federal Agricultural Mortgage Corp (FAMC) | | | 0.010 | % | | | 07/01/21 | | | | 212,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | 212,000 | |
| | | | | | | | | |
| | |
TREASURY DEBT - 1.8% | | | | | | | | | |
| 3,280,000 | | | | United States Treasury Bill | | | 0.021 | | | | 07/06/21 | | | | 3,279,984 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TREASURY DEBT | | | | 3,279,984 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | |
| | | | | | | | | | | | | | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5% | | | | | | | | | |
| 877,477 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 0.020 | | | | | | | | 877,477 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | 877,477 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 4,369,461 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $4,369,468) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.9% | | | | | | | | | | | 179,641,306 | |
| | | | (Cost $102,595,273) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - 0.1% | | | | | | | | | | | 139,095 | |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 179,780,401 | |
| | | | | | | | | | | | | | | | |
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 $1,109,226. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/2021, the aggregate value of these securities is $2,615,467 or 1.5% of net assets. |
3
TIAA-CREF LIFE FUNDS - Growth & Income Fund
TIAA-CREF LIFE FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2021
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 100.0% | | | | |
| |
AUTOMOBILES & COMPONENTS - 1.9% | | | | |
| 7,053 | | * | | Aptiv plc | | $ | 1,109,649 | |
| 22,845 | | * | | General Motors Co | | | 1,351,739 | |
| 1,982 | | * | | Tesla, Inc | | | 1,347,165 | |
| | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | 3,808,553 | |
| | | | | | | | |
| |
BANKS - 4.8% | | | | |
| 78,434 | | | | Bank of America Corp | | | 3,233,834 | |
| 7,692 | | n | | Citigroup, Inc | | | 544,209 | |
| 19,937 | | | | Fifth Third Bancorp | | | 762,191 | |
| 61,081 | | | | ING Groep NV | | | 810,811 | |
| 16,747 | | | | JPMorgan Chase & Co | | | 2,604,828 | |
| 34,893 | | | | Wells Fargo & Co | | | 1,580,304 | |
| | | | | | | | |
| | | | TOTAL BANKS | | | 9,536,177 | |
| | | | | | | | |
| |
CAPITAL GOODS - 7.8% | | | | |
| 2,503 | | | | Carlisle Cos, Inc | | | 479,024 | |
| 3,535 | | | | Deere & Co | | | 1,246,830 | |
| 6,353 | | | | Dover Corp | | | 956,762 | |
| 11,527 | | | | Eaton Corp | | | 1,708,071 | |
| 9,687 | | n | | Honeywell International, Inc | | | 2,124,843 | |
| 21,185 | | * | | InPost S.A. | | | 425,183 | |
| 10,878 | | | | ITT, Inc | | | 996,316 | |
| 4,945 | | | | John Bean Technologies Corp | | | 705,256 | |
| 2,636 | | | | Northrop Grumman Corp | | | 958,002 | |
| 27,705 | | * | | Oatly Group AB (ADR) | | | 677,664 | |
| 7,315 | | | | Otis Worldwide Corp | | | 598,148 | |
| 14,049 | | | | Raytheon Technologies Corp | | | 1,198,520 | |
| 10,055 | | n | | Spirit Aerosystems Holdings, Inc (Class A) | | | 474,495 | |
| 2,611 | | * | | Teledyne Technologies, Inc | | | 1,093,565 | |
| 8,202 | | | | Textron, Inc | | | 564,052 | |
| 5,446 | | | | Trane Technologies plc | | | 1,002,826 | |
| 1,754 | | | | Woodward Inc | | | 215,532 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 15,425,089 | |
| | | | | | | | |
| |
COMMERCIAL & PROFESSIONAL SERVICES - 1.0% | | | | |
| 3,384 | | | | Jacobs Engineering Group, Inc | | | 451,493 | |
| 7,939 | | * | | Stericycle, Inc | | | 568,035 | |
| 7,206 | | | | Waste Management, Inc | | | 1,009,633 | |
| | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 2,029,161 | |
| | | | | | | | |
| |
CONSUMER DURABLES & APPAREL - 1.2% | | | | |
| 12,520 | | * | | Callaway Golf Co | | | 422,300 | |
| 16,522 | | | | Levi Strauss & Co | | | 457,990 | |
| 30,004 | | * | | Mattel, Inc | | | 603,080 | |
| 12,345 | | | | Tempur Sealy International, Inc | | | 483,800 | |
| 2,184 | | | | Whirlpool Corp | | | 476,156 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 2,443,326 | |
| | | | | | | | |
| |
CONSUMER SERVICES - 2.8% | | | | |
| 1,645 | | * | | Airbnb, Inc | | | 251,915 | |
| 7,950 | | *,n | | Caesars Entertainment, Inc | | | 824,813 | |
| 1,844 | | | | Churchill Downs, Inc | | | 365,591 | |
| 8,783 | | n | | Darden Restaurants, Inc | | | 1,282,230 | |
| 8,890 | | *,n | | Expedia Group, Inc | | | 1,455,382 | |
| 2,365 | | * | | Flutter Entertainment plc | | | 430,426 | |
| 4,663 | | * | | Hilton Worldwide Holdings, Inc | | | 562,451 | |
| 9,879 | | *,n | | Six Flags Entertainment Corp | | | 427,563 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 5,600,371 | |
| | | | | | | | |
4
TIAA-CREF LIFE FUNDS - Growth & Income Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
DIVERSIFIED FINANCIALS - 3.1% | | | | |
| 6,358 | | | | Blackstone Group, Inc | | $ | 617,616 | |
| 784 | | * | | Coinbase Global, Inc | | | 198,587 | |
| 7,634 | | | | Discover Financial Services | | | 903,026 | |
| 45,656 | | | | Equitable Holdings, Inc | | | 1,390,225 | |
| 7,179 | | | | KKR & Co, Inc | | | 425,284 | |
| 6,457 | | | | Lazard Ltd (Class A) | | | 292,180 | |
| 24,545 | | | | Morgan Stanley | | | 2,250,531 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 6,077,449 | |
| | | | | | | | |
| |
ENERGY - 2.6% | | | | |
| 6,891 | | * | | Cheniere Energy, Inc | | | 597,725 | |
| 5,990 | | | | Chevron Corp | | | 627,393 | |
| 11,085 | | | | EOG Resources, Inc | | | 924,932 | |
| 12,856 | | * | | EQT Corp | | | 286,175 | |
| 10,746 | | | | Exxon Mobil Corp | | | 677,858 | |
| 12,402 | | n | | Hess Corp | | | 1,082,943 | |
| 15,251 | | | | Marathon Petroleum Corp | | | 921,465 | |
| | | | | | | | |
| | | | TOTAL ENERGY | | | 5,118,491 | |
| | | | | | | | |
| |
FOOD & STAPLES RETAILING - 0.3% | | | | |
| 4,807 | | | | Walmart, Inc | | | 677,883 | |
| | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | 677,883 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 3.5% | | | | |
| 7,914 | | | | Bunge Ltd | | | 618,479 | |
| 8,819 | | | | Coca-Cola Co | | | 477,196 | |
| 2,357 | | * | | Freshpet, Inc | | | 384,097 | |
| 4,548 | | | | Hershey Co | | | 792,171 | |
| 9,680 | | | | Kraft Heinz Co | | | 394,750 | |
| 15,660 | | | | Mondelez International, Inc | | | 977,810 | |
| 9,570 | | * | | Monster Beverage Corp | | | 874,219 | |
| 13,169 | | | | PepsiCo, Inc | | | 1,951,251 | |
| 1,833 | | | | Pernod-Ricard S.A. | | | 407,407 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 6,877,380 | |
| | | | | | | | |
| |
HEALTH CARE EQUIPMENT & SERVICES - 6.5% | | | | |
| 7,025 | | | | Abbott Laboratories | | | 814,408 | |
| 7,174 | | | | Danaher Corp | | | 1,925,215 | |
| 2,339 | | * | | DexCom, Inc | | | 998,753 | |
| 13,294 | | * | | Envista Holdings Corp | | | 574,434 | |
| 3,064 | | * | | Guardant Health, Inc | | | 380,518 | |
| 2,176 | | | | Humana, Inc | | | 963,359 | |
| 1,636 | | * | | IDEXX Laboratories, Inc | | | 1,033,216 | |
| 15,035 | | | | Medtronic plc | | | 1,866,294 | |
| 3,232 | | | | STERIS plc | | | 666,762 | |
| 5,161 | | | | UnitedHealth Group, Inc | | | 2,066,671 | |
| 1,699 | | | | West Pharmaceutical Services, Inc | | | 610,111 | |
| 5,936 | | n | | Zimmer Biomet Holdings, Inc | | | 954,627 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 12,854,368 | |
| | | | | | | | |
| |
HOUSEHOLD & PERSONAL PRODUCTS - 1.4% | | | | |
| 3,907 | | n | | Estee Lauder Cos (Class A) | | | 1,242,739 | |
| 11,125 | | | | Procter & Gamble Co | | | 1,501,096 | |
| | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 2,743,835 | |
| | | | | | | | |
| |
INSURANCE - 1.6% | | | | |
| 5,275 | | | | Allstate Corp | | | 688,071 | |
| 9,212 | | | | Hartford Financial Services Group, Inc | | | 570,868 | |
| 10,259 | | | | Lincoln National Corp | | | 644,675 | |
| 21,015 | | | | Metlife, Inc | | | 1,257,748 | |
| | | | | | | | |
| | | | TOTAL INSURANCE | | | 3,161,362 | |
| | | | | | | | |
| |
MATERIALS - 4.2% | | | | |
| 17,304 | | n | | CF Industries Holdings, Inc | | | 890,291 | |
| 21,914 | | n | | Corteva, Inc | | | 971,886 | |
| 11,454 | | | | Dow, Inc | | | 724,809 | |
| 10,632 | | n | | DuPont de Nemours, Inc | | | 823,023 | |
| 3,500 | | | | Eagle Materials, Inc | | | 497,385 | |
| 21,560 | | | | Freeport-McMoRan, Inc (Class B) | | | 800,092 | |
5
TIAA-CREF LIFE FUNDS - Growth & Income Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 7,782 | | | | Linde plc | | $ | 2,249,776 | |
| 5,803 | | | | PPG Industries, Inc | | | 985,175 | |
| 3,427 | | | | Reliance Steel & Aluminum Co | | | 517,134 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 8,459,571 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 10.6% | | | | |
| 3,439 | | * | | Alphabet, Inc (Class C) | | | 8,619,234 | |
| 23,124 | | | | Comcast Corp (Class A) | | | 1,318,530 | |
| 14,166 | | * | | Facebook, Inc | | | 4,925,660 | |
| 21,422 | | * | | Lions Gate Entertainment Corp (Class B) | | | 392,023 | |
| 1,808 | | * | | Netflix, Inc | | | 955,004 | |
| 6,692 | | * | | Snap, Inc | | | 455,993 | |
| 4,287 | | *,n | | Take-Two Interactive Software, Inc | | | 758,885 | |
| 8,820 | | * | | Twitter, Inc | | | 606,904 | |
| 13,026 | | n | | ViacomCBS, Inc (Class B) | | | 588,775 | |
| 14,329 | | * | | Walt Disney Co | | | 2,518,608 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 21,139,616 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4% | | | | |
| 1,487 | | *,n | | 10X Genomics, Inc | | | 291,184 | |
| 17,517 | | | | AbbVie, Inc | | | 1,973,115 | |
| 1,785 | | *,n | | Alnylam Pharmaceuticals, Inc | | | 302,593 | |
| 7,557 | | e | | AstraZeneca plc (ADR) | | | 452,664 | |
| 28,518 | | *,n | | Avantor, Inc | | | 1,012,674 | |
| 5,638 | | * | | Axsome Therapeutics, Inc | | | 380,340 | |
| 19,604 | | | | Bristol-Myers Squibb Co | | | 1,309,939 | |
| 5,122 | | * | | Catalent, Inc | | | 553,791 | |
| 2,800 | | | | Eisai Co Ltd | | | 275,176 | |
| 4,310 | | | | Eli Lilly & Co | | | 989,231 | |
| 10,894 | | * | | Genmab A.S. (ADR) | | | 444,802 | |
| 10,210 | | | | Gilead Sciences, Inc | | | 703,061 | |
| 8,570 | | *,n | | Horizon Therapeutics Plc | | | 802,495 | |
| 4,536 | | * | | IQVIA Holdings, Inc | | | 1,099,164 | |
| 531 | | | | Lonza Group AG. | | | 376,456 | |
| 10,679 | | | | Merck & Co, Inc | | | 830,506 | |
| 3,444 | | | | Merck KGaA | | | 660,821 | |
| 1,482 | | *,n | | Moderna, Inc | | | 348,240 | |
| 47,642 | | | | Pfizer, Inc | | | 1,865,661 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 14,671,913 | |
| | | | | | | | |
| |
REAL ESTATE - 1.0% | | | | |
| 9,469 | | | | Prologis, Inc | | | 1,131,829 | |
| 6,841 | | | | Simon Property Group, Inc | | | 892,614 | |
| | | | | | | | |
| | | | TOTAL REAL ESTATE | | | 2,024,443 | |
| | | | | | | | |
| |
RETAILING - 7.8% | | | | |
| 2,268 | | * | | Amazon.com, Inc | | | 7,802,283 | |
| 5,738 | | *,n | | Children’s Place, Inc | | | 533,978 | |
| 16,431 | | *,e | | Coupang, Inc | | | 687,145 | |
| 2,711 | | | | Dollar General Corp | | | 586,633 | |
| 5,220 | | n | | Home Depot, Inc | | | 1,664,606 | |
| 28,251 | | * | | ironSource Ltd | | | 274,278 | |
| 746 | | | | Kering | | | 653,658 | |
| 20,398 | | *,n | | Petco Health & Wellness Co, Inc | | | 457,119 | |
| 7,522 | | | | Target Corp | | | 1,818,368 | |
| 61,139 | | * | | THG Holdings Ltd | | | 515,899 | |
| 12,381 | | * | | Urban Outfitters, Inc | | | 510,345 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 15,504,312 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.6% | | | | |
| 6,759 | | *,n | | Advanced Micro Devices, Inc | | | 634,873 | |
| 7,676 | | n | | Applied Materials, Inc | | | 1,093,062 | |
| 771 | | | | ASML Holding NV (ADR) | | | 532,638 | |
| 2,913 | | | | Broadcom, Inc | | | 1,389,035 | |
| 5,413 | | * | | Cree, Inc | | | 530,095 | |
| 14,385 | | | | Marvell Technology, Inc | | | 839,077 | |
| 2,176 | | | | Monolithic Power Systems, Inc | | | 812,627 | |
| 4,169 | | | | NVIDIA Corp | | | 3,335,617 | |
| 2,890 | | | | NXP Semiconductors NV | | | 594,531 | |
6
TIAA-CREF LIFE FUNDS - Growth & Income Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 9,808 | | n | | QUALCOMM, Inc | | $ | 1,401,857 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 11,163,412 | |
| | | | | | | | |
SOFTWARE & SERVICES - 12.8% | | | | |
| 4,550 | | n | | Alliance Data Systems Corp | | | 474,065 | |
| 10,500 | | * | | Fiserv, Inc | | | 1,122,345 | |
| 2,206 | | | | Global Payments, Inc | | | 413,713 | |
| 5,164 | | | | International Business Machines Corp | | | 756,991 | |
| 7,568 | | * | | Liveperson, Inc | | | 478,600 | |
| 6,787 | | * | | Marqeta, Inc | | | 190,511 | |
| 7,864 | | | | Mastercard, Inc (Class A) | | | 2,871,068 | |
| 41,417 | | | | Microsoft Corp | | | 11,219,865 | |
| 7,776 | | * | | PayPal Holdings, Inc | | | 2,266,549 | |
| 9,224 | | * | | salesforce.com, Inc | | | 2,253,146 | |
| 2,324 | | * | | ServiceNow, Inc | | | 1,277,154 | |
| 3,250 | | * | | Synopsys, Inc | | | 896,318 | |
| 1,483 | | * | | Twilio, Inc | | | 584,539 | |
| 4,618 | | *,n | | UiPath, Inc | | | 313,701 | |
| 1,800 | | * | | Zscaler, Inc | | | 388,908 | |
| | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | 25,507,473 | |
| | | | | | | | |
| |
TECHNOLOGY HARDWARE & EQUIPMENT - 8.5% | | | | |
| 80,656 | | n | | Apple, Inc | | | 11,046,646 | |
| 1,905 | | * | | Arista Networks, Inc | | | 690,201 | |
| 7,380 | | * | | Calix, Inc | | | 350,550 | |
| 12,259 | | * | | Ciena Corp | | | 697,415 | |
| 37,165 | | | | Cisco Systems, Inc | | | 1,969,745 | |
| 7,349 | | | | Cognex Corp | | | 617,683 | |
| 13,450 | | *,n | | Stratasys Ltd | | | 347,817 | |
| 9,369 | | | | TE Connectivity Ltd | | | 1,266,782 | |
| | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 16,986,839 | |
| | | | | | | | |
| |
TELECOMMUNICATION SERVICES - 0.5% | | | | |
| 3,015 | | | | Cogent Communications Group, Inc | | | 231,823 | |
| 5,342 | | * | | T-Mobile US, Inc | | | 773,682 | |
| | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | 1,005,505 | |
| | | | | | | | |
| |
TRANSPORTATION - 2.2% | | | | |
| 13,461 | | * | | Delta Air Lines, Inc | | | 582,323 | |
| 4,225 | | | | DSV AS | | | 986,275 | |
| 1,275 | | * | | Saia, Inc | | | 267,100 | |
| 4,965 | | * | | Uber Technologies, Inc | | | 248,846 | |
| 3,369 | | | | Union Pacific Corp | | | 740,944 | |
| 7,045 | | | | United Parcel Service, Inc (Class B) | | | 1,465,149 | |
| | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | 4,290,637 | |
| | | | | | | | |
| |
UTILITIES - 0.9% | | | | |
| 4,884 | | | | Eversource Energy | | | 391,892 | |
| 18,862 | | n | | NextEra Energy, Inc | | | 1,382,208 | |
| | | | | | | | |
| | | | TOTAL UTILITIES | | | 1,774,100 | |
| | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | 198,881,266 | |
| | | | | | | | |
| | | | (Cost $106,196,034) | | | | |
| |
PURCHASED OPTIONS - 0.0% | | | | |
| |
MATERIALS - 0.0% | | | | |
| 1,200 | | | | DuPont de Nemours, Inc | | | 90 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 90 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 0.0% | | | | |
| 2,000 | | | | ViacomCBS, Inc | | | 3,020 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 3,020 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | | | | |
| 1,000 | | | | Seagen, Inc | | | 9,750 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 9,750 | |
| | | | | | | | |
| |
SOFTWARE & SERVICES - 0.0% | | | | |
| 2,200 | | | | Anaplan, Inc | | | 5,335 | |
| | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | 5,335 | |
| | | | | | | | |
7
TIAA-CREF LIFE FUNDS - Growth & Income Fund
| | | | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | | VALUE | |
| | | | | | | | | | | | | | | | |
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% | | | | | | | | | | | | | | |
| 1,000 | | | | Lumentum Holdings, Inc | | | | | | | $ | 2,150 | |
| | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | 2,150 | |
| | | | | | | | | | | | | |
| | | | TOTAL PURCHASED OPTIONS | | | | | | | | | | | | | 20,345 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $52,987) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 0.7% | | | | | | | | | | | | | | |
| | |
GOVERNMENT AGENCY DEBT - 0.3% | | | | | | | | | |
| $178,000 | | | | Federal Agricultural Mortgage Corp (FAMC) | | | 0.010 | % | | | 07/01/21 | | | | 178,000 | |
| 468,000 | | | | Federal Farm Credit Bank (FFCB) | | | 0.003 | | | | 07/26/21 | | | | 467,990 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | 645,990 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4% | | | | | | | | | |
| 703,516 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 0.020 | | | | | | | | 703,516 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | 703,516 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 1,349,506 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $1,349,515) | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.7% | | | | | | | | | | | 200,251,117 | |
| | | | (Cost $107,598,536) | | | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - (0.7)% | | | | | | | | | | | (1,450,397 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | | | $ | 198,800,720 | |
| | | | | | | | | | | | | | | | | | |
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 $1,128,356. |
| n | All or a portion of these securities have been segregated by the custodian to cover collateral requirements on open written options contracts. |
Purchased options outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise
price | | | Expiration
date | | | Value | |
Anaplan, Inc, Call | | | 22 | | | $ | 17,795 | | | $ | 67.50 | | | | 11/19/21 | | | $ | 5,335 | |
DuPont de Nemours, Inc, Call | | | 12 | | | | 6,300 | | | | 87.50 | | | | 07/16/21 | | | | 90 | |
Lumentum Holdings, Inc, Call | | | 10 | | | | 6,231 | | | | 92.50 | | | | 09/17/21 | | | | 2,150 | |
Seagen, Inc, Call | | | 10 | | | | 8,920 | | | | 175.00 | | | | 12/17/21 | | | | 9,750 | |
ViacomCBS, Inc, Call | | | 20 | | | | 13,741 | | | | 52.50 | | | | 09/17/21 | | | | 3,020 | |
Total | | | 74 | | | $ | 52,987 | | | | | | | | | | | $ | 20,345 | |
| | | | | | | | | | | | | | | | | | | | | |
Written options outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise
price | | | Expiration
date | | | Value | |
10X Genomics, Inc, Call | | | 6 | | | $ | (1,526 | ) | | $ | 220.00 | | | | 07/16/21 | | | $ | (915 | ) |
ACADIA Pharmaceuticals, Inc, Put | | | 15 | | | | (4,722 | ) | | | 17.50 | | | | 01/21/22 | | | | (4,162 | ) |
Advanced Micro Devices, Inc, Call | | | 12 | | | | (1,200 | ) | | | 100.00 | | | | 08/20/21 | | | | (4,404 | ) |
Alliance Data Systems Corp, Put | | | 6 | | | | (582 | ) | | | 90.00 | | | | 07/16/21 | | | | (252 | ) |
Alliance Data Systems Corp, Put | | | 6 | | | | (2,682 | ) | | | 90.00 | | | | 08/20/21 | | | | (1,500 | ) |
Alnylam Pharmaceuticals, Inc, Put | | | 10 | | | | (1,400 | ) | | | 135.00 | | | | 08/20/21 | | | | (2,775 | ) |
Anaplan, Inc, Call | | | 22 | | | | (13,821 | ) | | | 72.50 | | | | 11/19/21 | | | | (3,685 | ) |
Anaplan, Inc, Put | | | 22 | | | | (8,022 | ) | | | 50.00 | | | | 11/19/21 | | | | (10,120 | ) |
Apple, Inc, Put | | | 21 | | | | (3,044 | ) | | | 105.00 | | | | 09/17/21 | | | | (987 | ) |
Applied Materials, Inc, Put | | | 12 | | | | (264 | ) | | | 120.00 | | | | 07/02/21 | | | | (24 | ) |
Arcturus Therapeutics Holdings, Inc, Put | | | 10 | | | | (13,054 | ) | | | 45.00 | | | | 09/17/21 | | | | (13,350 | ) |
Arcturus Therapeutics Holdings, Inc, Put | | | 12 | | | | (17,295 | ) | | | 50.00 | | | | 09/17/21 | | | | (21,600 | ) |
Avantor, Inc, Put | | | 40 | | | | (1,559 | ) | | | 30.00 | | | | 08/20/21 | | | | (800 | ) |
8
TIAA-CREF LIFE FUNDS - Growth & Income Fund
| | | | | | | | | | | | | | | | | | | | |
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise
price | | | Expiration
date | | | Value | |
Ball Corp, Put | | | 18 | | | $ | (1,314 | ) | | $ | 70.00 | | | | 08/20/21 | | | $ | (855 | ) |
Best Buy Co, Inc, Put | | | 12 | | | | (1,056 | ) | | | 95.00 | | | | 08/20/21 | | | | (450 | ) |
BioNTech SE, Put | | | 7 | | | | (1,462 | ) | | | 170.00 | | | | 07/16/21 | | | | (210 | ) |
Brunswick Corp, Put | | | 14 | | | | (2,771 | ) | | | 70.00 | | | | 12/17/21 | | | | (1,575 | ) |
Cadence Design Systems, Inc, Put | | | 10 | | | | (2,880 | ) | | | 105.00 | | | | 08/20/21 | | | | (775 | ) |
Caesars Entertainment, Inc, Call | | | 10 | | | | (1,320 | ) | | | 130.00 | | | | 07/16/21 | | | | (75 | ) |
Caesars Entertainment, Inc, Put | | | 16 | | | | (1,623 | ) | | | 80.00 | | | | 08/20/21 | | | | (1,760 | ) |
Celanese Corp, Put | | | 9 | | | | (1,152 | ) | | | 130.00 | | | | 09/17/21 | | | | (1,350 | ) |
CF Industries Holdings, Inc, Call | | | 20 | | | | (1,073 | ) | | | 60.00 | | | | 08/20/21 | | | | (720 | ) |
Children’s Place, Inc, Call | | | 14 | | | | (10,198 | ) | | | 110.00 | | | | 09/17/21 | | | | (7,420 | ) |
Children’s Place, Inc, Call | | | 14 | | | | (4,795 | ) | | | 130.00 | | | | 09/17/21 | | | | (2,450 | ) |
Children’s Place, Inc, Put | | | 14 | | | | (6,410 | ) | | | 70.00 | | | | 09/17/21 | | | | (3,360 | ) |
Children’s Place, Inc, Put | | | 14 | | | | (6,560 | ) | | | 80.00 | | | | 09/17/21 | | | | (7,000 | ) |
Chipotle Mexican Grill, Inc, Put | | | 1 | | | | (3,458 | ) | | | 1,100.00 | | | | 09/17/21 | | | | (275 | ) |
Chipotle Mexican Grill, Inc, Put | | | 1 | | | | (1,066 | ) | | | 1,240.00 | | | | 09/17/21 | | | | (600 | ) |
Citigroup, Inc, Call | | | 9 | | | | (3,510 | ) | | | 87.50 | | | | 01/21/22 | | | | (981 | ) |
Citigroup, Inc, Put | | | 9 | | | | (3,510 | ) | | | 57.50 | | | | 01/21/22 | | | | (1,521 | ) |
Cleveland-Cliffs, Inc, Put | | | 53 | | | | (847 | ) | | | 17.00 | | | | 07/16/21 | | | | (477 | ) |
Corteva, Inc, Put | | | 16 | | | | (1,818 | ) | | | 38.00 | | | | 09/17/21 | | | | (920 | ) |
Darden Restaurants, Inc, Put | | | 11 | | | | (1,385 | ) | | | 115.00 | | | | 08/20/21 | | | | (495 | ) |
Darling Ingredients, Inc, Put | | | 22 | | | | (1,847 | ) | | | 55.00 | | | | 07/16/21 | | | | (220 | ) |
DraftKings, Inc, Put | | | 18 | | | | (4,607 | ) | | | 40.00 | | | | 11/19/21 | | | | (4,176 | ) |
DraftKings, Inc, Put | | | 6 | | | | (4,031 | ) | | | 40.00 | | | | 01/21/22 | | | | (1,842 | ) |
DuPont de Nemours, Inc, Call | | | 12 | | | | (2,975 | ) | | | 95.00 | | | | 07/16/21 | | | | (12 | ) |
DuPont de Nemours, Inc, Put | | | 6 | | | | (564 | ) | | | 70.00 | | | | 08/20/21 | | | | (468 | ) |
DuPont de Nemours, Inc, Put | | | 6 | | | | (750 | ) | | | 67.50 | | | | 10/15/21 | | | | (759 | ) |
Emergent BioSolutions, Inc, Put | | | 14 | | | | (9,771 | ) | | | 70.00 | | | | 09/17/21 | | | | (14,000 | ) |
Enphase Energy, Inc, Put | | | 10 | | | | (1,749 | ) | | | 125.00 | | | | 07/23/21 | | | | (870 | ) |
Enphase Energy, Inc, Put | | | 4 | | | | (1,652 | ) | | | 120.00 | | | | 08/20/21 | | | | (488 | ) |
Enphase Energy, Inc, Put | | | 4 | | | | (1,474 | ) | | | 125.00 | | | | 08/20/21 | | | | (600 | ) |
Enphase Energy, Inc, Put | | | 4 | | | | (1,206 | ) | | | 140.00 | | | | 08/20/21 | | | | (1,206 | ) |
Estee Lauder Cos, Inc, Put | | | 3 | | | | (417 | ) | | | 250.00 | | | | 07/16/21 | | | | (120 | ) |
Estee Lauder Cos, Inc, Put | | | 3 | | | | (861 | ) | | | 260.00 | | | | 07/16/21 | | | | (33 | ) |
Expedia Group, Inc, Call | | | 7 | | | | (5,680 | ) | | | 210.00 | | | | 10/15/21 | | | | (1,505 | ) |
Expedia Group, Inc, Put | | | 7 | | | | (2,253 | ) | | | 145.00 | | | | 07/16/21 | | | | (294 | ) |
Farfetch Ltd, Put | | | 24 | | | | (2,351 | ) | | | 40.00 | | | | 08/20/21 | | | | (2,424 | ) |
FedEx Corp, Put | | | 5 | | | | (920 | ) | | | 250.00 | | | | 07/16/21 | | | | (60 | ) |
FedEx Corp, Put | | | 5 | | | | (1,001 | ) | | | 250.00 | | | | 08/20/21 | | | | (420 | ) |
Gap, Inc, Put | | | 46 | | | | (1,194 | ) | | | 27.00 | | | | 07/09/21 | | | | (184 | ) |
Generac Holdings, Inc, Put | | | 5 | | | | (1,490 | ) | | | 320.00 | | | | 08/20/21 | | | | (690 | ) |
Hess Corp, Call | | | 14 | | | | (3,093 | ) | | | 100.00 | | | | 08/20/21 | | | | (1,890 | ) |
Home Depot, Inc, Call | | | 4 | | | | (5,332 | ) | | | 345.00 | | | | 11/19/21 | | | | (2,700 | ) |
Home Depot, Inc, Put | | | 4 | | | | (1,592 | ) | | | 260.00 | | | | 11/19/21 | | | | (1,178 | ) |
Horizon Therapeutics PLC, Put | | | 16 | | | | (3,324 | ) | | | 75.00 | | | | 08/20/21 | | | | (1,120 | ) |
Lumentum Holdings, Inc, Call | | | 10 | | | | (2,765 | ) | | | 105.00 | | | | 09/17/21 | | | | (475 | ) |
Lumentum Holdings, Inc, Put | | | 6 | | | | (3,948 | ) | | | 75.00 | | | | 09/17/21 | | | | (1,455 | ) |
Lumentum Holdings, Inc, Put | | | 4 | | | | (2,205 | ) | | | 75.00 | | | | 12/17/21 | | | | (1,880 | ) |
Moderna, Inc, Put | | | 8 | | | | (872 | ) | | | 155.00 | | | | 07/16/21 | | | | (176 | ) |
Mosaic Co, Put | | | 40 | | | | (4,493 | ) | | | 27.00 | | | | 09/17/21 | | | | (3,520 | ) |
NextEra Energy, Inc, Put | | | 18 | | | | (2,699 | ) | | | 65.00 | | | | 09/17/21 | | | | (1,116 | ) |
Nordstrom, Inc, Put | | | 40 | | | | (3,386 | ) | | | 27.50 | | | | 08/20/21 | | | | (1,400 | ) |
Pacific Biosciences of California, Inc, Put | | | 56 | | | | (5,486 | ) | | | 24.00 | | | | 08/20/21 | | | | (1,960 | ) |
Penn National Gaming, Inc, Put | | | 14 | | | | (937 | ) | | | 65.00 | | | | 07/16/21 | | | | (378 | ) |
Petco Health & Wellness Co, Inc, Put | | | 60 | | | | (2,938 | ) | | | 17.50 | | | | 09/17/21 | | | | (2,700 | ) |
QUALCOMM, Inc, Put | | | 8 | | | | (1,024 | ) | | | 120.00 | | | | 07/30/21 | | | | (400 | ) |
Seagen, Inc, Call | | | 10 | | | | (5,047 | ) | | | 190.00 | | | | 12/17/21 | | | | (5,650 | ) |
Seagen, Inc, Put | | | 10 | | | | (5,264 | ) | | | 125.00 | | | | 12/17/21 | | | | (3,950 | ) |
Shake Shack, Inc, Put | | | 16 | | | | (2,223 | ) | | | 85.00 | | | | 08/20/21 | | | | (2,240 | ) |
Six Flags Entertainment Corp, Put | | | 30 | | | | (5,639 | ) | | | 37.50 | | | | 09/17/21 | | | | (4,425 | ) |
Spirit AeroSystems Holdings, Inc, Put | | | 30 | | | | (1,913 | ) | | | 40.00 | | | | 08/20/21 | | | | (2,700 | ) |
Spotify Technology S.A., Put | | | 5 | | | | (5,025 | ) | | | 200.00 | | | | 09/17/21 | | | | (710 | ) |
Stratasys Ltd, Call | | | 30 | | | | (869 | ) | | | 35.00 | | | | 07/16/21 | | | | (675 | ) |
Take-Two Interactive Software, Inc, Put | | | 8 | | | | (1,571 | ) | | | 145.00 | | | | 09/17/21 | | | | (1,400 | ) |
Teladoc Health, Inc, Put | | | 8 | | | | (8,064 | ) | | | 125.00 | | | | 10/15/21 | | | | (2,176 | ) |
UiPath, Inc, Put | | | 20 | | | | (1,637 | ) | | | 60.00 | | | | 07/16/21 | | | | (1,320 | ) |
VF Corp, Put | | | 18 | | | | (1,598 | ) | | | 65.00 | | | | 08/20/21 | | | | (495 | ) |
ViacomCBS, Inc, Call | | | 20 | | | | (8,859 | ) | | | 60.00 | | | | 09/17/21 | | | | (1,440 | ) |
ViacomCBS, Inc, Put | | | 20 | | | | (11,467 | ) | | | 48.00 | | | | 09/17/21 | | | | (11,050 | ) |
Zimmer Biomet Holdings, Inc, Put | | | 8 | | | | (592 | ) | | | 135.00 | | | | 08/20/21 | | | | (592 | ) |
Total | | | 1,212 | | | $ | (278,034 | ) | | | | | | | | | | $ | (189,385 | ) |
| | | | | | | | | | | | | | | | | | | | | |
9
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
TIAA-CREF LIFE FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2021
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 99.4% | | | | |
| |
AUTOMOBILES & COMPONENTS - 0.8% | | | | |
| 11,744 | | * | | General Motors Co | | $ | 694,892 | |
| | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | 694,892 | |
| | | | | | | | |
| |
BANKS - 12.9% | | | | |
| 72,103 | | | | Bank of America Corp | | | 2,972,807 | |
| 18,529 | | | | Citigroup, Inc | | | 1,310,927 | |
| 22,301 | | | | JPMorgan Chase & Co | | | 3,468,698 | |
| 5,598 | | | | PNC Financial Services Group, Inc | | | 1,067,874 | |
| 17,156 | | | | US Bancorp | | | 977,377 | |
| 32,024 | | | | Wells Fargo & Co | | | 1,450,367 | |
| | | | | | | | |
| | | | TOTAL BANKS | | | 11,248,050 | |
| | | | | | | | |
| |
CAPITAL GOODS - 12.7% | | | | |
| 2,555 | | | | Allegion plc | | | 355,912 | |
| 2,743 | | * | | Boeing Co | | | 657,113 | |
| 2,771 | | | | Caterpillar, Inc | | | 603,053 | |
| 2,896 | | | | Deere & Co | | | 1,021,448 | |
| 6,344 | | | | Dover Corp | | | 955,406 | |
| 6,526 | | | | Eaton Corp | | | 967,023 | |
| 8,163 | | | | Honeywell International, Inc | | | 1,790,554 | |
| 14,847 | | | | Masco Corp | | | 874,637 | |
| 3,655 | | | | Parker-Hannifin Corp | | | 1,122,487 | |
| 13,978 | | | | Raytheon Technologies Corp | | | 1,192,463 | |
| 2,186 | | | | Stanley Black & Decker, Inc | | | 448,108 | |
| 5,827 | | | | Trane Technologies plc | | | 1,072,984 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 11,061,188 | |
| | | | | | | | |
| |
CONSUMER DURABLES & APPAREL - 1.2% | | | | |
| 207 | | * | | NVR, Inc | | | 1,029,473 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 1,029,473 | |
| | | | | | | | |
| |
CONSUMER SERVICES - 2.9% | | | | |
| 219 | | * | | Booking Holdings, Inc | | | 479,192 | |
| 8,682 | | * | | Hilton Worldwide Holdings, Inc | | | 1,047,223 | |
| 4,255 | | | | McDonald’s Corp | | | 982,862 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 2,509,277 | |
| | | | | | | | |
| |
DIVERSIFIED FINANCIALS - 6.1% | | | | |
| 7,990 | | | | American Express Co | | | 1,320,188 | |
| 4,736 | | * | | Berkshire Hathaway, Inc (Class B) | | | 1,316,229 | |
| 1,134 | | | | BlackRock, Inc | | | 992,216 | |
| 4,621 | | | | Goldman Sachs Group, Inc | | | 1,753,808 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 5,382,441 | |
| | | | | | | | |
| |
ENERGY - 4.6% | | | | |
| 14,047 | | | | Chevron Corp | | | 1,471,283 | |
| 16,778 | | | | ConocoPhillips | | | 1,021,780 | |
| 5,367 | | | | EOG Resources, Inc | | | 447,823 | |
| 9,961 | | | | Exxon Mobil Corp | | | 628,340 | |
| 5,817 | | | | Valero Energy Corp | | | 454,191 | |
| | | | | | | | |
| | | | TOTAL ENERGY | | | 4,023,417 | |
| | | | | | | | |
| |
FOOD & STAPLES RETAILING - 1.4% | | | | |
| 8,724 | | | | Walmart, Inc | | | 1,230,258 | |
| | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | 1,230,258 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 0.8% | | | | |
| 11,908 | | | | Mondelez International, Inc | | | 743,536 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 743,536 | |
| | | | | | | | |
10
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
HEALTH CARE EQUIPMENT & SERVICES - 9.6% | | | | |
| 3,435 | | | | Anthem, Inc | | $ | 1,311,483 | |
| 5,271 | | | | Cigna Corp | | | 1,249,596 | |
| 5,028 | | | | HCA Healthcare, Inc | | | 1,039,489 | |
| 9,792 | | | | Medtronic plc | | | 1,215,481 | |
| 6,037 | | | | UnitedHealth Group, Inc | | | 2,417,456 | |
| 7,343 | | | | Zimmer Biomet Holdings, Inc | | | 1,180,901 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 8,414,406 | |
| | | | | | | | |
| |
HOUSEHOLD & PERSONAL PRODUCTS - 0.8% | | | | |
| 4,996 | | | | Procter & Gamble Co | | | 674,110 | |
| | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 674,110 | |
| | | | | | | | |
| |
INSURANCE - 4.6% | | | | |
| 20,638 | | | | American International Group, Inc | | | 982,369 | |
| 8,220 | | | | Chubb Ltd | | | 1,306,487 | |
| 6,907 | | | | Marsh & McLennan Cos, Inc | | | 971,676 | |
| 7,381 | | | | Prudential Financial, Inc | | | 756,331 | |
| | | | | | | | |
| | | | TOTAL INSURANCE | | | 4,016,863 | |
| | | | | | | | |
| |
MATERIALS - 4.5% | | | | |
| 4,753 | | | | Ball Corp | | | 385,088 | |
| 10,870 | | | | Crown Holdings, Inc | | | 1,111,023 | |
| 7,977 | | | | DuPont de Nemours, Inc | | | 617,500 | |
| 1,542 | | | | Linde plc | | | 445,792 | |
| 5,692 | | | | PPG Industries, Inc | | | 966,331 | |
| 2,666 | | | | Reliance Steel & Aluminum Co | | | 402,299 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 3,928,033 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 8.1% | | | | |
| 764 | | * | | Alphabet, Inc (Class C) | | | 1,914,829 | |
| 1,172 | | * | | Charter Communications, Inc | | | 845,539 | |
| 42,195 | | | | Comcast Corp (Class A) | | | 2,405,959 | |
| 10,768 | | * | | Walt Disney Co | | | 1,892,691 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 7,059,018 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.5% | | | | |
| 757 | | | | Amgen, Inc | | | 184,519 | |
| 18,505 | | | | Bristol-Myers Squibb Co | | | 1,236,504 | |
| 16,024 | | | | Johnson & Johnson | | | 2,639,794 | |
| 11,411 | | | | Merck & Co, Inc | | | 887,433 | |
| 18,004 | | | | Pfizer, Inc | | | 705,037 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 5,653,287 | |
| | | | | | | | |
| |
REAL ESTATE - 1.0% | | | | |
| 7,412 | | | | Prologis, Inc | | | 885,956 | |
| | | | | | | | |
| | | | TOTAL REAL ESTATE | | | 885,956 | |
| | | | | | | | |
| |
RETAILING - 1.0% | | | | |
| 2,781 | | | | Home Depot, Inc | | | 886,833 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 886,833 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.0% | | | | |
| 5,266 | | | | Analog Devices, Inc | | | 906,594 | |
| 7,043 | | | | Applied Materials, Inc | | | 1,002,923 | |
| 16,824 | | | | Intel Corp | | | 944,499 | |
| 698 | | | | Lam Research Corp | | | 454,189 | |
| 11,499 | | * | | Micron Technology, Inc | | | 977,185 | |
| 4,683 | | | | NXP Semiconductors NV | | | 963,387 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 5,248,777 | |
| | | | | | | | |
| |
SOFTWARE & SERVICES - 4.0% | | | | |
| 3,843 | | | | Accenture plc | | | 1,132,878 | |
| 7,225 | | * | | Fiserv, Inc | | | 772,280 | |
| 4,997 | | | | Microsoft Corp | | | 1,353,687 | |
| 3,082 | | | | Oracle Corp | | | 239,903 | |
| | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | 3,498,748 | |
| | | | | | | | |
11
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
TECHNOLOGY HARDWARE & EQUIPMENT - 2.9% | | | | | | | | | | | | |
| 22,108 | | | | Cisco Systems, Inc | | | | | | | | | | $ | 1,171,724 | |
| 9,918 | | | | TE Connectivity Ltd | | | | | | | | | | | 1,341,013 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | | | 2,512,737 | |
| | | | | | | | | | | | | | | | |
| | | |
TELECOMMUNICATION SERVICES - 1.5% | | | | | | | | | | | | |
| 6,451 | | * | | T-Mobile US, Inc | | | | | | | | | | | 934,298 | |
| 6,567 | | | | Verizon Communications, Inc | | | | | | | | | | | 367,949 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | | | | | | | | | 1,302,247 | |
| | | | | | | | | | | | | | | | |
| | | |
TRANSPORTATION - 2.9% | | | | | | | | | | | | |
| 18,960 | | | | CSX Corp | | | | | | | | | | | 608,237 | |
| 6,381 | | | | Union Pacific Corp | | | | | | | | | | | 1,403,373 | |
| 2,453 | | | | United Parcel Service, Inc (Class B) | | | | | | | | | | | 510,151 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | | | | | | | | 2,521,761 | |
| | | | | | | | | | | | | | | | |
| | | |
UTILITIES - 2.6% | | | | | | | | | | | | |
| 7,962 | | | | American Electric Power Co, Inc | | | | | | | | | | | 673,506 | |
| 28,429 | | | | Centerpoint Energy, Inc | | | | | | | | | | | 697,079 | |
| 6,804 | | | | Entergy Corp | | | | | | | | | | | 678,359 | |
| 2,647 | | | | NextEra Energy, Inc | | | | | | | | | | | 193,972 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL UTILITIES | | | | | | | | | | | 2,242,916 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 86,768,224 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $56,870,570) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 0.3% | | | | | | | | | | | | |
| | |
TREASURY DEBT - 0.3% | | | | | | | | | |
| $261,000 | | | | United States Treasury Bill | | | 0.020 | % | | | 07/06/21 | | | | 260,999 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TREASURY DEBT | | | | 260,999 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 260,999 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $260,999) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.7% | | | | | | | | | | | 87,029,223 | |
| | | | (Cost $57,131,569) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - 0.3% | | | | | | | | | | | 292,193 | |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 87,321,416 | |
| | | | | | | | | | | | | | | | |
12
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
TIAA-CREF LIFE FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2021
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 99.7% | | | | |
| |
CASINOS & GAMING - 1.8% | | | | |
| 9,200 | | * | | Las Vegas Sands Corp | | $ | 484,748 | |
| 13,800 | | | | MGM Resorts International | | | 588,570 | |
| 5,200 | | * | | Wynn Resorts Ltd | | | 635,960 | |
| | | | | | | | |
| | | | TOTAL CASINOS & GAMING | | | 1,709,278 | |
| | | | | | | | |
| |
DIVERSIFIED REITS - 1.2% | | | | |
| 40,200 | | | | Empire State Realty Trust, Inc | | | 482,400 | |
| 18,800 | | | | STORE Capital Corp | | | 648,788 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED REITS | | | 1,131,188 | |
| | | | | | | | |
| |
HEALTH CARE REITS - 7.1% | | | | |
| 40,300 | | | | Healthpeak Properties Inc | | | 1,341,587 | |
| 13,900 | | | | Omega Healthcare Investors, Inc | | | 504,431 | |
| 36,500 | | | | Sabra Healthcare REIT, Inc | | | 664,300 | |
| 36,600 | | | | Ventas, Inc | | | 2,089,860 | |
| 27,100 | | | | Welltower, Inc | | | 2,252,010 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE REITS | | | 6,852,188 | |
| | | | | | | | |
| |
HOTEL & RESORT REITS - 1.9% | | | | |
| 46,200 | | * | | Host Hotels and Resorts, Inc | | | 789,558 | |
| 9,100 | | | | MGM Growth Properties LLC | | | 333,242 | |
| 26,400 | | * | | Park Hotels & Resorts, Inc | | | 544,104 | |
| 13,900 | | * | | Sunstone Hotel Investors, Inc | | | 172,638 | |
| | | | | | | | |
| | | | TOTAL HOTEL & RESORT REITS | | | 1,839,542 | |
| | | | | | | | |
| |
HOTELS, RESORTS & CRUISE LINES - 0.7% | | | | |
| 2,400 | | * | | Hilton Worldwide Holdings, Inc | | | 289,488 | |
| 3,200 | | * | | Marriott International, Inc (Class A) | | | 436,864 | |
| | | | | | | | |
| | | | TOTAL HOTELS, RESORTS & CRUISE LINES | | | 726,352 | |
| | | | | | | | |
| |
INDUSTRIAL REITS - 11.4% | | | | |
| 3,800 | | | | EastGroup Properties, Inc | | | 624,910 | |
| 2,000 | | | | Innovative Industrial Properties, Inc | | | 382,040 | |
| 49,200 | | | | Prologis, Inc | | | 5,880,876 | |
| 50,700 | | | | Rexford Industrial Realty, Inc | | | 2,887,365 | |
| 18,400 | | | | Terreno Realty Corp | | | 1,187,168 | |
| | | | | | | | |
| | | | TOTAL INDUSTRIAL REITS | | | 10,962,359 | |
| | | | | | | | |
| |
INTERNET SERVICES & INFRASTRUCTURE - 3.2% | | | | |
| 25,700 | | * | | GDS Holdings Ltd (ADR) | | | 2,017,193 | |
| 49,500 | | * | | Megaport Ltd | | | 686,220 | |
| 40,700 | | * | | NEXTDC Ltd | | | 362,176 | |
| | | | | | | | |
| | | | TOTAL INTERNET SERVICES & INFRASTRUCTURE | | | 3,065,589 | |
| | | | | | | | |
| |
OFFICE REITS - 7.1% | | | | |
| 11,100 | | | | Alexandria Real Estate Equities, Inc | | | 2,019,534 | |
| 14,000 | | | | Boston Properties, Inc | | | 1,604,260 | |
| 10,600 | | | | Kilroy Realty Corp | | | 738,184 | |
| 15,100 | | | | SL Green Realty Corp | | | 1,208,000 | |
| 26,400 | | | | Vornado Realty Trust | | | 1,232,088 | |
| | | | | | | | |
| | | | TOTAL OFFICE REITS | | | 6,802,066 | |
| | | | | | | | |
| |
RESIDENTIAL REITS - 24.2% | | | | |
| 65,400 | | | | American Homes 4 Rent | | | 2,540,790 | |
| 9,400 | | | | Apartment Income REIT Corp | | | 445,842 | |
| 18,800 | | | | AvalonBay Communities, Inc | | | 3,923,372 | |
| 6,200 | | | | Camden Property Trust | | | 822,554 | |
| 24,500 | | | | Equity Lifestyle Properties, Inc | | | 1,820,595 | |
| 50,800 | | | | Equity Residential | | | 3,911,600 | |
| 7,900 | | | | Essex Property Trust, Inc | | | 2,370,079 | |
| 105,900 | | | | Ingenia Communities Group | | | 486,185 | |
13
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 80,500 | | | | Invitation Homes, Inc | | | | | | | | | | $ | 3,001,845 | |
| 5,400 | | | | Mid-America Apartment Communities, Inc | | | | | | | | | | | 909,468 | |
| 11,200 | | | | Sun Communities, Inc | | | | | | | | | | | 1,919,680 | |
| 24,000 | | | | UDR, Inc | | | | | | | | | | | 1,175,520 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL RESIDENTIAL REITS | | | | | | | | | | | 23,327,530 | |
| | | | | | | | | | | | | | | | |
| | | |
RETAIL REITS - 12.7% | | | | | | | | | | | | |
| 8,200 | | | | Agree Realty Corp | | | | | | | | | | | 578,018 | |
| 38,900 | | | | Brixmor Property Group, Inc | | | | | | | | | | | 890,421 | |
| 43,700 | | | | Kimco Realty Corp | | | | | | | | | | | 911,145 | |
| 32,000 | | | | Macerich Co | | | | | | | | | | | 584,000 | |
| 5,200 | | | | Realty Income Corp | | | | | | | | | | | 347,048 | |
| 21,100 | | | | Regency Centers Corp | | | | | | | | | | | 1,351,877 | |
| 43,800 | | | | Simon Property Group, Inc | | | | | | | | | | | 5,715,024 | |
| 51,900 | | | | SITE Centers Corp | | | | | | | | | | | 781,614 | |
| 10,600 | | | | Spirit Realty Capital, Inc | | | | | | | | | | | 507,104 | |
| 29,400 | | | | Tanger Factory Outlet Centers, Inc | | | | | | | | | | | 554,190 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL RETAIL REITS | | | | | | | | | | | 12,220,441 | |
| | | | | | | | | | | | | | | | |
| | | |
SPECIALIZED REITS - 28.4% | | | | | | | | | | | | |
| 22,800 | | | | American Tower Corp | | | | | | | | | | | 6,159,192 | |
| 15,900 | | | | Crown Castle International Corp | | | | | | | | | | | 3,102,090 | |
| 12,500 | | | | Digital Realty Trust, Inc | | | | | | | | | | | 1,880,750 | |
| 18,900 | | * | | EPR Properties | | | | | | | | | | | 995,652 | |
| 6,200 | | | | Equinix, Inc | | | | | | | | | | | 4,976,120 | |
| 5,300 | | | | Extra Space Storage, Inc | | | | | | | | | | | 868,246 | |
| 7,700 | | | | Gaming and Leisure Properties, Inc | | | | | | | | | | | 356,742 | |
| 9,300 | | | | Lamar Advertising Co | | | | | | | | | | | 971,106 | |
| 11,900 | | | | National Storage Affiliates Trust | | | | | | | | | | | 601,664 | |
| 28,400 | | * | | Outfront Media, Inc | | | | | | | | | | | 682,452 | |
| 8,900 | | | | Public Storage, Inc | | | | | | | | | | | 2,676,141 | |
| 3,400 | | | | SBA Communications Corp | | | | | | | | | | | 1,083,580 | |
| 29,000 | | | | VICI Properties, Inc | | | | | | | | | | | 899,580 | |
| 59,300 | | | | Weyerhaeuser Co | | | | | | | | | | | 2,041,106 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SPECIALIZED REITS | | | | | | | | | | | 27,294,421 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 95,930,954 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $55,641,608) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 0.2% | | | | | |
| |
GOVERNMENT AGENCY DEBT - 0.2% | | | | | |
| $163,000 | | | | Federal Agricultural Mortgage Corp (FAMC) | | | 0.011 | % | | | 07/01/21 | | | | 163,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | 163,000 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 163,000 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $163,000) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.9% | | | | 96,093,954 | |
| | | | (Cost $55,804,608) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - 0.1% | | | | 136,592 | |
| | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 96,230,546 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Abbreviation(s):
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
14
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
TIAA-CREF LIFE FUNDS
SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2021
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 96.7% | | | | |
| |
AUTOMOBILES & COMPONENTS - 1.2% | | | | |
| 3,610 | | * | | Adient plc | | $ | 163,172 | |
| 1,800 | | * | | Gentherm, Inc | | | 127,890 | |
| 2,430 | | * | | Goodyear Tire & Rubber Co | | | 41,674 | |
| 8,010 | | * | | Modine Manufacturing Co | | | 132,886 | |
| 1,020 | | | | Patrick Industries, Inc | | | 74,460 | |
| 1,300 | | | | Standard Motor Products, Inc | | | 56,355 | |
| 1,760 | | * | | Stoneridge, Inc | | | 51,920 | |
| 11,200 | | * | | Tenneco, Inc | | | 216,384 | |
| | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | 864,741 | |
| | | | | | | | |
| |
BANKS - 8.9% | | | | |
| 1,260 | | | | Amalgamated Financial Corp | | | 19,694 | |
| 636 | | * | | Axos Financial, Inc | | | 29,504 | |
| 1,772 | | | | Bank of NT Butterfield & Son Ltd | | | 62,817 | |
| 2,120 | | | | Banner Corp | | | 114,925 | |
| 5,444 | | | | Cathay General Bancorp | | | 214,276 | |
| 3,550 | | | | Central Pacific Financial Corp | | | 92,513 | |
| 3,062 | | | | ConnectOne Bancorp, Inc | | | 80,133 | |
| 4,123 | | * | | Customers Bancorp, Inc | | | 160,756 | |
| 6,941 | | | | Essent Group Ltd | | | 311,998 | |
| 1,644 | | | | Federal Agricultural Mortgage Corp | | | 162,592 | |
| 2,192 | | | | First Bancorp | | | 89,675 | |
| 7,690 | | | | First Financial Bancorp | | | 181,715 | |
| 3,605 | | | | First Merchants Corp | | | 150,220 | |
| 4,469 | | | | Flagstar Bancorp, Inc | | | 188,905 | |
| 4,980 | | | | Glacier Bancorp, Inc | | | 274,298 | |
| 3,919 | | | | Great Western Bancorp, Inc | | | 128,504 | |
| 2,970 | | | | Heartland Financial USA, Inc | | | 139,560 | |
| 4,230 | | | | Heritage Commerce Corp | | | 47,080 | |
| 7,776 | | | | Hilltop Holdings, Inc | | | 283,046 | |
| 1,300 | | | | HomeStreet, Inc | | | 52,962 | |
| 3,190 | | | | Horizon Bancorp | | | 55,602 | |
| 1,754 | | | | Independent Bank Corp (MI) | | | 38,079 | |
| 2,320 | | | | Independent Bank Group, Inc | | | 171,634 | |
| 15,650 | | | | Investors Bancorp, Inc | | | 223,169 | |
| 1,670 | | | | Kearny Financial Corp | | | 19,957 | |
| 2,759 | | | | Lakeland Bancorp, Inc | | | 48,227 | |
| 480 | | | | Lakeland Financial Corp | | | 29,587 | |
| 4,390 | | | | National Bank Holdings Corp | | | 165,679 | |
| 4,659 | | * | | NMI Holdings, Inc | | | 104,734 | |
| 6,245 | | | | OceanFirst Financial Corp | | | 130,146 | |
| 10,295 | | | | OFG Bancorp | | | 227,725 | |
| 6,420 | | | | Pacific Premier Bancorp, Inc | | | 271,502 | |
| 1,290 | | | | Peapack Gladstone Financial Corp | | | 40,080 | |
| 1,633 | | | | PennyMac Financial Services, Inc | | | 100,789 | |
| 3,764 | | | | Premier Financial Corp | | | 106,935 | |
| 1,154 | | | | QCR Holdings, Inc | | | 55,496 | |
| 16,137 | | | | Radian Group, Inc | | | 359,048 | |
| 5,000 | | | | Simmons First National Corp (Class A) | | | 146,700 | |
| 3,940 | | * | | The Bancorp, Inc | | | 90,659 | |
| 3,870 | | | | Towne Bank | | | 117,725 | |
| 3,690 | | * | | Tristate Capital Holdings, Inc | | | 75,239 | |
| 12,933 | | | | United Community Banks, Inc | | | 413,985 | |
| 2,707 | | | | Walker & Dunlop, Inc | | | 282,557 | |
| 5,530 | | | | WesBanco, Inc | | | 197,034 | |
| 4,050 | | | | WSFS Financial Corp | | | 188,690 | |
| | | | | | | | |
| | | | TOTAL BANKS | | | 6,446,151 | |
| | | | | | | | |
15
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
CAPITAL GOODS - 9.9% | | | | |
| 3,510 | | * | | AAR Corp | | $ | 136,012 | |
| 1,842 | | | | Advanced Drainage Systems, Inc | | | 214,722 | |
| 1,990 | | * | | Aerovironment, Inc | | | 199,298 | |
| 950 | | | | Altra Industrial Motion Corp | | | 61,769 | |
| 5,830 | | *,g | | API Group Corp | | | 121,789 | |
| 2,560 | | | | Applied Industrial Technologies, Inc | | | 233,114 | |
| 1,550 | | | | Astec Industries, Inc | | | 97,557 | |
| 3,678 | | * | | Atkore International Group, Inc | | | 261,138 | |
| 7,249 | | * | | Bloom Energy Corp | | | 194,781 | |
| 5,055 | | | | Boise Cascade Co | | | 294,959 | |
| 4,247 | | * | | Builders FirstSource, Inc | | | 181,177 | |
| 410 | | * | | Chart Industries, Inc | | | 59,991 | |
| 2,619 | | | | Columbus McKinnon Corp | | | 126,341 | |
| 5,371 | | | | Comfort Systems USA, Inc | | | 423,181 | |
| 2,600 | | * | | Construction Partners Inc | | | 81,640 | |
| 9,070 | | * | | Cornerstone Building Brands, Inc | | | 164,893 | |
| 1,378 | | | | CSW Industrials, Inc | | | 163,238 | |
| 1,970 | | | | EMCOR Group, Inc | | | 242,684 | |
| 1,307 | | | | EnPro Industries, Inc | | | 126,975 | |
| 6,991 | | | | Federal Signal Corp | | | 281,248 | |
| 1,850 | | | | Franklin Electric Co, Inc | | | 149,147 | |
| 9,000 | | | | GrafTech International Ltd | | | 104,580 | |
| 3,210 | | | | Hillenbrand, Inc | | | 141,497 | |
| 496 | | * | | Mastec, Inc | | | 52,626 | |
| 1,730 | | | | McGrath RentCorp | | | 141,116 | |
| 4,310 | | * | | Meritor, Inc | | | 100,940 | |
| 2,170 | | | | Moog, Inc (Class A) | | | 182,410 | |
| 4,780 | | * | | MRC Global, Inc | | | 44,932 | |
| 2,872 | | | | Mueller Industries, Inc | | | 124,386 | |
| 727 | | * | | Plug Power, Inc | | | 24,856 | |
| 5,740 | | | | Primoris Services Corp | | | 168,928 | |
| 1,480 | | * | | RBC Bearings, Inc | | | 295,142 | |
| 6,870 | | * | | Resideo Technologies, Inc | | | 206,100 | |
| 7,465 | | d | | Rexnord Corp | | | 373,549 | |
| 4,080 | | | | Rush Enterprises, Inc (Class A) | | | 176,419 | |
| 2,290 | | | | Shyft Group, Inc | | | 85,669 | |
| 2,340 | | | | Simpson Manufacturing Co, Inc | | | 258,430 | |
| 640 | | * | | SiteOne Landscape Supply, Inc | | | 108,326 | |
| 1,320 | | * | | Sunrun, Inc | | | 73,630 | |
| 3,600 | | | | Terex Corp | | | 171,432 | |
| 2,400 | | * | | Titan Machinery, Inc | | | 74,256 | |
| 2,600 | | | | Triton International Ltd | | | 136,084 | |
| 10,950 | | * | | WillScot Mobile Mini Holdings Corp | | | 305,176 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 7,166,138 | |
| | | | | | | | |
| |
COMMERCIAL & PROFESSIONAL SERVICES - 3.7% | | | | |
| 2,810 | | | | ABM Industries, Inc | | | 124,624 | |
| 3,460 | | | | Brady Corp (Class A) | | | 193,898 | |
| 2,333 | | | | Exponent, Inc | | | 208,127 | |
| 1,560 | | * | | Franklin Covey Co | | | 50,466 | |
| 4,090 | | | | Healthcare Services Group | | | 129,121 | |
| 4,480 | | | | HNI Corp | | | 196,986 | |
| 1,550 | | | | ICF International, Inc | | | 136,183 | |
| 8,760 | | | | KBR, Inc | | | 334,194 | |
| 2,168 | | | | Kforce, Inc | | | 136,432 | |
| 3,249 | | | | Mantech International Corp (Class A) | | | 281,168 | |
| 4,460 | | * | | TriNet Group, Inc | | | 323,261 | |
| 9,400 | | * | | Upwork, Inc | | | 547,926 | |
| | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 2,662,386 | |
| | | | | | | | |
| |
CONSUMER DURABLES & APPAREL - 3.0% | | | | |
| 4,090 | | * | | Beazer Homes USA, Inc | | | 78,896 | |
| 7,510 | | * | | Callaway Golf Co | | | 253,312 | |
| 1,296 | | | | Century Communities, Inc | | | 86,236 | |
16
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 3,510 | | * | | Crocs, Inc | | $ | 408,985 | |
| 310 | | * | | Deckers Outdoor Corp | | | 119,062 | |
| 540 | | | | Johnson Outdoors, Inc | | | 65,340 | |
| 5,910 | | * | | Purple Innovation, Inc | | | 156,083 | |
| 4,004 | | * | | Skyline Champion Corp | | | 213,413 | |
| 3,420 | | | | Smith & Wesson Brands, Inc | | | 118,674 | |
| 10,085 | | * | | Sonos, Inc | | | 355,295 | |
| 3,110 | | * | | Taylor Morrison Home Corp | | | 82,166 | |
| 3,020 | | * | | Vista Outdoor, Inc | | | 139,766 | |
| 1,300 | | * | | YETI Holdings, Inc | | | 119,366 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 2,196,594 | |
| | | | | | | | |
| |
CONSUMER SERVICES - 4.3% | | | | |
| 3,886 | | * | | Adtalem Global Education, Inc | | | 138,497 | |
| 1,670 | | * | | American Public Education, Inc | | | 47,328 | |
| 260 | | * | | Biglari Holdings, Inc (B Shares) | | | 41,462 | |
| 6,930 | | * | | Bloomin’ Brands, Inc | | | 188,080 | |
| 802 | | * | | Bluegreen Vacations Holding Corp | | | 14,436 | |
| 2,760 | | | | Carriage Services, Inc | | | 102,037 | |
| 7,090 | | * | | Carrols Restaurant Group, Inc | | | 42,611 | |
| 1,090 | | * | | Chuy’s Holdings, Inc | | | 40,613 | |
| 4,550 | | * | | Everi Holdings, Inc | | | 113,477 | |
| 1,910 | | *,e | | GAN Ltd | | | 31,400 | |
| 1,200 | | * | | Golden Entertainment, Inc | | | 53,760 | |
| 4,510 | | * | | Hilton Grand Vacations, Inc | | | 186,669 | |
| 26,130 | | * | | Houghton Mifflin Harcourt Co | | | 288,475 | |
| 11,310 | | * | | International Game Technology plc | | | 270,988 | |
| 1,720 | | | | Jack in the Box, Inc | | | 191,677 | |
| 14,190 | | * | | Laureate Education, Inc | | | 205,897 | |
| 5,000 | | * | | Noodles & Co | | | 62,400 | |
| 1,460 | | | | Papa John’s International, Inc | | | 152,482 | |
| 8,659 | | * | | Perdoceo Education Corp | | | 106,246 | |
| 1,460 | | * | | Red Robin Gourmet Burgers, Inc | | | 48,341 | |
| 6,890 | | * | | Red Rock Resorts, Inc | | | 292,825 | |
| 3,020 | | * | | SeaWorld Entertainment, Inc | | | 150,819 | |
| 3,069 | | * | | Stride, Inc | | | 98,607 | |
| 2,300 | | | | Texas Roadhouse, Inc (Class A) | | | 221,260 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 3,090,387 | |
| | | | | | | | |
| |
DIVERSIFIED FINANCIALS - 2.8% | | | | |
| 6,240 | | | | Artisan Partners Asset Management, Inc | | | 317,117 | |
| 38,810 | | | | BGC Partners, Inc (Class A) | | | 220,053 | |
| 5,608 | | * | | Blucora, Inc | | | 97,074 | |
| 4,358 | | | | Brightsphere Investment Group, Inc | | | 102,108 | |
| 5,133 | | | | Cowen Group, Inc | | | 210,710 | |
| 5,810 | | * | | Enova International, Inc | | | 198,760 | |
| 8,100 | | | | Federated Investors, Inc (Class B) | | | 274,671 | |
| 4,010 | | * | | Green Dot Corp | | | 187,868 | |
| 700 | | | | Hamilton Lane, Inc | | | 63,784 | |
| 1,580 | | | | Piper Jaffray Cos | | | 204,705 | |
| 2,903 | | | | Stifel Financial Corp | | | 188,288 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 2,065,138 | |
| | | | | | | | |
| |
ENERGY - 4.0% | | | | |
| 14,030 | | * | | Antero Resources Corp | | | 210,871 | |
| 7,403 | | | | Berry Petroleum Co LLC | | | 49,748 | |
| 4,440 | | | | Brigham Minerals, Inc | | | 94,527 | |
| 2,200 | | * | | California Resources Corp | | | 66,308 | |
| 12,000 | | * | | ChampionX Corp | | | 307,800 | |
| 9,800 | | | | Delek US Holdings, Inc | | | 211,876 | |
| 1,500 | | * | | Denbury, Inc | | | 115,170 | |
| 8,750 | | * | | Green Plains Inc | | | 294,175 | |
| 3,910 | | * | | Liberty Oilfield Services, Inc | | | 55,366 | |
| 32,253 | | * | | NexTier Oilfield Solutions, Inc | | | 153,524 | |
| 1,000 | | | | Oasis Petroleum, Inc | | | 100,550 | |
| 8,830 | | * | | Oceaneering International, Inc | | | 137,483 | |
17
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 10,195 | | * | | Par Pacific Holdings, Inc | | $ | 171,480 | |
| 15,140 | | * | | PBF Energy, Inc | | | 231,642 | |
| 7,330 | | | | PDC Energy, Inc | | | 335,641 | |
| 16,650 | | * | | ProPetro Holding Corp | | | 152,514 | |
| 1,055 | | * | | Renewable Energy Group, Inc | | | 65,769 | |
| 2,800 | | * | | Whiting Petroleum Corp | | | 152,740 | |
| | | | | | | | |
| | | | TOTAL ENERGY | | | 2,907,184 | |
| | | | | | | | |
| |
FOOD & STAPLES RETAILING - 1.2% | | | | |
| 3,742 | | | | Andersons, Inc | | | 114,243 | |
| 10,983 | | * | | BJ’s Wholesale Club Holdings, Inc | | | 522,571 | |
| 5,444 | | * | | Performance Food Group Co | | | 263,980 | |
| | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | 900,794 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 1.8% | | | | |
| 2,474 | | | | Calavo Growers, Inc | | | 156,901 | |
| 3,640 | | * | | Celsius Holdings, Inc | | | 276,967 | |
| 4,790 | | * | | Hostess Brands, Inc | | | 77,550 | |
| 1,045 | | | | Lancaster Colony Corp | | | 202,218 | |
| 1,580 | | | | Sanderson Farms, Inc | | | 296,993 | |
| 3,944 | | * | | Simply Good Foods Co | | | 143,995 | |
| 6,460 | | * | | Vital Farms, Inc | | | 128,942 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 1,283,566 | |
| | | | | | | | |
| |
HEALTH CARE EQUIPMENT & SERVICES - 7.9% | | | | |
| 4,600 | | * | | 1Life Healthcare, Inc | | | 152,076 | |
| 9,200 | | * | | Allscripts Healthcare Solutions, Inc | | | 170,292 | |
| 5,970 | | * | | Alphatec Holdings Inc | | | 91,460 | |
| 2,505 | | * | | Angiodynamics, Inc | | | 67,961 | |
| 4,500 | | * | | Avanos Medical, Inc | | | 163,665 | |
| 21,080 | | * | | Brookdale Senior Living, Inc | | | 166,532 | |
| 801 | | | | Conmed Corp | | | 110,082 | |
| 1,220 | | | | Ensign Group, Inc | | | 105,737 | |
| 5,090 | | * | | Evolent Health, Inc | | | 107,501 | |
| 1,490 | | * | | Health Catalyst, Inc | | | 82,710 | |
| 2,994 | | * | | HealthStream, Inc | | | 83,652 | |
| 580 | | * | | Heska Corp | | | 133,243 | |
| 3,240 | | * | | Inari Medical, Inc | | | 302,227 | |
| 9,015 | | * | | Inovalon Holdings, Inc | | | 307,231 | |
| 970 | | * | | Integer Holding Corp | | | 91,374 | |
| 6,986 | | * | | Intersect ENT, Inc | | | 119,391 | |
| 8,851 | | * | | Lantheus Holdings, Inc | | | 244,642 | |
| 490 | | * | | Magellan Health Services, Inc | | | 46,158 | |
| 5,730 | | * | | Meridian Bioscience, Inc | | | 127,091 | |
| 1,510 | | * | | Merit Medical Systems, Inc | | | 97,637 | |
| 2,570 | | * | | Natus Medical, Inc | | | 66,769 | |
| 5,160 | | * | | Neogen Corp | | | 237,566 | |
| 5,970 | | * | | NextGen Healthcare, Inc | | | 99,042 | |
| 1,800 | | * | | NuVasive, Inc | | | 122,004 | |
| 8,370 | | * | | Option Care Health, Inc | | | 183,052 | |
| 8,600 | | * | | Ortho Clinical Diagnostics Holdings plc | | | 184,126 | |
| 5,590 | | | | Owens & Minor, Inc | | | 236,625 | |
| 3,020 | | | | Patterson Cos, Inc | | | 91,778 | |
| 2,928 | | * | | Pennant Group, Inc | | | 119,755 | |
| 2,900 | | * | | Phreesia, Inc | | | 177,770 | |
| 12,970 | | * | | R1 RCM, Inc | | | 288,453 | |
| 2,900 | | * | | RadNet, Inc | | | 97,701 | |
| 594 | | * | | Schrodinger, Inc | | | 44,912 | |
| 7,054 | | | | Select Medical Holdings Corp | | | 298,102 | |
| 840 | | * | | SI-BONE, Inc | | | 26,435 | |
| 5,540 | | * | | Tenet Healthcare Corp | | | 371,125 | |
| 300 | | | | US Physical Therapy, Inc | | | 34,761 | |
| 4,670 | | * | | Varex Imaging Corp | | | 125,249 | |
| 18,300 | | * | | ViewRay, Inc | | | 120,780 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 5,696,667 | |
| | | | | | | | |
18
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
HOUSEHOLD & PERSONAL PRODUCTS - 1.0% | | | | |
| 5,710 | | * | | BellRing Brands, Inc | | $ | 178,951 | |
| 8,862 | | * | | elf Beauty, Inc | | | 240,515 | |
| 2,200 | | | | Nu Skin Enterprises, Inc (Class A) | | | 124,630 | |
| 1,610 | | * | | USANA Health Sciences, Inc | | | 164,912 | |
| | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 709,008 | |
| | | | | | | | |
| |
INSURANCE - 1.1% | | | | |
| 3,350 | | | | American Equity Investment Life Holding Co | | | 108,272 | |
| 2,345 | | | | Amerisafe, Inc | | | 139,973 | |
| 5,500 | | | | Conseco, Inc | | | 129,910 | |
| 2,524 | | | | Heritage Insurance Holdings, Inc | | | 21,656 | |
| 2,690 | | * | | Selectquote, Inc | | | 51,809 | |
| 7,982 | | * | | SiriusPoint Ltd | | | 80,379 | |
| 3,330 | | | | Stewart Information Services Corp | | | 188,778 | |
| 4,776 | | | | Universal Insurance Holdings, Inc | | | 66,291 | |
| | | | | | | | |
| | | | TOTAL INSURANCE | | | 787,068 | |
| | | | | | | | |
| |
MATERIALS - 4.2% | | | | |
| 3,853 | | | | Avient Corp | | | 189,413 | |
| 2,100 | | | | Balchem Corp | | | 275,646 | |
| 8,160 | | * | | Coeur Mining, Inc | | | 72,461 | |
| 2,460 | | * | | Domtar Corp | | | 135,202 | |
| 10,700 | | *,† | | Ferroglobe plc | | | 0 | |
| 1,698 | | | | Innospec, Inc | | | 153,856 | |
| 2,270 | | * | | Koppers Holdings, Inc | | | 73,434 | |
| 2,584 | | | | Materion Corp | | | 194,704 | |
| 3,360 | | | | Myers Industries, Inc | | | 70,560 | |
| 2,030 | | | | Olympic Steel, Inc | | | 59,662 | |
| 3,050 | | * | | Ranpak Holdings Corp | | | 76,341 | |
| 10,470 | | * | | Rayonier Advanced Materials, Inc | | | 70,044 | |
| 4,400 | | | | Schnitzer Steel Industries, Inc (Class A) | | | 215,820 | |
| 2,980 | | | | Sensient Technologies Corp | | | 257,949 | |
| 2,065 | | | | Stepan Co | | | 248,357 | |
| 11,343 | | * | | Summit Materials, Inc | | | 395,304 | |
| 3,940 | | | | Trinseo S.A. | | | 235,770 | |
| 6,210 | | | | United States Steel Corp | | | 149,040 | |
| 2,415 | | * | | US Concrete, Inc | | | 178,227 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 3,051,790 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 2.9% | | | | |
| 1,200 | | * | | AMC Entertainment Holdings, Inc | | | 68,016 | |
| 7,000 | | * | | Cargurus, Inc | | | 183,610 | |
| 9,350 | | * | | Cars.com, Inc | | | 133,986 | |
| 5,720 | | | | EW Scripps Co (Class A) | | | 116,631 | |
| 7,000 | | * | | Fluent, Inc | | | 20,510 | |
| 3,000 | | | | Gray Television, Inc | | | 70,200 | |
| 9,110 | | * | | iHeartMedia, Inc | | | 245,332 | |
| 4,229 | | * | | Liberty Braves Group (Class C) | | | 117,439 | |
| 9,100 | | * | | Lions Gate Entertainment Corp (Class A) | | | 188,370 | |
| 25,500 | | * | | LiveXLive Media, Inc | | | 120,360 | |
| 4,530 | | * | | Magnite, Inc | | | 153,295 | |
| 5,720 | | * | | QuinStreet, Inc | | | 106,278 | |
| 2,358 | | * | | TechTarget, Inc | | | 182,722 | |
| 14,440 | | | | TEGNA, Inc | | | 270,894 | |
| 5,010 | | * | | WideOpenWest, Inc | | | 103,757 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 2,081,400 | |
| | | | | | | | |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.7% | | | | |
| 16,677 | | * | | Affimed NV | | | 141,755 | |
| 8,100 | | * | | Alkermes plc | | | 198,612 | |
| 2,240 | | * | | Allogene Therapeutics, Inc | | | 58,419 | |
| 5,578 | | * | | Amicus Therapeutics, Inc | | | 53,772 | |
| 22,520 | | * | | Amneal Pharmaceuticals, Inc | | | 115,302 | |
| 4,240 | | * | | Amphastar Pharmaceuticals, Inc | | | 85,478 | |
19
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 2,400 | | * | | AnaptysBio, Inc | | $ | 62,232 | |
| 700 | | * | | Anika Therapeutics, Inc | | | 30,303 | |
| 18,960 | | * | | Antares Pharma, Inc | | | 82,666 | |
| 3,340 | | * | | Arcus Biosciences, Inc | | | 91,716 | |
| 900 | | * | | Arena Pharmaceuticals, Inc | | | 61,380 | |
| 1,480 | | * | | Arrowhead Pharmaceuticals Inc | | | 122,574 | |
| 1,820 | | * | | Arvinas, Inc | | | 140,140 | |
| 6,401 | | * | | Atara Biotherapeutics, Inc | | | 99,536 | |
| 12,000 | | * | | Atossa Therapeutics, Inc | | | 75,840 | |
| 5,890 | | * | | Avid Bioservices, Inc | | | 151,079 | |
| 1,630 | | * | | Axsome Therapeutics, Inc | | | 109,960 | |
| 2,500 | | * | | Berkeley Lights, Inc | | | 112,025 | |
| 18,160 | | * | | BioCryst Pharmaceuticals, Inc | | | 287,110 | |
| 12,812 | | * | | BioDelivery Sciences International, Inc | | | 45,867 | |
| 16,800 | | * | | Bionano Genomics, Inc | | | 123,144 | |
| 4,100 | | * | | Cara Therapeutics, Inc | | | 58,507 | |
| 3,543 | | * | | CareDx, Inc | | | 324,255 | |
| 3,897 | | *,e | | Cassava Sciences, Inc | | | 332,960 | |
| 6,880 | | * | | Catalyst Pharmaceuticals, Inc | | | 39,560 | |
| 14,720 | | * | | Chimerix, Inc | | | 117,760 | |
| 4,830 | | * | | Codexis, Inc | | | 109,448 | |
| 5,430 | | * | | Editas Medicine, Inc | | | 307,555 | |
| 1,690 | | * | | Emergent Biosolutions, Inc | | | 106,453 | |
| 1,450 | | *,e | | Esperion Thereapeutics, Inc | | | 30,668 | |
| 6,750 | | * | | Evolus, Inc | | | 85,388 | |
| 810 | | * | | Fate Therapeutics, Inc | | | 70,300 | |
| 25,260 | | *,e | | Fluidigm Corp | | | 155,602 | |
| 7,480 | | * | | G1 Therapeutics, Inc | | | 164,111 | |
| 2,700 | | * | | Harmony Biosciences Holdings, Inc | | | 76,221 | |
| 6,700 | | * | | ImmunityBio, Inc | | | 95,676 | |
| 2,990 | | * | | Immunovant, Inc | | | 31,604 | |
| 13,420 | | *,e | | Inovio Pharmaceuticals, Inc | | | 124,403 | |
| 4,420 | | * | | Intra-Cellular Therapies, Inc | | | 180,424 | |
| 6,810 | | *,e | | Invitae Corp | | | 229,701 | |
| 16,480 | | * | | Ironwood Pharmaceuticals, Inc | | | 212,098 | |
| 11,090 | | * | | Karyopharm Therapeutics, Inc | | | 114,449 | |
| 650 | | * | | Medpace Holdings, Inc | | | 114,810 | |
| 6,100 | | * | | MiMedx Group, Inc | | | 76,311 | |
| 28,830 | | * | | Mustang Bio, Inc | | | 95,716 | |
| 5,780 | | * | | Myriad Genetics, Inc | | | 176,752 | |
| 2,700 | | * | | NanoString Technologies, Inc | | | 174,933 | |
| 1,846 | | * | | Natera, Inc | | | 209,576 | |
| 4,910 | | * | | NeoGenomics, Inc | | | 221,785 | |
| 840 | | * | | Novavax, Inc | | | 178,340 | |
| 21,840 | | * | | Oncocyte Corp | | | 125,362 | |
| 8,430 | | * | | Organogenesis Holdings Inc | | | 140,107 | |
| 6,790 | | * | | Pacific Biosciences of California, Inc | | | 237,446 | |
| 2,305 | | | | Phibro Animal Health Corp | | | 66,568 | |
| 2,331 | | * | | Quanterix Corp | | | 136,736 | |
| 2,730 | | * | | Revance Therapeutics, Inc | | | 80,917 | |
| 13,800 | | * | | Sangamo Therapeutics Inc | | | 165,186 | |
| 31,820 | | * | | Selecta Biosciences, Inc | | | 133,008 | |
| 9,296 | | * | | Solid Biosciences, Inc | | | 34,023 | |
| 2,340 | | * | | Supernus Pharmaceuticals, Inc | | | 72,049 | |
| 4,170 | | * | | Sutro Biopharma, Inc | | | 77,520 | |
| 2,700 | | * | | TG Therapeutics, Inc | | | 104,733 | |
| 5,587 | | * | | Travere Therapeutics, Inc | | | 81,514 | |
| 1,870 | | * | | Turning Point Therapeutics Inc | | | 145,897 | |
| 1,660 | | * | | Twist Bioscience Corp | | | 221,195 | |
| 1,880 | | * | | Veracyte, Inc | | | 75,162 | |
| 1,710 | | * | | Vericel Corp | | | 89,775 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 8,451,474 | |
| | | | | | | | |
| |
REAL ESTATE - 6.3% | | | | |
| 6,170 | | | | Armada Hoffler Properties, Inc | | | 81,999 | |
| 8,660 | | | | CareTrust REIT, Inc | | | 201,172 | |
| 3,540 | | | | Columbia Property Trust, Inc | | | 61,561 | |
20
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 32,300 | | * | | DigitalBridge Group, Inc | | $ | 255,170 | |
| 28,620 | | | | Diversified Healthcare Trust | | | 119,632 | |
| 2,081 | | | | EastGroup Properties, Inc | | | 342,220 | |
| 8,040 | | | | Four Corners Property Trust, Inc | | | 221,984 | |
| 9,870 | | | | Global Net Lease, Inc | | | 182,595 | |
| 9,500 | | | | Healthcare Realty Trust, Inc | | | 286,900 | |
| 6,800 | | | | Independence Realty Trust, Inc | | | 123,964 | |
| 4,600 | | | | Kennedy-Wilson Holdings, Inc | | | 91,402 | |
| 3,220 | | * | | Marcus & Millichap, Inc | | | 125,161 | |
| 8,307 | | | | National Storage Affiliates Trust | | | 420,002 | |
| 7,243 | | | | Newmark Group, Inc | | | 86,988 | |
| 11,230 | | | | Physicians Realty Trust | | | 207,418 | |
| 2,730 | | | | Plymouth Industrial REIT, Inc | | | 54,655 | |
| 4,560 | | | | PotlatchDeltic Corp | | | 242,364 | |
| 7,700 | | | | Preferred Apartment Communities, Inc | | | 75,075 | |
| 2,791 | | | | PS Business Parks, Inc | | | 413,291 | |
| 4,060 | | | | QTS Realty Trust, Inc | | | 313,838 | |
| 12,070 | | * | | Realogy Holdings Corp | | | 219,915 | |
| 2,240 | | | | RMR Group, Inc | | | 86,554 | |
| 9,776 | | | | STAG Industrial, Inc | | | 365,916 | |
| | | | | | | | |
| | | | TOTAL REAL ESTATE | | | 4,579,776 | |
| | | | | | | | |
| |
RETAILING - 4.7% | | | | |
| 2,680 | | * | | 1-800-FLOWERS.COM, Inc (Class A) | | | 85,412 | |
| 5,970 | | * | | Abercrombie & Fitch Co (Class A) | | | 277,187 | |
| 1,660 | | * | | Academy Sports & Outdoors, Inc | | | 68,458 | |
| 5,931 | | * | | At Home Group, Inc | | | 218,498 | |
| 1,320 | | * | | Bed Bath & Beyond, Inc | | | 43,943 | |
| 3,410 | | | | Buckle, Inc | | | 169,647 | |
| 3,680 | | | | Caleres, Inc | | | 100,427 | |
| 3,700 | | | | Camping World Holdings, Inc | | | 151,663 | |
| 1,000 | | * | | Citi Trends, Inc | | | 87,000 | |
| 1,410 | | | | Dillard’s, Inc (Class A) | | | 255,041 | |
| 2,050 | | * | | Groupon, Inc | | | 88,478 | |
| 2,200 | | * | | GrowGeneration Corp | | | 105,820 | |
| 2,273 | | * | | Hibbett Sports, Inc | | | 203,729 | |
| 15,080 | | * | | Macy’s, Inc | | | 285,917 | |
| 1,990 | | * | | MarineMax, Inc | | | 96,993 | |
| 1,300 | | * | | Overstock.com, Inc | | | 119,860 | |
| 4,000 | | * | | Porch Group, Inc | | | 77,360 | |
| 7,759 | | | | Rent-A-Center, Inc | | | 411,770 | |
| 2,363 | | * | | Sleep Number Corp | | | 259,812 | |
| 4,590 | | * | | Sportsman’s Warehouse Holdings, Inc | | | 81,564 | |
| 1,140 | | * | | Stamps.com, Inc | | | 228,331 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 3,416,910 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0% | | | | |
| 10,420 | | | | Amkor Technology, Inc | | | 246,641 | |
| 1,831 | | | | Brooks Automation, Inc | | | 174,458 | |
| 6,425 | | * | | Formfactor, Inc | | | 234,256 | |
| 3,930 | | * | | Ichor Holdings Ltd | | | 211,434 | |
| 7,063 | | * | | Lattice Semiconductor Corp | | | 396,799 | |
| 1,080 | | * | | MACOM Technology Solutions Holdings, Inc | | | 69,206 | |
| 4,430 | | * | | MaxLinear, Inc | | | 188,231 | |
| 9,286 | | * | | Rambus, Inc | | | 220,171 | |
| 3,280 | | * | | Semtech Corp | | | 225,664 | |
| 830 | | * | | Silicon Laboratories, Inc | | | 127,198 | |
| 2,000 | | * | | Ultra Clean Holdings | | | 107,440 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 2,201,498 | |
| | | | | | | | |
| |
SOFTWARE & SERVICES - 6.2% | | | | |
| 1,310 | | * | | Alarm.com Holdings, Inc | | | 110,957 | |
| 3,000 | | * | | Asana, Inc | | | 186,090 | |
| 4,500 | | * | | Avaya Holdings Corp | | | 121,050 | |
| 740 | | * | | BM Technologies, Inc | | | 9,206 | |
| 11,120 | | * | | Box, Inc | | | 284,116 | |
21
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
| | | | | | | | |
SHARES �� | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 5,000 | | * | | Brightcove, Inc | | $ | 71,750 | |
| 3,590 | | * | | ChannelAdvisor Corp | | | 87,991 | |
| 15,880 | | * | | Cloudera, Inc | | | 251,857 | |
| 2,390 | | * | | Commvault Systems, Inc | | | 186,826 | |
| 26,020 | | * | | Conduent, Inc | | | 195,150 | |
| 5,590 | | * | | Cornerstone OnDemand, Inc | | | 288,332 | |
| 6,060 | | * | | Digital Turbine, Inc | | | 460,742 | |
| 7,000 | | * | | E2open Parent Holdings, Inc | | | 79,940 | |
| 3,210 | | * | | LiveRamp Holdings, Inc | | | 150,388 | |
| 5,360 | | * | | Mitek Systems, Inc | | | 103,234 | |
| 8,400 | | * | | Paya Holdings, Inc | | | 92,568 | |
| 4,798 | | | | Progress Software Corp | | | 221,907 | |
| 8,500 | | * | | Rackspace Technology, Inc | | | 166,685 | |
| 1,945 | | * | | Rapid7, Inc | | | 184,055 | |
| 2,910 | | | | Sapiens International Corp NV | | | 76,446 | |
| 2,350 | | * | | Sprout Social, Inc | | | 210,137 | |
| 1,420 | | * | | SPS Commerce, Inc | | | 141,787 | |
| 1,000 | | * | | Sykes Enterprises, Inc | | | 53,700 | |
| 6,226 | | * | | Tenable Holdings, Inc | | | 257,445 | |
| 1,958 | | * | | Workiva, Inc | | | 217,984 | |
| 14,730 | | * | | Zuora Inc | | | 254,093 | |
| | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | 4,464,436 | |
| | | | | | | | |
| |
TECHNOLOGY HARDWARE & EQUIPMENT - 3.0% | | | | |
| 3,680 | | * | | Calix, Inc | | | 174,800 | |
| 12,510 | | * | | Diebold, Inc | | | 160,628 | |
| 640 | | * | | ePlus, Inc | | | 55,482 | |
| 18,782 | | * | | Extreme Networks, Inc | | | 209,607 | |
| 1,840 | | * | | II-VI, Inc | | | 133,566 | |
| 1,573 | | * | | Insight Enterprises, Inc | | | 157,316 | |
| 7,000 | | * | | Knowles Corp | | | 138,180 | |
| 2,399 | | * | | OSI Systems, Inc | | | 243,834 | |
| 5,040 | | * | | Ribbon Communications, Inc | | | 38,354 | |
| 9,211 | | * | | Sanmina Corp | | | 358,861 | |
| 10,656 | | * | | TTM Technologies, Inc | | | 152,381 | |
| 5,470 | | * | | Turtle Beach Corp | | | 174,602 | |
| 7,800 | | | | Vishay Intertechnology, Inc | | | 175,890 | |
| 1,246 | | * | | Vishay Precision Group, Inc | | | 42,414 | |
| | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 2,215,915 | |
| | | | | | | | |
| |
TELECOMMUNICATION SERVICES - 0.8% | | | | |
| 60,500 | | * | | Globalstar, Inc | | | 107,690 | |
| 5,710 | | * | | Liberty Latin America Ltd (Class A) | | | 79,141 | |
| 8,899 | | * | | Liberty Latin America Ltd (Class C) | | | 125,476 | |
| 17,530 | | * | | Vonage Holdings Corp | | | 252,607 | |
| | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | 564,914 | |
| | | | | | | | |
| |
TRANSPORTATION - 1.1% | | | | |
| 3,111 | | | | ArcBest Corp | | | 181,029 | |
| 1,840 | | * | | Avis Budget Group, Inc | | | 143,318 | |
| 2,511 | | | | Forward Air Corp | | | 225,362 | |
| 3,861 | | * | | Hub Group, Inc (Class A) | | | 254,749 | |
| 3,580 | | * | | Radiant Logistics, Inc | | | 24,809 | |
| | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | 829,267 | |
| | | | | | | | |
| |
UTILITIES - 2.0% | | | | |
| 2,440 | | | | Avista Corp | | | 104,115 | |
| 4,178 | | | | Black Hills Corp | | | 274,202 | |
| 2,857 | | | | Clearway Energy, Inc (Class A) | | | 72,054 | |
| 2,040 | | | | Northwest Natural Holding Co | | | 107,141 | |
| 3,810 | | | | NorthWestern Corp | | | 229,438 | |
| 3,700 | | | | Portland General Electric Co | | | 170,496 | |
| 3,870 | | e | | South Jersey Industries, Inc | | | 100,349 | |
22
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 4,050 | | | | Southwest Gas Holdings Inc | | | | | | | $ | 268,069 | |
| 2,070 | | | | Spire, Inc | | | | | | | | 149,599 | |
| | | | | | | | | | | | | |
| | | | TOTAL UTILITIES | | | | | | | | 1,475,463 | |
| | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 70,108,665 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $48,845,890) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
SHORT-TERM INVESTMENTS - 3.6% | | | | | | | | | | | | |
| | |
TREASURY DEBT - 3.3% | | | | | | | | | |
| 2,450,000 | | | | United States Treasury Bill | | | 0.021 | % | | | 07/06/21 | | | | 2,449,988 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TREASURY DEBT | | | | 2,449,988 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3% | | | | | | | | | |
| 193,015 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 0.020 | | | | | | | | 193,015 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | 193,015 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 2,643,003 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $2,643,008) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.3% | | | | | | | | | | | 72,751,668 | |
| | | | (Cost $51,488,898) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - (0.3)% | | | | | | | | | | | (252,461 | ) |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 72,499,207 | |
| | | | | | | | | | | | | | | | |
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 $751,919. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/2021, the aggregate value of these securities is $121,789 or 0.2% of net assets. |
Futures contracts outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
long (short)
contracts | | | Expiration date | | | Notional amount | | | Value | | | Unrealized
appreciation
(depreciation) | |
Russell 2000 E Mini Index | | | 20 | | | | 09/17/21 | | | $ | 2,324,261 | | | $ | 2,307,800 | | | $ | (16,461 | ) |
23
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
TIAA-CREF LIFE FUNDS
SOCIAL CHOICE EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2021
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 99.2% | | | | |
| |
AUTOMOBILES & COMPONENTS - 1.9% | | | | |
| 2,620 | | * | | American Axle & Manufacturing Holdings, Inc | | $ | 27,117 | |
| 1,435 | | * | | Aptiv plc | | | 225,768 | |
| 114 | | | | BorgWarner, Inc | | | 5,534 | |
| 2,321 | | * | | Tesla, Inc | | | 1,577,584 | |
| | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | 1,836,003 | |
| | | | | | | | |
| |
BANKS - 3.0% | | | | |
| 22 | | | | Ameris Bancorp | | | 1,114 | |
| 342 | | | | Associated Banc-Corp | | | 7,004 | |
| 564 | | | | Bank OZK | | | 23,778 | |
| 618 | | | | Berkshire Hills Bancorp, Inc | | | 16,939 | |
| 80 | | | | Bryn Mawr Bank Corp | | | 3,375 | |
| 53 | | | | Camden National Corp | | | 2,531 | |
| 6,370 | | | | Citigroup, Inc | | | 450,678 | |
| 6,124 | | | | Citizens Financial Group, Inc | | | 280,908 | |
| 1,438 | | | | Comerica, Inc | | | 102,587 | |
| 18 | | | | Commerce Bancshares, Inc | | | 1,342 | |
| 44 | | | | Cullen/Frost Bankers, Inc | | | 4,928 | |
| 599 | | * | | Customers Bancorp, Inc | | | 23,355 | |
| 167 | | | | Federal Agricultural Mortgage Corp | | | 16,516 | |
| 141 | | | | First Busey Corp | | | 3,477 | |
| 577 | | | | First Republic Bank | | | 107,997 | |
| 693 | | | | Great Western Bancorp, Inc | | | 22,724 | |
| 89 | | | | Heartland Financial USA, Inc | | | 4,182 | |
| 108 | | | | Heritage Financial Corp | | | 2,702 | |
| 295 | | | | HomeStreet, Inc | | | 12,018 | |
| 3,703 | | | | Huntington Bancshares, Inc | | | 52,842 | |
| 1,081 | | | | Kearny Financial Corp | | | 12,918 | |
| 2,904 | | | | Keycorp | | | 59,968 | |
| 329 | | | | Live Oak Bancshares, Inc | | | 19,411 | |
| 3,734 | | | | MGIC Investment Corp | | | 50,782 | |
| 180 | | * | | Mr Cooper Group, Inc | | | 5,951 | |
| 333 | | | | National Bank Holdings Corp | | | 12,567 | |
| 6,157 | | | | New York Community Bancorp, Inc | | | 67,850 | |
| 145 | | | | Old National Bancorp | | | 2,554 | |
| 2,173 | | | | People’s United Financial, Inc | | | 37,245 | |
| 706 | | | | Pinnacle Financial Partners, Inc | | | 62,333 | |
| 3,197 | | | | PNC Financial Services Group, Inc | | | 609,860 | |
| 8,910 | | | | Regions Financial Corp | | | 179,804 | |
| 130 | | | | Stock Yards Bancorp, Inc | | | 6,616 | |
| 254 | | * | | SVB Financial Group | | | 141,333 | |
| 102 | | | | TFS Financial Corp | | | 2,071 | |
| 277 | | * | | The Bancorp, Inc | | | 6,374 | |
| 416 | | * | | Tristate Capital Holdings, Inc | | | 8,482 | |
| 6,696 | | | | Truist Financial Corp | | | 371,628 | |
| 50 | | | | UMB Financial Corp | | | 4,653 | |
| 102 | | | | United Bankshares, Inc | | | 3,723 | |
| 182 | | | | Univest Financial Corp | | | 4,799 | |
| 44 | | | | Webster Financial Corp | | | 2,347 | |
| 280 | | | | WesBanco, Inc | | | 9,976 | |
| 49 | | | | Westamerica Bancorporation | | | 2,844 | |
| 693 | | | | Zions Bancorporation | | | 36,632 | |
| | | | | | | | |
| | | | TOTAL BANKS | | | 2,863,718 | |
| | | | | | | | |
24
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
CAPITAL GOODS - 6.1% | | | | |
| 2,787 | | | | 3M Co | | $ | 553,582 | |
| 1,115 | | * | | Axon Enterprise, Inc | | | 197,132 | |
| 603 | | | | Barnes Group, Inc | | | 30,904 | |
| 3,045 | | * | | Bloom Energy Corp | | | 81,819 | |
| 223 | | | | Carlisle Cos, Inc | | | 42,678 | |
| 3,191 | | | | Carrier Global Corp | | | 155,083 | |
| 2,851 | | | | Caterpillar, Inc | | | 620,463 | |
| 467 | | | | Cummins, Inc | | | 113,859 | |
| 966 | | | | Curtiss-Wright Corp | | | 114,722 | |
| 1,776 | | | | Deere & Co | | | 626,413 | |
| 2,335 | | | | Eaton Corp | | | 346,000 | |
| 633 | | | | Emerson Electric Co | | | 60,920 | |
| 1,581 | | | | Fastenal Co | | | 82,212 | |
| 1,310 | | | | Fortive Corp | | | 91,359 | |
| 169 | | * | | Herc Holdings, Inc | | | 18,940 | |
| 1,874 | | * | | Hexcel Corp | | | 116,938 | |
| 27 | | | | IDEX Corp | | | 5,941 | |
| 2,096 | | | | Illinois Tool Works, Inc | | | 468,582 | |
| 4,116 | | | | Johnson Controls International plc | | | 282,481 | |
| 2,247 | | | | Masco Corp | | | 132,371 | |
| 1,280 | | * | | Mercury Systems, Inc | | | 84,838 | |
| 302 | | | | Moog, Inc (Class A) | | | 25,386 | |
| 52 | | * | | MYR Group, Inc | | | 4,728 | |
| 75 | | | | Owens Corning, Inc | | | 7,342 | |
| 797 | | | | PACCAR, Inc | | | 71,132 | |
| 445 | | * | | PAE, Inc | | | 3,961 | |
| 620 | | | | Parker-Hannifin Corp | | | 190,408 | |
| 495 | | | | Rockwell Automation, Inc | | | 141,580 | |
| 482 | | | | Roper Technologies Inc | | | 226,636 | |
| 116 | | | | Snap-On, Inc | | | 25,918 | |
| 294 | | | | Stanley Black & Decker, Inc | | | 60,267 | |
| 535 | | * | | Teledyne Technologies, Inc | | | 224,074 | |
| 900 | | | | Trane Technologies plc | | | 165,726 | |
| 208 | | * | | Trimas Corp | | | 6,309 | |
| 394 | | * | | United Rentals, Inc | | | 125,690 | |
| 267 | | * | | Vectrus, Inc | | | 12,707 | |
| 176 | | | | W.W. Grainger, Inc | | | 77,088 | |
| 31 | | * | | WESCO International, Inc | | | 3,187 | |
| 484 | | | | Woodward Inc | | | 59,474 | |
| 475 | | | | Xylem, Inc | | | 56,981 | |
| | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | 5,715,831 | |
| | | | | | | | |
| |
COMMERCIAL & PROFESSIONAL SERVICES - 1.7% | | | | |
| 205 | | | | ACCO Brands Corp | | | 1,769 | |
| 3,570 | | | | ADT, Inc | | | 38,520 | |
| 207 | | | | Cintas Corp | | | 79,074 | |
| 3,060 | | * | | Copart, Inc | | | 403,400 | |
| 165 | | * | | FTI Consulting, Inc | | | 22,541 | |
| 112 | | | | Heidrick & Struggles International, Inc | | | 4,990 | |
| 117 | | * | | Huron Consulting Group, Inc | | | 5,751 | |
| 34 | | | | ICF International, Inc | | | 2,987 | |
| 3,805 | | | | IHS Markit Ltd | | | 428,671 | |
| 2,937 | | * | | KAR Auction Services, Inc | | | 51,544 | |
| 478 | | * | | Kelly Services, Inc (Class A) | | | 11,458 | |
| 138 | | | | Resources Connection, Inc | | | 1,982 | |
| 691 | | | | Robert Half International, Inc | | | 61,478 | |
| 1,566 | | | | TransUnion | | | 171,962 | |
| 33 | | * | | TriNet Group, Inc | | | 2,392 | |
| 177 | | | | Verisk Analytics, Inc | | | 30,925 | |
| 437 | | * | | Viad Corp | | | 21,784 | |
| 1,888 | | | | Waste Management, Inc | | | 264,528 | |
| | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 1,605,756 | |
| | | | | | | | |
25
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
CONSUMER DURABLES & APPAREL - 1.6% | | | | |
| 200 | | * | | Callaway Golf Co | | $ | 6,746 | |
| 10 | | | | Columbia Sportswear Co | | | 984 | |
| 643 | | | | DR Horton, Inc | | | 58,108 | |
| 468 | | | | Ethan Allen Interiors, Inc | | | 12,917 | |
| 332 | | | | Garmin Ltd | | | 48,020 | |
| 354 | | * | | GoPro, Inc | | | 4,124 | |
| 200 | | * | | Green Brick Partners, Inc | | | 4,548 | |
| 13 | | | | Hasbro, Inc | | | 1,229 | |
| 325 | | * | | iRobot Corp | | | 30,352 | |
| 536 | | | | Lennar Corp (Class A) | | | 53,252 | |
| 356 | | * | | Lululemon Athletica, Inc | | | 129,929 | |
| 229 | | * | | Mohawk Industries, Inc | | | 44,012 | |
| 144 | | | | Newell Brands Inc | | | 3,956 | |
| 5,609 | | | | Nike, Inc (Class B) | | | 866,534 | |
| 28 | | * | | NVR, Inc | | | 139,252 | |
| 1,740 | | * | | Sonos, Inc | | | 61,300 | |
| 757 | | | | VF Corp | | | 62,104 | |
| | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | 1,527,367 | |
| | | | | | | | |
| |
CONSUMER SERVICES - 2.8% | | | | |
| 389 | | * | | American Public Education, Inc | | | 11,024 | |
| 295 | | * | | Booking Holdings, Inc | | | 645,487 | |
| 447 | | * | | Bright Horizons Family Solutions | | | 65,758 | |
| 356 | | | | Carriage Services, Inc | | | 13,161 | |
| 554 | | | | Darden Restaurants, Inc | | | 80,878 | |
| 1,038 | | * | | Dave & Buster’s Entertainment, Inc | | | 42,143 | |
| 13 | | * | | Dine Brands Global Inc. | | | 1,160 | |
| 313 | | | | Domino’s Pizza, Inc | | | 146,011 | |
| 372 | | * | | El Pollo Loco Holdings, Inc | | | 6,804 | |
| 173 | | * | | frontdoor, Inc | | | 8,619 | |
| 95 | | | | Graham Holdings Co | | | 60,221 | |
| 3,090 | | * | | Hilton Worldwide Holdings, Inc | | | 372,716 | |
| 384 | | * | | Planet Fitness, Inc | | | 28,896 | |
| 2,790 | | * | | Royal Caribbean Cruises Ltd | | | 237,931 | |
| 35 | | * | | Shake Shack, Inc | | | 3,746 | |
| 941 | | * | | Six Flags Entertainment Corp | | | 40,726 | |
| 6,501 | | | | Starbucks Corp | | | 726,877 | |
| 1,155 | | * | | Terminix Global Holdings, Inc | | | 55,105 | |
| 255 | | * | | Vail Resorts, Inc | | | 80,713 | |
| 983 | | | | Wendy’s | | | 23,022 | |
| 320 | | * | | WW International Inc | | | 11,565 | |
| | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | 2,662,563 | |
| | | | | | | | |
| |
DIVERSIFIED FINANCIALS - 7.1% | | | | |
| 2,331 | | | | Ally Financial, Inc | | | 116,177 | |
| 4,139 | | | | American Express Co | | | 683,887 | |
| 785 | | | | Ameriprise Financial, Inc | | | 195,371 | |
| 6,527 | | | | Bank of New York Mellon Corp | | | 334,378 | |
| 851 | | | | BlackRock, Inc | | | 744,599 | |
| 8,058 | | | | Charles Schwab Corp | | | 586,703 | |
| 1,658 | | | | CME Group, Inc | | | 352,623 | |
| 4,396 | | | | Discover Financial Services | | | 520,003 | |
| 119 | | | | Factset Research Systems, Inc | | | 39,938 | |
| 1,299 | | | | Franklin Resources, Inc | | | 41,555 | |
| 105 | | * | | Green Dot Corp | | | 4,919 | |
| 5,072 | | | | Intercontinental Exchange Group, Inc | | | 602,046 | |
| 482 | | | | Invesco Ltd | | | 12,884 | |
| 245 | | | | MarketAxess Holdings, Inc | | | 113,580 | |
| 1,018 | | | | Moody’s Corp | | | 368,893 | |
| 7,845 | | | | Morgan Stanley | | | 719,308 | |
| 309 | | | | Nasdaq Inc | | | 54,322 | |
| 1,564 | | | | Northern Trust Corp | | | 180,830 | |
| 65 | | * | | PRA Group, Inc | | | 2,501 | |
26
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 38 | | | | PROG Holdings, Inc | | $ | 1,829 | |
| 1,646 | | | | S&P Global, Inc | | | 675,601 | |
| 1,612 | | | | State Street Corp | | | 132,635 | |
| 852 | | | | T Rowe Price Group, Inc | | | 168,670 | |
| 311 | | | | Voya Financial, Inc | | | 19,127 | |
| | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | 6,672,379 | |
| | | | | | | | |
| |
ENERGY - 3.0% | | | | |
| 4,768 | | | | Antero Midstream Corp | | | 49,540 | |
| 2,189 | | | | APA Corp | | | 47,348 | |
| 3,335 | | | | Baker Hughes Co | | | 76,271 | |
| 49 | | * | | ChampionX Corp | | | 1,257 | |
| 1,730 | | * | | Cheniere Energy, Inc | | | 150,060 | |
| 7,181 | | | | Chevron Corp | | | 752,138 | |
| 170 | | | | Cimarex Energy Co | | | 12,317 | |
| 6,226 | | | | ConocoPhillips | | | 379,163 | |
| 59 | | | | Delek US Holdings, Inc | | | 1,276 | |
| 2,858 | | * | | EQT Corp | | | 63,619 | |
| 4,593 | | * | | Frank’s International NV | | | 13,917 | |
| 3,419 | | * | | Helix Energy Solutions Group, Inc | | | 19,523 | |
| 1,260 | | | | Hess Corp | | | 110,023 | |
| 12,391 | | | | Kinder Morgan, Inc | | | 225,888 | |
| 9,016 | | * | | Kosmos Energy Ltd | | | 31,195 | |
| 18,145 | | | | Marathon Oil Corp | | | 247,135 | |
| 9,101 | | * | | NOV, Inc | | | 139,427 | |
| 230 | | | | ONEOK, Inc | | | 12,797 | |
| 6,474 | | | | Schlumberger Ltd | | | 207,233 | |
| 1,332 | | * | | Select Energy Services, Inc | | | 8,045 | |
| 9,944 | | * | | Southwestern Energy Co | | | 56,382 | |
| 2,625 | | | | Valero Energy Corp | | | 204,960 | |
| | | | | | | | |
| | | | TOTAL ENERGY | | | 2,809,514 | |
| | | | | | | | |
| |
FOOD & STAPLES RETAILING - 0.5% | | | | |
| 2,549 | | * | | BJ’s Wholesale Club Holdings, Inc | | | 121,281 | |
| 620 | | * | | Performance Food Group Co | | | 30,064 | |
| 500 | | | | Pricesmart, Inc | | | 45,505 | |
| 877 | | | | SpartanNash Co | | | 16,935 | |
| 2,640 | | * | | Sprouts Farmers Market, Inc | | | 65,604 | |
| 1,207 | | * | | United Natural Foods, Inc | | | 44,635 | |
| 3,282 | | * | | US Foods Holding Corp | | | 125,897 | |
| | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | 449,921 | |
| | | | | | | | |
| |
FOOD, BEVERAGE & TOBACCO - 2.8% | | | | |
| 916 | | | | Archer-Daniels-Midland Co | | | 55,510 | |
| 628 | | * | | Beyond Meat, Inc | | | 98,904 | |
| 993 | | | | Campbell Soup Co | | | 45,271 | |
| 16,565 | | | | Coca-Cola Co | | | 896,332 | |
| 173 | | * | | Darling International, Inc | | | 11,677 | |
| 710 | | | | Fresh Del Monte Produce, Inc | | | 23,345 | |
| 4,764 | | | | General Mills, Inc | | | 290,270 | |
| 2,692 | | | | Hormel Foods Corp | | | 128,543 | |
| 1,710 | | | | Kellogg Co | | | 110,004 | |
| 930 | | | | McCormick & Co, Inc | | | 82,138 | |
| 6,092 | | | | PepsiCo, Inc | | | 902,652 | |
| 79 | | * | | TreeHouse Foods, Inc | | | 3,517 | |
| | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 2,648,163 | |
| | | | | | | | |
| |
HEALTH CARE EQUIPMENT & SERVICES - 7.7% | | | | |
| 476 | | * | | Abiomed, Inc | | | 148,564 | |
| 454 | | * | | Accelerate Diagnostics, Inc | | | 3,659 | |
| 553 | | * | | Align Technology, Inc | | | 337,883 | |
| 3,316 | | * | | Allscripts Healthcare Solutions, Inc | | | 61,379 | |
| 786 | | * | | Angiodynamics, Inc | | | 21,324 | |
| 100 | | * | | AtriCure, Inc | | | 7,933 | |
27
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 13 | | * | | Axonics Modulation Technologies, Inc | | $ | 824 | |
| 246 | | | | Cardinal Health, Inc | | | 14,044 | |
| 5,311 | | * | | Centene Corp | | | 387,331 | |
| 3,972 | | | | Cerner Corp | | | 310,452 | |
| 3,201 | | * | | Cerus Corp | | | 18,918 | |
| 2,413 | | | | Cigna Corp | | | 572,050 | |
| 280 | | | | Computer Programs & Systems, Inc | | | 9,304 | |
| 450 | | | | Cooper Cos, Inc | | | 178,322 | |
| 1,185 | | * | | Covetrus, Inc | | | 31,995 | |
| 3,032 | | | | Danaher Corp | | | 813,668 | |
| 2,297 | | | | Dentsply Sirona, Inc | | | 145,308 | |
| 620 | | * | | DexCom, Inc | | | 264,740 | |
| 4,649 | | * | | Edwards Lifesciences Corp | | | 481,497 | |
| 1,838 | | * | | Envista Holdings Corp | | | 79,420 | |
| 178 | | * | | Glaukos Corp | | | 15,100 | |
| 154 | | * | | Globus Medical, Inc | | | 11,940 | |
| 138 | | * | | Guardant Health, Inc | | | 17,138 | |
| 68 | | * | | Haemonetics Corp | | | 4,532 | |
| 1,377 | | | | HCA Healthcare, Inc | | | 284,681 | |
| 747 | | * | | Health Catalyst, Inc | | | 41,466 | |
| 294 | | * | | Henry Schein, Inc | | | 21,812 | |
| 70 | | * | | Heska Corp | | | 16,081 | |
| 1,211 | | * | | Hologic, Inc | | | 80,798 | |
| 1,151 | | | | Humana, Inc | | | 509,571 | |
| 647 | | * | | IDEXX Laboratories, Inc | | | 408,613 | |
| 110 | | * | | Inogen, Inc | | | 7,169 | |
| 257 | | * | | Integer Holding Corp | | | 24,209 | |
| 335 | | * | | Intersect ENT, Inc | | | 5,725 | |
| 646 | | * | | Intuitive Surgical, Inc | | | 594,088 | |
| 492 | | * | | Laboratory Corp of America Holdings | | | 135,718 | |
| 301 | | | | LeMaitre Vascular, Inc | | | 18,367 | |
| 85 | | * | | LivaNova plc | | | 7,149 | |
| 166 | | * | | Meridian Bioscience, Inc | | | 3,682 | |
| 749 | | * | | Merit Medical Systems, Inc | | | 48,430 | |
| 1,173 | | * | | NextGen Healthcare, Inc | | | 19,460 | |
| 476 | | * | | Omnicell, Inc | | | 72,090 | |
| 667 | | * | | OraSure Technologies, Inc | | | 6,763 | |
| 412 | | * | | Orthofix Medical Inc | | | 16,525 | |
| 170 | | * | | Penumbra, Inc | | | 46,590 | |
| 80 | | | | Premier, Inc | | | 2,783 | |
| 298 | | | | Quest Diagnostics, Inc | | | 39,327 | |
| 783 | | * | | Quidel Corp | | | 100,318 | |
| 890 | | | | Resmed, Inc | | | 219,403 | |
| 542 | | * | | Staar Surgical Co | | | 82,655 | |
| 356 | | | | STERIS plc | | | 73,443 | |
| 377 | | * | | Tactile Systems Technology, Inc | | | 19,604 | |
| 186 | | * | | Tandem Diabetes Care, Inc | | | 18,116 | |
| 1,121 | | * | | Teladoc, Inc | | | 186,411 | |
| 191 | | * | | Triple-S Management Corp (Class B) | | | 4,254 | |
| 740 | | * | | Vocera Communications, Inc | | | 29,489 | |
| 486 | | | | West Pharmaceutical Services, Inc | | | 174,523 | |
| | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 7,256,638 | |
| | | | | | | | |
| |
HOUSEHOLD & PERSONAL PRODUCTS - 2.4% | | | | |
| 942 | | | | Clorox Co | | | 169,475 | |
| 3,390 | | | | Colgate-Palmolive Co | | | 275,777 | |
| 1,777 | | | | Estee Lauder Cos (Class A) | | | 565,228 | |
| 716 | | | | Kimberly-Clark Corp | | | 95,786 | |
| 8,560 | | | | Procter & Gamble Co | | | 1,155,001 | |
| | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 2,261,267 | |
| | | | | | | | |
| |
INSURANCE - 2.6% | | | | |
| 3,587 | | | | Aflac, Inc | | | 192,479 | |
| 1,261 | | | | Allstate Corp | | | 164,485 | |
| 135 | | | | Arthur J. Gallagher & Co | | | 18,911 | |
28
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 2,592 | | | | Chubb Ltd | | $ | 411,973 | |
| 18 | | * | | eHealth, Inc | | | 1,051 | |
| 11,747 | | * | | Genworth Financial, Inc (Class A) | | | 45,813 | |
| 962 | | | | Lincoln National Corp | | | 60,452 | |
| 2,308 | | | | Loews Corp | | | 126,132 | |
| 3,091 | | | | Marsh & McLennan Cos, Inc | | | 434,842 | |
| 471 | | | | Metlife, Inc | | | 28,189 | |
| 3,203 | | | | Progressive Corp | | | 314,567 | |
| 3,485 | | | | Prudential Financial, Inc | | | 357,108 | |
| 1,665 | | | | Travelers Cos, Inc | | | 249,267 | |
| 162 | | | | Willis Towers Watson plc | | | 37,263 | |
| | | | | | | | |
| | | | TOTAL INSURANCE | | | 2,442,532 | |
| | | | | | | | |
| |
MATERIALS - 2.2% | | | | |
| 205 | | | | Amcor plc | | | 2,349 | |
| 140 | | | | Aptargroup, Inc | | | 19,717 | |
| 3,146 | | | | Ball Corp | | | 254,889 | |
| 1,021 | | * | | Century Aluminum Co | | | 13,161 | |
| 4,939 | | | | DuPont de Nemours, Inc | | | 382,328 | |
| 2,533 | | | | Ecolab, Inc | | | 521,722 | |
| 39 | | | | H.B. Fuller Co | | | 2,481 | |
| 753 | | | | International Flavors & Fragrances, Inc | | | 112,498 | |
| 200 | | | | Martin Marietta Materials, Inc | | | 70,362 | |
| 1,614 | | | | Mosaic Co | | | 51,503 | |
| 5,436 | | | | Newmont Goldcorp Corp | | | 344,534 | |
| 1,655 | | | | Nucor Corp | | | 158,764 | |
| 253 | | | | PPG Industries, Inc | | | 42,952 | |
| 27 | | | | Reliance Steel & Aluminum Co | | | 4,074 | |
| 1,968 | | * | | Summit Materials, Inc | | | 68,585 | |
| 283 | | | | Trinseo S.A. | | | 16,935 | |
| 350 | | * | | US Concrete, Inc | | | 25,830 | |
| | | | | | | | |
| | | | TOTAL MATERIALS | | | 2,092,684 | |
| | | | | | | | |
| |
MEDIA & ENTERTAINMENT - 6.6% | | | | |
| 5,824 | | | | Activision Blizzard, Inc | | | 555,843 | |
| 38 | | | | Cable One, Inc | | | 72,687 | |
| 285 | | * | | Cardlytics, Inc | | | 36,175 | |
| 2,461 | | * | | Cinemark Holdings, Inc | | | 54,019 | |
| 9,651 | | | | Comcast Corp (Class A) | | | 550,300 | |
| 3,690 | | * | | Discovery, Inc (Class C) | | | 106,936 | |
| 2,026 | | | | Electronic Arts, Inc | | | 291,400 | |
| 2,025 | | | | Gray Television, Inc | | | 47,385 | |
| 1,398 | | * | | iHeartMedia, Inc | | | 37,648 | |
| 1,046 | | * | | Imax Corp | | | 22,489 | |
| 1,361 | | | | Interpublic Group of Cos, Inc | | | 44,219 | |
| 642 | | | | John Wiley & Sons, Inc (Class A) | | | 38,636 | |
| 249 | | * | | Liberty Broadband Corp (Class A) | | | 41,874 | |
| 2,219 | | * | | Liberty Broadband Corp (Class C) | | | 385,352 | |
| 2,907 | | * | | Live Nation, Inc | | | 254,624 | |
| 1,315 | | * | | Netflix, Inc | | | 694,596 | |
| 762 | | | | New York Times Co (Class A) | | | 33,185 | |
| 3,840 | | | | Omnicom Group, Inc | | | 307,162 | |
| 5,691 | | * | | Pinterest, Inc | | | 449,304 | |
| 60 | | * | | Roku, Inc | | | 27,555 | |
| 477 | | | | Scholastic Corp | | | 18,074 | |
| 1,029 | | | | Sinclair Broadcast Group, Inc (Class A) | | | 34,183 | |
| 26,756 | | e | | Sirius XM Holdings, Inc | | | 174,984 | |
| 1,009 | | * | | Take-Two Interactive Software, Inc | | | 178,613 | |
| 103 | | | | TEGNA, Inc | | | 1,932 | |
| 2,340 | | * | | TripAdvisor, Inc | | | 94,302 | |
| 6,102 | | * | | Twitter, Inc | | | 419,879 | |
| 5,630 | | * | | Walt Disney Co | | | 989,585 | |
| 542 | | | | World Wrestling Entertainment, Inc (Class A) | | | 31,376 | |
| 19,953 | | * | | Zynga, Inc | | | 212,100 | |
| | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | 6,206,417 | |
| | | | | | | | |
29
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.6% | | | | |
| 719 | | * | | Acadia Pharmaceuticals, Inc | | $ | 17,536 | |
| 987 | | * | | Aerie Pharmaceuticals, Inc | | | 15,802 | |
| 2,934 | | | | Agilent Technologies, Inc | | | 433,675 | |
| 637 | | * | | Agios Pharmaceuticals, Inc | | | 35,105 | |
| 59 | | * | | Alexion Pharmaceuticals, Inc | | | 10,839 | |
| 2,359 | | | | Amgen, Inc | | | 575,006 | |
| 249 | | * | | AnaptysBio, Inc | | | 6,457 | |
| 2,703 | | * | | Antares Pharma, Inc | | | 11,785 | |
| 898 | | * | | Atara Biotherapeutics, Inc | | | 13,964 | |
| 98 | | * | | Avrobio, Inc | | | 871 | |
| 33 | | * | | Axsome Therapeutics, Inc | | | 2,226 | |
| 3,404 | | * | | BioCryst Pharmaceuticals, Inc | | | 53,817 | |
| 779 | | * | | Biogen, Inc | | | 269,744 | |
| 618 | | * | | BioMarin Pharmaceutical, Inc | | | 51,566 | |
| 691 | | * | | Bluebird Bio, Inc | | | 22,098 | |
| 9,462 | | | | Bristol-Myers Squibb Co | | | 632,251 | |
| 701 | | * | | Collegium Pharmaceutical, Inc | | | 16,572 | |
| 3,645 | | | | Eli Lilly & Co | | | 836,600 | |
| 70 | | *,e | | Esperion Thereapeutics, Inc | | | 1,481 | |
| 453 | | * | | Flexion Therapeutics, Inc | | | 3,728 | |
| 4,819 | | | | Gilead Sciences, Inc | | | 331,836 | |
| 414 | | * | | Halozyme Therapeutics, Inc | | | 18,800 | |
| 212 | | * | | Illumina, Inc | | | 100,321 | |
| 435 | | * | | Insmed, Inc | | | 12,380 | |
| 1,239 | | * | | Intra-Cellular Therapies, Inc | | | 50,576 | |
| 839 | | * | | IQVIA Holdings, Inc | | | 203,307 | |
| 374 | | * | | Jazz Pharmaceuticals plc | | | 66,437 | |
| 903 | | * | | Karyopharm Therapeutics, Inc | | | 9,319 | |
| 428 | | * | | MacroGenics, Inc | | | 11,496 | |
| 77 | | * | | Mettler-Toledo International, Inc | | | 106,671 | |
| 34 | | * | | Mirati Therapeutics, Inc | | | 5,492 | |
| 537 | | * | | Novavax, Inc | | | 114,011 | |
| 4,759 | | * | | Opko Health, Inc | | | 19,274 | |
| 547 | | | | Perrigo Co plc | | | 25,080 | |
| 842 | | * | | Prothena Corp plc | | | 43,287 | |
| 128 | | * | | Regeneron Pharmaceuticals, Inc | | | 71,493 | |
| 189 | | * | | Repligen Corp | | | 37,728 | |
| 1,002 | | * | | Revance Therapeutics, Inc | | | 29,699 | |
| 89 | | * | | Sage Therapeutics, Inc | | | 5,056 | |
| 1,162 | | * | | Sangamo Therapeutics Inc | | | 13,909 | |
| 7,881 | | *,e | | TherapeuticsMD, Inc | | | 9,378 | |
| 1,614 | | | | Thermo Fisher Scientific, Inc | | | 814,215 | |
| 366 | | * | | Ultragenyx Pharmaceutical, Inc | | | 34,898 | |
| 1,810 | | * | | Vertex Pharmaceuticals, Inc | | | 364,950 | |
| 245 | | * | | Waters Corp | | | 84,675 | |
| 3,086 | | *,e | | ZIOPHARM Oncology, Inc | | | 8,147 | |
| 3,073 | | | | Zoetis, Inc | | | 572,684 | |
| 177 | | * | | Zogenix, Inc | | | 3,059 | |
| | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 6,179,301 | |
| | | | | | | | |
| |
REAL ESTATE - 3.5% | | | | |
| 641 | | | | Alexandria Real Estate Equities, Inc | | | 116,624 | |
| 2,691 | | | | American Tower Corp | | | 726,947 | |
| 965 | | | | Boston Properties, Inc | | | 110,579 | |
| 705 | | | | Brixmor Property Group, Inc | | | 16,137 | |
| 432 | | | | CatchMark Timber Trust, Inc | | | 5,054 | |
| 1,099 | | * | | CBRE Group, Inc | | | 94,217 | |
| 118 | | | | Coresite Realty | | | 15,883 | |
| 311 | | | | Cousins Properties, Inc | | | 11,439 | |
| 603 | | | | Crown Castle International Corp | | | 117,645 | |
| 403 | | | | CyrusOne, Inc | | | 28,823 | |
| 4,027 | | * | | DiamondRock Hospitality Co | | | 39,062 | |
| 165 | | | | Douglas Emmett, Inc | | | 5,547 | |
| 352 | | | | Easterly Government Properties, Inc | | | 7,420 | |
30
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 471 | | | | Equinix, Inc | | $ | 378,025 | |
| 456 | | | | First Industrial Realty Trust, Inc | | | 23,817 | |
| 1,028 | | | | Franklin Street Properties Corp | | | 5,407 | |
| 2,714 | | | | Healthpeak Properties Inc | | | 90,349 | |
| 3,867 | | * | | Host Hotels and Resorts, Inc | | | 66,087 | |
| 421 | | * | | Howard Hughes Corp | | | 41,031 | |
| 282 | | | | Hudson Pacific Properties | | | 7,845 | |
| 355 | | | | iStar Inc | | | 7,359 | |
| 79 | | * | | Jones Lang LaSalle, Inc | | | 15,441 | |
| 63 | | | | Kilroy Realty Corp | | | 4,387 | |
| 1,023 | | | | Kimco Realty Corp | | | 21,330 | |
| 3,283 | | | | Macerich Co | | | 59,915 | |
| 57 | | | | Paramount Group, Inc | | | 574 | |
| 5,447 | | * | | Park Hotels & Resorts, Inc | | | 112,263 | |
| 4,564 | | | | Prologis, Inc | | | 545,535 | |
| 50 | | | | QTS Realty Trust, Inc | | | 3,865 | |
| 783 | | * | | Realogy Holdings Corp | | | 14,266 | |
| 195 | | | | Regency Centers Corp | | | 12,494 | |
| 441 | | | | RLJ Lodging Trust | | | 6,716 | |
| 8 | | | | RMR Group, Inc | | | 309 | |
| 647 | | | | SBA Communications Corp | | | 206,199 | |
| 826 | | | | Ventas, Inc | | | 47,165 | |
| 2,315 | | | | Welltower, Inc | | | 192,376 | |
| 3,092 | | | | Weyerhaeuser Co | | | 106,427 | |
| 765 | | * | | Xenia Hotels & Resorts, Inc | | | 14,328 | |
| | | | | | | | |
| | | | TOTAL REAL ESTATE | | | 3,278,887 | |
| | | | | | | | |
| |
RETAILING - 4.6% | | | | |
| 595 | | * | | 1-800-FLOWERS.COM, Inc (Class A) | | | 18,963 | |
| 19 | | | | Aaron’s Co, Inc | | | 608 | |
| 204 | | | | Advance Auto Parts, Inc | | | 41,848 | |
| 21 | | * | | CarMax, Inc | | | 2,712 | |
| 1,432 | | * | | Designer Brands, Inc | | | 23,700 | |
| 8,192 | | | | eBay, Inc | | | 575,160 | |
| 84 | | * | | Five Below, Inc | | | 16,235 | |
| 305 | | | | Gap, Inc | | | 10,263 | |
| 316 | | * | | Genesco, Inc | | | 20,123 | |
| 364 | | * | | Hibbett Sports, Inc | | | 32,625 | |
| 3,740 | | | | Home Depot, Inc | | | 1,192,649 | |
| 231 | | * | | Lands’ End, Inc | | | 9,482 | |
| 1,013 | | * | | LKQ Corp | | | 49,860 | |
| 2,775 | | | | Lowe’s Companies, Inc | | | 538,267 | |
| 5,597 | | * | | Macy’s, Inc | | | 106,119 | |
| 431 | | * | | MarineMax, Inc | | | 21,007 | |
| 1,979 | | * | | Quotient Technology, Inc | | | 21,393 | |
| 1,438 | | * | | RealReal, Inc | | | 28,415 | |
| 577 | | | | Ross Stores, Inc | | | 71,548 | |
| 214 | | | | Shoe Carnival, Inc | | | 15,320 | |
| 2,955 | | | | Target Corp | | | 714,342 | |
| 6,064 | | | | TJX Companies, Inc | | | 408,835 | |
| 202 | | | | Tractor Supply Co | | | 37,584 | |
| 1,264 | | *,e | | Wayfair, Inc | | | 399,057 | |
| 15 | | | | Winmark Corp | | | 2,881 | |
| 234 | | * | | Zumiez, Inc | | | 11,464 | |
| | | | | | | | |
| | | | TOTAL RETAILING | | | 4,370,460 | |
| | | | | | | | |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.5% | | | | |
| 5,266 | | | | Applied Materials, Inc | | | 749,878 | |
| 289 | | * | | Cirrus Logic, Inc | | | 24,600 | |
| 356 | | * | | Cree, Inc | | | 34,863 | |
| 978 | | * | | First Solar, Inc | | | 88,519 | |
| 16,846 | | | | Intel Corp | | | 945,734 | |
| 1,008 | | | | Lam Research Corp | | | 655,906 | |
| 1,853 | | | | NVIDIA Corp | | | 1,482,585 | |
| 8,176 | | * | | ON Semiconductor Corp | | | 312,977 | |
31
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 243 | | * | | Silicon Laboratories, Inc | | $ | 37,240 | |
| 4,358 | | | | Texas Instruments, Inc | | | 838,043 | |
| 162 | | | | Universal Display Corp | | | 36,018 | |
| | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 5,206,363 | |
| | | | | | | | |
| |
SOFTWARE & SERVICES - 17.2% | | | | |
| 2,966 | | | | Accenture plc | | | 874,347 | |
| 1,836 | | * | | Adobe, Inc | | | 1,075,235 | |
| 108 | | * | | Anaplan, Inc | | | 5,756 | |
| 115 | | * | | Ansys, Inc | | | 39,912 | |
| 298 | | * | | Aspen Technology, Inc | | | 40,987 | |
| 1,833 | | * | | Autodesk, Inc | | | 535,053 | |
| 2,502 | | | | Automatic Data Processing, Inc | | | 496,947 | |
| 1,923 | | * | | Avaya Holdings Corp | | | 51,729 | |
| 634 | | * | | Benefitfocus, Inc | | | 8,939 | |
| 146 | | * | | Bill.Com Holdings, Inc | | | 26,744 | |
| 1,128 | | * | | Blackline, Inc | | | 125,513 | |
| 109 | | * | | BM Technologies, Inc | | | 1,356 | |
| 1,736 | | * | | Cadence Design Systems, Inc | | | 237,519 | |
| 417 | | * | | ChannelAdvisor Corp | | | 10,221 | |
| 354 | | * | | Concentrix Corp | | | 56,923 | |
| 737 | | | | CSG Systems International, Inc | | | 34,772 | |
| 1,457 | | | | Dolby Laboratories, Inc (Class A) | | | 143,209 | |
| 5,699 | | * | | DXC Technology Co | | | 221,919 | |
| 514 | | * | | Elastic NV | | | 74,921 | |
| 744 | | * | | ExlService Holdings, Inc | | | 79,057 | |
| 1,394 | | * | | Five9, Inc | | | 255,646 | |
| 9 | | | | InterDigital, Inc | | | 657 | |
| 4,946 | | | | International Business Machines Corp | | | 725,034 | |
| 1,493 | | | | Intuit, Inc | | | 731,824 | |
| 3,032 | | * | | Limelight Networks, Inc | | | 9,551 | |
| 3,151 | | | | Mastercard, Inc (Class A) | | | 1,150,399 | |
| 17,617 | | d | | Microsoft Corp | | | 4,772,445 | |
| 1,162 | | * | | New Relic, Inc | | | 77,819 | |
| 1,670 | | * | | Nutanix, Inc | | | 63,827 | |
| 1,362 | | * | | Okta, Inc | | | 333,254 | |
| 136 | | * | | OneSpan, Inc | | | 3,473 | |
| 369 | | * | | Paylocity Holding Corp | | | 70,405 | |
| 4,097 | | * | | PayPal Holdings, Inc | | | 1,194,194 | |
| 739 | | * | | Perficient, Inc | | | 59,430 | |
| 275 | | * | | Qualys, Inc | | | 27,690 | |
| 394 | | * | | Rapid7, Inc | | | 37,284 | |
| 3,747 | | * | | salesforce.com, Inc | | | 915,280 | |
| 1,058 | | * | | ServiceNow, Inc | | | 581,424 | |
| 480 | | * | | Smartsheet, Inc | | | 34,714 | |
| 813 | | * | | SPS Commerce, Inc | | | 81,178 | |
| 1,463 | | * | | SVMK, Inc | | | 30,825 | |
| 894 | | * | | Sykes Enterprises, Inc | | | 48,008 | |
| 761 | | * | | Teradata Corp | | | 38,027 | |
| 401 | | | | TTEC Holdings, Inc | | | 41,339 | |
| 1,739 | | * | | VMware, Inc (Class A) | | | 278,188 | |
| 965 | | * | | WEX, Inc | | | 187,113 | |
| 1,482 | | * | | Workday, Inc | | | 353,813 | |
| 127 | | * | | Workiva, Inc | | | 14,139 | |
| | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | 16,258,039 | |
| | | | | | | | |
| |
TECHNOLOGY HARDWARE & EQUIPMENT - 4.0% | | | | |
| 919 | | | | Avnet, Inc | | | 36,834 | |
| 108 | | | | Benchmark Electronics, Inc | | | 3,074 | |
| 1,753 | | * | | Ciena Corp | | | 99,728 | |
| 17,738 | | | | Cisco Systems, Inc | | | 940,114 | |
| 2,481 | | | | Cognex Corp | | | 208,528 | |
| 413 | | | | CTS Corp | | | 15,347 | |
| 74 | | * | | ePlus, Inc | | | 6,415 | |
| 657 | | * | | Fabrinet | | | 62,987 | |
32
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
| 19,816 | | | | Hewlett Packard Enterprise Co | | $ | 288,917 | |
| 15,952 | | | | HP, Inc | | | 481,591 | |
| 508 | | * | | Insight Enterprises, Inc | | | 50,805 | |
| 69 | | * | | Itron, Inc | | | 6,899 | |
| 2,000 | | * | | Keysight Technologies, Inc | | | 308,820 | |
| 373 | | * | | Kimball Electronics, Inc | | | 8,109 | |
| 1,553 | | * | | Knowles Corp | | | 30,656 | |
| 189 | | * | | Lumentum Holdings, Inc | | | 15,504 | |
| 91 | | | | Methode Electronics, Inc | | | 4,478 | |
| 45 | | | | Motorola Solutions, Inc | | | 9,758 | |
| 681 | | | | National Instruments Corp | | | 28,793 | |
| 49 | | * | | Novanta, Inc | | | 6,603 | |
| 633 | | * | | Ribbon Communications, Inc | | | 4,817 | |
| 153 | | * | | Rogers Corp | | | 30,722 | |
| 407 | | | | Synnex Corp | | | 49,556 | |
| 4,620 | | * | | Trimble Inc | | | 378,055 | |
| 2,329 | | * | | TTM Technologies, Inc | | | 33,305 | |
| 1,036 | | | | Vishay Intertechnology, Inc | | | 23,362 | |
| 181 | | * | | Vishay Precision Group, Inc | | | 6,161 | |
| 3,553 | | | | Vontier Corp | | | 115,757 | |
| 3,952 | | | | Xerox Holdings Corp | | | 92,832 | |
| 754 | | * | | Zebra Technologies Corp (Class A) | | | 399,235 | |
| | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 3,747,762 | |
| | | | | | | | |
| |
TELECOMMUNICATION SERVICES - 1.6% | | | | |
| 2,220 | | * | | Iridium Communications, Inc | | | 88,778 | |
| 3,238 | | * | | T-Mobile US, Inc | | | 468,960 | |
| 16,472 | | | | Verizon Communications, Inc | | | 922,926 | |
| | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | 1,480,664 | |
| | | | | | | | |
| |
TRANSPORTATION - 2.0% | | | | |
| 579 | | | | ArcBest Corp | | | 33,692 | |
| 368 | | * | | Avis Budget Group, Inc | | | 28,663 | |
| 732 | | | | CH Robinson Worldwide, Inc | | | 68,566 | |
| 16,512 | | | | CSX Corp | | | 529,705 | |
| 10,283 | | * | | Delta Air Lines, Inc | | | 444,843 | |
| 623 | | * | | Echo Global Logistics, Inc | | | 19,151 | |
| 1,315 | | | | Expeditors International of Washington, Inc | | | 166,479 | |
| 69 | | | | Kansas City Southern | | | 19,553 | |
| 1,479 | | | | Norfolk Southern Corp | | | 392,541 | |
| 657 | | | | Old Dominion Freight Line | | | 166,747 | |
| | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | 1,869,940 | |
| | | | | | | | |
| |
UTILITIES - 2.2% | | | | |
| 3,605 | | | | American Electric Power Co, Inc | | | 304,947 | |
| 416 | | | | American Water Works Co, Inc | | | 64,118 | |
| 142 | | | | CMS Energy Corp | | | 8,389 | |
| 2,457 | | | | Consolidated Edison, Inc | | | 176,216 | |
| 2,461 | | | | Dominion Energy, Inc | | | 181,056 | |
| 253 | | | | DTE Energy Co | | | 32,789 | |
| 1,756 | | | | Eversource Energy | | | 140,901 | |
| 2,695 | | | | Public Service Enterprise Group, Inc | | | 160,999 | |
| 2,126 | | | | Sempra Energy | | | 281,653 | |
| 131 | | e | | South Jersey Industries, Inc | | | 3,397 | |
| 6,507 | | | | Southern Co | | | 393,739 | |
| 237 | | * | | Sunnova Energy International, Inc | | | 8,925 | |
| 361 | | | | UGI Corp | | | 16,718 | |
| 1,466 | | | | WEC Energy Group, Inc | | | 130,401 | |
| 2,348 | | | | Xcel Energy, Inc | | | 154,686 | |
| | | | | | | | |
| | | | TOTAL UTILITIES | | | 2,058,934 | |
| | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | 93,501,103 | |
| | | | | | | | |
| | | | (Cost $53,146,019) | | | | |
33
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | VALUE | |
|
SHORT-TERM INVESTMENTS - 1.6% | |
| | | |
GOVERNMENT AGENCY DEBT - 0.1% | | | | | | | | | | | | |
| $ 137,000 | | | | Federal Agricultural Mortgage Corp (FAMC) | | | 0.011 | % | | | 07/01/21 | | | $ | 137,000 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | 137,000 | |
| | | | | | | | | |
| | |
TREASURY DEBT - 1.3% | | | | | | | | | |
| 1,250,000 | | | | United States Treasury Bill | | | 0.031 | | | | 07/13/21 | | | | 1,249,982 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TREASURY DEBT | | | | 1,249,982 | |
| | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | |
| | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2% | | | | | | | | | |
| 180,296 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 0.020 | | | | | | | | 180,296 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | 180,296 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 1,567,278 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $1,567,283) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.8% | | | | | | | | | | | 95,068,381 | |
| | | | (Cost $54,713,302) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - (0.8)% | | | | | | | | | | | (782,982 | ) |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 94,285,399 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| 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 $590,339. |
Futures contracts outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | |
| Description | | Number of long (short)
contracts | | | Expiration date | | Notional
amount | | | Value | | | Unrealized
appreciation
(depreciation) | |
S&P 500 E Mini Index | | | 3 | | | 09/17/21 | | $ | 640,674 | | | $ | 643,290 | | | $ | 2,616 | |
34
TIAA-CREF LIFE FUNDS - Stock Index Fund
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2021
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | |
BONDS - 0.0% | | | | | | | | | | | | |
| | | |
CORPORATE BONDS - 0.0% | | | | | | | | | | | | |
| | | |
DIVERSIFIED FINANCIALS - 0.0% | | | | | | | | | | | | |
| 186 | | | | GAMCO Investors, Inc | | | 4.000 | % | | | 06/15/23 | | | $ | 186 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | | | | | | 186 | |
| | | | | | | | | | | | | |
| | | | TOTAL CORPORATE BONDS | | | | | | | | | | | 186 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $186) | | | | | | | | | | | | |
| | | | TOTAL BONDS | | | | | | | | | | | 186 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $186) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | | |
| | | | | | | | | | | | | | |
COMMON STOCKS - 99.1% | | | | | | | | | |
| | |
AUTOMOBILES & COMPONENTS - 1.8% | | | | | | | | | |
| 1,634 | | * | | Adient plc | | | | | | | | 73,857 | |
| 1,752 | | * | | American Axle & Manufacturing Holdings, Inc | | | | | | | | 18,133 | |
| 4,712 | | * | | Aptiv plc | | | | | | | | 741,339 | |
| 531 | | *,e | | Arcimoto, Inc | | | | | | | | 9,128 | |
| 4,192 | | | | BorgWarner, Inc | | | | | | | | 203,480 | |
| 1,310 | | *,e | | Canoo, Inc | | | | | | | | 13,021 | |
| 331 | | * | | Cooper-Standard Holding, Inc | | | | | | | | 9,599 | |
| 2,264 | | | | Dana Inc | | | | | | | | 53,793 | |
| 476 | | * | | Dorman Products, Inc | | | | | | | | 49,347 | |
| 2,668 | | *,e | | Fisker, Inc | | | | | | | | 51,439 | |
| 67,573 | | * | | Ford Motor Co | | | | | | | | 1,004,135 | |
| 713 | | * | | Fox Factory Holding Corp | | | | | | | | 110,986 | |
| 23,435 | | * | | General Motors Co | | | | | | | | 1,386,649 | |
| 4,153 | | | | Gentex Corp | | | | | | | | 137,423 | |
| 573 | | * | | Gentherm, Inc | | | | | | | | 40,712 | |
| 4,933 | | * | | Goodyear Tire & Rubber Co | | | | | | | | 84,601 | |
| 2,737 | | | | Harley-Davidson, Inc | | | | | | | | 125,409 | |
| 377 | | | | LCI Industries, Inc | | | | | | | | 49,545 | |
| 1,077 | | | | Lear Corp | | | | | | | | 188,777 | |
| 1,908 | | *,e | | Lordstown Motors Corp | | | | | | | | 21,102 | |
| 772 | | * | | Modine Manufacturing Co | | | | | | | | 12,807 | |
| 292 | | * | | Motorcar Parts of America, Inc | | | | | | | | 6,552 | |
| 381 | | | | Patrick Industries, Inc | | | | | | | | 27,813 | |
| 1,986 | | * | | QuantumScape Corp | | | | | | | | 58,110 | |
| 330 | | | | Standard Motor Products, Inc | | | | | | | | 14,305 | |
| 449 | | * | | Stoneridge, Inc | | | | | | | | 13,246 | |
| 1,157 | | * | | Tenneco, Inc | | | | | | | | 22,353 | |
| 13,440 | | * | | Tesla, Inc | | | | | | | | 9,135,168 | |
| 947 | | | | Thor Industries, Inc | | | | | | | | 107,011 | |
| 496 | | * | | Visteon Corp | | | | | | | | 59,986 | |
| 486 | | | | Winnebago Industries, Inc | | | | | | | | | | | 33,029 | |
| 2,131 | | *,e | | Workhorse Group, Inc | | | | | | | | | | | 35,353 | |
| 657 | | * | | XL Fleet Corp | | | | | | | | | | | 5,473 | |
| 296 | | * | | XPEL, Inc | | | | | | | | | | | 24,826 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | | | | | | | | | 13,928,507 | |
| | | | | | | | | | | | | | | | |
|
BANKS - 4.4% | |
| 254 | | | | 1st Source Corp | | | | | | | | | | | 11,801 | |
| 166 | | | | Allegiance Bancshares, Inc | | | | | | | | | | | 6,381 | |
| 194 | | | | Altabancorp | | | | | | | | | | | 8,402 | |
| 197 | | | | Amalgamated Financial Corp | | | | | | | | | | | 3,079 | |
| 442 | | * | | Amerant Bancorp Inc | | | | | | | | | | | 9,450 | |
| 127 | | | | American National Bankshares, Inc | | | | | | | | | | | 3,948 | |
| 1,222 | | | | Ameris Bancorp | | | | | | | | | | | 61,870 | |
35
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | VALUE | |
| | | | | | | | | | | | |
| 189 | | | | Arrow Financial Corp | | | | | | $ | 6,795 | |
| 2,719 | | | | Associated Banc-Corp | | | | | | | 55,685 | |
| 318 | | * | | Atlantic Capital Bancshares, Inc | | | | | | | 8,096 | |
| 1,279 | | | | Atlantic Union Bankshares Corp | | | | | | | 46,325 | |
| 945 | | * | | Axos Financial, Inc | | | | | | | 43,839 | |
| 697 | | | | Banc of California, Inc | | | | | | | 12,225 | |
| 529 | | | | Bancfirst Corp | | | | | | | 33,025 | |
| 1,940 | | | | BancorpSouth Bank | | | | | | | 54,960 | |
| 117 | | | | Bank First Corp | | | | | | | 8,163 | |
| 130,625 | | | | Bank of America Corp | | | | | | | 5,385,669 | |
| 861 | | | | Bank of Hawaii Corp | | | | | | | 72,513 | |
| 174 | | | | Bank of Marin Bancorp | | | | | | | 5,551 | |
| 1,235 | | | | Bank of NT Butterfield & Son Ltd | | | | | | | 43,781 | |
| 2,233 | | | | Bank OZK | | | | | | | 94,143 | |
| 1,888 | | | | BankUnited | | | | | | | 80,599 | |
| 511 | | | | Banner Corp | | | | | | | 27,701 | |
| 219 | | | | Bar Harbor Bankshares | | | | | | | 6,268 | |
| 641 | | | | Berkshire Hills Bancorp, Inc | | | | | | | 17,570 | |
| 235 | | | | Blue Ridge Bankshares, Inc | | | | | | | 4,117 | |
| 717 | | | | BOK Financial Corp | | | | | | | 62,092 | |
| 1,073 | | | | Boston Private Financial Holdings, Inc | | | | | | | 15,827 | |
| 385 | | * | | Bridgewater Bancshares, Inc | | | | | | | 6,218 | |
| 1,046 | | | | Brookline Bancorp, Inc | | | | | | | 15,638 | |
| 253 | | | | Bryn Mawr Bank Corp | | | | | | | 10,674 | |
| 324 | | | | Business First Bancshares, Inc | | | | | | | 7,436 | |
| 231 | | | | Byline Bancorp, Inc | | | | | | | 5,228 | |
| 2,216 | | | | Cadence BanCorp | | | | | | | 46,270 | |
| 59 | | | | Cambridge Bancorp | | | | | | | 4,896 | |
| 238 | | | | Camden National Corp | | | | | | | 11,367 | |
| 693 | | * | | Capital Bancorp, Inc | | | | | | | 14,172 | |
| 156 | | | | Capital City Bank Group, Inc | | | | | | | 4,023 | |
| 2,332 | | | | Capitol Federal Financial | | | | | | | 27,471 | |
| 292 | | | | Capstar Financial Holdings, Inc | | | | | | | 5,986 | |
| 641 | | * | | Carter Bankshares, Inc | | | | | | | 8,019 | |
| 1,496 | | | | Cathay General Bancorp | | | | | | | 58,883 | |
| 287 | | | | CBTX, Inc | | | | | | | 7,838 | |
| 470 | | | | Central Pacific Financial Corp | | | | | | | 12,248 | |
| 47 | | | | Century Bancorp, Inc | | | | | | | 5,358 | |
| 1,706 | | | | CIT Group, Inc | | | | | | | 88,013 | |
| 35,793 | | | | Citigroup, Inc | | | | | | | 2,532,355 | |
| 167 | | | | Citizens & Northern Corp | | | | | | | 4,091 | |
| 7,566 | | | | Citizens Financial Group, Inc | | | | | | | 347,052 | |
| 236 | | | | City Holding Co | | | | | | | 17,757 | |
| 157 | | | | Civista Bancshares, Inc | | | | | | | 3,470 | |
| 226 | | | | CNB Financial Corp | | | | | | | 5,157 | |
| 415 | | * | | Coastal Financial Corp | | | | | | | 11,852 | |
| 1,129 | | | | Columbia Banking System, Inc | | | | | | | 43,534 | |
| 372 | | * | | Columbia Financial, Inc | | | | | | | 6,406 | |
| 2,535 | | | | Comerica, Inc | | | | | | | 180,847 | |
| 1,988 | | | | Commerce Bancshares, Inc | | | | | | | 148,225 | |
| 1,009 | | | | Community Bank System, Inc | | | | | | | 76,331 | |
| 238 | | | | Community Trust Bancorp, Inc | | | | | | | 9,610 | |
| 422 | | | | ConnectOne Bancorp, Inc | | | | | | | 11,044 | |
| 858 | | * | | CrossFirst Bankshares, Inc | | | | | | | 11,797 | |
| 1,101 | | | | Cullen/Frost Bankers, Inc | | | | | | | 123,312 | |
| 438 | | * | | Customers Bancorp, Inc | | | | | | | 17,078 | |
| 2,357 | | | | CVB Financial Corp | | | | | | | 48,531 | |
| 611 | | | | Dime Community Bancshares, Inc | | | | | | | 20,542 | |
| 638 | | | | Eagle Bancorp, Inc | | | | | | | 35,779 | |
| 2,453 | | | | East West Bancorp, Inc | | | | | | | 175,856 | |
| 2,652 | | | | Eastern Bankshares, Inc | | | | | | | 54,552 | |
| 147 | | | | Enterprise Bancorp, Inc | | | | | | | 4,814 | |
| 347 | | | | Enterprise Financial Services Corp | | | | | | | 16,097 | |
| 161 | | * | | Equity Bancshares, Inc | | | | | | | 4,909 | |
| 2,039 | | | | Essent Group Ltd | | | | | | | 91,653 | |
| 378 | | | | Farmers National Banc Corp | | | | | | | 5,863 | |
| 560 | | | | FB Financial Corp | | | | | | | 20,899 | |
36
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | VALUE | |
| | | | | | | | | | | | |
| 139 | | | | Federal Agricultural Mortgage Corp | | | | | | $ | 13,747 | |
| 44 | | | | Fidelity D&D Bancorp, Inc | | | | | | | 2,380 | |
| 12,417 | | | | Fifth Third Bancorp | | | | | | | 474,702 | |
| 335 | | * | | Finance Of America Cos, Inc | | | | | | | 2,556 | |
| 202 | | | | Financial Institutions, Inc | | | | | | | 6,060 | |
| 440 | | | | First Bancorp | | | | | | | 18,000 | |
| 3,399 | | | | First Bancorp | | | | | | | 40,516 | |
| 162 | | | | First Bancorp, Inc | | | | | | | 4,771 | |
| 201 | | | | First Bancshares, Inc | | | | | | | 7,523 | |
| 354 | | | | First Bank | | | | | | | 4,793 | |
| 586 | | | | First Busey Corp | | | | | | | 14,451 | |
| 117 | | | | First Choice Bancorp | | | | | | | 3,563 | |
| 114 | | | | First Citizens Bancshares, Inc (Class A) | | | | | | | 94,932 | |
| 1,371 | | | | First Commonwealth Financial Corp | | | | | | | 19,290 | |
| 242 | | | | First Community Bancshares, Inc | | | | | | | 7,224 | |
| 1,705 | | | | First Financial Bancorp | | | | | | | 40,289 | |
| 2,288 | | | | First Financial Bankshares, Inc | | | | | | | 112,409 | |
| 188 | | | | First Financial Corp | | | | | | | 7,674 | |
| 445 | | | | First Foundation, Inc | | | | | | | 10,017 | |
| 2,293 | | | | First Hawaiian, Inc | | | | | | | 64,984 | |
| 10,025 | | | | First Horizon National Corp | | | | | | | 173,232 | |
| 85 | | | | First Internet Bancorp | | | | | | | 2,633 | |
| 744 | | | | First Interstate Bancsystem, Inc | | | | | | | 31,122 | |
| 960 | | | | First Merchants Corp | | | | | | | 40,003 | |
| 93 | | | | First Mid-Illinois Bancshares, Inc | | | | | | | 3,767 | |
| 1,595 | | | | First Midwest Bancorp, Inc | | | | | | | 31,629 | |
| 321 | | | | First of Long Island Corp | | | | | | | 6,815 | |
| 3,087 | | | | First Republic Bank | | | | | | | 577,794 | |
| 75 | | * | | Five Star Bancorp | | | | | | | 1,811 | |
| 664 | | | | Flagstar Bancorp, Inc | | | | | | | 28,067 | |
| 358 | | | | Flushing Financial Corp | | | | | | | 7,672 | |
| 5,725 | | | | FNB Corp | | | | | | | 70,589 | |
| 247 | | | | FS Bancorp, Inc | | | | | | | 17,604 | |
| 2,673 | | | | Fulton Financial Corp | | | | | | | 42,180 | |
| 325 | | | | German American Bancorp, Inc | | | | | | | 12,090 | |
| 1,494 | | | | Glacier Bancorp, Inc | | | | | | | 82,290 | |
| 161 | | | | Great Southern Bancorp, Inc | | | | | | | 8,678 | |
| 849 | | | | Great Western Bancorp, Inc | | | | | | | 27,839 | |
| 28 | | | | Guaranty Bancshares, Inc | | | | | | | 954 | |
| 1,895 | | | | Hancock Whitney Corp | | | | | | | 84,214 | |
| 484 | | | | Hanmi Financial Corp | | | | | | | 9,225 | |
| 1,147 | | | | HarborOne Northeast Bancorp, Inc | | | | | | | 16,448 | |
| 330 | | | | Hawthorn Bancshares Inc | | | | | | | 7,560 | |
| 429 | | | | Heartland Financial USA, Inc | | | | | | | 20,159 | |
| 1,217 | | | | Heritage Commerce Corp | | | | | | | 13,545 | |
| 460 | | | | Heritage Financial Corp | | | | | | | 11,509 | |
| 1,168 | | | | Hilltop Holdings, Inc | | | | | | | 42,515 | |
| 22 | | | | Hingham Institution for Savings | | | | | | | 6,391 | |
| 89 | | | | Home Bancorp, Inc | | | | | | | 3,392 | |
| 2,960 | | | | Home Bancshares, Inc | | | | | | | 73,053 | |
| 314 | | | | HomeStreet, Inc | | | | | | | 12,792 | |
| 265 | | | | HomeTrust Bancshares, Inc | | | | | | | 7,393 | |
| 1,956 | | | | Hope Bancorp, Inc | | | | | | | 27,736 | |
| 501 | | | | Horizon Bancorp | | | | | | | 8,732 | |
| 129 | | * | | Howard Bancorp, Inc | | | | | | | 2,081 | |
| 25,988 | | | | Huntington Bancshares, Inc | | | | | | | 370,849 | |
| 491 | | | | Independent Bank Corp (MA) | | | | | | | 37,071 | |
| 308 | | | | Independent Bank Corp (MI) | | | | | | | 6,687 | |
| 488 | | | | Independent Bank Group, Inc | | | | | | | 36,102 | |
| 843 | | | | International Bancshares Corp | | | | | | | 36,198 | |
| 4,402 | | | | Investors Bancorp, Inc | | | | | | | 62,773 | |
| 52,090 | | | | JPMorgan Chase & Co | | | | | | | 8,102,079 | |
| 2,079 | | | | Kearny Financial Corp | | | | | | | 24,844 | |
| 17,530 | | | | Keycorp | | | | | | | 361,995 | |
| 584 | | | | Lakeland Bancorp, Inc | | | | | | | 10,208 | |
| 525 | | | | Lakeland Financial Corp | | | | | | | 32,361 | |
| 485 | | | | Live Oak Bancshares, Inc | | | | | | | 28,615 | |
37
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 341 | | | | Luther Burbank Corp | | | | | | | | | | $ | 4,044 | |
| 2,253 | | | | M&T Bank Corp | | | | | | | | | | | 327,383 | |
| 400 | | | | Macatawa Bank Corp | | | | | | | | | | | 3,500 | |
| 226 | | | | Mercantile Bank Corp | | | | | | | | | | | 6,825 | |
| 155 | | | | Merchants Bancorp | | | | | | | | | | | 6,082 | |
| 856 | | | | Meridian Bancorp, Inc | | | | | | | | | | | 17,514 | |
| 753 | | | | Meta Financial Group, Inc | | | | | | | | | | | 38,124 | |
| 224 | | | | Metrocity Bankshares, Inc | | | | | | | | | | | 3,922 | |
| 101 | | * | | Metropolitan Bank Holding Corp | | | | | | | | | | | 6,082 | |
| 6,281 | | | | MGIC Investment Corp | | | | | | | | | | | 85,422 | |
| 129 | | | | Mid Penn Bancorp, Inc | | | | | | | | | | | 3,541 | |
| 324 | | | | Midland States Bancorp, Inc | | | | | | | | | | | 8,511 | |
| 169 | | | | MidWestOne Financial Group, Inc | | | | | | | | | | | 4,862 | |
| 1,331 | | * | | Mr Cooper Group, Inc | | | | | | | | | | | 44,003 | |
| 142 | | | | MVB Financial Corp | | | | | | | | | | | 6,058 | |
| 535 | | | | National Bank Holdings Corp | | | | | | | | | | | 20,191 | |
| 669 | | | | NBT Bancorp, Inc | | | | | | | | | | | 24,064 | |
| 8,219 | | | | New York Community Bancorp, Inc | | | | | | | | | | | 90,573 | |
| 140 | | * | | Nicolet Bankshares, Inc | | | | | | | | | | | 9,848 | |
| 1,272 | | * | | NMI Holdings, Inc | | | | | | | | | | | 28,595 | |
| 643 | | | | Northfield Bancorp, Inc | | | | | | | | | | | 10,545 | |
| 218 | | | | Northrim BanCorp, Inc | | | | | | | | | | | 9,320 | |
| 2,189 | | | | Northwest Bancshares, Inc | | | | | | | | | | | 29,858 | |
| 714 | | | | OceanFirst Financial Corp | | | | | | | | | | | 14,880 | |
| 143 | | * | | Ocwen Financial Corp | | | | | | | | | | | 4,430 | |
| 596 | | | | OFG Bancorp | | | | | | | | | | | 13,184 | |
| 3,054 | | | | Old National Bancorp | | | | | | | | | | | 53,781 | |
| 432 | | | | Old Second Bancorp, Inc | | | | | | | | | | | 5,357 | |
| 249 | | | | Origin Bancorp, Inc | | | | | | | | | | | 10,573 | |
| 111 | | | | Orrstown Financial Services, Inc | | | | | | | | | | | 2,561 | |
| 1,405 | | | | Pacific Premier Bancorp, Inc | | | | | | | | | | | 59,417 | |
| 2,138 | | | | PacWest Bancorp | | | | | | | | | | | 88,000 | |
| 205 | | | | Park National Corp | | | | | | | | | | | 24,071 | |
| 290 | | | | PCSB Financial Corp | | | | | | | | | | | 5,269 | |
| 259 | | | | Peapack Gladstone Financial Corp | | | | | | | | | | | 8,047 | |
| 639 | | | | PennyMac Financial Services, Inc | | | | | | | | | | | 39,439 | |
| 431 | | | | Peoples Bancorp, Inc | | | | | | | | | | | 12,766 | |
| 101 | | | | Peoples Financial Services Corp | | | | | | | | | | | 4,303 | |
| 7,639 | | | | People’s United Financial, Inc | | | | | | | | | | | 130,932 | |
| 1,330 | | | | Pinnacle Financial Partners, Inc | | | | | | | | | | | 117,426 | |
| 226 | | * | | Pioneer Bancorp, Inc | | | | | | | | | | | 2,717 | |
| 7,338 | | | | PNC Financial Services Group, Inc | | | | | | | | | | | 1,399,797 | |
| 1,549 | | | | Popular, Inc | | | | | | | | | | | 116,252 | |
| 188 | | | | Preferred Bank | | | | | | | | | | | 11,895 | |
| 175 | | | | Premier Financial Bancorp, Inc | | | | | | | | | | | 2,949 | |
| 586 | | | | Premier Financial Corp | | | | | | | | | | | 16,648 | |
| 169 | | | | Primis Financial Corp | | | | | | | | | | | 2,579 | |
| 1,690 | | | | Prosperity Bancshares, Inc | | | | | | | | | | | 121,342 | |
| 741 | | | | Provident Bancorp Inc | | | | | | | | | | | 12,086 | |
| 1,838 | | | | Provident Financial Services, Inc | | | | | | | | | | | 42,072 | |
| 190 | | | | QCR Holdings, Inc | | | | | | | | | | | 9,137 | |
| 2,891 | | | | Radian Group, Inc | | | | | | | | | | | 64,325 | |
| 104 | | | | RBB Bancorp | | | | | | | | | | | 2,519 | |
| 91 | | | | Red River Bancshares Inc | | | | | | | | | | | 4,596 | |
| 17,328 | | | | Regions Financial Corp | | | | | | | | | | | 349,679 | |
| 241 | | | | Reliant Bancorp Inc | | | | | | | | | | | 6,683 | |
| 769 | | | | Renasant Corp | | | | | | | | | | | 30,760 | |
| 146 | | | | Republic Bancorp, Inc (Class A) | | | | | | | | | | | 6,735 | |
| 750 | | * | | Republic First Bancorp, Inc | | | | | | | | | | | 2,993 | |
| 2,233 | | | | Rocket Cos, Inc | | | | | | | | | | | 43,209 | |
| 540 | | | | S&T Bancorp, Inc | | | | | | | | | | | 16,902 | |
| 495 | | | | Sandy Spring Bancorp, Inc | | | | | | | | | | | 21,844 | |
| 617 | | | | Seacoast Banking Corp of Florida | | | | | | | | | | | 21,071 | |
| 726 | | | | ServisFirst Bancshares, Inc | | | | | | | | | | | 49,353 | |
| 192 | | | | Sierra Bancorp | | | | | | | | | | | 4,886 | |
| 980 | | | | Signature Bank | | | | | | | | | | | 240,737 | |
| 386 | | * | | Silvergate Capital Corp | | | | | | | | | | | 43,742 | |
38
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,396 | | | | Simmons First National Corp (Class A) | | | | | | | | | | $ | 40,959 | |
| 116 | | | | SmartFinancial, Inc | | | | | | | | | | | 2,785 | |
| 138 | | | | South Plains Financial Inc | | | | | | | | | | | 3,192 | |
| 1,342 | | | | South State Corp | | | | | | | | | | | 109,722 | |
| 101 | | * | | Southern First Bancshares, Inc | | | | | | | | | | | 5,167 | |
| 86 | | | | Southern Missouri Bancorp, Inc | | | | | | | | | | | 3,867 | |
| 432 | | | | Southside Bancshares, Inc | | | | | | | | | | | 16,515 | |
| 154 | | | | Spirit of Texas Bancshares, Inc | | | | | | | | | | | 3,517 | |
| 3,716 | | | | Sterling Bancorp | | | | | | | | | | | 92,120 | |
| 339 | | | | Stock Yards Bancorp, Inc | | | | | | | | | | | 17,252 | |
| 164 | | | | Summit Financial Group, Inc | | | | | | | | | | | 3,610 | |
| 916 | | * | | SVB Financial Group | | | | | | | | | | | 509,690 | |
| 2,625 | | | | Synovus Financial Corp | | | | | | | | | | | 115,185 | |
| 932 | | * | | Texas Capital Bancshares, Inc | | | | | | | | | | | 59,173 | |
| 143 | | | | TFS Financial Corp | | | | | | | | | | | 2,903 | |
| 814 | | * | | The Bancorp, Inc | | | | | | | | | | | 18,730 | |
| 229 | | | | Tompkins Financial Corp | | | | | | | | | | | 17,761 | |
| 996 | | | | Towne Bank | | | | | | | | | | | 30,298 | |
| 618 | | | | Trico Bancshares | | | | | | | | | | | 26,314 | |
| 343 | | * | | Tristate Capital Holdings, Inc | | | | | | | | | | | 6,994 | |
| 513 | | * | | Triumph Bancorp, Inc | | | | | | | | | | | 38,090 | |
| 23,382 | | | | Truist Financial Corp | | | | | | | | | | | 1,297,701 | |
| 277 | | | | TrustCo Bank Corp NY | | | | | | | | | | | 9,523 | |
| 1,035 | | | | Trustmark Corp | | | | | | | | | | | 31,878 | |
| 685 | | | | UMB Financial Corp | | | | | | | | | | | 63,746 | |
| 3,528 | | | | Umpqua Holdings Corp | | | | | | | | | | | 65,092 | |
| 1,802 | | | | United Bankshares, Inc | | | | | | | | | | | 65,773 | |
| 1,078 | | | | United Community Banks, Inc | | | | | | | | | | | 34,507 | |
| 364 | | | | Univest Financial Corp | | | | | | | | | | | 9,599 | |
| 23,351 | | | | US Bancorp | | | | | | | | | | | 1,330,306 | |
| 434 | | | | UWM Holdings Corp | | | | | | | | | | | 3,667 | |
| 7,103 | | | | Valley National Bancorp | | | | | | | | | | | 95,393 | |
| 1,054 | | | | Veritex Holdings, Inc | | | | | | | | | | | 37,322 | |
| 543 | | | | Walker & Dunlop, Inc | | | | | | | | | | | 56,678 | |
| 1,396 | | | | Washington Federal, Inc | | | | | | | | | | | 44,365 | |
| 232 | | | | Washington Trust Bancorp, Inc | | | | | | | | | | | 11,913 | |
| 384 | | | | Waterstone Financial, Inc | | | | | | | | | | | 7,549 | |
| 1,651 | | | | Webster Financial Corp | | | | | | | | | | | 88,064 | |
| 70,847 | | | | Wells Fargo & Co | | | | | | | | | | | 3,208,661 | |
| 875 | | | | WesBanco, Inc | | | | | | | | | | | 31,176 | |
| 239 | | | | West Bancorporation, Inc | | | | | | | | | | | 6,632 | |
| 533 | | | | Westamerica Bancorporation | | | | | | | | | | | 30,930 | |
| 1,643 | | | | Western Alliance Bancorp | | | | | | | | | | | 152,553 | |
| 886 | | | | Wintrust Financial Corp | | | | | | | | | | | 67,008 | |
| 827 | | | | WSFS Financial Corp | | | | | | | | | | | 38,530 | |
| 3,111 | | | | Zions Bancorporation | | | | | | | | | | | 164,447 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL BANKS | | | | | | | | | | | 34,239,871 | |
| | | | | | | | | | | | | | | | |
| | | |
CAPITAL GOODS - 6.2% | | | | | | | | | | | | |
| 9,898 | | | | 3M Co | | | | | | | | | | | 1,966,040 | |
| 2,362 | | | | A.O. Smith Corp | | | | | | | | | | | 170,206 | |
| 724 | | | | Aaon, Inc | | | | | | | | | | | 45,315 | |
| 511 | | * | | AAR Corp | | | | | | | | | | | 19,801 | |
| 641 | | | | Acuity Brands, Inc | | | | | | | | | | | 119,886 | |
| 987 | | | | Advanced Drainage Systems, Inc | | | | | | | | | | | 115,055 | |
| 516 | | * | | Advent Technologies Holdings, Inc | | | | | | | | | | | 4,974 | |
| 2,479 | | * | | Aecom Technology Corp | | | | | | | | | | | 156,970 | |
| 1,067 | | | | Aerojet Rocketdyne Holdings, Inc | | | | | | | | | | | 51,525 | |
| 407 | | * | | Aerovironment, Inc | | | | | | | | | | | 40,761 | |
| 1,119 | | | | AGCO Corp | | | | | | | | | | | 145,895 | |
| 1,238 | | * | | AgEagle Aerial Systems, Inc | | | | | | | | | | | 6,524 | |
| 1,858 | | | | Air Lease Corp | | | | | | | | | | | 77,553 | |
| 148 | | | | Alamo Group, Inc | | | | | | | | | | | 22,597 | |
| 620 | | | | Albany International Corp (Class A) | | | | | | | | | | | 55,341 | |
| 1,585 | | | | Allegion plc | | | | | | | | | | | 220,790 | |
| 197 | | | | Allied Motion Technologies, Inc | | | | | | | | | | | 6,802 | |
| 1,851 | | | | Allison Transmission Holdings, Inc | | | | | | | | | | | 73,559 | |
39
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 330 | | * | | Alta Equipment Group, Inc | | | | | | | | | | $ | 4,386 | |
| 1,052 | | | | Altra Industrial Motion Corp | | | | | | | | | | | 68,401 | |
| 512 | | * | | Ameresco, Inc | | | | | | | | | | | 32,113 | |
| 643 | | * | | American Superconductor Corp | | | | | | | | | | | 11,182 | |
| 254 | | * | | American Woodmark Corp | | | | | | | | | | | 20,749 | |
| 3,942 | | | | Ametek, Inc | | | | | | | | | | | 526,257 | |
| 2,835 | | *,g | | API Group Corp | | | | | | | | | | | 59,223 | |
| 438 | | | | Apogee Enterprises, Inc | | | | | | | | | | | 17,840 | |
| 567 | | | | Applied Industrial Technologies, Inc | | | | | | | | | | | 51,631 | |
| 909 | | | | Arcosa, Inc | | | | | | | | | | | 53,395 | |
| 244 | | | | Argan, Inc | | | | | | | | | | | 11,661 | |
| 902 | | | | Armstrong World Industries, Inc | | | | | | | | | | | 96,749 | |
| 2,052 | | * | | Array Technologies, Inc | | | | | | | | | | | 32,011 | |
| 334 | | | | Astec Industries, Inc | | | | | | | | | | | 21,022 | |
| 340 | | * | | Astronics Corp | | | | | | | | | | | 5,953 | |
| 872 | | * | | Atkore International Group, Inc | | | | | | | | | | | 61,912 | |
| 1,101 | | * | | Axon Enterprise, Inc | | | | | | | | | | | 194,657 | |
| 1,731 | | * | | AZEK Co, Inc | | | | | | | | | | | 73,498 | |
| 406 | | | | AZZ, Inc | | | | | | | | | | | 21,023 | |
| 1,051 | | * | | Babcock & Wilcox Enterprises, Inc | | | | | | | | | | | 8,282 | |
| 782 | | | | Barnes Group, Inc | | | | | | | | | | | 40,078 | |
| 1,120 | | * | | Beacon Roofing Supply, Inc | | | | | | | | | | | 59,640 | |
| 167 | | *,e | | Beam Global | | | | | | | | | | | 6,398 | |
| 2,393 | | * | | Bloom Energy Corp | | | | | | | | | | | 64,300 | |
| 217 | | * | | Blue Bird Corp | | | | | | | | | | | 5,395 | |
| 166 | | * | | BlueLinx Holdings, Inc | | | | | | | | | | | 8,346 | |
| 9,277 | | * | | Boeing Co | | | | | | | | | | | 2,222,398 | |
| 597 | | | | Boise Cascade Co | | | | | | | | | | | 34,835 | |
| 3,681 | | * | | Builders FirstSource, Inc | | | | | | | | | | | 157,031 | |
| 1,753 | | | | BWX Technologies, Inc | | | | | | | | | | | 101,884 | |
| 182 | | * | | Byrna Technologies, Inc | | | | | | | | | | | 4,135 | |
| 351 | | | | Caesarstone Sdot-Yam Ltd | | | | | | | | | | | 5,181 | |
| 250 | | | | CAI International, Inc | | | | | | | | | | | 14,000 | |
| 901 | | | | Carlisle Cos, Inc | | | | | | | | | | | 172,433 | |
| 15,025 | | | | Carrier Global Corp | | | | | | | | | | | 730,215 | |
| 9,509 | | | | Caterpillar, Inc | | | | | | | | | | | 2,069,444 | |
| 2,037 | | * | | ChargePoint Holdings, Inc | | | | | | | | | | | 70,765 | |
| 624 | | * | | Chart Industries, Inc | | | | | | | | | | | 91,304 | |
| 337 | | * | | CIRCOR International, Inc | | | | | | | | | | | 10,986 | |
| 1,803 | | * | | Colfax Corp | | | | | | | | | | | 82,595 | |
| 413 | | | | Columbus McKinnon Corp | | | | | | | | | | | 19,923 | |
| 575 | | | | Comfort Systems USA, Inc | | | | | | | | | | | 45,304 | |
| 516 | | * | | Commercial Vehicle Group, Inc | | | | | | | | | | | 5,485 | |
| 708 | | * | | Concrete Pumping Holdings Inc | | | | | | | | | | | 5,997 | |
| 320 | | * | | Construction Partners Inc | | | | | | | | | | | 10,048 | |
| 859 | | * | | Cornerstone Building Brands, Inc | | | | | | | | | | | 15,617 | |
| 775 | | | | Crane Co | | | | | | | | | | | 71,587 | |
| 225 | | | | CSW Industrials, Inc | | | | | | | | | | | 26,654 | |
| 2,541 | | | | Cummins, Inc | | | | | | | | | | | 619,521 | |
| 801 | | | | Curtiss-Wright Corp | | | | | | | | | | | 95,127 | |
| 4,894 | | | | Deere & Co | | | | | | | | | | | 1,726,163 | |
| 1,358 | | * | | Desktop Metal, Inc | | | | | | | | | | | 15,617 | |
| 2,166 | | | | Donaldson Co, Inc | | | | | | | | | | | 137,606 | |
| 347 | | | | Douglas Dynamics, Inc | | | | | | | | | | | 14,119 | |
| 2,465 | | | | Dover Corp | | | | | | | | | | | 371,229 | |
| 160 | | * | | Ducommun, Inc | | | | | | | | | | | 8,730 | |
| 240 | | * | | DXP Enterprises, Inc | | | | | | | | | | | 7,992 | |
| 486 | | * | | Dycom Industries, Inc | | | | | | | | | | | 36,222 | |
| 6,896 | | | | Eaton Corp | | | | | | | | | | | 1,021,849 | |
| 916 | | | | EMCOR Group, Inc | | | | | | | | | | | 112,842 | |
| 10,442 | | | | Emerson Electric Co | | | | | | | | | | | 1,004,938 | |
| 318 | | | | Encore Wire Corp | | | | | | | | | | | 24,101 | |
| 738 | | * | | Energy Recovery, Inc | | | | | | | | | | | 16,812 | |
| 917 | | | | Enerpac Tool Group Corp | | | | | | | | | | | 24,411 | |
| 681 | | | | EnerSys | | | | | | | | | | | 66,554 | |
| 330 | | | | EnPro Industries, Inc | | | | | | | | | | | 32,060 | |
| 326 | | * | | Eos Energy Enterprises, Inc | | | | | | | | | | | 5,855 | |
40
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 502 | | | | ESCO Technologies, Inc | | | | | | | | | | $ | 47,093 | |
| 131 | | * | | EVI Industries, Inc | | | | | | | | | | | 3,720 | |
| 1,875 | | * | | Evoqua Water Technologies Corp | | | | | | | | | | | 63,338 | |
| 10,070 | | | | Fastenal Co | | | | | | | | | | | 523,640 | |
| 1,130 | | | | Federal Signal Corp | | | | | | | | | | | 45,460 | |
| 2,325 | | | | Flowserve Corp | | | | | | | | | | | 93,744 | |
| 2,709 | | * | | Fluor Corp | | | | | | | | | | | 47,949 | |
| 5,274 | | | | Fortive Corp | | | | | | | | | | | 367,809 | |
| 2,359 | | | | Fortune Brands Home & Security, Inc | | | | | | | | | | | 234,980 | |
| 719 | | | | Franklin Electric Co, Inc | | | | | | | | | | | 57,966 | |
| 426 | | * | | FTC Solar, Inc | | | | | | | | | | | 5,670 | |
| 5,562 | | * | | FuelCell Energy, Inc | | | | | | | | | | | 49,502 | |
| 730 | | * | | Gates Industrial Corp plc | | | | | | | | | | | 13,191 | |
| 608 | | | | GATX Corp | | | | | | | | | | | 53,790 | |
| 1,074 | | * | | Generac Holdings, Inc | | | | | | | | | | | 445,871 | |
| 4,389 | | | | General Dynamics Corp | | | | | | | | | | | 826,273 | |
| 151,525 | | | | General Electric Co | | | | | | | | | | | 2,039,527 | |
| 567 | | * | | Gibraltar Industries, Inc | | | | | | | | | | | 43,268 | |
| 187 | | | | Global Industrial Co | | | | | | | | | | | 6,865 | |
| 829 | | * | | GMS, Inc | | | | | | | | | | | 39,908 | |
| 368 | | | | Gorman-Rupp Co | | | | | | | | | | | 12,674 | |
| 2,901 | | | | Graco, Inc | | | | | | | | | | | 219,606 | |
| 2,996 | | | | GrafTech International Ltd | | | | | | | | | | | 34,814 | |
| 696 | | | | Granite Construction, Inc | | | | | | | | | | | 28,905 | |
| 890 | | * | | Great Lakes Dredge & Dock Corp | | | | | | | | | | | 13,003 | |
| 720 | | | | Greenbrier Cos, Inc | | | | | | | | | | | 31,378 | |
| 552 | | | | Griffon Corp | | | | | | | | | | | 14,148 | |
| 627 | | | | H&E Equipment Services, Inc | | | | | | | | | | | 20,860 | |
| 1,058 | | * | | HC2 Holdings, Inc | | | | | | | | | | | 4,211 | |
| 760 | | | | HEICO Corp | | | | | | | | | | | 105,959 | |
| 1,362 | | | | HEICO Corp (Class A) | | | | | | | | | | | 169,133 | |
| 629 | | | | Helios Technologies, Inc | | | | | | | | | | | 49,093 | |
| 413 | | * | | Herc Holdings, Inc | | | | | | | | | | | 46,285 | |
| 1,552 | | * | | Hexcel Corp | | | | | | | | | | | 96,845 | |
| 1,515 | | | | Hillenbrand, Inc | | | | | | | | | | | 66,781 | |
| 12,052 | | | | Honeywell International, Inc | | | | | | | | | | | 2,643,606 | |
| 6,954 | | * | | Howmet Aerospace, Inc | | | | | | | | | | | 239,704 | |
| 1,006 | | | | Hubbell, Inc | | | | | | | | | | | 187,961 | |
| 625 | | | | Huntington Ingalls | | | | | | | | | | | 131,719 | |
| 168 | | * | | Hydrofarm Holdings Group, Inc | | | | | | | | | | | 9,930 | |
| 1,987 | | *,e | | Hyliion Holdings Corp | | | | | | | | | | | 23,149 | |
| 158 | | | | Hyster-Yale Materials Handling, Inc | | | | | | | | | | | 11,531 | |
| 1,271 | | | | IDEX Corp | | | | | | | | | | | 279,684 | |
| 137 | | * | | IES Holdings, Inc | | | | | | | | | | | 7,036 | |
| 5,464 | | | | Illinois Tool Works, Inc | | | | | | | | | | | 1,221,532 | |
| 412 | | * | | Infrastructure and Energy Alternatives, Inc | | | | | | | | | | | 5,298 | |
| 6,120 | | * | | Ingersoll Rand, Inc | | | | | | | | | | | 298,717 | |
| 289 | | | | Insteel Industries, Inc | | | | | | | | | | | 9,291 | |
| 1,602 | | | | ITT, Inc | | | | | | | | | | | 146,727 | |
| 1,178 | | * | | JELD-WEN Holding, Inc | | | | | | | | | | | 30,934 | |
| 486 | | | | John Bean Technologies Corp | | | | | | | | | | | 69,313 | |
| 12,438 | | | | Johnson Controls International plc | | | | | | | | | | | 853,620 | |
| 166 | | | | Kadant, Inc | | | | | | | | | | | 29,231 | |
| 670 | | | | Kaman Corp | | | | | | | | | | | 33,768 | |
| 172 | | *,e | | Karat Packaging, Inc | | | | | | | | | | | 3,504 | |
| 1,307 | | | | Kennametal, Inc | | | | | | | | | | | 46,947 | |
| 1,903 | | * | | Kratos Defense & Security Solutions, Inc | | | | | | | | | | | 54,216 | |
| 3,567 | | | | L3Harris Technologies, Inc | | | | | | | | | | | 771,007 | |
| 87 | | * | | Lawson Products, Inc | | | | | | | | | | | 4,655 | |
| 606 | | | | Lennox International, Inc | | | | | | | | | | | 212,585 | |
| 1,115 | | | | Lincoln Electric Holdings, Inc | | | | | | | | | | | 146,857 | |
| 165 | | | | Lindsay Corp | | | | | | | | | | | 27,271 | |
| 4,296 | | | | Lockheed Martin Corp | | | | | | | | | | | 1,625,392 | |
| 478 | | | | Luxfer Holdings plc | | | | | | | | | | | 10,635 | |
| 258 | | * | | Lydall, Inc | | | | | | | | | | | 15,614 | |
| 539 | | * | | Manitowoc Co, Inc | | | | | | | | | | | 13,206 | |
| 4,336 | | | | Masco Corp | | | | | | | | | | | 255,434 | |
41
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 503 | | * | | Masonite International Corp | | | | | | | | | | $ | 56,230 | |
| 1,023 | | * | | Mastec, Inc | | | | | | | | | | | 108,540 | |
| 383 | | * | | Matrix Service Co | | | | | | | | | | | 4,022 | |
| 1,194 | | | | Maxar Technologies, Inc | | | | | | | | | | | 47,664 | |
| 143 | | * | | Mayville Engineering Co Inc | | | | | | | | | | | 2,876 | |
| 379 | | | | McGrath RentCorp | | | | | | | | | | | 30,915 | |
| 952 | | * | | Mercury Systems, Inc | | | | | | | | | | | 63,099 | |
| 1,303 | | * | | Meritor, Inc | | | | | | | | | | | 30,516 | |
| 971 | | * | | Middleby Corp | | | | | | | | | | | 168,235 | |
| 168 | | | | Miller Industries, Inc | | | | | | | | | | | 6,626 | |
| 629 | | | | Moog, Inc (Class A) | | | | | | | | | | | 52,874 | |
| 1,441 | | * | | MRC Global, Inc | | | | | | | | | | | 13,545 | |
| 884 | | | | MSC Industrial Direct Co (Class A) | | | | | | | | | | | 79,321 | |
| 883 | | | | Mueller Industries, Inc | | | | | | | | | | | 38,243 | |
| 2,381 | | | | Mueller Water Products, Inc (Class A) | | | | | | | | | | | 34,334 | |
| 301 | | * | | MYR Group, Inc | | | | | | | | | | | 27,367 | |
| 76 | | | | National Presto Industries, Inc | | | | | | | | | | | 7,725 | |
| 783 | | * | | Navistar International Corp | | | | | | | | | | | 34,844 | |
| 3,427 | | * | | Nikola Corp | | | | | | | | | | | 61,892 | |
| 1,225 | | * | | NN, Inc | | | | | | | | | | | 9,004 | |
| 995 | | | | Nordson Corp | | | | | | | | | | | 218,412 | |
| 2,621 | | | | Northrop Grumman Corp | | | | | | | | | | | 952,550 | |
| 149 | | * | | Northwest Pipe Co | | | | | | | | | | | 4,209 | |
| 1,637 | | * | | NOW, Inc | | | | | | | | | | | 15,535 | |
| 224 | | * | | NV5 Global Inc | | | | | | | | | | | 21,170 | |
| 2,708 | | | | nVent Electric plc | | | | | | | | | | | 84,598 | |
| 44 | | | | Omega Flex, Inc | | | | | | | | | | | 6,455 | |
| 1,266 | | | | Oshkosh Corp | | | | | | | | | | | 157,794 | |
| 7,192 | | | | Otis Worldwide Corp | | | | | | | | | | | 588,090 | |
| 1,829 | | | | Owens Corning, Inc | | | | | | | | | | | 179,059 | |
| 5,917 | | | | PACCAR, Inc | | | | | | | | | | | 528,092 | |
| 985 | | * | | PAE, Inc | | | | | | | | | | | 8,767 | |
| 291 | | | | Park Aerospace Corp | | | | | | | | | | | 4,336 | |
| 2,221 | | | | Parker-Hannifin Corp | | | | | | | | | | | 682,091 | |
| 194 | | | | Park-Ohio Holdings Corp | | | | | | | | | | | 6,235 | |
| 328 | | * | | Parsons Corp | | | | | | | | | | | 12,910 | |
| 2,996 | | | | Pentair plc | | | | | | | | | | | 202,200 | |
| 763 | | * | | PGT Innovations, Inc | | | | | | | | | | | 17,724 | |
| 8,629 | | * | | Plug Power, Inc | | | | | | | | | | | 295,026 | |
| 263 | | | | Powell Industries, Inc | | | | | | | | | | | 8,140 | |
| 51 | | | | Preformed Line Products Co | | | | | | | | | | | 3,784 | |
| 729 | | | | Primoris Services Corp | | | | | | | | | | | 21,454 | |
| 509 | | * | | Proto Labs, Inc | | | | | | | | | | | 46,726 | |
| 492 | | | | Quanex Building Products Corp | | | | | | | | | | | 12,221 | |
| 2,495 | | | | Quanta Services, Inc | | | | | | | | | | | 225,972 | |
| 551 | | | | Raven Industries, Inc | | | | | | | | | | | 31,875 | |
| 25,732 | | | | Raytheon Technologies Corp | | | | | | | | | | | 2,195,197 | |
| 477 | | * | | RBC Bearings, Inc | | | | | | | | | | | 95,123 | |
| 790 | | | | Regal-Beloit Corp | | | | | | | | | | | 105,473 | |
| 2,451 | | * | | Resideo Technologies, Inc | | | | | | | | | | | 73,530 | |
| 562 | | | | REV Group, Inc | | | | | | | | | | | 8,818 | |
| 2,011 | | | | Rexnord Corp | | | | | | | | | | | 100,630 | |
| 2,037 | | | | Rockwell Automation, Inc | | | | | | | | | | | 582,623 | |
| 740 | | *,e | | Romeo Power, Inc | | | | | | | | | | | 6,024 | |
| 1,821 | | | | Roper Technologies Inc | | | | | | | | | | | 856,234 | |
| 691 | | | | Rush Enterprises, Inc (Class A) | | | | | | | | | | | 29,879 | |
| 144 | | | | Rush Enterprises, Inc (Class B) | | | | | | | | | | | 5,492 | |
| 2,806 | | * | | Sensata Technologies Holding plc | | | | | | | | | | | 162,664 | |
| 1,563 | | * | | Shoals Technologies Group, Inc | | | | | | | | | | | 55,487 | |
| 514 | | | | Shyft Group, Inc | | | | | | | | | | | 19,229 | |
| 842 | | | | Simpson Manufacturing Co, Inc | | | | | | | | | | | 92,990 | |
| 727 | | * | | SiteOne Landscape Supply, Inc | | | | | | | | | | | 123,052 | |
| 959 | | | | Snap-On, Inc | | | | | | | | | | | 214,269 | |
| 1,891 | | | | Spirit Aerosystems Holdings, Inc (Class A) | | | | | | | | | | | 89,236 | |
| 647 | | * | | SPX Corp | | | | | | | | | | | 39,519 | |
| 646 | | | | SPX FLOW, Inc | | | | | | | | | | | 42,145 | |
| 195 | | | | Standex International Corp | | | | | | | | | | | 18,507 | |
42
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 2,683 | | | | Stanley Black & Decker, Inc | | | | | | | | | | $ | 549,988 | |
| 1,014 | | *,e | | Stem, Inc | | | | | | | | | | | 36,514 | |
| 394 | | * | | Sterling Construction Co, Inc | | | | | | | | | | | 9,507 | |
| 3,438 | | * | | Sunrun, Inc | | | | | | | | | | | 191,772 | |
| 815 | | * | | Teledyne Technologies, Inc | | | | | | | | | | | 341,346 | |
| 268 | | | | Tennant Co | | | | | | | | | | | 21,400 | |
| 1,185 | | | | Terex Corp | | | | | | | | | | | 56,430 | |
| 819 | | * | | Textainer Group Holdings Ltd | | | | | | | | | | | 27,658 | |
| 4,010 | | | | Textron, Inc | | | | | | | | | | | 275,768 | |
| 251 | | * | | The ExOne Company | | | | | | | | | | | 5,432 | |
| 509 | | * | | Thermon Group Holdings | | | | | | | | | | | 8,673 | |
| 1,188 | | | | Timken Co | | | | | | | | | | | 95,741 | |
| 838 | | * | | Titan International, Inc | | | | | | | | | | | 7,106 | |
| 282 | | * | | Titan Machinery, Inc | | | | | | | | | | | 8,725 | |
| 1,885 | | | | Toro Co | | | | | | | | | | | 207,124 | |
| 559 | | * | | TPI Composites, Inc | | | | | | | | | | | 27,067 | |
| 4,153 | | | | Trane Technologies plc | | | | | | | | | | | 764,733 | |
| 121 | | * | | Transcat Inc | | | | | | | | | | | 6,838 | |
| 902 | | * | | TransDigm Group, Inc | | | | | | | | | | | 583,856 | |
| 2,052 | | * | | Trex Co, Inc | | | | | | | | | | | 209,735 | |
| 716 | | * | | Trimas Corp | | | | | | | | | | | 21,716 | |
| 1,676 | | | | Trinity Industries, Inc | | | | | | | | | | | 45,068 | |
| 1,005 | | | | Triton International Ltd | | | | | | | | | | | 52,602 | |
| 753 | | * | | Triumph Group, Inc | | | | | | | | | | | 15,625 | |
| 585 | | * | | Tutor Perini Corp | | | | | | | | | | | 8,102 | |
| 1,160 | | | | UFP Industries, Inc | | | | | | | | | | | 86,234 | |
| 1,276 | | * | | United Rentals, Inc | | | | | | | | | | | 407,057 | |
| 2,797 | | * | | Univar Solutions Inc | | | | | | | | | | | 68,191 | |
| 345 | | | | Valmont Industries, Inc | | | | | | | | | | | 81,437 | |
| 156 | | * | | Vectrus, Inc | | | | | | | | | | | 7,424 | |
| 251 | | * | | Veritiv Corp | | | | | | | | | | | 15,416 | |
| 4,558 | | | | Vertiv Holdings Co | | | | | | | | | | | 124,433 | |
| 339 | | * | | Vicor Corp | | | | | | | | | | | 35,846 | |
| 1,214 | | * | | View, Inc | | | | | | | | | | | 10,295 | |
| 2,474 | | * | | Virgin Galactic Holdings, Inc | | | | | | | | | | | 113,804 | |
| 756 | | | | W.W. Grainger, Inc | | | | | | | | | | | 331,128 | |
| 918 | | | | Wabash National Corp | | | | | | | | | | | 14,688 | |
| 3,170 | | | | Wabtec Corp | | | | | | | | | | | 260,891 | |
| 609 | | | | Watsco, Inc | | | | | | | | | | | 174,564 | |
| 522 | | | | Watts Water Technologies, Inc (Class A) | | | | | | | | | | | 76,165 | |
| 2,154 | | * | | Welbilt, Inc | | | | | | | | | | | 49,865 | |
| 817 | | * | | WESCO International, Inc | | | | | | | | | | | 84,004 | |
| 71 | | * | | Willis Lease Finance Corp | | | | | | | | | | | 3,043 | |
| 2,624 | | * | | WillScot Mobile Mini Holdings Corp | | | | | | | | | | | 73,131 | |
| 1,032 | | | | Woodward Inc | | | | | | | | | | | 126,812 | |
| 3,195 | | | | Xylem, Inc | | | | | | | | | | | 383,272 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | | | | | | | | | 47,744,242 | |
| | | | | | | | | | | | | | | | |
|
COMMERCIAL & PROFESSIONAL SERVICES - 1.2% | |
| 1,317 | | | | ABM Industries, Inc | | | | | | | | | | | 58,409 | |
| 731 | | * | | Acacia Research (Acacia Technologies) | | | | | | | | | | | 4,942 | |
| 1,696 | | | | ACCO Brands Corp | | | | | | | | | | | 14,637 | |
| 2,238 | | | | ADT, Inc | | | | | | | | | | | 24,148 | |
| 962 | | * | | ASGN Inc | | | | | | | | | | | 93,247 | |
| 110 | | | | Barrett Business Services, Inc | | | | | | | | | | | 7,987 | |
| 2,400 | | | | Booz Allen Hamilton Holding Co | | | | | | | | | | | 204,432 | |
| 1,020 | | | | Brady Corp (Class A) | | | | | | | | | | | 57,161 | |
| 329 | | * | | BrightView Holdings, Inc | | | | | | | | | | | 5,304 | |
| 897 | | | | Brink’s Co | | | | | | | | | | | 68,926 | |
| 428 | | * | | CACI International, Inc (Class A) | | | | | | | | | | | 109,191 | |
| 801 | | * | | Casella Waste Systems, Inc (Class A) | | | | | | | | | | | 50,807 | |
| 778 | | * | | CBIZ, Inc | | | | | | | | | | | 25,495 | |
| 433 | | * | | Ceco Environmental Corp | | | | | | | | | | | 3,100 | |
| 270 | | * | | Cimpress plc | | | | | | | | | | | 29,271 | |
| 1,560 | | | | Cintas Corp | | | | | | | | | | | 595,920 | |
| 6,955 | | * | | Clarivate Analytics plc | | | | | | | | | | | 191,471 | |
| 819 | | * | | Clean Harbors, Inc | | | | | | | | | | | 76,282 | |
43
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 3,641 | | * | | Copart, Inc | | | | | | | | | | $ | 479,993 | |
| 2,056 | | * | | CoreCivic, Inc | | | | | | | | | | | 21,526 | |
| 6,830 | | * | | CoStar Group, Inc | | | | | | | | | | | 565,661 | |
| 1,794 | | | | Covanta Holding Corp | | | | | | | | | | | 31,592 | |
| 128 | | | | CRA International, Inc | | | | | | | | | | | 10,957 | |
| 754 | | | | Deluxe Corp | | | | | | | | | | | 36,019 | |
| 633 | | * | | Driven Brands Holdings, Inc | | | | | | | | | | | 19,572 | |
| 2,448 | | * | | Dun & Bradstreet Holdings, Inc | | | | | | | | | | | 52,314 | |
| 394 | | | | Ennis, Inc | | | | | | | | | | | 8,479 | |
| 2,109 | | | | Equifax, Inc | | | | | | | | | | | 505,127 | |
| 944 | | | | Exponent, Inc | | | | | | | | | | | 84,214 | |
| 178 | | * | | Forrester Research, Inc | | | | | | | | | | | 8,152 | |
| 148 | | * | | Franklin Covey Co | | | | | | | | | | | 4,788 | |
| 620 | | * | | FTI Consulting, Inc | | | | | | | | | | | 84,698 | |
| 191 | | * | | GP Strategies Corp | | | | | | | | | | | 3,003 | |
| 1,393 | | * | | Harsco Corp | | | | | | | | | | | 28,445 | |
| 1,153 | | | | Healthcare Services Group | | | | | | | | | | | 36,400 | |
| 286 | | | | Heidrick & Struggles International, Inc | | | | | | | | | | | 12,741 | |
| 247 | | * | | Heritage-Crystal Clean, Inc | | | | | | | | | | | 7,331 | |
| 928 | | | | Herman Miller, Inc | | | | | | | | | | | 43,746 | |
| 682 | | | | HNI Corp | | | | | | | | | | | 29,988 | |
| 334 | | * | | Huron Consulting Group, Inc | | | | | | | | | | | 16,416 | |
| 2,455 | | * | | IAA, Inc | | | | | | | | | | | 133,896 | |
| 282 | | | | ICF International, Inc | | | | | | | | | | | 24,777 | |
| 6,506 | | | | IHS Markit Ltd | | | | | | | | | | | 732,966 | |
| 674 | | | | Insperity, Inc | | | | | | | | | | | 60,909 | |
| 961 | | | | Interface, Inc | | | | | | | | | | | 14,703 | |
| 2,295 | | | | Jacobs Engineering Group, Inc | | | | | | | | | | | 306,199 | |
| 2,455 | | * | | KAR Auction Services, Inc | | | | | | | | | | | 43,085 | |
| 2,207 | | | | KBR, Inc | | | | | | | | | | | 84,197 | |
| 481 | | * | | Kelly Services, Inc (Class A) | | | | | | | | | | | 11,530 | |
| 366 | | | | Kforce, Inc | | | | | | | | | | | 23,032 | |
| 577 | | | | Kimball International, Inc (Class B) | | | | | | | | | | | 7,588 | |
| 752 | | | | Knoll, Inc | | | | | | | | | | | 19,545 | |
| 1,048 | | | | Korn/Ferry International | | | | | | | | | | | 76,032 | |
| 2,410 | | | | Leidos Holdings, Inc | | | | | | | | | | | 243,651 | |
| 999 | | | | Manpower, Inc | | | | | | | | | | | 118,791 | |
| 473 | | | | Mantech International Corp (Class A) | | | | | | | | | | | 40,933 | |
| 491 | | | | Matthews International Corp (Class A) | | | | | | | | | | | 17,656 | |
| 259 | | * | | Mistras Group, Inc | | | | | | | | | | | 2,546 | |
| 361 | | * | | Montrose Environmental Group, Inc | | | | | | | | | | | 19,371 | |
| 663 | | | | MSA Safety, Inc | | | | | | | | | | | 109,780 | |
| 6,314 | | | | Nielsen NV | | | | | | | | | | | 155,766 | |
| 2,896 | | | | Pitney Bowes, Inc | | | | | | | | | | | 25,398 | |
| 603 | | * | | Rekor Systems, Inc | | | | | | | | | | | 6,126 | |
| 3,616 | | | | Republic Services, Inc | | | | | | | | | | | 397,796 | |
| 514 | | | | Resources Connection, Inc | | | | | | | | | | | 7,381 | |
| 1,988 | | | | Robert Half International, Inc | | | | | | | | | | | 176,872 | |
| 4,005 | | | | Rollins, Inc | | | | | | | | | | | 136,971 | |
| 1,202 | | * | | RR Donnelley & Sons Co | | | | | | | | | | | 7,549 | |
| 1,043 | | | | Science Applications International Corp | | | | | | | | | | | 91,502 | |
| 269 | | * | | SP Plus Corp | | | | | | | | | | | 8,229 | |
| 1,776 | | | | Steelcase, Inc (Class A) | | | | | | | | | | | 26,835 | |
| 1,556 | | * | | Stericycle, Inc | | | | | | | | | | | 111,332 | |
| 449 | | * | | Team, Inc | | | | | | | | | | | 3,008 | |
| 995 | | | | Tetra Tech, Inc | | | | | | | | | | | 121,430 | |
| 3,332 | | | | TransUnion | | | | | | | | | | | 365,887 | |
| 778 | | * | | TriNet Group, Inc | | | | | | | | | | | 56,389 | |
| 645 | | * | | TrueBlue, Inc | | | | | | | | | | | 18,131 | |
| 237 | | | | Unifirst Corp | | | | | | | | | | | 55,610 | |
| 1,953 | | * | | Upwork, Inc | | | | | | | | | | | 113,840 | |
| 338 | | * | | US Ecology, Inc | | | | | | | | | | | 12,682 | |
| 2,760 | | | | Verisk Analytics, Inc | | | | | | | | | | | 482,227 | |
| 440 | | * | | Viad Corp | | | | | | | | | | | 21,934 | |
| 134 | | | | VSE Corp | | | | | | | | | | | 6,634 | |
| 7,239 | | | | Waste Management, Inc | | | | | | | | | | | 1,014,256 | |
| 116 | | * | | Willdan Group, Inc | | | | | | | | | | | 4,366 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | | | | | 9,231,230 | |
| | | | | | | | | | | | | | | | |
44
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
CONSUMER DURABLES & APPAREL - 1.5% | | | | | | | | | | | | |
| 707 | | | | Acushnet Holdings Corp | | | | | | | | | | $ | 34,926 | |
| 210 | | * | | American Outdoor Brands, Inc | | | | | | | | | | | 7,379 | |
| 1,083 | | * | | AMMO, Inc | | | | | | | | | | | 10,603 | |
| 383 | | * | | Aterian, Inc | | | | | | | | | | | 5,603 | |
| 140 | | | | Bassett Furniture Industries, Inc | | | | | | | | | | | 3,409 | |
| 565 | | * | | Beazer Homes USA, Inc | | | | | | | | | | | 10,899 | |
| 1,385 | | | | Brunswick Corp | | | | | | | | | | | 137,974 | |
| 1,892 | | * | | Callaway Golf Co | | | | | | | | | | | 63,817 | |
| 2,423 | | * | | Capri Holdings Ltd | | | | | | | | | | | 138,571 | |
| 750 | | | | Carter’s, Inc | | | | | | | | | | | 77,377 | |
| 501 | | * | | Casper Sleep, Inc | | | | | | | | | | | 4,128 | |
| 132 | | * | | Cavco Industries, Inc | | | | | | | | | | | 29,329 | |
| 608 | | | | Century Communities, Inc | | | | | | | | | | | 40,456 | |
| 307 | | | | Clarus Corp | | | | | | | | | | | 7,890 | |
| 604 | | | | Columbia Sportswear Co | | | | | | | | | | | 59,409 | |
| 1,159 | | * | | Crocs, Inc | | | | | | | | | | | 135,047 | |
| 496 | | * | | Deckers Outdoor Corp | | | | | | | | | | | 190,499 | |
| 5,753 | | | | DR Horton, Inc | | | | | | | | | | | 519,899 | |
| 167 | | | | Escalade, Inc | | | | | | | | | | | 3,833 | |
| 327 | | | | Ethan Allen Interiors, Inc | | | | | | | | | | | 9,025 | |
| 103 | | | | Flexsteel Industries, Inc | | | | | | | | | | | 4,160 | |
| 730 | | * | | Fossil Group, Inc | | | | | | | | | | | 10,424 | |
| 2,599 | | | | Garmin Ltd | | | | | | | | | | | 375,919 | |
| 4,815 | | * | | Genius Brands International, Inc | | | | | | | | | | | 8,860 | |
| 682 | | * | | G-III Apparel Group Ltd | | | | | | | | | | | 22,411 | |
| 1,998 | | * | | GoPro, Inc | | | | | | | | | | | 23,277 | |
| 578 | | * | | Green Brick Partners, Inc | | | | | | | | | | | 13,144 | |
| 132 | | | | Hamilton Beach Brands Holding Co | | | | | | | | | | | 2,940 | |
| 6,162 | | | | Hanesbrands, Inc | | | | | | | | | | | 115,045 | |
| 2,241 | | | | Hasbro, Inc | | | | | | | | | | | 211,819 | |
| 371 | | * | | Hayward Holdings, Inc | | | | | | | | | | | 9,653 | |
| 444 | | * | | Helen of Troy Ltd | | | | | | | | | | | 101,285 | |
| 173 | | | | Hooker Furniture Corp | | | | | | | | | | | 5,993 | |
| 81 | | * | | Hovnanian Enterprises, Inc | | | | | | | | | | | 8,609 | |
| 379 | | | | Installed Building Products, Inc | | | | | | | | | | | 46,374 | |
| 443 | | * | | iRobot Corp | | | | | | | | | | | 41,372 | |
| 75 | | | | Johnson Outdoors, Inc | | | | | | | | | | | 9,075 | |
| 1,651 | | | | KB Home | | | | | | | | | | | 67,229 | |
| 811 | | | | Kontoor Brands, Inc | | | | | | | | | | | 45,748 | |
| 170 | | * | | Latham Group, Inc | | | | | | | | | | | 5,433 | |
| 696 | | | | La-Z-Boy, Inc | | | | | | | | | | | 25,780 | |
| 2,404 | | | | Leggett & Platt, Inc | | | | | | | | | | | 124,551 | |
| 4,594 | | | | Lennar Corp (Class A) | | | | | | | | | | | 456,414 | |
| 224 | | | | Lennar Corp (Class B) | | | | | | | | | | | 18,245 | |
| 353 | | * | | LGI Homes, Inc | | | | | | | | | | | 57,165 | |
| 163 | | | | Lifetime Brands, Inc | | | | | | | | | | | 2,440 | |
| 223 | | * | | Lovesac Co | | | | | | | | | | | 17,793 | |
| 1,972 | | * | | Lululemon Athletica, Inc | | | | | | | | | | | 719,721 | |
| 385 | | * | | M/I Homes, Inc | | | | | | | | | | | 22,588 | |
| 287 | | * | | Malibu Boats, Inc | | | | | | | | | | | 21,046 | |
| 156 | | | | Marine Products Corp | | | | | | | | | | | 2,409 | |
| 295 | | * | | MasterCraft Boat Holdings, Inc | | | | | | | | | | | 7,756 | |
| 6,326 | | * | | Mattel, Inc | | | | | | | | | | | 127,153 | |
| 1,086 | | | | MDC Holdings, Inc | | | | | | | | | | | 54,952 | |
| 640 | | * | | Meritage Homes Corp | | | | | | | | | | | 60,211 | |
| 998 | | * | | Mohawk Industries, Inc | | | | | | | | | | | 191,806 | |
| 227 | | | | Movado Group, Inc | | | | | | | | | | | 7,144 | |
| 511 | | * | | Nautilus, Inc | | | | | | | | | | | 8,610 | |
| 6,518 | | | | Newell Brands Inc | | | | | | | | | | | 179,049 | |
| 21,468 | | | | Nike, Inc (Class B) | | | | | | | | | | | 3,316,591 | |
| 57 | | * | | NVR, Inc | | | | | | | | | | | 283,478 | |
| 276 | | | | Oxford Industries, Inc | | | | | | | | | | | 27,280 | |
| 4,551 | | * | | Peloton Interactive, Inc | | | | | | | | | | | 564,415 | |
| 166 | | *,e | | PLBY Group, Inc | | | | | | | | | | | 6,456 | |
| 1,026 | | | | Polaris Inc | | | | | | | | | | | 140,521 | |
45
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 4,551 | | | | Pulte Homes, Inc | | | | | | | | | | $ | 248,348 | |
| 795 | | * | | Purple Innovation, Inc | | | | | | | | | | | 20,996 | |
| 1,215 | | * | | PVH Corp | | | | | | | | | | | 130,722 | |
| 858 | | | | Ralph Lauren Corp | | | | | | | | | | | 101,081 | |
| 200 | | | | Rocky Brands, Inc | | | | | | | | | | | 11,120 | |
| 2,405 | | * | | Skechers U.S.A., Inc (Class A) | | | | | | | | | | | 119,841 | |
| 966 | | * | | Skyline Champion Corp | | | | | | | | | | | 51,488 | |
| 840 | | | | Smith & Wesson Brands, Inc | | | | | | | | | | | 29,148 | |
| 2,102 | | * | | Sonos, Inc | | | | | | | | | | | 74,053 | |
| 1,383 | | | | Steven Madden Ltd | | | | | | | | | | | 60,520 | |
| 272 | | | | Sturm Ruger & Co, Inc | | | | | | | | | | | 24,475 | |
| 133 | | | | Superior Uniform Group, Inc | | | | | | | | | | | 3,180 | |
| 4,883 | | * | | Tapestry, Inc | | | | | | | | | | | 212,313 | |
| 2,324 | | * | | Taylor Morrison Home Corp | | | | | | | | | | | 61,400 | |
| 3,258 | | | | Tempur Sealy International, Inc | | | | | | | | | | | 127,681 | |
| 2,005 | | | | Toll Brothers, Inc | | | | | | | | | | | 115,909 | |
| 563 | | * | | TopBuild Corp | | | | | | | | | | | 111,350 | |
| 2,459 | | * | | TRI Pointe Homes, Inc | | | | | | | | | | | 52,696 | |
| 917 | | * | | Tupperware Brands Corp | | | | | | | | | | | 21,779 | |
| 3,425 | | * | | Under Armour, Inc (Class A) | | | | | | | | | | | 72,439 | |
| 3,626 | | * | | Under Armour, Inc (Class C) | | | | | | | | | | | 67,335 | |
| 226 | | * | | Unifi, Inc | | | | | | | | | | | 5,505 | |
| 217 | | * | | Universal Electronics, Inc | | | | | | | | | | | 10,524 | |
| 320 | | * | | Vera Bradley, Inc | | | | | | | | | | | 3,965 | |
| 5,645 | | | | VF Corp | | | | | | | | | | | 463,116 | |
| 1,021 | | * | | Vista Outdoor, Inc | | | | | | | | | | | 47,252 | |
| 347 | | * | | VOXX International Corp (Class A) | | | | | | | | | | | 4,861 | |
| 1,031 | | * | | Vuzix Corp | | | | | | | | | | | 18,919 | |
| 1,069 | | | | Whirlpool Corp | | | | | | | | | | | 233,063 | |
| 1,465 | | | | Wolverine World Wide, Inc | | | | | | | | | | | 49,283 | |
| 1,421 | | * | | YETI Holdings, Inc | | | | | | | | | | | 130,476 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | | | | | | | | | 11,747,255 | |
| | | | | | | | | | | | | | | | |
| | | |
CONSUMER SERVICES - 2.2% | | | | | | | | | | | | |
| 1,177 | | *,e | | 2U, Inc | | | | | | | | | | | 49,046 | |
| 700 | | * | | Accel Entertainment, Inc | | | | | | | | | | | 8,309 | |
| 965 | | * | | Adtalem Global Education, Inc | | | | | | | | | | | 34,393 | |
| 325 | | * | | American Public Education, Inc | | | | | | | | | | | 9,210 | |
| 4,054 | | | | ARAMARK Holdings Corp | | | | | | | | | | | 151,011 | |
| 516 | | * | | Bally’s Corp | | | | | | | | | | | 27,921 | |
| 17 | | * | | Biglari Holdings, Inc (B Shares) | | | | | | | | | | | 2,711 | |
| 356 | | * | | BJ’s Restaurants, Inc | | | | | | | | | | | 17,494 | |
| 1,539 | | * | | Bloomin’ Brands, Inc | | | | | | | | | | | 41,768 | |
| 275 | | * | | Bluegreen Vacations Holding Corp | | | | | | | | | | | 4,950 | |
| 713 | | * | | Booking Holdings, Inc | | | | | | | | | | | 1,560,108 | |
| 1,304 | | * | | Boyd Gaming Corp | | | | | | | | | | | 80,183 | |
| 1,085 | | * | | Bright Horizons Family Solutions | | | | | | | | | | | 159,614 | |
| 763 | | * | | Brinker International, Inc | | | | | | | | | | | 47,192 | |
| 3,414 | | * | | Caesars Entertainment, Inc | | | | | | | | | | | 354,203 | |
| 14,415 | | * | | Carnival Corp | | | | | | | | | | | 379,979 | |
| 234 | | | | Carriage Services, Inc | | | | | | | | | | | 8,651 | |
| 507 | | * | | Carrols Restaurant Group, Inc | | | | | | | | | | | 3,047 | |
| 520 | | * | | Century Casinos, Inc | | | | | | | | | | | 6,984 | |
| 702 | | * | | Cheesecake Factory | | | | | | | | | | | 38,034 | |
| 2,349 | | * | | Chegg, Inc | | | | | | | | | | | 195,225 | |
| 490 | | * | | Chipotle Mexican Grill, Inc (Class A) | | | | | | | | | | | 759,667 | |
| 695 | | | | Choice Hotels International, Inc | | | | | | | | | | | 82,608 | |
| 630 | | | | Churchill Downs, Inc | | | | | | | | | | | 124,904 | |
| 247 | | * | | Chuy’s Holdings, Inc | | | | | | | | | | | 9,203 | |
| 116 | | * | | Coursera, Inc | | | | | | | | | | | 4,589 | |
| 463 | | | | Cracker Barrel Old Country Store, Inc | | | | | | | | | | | 68,737 | |
| 2,280 | | | | Darden Restaurants, Inc | | | | | | | | | | | 332,857 | |
| 792 | | * | | Dave & Buster’s Entertainment, Inc | | | | | | | | | | | 32,155 | |
| 519 | | | | Del Taco Restaurants, Inc | | | | | | | | | | | 5,195 | |
| 1,168 | | * | | Denny’s Corp | | | | | | | | | | | 19,260 | |
| 12 | | *,† | | Diamond Resorts International, Inc | | | | | | | | | | | 0 | |
| 266 | | * | | Dine Brands Global Inc. | | | | | | | | | | | 23,741 | |
46
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 673 | | | | Domino’s Pizza, Inc | | | | | | | | | | $ | 313,948 | |
| 5,216 | | * | | DraftKings, Inc | | | | | | | | | | | 272,119 | |
| 1,458 | | * | | Drive Shack, Inc | | | | | | | | | | | 4,826 | |
| 302 | | * | | El Pollo Loco Holdings, Inc | | | | | | | | | | | 5,524 | |
| 1,316 | | * | | Everi Holdings, Inc | | | | | | | | | | | 32,821 | |
| 2,454 | | * | | Expedia Group, Inc | | | | | | | | | | | 401,744 | |
| 402 | | * | | Fiesta Restaurant Group, Inc | | | | | | | | | | | 5,399 | |
| 1,596 | | * | | frontdoor, Inc | | | | | | | | | | | 79,513 | |
| 682 | | * | | Full House Resorts, Inc | | | | | | | | | | | 6,779 | |
| 682 | | *,e | | GAN Ltd | | | | | | | | | | | 11,212 | |
| 229 | | * | | Golden Entertainment, Inc | | | | | | | | | | | 10,259 | |
| 600 | | * | | Golden Nugget Online Gaming, Inc | | | | | | | | | | | 7,656 | |
| 73 | | | | Graham Holdings Co | | | | | | | | | | | 46,275 | |
| 853 | | * | | Grand Canyon Education, Inc | | | | | | | | | | | 76,744 | |
| 2,834 | | | | H&R Block, Inc | | | | | | | | | | | 66,542 | |
| 1,039 | | *,e | | Hall of Fame Resort & Entertainment Co | | | | | | | | | | | 4,083 | |
| 1,521 | | * | | Hilton Grand Vacations, Inc | | | | | | | | | | | 62,954 | |
| 4,797 | | * | | Hilton Worldwide Holdings, Inc | | | | | | | | | | | 578,614 | |
| 2,130 | | * | | Houghton Mifflin Harcourt Co | | | | | | | | | | | 23,515 | |
| 738 | | * | | Hyatt Hotels Corp | | | | | | | | | | | 57,298 | |
| 1,684 | | * | | International Game Technology plc | | | | | | | | | | | 40,349 | |
| 431 | | | | Jack in the Box, Inc | | | | | | | | | | | 48,031 | |
| 89 | | * | | Kura Sushi USA, Inc | | | | | | | | | | | 3,383 | |
| 5,790 | | * | | Las Vegas Sands Corp | | | | | | | | | | | 305,075 | |
| 1,806 | | * | | Laureate Education, Inc | | | | | | | | | | | 26,205 | |
| 464 | | * | | Lindblad Expeditions Holdings, Inc | | | | | | | | | | | 7,429 | |
| 4,733 | | * | | Marriott International, Inc (Class A) | | | | | | | | | | | 646,149 | |
| 747 | | * | | Marriott Vacations Worldwide Corp | | | | | | | | | | | 118,997 | |
| 12,863 | | | | McDonald’s Corp | | | | | | | | | | | 2,971,224 | |
| 7,145 | | | | MGM Resorts International | | | | | | | | | | | 304,734 | |
| 173 | | * | | Monarch Casino & Resort, Inc | | | | | | | | | | | 11,447 | |
| 49 | | | | Nathan’s Famous, Inc | | | | | | | | | | | 3,495 | |
| 83 | | * | | NEOGAMES S.A. | | | | | | | | | | | 5,102 | |
| 621 | | * | | Noodles & Co | | | | | | | | | | | 7,750 | |
| 6,383 | | * | | Norwegian Cruise Line Holdings Ltd | | | | | | | | | | | 187,724 | |
| 353 | | * | | ONE Group Hospitality, Inc | | | | | | | | | | | 3,890 | |
| 1,026 | | * | | OneSpaWorld Holdings Ltd | | | | | | | | | | | 9,942 | |
| 565 | | | | Papa John’s International, Inc | | | | | | | | | | | 59,009 | |
| 2,733 | | * | | Penn National Gaming, Inc | | | | | | | | | | | 209,047 | |
| 1,137 | | * | | Perdoceo Education Corp | | | | | | | | | | | 13,951 | |
| 1,475 | | * | | Planet Fitness, Inc | | | | | | | | | | | 110,994 | |
| 788 | | * | | PlayAGS, Inc | | | | | | | | | | | 7,801 | |
| 142 | | | | RCI Hospitality Holdings, Inc | | | | | | | | | | | 9,400 | |
| 307 | | * | | Red Robin Gourmet Burgers, Inc | | | | | | | | | | | 10,165 | |
| 1,049 | | * | | Red Rock Resorts, Inc | | | | | | | | | | | 44,583 | |
| 607 | | *,e | | Regis Corp | | | | | | | | | | | 5,682 | |
| 3,693 | | * | | Royal Caribbean Cruises Ltd | | | | | | | | | | | 314,939 | |
| 822 | | * | | Rush Street Interactive, Inc | | | | | | | | | | | 10,078 | |
| 473 | | * | | Ruth’s Hospitality Group Inc | | | | | | | | | | | 10,893 | |
| 1,620 | | * | | Scientific Games Corp (Class A) | | | | | | | | | | | 125,453 | |
| 963 | | * | | SeaWorld Entertainment, Inc | | | | | | | | | | | 48,092 | |
| 2,892 | | | | Service Corp International | | | | | | | | | | | 154,982 | |
| 596 | | * | | Shake Shack, Inc | | | | | | | | | | | 63,784 | |
| 1,370 | | * | | Six Flags Entertainment Corp | | | | | | | | | | | 59,294 | |
| 20,437 | | | | Starbucks Corp | | | | | | | | | | | 2,285,061 | |
| 862 | | * | | StoneMor, Inc | | | | | | | | | | | 2,258 | |
| 403 | | | | Strategic Education, Inc | | | | | | | | | | | 30,652 | |
| 644 | | * | | Stride, Inc | | | | | | | | | | | 20,692 | |
| 1,055 | | * | | Target Hospitality Corp | | | | | | | | | | | 3,914 | |
| 2,355 | | * | | Terminix Global Holdings, Inc | | | | | | | | | | | 112,357 | |
| 1,209 | | | | Texas Roadhouse, Inc (Class A) | | | | | | | | | | | 116,306 | |
| 1,610 | | | | Travel & Leisure Co | | | | | | | | | | | 95,715 | |
| 707 | | * | | Vail Resorts, Inc | | | | | | | | | | | 223,780 | |
| 1,537 | | * | | Vivint Smart Home, Inc | | | | | | | | | | | 20,288 | |
| 2,954 | | | | Wendy’s | | | | | | | | | | | 69,183 | |
| 513 | | | | Wingstop, Inc | | | | | | | | | | | 80,864 | |
| 881 | | * | | WW International Inc | | | | | | | | | | | 31,839 | |
47
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,610 | | | | Wyndham Hotels & Resorts, Inc | | | | | | | | | | $ | 116,387 | |
| 1,791 | | * | | Wynn Resorts Ltd | | | | | | | | | | | 219,039 | |
| 7,027 | | | | Yum China Holdings, Inc | | | | | | | | | | | 465,539 | |
| 5,183 | | | | Yum! Brands, Inc | | | | | | | | | | | 596,200 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | | | | | | | | | 17,159,921 | |
| | | | | | | | | | | | | | | | |
|
DIVERSIFIED FINANCIALS - 5.1% | |
| 125 | | | | AFC Gamma, Inc | | | | | | | | | | | 2,581 | |
| 741 | | | | Affiliated Managers Group, Inc | | | | | | | | | | | 114,270 | |
| 8,788 | | | | AGNC Investment Corp | | | | | | | | | | | 148,429 | |
| 243 | | | | Alerus Financial Corp | | | | | | | | | | | 7,049 | |
| 6,517 | | | | Ally Financial, Inc | | | | | | | | | | | 324,807 | |
| 144 | | | | A-Mark Precious Metals, Inc | | | | | | | | | | | 6,696 | |
| 11,356 | | | | American Express Co | | | | | | | | | | | 1,876,352 | |
| 2,048 | | | | Ameriprise Financial, Inc | | | | | | | | | | | 509,706 | |
| 24,121 | | | | Annaly Capital Management, Inc | | | | | | | | | | | 214,194 | |
| 2,943 | | | | Apollo Commercial Real Estate Finance, Inc | | | | | | | | | | | 46,941 | |
| 3,019 | | | | Apollo Global Management, Inc | | | | | | | | | | | 187,782 | |
| 2,021 | | | | Arbor Realty Trust, Inc | | | | | | | | | | | 36,014 | |
| 645 | | | | Ares Commercial Real Estate Corp | | | | | | | | | | | 9,475 | |
| 2,174 | | | | Ares Management Corp | | | | | | | | | | | 138,245 | |
| 566 | | | | ARMOUR Residential REIT, Inc | | | | | | | | | | | 6,464 | |
| 870 | | | | Artisan Partners Asset Management, Inc | | | | | | | | | | | 44,213 | |
| 253 | | * | | Assetmark Financial Holdings, Inc | | | | | | | | | | | 6,340 | |
| 86 | | | | Associated Capital Group, Inc | | | | | | | | | | | 3,342 | |
| 123 | | * | | Atlanticus Holdings Corp | | | | | | | | | | | 4,883 | |
| 274 | | | | B. Riley Financial, Inc | | | | | | | | | | | 20,687 | |
| 461 | | | | Banco Latinoamericano de Exportaciones S.A. (Class E) | | | | | | | | | | | 7,086 | |
| 13,918 | | | | Bank of New York Mellon Corp | | | | | | | | | | | 713,019 | |
| 32,484 | | * | | Berkshire Hathaway, Inc (Class B) | | | | | | | | | | | 9,027,953 | |
| 5,076 | | | | BGC Partners, Inc (Class A) | | | | | | | | | | | 28,781 | |
| 2,487 | | | | BlackRock, Inc | | | | | | | | | | | 2,176,050 | |
| 11,616 | | | | Blackstone Group, Inc | | | | | | | | | | | 1,128,378 | |
| 2,460 | | | | Blackstone Mortgage Trust, Inc | | | | | | | | | | | 78,449 | |
| 637 | | * | | Blucora, Inc | | | | | | | | | | | 11,026 | |
| 866 | | | | Brightsphere Investment Group, Inc | | | | | | | | | | | 20,290 | |
| 1,289 | | | | BrightSpire Capital, Inc | | | | | | | | | | | 12,117 | |
| 2,136 | | | | Broadmark Realty Capital, Inc | | | | | | | | | | | 22,620 | |
| 1,450 | | * | | Cannae Holdings, Inc | | | | | | | | | | | 49,170 | |
| 7,804 | | | | Capital One Financial Corp | | | | | | | | | | | 1,207,201 | |
| 1,473 | | | | Capstead Mortgage Corp | | | | | | | | | | | 9,044 | |
| 2,344 | | | | Carlyle Group, Inc | | | | | | | | | | | 108,949 | |
| 1,907 | | | | CBOE Global Markets, Inc | | | | | | | | | | | 227,028 | |
| 27,010 | | | | Charles Schwab Corp | | | | | | | | | | | 1,966,598 | |
| 3,066 | | | | Chimera Investment Corp | | | | | | | | | | | 46,174 | |
| 6,229 | | | | CME Group, Inc | | | | | | | | | | | 1,324,784 | |
| 461 | | | | Cohen & Steers, Inc | | | | | | | | | | | 37,844 | |
| 454 | | | | Cowen Group, Inc | | | | | | | | | | | 18,637 | |
| 171 | | *,e | | Credit Acceptance Corp | | | | | | | | | | | 77,653 | |
| 312 | | | | Curo Group Holdings Corp | | | | | | | | | | | 5,304 | |
| 49 | | | | Diamond Hill Investment Group, Inc | | | | | | | | | | | 8,198 | |
| 5,312 | | | | Discover Financial Services | | | | | | | | | | | 628,356 | |
| 461 | | * | | Donnelley Financial Solutions, Inc | | | | | | | | | | | 15,213 | |
| 258 | | | | Dynex Capital, Inc | | | | | | | | | | | 4,814 | |
| 548 | | | | Ellington Financial Inc | | | | | | | | | | | 10,494 | |
| 546 | | * | | Encore Capital Group, Inc | | | | | | | | | | | 25,875 | |
| 629 | | * | | Enova International, Inc | | | | | | | | | | | 21,518 | |
| 6,826 | | | | Equitable Holdings, Inc | | | | | | | | | | | 207,852 | |
| 638 | | | | Evercore Inc | | | | | | | | | | | 89,811 | |
| 796 | | * | | Ezcorp, Inc (Class A) | | | | | | | | | | | 4,800 | |
| 649 | | | | Factset Research Systems, Inc | | | | | | | | | | | 217,811 | |
| 1,485 | | | | Federated Investors, Inc (Class B) | | | | | | | | | | | 50,356 | |
| 737 | | | | FirstCash, Inc | | | | | | | | | | | 56,336 | |
| 730 | | * | | Focus Financial Partners, Inc | | | | | | | | | | | 35,405 | |
| 4,751 | | | | Franklin Resources, Inc | | | | | | | | | | | 151,984 | |
| 93 | | | | GAMCO Investors, Inc (Class A) | | | | | | | | | | | 2,334 | |
| 257 | | | | GCM Grosvenor, Inc | | | | | | | | | | | 2,678 | |
48
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 5,725 | | | | Goldman Sachs Group, Inc | | | | | | | | | | $ | 2,172,809 | |
| 938 | | | | Granite Point Mortgage Trust, Inc | | | | | | | | | | | 13,836 | |
| 531 | | | | Great Ajax Corp | | | | | | | | | | | 6,892 | |
| 905 | | * | | Green Dot Corp | | | | | | | | | | | 42,399 | |
| 424 | | | | Greenhill & Co, Inc | | | | | | | | | | | 6,597 | |
| 562 | | | | Hamilton Lane, Inc | | | | | | | | | | | 51,209 | |
| 1,270 | | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc | | | | | | | | | | | 71,311 | |
| 733 | | | | Houlihan Lokey, Inc | | | | | | | | | | | 59,952 | |
| 1,406 | | | | Interactive Brokers Group, Inc (Class A) | | | | | | | | | | | 92,416 | |
| 9,684 | | | | Intercontinental Exchange Group, Inc | | | | | | | | | | | 1,149,491 | |
| 6,004 | | | | Invesco Ltd | | | | | | | | | | | 160,487 | |
| 3,664 | | | | Invesco Mortgage Capital, Inc | | | | | | | | | | | 14,290 | |
| 2,653 | | | | Janus Henderson Group plc | | | | | | | | | | | 102,963 | |
| 4,030 | | | | Jefferies Financial Group, Inc | | | | | | | | | | | 137,826 | |
| 9,400 | | | | KKR & Co, Inc | | | | | | | | | | | 556,856 | |
| 168 | | | | KKR Real Estate Finance Trust, Inc | | | | | | | | | | | 3,634 | |
| 1,766 | | | | Ladder Capital Corp | | | | | | | | | | | 20,380 | |
| 1,898 | | | | Lazard Ltd (Class A) | | | | | | | | | | | 85,885 | |
| 1,618 | | * | | LendingClub Corp | | | | | | | | | | | 29,334 | |
| 196 | | * | | LendingTree, Inc | | | | | | | | | | | 41,528 | |
| 1,449 | | | | LPL Financial Holdings, Inc | | | | | | | | | | | 195,586 | |
| 658 | | | | MarketAxess Holdings, Inc | | | | | | | | | | | 305,042 | |
| 144 | | | | Marlin Business Services Corp | | | | | | | | | | | 3,277 | |
| 8,524 | | | | MFA Financial Inc | | | | | | | | | | | 39,125 | |
| 877 | | | | Moelis & Co | | | | | | | | | | | 49,893 | |
| 2,835 | | | | Moody’s Corp | | | | | | | | | | | 1,027,319 | |
| 24,084 | | | | Morgan Stanley | | | | | | | | | | | 2,208,262 | |
| 378 | | | | Morningstar, Inc | | | | | | | | | | | 97,188 | |
| 1,394 | | | | MSCI, Inc (Class A) | | | | | | | | | | | 743,114 | |
| 2,010 | | | | Nasdaq Inc | | | | | | | | | | | 353,358 | |
| 3,389 | | | | Navient Corp | | | | | | | | | | | 65,509 | |
| 312 | | | | Nelnet, Inc (Class A) | | | | | | | | | | | 23,472 | |
| 6,918 | | | | New Residential Investment Corp | | | | | | | | | | | 73,262 | |
| 6,454 | | | | New York Mortgage Trust, Inc | | | | | | | | | | | 28,849 | |
| 483 | | *,† | | NewStar Financial, Inc | | | | | | | | | | | 117 | |
| 3,325 | | | | Northern Trust Corp | | | | | | | | | | | 384,437 | |
| 1,326 | | | | OneMain Holdings, Inc | | | | | | | | | | | 79,441 | |
| 1,687 | | * | | Open Lending Corp | | | | | | | | | | | 72,693 | |
| 697 | | * | | Oportun Financial Corp | | | | | | | | | | | 13,961 | |
| 147 | | | | Oppenheimer Holdings, Inc | | | | | | | | | | | 7,473 | |
| 916 | | | | Orchid Island Capital, Inc | | | | | | | | | | | 4,754 | |
| 1,723 | | | | PennyMac Mortgage Investment Trust | | | | | | | | | | | 36,286 | |
| 273 | | | | Piper Jaffray Cos | | | | | | | | | | | 35,370 | |
| 397 | | | | PJT Partners, Inc | | | | | | | | | | | 28,338 | |
| 719 | | * | | PRA Group, Inc | | | | | | | | | | | 27,660 | |
| 1,236 | | | | PROG Holdings, Inc | | | | | | | | | | | 59,489 | |
| 257 | | | | Pzena Investment Management, Inc (Class A) | | | | | | | | | | | 2,830 | |
| 2,200 | | | | Raymond James Financial, Inc | | | | | | | | | | | 285,780 | |
| 933 | | | | Ready Capital Corp | | | | | | | | | | | 14,807 | |
| 1,612 | | | | Redwood Trust, Inc | | | | | | | | | | | 19,457 | |
| 143 | | | | Regional Management Corp | | | | | | | | | | | 6,655 | |
| 4,186 | | | | S&P Global, Inc | | | | | | | | | | | 1,718,144 | |
| 952 | | | | Santander Consumer USA Holdings, Inc | | | | | | | | | | | 34,577 | |
| 375 | | | | Sculptor Capital Management, Inc | | | | | | | | | | | 9,221 | |
| 1,969 | | | | SEI Investments Co | | | | | | | | | | | 122,019 | |
| 5,752 | | | | SLM Corp | | | | | | | | | | | 120,447 | |
| 5,018 | | | | Starwood Property Trust, Inc | | | | | | | | | | | 131,321 | |
| 6,089 | | | | State Street Corp | | | | | | | | | | | 501,003 | |
| 520 | | | | StepStone Group, Inc | | | | | | | | | | | 17,888 | |
| 1,929 | | | | Stifel Financial Corp | | | | | | | | | | | 125,115 | |
| 241 | | * | | StoneX Group, Inc | | | | | | | | | | | 14,621 | |
| 10,187 | | | | Synchrony Financial | | | | | | | | | | | 494,273 | |
| 3,897 | | | | T Rowe Price Group, Inc | | | | | | | | | | | 771,489 | |
| 867 | | | | TPG RE Finance Trust, Inc | | | | | | | | | | | 11,661 | |
| 1,703 | | | | Tradeweb Markets, Inc | | | | | | | | | | | 144,006 | |
| 4,626 | | | | Two Harbors Investment Corp | | | | | | | | | | | 34,973 | |
| 244 | | * | | Upstart Holdings, Inc | | | | | | | | | | | 30,476 | |
49
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,409 | | | | Virtu Financial, Inc | | | | | | | | | | $ | 38,931 | |
| 115 | | | | Virtus Investment Partners, Inc | | | | | | | | | | | 31,944 | |
| 2,322 | | | | Voya Financial, Inc | | | | | | | | | | | 142,803 | |
| 1,867 | | | | WisdomTree Investments, Inc | | | | | | | | | | | 11,575 | |
| 90 | | * | | World Acceptance Corp | | | | | | | | | | | 14,422 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | | | | | | | | | 39,180,268 | |
| | | | | | | | | | | | | | | | |
|
ENERGY - 2.8% | |
| 440 | | * | | Aemetis, Inc | | | | | | | | | | | 4,915 | |
| 1,288 | | *,e | | Alto Ingredients, Inc | | | | | | | | | | | 7,870 | |
| 53 | | e | | Altus Midstream Co | | | | | | | | | | | 3,578 | |
| 5,480 | | | | Antero Midstream Corp | | | | | | | | | | | 56,937 | |
| 4,860 | | * | | Antero Resources Corp | | | | | | | | | | | 73,046 | |
| 6,619 | | | | APA Corp | | | | | | | | | | | 143,169 | |
| 338 | | * | | Arch Resources, Inc | | | | | | | | | | | 19,259 | |
| 2,039 | | | | Archrock, Inc | | | | | | | | | | | 18,167 | |
| 340 | | * | | Aspen Aerogels, Inc | | | | | | | | | | | 10,173 | |
| 12,372 | | | | Baker Hughes Co | | | | | | | | | | | 282,948 | |
| 2,302 | | | | Berry Petroleum Co LLC | | | | | | | | | | | 15,469 | |
| 481 | | | | Bonanza Creek Energy, Inc | | | | | | | | | | | 22,641 | |
| 774 | | | | Brigham Minerals, Inc | | | | | | | | | | | 16,478 | |
| 90 | | * | | Bristow Group, Inc | | | | | | | | | | | 2,305 | |
| 6,450 | | | | Cabot Oil & Gas Corp | | | | | | | | | | | 112,617 | |
| 845 | | | | Cactus, Inc | | | | | | | | | | | 31,028 | |
| 1,436 | | * | | California Resources Corp | | | | | | | | | | | 43,281 | |
| 680 | | * | | Callon Petroleum Co | | | | | | | | | | | 39,229 | |
| 3,118 | | * | | Centennial Resource Development, Inc | | | | | | | | | | | 21,140 | |
| 163 | | * | | Centrus Energy Corp | | | | | | | | | | | 4,137 | |
| 3,416 | | * | | ChampionX Corp | | | | | | | | | | | 87,620 | |
| 4,052 | | * | | Cheniere Energy, Inc | | | | | | | | | | | 351,470 | |
| 1,628 | | | | Chesapeake Energy Corp | | | | | | | | | | | 84,526 | |
| 33,508 | | | | Chevron Corp | | | | | | | | | | | 3,509,628 | |
| 1,704 | | | | Cimarex Energy Co | | | | | | | | | | | 123,455 | |
| 2,369 | | * | | Clean Energy Fuels Corp | | | | | | | | | | | 24,045 | |
| 3,710 | | * | | CNX Resources Corp | | | | | | | | | | | 50,679 | |
| 1,290 | | * | | Comstock Resources Inc | | | | | | | | | | | 8,604 | |
| 23,474 | | | | ConocoPhillips | | | | | | | | | | | 1,429,567 | |
| 714 | | * | | CONSOL Energy, Inc | | | | | | | | | | | 13,188 | |
| 2,501 | | *,e | | Contango Oil & Gas Co | | | | | | | | | | | 10,804 | |
| 1,248 | | | | Continental Resources, Inc | | | | | | | | | | | 47,461 | |
| 583 | | | | CVR Energy, Inc | | | | | | | | | | | 10,471 | |
| 1,373 | | | | Delek US Holdings, Inc | | | | | | | | | | | 29,684 | |
| 850 | | * | | Denbury, Inc | | | | | | | | | | | 65,263 | |
| 11,345 | | | | Devon Energy Corp | | | | | | | | | | | 331,161 | |
| 2,136 | | | | DHT Holdings, Inc | | | | | | | | | | | 13,863 | |
| 406 | | * | | Diamond S Shipping Inc | | | | | | | | | | | 4,044 | |
| 3,040 | | | | Diamondback Energy, Inc | | | | | | | | | | | 285,426 | |
| 333 | | * | | DMC Global, Inc | | | | | | | | | | | 18,718 | |
| 395 | | * | | Dorian LPG Ltd | | | | | | | | | | | 5,577 | |
| 582 | | * | | Dril-Quip, Inc | | | | | | | | | | | 19,689 | |
| 395 | | * | | Earthstone Energy, Inc | | | | | | | | | | | 4,373 | |
| 2,496 | | *,e | | Energy Fuels, Inc | | | | | | | | | | | 15,101 | |
| 10,231 | | | | EOG Resources, Inc | | | | | | | | | | | 853,675 | |
| 4,708 | | * | | EQT Corp | | | | | | | | | | | 104,800 | |
| 7,406 | | | | Equitrans Midstream Corp | | | | | | | | | | | 63,025 | |
| 230 | | * | | Extraction Oil & Gas, Inc | | | | | | | | | | | 12,629 | |
| 73,368 | | d | | Exxon Mobil Corp | | | | | | | | | | | 4,628,053 | |
| 778 | | | | Falcon Minerals Corp | | | | | | | | | | | 3,952 | |
| 3,123 | | * | | Frank’s International NV | | | | | | | | | | | 9,463 | |
| 2,068 | | | | Frontline Ltd | | | | | | | | | | | 18,612 | |
| 155 | | * | | FTS International, Inc | | | | | | | | | | | 4,385 | |
| 3,376 | | *,e | | Gevo, Inc | | | | | | | | | | | 24,543 | |
| 1,788 | | * | | Golar LNG Ltd | | | | | | | | | | | 23,691 | |
| 698 | | * | | Green Plains Inc | | | | | | | | | | | 23,467 | |
| 15,566 | | | | Halliburton Co | | | | | | | | | | | 359,886 | |
| 2,257 | | * | | Helix Energy Solutions Group, Inc | | | | | | | | | | | 12,887 | |
| 1,863 | | | | Helmerich & Payne, Inc | | | | | | | | | | | 60,790 | |
50
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 4,862 | | | | Hess Corp | | | | | | | | | | $ | 424,550 | |
| 2,656 | | | | HollyFrontier Corp | | | | | | | | | | | 87,382 | |
| 461 | | | | International Seaways, Inc | | | | | | | | | | | 8,842 | |
| 33,654 | | | | Kinder Morgan, Inc | | | | | | | | | | | 613,512 | |
| 6,823 | | * | | Kosmos Energy Ltd | | | | | | | | | | | 23,608 | |
| 220 | | * | | Laredo Petroleum, Inc | | | | | | | | | | | 20,414 | |
| 1,314 | | * | | Liberty Oilfield Services, Inc | | | | | | | | | | | 18,606 | |
| 2,041 | | * | | Magnolia Oil & Gas Corp | | | | | | | | | | | 31,901 | |
| 14,097 | | | | Marathon Oil Corp | | | | | | | | | | | 192,001 | |
| 11,289 | | | | Marathon Petroleum Corp | | | | | | | | | | | 682,081 | |
| 1,952 | | | | Matador Resources Co | | | | | | | | | | | 70,291 | |
| 1,081 | | *,e | | Meta Materials, Inc | | | | | | | | | | | 8,097 | |
| 2,772 | | | | Murphy Oil Corp | | | | | | | | | | | 64,532 | |
| 114 | | * | | Nabors Industries Ltd | | | | | | | | | | | 13,023 | |
| 725 | | * | | National Energy Services Reunited Corp | | | | | | | | | | | 10,331 | |
| 403 | | | | New Fortress Energy, Inc | | | | | | | | | | | 15,266 | |
| 2,497 | | * | | Newpark Resources, Inc | | | | | | | | | | | 8,640 | |
| 2,774 | | * | | NexTier Oilfield Solutions, Inc | | | | | | | | | | | 13,204 | |
| 2,408 | | | | Nordic American Tankers Ltd | | | | | | | | | | | 7,898 | |
| 827 | | | | Northern Oil and Gas, Inc | | | | | | | | | | | 17,177 | |
| 6,945 | | * | | NOV, Inc | | | | | | | | | | | 106,397 | |
| 309 | | | | Oasis Petroleum, Inc | | | | | | | | | | | 31,070 | |
| 14,724 | | | | Occidental Petroleum Corp | | | | | | | | | | | 460,419 | |
| 1,532 | | * | | Oceaneering International, Inc | | | | | | | | | | | 23,853 | |
| 1,209 | | * | | Oil States International, Inc | | | | | | | | | | | 9,491 | |
| 7,705 | | | | ONEOK, Inc | | | | | | | | | | | 428,706 | |
| 4,596 | | | | Ovintiv, Inc | | | | | | | | | | | 144,636 | |
| 677 | | * | | Par Pacific Holdings, Inc | | | | | | | | | | | 11,387 | |
| 3,250 | | | | Patterson-UTI Energy, Inc | | | | | | | | | | | 32,305 | |
| 1,831 | | * | | PBF Energy, Inc | | | | | | | | | | | 28,014 | |
| 1,666 | | | | PDC Energy, Inc | | | | | | | | | | | 76,286 | |
| 1,201 | | * | | Peabody Energy Corp | | | | | | | | | | | 9,524 | |
| 217 | | * | | Penn Virginia Corp | | | | | | | | | | | 5,123 | |
| 7,621 | | | | Phillips 66 | | | | | | | | | | | 654,034 | |
| 3,636 | | | | Pioneer Natural Resources Co | | | | | | | | | | | 590,923 | |
| 1,367 | | * | | ProPetro Holding Corp | | | | | | | | | | | 12,522 | |
| 4,012 | | * | | Range Resources Corp | | | | | | | | | | | 67,241 | |
| 758 | | * | | Renewable Energy Group, Inc | | | | | | | | | | | 47,254 | |
| 92 | | * | | Rex American Resources Corp | | | | | | | | | | | 8,297 | |
| 151 | | e | | Riley Exploration Permian, Inc | | | | | | | | | | | 4,376 | |
| 901 | | * | | RPC, Inc | | | | | | | | | | | 4,460 | |
| 24,442 | | | | Schlumberger Ltd | | | | | | | | | | | 782,388 | |
| 688 | | | | Scorpio Tankers, Inc | | | | | | | | | | | 15,170 | |
| 988 | | * | | Select Energy Services, Inc | | | | | | | | | | | 5,968 | |
| 946 | | | | SFL Corp Ltd | | | | | | | | | | | 7,237 | |
| 2,006 | | | | SM Energy Co | | | | | | | | | | | 49,408 | |
| 678 | | | | Solaris Oilfield Infrastructure, Inc | | | | | | | | | | | 6,604 | |
| 11,544 | | * | | Southwestern Energy Co | | | | | | | | | | | 65,454 | |
| 681 | | * | | Talos Energy, Inc | | | | | | | | | | | 10,651 | |
| 3,944 | | | | Targa Resources Investments, Inc | | | | | | | | | | | 175,311 | |
| 1,069 | | * | | Teekay Corp | | | | | | | | | | | 3,977 | |
| 376 | | * | | Teekay Tankers Ltd | | | | | | | | | | | 5,422 | |
| 5,524 | | * | | Tellurian, Inc | | | | | | | | | | | 25,687 | |
| 2,062 | | * | | Tetra Technologies, Inc | | | | | | | | | | | 8,949 | |
| 101 | | | | Texas Pacific Land Corp | | | | | | | | | | | 161,574 | |
| 854 | | * | | Tidewater, Inc | | | | | | | | | | | 10,291 | |
| 3,928 | | *,e | | Uranium Energy Corp | | | | | | | | | | | 10,448 | |
| 3,859 | | * | | Ur-Energy, Inc | | | | | | | | | | | 5,403 | |
| 1,387 | | * | | US Silica Holdings, Inc | | | | | | | | | | | 16,034 | |
| 7,106 | | | | Valero Energy Corp | | | | | | | | | | | 554,836 | |
| 386 | | * | | Vine Energy, Inc | | | | | | | | | | | 6,018 | |
| 2,083 | | * | | W&T Offshore, Inc | | | | | | | | | | | 10,103 | |
| 619 | | * | | Whiting Petroleum Corp | | | | | | | | | | | 33,766 | |
| 21,047 | | | | Williams Cos, Inc | | | | | | | | | | | 558,798 | |
| 1,068 | | | | World Fuel Services Corp | | | | | | | | | | | 33,888 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL ENERGY | | | | | | | | | | | 21,327,721 | |
| | | | | | | | | | | | | | | | |
51
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| | | |
FOOD & STAPLES RETAILING - 1.2% | | | | | | | | | | | | |
| 2,725 | | e | | Albertsons Cos, Inc | | | | | | | | | | $ | 53,573 | |
| 418 | | | | Andersons, Inc | | | | | | | | | | | 12,761 | |
| 2,427 | | * | | BJ’s Wholesale Club Holdings, Inc | | | | | | | | | | | 115,477 | |
| 618 | | | | Casey’s General Stores, Inc | | | | | | | | | | | 120,287 | |
| 515 | | * | | Chefs’ Warehouse Holdings, Inc | | | | | | | | | | | 16,392 | |
| 7,691 | | | | Costco Wholesale Corp | | | | | | | | | | | 3,043,098 | |
| 1,460 | | * | | Grocery Outlet Holding Corp | | | | | | | | | | | 50,604 | |
| 626 | | *,e | | HF Foods Group Inc | | | | | | | | | | | 3,312 | |
| 213 | | | | Ingles Markets, Inc (Class A) | | | | | | | | | | | 12,411 | |
| 13,116 | | | | Kroger Co | | | | | | | | | | | 502,474 | |
| 253 | | * | | MedAvail Holdings, Inc | | | | | | | | | | | 3,099 | |
| 286 | | | | Natural Grocers by Vitamin C | | | | | | | | | | | 3,072 | |
| 2,310 | | * | | Performance Food Group Co | | | | | | | | | | | 112,012 | |
| 385 | | | | Pricesmart, Inc | | | | | | | | | | | 35,039 | |
| 862 | | * | | Rite Aid Corp | | | | | | | | | | | 14,051 | |
| 584 | | | | SpartanNash Co | | | | | | | | | | | 11,277 | |
| 2,100 | | * | | Sprouts Farmers Market, Inc | | | | | | | | | | | 52,185 | |
| 8,505 | | | | SYSCO Corp | | | | | | | | | | | 661,264 | |
| 943 | | * | | United Natural Foods, Inc | | | | | | | | | | | 34,872 | |
| 3,868 | | * | | US Foods Holding Corp | | | | | | | | | | | 148,376 | |
| 127 | | | | Village Super Market (Class A) | | | | | | | | | | | 2,986 | |
| 12,516 | | | | Walgreens Boots Alliance, Inc | | | | | | | | | | | 658,467 | |
| 24,585 | | | | Walmart, Inc | | | | | | | | | | | 3,466,977 | |
| 148 | | | | Weis Markets, Inc | | | | | | | | | | | 7,646 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | | | | | | | | | 9,141,712 | |
| | | | | | | | | | | | | | | | |
| | | |
FOOD, BEVERAGE & TOBACCO - 2.8% | | | | | | | | | | | | |
| 2,739 | | * | | 22nd Century Group, Inc | | | | | | | | | | | 12,682 | |
| 32,093 | | | | Altria Group, Inc | | | | | | | | | | | 1,530,194 | |
| 661 | | * | | AppHarvest, Inc | | | | | | | | | | | 10,576 | |
| 9,711 | | | | Archer-Daniels-Midland Co | | | | | | | | | | | 588,487 | |
| 1,190 | | e | | B&G Foods, Inc (Class A) | | | | | | | | | | | 39,032 | |
| 980 | | * | | Beyond Meat, Inc | | | | | | | | | | | 154,340 | |
| 157 | | * | | Boston Beer Co, Inc (Class A) | | | | | | | | | | | 160,266 | |
| 711 | | | | Brown-Forman Corp (Class A) | | | | | | | | | | | 50,126 | |
| 3,077 | | | | Brown-Forman Corp (Class B) | | | | | | | | | | | 230,590 | |
| 2,435 | | | | Bunge Ltd | | | | | | | | | | | 190,295 | |
| 345 | | | | Calavo Growers, Inc | | | | | | | | | | | 21,880 | |
| 486 | | | | Cal-Maine Foods, Inc | | | | | | | | | | | 17,598 | |
| 3,182 | | | | Campbell Soup Co | | | | | | | | | | | 145,067 | |
| 777 | | * | | Celsius Holdings, Inc | | | | | | | | | | | 59,122 | |
| 67,194 | | | | Coca-Cola Co | | | | | | | | | | | 3,635,867 | |
| 72 | | | | Coca-Cola Consolidated Inc | | | | | | | | | | | 28,953 | |
| 8,273 | | | | ConAgra Brands, Inc | | | | | | | | | | | 300,972 | |
| 2,791 | | | | Constellation Brands, Inc (Class A) | | | | | | | | | | | 652,787 | |
| 2,862 | | * | | Darling International, Inc | | | | | | | | | | | 193,185 | |
| 217 | | * | | Duckhorn Portfolio, Inc | | | | | | | | | | | 4,787 | |
| 2,984 | | | | Flowers Foods, Inc | | | | | | | | | | | 72,213 | |
| 499 | | | | Fresh Del Monte Produce, Inc | | | | | | | | | | | 16,407 | |
| 696 | | * | | Freshpet, Inc | | | | | | | | | | | 113,420 | |
| 10,698 | | | | General Mills, Inc | | | | | | | | | | | 651,829 | |
| 1,593 | | * | | Hain Celestial Group, Inc | | | | | | | | | | | 63,911 | |
| 2,566 | | | | Hershey Co | | | | | | | | | | | 446,946 | |
| 4,724 | | | | Hormel Foods Corp | | | | | | | | | | | 225,571 | |
| 2,702 | | * | | Hostess Brands, Inc | | | | | | | | | | | 43,745 | |
| 1,227 | | | | Ingredion, Inc | | | | | | | | | | | 111,044 | |
| 277 | | | | J&J Snack Foods Corp | | | | | | | | | | | 48,312 | |
| 1,881 | | | | J.M. Smucker Co | | | | | | | | | | | 243,721 | |
| 199 | | | | John B. Sanfilippo & Son, Inc | | | | | | | | | | | 17,625 | |
| 4,342 | | | | Kellogg Co | | | | | | | | | | | 279,321 | |
| 12,179 | | | | Keurig Dr Pepper, Inc | | | | | | | | | | | 429,188 | |
| 11,401 | | | | Kraft Heinz Co | | | | | | | | | | | 464,933 | |
| 124 | | *,e | | Laird Superfood, Inc | | | | | | | | | | | 3,704 | |
| 2,575 | | | | Lamb Weston Holdings, Inc | | | | | | | | | | | 207,700 | |
| 364 | | | | Lancaster Colony Corp | | | | | | | | | | | 70,438 | |
52
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 422 | | * | | Landec Corp | | | | | | | | | | $ | 4,748 | |
| 187 | | | | Limoneira Co | | | | | | | | | | | 3,282 | |
| 4,238 | | | | McCormick & Co, Inc | | | | | | | | | | | 374,300 | |
| 203 | | | | MGP Ingredients, Inc | | | | | | | | | | | 13,731 | |
| 422 | | * | | Mission Produce, Inc | | | | | | | | | | | 8,740 | |
| 3,002 | | * | | Molson Coors Brewing Co (Class B) | | | | | | | | | | | 161,177 | |
| 24,187 | | | | Mondelez International, Inc | | | | | | | | | | | 1,510,236 | |
| 6,463 | | * | | Monster Beverage Corp | | | | | | | | | | | 590,395 | |
| 366 | | | | National Beverage Corp | | | | | | | | | | | 17,286 | |
| 2,817 | | * | | NewAge, Inc | | | | | | | | | | | 6,282 | |
| 23,910 | | | | PepsiCo, Inc | | | | | | | | | | | 3,542,745 | |
| 26,977 | | | | Philip Morris International, Inc | | | | | | | | | | | 2,673,690 | |
| 908 | | * | | Pilgrim’s Pride Corp | | | | | | | | | | | 20,139 | |
| 1,120 | | * | | Post Holdings, Inc | | | | | | | | | | | 121,486 | |
| 2,638 | | | | Primo Water Corp | | | | | | | | | | | 44,134 | |
| 317 | | | | Sanderson Farms, Inc | | | | | | | | | | | 59,587 | |
| 4 | | | | Seaboard Corp | | | | | | | | | | | 15,475 | |
| 134 | | * | | Seneca Foods Corp | | | | | | | | | | | 6,845 | |
| 1,484 | | * | | Simply Good Foods Co | | | | | | | | | | | 54,181 | |
| 692 | | * | | Tattooed Chef, Inc | | | | | | | | | | | 14,843 | |
| 412 | | e | | Tootsie Roll Industries, Inc | | | | | | | | | | | 13,971 | |
| 1,028 | | * | | TreeHouse Foods, Inc | | | | | | | | | | | 45,767 | |
| 190 | | | | Turning Point Brands, Inc | | | | | | | | | | | 8,696 | |
| 4,919 | | | | Tyson Foods, Inc (Class A) | | | | | | | | | | | 362,825 | |
| 619 | | | | Universal Corp | | | | | | | | | | | 35,264 | |
| 803 | | | | Utz Brands, Inc | | | | | | | | | | | 17,497 | |
| 2,682 | | | | Vector Group Ltd | | | | | | | | | | | 37,924 | |
| 420 | | * | | Vital Farms, Inc | | | | | | | | | | | 8,383 | |
| 486 | | * | | Whole Earth Brands, Inc | | | | | | | | | | | 7,047 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | | | | | | | | | 21,317,510 | |
| | | | | | | | | | | | | | | | |
| | | |
HEALTH CARE EQUIPMENT & SERVICES - 6.2% | | | | | | | | | | | | |
| 1,931 | | * | | 1Life Healthcare, Inc | | | | | | | | | | | 63,839 | |
| 30,087 | | | | Abbott Laboratories | | | | | | | | | | | 3,487,986 | |
| 785 | | * | | Abiomed, Inc | | | | | | | | | | | 245,006 | |
| 1,640 | | * | | Acadia Healthcare Co, Inc | | | | | | | | | | | 102,910 | |
| 406 | | * | | Accelerate Diagnostics, Inc | | | | | | | | | | | 3,272 | |
| 860 | | * | | Accolade, Inc | | | | | | | | | | | 46,707 | |
| 1,245 | | * | | Accuray, Inc | | | | | | | | | | | 5,627 | |
| 155 | | *,e | | Acutus Medical, Inc | | | | | | | | | | | 2,632 | |
| 1,314 | | * | | AdaptHealth Corp | | | | | | | | | | | 36,017 | |
| 230 | | * | | Addus HomeCare Corp | | | | | | | | | | | 20,065 | |
| 317 | | * | | Agiliti, Inc | | | | | | | | | | | 6,933 | |
| 594 | | * | | agilon health, Inc | | | | | | | | | | | 24,099 | |
| 1,368 | | * | | Align Technology, Inc | | | | | | | | | | | 835,848 | |
| 2,675 | | * | | Allscripts Healthcare Solutions, Inc | | | | | | | | | | | 49,514 | |
| 996 | | * | | Alphatec Holdings Inc | | | | | | | | | | | 15,259 | |
| 577 | | * | | Amedisys, Inc | | | | | | | | | | | 141,325 | |
| 3,217 | | * | | American Well Corp | | | | | | | | | | | 40,470 | |
| 2,607 | | | | AmerisourceBergen Corp | | | | | | | | | | | 298,475 | |
| 862 | | * | | AMN Healthcare Services, Inc | | | | | | | | | | | 83,597 | |
| 563 | | * | | Angiodynamics, Inc | | | | | | | | | | | 15,274 | |
| 4,260 | | | | Anthem, Inc | | | | | | | | | | | 1,626,468 | |
| 582 | | * | | Apollo Medical Holdings, Inc | | | | | | | | | | | 36,555 | |
| 89 | | * | | Apria, Inc | | | | | | | | | | | 2,492 | |
| 1,028 | | * | | Apyx Medical Corp | | | | | | | | | | | 10,599 | |
| 4,179 | | * | | Asensus Surgical, Inc | | | | | | | | | | | 13,247 | |
| 1,709 | | *,e | | Aspira Women’s Health, Inc | | | | | | | | | | | 9,605 | |
| 673 | | * | | AtriCure, Inc | | | | | | | | | | | 53,389 | |
| 27 | | | | Atrion Corp | | | | | | | | | | | 16,765 | |
| 725 | | * | | Avanos Medical, Inc | | | | | | | | | | | 26,368 | |
| 416 | | * | | Aveanna Healthcare Holdings, Inc | | | | | | | | | | | 5,146 | |
| 560 | | * | | AxoGen, Inc | | | | | | | | | | | 12,102 | |
| 656 | | * | | Axonics Modulation Technologies, Inc | | | | | | | | | | | 41,597 | |
| 8,716 | | | | Baxter International, Inc | | | | | | | | | | | 701,638 | |
| 5,010 | | | | Becton Dickinson & Co | | | | | | | | | | | 1,218,382 | |
| 281 | | * | | Biodesix, Inc | | | | | | | | | | | 3,712 | |
53
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 381 | | * | | BioLife Solutions Inc | | | | | | | | | | $ | 16,958 | |
| 24,627 | | * | | Boston Scientific Corp | | | | | | | | | | | 1,053,051 | |
| 2,873 | | * | | Brookdale Senior Living, Inc | | | | | | | | | | | 22,697 | |
| 333 | | * | | Butterfly Network, Inc | | | | | | | | | | | 4,822 | |
| 5,102 | | | | Cardinal Health, Inc | | | | | | | | | | | 291,273 | |
| 501 | | * | | Cardiovascular Systems, Inc | | | | | | | | | | | 21,368 | |
| 373 | | * | | Castle Biosciences, Inc | | | | | | | | | | | 27,352 | |
| 2,246 | | * | | Castlight Health, Inc | | | | | | | | | | | 5,907 | |
| 10,058 | | * | | Centene Corp | | | | | | | | | | | 733,530 | |
| 5,279 | | | | Cerner Corp | | | | | | | | | | | 412,607 | |
| 566 | | * | | Certara, Inc | | | | | | | | | | | 16,035 | |
| 2,819 | | * | | Cerus Corp | | | | | | | | | | | 16,660 | |
| 3,853 | | * | | Change Healthcare, Inc | | | | | | | | | | | 88,773 | |
| 292 | | | | Chemed Corp | | | | | | | | | | | 138,554 | |
| 5,925 | | | | Cigna Corp | | | | | | | | | | | 1,404,640 | |
| 336 | | * | | ClearPoint Neuro, Inc | | | | | | | | | | | 6,414 | |
| 2,138 | | * | | Community Health Systems, Inc | | | | | | | | | | | 33,011 | |
| 168 | | | | Computer Programs & Systems, Inc | | | | | | | | | | | 5,583 | |
| 422 | | | | Conmed Corp | | | | | | | | | | | 57,995 | |
| 852 | | | | Cooper Cos, Inc | | | | | | | | | | | 337,622 | |
| 163 | | * | | Corvel Corp | | | | | | | | | | | 21,891 | |
| 1,718 | | * | | Covetrus, Inc | | | | | | | | | | | 46,386 | |
| 544 | | * | | Cross Country Healthcare, Inc | | | | | | | | | | | 8,981 | |
| 480 | | * | | CryoLife, Inc | | | | | | | | | | | 13,632 | |
| 670 | | *,e | | CryoPort, Inc | | | | | | | | | | | 42,277 | |
| 279 | | * | | Cutera, Inc | | | | | | | | | | | 13,679 | |
| 22,819 | | | | CVS Health Corp | | | | | | | | | | | 1,904,017 | |
| 466 | | * | | CytoSorbents Corp | | | | | | | | | | | 3,518 | |
| 10,999 | | | | Danaher Corp | | | | | | | | | | | 2,951,692 | |
| 271 | | * | | DarioHealth Corp | | | | | | | | | | | 5,789 | |
| 1,253 | | * | | DaVita, Inc | | | | | | | | | | | 150,899 | |
| 3,840 | | | | Dentsply Sirona, Inc | | | | | | | | | | | 242,918 | |
| 1,662 | | * | | DexCom, Inc | | | | | | | | | | | 709,674 | |
| 301 | | * | | Eargo, Inc | | | | | | | | | | | 12,013 | |
| 10,746 | | * | | Edwards Lifesciences Corp | | | | | | | | | | | 1,112,963 | |
| 1,608 | | | | Encompass Health Corp | | | | | | | | | | | 125,472 | |
| 981 | | | | Ensign Group, Inc | | | | | | | | | | | 85,023 | |
| 2,830 | | * | | Envista Holdings Corp | | | | | | | | | | | 122,284 | |
| 1,209 | | * | | Evolent Health, Inc | | | | | | | | | | | 25,534 | |
| 303 | | * | | Exagen, Inc | | | | | | | | | | | 4,542 | |
| 364 | | * | | Forian, Inc | | | | | | | | | | | 4,576 | |
| 350 | | * | | Fulgent Genetics, Inc | | | | | | | | | | | 32,281 | |
| 710 | | * | | Glaukos Corp | | | | | | | | | | | 60,229 | |
| 1,419 | | * | | Globus Medical, Inc | | | | | | | | | | | 110,015 | |
| 1,534 | | * | | Guardant Health, Inc | | | | | | | | | | | 190,507 | |
| 886 | | * | | Haemonetics Corp | | | | | | | | | | | 59,043 | |
| 636 | | * | | Hanger Inc | | | | | | | | | | | 16,078 | |
| 4,527 | | | | HCA Healthcare, Inc | | | | | | | | | | | 935,912 | |
| 737 | | * | | Health Catalyst, Inc | | | | | | | | | | | 40,911 | |
| 1,338 | | * | | HealthEquity, Inc | | | | | | | | | | | 107,682 | |
| 399 | | * | | HealthStream, Inc | | | | | | | | | | | 11,148 | |
| 2,530 | | * | | Henry Schein, Inc | | | | | | | | | | | 187,701 | |
| 136 | | * | | Heska Corp | | | | | | | | | | | 31,243 | |
| 1,196 | | | | Hill-Rom Holdings, Inc | | | | | | | | | | | 135,854 | |
| 4,432 | | * | | Hologic, Inc | | | | | | | | | | | 295,703 | |
| 2,243 | | | | Humana, Inc | | | | | | | | | | | 993,021 | |
| 352 | | * | | iCAD, Inc | | | | | | | | | | | 6,093 | |
| 362 | | * | | ICU Medical, Inc | | | | | | | | | | | 74,500 | |
| 1,474 | | * | | IDEXX Laboratories, Inc | | | | | | | | | | | 930,905 | |
| 555 | | * | | Inari Medical, Inc | | | | | | | | | | | 51,770 | |
| 655 | | * | | InfuSystem Holdings, Inc | | | | | | | | | | | 13,617 | |
| 200 | | * | | Innovage Holding Corp | | | | | | | | | | | 4,262 | |
| 301 | | * | | Inogen, Inc | | | | | | | | | | | 19,616 | |
| 1,431 | | * | | Inovalon Holdings, Inc | | | | | | | | | | | 48,768 | |
| 439 | | * | | Inspire Medical Systems, Inc | | | | | | | | | | | 84,841 | |
| 1,123 | | * | | Insulet Corp | | | | | | | | | | | 308,275 | |
| 572 | | * | | Integer Holding Corp | | | | | | | | | | | 53,882 | |
54
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,378 | | * | | Integra LifeSciences Holdings Corp | | | | | | | | | | $ | 94,035 | |
| 639 | | * | | Intersect ENT, Inc | | | | | | | | | | | 10,921 | |
| 2,039 | | * | | Intuitive Surgical, Inc | | | | | | | | | | | 1,875,146 | |
| 733 | | * | | Invacare Corp | | | | | | | | | | | 5,915 | |
| 96 | | * | | iRadimed Corp | | | | | | | | | | | 2,823 | |
| 477 | | * | | iRhythm Technologies, Inc | | | | | | | | | | | 31,649 | |
| 229 | | * | | Joint Corp | | | | | | | | | | | 19,218 | |
| 1,703 | | * | | Laboratory Corp of America Holdings | | | | | | | | | | | 469,773 | |
| 1,098 | | * | | Lantheus Holdings, Inc | | | | | | | | | | | 30,349 | |
| 236 | | | | LeMaitre Vascular, Inc | | | | | | | | | | | 14,401 | |
| 528 | | * | | LHC Group, Inc | | | | | | | | | | | 105,737 | |
| 892 | | * | | LivaNova plc | | | | | | | | | | | 75,026 | |
| 426 | | * | | Magellan Health Services, Inc | | | | | | | | | | | 40,129 | |
| 849 | | * | | Masimo Corp | | | | | | | | | | | 205,840 | |
| 2,789 | | | | McKesson Corp | | | | | | | | | | | 533,368 | |
| 1,431 | | * | | MEDNAX, Inc | | | | | | | | | | | 43,145 | |
| 23,252 | | | | Medtronic plc | | | | | | | | | | | 2,886,271 | |
| 646 | | * | | Meridian Bioscience, Inc | | | | | | | | | | | 14,328 | |
| 985 | | * | | Merit Medical Systems, Inc | | | | | | | | | | | 63,690 | |
| 49 | | | | Mesa Laboratories, Inc | | | | | | | | | | | 13,287 | |
| 207 | | * | | Misonix Inc | | | | | | | | | | | 4,591 | |
| 199 | | * | | ModivCare, Inc | | | | | | | | | | | 33,844 | |
| 1,021 | | * | | Molina Healthcare, Inc | | | | | | | | | | | 258,374 | |
| 6,526 | | * | | Multiplan Corp | | | | | | | | | | | 62,128 | |
| 957 | | * | | NantHealth, Inc | | | | | | | | | | | 2,220 | |
| 173 | | | | National Healthcare Corp | | | | | | | | | | | 12,093 | |
| 208 | | | | National Research Corp | | | | | | | | | | | 9,547 | |
| 500 | | * | | Natus Medical, Inc | | | | | | | | | | | 12,990 | |
| 2,042 | | * | | Neogen Corp | | | | | | | | | | | 94,014 | |
| 444 | | * | | Neuronetics, Inc | | | | | | | | | | | 7,113 | |
| 105 | | * | | NeuroPace, Inc | | | | | | | | | | | 2,498 | |
| 613 | | * | | Nevro Corp | | | | | | | | | | | 101,629 | |
| 818 | | * | | NextGen Healthcare, Inc | | | | | | | | | | | 13,571 | |
| 1,767 | | * | | Novocure Ltd | | | | | | | | | | | 391,956 | |
| 959 | | * | | NuVasive, Inc | | | | | | | | | | | 65,001 | |
| 1,717 | | * | | Oak Street Health, Inc | | | | | | | | | | | 100,565 | |
| 758 | | * | | Omnicell, Inc | | | | | | | | | | | 114,799 | |
| 140 | | * | | Ontrak, Inc | | | | | | | | | | | 4,547 | |
| 366 | | * | | OptimizeRx Corp | | | | | | | | | | | 22,655 | |
| 1,733 | | * | | Option Care Health, Inc | | | | | | | | | | | 37,901 | |
| 1,144 | | * | | OraSure Technologies, Inc | | | | | | | | | | | 11,600 | |
| 1,546 | | * | | Ortho Clinical Diagnostics Holdings plc | | | | | | | | | | | 33,100 | |
| 267 | | * | | Orthofix Medical Inc | | | | | | | | | | | 10,709 | |
| 333 | | * | | OrthoPediatrics Corp | | | | | | | | | | | 21,039 | |
| 742 | | * | | Outset Medical, Inc | | | | | | | | | | | 37,085 | |
| 1,223 | | | | Owens & Minor, Inc | | | | | | | | | | | 51,770 | |
| 1,530 | | | | Patterson Cos, Inc | | | | | | | | | | | 46,497 | |
| 1,340 | | * | | PAVmed, Inc | | | | | | | | | | | 8,576 | |
| 524 | | * | | Pennant Group, Inc | | | | | | | | | | | 21,432 | |
| 597 | | * | | Penumbra, Inc | | | | | | | | | | | 163,614 | |
| 419 | | *,e | | PetIQ, Inc | | | | | | | | | | | 16,173 | |
| 580 | | * | | Phreesia, Inc | | | | | | | | | | | 35,554 | |
| 2,070 | | | | Premier, Inc | | | | | | | | | | | 72,015 | |
| 226 | | * | | Privia Health Group, Inc | | | | | | | | | | | 10,028 | |
| 1,032 | | * | | Progyny, Inc | | | | | | | | | | | 60,888 | |
| 398 | | * | | Pulmonx Corp | | | | | | | | | | | 17,560 | |
| 245 | | * | | Pulse Biosciences, Inc | | | | | | | | | | | 4,018 | |
| 2,293 | | | | Quest Diagnostics, Inc | | | | | | | | | | | 302,607 | |
| 665 | | * | | Quidel Corp | | | | | | | | | | | 85,200 | |
| 1,080 | | * | | Quotient Ltd | | | | | | | | | | | 3,931 | |
| 2,103 | | * | | R1 RCM, Inc | | | | | | | | | | | 46,771 | |
| 689 | | * | | RadNet, Inc | | | | | | | | | | | 23,212 | |
| 2,507 | | | | Resmed, Inc | | | | | | | | | | | 618,026 | |
| 379 | | *,e | | Retractable Technologies, Inc | | | | | | | | | | | 4,381 | |
| 771 | | * | | Schrodinger, Inc | | | | | | | | | | | 58,295 | |
| 496 | | * | | SeaSpine Holdings Corp | | | | | | | | | | | 10,173 | |
| 1,678 | | | | Select Medical Holdings Corp | | | | | | | | | | | 70,912 | |
55
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 7,206 | | * | | Senseonics Holdings, Inc | | | | | | | | | | $ | 27,671 | |
| 406 | | * | | Sharps Compliance Corp | | | | | | | | | | | 4,182 | |
| 594 | | * | | Shockwave Medical Inc | | | | | | | | | | | 112,700 | |
| 442 | | * | | SI-BONE, Inc | | | | | | | | | | | 13,910 | |
| 1,519 | | * | | Sientra, Inc | | | | | | | | | | | 12,091 | |
| 395 | | * | | Signify Health, Inc | | | | | | | | | | | 12,020 | |
| 548 | | * | | Silk Road Medical Inc | | | | | | | | | | | 26,227 | |
| 227 | | | | Simulations Plus, Inc | | | | | | | | | | | 12,465 | |
| 948 | | * | | SOC Telemed, Inc | | | | | | | | | | | 5,394 | |
| 154 | | * | | Soliton Inc | | | | | | | | | | | 3,463 | |
| 793 | | * | | Staar Surgical Co | | | | | | | | | | | 120,933 | |
| 772 | | * | | Stereotaxis, Inc | | | | | | | | | | | 7,442 | |
| 1,737 | | | | STERIS plc | | | | | | | | | | | 358,343 | |
| 6,053 | | | | Stryker Corp | | | | | | | | | | | 1,572,146 | |
| 509 | | * | | Surgery Partners, Inc | | | | | | | | | | | 33,910 | |
| 300 | | * | | SurModics, Inc | | | | | | | | | | | 16,275 | |
| 363 | | *,e | | Tabula Rasa HealthCare, Inc | | | | | | | | | | | 18,150 | |
| 280 | | * | | Tactile Systems Technology, Inc | | | | | | | | | | | 14,560 | |
| 416 | | * | | Talis Biomedical Corp | | | | | | | | | | | 4,588 | |
| 1,069 | | * | | Tandem Diabetes Care, Inc | | | | | | | | | | | 104,121 | |
| 2,498 | | * | | Teladoc, Inc | | | | | | | | | | | 415,392 | |
| 818 | | | | Teleflex, Inc | | | | | | | | | | | 328,664 | |
| 1,754 | | * | | Tenet Healthcare Corp | | | | | | | | | | | 117,500 | |
| 668 | | * | | Tivity Health, Inc | | | | | | | | | | | 17,575 | |
| 436 | | * | | Transmedics Group, Inc | | | | | | | | | | | 14,466 | |
| 86 | | * | | Treace Medical Concepts, Inc | | | | | | | | | | | 2,688 | |
| 378 | | * | | Triple-S Management Corp (Class B) | | | | | | | | | | | 8,418 | |
| 16,285 | | | | UnitedHealth Group, Inc | | | | | | | | | | | 6,521,165 | |
| 1,348 | | | | Universal Health Services, Inc (Class B) | | | | | | | | | | | 197,388 | |
| 187 | | | | US Physical Therapy, Inc | | | | | | | | | | | 21,668 | |
| 80 | | | | Utah Medical Products, Inc | | | | | | | | | | | 6,803 | |
| 344 | | * | | Vapotherm, Inc | | | | | | | | | | | 8,132 | |
| 587 | | * | | Varex Imaging Corp | | | | | | | | | | | 15,743 | |
| 2,386 | | * | | Veeva Systems, Inc | | | | | | | | | | | 741,927 | |
| 615 | | * | | Viemed Healthcare, Inc | | | | | | | | | | | 4,397 | |
| 2,186 | | * | | ViewRay, Inc | | | | | | | | | | | 14,428 | |
| 433 | | * | | Vocera Communications, Inc | | | | | | | | | | | 17,255 | |
| 1,289 | | | | West Pharmaceutical Services, Inc | | | | | | | | | | | 462,880 | |
| 3,636 | | | | Zimmer Biomet Holdings, Inc | | | | | | | | | | | 584,742 | |
| 341 | | *,e | | Zynex Inc | | | | | | | | | | | 5,296 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | | | | | | | | | 48,128,760 | |
| | | | | | | | | | | | | | | | |
| | | |
HOUSEHOLD & PERSONAL PRODUCTS - 1.3% | | | | | | | | | | | | |
| 264 | | * | | Beauty Health Co | | | | | | | | | | | 4,435 | |
| 722 | | * | | BellRing Brands, Inc | | | | | | | | | | | 22,628 | |
| 160 | | * | | Central Garden & Pet Co | | | | | | | | | | | 8,469 | |
| 580 | | * | | Central Garden and Pet Co (Class A) | | | | | | | | | | | 28,014 | |
| 4,374 | | | | Church & Dwight Co, Inc | | | | | | | | | | | 372,752 | |
| 2,176 | | | | Clorox Co | | | | | | | | | | | 391,484 | |
| 14,485 | | | | Colgate-Palmolive Co | | | | | | | | | | | 1,178,355 | |
| 5,109 | | * | | Coty, Inc | | | | | | | | | | | 47,718 | |
| 893 | | | | Edgewell Personal Care Co | | | | | | | | | | | 39,203 | |
| 620 | | * | | elf Beauty, Inc | | | | | | | | | | | 16,827 | |
| 1,154 | | | | Energizer Holdings, Inc | | | | | | | | | | | 49,599 | |
| 3,958 | | | | Estee Lauder Cos (Class A) | | | | | | | | | | | 1,258,961 | |
| 1,810 | | * | | Herbalife Nutrition Ltd | | | | | | | | | | | 95,441 | |
| 253 | | | | Inter Parfums, Inc | | | | | | | | | | | 18,216 | |
| 5,851 | | | | Kimberly-Clark Corp | | | | | | | | | | | 782,747 | |
| 188 | | | | Medifast, Inc | | | | | | | | | | | 53,200 | |
| 140 | | | | Nature’s Sunshine Products, Inc | | | | | | | | | | | 2,432 | |
| 938 | | | | Nu Skin Enterprises, Inc (Class A) | | | | | | | | | | | 53,138 | |
| 80 | | | | Oil-Dri Corp of America | | | | | | | | | | | 2,734 | |
| 42,122 | | | | Procter & Gamble Co | | | | | | | | | | | 5,683,521 | |
| 185 | | * | | Revlon, Inc (Class A) | | | | | | | | | | | 2,375 | |
| 871 | | | | Reynolds Consumer Products, Inc | | | | | | | | | | | 26,435 | |
| 775 | | | | Spectrum Brands Holdings, Inc | | | | | | | | | | | 65,906 | |
56
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 180 | | * | | USANA Health Sciences, Inc | | | | | | | | | | $ | 18,437 | |
| 909 | | * | | Veru, Inc | | | | | | | | | | | 7,336 | |
| 266 | | | | WD-40 Co | | | | | | | | | | | 68,173 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | | | | | | | | | 10,298,536 | |
| | | | | | | | | | | | | | | | |
| | | |
INSURANCE - 2.0% | | | | | | | | | | | | |
| 11,707 | | | | Aflac, Inc | | | | | | | | | | | 628,198 | |
| 252 | | * | | Alleghany Corp | | | | | | | | | | | 168,102 | |
| 5,175 | | | | Allstate Corp | | | | | | | | | | | 675,027 | |
| 699 | | * | | AMBAC Financial Group, Inc | | | | | | | | | | | 10,946 | |
| 1,557 | | | | American Equity Investment Life Holding Co | | | | | | | | | | | 50,322 | |
| 1,232 | | | | American Financial Group, Inc | | | | | | | | | | | 153,655 | |
| 14,944 | | | | American International Group, Inc | | | | | | | | | | | 711,334 | |
| 98 | | | | American National Group, Inc | | | | | | | | | | | 14,558 | |
| 299 | | | | Amerisafe, Inc | | | | | | | | | | | 17,847 | |
| 3,883 | | | | Aon plc | | | | | | | | | | | 927,105 | |
| 6,572 | | * | | Arch Capital Group Ltd | | | | | | | | | | | 255,914 | |
| 509 | | | | Argo Group International Holdings Ltd | | | | | | | | | | | 26,381 | |
| 3,361 | | | | Arthur J. Gallagher & Co | | | | | | | | | | | 470,809 | |
| 1,099 | | | | Assurant, Inc | | | | | | | | | | | 171,642 | |
| 1,346 | | | | Assured Guaranty Ltd | | | | | | | | | | | 63,908 | |
| 1,798 | | * | | Athene Holding Ltd | | | | | | | | | | | 121,365 | |
| 1,509 | | | | Axis Capital Holdings Ltd | | | | | | | | | | | 73,956 | |
| 1,632 | | * | | Brighthouse Financial, Inc | | | | | | | | | | | 74,321 | |
| 4,148 | | | | Brown & Brown, Inc | | | | | | | | | | | 220,425 | |
| 696 | | * | | BRP Group, Inc | | | | | | | | | | | 18,548 | |
| 7,732 | | | | Chubb Ltd | | | | | | | | | | | 1,228,924 | |
| 2,630 | | | | Cincinnati Financial Corp | | | | | | | | | | | 306,711 | |
| 712 | | *,e | | Citizens, Inc (Class A) | | | | | | | | | | | 3,766 | |
| 261 | | | | CNA Financial Corp | | | | | | | | | | | 11,873 | |
| 2,635 | | | | Conseco, Inc | | | | | | | | | | | 62,239 | |
| 143 | | | | Donegal Group, Inc (Class A) | | | | | | | | | | | 2,083 | |
| 494 | | * | | eHealth, Inc | | | | | | | | | | | 28,850 | |
| 488 | | | | Employers Holdings, Inc | | | | | | | | | | | 20,886 | |
| 247 | | * | | Enstar Group Ltd | | | | | | | | | | | 59,013 | |
| 436 | | | | Erie Indemnity Co (Class A) | | | | | | | | | | | 84,301 | |
| 667 | | | | Everest Re Group Ltd | | | | | | | | | | | 168,091 | |
| 4,916 | | | | Fidelity National Financial Inc | | | | | | | | | | | 213,649 | |
| 1,893 | | | | First American Financial Corp | | | | | | | | | | | 118,029 | |
| 8,098 | | * | | Genworth Financial, Inc (Class A) | | | | | | | | | | | 31,582 | |
| 1,709 | | | | Globe Life, Inc | | | | | | | | | | | 162,782 | |
| 727 | | * | | GoHealth, Inc | | | | | | | | | | | 8,150 | |
| 286 | | | | Goosehead Insurance, Inc | | | | | | | | | | | 36,408 | |
| 463 | | * | | Greenlight Capital Re Ltd (Class A) | | | | | | | | | | | 4,227 | |
| 724 | | | | Hanover Insurance Group, Inc | | | | | | | | | | | 98,203 | |
| 6,227 | | | | Hartford Financial Services Group, Inc | | | | | | | | | | | 385,887 | |
| 121 | | e | | HCI Group, Inc | | | | | | | | | | | 12,031 | |
| 362 | | | | Heritage Insurance Holdings, Inc | | | | | | | | | | | 3,106 | |
| 637 | | | | Horace Mann Educators Corp | | | | | | | | | | | 23,837 | |
| 90 | | | | Independence Holding Co | | | | | | | | | | | 4,169 | |
| 23 | | | | Investors Title Co | | | | | | | | | | | 4,016 | |
| 648 | | | | James River Group Holdings Ltd | | | | | | | | | | | 24,313 | |
| 1,193 | | | | Kemper Corp | | | | | | | | | | | 88,163 | |
| 347 | | | | Kinsale Capital Group, Inc | | | | | | | | | | | 57,175 | |
| 657 | | * | | Lemonade, Inc | | | | | | | | | | | 71,882 | |
| 3,389 | | | | Lincoln National Corp | | | | | | | | | | | 212,965 | |
| 4,000 | | | | Loews Corp | | | | | | | | | | | 218,600 | |
| 1,108 | | * | | Maiden Holdings Ltd | | | | | | | | | | | 3,734 | |
| 235 | | * | | Markel Corp | | | | | | | | | | | 278,877 | |
| 8,816 | | | | Marsh & McLennan Cos, Inc | | | | | | | | | | | 1,240,235 | |
| 1,532 | | * | | MBIA, Inc | | | | | | | | | | | 16,852 | |
| 429 | | | | Mercury General Corp | | | | | | | | | | | 27,864 | |
| 12,630 | | | | Metlife, Inc | | | | | | | | | | | 755,905 | |
| 563 | | * | | MetroMile, Inc | | | | | | | | | | | 5,151 | |
| 35 | | | | National Western Life Group, Inc | | | | | | | | | | | 7,854 | |
| 158 | | * | | NI Holdings, Inc | | | | | | | | | | | 3,004 | |
| 5,185 | | | | Old Republic International Corp | | | | | | | | | | | 129,158 | |
57
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 391 | | * | | Palomar Holdings, Inc | | | | | | | | | | $ | 29,505 | |
| 727 | | | | Primerica, Inc | | | | | | | | | | | 111,333 | |
| 4,803 | | | | Principal Financial Group | | | | | | | | | | | 303,502 | |
| 820 | | | | ProAssurance Corp | | | | | | | | | | | 18,655 | |
| 10,129 | | | | Progressive Corp | | | | | | | | | | | 994,769 | |
| 6,907 | | | | Prudential Financial, Inc | | | | | | | | | | | 707,760 | |
| 1,153 | | | | Reinsurance Group of America, Inc (Class A) | | | | | | | | | | | 131,442 | |
| 834 | | | | RenaissanceRe Holdings Ltd | | | | | | | | | | | 124,116 | |
| 600 | | | | RLI Corp | | | | | | | | | | | 62,754 | |
| 227 | | | | Safety Insurance Group, Inc | | | | | | | | | | | 17,770 | |
| 1,030 | | | | Selective Insurance Group, Inc | | | | | | | | | | | 83,584 | |
| 2,285 | | * | | Selectquote, Inc | | | | | | | | | | | 44,009 | |
| 1,153 | | * | | SiriusPoint Ltd | | | | | | | | | | | 11,611 | |
| 243 | | | | State Auto Financial Corp | | | | | | | | | | | 4,160 | |
| 351 | | | | Stewart Information Services Corp | | | | | | | | | | | 19,898 | |
| 433 | | | | Tiptree Inc | | | | | | | | | | | 4,027 | |
| 4,384 | | | | Travelers Cos, Inc | | | | | | | | | | | 656,329 | |
| 236 | | * | | Trean Insurance Group, Inc | | | | | | | | | | | 3,559 | |
| 628 | | * | | Trupanion, Inc | | | | | | | | | | | 72,283 | |
| 338 | | | | United Fire Group Inc | | | | | | | | | | | 9,373 | |
| 255 | | | | United Insurance Holdings Corp | | | | | | | | | | | 1,453 | |
| 503 | | | | Universal Insurance Holdings, Inc | | | | | | | | | | | 6,982 | |
| 3,600 | | | | Unum Group | | | | | | | | | | | 102,240 | |
| 2,544 | | | | W.R. Berkley Corp | | | | | | | | | | | 189,350 | |
| 347 | | * | | Watford Holdings Ltd | | | | | | | | | | | 12,141 | |
| 56 | | | | White Mountains Insurance Group Ltd | | | | | | | | | | | 64,290 | |
| 2,217 | | | | Willis Towers Watson plc | | | | | | | | | | | 509,954 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INSURANCE | | | | | | | | | | | 15,375,757 | |
| | | | | | | | | | | | | | | | |
| | | |
MATERIALS - 2.5% | | | | | | | | | | | | |
| 461 | | * | | AdvanSix, Inc | | | | | | | | | | | 13,765 | |
| 3,809 | | | | Air Products & Chemicals, Inc | | | | | | | | | | | 1,095,773 | |
| 2,036 | | | | Albemarle Corp | | | | | | | | | | | 342,985 | |
| 3,306 | | * | | Alcoa Corp | | | | | | | | | | | 121,793 | |
| 2,222 | | * | | Allegheny Technologies, Inc | | | | | | | | | | | 46,329 | |
| 26,906 | | | | Amcor plc | | | | | | | | | | | 308,343 | |
| 429 | | | | American Vanguard Corp | | | | | | | | | | | 7,512 | |
| 2,855 | | * | | Amyris, Inc | | | | | | | | | | | 46,736 | |
| 1,121 | | | | Aptargroup, Inc | | | | | | | | | | | 157,882 | |
| 1,763 | | * | | Arconic Corp | | | | | | | | | | | 62,798 | |
| 271 | | | | Ardagh Group S.A. | | | | | | | | | | | 6,645 | |
| 1,015 | | | | Ashland Global Holdings, Inc | | | | | | | | | | | 88,812 | |
| 1,462 | | | | Avery Dennison Corp | | | | | | | | | | | 307,371 | |
| 1,490 | | | | Avient Corp | | | | | | | | | | | 73,248 | |
| 3,718 | | * | | Axalta Coating Systems Ltd | | | | | | | | | | | 113,362 | |
| 605 | | | | Balchem Corp | | | | | | | | | | | 79,412 | |
| 5,614 | | | | Ball Corp | | | | | | | | | | | 454,846 | |
| 2,289 | | * | | Berry Global Group, Inc | | | | | | | | | | | 149,289 | |
| 953 | | | | Cabot Corp | | | | | | | | | | | 54,254 | |
| 799 | | | | Carpenter Technology Corp | | | | | | | | | | | 32,136 | |
| 1,973 | | | | Celanese Corp (Series A) | | | | | | | | | | | 299,107 | |
| 831 | | * | | Century Aluminum Co | | | | | | | | | | | 10,712 | |
| 3,807 | | | | CF Industries Holdings, Inc | | | | | | | | | | | 195,870 | |
| 111 | | | | Chase Corp | | | | | | | | | | | 11,390 | |
| 2,911 | | | | Chemours Co | | | | | | | | | | | 101,303 | |
| 261 | | * | | Clearwater Paper Corp | | | | | | | | | | | 7,561 | |
| 7,702 | | *,e | | Cleveland-Cliffs, Inc | | | | | | | | | | | 166,055 | |
| 4,597 | | * | | Coeur Mining, Inc | | | | | | | | | | | 40,821 | |
| 1,801 | | | | Commercial Metals Co | | | | | | | | | | | 55,327 | |
| 532 | | | | Compass Minerals International, Inc | | | | | | | | | | | 31,526 | |
| 1,802 | | * | | Constellium SE | | | | | | | | | | | 34,148 | |
| 12,838 | | | | Corteva, Inc | | | | | | | | | | | 569,365 | |
| 2,288 | | | | Crown Holdings, Inc | | | | | | | | | | | 233,856 | |
| 1,148 | | * | | Danimer Scientific, Inc | | | | | | | | | | | 28,757 | |
| 888 | | * | | Domtar Corp | | | | | | | | | | | 48,804 | |
| 12,981 | | | | Dow, Inc | | | | | | | | | | | 821,438 | |
| 9,260 | | | | DuPont de Nemours, Inc | | | | | | | | | | | 716,817 | |
58
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 734 | | | | Eagle Materials, Inc | | | | | | | | | | $ | 104,309 | |
| 2,397 | | | | Eastman Chemical Co | | | | | | | | | | | 279,850 | |
| 4,322 | | | | Ecolab, Inc | | | | | | | | | | | 890,202 | |
| 3,499 | | | | Element Solutions, Inc | | | | | | | | | | | 81,807 | |
| 1,255 | | * | | Ferro Corp | | | | | | | | | | | 27,070 | |
| 1,000 | | *,† | | Ferroglobe plc | | | | | | | | | | | 0 | |
| 2,262 | | | | FMC Corp | | | | | | | | | | | 244,748 | |
| 325 | | * | | Forterra, Inc | | | | | | | | | | | 7,641 | |
| 25,426 | | | | Freeport-McMoRan, Inc (Class B) | | | | | | | | | | | 943,559 | |
| 400 | | | | FutureFuel Corp | | | | | | | | | | | 3,840 | |
| 537 | | *,e | | Gatos Silver, Inc | | | | | | | | | | | 9,392 | |
| 1,119 | | * | | GCP Applied Technologies, Inc | | | | | | | | | | | 26,028 | |
| 658 | | | | Glatfelter Corp | | | | | | | | | | | 9,192 | |
| 4,828 | | | | Graphic Packaging Holding Co | | | | | | | | | | | 87,580 | |
| 395 | | | | Greif, Inc (Class A) | | | | | | | | | | | 23,917 | |
| 87 | | | | Greif, Inc (Class B) | | | | | | | | | | | 5,133 | |
| 784 | | | | H.B. Fuller Co | | | | | | | | | | | 49,870 | |
| 284 | | | | Hawkins, Inc | | | | | | | | | | | 9,301 | |
| 193 | | | | Haynes International, Inc | | | | | | | | | | | 6,828 | |
| 9,435 | | | | Hecla Mining Co | | | | | | | | | | | 70,196 | |
| 3,508 | | | | Huntsman Corp | | | | | | | | | | | 93,032 | |
| 749 | | * | | Ingevity Corp | | | | | | | | | | | 60,939 | |
| 373 | | | | Innospec, Inc | | | | | | | | | | | 33,798 | |
| 4,277 | | | | International Flavors & Fragrances, Inc | | | | | | | | | | | 638,984 | |
| 6,818 | | | | International Paper Co | | | | | | | | | | | 418,012 | |
| 149 | | * | | Intrepid Potash, Inc | | | | | | | | | | | 4,747 | |
| 261 | | | | Kaiser Aluminum Corp | | | | | | | | | | | 32,231 | |
| 315 | | * | | Koppers Holdings, Inc | | | | | | | | | | | 10,190 | |
| 468 | | * | | Kraton Corp | | | | | | | | | | | 15,112 | |
| 357 | | | | Kronos Worldwide, Inc | | | | | | | | | | | 5,112 | |
| 2,532 | | * | | Livent Corp | | | | | | | | | | | 49,020 | |
| 1,814 | | | | Louisiana-Pacific Corp | | | | | | | | | | | 109,366 | |
| 4,456 | | | | LyondellBasell Industries NV | | | | | | | | | | | 458,389 | |
| 2,371 | | * | | Marrone Bio Innovations, Inc | | | | | | | | | | | 3,936 | |
| 1,074 | | | | Martin Marietta Materials, Inc | | | | | | | | | | | 377,844 | |
| 300 | | | | Materion Corp | | | | | | | | | | | 22,605 | |
| 741 | | | | Minerals Technologies, Inc | | | | | | | | | | | 58,294 | |
| 6,067 | | | | Mosaic Co | | | | | | | | | | | 193,598 | |
| 1,223 | | * | | MP Materials Corp | | | | | | | | | | | 45,080 | |
| 371 | | | | Myers Industries, Inc | | | | | | | | | | | 7,791 | |
| 257 | | | | Neenah Inc | | | | | | | | | | | 12,894 | |
| 131 | | | | NewMarket Corp | | | | | | | | | | | 42,179 | |
| 13,897 | | | | Newmont Goldcorp Corp | | | | | | | | | | | 880,792 | |
| 3,868 | | * | | Novagold Resources Inc | | | | | | | | | | | 30,983 | |
| 5,173 | | | | Nucor Corp | | | | | | | | | | | 496,246 | |
| 2,868 | | * | | O-I Glass, Inc | | | | | | | | | | | 46,834 | |
| 2,510 | | | | Olin Corp | | | | | | | | | | | 116,113 | |
| 163 | | | | Olympic Steel, Inc | | | | | | | | | | | 4,791 | |
| 1,050 | | * | | Orion Engineered Carbons SA | | | | | | | | | | | 19,939 | |
| 1,669 | | | | Packaging Corp of America | | | | | | | | | | | 226,016 | |
| 499 | | | | Pactiv Evergreen, Inc | | | | | | | | | | | 7,520 | |
| 593 | | * | | Perpetua Resources Corp | | | | | | | | | | | 4,329 | |
| 632 | | *,e | | PolyMet Mining Corp | | | | | | | | | | | 2,282 | |
| 4,093 | | | | PPG Industries, Inc | | | | | | | | | | | 694,869 | |
| 868 | | | | PQ Group Holdings, Inc | | | | | | | | | | | 13,332 | |
| 455 | | *,e | | PureCycle Technologies, Inc | | | | | | | | | | | 10,761 | |
| 201 | | | | Quaker Chemical Corp | | | | | | | | | | | 47,675 | |
| 564 | | * | | Ranpak Holdings Corp | | | | | | | | | | | 14,117 | |
| 877 | | * | | Rayonier Advanced Materials, Inc | | | | | | | | | | | 5,867 | |
| 1,096 | | | | Reliance Steel & Aluminum Co | | | | | | | | | | | 165,386 | |
| 1,158 | | | | Royal Gold, Inc | | | | | | | | | | | 132,128 | |
| 2,211 | | | | RPM International, Inc | | | | | | | | | | | 196,071 | |
| 272 | | * | | Ryerson Holding Corp | | | | | | | | | | | 3,971 | |
| 421 | | | | Schnitzer Steel Industries, Inc (Class A) | | | | | | | | | | | 20,650 | |
| 670 | | | | Schweitzer-Mauduit International, Inc | | | | | | | | | | | 27,055 | |
| 716 | | | | Scotts Miracle-Gro Co (Class A) | | | | | | | | | | | 137,415 | |
| 2,697 | | | | Sealed Air Corp | | | | | | | | | | | 159,797 | |
59
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 804 | | | | Sensient Technologies Corp | | | | | | | | | | $ | 69,594 | |
| 4,215 | | | | Sherwin-Williams Co | | | | | | | | | | | 1,148,377 | |
| 1,204 | | | | Silgan Holdings, Inc | | | | | | | | | | | 49,966 | |
| 1,617 | | | | Sonoco Products Co | | | | | | | | | | | 108,177 | |
| 1,339 | | | | Southern Copper Corp (NY) | | | | | | | | | | | 86,124 | |
| 3,643 | | | | Steel Dynamics, Inc | | | | | | | | | | | 217,123 | |
| 410 | | | | Stepan Co | | | | | | | | | | | 49,311 | |
| 1,996 | | * | | Summit Materials, Inc | | | | | | | | | | | 69,561 | |
| 1,010 | | | | SunCoke Energy, Inc | | | | | | | | | | | 7,211 | |
| 717 | | * | | TimkenSteel Corp | | | | | | | | | | | 10,146 | |
| 394 | | | | Tredegar Corp | | | | | | | | | | | 5,425 | |
| 733 | | | | Trinseo S.A. | | | | | | | | | | | 43,863 | |
| 1,767 | | | | Tronox Holdings plc | | | | | | | | | | | 39,581 | |
| 159 | | * | | UFP Technologies, Inc | | | | | | | | | | | 9,130 | |
| 30 | | | | United States Lime & Minerals, Inc | | | | | | | | | | | 4,173 | |
| 4,509 | | | | United States Steel Corp | | | | | | | | | | | 108,216 | |
| 238 | | * | | US Concrete, Inc | | | | | | | | | | | 17,564 | |
| 3,271 | | | | Valvoline, Inc | | | | | | | | | | | 106,177 | |
| 915 | | | | Verso Corp | | | | | | | | | | | 16,196 | |
| 2,283 | | | | Vulcan Materials Co | | | | | | | | | | | 397,402 | |
| 1,011 | | | | W R Grace & Co | | | | | | | | | | | 69,880 | |
| 1,163 | | | | Warrior Met Coal, Inc | | | | | | | | | | | 20,004 | |
| 559 | | | | Westlake Chemical Corp | | | | | | | | | | | 50,360 | |
| 4,647 | | | | WestRock Co | | | | | | | | | | | 247,313 | |
| 702 | | | | Worthington Industries, Inc | | | | | | | | | | | 42,948 | |
| 239 | | * | | Zymergen, Inc | | | | | | | | | | | 9,562 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL MATERIALS | | | | | | | | | | | 18,978,087 | |
| | | | | | | | | | | | | | | | |
| | | |
MEDIA & ENTERTAINMENT - 8.8% | | | | | | | | | | | | |
| 13,441 | | | | Activision Blizzard, Inc | | | | | | | | | | | 1,282,809 | |
| 988 | | * | | Advantage Solutions, Inc | | | | | | | | | | | 10,661 | |
| 5,210 | | * | | Alphabet, Inc (Class A) | | | | | | | | | | | 12,721,726 | |
| 4,912 | | * | | Alphabet, Inc (Class C) | | | | | | | | | | | 12,311,044 | |
| 3,867 | | * | | Altice USA, Inc | | | | | | | | | | | 132,019 | |
| 6,991 | | * | | AMC Entertainment Holdings, Inc | | | | | | | | | | | 396,250 | |
| 543 | | * | | AMC Networks, Inc | | | | | | | | | | | 36,272 | |
| 380 | | * | | Boston Omaha Corp | | | | | | | | | | | 12,050 | |
| 89 | | | | Cable One, Inc | | | | | | | | | | | 170,240 | |
| 544 | | * | | Cardlytics, Inc | | | | | | | | | | | 69,050 | |
| 1,488 | | * | | Cargurus, Inc | | | | | | | | | | | 39,030 | |
| 1,131 | | * | | Cars.com, Inc | | | | | | | | | | | 16,207 | |
| 2,282 | | * | | Charter Communications, Inc | | | | | | | | | | | 1,646,349 | |
| 223 | | * | | Chicken Soup For The Soul Entertainment, Inc | | | | | | | | | | | 9,232 | |
| 2,021 | | * | | Cinemark Holdings, Inc | | | | | | | | | | | 44,361 | |
| 6,287 | | * | | Clear Channel | | | | | | | | | | | 16,598 | |
| 78,968 | | | | Comcast Corp (Class A) | | | | | | | | | | | 4,502,755 | |
| 1,359 | | * | | comScore, Inc | | | | | | | | | | | 6,795 | |
| 478 | | *,e | | CuriosityStream, Inc | | | | | | | | | | | 6,520 | |
| 17 | | * | | Daily Journal Corp | | | | | | | | | | | 5,754 | |
| 2,851 | | *,e | | Discovery, Inc (Class A) | | | | | | | | | | | 87,469 | |
| 5,535 | | * | | Discovery, Inc (Class C) | | | | | | | | | | | 160,404 | |
| 4,043 | | * | | DISH Network Corp (Class A) | | | | | | | | | | | 168,997 | |
| 5,016 | | | | Electronic Arts, Inc | | | | | | | | | | | 721,451 | |
| 235 | | * | | Emerald Holding, Inc | | | | | | | | | | | 1,267 | |
| 2,184 | | * | | Entercom Communications Corp | | | | | | | | | | | 9,413 | |
| 1,005 | | | | Entravision Communications Corp (Class A) | | | | | | | | | | | 6,713 | |
| 5,835 | | * | | Eros STX Global Corp | | | | | | | | | | | 8,928 | |
| 1,205 | | * | | Eventbrite Inc | | | | | | | | | | | 22,895 | |
| 249 | | * | | EverQuote Inc | | | | | | | | | | | 8,137 | |
| 916 | | | | EW Scripps Co (Class A) | | | | | | | | | | | 18,677 | |
| 41,453 | | * | | Facebook, Inc | | | | | | | | | | | 14,413,623 | |
| 1,809 | | * | | Fluent, Inc | | | | | | | | | | | 5,300 | |
| 5,682 | | | | Fox Corp (Class A) | | | | | | | | | | | 210,973 | |
| 2,830 | | | | Fox Corp (Class B) | | | | | | | | | | | 99,616 | |
| 2,256 | | * | | fuboTV, Inc | | | | | | | | | | | 72,440 | |
| 2,328 | | * | | Gannett Co, Inc | | | | | | | | | | | 12,781 | |
| 1,547 | | | | Gray Television, Inc | | | | | | | | | | | 36,200 | |
60
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 248 | | * | | Hemisphere Media Group, Inc | | | | | | | | | | $ | 2,926 | |
| 1,354 | | * | | IAC | | | | | | | | | | | 208,746 | |
| 1,779 | | * | | iHeartMedia, Inc | | | | | | | | | | | 47,908 | |
| 902 | | * | | Imax Corp | | | | | | | | | | | 19,393 | |
| 7,004 | | | | Interpublic Group of Cos, Inc | | | | | | | | | | | 227,560 | |
| 693 | | | | John Wiley & Sons, Inc (Class A) | | | | | | | | | | | 41,705 | |
| 170 | | * | | Liberty Braves Group (Class A) | | | | | | | | | | | 4,797 | |
| 525 | | * | | Liberty Braves Group (Class C) | | | | | | | | | | | 14,579 | |
| 471 | | * | | Liberty Broadband Corp (Class A) | | | | | | | | | | | 79,208 | |
| 2,651 | | * | | Liberty Broadband Corp (Class C) | | | | | | | | | | | 460,373 | |
| 398 | | * | | Liberty Media Group (Class A) | | | | | | | | | | | 16,967 | |
| 3,453 | | * | | Liberty Media Group (Class C) | | | | | | | | | | | 166,469 | |
| 1,463 | | * | | Liberty SiriusXM Group (Class A) | | | | | | | | | | | 68,147 | |
| 2,909 | | * | | Liberty SiriusXM Group (Class C) | | | | | | | | | | | 134,948 | |
| 1,108 | | * | | Liberty TripAdvisor Holdings, Inc | | | | | | | | | | | 4,510 | |
| 786 | | * | | Lions Gate Entertainment Corp (Class A) | | | | | | | | | | | 16,270 | |
| 1,776 | | * | | Lions Gate Entertainment Corp (Class B) | | | | | | | | | | | 32,501 | |
| 2,349 | | * | | Live Nation, Inc | | | | | | | | | | | 205,749 | |
| 1,119 | | * | | LiveXLive Media, Inc | | | | | | | | | | | 5,282 | |
| 200 | | | | Loral Space & Communications, Inc | | | | | | | | | | | 7,770 | |
| 336 | | * | | Madison Square Garden Co | | | | | | | | | | | 57,984 | |
| 336 | | * | | Madison Square Garden Entertainment Corp | | | | | | | | | | | 28,214 | |
| 1,866 | | * | | Magnite, Inc | | | | | | | | | | | 63,145 | |
| 294 | | *,e | | Marcus Corp | | | | | | | | | | | 6,236 | |
| 4,598 | | * | | Match Group, Inc | | | | | | | | | | | 741,427 | |
| 1,314 | | * | | MDC Partners, Inc | | | | | | | | | | | 7,687 | |
| 329 | | * | | MediaAlpha, Inc | | | | | | | | | | | 13,851 | |
| 597 | | * | | Meredith Corp | | | | | | | | | | | 25,934 | |
| 934 | | * | | MSG Networks, Inc | | | | | | | | | | | 13,618 | |
| 970 | | | | National CineMedia, Inc | | | | | | | | | | | 4,918 | |
| 7,485 | | * | | Netflix, Inc | | | | | | | | | | | 3,953,652 | |
| 2,867 | | | | New York Times Co (Class A) | | | | | | | | | | | 124,858 | |
| 6,379 | | | | News Corp (Class A) | | | | | | | | | | | 164,387 | |
| 1,884 | | | | News Corp (Class B) | | | | | | | | | | | 45,875 | |
| 706 | | | | Nexstar Media Group Inc | | | | | | | | | | | 104,403 | |
| 3,770 | | | | Omnicom Group, Inc | | | | | | | | | | | 301,562 | |
| 9,367 | | * | | Pinterest, Inc | | | | | | | | | | | 739,525 | |
| 1,342 | | * | | Playtika Holding Corp | | | | | | | | | | | 31,993 | |
| 1,085 | | * | | QuinStreet, Inc | | | | | | | | | | | 20,159 | |
| 1,978 | | * | | Roku, Inc | | | | | | | | | | | 908,396 | |
| 438 | | | | Scholastic Corp | | | | | | | | | | | 16,596 | |
| 1,071 | | | | Sinclair Broadcast Group, Inc (Class A) | | | | | | | | | | | 35,579 | |
| 16,255 | | e | | Sirius XM Holdings, Inc | | | | | | | | | | | 106,308 | |
| 5,054 | | * | | Skillz, Inc | | | | | | | | | | | 109,773 | |
| 2,335 | | * | | Spotify Technology S.A. | | | | | | | | | | | 643,503 | |
| 2,011 | | * | | Take-Two Interactive Software, Inc | | | | | | | | | | | 355,987 | |
| 378 | | * | | TechTarget, Inc | | | | | | | | | | | 29,291 | |
| 4,056 | | | | TEGNA, Inc | | | | | | | | | | | 76,091 | |
| 96 | | * | | Thryv Holdings, Inc | | | | | | | | | | | 3,434 | |
| 1,758 | | * | | TripAdvisor, Inc | | | | | | | | | | | 70,847 | |
| 1,632 | | * | | TrueCar, Inc | | | | | | | | | | | 9,221 | |
| 13,541 | | * | | Twitter, Inc | | | | | | | | | | | 931,756 | |
| 89 | | | | ViacomCBS, Inc (Class A) | | | | | | | | | | | 4,312 | |
| 9,969 | | | | ViacomCBS, Inc (Class B) | | | | | | | | | | | 450,599 | |
| 2,198 | | * | | Vimeo, Inc | | | | | | | | | | | 107,702 | |
| 31,467 | | * | | Walt Disney Co | | | | | | | | | | | 5,530,955 | |
| 736 | | * | | WideOpenWest, Inc | | | | | | | | | | | 15,243 | |
| 825 | | | | World Wrestling Entertainment, Inc (Class A) | | | | | | | | | | | 47,759 | |
| 1,209 | | * | | Yelp, Inc | | | | | | | | | | | 48,312 | |
| 1,056 | | * | | Zillow Group, Inc (Class A) | | | | | | | | | | | 129,392 | |
| 2,793 | | * | | Zillow Group, Inc (Class C) | | | | | | | | | | | 341,360 | |
| 16,643 | | * | | Zynga, Inc | | | | | | | | | | | 176,915 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | | | | | | | | | 67,865,573 | |
| | | | | | | | | | | | | | | | |
61
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.2% | | | | | | | | | | | | |
| 1,433 | | * | | 10X Genomics, Inc | | | | | | | | | | $ | 280,610 | |
| 137 | | * | | 4D Molecular Therapeutics, Inc | | | | | | | | | | | 3,299 | |
| 194 | | * | | 89bio, Inc | | | | | | | | | | | 3,628 | |
| 4,288 | | * | | 9 Meters Biopharma, Inc | | | | | | | | | | | 4,717 | |
| 30,597 | | | | AbbVie, Inc | | | | | | | | | | | 3,446,446 | |
| 2,077 | | * | | Acadia Pharmaceuticals, Inc | | | | | | | | | | | 50,658 | |
| 843 | | * | | Acceleron Pharma, Inc | | | | | | | | | | | 105,788 | |
| 724 | | * | | Aclaris Therapeutics, Inc | | | | | | | | | | | 12,713 | |
| 1,866 | | * | | Adaptive Biotechnologies Corp | | | | | | | | | | | 76,245 | |
| 441 | | * | | Adicet Bio, Inc | | | | | | | | | | | 4,538 | |
| 1,303 | | * | | Adverum Biotechnologies, Inc | | | | | | | | | | | 4,560 | |
| 1,425 | | * | | Aeglea BioTherapeutics, Inc | | | | | | | | | | | 9,918 | |
| 702 | | * | | Aerie Pharmaceuticals, Inc | | | | | | | | | | | 11,239 | |
| 1,962 | | * | | Affimed NV | | | | | | | | | | | 16,677 | |
| 3,353 | | * | | Agenus, Inc | | | | | | | | | | | 18,408 | |
| 5,321 | | | | Agilent Technologies, Inc | | | | | | | | | | | 786,497 | |
| 1,081 | | * | | Agios Pharmaceuticals, Inc | | | | | | | | | | | 59,574 | |
| 2,414 | | * | | Akebia Therapeutics, Inc | | | | | | | | | | | 9,149 | |
| 423 | | * | | Akero Therapeutics, Inc | | | | | | | | | | | 10,495 | |
| 504 | | * | | Akouos, Inc | | | | | | | | | | | 6,325 | |
| 144 | | * | | Akoya Biosciences, Inc | | | | | | | | | | | 2,785 | |
| 275 | | * | | Albireo Pharma, Inc | | | | | | | | | | | 9,674 | |
| 1,801 | | *,† | | Alder Biopharmaceuticals Inc | | | | | | | | | | | 1,585 | |
| 834 | | * | | Aldeyra Therapeutics, Inc | | | | | | | | | | | 9,449 | |
| 1,021 | | * | | Alector, Inc | | | | | | | | | | | 21,267 | |
| 3,746 | | * | | Alexion Pharmaceuticals, Inc | | | | | | | | | | | 688,178 | |
| 346 | | * | | Aligos Therapeutics, Inc | | | | | | | | | | | 7,053 | |
| 2,871 | | * | | Alkermes plc | | | | | | | | | | | 70,397 | |
| 573 | | * | | Allakos, Inc | | | | | | | | | | | 48,917 | |
| 1,075 | | * | | Allogene Therapeutics, Inc | | | | | | | | | | | 28,036 | |
| 492 | | * | | Allovir, Inc | | | | | | | | | | | 9,712 | |
| 2,045 | | * | | Alnylam Pharmaceuticals, Inc | | | | | | | | | | | 346,668 | |
| 260 | | * | | Alpine Immune Sciences, Inc | | | | | | | | | | | 2,340 | |
| 603 | | * | | Altimmune, Inc | | | | | | | | | | | 5,940 | |
| 308 | | * | | ALX Oncology Holdings, Inc | | | | | | | | | | | 16,841 | |
| 9,960 | | | | Amgen, Inc | | | | | | | | | | | 2,427,750 | |
| 4,499 | | * | | Amicus Therapeutics, Inc | | | | | | | | | | | 43,370 | |
| 2,013 | | * | | Amneal Pharmaceuticals, Inc | | | | | | | | | | | 10,307 | |
| 552 | | * | | Amphastar Pharmaceuticals, Inc | | | | | | | | | | | 11,128 | |
| 3,352 | | *,e | | Ampio Pharmaceuticals, Inc | | | | | | | | | | | 5,598 | |
| 305 | | * | | AnaptysBio, Inc | | | | | | | | | | | 7,909 | |
| 1,126 | | * | | Anavex Life Sciences Corp | | | | | | | | | | | 25,740 | |
| 121 | | * | | ANI Pharmaceuticals, Inc | | | | | | | | | | | 4,241 | |
| 216 | | * | | Anika Therapeutics, Inc | | | | | | | | | | | 9,351 | |
| 532 | | * | | Annexon, Inc | | | | | | | | | | | 11,975 | |
| 2,249 | | * | | Antares Pharma, Inc | | | | | | | | | | | 9,806 | |
| 1,139 | | * | | Apellis Pharmaceuticals, Inc | | | | | | | | | | | 71,985 | |
| 432 | | *,e | | Applied Molecular Transport, Inc | | | | | | | | | | | 19,760 | |
| 349 | | * | | Applied Therapeutics, Inc | | | | | | | | | | | 7,252 | |
| 953 | | * | | AquaBounty Technologies, Inc | | | | | | | | | | | 5,108 | |
| 1,513 | | *,e | | Arbutus Biopharma Corp | | | | | | | | | | | 4,584 | |
| 365 | | * | | Arcturus Therapeutics Holdings, Inc | | | | | | | | | | | 12,352 | |
| 799 | | * | | Arcus Biosciences, Inc | | | | | | | | | | | 21,941 | |
| 453 | | * | | Arcutis Biotherapeutics, Inc | | | | | | | | | | | 12,362 | |
| 1,294 | | * | | Ardelyx, Inc | | | | | | | | | | | 9,809 | |
| 994 | | * | | Arena Pharmaceuticals, Inc | | | | | | | | | | | 67,791 | |
| 1,723 | | * | | Arrowhead Pharmaceuticals Inc | | | | | | | | | | | 142,699 | |
| 739 | | * | | Arvinas, Inc | | | | | | | | | | | 56,903 | |
| 1,368 | | * | | Atara Biotherapeutics, Inc | | | | | | | | | | | 21,272 | |
| 1,067 | | * | | Atea Pharmaceuticals, Inc | | | | | | | | | | | 22,919 | |
| 1,288 | | * | | Athenex, Inc | | | | | | | | | | | 5,951 | |
| 3,715 | | *,e | | Athersys, Inc | | | | | | | | | | | 5,350 | |
| 550 | | *,e | | Athira Pharma, Inc | | | | | | | | | | | 5,632 | |
| 2,104 | | * | | Atossa Therapeutics, Inc | | | | | | | | | | | 13,297 | |
| 621 | | *,e | | Atreca, Inc | | | | | | | | | | | 5,291 | |
62
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 9,711 | | * | | Avantor, Inc | | | | | | | | | | $ | 344,838 | |
| 989 | | * | | Avid Bioservices, Inc | | | | | | | | | | | 25,368 | |
| 522 | | * | | Avidity Biosciences, Inc | | | | | | | | | | | 12,899 | |
| 421 | | * | | Avita Medical, Inc | | | | | | | | | | | 8,639 | |
| 621 | | * | | Avrobio, Inc | | | | | | | | | | | 5,521 | |
| 493 | | * | | Axsome Therapeutics, Inc | | | | | | | | | | | 33,258 | |
| 805 | | *,e | | Beam Therapeutics, Inc | | | | | | | | | | | 103,612 | |
| 793 | | * | | Berkeley Lights, Inc | | | | | | | | | | | 35,534 | |
| 459 | | * | | Beyondspring Inc | | | | | | | | | | | 4,792 | |
| 201 | | * | | BioAtla, Inc | | | | | | | | | | | 8,518 | |
| 2,996 | | * | | BioCryst Pharmaceuticals, Inc | | | | | | | | | | | 47,367 | |
| 1,476 | | * | | BioDelivery Sciences International, Inc | | | | | | | | | | | 5,284 | |
| 2,602 | | * | | Biogen, Inc | | | | | | | | | | | 900,995 | |
| 909 | | * | | Biohaven Pharmaceutical Holding Co Ltd | | | | | | | | | | | 88,246 | |
| 3,224 | | * | | BioMarin Pharmaceutical, Inc | | | | | | | | | | | 269,011 | |
| 178 | | * | | Biomea Fusion, Inc | | | | | | | | | | | 2,779 | |
| 4,860 | | * | | Bionano Genomics, Inc | | | | | | | | | | | 35,624 | |
| 379 | | * | | Bio-Rad Laboratories, Inc (Class A) | | | | | | | | | | | 244,186 | |
| 657 | | | | Bio-Techne Corp | | | | | | | | | | | 295,821 | |
| 256 | | * | | Bioxcel Therapeutics Inc | | | | | | | | | | | 7,439 | |
| 397 | | *,e | | Black Diamond Therapeutics, Inc | | | | | | | | | | | 4,839 | |
| 1,143 | | * | | Bluebird Bio, Inc | | | | | | | | | | | 36,553 | |
| 957 | | * | | Blueprint Medicines Corp | | | | | | | | | | | 84,178 | |
| 220 | | * | | Bolt Biotherapeutics, Inc | | | | | | | | | | | 3,401 | |
| 1,858 | | * | | Bridgebio Pharma, Inc | | | | | | | | | | | 113,264 | |
| 38,609 | | | | Bristol-Myers Squibb Co | | | | | | | | | | | 2,579,853 | |
| 418 | | * | | Brooklyn ImmunoTherapeutics, Inc | | | | | | | | | | | 7,528 | |
| 1,641 | | | | Bruker BioSciences Corp | | | | | | | | | | | 124,683 | |
| 547 | | * | | C4 Therapeutics, Inc | | | | | | | | | | | 20,698 | |
| 679 | | * | | Cara Therapeutics, Inc | | | | | | | | | | | 9,689 | |
| 667 | | * | | Cardiff Oncology, Inc | | | | | | | | | | | 4,436 | |
| 831 | | * | | CareDx, Inc | | | | | | | | | | | 76,053 | |
| 656 | | *,e | | Cassava Sciences, Inc | | | | | | | | | | | 56,049 | |
| 2,822 | | * | | Catalent, Inc | | | | | | | | | | | 305,115 | |
| 2,895 | | * | | Catalyst Pharmaceuticals, Inc | | | | | | | | | | | 16,646 | |
| 154 | | * | | Celcuity, Inc | | | | | | | | | | | 3,696 | |
| 660 | | * | | Celldex Therapeutics, Inc | | | | | | | | | | | 22,070 | |
| 636 | | *,e | | CEL-SCI Corp | | | | | | | | | | | 5,520 | |
| 1,640 | | *,e | | Cerecor Inc | | | | | | | | | | | 5,363 | |
| 546 | | * | | Cerevel Therapeutics Holdings, Inc | | | | | | | | | | | 13,989 | |
| 837 | | * | | Charles River Laboratories International, Inc | | | | | | | | | | | 309,623 | |
| 823 | | * | | ChemoCentryx, Inc | | | | | | | | | | | 11,020 | |
| 1,268 | | * | | Chimerix, Inc | | | | | | | | | | | 10,144 | |
| 854 | | * | | Chinook Therapeutics, Inc | | | | | | | | | | | 12,058 | |
| 1,076 | | *,e | | ChromaDex Corp | | | | | | | | | | | 10,609 | |
| 2,060 | | * | | Citius Pharmaceuticals, Inc | | | | | | | | | | | 7,169 | |
| 423 | | * | | Clene, Inc | | | | | | | | | | | 4,755 | |
| 1,839 | | * | | Clovis Oncology, Inc | | | | | | | | | | | 10,666 | |
| 970 | | * | | Codexis, Inc | | | | | | | | | | | 21,980 | |
| 280 | | * | | Codiak Biosciences, Inc | | | | | | | | | | | 5,188 | |
| 654 | | * | | Cogent Biosciences, Inc | | | | | | | | | | | 5,304 | |
| 1,104 | | * | | Coherus Biosciences, Inc | | | | | | | | | | | 15,268 | |
| 773 | | * | | Collegium Pharmaceutical, Inc | | | | | | | | | | | 18,274 | |
| 624 | | * | | Constellation Pharmaceuticals, Inc | | | | | | | | | | | 21,091 | |
| 1,983 | | * | | Corcept Therapeutics, Inc | | | | | | | | | | | 43,626 | |
| 1,038 | | *,e | | CorMedix Inc | | | | | | | | | | | 7,121 | |
| 410 | | *,e | | Cortexyme Inc | | | | | | | | | | | 21,730 | |
| 605 | | * | | Crinetics Pharmaceuticals, Inc | | | | | | | | | | | 11,404 | |
| 707 | | * | | Cue Biopharma, Inc | | | | | | | | | | | 8,237 | |
| 231 | | * | | Cullinan Oncology, Inc | | | | | | | | | | | 5,948 | |
| 904 | | *,e | | CureVac NV | | | | | | | | | | | 66,426 | |
| 1,483 | | * | | Curis, Inc | | | | | | | | | | | 11,968 | |
| 1,534 | | * | | Cymabay Therapeutics, Inc | | | | | | | | | | | 6,688 | |
| 1,170 | | * | | Cytokinetics, Inc | | | | | | | | | | | 23,154 | |
| 1,181 | | * | | CytomX Therapeutics, Inc | | | | | | | | | | | 7,476 | |
| 610 | | * | | Deciphera Pharmaceuticals, Inc | | | | | | | | | | | 22,332 | |
| 1,553 | | * | | Denali Therapeutics, Inc | | | | | | | | | | | 121,817 | |
63
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 402 | | * | | DermTech, Inc | | | | | | | | | | $ | 16,711 | |
| 203 | | * | | Design Therapeutics, Inc | | | | | | | | | | | 4,038 | |
| 1,142 | | * | | Dicerna Pharmaceuticals, Inc | | | | | | | | | | | 42,619 | |
| 3,554 | | * | | Durect Corp | | | | | | | | | | | 5,793 | |
| 1,710 | | * | | Dynavax Technologies Corp | | | | | | | | | | | 16,843 | |
| 549 | | * | | Dyne Therapeutics, Inc | | | | | | | | | | | 11,551 | |
| 122 | | * | | Eagle Pharmaceuticals, Inc | | | | | | | | | | | 5,222 | |
| 135 | | * | | Edgewise Therapeutics, Inc | | | | | | | | | | | 2,880 | |
| 1,182 | | * | | Editas Medicine, Inc | | | | | | | | | | | 66,948 | |
| 426 | | * | | Eiger BioPharmaceuticals, Inc | | | | | | | | | | | 3,630 | |
| 7,744 | | * | | Elanco Animal Health, Inc | | | | | | | | | | | 268,639 | |
| 14,681 | | | | Eli Lilly & Co | | | | | | | | | | | 3,369,583 | |
| 788 | | * | | Emergent Biosolutions, Inc | | | | | | | | | | | 49,636 | |
| 232 | | * | | Enanta Pharmaceuticals, Inc | | | | | | | | | | | 10,210 | |
| 3,476 | | * | | Endo International plc | | | | | | | | | | | 16,268 | |
| 1,795 | | * | | Epizyme, Inc | | | | | | | | | | | 14,916 | |
| 495 | | *,e | | Esperion Thereapeutics, Inc | | | | | | | | | | | 10,469 | |
| 427 | | *,e | | Evelo Biosciences, Inc | | | | | | | | | | | 5,867 | |
| 533 | | * | | Evolus, Inc | | | | | | | | | | | 6,742 | |
| 2,917 | | * | | Exact Sciences Corp | | | | | | | | | | | 362,612 | |
| 5,221 | | * | | Exelixis, Inc | | | | | | | | | | | 95,127 | |
| 468 | | * | | EyePoint Pharmaceuticals, Inc | | | | | | | | | | | 4,207 | |
| 1,343 | | * | | Fate Therapeutics, Inc | | | | | | | | | | | 116,559 | |
| 1,457 | | * | | FibroGen, Inc | | | | | | | | | | | 38,800 | |
| 152 | | * | | Finch Therapeutics Group, Inc | | | | | | | | | | | 2,139 | |
| 904 | | * | | Flexion Therapeutics, Inc | | | | | | | | | | | 7,440 | |
| 1,214 | | *,e | | Fluidigm Corp | | | | | | | | | | | 7,478 | |
| 410 | | * | | Foghorn Therapeutics, Inc | | | | | | | | | | | 4,375 | |
| 588 | | * | | Forma Therapeutics Holdings, Inc | | | | | | | | | | | 14,635 | |
| 204 | | * | | Forte Biosciences, Inc | | | | | | | | | | | 6,858 | |
| 2,167 | | *,e | | Fortress Biotech, Inc | | | | | | | | | | | 7,736 | |
| 708 | | *,e | | Frequency Therapeutics, Inc | | | | | | | | | | | 7,052 | |
| 532 | | * | | Fulcrum Therapeutics, Inc | | | | | | | | | | | 5,575 | |
| 626 | | * | | G1 Therapeutics, Inc | | | | | | | | | | | 13,734 | |
| 436 | | * | | Gemini Therapeutics, Inc | | | | | | | | | | | 2,821 | |
| 744 | | * | | Generation Bio Co | | | | | | | | | | | 20,014 | |
| 6,579 | | * | | Geron Corp | | | | | | | | | | | 9,276 | |
| 21,760 | | | | Gilead Sciences, Inc | | | | | | | | | | | 1,498,394 | |
| 1,063 | | * | | Global Blood Therapeutics, Inc | | | | | | | | | | | 37,226 | |
| 1,085 | | *,e | | Gossamer Bio, Inc | | | | | | | | | | | 8,810 | |
| 73 | | *,e | | Greenwich Lifesciences, Inc | | | | | | | | | | | 3,281 | |
| 815 | | * | | Gritstone Oncology, Inc | | | | | | | | | | | 7,441 | |
| 453 | | * | | GT Biopharma, Inc | | | | | | | | | | | 7,021 | |
| 2,341 | | * | | Halozyme Therapeutics, Inc | | | | | | | | | | | 106,305 | |
| 321 | | * | | Harmony Biosciences Holdings, Inc | | | | | | | | | | | 9,062 | |
| 254 | | * | | Harpoon Therapeutics, Inc | | | | | | | | | | | 3,523 | |
| 676 | | * | | Harvard Bioscience, Inc | | | | | | | | | | | 5,631 | |
| 1,529 | | * | | Heron Therapeutics, Inc | | | | | | | | | | | 23,730 | |
| 600 | | * | | Homology Medicines, Inc | | | | | | | | | | | 4,362 | |
| 354 | | * | | Hookipa Pharma, Inc | | | | | | | | | | | 3,243 | |
| 3,662 | | * | | Horizon Therapeutics Plc | | | | | | | | | | | 342,910 | |
| 789 | | * | | Humanigen, Inc | | | | | | | | | | | 13,713 | |
| 3,929 | | * | | iBio, Inc | | | | | | | | | | | 5,933 | |
| 482 | | * | | Ideaya Biosciences, Inc | | | | | | | | | | | 10,117 | |
| 125 | | * | | IGM Biosciences, Inc | | | | | | | | | | | 10,400 | |
| 148 | | * | | Ikena Oncology, Inc | | | | | | | | | | | 2,078 | |
| 2,533 | | * | | Illumina, Inc | | | | | | | | | | | 1,198,641 | |
| 412 | | * | | Immunic, Inc | | | | | | | | | | | 5,051 | |
| 1,115 | | * | | ImmunityBio, Inc | | | | | | | | | | | 15,922 | |
| 3,250 | | * | | Immunogen, Inc | | | | | | | | | | | 21,418 | |
| 609 | | * | | Immunovant, Inc | | | | | | | | | | | 6,437 | |
| 3,290 | | * | | Incyte Corp | | | | | | | | | | | 276,788 | |
| 1,688 | | * | | Infinity Pharmaceuticals, Inc | | | | | | | | | | | 5,047 | |
| 477 | | * | | Inhibrx, Inc | | | | | | | | | | | 13,127 | |
| 1,186 | | * | | Innoviva, Inc | | | | | | | | | | | 15,904 | |
| 232 | | * | | Inotiv, Inc | | | | | | | | | | | 6,190 | |
| 3,572 | | *,e | | Inovio Pharmaceuticals, Inc | | | | | | | | | | | 33,112 | |
64
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 326 | | * | | Inozyme Pharma, Inc | | | | | | | | | | $ | 5,555 | |
| 1,788 | | * | | Insmed, Inc | | | | | | | | | | | 50,886 | |
| 313 | | * | | Instil Bio, Inc | | | | | | | | | | | 6,047 | |
| 1,074 | | * | | Intellia Therapeutics, Inc | | | | | | | | | | | 173,891 | |
| 554 | | * | | Intercept Pharmaceuticals, Inc | | | | | | | | | | | 11,063 | |
| 1,142 | | * | | Intra-Cellular Therapies, Inc | | | | | | | | | | | 46,616 | |
| 3,382 | | *,e | | Invitae Corp | | | | | | | | | | | 114,075 | |
| 2,335 | | * | | Ionis Pharmaceuticals, Inc | | | | | | | | | | | 93,143 | |
| 2,420 | | * | | Iovance Biotherapeutics, Inc | | | | | | | | | | | 62,968 | |
| 3,321 | | * | | IQVIA Holdings, Inc | | | | | | | | | | | 804,745 | |
| 2,735 | | * | | Ironwood Pharmaceuticals, Inc | | | | | | | | | | | 35,199 | |
| 343 | | * | | iTeos Therapeutics, Inc | | | | | | | | | | | 8,798 | |
| 1,613 | | * | | IVERIC bio, Inc | | | | | | | | | | | 10,178 | |
| 1,000 | | * | | Jazz Pharmaceuticals plc | | | | | | | | | | | 177,640 | |
| 45,567 | | | | Johnson & Johnson | | | | | | | | | | | 7,506,708 | |
| 745 | | * | | Jounce Therapeutics, Inc | | | | | | | | | | | 5,066 | |
| 3,128 | | * | | Kadmon Holdings, Inc | | | | | | | | | | | 12,105 | |
| 798 | | * | | Kala Pharmaceuticals, Inc | | | | | | | | | | | 4,229 | |
| 420 | | *,e | | Kaleido Biosciences Inc | | | | | | | | | | | 3,125 | |
| 390 | | * | | KalVista Pharmaceuticals Inc | | | | | | | | | | | 9,344 | |
| 364 | | * | | Karuna Therapeutics, Inc | | | | | | | | | | | 41,492 | |
| 1,306 | | * | | Karyopharm Therapeutics, Inc | | | | | | | | | | | 13,478 | |
| 505 | | * | | KemPharm, Inc | | | | | | | | | | | 6,474 | |
| 226 | | * | | Keros Therapeutics, Inc | | | | | | | | | | | 9,598 | |
| 1,049 | | * | | Kezar Life Sciences, Inc | | | | | | | | | | | 5,696 | |
| 561 | | * | | Kiniksa Pharmaceuticals Ltd | | | | | | | | | | | 7,815 | |
| 238 | | * | | Kinnate Biopharma, Inc | | | | | | | | | | | 5,541 | |
| 557 | | * | | Kodiak Sciences, Inc | | | | | | | | | | | 51,801 | |
| 693 | | *,e | | Kronos Bio, Inc | | | | | | | | | | | 16,597 | |
| 313 | | * | | Krystal Biotech Inc | | | | | | | | | | | 21,284 | |
| 1,038 | | * | | Kura Oncology, Inc | | | | | | | | | | | 21,642 | |
| 480 | | * | | Kymera Therapeutics, Inc | | | | | | | | | | | 23,280 | |
| 1,227 | | * | | Lexicon Pharmaceuticals, Inc | | | | | | | | | | | 5,632 | |
| 305 | | * | | Ligand Pharmaceuticals, Inc (Class B) | | | | | | | | | | | 40,013 | |
| 2,254 | | * | | Lineage Cell Therapeutics, Inc | | | | | | | | | | | 6,424 | |
| 628 | | | | Luminex Corp | | | | | | | | | | | 23,110 | |
| 985 | | * | | MacroGenics, Inc | | | | | | | | | | | 26,457 | |
| 152 | | * | | Madrigal Pharmaceuticals, Inc | | | | | | | | | | | 14,806 | |
| 395 | | * | | Magenta Therapeutics, Inc | | | | | | | | | | | 3,863 | |
| 4,140 | | *,e | | MannKind Corp | | | | | | | | | | | 22,563 | |
| 1,264 | | * | | Maravai LifeSciences Holdings, Inc | | | | | | | | | | | 52,747 | |
| 693 | | *,e | | Marinus Pharmaceuticals, Inc | | | | | | | | | | | 12,432 | |
| 535 | | * | | Medpace Holdings, Inc | | | | | | | | | | | 94,497 | |
| 1,875 | | * | | MEI Pharma, Inc | | | | | | | | | | | 5,344 | |
| 520 | | * | | MeiraGTx Holdings plc | | | | | | | | | | | 8,060 | |
| 43,791 | | | | Merck & Co, Inc | | | | | | | | | | | 3,405,626 | |
| 1,159 | | * | | Mersana Therapeutics, Inc | | | | | | | | | | | 15,739 | |
| 402 | | * | | Mettler-Toledo International, Inc | | | | | | | | | | | 556,907 | |
| 1,942 | | * | | MiMedx Group, Inc | | | | | | | | | | | 24,294 | |
| 5,436 | | * | | Mind Medicine MindMed, Inc | | | | | | | | | | | 18,754 | |
| 707 | | * | | Mirati Therapeutics, Inc | | | | | | | | | | | 114,202 | |
| 5,848 | | * | | Moderna, Inc | | | | | | | | | | | 1,374,163 | |
| 512 | | * | | Molecular Templates, Inc | | | | | | | | | | | 4,004 | |
| 337 | | * | | Morphic Holding, Inc | | | | | | | | | | | 19,340 | |
| 2,333 | | * | | Mustang Bio, Inc | | | | | | | | | | | 7,746 | |
| 1,296 | | * | | Myriad Genetics, Inc | | | | | | | | | | | 39,632 | |
| 771 | | * | | NanoString Technologies, Inc | | | | | | | | | | | 49,953 | |
| 1,335 | | * | | Natera, Inc | | | | | | | | | | | 151,563 | |
| 3,021 | | * | | Nektar Therapeutics | | | | | | | | | | | 51,840 | |
| 1,811 | | * | | NeoGenomics, Inc | | | | | | | | | | | 81,803 | |
| 538 | | * | | Neoleukin Therapeutics, Inc | | | | | | | | | | | 4,966 | |
| 1,620 | | * | | Neurocrine Biosciences, Inc | | | | | | | | | | | 157,658 | |
| 182 | | * | | NexImmune, Inc | | | | | | | | | | | 2,970 | |
| 443 | | * | | NGM Biopharmaceuticals Inc | | | | | | | | | | | 8,736 | |
| 341 | | * | | Nkarta, Inc | | | | | | | | | | | 10,806 | |
| 1,276 | | * | | Novavax, Inc | | | | | | | | | | | 270,908 | |
| 559 | | * | | Nurix Therapeutics, Inc | | | | | | | | | | | 14,830 | |
65
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 362 | | * | | Nuvation Bio, Inc | | | | | | | | | | $ | 3,370 | |
| 3,201 | | * | | Ocugen, Inc | | | | | | | | | | | 25,704 | |
| 1,191 | | * | | Ocular Therapeutix, Inc | | | | | | | | | | | 16,888 | |
| 213 | | * | | Olema Pharmaceuticals, Inc | | | | | | | | | | | 5,960 | |
| 1,043 | | * | | Omeros Corp | | | | | | | | | | | 15,478 | |
| 2,006 | | * | | Oncocyte Corp | | | | | | | | | | | 11,514 | |
| 387 | | * | | Oncorus, Inc | | | | | | | | | | | 5,341 | |
| 904 | | * | | Oncternal Therapeutics, Inc | | | | | | | | | | | 4,294 | |
| 6,424 | | *,e | | Opko Health, Inc | | | | | | | | | | | 26,017 | |
| 461 | | * | | Oramed Pharmaceuticals, Inc | | | | | | | | | | | 6,168 | |
| 674 | | * | | Organogenesis Holdings Inc | | | | | | | | | | | 11,202 | |
| 4,453 | | * | | Organon & Co | | | | | | | | | | | 134,748 | |
| 574 | | * | | ORIC Pharmaceuticals, Inc | | | | | | | | | | | 10,154 | |
| 1,649 | | * | | Outlook Therapeutics, Inc | | | | | | | | | | | 4,106 | |
| 230 | | * | | Oyster Point Pharma, Inc | | | | | | | | | | | 3,954 | |
| 3,298 | | * | | Pacific Biosciences of California, Inc | | | | | | | | | | | 115,331 | |
| 609 | | * | | Pacira BioSciences Inc | | | | | | | | | | | 36,954 | |
| 916 | | * | | Paratek Pharmaceuticals, Inc | | | | | | | | | | | 6,247 | |
| 656 | | * | | Passage Bio, Inc | | | | | | | | | | | 8,685 | |
| 1,920 | | | | PerkinElmer, Inc | | | | | | | | | | | 296,467 | |
| 2,396 | | | | Perrigo Co plc | | | | | | | | | | | 109,857 | |
| 617 | | * | | Personalis, Inc | | | | | | | | | | | 15,610 | |
| 96,540 | | | | Pfizer, Inc | | | | | | | | | | | 3,780,506 | |
| 326 | | * | | Phathom Pharmaceuticals, Inc | | | | | | | | | | | 11,035 | |
| 293 | | | | Phibro Animal Health Corp | | | | | | | | | | | 8,462 | |
| 395 | | * | | Pliant Therapeutics, Inc | | | | | | | | | | | 11,502 | |
| 437 | | * | | PMV Pharmaceuticals, Inc | | | | | | | | | | | 14,928 | |
| 74 | | * | | Portage Biotech, Inc | | | | | | | | | | | 1,551 | |
| 578 | | * | | Poseida Therapeutics, Inc | | | | | | | | | | | 5,792 | |
| 2,790 | | * | | PPD, Inc | | | | | | | | | | | 128,591 | |
| 401 | | * | | Praxis Precision Medicines, Inc | | | | | | | | | | | 7,330 | |
| 1,712 | | * | | Precigen, Inc | | | | | | | | | | | 11,162 | |
| 851 | | * | | Precision BioSciences Inc | | | | | | | | | | | 10,655 | |
| 143 | | * | | Prelude Therapeutics, Inc | | | | | | | | | | | 4,094 | |
| 817 | | * | | Prestige Consumer Healthcare, Inc. | | | | | | | | | | | 42,566 | |
| 1,110 | | *,† | | Progenics Pharmaceuticals, Inc | | | | | | | | | | | 0 | |
| 191 | | * | | Prometheus Biosciences, Inc | | | | | | | | | | | 4,691 | |
| 709 | | * | | Protagonist Therapeutics, Inc | | | | | | | | | | | 31,820 | |
| 594 | | * | | Prothena Corp plc | | | | | | | | | | | 30,538 | |
| 1,036 | | *,e | | Provention Bio, Inc | | | | | | | | | | | 8,733 | |
| 1,091 | | * | | PTC Therapeutics, Inc | | | | | | | | | | | 46,117 | |
| 453 | | * | | Puma Biotechnology, Inc | | | | | | | | | | | 4,159 | |
| 3,971 | | * | | QIAGEN NV | | | | | | | | | | | 192,117 | |
| 537 | | * | | Quanterix Corp | | | | | | | | | | | 31,500 | |
| 784 | | * | | Radius Health, Inc | | | | | | | | | | | 14,300 | |
| 303 | | * | | RAPT Therapeutics, Inc | | | | | | | | | | | 9,632 | |
| 446 | | * | | Reata Pharmaceuticals, Inc | | | | | | | | | | | 63,122 | |
| 280 | | * | | Recursion Pharmaceuticals, Inc | | | | | | | | | | | 10,220 | |
| 1,739 | | * | | Regeneron Pharmaceuticals, Inc | | | | | | | | | | | 971,301 | |
| 696 | | * | | REGENXBIO, Inc | | | | | | | | | | | 27,040 | |
| 1,008 | | * | | Relay Therapeutics, Inc | | | | | | | | | | | 36,883 | |
| 249 | | * | | Relmada Therapeutics, Inc | | | | | | | | | | | 7,970 | |
| 918 | | * | | Repligen Corp | | | | | | | | | | | 183,251 | |
| 560 | | * | | Replimune Group, Inc | | | | | | | | | | | 21,515 | |
| 1,100 | | * | | Revance Therapeutics, Inc | | | | | | | | | | | 32,604 | |
| 1,022 | | * | | REVOLUTION Medicines, Inc | | | | | | | | | | | 32,438 | |
| 729 | | * | | Rhythm Pharmaceuticals, Inc | | | | | | | | | | | 14,274 | |
| 2,948 | | * | | Rigel Pharmaceuticals, Inc | | | | | | | | | | | 12,794 | |
| 683 | | * | | Rocket Pharmaceuticals, Inc | | | | | | | | | | | 30,250 | |
| 5,641 | | | | Royalty Pharma plc | | | | | | | | | | | 231,225 | |
| 851 | | * | | Rubius Therapeutics, Inc | | | | | | | | | | | 20,773 | |
| 944 | | * | | Sage Therapeutics, Inc | | | | | | | | | | | 53,629 | |
| 469 | | * | | Sana Biotechnology, Inc | | | | | | | | | | | 9,221 | |
| 1,935 | | * | | Sangamo Therapeutics Inc | | | | | | | | | | | 23,162 | |
| 1,328 | | * | | Sarepta Therapeutics, Inc | | | | | | | | | | | 103,239 | |
| 544 | | * | | Scholar Rock Holding Corp | | | | | | | | | | | 15,722 | |
| 2,252 | | * | | Seagen, Inc | | | | | | | | | | | 355,546 | |
66
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,500 | | * | | Seelos Therapeutics, Inc | | | | | | | | | | $ | 3,960 | |
| 254 | | *,e | | Seer, Inc | | | | | | | | | | | 8,326 | |
| 2,170 | | * | | Selecta Biosciences, Inc | | | | | | | | | | | 9,071 | |
| 196 | | * | | Sensei Biotherapeutics, Inc | | | | | | | | | | | 1,913 | |
| 1,207 | | * | | Seres Therapeutics, Inc | | | | | | | | | | | 28,787 | |
| 2,937 | | * | | Sesen Bio, Inc | | | | | | | | | | | 13,569 | |
| 447 | | * | | Shattuck Labs, Inc | | | | | | | | | | | 12,959 | |
| 842 | | * | | SIGA Technologies, Inc | | | | | | | | | | | 5,288 | |
| 222 | | * | | Silverback Therapeutics, Inc | | | | | | | | | | | 6,858 | |
| 625 | | * | | Solid Biosciences, Inc | | | | | | | | | | | 2,288 | |
| 4,660 | | * | | Sorrento Therapeutics, Inc | | | | | | | | | | | 45,155 | |
| 1,221 | | * | | Sotera Health Co | | | | | | | | | | | 29,585 | |
| 2,692 | | * | | Spectrum Pharmaceuticals, Inc | | | | | | | | | | | 10,095 | |
| 683 | | *,e | | Spero Therapeutics, Inc | | | | | | | | | | | 9,535 | |
| 472 | | * | | SpringWorks Therapeutics, Inc | | | | | | | | | | | 38,898 | |
| 221 | | *,e | | Spruce Biosciences, Inc | | | | | | | | | | | 2,477 | |
| 498 | | * | | SQZ Biotechnologies Co | | | | | | | | | | | 7,196 | |
| 311 | | * | | Stoke Therapeutics, Inc | | | | | | | | | | | 10,468 | |
| 397 | | * | | Summit Therapeutics, Inc | | | | | | | | | | | 2,962 | |
| 725 | | * | | Supernus Pharmaceuticals, Inc | | | | | | | | | | | 22,323 | |
| 719 | | * | | Surface Oncology, Inc | | | | | | | | | | | 5,364 | |
| 730 | | * | | Sutro Biopharma, Inc | | | | | | | | | | | 13,571 | |
| 747 | | * | | Syndax Pharmaceuticals, Inc | | | | | | | | | | | 12,826 | |
| 1,682 | | * | | Syneos Health, Inc | | | | | | | | | | | 150,522 | |
| 1,268 | | *,e | | Syros Pharmaceuticals, Inc | | | | | | | | | | | 6,911 | |
| 154 | | * | | Talaris Therapeutics, Inc | | | | | | | | | | | 2,262 | |
| 131 | | * | | Tarsus Pharmaceuticals, Inc | | | | | | | | | | | 3,796 | |
| 380 | | * | | Taysha Gene Therapies, Inc | | | | | | | | | | | 8,056 | |
| 639 | | * | | TCR2 Therapeutics Inc | | | | | | | | | | | 10,486 | |
| 152 | | * | | Terns Pharmaceuticals, Inc | | | | | | | | | | | 1,864 | |
| 2,181 | | * | | TG Therapeutics, Inc | | | | | | | | | | | 84,601 | |
| 7,039 | | *,e | | TherapeuticsMD, Inc | | | | | | | | | | | 8,376 | |
| 806 | | * | | Theravance Biopharma, Inc | | | | | | | | | | | 11,703 | |
| 6,814 | | | | Thermo Fisher Scientific, Inc | | | | | | | | | | | 3,437,459 | |
| 6,354 | | * | | Tonix Pharmaceuticals Holding Corp | | | | | | | | | | | 7,053 | |
| 1,120 | | * | | Translate Bio, Inc | | | | | | | | | | | 30,845 | |
| 940 | | * | | Travere Therapeutics, Inc | | | | | | | | | | | 13,715 | |
| 3,659 | | *,e | | Trevena, Inc | | | | | | | | | | | 6,184 | |
| 1,670 | | * | | Trillium Therapeutics, Inc | | | | | | | | | | | 16,199 | |
| 777 | | * | | Turning Point Therapeutics Inc | | | | | | | | | | | 60,622 | |
| 821 | | * | | Twist Bioscience Corp | | | | | | | | | | | 109,398 | |
| 1,092 | | * | | Ultragenyx Pharmaceutical, Inc | | | | | | | | | | | 104,122 | |
| 751 | | * | | United Therapeutics Corp | | | | | | | | | | | 134,737 | |
| 496 | | * | | UroGen Pharma Ltd | | | | | | | | | | | 7,574 | |
| 819 | | * | | Vanda Pharmaceuticals, Inc | | | | | | | | | | | 17,617 | |
| 2,085 | | *,e | | Vaxart Inc | | | | | | | | | | | 15,617 | |
| 676 | | * | | Vaxcyte, Inc | | | | | | | | | | | 15,217 | |
| 3,113 | | * | | VBI Vaccines, Inc | | | | | | | | | | | 10,429 | |
| 1,155 | | * | | Veracyte, Inc | | | | | | | | | | | 46,177 | |
| 2,895 | | * | | Verastem, Inc | | | | | | | | | | | 11,783 | |
| 796 | | * | | Vericel Corp | | | | | | | | | | | 41,790 | |
| 295 | | *,e | | Verrica Pharmaceuticals, Inc | | | | | | | | | | | 3,334 | |
| 4,515 | | * | | Vertex Pharmaceuticals, Inc | | | | | | | | | | | 910,359 | |
| 20,481 | | | | Viatris, Inc | | | | | | | | | | | 292,673 | |
| 1,907 | | *,e | | Viking Therapeutics, Inc | | | | | | | | | | | 11,423 | |
| 1,020 | | * | | Vir Biotechnology, Inc | | | | | | | | | | | 48,226 | |
| 638 | | * | | Viracta Therapeutics, Inc | | | | | | | | | | | 7,235 | |
| 3,518 | | * | | VistaGen Therapeutics, Inc | | | | | | | | | | | 11,082 | |
| 198 | | * | | Vor BioPharma, Inc | | | | | | | | | | | 3,693 | |
| 1,074 | | * | | Waters Corp | | | | | | | | | | | 371,185 | |
| 504 | | * | | WaVe Life Sciences Ltd | | | | | | | | | | | 3,357 | |
| 150 | | * | | Werewolf Therapeutics, Inc | | | | | | | | | | | 2,616 | |
| 344 | | * | | XBiotech, Inc | | | | | | | | | | | 5,697 | |
| 962 | | * | | Xencor, Inc | | | | | | | | | | | 33,179 | |
| 131 | | *,e | | XOMA Corp | | | | | | | | | | | 4,454 | |
| 616 | | * | | Y-mAbs Therapeutics, Inc | | | | | | | | | | | 20,821 | |
| 576 | | * | | Zentalis Pharmaceuticals, Inc | | | | | | | | | | | 30,643 | |
67
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 3,757 | | *,e | | ZIOPHARM Oncology, Inc | | | | | | | | | | $ | 9,918 | |
| 8,223 | | | | Zoetis, Inc | | | | | | | | | | | 1,532,438 | |
| 966 | | * | | Zogenix, Inc | | | | | | | | | | | 16,692 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | 56,028,099 | |
| | | | | | | | | | | | | | | | |
| | | |
REAL ESTATE - 3.3% | | | | | | | | | | | | |
| 1,300 | | | | Acadia Realty Trust | | | | | | | | | | | 28,548 | |
| 848 | | | | Agree Realty Corp | | | | | | | | | | | 59,776 | |
| 1,021 | | | | Alexander & Baldwin, Inc | | | | | | | | | | | 18,705 | |
| 57 | | | | Alexander’s, Inc | | | | | | | | | | | 15,273 | |
| 2,386 | | | | Alexandria Real Estate Equities, Inc | | | | | | | | | | | 434,109 | |
| 714 | | | | American Assets Trust, Inc | | | | | | | | | | | 26,625 | |
| 2,413 | | | | American Campus Communities, Inc | | | | | | | | | | | 112,735 | |
| 1,878 | | | | American Finance Trust, Inc | | | | | | | | | | | 15,925 | |
| 4,773 | | | | American Homes 4 Rent | | | | | | | | | | | 185,431 | |
| 7,823 | | | | American Tower Corp | | | | | | | | | | | 2,113,305 | |
| 4,178 | | | | Americold Realty Trust | | | | | | | | | | | 158,137 | |
| 2,744 | | | | Apartment Income REIT Corp | | | | | | | | | | | 130,148 | |
| 2,744 | | | | Apartment Investment and Management Co | | | | | | | | | | | 18,412 | |
| 4,063 | | | | Apple Hospitality REIT, Inc | | | | | | | | | | | 62,001 | |
| 1,769 | | | | Armada Hoffler Properties, Inc | | | | | | | | | | | 23,510 | |
| 1,979 | | * | | Ashford Hospitality Trust, Inc | | | | | | | | | | | 9,024 | |
| 2,397 | | | | AvalonBay Communities, Inc | | | | | | | | | | | 500,230 | |
| 2,732 | | | | Boston Properties, Inc | | | | | | | | | | | 313,060 | |
| 936 | | * | | BraeMar Hotels & Resorts, Inc | | | | | | | | | | | 5,813 | |
| 2,649 | | | | Brandywine Realty Trust | | | | | | | | | | | 36,318 | |
| 5,352 | | | | Brixmor Property Group, Inc | | | | | | | | | | | 122,507 | |
| 1,698 | | | | Broadstone Net Lease, Inc | | | | | | | | | | | 39,750 | |
| 341 | | | | Brookfield Property REIT, Inc | | | | | | | | | | | 6,442 | |
| 572 | | | | Brt Realty Trust | | | | | | | | | | | 9,918 | |
| 1,599 | | | | Camden Property Trust | | | | | | | | | | | 212,139 | |
| 1,679 | | | | CareTrust REIT, Inc | | | | | | | | | | | 39,003 | |
| 568 | | | | CatchMark Timber Trust, Inc | | | | | | | | | | | 6,646 | |
| 5,770 | | * | | CBRE Group, Inc | | | | | | | | | | | 494,662 | |
| 192 | | | | Centerspace | | | | | | | | | | | 15,149 | |
| 572 | | * | | Chatham Lodging Trust | | | | | | | | | | | 7,362 | |
| 262 | | | | CIM Commercial Trust Corp | | | | | | | | | | | 2,345 | |
| 471 | | | | City Office REIT, Inc | | | | | | | | | | | 5,855 | |
| 588 | | | | Clipper Realty, Inc | | | | | | | | | | | 4,322 | |
| 1,903 | | | | Columbia Property Trust, Inc | | | | | | | | | | | 33,093 | |
| 544 | | | | Community Healthcare Trust, Inc | | | | | | | | | | | 25,818 | |
| 675 | | * | | CorePoint Lodging, Inc | | | | | | | | | | | 7,223 | |
| 696 | | | | Coresite Realty | | | | | | | | | | | 93,682 | |
| 2,132 | | | | Corporate Office Properties Trust | | | | | | | | | | | 59,675 | |
| 2,578 | | | | Cousins Properties, Inc | | | | | | | | | | | 94,819 | |
| 7,329 | | | | Crown Castle International Corp | | | | | | | | | | | 1,429,888 | |
| 91 | | | | CTO Realty Growth, Inc | | | | | | | | | | | 4,870 | |
| 3,658 | | | | CubeSmart | | | | | | | | | | | 169,439 | |
| 1,631 | | * | | Cushman & Wakefield plc | | | | | | | | | | | 28,494 | |
| 2,071 | | | | CyrusOne, Inc | | | | | | | | | | | 148,118 | |
| 3,453 | | * | | DiamondRock Hospitality Co | | | | | | | | | | | 33,494 | |
| 4,847 | | | | Digital Realty Trust, Inc | | | | | | | | | | | 729,280 | |
| 8,422 | | * | | DigitalBridge Group, Inc | | | | | | | | | | | 66,534 | |
| 4,896 | | | | Diversified Healthcare Trust | | | | | | | | | | | 20,465 | |
| 2,632 | | | | Douglas Emmett, Inc | | | | | | | | | | | 88,488 | |
| 6,484 | | | | Duke Realty Corp | | | | | | | | | | | 307,017 | |
| 1,427 | | | | Easterly Government Properties, Inc | | | | | | | | | | | 30,081 | |
| 673 | | | | EastGroup Properties, Inc | | | | | | | | | | | 110,675 | |
| 3,012 | | | | Empire State Realty Trust, Inc | | | | | | | | | | | 36,144 | |
| 1,375 | | * | | EPR Properties | | | | | | | | | | | 72,435 | |
| 1,553 | | | | Equinix, Inc | | | | | | | | | | | 1,246,438 | |
| 1,868 | | | | Equity Commonwealth | | | | | | | | | | | 48,942 | |
| 3,060 | | | | Equity Lifestyle Properties, Inc | | | | | | | | | | | 227,389 | |
| 6,436 | | | | Equity Residential | | | | | | | | | | | 495,572 | |
| 1,702 | | | | Essential Properties Realty Trust, Inc | | | | | | | | | | | 46,022 | |
| 1,143 | | | | Essex Property Trust, Inc | | | | | | | | | | | 342,911 | |
68
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,030 | | * | | eXp World Holdings Inc | | | | | | | | | | $ | 39,933 | |
| 2,226 | | | | Extra Space Storage, Inc | | | | | | | | | | | 364,663 | |
| 482 | | | | Farmland Partners, Inc | | | | | | | | | | | 5,808 | |
| 84 | | *,e | | Fathom Holdings, Inc | | | | | | | | | | | 2,754 | |
| 1,347 | | | | Federal Realty Investment Trust | | | | | | | | | | | 157,828 | |
| 1,998 | | | | First Industrial Realty Trust, Inc | | | | | | | | | | | 104,356 | |
| 240 | | * | | Forestar Group, Inc | | | | | | | | | | | 5,018 | |
| 1,235 | | | | Four Corners Property Trust, Inc | | | | | | | | | | | 34,098 | |
| 1,621 | | | | Franklin Street Properties Corp | | | | | | | | | | | 8,526 | |
| 102 | | * | | FRP Holdings, Inc | | | | | | | | | | | 5,679 | |
| 3,696 | | | | Gaming and Leisure Properties, Inc | | | | | | | | | | | 171,236 | |
| 2,553 | | | | Geo Group, Inc | | | | | | | | | | | 18,177 | |
| 763 | | | | Getty Realty Corp | | | | | | | | | | | 23,767 | |
| 475 | | | | Gladstone Commercial Corp | | | | | | | | | | | 10,716 | |
| 687 | | | | Gladstone Land Corp | | | | | | | | | | | 16,529 | |
| 1,151 | | | | Global Medical REIT, Inc | | | | | | | | | | | 16,989 | |
| 1,848 | | | | Global Net Lease, Inc | | | | | | | | | | | 34,188 | |
| 2,421 | | | | Healthcare Realty Trust, Inc | | | | | | | | | | | 73,114 | |
| 3,603 | | | | Healthcare Trust of America, Inc | | | | | | | | | | | 96,200 | |
| 9,296 | | | | Healthpeak Properties Inc | | | | | | | | | | | 309,464 | |
| 697 | | * | | Hersha Hospitality Trust | | | | | | | | | | | 7,500 | |
| 1,796 | | | | Highwoods Properties, Inc | | | | | | | | | | | 81,125 | |
| 12,302 | | * | | Host Hotels and Resorts, Inc | | | | | | | | | | | 210,241 | |
| 692 | | * | | Howard Hughes Corp | | | | | | | | | | | 67,442 | |
| 2,438 | | | | Hudson Pacific Properties | | | | | | | | | | | 67,825 | |
| 2,499 | | | | Independence Realty Trust, Inc | | | | | | | | | | | 45,557 | |
| 50 | | | | Indus Realty Trust, Inc | | | | | | | | | | | 3,283 | |
| 1,471 | | | | Industrial Logistics Properties Trust | | | | | | | | | | | 38,452 | |
| 393 | | | | Innovative Industrial Properties, Inc | | | | | | | | | | | 75,071 | |
| 9,619 | | | | Invitation Homes, Inc | | | | | | | | | | | 358,693 | |
| 4,939 | | | | Iron Mountain, Inc | | | | | | | | | | | 209,018 | |
| 1,070 | | | | iStar Inc | | | | | | | | | | | 22,181 | |
| 2,053 | | | | JBG SMITH Properties | | | | | | | | | | | 64,690 | |
| 906 | | * | | Jones Lang LaSalle, Inc | | | | | | | | | | | 177,087 | |
| 2,137 | | | | Kennedy-Wilson Holdings, Inc | | | | | | | | | | | 42,462 | |
| 1,970 | | | | Kilroy Realty Corp | | | | | | | | | | | 137,191 | |
| 7,240 | | | | Kimco Realty Corp | | | | | | | | | | | 150,954 | |
| 1,264 | | | | Kite Realty Group Trust | | | | | | | | | | | 27,821 | |
| 1,519 | | | | Lamar Advertising Co | | | | | | | | | | | 158,614 | |
| 5,428 | | | | Lexington Realty Trust | | | | | | | | | | | 64,865 | |
| 1,287 | | | | Life Storage, Inc | | | | | | | | | | | 138,159 | |
| 917 | | | | LTC Properties, Inc | | | | | | | | | | | 35,204 | |
| 3,233 | | | | Macerich Co | | | | | | | | | | | 59,002 | |
| 1,437 | | | | Mack-Cali Realty Corp | | | | | | | | | | | 24,645 | |
| 406 | | * | | Marcus & Millichap, Inc | | | | | | | | | | | 15,781 | |
| 9,371 | | | | Medical Properties Trust, Inc | | | | | | | | | | | 188,357 | |
| 1,928 | | | | Mid-America Apartment Communities, Inc | | | | | | | | | | | 324,714 | |
| 2,033 | | | | Monmouth Real Estate Investment Corp (Class A) | | | | | | | | | �� | | 38,058 | |
| 885 | | | | National Health Investors, Inc | | | | | | | | | | | 59,339 | |
| 3,158 | | | | National Retail Properties, Inc | | | | | | | | | | | 148,047 | |
| 1,008 | | | | National Storage Affiliates Trust | | | | | | | | | | | 50,964 | |
| 383 | | | | NETSTREIT Corp | | | | | | | | | | | 8,832 | |
| 2,732 | | | | New Senior Investment Group, Inc | | | | | | | | | | | 23,987 | |
| 2,520 | | | | Newmark Group, Inc | | | | | | | | | | | 30,265 | |
| 478 | | | | NexPoint Residential Trust, Inc | | | | | | | | | | | 26,280 | |
| 965 | | | | Office Properties Income Trust | | | | | | | | | | | 28,284 | |
| 3,987 | | | | Omega Healthcare Investors, Inc | | | | | | | | | | | 144,688 | |
| 254 | | | | One Liberty Properties, Inc | | | | | | | | | | | 7,211 | |
| 5,739 | | * | | Opendoor Technologies, Inc | | | | | | | | | | | 101,752 | |
| 2,712 | | * | | Outfront Media, Inc | | | | | | | | | | | 65,169 | |
| 3,099 | | | | Paramount Group, Inc | | | | | | | | | | | 31,207 | |
| 4,260 | | * | | Park Hotels & Resorts, Inc | | | | | | | | | | | 87,799 | |
| 2,135 | | | | Pebblebrook Hotel Trust | | | | | | | | | | | 50,279 | |
| 3,336 | | | | Physicians Realty Trust | | | | | | | | | | | 61,616 | |
| 2,219 | | | | Piedmont Office Realty Trust, Inc | | | | | | | | | | | 40,985 | |
| 445 | | | | Plymouth Industrial REIT, Inc | | | | | | | | | | | 8,909 | |
| 1,281 | | | | PotlatchDeltic Corp | | | | | | | | | | | 68,085 | |
69
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,193 | | | | Preferred Apartment Communities, Inc | | | | | | | | | | $ | 11,632 | |
| 12,784 | | | | Prologis, Inc | | | | | | | | | | | 1,528,072 | |
| 358 | | | | PS Business Parks, Inc | | | | | | | | | | | 53,013 | |
| 2,624 | | | | Public Storage, Inc | | | | | | | | | | | 789,011 | |
| 1,162 | | | | QTS Realty Trust, Inc | | | | | | | | | | | 89,823 | |
| 302 | | * | | Rafael Holdings, Inc | | | | | | | | | | | 15,417 | |
| 2,525 | | | | Rayonier, Inc | | | | | | | | | | | 90,723 | |
| 349 | | | | Re/Max Holdings, Inc | | | | | | | | | | | 11,632 | |
| 2,208 | | * | | Realogy Holdings Corp | | | | | | | | | | | 40,230 | |
| 6,519 | | | | Realty Income Corp | | | | | | | | | | | 435,078 | |
| 1,693 | | * | | Redfin Corp | | | | | | | | | | | 107,353 | |
| 2,945 | | | | Regency Centers Corp | | | | | | | | | | | 188,686 | |
| 2,533 | | | | Retail Opportunities Investment Corp | | | | | | | | | | | 44,733 | |
| 3,851 | | | | Retail Properties of America, Inc | | | | | | | | | | | 44,094 | |
| 291 | | | | Retail Value, Inc | | | | | | | | | | | 6,329 | |
| 2,165 | | | | Rexford Industrial Realty, Inc | | | | | | | | | | | 123,297 | |
| 3,244 | | | | RLJ Lodging Trust | | | | | | | | | | | 49,406 | |
| 497 | | | | RMR Group, Inc | | | | | | | | | | | 19,204 | |
| 1,201 | | | | RPT Realty | | | | | | | | | | | 15,589 | |
| 875 | | * | | Ryman Hospitality Properties | | | | | | | | | | | 69,090 | |
| 3,697 | | | | Sabra Healthcare REIT, Inc | | | | | | | | | | | 67,285 | |
| 319 | | | | Safehold, Inc | | | | | | | | | | | 25,042 | |
| 370 | | | | Saul Centers, Inc | | | | | | | | | | | 16,817 | |
| 1,896 | | | | SBA Communications Corp | | | | | | | | | | | 604,255 | |
| 793 | | * | | Seritage Growth Properties | | | | | | | | | | | 14,591 | |
| 3,197 | | | | Service Properties Trust | | | | | | | | | | | 40,282 | |
| 5,663 | | | | Simon Property Group, Inc | | | | | | | | | | | 738,908 | |
| 2,580 | | | | SITE Centers Corp | | | | | | | | | | | 38,855 | |
| 1,294 | | | | SL Green Realty Corp | | | | | | | | | | | 103,520 | |
| 1,927 | | | | Spirit Realty Capital, Inc | | | | | | | | | | | 92,188 | |
| 747 | | | | St. Joe Co | | | | | | | | | | | 33,324 | |
| 2,541 | | | | STAG Industrial, Inc | | | | | | | | | | | 95,110 | |
| 3,908 | | | | STORE Capital Corp | | | | | | | | | | | 134,865 | |
| 2,137 | | * | | Summit Hotel Properties, Inc | | | | | | | | | | | 19,938 | |
| 1,786 | | | | Sun Communities, Inc | | | | | | | | | | | 306,120 | |
| 4,344 | | * | | Sunstone Hotel Investors, Inc | | | | | | | | | | | 53,952 | |
| 1,459 | | | | Tanger Factory Outlet Centers, Inc | | | | | | | | | | | 27,502 | |
| 268 | | * | | Tejon Ranch Co | | | | | | | | | | | 4,076 | |
| 1,413 | | | | Terreno Realty Corp | | | | | | | | | | | 91,167 | |
| 5,209 | | | | UDR, Inc | | | | | | | | | | | 255,137 | |
| 435 | | | | UMH Properties, Inc | | | | | | | | | | | 9,492 | |
| 3,290 | | | | Uniti Group, Inc | | | | | | | | | | | 34,841 | |
| 198 | | | | Universal Health Realty Income Trust | | | | | | | | | | | 12,187 | |
| 2,537 | | | | Urban Edge Properties | | | | | | | | | | | 48,457 | |
| 1,302 | | | | Urstadt Biddle Properties, Inc (Class A) | | | | | | | | | | | 25,233 | |
| 6,543 | | | | Ventas, Inc | | | | | | | | | | | 373,605 | |
| 3,725 | | | | VEREIT, Inc | | | | | | | | | | | 171,089 | |
| 9,362 | | | | VICI Properties, Inc | | | | | | | | | | | 290,409 | |
| 3,062 | | | | Vornado Realty Trust | | | | | | | | | | | 142,904 | |
| 1,848 | | | | Washington REIT | | | | | | | | | | | 42,504 | |
| 2,318 | | | | Weingarten Realty Investors | | | | | | | | | | | 74,338 | |
| 7,264 | | | | Welltower, Inc | | | | | | | | | | | 603,638 | |
| 13,039 | | | | Weyerhaeuser Co | | | | | | | | | | | 448,802 | |
| 550 | | | | Whitestone REIT | | | | | | | | | | | 4,538 | |
| 2,940 | | | | WP Carey, Inc | | | | | | | | | | | 219,383 | |
| 2,302 | | * | | Xenia Hotels & Resorts, Inc | | | | | | | | | | | 43,116 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL REAL ESTATE | | | | | | | | | | | 25,646,806 | |
| | | | | | | | | | | | | | | | |
| RETAILING - 6.6% | | | | | | | | | | | | |
| 426 | | * | | 1-800-FLOWERS.COM, Inc (Class A) | | | | | | | | | | | 13,577 | |
| 667 | | | | Aaron’s Co, Inc | | | | | | | | | | | 21,337 | |
| 1,074 | | * | | Abercrombie & Fitch Co (Class A) | | | | | | | | | | | 49,866 | |
| 910 | | * | | Academy Sports & Outdoors, Inc | | | | | | | | | | | 37,528 | |
| 1,153 | | | | Advance Auto Parts, Inc | | | | | | | | | | | 236,526 | |
| 7,511 | | * | | Amazon.com, Inc | | | | | | | | | | | 25,839,042 | |
| 2,547 | | e | | American Eagle Outfitters, Inc | | | | | | | | | | | 95,589 | |
| 122 | | * | | America’s Car-Mart, Inc | | | | | | | | | | | 17,290 | |
70
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 305 | | * | | Asbury Automotive Group, Inc | | | | | | | | | | $ | 52,268 | |
| 1,091 | | * | | At Home Group, Inc | | | | | | | | | | | 40,192 | |
| 943 | | * | | Autonation, Inc | | | | | | | | | | | 89,406 | |
| 383 | | * | | AutoZone, Inc | | | | | | | | | | | 571,520 | |
| 647 | | * | | Barnes & Noble Education, Inc | | | | | | | | | | | 4,665 | |
| 1,949 | | * | | Bed Bath & Beyond, Inc | | | | | | | | | | | 64,882 | |
| 4,166 | | | | Best Buy Co, Inc | | | | | | | | | | | 479,007 | |
| 365 | | | | Big 5 Sporting Goods Corp | | | | | | | | | | | 9,373 | |
| 638 | | | | Big Lots, Inc | | | | | | | | | | | 42,114 | |
| 632 | | *,e | | Blink Charging Co | | | | | | | | | | | 26,019 | |
| 455 | | * | | Boot Barn Holdings, Inc | | | | | | | | | | | 38,243 | |
| 526 | | | | Buckle, Inc | | | | | | | | | | | 26,169 | |
| 1,156 | | * | | Burlington Stores, Inc | | | | | | | | | | | 372,220 | |
| 639 | | | | Caleres, Inc | | | | | | | | | | | 17,438 | |
| 670 | | | | Camping World Holdings, Inc | | | | | | | | | | | 27,463 | |
| 657 | | * | | CarLotz, Inc | | | | | | | | | | | 3,587 | |
| 2,857 | | * | | CarMax, Inc | | | | | | | | | | | 368,982 | |
| 961 | | * | | CarParts.com, Inc | | | | | | | | | | | 19,566 | |
| 1,321 | | * | | Carvana Co | | | | | | | | | | | 398,704 | |
| 368 | | | | Cato Corp (Class A) | | | | | | | | | | | 6,208 | |
| 2,088 | | * | | Chico’s FAS, Inc | | | | | | | | | | | 13,739 | |
| 288 | | * | | Children’s Place, Inc | | | | | | | | | | | 26,801 | |
| 207 | | * | | Citi Trends, Inc | | | | | | | | | | | 18,009 | |
| 291 | | * | | Conn’s, Inc | | | | | | | | | | | 7,421 | |
| 508 | | * | | Container Store Group, Inc | | | | | | | | | | | 6,624 | |
| 775 | | | | Core-Mark Holding Co, Inc | | | | | | | | | | | 34,883 | |
| 1,238 | | * | | Designer Brands, Inc | | | | | | | | | | | 20,489 | |
| 1,109 | | | | Dick’s Sporting Goods, Inc | | | | | | | | | | | 111,111 | |
| 119 | | | | Dillard’s, Inc (Class A) | | | | | | | | | | | 21,525 | |
| 4,153 | | | | Dollar General Corp | | | | | | | | | | | 898,668 | |
| 4,030 | | * | | Dollar Tree, Inc | | | | | | | | | | | 400,985 | |
| 1,444 | | * | | DoorDash, Inc | | | | | | | | | | | 257,509 | |
| 144 | | *,e | | Duluth Holdings, Inc | | | | | | | | | | | 2,974 | |
| 11,669 | | | | eBay, Inc | | | | | | | | | | | 819,280 | |
| 2,188 | | * | | Etsy, Inc | | | | | | | | | | | 450,378 | |
| 969 | | * | | Five Below, Inc | | | | | | | | | | | 187,279 | |
| 1,672 | | * | | Floor & Decor Holdings, Inc | | | | | | | | | | | 176,730 | |
| 1,616 | | | | Foot Locker, Inc | | | | | | | | | | | 99,594 | |
| 429 | | | | Franchise Group, Inc | | | | | | | | | | | 15,131 | |
| 389 | | * | | Funko, Inc | | | | | | | | | | | 8,278 | |
| 1,020 | | *,e | | GameStop Corp (Class A) | | | | | | | | | | | 218,423 | |
| 3,094 | | | | Gap, Inc | | | | | | | | | | | 104,113 | |
| 313 | | * | | Genesco, Inc | | | | | | | | | | | 19,932 | |
| 2,425 | | | | Genuine Parts Co | | | | | | | | | | | 306,690 | |
| 585 | | *,e | | Greenlane Holdings Inc | | | | | | | | | | | 2,615 | |
| 324 | | | | Group 1 Automotive, Inc | | | | | | | | | | | 50,035 | |
| 354 | | * | | Groupon, Inc | | | | | | | | | | | 15,279 | |
| 934 | | * | | GrowGeneration Corp | | | | | | | | | | | 44,925 | |
| 904 | | | | Guess?, Inc | | | | | | | | | | | 23,866 | |
| 286 | | | | Haverty Furniture Cos, Inc | | | | | | | | | | | 12,229 | |
| 323 | | * | | Hibbett Sports, Inc | | | | | | | | | | | 28,950 | |
| 18,616 | | | | Home Depot, Inc | | | | | | | | | | | 5,936,456 | |
| 263 | | * | | Kirkland’s, Inc | | | | | | | | | | | 6,017 | |
| 2,758 | | | | Kohl’s Corp | | | | | | | | | | | 151,993 | |
| 4,095 | | | | L Brands, Inc | | | | | | | | | | | 295,086 | |
| 221 | | * | | Lands’ End, Inc | | | | | | | | | | | 9,072 | |
| 181 | | * | | Lazydays Holdings, Inc | | | | | | | | | | | 3,982 | |
| 1,735 | | * | | Leslie’s, Inc | | | | | | | | | | | 47,695 | |
| 484 | | * | | Liquidity Services, Inc | | | | | | | | | | | 12,318 | |
| 472 | | | | Lithia Motors, Inc (Class A) | | | | | | | | | | | 162,198 | |
| 4,901 | | * | | LKQ Corp | | | | | | | | | | | 241,227 | |
| 12,445 | | | | Lowe’s Companies, Inc | | | | | | | | | | | 2,413,957 | |
| 442 | | * | | Lumber Liquidators, Inc | | | | | | | | | | | 9,326 | |
| 5,634 | | * | | Macy’s, Inc | | | | | | | | | | | 106,821 | |
| 389 | | * | | MarineMax, Inc | | | | | | | | | | | 18,960 | |
| 566 | | | | Monro Muffler, Inc | | | | | | | | | | | 35,947 | |
| 469 | | | | Murphy USA, Inc | | | | | | | | | | | 62,551 | |
71
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,477 | | * | | National Vision Holdings, Inc | | | | | | | | | | $ | 75,519 | |
| 1,826 | | * | | Nordstrom, Inc | | | | | | | | | | | 66,777 | |
| 888 | | * | | ODP Corp | | | | | | | | | | | 42,633 | |
| 1,041 | | * | | Ollie’s Bargain Outlet Holdings, Inc | | | | | | | | | | | 87,579 | |
| 180 | | | | OneWater Marine, Inc | | | | | | | | | | | 7,565 | |
| 1,201 | | * | | O’Reilly Automotive, Inc | | | | | | | | | | | 680,018 | |
| 752 | | * | | Overstock.com, Inc | | | | | | | | | | | 69,334 | |
| 1,889 | | * | | Party City Holdco, Inc | | | | | | | | | | | 17,624 | |
| 554 | | | | Penske Auto Group, Inc | | | | | | | | | | | 41,821 | |
| 1,122 | | * | | Petco Health & Wellness Co, Inc | | | | | | | | | | | 25,144 | |
| 306 | | | | PetMed Express, Inc | | | | | | | | | | | 9,746 | |
| 686 | | | | Pool Corp | | | | | | | | | | | 314,641 | |
| 246 | | * | | Porch Group, Inc | | | | | | | | | | | 4,758 | |
| 1,517 | | * | | Quotient Technology, Inc | | | | | | | | | | | 16,399 | |
| 6,780 | | | | Qurate Retail Group, Inc QVC Group | | | | | | | | | | | 88,750 | |
| 1,403 | | * | | RealReal, Inc | | | | | | | | | | | 27,723 | |
| 1,084 | | | | Rent-A-Center, Inc | | | | | | | | | | | 57,528 | |
| 610 | | * | | Revolve Group, Inc | | | | | | | | | | | 42,029 | |
| 289 | | * | | RH | | | | | | | | | | | 196,231 | |
| 6,113 | | | | Ross Stores, Inc | | | | | | | | | | | 758,012 | |
| 2,062 | | * | | Sally Beauty Holdings, Inc | | | | | | | | | | | 45,508 | |
| 1,030 | | * | | Shift Technologies, Inc | | | | | | | | | | | 8,837 | |
| 203 | | | | Shoe Carnival, Inc | | | | | | | | | | | 14,533 | |
| 366 | | | | Shutterstock, Inc | | | | | | | | | | | 35,930 | |
| 920 | | * | | Signet Jewelers Ltd | | | | | | | | | | | 74,327 | |
| 441 | | * | | Sleep Number Corp | | | | | | | | | | | 48,488 | |
| 455 | | | | Sonic Automotive, Inc (Class A) | | | | | | | | | | | 20,357 | |
| 689 | | * | | Sportsman’s Warehouse Holdings, Inc | | | | | | | | | | | 12,244 | |
| 297 | | * | | Stamps.com, Inc | | | | | | | | | | | 59,486 | |
| 989 | | * | | Stitch Fix Inc | | | | | | | | | | | 59,637 | |
| 8,613 | | | | Target Corp | | | | | | | | | | | 2,082,107 | |
| 297 | | | | Tilly’s, Inc | | | | | | | | | | | 4,746 | |
| 20,908 | | | | TJX Companies, Inc | | | | | | | | | | | 1,409,617 | |
| 1,997 | | | | Tractor Supply Co | | | | | | | | | | | 371,562 | |
| 232 | | * | | TravelCenters of America, Inc | | | | | | | | | | | 6,784 | |
| 941 | | * | | Ulta Beauty, Inc | | | | | | | | | | | 325,370 | |
| 1,237 | | * | | Urban Outfitters, Inc | | | | | | | | | | | 50,989 | |
| 1,979 | | * | | Vroom, Inc | | | | | | | | | | | 82,841 | |
| 1,297 | | * | | Wayfair, Inc | | | | | | | | | | | 409,476 | |
| 1,326 | | | | Williams-Sonoma, Inc | | | | | | | | | | | 211,696 | |
| 37 | | | | Winmark Corp | | | | | | | | | | | 7,107 | |
| 314 | | * | | Zumiez, Inc | | | | | | | | | | | 15,383 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL RETAILING | | | | | | | | | | | 50,873,708 | |
| | | | | | | | | | | | | | | | |
| | | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1% | | | | | | | | | | | | |
| 617 | | | | Advanced Energy Industries, Inc | | | | | | | | | | | 69,542 | |
| 20,971 | | * | | Advanced Micro Devices, Inc | | | | | | | | | | | 1,969,806 | |
| 579 | | * | | Allegro MicroSystems, Inc | | | | | | | | | | | 16,038 | |
| 302 | | * | | Alpha & Omega Semiconductor Ltd | | | | | | | | | | | 9,178 | |
| 532 | | * | | Ambarella, Inc | | | | | | | | | | | 56,727 | |
| 1,455 | | | | Amkor Technology, Inc | | | | | | | | | | | 34,440 | |
| 6,377 | | | | Analog Devices, Inc | | | | | | | | | | | 1,097,864 | |
| 15,895 | | | | Applied Materials, Inc | | | | | | | | | | | 2,263,448 | |
| 320 | | *,e | | Atomera, Inc | | | | | | | | | | | 6,861 | |
| 510 | | * | | Axcelis Technologies, Inc | | | | | | | | | | | 20,614 | |
| 582 | | * | | AXT, Inc | | | | | | | | | | | 6,390 | |
| 6,919 | | | | Broadcom, Inc | | | | | | | | | | | 3,299,256 | |
| 1,252 | | | | Brooks Automation, Inc | | | | | | | | | | | 119,291 | |
| 333 | | * | | Ceva, Inc | | | | | | | | | | | 15,751 | |
| 1,003 | | * | | Cirrus Logic, Inc | | | | | | | | | | | 85,375 | |
| 535 | | | | CMC Materials, Inc | | | | | | | | | | | 80,646 | |
| 772 | | * | | Cohu, Inc | | | | | | | | | | | 28,402 | |
| 1,899 | | * | | Cree, Inc | | | | | | | | | | | 185,969 | |
| 836 | | * | | Diodes, Inc | | | | | | | | | | | 66,688 | |
| 406 | | * | | DSP Group, Inc | | | | | | | | | | | 6,009 | |
| 2,271 | | * | | Enphase Energy, Inc | | | | | | | | | | | 417,024 | |
| 2,358 | | | | Entegris, Inc | | | | | | | | | | | 289,963 | |
72
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,763 | | * | | First Solar, Inc | | | | | | | | | | $ | 159,569 | |
| 1,150 | | * | | Formfactor, Inc | | | | | | | | | | | 41,929 | |
| 434 | | * | | Ichor Holdings Ltd | | | | | | | | | | | 23,349 | |
| 285 | | * | | Impinj, Inc | | | | | | | | | | | 14,703 | |
| 69,957 | | | | Intel Corp | | | | | | | | | | | 3,927,386 | |
| 2,671 | | | | KLA Corp | | | | | | | | | | | 865,965 | |
| 1,318 | | * | | Kopin Corp | | | | | | | | | | | 10,781 | |
| 911 | | | | Kulicke & Soffa Industries, Inc | | | | | | | | | | | 55,753 | |
| 2,477 | | | | Lam Research Corp | | | | | | | | | | | 1,611,784 | |
| 2,478 | | * | | Lattice Semiconductor Corp | | | | | | | | | | | 139,214 | |
| 799 | | * | | MACOM Technology Solutions Holdings, Inc | | | | | | | | | | | 51,200 | |
| 13,809 | | | | Marvell Technology, Inc | | | | | | | | | | | 805,479 | |
| 4,677 | | | | Maxim Integrated Products, Inc | | | | | | | | | | | 492,769 | |
| 1,072 | | * | | MaxLinear, Inc | | | | | | | | | | | 45,549 | |
| 4,345 | | | | Microchip Technology, Inc | | | | | | | | | | | 650,620 | |
| 19,412 | | * | | Micron Technology, Inc | | | | | | | | | | | 1,649,632 | |
| 1,013 | | | | MKS Instruments, Inc | | | | | | | | | | | 180,263 | |
| 797 | | | | Monolithic Power Systems, Inc | | | | | | | | | | | 297,640 | |
| 943 | | * | | Nanometrics, Inc | | | | | | | | | | | 68,877 | |
| 813 | | * | | NeoPhotonics Corp Ltd | | | | | | | | | | | 8,301 | |
| 77 | | | | NVE Corp | | | | | | | | | | | 5,702 | |
| 10,358 | | | | NVIDIA Corp | | | | | | | | | | | 8,287,436 | |
| 4,651 | | | | NXP Semiconductors NV | | | | | | | | | | | 956,804 | |
| 7,472 | | * | | ON Semiconductor Corp | | | | | | | | | | | 286,028 | |
| 409 | | * | | PDF Solutions, Inc | | | | | | | | | | | 7,436 | |
| 1,020 | | * | | Photronics, Inc | | | | | | | | | | | 13,474 | |
| 990 | | | | Power Integrations, Inc | | | | | | | | | | | 81,239 | |
| 1,983 | | * | | Qorvo, Inc | | | | | | | | | | | 387,974 | |
| 19,537 | | | | QUALCOMM, Inc | | | | | | | | | | | 2,792,423 | |
| 2,225 | | * | | Rambus, Inc | | | | | | | | | | | 52,755 | |
| 1,258 | | * | | Semtech Corp | | | | | | | | | | | 86,550 | |
| 797 | | * | | Silicon Laboratories, Inc | | | | | | | | | | | 122,140 | |
| 209 | | * | | SiTime Corp | | | | | | | | | | | 26,457 | |
| 2,872 | | | | Skyworks Solutions, Inc | | | | | | | | | | | 550,706 | |
| 170 | | * | | SMART Global Holdings, Inc | | | | | | | | | | | 8,106 | |
| 1,332 | | *,e | | SunPower Corp | | | | | | | | | | | 38,921 | |
| 570 | | * | | Synaptics, Inc | | | | | | | | | | | 88,681 | |
| 2,927 | | | | Teradyne, Inc | | | | | | | | | | | 392,101 | |
| 15,973 | | | | Texas Instruments, Inc | | | | | | | | | | | 3,071,608 | |
| 789 | | * | | Ultra Clean Holdings | | | | | | | | | | | 42,385 | |
| 754 | | | | Universal Display Corp | | | | | | | | | | | 167,637 | |
| 729 | | * | | Veeco Instruments, Inc | | | | | | | | | | | 17,525 | |
| 4,292 | | | | Xilinx, Inc | | | | | | | | | | | 620,795 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | 39,350,928 | |
| | | | | | | | | | | | | | | | |
| | | |
SOFTWARE & SERVICES - 14.7% | | | | | | | | | | | | |
| 1,702 | | * | | 8x8, Inc | | | | | | | | | | | 47,248 | |
| 754 | | * | | A10 Networks, Inc | | | | | | | | | | | 8,490 | |
| 11,020 | | | | Accenture plc | | | | | | | | | | | 3,248,586 | |
| 2,058 | | * | | ACI Worldwide, Inc | | | | | | | | | | | 76,434 | |
| 8,292 | | * | | Adobe, Inc | | | | | | | | | | | 4,856,127 | |
| 400 | | * | | Agilysys, Inc | | | | | | | | | | | 22,748 | |
| 2,817 | | * | | Akamai Technologies, Inc | | | | | | | | | | | 328,462 | |
| 790 | | * | | Alarm.com Holdings, Inc | | | | | | | | | | | 66,913 | |
| 118 | | * | | Alkami Technology, Inc | | | | | | | | | | | 4,209 | |
| 829 | | | | Alliance Data Systems Corp | | | | | | | | | | | 86,374 | |
| 708 | | * | | Altair Engineering, Inc | | | | | | | | | | | 48,831 | |
| 994 | | * | | Alteryx, Inc | | | | | | | | | | | 85,504 | |
| 2,273 | | | | Amdocs Ltd | | | | | | | | | | | 175,839 | |
| 370 | | | | American Software, Inc (Class A) | | | | | | | | | | | 8,125 | |
| 2,321 | | * | | Anaplan, Inc | | | | | | | | | | | 123,709 | |
| 1,538 | | * | | Ansys, Inc | | | | | | | | | | | 533,778 | |
| 306 | | * | | Appfolio, Inc | | | | | | | | | | | 43,207 | |
| 674 | | *,e | | Appian Corp | | | | | | | | | | | 92,844 | |
| 1,244 | | * | | Asana, Inc | | | | | | | | | | | 77,165 | |
| 1,207 | | * | | Aspen Technology, Inc | | | | | | | | | | | 166,011 | |
| 2,315 | | * | | Atlassian Corp plc | | | | | | | | | | | 594,631 | |
73
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 3,849 | | * | | Autodesk, Inc | | | | | | | | | | $ | 1,123,523 | |
| 7,383 | | | | Automatic Data Processing, Inc | | | | | | | | | | | 1,466,411 | |
| 1,410 | | * | | Avalara, Inc | | | | | | | | | | | 228,138 | |
| 1,505 | | * | | Avaya Holdings Corp | | | | | | | | | | | 40,485 | |
| 527 | | * | | Benefitfocus, Inc | | | | | | | | | | | 7,431 | |
| 2,294 | | e | | Bentley Systems, Inc | | | | | | | | | | | 148,605 | |
| 798 | | * | | BigCommerce Holdings, Inc | | | | | | | | | | | 51,806 | |
| 1,292 | | * | | Bill.Com Holdings, Inc | | | | | | | | | | | 236,669 | |
| 2,568 | | * | | Black Knight, Inc | | | | | | | | | | | 200,253 | |
| 919 | | * | | Blackbaud, Inc | | | | | | | | | | | 70,368 | |
| 875 | | * | | Blackline, Inc | | | | | | | | | | | 97,361 | |
| 67 | | * | | BM Technologies, Inc | | | | | | | | | | | 833 | |
| 808 | | * | | Bottomline Technologies, Inc | | | | | | | | | | | 29,961 | |
| 2,592 | | * | | Box, Inc | | | | | | | | | | | 66,226 | |
| 653 | | * | | Brightcove, Inc | | | | | | | | | | | 9,371 | |
| 1,981 | | | | Broadridge Financial Solutions, Inc | | | | | | | | | | | 319,991 | |
| 662 | | * | | BTRS Holdings, Inc | | | | | | | | | | | 8,354 | |
| 274 | | * | | C3.ai, Inc | | | | | | | | | | | 17,133 | |
| 4,842 | | * | | Cadence Design Systems, Inc | | | | | | | | | | | 662,482 | |
| 923 | | * | | Cantaloupe, Inc | | | | | | | | | | | 10,947 | |
| 222 | | | | Cass Information Systems, Inc | | | | | | | | | | | 9,047 | |
| 2,269 | | | | CDK Global, Inc | | | | | | | | | | | 112,747 | |
| 664 | | * | | Cerence Inc | | | | | | | | | | | 70,855 | |
| 2,180 | | * | | Ceridian HCM Holding, Inc | | | | | | | | | | | 209,106 | |
| 499 | | * | | ChannelAdvisor Corp | | | | | | | | | | | 12,231 | |
| 2,198 | | | | Citrix Systems, Inc | | | | | | | | | | | 257,759 | |
| 600 | | * | | Cleanspark, Inc | | | | | | | | | | | 9,984 | |
| 3,805 | | * | | Cloudera, Inc | | | | | | | | | | | 60,347 | |
| 4,306 | | * | | Cloudflare, Inc | | | | | | | | | | | 455,747 | |
| 9,165 | | | | Cognizant Technology Solutions Corp (Class A) | | | | | | | | | | | 634,768 | |
| 679 | | * | | Commvault Systems, Inc | | | | | | | | | | | 53,077 | |
| 752 | | * | | Concentrix Corp | | | | | | | | | | | 120,922 | |
| 3,045 | | * | | Conduent, Inc | | | | | | | | | | | 22,838 | |
| 985 | | * | | Cornerstone OnDemand, Inc | | | | | | | | | | | 50,806 | |
| 1,237 | | * | | Coupa Software, Inc | | | | | | | | | | | 324,230 | |
| 2,765 | | * | | Crowdstrike Holdings, Inc | | | | | | | | | | | 694,872 | |
| 520 | | | | CSG Systems International, Inc | | | | | | | | | | | 24,534 | |
| 3,866 | | * | | Datadog, Inc | | | | | | | | | | | 402,373 | |
| 360 | | * | | Datto Holding Corp | | | | | | | | | | | 10,022 | |
| 348 | | *,e | | Digimarc Corp | | | | | | | | | | | 11,658 | |
| 1,488 | | * | | Digital Turbine, Inc | | | | | | | | | | | 113,133 | |
| 70 | | * | | DigitalOcean Holdings, Inc | | | | | | | | | | | 3,891 | |
| 3,281 | | * | | DocuSign, Inc | | | | | | | | | | | 917,269 | |
| 1,151 | | | | Dolby Laboratories, Inc (Class A) | | | | | | | | | | | 113,132 | |
| 549 | | * | | Domo, Inc | | | | | | | | | | | 44,376 | |
| 212 | | * | | DoubleVerify Holdings, Inc | | | | | | | | | | | 8,976 | |
| 5,083 | | * | | Dropbox, Inc | | | | | | | | | | | 154,066 | |
| 1,275 | | * | | Duck Creek Technologies, Inc | | | | | | | | | | | 55,475 | |
| 4,448 | | * | | DXC Technology Co | | | | | | | | | | | 173,205 | |
| 3,263 | | * | | Dynatrace, Inc | | | | | | | | | | | 190,624 | |
| 677 | | * | | E2open Parent Holdings, Inc | | | | | | | | | | | 7,731 | |
| 387 | | | | Ebix, Inc | | | | | | | | | | | 13,119 | |
| 543 | | * | | eGain Corp | | | | | | | | | | | 6,234 | |
| 1,160 | | * | | Elastic NV | | | | | | | | | | | 169,082 | |
| 884 | | * | | Envestnet, Inc | | | | | | | | | | | 67,060 | |
| 940 | | * | | EPAM Systems, Inc | | | | | | | | | | | 480,302 | |
| 898 | | * | | Euronet Worldwide, Inc | | | | | | | | | | | 121,544 | |
| 614 | | * | | Everbridge, Inc | | | | | | | | | | | 83,553 | |
| 941 | | | | EVERTEC, Inc | | | | | | | | | | | 41,075 | |
| 774 | | * | | Evo Payments, Inc | | | | | | | | | | | 21,471 | |
| 511 | | * | | ExlService Holdings, Inc | | | | | | | | | | | 54,299 | |
| 501 | | * | | Fair Isaac Corp | | | | | | | | | | | 251,843 | |
| 1,817 | | *,e | | Fastly, Inc | | | | | | | | | | | 108,293 | |
| 10,749 | | | | Fidelity National Information Services, Inc | | | | | | | | | | | 1,522,811 | |
| 3,955 | | * | | FireEye, Inc | | | | | | | | | | | 79,970 | |
| 10,392 | | * | | Fiserv, Inc | | | | | | | | | | | 1,110,801 | |
| 1,139 | | * | | Five9, Inc | | | | | | | | | | | 208,881 | |
74
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 1,431 | | * | | FleetCor Technologies, Inc | | | | | | | | | | $ | 366,422 | |
| 2,343 | | * | | Fortinet, Inc | | | | | | | | | | | 558,079 | |
| 1,467 | | * | | Gartner, Inc | | | | | | | | | | | 355,307 | |
| 3,330 | | | | Genpact Ltd | | | | | | | | | | | 151,282 | |
| 5,101 | | | | Global Payments, Inc | | | | | | | | | | | 956,642 | |
| 644 | | * | | Globant S.A. | | | | | | | | | | | 141,152 | |
| 2,965 | | * | | GoDaddy, Inc | | | | | | | | | | | 257,836 | |
| 346 | | * | | GreenBox POS | | | | | | | | | | | 4,128 | |
| 1,073 | | * | | GreenSky, Inc | | | | | | | | | | | 5,955 | |
| 483 | | * | | Grid Dynamics Holdings, Inc | | | | | | | | | | | 7,259 | |
| 1,102 | | * | | GTY Technology Holdings Inc | | | | | | | | | | | 7,835 | |
| 1,428 | | * | | Guidewire Software, Inc | | | | | | | | | | | 160,964 | |
| 450 | | | | Hackett Group, Inc | | | | | | | | | | | 8,109 | |
| 759 | | * | | HubSpot, Inc | | | | | | | | | | | 442,284 | |
| 280 | | * | | I3 Verticals, Inc | | | | | | | | | | | 8,462 | |
| 112 | | * | | IBEX Ltd | | | | | | | | | | | 2,186 | |
| 7,076 | | * | | Ideanomics Inc | | | | | | | | | | | 20,096 | |
| 229 | | *,e | | Intelligent Systems Corp | | | | | | | | | | | 7,204 | |
| 539 | | | | InterDigital, Inc | | | | | | | | | | | 39,363 | |
| 15,470 | | | | International Business Machines Corp | | | | | | | | | | | 2,267,747 | |
| 339 | | * | | International Money Express Inc | | | | | | | | | | | 5,034 | |
| 4,439 | | | | Intuit, Inc | | | | | | | | | | | 2,175,865 | |
| 795 | | * | | j2 Global, Inc | | | | | | | | | | | 109,352 | |
| 1,312 | | | | Jack Henry & Associates, Inc | | | | | | | | | | | 214,525 | |
| 827 | | * | | Jamf Holding Corp | | | | | | | | | | | 27,762 | |
| 864 | | *,e | | JFrog Ltd | | | | | | | | | | | 39,329 | |
| 2,061 | | * | | Limelight Networks, Inc | | | | | | | | | | | 6,492 | |
| 1,122 | | * | | Liveperson, Inc | | | | | | | | | | | 70,955 | |
| 1,208 | | * | | LiveRamp Holdings, Inc | | | | | | | | | | | 56,595 | |
| 1,102 | | * | | Manhattan Associates, Inc | | | | | | | | | | | 159,614 | |
| 1,642 | | * | | Marathon Digital Holdings, Inc | | | | | | | | | | | 51,510 | |
| 15,157 | | | | Mastercard, Inc (Class A) | | | | | | | | | | | 5,533,669 | |
| 1,185 | | | | MAXIMUS, Inc | | | | | | | | | | | 104,244 | |
| 690 | | | | McAfee Corp | | | | | | | | | | | 19,334 | |
| 1,701 | | * | | Medallia, Inc | | | | | | | | | | | 57,409 | |
| 130,549 | | | | Microsoft Corp | | | | | | | | | | | 35,365,724 | |
| 134 | | *,e | | MicroStrategy, Inc (Class A) | | | | | | | | | | | 89,043 | |
| 967 | | * | | Mimecast Ltd | | | | | | | | | | | 51,299 | |
| 781 | | * | | Mitek Systems, Inc | | | | | | | | | | | 15,042 | |
| 704 | | * | | Model N, Inc | | | | | | | | | | | 24,126 | |
| 1,365 | | * | | MoneyGram International, Inc | | | | | | | | | | | 13,759 | |
| 898 | | * | | MongoDB, Inc | | | | | | | | | | | 324,645 | |
| 811 | | * | | nCino, Inc | | | | | | | | | | | 48,595 | |
| 885 | | * | | New Relic, Inc | | | | | | | | | | | 59,268 | |
| 9,648 | | | | NortonLifelock, Inc | | | | | | | | | | | 262,619 | |
| 5,006 | | * | | Nuance Communications, Inc | | | | | | | | | | | 272,527 | |
| 3,276 | | * | | Nutanix, Inc | | | | | | | | | | | 125,209 | |
| 2,107 | | * | | Okta, Inc | | | | | | | | | | | 515,541 | |
| 152 | | * | | ON24, Inc | | | | | | | | | | | 5,393 | |
| 634 | | * | | OneSpan, Inc | | | | | | | | | | | 16,192 | |
| 30,190 | | | | Oracle Corp | | | | | | | | | | | 2,349,990 | |
| 1,327 | | * | | Pagerduty, Inc | | | | | | | | | | | 56,504 | |
| 28,022 | | * | | Palantir Technologies, Inc | | | | | | | | | | | 738,660 | |
| 1,663 | | * | | Palo Alto Networks, Inc | | | | | | | | | | | 617,056 | |
| 1,026 | | * | | Paya Holdings, Inc | | | | | | | | | | | 11,307 | |
| 5,624 | | | | Paychex, Inc | | | | | | | | | | | 603,455 | |
| 896 | | * | | Paycom Software, Inc | | | | | | | | | | | 325,669 | |
| 625 | | * | | Paylocity Holding Corp | | | | | | | | | | | 119,250 | |
| 20,363 | | * | | PayPal Holdings, Inc | | | | | | | | | | | 5,935,407 | |
| 4,683 | | * | | Paysafe Ltd | | | | | | | | | | | 56,711 | |
| 748 | | | | Pegasystems, Inc | | | | | | | | | | | 104,114 | |
| 509 | | * | | Perficient, Inc | | | | | | | | | | | 40,934 | |
| 734 | | * | | Ping Identity Holding Corp | | | | | | | | | | | 16,809 | |
| 766 | | | | Progress Software Corp | | | | | | | | | | | 35,428 | |
| 989 | | * | | Proofpoint, Inc | | | | | | | | | | | 171,849 | |
| 671 | | * | | PROS Holdings, Inc | | | | | | | | | | | 30,577 | |
| 1,840 | | * | | PTC, Inc | | | | | | | | | | | 259,918 | |
75
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | VALUE | |
| | | | | | | | | | | | |
| 877 | | * | | Q2 Holdings, Inc | | | | | | $ | 89,963 | |
| 215 | | | | QAD, Inc (Class A) | | | | | | | 18,709 | |
| 667 | | * | | Qualys, Inc | | | | | | | 67,160 | |
| 738 | | * | | Rackspace Technology, Inc | | | | | | | 14,472 | |
| 847 | | * | | Rapid7, Inc | | | | | | | 80,152 | |
| 1,096 | | * | | Repay Holdings Corp | | | | | | | 26,348 | |
| 1,545 | | * | | Rimini Street, Inc | | | | | | | 9,517 | |
| 1,368 | | * | | RingCentral, Inc | | | | | | | 397,513 | |
| 1,454 | | * | | Riot Blockchain, Inc | | | | | | | 54,772 | |
| 5,391 | | * | | Sabre Corp | | | | | | | 67,280 | |
| 1,565 | | * | | SailPoint Technologies Holding, Inc | | | | | | | 79,925 | |
| 15,360 | | * | | salesforce.com, Inc | | | | | | | 3,751,987 | |
| 433 | | | | Sapiens International Corp NV | | | | | | | 11,375 | |
| 96 | | * | | SecureWorks Corp | | | | | | | 1,779 | |
| 3,429 | | * | | ServiceNow, Inc | | | | | | | 1,884,407 | |
| 719 | | * | | Shift4 Payments, Inc | | | | | | | 67,385 | |
| 307 | | * | | ShotSpotter, Inc | | | | | | | 14,972 | |
| 8,617 | | * | | Slack Technologies, Inc | | | | | | | 381,733 | |
| 1,969 | | * | | Smartsheet, Inc | | | | | | | 142,398 | |
| 933 | | * | | Smith Micro Software, Inc | | | | | | | 4,870 | |
| 2,039 | | * | | Snowflake, Inc | | | | | | | 493,030 | |
| 852 | | * | | SolarWinds Corp | | | | | | | 14,390 | |
| 2,866 | | * | | Splunk, Inc | | | | | | | 414,366 | |
| 757 | | * | | Sprout Social, Inc | | | | | | | 67,691 | |
| 599 | | * | | SPS Commerce, Inc | | | | | | | 59,810 | |
| 6,737 | | * | | Square, Inc | | | | | | | 1,642,481 | |
| 3,873 | | | | SS&C Technologies Holdings, Inc | | | | | | | 279,088 | |
| 298 | | * | | StarTek, Inc | | | | | | | 2,125 | |
| 3,753 | | * | | StoneCo Ltd | | | | | | | 251,676 | |
| 1,401 | | *,e | | Sumo Logic, Inc | | | | | | | 28,931 | |
| 2,089 | | * | | SVMK, Inc | | | | | | | 44,015 | |
| 1,636 | | | | Switch, Inc | | | | | | | 34,536 | |
| 605 | | * | | Sykes Enterprises, Inc | | | | | | | 32,489 | |
| 2,666 | | * | | Synopsys, Inc | | | | | | | 735,256 | |
| 289 | | * | | Telos Corp | | | | | | | 9,829 | |
| 1,434 | | * | | Tenable Holdings, Inc | | | | | | | 59,296 | |
| 1,952 | | * | | Teradata Corp | | | | | | | 97,541 | |
| 7,380 | | * | | Trade Desk, Inc | | | | | | | 570,917 | |
| 369 | | | | TTEC Holdings, Inc | | | | | | | 38,040 | |
| 143 | | *,e | | Tucows, Inc | | | | | | | 11,486 | |
| 2,790 | | * | | Twilio, Inc | | | | | | | 1,099,706 | |
| 718 | | * | | Tyler Technologies, Inc | | | | | | | 324,802 | |
| 1,098 | | * | | Unisys Corp | | | | | | | 27,790 | |
| 2,508 | | *,e | | Unity Software, Inc | | | | | | | 275,454 | |
| 395 | | * | | Upland Software, Inc | | | | | | | 16,262 | |
| 1,650 | | * | | Varonis Systems, Inc | | | | | | | 95,073 | |
| 1,154 | | * | | Verint Systems, Inc | | | | | | | 52,011 | |
| 1,723 | | * | | VeriSign, Inc | | | | | | | 392,310 | |
| 422 | | * | | Veritone, Inc | | | | | | | 8,318 | |
| 2,291 | | * | | Verra Mobility Corp | | | | | | | 35,213 | |
| 187 | | * | | Viant Technology, Inc | | | | | | | 5,569 | |
| 1,303 | | *,e | | VirnetX Holding Corp | | | | | | | 5,564 | |
| 29,317 | | | | Visa, Inc (Class A) | | | | | | | 6,854,901 | |
| 1,376 | | *,e | | VMware, Inc (Class A) | | | | | | | 220,119 | |
| 7,231 | | | | Western Union Co | | | | | | | 166,096 | |
| 739 | | * | | WEX, Inc | | | | | | | 143,292 | |
| 902 | | * | | Wix.com Ltd | | | | | | | 261,833 | |
| 3,153 | | * | | Workday, Inc | | | | | | | 752,747 | |
| 697 | | * | | Workiva, Inc | | | | | | | 77,597 | |
| 1,587 | | | | Xperi Holding Corp | | | | | | | 35,295 | |
| 1,753 | | * | | Yext, Inc | | | | | | | 25,050 | |
| 1,979 | | * | | Zendesk, Inc | | | | | | | 285,649 | |
| 803 | | * | | Zix Corp | | | | | | | 5,661 | |
| 3,688 | | * | | Zoom Video Communications, Inc | | | | | | | 1,427,367 | |
| 1,306 | | * | | Zscaler, Inc | | | | | | | 282,174 | |
| 1,498 | | * | | Zuora Inc | | | | | | | 25,841 | |
| | | | | | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | | | | | 113,179,747 | |
| | | | | | | | | | | | |
76
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6% | | | | | | | | | | | | |
| 2,107 | | * | | 3D Systems Corp | | | | | | | | | | $ | 84,217 | |
| 125 | | *,e | | 908 Devices, Inc | | | | | | | | | | | 4,844 | |
| 806 | | | | Adtran, Inc | | | | | | | | | | | 16,644 | |
| 262 | | * | | Aeva Technologies, Inc | | | | | | | | | | | 2,769 | |
| 720 | | * | | Akoustis Technologies, Inc | | | | | | | | | | | 7,711 | |
| 10,146 | | | | Amphenol Corp (Class A) | | | | | | | | | | | 694,088 | |
| 271,915 | | | | Apple, Inc | | | | | | | | | | | 37,241,478 | |
| 1,056 | | * | | Arista Networks, Inc | | | | | | | | | | | 382,599 | |
| 1,538 | | * | | Arlo Technologies, Inc | | | | | | | | | | | 10,412 | |
| 1,300 | | * | | Arrow Electronics, Inc | | | | | | | | | | | 147,979 | |
| 170 | | * | | Aviat Networks, Inc | | | | | | | | | | | 5,571 | |
| 612 | | * | | Avid Technology, Inc | | | | | | | | | | | 23,960 | |
| 1,997 | | | | Avnet, Inc | | | | | | | | | | | 80,040 | |
| 438 | | | | Badger Meter, Inc | | | | | | | | | | | 42,977 | |
| 636 | | | | Belden CDT, Inc | | | | | | | | | | | 32,163 | |
| 773 | | | | Benchmark Electronics, Inc | | | | | | | | | | | 22,000 | |
| 528 | | * | | CalAmp Corp | | | | | | | | | | | 6,716 | |
| 909 | | * | | Calix, Inc | | | | | | | | | | | 43,178 | |
| 141 | | * | | Cambium Networks Corp | | | | | | | | | | | 6,817 | |
| 1,029 | | * | | Casa Systems, Inc | | | | | | | | | | | 9,127 | |
| 2,463 | | | | CDW Corp | | | | | | | | | | | 430,163 | |
| 2,798 | | * | | Ciena Corp | | | | | | | | | | | 159,178 | |
| 73,198 | | | | Cisco Systems, Inc | | | | | | | | | | | 3,879,494 | |
| 153 | | * | | Clearfield, Inc | | | | | | | | | | | 5,730 | |
| 2,887 | | | | Cognex Corp | | | | | | | | | | | 242,652 | |
| 405 | | * | | Coherent, Inc | | | | | | | | | | | 107,058 | |
| 3,317 | | * | | CommScope Holding Co, Inc | | | | | | | | | | | 70,685 | |
| 356 | | | | Comtech Telecommunications Corp | | | | | | | | | | | 8,601 | |
| 13,018 | | | | Corning, Inc | | | | | | | | | | | 532,436 | |
| 426 | | *,e | | Corsair Gaming, Inc | | | | | | | | | | | 14,182 | |
| 485 | | | | CTS Corp | | | | | | | | | | | 18,023 | |
| 548 | | * | | Daktronics, Inc | | | | | | | | | | | 3,611 | |
| 4,541 | | * | | Dell Technologies, Inc | | | | | | | | | | | 452,601 | |
| 1,239 | | * | | Diebold, Inc | | | | | | | | | | | 15,909 | |
| 400 | | * | | Digi International, Inc | | | | | | | | | | | 8,044 | |
| 284 | | * | | DZS, Inc | | | | | | | | | | | 5,893 | |
| 830 | | * | | Eastman Kodak Co | | | | | | | | | | | 6,906 | |
| 740 | | * | | EchoStar Corp (Class A) | | | | | | | | | | | 17,975 | |
| 600 | | * | | EMCORE Corp | | | | | | | | | | | 5,532 | |
| 202 | | * | | ePlus, Inc | | | | | | | | | | | 17,511 | |
| 1,698 | | * | | Extreme Networks, Inc | | | | | | | | | | | 18,950 | |
| 1,062 | | * | | F5 Networks, Inc | | | | | | | | | | | 198,233 | |
| 727 | | * | | Fabrinet | | | | | | | | | | | 69,698 | |
| 288 | | * | | FARO Technologies, Inc | | | | | | | | | | | 22,398 | |
| 1,256 | | * | | Harmonic, Inc | | | | | | | | | | | 10,701 | |
| 22,442 | | | | Hewlett Packard Enterprise Co | | | | | | | | | | | 327,204 | |
| 21,701 | | | | HP, Inc | | | | | | | | | | | 655,153 | |
| 376 | | * | | Identiv, Inc | | | | | | | | | | | 6,392 | |
| 1,784 | | * | | II-VI, Inc | | | | | | | | | | | 129,501 | |
| 2,966 | | * | | Infinera Corp | | | | | | | | | | | 30,253 | |
| 1,471 | | *,e | | Inseego Corp | | | | | | | | | | | 14,842 | |
| 661 | | * | | Insight Enterprises, Inc | | | | | | | | | | | 66,107 | |
| 631 | | * | | IPG Photonics Corp | | | | | | | | | | | 132,996 | |
| 1,145 | | * | | Iteris, Inc | | | | | | | | | | | 7,614 | |
| 678 | | * | | Itron, Inc | | | | | | | | | | | 67,786 | |
| 2,658 | | | | Jabil Inc | | | | | | | | | | | 154,483 | |
| 5,922 | | | | Juniper Networks, Inc | | | | | | | | | | | 161,967 | |
| 3,243 | | * | | Keysight Technologies, Inc | | | | | | | | | | | 500,752 | |
| 548 | | * | | Kimball Electronics, Inc | | | | | | | | | | | 11,914 | |
| 1,352 | | * | | Knowles Corp | | | | | | | | | | | 26,688 | |
| 254 | | * | | KVH Industries, Inc | | | | | | | | | | | 3,124 | |
| 375 | | | | Littelfuse, Inc | | | | | | | | | | | 95,546 | |
| 1,378 | | * | | Lumentum Holdings, Inc | | | | | | | | | | | 113,037 | |
| 523 | | * | | Luna Innovations, Inc | | | | | | | | | | | 5,664 | |
| 569 | | | | Methode Electronics, Inc | | | | | | | | | | | 28,000 | |
| 2,725 | | *,e | | Microvision, Inc | | | | | | | | | | | 45,644 | |
77
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 2,897 | | | | Motorola Solutions, Inc | | | | | | | | | | $ | 628,214 | |
| 171 | | * | | Napco Security Technologies, Inc | | | | | | | | | | | 6,219 | |
| 2,304 | | | | National Instruments Corp | | | | | | | | | | | 97,413 | |
| 2,313 | | * | | NCR Corp | | | | | | | | | | | 105,496 | |
| 3,916 | | | | NetApp, Inc | | | | | | | | | | | 320,407 | |
| 505 | | * | | Netgear, Inc | | | | | | | | | | | 19,352 | |
| 1,389 | | * | | Netscout Systems, Inc | | | | | | | | | | | 39,642 | |
| 829 | | * | | nLight, Inc | | | | | | | | | | | 30,076 | |
| 592 | | * | | Novanta, Inc | | | | | | | | | | | 79,778 | |
| 280 | | * | | OSI Systems, Inc | | | | | | | | | | | 28,459 | |
| 403 | | * | | Ouster, Inc | | | | | | | | | | | 5,033 | |
| 404 | | *,e | | PAR Technology Corp | | | | | | | | | | | 28,256 | |
| 196 | | | | PC Connection, Inc | | | | | | | | | | | 9,069 | |
| 577 | | * | | Plantronics, Inc | | | | | | | | | | | 24,078 | |
| 521 | | * | | Plexus Corp | | | | | | | | | | | 47,625 | |
| 4,460 | | * | | Pure Storage, Inc | | | | | | | | | | | 87,104 | |
| 1,135 | | * | | Quantum Corp | | | | | | | | | | | 7,820 | |
| 1,053 | | * | | Ribbon Communications, Inc | | | | | | | | | | | 8,013 | |
| 323 | | * | | Rogers Corp | | | | | | | | | | | 64,858 | |
| 1,157 | | * | | Sanmina Corp | | | | | | | | | | | 45,077 | |
| 463 | | * | | Scansource, Inc | | | | | | | | | | | 13,024 | |
| 764 | | * | | Super Micro Computer, Inc | | | | | | | | | | | 26,878 | |
| 765 | | | | Synnex Corp | | | | | | | | | | | 93,146 | |
| 4,414 | | * | | Trimble Inc | | | | | | | | | | | 361,198 | |
| 1,439 | | * | | TTM Technologies, Inc | | | | | | | | | | | 20,578 | |
| 301 | | * | | Turtle Beach Corp | | | | | | | | | | | 9,608 | |
| 125 | | | | Ubiquiti, Inc | | | | | | | | | | | 39,024 | |
| 1,172 | | * | | Velodyne Lidar, Inc | | | | | | | | | | | 12,470 | |
| 1,003 | | * | | Viasat, Inc | | | | | | | | | | | 49,990 | |
| 4,189 | | * | | Viavi Solutions, Inc | | | | | | | | | | | 73,978 | |
| 2,099 | | | | Vishay Intertechnology, Inc | | | | | | | | | | | 47,332 | |
| 301 | | * | | Vishay Precision Group, Inc | | | | | | | | | | | 10,246 | |
| 2,801 | | | | Vontier Corp | | | | | | | | | | | 91,257 | |
| 5,297 | | * | | Western Digital Corp | | | | | | | | | | | 376,987 | |
| 2,809 | | | | Xerox Holdings Corp | | | | | | | | | | | 65,983 | |
| 913 | | * | | Zebra Technologies Corp (Class A) | | | | | | | | | | | 483,424 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | | | 51,229,233 | |
| | | | | | | | | | | | | | | | |
| | | |
TELECOMMUNICATION SERVICES - 1.3% | | | | | | | | | | | | |
| 184 | | * | | Anterix, Inc | | | | | | | | | | | 11,038 | |
| 123,476 | | | | AT&T, Inc | | | | | | | | | | | 3,553,639 | |
| 251 | | | | ATN International, Inc | | | | | | | | | | | 11,418 | |
| 378 | | * | | Bandwidth Inc | | | | | | | | | | | 52,134 | |
| 727 | | * | | Cincinnati Bell, Inc | | | | | | | | | | | 11,210 | |
| 772 | | | | Cogent Communications Group, Inc | | | | | | | | | | | 59,359 | |
| 1,064 | | * | | Consolidated Communications Holdings, Inc | | | | | | | | | | | 9,353 | |
| 10,525 | | * | | Globalstar, Inc | | | | | | | | | | | 18,734 | |
| 987 | | *,e | | Gogo, Inc | | | | | | | | | | | 11,232 | |
| 350 | | * | | IDT Corp (Class B) | | | | | | | | | | | 12,936 | |
| 1,842 | | * | | Iridium Communications, Inc | | | | | | | | | | | 73,662 | |
| 681 | | * | | Liberty Latin America Ltd (Class A) | | | | | | | | | | | 9,439 | |
| 2,483 | | * | | Liberty Latin America Ltd (Class C) | | | | | | | | | | | 35,010 | |
| 19,284 | | | | Lumen Technologies, Inc | | | | | | | | | | | 262,070 | |
| 365 | | * | | Ooma, Inc | | | | | | | | | | | 6,884 | |
| 1,000 | | * | | ORBCOMM, Inc | | | | | | | | | | | 11,240 | |
| 616 | | * | | Radius Global Infrastructure, Inc | | | | | | | | | | | 8,932 | |
| 869 | | | | Shenandoah Telecom Co | | | | | | | | | | | 42,155 | |
| 1,775 | | | | Telephone & Data Systems, Inc | | | | | | | | | | | 40,222 | |
| 9,956 | | * | | T-Mobile US, Inc | | | | | | | | | | | 1,441,927 | |
| 247 | | * | | US Cellular Corp | | | | | | | | | | | 8,969 | |
| 71,881 | | | | Verizon Communications, Inc | | | | | | | | | | | 4,027,492 | |
| 4,303 | | * | | Vonage Holdings Corp | | | | | | | | | | | 62,006 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | | | | | | | | | 9,781,061 | |
| | | | | | | | | | | | | | | | |
78
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
TRANSPORTATION - 2.0% | | | | | | | | | | | | |
| 1,148 | | * | | Air Transport Services Group, Inc | | | | | | | | | | $ | 26,668 | |
| 2,129 | | * | | Alaska Air Group, Inc | | | | | | | | | | | 128,400 | |
| 268 | | * | | Allegiant Travel Co | | | | | | | | | | | 51,992 | |
| 157 | | | | Amerco, Inc | | | | | | | | | | | 92,536 | |
| 10,876 | | * | | American Airlines Group, Inc | | | | | | | | | | | 230,680 | |
| 424 | | | | ArcBest Corp | | | | | | | | | | | 24,673 | |
| 421 | | * | | Atlas Air Worldwide Holdings, Inc | | | | | | | | | | | 28,674 | |
| 902 | | * | | Avis Budget Group, Inc | | | | | | | | | | | 70,257 | |
| 2,351 | | | | CH Robinson Worldwide, Inc | | | | | | | | | | | 220,218 | |
| 554 | | * | | Copa Holdings S.A. (Class A) | | | | | | | | | | | 41,733 | |
| 542 | | | | Costamare, Inc | | | | | | | | | | | 6,401 | |
| 185 | | * | | Covenant Transportation Group, Inc | | | | | | | | | | | 3,826 | |
| 39,030 | | | | CSX Corp | | | | | | | | | | | 1,252,082 | |
| 828 | | * | | Daseke, Inc | | | | | | | | | | | 5,365 | |
| 11,365 | | * | | Delta Air Lines, Inc | | | | | | | | | | | 491,650 | |
| 132 | | *,e | | Eagle Bulk Shipping, Inc | | | | | | | | | | | 6,246 | |
| 427 | | * | | Echo Global Logistics, Inc | | | | | | | | | | | 13,126 | |
| 2,934 | | | | Expeditors International of Washington, Inc | | | | | | | | | | | 371,444 | |
| 4,240 | | | | FedEx Corp | | | | | | | | | | | 1,264,919 | |
| 480 | | | | Forward Air Corp | | | | | | | | | | | 43,080 | |
| 497 | | | | Genco Shipping & Trading Ltd | | | | | | | | | | | 9,383 | |
| 905 | | * | | Hawaiian Holdings, Inc | | | | | | | | | | | 22,055 | |
| 728 | | | | Heartland Express, Inc | | | | | | | | | | | 12,471 | |
| 505 | | * | | Hub Group, Inc (Class A) | | | | | | | | | | | 33,320 | |
| 339 | | * | | HyreCar, Inc | | | | | | | | | | | 7,092 | |
| 1,477 | | | | JB Hunt Transport Services, Inc | | | | | | | | | | | 240,677 | |
| 5,315 | | * | | JetBlue Airways Corp | | | | | | | | | | | 89,186 | |
| 1,581 | | | | Kansas City Southern | | | | | | | | | | | 448,008 | |
| 1,157 | | * | | Kirby Corp | | | | | | | | | | | 70,160 | |
| 2,319 | | | | Knight-Swift Transportation Holdings, Inc | | | | | | | | | | | 105,422 | |
| 719 | | | | Landstar System, Inc | | | | | | | | | | | 113,616 | |
| 4,798 | | * | | Lyft, Inc (Class A) | | | | | | | | | | | 290,183 | |
| 1,216 | | | | Macquarie Infrastructure Co LLC | | | | | | | | | | | 46,536 | |
| 796 | | | | Marten Transport Ltd | | | | | | | | | | | 13,126 | |
| 668 | | | | Matson, Inc | | | | | | | | | | | 42,752 | |
| 712 | | * | | Mesa Air Group, Inc | | | | | | | | | | | 6,643 | |
| 4,347 | | | | Norfolk Southern Corp | | | | | | | | | | | 1,153,737 | |
| 1,737 | | | | Old Dominion Freight Line | | | | | | | | | | | 440,851 | |
| 34 | | * | | PAM Transportation Services, Inc | | | | | | | | | | | 1,794 | |
| 580 | | * | | Radiant Logistics, Inc | | | | | | | | | | | 4,019 | |
| 883 | | | | Ryder System, Inc | | | | | | | | | | | 65,633 | |
| 715 | | * | | Safe Bulkers, Inc | | | | | | | | | | | 2,867 | |
| 499 | | * | | Saia, Inc | | | | | | | | | | | 104,536 | |
| 932 | | | | Schneider National, Inc | | | | | | | | | | | 20,290 | |
| 802 | | * | | Skywest, Inc | | | | | | | | | | | 34,542 | |
| 10,244 | | * | | Southwest Airlines Co | | | | | | | | | | | 543,854 | |
| 1,623 | | * | | Spirit Airlines, Inc | | | | | | | | | | | 49,404 | |
| 159 | | * | | Sun Country Airlines Holdings, Inc | | | | | | | | | | | 5,885 | |
| 411 | | * | | TuSimple Holdings, Inc | | | | | | | | | | | 29,280 | |
| 27,820 | | * | | Uber Technologies, Inc | | | | | | | | | | | 1,394,338 | |
| 11,515 | | | | Union Pacific Corp | | | | | | | | | | | 2,532,494 | |
| 5,488 | | * | | United Airlines Holdings Inc | | | | | | | | | | | 286,968 | |
| 12,539 | | | | United Parcel Service, Inc (Class B) | | | | | | | | | | | 2,607,736 | |
| 122 | | | | Universal Logistics Holdings Inc | | | | | | | | | | | 2,843 | |
| 315 | | * | | US Xpress Enterprises, Inc | | | | | | | | | | | 2,709 | |
| 1,147 | | | | Werner Enterprises, Inc | | | | | | | | | | | 51,064 | |
| 1,622 | | * | | XPO Logistics, Inc | | | | | | | | | | | 226,902 | |
| 977 | | * | | Yellow Corp | | | | | | | | | | | 6,360 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | | | | | | | | 15,492,706 | |
| | | | | | | | | | | | | | | | |
| | | |
UTILITIES - 2.3% | | | | | | | | | | | | |
| 11,476 | | | | AES Corp | | | | | | | | | | | 299,179 | |
| 1,097 | | | | Allete, Inc | | | | | | | | | | | 76,768 | |
| 4,194 | | | | Alliant Energy Corp | | | | | | | | | | | 233,857 | |
| 4,249 | | | | Ameren Corp | | | | | | | | | | | 340,090 | |
79
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
| 8,719 | | | | American Electric Power Co, Inc | | | | | | | | | | $ | 737,540 | |
| 745 | | | | American States Water Co | | | | | | | | | | | 59,272 | |
| 3,189 | | | | American Water Works Co, Inc | | | | | | | | | | | 491,521 | |
| 111 | | | | Artesian Resources Corp | | | | | | | | | | | 4,081 | |
| 2,236 | | | | Atmos Energy Corp | | | | | | | | | | | 214,902 | |
| 788 | | | | Avangrid, Inc | | | | | | | | | | | 40,527 | |
| 1,326 | | | | Avista Corp | | | | | | | | | | | 56,580 | |
| 1,043 | | | | Black Hills Corp | | | | | | | | | | | 68,452 | |
| 599 | | | | Brookfield Infrastructure Corp | | | | | | | | | | | 45,165 | |
| 2,251 | | | | Brookfield Renewable Corp | | | | | | | | | | | 94,407 | |
| 324 | | * | | Cadiz, Inc | | | | | | | | | | | 4,406 | |
| 934 | | | | California Water Service Group | | | | | | | | | | | 51,874 | |
| 9,295 | | | | Centerpoint Energy, Inc | | | | | | | | | | | 227,913 | |
| 358 | | | | Chesapeake Utilities Corp | | | | | | | | | | | 43,078 | |
| 545 | | | | Clearway Energy, Inc (Class A) | | | | | | | | | | | 13,745 | |
| 1,281 | | | | Clearway Energy, Inc (Class C) | | | | | | | | | | | 33,921 | |
| 4,975 | | | | CMS Energy Corp | | | | | | | | | | | 293,923 | |
| 6,042 | | | | Consolidated Edison, Inc | | | | | | | | | | | 433,332 | |
| 14,090 | | | | Dominion Energy, Inc | | | | | | | | | | | 1,036,601 | |
| 3,346 | | | | DTE Energy Co | | | | | | | | | | | 433,642 | |
| 12,947 | | | | Duke Energy Corp | | | | | | | | | | | 1,278,128 | |
| 6,251 | | | | Edison International | | | | | | | | | | | 361,433 | |
| 3,424 | | | | Entergy Corp | | | | | | | | | | | 341,373 | |
| 3,872 | | | | Essential Utilities Inc | | | | | | | | | | | 176,950 | |
| 3,984 | | | | Evergy, Inc | | | | | | | | | | | 240,753 | |
| 5,967 | | | | Eversource Energy | | | | | | | | | | | 478,792 | |
| 16,978 | | | | Exelon Corp | | | | | | | | | | | 752,295 | |
| 9,412 | | | | FirstEnergy Corp | | | | | | | | | | | 350,221 | |
| 133 | | | | Global Water Resources, Inc | | | | | | | | | | | 2,272 | |
| 2,117 | | | | Hawaiian Electric Industries, Inc | | | | | | | | | | | 89,507 | |
| 960 | | | | Idacorp, Inc | | | | | | | | | | | 93,600 | |
| 3,858 | | | | MDU Resources Group, Inc | | | | | | | | | | | 120,910 | |
| 640 | | | | MGE Energy, Inc | | | | | | | | | | | 47,642 | |
| 240 | | | | Middlesex Water Co | | | | | | | | | | | 19,615 | |
| 1,540 | | | | National Fuel Gas Co | | | | | | | | | | | 80,465 | |
| 1,561 | | | | New Jersey Resources Corp | | | | | | | | | | | 61,769 | |
| 34,109 | | | | NextEra Energy, Inc | | | | | | | | | | | 2,499,508 | |
| 6,737 | | | | NiSource, Inc | | | | | | | | | | | 165,057 | |
| 666 | | | | Northwest Natural Holding Co | | | | | | | | | | | 34,978 | |
| 812 | | | | NorthWestern Corp | | | | | | | | | | | 48,899 | |
| 4,180 | | | | NRG Energy, Inc | | | | | | | | | | | 168,454 | |
| 3,276 | | | | OGE Energy Corp | | | | | | | | | | | 110,237 | |
| 919 | | | | ONE Gas, Inc | | | | | | | | | | | 68,116 | |
| 751 | | | | Ormat Technologies, Inc | | | | | | | | | | | 52,217 | |
| 743 | | | | Otter Tail Corp | | | | | | | | | | | 36,266 | |
| 25,748 | | *,b | | PG&E Corp | | | | | | | | | | | 261,857 | |
| 1,897 | | | | Pinnacle West Capital Corp | | | | | | | | | | | 155,497 | |
| 1,358 | | | | PNM Resources, Inc | | | | | | | | | | | 66,230 | |
| 1,712 | | | | Portland General Electric Co | | | | | | | | | | | 78,889 | |
| 13,284 | | | | PPL Corp | | | | | | | | | | | 371,554 | |
| 8,810 | | | | Public Service Enterprise Group, Inc | | | | | | | | | | | 526,309 | |
| 250 | | * | | Pure Cycle Corp | | | | | | | | | | | 3,455 | |
| 5,219 | | | | Sempra Energy | | | | | | | | | | | 691,413 | |
| 505 | | | | SJW Corp | | | | | | | | | | | 31,967 | |
| 1,730 | | e | | South Jersey Industries, Inc | | | | | | | | | | | 44,859 | |
| 18,518 | | | | Southern Co | | | | | | | | | | | 1,120,524 | |
| 833 | | | | Southwest Gas Holdings Inc | | | | | | | | | | | 55,136 | |
| 162 | | e | | Spark Energy, Inc | | | | | | | | | | | 1,835 | |
| 880 | | | | Spire, Inc | | | | | | | | | | | 63,598 | |
| 1,471 | | * | | Sunnova Energy International, Inc | | | | | | | | | | | 55,398 | |
| 3,726 | | | | UGI Corp | | | | | | | | | | | 172,551 | |
| 537 | | | | Unitil Corp | | | | | | | | | | | 28,445 | |
| 8,582 | | | | Vistra Energy Corp | | | | | | | | | | | 159,196 | |
| 5,438 | | | | WEC Energy Group, Inc | | | | | | | | | | | 483,710 | |
| 9,168 | | | | Xcel Energy, Inc | | | | | | | | | | | 603,988 | |
| 203 | | | | York Water Co | | | | | | | | | | | 9,196 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL UTILITIES | | | | | | | | | | | 17,999,840 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 765,247,078 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $258,049,642) | | | | | | | | | | | | |
80
TIAA-CREF LIFE FUNDS - Stock Index Fund
| | | | | | | | | | | | | | | | |
SHARES | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
RIGHTS / WARRANTS - 0.0% | |
| | | | | |
ENERGY - 0.0% | | | | | | | | | | | | | | | | |
| 35 | | | | Nabors Industries Ltd | | | | | | | | | | $ | 350 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL ENERGY | | | | | | | | | | | 350 | |
| | | | | | | | | | | | | | | | |
|
MEDIA & ENTERTAINMENT - 0.0% | |
| 1,666 | | † | | Media General, Inc | | | | | | | | | | | 0 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | | | | | | | | | 0 | |
| | | | | | | | | | | | | | | | |
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | |
| 854 | | † | | Chinook Therapeutics, Inc | | | | | | | | | | | 0 | |
| 626 | | † | | Elanco Animal Health, Inc CVR | | | | | | | | | | | 35 | |
| 145 | | † | | Tobira Therapeutics, Inc | | | | | | | | | | | 9 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | | 44 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL RIGHTS / WARRANTS | | | | | | | | | | | 394 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $24) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
SHORT-TERM INVESTMENTS - 1.1% | |
GOVERNMENT AGENCY DEBT - 0.8% | |
| $ 608,000 | | | | Federal Agricultural Mortgage Corp (FAMC) | | | 0.010 | % | | | 07/01/21 | | | | 608,000 | |
| 5,632,000 | | | | Federal Home Loan Bank (FHLB) | | | 0.0350 | | | | 07/02/21 | | | | 5,631,995 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | | | 6,239,995 | |
| | | | | | | | | | | | | | | | |
|
TREASURY DEBT - 0.1% | |
| 1,190,000 | | | | United States Treasury Bill | | | 0.021 | | | | 07/06/21 | | | | 1,189,994 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TREASURY DEBT | | | | | | | | | | | 1,189,994 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | |
| |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2% | | | | | |
| 1,358,276 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 0.020 | | | | | | | | 1,358,276 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | 1,358,276 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 8,788,265 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $8,788,267) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.2% | | | | | | | | | | | 774,035,923 | |
| | | | (Cost $266,838,119) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - (0.2)% | | | | | | | | | | | (1,807,442 | ) |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 772,228,481 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Abbreviation
| CVR | Contingent Value Right |
| 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 $2,962,413. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/2021, the aggregate value of these securities is $59,223 or 0.0% of net assets. |
Futures contracts outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | |
| Description | | Number of
long (short)
contracts | | | Expiration
date | | Notional
amount | | | Value | | | Unrealized
appreciation
(depreciation) | |
S&P 500 E Mini Index | | | 33 | | | 09/17/21 | | $ | 6,970,668 | | | $ | 7,076,190 | | | $ | 105,522 | |
81
TIAA- CREF LIFE FUNDS – International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2021
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
COMMON STOCKS - 97.7% | |
| | | |
AUSTRALIA - 5.9% | | | | | | | | |
| 52,221 | | | | BHP Billiton Ltd | | $ | 1,899,816 | |
| 29,522 | | | | Commonwealth Bank of Australia | | | 2,210,685 | |
| 1,200 | | | | CSL Ltd | | | 256,642 | |
| 55,767 | | | | Fortescue Metals Group Ltd | | | 974,189 | |
| 101,424 | | * | | NEXTDC Ltd | | | 902,541 | |
| 21,880 | | | | Rio Tinto plc | | | 1,807,013 | |
| | | | | | | | |
| | | | TOTAL AUSTRALIA | | | 8,050,886 | |
| | | | | | | | |
| | | |
BRAZIL - 1.4% | | | | | | | | |
| 212,410 | | | | Banco Bradesco S.A. (Preference) | | | 1,098,820 | |
| 76,716 | | | | Lojas Americanas S.A. (Preference) | | | 332,850 | |
| 23,400 | | | | Sendas Distribuidora S.A. | | | 407,141 | |
| | | | | | | | |
| | | | TOTAL BRAZIL | | | 1,838,811 | |
| | | | | | | | |
| | | |
CHINA - 2.3% | | | | | | | | |
| 13,349 | | * | | GDS Holdings Ltd (ADR) | | | 1,047,763 | |
| 9,960 | | | | Tencent Holdings Ltd | | | 749,913 | |
| 69,000 | | *,g | | Wuxi Biologics Cayman, Inc | | | 1,263,409 | |
| | | | | | | | |
| | | | TOTAL CHINA | | | 3,061,085 | |
| | | | | | | | |
| | | |
DENMARK - 1.8% | | | | | | | | |
| 10,274 | | | | DSV AS | | | 2,398,342 | |
| | | | | | | | |
| | | | TOTAL DENMARK | | | 2,398,342 | |
| | | | | | | | |
| | | |
FINLAND - 0.6% | | | | | | | | |
| 14,282 | | | | Neste Oil Oyj | | | 876,087 | |
| | | | | | | | |
| | | | TOTAL FINLAND | | | 876,087 | |
| | | | | | | | |
| | | |
FRANCE - 15.7% | | | | | | | | |
| 26,532 | | * | | Airbus SE | | | 3,418,722 | |
| 38,991 | | | | BNP Paribas S.A. | | | 2,447,061 | |
| 36,086 | | | | Compagnie de Saint-Gobain | | | 2,381,526 | |
| 108,932 | | | | Credit Agricole S.A. | | | 1,527,182 | |
| 6,986 | | | | Dassault Systemes S.A. | | | 1,695,475 | |
| 11,516 | | | | Essilor International S.A. | | | 2,127,388 | |
| 2,836 | | | | Kering | | | 2,484,952 | |
| 38,116 | | | | Total S.A. | | | 1,726,723 | |
| 23,107 | | | | Valeo S.A. | | | 696,988 | |
| 13,854 | | | | Vinci S.A. | | | 1,480,962 | |
| 41,663 | | | | Vivendi Universal S.A. | | | 1,399,840 | |
| | | | | | | | |
| | | | TOTAL FRANCE | | | 21,386,819 | |
| | | | | | | | |
| | | |
GERMANY - 11.0% | | | | | | | | |
| 5,346 | | | | Adidas-Salomon AG. | | | 1,994,900 | |
| 5,992 | | | | BASF SE | | | 473,007 | |
| 26,517 | | | | Deutsche Post AG. | | | 1,805,932 | |
| 17,525 | | | | HeidelbergCement AG. | | | 1,504,635 | |
| 33,168 | | | | Infineon Technologies AG. | | | 1,334,125 | |
| 18,144 | | | | Lanxess AG. | | | 1,245,204 | |
| 34,736 | | | | RWE AG. | | | 1,259,430 | |
| 23,503 | | | | Siemens AG. | | | 3,731,775 | |
| 6,521 | | | | Volkswagen AG. (Preference) | | | 1,635,020 | |
| | | | | | | | |
| | | | TOTAL GERMANY | | | 14,984,028 | |
| | | | | | | | |
82
TIAA-CREF LIFE FUNDS - International Equity Fund
| | | | | | | | |
SHARES | | | | COMPANY | | VALUE | |
| | | | | | | | |
HONG KONG - 1.8% | | | | |
| 40,999 | | | | Hong Kong Exchanges and Clearing Ltd | | $ | 2,440,659 | |
| | | | | | | | |
| | | | TOTAL HONG KONG | | | 2,440,659 | |
| | | | | | | | |
| |
IRELAND - 1.6% | | | | |
| 44,310 | | | | CRH plc | | | 2,240,815 | |
| | | | | | | | |
| | | | TOTAL IRELAND | | | 2,240,815 | |
| | | | | | | | |
| |
ITALY - 2.3% | | | | |
| 138,230 | | | | Enel S.p.A. | | | 1,284,553 | |
| 27,171 | | | | Moncler S.p.A | | | 1,841,866 | |
| | | | | | | | |
| | | | TOTAL ITALY | | | 3,126,419 | |
| | | | | | | | |
| |
JAPAN - 19.1% | | | | |
| 83,100 | | | | Daiichi Sankyo Co Ltd | | | 1,792,724 | |
| 8,184 | | | | Daikin Industries Ltd | | | 1,525,086 | |
| 6,900 | | | | Eisai Co Ltd | | | 678,113 | |
| 7,000 | | * | | Fanuc Ltd | | | 1,678,585 | |
| 56,851 | | * | | Hitachi Ltd | | | 3,257,970 | |
| 4,174 | | | | Nintendo Co Ltd | | | 2,415,380 | |
| 60,200 | | | | ORIX Corp | | | 1,017,476 | |
| 49,300 | | | | Recruit Holdings Co Ltd | | | 2,417,611 | |
| 45,300 | | * | | SBI Holdings, Inc | | | 1,070,017 | |
| 20,700 | | e | | Shiseido Co Ltd | | | 1,526,806 | |
| 37,092 | | | | Sony Corp | | | 3,596,708 | |
| 40,200 | | | | Sumitomo Mitsui Financial Group, Inc | | | 1,385,773 | |
| 13,800 | | | | Tokio Marine Holdings, Inc | | | 635,631 | |
| 33,983 | | * | | Toyota Motor Corp | | | 2,970,591 | |
| | | | | | | | |
| | | | TOTAL JAPAN | | | 25,968,471 | |
| | | | | | | | |
| |
KOREA, REPUBLIC OF - 1.3% | | | | |
| 11,544 | | *,e | | Coupang, Inc | | | 482,770 | |
| 1,670 | | | | LG Chem Ltd | | | 1,261,000 | |
| | | | | | | | |
| | | | TOTAL KOREA, REPUBLIC OF | | | 1,743,770 | |
| | | | | | | | |
| |
NETHERLANDS - 7.1% | | | | |
| 5,668 | | | | ASML Holding NV | | | 3,912,730 | |
| 7,640 | | | | Heineken NV | | | 927,491 | |
| 224,891 | | | | ING Groep NV | | | 2,985,282 | |
| 89,294 | | | | Royal Dutch Shell plc (A Shares) | | | 1,790,154 | |
| | | | | | | | |
| | | | TOTAL NETHERLANDS | | | 9,615,657 | |
| | | | | | | | |
|
RUSSIA - 2.2% | |
| 30,708 | | | | Sberbank of Russia (ADR) | | | 512,517 | |
| 17,311 | | | | TCS Group Holding plc (ADR) | | | 1,514,712 | |
| 12,936 | | * | | Yandex NV | | | 915,222 | |
| | | | | | | | |
| | | | TOTAL RUSSIA | | | 2,942,451 | |
| | | | | | | | |
|
SPAIN - 1.5% | |
| 324,764 | | | | Banco Bilbao Vizcaya Argentaria S.A. | | | 2,014,505 | |
| | | | | | | | |
| | | | TOTAL SPAIN | | | 2,014,505 | |
| | | | | | | | |
|
SWITZERLAND - 4.4% | |
| 2,492 | | | | Lonza Group AG. | | | 1,766,720 | |
| 11,979 | | | | Nestle S.A. | | | 1,493,147 | |
| 7,349 | | | | Roche Holding AG. | | | 2,769,381 | |
| | | | | | | | |
| | | | TOTAL SWITZERLAND | | | 6,029,248 | |
| | | | | | | | |
|
TAIWAN - 0.8% | |
| 8,709 | | | | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | | | 1,046,473 | |
| | | | | | | | |
| | | | TOTAL TAIWAN | | | 1,046,473 | |
| | | | | | | | |
83
TIAA-CREF LIFE FUNDS - International Equity Fund
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
UNITED KINGDOM - 13.3% | |
| 28,903 | | | | Ashtead Group plc | | | | | | | | | | $ | 2,148,310 | |
| 27,648 | | | | AstraZeneca plc | | | | | | | | | | | 3,321,745 | |
| 1,043,771 | | | | Barclays plc | | | | | | | | | | | 2,476,949 | |
| 59,739 | | | | Diageo plc | | | | | | | | | | | 2,863,200 | |
| 152,202 | | | | HSBC Holdings plc | | | | | | | | | | | 878,435 | |
| 7,508 | | | | Linde plc (Xetra) | | | | | | | | | | | 2,170,788 | |
| 498,015 | | | | Lloyds TSB Group plc | | | | | | | | | | | 322,144 | |
| 15,960 | | | | Reckitt Benckiser Group plc | | | | | | | | | | | 1,410,068 | |
| 441,007 | | | | Tesco plc | | | | | | | | | | | 1,362,350 | |
| 136,469 | | * | | THG Holdings Ltd | | | | | | | | | | | 1,151,543 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL UNITED KINGDOM | | | | | | | | | | | 18,105,532 | |
| | | | | | | | | | | | | | | | |
|
UNITED STATES - 3.6% | |
| 18,565 | | * | | Las Vegas Sands Corp | | | | | | | | | | | 978,190 | |
| 18,831 | | | | Schneider Electric S.A. | | | | | | | | | | | 2,968,604 | |
| 8,029 | | * | | Wynn Resorts Ltd | | | | | | | | | | | 981,947 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL UNITED STATES | | | | | | | | | | | 4,928,741 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL COMMON STOCKS | | | | | | | | | | | 132,798,799 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $102,582,918) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
PRINCIPAL | | ISSUER | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 2.5% | |
|
TREASURY DEBT - 2.1% | |
| $1,600,000 | | | | United States Treasury Bill | | | 0.021 | % | | | 07/06/21 | | | | 1,599,992 | |
| 1,320,000 | | | | United States Treasury Bill | | | 0.031 | | | | 07/13/21 | | | | 1,319,982 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TREASURY DEBT | | | | | | | | | | | 2,919,974 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | |
| | | | | | | | | | | | | | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4% | | | | | | | | | | | | |
| 494,265 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 0.020 | | | | | | | | 494,265 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | | | | 494,265 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | 3,414,239 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $3,414,247) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.2% | | | | | | | | | | | 136,213,038 | |
| | | | (Cost $105,997,165) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - (0.2)% | | | | | | | | | | | (230,143 | ) |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 135,982,895 | |
| | | | | | | | | | | | | | | | |
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 $1,963,572. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/21, the aggregate value of these securities is $1,263,409 or 0.9% of net assets. |
84
TIAA-CREF LIFE FUNDS - International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
June 30, 2021
| | | | | | | | |
SECTOR | | VALUE | | | % OF
NET
ASSETS | |
| | | | | | | | |
INDUSTRIALS | | $ | 29,213,425 | | | | 21.5 | % |
FINANCIALS | | | 24,537,847 | | | | 18.0 | |
CONSUMER DISCRETIONARY | | | 21,275,713 | | | | 15.7 | |
MATERIALS | | | 13,576,468 | | | | 10.0 | |
HEALTH CARE | | | 11,848,733 | | | | 8.7 | |
CONSUMER STAPLES | | | 9,990,203 | | | | 7.4 | |
INFORMATION TECHNOLOGY | | | 9,939,107 | | | | 7.3 | |
COMMUNICATION SERVICES | | | 5,480,356 | | | | 4.0 | |
ENERGY | | | 4,392,964 | | | | 3.2 | |
UTILITIES | | | 2,543,983 | | | | 1.9 | |
SHORT-TERM INVESTMENTS | | | 3,414,239 | | | | 2.5 | |
OTHER ASSETS & LIABILITIES, NET | | | (230,143 | ) | | | (0.2 | ) |
| | | | | | | | |
NET ASSETS | | $ | 135,982,895 | | | | 100.0 | % |
| | | | | | | | |
85
TIAA-CREF LIFE FUNDS - Core Bond Fund
TIAA-CREF LIFE FUNDS
CORE BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2021
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
BANK LOAN OBLIGATIONS - 1.8% | | | | | | | | | | | | |
| | | | | |
BANKS - 0.0% | | | | | | | | | | | | | | | | |
| $ 100,000 | | h,i | | PQ Corp | | LIBOR 1 M + 2.750% | | | 3.250 | % | | | 05/26/28 | | | $ | 99,917 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL BANKS | | | | 99,917 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
CAPITAL GOODS - 0.1% | | | | | | | | | | | | | | |
| 35,159 | | i | | Sensata Technologies, Inc | | LIBOR 1 M + 1.750% | | | 1.843 | | | | 09/18/26 | | | | 35,144 | |
| 97,015 | | i | | TransDigm, Inc | | LIBOR 1 M + 2.250% | | | 2.354 | | | | 08/22/24 | | | | 95,738 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | | 130,882 | |
| | | | | | | | | |
| | | | |
COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | | | | | | | | | | | | | | |
| 37,876 | | i | | GFL Environmental, Inc | | LIBOR 1M + 3.000% | | | 3.500 | | | | 05/31/25 | | | | 37,882 | |
| 100,000 | | i | | Maxar Technologies Ltd | | LIBOR 1 M + 2.750% | | | 2.860 | | | | 10/04/24 | | | | 99,063 | |
| 74,813 | | i | | Spin Holdco, Inc | | LIBOR 3 M + 4.000% | | | 4.750 | | | | 03/01/28 | | | | 74,822 | |
| 89,148 | | i | | Trans Union LLC | | LIBOR 1 M + 1.750% | | | 1.854 | | | | 11/16/26 | | | | 88,492 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | | 300,259 | |
| | | | | | | | | |
| | | | |
CONSUMER SERVICES - 0.1% | | | | | | | | | | | | | | |
| 99,500 | | i | | IRB Holding Corp | | LIBOR 3 M + 3.250% | | | 4.250 | | | | 12/15/27 | | | | 99,438 | |
| 44,986 | | i | | KUEHG Corp | | LIBOR 3 M + 3.750% | | | 4.750 | | | | 02/21/25 | | | | 44,231 | |
| 48,617 | | i | | Scientific Games International, Inc | | LIBOR 1 M + 2.750% | | | 2.854 | | | | 08/14/24 | | | | 48,253 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | | 191,922 | |
| | | | | | | | | |
| | | | |
DIVERSIFIED FINANCIALS - 0.0% | | | | | | | | | | | | | | |
| 34,246 | | i | | Lions Gate Capital Holdings LLC | | LIBOR 1 M + 2.250% | | | 2.363 | | | | 03/24/25 | | | | 34,025 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | | 34,025 | |
| | | | | | | | | |
| | | | |
ENERGY - 0.1% | | | | | | | | | | | | | | |
| 74,065 | | i | | Buckeye Partners LP | | LIBOR 1 M + 2.250% | | | 2.354 | | | | 11/01/26 | | | | 73,510 | |
| 49,240 | | i | | Delek US Holdings, Inc | | LIBOR 1 M + 2.250% | | | 2.354 | | | | 03/31/25 | | | | 48,009 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL ENERGY | | | | 121,519 | |
| | | | | | | | | |
| | | | |
FOOD, BEVERAGE & TOBACCO - 0.3% | | | | | | | | | | | | | | |
| 148,500 | | i | | Froneri US, Inc | | LIBOR 1 M + 2.250% | | | 2.354 | | | | 01/29/27 | | | | 146,161 | |
| 100,000 | | h,i | | Hayward Industries, Inc | | LIBOR 1 M + 2.750% | | | 3.250 | | | | 05/12/28 | | | | 99,719 | |
| 99,487 | | i | | Hearthside Food Solutions LLC | | LIBOR 1 M + 3.688% | | | 3.792 | | | | 05/23/25 | | | | 98,804 | |
| 127,023 | | i | | Hostess Brands LLC | | LIBOR 1 M + 2.250% | | | 3.000 | | | | 08/01/25 | | | | 126,388 | |
| 133,000 | | h,i | | Triton Water Holdings, Inc | | LIBOR 3 M + 3.500% | | | 4.000 | | | | 03/31/28 | | | | 132,815 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | | 603,887 | |
| | | | | | | | | |
| | | | |
HEALTH CARE EQUIPMENT & SERVICES - 0.2% | | | | | | | | | | | | | | |
| 74,813 | | i | | ADMI Corp | | LIBOR 1 M + 2.750% | | | 3.250 | | | | 12/23/27 | | | | 73,924 | |
| 74,438 | | i | | Da Vinci Purchaser Corp | | LIBOR 3 M + 4.000% | | | 5.000 | | | | 01/08/27 | | | | 74,624 | |
| 97,040 | | i | | Envision Healthcare Corp | | LIBOR 1 M + 3.750% | | | 3.854 | | | | 10/10/25 | | | | 82,838 | |
| 99,500 | | i | | Global Medical Response, Inc | | LIBOR 3 M + 4.750% | | | 5.750 | | | | 10/02/25 | | | | 99,873 | |
| 27,438 | | i | | Greatbatch Ltd | | LIBOR 1 M + 2.500% | | | 3.500 | | | | 10/27/22 | | | | 27,458 | |
| 73,875 | | i | | Grifols Worldwide Operations USA, Inc | | LIBOR 1 W + 2.000% | | | 2.088 | | | | 11/15/27 | | | | 73,118 | |
| 40,392 | | i | | NMN Holdings III Corp | | LIBOR 1 M + 3.500% | | | 3.604 | | | | 11/13/25 | | | | 40,157 | |
| 8,666 | | i | | NMN Holdings III Corp | | LIBOR 1 M + 3.500% | | | 3.604 | | | | 11/13/25 | | | | 8,615 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | | 480,607 | |
| | | | | | | | | |
| | | | |
HOUSEHOLD & PERSONAL PRODUCTS - 0.0% | | | | | | | | | | | | | | |
| 34,913 | | i | | Energizer Holdings, Inc | | LIBOR 1 M + 2.250% | | | 2.750 | | | | 12/16/27 | | | | 34,799 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | | 34,799 | |
| | | | | | | | | |
INSURANCE - 0.1% | | | | | | | | | | | | | | |
| 97,269 | | i | | Acrisure LLC | | LIBOR 1 M + 3.500% | | | 3.604 | % | | | 02/15/27 | | | | 96,134 | |
| 98,750 | | i | | NFP Corp | | LIBOR 1 M + 3.250% | | | 3.354 | | | | 02/15/27 | | | | 97,255 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL INSURANCE | | | | 193,389 | |
| | | | | | | | | |
| | | | |
MATERIALS - 0.1% | | | | | | | | | | | | | | |
| 88,761 | | i | | Messer Industries USA, Inc | | LIBOR 3 M + 2.500% | | | 2.647 | % | | | 03/01/26 | | | | 88,093 | |
86
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 92,220 | | i | | Starfruit US Holdco LLC | | LIBOR 1 M + 2.750% | | | 5.000 | % | | | 10/01/25 | | | $ | 91,471 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MATERIALS | | | | 179,564 | |
| | | | | | | | | |
| | | | |
MEDIA & ENTERTAINMENT - 0.3% | | | | | | | | | | | | | | |
| 36,545 | | i | | Cirque Du Soleil Holding USA Newco, Inc | | LIBOR 3 M + 6.000% | | | 7.000 | | | | 11/24/25 | | | | 36,426 | |
| 33,606 | | i | | Cirque Du Soleil Holding USA Newco, Inc | | LIBOR 3 M + 1.000% | | | 2.000 | | | | 11/24/27 | | | | 33,403 | |
| 24,938 | | i | | CNT Holdings I Corp | | LIBOR 3 M + 3.750% | | | 4.500 | | | | 11/08/27 | | | | 24,937 | |
| 100,000 | | i | | INEOS US Petrochem LLC | | LIBOR 1 M + 2.750% | | | 3.250 | | | | 01/29/26 | | | | 99,656 | |
| 34,624 | | i | | Nielsen Finance LLC | | LIBOR 1 M + 2.000% | | | 2.081 | | | | 10/04/23 | | | | 34,581 | |
| 99,750 | | i | | Rackspace Technology Global, Inc | | LIBOR 3 M + 2.750% | | | 3.500 | | | | 02/03/28 | | | | 99,155 | |
| 143,278 | | i | | Ryan Specialty Group LLC | | LIBOR 1 M + 3.000% | | | 3.750 | | | | 09/01/27 | | | | 143,144 | |
| 50,000 | | i | | Virgin Media Bristol LLC | | LIBOR 1 M + 2.500% | | | 2.573 | | | | 01/31/28 | | | | 49,528 | |
| 43,890 | | i | | Woof Holdings, Inc | | LIBOR 3 M + 3.750% | | | 4.500 | | | | 12/21/27 | | | | 43,854 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | | 564,684 | |
| | | | | | | | | |
| | | |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2% | | | | | | | | | | | | |
| 73,157 | | i | | Bausch Health Americas, Inc | | LIBOR 1 M + 3.000% | | | 3.104 | | | | 06/02/25 | | | | 72,819 | |
| 64,286 | | i | | Bausch Health Americas, Inc | | LIBOR 1 M + 2.750% | | | 2.854 | | | | 11/27/25 | | | | 63,773 | |
| 95,951 | | i | | Endo Luxembourg Finance Co I Sarl | | LIBOR 3 M + 5.000% | | | 5.750 | | | | 03/27/28 | | | | 92,443 | |
| 100,000 | | h,i | | PAREXEL International Corp | | LIBOR 1 M + 2.750% | | | 2.854 | | | | 09/27/24 | | | | 99,391 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | 328,426 | |
| | | | | | | | | |
| | | | |
REAL ESTATE - 0.0% | | | | | | | | | | | | | | |
| 97,516 | | i | | Cushman & Wakefield plc | | LIBOR 1 M + 2.750% | | | 2.854 | | | | 08/21/25 | | | | 96,558 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL REAL ESTATE | | | | 96,558 | |
| | | | | | | | | |
| | | | |
SOFTWARE & SERVICES - 0.1% | | | | | | | | | | | | | | |
| 24,630 | | i | | Camelot Finance S.A. | | LIBOR 1 M + 3.000% | | | 3.104 | | | | 10/30/26 | | | | 24,507 | |
| 74,065 | | i | | Dun & Bradstreet Corp | | LIBOR 1 M + 3.250% | | | 3.345 | | | | 02/06/26 | | | | 73,683 | |
| 50,000 | | h,i | | Magenta Buyer LLC | | LIBOR 1 M + 5.000% | | | 5.750 | | | | 05/03/28 | | | | 49,950 | |
| 87,830 | | i | | NeuStar, Inc | | LIBOR 3 M + 3.500% | | | 4.500 | | | | 08/08/24 | | | | 85,557 | |
| 73,866 | | i | | Rocket Software, Inc | | LIBOR 1 M + 4.250% | | | 4.354 | | | | 11/28/25 | | | | 72,401 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | | 306,098 | |
| | | | | | | | | |
| | | | |
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | | | | | | | | | | | | | | |
| 63,179 | | i | | Dell International LLC | | LIBOR 1 M + 1.750% | | | 2.000 | | | | 09/19/25 | | | | 63,151 | |
| 81,892 | | i | | Plantronics, Inc | | LIBOR 1 M + 2.500% | | | 2.593 | | | | 07/02/25 | | | | 80,306 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | 143,457 | |
| | | | | | | | | | | | | | | | | | |
| | | |
TRANSPORTATION - 0.0% | | | | | | | | | | | | |
| 47,990 | | i | | American Airlines, Inc | | LIBOR 1 M + 2.000% | | | 2.073 | | | | 12/14/23 | | | | 46,790 | |
| 25,000 | | i | | Mileage Plus Holdings LLC | | LIBOR 3 M + 5.250% | | | 6.250 | | | | 06/18/27 | | | | 26,679 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | 73,469 | |
| | | | | | | | | |
| | | | |
UTILITIES - 0.0% | | | | | | | | | | | | | | |
| 32,546 | | i | | ProQuest LLC | | LIBOR 1 M + 3.250% | | | 3.354 | | | | 10/23/26 | | | | 32,509 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL UTILITIES | | | | 32,509 | |
| | | | | | | | | |
| | | | TOTAL BANK LOAN OBLIGATIONS | | | | | | | | | | | 3,915,971 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $3,939,455) | | | | | | | | | | | | | | |
BONDS - 95.2% | | | | | | | | | | | | | | |
| | | | |
CORPORATE BONDS - 43.9% | | | | | | | | | | | | | | |
| | | | |
AUTOMOBILES & COMPONENTS - 0.3% | | | | | | | | | | | | | | |
| 13,000 | | g | | Adient US LLC | | | | | 9.000 | | | | 04/15/25 | | | | 14,316 | |
| 5,000 | | | | Dana, Inc | | | | | 5.375 | | | | 11/15/27 | | | | 5,325 | |
| 25,000 | | | | Dana, Inc | | | | | 4.250 | | | | 09/01/30 | | | | 25,719 | |
| 50,000 | | | | Ford Motor Co | | | | | 8.500 | | | | 04/21/23 | | | | 55,797 | |
| 100,000 | | g | | Gates Global LLC | | | | | 6.250 | | | | 01/15/26 | | | | 104,752 | |
| 150,000 | | | | General Motors Co | | | | | 6.125 | | | | 10/01/25 | | | | 177,570 | |
| 125,000 | | | | General Motors Co | | | | | 5.200 | | | | 04/01/45 | | | | 154,496 | |
| 100,000 | | | | Goodyear Tire & Rubber Co | | | | | 5.250 | | | | 04/30/31 | | | | 104,375 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL AUTOMOBILES & COMPONENTS | | | | | | | | 642,350 | |
| | | | | | | | | | | | | |
| | | | | |
BANKS - 9.1% | | | | | | | | | | | | | | | | |
| 200,000 | | g | | Australia & New Zealand Banking Group Ltd | | | | | 2.950 | | | | 07/22/30 | | | | 208,070 | |
| 200,000 | | g | | Banco de Credito del Peru | | | | | 3.250 | | | | 09/30/31 | | | | 198,000 | |
| 200,000 | | g | | Banco del Estado de Chile | | | | | 2.704 | | | | 01/09/25 | | | | 208,002 | |
| 200,000 | | g | | Banco Internacional del Peru SAA Interbank | | | | | 3.375 | | | | 01/18/23 | | | | 203,200 | |
87
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 200,000 | | g | | Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand | | | | | 5.375 | % | | | 04/17/25 | | | $ | 226,928 | |
| 200,000 | | | | Banco Santander S.A. | | | | | 3.800 | | | | 02/23/28 | | | | 221,107 | |
| 200,000 | | | | Bancolombia S.A. | | | | | 3.000 | | | | 01/29/25 | | | | 205,400 | |
| 200,000 | | g | | Bank Leumi Le-Israel BM | | | | | 3.275 | | | | 01/29/31 | | | | 204,500 | |
| 200,000 | | | | Bank of America Corp | | | | | 3.875 | | | | 08/01/25 | | | | 222,211 | |
| 600,000 | | | | Bank of America Corp | | | | | 2.456 | | | | 10/22/25 | | | | 627,657 | |
| 200,000 | | | | Bank of America Corp | | | | | 3.248 | | | | 10/21/27 | | | | 216,948 | |
| 475,000 | | | | Bank of America Corp | | | | | 3.824 | | | | 01/20/28 | | | | 527,073 | |
| 350,000 | | | | Bank of America Corp | | | | | 2.496 | | | | 02/13/31 | | | | 357,348 | |
| 1,100,000 | | | | Bank of America Corp | | | | | 2.592 | | | | 04/29/31 | | | | 1,134,031 | |
| 500,000 | | | | Bank of America Corp | | | | | 1.922 | | | | 10/24/31 | | | | 487,278 | |
| 125,000 | | | | Bank of America Corp | | | | | 3.311 | | | | 04/22/42 | | | | 132,263 | |
| 200,000 | | | | Bank of America Corp | | | | | 6.100 | | | | N/A | ‡ | | | 224,574 | |
| 100,000 | | | | Bank of Montreal | | | | | 3.803 | | | | 12/15/32 | | | | 110,249 | |
| 200,000 | | | | Barclays plc | | | | | 4.338 | | | | 05/16/24 | | | | 213,237 | |
| 150,000 | | g | | BNP Paribas S.A. | | | | | 2.819 | | | | 11/19/25 | | | | 157,821 | |
| 100,000 | | g | | BNP Paribas S.A. | | | | | 2.219 | | | | 06/09/26 | | | | 103,061 | |
| 200,000 | | g | | BNP Paribas S.A. | | | | | 1.323 | | | | 01/13/27 | | | | 197,577 | |
| 300,000 | | g | | BNP Paribas S.A. | | | | | 1.904 | | | | 09/30/28 | | | | 297,957 | |
| 200,000 | | g | | BNP Paribas S.A. | | | | | 7.375 | | | | N/A | ‡ | | | 233,124 | |
| 125,000 | | | | Citigroup, Inc | | | | | 3.875 | | | | 03/26/25 | | | | 137,133 | |
| 500,000 | | | | Citigroup, Inc | | | | | 3.200 | | | | 10/21/26 | | | | 541,630 | |
| 175,000 | | | | Citigroup, Inc | | | | | 4.300 | | | | 11/20/26 | | | | 197,550 | |
| 95,000 | | | | Citigroup, Inc | | | | | 4.450 | | | | 09/29/27 | | | | 108,537 | |
| 100,000 | | | | Citigroup, Inc | | | | | 4.125 | | | | 07/25/28 | | | | 112,654 | |
| 775,000 | | | | Citigroup, Inc | | | | | 2.666 | | | | 01/29/31 | | | | 799,824 | |
| 150,000 | | | | Citigroup, Inc | | | | | 4.412 | | | | 03/31/31 | | | | 175,150 | |
| 140,000 | | | | Citigroup, Inc | | | | | 2.572 | | | | 06/03/31 | | | | 143,923 | |
| 200,000 | | | | Citigroup, Inc | | | | | 5.000 | | | | N/A | ‡ | | | 209,320 | |
| 250,000 | | | | Cooperatieve Rabobank UA | | | | | 3.750 | | | | 07/21/26 | | | | 275,302 | |
| 400,000 | | g | | Credicorp Ltd | | | | | 2.750 | | | | 06/17/25 | | | | 405,888 | |
| 150,000 | | g | | Credit Agricole S.A. | | | | | 3.250 | | | | 10/04/24 | | | | 160,716 | |
| 250,000 | | g | | Credit Agricole S.A. | | | | | 1.247 | | | | 01/26/27 | | | | 246,133 | |
| 150,000 | | | | Discover Bank | | | | | 2.450 | | | | 09/12/24 | | | | 156,942 | |
| 150,000 | | | | Discover Bank | | | | | 3.450 | | | | 07/27/26 | | | | 163,748 | |
| 250,000 | | | | Discover Bank | | | | | 2.700 | | | | 02/06/30 | | | | 261,399 | |
| 510,000 | | | | HSBC Holdings plc | | | | | 4.292 | | | | 09/12/26 | | | | 567,570 | |
| 50,000 | | | | HSBC Holdings plc | | | | | 4.375 | | | | 11/23/26 | | | | 56,380 | |
| 200,000 | | | | HSBC Holdings plc | | | | | 4.041 | | | | 03/13/28 | | | | 221,812 | |
| 50,000 | | | | HSBC Holdings plc | | | | | 2.013 | | | | 09/22/28 | | | | 50,170 | |
| 200,000 | | | | HSBC Holdings plc | | | | | 4.950 | | | | 03/31/30 | | | | 241,362 | |
| 200,000 | | | | HSBC Holdings plc | | | | | 2.357 | | | | 08/18/31 | | | | 200,136 | |
| 250,000 | | | | HSBC Holdings plc | | | | | 6.000 | | | | N/A | ‡ | | | 277,500 | |
| 150,000 | | | | JPMorgan Chase & Co | | | | | 2.700 | | | | 05/18/23 | | | | 155,959 | |
| 225,000 | | | | JPMorgan Chase & Co | | | | | 2.301 | | | | 10/15/25 | | | | 234,342 | |
| 250,000 | | | | JPMorgan Chase & Co | | | | | 3.200 | | | | 06/15/26 | | | | 272,144 | |
| 500,000 | | | | JPMorgan Chase & Co | | | | | 3.702 | | | | 05/06/30 | | | | 558,341 | |
| 600,000 | | | | JPMorgan Chase & Co | | | | | 2.739 | | | | 10/15/30 | | | | 627,964 | |
| 300,000 | | | | JPMorgan Chase & Co | | | | | 2.522 | | | | 04/22/31 | | | | 308,698 | |
| 350,000 | | | | JPMorgan Chase & Co | | | | | 2.956 | | | | 05/13/31 | | | | 367,677 | |
| 575,000 | | | | JPMorgan Chase & Co | | | | | 1.953 | | | | 02/04/32 | | | | 558,439 | |
| 310,000 | | | | JPMorgan Chase & Co | | | | | 3.650 | | | | N/A | ‡ | | | 310,434 | |
| 100,000 | | | | JPMorgan Chase & Co | | | | | 5.000 | | | | N/A | ‡ | | | 105,695 | |
| 178,000 | | e | | JPMorgan Chase & Co | | | | | 6.100 | | | | N/A | ‡ | | | 194,688 | |
| 200,000 | | | | Lloyds Banking Group plc | | | | | 7.500 | | | | N/A | ‡ | | | 234,000 | |
| 125,000 | | | | MUFG Americas Holdings Corp | | | | | 3.500 | | | | 06/18/22 | | | | 128,877 | |
| 200,000 | | | | Natwest Group plc | | | | | 3.032 | | | | 11/28/35 | | | | 200,320 | |
| 200,000 | | g | | Oversea-Chinese Banking Corp Ltd | | | | | 1.832 | | | | 09/10/30 | | | | 199,982 | |
| 100,000 | | | | PNC Bank NA | | | | | 2.700 | | | | 10/22/29 | | | | 105,887 | |
| 200,000 | | | | Royal Bank of Canada | | | | | 2.550 | | | | 07/16/24 | | | | 210,910 | |
| 200,000 | | | | Royal Bank of Scotland Group plc | | | | | 3.073 | | | | 05/22/28 | | | | 211,052 | |
| 200,000 | | | | Santander Holdings USA, Inc | | | | | 3.400 | | | | 01/18/23 | | | | 208,226 | |
| 200,000 | | | | Sumitomo Mitsui Financial Group, Inc | | | | | 2.696 | | | | 07/16/24 | | | | 211,425 | |
| 100,000 | | | | Toronto-Dominion Bank | | | | | 3.625 | | | | 09/15/31 | | | | 110,803 | |
| 125,000 | | | | Truist Bank | | | | | 1.500 | | | | 03/10/25 | | | | 127,873 | |
| 200,000 | | | | Truist Financial Corp | | | | | 4.950 | | | | N/A | ‡ | | | 219,700 | |
| 200,000 | | | | Truist Financial Corp | | | | | 4.800 | | | | N/A | ‡ | | | 210,000 | |
| 150,000 | | | | Wells Fargo & Co | | | | | 3.750 | | | | 01/24/24 | | | | 161,317 | |
88
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 100,000 | | | | Wells Fargo & Co | | | | | 3.550 | % | | | 09/29/25 | | | $ | 109,910 | |
| 425,000 | | | | Wells Fargo & Co | | | | | 2.393 | | | | 06/02/28 | | | | 440,766 | |
| 200,000 | | | | Wells Fargo & Co | | | | | 2.879 | | | | 10/30/30 | | | | 211,794 | |
| 400,000 | | | | Wells Fargo & Co | | | | | 3.900 | | | | N/A | ‡ | | | 414,120 | |
| 125,000 | | | | Westpac Banking Corp | | | | | 4.110 | | | | 07/24/34 | | | | 137,361 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL BANKS | | | | | | | | 20,177,099 | |
| | | | | | | | | | | | | |
| | | | | |
CAPITAL GOODS - 1.4% | | | | | | | | | | | | | | | | |
| 200,000 | | g | | BAE Systems plc | | | | | 1.900 | | | | 02/15/31 | | | | 192,747 | |
| 450,000 | | | | Boeing Co | | | | | 2.196 | | | | 02/04/26 | | | | 454,301 | |
| 200,000 | | | | Boeing Co | | | | | 2.950 | | | | 02/01/30 | | | | 204,780 | |
| 25,000 | | | | Boeing Co | | | | | 3.250 | | | | 02/01/35 | | | | 25,278 | |
| 250,000 | | | | Boeing Co | | | | | 5.805 | | | | 05/01/50 | | | | 336,658 | |
| 200,000 | | g | | DAE Funding LLC | | | | | 3.375 | | | | 03/20/28 | | | | 204,175 | |
| 200,000 | | g | | Embraer Netherlands Finance BV | | | | | 6.950 | | | | 01/17/28 | | | | 228,750 | |
| 62,000 | | g | | H&E Equipment Services, Inc | | | | | 3.875 | | | | 12/15/28 | | | | 61,008 | |
| 13,000 | | | | Howmet Aerospace, Inc | | | | | 6.875 | | | | 05/01/25 | | | | 15,132 | |
| 100,000 | | | | L3Harris Technologies, Inc | | | | | 3.850 | | | | 06/15/23 | | | | 106,291 | |
| 100,000 | | | | Lockheed Martin Corp | | | | | 1.850 | | | | 06/15/30 | | | | 100,325 | |
| 200,000 | | g | | Molex Electronic Technologies LLC | | | | | 3.900 | | | | 04/15/25 | | | | 205,228 | |
| 175,000 | | | | Northrop Grumman Corp | | | | | 3.250 | | | | 01/15/28 | | | | 191,143 | |
| 100,000 | | | | Parker-Hannifin Corp | | | | | 3.250 | | | | 06/14/29 | | | | 109,439 | |
| 175,000 | | | | Raytheon Technologies Corp | | | | | 4.125 | | | | 11/16/28 | | | | 201,348 | |
| 100,000 | | | | Raytheon Technologies Corp | | | | | 2.250 | | | | 07/01/30 | | | | 101,621 | |
| 125,000 | | | | Roper Technologies, Inc | | | | | 1.400 | | | | 09/15/27 | | | | 122,936 | |
| 75,000 | | | | Roper Technologies, Inc | | | | | 2.000 | | | | 06/30/30 | | | | 73,856 | |
| 200,000 | | g | | TSMC Global Ltd | | | | | 1.000 | | | | 09/28/27 | | | | 192,392 | |
| 15,000 | | g | | WESCO Distribution, Inc | | | | | 7.125 | | | | 06/15/25 | | | | 16,211 | |
| 15,000 | | g | | WESCO Distribution, Inc | | | | | 7.250 | | | | 06/15/28 | | | | 16,708 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CAPITAL GOODS | | | | | | | | 3,160,327 | |
| | | | | | | | | | | | | |
| | | | |
COMMERCIAL & PROFESSIONAL SERVICES - 0.4% | | | | | | | | | | | | | | |
| 80,000 | | g | | ADT Corp | | | | | 4.875 | | | | 07/15/32 | | | | 84,299 | |
| 15,000 | | g | | ASGN, Inc | | | | | 4.625 | | | | 05/15/28 | | | | 15,712 | |
| 13,000 | | g | | Booz Allen Hamilton, Inc | | | | | 3.875 | | | | 09/01/28 | | | | 13,260 | |
| 25,000 | | g | | Booz Allen Hamilton, Inc | | | | | 4.000 | | | | 07/01/29 | | | | 25,563 | |
| 10,000 | | g | | GFL Environmental, Inc | | | | | 4.250 | | | | 06/01/25 | | | | 10,415 | |
| 65,000 | | g | | GFL Environmental, Inc | | | | | 5.125 | | | | 12/15/26 | | | | 68,765 | |
| 31,000 | | g | | GFL Environmental, Inc | | | | | 3.500 | | | | 09/01/28 | | | | 30,923 | |
| 100,000 | | | | IHS Markit Ltd | | | | | 4.125 | | | | 08/01/23 | | | | 106,740 | |
| 100,000 | | | | IHS Markit Ltd | | | | | 4.250 | | | | 05/01/29 | | | | 115,720 | |
| 50,000 | | g | | Prime Security Services Borrower LLC | | | | | 5.750 | | | | 04/15/26 | | | | 55,234 | |
| 26,000 | | g | | Prime Security Services Borrower LLC | | | | | 3.375 | | | | 08/31/27 | | | | 25,220 | |
| 70,000 | | g | | Prime Security Services Borrower LLC | | | | | 6.250 | | | | 01/15/28 | | | | 74,463 | |
| 100,000 | | | | Verisk Analytics, Inc | | | | | 3.625 | | | | 05/15/50 | | | | 107,098 | |
| 32,000 | | g | | WASH Multifamily Acquisition, Inc | | | | | 5.750 | | | | 04/15/26 | | | | 33,411 | |
| 100,000 | | | | Waste Management, Inc | | | | | 2.500 | | | | 11/15/50 | | | | 93,618 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | | 860,441 | |
| | | | | | | | | | | | | |
| | | | |
CONSUMER DURABLES & APPAREL - 0.0% | | | | | | | | | | | | | | |
| 8,000 | | | | Newell Brands, Inc | | | | | 4.875 | | | | 06/01/25 | | | | 8,850 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CONSUMER DURABLES & APPAREL | | | | | | | | 8,850 | |
| | | | | | | | | | | | | |
| | | | |
CONSUMER SERVICES - 0.4% | | | | | | | | | | | | | | |
| 500,000 | | | | Anheuser-Busch Cos LLC | | | | | 3.650 | | | | 02/01/26 | | | | 552,092 | |
| 37,000 | | g | | Cedar Fair LP | | | | | 5.500 | | | | 05/01/25 | | | | 38,619 | |
| 6,000 | | g | | Hilton Domestic Operating Co, Inc | | | | | 5.375 | | | | 05/01/25 | | | | 6,315 | |
| 6,000 | | g | | Hilton Domestic Operating Co, Inc | | | | | 5.750 | | | | 05/01/28 | | | | 6,492 | |
| 74,000 | | g | | Hilton Domestic Operating Co, Inc | | | | | 3.625 | | | | 02/15/32 | | | | 73,075 | |
| 20,000 | | g | | International Game Technology plc | | | | | 4.125 | | | | 04/15/26 | | | | 20,825 | |
| 60,000 | | g | | International Game Technology plc | | | | | 6.250 | | | | 01/15/27 | | | | 68,400 | |
| 25,000 | | g | | Marriott Ownership Resorts, Inc | | | | | 4.500 | | | | 06/15/29 | | | | 25,344 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL CONSUMER SERVICES | | | | | | | | 791,162 | |
| | | | | | | | | | | | | |
| | | | |
DIVERSIFIED FINANCIALS - 4.5% | | | | | | | | | | | | | | |
| 150,000 | | | | AerCap Ireland Capital DAC | | | | | 1.750 | | | | 01/30/26 | | | | 148,240 | |
| 150,000 | | | | AerCap Ireland Capital DAC | | | | | 3.650 | | | | 07/21/27 | | | | 160,242 | |
| 200,000 | | | | Ally Financial, Inc | | | | | 4.700 | | | | N/A | ‡ | | | 207,140 | |
| 225,000 | | | | Bank of New York Mellon Corp | | | | | 4.700 | | | | N/A | ‡ | | | 245,531 | |
89
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 25,000 | | | | Berkshire Hathaway, Inc | | | | | 3.125 | % | | | 03/15/26 | | | $ | 27,328 | |
| 75,000 | | g | | BPCE S.A. | | | | | 4.625 | | | | 07/11/24 | | | | 82,430 | |
| 360,000 | | | | Capital One Bank USA NA | | | | | 3.375 | | | | 02/15/23 | | | | 376,681 | |
| 185,000 | | | | Capital One Financial Corp | | | | | 3.950 | | | | N/A | ‡ | | | 188,931 | |
| 200,000 | | | | Charles Schwab Corp | | | | | 5.375 | | | | N/A | ‡ | | | 221,060 | |
| 200,000 | | | | Charles Schwab Corp | | | | | 4.000 | | | | N/A | ‡ | | | 208,500 | |
| 30,000 | | g | | Compass Group Diversified Holdings LLC | | | | | 5.250 | | | | 04/15/29 | | | | 31,200 | |
| 200,000 | | g | | Credit Suisse Group AG. | | | | | 2.997 | | | | 12/14/23 | | | | 206,533 | |
| 125,000 | | g | | Credit Suisse Group AG. | | | | | 1.305 | | | | 02/02/27 | | | | 122,414 | |
| 250,000 | | g | | Credit Suisse Group AG. | | | | | 3.091 | | | | 05/14/32 | | | | 257,563 | |
| 200,000 | | | | Credit Suisse Group Funding Guernsey Ltd | | | | | 3.800 | | | | 06/09/23 | | | | 211,955 | |
| 150,000 | | | | Credit Suisse Group Funding Guernsey Ltd | | | | | 3.750 | | | | 03/26/25 | | | | 162,706 | |
| 150,000 | | | | Deutsche Bank AG. | | | | | 3.035 | | | | 05/28/32 | | | | 152,527 | |
| 150,000 | | | | Ford Motor Credit Co LLC | | | | | 3.096 | | | | 05/04/23 | | | | 153,000 | |
| 200,000 | | | | Ford Motor Credit Co LLC | | | | | 3.625 | | | | 06/17/31 | | | | 203,876 | |
| 200,000 | | | | GE Capital International Funding Co | | | | | 3.373 | | | | 11/15/25 | | | | 218,226 | |
| 425,000 | | | | GE Capital International Funding Co | | | | | 4.418 | | | | 11/15/35 | | | | 509,355 | |
| 900,000 | | | | General Motors Financial Co, Inc | | | | | 3.450 | | | | 01/14/22 | | | | 912,547 | |
| 350,000 | | | | General Motors Financial Co, Inc | | | | | 2.750 | | | | 06/20/25 | | | | 368,511 | |
| 100,000 | | | | General Motors Financial Co, Inc | | | | | 5.650 | | | | 01/17/29 | | | | 121,660 | |
| 150,000 | | | | General Motors Financial Co, Inc | | | | | 2.700 | | | | 06/10/31 | | | | 150,539 | |
| 150,000 | | | | Goldman Sachs Group, Inc | | | | | 3.500 | | | | 01/23/25 | | | | 162,179 | |
| 150,000 | | | | Goldman Sachs Group, Inc | | | | | 3.500 | | | | 04/01/25 | | | | 162,735 | |
| 150,000 | | | | Goldman Sachs Group, Inc | | | | | 1.431 | | | | 03/09/27 | | | | 149,577 | |
| 325,000 | | | | Goldman Sachs Group, Inc | | | | | 3.691 | | | | 06/05/28 | | | | 358,835 | |
| 350,000 | | | | Goldman Sachs Group, Inc | | | | | 2.615 | | | | 04/22/32 | | | | 357,549 | |
| 100,000 | | | | Goldman Sachs Group, Inc | | | | | 4.017 | | | | 10/31/38 | | | | 117,262 | |
| 125,000 | | | | Goldman Sachs Group, Inc | | | | | 4.800 | | | | 07/08/44 | | | | 163,220 | |
| 50,000 | | | | Icahn Enterprises LP | | | | | 5.250 | | | | 05/15/27 | | | | 51,625 | |
| 38,000 | | g | | Icahn Enterprises LP | | | | | 4.375 | | | | 02/01/29 | | | | 37,810 | |
| 200,000 | | g | | Indian Railway Finance Corp Ltd | | | | | 3.249 | | | | 02/13/30 | | | | 202,724 | |
| 100,000 | | | | International Lease Finance Corp | | | | | 5.875 | | | | 08/15/22 | | | | 105,822 | |
| 80,000 | | g | | LCM Investments Holdings II LLC | | | | | 4.875 | | | | 05/01/29 | | | | 82,000 | |
| 68,000 | | g | | LPL Holdings, Inc | | | | | 4.000 | | | | 03/15/29 | | | | 68,304 | |
| 150,000 | | | | Morgan Stanley | | | | | 2.720 | | | | 07/22/25 | | | | 157,767 | |
| 300,000 | | | | Morgan Stanley | | | | | 2.188 | | | | 04/28/26 | | | | 311,491 | |
| 700,000 | | | | Morgan Stanley | | | | | 3.125 | | | | 07/27/26 | | | | 758,434 | |
| 150,000 | | | | Morgan Stanley | | | | | 2.699 | | | | 01/22/31 | | | | 157,020 | |
| 100,000 | | | | Morgan Stanley | | | | | 3.217 | | | | 04/22/42 | | | | 106,004 | |
| 200,000 | | g | | Power Finance Corp Ltd | | | | | 3.950 | | | | 04/23/30 | | | | 206,110 | |
| 50,000 | | | | SLM Corp | | | | | 5.500 | | | | 01/25/23 | | | | 52,735 | |
| 200,000 | | g | | Societe Generale S.A. | | | | | 2.889 | | | | 06/09/32 | | | | 202,384 | |
| 15,000 | | | | Springleaf Finance Corp | | | | | 5.375 | | | | 11/15/29 | | | | 16,316 | |
| 200,000 | | g | | Swiss Re Finance Luxembourg SA | | | | | 5.000 | | | | 04/02/49 | | | | 227,350 | |
| 75,000 | | | | Synchrony Financial | | | | | 4.375 | | | | 03/19/24 | | | | 81,630 | |
| 75,000 | | | | Synchrony Financial | | | | | 4.250 | | | | 08/15/24 | | | | 81,955 | |
| 200,000 | | g | | UBS Group AG | | | | | 2.859 | | | | 08/15/23 | | | | 205,239 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL DIVERSIFIED FINANCIALS | | | | | | | | 10,232,772 | |
| | | | | | | | | | | | | |
| | | | |
ENERGY - 4.3% | | | | | | | | | | | | | | |
| 19,000 | | g | | Archrock Partners LP | | | | | 6.250 | | | | 04/01/28 | | | | 19,834 | |
| 100,000 | | | | Calumet Specialty Products Partners LP | | | | | 7.750 | | | | 04/15/23 | | | | 99,500 | |
| 200,000 | | | | Cenovus Energy, Inc | | | | | 4.250 | | | | 04/15/27 | | | | 223,480 | |
| 150,000 | | | | Chevron Corp | | | | | 1.554 | | | | 05/11/25 | | | | 153,705 | |
| 100,000 | | | | Chevron Corp | | | | | 2.236 | | | | 05/11/30 | | | | 103,048 | |
| 300,000 | | g | | ConocoPhillips | | | | | 2.400 | | | | 02/15/31 | | | | 307,062 | |
| 150,000 | | | | Diamondback Energy, Inc | | | | | 2.875 | | | | 12/01/24 | | | | 158,430 | |
| 100,000 | | | | Diamondback Energy, Inc | | | | | 3.125 | | | | 03/24/31 | | | | 103,636 | |
| 35,000 | | g | | DT Midstream, Inc | | | | | 4.125 | | | | 06/15/29 | | | | 35,536 | |
| 30,000 | | g | | DT Midstream, Inc | | | | | 4.375 | | | | 06/15/31 | | | | 30,654 | |
| 50,000 | | | | Ecopetrol S.A. | | | | | 5.875 | | | | 09/18/23 | | | | 53,997 | |
| 45,000 | | | | Ecopetrol S.A. | | | | | 6.875 | | | | 04/29/30 | | | | 54,315 | |
| 150,000 | | | | Enbridge, Inc | | | | | 3.125 | | | | 11/15/29 | | | | 160,636 | |
| 100,000 | | | | Enbridge, Inc | | | | | 3.400 | | | | 08/01/51 | | | | 100,208 | |
| 150,000 | | | | Enbridge, Inc | | | | | 5.750 | | | | 07/15/80 | | | | 167,250 | |
| 33,000 | | g | | Energean Israel Finance Ltd | | | | | 4.875 | | | | 03/30/26 | | | | 33,781 | |
| 100,000 | | | | Energy Transfer Operating LP | | | | | 2.900 | | | | 05/15/25 | | | | 105,248 | |
| 50,000 | | | | Energy Transfer Operating LP | | | | | 4.750 | | | | 01/15/26 | | | | 56,290 | |
| 100,000 | | | | Energy Transfer Operating LP | | | | | 5.500 | | | | 06/01/27 | | | | 117,278 | |
90
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 150,000 | | | | Energy Transfer Operating LP | | | | | 4.950 | % | | | 06/15/28 | | | $ | 173,307 | |
| 100,000 | | | | Energy Transfer Operating LP | | | | | 6.250 | | | | 04/15/49 | | | | 131,225 | |
| 175,000 | | | | Energy Transfer Operating LP | | | | | 5.000 | | | | 05/15/50 | | | | 202,267 | |
| 6,000 | | g | | EnLink Midstream LLC | | | | | 5.625 | | | | 01/15/28 | | | | 6,338 | |
| 100,000 | | | | Enterprise Products Operating LLC | | | | | 3.700 | | | | 02/15/26 | | | | 110,622 | |
| 100,000 | | | | Enterprise Products Operating LLC | | | | | 3.125 | | | | 07/31/29 | | | | 107,894 | |
| 100,000 | | | | Enterprise Products Operating LLC | | | | | 4.250 | | | | 02/15/48 | | | | 114,483 | |
| 100,000 | | | | Enterprise Products Operating LLC | | | | | 4.200 | | | | 01/31/50 | | | | 115,340 | |
| 100,000 | | g | | EQM Midstream Partners LP | | | | | 4.500 | | | | 01/15/29 | | | | 101,738 | |
| 25,000 | | g | | EQT Corp | | | | | 3.125 | | | | 05/15/26 | | | | 25,618 | |
| 40,000 | | g | | Ferrellgas Escrow LLC | | | | | 5.375 | | | | 04/01/26 | | | | 39,650 | |
| 44,000 | | g | | Ferrellgas Escrow LLC | | | | | 5.875 | | | | 04/01/29 | | | | 43,450 | |
| 200,000 | | g | | Galaxy Pipeline Assets Bidco Ltd | | | | | 2.625 | | | | 03/31/36 | | | | 195,870 | |
| 10,000 | | g | | Hilcorp Energy I LP | | | | | 5.750 | | | | 02/01/29 | | | | 10,425 | |
| 9,000 | | g | | Hilcorp Energy I LP | | | | | 6.000 | | | | 02/01/31 | | | | 9,540 | |
| 100,000 | | g | | Leviathan Bond Ltd | | | | | 6.125 | | | | 06/30/25 | | | | 109,852 | |
| 100,000 | | | | Magellan Midstream Partners LP | | | | | 3.250 | | | | 06/01/30 | | | | 107,674 | |
| 75,000 | | | | Marathon Petroleum Corp | | | | | 3.800 | | | | 04/01/28 | | | | 83,527 | |
| 100,000 | | | | Marathon Petroleum Corp | | | | | 5.000 | | | | 09/15/54 | | | | 119,973 | |
| 150,000 | | | | MPLX LP | | | | | 1.750 | | | | 03/01/26 | | | | 151,617 | |
| 450,000 | | | | MPLX LP | | | | | 2.650 | | | | 08/15/30 | | | | 454,182 | |
| 125,000 | | | | MPLX LP | | | | | 4.700 | | | | 04/15/48 | | | | 145,213 | |
| 100,000 | | | | Murphy Oil Corp | | | | | 6.875 | | | | 08/15/24 | | | | 102,250 | |
| 34,000 | | | | Murphy Oil Corp | | | | | 5.875 | | | | 12/01/27 | | | | 35,486 | |
| 33,000 | | | | Occidental Petroleum Corp | | | | | 5.500 | | | | 12/01/25 | | | | 36,466 | |
| 75,000 | | | | Occidental Petroleum Corp | | | | | 4.100 | | | | 02/15/47 | | | | 69,834 | |
| 200,000 | | g | | Oleoducto Central S.A. | | | | | 4.000 | | | | 07/14/27 | | | | 206,344 | |
| 225,000 | | | | ONEOK, Inc | | | | | 4.550 | | | | 07/15/28 | | | | 256,710 | |
| 225,000 | | | | ONEOK, Inc | | | | | 4.350 | | | | 03/15/29 | | | | 253,993 | |
| 225,000 | | | | ONEOK, Inc | | | | | 3.400 | | | | 09/01/29 | | | | 239,505 | |
| 100,000 | | | | ONEOK, Inc | | | | | 4.500 | | | | 03/15/50 | | | | 111,297 | |
| 67,000 | | g | | Parkland Corp | | | | | 4.500 | | | | 10/01/29 | | | | 68,085 | |
| 200,000 | | g | | Pertamina Persero PT | | | | | 1.400 | | | | 02/09/26 | | | | 195,825 | |
| 200,000 | | g | | Pertamina Persero PT | | | | | 3.650 | | | | 07/30/29 | | | | 213,015 | |
| 100,000 | | | | Petrobras Global Finance BV | | | | | 5.600 | | | | 01/03/31 | | | | 112,000 | |
| 100,000 | | | | Petroleos Mexicanos | | | | | 6.500 | | | | 03/13/27 | | | | 105,550 | |
| 100,000 | | | | Petroleos Mexicanos | | | | | 5.950 | | | | 01/28/31 | | | | 97,150 | |
| 200,000 | | g | | Petronas Energy Canada Ltd | | | | | 2.112 | | | | 03/23/28 | | | | 202,087 | |
| 200,000 | | | | Phillips 66 Partners LP | | | | | 3.150 | | | | 12/15/29 | | | | 210,062 | |
| 200,000 | | g,h | | Qatar Petroleum | | | | | 2.250 | | | | 07/12/31 | | | | 197,874 | |
| 200,000 | | e,g | | S.A. Global Sukuk Ltd | | | | | 0.946 | | | | 06/17/24 | | | | 199,738 | |
| 175,000 | | | | Sabine Pass Liquefaction LLC | | | | | 4.200 | | | | 03/15/28 | | | | 197,633 | |
| 100,000 | | | | Sabine Pass Liquefaction LLC | | | | | 4.500 | | | | 05/15/30 | | | | 115,405 | |
| 100,000 | | g | | Santos Finance Ltd | | | | | 3.649 | | | | 04/29/31 | | | | 102,354 | |
| 200,000 | | g | | Saudi Arabian Oil Co | | | | | 2.250 | | | | 11/24/30 | | | | 196,043 | |
| 125,000 | | | | Sunoco Logistics Partners Operations LP | | | | | 4.000 | | | | 10/01/27 | | | | 137,522 | |
| 25,000 | | | | Sunoco Logistics Partners Operations LP | | | | | 5.400 | | | | 10/01/47 | | | | 29,619 | |
| 23,000 | | g | | Sunoco LP | | | | | 4.500 | | | | 05/15/29 | | | | 23,402 | |
| 28,000 | | g | | Superior Plus LP | | | | | 4.500 | | | | 03/15/29 | | | | 28,841 | |
| 25,000 | | | | Targa Resources Partners LP | | | | | 6.500 | | | | 07/15/27 | | | | 27,093 | |
| 20,000 | | g | | Targa Resources Partners LP | | | | | 4.000 | | | | 01/15/32 | | | | 20,573 | |
| 150,000 | | | | Total Capital International S.A. | | | | | 3.127 | | | | 05/29/50 | | | | 152,052 | |
| 350,000 | | | | TransCanada PipeLines Ltd | | | | | 4.250 | | | | 05/15/28 | | | | 402,022 | |
| 200,000 | | | | Transcanada Trust | | | | | 5.500 | | | | 09/15/79 | | | | 218,000 | |
| 40,000 | | | | USA Compression Partners LP | | | | | 6.875 | | | | 04/01/26 | | | | 41,900 | |
| 25,000 | | | | USA Compression Partners LP | | | | | 6.875 | | | | 09/01/27 | | | | 26,707 | |
| 25,000 | | | | Vale Overseas Ltd | | | | | 6.875 | | | | 11/21/36 | | | | 34,268 | |
| 250,000 | | | | Williams Cos, Inc | | | | | 2.600 | | | | 03/15/31 | | | | 253,168 | |
| 75,000 | | | | Williams Partners LP | | | | | 3.750 | | | | 06/15/27 | | | | 83,322 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL ENERGY | | | | | | | | 9,646,888 | |
| | | | | | | | | | | | | |
| | | | |
FOOD & STAPLES RETAILING - 0.5% | | | | | | | | | | | | | | |
| 100,000 | | | | Costco Wholesale Corp | | | | | 1.600 | | | | 04/20/30 | | | | 98,694 | |
| 59,000 | | | | Ingles Markets, Inc | | | | | 5.750 | | | | 06/15/23 | | | | 59,088 | |
| 100,000 | | | | Kroger Co | | | | | 3.700 | | | | 08/01/27 | | | | 111,283 | |
| 110,000 | | | | Kroger Co | | | | | 3.875 | | | | 10/15/46 | | | | 121,183 | |
| 50,000 | | | | Kroger Co | | | | | 4.450 | | | | 02/01/47 | | | | 59,521 | |
| 450,000 | | | | Walmart, Inc | | | | | 3.700 | | | | 06/26/28 | | | | 512,255 | |
91
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 125,000 | | | | Walmart, Inc | | | | | 3.950 | % | | | 06/28/38 | | | $ | 150,559 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL FOOD & STAPLES RETAILING | | | | | | | | 1,112,583 | |
| | | | | | | | | | | | | |
| | | | |
FOOD, BEVERAGE & TOBACCO - 1.1% | | | | | | | | | | | | | | |
| 125,000 | | | | Altria Group, Inc | | | | | 3.400 | | | | 05/06/30 | | | | 131,832 | |
| 100,000 | | | | Altria Group, Inc | | | | | 5.950 | | | | 02/14/49 | | | | 127,873 | |
| 380,000 | | | | Anheuser-Busch InBev Worldwide, Inc | | | | | 4.750 | | | | 01/23/29 | | | | 452,681 | |
| 85,000 | | | | Anheuser-Busch InBev Worldwide, Inc | | | | | 4.439 | | | | 10/06/48 | | | | 101,736 | |
| 125,000 | | | | BAT Capital Corp | | | | | 2.259 | | | | 03/25/28 | | | | 124,062 | |
| 200,000 | | | | BAT Capital Corp | | | | | 4.906 | | | | 04/02/30 | | | | 229,767 | |
| 125,000 | | | | BAT Capital Corp | | | | | 2.726 | | | | 03/25/31 | | | | 123,410 | |
| 100,000 | | | | BAT Capital Corp | | | | | 4.540 | | | | 08/15/47 | | | | 106,342 | |
| 150,000 | | | | BAT Capital Corp | | | | | 3.984 | | | | 09/25/50 | | | | 146,091 | |
| 100,000 | | | | Constellation Brands, Inc | | | | | 4.400 | | | | 11/15/25 | | | | 112,783 | |
| 100,000 | | | | Constellation Brands, Inc | | | | | 3.700 | | | | 12/06/26 | | | | 111,189 | |
| 100,000 | | | | Constellation Brands, Inc | | | | | 3.150 | | | | 08/01/29 | | | | 107,240 | |
| 100,000 | | | | Constellation Brands, Inc | | | | | 2.875 | | | | 05/01/30 | | | | 104,865 | |
| 100,000 | | | | Diageo Capital plc | | | | | 2.125 | | | | 10/24/24 | | | | 104,554 | |
| 100,000 | | | | Diageo Capital plc | | | | | 2.375 | | | | 10/24/29 | | | | 103,515 | |
| 200,000 | | | | Diageo Capital plc | | | | | 2.000 | | | | 04/29/30 | | | | 200,140 | |
| 150,000 | | g | | Embotelladora Andina S.A. | | | | | 3.950 | | | | 01/21/50 | | | | 159,189 | |
| 41,000 | | g | | Post Holdings, Inc | | | | | 4.625 | | | | 04/15/30 | | | | 41,690 | |
| 75,000 | | g | | Primo Water Holdings, Inc | | | | | 4.375 | | | | 04/30/29 | | | | 75,000 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | | | | | | 2,663,959 | |
| | | | | | | | | | | | | |
HEALTH CARE EQUIPMENT & SERVICES - 2.0% | | | | | | | | | | | | | | |
| 100,000 | | | | Abbott Laboratories | | | | | 5.300 | | | | 05/27/40 | | | | 139,101 | |
| 100,000 | | | | Anthem, Inc | | | | | 3.600 | | | | 03/15/51 | | | | 109,916 | |
| 100,000 | | | | Becton Dickinson & Co | | | | | 2.823 | | | | 05/20/30 | | | | 104,737 | |
| 100,000 | | | | Boston Scientific Corp | | | | | 2.650 | | | | 06/01/30 | | | | 103,431 | |
| 75,000 | | | | Centene Corp | | | | | 4.250 | | | | 12/15/27 | | | | 79,031 | |
| 35,000 | | | | Centene Corp | | | | | 2.450 | | | | 07/15/28 | | | | 35,473 | |
| 180,000 | | | | Centene Corp | | | | | 3.000 | | | | 10/15/30 | | | | 184,910 | |
| 200,000 | | | | Children’s Hospital Medic | | | | | 4.268 | | | | 05/15/44 | | | | 251,097 | |
| 100,000 | | | | Cigna Corp | | | | | 2.400 | | | | 03/15/30 | | | | 102,017 | |
| 100,000 | | | | Cigna Corp | | | | | 3.200 | | | | 03/15/40 | | | | 103,793 | |
| 250,000 | | | | CVS Health Corp | | | | | 3.625 | | | | 04/01/27 | | | | 277,039 | |
| 225,000 | | | | CVS Health Corp | | | | | 3.750 | | | | 04/01/30 | | | | 251,791 | |
| 400,000 | | | | CVS Health Corp | | | | | 1.750 | | | | 08/21/30 | | | | 385,543 | |
| 400,000 | | | | CVS Health Corp | | | | | 4.780 | | | | 03/25/38 | | | | 492,098 | |
| 200,000 | | | | CVS Health Corp | | | | | 5.050 | | | | 03/25/48 | | | | 259,775 | |
| 250,000 | | | | Dartmouth-Hitchcock Health | | | | | 4.178 | | | | 08/01/48 | | | | 294,025 | |
| 60,000 | | g | | DaVita, Inc | | | | | 4.625 | | | | 06/01/30 | | | | 61,693 | |
| 100,000 | | g | | DaVita, Inc | | | | | 3.750 | | | | 02/15/31 | | | | 96,000 | |
| 160,000 | | | | HCA, Inc | | | | | 5.625 | | | | 09/01/28 | | | | 189,600 | |
| 100,000 | | | | HCA, Inc | | | | | 5.500 | | | | 06/15/47 | | | | 130,242 | |
| 100,000 | | | | Humana, Inc | | | | | 3.950 | | | | 03/15/27 | | | | 112,126 | |
| 20,000 | | g | | LifePoint Health, Inc | | | | | 4.375 | | | | 02/15/27 | | | | 20,240 | |
| 25,000 | | g | | Molina Healthcare, Inc | | | | | 4.375 | | | | 06/15/28 | | | | 26,063 | |
| 67,000 | | | | MPT Operating Partnership LP | | | | | 3.500 | | | | 03/15/31 | | | | 67,669 | |
| 10,000 | | g | | Tenet Healthcare Corp | | | | | 4.625 | | | | 06/15/28 | | | | 10,292 | |
| 375,000 | | | | UnitedHealth Group, Inc | | | | | 2.300 | | | | 05/15/31 | | | | 384,032 | |
| 100,000 | | | | Zimmer Biomet Holdings, Inc | | | | | 3.700 | | | | 03/19/23 | | | | 105,115 | |
| 55,000 | | | | Zimmer Biomet Holdings, Inc | | | | | 3.550 | | | | 04/01/25 | | | | 59,670 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | | | | | | 4,436,519 | |
| | | | | | | | | | | | | |
| | | | |
INSURANCE - 1.6% | | | | | | | | | | | | | | |
| 62,000 | | g | | Acrisure LLC | | | | | 4.250 | | | | 02/15/29 | | | | 61,225 | |
| 100,000 | | | | American Financial Group, Inc | | | | | 3.500 | | | | 08/15/26 | | | | 108,593 | |
| 175,000 | | | | Aon plc | | | | | 3.500 | | | | 06/14/24 | | | | 187,912 | |
| 100,000 | | | | Berkshire Hathaway Finance Corp | | | | | 1.850 | | | | 03/12/30 | | | | 101,120 | |
| 100,000 | | | | Berkshire Hathaway Finance Corp | | | | | 4.250 | | | | 01/15/49 | | | | 124,221 | |
| 150,000 | | | | Berkshire Hathaway Finance Corp | | | | | 2.850 | | | | 10/15/50 | | | | 149,730 | |
| 100,000 | | | | CNA Financial Corp | | | | | 3.950 | | | | 05/15/24 | | | | 108,200 | |
| 175,000 | | | | CNA Financial Corp | | | | | 2.050 | | | | 08/15/30 | | | | 171,860 | |
| 100,000 | | g | | Equitable Financial Life Global Funding | | | | | 1.400 | | | | 07/07/25 | | | | 100,840 | |
| 100,000 | | g | | Five Corners Funding Trust II | | | | | 2.850 | | | | 05/15/30 | | | | 105,318 | |
| 500,000 | | | | Hartford Financial Services Group, Inc | | | | | 2.800 | | | | 08/19/29 | | | | 524,918 | |
| 100,000 | | | | Hartford Financial Services Group, Inc | | | | | 4.300 | | | | 04/15/43 | | | | 117,989 | |
| 100,000 | | g | | Liberty Mutual Group, Inc | | | | | 3.951 | | | | 10/15/50 | | | | 111,390 | |
92
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 100,000 | | | | MetLife, Inc | | | | | 3.600 | % | | | 11/13/25 | | | $ | 110,522 | |
| 115,000 | | | | MetLife, Inc | | | | | 3.850 | | | | N/A | ‡ | | | 120,894 | |
| 100,000 | | g | | Metropolitan Life Global Funding I | | | | | 2.950 | | | | 04/09/30 | | | | 107,357 | |
| 150,000 | | | | PartnerRe Finance B LLC | | | | | 4.500 | | | | 10/01/50 | | | | 156,750 | |
| 175,000 | | | | Prudential Financial, Inc | | | | | 3.700 | | | | 10/01/50 | | | | 182,437 | |
| 100,000 | | g | | Prudential Funding LLC | | | | | 6.750 | | | | 09/15/23 | | | | 113,385 | |
| 100,000 | | | | Reinsurance Group of America, Inc | | | | | 3.900 | | | | 05/15/29 | | | | 111,785 | |
| 500,000 | | g,i | | Vitality Re IX Ltd | | U.S. Treasury Bill 3 M + 1.600% | | | 1.641 | | | | 01/10/22 | | | | 494,985 | |
| 250,000 | | g,i | | Vitality Re X Ltd | | U.S. Treasury Bill 3 M + 1.750% | | | 1.791 | | | | 01/10/23 | | | | 245,130 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL INSURANCE | | | | 3,616,561 | |
| | | | | | | | | |
| | | | |
MATERIALS - 2.1% | | | | | | | | | | | | | | |
| 200,000 | | g | | Alpek SAB de C.V. | | | | | 3.250 | | | | 02/25/31 | | | | 202,402 | |
| 200,000 | | | | Amcor Flexibles North America, Inc | | | | | 2.690 | | | | 05/25/31 | | | | 203,983 | |
| 200,000 | | g | | Anglo American Capital plc | | | | | 2.625 | | | | 09/10/30 | | | | 200,756 | |
| 200,000 | | | | AngloGold Ashanti Holdings plc | | | | | 3.750 | | | | 10/01/30 | | | | 206,156 | |
| 38,000 | | | | Ball Corp | | | | | 2.875 | | | | 08/15/30 | | | | 37,302 | |
| 100,000 | | | | Bemis Co, Inc | | | | | 2.630 | | | | 06/19/30 | | | | 102,231 | |
| 225,000 | | g | | Berry Global, Inc | | | | | 1.570 | | | | 01/15/26 | | | | 225,067 | |
| 150,000 | | g | | Berry Global, Inc | | | | | 1.650 | | | | 01/15/27 | | | | 148,701 | |
| 50,000 | | g | | Berry Global, Inc | | | | | 5.625 | | | | 07/15/27 | | | | 52,879 | |
| 200,000 | | g | | Celulosa Arauco y Constitucion S.A. | | | | | 4.250 | | | | 04/30/29 | | | | 217,702 | |
| 200,000 | | g | | Cemex SAB de C.V. | | | | | 5.450 | | | | 11/19/29 | | | | 219,900 | |
| 200,000 | | g | | Corp Nacional del Cobre de Chile | | | | | 3.150 | | | | 01/14/30 | | | | 209,785 | |
| 200,000 | | g | | First Quantum Minerals Ltd | | | | | 6.875 | | | | 10/15/27 | | | | 217,940 | |
| 100,000 | | | | Freeport-McMoRan, Inc | | | | | 5.450 | | | | 03/15/43 | | | | 122,232 | |
| 50,000 | | | | International Paper Co | | | | | 5.000 | | | | 09/15/35 | | | | 62,747 | |
| 27,000 | | | | International Paper Co | | | | | 4.350 | | | | 08/15/48 | | | | 33,401 | |
| 100,000 | | g | | Midwest Connector Capital Co LLC | | | | | 3.900 | | | | 04/01/24 | | | | 104,565 | |
| 100,000 | | g | | Midwest Connector Capital Co LLC | | | | | 4.625 | | | | 04/01/29 | | | | 106,288 | |
| 100,000 | | | | Newmont Corp | | | | | 2.250 | | | | 10/01/30 | | | | 99,727 | |
| 100,000 | | g | | Nova Chemicals Corp | | | | | 4.875 | | | | 06/01/24 | | | | 105,500 | |
| 100,000 | | | | Nutrien Ltd | | | | | 3.375 | | | | 03/15/25 | | | | 107,720 | |
| 100,000 | | | | Nutrien Ltd | | | | | 2.950 | | | | 05/13/30 | | | | 105,488 | |
| 200,000 | | g | | OCP S.A. | | | | | 3.750 | | | | 06/23/31 | | | | 201,647 | |
| 200,000 | | g | | Orbia Advance Corp SAB de C.V. | | | | | 1.875 | | | | 05/11/26 | | | | 202,300 | |
| 80,000 | | g | | Owens-Brockway Glass Container, Inc | | | | | 5.875 | | | | 08/15/23 | | | | 86,270 | |
| 19,000 | | g | | PolyOne Corp | | | | | 5.750 | | | | 05/15/25 | | | | 20,059 | |
| 100,000 | | | | Praxair, Inc | | | | | 1.100 | | | | 08/10/30 | | | | 93,935 | |
| 200,000 | | | | Sasol Financing USA LLC | | | | | 4.375 | | | | 09/18/26 | | | | 206,600 | |
| 150,000 | | | | Sherwin-Williams Co | | | | | 2.300 | | | | 05/15/30 | | | | 151,739 | |
| 200,000 | | | | Suzano Austria GmbH | | | | | 3.750 | | | | 01/15/31 | | | | 209,750 | |
| 48,000 | | g | | Tronox, Inc | | | | | 6.500 | | | | 05/01/25 | | | | 50,798 | |
| 200,000 | | g | | UltraTech Cement Ltd | | | | | 2.800 | | | | 02/16/31 | | | | 193,346 | |
| 10,000 | | g | | Univar Solutions USA, Inc | | | | | 5.125 | | | | 12/01/27 | | | | 10,512 | |
| 100,000 | | | | WRKCo, Inc | | | | | 4.900 | | | | 03/15/29 | | | | 119,857 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MATERIALS | | | | | | | | 4,639,285 | |
| | | | | | | | | | | | | |
| | | | |
MEDIA & ENTERTAINMENT - 2.5% | | | | | | | | | | | | | | |
| 100,000 | | | | Activision Blizzard, Inc | | | | | 1.350 | | | | 09/15/30 | | | | 93,504 | |
| 150,000 | | | | Agree LP | | | | | 2.000 | | | | 06/15/28 | | | | 148,766 | |
| 100,000 | | g | | Arches Buyer, Inc | | | | | 4.250 | | | | 06/01/28 | | | | 98,875 | |
| 100,000 | | | | AstraZeneca Finance LLC | | | | | 2.250 | | | | 05/28/31 | | | | 101,435 | |
| 200,000 | | g | | Banco Nacional de Panama | | | | | 2.500 | | | | 08/11/30 | | | | 193,706 | |
| 200,000 | | g | | BOC Aviation USA Corp | | | | | 1.625 | | | | 04/29/24 | | | | 201,574 | |
| 200,000 | | e,g | | Cable Onda S.A. | | | | | 4.500 | | | | 01/30/30 | | | | 210,880 | |
| 100,000 | | g | | CCO Holdings LLC | | | | | 5.125 | | | | 05/01/27 | | | | 104,890 | |
| 150,000 | | | | Charter Communications Operating LLC | | | | | 3.750 | | | | 02/15/28 | | | | 165,428 | |
| 100,000 | | | | Charter Communications Operating LLC | | | | | 4.200 | | | | 03/15/28 | | | | 113,168 | |
| 25,000 | | | | Charter Communications Operating LLC | | | | | 2.800 | | | | 04/01/31 | | | | 25,558 | |
| 50,000 | | | | Charter Communications Operating LLC | | | | | 5.125 | | | | 07/01/49 | | | | 59,545 | |
| 600,000 | | | | Charter Communications Operating LLC | | | | | 4.800 | | | | 03/01/50 | | | | 689,129 | |
| 475,000 | | | | Comcast Corp | | | | | 2.350 | | | | 01/15/27 | | | | 498,220 | |
| 150,000 | | | | Comcast Corp | | | | | 4.150 | | | | 10/15/28 | | | | 173,634 | |
| 200,000 | | | | Comcast Corp | | | | | 2.650 | | | | 02/01/30 | | | | 210,534 | |
| 100,000 | | | | Comcast Corp | | | | | 1.500 | | | | 02/15/31 | | | | 94,748 | |
| 300,000 | | | | Comcast Corp | | | | | 3.200 | | | | 07/15/36 | | | | 321,864 | |
| 425,000 | | | | Comcast Corp | | | | | 2.800 | | | | 01/15/51 | | | | 408,905 | |
| 100,000 | | | | Discovery Communications LLC | | | | | 3.625 | | | | 05/15/30 | | | | 109,098 | |
93
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 100,000 | | | | Discovery Communications LLC | | | | | 5.200 | % | | | 09/20/47 | | | $ | 124,279 | |
| 50,000 | | | | DISH DBS Corp | | | | | 5.000 | | | | 03/15/23 | | | | 52,331 | |
| 50,000 | | g | | DISH DBS Corp | | | | | 5.125 | | | | 06/01/29 | | | | 49,371 | |
| 35,000 | | | | Grupo Televisa SAB | | | | | 6.625 | | | | 01/15/40 | | | | 48,143 | |
| 15,000 | | g | | Lamar Media Corp | | | | | 3.625 | | | | 01/15/31 | | | | 14,663 | |
| 33,000 | | g | | News Corp | | | | | 3.875 | | | | 05/15/29 | | | | 33,330 | |
| 100,000 | | | | Omnicom Group, Inc | | | | | 2.600 | | | | 08/01/31 | | | | 101,661 | |
| 50,000 | | g | | Rackspace Technology Global, Inc | | | | | 3.500 | | | | 02/15/28 | | | | 48,375 | |
| 110,000 | | g | | Sirius XM Radio, Inc | | | | | 4.000 | | | | 07/15/28 | | | | 113,300 | |
| 50,000 | | g | | Sirius XM Radio, Inc | | | | | 4.125 | | | | 07/01/30 | | | | 50,444 | |
| 50,000 | | g | | TEGNA, Inc | | | | | 4.750 | | | | 03/15/26 | | | | 53,250 | |
| 25,000 | | | | TEGNA, Inc | | | | | 4.625 | | | | 03/15/28 | | | | 25,938 | |
| 75,000 | | | | Time Warner Cable LLC | | | | | 5.875 | | | | 11/15/40 | | | | 97,016 | |
| 100,000 | | | | ViacomCBS, Inc | | | | | 3.375 | | | | 02/15/28 | | | | 109,388 | |
| 50,000 | | | | ViacomCBS, Inc | | | | | 5.850 | | | | 09/01/43 | | | | 68,506 | |
| 250,000 | | | | Walt Disney Co | | | | | 3.000 | | | | 09/15/22 | | | | 258,074 | |
| 100,000 | | | | Walt Disney Co | | | | | 2.000 | | | | 09/01/29 | | | | 101,084 | |
| 250,000 | | | | Walt Disney Co | | | | | 2.650 | | | | 01/13/31 | | | | 262,398 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MEDIA & ENTERTAINMENT | | | | | | | | 5,635,012 | |
| | | | | | | | | | | | | |
| | | |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5% | | | | | | | | | | | | |
| 100,000 | | | | AbbVie, Inc | | | | | 2.850 | | | | 05/14/23 | | | | 104,062 | |
| 300,000 | | | | AbbVie, Inc | | | | | 2.950 | | | | 11/21/26 | | | | 322,484 | |
| 350,000 | | | | AbbVie, Inc | | | | | 3.200 | | | | 11/21/29 | | | | 380,115 | |
| 225,000 | | | | AbbVie, Inc | | | | | 4.050 | | | | 11/21/39 | | | | 261,321 | |
| 125,000 | | | | AbbVie, Inc | | | | | 4.400 | | | | 11/06/42 | | | | 151,783 | |
| 50,000 | | | | AbbVie, Inc | | | | | 4.450 | | | | 05/14/46 | | | | 60,381 | |
| 100,000 | | | | AbbVie, Inc | | | | | 4.250 | | | | 11/21/49 | | | | 119,851 | |
| 100,000 | | | | AstraZeneca plc | | | | | 3.125 | | | | 06/12/27 | | | | 108,624 | |
| 30,000 | | g | | Avantor Funding, Inc | | | | | 4.625 | | | | 07/15/28 | | | | 31,673 | |
| 36,000 | | | | Bristol-Myers Squibb Co | | | | | 3.875 | | | | 08/15/25 | | | | 40,079 | |
| 50,000 | | | | Bristol-Myers Squibb Co | | | | | 3.400 | | | | 07/26/29 | | | | 56,034 | |
| 400,000 | | | | Bristol-Myers Squibb Co | | | | | 1.450 | | | | 11/13/30 | | | | 386,228 | |
| 50,000 | | | | Bristol-Myers Squibb Co | | | | | 4.250 | | | | 10/26/49 | | | | 63,091 | |
| 100,000 | | | | Bristol-Myers Squibb Co | | | | | 2.550 | | | | 11/13/50 | | | | 95,622 | |
| 23,000 | | g | | Endo Luxembourg Finance Co I Sarl | | | | | 6.125 | | | | 04/01/29 | | | | 22,540 | |
| 100,000 | | | | Gilead Sciences, Inc | | | | | 1.200 | | | | 10/01/27 | | | | 97,480 | |
| 150,000 | | | | Gilead Sciences, Inc | | | | | 2.800 | | | | 10/01/50 | | | | 144,480 | |
| 5,000 | | g | | Jaguar Holding Co II | | | | | 4.625 | | | | 06/15/25 | | | | 5,250 | |
| 5,000 | | g | | Jaguar Holding Co II | | | | | 5.000 | | | | 06/15/28 | | | | 5,420 | |
| 100,000 | | | | Johnson & Johnson | | | | | 3.400 | | | | 01/15/38 | | | | 113,407 | |
| 200,000 | | g | | Organon Finance LLC | | | | | 5.125 | | | | 04/30/31 | | | | 206,040 | |
| 100,000 | | g | | Royalty Pharma plc | | | | | 2.200 | | | | 09/02/30 | | | | 98,046 | |
| 175,000 | | | | Takeda Pharmaceutical Co Ltd | | | | | 2.050 | | | | 03/31/30 | | | | 173,614 | |
| 100,000 | | | | Takeda Pharmaceutical Co Ltd | | | | | 3.025 | | | | 07/09/40 | | | | 100,943 | |
| 150,000 | | | | Teva Pharmaceutical Finance Netherlands III BV | | | | | 3.150 | | | | 10/01/26 | | | | 142,688 | |
| 100,000 | | g | | Viatris, Inc | | | | | 2.700 | | | | 06/22/30 | | | | 101,118 | |
| 100,000 | | g | | Viatris, Inc | | | | | 3.850 | | | | 06/22/40 | | | | 106,348 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | | 3,498,722 | |
| | | | | | | | | | | | | |
| | | | | |
REAL ESTATE - 2.6% | | | | | | | | | | | | | | | | |
| 100,000 | | | | Alexandria Real Estate Equities, Inc | | | | | 3.950 | | | | 01/15/27 | | | | 111,414 | |
| 100,000 | | | | Alexandria Real Estate Equities, Inc | | | | | 3.950 | | | | 01/15/28 | | | | 112,930 | |
| 100,000 | | | | Alexandria Real Estate Equities, Inc | | | | | 4.900 | | | | 12/15/30 | | | | 121,825 | |
| 100,000 | | | | Alexandria Real Estate Equities, Inc | | | | | 1.875 | | | | 02/01/33 | | | | 94,530 | |
| 100,000 | | h | | American Homes 4 Rent LP | | | | | 2.375 | | | | 07/15/31 | | | | 98,513 | |
| 100,000 | | h | | American Homes 4 Rent LP | | | | | 3.375 | | | | 07/15/51 | | | | 97,962 | |
| 100,000 | | | | American Tower Corp | | | | | 3.000 | | | | 06/15/23 | | | | 104,800 | |
| 100,000 | | | | American Tower Corp | | | | | 2.950 | | | | 01/15/25 | | | | 106,338 | |
| 50,000 | | | | American Tower Corp | | | | | 3.375 | | | | 10/15/26 | | | | 54,467 | |
| 150,000 | | | | American Tower Corp | | | | | 3.800 | | | | 08/15/29 | | | | 167,133 | |
| 250,000 | | | | American Tower Corp | | | | | 2.900 | | | | 01/15/30 | | | | 263,050 | |
| 175,000 | | | | American Tower Corp | | | | | 1.875 | | | | 10/15/30 | | | | 168,816 | |
| 150,000 | | | | Brandywine Operating Partnership LP | | | | | 4.100 | | | | 10/01/24 | | | | 162,661 | |
| 200,000 | | | | Brixmor Operating Partnership LP | | | | | 3.850 | | | | 02/01/25 | | | | 217,542 | |
| 100,000 | | | | Brixmor Operating Partnership LP | | | | | 2.250 | | | | 04/01/28 | | | | 99,881 | |
| 100,000 | | | | Corporate Office Properties LP | | | | | 2.750 | | | | 04/15/31 | | | | 100,755 | |
| 50,000 | | | | Crown Castle International Corp | | | | | 3.800 | | | | 02/15/28 | | | | 55,554 | |
| 300,000 | | | | Crown Castle International Corp | | | | | 2.250 | | | | 01/15/31 | | | | 296,108 | |
94
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 50,000 | | | | Digital Realty Trust LP | | | | | 3.700 | % | | | 08/15/27 | | | $ | 55,965 | |
| 100,000 | | | | Equinix, Inc | | | | | 2.150 | | | | 07/15/30 | | | | 99,362 | |
| 150,000 | | | | Essential Properties LP | | | | | 2.950 | | | | 07/15/31 | | | | 149,870 | |
| 100,000 | | | | Essex Portfolio LP | | | | | 3.000 | | | | 01/15/30 | | | | 105,195 | |
| 200,000 | | g | | HAT Holdings I LLC | | | | | 3.375 | | | | 06/15/26 | | | | 201,500 | |
| 175,000 | | | | Healthcare Realty Trust, Inc | | | | | 3.875 | | | | 05/01/25 | | | | 189,527 | |
| 100,000 | | | | Healthcare Realty Trust, Inc | | | | | 2.400 | | | | 03/15/30 | | | | 100,509 | |
| 100,000 | | | | Healthcare Realty Trust, Inc | | | | | 2.050 | | | | 03/15/31 | | | | 96,665 | |
| 125,000 | | | | Healthcare Trust of America Holdings LP | | | | | 3.500 | | | | 08/01/26 | | | | 137,304 | |
| 100,000 | | | | Healthcare Trust of America Holdings LP | | | | | 3.100 | | | | 02/15/30 | | | | 106,208 | |
| 100,000 | | | | Highwoods Realty LP | | | | | 3.875 | | | | 03/01/27 | | | | 109,726 | |
| 125,000 | | | | Highwoods Realty LP | | | | | 2.600 | | | | 02/01/31 | | | | 125,599 | |
| 24,000 | | g | | Howard Hughes Corp | | | | | 4.125 | | | | 02/01/29 | | | | 24,000 | |
| 26,000 | | g | | Howard Hughes Corp | | | | | 4.375 | | | | 02/01/31 | | | | 25,906 | |
| 50,000 | | | | iStar, Inc | | | | | 4.750 | | | | 10/01/24 | | | | 52,625 | |
| 28,000 | | | | Kennedy-Wilson, Inc | | | | | 4.750 | | | | 03/01/29 | | | | 28,840 | |
| 29,000 | | | | Kennedy-Wilson, Inc | | | | | 5.000 | | | | 03/01/31 | | | | 29,834 | |
| 100,000 | | | | Life Storage LP | | | | | 2.200 | | | | 10/15/30 | | | | 98,760 | |
| 13,000 | | g | | MGM Growth Properties Operating Partnership LP | | | 4.625 | | | | 06/15/25 | | | | 13,889 | |
| 100,000 | | | | Mid-America Apartments LP | | | | | 4.300 | | | | 10/15/23 | | | | 107,367 | |
| 125,000 | | | | Mid-America Apartments LP | | | | | 3.750 | | | | 06/15/24 | | | | 135,111 | |
| 200,000 | | | | Mid-America Apartments LP | | | | | 2.750 | | | | 03/15/30 | | | | 209,116 | |
| 100,000 | | | | Mid-America Apartments LP | | | | | 1.700 | | | | 02/15/31 | | | | 94,984 | |
| 150,000 | | | | Regency Centers LP | | | | | 3.900 | | | | 11/01/25 | | | | 164,302 | |
| 200,000 | | | | Regency Centers LP | | | | | 3.600 | | | | 02/01/27 | | | | 221,560 | |
| 100,000 | | | | Regency Centers LP | | | | | 2.950 | | | | 09/15/29 | | | | 105,307 | |
| 100,000 | | | | Retail Properties of America, Inc | | | | | 4.750 | | | | 09/15/30 | | | | 110,778 | |
| 87,000 | | | | SITE Centers Corp | | | | | 3.625 | | | | 02/01/25 | | | | 91,913 | |
| 40,000 | | g | | Uniti Group LP | | | | | 4.750 | | | | 04/15/28 | | | | 39,900 | |
| 50,000 | | g | | VICI Properties LP | | | | | 3.500 | | | | 02/15/25 | | | | 50,987 | |
| 50,000 | | | | Weingarten Realty Investors | | | | | 3.375 | | | | 10/15/22 | | | | 51,422 | |
| 100,000 | | | | Weingarten Realty Investors | | | | | 4.450 | | | | 01/15/24 | | | | 107,502 | |
| 100,000 | | | | Weingarten Realty Investors | | | | | 3.850 | | | | 06/01/25 | | | | 108,443 | |
| 100,000 | | | | Weingarten Realty Investors | | | | | 3.250 | | | | 08/15/26 | | | | 106,453 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL REAL ESTATE | | | | | | | | 5,890,708 | |
| | | | | | | | | | | | | |
| | | | | |
RETAILING - 0.6% | | | | | | | | | | | | | | | | |
| 50,000 | | | | AutoNation, Inc | | | | | 3.800 | | | | 11/15/27 | | | | 54,976 | |
| 100,000 | | | | AutoZone, Inc | | | | | 1.650 | | | | 01/15/31 | | | | 95,133 | |
| 25,000 | | | | Chevron USA, Inc | | | | | 3.850 | | | | 01/15/28 | | | | 28,473 | |
| 100,000 | | | | Chevron USA, Inc | | | | | 5.050 | | | | 11/15/44 | | | | 134,096 | |
| 7,000 | | g | | L Brands, Inc | | | | | 9.375 | | | | 07/01/25 | | | | 9,047 | |
| 45,000 | | g | | Lithia Motors, Inc | | | | | 4.625 | | | | 12/15/27 | | | | 47,592 | |
| 38,000 | | g | | Magic Mergeco, Inc | | | | | 5.250 | | | | 05/01/28 | | | | 38,985 | |
| 125,000 | | | | O’Reilly Automotive, Inc | | | | | 3.600 | | | | 09/01/27 | | | | 139,922 | |
| 100,000 | | | | O’Reilly Automotive, Inc | | | | | 4.200 | | | | 04/01/30 | | | | 115,128 | |
| 150,000 | | | | O’Reilly Automotive, Inc | | | | | 1.750 | | | | 03/15/31 | | | | 143,927 | |
| 200,000 | | g | | Prosus NV | | | | | 3.680 | | | | 01/21/30 | | | | 213,582 | |
| 50,000 | | g | | Staples, Inc | | | | | 7.500 | | | | 04/15/26 | | | | 51,787 | |
| 200,000 | | | | Target Corp | | | | | 2.350 | | | | 02/15/30 | | | | 208,897 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL RETAILING | | | | | | | | 1,281,545 | |
| | | | | | | | | | | | | |
| | | | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6% | | | | | | | | | | | | | | |
| 350,000 | | | | Broadcom, Inc | | | | | 4.150 | | | | 11/15/30 | | | | 392,495 | |
| 175,000 | | g | | Broadcom, Inc | | | | | 2.450 | | | | 02/15/31 | | | | 171,972 | |
| 39,000 | | g | | Broadcom, Inc | | | | | 3.469 | | | | 04/15/34 | | | | 41,252 | |
| 100,000 | | | | Lam Research Corp | | | | | 4.000 | | | | 03/15/29 | | | | 116,031 | |
| 200,000 | | | | NVIDIA Corp | | | | | 2.000 | | | | 06/15/31 | | | | 200,213 | |
| 100,000 | | g | | NXP BV | | | | | 3.875 | | | | 06/18/26 | | | | 110,755 | |
| 100,000 | | g | | NXP BV | | | | | 3.400 | | | | 05/01/30 | | | | 109,191 | |
| 150,000 | | | | Skyworks Solutions, Inc | | | | | 1.800 | | | | 06/01/26 | | | | 151,890 | |
| 25,000 | | | | Texas Instruments, Inc | | | | | 4.150 | | | | 05/15/48 | | | | 31,709 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | | | 1,325,508 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
SOFTWARE & SERVICES - 0.9% | | | | | | | | | | | | | | |
| 150,000 | | | | Adobe, Inc | | | | | 2.300 | | | | 02/01/30 | | | | 156,181 | |
| 10,000 | | g | | Camelot Finance S.A. | | | | | 4.500 | | | | 11/01/26 | | | | 10,462 | |
| 30,000 | | g | | Clarivate Science Holdings Corp | | | | | 3.875 | | | | 06/30/28 | | | | 30,273 | |
| 100,000 | | | | Fidelity National Information Services, Inc | | | | | 2.250 | | | | 03/01/31 | | | | 99,821 | |
| 250,000 | | | | Fiserv, Inc | | | | | 2.750 | | | | 07/01/24 | | | | 263,746 | |
95
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 250,000 | | | | Fiserv, Inc | | | | | 3.500 | % | | | 07/01/29 | | | $ | 275,086 | |
| 100,000 | | | | Global Payments, Inc | | | | | 2.650 | | | | 02/15/25 | | | | 105,363 | |
| 175,000 | | | | Global Payments, Inc | | | | | 3.200 | | | | 08/15/29 | | | | 187,313 | |
| 200,000 | | g | | HCL America, Inc | | | | | 1.375 | | | | 03/10/26 | | | | 198,734 | |
| 147,000 | | | | Microsoft Corp | | | | | 2.525 | | | | 06/01/50 | | | | 144,425 | |
| 48,000 | | | | Microsoft Corp | | | | | 2.921 | | | | 03/17/52 | | | | 50,945 | |
| 15,000 | | g | | Open Text Holdings, Inc | | | | | 4.125 | | | | 02/15/30 | | | | 15,297 | |
| 100,000 | | | | salesforce.com, Inc | | | | | 3.700 | | | | 04/11/28 | | | | 113,917 | |
| 100,000 | | h | | salesforce.com, Inc | | | | | 1.950 | | | | 07/15/31 | | | | 100,014 | |
| 100,000 | | h | | salesforce.com, Inc | | | | | 2.700 | | | | 07/15/41 | | | | 100,413 | |
| 100,000 | | | | Visa, Inc | | | | | 2.700 | | | | 04/15/40 | | | | 103,373 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL SOFTWARE & SERVICES | | | | | | | | 1,955,363 | |
| | | | | | | | | | | | | |
| | | | |
TECHNOLOGY HARDWARE & EQUIPMENT - 0.7% | | | | | | | | | | | | | | |
| 200,000 | | | | Amphenol Corp | | | | | 2.800 | | | | 02/15/30 | | | | 211,185 | |
| 175,000 | | | | Apple, Inc | | | | | 2.450 | | | | 08/04/26 | | | | 186,143 | |
| 575,000 | | | | Apple, Inc | | | | | 2.050 | | | | 09/11/26 | | | | 601,800 | |
| 100,000 | | | | Apple, Inc | | | | | 2.650 | | | | 02/08/51 | | | | 97,757 | |
| 100,000 | | | | Dell International LLC | | | | | 5.300 | | | | 10/01/29 | | | | 120,663 | |
| 80,000 | | g | | Imola Merger Corp | | | | | 4.750 | | | | 05/15/29 | | | | 82,300 | |
| 50,000 | | g | | Sensata Technologies BV | | | | | 4.000 | | | | 04/15/29 | | | | 50,754 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | 1,350,602 | |
| | | | | | | | | | | | | |
| | | | |
TELECOMMUNICATION SERVICES - 3.2% | | | | | | | | | | | | | | |
| 200,000 | | g | | Altice France S.A. | | | | | 5.125 | | | | 07/15/29 | | | | 200,980 | |
| 225,000 | | | | AT&T, Inc | | | | | 4.300 | | | | 02/15/30 | | | | 260,061 | |
| 200,000 | | | | AT&T, Inc | | | | | 2.250 | | | | 02/01/32 | | | | 196,292 | |
| 564,000 | | g | | AT&T, Inc | | | | | 2.550 | | | | 12/01/33 | | | | 558,722 | |
| 150,000 | | | | AT&T, Inc | | | | | 4.500 | | | | 05/15/35 | | | | 176,073 | |
| 300,000 | | | | AT&T, Inc | | | | | 3.300 | | | | 02/01/52 | | | | 291,872 | |
| 405,000 | | g | | AT&T, Inc | | | | | 3.550 | | | | 09/15/55 | | | | 406,358 | |
| 76,000 | | g | | AT&T, Inc | | | | | 3.800 | | | | 12/01/57 | | | | 79,183 | |
| 11,000 | | g | | AT&T, Inc | | | | | 3.650 | | | | 09/15/59 | | | | 11,155 | |
| 100,000 | | g | | Avaya, Inc | | | | | 6.125 | | | | 09/15/28 | | | | 107,030 | |
| 250,000 | | g | | Bharti Airtel Ltd | | | | | 3.250 | | | | 06/03/31 | | | | 248,007 | |
| 200,000 | | g | | C&W Senior Financing Designated Activity Co | | | | | 7.500 | | | | 10/15/26 | | | | 210,000 | |
| 50,000 | | | | Deutsche Telekom International Finance BV | | | | | 8.750 | | | | 06/15/30 | | | | 74,922 | |
| 200,000 | | e,g | | Millicom International Cellular S.A. | | | | | 4.500 | | | | 04/27/31 | | | | 207,000 | |
| 200,000 | | g | | MTN Mauritius Investment Ltd | | | | | 6.500 | | | | 10/13/26 | | | | 231,887 | |
| 200,000 | | g | | Network i2i Ltd | | | | | 3.975 | | | | N/A | ‡ | | | 200,100 | |
| 50,000 | | | | Orange S.A. | | | | | 5.375 | | | | 01/13/42 | | | | 67,437 | |
| 500,000 | | g | | SBA Tower Trust | | | | | 2.836 | | | | 01/15/25 | | | | 524,534 | |
| 420,000 | | g | | SBA Tower Trust | | | | | 1.884 | | | | 01/15/26 | | | | 425,203 | |
| 100,000 | | | | Telefonica Emisiones SAU | | | | | 4.103 | | | | 03/08/27 | | | | 112,555 | |
| 100,000 | | | | Telefonica Emisiones SAU | | | | | 4.895 | | | | 03/06/48 | | | | 119,743 | |
| 20,000 | | | | T-Mobile USA, Inc | | | | | 2.250 | | | | 02/15/26 | | | | 20,150 | |
| 30,000 | | | | T-Mobile USA, Inc | | | | | 2.625 | | | | 02/15/29 | | | | 29,625 | |
| 225,000 | | | | T-Mobile USA, Inc | | | | | 3.875 | | | | 04/15/30 | | | | 251,509 | |
| 350,000 | | | | T-Mobile USA, Inc | | | | | 2.550 | | | | 02/15/31 | | | | 353,920 | |
| 100,000 | | | | T-Mobile USA, Inc | | | | | 3.000 | | | | 02/15/41 | | | | 98,767 | |
| 100,000 | | | | T-Mobile USA, Inc | | | | | 4.500 | | | | 04/15/50 | | | | 119,073 | |
| 125,000 | | | | T-Mobile USA, Inc | | | | | 3.300 | | | | 02/15/51 | | | | 124,794 | |
| 100,000 | | | | Verizon Communications, Inc | | | | | 3.150 | | | | 03/22/30 | | | | 107,977 | |
| 50,000 | | | | Verizon Communications, Inc | | | | | 1.680 | | | | 10/30/30 | | | | 47,743 | |
| 25,000 | | | | Verizon Communications, Inc | | | | | 1.750 | | | | 01/20/31 | | | | 23,958 | |
| 258,000 | | | | Verizon Communications, Inc | | | | | 4.272 | | | | 01/15/36 | | | | 306,975 | |
| 550,000 | | | | Verizon Communications, Inc | | | | | 3.400 | | | | 03/22/41 | | | | 581,813 | |
| 200,000 | | g,h | | Vmed O2 UK Financing I plc | | | | | 4.750 | | | | 07/15/31 | | | | 203,000 | |
| 150,000 | | | | Vodafone Group plc | | | | | 4.250 | | | | 09/17/50 | | | | 175,336 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TELECOMMUNICATION SERVICES | | | | | | | | 7,153,754 | |
| | | | | | | | | | | | | |
| | | | |
TRANSPORTATION - 0.5% | | | | | | | | | | | | | | |
| 100,000 | | | | Burlington Northern Santa Fe LLC | | | | | 3.050 | | | | 02/15/51 | | | | 104,088 | |
| 275,000 | | | | Canadian Pacific Railway Co | | | | | 2.050 | | | | 03/05/30 | | | | 273,704 | |
| 100,000 | | | | CSX Corp | | | | | 3.800 | | | | 03/01/28 | | | | 112,603 | |
| 100,000 | | | | CSX Corp | | | | | 4.250 | | | | 03/15/29 | | | | 116,246 | |
| 44,000 | | g | | Delta Air Lines, Inc | | | | | 7.000 | | | | 05/01/25 | | | | 51,348 | |
| 100,000 | | | | Delta Air Lines, Inc | | | | | 3.750 | | | | 10/28/29 | | | | 99,839 | |
| 100,000 | | g | | Union Pacific Corp | | | | | 2.891 | | | | 04/06/36 | | | | 103,845 | |
96
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 125,000 | | | | Union Pacific Corp | | | | | 3.839 | % | | | 03/20/60 | | | $ | 142,312 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TRANSPORTATION | | | | | | | | 1,003,985 | |
| | | | | | | | | | | | | |
| | | | | | |
UTILITIES - 3.1% | | | | | | | | | | | | | | | | | | |
| 100,000 | | | | AEP Transmission Co LLC | | | | | 3.100 | | | | 12/01/26 | | | | 108,568 | |
| 100,000 | | | | AEP Transmission Co LLC | | | | | 4.000 | | | | 12/01/46 | | | | 117,711 | |
| 100,000 | | | | American Water Capital Corp | | | | | 3.000 | | | | 12/01/26 | | | | 108,097 | |
| 250,000 | | | | American Water Capital Corp | | | | | 2.800 | | | | 05/01/30 | | | | 264,605 | |
| 100,000 | | | | American Water Capital Corp | | | | | 4.000 | | | | 12/01/46 | | | | 116,834 | |
| 50,000 | | | | American Water Capital Corp | | | | | 3.750 | | | | 09/01/47 | | | | 56,282 | |
| 100,000 | | | | American Water Capital Corp | | | | | 3.450 | | | | 05/01/50 | | | | 108,053 | |
| 200,000 | | | | Atmos Energy Corp | | | | | 1.500 | | | | 01/15/31 | | | | 189,712 | |
| 125,000 | | | | Baltimore Gas & Electric Co | | | | | 3.750 | | | | 08/15/47 | | | | 143,192 | |
| 100,000 | | | | Baltimore Gas & Electric Co | | | | | 3.200 | | | | 09/15/49 | | | | 104,613 | |
| 50,000 | | | | Berkshire Hathaway Energy Co | | | | | 3.250 | | | | 04/15/28 | | | | 54,959 | |
| 200,000 | | | | Black Hills Corp | | | | | 4.250 | | | | 11/30/23 | | | | 214,908 | |
| 100,000 | | | | Black Hills Corp | | | | | 3.150 | | | | 01/15/27 | | | | 106,542 | |
| 250,000 | | | | Dominion Energy, Inc | | | | | 3.300 | | | | 04/15/41 | | | | 262,478 | |
| 175,000 | | | | DTE Electric Co | | | | | 2.250 | | | | 03/01/30 | | | | 179,430 | |
| 100,000 | | | | Duke Energy Carolinas LLC | | | | | 2.550 | | | | 04/15/31 | | | | 103,819 | |
| 500,000 | | | | Duke Energy Corp | | | | | 3.300 | | | | 06/15/41 | | | | 512,166 | |
| 50,000 | | | | Duke Energy Progress LLC | | | | | 2.500 | | | | 08/15/50 | | | | 46,095 | |
| 100,000 | | | | Edison International | | | | | 5.375 | | | | N/A | ‡ | | | 100,730 | |
| 200,000 | | g | | ENN Energy Holdings Ltd | | | | | 2.625 | | | | 09/17/30 | | | | 199,522 | |
| 100,000 | | | | Eversource Energy | | | | | 0.800 | | | | 08/15/25 | | | | 98,862 | |
| 275,000 | | | | Eversource Energy | | | | | 1.650 | | | | 08/15/30 | | | | 263,190 | |
| 175,000 | | | | Exelon Generation Co LLC | | | | | 3.400 | | | | 03/15/22 | | | | 178,129 | |
| 100,000 | | | | Florida Power & Light Co | | | | | 3.990 | | | | 03/01/49 | | | | 123,245 | |
| 100,000 | | | | Indiana Michigan Power Co | | | | | 3.750 | | | | 07/01/47 | | | | 112,068 | |
| 150,000 | | | | MidAmerican Energy Co | | | | | 3.650 | | | | 04/15/29 | | | | 169,612 | |
| 125,000 | | | | MidAmerican Energy Co | | | | | 3.650 | | | | 08/01/48 | | | | 142,590 | |
| 200,000 | | | | NextEra Energy Capital Holdings, Inc | | | | | 2.250 | | | | 06/01/30 | | | | 201,561 | |
| 450,000 | | | | NiSource, Inc | | | | | 1.700 | | | | 02/15/31 | | | | 425,218 | |
| 125,000 | | g | | NRG Energy, Inc | | | | | 2.450 | | | | 12/02/27 | | | | 125,804 | |
| 50,000 | | | | NRG Energy, Inc | | | | | 5.750 | | | | 01/15/28 | | | | 53,250 | |
| 100,000 | | | | NSTAR Electric Co | | | | | 3.950 | | | | 04/01/30 | | | | 115,042 | |
| 125,000 | | | | Ohio Power Co | | | | | 4.150 | | | | 04/01/48 | | | | 149,534 | |
| 125,000 | | | | Ohio Power Co | | | | | 4.000 | | | | 06/01/49 | | | | 146,902 | |
| 100,000 | | | | ONE Gas, Inc | | | | | 3.610 | | | | 02/01/24 | | | | 105,913 | |
| 12,000 | | g | | Pattern Energy Operations LP | | | | | 4.500 | | | | 08/15/28 | | | | 12,422 | |
| 100,000 | | | | PECO Energy Co | | | | | 3.000 | | | | 09/15/49 | | | | 104,583 | |
| 200,000 | | | | PECO Energy Co | | | | | 2.800 | | | | 06/15/50 | | | | 199,437 | |
| 200,000 | | g | | Perusahaan Listrik Negara PT | | | | | 3.875 | | | | 07/17/29 | | | | 211,500 | |
| 225,000 | | | | Public Service Co of Colorado | | | | | 1.875 | | | | 06/15/31 | | | | 223,745 | |
| 125,000 | | | | Public Service Co of Colorado | | | | | 3.200 | | | | 03/01/50 | | | | 135,295 | |
| 200,000 | | g | | Saka Energi Indonesia PT | | | | | 4.450 | | | | 05/05/24 | | | | 189,500 | |
| 300,000 | | | | Southern Co | | | | | 4.000 | | | | 01/15/51 | | | | 317,250 | |
| 55,000 | | e | | Virginia Electric & Power Co | | | | | 2.950 | | | | 01/15/22 | | | | 55,424 | |
| 75,000 | | | | Virginia Electric & Power Co | | | | | 2.950 | | | | 11/15/26 | | | | 81,124 | |
| 50,000 | | | | Virginia Electric & Power Co | | | | | 3.500 | | | | 03/15/27 | | | | 55,357 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL UTILITIES | | | | | | | | 7,094,873 | |
| | | | | | | | | | | | | |
| | | | TOTAL CORPORATE BONDS | | | | | | | | | | | | | 98,178,868 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $93,389,994) | | | | | | | | | | | | | | |
| | | | |
GOVERNMENT BONDS - 34.4% | | | | | | | | | | | | | | |
| | | | |
FOREIGN GOVERNMENT BONDS - 3.5% | | | | | | | | | | | | | | |
| 200,000 | | g | | African Export-Import Bank | | | | | 2.634 | | | | 05/17/26 | | | | 202,368 | |
| 325,000 | | g | | Airport Authority | | | | | 1.625 | | | | 02/04/31 | | | | 315,130 | |
| 1,685 | | | | Argentina Republic Government International Bond | | | | | 1.000 | | | | 07/09/29 | | | | 638 | |
| 24,000 | | | | Argentina Republic Government International Bond (Step Bond) | | | | | 0.125 | | | | 07/09/41 | | | | 8,556 | |
| 24,250 | | | | Argentina Republic Government International Bond (Step Bond) | | | | | 0.125 | | | | 07/09/30 | | | | 8,687 | |
| 200,000 | | g | | Bahrain Government International Bond | | | | | 5.450 | | | | 09/16/32 | | | | 198,052 | |
| EUR 100,000 | | g | | Banque Ouest Africaine de Developpement | | | | | 2.750 | | | | 01/22/33 | | | | 124,043 | |
| 200,000 | | g | | Bermuda Government International Bond | | | | | 3.717 | | | | 01/25/27 | | | | 218,500 | |
| 50,000 | | g | | Bermuda Government International Bond | | | | | 4.750 | | | | 02/15/29 | | | | 58,160 | |
| 200,000 | | g | | Bermuda Government International Bond | | | | | 2.375 | | | | 08/20/30 | | | | 199,500 | |
97
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| EUR 200,000 | | g | | BNG Bank NV | | | | | 2.625 | % | | | 02/27/24 | | | $ | 211,371 | |
| 200,000 | | | | Brazilian Government International Bond | | | | | 3.875 | | | | 06/12/30 | | | | 201,680 | |
| 200,000 | | | | Colombia Government International Bond | | | | | 3.250 | | | | 04/22/32 | | | | 195,892 | |
| 200,000 | | | | Colombia Government International Bond | | | | | 5.000 | | | | 06/15/45 | | | | 212,440 | |
| 200,000 | | g | | Costa Rica Government International Bond | | | | | 5.625 | | | | 04/30/43 | | | | 184,780 | |
| 200,000 | | g | | Dominican Republic Government International Bond | | | | | 4.875 | | | | 09/23/32 | | | | 206,000 | |
| 13,286 | | g | | Ecuador Government International Bond | | | | | 0.000 | | | | 07/31/30 | | | | 7,324 | |
| 79,525 | | g | | Ecuador Government International Bond (Step Bond) | | | | | 0.500 | | | | 07/31/30 | | | | 67,796 | |
| 56,442 | | g | | Ecuador Government International Bond (Step Bond) | | | | | 0.500 | | | | 07/31/35 | | | | 38,663 | |
| 200,000 | | g | | Egypt Government International Bond | | | | | 5.875 | | | | 02/16/31 | | | | 193,995 | |
| 100,000 | | | | European Investment Bank | | | | | 4.875 | | | | 02/15/36 | | | | 137,642 | |
| 200,000 | | g | | Export-Import Bank of India | | | | | 2.250 | | | | 01/13/31 | | | | 185,453 | |
| 218,750 | | g | | Iraq Government International Bond | | | | | 5.800 | | | | 01/15/28 | | | | 211,595 | |
| 200,000 | | | | Japan Bank for International Cooperation | | | | | 2.375 | | | | 04/20/26 | | | | 212,246 | |
| $ 100,000 | | g | | Japan Finance Organization for Municipalities | | | | | 3.000 | | | | 03/12/24 | | | | 106,187 | |
| 300,000 | | e,g | | Jordan Government International Bond | | | | | 4.950 | | | | 07/07/25 | | | | 311,255 | |
| 200,000 | | g | | Korea Electric Power Corp | | | | | 1.125 | | | | 06/15/25 | | | | 199,528 | |
| 200,000 | | g | | Korea Hydro & Nuclear Power Co Ltd | | | | | 1.250 | | | | 04/27/26 | | | | 199,072 | |
| 250,000 | | e | | Mexico Government International Bond | | | | | 4.150 | | | | 03/28/27 | | | | 282,492 | |
| 225,000 | | | | Mexico Government International Bond | | | | | 3.250 | | | | 04/16/30 | | | | 232,303 | |
| 32,000 | | | | Mexico Government International Bond | | | | | 6.050 | | | | 01/11/40 | | | | 40,109 | |
| 275,000 | | | | Mexico Government International Bond | | | | | 4.280 | | | | 08/14/41 | | | | 288,651 | |
| 160,000 | | | | Panama Notas del Tesoro | | | | | 3.750 | | | | 04/17/26 | | | | 172,464 | |
| 150,000 | | †,g | | Provincia de Buenos Aires | | | | | 7.875 | | | | 06/15/27 | | | | 67,126 | |
| 200,000 | | g | | Provincia de Mendoza Argentina (Step Bond) | | | | | 2.750 | | | | 03/19/29 | | | | 129,500 | |
| 200,000 | | g | | Qatar Government International Bond | | | | | 3.750 | | | | 04/16/30 | | | | 225,979 | |
| 300,000 | | g | | Republic of Uzbekistan Bond | | | | | 4.750 | | | | 02/20/24 | | | | 319,337 | |
| 200,000 | | g | | Republic of Uzbekistan Bond | | | | | 3.700 | | | | 11/25/30 | | | | 198,677 | |
| 500,000 | | g | | Saudi Government International Bond | | | | | 3.750 | | | | 01/21/55 | | | | 527,922 | |
| 200,000 | | e,g | | Serbia International Bond | | | | | 2.125 | | | | 12/01/30 | | | | 189,197 | |
| 200,000 | | | | State of Israel | | | | | 3.375 | | | | 01/15/50 | | | | 213,652 | |
| EUR 275,000 | | g | | Ukraine Government International Bond | | | | | 4.375 | | | | 01/27/30 | | | | 304,126 | |
| 200,000 | | †,g | | Zambia Government International Bond | | | | | 8.500 | | | | 04/14/24 | | | | 127,276 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL FOREIGN GOVERNMENT BONDS | | | | | | | | 7,735,364 | |
| | | | | | | | | | | | | |
| | | | |
MORTGAGE BACKED - 21.3% | | | | | | | | | | | | | | |
| 72,411 | | | | Federal Home Loan Mortgage Corp (FHLMC) | | | | | 3.500 | | | | 08/15/43 | | | | 74,421 | |
| 101,756 | | | | FHLMC | | | | | 3.500 | | | | 03/15/44 | | | | 108,298 | |
| 88,737 | | i | | FHLMC | | | | | 5.847 | | | | 03/15/44 | | | | 17,417 | |
| 354,789 | | | | FHLMC | | | | | 4.000 | | | | 10/01/47 | | | | 388,389 | |
| 27,751 | | | | FHLMC | | | | | 4.000 | | | | 06/01/48 | | | | 30,222 | |
| 145,072 | | i | | FHLMC | | | | | 9.803 | | | | 06/15/48 | | | | 168,123 | |
| 16,555 | | | | FHLMC | | | | | 4.000 | | | | 07/01/48 | | | | 18,018 | |
| 196,413 | | i | | FHLMC | | | | | 9.723 | | | | 10/15/48 | | | | 238,876 | |
| 1,412,486 | | | | FHLMC | | | | | 3.000 | | | | 11/01/49 | | | | 1,499,091 | |
| 279,219 | | | | FHLMC | | | | | 2.000 | | | | 09/25/50 | | | | 32,367 | |
| 434,114 | | | | FHLMC | | | | | 2.500 | | | | 11/25/50 | | | | 70,799 | |
| 537,901 | | | | FHLMC | | | | | 2.500 | | | | 02/25/51 | | | | 92,895 | |
| 22,954 | | | | Federal Home Loan Mortgage Corp Gold (FGLMC) | | | | | 5.000 | | | | 06/01/36 | | | | 26,269 | |
| 7,301 | | | | FGLMC | | | | | 5.000 | | | | 07/01/39 | | | | 8,368 | |
| 175,984 | | | | FGLMC | | | | | 3.500 | | | | 04/01/45 | | | | 191,919 | |
| 545,263 | | | | FGLMC | | | | | 3.500 | | | | 08/01/45 | | | | 596,590 | |
| 688,509 | | | | FGLMC | | | | | 3.500 | | | | 10/01/45 | | | | 747,629 | |
| 216,008 | | | | FGLMC | | | | | 4.000 | | | | 12/01/45 | | | | 237,920 | |
| 244,800 | | | | FGLMC | | | | | 3.500 | | | | 08/01/46 | | | | 265,821 | |
| 726,192 | | | | FGLMC | | | | | 3.000 | | | | 02/01/47 | | | | 769,349 | |
| 15,706 | | | | FGLMC | | | | | 4.500 | | | | 06/01/47 | | | | 17,446 | |
| 407,419 | | | | FGLMC | | | | | 4.000 | | | | 09/01/47 | | | | 448,121 | |
| 131,385 | | | | FGLMC | | | | | 3.500 | | | | 12/01/47 | | | | 142,641 | |
| 434,978 | | | | FGLMC | | | | | 3.500 | | | | 03/01/48 | | | | 471,283 | |
| 122,325 | | | | FGLMC | | | | | 4.000 | | | | 03/01/48 | | | | 133,911 | |
| 94,614 | | | | FGLMC | | | | | 4.000 | | | | 07/01/48 | | | | 103,015 | |
| 131,775 | | | | FGLMC | | | | | 4.500 | | | | 08/01/48 | | | | 145,670 | |
| 125 | | | | Federal National Mortgage Association (FNMA) | | | | | 6.000 | | | | 08/01/21 | | | | 125 | |
| 125,415 | | | | FNMA | | | | | 3.500 | | | | 06/01/32 | | | | 133,731 | |
| 750,000 | | h | | FNMA | | | | | 2.500 | | | | 07/25/32 | | | | 782,080 | |
| 207,551 | | | | FNMA | | | | | 3.000 | | | | 10/01/32 | | | | 219,191 | |
| 103,162 | | | | FNMA | | | | | 5.000 | | | | 05/01/35 | | | | 117,887 | |
98
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 6,708 | | | | FNMA | | | | | 7.500 | % | | | 07/01/35 | | | $ | 6,735 | |
| 1,500,000 | | h | | FNMA | | | | | 2.000 | | | | 07/25/35 | | | | 1,547,139 | |
| 1,500,000 | | h | | FNMA | | | | | 2.000 | | | | 08/25/35 | | | | 1,544,944 | |
| 850,000 | | h | | FNMA | | | | | 2.500 | | | | 08/25/35 | | | | 885,417 | |
| 117,261 | | | | FNMA | | | | | 5.000 | | | | 02/01/36 | | | | 134,287 | |
| 136,326 | | | | FNMA | | | | | 3.000 | | | | 10/01/39 | | | | 142,117 | |
| 99,049 | | | | FNMA | | | | | 3.000 | | | | 05/01/40 | | | | 103,858 | |
| 202,210 | | | | FNMA | | | | | 5.000 | | | | 09/01/40 | | | | 229,373 | |
| 97,661 | | | | FNMA | | | | | 4.000 | | | | 09/01/42 | | | | 106,685 | |
| 120,878 | | i | | FNMA | | | | | 5.859 | | | | 09/25/43 | | | | 28,598 | |
| 48,930 | | | | FNMA | | | | | 4.000 | | | | 01/01/44 | | | | 53,787 | |
| 48,726 | | | | FNMA | | | | | 4.500 | | | | 03/01/44 | | | | 54,863 | |
| 222,675 | | | | FNMA | | | | | 4.500 | | | | 10/01/44 | | | | 247,167 | |
| 443,859 | | | | FNMA | | | | | 4.500 | | | | 11/01/44 | | | | 492,677 | |
| 102,218 | | | | FNMA | | | | | 5.000 | | | | 11/01/44 | | | | 116,400 | |
| 36,120 | | | | FNMA | | | | | 4.000 | | | | 01/01/45 | | | | 39,397 | |
| 281,176 | | | | FNMA | | | | | 3.000 | | | | 02/25/45 | | | | 292,467 | |
| 33,586 | | | | FNMA | | | | | 3.000 | | | | 02/25/45 | | | | 34,473 | |
| 124,084 | | | | FNMA | | | | | 4.000 | | | | 06/01/45 | | | | 135,611 | |
| 112,943 | | | | FNMA | | | | | 4.000 | | | | 12/01/45 | | | | 124,080 | |
| 530,396 | | | | FNMA | | | | | 3.000 | | | | 12/25/45 | | | | 546,533 | |
| 431,628 | | | | FNMA | | | | | 3.500 | | | | 01/01/46 | | | | 468,540 | |
| 290,854 | | | | FNMA | | | | | 4.000 | | | | 01/01/46 | | | | 318,998 | |
| 15,961 | | | | FNMA | | | | | 4.000 | | | | 03/01/46 | | | | 17,447 | |
| 168,336 | | | | FNMA | | | | | 3.500 | | | | 07/01/46 | | | | 182,737 | |
| 441,982 | | | | FNMA | | | | | 3.500 | | | | 07/01/46 | | | | 479,499 | |
| 92,925 | | | | FNMA | | | | | 3.000 | | | | 10/01/46 | | | | 95,379 | |
| 332,659 | | | | FNMA | | | | | 3.000 | | | | 11/01/46 | | | | 351,846 | |
| 71,195 | | | | FNMA | | | | | 3.000 | | | | 04/25/47 | | | | 75,819 | |
| 25,281 | | | | FNMA | | | | | 3.500 | | | | 08/01/47 | | | | 26,985 | |
| 225,358 | | | | FNMA | | | | | 3.500 | | | | 09/01/47 | | | | 240,569 | |
| 11,301 | | | | FNMA | | | | | 3.000 | | | | 11/01/47 | | | | 11,589 | |
| 22,909 | | | | FNMA | | | | | 3.000 | | | | 11/01/47 | | | | 23,516 | |
| 205,876 | | | | FNMA | | | | | 3.500 | | | | 11/01/47 | | | | 223,354 | |
| 360,241 | | | | FNMA | | | | | 4.000 | | | | 12/01/47 | | | | 394,360 | |
| 39,629 | | | | FNMA | | | | | 4.000 | | | | 12/01/47 | | | | 42,466 | |
| 271,754 | | | | FNMA | | | | | 3.500 | | | | 01/01/48 | | | | 294,474 | |
| 75,080 | | | | FNMA | | | | | 3.500 | | | | 01/01/48 | | | | 81,342 | |
| 126,360 | | | | FNMA | | | | | 4.500 | | | | 01/01/48 | | | | 139,634 | |
| 118,124 | | | | FNMA | | | | | 4.500 | | | | 02/01/48 | | | | 130,527 | |
| 662,272 | | | | FNMA | | | | | 3.000 | | | | 02/25/48 | | | | 698,610 | |
| 178,395 | | | | FNMA | | | | | 3.500 | | | | 03/01/48 | | | | 188,618 | |
| 100,533 | | | | FNMA | | | | | 4.000 | | | | 03/01/48 | | | | 109,414 | |
| 497,221 | | | | FNMA | | | | | 4.500 | | | | 03/01/48 | | | | 549,427 | |
| 548,643 | | | | FNMA | | | | | 3.500 | | | | 04/01/48 | | | | 579,988 | |
| 33,294 | | | | FNMA | | | | | 4.000 | | | | 04/01/48 | | | | 35,407 | |
| 97,120 | | | | FNMA | | | | | 4.500 | | | | 05/01/48 | | | | 107,318 | |
| 73,037 | | | | FNMA | | | | | 4.500 | | | | 05/01/48 | | | | 80,818 | |
| 140,277 | | | | FNMA | | | | | 5.000 | | | | 08/01/48 | | | | 155,934 | |
| 102,061 | | | | FNMA | | | | | 3.000 | | | | 11/01/48 | | | | 106,576 | |
| 80,439 | | | | FNMA | | | | | 3.000 | | | | 08/01/49 | | | | 85,805 | |
| 209,194 | | | | FNMA | | | | | 3.000 | | | | 01/25/50 | | | | 220,505 | |
| 335,126 | | | | FNMA | | | | | 3.000 | | | | 07/01/50 | | | | 357,142 | |
| 1,985,000 | | h | | FNMA | | | | | 3.000 | | | | 07/25/50 | | | | 2,069,091 | |
| 3,100,000 | | h | | FNMA | | | | | 2.000 | | | | 08/25/50 | | | | 3,123,977 | |
| 210,942 | | | | FNMA | | | | | 2.000 | | | | 08/25/50 | | | | 24,924 | |
| 4,550,000 | | h | | FNMA | | | | | 2.500 | | | | 08/25/50 | | | | 4,697,164 | |
| 1,300,000 | | h | | FNMA | | | | | 2.000 | | | | 09/25/50 | | | | 1,341,133 | |
| 615,937 | | | | FNMA | | | | | 2.500 | | | | 11/25/50 | | | | 87,754 | |
| 112,835 | | | | FNMA | | | | | 3.000 | | | | 02/25/51 | | | | 16,854 | |
| 830,000 | | h | | FNMA | | | | | 2.000 | | | | 07/25/51 | | | | 838,041 | |
| 2,185,000 | | h | | FNMA | | | | | 2.500 | | | | 07/25/51 | | | | 2,259,939 | |
| 1,075,000 | | h | | FNMA | | | | | 3.000 | | | | 08/25/51 | | | | 1,119,827 | |
| 4,114 | | | | Government National Mortgage Association (GNMA) | | | | | 5.000 | | | | 03/15/34 | | | | 4,642 | |
| 33,123 | | | | GNMA | | | | | 5.000 | | | | 06/15/34 | | | | 37,394 | |
| 2,805 | | | | GNMA | | | | | 5.000 | | | | 04/15/38 | | | | 3,176 | |
| 3,651 | | | | GNMA | | | | | 4.500 | | | | 04/15/40 | | | | 4,057 | |
| 169,413 | | | | GNMA | | | | | 4.000 | | | | 06/20/46 | | | | 20,620 | |
| 197,763 | | | | GNMA | | | | | 3.500 | | | | 01/20/49 | | | | 215,582 | |
99
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 750,000 | | h | | GNMA | | | | | 2.500 | % | | | 08/20/50 | | | $ | 774,756 | |
| 980,000 | | h | | GNMA | | | | | 2.000 | | | | 07/20/51 | | | | 998,069 | |
| 4,050,000 | | h | | GNMA | | | | | 2.500 | | | | 07/20/51 | | | | 4,191,117 | |
| 750,000 | | h | | GNMA | | | | | 2.000 | | | | 08/20/51 | | | | 762,451 | |
| 2,750,000 | | h | | GNMA | | | | | 3.000 | | | | 08/20/51 | | | | 2,868,218 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MORTGAGE BACKED | | | | | | | | 47,497,919 | |
| | | | | | | | | | | | | |
| | | | |
MUNICIPAL BONDS - 2.1% | | | | | | | | | | | | | | |
| 200,000 | | | | City & County of San Francisco CA Community Facilities District | | | | | 3.264 | | | | 09/01/25 | | | | 214,124 | |
| 200,000 | | | | City & County of San Francisco CA Community Facilities District | | | | | 4.038 | | | | 09/01/34 | | | | 224,827 | |
| 300,000 | | | | City of New York NY | | | | | 3.430 | | | | 12/01/24 | | | | 327,061 | |
| 150,000 | | | | Commonwealth Financing Authority | | | | | 3.864 | | | | 06/01/38 | | | | 171,540 | |
| 500,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 3.049 | | | | 10/01/26 | | | | 541,979 | |
| 350,000 | | | | Michigan Finance Authority | | | | | 2.988 | | | | 09/01/49 | | | | 374,477 | |
| 170,000 | | | | New York State Dormitory Authority | | | | | 4.294 | | | | 07/01/44 | | | | 192,077 | |
| 1,400,000 | | | | State of Illinois | | | | | 5.100 | | | | 06/01/33 | | | | 1,646,179 | |
| 300,000 | | | | State of Oregon Department of Administrative Services | | | | | 4.103 | | | | 05/01/39 | | | | 333,792 | |
| 500,000 | | | | University of California | | | | | 3.063 | | | | 07/01/25 | | | | 540,487 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL MUNICIPAL BONDS | | | | | | | | 4,566,543 | |
| | | | | | | | | | | | | |
| | | | |
U.S. TREASURY SECURITIES - 7.5% | | | | | | | | | | | | | | |
| 950,000 | | | | United States Treasury Bond | | | | | 3.125 | | | | 11/15/41 | | | | 1,132,430 | |
| 1,535,700 | | | | United States Treasury Bond | | | | | 3.000 | | | | 11/15/45 | | | | 1,815,665 | |
| 1,615,000 | | | | United States Treasury Bond | | | | | 2.875 | | | | 11/15/46 | | | | 1,874,409 | |
| 765,000 | | | | United States Treasury Bond | | | | | 3.000 | | | | 05/15/47 | | | | 909,663 | |
| 176,000 | | | | United States Treasury Bond | | | | | 3.375 | | | | 11/15/48 | | | | 224,716 | |
| 1,058,570 | | k | | United States Treasury Inflation Indexed Bonds | | | | | 0.500 | | | | 04/15/24 | | | | 1,140,968 | |
| 205,000 | | | | United States Treasury Note | | | | | 0.125 | | | | 01/31/23 | | | | 204,800 | |
| 150,000 | | | | United States Treasury Note | | | | | 0.125 | | | | 04/30/23 | | | | 149,719 | |
| 100,000 | | | | United States Treasury Note | | | | | 0.125 | | | | 05/31/23 | | | | 99,785 | |
| 2,915,000 | | | | United States Treasury Note | | | | | 0.250 | | | | 06/15/24 | | | | 2,897,237 | |
| 1,000,000 | | | | United States Treasury Note | | | | | 0.375 | | | | 01/31/26 | | | | 979,961 | |
| 3,835,000 | | | | United States Treasury Note | | | | | 0.875 | | | | 06/30/26 | | | | 3,833,202 | |
| 240,000 | | | | United States Treasury Note | | | | | 0.500 | | | | 10/31/27 | | | | 230,747 | |
| 1,000,000 | | | | United States Treasury Note | | | | | 1.250 | | | | 06/30/28 | | | | 1,001,563 | |
| 55,000 | | | | United States Treasury Note | | | | | 1.625 | | | | 05/15/31 | | | | 55,842 | |
| 68,200 | | | | United States Treasury Note | | | | | 1.875 | | | | 02/15/51 | | | | 65,088 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL U.S. TREASURY SECURITIES | | | | 16,615,795 | |
| | | | | | | | | |
| | | | TOTAL GOVERNMENT BONDS | | | | | | | | | | | | | 76,415,621 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $74,192,637) | | | | | | | | | | | | | | |
| | | | |
STRUCTURED ASSETS - 16.9% | | | | | | | | | | | | | | |
| | | | |
ASSET BACKED - 8.7% | | | | | | | | | | | | | | |
| 250,000 | | g | | Affirm Asset Securitization Trust | | | | | 1.660 | | | | 08/15/25 | | | | 251,134 | |
| | | | Series - 2021 A (Class C) | | | | | | | | | | | | | | |
| 250,000 | | | | AmeriCredit Automobile Receivables Trust | | | | | 2.130 | | | | 03/18/26 | | | | 256,359 | |
| | | | Series - 2020 2 (Class D) | | | | | | | | | | | | | | |
| 250,000 | | | | AmeriCredit Automobile Receivables Trust | | | | | 1.490 | | | | 09/18/26 | | | | 252,012 | |
| | | | Series - 2020 3 (Class D) | | | | | | | | | | | | | | |
| 250,000 | | | | AmeriCredit Automobile Receivables Trust | | | | | 1.210 | | | | 12/18/26 | | | | 249,279 | |
| | | | Series - 2021 1 (Class D) | | | | | | | | | | | | | | |
| 99,904 | | g | | AMSR Trust | | | | | 1.819 | | | | 04/17/37 | | | | 101,219 | |
| | | | Series - 2020 SFR1 (Class A) | | | | | | | | | | | | | | |
| 100,000 | | g | | AMSR Trust | | | | | 3.148 | | | | 01/19/39 | | | | 104,412 | |
| | | | Series - 2019 SFR1 (Class C) | | | | | | | | | | | | | | |
| 100,000 | | g | | AMSR Trust | | | | | 3.247 | | | | 01/19/39 | | | | 103,870 | |
| | | | Series - 2019 SFR1 (Class D) | | | | | | | | | | | | | | |
| 500,000 | | g | | Avis Budget Rental Car Funding AESOP LLC | | | | | 3.450 | | | | 03/20/23 | | | | 508,010 | |
| | | | Series - 2019 1A (Class A) | | | | | | | | | | | | | | |
| 200,000 | | g | | Avis Budget Rental Car Funding AESOP LLC | | | | | 3.700 | | | | 03/20/23 | | | | 203,053 | |
| | | | Series - 2019 1A (Class B) | | | | | | | | | | | | | | |
100
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 250,000 | | g | | Avis Budget Rental Car Funding AESOP LLC | | | | | 2.970 | % | | | 03/20/24 | | | $ | 259,489 | |
| | | | Series - 2017 2A (Class A) | | | | | | | | | | | | | | |
| 244,768 | | g | | BRE Grand Islander Timeshare Issuer LLC | | | | | 3.280 | | | | 09/26/33 | | | | 256,650 | |
| | | | Series - 2019 A (Class A) | | | | | | | | | | | | | | |
| 228,772 | | g | | Capital Automotive REIT | | | | | 3.660 | | | | 10/15/44 | | | | 229,046 | |
| | | | Series - 2014 1A (Class A) | | | | | | | | | | | | | | |
| 205,793 | | g | | Capital Automotive REIT | | | | | 3.870 | | | | 04/15/47 | | | | 206,316 | |
| | | | Series - 2017 1A (Class A1) | | | | | | | | | | | | | | |
| 250,000 | | | | CarMax Auto Owner Trust | | | | | 1.280 | | | | 07/15/27 | | | | 248,537 | |
| | | | Series - 2021 1 (Class D) | | | | | | | | | | | | | | |
| 99,500 | | g | | Cars Net Lease Mortgage Notes Series | | | | | 2.010 | | | | 12/15/50 | | | | 99,130 | |
| | | | Series - 2020 1A (Class A1) | | | | | | | | | | | | | | |
| 99,750 | | g | | Cars Net Lease Mortgage Notes Series | | | | | 3.100 | | | | 12/15/50 | | | | 102,300 | |
| | | | Series - 2020 1A (Class A3) | | | | | | | | | | | | | | |
| 100,000 | | g | | Cars Net Lease Mortgage Notes Series | | | | | 4.690 | | | | 12/15/50 | | | | 108,702 | |
| | | | Series - 2020 1A (Class B1) | | | | | | | | | | | | | | |
| 250,000 | | g,h,i | | Cayuga Park CLO Ltd | | | | | 1.000 | | | | 07/17/34 | | | | 250,000 | |
| | | | Series - 2020 1A (Class B1R) | | | | | | | | | | | | | | |
| 500,000 | | g,i | | Cayuga Park CLO, Ltd. | | | | | 1.790 | | | | 07/17/31 | | | | 500,000 | |
| | | | Series - 2020 1A (Class A) | | | | | | | | | | | | | | |
| 144,702 | | †,g,i | | CBRE Realty Finance | | | | | 0.520 | | | | 04/07/52 | | | | 362 | |
| | | | Series - 2007 1A (Class A2) | | | | | | | | | | | | | | |
| 5,342 | | | | Centex Home Equity | | | | | 5.540 | | | | 01/25/32 | | | | 5,491 | |
| | | | Series - 2002 A (Class AF6) | | | | | | | | | | | | | | |
| 477,189 | | g | | CF Hippolyta LLC | | | | | 1.690 | | | | 07/15/60 | | | | 484,890 | |
| | | | Series - 2020 1 (Class A1) | | | | | | | | | | | | | | |
| 236,407 | | g | | CF Hippolyta LLC | | | | | 1.990 | | | | 07/15/60 | | | | 239,969 | |
| | | | Series - 2020 1 (Class A2) | | | | | | | | | | | | | | |
| 95,438 | | g | | CF Hippolyta LLC | | | | | 2.280 | | | | 07/15/60 | | | | 97,009 | |
| | | | Series - 2020 1 (Class B1) | | | | | | | | | | | | | | |
| 250,000 | | g | | CF Hippolyta LLC | | | | | 1.530 | | | | 03/15/61 | | | | 251,670 | |
| | | | Series - 2021 1A (Class A1) | | | | | | | | | | | | | | |
| 250,000 | | g | | CF Hippolyta LLC | | | | | 1.980 | | | | 03/15/61 | | | | 252,122 | |
| | | | Series - 2021 1A (Class B1) | | | | | | | | | | | | | | |
| 250,000 | | g,i | | CIFC Funding Ltd | | | | | 1.838 | | | | 08/24/32 | | | | 250,425 | |
| | | | Series - 2020 2A (Class A1) | | | | | | | | | | | | | | |
| 122,813 | | g | | DB Master Finance LLC | | | | | 4.352 | | | | 05/20/49 | | | | 135,649 | |
| | | | Series - 2019 1A (Class A23) | | | | | | | | | | | | | | |
| 91,363 | | g | | Diamond Resorts Owner Trust | | | | | 3.700 | | | | 01/21/31 | | | | 95,178 | |
| | | | Series - 2018 1 (Class A) | | | | | | | | | | | | | | |
| 121,809 | | g | | Diamond Resorts Owner Trust | | | | | 2.890 | | | | 02/20/32 | | | | 125,465 | |
| | | | Series - 2019 1A (Class A) | | | | | | | | | | | | | | |
| 93,400 | | g | | Diamond Resorts Owner Trust | | | | | 2.050 | | | | 11/21/33 | | | | 94,261 | |
| | | | Series - 2021 1A (Class B) | | | | | | | | | | | | | | |
| 334,249 | | g | | Domino’s Pizza Master Issuer LLC | | | | | 4.474 | | | | 10/25/45 | | | | 350,480 | |
| | | | Series - 2015 1A (Class A2II) | | | | | | | | | | | | | | |
| 219,375 | | g | | Domino’s Pizza Master Issuer LLC | | | | | 4.116 | | | | 07/25/48 | | | | 228,773 | |
| | | | Series - 2018 1A (Class A2I) | | | | | | | | | | | | | | |
| 150,000 | | g | | Domino’s Pizza Master Issuer LLC | | | | | 2.662 | | | | 04/25/51 | | | | 155,203 | |
| | | | Series - 2021 1A (Class A2I) | | | | | | | | | | | | | | |
| 155,200 | | g | | Driven Brands Funding LLC | | | | | 4.739 | | | | 04/20/48 | | | | 165,021 | |
| | | | Series - 2018 1A (Class A2) | | | | | | | | | | | | | | |
| 500,000 | | g | | DT Auto Owner Trust | | | | | 1.160 | | | | 11/16/26 | | | | 498,140 | |
| | | | Series - 2021 1A (Class D) | | | | | | | | | | | | | | |
| 69,999 | | g,i | | Ellington Loan Acquisition Trust | | | | | 1.192 | | | | 05/25/37 | | | | 70,101 | |
| | | | Series - 2007 2 (Class A2C) | | | | | | | | | | | | | | |
| 246,873 | | g | | FNA VI LLC | | | | | 1.350 | | | | 01/10/32 | | | | 246,625 | |
| | | | Series - 2021 1A (Class A) | | | | | | | | | | | | | | |
| 113,338 | | g | | HERO Funding Trust | | | | | 3.190 | | | | 09/20/48 | | | | 116,185 | |
| | | | Series - 2017 3A (Class A1) | | | | | | | | | | | | | | |
| 113,338 | | g | | HERO Funding Trust | | | | | 3.950 | | | | 09/20/48 | | | | 118,429 | |
| | | | Series - 2017 3A (Class A2) | | | | | | | | | | | | | | |
| 47,528 | | g | | Hertz Vehicle Financing II LP | | | | | 3.290 | | | | 02/25/24 | | | | 47,675 | |
| | | | Series - 2018 1A (Class A) | | | | | | | | | | | | | | |
| 23,865 | | g | | Hertz Vehicle Financing II LP | | | | | 3.420 | | | | 05/25/25 | | | | 23,861 | |
| | | | Series - 2019 2A (Class A) | | | | | | | | | | | | | | |
| 150,000 | | g | | Hertz Vehicle Financing LLC | | | | | 1.560 | | | | 12/26/25 | | | | 150,394 | |
| | | | Series - 2021 1A (Class B) | | | | | | | | | | | | | | |
101
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 210,216 | | g | | Hilton Grand Vacations Trust | | | | | 2.960 | % | | | 12/26/28 | | | $ | 214,520 | |
| | | | Series - 2017 AA (Class B) | | | | | | | | | | | | | | |
| 152,990 | | g | | Hilton Grand Vacations Trust | | | | | 2.340 | | | | 07/25/33 | | | | 157,315 | |
| | | | Series - 2019 AA (Class A) | | | | | | | | | | | | | | |
| 6,827 | | i | | Home Equity Asset Trust | | | | | 3.986 | | | | 06/25/33 | | | | 6,894 | |
| | | | Series - 2003 1 (Class M1) | | | | | | | | | | | | | | |
| 444,664 | | g | | Horizon Aircraft Finance II Ltd | | | | | 3.721 | | | | 07/15/39 | | | | 437,099 | |
| | | | Series - 2019 1 (Class A) | | | | | | | | | | | | | | |
| 233,295 | | g | | Horizon Aircraft Finance III Ltd | | | | | 3.425 | | | | 11/15/39 | | | | 229,265 | |
| | | | Series - 2019 2 (Class A) | | | | | | | | | | | | | | |
| 100,000 | | g,i | | Invitation Homes Trust | | | | | 1.332 | | | | 01/17/38 | | | | 100,160 | |
| | | | Series - 2018 SFR4 (Class B) | | | | | | | | | | | | | | |
| 99,893 | | g,i | | Invitation Homes Trust
Series - 2018 SFR4 (Class D) | | | | | 1.732 | | | | 01/17/38 | | | | 100,080 | |
| 73,976 | | i | | JP Morgan Mortgage Acquisition Trust
Series - 2007 CH3 (Class A1B) | | | | | 0.412 | | | | 03/25/37 | | | | 73,389 | |
| 87,200 | | i | | JP Morgan Mortgage Acquisition Trust
Series - 2007 CH5 (Class A1) | | | | | 0.252 | | | | 06/25/37 | | | | 85,955 | |
| 250,000 | | g,i | | La Vie Re Ltd | | | | | 2.924 | | | | 10/06/23 | | | | 250,000 | |
| 5,353 | | g | | Laurel Road Prime Student Loan Trust
Series - 2020 A (Class A1FX) | | | | | 0.720 | | | | 11/25/50 | | | | 5,354 | |
| 250,000 | | g,i | | Madison Park Funding X Ltd
Series - 2012 10A (Class BR3) | | | | | 1.788 | | | | 01/20/29 | | | | 250,000 | |
| 241,029 | | g | | MVW Owner Trust | | | | | 2.420 | | | | 12/20/34 | | | | 246,149 | |
| | | | Series - 2017 1A (Class A) | | | | | | | | | | | | | | |
| 165,422 | | g | | MVW Owner Trust | | | | | 3.450 | | | | 01/21/36 | | | | 171,340 | |
| | | | Series - 2018 1A (Class A) | | | | | | | | | | | | | | |
| 139,325 | | g | | MVW Owner Trust | | | | | 3.000 | | | | 11/20/36 | | | | 142,089 | |
| | | | Series - 2019 1A (Class B) | | | | | | | | | | | | | | |
| 74,474 | | g | | Navient Private Education Refi Loan Trust | | | | | 1.310 | | | | 01/15/69 | | | | 74,969 | |
| | | | Series - 2020 HA (Class A) | | | | | | | | | | | | | | |
| 100,000 | | g | | Navient Private Education Refi Loan Trust | | | | | 2.780 | | | | 01/15/69 | | | | 103,010 | |
| | | | Series - 2020 HA (Class B) | | | | | | | | | | | | | | |
| 228,739 | | g | | Navient Student Loan Trust | | | | | 3.390 | | | | 12/15/59 | | | | 239,006 | |
| | | | Series - 2019 BA (Class A2A) | | | | | | | | | | | | | | |
| 250,000 | | g,i | | Neuberger Berman Loan Advisers Clo 40 Ltd | | | | | 1.248 | | | | 04/16/33 | | | | 250,583 | |
| | | | Series - 2021 40A (Class A) | | | | | | | | | | | | | | |
| 250,000 | | g,i | | Neuberger Berman Loan Advisers Clo 40 Ltd | | | | | 1.588 | | | | 04/16/33 | | | | 250,200 | |
| | | | Series - 2021 40A (Class B) | | | | | | | | | | | | | | |
| 247,278 | | g | | Oak Street Investment Grade Net Lease Fund Series | | | | | 1.480 | | | | 01/20/51 | | | | 247,751 | |
| | | | Series - 2021 1A (Class A1) | | | | | | | | | | | | | | |
| 500,000 | | g,i | | Octagon Investment Partners 46 Ltd | | | | | 1.834 | | | | 07/15/33 | | | | 500,107 | |
| | | | Series - 2020 2A (Class A) | | | | | | | | | | | | | | |
| 250,000 | | g | | OneMain Financial Issuance Trust | | | | | 3.840 | | | | 05/14/32 | | | | 260,813 | |
| | | | Series - 2020 1A (Class A) | | | | | | | | | | | | | | |
| 150,000 | | g | | OneMain Financial Issuance Trust | | | | | 1.750 | | | | 09/14/35 | | | | 152,516 | |
| | | | Series - 2020 2A (Class A) | | | | | | | | | | | | | | |
| 250,000 | | g | | Oportun Funding XIV LLC | | | | | 1.210 | | | | 03/08/28 | | | | 250,716 | |
| | | | Series - 2021 A (Class A) | | | | | | | | | | | | | | |
| 200,000 | | g | | PFS Financing Corp | | | | | 1.270 | | | | 06/15/25 | | | | 202,924 | |
| | | | Series - 2020 A (Class A) | | | | | | | | | | | | | | |
| 125,000 | | g | | PFS Financing Corp
Series - 2020 E (Class A) | | | | | 1.000 | | | | 10/15/25 | | | | 126,218 | |
| 200,000 | | g | | PFS Financing Corp
Series - 2020 G (Class A) | | | | | 0.970 | | | | 02/15/26 | | | | 201,363 | |
| 250,000 | | g | | PFS Financing Corp
Series - 2021 A (Class B) | | | | | 0.960 | | | | 04/15/26 | | | | 249,690 | |
| 100,000 | | g | | Progress Residential Trust
Series - 2019 SFR4 (Class B) | | | | | 2.937 | | | | 10/17/36 | | | | 101,814 | |
| 250,000 | | | | Santander Drive Auto Receivables Trust
Series - 2020 4 (Class D) | | | | | 1.480 | | | | 01/15/27 | | | | 253,091 | |
| 124,688 | | g | | ServiceMaster Funding LLC
Series - 2020 1 (Class A2I) | | | | | 2.841 | | | | 10/30/51 | | | | 128,938 | |
| 246,250 | | g | | SERVPRO Master Issuer LLC
Series - 2019 1A (Class A2) | | | | | 3.882 | | | | 10/25/49 | | | | 259,075 | |
| 250,000 | | g | | SERVPRO Master Issuer LLC | | | | | 2.394 | | | | 04/25/51 | | | | 252,260 | |
| | | | Series - 2021 1A (Class A2) | | | | | | | | | | | | | | |
| 471,816 | | †,g | | Settlement Fee Finance LLC | | | | | 3.840 | | | | 11/01/49 | | | | 467,569 | |
| | | | Series - 2019 1A (Class A) | | | | | | | | | | | | | | |
102
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 186,659 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.200 | % | | | 03/20/34 | | | $ | 188,237 | |
| | | | Series - 2017 1A (Class B) | | | | | | | | | | | | | | |
| 84,253 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.200 | | | | 01/20/36 | | | | 87,131 | |
| | | | Series - 2019 1A (Class A) | | | | | | | | | | | | | | |
| 86,078 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 0.990 | | | | 11/20/37 | | | | 85,786 | |
| | | | Series - 2021 1A (Class A) | | | | | | | | | | | | | | |
| 86,078 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 1.340 | | | | 11/20/37 | | | | 86,158 | |
| | | | Series - 2021 1A (Class B) | | | | | | | | | | | | | | |
| 86,078 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 1.790 | | | | 11/20/37 | | | | 86,372 | |
| | | | Series - 2021 1A (Class C) | | | | | | | | | | | | | | |
| 33,133 | | g | | SoFi Professional Loan Program LLC | | | | | 2.760 | | | | 12/26/36 | | | | 33,489 | |
| | | | Series - 2016 A (Class A2) | | | | | | | | | | | | | | |
| 270,892 | | g | | SoFi Professional Loan Program LLC | | | | | 2.840 | | | | 01/25/41 | | | | 277,034 | |
| | | | Series - 2017 F (Class A2FX) | | | | | | | | | | | | | | |
| 68,808 | | g | | SoFi Professional Loan Program LLC | | | | | 2.060 | | | | 05/15/46 | | | | 69,075 | |
| | | | Series - 2020 A (Class A1FX) | | | | | | | | | | | | | | |
| 133,945 | | g | | SolarCity LMC | | | | | 4.020 | | | | 07/20/44 | | | | 136,908 | |
| | | | Series - 2014 2 (Class A) | | | | | | | | | | | | | | |
| 380,829 | | g | | Sonic Capital LLC | | | | | 3.845 | | | | 01/20/50 | | | | 402,114 | |
| | | | Series - 2020 1A (Class A2I) | | | | | | | | | | | | | | |
| 250,000 | | g | | Stack Infrastructure Issuer LLC | | | | | 1.893 | | | | 08/25/45 | | | | 251,172 | |
| | | | Series - 2020 1A (Class A2) | | | | | | | | | | | | | | |
| 250,000 | | g | �� | Stack Infrastructure Issuer LLC | | | | | 1.877 | | | | 03/26/46 | | | | 251,013 | |
| | | | Series - 2021 1A (Class A2) | | | | | | | | | | | | | | |
| 5,855 | | i | | Structured Asset Investment Loan Trust | | | | | 0.992 | | | | 09/25/34 | | | | 5,718 | |
| | | | Series - 2004 8 (Class M1) | | | | | | | | | | | | | | |
| 13,323 | | i | | Structured Asset Investment Loan Trust | | | | | 1.092 | | | | 09/25/34 | | | | 13,427 | |
| | | | Series - 2004 8 (Class A9) | | | | | | | | | | | | | | |
| 96,000 | | g | | Taco Bell Funding LLC | | | | | 4.970 | | | | 05/25/46 | | | | 103,663 | |
| | | | Series - 2016 1A (Class A23) | | | | | | | | | | | | | | |
| 292,500 | | g | | Taco Bell Funding LLC | | | | | 4.318 | | | | 11/25/48 | | | | 293,126 | |
| | | | Series - 2018 1A (Class A2I) | | | | | | | | | | | | | | |
| 97,909 | | g | | Tricon American Homes Trust | | | | | 2.716 | | | | 09/17/34 | | | | 98,231 | |
| | | | Series - 2017 SFR1 (Class A) | | | | | | | | | | | | | | |
| 100,000 | | g | | Tricon American Homes Trust | | | | | 4.011 | | | | 09/17/34 | | | | 100,811 | |
| | | | Series - 2017 SFR1 (Class E) | | | | | | | | | | | | | | |
| 98,712 | | g | | Tricon American Homes Trust | | | | | 2.928 | | | | 01/17/36 | | | | 100,902 | |
| | | | Series - 2017 SFR2 (Class A) | | | | | | | | | | | | | | |
| 100,000 | | g | | Tricon American Homes Trust | | | | | 3.275 | | | | 01/17/36 | | | | 102,267 | |
| | | | Series - 2017 SFR2 (Class B) | | | | | | | | | | | | | | |
| 250,000 | | g,i | | Ursa Re II Ltd | | | | | 3.791 | | | | 12/07/23 | | | | 259,275 | |
| 290,000 | | g | | Wendy’s Funding LLC | | | | | 2.370 | | | | 06/15/51 | | | | 292,520 | |
| | | | Series - 2021 1A (Class A2I) | | | | | | | | | | | | | | |
| 498,750 | | g | | Wingstop Funding LLC | | | | | 2.841 | | | | 12/05/50 | | | | 517,259 | |
| | | | Series - 2020 1A (Class A2) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL ASSET BACKED | | | | | | | | 19,376,806 | |
| | | | | | | | | | | | | |
| | | | |
OTHER MORTGAGE BACKED - 8.2% | | | | | | | | | | | | | | |
| 8,283 | | g,i | | Agate Bay Mortgage Trust | | | | | 3.500 | | | | 11/25/44 | | | | 8,361 | |
| | | | Series - 2014 3 (Class A13) | | | | | | | | | | | | | | |
| 209,955 | | g,i | | Agate Bay Mortgage Trust | | | | | 3.500 | | | | 09/25/45 | | | | 212,493 | |
| | | | Series - 2015 6 (Class A9) | | | | | | | | | | | | | | |
| 17,216 | | i | | Alternative Loan Trust | | | | | 0.842 | | | | 06/25/34 | | | | 17,659 | |
| | | | Series - 2004 8CB (Class M1) | | | | | | | | | | | | | | |
| 200,000 | | �� g | | BBCMS Trust | | | | | 4.197 | | | | 08/10/35 | | | | 226,734 | |
| | | | Series - 2015 SRCH (Class A2) | | | | | | | | | | | | | | |
| 400,000 | | | | Benchmark Mortgage Trust | | | | | 4.267 | | | | 03/15/52 | | | | 458,019 | |
| | | | Series - 2019 B9 (Class AS) | | | | | | | | | | | | | | |
| 250,000 | | g,i | | CF Mortgage Trust | | | | | 3.603 | | | | 04/15/52 | | | | 250,926 | |
| | | | Series - 2020 P1 (Class A2) | | | | | | | | | | | | | | |
| 500,000 | | | | CFCRE Commercial Mortgage Trust | | | | | 3.644 | | | | 12/10/54 | | | | 538,071 | |
| | | | Series - 2016 C7 (Class ASB) | | | | | | | | | | | | | | |
| 15,774 | | i | | CHL Mortgage Pass-Through Trust | | | | | 2.665 | | | | 02/20/35 | | | | 15,968 | |
| | | | Series - 2004 HYB9 (Class 1A1) | | | | | | | | | | | | | | |
| 250,000 | | g,i | | Citigroup Commercial Mortgage Trust | | | | | 3.635 | | | | 05/10/35 | | | | 259,291 | |
| | | | Series - 2013 375P (Class B) | | | | | | | | | | | | | | |
| 745,447 | | | | COMM Mortgage Trust | | | | | 2.853 | | | | 10/15/45 | | | | 762,485 | |
| | | | Series - 2012 CR4 (Class A3) | | | | | | | | | | | | | | |
103
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 1,000,000 | | g,i | | COMM Mortgage Trust | | | | | 4.062 | % | | | 06/10/46 | | | $ | 1,039,924 | |
| | | | Series - 2013 CR8 (Class B) | | | | | | | | | | | | | | |
| 500,000 | | g,i | | COMM Mortgage Trust | | | | | 4.927 | | | | 06/10/47 | | | | 505,237 | |
| | | | Series - 2014 UBS3 (Class D) | | | | | | | | | | | | | | |
| 300,000 | | i | | COMM Mortgage Trust | | | | | 3.603 | | | | 03/10/48 | | | | 322,930 | |
| | | | Series - 2015 CR22 (Class AM) | | | | | | | | | | | | | | |
| 200,000 | | g,i | | COMM Mortgage Trust | | | | | 4.244 | | | | 03/10/48 | | | | 202,487 | |
| | | | Series - 2015 CR22 (Class D) | | | | | | | | | | | | | | |
| 250,000 | | | | COMM Mortgage Trust | | | | | 3.801 | | | | 05/10/48 | | | | 271,295 | |
| | | | Series - 2015 CR23 (Class AM) | | | | | | | | | | | | | | |
| 550,000 | | i | | COMM Mortgage Trust | | | | | 4.183 | | | | 05/10/48 | | | | 594,267 | |
| | | | Series - 2015 CR23 (Class B) | | | | | | | | | | | | | | |
| 200,000 | | i | | COMM Mortgage Trust | | | | | 4.433 | | | | 05/10/48 | | | | 214,933 | |
| | | | Series - 2015 CR23 (Class C) | | | | | | | | | | | | | | |
| 500,000 | | | | COMM Mortgage Trust | | | | | 3.696 | | | | 08/10/48 | | | | 546,713 | |
| | | | Series - 2015 CR24 (Class A5) | | | | | | | | | | | | | | |
| 250,000 | | | | COMM Mortgage Trust | | | | | 3.984 | | | | 10/10/48 | | | | 273,838 | |
| | | | Series - 2015 CR27 (Class AM) | | | | | | | | | | | | | | |
| 600,000 | | i | | COMM Mortgage Trust | | | | | 4.158 | | | | 10/10/48 | | | | 659,908 | |
| | | | Series - 2015 LC23 (Class AM) | | | | | | | | | | | | | | |
| 104,944 | | i | | Connecticut Avenue Securities | | | | | 2.692 | | | | 05/25/24 | | | | 105,553 | |
| | | | Series - 2014 C02 (Class 1M2) | | | | | | | | | | | | | | |
| 141,894 | | i | | Connecticut Avenue Securities | | | | | 3.092 | | | | 07/25/24 | | | | 142,967 | |
| | | | Series - 2014 C03 (Class 1M2) | | | | | | | | | | | | | | |
| 14,226 | | i | | Connecticut Avenue Securities | | | | | 5.642 | | | | 04/25/28 | | | | 15,065 | |
| | | | Series - 2015 C04 (Class 2M2) | | | | | | | | | | | | | | |
| 9,164 | | i | | Connecticut Avenue Securities | | | | | 6.092 | | | | 09/25/28 | | | | 9,671 | |
| | | | Series - 2016 C02 (Class 1M2) | | | | | | | | | | | | | | |
| 35,846 | | i | | Connecticut Avenue Securities | | | | | 5.992 | | | | 10/25/28 | | | | 37,867 | |
| | | | Series - 2016 C03 (Class 2M2) | | | | | | | | | | | | | | |
| 88,471 | | i | | Connecticut Avenue Securities | | | | | 0.942 | | | | 09/25/29 | | | | 86,409 | |
| | | | Series - 2017 C02 (Class 2ED4) | | | | | | | | | | | | | | |
| 10,157 | | i | | Connecticut Avenue Securities | | | | | 2.292 | | | | 01/25/30 | | | | 10,189 | |
| | | | Series - 2017 C05 (Class 1M2A) | | | | | | | | | | | | | | |
| 71,476 | | i | | Connecticut Avenue Securities | | | | | 2.292 | | | | 01/25/30 | | | | 72,615 | |
| | | | Series - 2017 C05 (Class 1M2) | | | | | | | | | | | | | | |
| 29,212 | | i | | Connecticut Avenue Securities | | | | | 0.942 | | | | 10/25/30 | | | | 29,118 | |
| | | | Series - 2018 C03 (Class 1EA2) | | | | | | | | | | | | | | |
| 28,257 | | g,i | | Credit Suisse Commercial Mortgage Trust | | | | | 1.242 | | | | 05/25/36 | | | | 28,293 | |
| | | | Series - 2006 CF2 (Class M3) | | | | | | | | | | | | | | |
| 53,239 | | g,i | | CSMC Trust | | | | | 3.500 | | | | 02/25/48 | | | | 54,514 | |
| | | | Series - 2018 J1 (Class A2) | | | | | | | | | | | | | | |
| 200,000 | | | | DBJPM Mortgage Trust | | | | | 2.340 | | | | 09/15/53 | | | | 202,809 | |
| | | | Series - 2020 C9 (Class AM) | | | | | | | | | | | | | | |
| 48,270 | | i | | Fieldstone Mortgage Investment Trust | | | | | 0.827 | | | | 12/25/35 | | | | 48,119 | |
| | | | Series - 2005 2 (Class M2) | | | | | | | | | | | | | | |
| 91,012 | | g,i | | FirstKey Mortgage Trust | | | | | 3.500 | | | | 11/25/44 | | | | 92,737 | |
| | | | Series - 2014 1 (Class A8) | | | | | | | | | | | | | | |
| 92,141 | | g,i | | Flagstar Mortgage Trust | | | | | 4.106 | | | | 10/25/47 | | | | 93,580 | |
| | | | Series - 2017 2 (Class B3) | | | | | | | | | | | | | | |
| 13,492 | | g,i | | Flagstar Mortgage Trust | | | | | 4.000 | | | | 09/25/48 | | | | 13,616 | |
| | | | Series - 2018 5 (Class A11) | | | | | | | | | | | | | | |
| 200,000 | | g,i | | Flagstar Mortgage Trust | | | | | 2.500 | | | | 06/01/51 | | | | 201,375 | |
| | | | Series - 2021 4 (Class A21) | | | | | | | | | | | | | | |
| 10,000 | | g,i | | Freddie Mac STACR REMIC Trust | | | | | 2.067 | | | | 12/25/33 | | | | 10,029 | |
| | | | Series - 2021 HQA2 (Class M2) | | | | | | | | | | | | | | |
| 23,008 | | g,i | | Freddie Mac Structured Agency Credit Risk Debt Notes | | | | | 3.727 | | | | 02/25/48 | | | | 22,993 | |
| | | | Series - 2018 SPI1 (Class M2) | | | | | | | | | | | | | | |
| 35,013 | | g,i | | Freddie Mac Structured Agency Credit Risk Debt Notes | | | | | 3.815 | | | | 05/25/48 | | | | 35,028 | |
| | | | Series - 2018 SPI2 (Class M2) | | | | | | | | | | | | | | |
| 14,011 | | g,i | | GS Mortgage-Backed Securities Corp Trust | | | | | 4.000 | | | | 11/25/49 | | | | 14,057 | |
| | | | Series - 2019 PJ2 (Class A4) | | | | | | | | | | | | | | |
| 99,537 | | g,i | | GS Mortgage-Backed Securities Corp Trust | | | | | 2.500 | | | | 10/25/51 | | | | 100,188 | |
| | | | Series - 2021 PJ5 (Class A4) | | | | | | | | | | | | | | |
| 285,000 | | g,i | | GS MortSecurities Trust | | | | | 2.500 | | | | 11/25/51 | | | | 287,494 | |
| | | | Series - 2021 PJ6 (Class A4) | | | | | | | | | | | | | | |
| 42,796 | | i | | HarborView Mortgage Loan Trust | | | | | 0.713 | | | | 08/19/45 | | | | 42,849 | |
| | | | Series - 2005 11 (Class 2A1A) | | | | | | | | | | | | | | |
104
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 400,000 | | g | | Hudson Yards Mortgage Trust | | | | | 2.835 | % | | | 08/10/38 | | | $ | 425,171 | |
| | | | Series - 2016 10HY (Class A) | | | | | | | | | | | | | | |
| 65,837 | | g,i | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 5.575 | | | | 07/15/46 | | | | 66,136 | |
| | | | Series - 2011 C4 (Class C) | | | | | | | | | | | | | | |
| 300,000 | | g | | JP Morgan Chase Commercial Mortgage Securities Trust | | | | | 4.021 | | | | 07/05/32 | | | | 307,853 | |
| | | | Series - 2012 HSBC (Class C) | | | | | | | | | | | | | | |
| 16,648 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 05/25/46 | | | | 16,889 | |
| | | | Series - 2016 1 (Class A13) | | | | | | | | | | | | | | |
| 972 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.498 | | | | 01/25/47 | | | | 972 | |
| | | | Series - 2017 1 (Class A3) | | | | | | | | | | | | | | |
| 38,751 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 05/25/47 | | | | 39,430 | |
| | | | Series - 2017 2 (Class A13) | | | | | | | | | | | | | | |
| 23,432 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 09/25/48 | | | | 23,708 | |
| | | | Series - 2018 3 (Class A13) | | | | | | | | | | | | | | |
| 61,188 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | | 10/25/48 | | | | 62,956 | |
| | | | Series - 2018 5 (Class A13) | | | | | | | | | | | | | | |
| 8,781 | | g,i | | JP Morgan Mortgage Trust
Series - 2018 8 (Class A13) | | | | | 4.000 | | | | 01/25/49 | | | | 8,877 | |
| 6,237 | | g,i | | JP Morgan Mortgage Trust
Series - 2018 9 (Class A13) | | | | | 4.000 | | | | 02/25/49 | | | | 6,330 | |
| 7,799 | | g,i | | JP Morgan Mortgage Trust
Series - 2019 1 (Class A3) | | | | | 4.000 | | | | 05/25/49 | | | | 7,919 | |
| 27,817 | | g,i | | JP Morgan Mortgage Trust
Series - 2019 1 (Class A15) | | | | | 4.000 | | | | 05/25/49 | | | | 28,193 | |
| 24,013 | | g,i | | JP Morgan Mortgage Trust
Series - 2019 3 (Class B1) | | | | | 4.725 | | | | 09/25/49 | | | | 25,557 | |
| 50,700 | | g,i | | JP Morgan Mortgage Trust
Series - 2019 INV1 (Class A11) | | | | | 1.042 | | | | 10/25/49 | | | | 51,028 | |
| 101,998 | | g,i | | JP Morgan Mortgage Trust
Series - 2020 1 (Class B2) | | | | | 3.883 | | | | 06/25/50 | | | | 106,616 | |
| 180,189 | | g,i | | JP Morgan Mortgage Trust
Series - 2021 6 (Class A15) | | | | | 2.500 | | | | 10/25/51 | | | | 182,660 | |
| 84,642 | | g,i | | JP Morgan Mortgage Trust
Series - 2021 7 (Class A15) | | | | | 2.500 | | | | 11/25/51 | | | | 85,300 | |
| 117,000 | | g,i | | JP Morgan Mortgage Trust
Series - 2021 8 (Class A15) | | | | | 2.500 | | | | 12/25/51 | | | | 118,024 | |
| 680,000 | | | | JPMBB Commercial Mortgage Securities Trust
Series - 2014 C21 (Class A5) | | | | | 3.775 | | | | 08/15/47 | | | | 734,835 | |
| 500,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 3.917 | | | | 05/15/48 | | | | 542,404 | |
| | | | Series - 2015 C29 (Class AS) | | | | | | | | | | | | | | |
| 400,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.118 | | | | 05/15/48 | | | | 429,329 | |
| | | | Series - 2015 C29 (Class B) | | | | | | | | | | | | | | |
| 500,000 | | | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.106 | | | | 08/15/48 | | | | 547,405 | |
| | | | Series - 2015 C31 (Class AS) | | | | | | | | | | | | | | |
| 450,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.773 | | | | 08/15/48 | | | | 494,238 | |
| | | | Series - 2015 C31 (Class B) | | | | | | | | | | | | | | |
| 500,000 | | g,i | | Manhattan West | | | | | 2.413 | | | | 09/10/39 | | | | 510,738 | |
| | | | Series - 2020 1MW (Class B) | | | | | | | | | | | | | | |
| 69,929 | | i | | Merrill Lynch Mortgage Investors Trust | | | | | 2.278 | | | | 01/25/37 | | | | 67,640 | |
| | | | Series - 2006 WMC1 (Class A1B) | | | | | | | | | | | | | | |
| 328,128 | | i | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 4.384 | | | | 02/15/47 | | | | 352,474 | |
| | | | Series - 2014 C14 (Class AS) | | | | | | | | | | | | | | |
| 26,419 | | i | | Morgan Stanley Capital I Trust | | | | | 0.917 | | | | 08/25/34 | | | | 26,169 | |
| | | | Series - 2004 HE6 (Class M1) | | | | | | | | | | | | | | |
| 500,000 | | g,i | | Natixis Commercial Mortgage Securities Trust | | | | | 1.573 | | | | 07/15/36 | | | | 499,844 | |
| | | | Series - 2019 MILE (Class A) | | | | | | | | | | | | | | |
| 41,436 | | g,i | | New Residential Mortgage Loan Trust | | | | | 3.750 | | | | 05/28/52 | | | | 43,751 | |
| | | | Series - 2015 1A (Class A3) | | | | | | | | | | | | | | |
| 100,000 | | g,i | | New Residential Mortgage Loan Trust | | | | | 2.986 | | | | 09/25/59 | | | | 100,892 | |
| | | | Series - 2019 NQM4 (Class M1) | | | | | | | | | | | | | | |
105
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | |
| $ 24,659 | | g,i | | OBX Trust | | | | | 0.742 | % | | | 06/25/57 | | | $ | 24,678 | |
| | | | Series - 2018 1 (Class A2) | | | | | | | | | | | | | | |
| 4,760 | | g,i | | OBX Trust | | | | | 0.842 | | | | 07/25/58 | | | | 4,763 | |
| | | | Series - 2018 EXP2 (Class 2A1A) | | | | | | | | | | | | | | |
| 98,993 | | g,i | | Oceanview Mortgage Trust | | | | | 2.500 | | | | 05/25/51 | | | | 99,762 | |
| | | | Series - 2021 1 (Class A19) | | | | | | | | | | | | | | |
| 16,099 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 05/25/45 | | | | 16,416 | |
| | | | Series - 2015 2 (Class A1) | | | | | | | | | | | | | | |
| 36,724 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 11/25/46 | | | | 36,828 | |
| | | | Series - 2016 3 (Class A10) | | | | | | | | | | | | | | |
| 30,146 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 02/25/47 | | | | 30,693 | |
| | | | Series - 2017 2 (Class A19) | | | | | | | | | | | | | | |
| 27,066 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 02/25/48 | | | | 27,591 | |
| | | | Series - 2018 2 (Class A1) | | | | | | | | | | | | | | |
| 77,178 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 03/25/48 | | | | 78,440 | |
| | | | Series - 2018 3 (Class A1) | | | | | | | | | | | | | | |
| 11,610 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | | 11/25/48 | | | | 11,772 | |
| | | | Series - 2018 8 (Class A19) | | | | | | | | | | | | | | |
| 37,364 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | | 06/25/49 | | | | 38,018 | |
| | | | Series - 2019 2 (Class A1) | | | | | | | | | | | | | | |
| 18,682 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | | 06/25/49 | | | | 18,997 | |
| | | | Series - 2019 2 (Class A19) | | | | | | | | | | | | | | |
| 301,943 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 11/25/49 | | | | 305,469 | |
| | | | Series - 2019 4 (Class A1) | | | | | | | | | | | | | | |
| 135,630 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 12/25/49 | | | | 137,851 | |
| | | | Series - 2019 5 (Class A1) | | | | | | | | | | | | | | |
| 76,292 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 12/25/49 | | | | 77,305 | |
| | | | Series - 2019 5 (Class A19) | | | | | | | | | | | | | | |
| 77,750 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | | 03/25/50 | | | | 79,582 | |
| | | | Series - 2020 2 (Class A1) | | | | | | | | | | | | | | |
| 77,617 | | g,i | | Sequoia Mortgage Trust | | | | | 3.000 | | | | 04/25/50 | | | | 79,242 | |
| | | | Series - 2020 3 (Class A19) | | | | | | | | | | | | | | |
| 99,726 | | g,i | | Sequoia Mortgage Trust | | | | | 2.500 | | | | 06/25/51 | | | | 100,377 | |
| | | | Series - 2021 4 (Class A19) | | | | | | | | | | | | | | |
| 27,219 | | g,i | | Shellpoint Co-Originator Trust | | | | | 3.500 | | | | 04/25/47 | | | | 27,647 | |
| | | | Series - 2017 1 (Class A19) | | | | | | | | | | | | | | |
| 770,000 | | g | | SLG Office Trust | | | | | 2.851 | | | | 07/15/41 | | | | 753,700 | |
| | | | Series - 2021 OVA (Class E) | | | | | | | | | | | | | | |
| 58,235 | | i | | Structured Agency Credit Risk Debt Note (STACR) | | | | | 2.472 | | | | 08/25/30 | | | | 59,072 | |
| | | | Series - 2018 HQA1 (Class M2) | | | | | | | | | | | | | | |
| 250,000 | | g,i | | STACR | | | | | 2.118 | | | | 10/25/33 | | | | 255,352 | |
| | | | Series - 2021 DNA3 (Class M2) | | | | | | | | | | | | | | |
| 10,500 | | g,i | | STACR | | | | | 4.036 | | | | 09/25/47 | | | | 10,504 | |
| | | | Series - 2017 SPI1 (Class M2) | | | | | | | | | | | | | | |
| 675,000 | | g,i | | UBS-Barclays Commercial Mortgage Trust | | | | | 3.875 | | | | 04/10/46 | | | | 682,252 | |
| | | | Series - 2013 C6 (Class B) | | | | | | | | | | | | | | |
| 100,000 | | g,i | | Verus Securitization Trust | | | | | 3.207 | | | | 11/25/59 | | | | 101,892 | |
| | | | Series - 2019 4 (Class M1) | | | | | | | | | | | | | | |
| 73,057 | | g | | Verus Securitization Trust (Step Bond) | | | | | 1.733 | | | | 05/25/65 | | | | 73,119 | |
| | | | Series - 2020 5 (Class A3) | | | | | | | | | | | | | | |
| 9,135 | | g,i | | Wells Fargo Mortgage Backed Securities Trust | | | | | 4.000 | | | | 04/25/49 | | | | 9,190 | |
| | | | Series - 2019 2 (Class A17) | | | | | | | | | | | | | | |
| 29,509 | | g,i | | Wells Fargo Mortgage Backed Securities Trust | | | | | 3.500 | | | | 09/25/49 | | | | 29,936 | |
| | | | Series - 2019 4 (Class A1) | | | | | | | | | | | | | | |
| 40,000 | | | | WFRBS Commercial Mortgage Trust | | | | | 3.345 | | | | 05/15/45 | | | | 41,535 | |
| | | | Series - 2013 C13 (Class AS) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL OTHER MORTGAGE BACKED | | | | | | | | 18,263,995 | |
| | | | | | | | | | | | | |
| | | | TOTAL STRUCTURED ASSETS | | | | | | | | | | | | | 37,640,801 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $36,872,814) | | | | | | | | | | | | | | |
| | | | TOTAL BONDS | | | | | | | | | | | | | 212,235,290 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $204,455,445) | | | | | | | | | | | | | | |
106
TIAA-CREF LIFE FUNDS - Core Bond Fund
| | | | | | | | | | | | | | | | | | |
SHARES | | | | COMPANY | | | | | | | | | | VALUE | |
| | | | | | | | | | | | | | | | |
PREFERRED STOCKS - 0.1% | | | | | | | | | | | | | | |
| | | | | | |
BANKS - 0.1% | | | | | | | | | | | | | | | | | | |
| 3,600 | | | | Bank of America Corp | | | | | | | $ | 94,320 | |
| 5,517 | | * | | Federal Home Loan Mortgage Corp | | | | | | | | 11,200 | |
| 17,265 | | * | | Federal National Mortgage Association | | | | | | | | 36,774 | |
| 4,000 | | | | JPMorgan Chase & Co | | | | | | | | 106,480 | |
| | | | | | | | | | | | | |
| | | | TOTAL BANKS | | | | | | | | 248,774 | |
| | | | | | | | | | | | | |
| | | | TOTAL PREFERRED STOCKS | | | | | | | | | | | | | 248,774 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $759,550) | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | RATE | | | MATURITY
DATE | | | | |
| | | | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 15.9% | | | | | | | | | | | | | | |
| | |
GOVERNMENT AGENCY DEBT - 5.8% | | | | | | | | | |
| $ 1,000,000 | | | | Federal Farm Credit Bank (FFCB) | | | | | 0.010 | % | | | 07/15/21 | | | | 999,988 | |
| 1,825,000 | | | | Federal Home Loan Bank (FHLB) | | | | | 0.005 | | | | 07/01/21 | | | | 1,825,000 | |
| 10,127,000 | | | | FHLB | | | | | 0.010 - 0.035 | | | | 07/02/21 | | | | 10,126,992 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | 12,951,980 | |
| | | | | | | | | |
| | | | | |
TREASURY DEBT - 9.3% | | | | | | | | | | | | | | | | |
| EGP 3,200,000 | | | | Egypt Treasury Bill | | | | | 0.000 | | | | 02/22/22 | | | | 188,007 | |
| $ 3,881,000 | | | | United States Treasury Bill | | | | | 0.005 | | | | 07/01/21 | | | | 3,881,000 | |
| 11,680,000 | | | | United States Treasury Bill | | | | | 0.002 - 0.021 | | | | 07/06/21 | | | | 11,679,941 | |
| 5,000,000 | | | | United States Treasury Bill | | | | | 0.003 | | | | 08/05/21 | | | | 4,999,772 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL TREASURY DEBT | | | | 20,748,720 | |
| | | | | | | | | |
| | | | | | |
SHARES | | | | COMPANY | | | | | | | | | | | |
| | | | |
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8% | | | | | | | | | | | | | | |
| 1,684,879 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 0.020 | | | | | | | | 1,684,879 | |
| | | | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | 1,684,879 | |
| | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | | | 35,385,579 | |
| | | | | | | | | | | | | | | | | | |
| | | | (Cost $35,386,018) | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 113.0% | | | | | | | | | | | | | 251,785,614 | |
| | | | (Cost $244,540,468) | | | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - (13.0)% | | | | | | | | | | | | | (28,965,320 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | | | $ | 222,820,294 | |
| | | | | | | | | | | | | | | | | | |
Abbreviation(s):
| LIBOR | London Interbank Offered Rate |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| † | Security is categorized as Level 3 in the fair value hierarchy. |
| c | Investments made with cash collateral received from securities on loan. |
| e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,642,124. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/2021, the aggregate value of these securities is $55,063,886 or 24.7% 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. |
107
TIAA-CREF LIFE FUNDS - Core Bond Fund
Forward foreign currency contracts outstanding as of June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | |
Currency
to be
purchased | | Receive | | | Currency
to be
sold | | | Deliver | | | Counterparty | | Settlement date | | Unrealized
appreciation
(depreciation) | |
| $ | | | 125,301 | | | | EUR | | | | 103,921 | | | Australia and New Zealand Banking Group | | 07/21/21 | | | $2,096 | |
Abbreviation(s):
108
TIAA-CREF LIFE FUNDS - Money Market Fund
TIAA-CREF LIFE FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2021
| | | | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS - 102.1% | | | | | | | | | | | | | | | | |
| | | | |
GOVERNMENT AGENCY DEBT - 47.6% | | | | | | | | | | | | | | | | |
| $ 400,000 | | | | Federal Agricultural Mortgage Corp (FAMC) | | | | | | | 0.010 | % | | | 07/02/21 | | | $ | 400,000 | |
| 200,000 | | | | FAMC | | | | | | | 2.840 | | | | 07/23/21 | | | | 200,343 | |
| 1,102,000 | | | | Federal Farm Credit Bank (FFCB) | | | | | | | 0.010 | | | | 07/02/21 | | | | 1,102,000 | |
| 20,000 | | | | FFCB | | | | | | | 2.350 | | | | 07/09/21 | | | | 20,010 | |
| 2,000,000 | | | | FFCB | | | | | | | 0.010 | | | | 07/15/21 | | | | 1,999,992 | |
| 250,000 | | | | FFCB | | | | | | | 1.875 | | | | 07/19/21 | | | | 250,229 | |
| 270,000 | | | | FFCB | | | | | | | 0.010 | | | | 08/24/21 | | | | 269,986 | |
| 500,000 | | | | FFCB | | | | | | | 2.850 | | | | 09/20/21 | | | | 503,099 | |
| 389,000 | | | | FFCB | | | | | | | 0.010 | | | | 10/06/21 | | | | 388,948 | |
| 1,200,000 | | | | Federal Home Loan Bank (FHLB) | | | | | | | 0.010 | | | | 07/01/21 | | | | 1,200,000 | |
| 1,202,000 | | | | FHLB | | | | | | | 0.010 | | | | 07/02/21 | | | | 1,202,000 | |
| 250,000 | | | | FHLB | | | | | | | 0.125 | | | | 07/02/21 | | | | 250,001 | |
| 1,200,000 | | | | FHLB | | | | | | | 0.010 | | | | 07/07/21 | | | | 1,199,997 | |
| 730,000 | | | | FHLB | | | | | | | 1.875 | | | | 07/07/21 | | | | 730,220 | |
| 2,043,000 | | | | FHLB | | | | | | | 0.010 | | | | 07/09/21 | | | | 2,042,979 | |
| 500,000 | | | | FHLB | | | | | | | 0.050 | | | | 07/12/21 | | | | 499,999 | |
| 500,000 | | | | FHLB | | | | | | | 0.010 | | | | 07/14/21 | | | | 499,995 | |
| 500,000 | | | | FHLB | | | | | | | 1.125 | | | | 07/14/21 | | | | 500,195 | |
| 1,400,000 | | | | FHLB | | | | | | | 0.010 | | | | 07/16/21 | | | | 1,399,982 | |
| 3,072,000 | | | | FHLB | | | | | | | 0.010 | | | | 07/21/21 | | | | 3,071,968 | |
| 924,000 | | | | FHLB | | | | | | | 0.010 | | | | 07/23/21 | | | | 923,994 | |
| 1,884,000 | | | | FHLB | | | | | | | 0.010 | | | | 07/27/21 | | | | 1,883,979 | |
| 3,748,000 | | | | FHLB | | | | | | | 0.010 | | | | 07/28/21 | | | | 3,747,940 | |
| 1,258,000 | | | | FHLB | | | | | | | 0.010 | | | | 07/30/21 | | | | 1,257,984 | |
| 300,000 | | | | FHLB | | | | | | | 0.050 | | | | 08/02/21 | | | | 299,998 | |
| 400,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/03/21 | | | | 399,995 | |
| 1,000,000 | | | | FHLB | | | | | | | 0.020 | | | | 08/03/21 | | | | 999,997 | |
| 1,511,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/04/21 | | | | 1,510,967 | |
| 100,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/05/21 | | | | 99,995 | |
| 1,905,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/06/21 | | | | 1,904,961 | |
| 1,000,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/11/21 | | | | 999,972 | |
| 700,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/12/21 | | | | 699,988 | |
| 876,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/13/21 | | | | 875,979 | |
| 300,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/16/21 | | | | 299,992 | |
| 700,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/18/21 | | | | 699,955 | |
| 1,300,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/20/21 | | | | 1,299,947 | |
| 2,000,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/25/21 | | | | 1,999,963 | |
| 1,450,000 | | | | FHLB | | | | | | | 0.010 | | | | 08/27/21 | | | | 1,449,967 | |
| 100,000 | | | | FHLB | | | | | | | 0.010 | | | | 09/01/21 | | | | 99,991 | |
| 259,000 | | | | FHLB | | | | | | | 0.010 | | | | 09/03/21 | | | | 258,977 | |
| 95,000 | | | | FHLB | | | | | | | 0.015 | | | | 09/03/21 | | | | 94,992 | |
| 700,000 | | | | FHLB | | | | | | | 0.010 | | | | 09/08/21 | | | | 699,937 | |
| 3,440,000 | | | | FHLB | | | | | | | 0.010 | | | | 09/17/21 | | | | 3,439,819 | |
| 800,000 | | | | FHLB | | | | | | | 0.010 | | | | 09/22/21 | | | | 799,917 | |
| 2,820,000 | | | | FHLB | | | | | | | 0.010 | | | | 09/29/21 | | | | 2,819,675 | |
| 1,000,000 | | | | FHLB | | | | | | | 0.010 | | | | 10/07/21 | | | | 999,885 | |
| 145,000 | | | | FHLB | | | | | | | 3.000 | | | | 10/12/21 | | | | 146,200 | |
| 725,000 | | | | FHLB | | | | | | | 0.030 | | | | 10/25/21 | | | | 724,985 | |
| 936,000 | | | | FHLB | | | | | | | 0.010 | | | | 10/29/21 | | | | 935,906 | |
| 750,000 | | | | FHLB | | | | | | | 0.030 | | | | 11/05/21 | | | | 749,978 | |
| 840,000 | | | | FHLB | | | | | | | 1.625 | | | | 11/19/21 | | | | 845,059 | |
| 1,078,000 | | | | Federal Home Loan Mortgage Corp (FHLMC) | | | | | | | 1.125 | | | | 08/12/21 | | | | 1,079,346 | |
| 707,000 | | | | Federal National Mortgage Association (FNMA) | | | | | | | 1.250 | | | | 08/17/21 | | | | 708,097 | |
| 4,000 | | | | FNMA | | | | | | | 0.010 | | | | 09/15/21 | | | | 3,999 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | | | | | | | 53,494,279 | |
| | | | | | | | | | | | | | | | | | | | |
109
TIAA-CREF LIFE FUNDS - Money Market Fund
| | | | | | | | | | | | | | | | | | | | |
PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | | RATE | | | MATURITY
DATE | | | VALUE | |
| | | | | | | | | | | | | | | | | |
TREASURY DEBT - 37.1% | | | | | | | | | | | | | | | | | | |
| $ 1,612,000 | | | | United States Cash Management Bill | | | | | | | 0.010 | % | | | 10/26/21 | | | $ | 1,611,749 | |
| 2,117,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 07/01/21 | | | | 2,117,000 | |
| 3,700,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 07/06/21 | | | | 3,699,982 | |
| 2,686,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 07/13/21 | | | | 2,685,993 | |
| 1,400,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 07/15/21 | | | | 1,399,996 | |
| 2,048,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 07/20/21 | | | | 2,047,994 | |
| 1,750,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 07/22/21 | | | | 1,749,976 | |
| 4,444,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 07/29/21 | | | | 4,443,756 | |
| 2,166,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 08/03/21 | | | | 2,165,946 | |
| 3,152,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 08/05/21 | | | | 3,151,842 | |
| 2,276,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 08/10/21 | | | | 2,275,941 | |
| 3,634,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 08/12/21 | | | | 3,633,943 | |
| 63,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 08/17/21 | | | | 62,998 | |
| 3,165,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 08/19/21 | | | | 3,164,945 | |
| 181,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 08/24/21 | | | | 180,994 | |
| 3,784,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 08/26/21 | | | | 3,783,949 | |
| 1,000,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 09/02/21 | | | | 999,965 | |
| 383,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 09/23/21 | | | | 382,960 | |
| 550,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 09/30/21 | | | | 549,931 | |
| 233,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 10/14/21 | | | | 232,975 | |
| 1,000,000 | | | | United States Treasury Bill | | | | | | | 0.010 | | | | 10/21/21 | | | | 999,868 | |
| 400,000 | | | | United States Treasury Note | | | | | | | 1.125 | | | | 07/31/21 | | | | 400,368 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | TOTAL TREASURY DEBT | | | | | | | | | | | | | | | 41,743,071 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
VARIABLE RATE SECURITIES - 17.4% | | | | | | | | | | | | | | | | |
| 1,000,000 | | i | | Federal Farm Credit Bank (FFCB) | | | SOFR + 0.040% | | | | 0.090 | | | | 08/04/21 | | | | 1,000,000 | |
| 1,000,000 | | i | | FFCB | | | SOFR + 0.055% | | | | 0.105 | | | | 10/15/21 | | | | 1,000,000 | |
| 1,000,000 | | i | | FFCB | | | SOFR + 0.070% | | | | 0.120 | | | | 02/17/22 | | | | 1,000,000 | |
| 1,300,000 | | i | | FFCB | | | SOFR + 0.040% | | | | 0.090 | | | | 06/01/22 | | | | 1,300,033 | |
| 1,000,000 | | i | | FFCB | | | SOFR + 0.190% | | | | 0.240 | | | | 07/14/22 | | | | 1,000,000 | |
| 250,000 | | i | | FFCB | | | SOFR + 0.050% | | | | 0.100 | | | | 08/12/22 | | | | 250,099 | |
| 1,000,000 | | i | | FFCB | | | SOFR + 0.045% | | | | 0.095 | | | | 09/08/22 | | | | 999,940 | |
| 225,000 | | i | | FFCB | | | SOFR + 0.060% | | | | 0.110 | | | | 10/21/22 | | | | 225,000 | |
| 300,000 | | i | | FFCB | | | SOFR + 0.310% | | | | 0.360 | | | | 11/07/22 | | | | 301,109 | |
| 500,000 | | i | | FFCB | | | SOFR + 0.060% | | | | 0.110 | | | | 01/13/23 | | | | 500,214 | |
| 500,000 | | i | | FFCB | | | SOFR + 0.035% | | | | 0.085 | | | | 05/04/23 | | | | 500,000 | |
| 500,000 | | i | | FFCB | | | SOFR + 0.035% | | | | 0.085 | | | | 05/12/23 | | | | 500,000 | |
| 2,000,000 | | i | | Federal Home Loan Bank (FHLB) | | | SOFR + 0.120% | | | | 0.170 | | | | 10/13/21 | | | | 2,000,000 | |
| 1,000,000 | | i | | FHLB | | | SOFR + 0.065% | | | | 0.115 | | | | 12/21/21 | | | | 1,000,000 | |
| 1,000,000 | | i | | FHLB | | | SOFR + 0.080% | | | | 0.130 | | | | 02/22/22 | | | | 1,000,000 | |
| 100,000 | | i | | FHLB | | | SOFR + 0.015% | | | | 0.065 | | | | 04/11/22 | | | | 100,000 | |
| 1,000,000 | | i | | FHLB | | | SOFR + 0.055% | | | | 0.105 | | | | 05/13/22 | | | | 1,000,000 | |
| 500,000 | | i | | FHLB | | | SOFR + 0.090% | | | | 0.140 | | | | 05/26/22 | | | | 500,000 | |
| 600,000 | | i | | FHLB | | | SOFR + 0.010% | | | | 0.060 | | | | 06/23/22 | | | | 600,000 | |
| 675,000 | | i | | FHLB | | | SOFR + 0.045% | | | | 0.095 | | | | 07/29/22 | | | | 675,000 | |
| 1,000,000 | | i | | FHLB | | | SOFR + 0.085% | | | | 0.135 | | | | 10/05/22 | | | | 1,000,000 | |
| 650,000 | | i | | FHLB | | | SOFR + 0.060% | | | | 0.110 | | | | 12/08/22 | | | | 650,000 | |
| 250,000 | | i | | FHLB | | | SOFR + 0.035% | | | | 0.085 | | | | 05/19/23 | | | | 250,000 | |
| 1,000,000 | | i | | Federal Home Loan Mortgage Corp (FHLMC) | | | SOFR + 0.095% | | | | 0.145 | | | | 08/19/22 | | | | 1,000,000 | |
| 300,000 | | i | | Federal National Mortgage Association (FNMA) | | | SOFR + 0.190% | | | | 0.240 | | | | 05/27/22 | | | | 300,487 | |
| 100,000 | | i | | FNMA | | | SOFR + 0.180% | | | | 0.230 | | | | 07/08/22 | | | | 100,176 | |
| 250,000 | | i | | FNMA | | | SOFR + 0.120% | | | | 0.170 | | | | 07/29/22 | | | | 250,293 | |
| 500,000 | | i | | United States Treasury Note | | | US Treasury Bill 3 M + 0.034% | | | | 0.084 | | | | 04/30/23 | | | | 500,018 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | TOTAL VARIABLE RATE SECURITIES | | | | | | | | | | | | | | | 19,502,369 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | | | | | | | 114,739,719 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | (Cost $114,739,719) | | | | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 102.1% | | | | | | | | | | | | | | | 114,739,719 | |
| | | | (Cost $114,739,719) | | | | | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - (2.1)% | | | | | | | | | | | | (2,331,548 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | | | | | $ | 112,408,171 | |
| | | | | | | | | | | | | | | | | | | | |
110
TIAA-CREF LIFE FUNDS - Money Market Fund
Abbreviation(s):
| 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. |
111
TIAA-CREF LIFE FUNDS - Balanced Fund
TIAA-CREF LIFE FUNDS
BALANCED FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2021
| | | | | | | | | | | | | | | | |
SHARES | | | | SECURITY | | | | | | | | VALUE | |
| | | | | | | | | | | | | | |
TIAA-CREF LIFE FUNDS - 101.8%a | |
| | | | |
FIXED INCOME - 50.8% | | | | | | | | | | | | | | |
| 3,578,049 | | | | TIAA-CREF Life Core Bond Fund | | | | | | | | | | $ | 39,358,542 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL FIXED INCOME | | | | | | | | | | | 39,358,542 | |
| | | | | | | | | | | | | | | | |
| | | | |
INTERNATIONAL EQUITY - 10.0% | | | | | | | | | | | | | | |
| 770,884 | | | | TIAA-CREF Life International Equity Fund | | | | | | | | | | | 7,762,805 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL INTERNATIONAL EQUITY | | | | | | | | | | | 7,762,805 | |
| | | | | | | | | | | | | | | | |
| | | | |
U.S. EQUITY - 41.0% | | | | | | | | | | | | | | |
| 293,301 | | | | TIAA-CREF Life Growth Equity Fund | | | | | | | | | | | 7,294,402 | |
| 324,501 | | | | TIAA-CREF Life Growth & Income Fund | | | | | | | | | | | 7,934,052 | |
| 393,028 | | | | TIAA-CREF Life Large-Cap Value Fund | | | | | | | | | | | 7,011,625 | |
| 89,466 | | | | TIAA-CREF Life Real Estate Securities Fund | | | | | | | | | | | 1,573,715 | |
| 91,594 | | | | TIAA-CREF Life Small-Cap Equity Fund | | | | | | | | | | | 1,580,921 | |
| 166,533 | | | | TIAA-CREF Life Stock Index Fund | | | | | | | | | | | 6,348,220 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL U.S. EQUITY | | | | | | | | | | | 31,742,935 | |
| | | | | | | | | | | | | | | | |
| | | | TOTAL TIAA-CREF LIFE FUNDS | | | | | | | | | | | 78,864,282 | |
| | | | | | | | | | | | | | | | |
| | | | (Cost $60,172,117) | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 101.8% | | | | | | | | | | | 78,864,282 | |
| | | | (Cost $60,172,117) | | | | | | | | | | | | |
| | | | OTHER ASSETS & LIABILITIES, NET - (1.8)% | | | | | | | | | | | (1,387,466 | ) |
| | | | | | | | | | | | | | | | |
| | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 77,476,816 | |
| | | | | | | | | | | | | | | | |
| a | The Fund invests its assets in the affiliated TIAA-CREF Life Funds. |
112
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable
Item 13. Exhibits.
13(a)(2)(i) Section 302 certification of the principal executive officer
13(a)(2)(ii) Section 302 certification of the principal financial officer
13(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 16, 2021 | | 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 16, 2021 | | By: | | /s/ Bradley Finkle | | |
| | | | Bradley Finkle |
| | | | Principal Executive Officer and President (principal executive officer) |
| | | |
| Dated: August 16, 2021 | | By: | | /s/ E. Scott Wickerham | | |
| | | | E. Scott Wickerham |
| | | | Principal Financial Officer, Principal Accounting | | |
| | | | Officer and Treasurer |
| | | | (principal financial officer) |
