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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-08961

TIAA-CREF LIFE FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

TIAA-CREF Life Funds

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 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: December 31, 2022

Item 1. Reports to Stockholders.

Life

Funds

TIAA-CREF

Annual

Report

TIAA-CREF

Life

Funds

December

31,

2022

Fund

name

Ticker

22.1

Growth

Equity

Fund

TLGQX

22.2

Growth

&

Income

Fund

TLGWX

22.3

Large-Cap

Value

Fund

TLLVX

22.4

Real

Estate

Securities

Fund

TLRSX

22.5

Small-Cap

Equity

Fund

TLEQX

22.6

Social

Choice

Equity

Fund

TLCHX

22.7

Stock

Index

Fund

TLSTX

22.8

International

Equity

Fund

TLINX

22.9

Core

Bond

Fund

TLBDX

23.01

Money

Market

Fund

TLMXX

23.1

Balanced

Fund

TLBAX

Contents

Understanding

this

report

3

Market

review

4

About

the

funds’

benchmarks

6

Fund

performance

Portfolio

managers’

comments

8

Growth

Equity

Fund

15

Growth

&

Income

Fund

17

Large-Cap

Value

Fund

19

Real

Estate

Securities

Fund

21

Small-Cap

Equity

Fund

23

Social

Choice

Equity

Fund

25

Stock

Index

Fund

27

International

Equity

Fund

29

Core

Bond

Fund

31

Money

Market

Fund

33

Balanced

Fund

34

Expense

examples

36

Portfolio

of

investments

40

Audited

financial

statements

Statements

of

assets

and

liabilities

152

Statements

of

operations

154

Statements

of

changes

in

net

assets

156

Financial

highlights

160

Notes

to

financial

statements

166

Report

of

Independent

Registered

Public

Accounting

Firm

178

Important

tax

information

179

Additional

fund

information

180

Trustees

and

officers

181

Additional

information

about

index

providers

184

How

to

reach

us

Inside

back

cover

3

TIAA-CREF

Life

Funds

2022

Annual

Report

Understanding

this

report

This

annual

report

contains

information

about

the

TIAA-CREF

Life

Funds

and

describes

their

results

for

the

twelve

months

ended

December

31,

2022

.

The

report

contains

four

main

sections:

A

market

review

from

Brad

Finkle,

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

The

fund

performance

section

compares

each

fund’s

investment

returns

with

those

of

its

benchmark

index.

The

portfolios

of

investments

list

the

industries

and

types

of

securities

in

which

each

fund

had

investments

as

of

December

31,

2022

.

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.

4

2022

Annual

Report

TIAA-CREF

Life

Funds

Market

review

Brad

Finkle

Domestic

and

international

stock

markets

lost

ground

in

2022

as

higher

global

inflation

and

rising

interest

rates

caused

concern

among

investors.

The

U.S.

economy

contracted

during

the

first

half

of

the

year

but

returned

to

growth

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

economy

of

the

19-nation

euro

area

expanded

at

a

moderate

pace,

although

growth

decelerated

throughout

the

year.

China’s

economy

also

grew—albeit

at

a

slower

pace

than

in

previous

years—during

the

twelve-month

period,

despite

restrictions

intended

to

limit

the

spread

of

COVID-19.

Central

banks

around

the

world

reacted

to

inflation

concerns

by

aggressively

tightening

monetary

policies.

The

U.S.

Federal

Reserve

increased

the

federal

funds

target

rate

to

4.25%–4.50%

by

December

2022.

The

European

Central

Bank

and

the

Bank

of

England

also

continued

to

raise

their

benchmark

interest

rates.

Returns

for

the

eight

TIAA-CREF

Life

Funds

that

invest

primarily

in

stocks

ranged

from

−7.1%

for

the

Large-Cap

Value

Fund

to

−32.9%

for

the

Growth

Equity

Fund.

The

Balanced

Fund

returned

−16.6%,

the

Core

Bond

Fund

returned

−13.2%,

and

the

Money

Market

Fund

gained

1.5%.

The

majority

of

TIAA-CREF

Life

Funds

underperformed

their

respective

benchmarks

for

the

twelve-month

period.

TIAA-CREF

Life

Funds

performance

review

In

a

difficult

period

for

financial

markets,

nearly

all

of

the

TIAA-CREF

Life

Funds

posted

losses.

Overall,

stocks

trailed

bonds,

and

domestic

equities

underperformed

foreign

stocks.

The

Large-Cap

Value

Fund’s

return

of

−7.1%

exceeded

the

performance

of

the

Russell

1000®

Value

Index.

The

Small-Cap

Equity

Fund

returned

−15.6%,

surpassing

the

Russell

2000®

Index.

The

International

Equity

Fund,

which

invests

in

developed

foreign

markets,

returned

–16.7%

and

fell

short

of

the

MSCI

EAFE®

Index.

The

Social

Choice

Equity

Fund,

which

does

not

invest

in

certain

stocks

because

of

environmental,

social

and

governance

criteria,

returned

−17.8%.

The

Stock

Index

Fund

returned

−19.2%.

Both

funds

surpassed

the

Russell

3000®

Index.

The

Growth

&

Income

Fund

returned

−22.2%

and

trailed

the

S&P

500®

Index.

The

Real

Estate

Securities

Fund

returned

−28.6%,

lagging

the

FTSE

Nareit

All

Equity

REITs

Index.

The

Growth

Equity

Fund

posted

a

loss

of

−32.9%

and

trailed

the

Russell

1000

Growth

Index.

The

Balanced

Fund,

which

invests

in

both

stock

and

bond

funds,

returned

−16.6%,

lagging

its

composite

benchmark.

The

Core

Bond

Fund’s

–13.2%

return

trailed

the

performance

of

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Money

Market

Fund

rose

1.5%

and

outperformed

the

iMoneyNet

Money

Fund

Averages™—All

Government.

For

more

information

regarding

the

performance

of

the

TIAA-CREF

Life

Funds,

please

see

the

commentaries

starting

on

page

8.

Stocks

and

bonds

both

recorded

losses

For

the

twelve-month

period,

domestic

equities,

as

measured

by

the

Russell

3000

Index,

returned

−19.2%.

Foreign

stocks,

as

represented

by

the

MSCI

EAFE

Index,

returned

−14.5%.

The

U.S.

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−13.0%.

Yields

on

U.S.

fixed-income

securities

of

all

maturities

rose,

driving

bond

prices

lower

(bond

yields

move

in

the

opposite

direction

of

prices).

Navigating

through

market

uncertainties

The

past

year

was

a

challenging

one

for

investors

trying

to

make

sense

of

geopolitical

events,

higher

inflation

and

a

slowdown

in

global

economic

growth.

Although

inflation

and

rising

interest

rates

certainly

posed

concerns,

other

economic

trends

were

strong.

The

unemployment

rate

remained

at

historically

low

levels,

and

consumer

spending,

which

drives

economic

growth,

was

resilient.

5

TIAA-CREF

Life

Funds

2022

Annual

Report

During

periods

of

uncertainty,

we

maintain

that

investors

should

remain

focused

on

their

long-term

financial

goals.

Even

the

most

seasoned

financial

professionals

know

that

predicting

future

market

movements

is

tricky

at

best,

and

that

a

wiser

strategy

is

to

have

a

well-thought-out

plan.

At

TIAA,

we

believe

that

having

the

patience

and

confidence

to

remain

invested

in

a

well-balanced

portfolio,

diversified

among

various

asset

classes,

is

a

prudent

way

to

navigate

through

the

market’s

ups

and

downs

and

help

you

to

reach

your

financial

goals.

Of

course,

diversification

does

not

guarantee

against

market

losses,

and

past

performance

cannot

guarantee

future

results.

If

you

have

any

questions

or

concerns

about

your

investments,

we

encourage

you

to

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

happy

to

help

you.

Brad

Finkle

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

About

the

funds’

benchmarks

6

2022

Annual

Report

TIAA-CREF

Life

Funds

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.

Fixed-income

index

The

Bloomberg

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

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

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.

7

TIAA-CREF

Life

Funds

2022

Annual

Report

About

the

funds’

benchmarks

concluded

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.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

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.

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

2023.

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.

Portfolio

managers’

comments

8

2022

Annual

Report

TIAA-CREF

Life

Funds

Growth

Equity

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

Growth

Equity

Fund returned

-32.92%,

compared

with

the

-29.14% return

of

its

benchmark,

the

Russell

1000®

Growth

Index.

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

−19.21%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Fund

trailed

its

benchmark

Nine

of

the

eleven

industry

sectors

in

the

Russell

1000

Growth

Index

posted

losses

for

the

twelve

months.

Communication

services

(down

48.8%)

and

consumer

discretionary

(down

41.8%)

were

the

worst-performing

sectors.

Next

in

line

was

information

technology

(down

30.3%)—the

index’s

largest

component—which

accounted

for

over

45.0%

of

the

benchmark’s

decline.

Together,

these

three

sectors

represented

more

than

70.0%

of

the

index’s

total

market

capitalization

on

December

31,

2022.

Energy

(up

54.0%)

generated

an

outsized

gain,

and

utilities

(up

2.9%)

advanced

modestly;

however,

these

sectors

made

minimal

contributions

to

the

overall

return

given

their

low

representation

in

the

index.

The

Fund

underperformed

its

benchmark

for

the

year

as

certain

stock

selections

did

not

perform

as

expected.

The

largest

detractors

were

an

overweight

position

in

Amazon.com,

a

lack

of

exposure

to

pharmaceutical

maker

Eli

Lilly

and

an

overweight

position

in

business

software

firm

Salesforce.

Shares

of

Amazon

fell

sharply

amid

a

slowdown

in

online

shopping

and

increased

competition.

Eli

Lilly

posted

a

strong

gain,

in

part

due

to

a

favorable

growth

outlook

for

the

company’s

new

diabetes

drug.

Salesforce

was

weak

as

corporate

IT

managers

became

more

cautious

in

their

spending

decisions.

On

the

positive

side,

the

largest

contributor

was

an

overweight

position

in

Visa,

which

benefited

from

robust

consumer

spending.

The

next-largest

contributors

were

an

underweight

position

in

Netflix

and

an

out-of-benchmark

position

in

energy

company

ConocoPhillips.

Growth

&

Income

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

Growth

&

Income

Fund returned

-22.24%,

compared

with

the

-18.11% return

of

its

benchmark,

the

S&P

500®

Index.

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

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,

outperformed

the

−19.21%

return

of

the

Russell

3000®

Index,

a

broad

measure

of

the

U.S.

stock

market.

A

portion

of

the

Russell

3000

Index

consists

of

small-cap

equities,

which

underperformed

large

caps

for

the

year.

Fund

trailed

its

benchmark

Nine

of

the

eleven

industry

sectors

in

the

S&P

500

Index

posted

losses

for

the

twelve

months.

Communication

services

(down

39.9%)

and

consumer

discretionary

(down

37.0%)

were

the

worst-performing

sectors.

Next

were

information

technology

(down

28.2%)—the

index’s

largest

sector—and

real

estate

(down

26.1%).

Together,

these

four

sectors

represented

more

than

45.0%

of

the

benchmark’s

total

market

capitalization

on

December

31,

2022.

Energy

(up

65.7%)

was

the

best-performing

sector,

while

utilities

(up

1.6%)

advanced

modestly.

9

TIAA-CREF

Life

Funds

2022

Annual

Report

Portfolio

managers’

comments

continued

The

Fund

underperformed

its

benchmark

for

the

year

as

certain

stock

allocations

did

not

perform

as

anticipated.

The

largest

detractors

were

underweight

positions

in

Chevron,

Berkshire

Hathaway

and

ExxonMobil,

all

of

which

generated

gains.

Elevated

oil

prices

benefited

Chevron

and

ExxonMobil,

both

of

which

posted

record

earnings,

raised

their

dividends

and

increased

the

size

of

their

share

repurchase

programs.

Multinational

conglomerate

Berkshire

Hathaway

announced

strong

operating

profits,

despite

losses

in

its

insurance

businesses

related

to

Hurricane

Ian.

Conversely,

the

largest

contributors

were

overweight

positions

in

energy

companies

ConocoPhillips

and

Hess,

as

well

as

an

out-of-benchmark

position

in

Cheniere

Energy.

These

stocks

surged,

lifted

by

favorable

supply-demand

conditions

in

the

global

energy

markets

and

positive

company-specific

developments.

For

example,

Hess

announced

several

offshore

oil

discoveries

along

the

north

coast

of

South

America.

Large-Cap

Value

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

Large-Cap

Value

Fund returned

-7.10%,

compared

with

the

-7.54% return

of

its

benchmark,

the

Russell

1000®

Value

Index.

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

−19.21%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Fund

outperformed

its

benchmark

Seven

of

the

eleven

industry

sectors

in

the

Russell

1000

Value

Index

posted

losses

for

the

twelve

months.

Information

technology

(down

28.0%)

was

the

worst-performing

sector

and

the

largest

detractor

from

the

index’s

return.

The

next-

worst

performers

were

real

estate

(down

26.2%)

and

communication

services

(down

26.1%).

Financials

(down

10.4%),

the

benchmark’s

largest

component,

was

the

third-biggest

detractor.

Together,

these

four

sectors

accounted

for

more

than

40.0%

of

the

index’s

total

market

capitalization

on

December

31,

2022.

Energy

(up

66.0%)

was

the

best-performing

sector,

followed

by

consumer

staples

(up

1.6%).

The

Fund

outperformed

its

benchmark

for

the

year

due

to

a

number

of

successful

stock

allocations.

The

largest

contributors

were

overweight

positions

in

energy

companies

ConocoPhillips

and

Chevron.

Both

stocks

rose

sharply

as

the

Russia-Ukraine

war

exacerbated

already-tight

supply

conditions

in

the

global

energy

markets,

supporting

elevated

oil

prices.

The

next-largest

contributor

was

an

overweight

position

in

health

insurer

Cigna,

which

gained

amid

strength

in

its

pharmacy

benefit

management

business.

In

contrast,

the

largest

detractor

was

a

lack

of

exposure

to

ExxonMobil.

Next

in

line

were

overweight

positions

in

Charter

Communications

and

semiconductor

manufacturer

Micron

Technology.

Charter

Communications

was

hurt

by

an

abrupt

slowdown

in

the

growth

of

broadband

customers

and

the

announcement

of

a

higher-than-expected

capital

spending

budget

for

2023.

Shares

of

Micron

Technology

were

weak

as

demand

for

memory

chips,

which

go

into

a

wide

range

of

technology

products,

declined.

Real

Estate

Securities

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

Real

Estate

Securities

Fund returned

-28.62%,

compared

with

the

-24.95% return

of

its

benchmark,

the

FTSE

Nareit

All

Equity

REITs

Index.

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Yields

on

U.S.

Treasury

bonds

of

all

maturities

rose,

though

increases

were

most

pronounced

among

shorter-term

securities

(bond

yields

move

in

the

opposite

direction

of

prices).

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

Portfolio

managers’

comments

10

2022

Annual

Report

TIAA-CREF

Life

Funds

continued

For

the

twelve-month

period,

the

FTSE

Nareit

All

Equity

REITs

Index

trailed

the

−19.21%

return

of

the

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®Index,

and

the

–13.01%

return

of

the

broad

U.S.

investment-grade

fixed-rate

bond

market,

as

represented

by

the

Bloomberg

U.S.

Aggregate

Bond

Index.

Fund

trailed

its

benchmark

Among

the

benchmark’s

16

property

sectors

and

subsectors,

nearly

all

returns

were

negative

for

the

period.

The

largest

declines

were

seen

in

the

office

(down

37.7%),

apartments

(down

31.9%)

and

single-family

homes

(down

31.9%)

sectors.

Specialty

(up

0.8%)

was

the

best-performing

sector.

For

the

twelve-month

period,

the

Fund

underperformed

its

benchmark

as

certain

stock

selections

did

not

perform

as

anticipated.

An

overweight

position

in

regulated

cannabis

industry

REIT

Innovative

Industrial

Properties

was

the

largest

detractor

from

the

Fund’s

relative

return

as

it

posted

a

sizable

loss.

An

underweight

position

in

gaming,

entertainment

and

hospitality

REIT

VICI

Properties

and

an

overweight

allocation

to

commercial

property

REIT

SL

Green

Realty

also

hurt

relative

performance.

On

the

positive

side,

these

negative

effects

were

partly

offset

by

not

owning

poorly

performing

health

care

facilities

REIT

Medical

Properties

Trust.

An

underweight

position

in

data

center

operator

Digital

Realty

Trust

and

an

overweight

allocation

to

shopping

mall

REIT

Brixmor

Property

Group

also

benefited

the

Fund’s

performance

versus

its

benchmark.

Small-Cap

Equity

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

Small-Cap

Equity

Fund returned

-15.63%,

compared

with

the

-20.44% return

of

its

benchmark,

the

Russell

2000®

Index.

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

−19.21%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Fund

outperformed

its

benchmark

Ten

of

the

eleven

industry

sectors

in

the

Russell

2000

Index

posted

losses

for

the

twelve

months.

Communication

services

(down

40.1%)

was

the

worst-performing

sector,

followed

by

information

technology

(down

32.5%),

which

was

the

biggest

detractor

from

the

benchmark’s

return.

Health

care

(down

29.0%)

and

financials

(down

15.2%)—the

index’s

largest

sectors—

were

also

significant

detractors.

Together,

these

four

sectors

accounted

for

nearly

one-half

of

the

benchmark’s

total

market

capitalization

on

December

31,

2022.

The

best-performing

sectors

were

energy

(up

53.5%)

and

utilities

(down

1.4%).

The

Fund

outperformed

its

benchmark

on

the

strength

of

several

favorable

stock

selections.

The

top

contributor

to

relative

performance

was

an

overweight

position

in

oil

refiner

PBF

Energy,

which

generated

an

outsized

gain

as

lower

global

refining

capacity

boosted

refining

margins.

Next

were

overweight

positions

in

Lantheus

Holdings,

a

maker

of

medical

diagnostic

tools

that

benefited

from

the

success

of

a

new

product,

and

Sanmina,

a

provider

of

electronics

manufacturing

services

that

experienced

strong

demand.

The

largest

detractors

were

overweight

positions

in

mobile

applications

supplier

Digital

Turbine,

enzyme

engineering

company

Codexis

and

semiconductor

firm

Semtech.

Digital

Turbine

issued

a

weak

revenue

outlook,

citing

challenges

in

the

macroeconomic

environment.

Codexis

reduced

its

annual

sales

forecast

in

response

to

order

cancellations

from

a

major

customer.

Semtech

was

hurt

by

softening

demand

trends

and

investor

concerns

about

an

acquisition

the

company

announced.

Social

Choice

Equity

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

Social

Choice

Equity

Fund returned

-17.83%,

compared

with

the

-19.21% return

of

its

benchmark,

the

Russell

3000®

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.

11

TIAA-CREF

Life

Funds

2022

Annual

Report

Portfolio

managers’

comments

continued

The

Fund’s

performance,

relative

to

its

benchmark,

was

helped

most

by

excluding

Amazon.com,

Meta

Platforms

(Facebook)

and

Alphabet

(the

parent

company

of

Google).

Amazon

reported

two

consecutive

quarterly

losses

due

to

weakness

in

its

retail

operations.

Meta

Platforms

was

hurt

by

increased

competition,

high

capital

expenditures

and

a

slowdown

in

spending

for

digital

advertising.

The

slowdown

in

digital

ad

spending

was

also

a

headwind

for

Alphabet.

Conversely,

excluding

ExxonMobil

detracted

most

from

relative

performance,

as

the

company’s

shares

soared

amid

elevated

oil

prices.

In

addition,

avoiding

Berkshire

Hathaway

and

Johnson

&

Johnson,

both

of

which

advanced,

was

detrimental.

Multinational

conglomerate

Berkshire

Hathaway

benefited

from

strength

in

its

manufacturing,

service

and

retail

businesses.

Johnson

&

Johnson

reported

continued

growth

in

its

pharmaceutical

division.

Fund

outperformed

its

benchmark

To

compensate

for

the

Fund’s

exclusion

of

some

stocks

within

the

Russell

3000

Index,

the

Fund’s

managers

use

quantitative

(mathematical)

modeling

and

other

techniques

in

an

attempt

to

match

the

overall

investment

characteristics

of

the

portfolio

with

those

of

its

index

and

to

manage

risk.

Among

the

stocks

the

Fund

held,

the

top

contributors

to

relative

performance

were

overweight

positions

in

ConocoPhillips,

SLB

(Schlumberger)

and

Marathon

Oil,

all

of

which

posted

steep

gains.

Amid

high

energy

prices,

ConocoPhillips

announced

strong

profit

growth,

increased

its

dividend

and

nearly

doubled

the

size

of

its

share

buyback

program.

SLB

raised

its

annual

sales

forecast

as

oil

drilling

activity

increased

globally.

Marathon

Oil

also

reported

robust

profit

growth

and

made

an

acquisition

expected

to

benefit

the

company’s

finances.

Not

all

Fund

holdings

helped

relative

performance.

The

largest

detractor

was

an

underweight

position

in

Chevron.

Next

in

line

were

overweight

positions

in

identity-verification

provider

Okta

and

PayPal

Holdings,

which

were

especially

weak.

Okta

faced

integration

challenges

related

to

an

acquisition

the

company

made

in

2021.

PayPal

reduced

its

2022

earnings

outlook

due

to

several

factors,

including

the

loss

of

business

to

a

competitor

and

the

impact

of

high

inflation

on

consumer

spending.

Stock

Index

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

Stock

Index

Fund returned

-19.18%,

compared

with

the

-19.21% return

of

its

benchmark,

the

Russell

3000®

Index.

For

the

twelve-month

period,

the

Fund’s

return

slightly

outperformed

that

of

its

benchmark

index,

despite

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

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

−19.21%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Nearly

all

benchmark

sectors

declined

Nine

of

the

eleven

industry

sectors

in

the

Russell

3000

Index

posted

negative

returns

for

the

twelve

months.

Communication

services

(down

40.1%)

was

the

worst-performing

sector,

driven

by

steep

losses

in

a

number

of

large

media

and

entertainment

stocks.

Next

came

consumer

discretionary

(down

36.2%)

and

information

technology

(down

30.0%)—the

index’s

biggest

sector

and

the

largest

detractor

from

its

return.

Together,

these

three

sectors

accounted

for

more

than

45.0%

of

the

index’s

total

market

capitalization

on

December

31,

2022.

Energy

(up

63.3%)

was

the

best

performer,

followed

by

the

defensive

utilities

(up

1.2%)

and

consumer

staples

(down

1.2%)

sectors.

For

the

twelve-month

period,

only

one

of

the

five

largest

stocks

in

the

Russell

3000

Index

produced

a

return

that

exceeded

the

overall

return

of

the

index.

That

stock

was

multinational

conglomerate

Berkshire

Hathaway,

which

generated

a

modest

gain

as

the

company’s

operating

profits

grew

and

its

investments

in

the

energy

sector

performed

well.

Among

the

remaining

four

stocks,

Amazon.com

was

weakest

amid

a

slowdown

in

online

shopping.

The

next-worst

performers

were

Alphabet

(the

parent

company

of

Google),

Microsoft

and

Apple.

Portfolio

managers’

comments

12

2022

Annual

Report

TIAA-CREF

Life

Funds

continued

International

Equity

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

International

Equity

Fund returned

-16.70%,

compared

with

the

-14.45% return

of

its

benchmark,

the

MSCI

EAFE®

Index.

International

stocks

in

both

developed-

and

emerging-markets

countries

declined

over

the

twelve-month

period;

however,

many

foreign

economies

continued

to

grow.

China’s

economy

expanded

at

a

moderate

pace,

despite

restrictions

intended

to

limit

the

spread

of

COVID-19.

The

economy

of

the

19-nation

euro

area

also

grew

at

a

moderate

pace,

although

inflation

levels

remained

elevated

throughout

the

year.

Central

banks

around

the

world

tightened

monetary

policy

in

response

to

inflation

concerns.

In

a

series

of

increases,

the

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

4.25%–4.50%.

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

four

times

for

an

overall

increase

of

2.50

percentage

points.

The

Bank

of

England

raised

its

benchmark

rate

to

3.50%.

Within

the

MSCI

EAFE

Index,

which

includes

21

developed

nations

outside

North

America,

nearly

all

country

components

declined

in

U.S.-dollar

terms

for

the

twelve

months.

In

local-currency

terms,

five

nations

posted

gains.

Fund

trailed

its

benchmark

For

the

twelve-month

period,

the

Fund

underperformed

its

benchmark

as

certain

stock

selections

did

not

perform

as

anticipated.

Overweight

positions

in

Sony

Group,

Japanese

human

resources

company

Recruit

Holdings

and

stock

exchange

company

Hong

Kong

Exchanges

&

Clearing

detracted

most

from

relative

performance.

Sony

and

Hong

Kong

Exchanges

&

Clearing

saw

profit

declines,

while

Recruit

was

hurt

by

a

decrease

in

the

growth

of

job

openings.

Conversely,

overweight

positions

in

Daiichi

Sankyo

and

AstraZeneca

contributed

most

to

the

Fund’s

relative

return,

as

both

global

drug

manufacturers

delivered

strong

gains.

An

overweight

allocation

to

energy

company

Equinor

further

augmented

relative

performance

as

the

company

benefited

from

higher

oil

prices.

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.

Core

Bond

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

Core

Bond

Fund returned

-13.21%,

compared

with

the

-13.01% return

of

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

Central

banks

around

the

world

tightened

monetary

policy

in

response

to

inflation

concerns.

In

a

series

of

increases,

the

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

4.25%–4.50%.

Yields

on

U.S.

Treasury

bonds

of

all

maturities

rose,

though

increases

were

most

pronounced

among

shorter-term

securities

(bond

yields

move

in

the

opposite

direction

of

prices).

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

four

times

for

an

overall

increase

of

2.50

percentage

points.

The

Bank

of

England

raised

its

benchmark

rate

to

3.50%.

Fund

trailed

its

benchmark

All

sectors

in

the

Bloomberg

U.S.

Aggregate

Bond

Index

declined

for

the

twelve-month

period

due

to

the

dramatic

rise

in

bond

yields.

U.S.

Treasuries,

the

largest

sector

in

the

benchmark

with

a

weight

of

40.1%,

returned

−12.5%.

Mortgage-backed

securities

(MBS),

the

second-largest

sector,

accounting

for

27.3%

of

the

index’s

total

market

capitalization

on

December

31,

2022,

returned

−11.8%.

Corporate

bonds—the

index’s

third-largest

sector

at

24.5%—experienced

a

more

substantial

decline

of

−15.8%.

Commercial

mortgage-backed

securities

(CMBS)

and

asset-backed

securities

(ABS)

returned

−10.9%

and

−4.3%,

respectively.

13

TIAA-CREF

Life

Funds

2022

Annual

Report

Portfolio

managers’

comments

continued

The

Fund

trailed

its

benchmark

for

the

twelve-month

period,

primarily

due

to

an

overweight

position

in

corporate

bonds—

including

small

allocations

to

emerging-markets

and

high-yield

corporates—which

adversely

affected

the

Fund’s

relative

return.

Overweight

holdings

in

the

ABS

and

CMBS

sectors

also

detracted

from

performance

for

the

period.

Security

selection

was

negative

in

the

banking

and

technology

areas

of

investment-grade

credit,

and

this

weighed

on

relative

performance.

Conversely,

the

Fund’s

shorter-than-benchmark

duration

bolstered

performance

relative

to

the

benchmark.

Security

selection

within

the

MBS

sector

also

contributed

favorably

to

the

Fund’s

relative

return.

Money

Market

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

Money

Market

Fund returned

1.46%,

compared

with

the

1.33% return

of

its

benchmark,

the

iMoneyNet

Money

Fund

Averages™—All

Government.

The

iMoneyNet

average

is

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

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

Central

banks

around

the

world

tightened

monetary

policy

in

response

to

inflation

concerns.

In

a

series

of

increases,

the

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

4.25%–4.50%.

Yields

on

U.S.

Treasury

bonds

of

all

maturities

rose,

though

increases

were

most

pronounced

among

shorter-term

securities

(bond

yields

move

in

the

opposite

direction

of

prices).

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

four

times

for

an

overall

increase

of

2.50

percentage

points.

The

Bank

of

England

raised

its

benchmark

rate

to

3.50%.

Although

inflation

continues

to

present

an

economic

challenge

for

the

United

States,

the

increase

in

short-term

bond

yields

during

the

period

was

a

positive

sign

for

money

market

investments.

Moreover,

the

Fed’s

monetary

policy

of

keeping

rates

elevated

until

inflation

subsides

should

continue

to

bode

well

for

yields

on

the

short-term

government

securities

in

which

the

Fund

invests.

Variable-rate

debt

securities,

which

made

up

approximately

one-third

of

the

Fund’s

portfolio

at

period-end,

stand

to

benefit,

should

short-term

interest

rates

continue

to

increase.

The

“secured

overnight

financing

rate”

(SOFR)—which

represents

dealer

transactions

in

Treasury

collateralized

overnight

repurchase

agreements—increased

from

0.05%

on

January

3,

2022,

to

4.30%

on

December

30,

2022.

Fund

outperformed

the

iMoneyNet

average

For

the

twelve-month

period,

the

Money

Market

Fund

outperformed

the

iMoneyNet

average.

The

Fund

continued

to

invest

in

variable-rate

government

agency

securities,

which

provide

a

yield

enhancement

over

short-term

fixed-rate

securities

and

contributed

to

the

Fund’s

outperformance.

As

of

December

27,

2022,

the

Fund’s

weighted

average

maturity

(WAM)

was

31

days,

versus

14

days

for

the

iMoneyNet

average.

iMoneyNet

releases

their

data

on

a

weekly

basis,

and

December

27

was

the

last

date

of

release

for

the

month.

Balanced

Fund

Performance

for

the

twelve

months

ended

December

31,

2022

The

Balanced

Fund returned

-16.59%,

compared

with

the

-15.34% return

of

its

benchmark,

the

Balanced

Fund

Composite

Index.

The

Balanced

Fund

Composite

Index

is

a

weighted

average

of

the

Russell

3000®

Index,

the

MSCI

EAFE®

Index

and

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

U.S.

economy

contracted

during

the

first

two

quarters

of

2022,

buffeted

by

stubborn

inflation

and

rising

interest

rates.

However,

the

economy

expanded

in

the

third

quarter

amid

a

tight

labor

market

and

strong

consumer

spending.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.5%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.7%

for

the

twelve

months

ended

December

31,

2022.

The

Federal

Reserve

responded

to

inflation

concerns

by

raising

the

federal

funds

target

rate

seven

times

in

2022,

increasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%

by

December.

Crude

oil

prices

were

volatile

during

the

year

but

ended

the

period

only

moderately

higher.

Portfolio

managers’

comments

14

2022

Annual

Report

TIAA-CREF

Life

Funds

concluded

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

−19.21%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

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

−14.45%.

(The

MSCI

EAFE

Index

return

is

in

U.S.

dollars.)

The

broad

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−13.01%,

driven

by

rising

bond

yields.

Fund

trailed

its

composite

benchmark

For

the

twelve-month

period,

the

Fund’s

absolute

return—that

is,

without

regard

to

the

performance

of

its

composite

benchmark—was

hurt

most

by

losses

in

U.S.

stocks

held

by

the

underlying

funds

of

the

Balanced

Fund.

All

underlying

funds

experienced

losses

for

the

period.

The

Growth

Equity

Fund

posted

the

largest

decline,

followed

by

the

Real

Estate

Securities

Fund

and

the

Growth

&

Income

Fund.

The

Fund

underperformed

its

composite

benchmark

for

the

period,

hurt

by

weakness

in

some

of

its

underlying

equity

funds.

Among

these,

the

Growth

&

Income

Fund

was

the

largest

detractor

from

the

Fund’s

performance

versus

its

composite

benchmark,

followed

by

the

Growth

Equity

Fund

and

the

International

Equity

Fund.

Conversely,

the

Small-Cap

Equity

Fund

was

the

largest

contributor

to

the

Fund’s

return

compared

with

its

composite

benchmark.

The

Large-Cap

Value

Fund

also

modestly

benefited

relative

performance.

Growth

Equity

Fund

15

TIAA-CREF

Life

Funds

2022

Annual

Report

Performance

as

of

December

31,

2022

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Growth

Equity

Fund

4/3/00

-

32

.92

%

7

.91

%

12

.78

%

0

.52

%

0

.52

%

Russell

1000®

Growth

Index

–

-

29

.14

10

.96

14

.10

–

–

*

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,

2023,

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.

Growth

Equity

Fund

16

2022

Annual

Report

TIAA-CREF

Life

Funds

concluded

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

114.37

million

Portfolio

turnover

rate

52%

Number

of

holdings

74

Weighted

median

market

capitalization

$202.08

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

30.2

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Information

technology

40.6

Consumer

discretionary

17.3

Health

care

11.2

Industrials

8.7

Communication

services

7.4

Consumer

staples

6.1

Energy

3.2

Financials

2.6

Materials

1.5

Short-term

investments,

other

assets

&

liabilities,

net

1.4

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

81.2

More

than

$15

billion-$50

billion

16.5

More

than

$2

billion-$15

billion

1.9

$2

billion

or

less

0.4

Total

100.0

Growth

&

Income

Fund

17

TIAA-CREF

Life

Funds

2022

Annual

Report

Performance

as

of

December

31,

2022

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Growth

&

Income

Fund

4/3/00

-

22

.24

%

7

.18

%

11

.37

%

0

.52

%

0

.52

%

S&P

500®

Index

–

-

18

.11

9

.42

12

.56

–

–

*

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,

2023,

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.

Growth

&

Income

Fund

18

2022

Annual

Report

TIAA-CREF

Life

Funds

concluded

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

147.88

million

Portfolio

turnover

rate

123%

Number

of

holdings

57

Weighted

median

market

capitalization

$112.44

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

18.0

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Information

technology

22.0

Financials

16.7

Health

care

13.9

Industrials

12.6

Consumer

discretionary

8.0

Energy

5.3

Consumer

staples

5.2

Utilities

5.1

Materials

4.2

Real

estate

3.7

Communication

services

3.1

Short-term

investments,

other

assets

&

liabilities,

net

0.2

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

61.2

More

than

$15

billion-$50

billion

33.0

More

than

$2

billion-$15

billion

5.7

$2

billion

or

less

0.1

Total

100.0

Large-Cap

Value

Fund

19

TIAA-CREF

Life

Funds

2022

Annual

Report

Performance

as

of

December

31,

2022

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Large-Cap

Value

Fund

10/28/02

-

7

.10

%

6

.25

%

9

.65

%

0

.58

%

0

.52

%

Russell

1000®

Value

Index

–

-

7

.54

6

.67

10

.29

–

–

*

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,

2023,

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.

Large-Cap

Value

Fund

20

2022

Annual

Report

TIAA-CREF

Life

Funds

concluded

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

77.52

million

Portfolio

turnover

rate

23%

Number

of

holdings

84

Weighted

median

market

capitalization

$146.75

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

16.2

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Financials

22.6

Health

care

17.9

Industrials

13.9

Information

technology

10.8

Energy

9.5

Consumer

discretionary

6.0

Communication

services

5.6

Materials

5.0

Utilities

3.8

Consumer

staples

3.4

Real

estate

0.9

Short-term

investments,

other

assets

&

liabilities,

net

0.6

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

82.0

More

than

$15

billion-$50

billion

14.3

More

than

$2

billion-$15

billion

3.7

Total

100.0

Real

Estate

Securities

Fund

21

TIAA-CREF

Life

Funds

2022

Annual

Report

Performance

as

of

December

31,

2022

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Real

Estate

Securities

Fund

10/28/02

-

28

.62

%

4

.87

%

7

.30

%

0

.61

%

0

.57

%

FTSE

Nareit

All

Equity

REITs

Index

–

-

24

.95

4

.43

7

.10

–

–

*

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,

2023,

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.

Real

Estate

Securities

Fund

22

2022

Annual

Report

TIAA-CREF

Life

Funds

concluded

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

71.12

million

Portfolio

turnover

rate

33%

Number

of

holdings

42

Weighted

median

market

capitalization

$22.57

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

29.0

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Specialized

REITs

26.5

Residential

REITs

22.2

Retail

REITs

18.3

Industrial

REITs

17.7

Health

care

REITs

6.2

Office

REITs

3.7

Hotel

&

resort

REITs

2.2

Asset

management

&

custody

banks

2.1

Short-term

investments,

other

assets

&

liabilities,

net

1.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

26.1

More

than

$15

billion-$50

billion

41.3

More

than

$2

billion-$15

billion

32.6

Total

100.0

Small-Cap

Equity

Fund

23

TIAA-CREF

Life

Funds

2022

Annual

Report

Performance

as

of

December

31,

2022

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Small-Cap

Equity

Fund

10/28/02

-

15

.63

%

5

.26

%

10

.26

%

0

.62

%

0

.53

%

Russell

2000®

Index

–

-

20

.44

4

.13

9

.01

–

–

*

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,

2023,

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.

Small-Cap

Equity

Fund

24

2022

Annual

Report

TIAA-CREF

Life

Funds

concluded

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

57.67

million

Portfolio

turnover

rate

73%

Number

of

holdings

415

Weighted

median

market

capitalization

$2.50

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

19.4

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Health

care

15.8

Financials

15.4

Industrials

15.4

Information

technology

13.8

Consumer

discretionary

8.3

Energy

6.9

Real

estate

6.2

Materials

4.5

Consumer

staples

3.8

Utilities

3.8

Communication

services

2.7

Short-term

investments,

other

assets

&

liabilities,

net

3.4

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$2

billion-$15

billion

61.2

$2

billion

or

less

38.8

Total

100.0

Social

Choice

Equity

Fund

25

TIAA-CREF

Life

Funds

2022

Annual

Report

Performance

as

of

December

31,

2022

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Social

Choice

Equity

Fund

4/3/00

-

17

.83

%

9

.19

%

11

.91

%

0

.26

%

0

.22

%

Russell

3000®

Index

–

-

19

.21

8

.79

12

.13

–

–

*

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,

2023,

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.

Social

Choice

Equity

Fund

26

2022

Annual

Report

TIAA-CREF

Life

Funds

concluded

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

77.04

million

Portfolio

turnover

rate

20%

Number

of

holdings

502

Weighted

median

market

capitalization

$82.76

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

21.6

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Information

technology

26.1

Health

care

14.3

Financials

13.8

Industrials

10.3

Consumer

discretionary

9.4

Consumer

staples

6.0

Energy

5.3

Communication

services

4.9

Utilities

3.3

Materials

3.0

Real

estate

2.8

Short-term

investments,

other

assets

&

liabilities,

net

0.8

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

64.4

More

than

$15

billion-$50

billion

25.1

More

than

$2

billion-$15

billion

8.3

$2

billion

or

less

2.2

Total

100.0

Stock

Index

Fund

27

TIAA-CREF

Life

Funds

2022

Annual

Report

Performance

as

of

December

31,

2022

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Stock

Index

Fund

1/4/99

-

19

.18

%

8

.72

%

12

.06

%

0

.08

%

0

.08

%

Russell

3000®

Index

–

-

19

.21

8

.79

12

.13

–

–

*

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,

2023,

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.

Stock

Index

Fund

28

2022

Annual

Report

TIAA-CREF

Life

Funds

concluded

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2022

Net

assets

$

653.22

million

Portfolio

turnover

rate

2%

Number

of

holdings

2,885

Weighted

median

market

capitalization

$112.18

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

22.0

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Information

technology

24.2

Health

care

15.4

Financials

12.1

Consumer

discretionary

9.9

Industrials

9.7

Communication

services

6.7

Consumer

staples

6.5

Energy

5.2

Real

estate

3.2

Materials

3.0

Utilities

3.0

Short-term

investments,

other

assets

&

liabilities,

net

1.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

65.1

More

than

$15

billion-$50

billion

19.1

More

than

$2

billion-$15

billion

13.4

$2

billion

or

less

2.4

Total

100.0

International

Equity

Fund

29

TIAA-CREF

Life

Funds

2022

Annual

Report

Performance

as

of

December

31,

2022

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

International

Equity

Fund

4/3/00

-

16

.70

%

0

.03

%

4

.30

%

0

.61

%

0

.60

%

MSCI

EAFE®

Index

–

-

14

.45

1

.54

4

.67

–

–

*

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,

2023,

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.

International

Equity

Fund

30

2022

Annual

Report

TIAA-CREF

Life

Funds

concluded

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

as

of

12/31/2022

Net

assets

$

121.54

million

Portfolio

turnover

rate

23%

Number

of

holdings

67

Weighted

median

market

capitalization

$70.89

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

11.6

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

12/31/2022

Industrials

16.8

Health

care

16.6

Financials

13.2

Consumer

staples

11.6

Consumer

discretionary

11.0

Materials

9.8

Energy

9.5

Communication

services

3.9

Information

technology

3.5

Utilities

2.1

Short-term

investments,

other

assets

&

liabilities,

net

2.0

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2022

More

than

$50

billion

66.7

More

than

$15

billion-$50

billion

28.7

More

than

$2

billion-$15

billion

4.6

Total

100.0

%

of

portfolio

investments

as

of

12/31/2022

Japan

19.9

United

Kingdom

14.9

France

11.4

Netherlands

10.6

Germany

9.3

Australia

7.0

United

States

5.1

Switzerland

5.1

Denmark

3.4

Italy

2.0

8

other

nations

9.4

Short-term

investments

1.9

Total

100.0

Core

Bond

Fund

31

TIAA-CREF

Life

Funds

2022

Annual

Report

Performance

as

of

December

31,

2022

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Core

Bond

Fund

7/8/03

-

13

.21

%

0

.13

%

1

.37

%

0

.42

%

0

.35

%

Bloomberg

U.S.

Aggregate

Bond

Index

–

-

13

.01

0

.02

1

.06

–

–

*

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,

2023,

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.

Core

Bond

Fund

32

2022

Annual

Report

TIAA-CREF

Life

Funds

concluded

Fund

profile

Portfolio

composition

Holdings

by

maturity

Holdings

by

credit

quality

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.

as

of

12/31/2022

Net

assets

$

191.25

million

Portfolio

turnover

rate

181%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

104%

Number

of

issues

984

Option-adjusted

duration

‡

6.03

years

Average

maturity

§

8.98

years

‡

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.

Sector

%

of

net

assets

as

of

12/31/2022

Government

bonds

42.9

Corporate

bonds

35.5

Structured

assets

17.6

Bank

loan

obligations

1.4

Preferred

stocks

0.1

Short-term

investments,

other

assets

&

liabilities,

net

2.5

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2022

Less

than

1

year

3.8

1-3

years

13.6

3-5

years

13.6

5-10

years

48.5

Over

10

years

20.5

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2022

U.S.

Treasury

&

U.S.

agency

securities*

36.5

Aaa/AAA

4.0

Aa/AA

8.8

A/A

14.2

Baa/BBB

27.4

Ba/BB

3.6

B/B

2.3

Below

B/B

0.1

Non-rated

3.1

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

Money

Market

Fund

33

TIAA-CREF

Life

Funds

2022

Annual

Report

Performance

as

of

December

31,

2022

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.

Fund

profile

Portfolio

composition

Net

annualized

yield

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Money

Market

Fund

7/8/03

1

.46

%

1

.13

%

0

.67

%

0

.22

%

0

.15

%

iMoneyNet

Money

Fund

Averages™—All

Government

§

–

1

.33

0

.96

0

.54

–

–

*

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,

2023,

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

variable-rate

notes.

You

cannot

invest

directly

in

it.

as

of

12/31/2022

Net

assets

$

133.93

million

Number

of

issues

110

Sector

%

of

net

assets

as

of

12/31/2022

U.S.

government

agency

securities*

50.9

Variable

rate

securities,

government

26.6

Repurchase

agreements

13.2

U.S.

Treasury

securities*

6.3

Other

assets

&

liabilities,

net

3.0

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

(for

the

7

days

ended

December

27,

2022)

‡

Current

yield

Effective

yield

Money

Market

Fund

4

.02

%

4

.11

%

iMoneyNet

Money

Fund

Averages™—

All

Government

§

3

.80

3

.88

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.

§

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

variable-rate

notes.

You

cannot

invest

directly

in

it.

Balanced

Fund

34

2022

Annual

Report

TIAA-CREF

Life

Funds

Performance

as

of

December

31,

2022

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. 

$10,000

invested

at

Fund's

inception

(inception

January

31,

2014)

Ending

amounts

are

as

of

December

31,

2022.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

values

of

the

Fund's

composite

benchmark

and

broad

market

index

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Inception

date

1

year

5

years

since

inception

gross

net

Balanced

Fund

1/31/14

-

16

.

59

%

3.26%

4.96%

0.59%

0.51%

Balanced

Fund

Composite

Index

‡

–

-15.34

4.02

5.3

7

§

–

–

Broad

market

index

Morningstar

Moderately

Conservative

Target

Risk

Index

–

-13.85

2.79

3.92

§

–

–

*

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,

2023,

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

December

31,

2022,

the

Balanced

Fund

Composite

Index

consisted

of:

50.0%

Bloomberg

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.

35

TIAA-CREF

Life

Funds

2022

Annual

Report

Balanced

Fund

concluded

Fund

profile

Asset

Allocation

Target

allocation

as

of

12/31/2022

Net

assets

$

62.01

million

%

of

net

assets

as

of

12/31/2022

Equity

U.S.

equity

39.38

International

equity

10.02

Fixed

income

50.54

Other

assets

&

liabilities,

net

0.06

Total

100.00

Expense

examples

36

2022

Annual

Report

TIAA-CREF

Life

Funds

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

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

(

July

1,

2022

–

December

31,

2022

).

Actual

expenses

The

first

section

in

each

table

uses

the

Fund’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

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

incurred

during

the

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

section

in

each

table

shows

hypothetical

account

values

and

expenses

based

on

the

Fund’s

actual

expense

ratio

for

each

share

class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

share

class’

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.

Growth

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$977.42

Expenses

incurred

during

the

period*

$2.59

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.58

Expenses

incurred

during

the

period*

$2.65

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

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.

Growth

&

Income

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,010.72

Expenses

incurred

during

the

period*

$2.64

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.58

Expenses

incurred

during

the

period*

$2.65

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

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.

37

TIAA-CREF

Life

Funds

2022

Annual

Report

Expense

examples

continued

Large-Cap

Value

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,089.41

Expenses

incurred

during

the

period*

$2.74

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.58

Expenses

incurred

during

the

period*

$2.65

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

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.

Real

Estate

Securities

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$930.21

Expenses

incurred

during

the

period*

$2.78

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.32

Expenses

incurred

during

the

period*

$2.91

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

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.

Small-Cap

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,071.96

Expenses

incurred

during

the

period*

$2.77

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.53

Expenses

incurred

during

the

period*

$2.70

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

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.

Social

Choice

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,047.40

Expenses

incurred

during

the

period*

$1.14

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.10

Expenses

incurred

during

the

period*

$1.12

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

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.

Expense

examples

38

2022

Annual

Report

TIAA-CREF

Life

Funds

continued

Stock

Index

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,023.80

Expenses

incurred

during

the

period*

$0.47

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.74

Expenses

incurred

during

the

period*

$0.47

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.09%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

International

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,068.68

Expenses

incurred

during

the

period*

$3.13

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.18

Expenses

incurred

during

the

period*

$3.06

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

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.

Core

Bond

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$977.06

Expenses

incurred

during

the

period*

$1.75

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,023.44

Expenses

incurred

during

the

period*

$1.79

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

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.

Money

Market

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,013.24

Expenses

incurred

during

the

period*

$0.76

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.45

Expenses

incurred

during

the

period*

$0.77

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.15%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

39

TIAA-CREF

Life

Funds

2022

Annual

Report

Expense

examples

concluded

Balanced

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,005.02

Expenses

incurred

during

the

period*

$0.51

Effective

expenses

incurred

during

the

period

†

$2.57

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.70

Expenses

incurred

during

the

period*

$0.51

Effective

expenses

incurred

during

the

period

†

$2.60

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-month

period,

multiplied

by

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2022.

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

incurred

during

the

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).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratio

for

that

period

was

0.51%.

Growth

Equity

Fund

December

31,

2022

Portfolio

of

investments

40

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

98.6%

AUTOMOBILES

&

COMPONENTS

-

1

.4

%

13,352

*

Tesla,

Inc

$

1,644,699‌

TOTAL

AUTOMOBILES

&

COMPONENTS

1,644,699‌

CAPITAL

GOODS

-

2

.9

%

7,289

*

Boeing

Co

1,388,481‌

2,697

Deere

&

Co

1,156,366‌

5,700

Safran

S.A.

713,947‌

TOTAL

CAPITAL

GOODS

3,258,794‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3

.2

%

15,399

Experian

Group

Ltd

521,539‌

5,843

Verisk

Analytics,

Inc

1,030,822‌

16,047

Waste

Connections,

Inc

2,127,190‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

3,679,551‌

CONSUMER

DURABLES

&

APPAREL

-

1

.5

%

4,560

Essilor

International

S.A.

825,054‌

3,398

Nike,

Inc

(Class

B)

397,600‌

89,200

Prada

S.p.A

500,752‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,723,406‌

CONSUMER

SERVICES

-

4

.1

%

1,851

*

Booking

Holdings,

Inc

3,730,283‌

19,502

*

Las

Vegas

Sands

Corp

937,461‌

669

Starbucks

Corp

66,365‌

TOTAL

CONSUMER

SERVICES

4,734,109‌

DIVERSIFIED

FINANCIALS

-

1

.7

%

3,855

American

Express

Co

569,576‌

77,546

*

Grab

Holdings

Ltd.

249,698‌

3,271

S&P

Global,

Inc

1,095,589‌

TOTAL

DIVERSIFIED

FINANCIALS

1,914,863‌

ENERGY

-

3

.2

%

12,352

ConocoPhillips

1,457,536‌

6,215

Pioneer

Natural

Resources

Co

1,419,444‌

6,034

Valero

Energy

Corp

765,473‌

TOTAL

ENERGY

3,642,453‌

FOOD

&

STAPLES

RETAILING

-

1

.6

%

3,973

Costco

Wholesale

Corp

1,813,674‌

TOTAL

FOOD

&

STAPLES

RETAILING

1,813,674‌

FOOD,

BEVERAGE

&

TOBACCO

-

4

.0

%

40,927

Davide

Campari-Milano

NV

415,503‌

21,543

*

Monster

Beverage

Corp

2,187,261‌

10,815

PepsiCo,

Inc

1,953,838‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

4,556,602‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.6

%

3,785

*

Align

Technology,

Inc

798,256‌

11,111

*

Dexcom,

Inc

1,258,210‌

5,885

*

Intuitive

Surgical,

Inc

1,561,585‌

5,230

UnitedHealth

Group,

Inc

2,772,841‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

6,390,892‌

Portfolio

of

investments

Growth

Equity

Fund

December

31,

2022

41

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.5

%

2,236

Estee

Lauder

Cos

(Class

A)

$

554,774‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

554,774‌

INSURANCE

-

0

.9

%

17,000

American

International

Group,

Inc

1,075,080‌

TOTAL

INSURANCE

1,075,080‌

MATERIALS

-

1

.5

%

14,535

Corteva,

Inc

854,367‌

2,454

Linde

plc

800,446‌

TOTAL

MATERIALS

1,654,813‌

MEDIA

&

ENTERTAINMENT

-

7

.4

%

47,966

*

Alphabet,

Inc

(Class

C)

4,256,023‌

7,231

*

Match

Group,

Inc

300,014‌

17,606

*

Meta

Platforms,

Inc

2,118,706‌

3,330

*

Netflix,

Inc

981,951‌

14,518

*

ROBLOX

Corp

413,182‌

4,946

*

Walt

Disney

Co

429,709‌

TOTAL

MEDIA

&

ENTERTAINMENT

8,499,585‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

5

.6

%

13,127

AbbVie,

Inc

2,121,454‌

26,352

*

Avantor,

Inc

555,764‌

6,633

Gilead

Sciences,

Inc

569,443‌

10,116

*

Horizon

Therapeutics

Plc

1,151,201‌

5,126

*

Illumina,

Inc

1,036,477‌

6,569

Zoetis,

Inc

962,687‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,397,026‌

RETAILING

-

10

.3

%

6,418

*

Alibaba

Group

Holding

Ltd

(ADR)

565,362‌

96,520

*

Amazon.com,

Inc

8,107,680‌

19,956

*

Coupang,

Inc

293,553‌

12,480

eBay,

Inc

517,545‌

765

Kering

389,329‌

23,481

TJX

Companies,

Inc

1,869,088‌

TOTAL

RETAILING

11,742,557‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6

.8

%

18,355

*

Advanced

Micro

Devices,

Inc

1,188,853‌

17,393

Applied

Materials,

Inc

1,693,730‌

3,885

Broadcom,

Inc

2,172,220‌

11,984

Marvell

Technology,

Inc

443,888‌

15,733

NVIDIA

Corp

2,299,221‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

7,797,912‌

SOFTWARE

&

SERVICES

-

27

.8

%

5,091

Accenture

plc

1,358,482‌

360

*,g

Adyen

NV

499,770‌

2,285

*

Atlassian

Corp

294,034‌

6,821

*

DocuSign,

Inc

378,020‌

4,677

Intuit,

Inc

1,820,382‌

50,794

Microsoft

Corp

12,181,417‌

17,366

Oracle

Corp

1,419,497‌

4,108

*

Palo

Alto

Networks,

Inc

573,230‌

12,837

*

PayPal

Holdings,

Inc

914,251‌

18,446

*

Qualtrics

International,

Inc

191,469‌

2,533

Roper

Technologies,

Inc

1,094,484‌

13,442

*

Salesforce,

Inc

1,782,275‌

3,147

*

ServiceNow,

Inc

1,221,886‌

Portfolio

of

investments

Growth

Equity

Fund

December

31,

2022

42

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

2,248

*

Synopsys,

Inc

$

717,764‌

31,085

Visa,

Inc

(Class

A)

6,458,219‌

5,093

*

Workday,

Inc

852,212‌

TOTAL

SOFTWARE

&

SERVICES

31,757,392‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6

.0

%

53,075

Apple,

Inc

6,896,035‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

6,896,035‌

TRANSPORTATION

-

2

.6

%

52,548

*

Uber

Technologies,

Inc

1,299,512‌

8,250

Union

Pacific

Corp

1,708,328‌

TOTAL

TRANSPORTATION

3,007,840‌

TOTAL

COMMON

STOCKS

112,742,057‌

(Cost

$89,712,824)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.6%

GOVERNMENT

AGENCY

DEBT

-

1

.6

%

$

1,868,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/03/23

1,868,000‌

TOTAL

GOVERNMENT

AGENCY

DEBT

1,868,000‌

TOTAL

SHORT-TERM

INVESTMENTS

1,868,000‌

(Cost

$1,867,595)

TOTAL

INVESTMENTS

-

100.2%

114,610,057‌

(Cost

$91,580,419)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

241,031‌

)

NET

ASSETS

-

100.0%

$

114,369,026‌

ADR

American

Depositary

Receipt

*

Non-income

producing

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

Portfolio

of

investments

Growth

&

Income

Fund

December

31,

2022

43

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.8%

AUTOMOBILES

&

COMPONENTS

-

1

.9

%

22,597

*

Tesla,

Inc

$

2,783,498‌

TOTAL

AUTOMOBILES

&

COMPONENTS

2,783,498‌

BANKS

-

2

.9

%

33,606

Fifth

Third

Bancorp

1,102,613‌

10,227

First

Republic

Bank

1,246,569‌

48,321

Wells

Fargo

&

Co

1,995,174‌

TOTAL

BANKS

4,344,356‌

CAPITAL

GOODS

-

11

.4

%

10,025

Caterpillar,

Inc

2,401,589‌

12,254

Dover

Corp

1,659,314‌

35,510

Fortive

Corp

2,281,517‌

14,946

Honeywell

International,

Inc

3,202,928‌

9,569

Hubbell,

Inc

2,245,653‌

2,970

W.W.

Grainger,

Inc

1,652,063‌

33,826

Westinghouse

Air

Brake

Technologies

Corp

3,376,173‌

TOTAL

CAPITAL

GOODS

16,819,237‌

DIVERSIFIED

FINANCIALS

-

7

.6

%

17,966

American

Express

Co

2,654,477‌

5,867

Ameriprise

Financial,

Inc

1,826,808‌

22,732

Ares

Management

Corp

1,555,778‌

75,679

Bank

of

New

York

Mellon

Corp

3,444,908‌

16,468

Discover

Financial

Services

1,611,064‌

31,200

*

Grab

Holdings

Ltd.

100,464‌

TOTAL

DIVERSIFIED

FINANCIALS

11,193,499‌

ENERGY

-

5

.3

%

20,798

EOG

Resources,

Inc

2,693,757‌

53,461

EQT

Corp

1,808,586‌

30,917

Exxon

Mobil

Corp

3,410,145‌

TOTAL

ENERGY

7,912,488‌

FOOD

&

STAPLES

RETAILING

-

2

.4

%

7,732

Costco

Wholesale

Corp

3,529,658‌

TOTAL

FOOD

&

STAPLES

RETAILING

3,529,658‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.0

%

21,505

Abbott

Laboratories

2,361,034‌

6,019

Cigna

Corp

1,994,336‌

28,133

*

Edwards

Lifesciences

Corp

2,099,003‌

31,602

Medtronic

plc

2,456,107‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

8,910,480‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

2

.8

%

27,815

Procter

&

Gamble

Co

4,215,641‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

4,215,641‌

INSURANCE

-

6

.2

%

57,524

American

International

Group,

Inc

3,637,818‌

29,542

*

Arch

Capital

Group

Ltd

1,854,647‌

16,557

Chubb

Ltd

3,652,474‌

TOTAL

INSURANCE

9,144,939‌

MATERIALS

-

4

.2

%

50,462

Corteva,

Inc

2,966,156‌

5,998

Linde

plc

1,956,428‌

Portfolio

of

investments

Growth

&

Income

Fund

December

31,

2022

44

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

25,218

Sealed

Air

Corp

$

1,257,874‌

TOTAL

MATERIALS

6,180,458‌

MEDIA

&

ENTERTAINMENT

-

3

.1

%

27,468

*

Alphabet,

Inc

(Class

A)

2,423,502‌

24,573

*

Alphabet,

Inc

(Class

C)

2,180,362‌

TOTAL

MEDIA

&

ENTERTAINMENT

4,603,864‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7

.9

%

49,168

Bristol-Myers

Squibb

Co

3,537,637‌

40,937

Merck

&

Co,

Inc

4,541,960‌

1,277

*

Mettler-Toledo

International,

Inc

1,845,840‌

5,320

*

Waters

Corp

1,822,526‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

11,747,963‌

REAL

ESTATE

-

3

.7

%

17,368

Prologis,

Inc

1,957,895‌

30,351

Simon

Property

Group,

Inc

3,565,635‌

TOTAL

REAL

ESTATE

5,523,530‌

RETAILING

-

6

.1

%

21,609

*

Amazon.com,

Inc

1,815,156‌

9,722

Home

Depot,

Inc

3,070,791‌

13,808

Lowe's

Companies,

Inc

2,751,106‌

2,885

*

Ulta

Beauty,

Inc

1,353,267‌

TOTAL

RETAILING

8,990,320‌

SOFTWARE

&

SERVICES

-

15

.3

%

47,337

Microsoft

Corp

11,352,359‌

49,881

Oracle

Corp

4,077,273‌

17,935

*

Palo

Alto

Networks,

Inc

2,502,650‌

5,098

*

ServiceNow,

Inc

1,979,401‌

8,276

*

Synopsys,

Inc

2,642,444‌

TOTAL

SOFTWARE

&

SERVICES

22,554,127‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6

.7

%

55,574

Apple,

Inc

7,220,730‌

22,029

*

Arista

Networks,

Inc

2,673,219‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

9,893,949‌

TRANSPORTATION

-

1

.2

%

9,838

United

Parcel

Service,

Inc

(Class

B)

1,710,238‌

TOTAL

TRANSPORTATION

1,710,238‌

UTILITIES

-

5

.1

%

29,646

Alliant

Energy

Corp

1,636,756‌

19,112

American

Electric

Power

Co,

Inc

1,814,684‌

56,837

Centerpoint

Energy,

Inc

1,704,542‌

29,286

NextEra

Energy,

Inc

2,448,309‌

TOTAL

UTILITIES

7,604,291‌

TOTAL

COMMON

STOCKS

147,662,536‌

(Cost

$124,344,201)

Portfolio

of

investments

Growth

&

Income

Fund

December

31,

2022

45

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

concluded

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

0.5%

GOVERNMENT

AGENCY

DEBT

-

0

.5

%

$

709,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/03/23

$

709,000‌

TOTAL

GOVERNMENT

AGENCY

DEBT

709,000‌

TOTAL

SHORT-TERM

INVESTMENTS

709,000‌

(Cost

$708,846)

TOTAL

INVESTMENTS

-

100.3%

148,371,536‌

(Cost

$125,053,047)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

490,835‌

)

NET

ASSETS

-

100.0%

$

147,880,701‌

*

Non-income

producing

Large-Cap

Value

Fund

December

31,

2022

Portfolio

of

investments

46

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.4%

BANKS

-

9

.9

%

55,771

Bank

of

America

Corp

$

1,847,136‌

18,517

JPMorgan

Chase

&

Co

2,483,130‌

6,300

PNC

Financial

Services

Group,

Inc

995,022‌

18,179

US

Bancorp

792,786‌

37,953

Wells

Fargo

&

Co

1,567,079‌

TOTAL

BANKS

7,685,153‌

CAPITAL

GOODS

-

11

.4

%

2,978

Allegion

plc

313,464‌

2,728

*

Boeing

Co

519,657‌

1,374

Caterpillar,

Inc

329,156‌

1,899

Deere

&

Co

814,215‌

5,687

Dover

Corp

770,077‌

5,917

Eaton

Corp

928,673‌

6,430

Honeywell

International,

Inc

1,377,949‌

12,412

Masco

Corp

579,268‌

3,513

Parker-Hannifin

Corp

1,022,283‌

17,834

Raytheon

Technologies

Corp

1,799,807‌

2,377

Trane

Technologies

plc

399,550‌

TOTAL

CAPITAL

GOODS

8,854,099‌

CONSUMER

DURABLES

&

APPAREL

-

1

.0

%

160

*

NVR,

Inc

738,013‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

738,013‌

CONSUMER

SERVICES

-

3

.5

%

249

*

Booking

Holdings,

Inc

501,805‌

7,951

Hilton

Worldwide

Holdings,

Inc

1,004,688‌

4,432

McDonald's

Corp

1,167,965‌

TOTAL

CONSUMER

SERVICES

2,674,458‌

DIVERSIFIED

FINANCIALS

-

6

.7

%

7,529

American

Express

Co

1,112,410‌

4,694

*

Berkshire

Hathaway,

Inc

(Class

B)

1,449,976‌

1,136

BlackRock,

Inc

805,004‌

6,289

Charles

Schwab

Corp

523,622‌

3,674

Goldman

Sachs

Group,

Inc

1,261,578‌

TOTAL

DIVERSIFIED

FINANCIALS

5,152,590‌

ENERGY

-

9

.5

%

15,321

Chevron

Corp

2,749,966‌

19,071

ConocoPhillips

2,250,378‌

8,729

EOG

Resources,

Inc

1,130,580‌

886

Pioneer

Natural

Resources

Co

202,354‌

8,159

Valero

Energy

Corp

1,035,051‌

TOTAL

ENERGY

7,368,329‌

FOOD

&

STAPLES

RETAILING

-

1

.6

%

8,681

Walmart,

Inc

1,230,879‌

TOTAL

FOOD

&

STAPLES

RETAILING

1,230,879‌

FOOD,

BEVERAGE

&

TOBACCO

-

1

.0

%

11,829

Mondelez

International,

Inc

788,403‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

788,403‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

9

.4

%

9,616

Abbott

Laboratories

1,055,741‌

4,308

Cigna

Corp

1,427,413‌

2,877

Elevance

Health,

Inc

1,475,815‌

Portfolio

of

investments

Large-Cap

Value

Fund

December

31,

2022

47

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

3,597

HCA

Healthcare,

Inc

$

863,136‌

10,881

Medtronic

plc

845,671‌

2,331

UnitedHealth

Group,

Inc

1,235,849‌

2,910

Zimmer

Biomet

Holdings,

Inc

371,025‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

7,274,650‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.8

%

3,971

Procter

&

Gamble

Co

601,845‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

601,845‌

INSURANCE

-

6

.0

%

20,512

American

International

Group,

Inc

1,297,179‌

7,043

Chubb

Ltd

1,553,686‌

5,667

Marsh

&

McLennan

Cos,

Inc

937,775‌

11,622

Metlife,

Inc

841,084‌

TOTAL

INSURANCE

4,629,724‌

MATERIALS

-

5

.0

%

9,690

Crown

Holdings,

Inc

796,615‌

11,867

DuPont

de

Nemours,

Inc

814,432‌

3,799

Linde

plc

1,239,158‌

4,988

PPG

Industries,

Inc

627,191‌

2,005

Reliance

Steel

&

Aluminum

Co

405,892‌

TOTAL

MATERIALS

3,883,288‌

MEDIA

&

ENTERTAINMENT

-

4

.4

%

10,357

*

Alphabet,

Inc

(Class

C)

918,976‌

28,443

Comcast

Corp

(Class

A)

994,652‌

6,353

*

Meta

Platforms,

Inc

764,520‌

8,766

*

Walt

Disney

Co

761,590‌

TOTAL

MEDIA

&

ENTERTAINMENT

3,439,738‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.5

%

2,977

AbbVie,

Inc

481,113‌

17,159

Bristol-Myers

Squibb

Co

1,234,590‌

1,206

Danaher

Corp

320,097‌

15,922

Johnson

&

Johnson

2,812,621‌

8,881

Merck

&

Co,

Inc

985,347‌

14,495

Pfizer,

Inc

742,724‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,576,492‌

REAL

ESTATE

-

0

.9

%

6,438

Prologis,

Inc

725,756‌

TOTAL

REAL

ESTATE

725,756‌

RETAILING

-

1

.5

%

3,610

Home

Depot,

Inc

1,140,255‌

TOTAL

RETAILING

1,140,255‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4

.0

%

5,225

Analog

Devices,

Inc

857,057‌

6,034

Applied

Materials,

Inc

587,591‌

482

Broadcom,

Inc

269,501‌

705

Lam

Research

Corp

296,311‌

11,271

Micron

Technology,

Inc

563,324‌

3,538

NXP

Semiconductors

NV

559,110‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

3,132,894‌

SOFTWARE

&

SERVICES

-

4

.4

%

2,023

Accenture

plc

539,817‌

8,747

*

Fiserv,

Inc

884,059‌

Portfolio

of

investments

Large-Cap

Value

Fund

December

31,

2022

48

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

4,086

Microsoft

Corp

$

979,905‌

12,334

Oracle

Corp

1,008,181‌

TOTAL

SOFTWARE

&

SERVICES

3,411,962‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

2

.4

%

17,306

Cisco

Systems,

Inc

824,458‌

9,304

TE

Connectivity

Ltd

1,068,099‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,892,557‌

TELECOMMUNICATION

SERVICES

-

1

.2

%

6,589

*

T-Mobile

US,

Inc

922,460‌

TOTAL

TELECOMMUNICATION

SERVICES

922,460‌

TRANSPORTATION

-

2

.5

%

15,994

*,†,b

AMR

Corporation

160‌

18,388

CSX

Corp

569,660‌

4,691

Union

Pacific

Corp

971,365‌

2,438

United

Parcel

Service,

Inc

(Class

B)

423,822‌

TOTAL

TRANSPORTATION

1,965,007‌

UTILITIES

-

3

.8

%

7,797

Ameren

Corp

693,309‌

8,115

American

Electric

Power

Co,

Inc

770,519‌

19,172

Centerpoint

Energy,

Inc

574,968‌

2,026

Dominion

Energy,

Inc

124,235‌

9,155

NextEra

Energy,

Inc

765,358‌

TOTAL

UTILITIES

2,928,389‌

TOTAL

COMMON

STOCKS

77,016,941‌

(Cost

$52,690,432)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.1%

GOVERNMENT

AGENCY

DEBT

-

1

.1

%

$

874,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/03/23

874,000‌

TOTAL

GOVERNMENT

AGENCY

DEBT

874,000‌

TOTAL

SHORT-TERM

INVESTMENTS

874,000‌

(Cost

$873,811)

TOTAL

INVESTMENTS

-

100.5%

77,890,941‌

(Cost

$53,564,243)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.5)%

(

375,247‌

)

NET

ASSETS

-

100.0%

$

77,515,694‌

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

b

In

bankruptcy

Portfolio

of

investments

Real

Estate

Securities

Fund

December

31,

2022

49

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

SHARES

COMPANY

VALUE

COMMON

STOCKS

-

98.9%

ASSET

MANAGEMENT

&

CUSTODY

BANKS

-

2

.1

%

18,000

iShares

Dow

Jones

US

Real

Estate

Index

Fund

$

1,515,420‌

TOTAL

ASSET

MANAGEMENT

&

CUSTODY

BANKS

1,515,420‌

HEALTH

CARE

REITS

-

6

.2

%

47,500

Healthpeak

Properties

Inc

1,190,825‌

24,000

Ventas,

Inc

1,081,200‌

32,500

Welltower,

Inc

2,130,375‌

TOTAL

HEALTH

CARE

REITS

4,402,400‌

HOTEL

&

RESORT

REITS

-

2

.2

%

60,000

Host

Hotels

and

Resorts,

Inc

963,000‌

7,000

Ryman

Hospitality

Properties

572,460‌

TOTAL

HOTEL

&

RESORT

REITS

1,535,460‌

INDUSTRIAL

REITS

-

17

.7

%

4,600

EastGroup

Properties,

Inc

681,076‌

4,500

Innovative

Industrial

Properties,

Inc

456,075‌

71,800

Prologis,

Inc

8,094,014‌

39,000

Rexford

Industrial

Realty,

Inc

2,130,960‌

21,000

Terreno

Realty

Corp

1,194,270‌

TOTAL

INDUSTRIAL

REITS

12,556,395‌

OFFICE

REITS

-

3

.7

%

14,500

Alexandria

Real

Estate

Equities,

Inc

2,112,215‌

4,700

Boston

Properties,

Inc

317,626‌

10,500

Vornado

Realty

Trust

218,505‌

TOTAL

OFFICE

REITS

2,648,346‌

RESIDENTIAL

REITS

-

22

.2

%

64,000

American

Homes

4

Rent

1,928,960‌

19,200

AvalonBay

Communities,

Inc

3,101,184‌

30,000

Equity

Lifestyle

Properties,

Inc

1,938,000‌

39,300

Equity

Residential

2,318,700‌

6,000

Essex

Property

Trust,

Inc

1,271,520‌

40,000

Independence

Realty

Trust,

Inc

674,400‌

12,000

Invitation

Homes,

Inc

355,680‌

12,100

Mid-America

Apartment

Communities,

Inc

1,899,579‌

16,200

Sun

Communities,

Inc

2,316,600‌

TOTAL

RESIDENTIAL

REITS

15,804,623‌

RETAIL

REITS

-

18

.3

%

9,800

Agree

Realty

Corp

695,114‌

61,500

Brixmor

Property

Group,

Inc

1,394,205‌

86,000

Kimco

Realty

Corp

1,821,480‌

52,000

Kite

Realty

Group

Trust

1,094,600‌

25,500

Realty

Income

Corp

1,617,465‌

26,700

Regency

Centers

Corp

1,668,750‌

35,300

Simon

Property

Group,

Inc

4,147,044‌

15,000

Spirit

Realty

Capital,

Inc

598,950‌

TOTAL

RETAIL

REITS

13,037,608‌

SPECIALIZED

REITS

-

26

.5

%

22,600

American

Tower

Corp

4,788,036‌

15,600

Crown

Castle

International

Corp

2,115,984‌

13,300

Digital

Realty

Trust,

Inc

1,333,591‌

5,150

Equinix,

Inc

3,373,405‌

3,500

Extra

Space

Storage,

Inc

515,130‌

11,500

Gaming

and

Leisure

Properties,

Inc

599,035‌

6,900

Public

Storage,

Inc

1,933,311‌

Portfolio

of

investments

Real

Estate

Securities

Fund

December

31,

2022

50

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

SHARES

COMPANY

VALUE

SPECIALIZED

REITS—continued

4,600

SBA

Communications

Corp

$

1,289,426‌

51,000

VICI

Properties,

Inc

1,652,400‌

39,000

Weyerhaeuser

Co

1,209,000‌

TOTAL

SPECIALIZED

REITS

18,809,318‌

TOTAL

COMMON

STOCKS

70,309,570‌

(Cost

$52,155,312)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.9%

GOVERNMENT

AGENCY

DEBT

-

0

.9

%

$

639,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/03/23

639,000‌

TOTAL

GOVERNMENT

AGENCY

DEBT

639,000‌

TOTAL

SHORT-TERM

INVESTMENTS

639,000‌

(Cost

$638,862)

TOTAL

INVESTMENTS

-

99.8%

70,948,570‌

(Cost

$52,794,174)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.2%

174,344‌

NET

ASSETS

-

100.0%

$

71,122,914‌

Portfolio

of

investments

Small-Cap

Equity

Fund

December

31,

2022

51

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

96.6%

AUTOMOBILES

&

COMPONENTS

-

0

.9

%

2,840

*

Fox

Factory

Holding

Corp

$

259,093‌

17,420

*

Goodyear

Tire

&

Rubber

Co

176,813‌

5,620

*

Modine

Manufacturing

Co

111,613‌

TOTAL

AUTOMOBILES

&

COMPONENTS

547,519‌

BANKS

-

10

.7

%

2,130

Amalgamated

Financial

Corp

49,075‌

8,190

Associated

Banc-Corp

189,107‌

4,960

*

Axos

Financial,

Inc

189,571‌

2,991

Bank

of

NT

Butterfield

&

Son

Ltd

89,162‌

2,762

Banner

Corp

174,558‌

11,960

Cadence

BanCorp

294,934‌

5,594

Cathay

General

Bancorp

228,179‌

3,280

Central

Pacific

Financial

Corp

66,518‌

6,660

Columbia

Banking

System,

Inc

200,666‌

3,422

ConnectOne

Bancorp,

Inc

82,847‌

3,833

*

Customers

Bancorp,

Inc

108,627‌

6,410

CVB

Financial

Corp

165,058‌

3,670

Eagle

Bancorp,

Inc

161,737‌

3,930

Enact

Holdings,

Inc

94,792‌

2,130

Enterprise

Financial

Services

Corp

104,285‌

6,451

Essent

Group

Ltd

250,815‌

574

Federal

Agricultural

Mortgage

Corp

(FAMC)

64,696‌

3,650

First

Busey

Corp

90,228‌

2,060

First

Financial

Corp

94,925‌

5,510

First

Foundation,

Inc

78,958‌

3,695

First

Merchants

Corp

151,902‌

5,580

Hancock

Whitney

Corp

270,016‌

2,610

Heartland

Financial

USA,

Inc

121,678‌

3,910

Heritage

Commerce

Corp

50,830‌

2,770

Home

Bancshares,

Inc

63,128‌

2,940

Horizon

Bancorp

44,335‌

1,694

Independent

Bank

Corp

40,521‌

3,629

Lakeland

Bancorp,

Inc

63,907‌

1,660

*

Metropolitan

Bank

Holding

Corp

97,392‌

3,440

National

Bank

Holdings

Corp

144,721‌

8,711

*

NMI

Holdings,

Inc

182,060‌

5,795

OceanFirst

Financial

Corp

123,144‌

9,565

OFG

Bancorp

263,611‌

8,080

Old

National

Bancorp

145,278‌

1,120

Pacific

Premier

Bancorp,

Inc

35,347‌

1,220

Peapack

Gladstone

Financial

Corp

45,408‌

994

Premier

Financial

Corp

26,808‌

1,244

QCR

Holdings,

Inc

61,752‌

14,987

Radian

Group,

Inc

285,802‌

4,790

Renasant

Corp

180,056‌

4,870

Towne

Bank

150,191‌

920

Trico

Bancshares

46,911‌

9,053

United

Community

Banks,

Inc

305,991‌

5,810

Washington

Federal,

Inc

194,926‌

3,940

WesBanco,

Inc

145,701‌

2,410

Westamerica

Bancorporation

142,214‌

TOTAL

BANKS

6,162,368‌

CAPITAL

GOODS

-

11

.0

%

5,140

Altra

Industrial

Motion

Corp

307,115‌

6,730

*

API

Group

Corp

126,591‌

2,240

d

Applied

Industrial

Technologies,

Inc

282,307‌

3,418

*

Atkore

International

Group,

Inc

387,670‌

Portfolio

of

investments

Small-Cap

Equity

Fund

December

31,

2022

52

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

4,421

Comfort

Systems

USA,

Inc

$

508,769‌

978

CSW

Industrials,

Inc

113,380‌

1,260

Encore

Wire

Corp

173,326‌

6,240

Enerpac

Tool

Group

Corp

158,808‌

1,767

EnPro

Industries,

Inc

192,055‌

2,400

*

Evoqua

Water

Technologies

Corp

95,040‌

6,501

Federal

Signal

Corp

302,101‌

9,190

*

Fluor

Corp

318,525‌

830

Franklin

Electric

Co,

Inc

66,192‌

1,250

H&E

Equipment

Services,

Inc

56,750‌

9,830

*

Janus

International

Group,

Inc

93,582‌

1,720

Kennametal,

Inc

41,383‌

1,690

McGrath

RentCorp

166,871‌

12,714

*

MRC

Global,

Inc

147,228‌

3,682

Mueller

Industries,

Inc

217,238‌

11,780

*

NOW,

Inc

149,606‌

1,200

*

NV5

Global

Inc

158,784‌

4,280

*

Parsons

Corp

197,950‌

7,180

*

PGT

Innovations,

Inc

128,953‌

3,800

Rush

Enterprises,

Inc

(Class

A)

198,664‌

6,210

*

Shoals

Technologies

Group,

Inc

153,201‌

1,360

Simpson

Manufacturing

Co,

Inc

120,578‌

2,150

*

SPX

Technologies,

Inc

141,147‌

740

Standex

International

Corp

75,783‌

10,200

*,e

Stem,

Inc

91,188‌

3,350

Terex

Corp

143,112‌

2,920

*

Titan

Machinery,

Inc

116,012‌

12,060

*

Triumph

Group,

Inc

126,871‌

3,660

UFP

Industries,

Inc

290,055‌

6,080

Wabash

National

Corp

137,408‌

4,330

*

WillScot

Mobile

Mini

Holdings

Corp

195,586‌

8,035

Zurn

Water

Solutions

Corp

169,940‌

TOTAL

CAPITAL

GOODS

6,349,769‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

2

.4

%

4,490

*

CBIZ,

Inc

210,356‌

2,353

Exponent,

Inc

233,159‌

8,230

*

First

Advantage

Corp

106,990‌

1,650

*

Franklin

Covey

Co

77,170‌

2,050

Heidrick

&

Struggles

International,

Inc

57,339‌

2,300

*

Huron

Consulting

Group,

Inc

166,980‌

1,620

ICF

International,

Inc

160,461‌

3,610

KBR,

Inc

190,608‌

2,188

Kforce,

Inc

119,968‌

3,520

*

TrueBlue,

Inc

68,922‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,391,953‌

CONSUMER

DURABLES

&

APPAREL

-

2

.0

%

9,910

*

Callaway

Golf

Co

195,723‌

5,290

Clarus

Corp

41,474‌

2,400

*,d

Crocs,

Inc

260,232‌

1,740

Ethan

Allen

Interiors,

Inc

45,971‌

2,106

*

G-III

Apparel

Group

Ltd

28,873‌

2,590

*

M/I

Homes,

Inc

119,606‌

1,090

*

Malibu

Boats,

Inc

58,097‌

3,704

*

Skyline

Champion

Corp

190,793‌

2,670

Steven

Madden

Ltd

85,333‌

4,320

*

Taylor

Morrison

Home

Corp

131,112‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,157,214‌

Portfolio

of

investments

Small-Cap

Equity

Fund

December

31,

2022

53

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES

-

3

.7

%

240

*

Biglari

Holdings,

Inc

(B

Shares)

$

33,312‌

4,330

Bloomin'

Brands,

Inc

87,120‌

1,362

Bluegreen

Vacations

Holding

Corp

33,996‌

1,670

Carriage

Services,

Inc

45,992‌

5,590

*

Chegg,

Inc

141,259‌

10,520

*

Coursera,

Inc

124,452‌

4,650

*

Dave

&

Buster's

Entertainment,

Inc

164,796‌

5,270

*

Denny's

Corp

48,537‌

1,970

*

Duolingo,

Inc

140,126‌

9,030

*

Everi

Holdings,

Inc

129,580‌

140

Graham

Holdings

Co

84,589‌

5,620

*

Hilton

Grand

Vacations,

Inc

216,595‌

9,300

International

Game

Technology

plc

210,924‌

6,770

*

Portillo's,

Inc

110,486‌

6,160

*

PowerSchool

Holdings,

Inc

142,173‌

3,000

Ruth's

Hospitality

Group

Inc

46,440‌

4,420

*

Target

Hospitality

Corp

66,919‌

3,530

Texas

Roadhouse,

Inc

(Class

A)

321,053‌

TOTAL

CONSUMER

SERVICES

2,148,349‌

DIVERSIFIED

FINANCIALS

-

3

.1

%

3,080

A-Mark

Precious

Metals,

Inc

106,969‌

5,820

Artisan

Partners

Asset

Management,

Inc

172,854‌

42,640

BGC

Partners,

Inc

(Class

A)

160,753‌

6,360

Broadmark

Realty

Capital,

Inc

22,642‌

2,100

Cohen

&

Steers,

Inc

135,576‌

2,693

Cowen

Group,

Inc

104,004‌

4,920

*

Enova

International,

Inc

188,780‌

4,050

*

Green

Dot

Corp

64,071‌

12,050

*

LendingClub

Corp

106,040‌

5,880

Navient

Corp

96,726‌

5,600

*

Open

Lending

Corp

37,800‌

1,470

Piper

Jaffray

Cos

191,379‌

4,210

Sculptor

Capital

Management,

Inc

36,459‌

3,380

StepStone

Group,

Inc

85,108‌

3,640

Victory

Capital

Holdings,

Inc

97,661‌

980

Virtus

Investment

Partners,

Inc

187,611‌

TOTAL

DIVERSIFIED

FINANCIALS

1,794,433‌

ENERGY

-

6

.9

%

3,510

*

Ardmore

Shipping

Corp

50,579‌

15,460

Berry

Petroleum

Co

LLC

123,680‌

950

Bonanza

Creek

Energy,

Inc

55,034‌

3,340

Chesapeake

Energy

Corp

315,196‌

8,070

Comstock

Resources

Inc

110,640‌

7,000

CVR

Energy,

Inc

219,380‌

6,680

Delek

US

Holdings,

Inc

180,360‌

2,000

*

Denbury,

Inc

174,040‌

6,640

*

Diamond

Offshore

Drilling,

Inc

69,056‌

1,390

Helmerich

&

Payne,

Inc

68,902‌

13,770

Liberty

Oilfield

Services,

Inc

220,458‌

4,010

Murphy

Oil

Corp

172,470‌

49,390

Nordic

American

Tankers

Ltd

151,133‌

9,650

*

Oceaneering

International,

Inc

168,779‌

3,370

Ovintiv,

Inc

170,893‌

9,465

*

Par

Pacific

Holdings,

Inc

220,061‌

11,353

PBF

Energy,

Inc

462,975‌

5,900

Permian

Resources

Corp

55,460‌

16,350

RPC,

Inc

145,352‌

6,874

Sitio

Royalties

Corp

198,312‌

1,640

*

Teekay

Tankers

Ltd

50,528‌

Portfolio

of

investments

Small-Cap

Equity

Fund

December

31,

2022

54

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

33,699

*

Tellurian,

Inc

$

56,614‌

5,980

*

US

Silica

Holdings,

Inc

74,750‌

1,990

*

Valaris

Ltd

134,564‌

6,150

*

Weatherford

International

Ltd

313,158‌

TOTAL

ENERGY

3,962,374‌

FOOD

&

STAPLES

RETAILING

-

0

.9

%

3,212

Andersons,

Inc

112,388‌

2,183

*,d

BJ's

Wholesale

Club

Holdings,

Inc

144,427‌

4,450

*

Chefs'

Warehouse

Holdings,

Inc

148,096‌

1,874

*

Performance

Food

Group

Co

109,423‌

7,330

*,e

Rite

Aid

Corp

24,482‌

TOTAL

FOOD

&

STAPLES

RETAILING

538,816‌

FOOD,

BEVERAGE

&

TOBACCO

-

2

.0

%

2,744

Calavo

Growers,

Inc

80,674‌

3,380

Cal-Maine

Foods,

Inc

184,041‌

370

Coca-Cola

Consolidated

Inc

189,573‌

4,110

*

Duckhorn

Portfolio,

Inc

68,103‌

5,925

*

Hostess

Brands,

Inc

132,957‌

990

MGP

Ingredients,

Inc

105,316‌

13,870

Primo

Water

Corp

215,540‌

1,880

*

TreeHouse

Foods,

Inc

92,834‌

940

Universal

Corp

49,641‌

2,930

*

Vital

Farms,

Inc

43,716‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,162,395‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.8

%

10,450

*

1Life

Healthcare,

Inc

174,620‌

2,310

*

AdaptHealth

Corp

44,398‌

10,400

*

Allscripts

Healthcare

Solutions,

Inc

183,456‌

12,320

*

Alphatec

Holdings

Inc

152,152‌

280

*

AMN

Healthcare

Services,

Inc

28,790‌

4,024

*

Avanos

Medical,

Inc

108,890‌

3,230

*

Axonics

Modulation

Technologies,

Inc

201,972‌

7,250

*

Cardiovascular

Systems,

Inc

98,745‌

5,390

*

Cross

Country

Healthcare,

Inc

143,212‌

5,990

*

DocGo,

Inc

42,349‌

4,370

*

Health

Catalyst,

Inc

46,453‌

2,774

*

HealthStream,

Inc

68,906‌

12,800

*

Hims

&

Hers

Health,

Inc

82,048‌

2,480

*

Integer

Holding

Corp

169,781‌

4,481

*

Lantheus

Holdings,

Inc

228,352‌

3,600

*

Meridian

Bioscience,

Inc

119,556‌

3,270

*

Merit

Medical

Systems,

Inc

230,927‌

1,390

*

ModivCare,

Inc

124,725‌

7,850

*

Neogen

Corp

119,556‌

4,880

*

NextGen

Healthcare,

Inc

91,646‌

7,430

*

Option

Care

Health,

Inc

223,569‌

8,010

*

Owens

&

Minor,

Inc

156,435‌

5,240

*

Phreesia,

Inc

169,566‌

6,240

*

Privia

Health

Group,

Inc

141,710‌

3,140

*

PROCEPT

BioRobotics

Corp

130,436‌

5,300

*

Progyny,

Inc

165,095‌

2,400

*

RadNet,

Inc

45,192‌

1,430

*

Shockwave

Medical

Inc

294,022‌

5,670

*

Surgery

Partners,

Inc

157,966‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,944,525‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.9

%

7,840

*

BellRing

Brands,

Inc

201,017‌

Portfolio

of

investments

Small-Cap

Equity

Fund

December

31,

2022

55

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HOUSEHOLD

&

PERSONAL

PRODUCTS—continued

6,022

*

elf

Beauty,

Inc

$

333,017‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

534,034‌

INSURANCE

-

1

.6

%

1,159

American

Equity

Investment

Life

Holding

Co

52,873‌

1,950

*

BRP

Group,

Inc

49,023‌

2,230

Employers

Holdings,

Inc

96,180‌

50,390

*

Genworth

Financial,

Inc

(Class

A)

266,563‌

2,500

Selective

Insurance

Group,

Inc

221,525‌

3,090

Stewart

Information

Services

Corp

132,036‌

1,930

*

Trupanion,

Inc

91,733‌

1,396

Universal

Insurance

Holdings,

Inc

14,784‌

TOTAL

INSURANCE

924,717‌

MATERIALS

-

4

.5

%

1,500

AdvanSix,

Inc

57,030‌

3,910

*

Aspen

Aerogels,

Inc

46,099‌

2,830

Avient

Corp

95,541‌

4,920

Commercial

Metals

Co

237,636‌

13,630

*

Constellium

SE

161,243‌

2,150

*

Ingevity

Corp

151,446‌

1,133

Innospec,

Inc

116,540‌

6,310

*

LSB

Industries,

Inc

83,923‌

1,264

Materion

Corp

110,613‌

3,100

Myers

Industries,

Inc

68,913‌

14,690

*

O-I

Glass,

Inc

243,413‌

1,490

Olympic

Steel,

Inc

50,034‌

8,240

*

Perimeter

Solutions

S.A.

75,314‌

1,230

*

Piedmont

Lithium,

Inc

54,145‌

7,170

*

Rayonier

Advanced

Materials,

Inc

68,832‌

5,090

Ryerson

Holding

Corp

154,023‌

4,080

Schnitzer

Steel

Industries,

Inc

(Class

A)

125,052‌

4,260

Schweitzer-Mauduit

International,

Inc

89,034‌

2,810

Sensient

Technologies

Corp

204,905‌

785

Stepan

Co

83,571‌

3,080

Sylvamo

Corp

149,657‌

10,140

Tronox

Holdings

plc

139,020‌

TOTAL

MATERIALS

2,565,984‌

MEDIA

&

ENTERTAINMENT

-

1

.9

%

7,610

*

Cars.com,

Inc

104,790‌

24,530

*

Clear

Channel

25,756‌

12,810

Entravision

Communications

Corp

(Class

A)

61,488‌

7,460

*

Integral

Ad

Science

Holding

Corp

65,573‌

2,959

*

Liberty

Braves

Group

(Class

C)

95,368‌

8,330

*

Magnite,

Inc

88,215‌

6,320

*

PubMatic,

Inc

80,959‌

6,080

Sinclair

Broadcast

Group,

Inc

(Class

A)

94,301‌

13,020

TEGNA,

Inc

275,894‌

5,070

*

WideOpenWest,

Inc

46,188‌

4,690

*

Yelp,

Inc

128,225‌

TOTAL

MEDIA

&

ENTERTAINMENT

1,066,757‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

9

.0

%

3,730

*,e

AbCellera

Biologics,

Inc

37,785‌

35,790

*

ADMA

Biologics,

Inc

138,865‌

27,061

*

Agenus,

Inc

64,947‌

9,390

*

Alkermes

plc

245,361‌

4,720

*

Amphastar

Pharmaceuticals,

Inc

132,254‌

4,320

*

Amylyx

Pharmaceuticals,

Inc

159,624‌

1,290

*

Arrowhead

Pharmaceuticals

Inc

52,322‌

Portfolio

of

investments

Small-Cap

Equity

Fund

December

31,

2022

56

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

14,520

*

BioCryst

Pharmaceuticals,

Inc

$

166,690���

7,870

*

Biohaven

Ltd

109,236‌

16,920

*

Bluebird

Bio,

Inc

117,086‌

5,680

*

C4

Therapeutics,

Inc

33,512‌

3,283

*

CareDx,

Inc

37,459‌

8,770

*

Catalyst

Pharmaceuticals,

Inc

163,122‌

7,190

*

Chinook

Therapeutics,

Inc

188,378‌

9,420

*

Codexis,

Inc

43,897‌

4,650

*

Coherus

Biosciences,

Inc

36,828‌

21,820

*

CTI

BioPharma

Corp

131,138‌

7,300

*

Cytek

Biosciences,

Inc

74,533‌

5,220

*

Day

One

Biopharmaceuticals,

Inc

112,334‌

5,630

*

Deciphera

Pharmaceuticals,

Inc

92,276‌

8,180

*

Dynavax

Technologies

Corp

87,035‌

6,130

*

Editas

Medicine,

Inc

54,373‌

14,150

*

Esperion

Thereapeutics,

Inc

88,155‌

10,250

*

Evolus,

Inc

76,978‌

3,044

*

Harmony

Biosciences

Holdings,

Inc

167,724‌

5,940

*

Ideaya

Biosciences,

Inc

107,930‌

7,720

*

Insmed,

Inc

154,246‌

970

*

Intellia

Therapeutics,

Inc

33,843‌

8,070

*

Intercept

Pharmaceuticals,

Inc

99,826‌

4,950

*

Intra-Cellular

Therapies,

Inc

261,954‌

15,230

*

Iovance

Biotherapeutics,

Inc

97,320‌

7,976

*

Ironwood

Pharmaceuticals,

Inc

98,823‌

12,297

*

IVERIC

bio,

Inc

263,279‌

11,780

*

Karyopharm

Therapeutics,

Inc

40,052‌

13,980

*

Kezar

Life

Sciences,

Inc

98,419‌

6,620

*

Kura

Oncology,

Inc

82,154‌

17,890

*

Mersana

Therapeutics,

Inc

104,835‌

3,380

*

Morphic

Holding,

Inc

90,415‌

6,910

*

NGM

Biopharmaceuticals

Inc

34,688‌

8,770

*

Nkarta,

Inc

52,532‌

7,720

*

Nurix

Therapeutics,

Inc

84,766‌

2,185

Phibro

Animal

Health

Corp

29,301‌

1,980

*

Prometheus

Biosciences,

Inc

217,800‌

3,440

*

Protagonist

Therapeutics,

Inc

37,530‌

4,930

*

RAPT

Therapeutics,

Inc

97,614‌

13,120

*

Recursion

Pharmaceuticals,

Inc

101,155‌

1,760

*

Replimune

Group,

Inc

47,872‌

31,930

*

Rigel

Pharmaceuticals,

Inc

47,895‌

4,520

*

Rocket

Pharmaceuticals,

Inc

88,456‌

24,045

*

Sangamo

Therapeutics

Inc

75,501‌

8,550

*

Vanda

Pharmaceuticals,

Inc

63,185‌

3,430

*

Vir

Biotechnology,

Inc

86,813‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,210,116‌

REAL

ESTATE

-

6

.2

%

690

Agree

Realty

Corp

48,942‌

4,880

Alexander

&

Baldwin,

Inc

91,402‌

14,090

Apple

Hospitality

REIT,

Inc

222,340‌

12,460

*

Ashford

Hospitality

Trust,

Inc

55,696‌

21,960

Brandywine

Realty

Trust

135,054‌

5,910

Broadstone

Net

Lease,

Inc

95,801‌

4,270

Corporate

Office

Properties

Trust

110,764‌

3,030

*

Cushman

&

Wakefield

plc

37,754‌

18,670

DiamondRock

Hospitality

Co

152,907‌

391

EastGroup

Properties,

Inc

57,892‌

9,620

Essential

Properties

Realty

Trust,

Inc

225,781‌

10,920

Macerich

Co

122,959‌

3,237

National

Storage

Affiliates

Trust

116,920‌

Portfolio

of

investments

Small-Cap

Equity

Fund

December

31,

2022

57

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE—continued

6,410

Office

Properties

Income

Trust

$

85,574‌

3,560

Outfront

Media,

Inc

59,025‌

18,650

Paramount

Group,

Inc

110,781‌

8,070

Phillips

Edison

&

Co,

Inc

256,949‌

11,380

Piedmont

Office

Realty

Trust,

Inc

104,355‌

5,550

PotlatchDeltic

Corp

244,145‌

13,040

Retail

Opportunities

Investment

Corp

195,991‌

15,810

RLJ

Lodging

Trust

167,428‌

1,940

Ryman

Hospitality

Properties

158,653‌

20,410

Service

Properties

Trust

148,789‌

2,366

STAG

Industrial,

Inc

76,446‌

12,210

Summit

Hotel

Properties,

Inc

88,156‌

10,910

Tanger

Factory

Outlet

Centers,

Inc

195,725‌

9,110

Whitestone

REIT

87,820‌

9,240

Xenia

Hotels

&

Resorts,

Inc

121,783‌

TOTAL

REAL

ESTATE

3,575,832‌

RETAILING

-

1

.7

%

6,040

*

Abercrombie

&

Fitch

Co

(Class

A)

138,377‌

3,250

Academy

Sports

&

Outdoors,

Inc

170,755‌

2,110

*

Boot

Barn

Holdings,

Inc

131,917‌

14,350

*

CarParts.com,

Inc

89,831‌

4,120

*

MarineMax,

Inc

128,626‌

3,710

Monro

Muffler,

Inc

167,692‌

1,990

Signet

Jewelers

Ltd

135,320‌

TOTAL

RETAILING

962,518‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2

.8

%

2,380

*

Coherent

Corp

83,538‌

2,870

*,e

Credo

Technology

Group

Holding

Ltd

38,200‌

3,830

Kulicke

&

Soffa

Industries,

Inc

169,516‌

3,153

*

Lattice

Semiconductor

Corp

204,567‌

2,880

*

MACOM

Technology

Solutions

Holdings,

Inc

181,382‌

6,170

*

MaxLinear,

Inc

209,472‌

9,590

*

Photronics,

Inc

161,400‌

4,750

*

Rambus,

Inc

170,145‌

4,170

*

Semtech

Corp

119,637‌

3,040

*

SMART

Global

Holdings,

Inc

45,235‌

5,480

*

SunPower

Corp

98,804‌

6,480

*

Veeco

Instruments,

Inc

120,398‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,602,294‌

SOFTWARE

&

SERVICES

-

7

.2

%

5,070

*

ACI

Worldwide,

Inc

116,610‌

4,750

*

Alkami

Technology,

Inc

69,302‌

17,400

*

AvidXchange

Holdings,

Inc

172,956‌

9,630

*

Box,

Inc

299,782‌

4,740

*

Brightcove,

Inc

24,790‌

6,540

Clear

Secure,

Inc

179,392‌

2,480

*

Commvault

Systems,

Inc

155,843‌

11,380

*

Conduent,

Inc

46,089‌

2,760

*

Domo,

Inc

39,302‌

6,490

*

EngageSmart,

Inc

114,224‌

2,100

*

ExlService

Holdings,

Inc

355,803‌

7,180

*

Flywire

Corp

175,695‌

9,050

*

Grid

Dynamics

Holdings,

Inc

101,541‌

4,200

*

International

Money

Express

Inc

102,354‌

8,310

*

KnowBe4,

Inc

205,922‌

3,820

*

Model

N,

Inc

154,939‌

3,120

*

Pagerduty,

Inc

82,867‌

18,170

*

Payoneer

Global,

Inc

99,390‌

Portfolio

of

investments

Small-Cap

Equity

Fund

December

31,

2022

58

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

2,450

*

Perficient,

Inc

$

171,083‌

3,558

Progress

Software

Corp

179,501‌

960

*

Qualys,

Inc

107,741‌

1,115

*

Rapid7,

Inc

37,888‌

15,480

*

Repay

Holdings

Corp

124,614‌

3,510

*

Sprout

Social,

Inc

198,175‌

880

*

SPS

Commerce,

Inc

113,018‌

11,970

*

StoneCo

Ltd

112,997‌

15,430

*

Sumo

Logic,

Inc

124,983‌

7,206

*

Tenable

Holdings,

Inc

274,909‌

2,320

*

Varonis

Systems,

Inc

55,541‌

16,710

*

Zeta

Global

Holdings

Corp

136,521‌

TOTAL

SOFTWARE

&

SERVICES

4,133,772‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

3

.8

%

3,710

Belden

CDT,

Inc

266,749‌

18,290

*

CommScope

Holding

Co,

Inc

134,431‌

13,622

*

Extreme

Networks,

Inc

249,419‌

2,090

*

Fabrinet

267,980‌

6,510

*

Knowles

Corp

106,894‌

1,059

*

OSI

Systems,

Inc

84,212‌

5,220

*

Ribbon

Communications,

Inc

14,564‌

8,031

*

Sanmina

Corp

460,096‌

1,180

*

Scansource,

Inc

34,479‌

3,400

*

Super

Micro

Computer,

Inc

279,140‌

10,770

Vishay

Intertechnology,

Inc

232,309‌

886

*

Vishay

Precision

Group,

Inc

34,244‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,164,517‌

TELECOMMUNICATION

SERVICES

-

0

.8

%

3,050

*

Bandwidth

Inc

69,998‌

5,890

*

EchoStar

Corp

(Class

A)

98,245‌

56,170

*

Globalstar,

Inc

74,706‌

7,300

*

Gogo,

Inc

107,748‌

11,450

*

Radius

Global

Infrastructure,

Inc

135,339‌

TOTAL

TELECOMMUNICATION

SERVICES

486,036‌

TRANSPORTATION

-

2

.0

%

2,881

ArcBest

Corp

201,785‌

2,331

Forward

Air

Corp

244,498‌

3,581

*

Hub

Group,

Inc

(Class

A)

284,654‌

16,830

Safe

Bulkers,

Inc

48,975‌

1,070

*

Saia,

Inc

224,358‌

6,354

Spirit

Airlines,

Inc

123,776‌

TOTAL

TRANSPORTATION

1,128,046‌

UTILITIES

-

3

.8

%

5,170

Avista

Corp

229,238‌

3,878

Black

Hills

Corp

272,779‌

5,895

Brookfield

Infrastructure

Corp

229,315‌

6,020

Clearway

Energy,

Inc

(Class

C)

191,857‌

3,391

Northwest

Natural

Holding

Co

161,378‌

3,945

NorthWestern

Corp

234,096‌

3,380

Otter

Tail

Corp

198,440‌

5,365

Portland

General

Electric

Co

262,885‌

8,641

South

Jersey

Industries,

Inc

307,015‌

1,490

Unitil

Corp

76,526‌

TOTAL

UTILITIES

2,163,529‌

TOTAL

COMMON

STOCKS

55,677,867‌

(Cost

$51,940,970)

Portfolio

of

investments

Small-Cap

Equity

Fund

December

31,

2022

59

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

concluded

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

3.8%

GOVERNMENT

AGENCY

DEBT

-

3

.5

%

$

2,029,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/03/23

$

2,029,000‌

TOTAL

GOVERNMENT

AGENCY

DEBT

2,029,000‌

SHARES

COMPANY

EXP

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.3

%

169,474

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.340

169,474‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

169,474‌

TOTAL

SHORT-TERM

INVESTMENTS

2,198,474‌

(Cost

$2,198,034)

TOTAL

INVESTMENTS

-

100.4%

57,876,341‌

(Cost

$54,139,004)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.4)%

(

209,596‌

)

NET

ASSETS

-

100.0%

$

57,666,745‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$189,725.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

Russell

2000

E

Mini

Index

21‌

03/17/23

 $

1,900,013‌

$

1,859,445‌

$

(

40,568‌

)

Social

Choice

Equity

Fund

December

31,

2022

Portfolio

of

investments

60

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.2%

AUTOMOBILES

&

COMPONENTS

-

1

.4

%

2,638

*

American

Axle

&

Manufacturing

Holdings,

Inc

$

20,629‌

1,461

*

Aptiv

plc

136,063‌

114

BorgWarner,

Inc

4,589‌

3,135

*,e

Canoo,

Inc

3,856‌

2,579

*

Rivian

Automotive,

Inc

47,531‌

7,027

*

Tesla,

Inc

865,586‌

3,385

*,e

Workhorse

Group,

Inc

5,145‌

TOTAL

AUTOMOBILES

&

COMPONENTS

1,083,399‌

BANKS

-

3

.0

%

626

Bank

OZK

25,078‌

46

Banner

Corp

2,907‌

618

Berkshire

Hills

Bancorp,

Inc

18,478‌

54

Camden

National

Corp

2,251‌

11,040

Citigroup,

Inc

499,339‌

6,229

Citizens

Financial

Group,

Inc

245,236‌

1,433

Comerica,

Inc

95,796‌

19

Commerce

Bancshares,

Inc

1,287‌

22

Community

Trust

Bancorp,

Inc

1,010‌

599

*

Customers

Bancorp,

Inc

16,976‌

89

Federal

Agricultural

Mortgage

Corp

(FAMC)

10,031‌

136

First

Busey

Corp

3,362‌

577

First

Republic

Bank

70,331‌

16

FNB

Corp

209‌

17

Hancock

Whitney

Corp

823‌

108

Heritage

Financial

Corp

3,309‌

231

HomeStreet,

Inc

6,371‌

3,688

Huntington

Bancshares,

Inc

52,001‌

2,786

Keycorp

48,532‌

329

Live

Oak

Bancshares,

Inc

9,936‌

180

*

Mr

Cooper

Group,

Inc

7,223‌

333

National

Bank

Holdings

Corp

14,009‌

5

NBT

Bancorp,

Inc

217‌

145

Old

National

Bancorp

2,607‌

710

Pinnacle

Financial

Partners,

Inc

52,114‌

3,092

PNC

Financial

Services

Group,

Inc

488,350‌

9,026

Regions

Financial

Corp

194,601‌

260

*

SVB

Financial

Group

59,836‌

277

*

The

Bancorp,

Inc

7,861‌

49

Trico

Bancshares

2,498‌

6,789

Truist

Financial

Corp

292,131‌

9

Umpqua

Holdings

Corp

161‌

182

Univest

Financial

Corp

4,756‌

49

Westamerica

Bancorporation

2,891‌

693

Zions

Bancorporation

34,068‌

TOTAL

BANKS

2,276,586‌

CAPITAL

GOODS

-

6

.1

%

3,224

3M

Co

386,622‌

17

Acuity

Brands,

Inc

2,815‌

1,131

*

Axon

Enterprise,

Inc

187,667‌

793

*

Blink

Charging

Co

8,699‌

66

*

Bloom

Energy

Corp

1,262‌

3,235

Carrier

Global

Corp

133,444‌

2,630

Caterpillar,

Inc

630,043‌

467

Cummins,

Inc

113,149‌

879

Curtiss-Wright

Corp

146,784‌

1,405

Deere

&

Co

602,408‌

2,382

Eaton

Corp

373,855‌

Portfolio

of

investments

Social

Choice

Equity

Fund

December

31,

2022

61

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

18

EMCOR

Group,

Inc

$

2,666‌

633

Emerson

Electric

Co

60,806‌

1,556

Fastenal

Co

73,630‌

1,318

Fortive

Corp

84,681‌

873

*

Great

Lakes

Dredge

&

Dock

Corp

5,194‌

1,866

Hexcel

Corp

109,814‌

27

IDEX

Corp

6,165‌

2,309

Illinois

Tool

Works,

Inc

508,673‌

4,199

Johnson

Controls

International

plc

268,736‌

1,991

*

Kratos

Defense

&

Security

Solutions,

Inc

20,547‌

480

*

Manitowoc

Co,

Inc

4,397‌

2,264

Masco

Corp

105,661‌

1,132

*

Mercury

Systems,

Inc

50,646‌

68

Moog,

Inc

(Class

A)

5,968‌

52

*

MYR

Group,

Inc

4,788‌

75

Owens

Corning,

Inc

6,397‌

789

PACCAR,

Inc

78,087‌

583

*

Proto

Labs,

Inc

14,884‌

502

Rockwell

Automation,

Inc

129,300‌

52

Rush

Enterprises,

Inc

(Class

A)

2,719‌

116

Snap-On,

Inc

26,505‌

913

Trane

Technologies

plc

153,466‌

1,280

*

Triumph

Group,

Inc

13,466‌

400

*

United

Rentals,

Inc

142,168‌

267

*

Vectrus,

Inc

11,024‌

175

W.W.

Grainger,

Inc

97,344‌

54

*

WESCO

International,

Inc

6,761‌

484

Woodward

Inc

46,759‌

475

Xylem,

Inc

52,521‌

TOTAL

CAPITAL

GOODS

4,680,521‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.2

%

205

ACCO

Brands

Corp

1,146‌

27

*

ASGN

Inc

2,200‌

7,054

*

Copart,

Inc

429,518‌

47

Heidrick

&

Struggles

International,

Inc

1,315‌

1,863

*

KAR

Auction

Services,

Inc

24,312‌

478

Kelly

Services,

Inc

(Class

A)

8,078‌

691

Robert

Half

International,

Inc

51,017‌

1,588

TransUnion

90,119‌

33

*

TriNet

Group,

Inc

2,237‌

177

Verisk

Analytics,

Inc

31,226‌

1,926

Waste

Management,

Inc

302,151‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

943,319‌

CONSUMER

DURABLES

&

APPAREL

-

1

.4

%

1,686

*

Allbirds,

Inc

4,080‌

643

DR

Horton,

Inc

57,317‌

468

Ethan

Allen

Interiors,

Inc

12,365‌

739

*

GoPro,

Inc

3,680‌

200

*

Green

Brick

Partners,

Inc

4,846‌

13

Hasbro,

Inc

793‌

325

*

iRobot

Corp

15,642‌

786

*

Latham

Group,

Inc

2,531‌

264

*

Lovesac

Co

5,811‌

361

*

Lululemon

Athletica,

Inc

115,657‌

144

Newell

Brands

Inc

1,884‌

5,739

Nike,

Inc

(Class

B)

671,520‌

25

*

NVR,

Inc

115,315‌

1,740

*

Sonos,

Inc

29,406‌

680

*

Traeger,

Inc

1,918‌

Portfolio

of

investments

Social

Choice

Equity

Fund

December

31,

2022

62

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

1,145

*

Tupperware

Brands

Corp

$

4,740‌

709

VF

Corp

19,575‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,067,080‌

CONSUMER

SERVICES

-

2

.3

%

259

ADT,

Inc

2,349‌

272

*

Booking

Holdings,

Inc

548,156‌

430

*

Bright

Horizons

Family

Solutions

27,133‌

356

Carriage

Services,

Inc

9,804‌

1,038

*

Dave

&

Buster's

Entertainment,

Inc

36,787‌

814

*

F45

Training

Holdings,

Inc

2,320‌

3,337

Hilton

Worldwide

Holdings,

Inc

421,663‌

384

*

Planet

Fitness,

Inc

30,259‌

35

*

Shake

Shack,

Inc

1,454‌

941

*

Six

Flags

Entertainment

Corp

21,878‌

6,121

Starbucks

Corp

607,203‌

254

Vail

Resorts,

Inc

60,541‌

983

Wendy's

22,245‌

1,174

*

WW

International

Inc

4,532‌

TOTAL

CONSUMER

SERVICES

1,796,324‌

DIVERSIFIED

FINANCIALS

-

7

.6

%

2,331

Ally

Financial,

Inc

56,993‌

3,807

American

Express

Co

562,484‌

795

Ameriprise

Financial,

Inc

247,539‌

6,639

Bank

of

New

York

Mellon

Corp

302,207‌

848

BlackRock,

Inc

600,918‌

7,756

Charles

Schwab

Corp

645,765‌

4,216

Discover

Financial

Services

412,451‌

114

Factset

Research

Systems,

Inc

45,738‌

1,748

Goldman

Sachs

Group,

Inc

600,228‌

105

*

Green

Dot

Corp

1,661‌

4,460

Intercontinental

Exchange

Group,

Inc

457,551‌

482

Invesco

Ltd

8,671‌

1,032

Moody's

Corp

287,536‌

6,771

Morgan

Stanley

575,670‌

907

Nasdaq

Inc

55,645‌

1,346

Northern

Trust

Corp

119,108‌

65

*

PRA

Group,

Inc

2,196‌

38

*

PROG

Holdings,

Inc

642‌

104

Raymond

James

Financial,

Inc

11,112‌

1,773

S&P

Global,

Inc

593,849‌

1,634

State

Street

Corp

126,749‌

865

T

Rowe

Price

Group,

Inc

94,337‌

357

Voya

Financial,

Inc

21,952‌

TOTAL

DIVERSIFIED

FINANCIALS

5,831,002‌

ENERGY

-

5

.3

%

4,768

Antero

Midstream

Corp

51,447‌

2,379

APA

Corp

111,052‌

3,376

Baker

Hughes

Co

99,693‌

49

ChampionX

Corp

1,420‌

2,459

Cheniere

Energy,

Inc

368,752‌

1,847

Chevron

Corp

331,518‌

5,548

ConocoPhillips

654,664‌

59

Delek

US

Holdings,

Inc

1,593‌

1,964

Devon

Energy

Corp

120,806‌

355

*

DMC

Global,

Inc

6,901‌

557

*

Dril-Quip,

Inc

15,134‌

2,401

EOG

Resources,

Inc

310,978‌

2,790

EQT

Corp

94,386‌

Portfolio

of

investments

Social

Choice

Equity

Fund

December

31,

2022

63

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

1,278

Hess

Corp

$

181,246‌

12,666

Kinder

Morgan,

Inc

229,001‌

8,716

*

Kosmos

Energy

Ltd

55,434‌

1,214

Marathon

Petroleum

Corp

141,297‌

4,253

NOV,

Inc

88,845‌

155

*

Oceaneering

International,

Inc

2,711‌

230

ONEOK,

Inc

15,111‌

262

Ovintiv,

Inc

13,286‌

1,078

Pioneer

Natural

Resources

Co

246,204‌

9,858

Schlumberger

Ltd

527,009‌

9,547

*

Southwestern

Energy

Co

55,850‌

2,662

Valero

Energy

Corp

337,701‌

TOTAL

ENERGY

4,062,039‌

FOOD

&

STAPLES

RETAILING

-

0

.7

%

2,537

*

BJ's

Wholesale

Club

Holdings,

Inc

167,848‌

1,046

*

Performance

Food

Group

Co

61,076‌

500

Pricesmart,

Inc

30,390‌

780

SpartanNash

Co

23,587‌

2,410

*

Sprouts

Farmers

Market,

Inc

78,012‌

1,207

*

United

Natural

Foods,

Inc

46,723‌

3,302

*

US

Foods

Holding

Corp

112,334‌

TOTAL

FOOD

&

STAPLES

RETAILING

519,970‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.4

%

931

Archer-Daniels-Midland

Co

86,443‌

1,458

*,e

Benson

Hill,

Inc

3,718‌

1,360

*,e

Beyond

Meat,

Inc

16,742‌

627

Campbell

Soup

Co

35,582‌

13,694

Coca-Cola

Co

871,075‌

173

*

Darling

International,

Inc

10,828‌

399

Fresh

Del

Monte

Produce,

Inc

10,450‌

4,846

General

Mills,

Inc

406,337‌

2,699

Hormel

Foods

Corp

122,940‌

1,723

Kellogg

Co

122,747‌

934

McCormick

&

Co,

Inc

77,419‌

4,805

PepsiCo,

Inc

868,071‌

79

*

TreeHouse

Foods,

Inc

3,901‌

215

*

Vital

Farms,

Inc

3,208‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,639,461‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.6

%

1,224

*

1Life

Healthcare,

Inc

20,453‌

1,458

*

Accolade,

Inc

11,358‌

841

*

Allscripts

Healthcare

Solutions,

Inc

14,835‌

786

*

Angiodynamics,

Inc

10,823‌

100

*

AtriCure,

Inc

4,438‌

246

*

AxoGen,

Inc

2,455‌

13

*

Axonics

Modulation

Technologies,

Inc

813‌

4,125

*

Brookdale

Senior

Living,

Inc

11,261‌

636

*

Cardiovascular

Systems,

Inc

8,662‌

487

*

Castle

Biosciences,

Inc

11,464‌

3,845

*

Cerus

Corp

14,034‌

1,750

Cigna

Corp

579,845‌

280

*

Computer

Programs

&

Systems,

Inc

7,622‌

725

*

CryoLife,

Inc

8,787‌

2,529

*

Dexcom,

Inc

286,384‌

4,717

*

Edwards

Lifesciences

Corp

351,935‌

1,219

Elevance

Health,

Inc

625,311‌

1,090

*

Enhabit,

Inc

14,344‌

1,838

*

Envista

Holdings

Corp

61,886‌

Portfolio

of

investments

Social

Choice

Equity

Fund

December

31,

2022

64

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

315

*

Fulgent

Genetics,

Inc

$

9,381‌

154

*

Globus

Medical,

Inc

11,438‌

1,397

HCA

Healthcare,

Inc

335,224‌

1,215

*

Health

Catalyst,

Inc

12,916‌

231

*

Henry

Schein,

Inc

18,450‌

182

*

Heska

Corp

11,313‌

1,219

*

Hologic,

Inc

91,193‌

657

*

IDEXX

Laboratories,

Inc

268,030‌

508

*

Inogen,

Inc

10,013‌

503

Laboratory

Corp

of

America

Holdings

118,447‌

301

LeMaitre

Vascular,

Inc

13,852‌

85

*

LivaNova

plc

4,721‌

478

*

Merit

Medical

Systems,

Inc

33,756‌

349

*

Nevro

Corp

13,820‌

1,173

*

NextGen

Healthcare,

Inc

22,029‌

984

*

Omnicell,

Inc

49,613‌

7,559

*

Opko

Health,

Inc

9,449‌

1,413

*

OraSure

Technologies,

Inc

6,811‌

412

*

Orthofix

Medical

Inc

8,458‌

1,073

*

Outset

Medical,

Inc

27,705‌

170

*

Penumbra,

Inc

37,818‌

514

*

Pulmonx

Corp

4,333‌

298

Quest

Diagnostics,

Inc

46,619‌

903

Resmed,

Inc

187,941‌

229

*

SI-BONE,

Inc

3,114‌

269

*

Staar

Surgical

Co

13,057‌

359

STERIS

plc

66,304‌

460

*

Teladoc,

Inc

10,879‌

1,540

UnitedHealth

Group,

Inc

816,477‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

4,309,871‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.9

%

3,450

Colgate-Palmolive

Co

271,825‌

726

Kimberly-Clark

Corp

98,555‌

7,184

Procter

&

Gamble

Co

1,088,807‌

1,439

*

Veru,

Inc

7,598‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,466,785‌

INSURANCE

-

3

.2

%

1,279

Allstate

Corp

173,432‌

2,596

Chubb

Ltd

572,678‌

11,299

*

Genworth

Financial,

Inc

(Class

A)

59,772‌

3,267

Marsh

&

McLennan

Cos,

Inc

540,623‌

3,249

Progressive

Corp

421,428‌

3,545

Prudential

Financial,

Inc

352,586‌

1,699

Travelers

Cos,

Inc

318,545‌

162

Willis

Towers

Watson

plc

39,622‌

TOTAL

INSURANCE

2,478,686‌

MATERIALS

-

3

.0

%

205

Amcor

plc

2,442‌

140

Aptargroup,

Inc

15,397‌

3,948

Ball

Corp

201,901‌

1,021

*

Century

Aluminum

Co

8,352‌

539

*

Coeur

Mining,

Inc

1,811‌

1,267

Dow,

Inc

63,844‌

2,587

Ecolab,

Inc

376,564‌

753

International

Flavors

&

Fragrances,

Inc

78,944‌

420

Koppers

Holdings,

Inc

11,844‌

2,118

Linde

plc

690,849‌

200

Martin

Marietta

Materials,

Inc

67,594‌

Portfolio

of

investments

Social

Choice

Equity

Fund

December

31,

2022

65

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

3,544

Mosaic

Co

$

155,475‌

5,513

Newmont

Goldcorp

Corp

260,214‌

2,113

Nucor

Corp

278,515‌

249

PPG

Industries,

Inc

31,309‌

27

Reliance

Steel

&

Aluminum

Co

5,466‌

1,914

*

Summit

Materials,

Inc

54,338‌

283

Trinseo

plc

6,427‌

TOTAL

MATERIALS

2,311,286‌

MEDIA

&

ENTERTAINMENT

-

3

.8

%

634

*

Cardlytics,

Inc

3,665‌

2,461

*

Cinemark

Holdings,

Inc

21,312‌

4,792

*

Clear

Channel

5,032‌

14,098

Comcast

Corp

(Class

A)

493,007‌

1,662

Electronic

Arts,

Inc

203,063‌

2,025

Gray

Television,

Inc

22,660‌

1,398

*

iHeartMedia,

Inc

8,570‌

1,361

Interpublic

Group

of

Cos,

Inc

45,335‌

176

John

Wiley

&

Sons,

Inc

(Class

A)

7,051‌

1,020

*

Liberty

Broadband

Corp

(Class

C)

77,795‌

533

*

MediaAlpha,

Inc

5,303‌

1,699

*

Netflix,

Inc

501,001‌

201

New

York

Times

Co

(Class

A)

6,524‌

3,894

Omnicom

Group,

Inc

317,634‌

871

*

Pinterest,

Inc

21,148‌

60

*

Roku,

Inc

2,442‌

119

Scholastic

Corp

4,696‌

724

Sinclair

Broadcast

Group,

Inc

(Class

A)

11,229‌

16,462

e

Sirius

XM

Holdings,

Inc

96,138‌

1,849

*

Take-Two

Interactive

Software,

Inc

192,536‌

103

TEGNA,

Inc

2,183‌

2,340

*

TripAdvisor,

Inc

42,073‌

3,172

*

Vimeo,

Inc

10,880‌

6,809

*

Walt

Disney

Co

591,566‌

3,690

*

Warner

Bros

Discovery,

Inc

34,981‌

1,165

*

Yelp,

Inc

31,851‌

6,177

*

ZoomInfo

Technologies,

Inc

185,989‌

TOTAL

MEDIA

&

ENTERTAINMENT

2,945,664‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.7

%

2,484

*

Adaptive

Biotechnologies

Corp

18,978‌

2,994

Agilent

Technologies,

Inc

448,052‌

1,209

*

Agios

Pharmaceuticals,

Inc

33,949‌

1,286

*

Alector,

Inc

11,870‌

2,403

Amgen,

Inc

631,124‌

2,053

*

Atara

Biotherapeutics,

Inc

6,734‌

1,121

*

Atea

Pharmaceuticals,

Inc

5,392‌

33

*,e

Axsome

Therapeutics,

Inc

2,545‌

1,102

*

BioCryst

Pharmaceuticals,

Inc

12,651‌

92

*

Biogen,

Inc

25,477‌

9,274

Bristol-Myers

Squibb

Co

667,264‌

642

*

Caribou

Biosciences,

Inc

4,032‌

455

*

Cassava

Sciences,

Inc

13,441‌

2,465

*

Catalent,

Inc

110,950‌

701

*

Collegium

Pharmaceutical,

Inc

16,263‌

2,762

Danaher

Corp

733,090‌

201

*

Eagle

Pharmaceuticals,

Inc

5,875‌

2,720

Eli

Lilly

&

Co

995,085‌

682

*

Erasca,

Inc

2,939‌

866

*

Fulcrum

Therapeutics,

Inc

6,304‌

4,354

Gilead

Sciences,

Inc

373,791‌

Portfolio

of

investments

Social

Choice

Equity

Fund

December

31,

2022

66

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

219

*

IGM

Biosciences,

Inc

$

3,725‌

741

*

Illumina,

Inc

149,830‌

5,476

*

Inovio

Pharmaceuticals,

Inc

8,543‌

209

*

Intra-Cellular

Therapies,

Inc

11,060‌

850

*

IQVIA

Holdings,

Inc

174,157‌

357

*

Jazz

Pharmaceuticals

plc

56,874‌

949

*

Kezar

Life

Sciences,

Inc

6,681‌

8,159

Merck

&

Co,

Inc

905,241‌

77

*

Mettler-Toledo

International,

Inc

111,300‌

613

*

Mirati

Therapeutics,

Inc

27,775‌

2,791

*

NeoGenomics,

Inc

25,789‌

724

*

NGM

Biopharmaceuticals

Inc

3,634‌

501

*

Nkarta,

Inc

3,001‌

1,002

*

Nurix

Therapeutics,

Inc

11,002‌

1,377

*

Nuvation

Bio,

Inc

2,644‌

547

Perrigo

Co

plc

18,647‌

228

Phibro

Animal

Health

Corp

3,057‌

842

*

Prothena

Corp

plc

50,730‌

1,286

*,e

Provention

Bio,

Inc

13,593‌

317

*

Regeneron

Pharmaceuticals,

Inc

228,712‌

1,002

*

Revance

Therapeutics,

Inc

18,497‌

1,981

*,e

Sana

Biotechnology,

Inc

7,825‌

1,491

*

Ultragenyx

Pharmaceutical,

Inc

69,078‌

134

*

Vera

Therapeutics,

Inc

2,593‌

478

*

Viridian

Therapeutics,

Inc

13,962‌

245

*

Waters

Corp

83,932‌

493

West

Pharmaceutical

Services,

Inc

116,028‌

3,056

Zoetis,

Inc

447,857‌

177

*,†

Zogenix,

Inc

120‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,701,693‌

REAL

ESTATE

-

2

.8

%

2,526

American

Tower

Corp

535,158‌

937

Boston

Properties,

Inc

63,323‌

705

Brixmor

Property

Group,

Inc

15,982‌

1,099

CBRE

Group,

Inc

84,579‌

465

City

Office

REIT,

Inc

3,897‌

673

Crown

Castle

International

Corp

91,286‌

4,027

DiamondRock

Hospitality

Co

32,981‌

42

Douglas

Emmett,

Inc

659‌

478

Equinix,

Inc

313,104‌

456

First

Industrial

Realty

Trust,

Inc

22,007‌

2,646

Healthpeak

Properties

Inc

66,335‌

20

*

Howard

Hughes

Corp

1,528‌

355

iStar

Inc

2,709‌

79

*

Jones

Lang

LaSalle,

Inc

12,590‌

63

Kilroy

Realty

Corp

2,436‌

3,120

Macerich

Co

35,131‌

5,089

Park

Hotels

&

Resorts,

Inc

59,999‌

99

PotlatchDeltic

Corp

4,355‌

4,275

Prologis,

Inc

481,921‌

783

*

Realogy

Holdings

Corp

5,003‌

8

RMR

Group,

Inc

226‌

27

Safehold,

Inc

773‌

141

*

Tejon

Ranch

Co

2,657‌

826

Ventas,

Inc

37,211‌

2,347

Welltower,

Inc

153,846‌

3,169

Weyerhaeuser

Co

98,239‌

765

Xenia

Hotels

&

Resorts,

Inc

10,083‌

TOTAL

REAL

ESTATE

2,138,018‌

Portfolio

of

investments

Social

Choice

Equity

Fund

December

31,

2022

67

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

RETAILING

-

4

.3

%

595

*

1-800-FLOWERS.COM,

Inc

(Class

A)

$

5,688‌

19

Aaron's

Co,

Inc

227‌

204

Advance

Auto

Parts,

Inc

29,994‌

21

*

CarMax,

Inc

1,279‌

9,917

eBay,

Inc

411,258‌

84

*

Five

Below,

Inc

14,857‌

316

*

Genesco,

Inc

14,542‌

192

Hibbett

Sports,

Inc

13,098‌

3,258

Home

Depot,

Inc

1,029,072‌

329

*

Lands'

End,

Inc

2,497‌

547

*

Liquidity

Services,

Inc

7,691‌

1,013

LKQ

Corp

54,104‌

3,135

Lowe's

Companies,

Inc

624,617‌

5,612

Macy's,

Inc

115,888‌

431

*

MarineMax,

Inc

13,456‌

6

Pool

Corp

1,814‌

428

Shoe

Carnival,

Inc

10,234‌

2,911

Target

Corp

433,855‌

6,216

TJX

Companies,

Inc

494,794‌

202

Tractor

Supply

Co

45,444‌

20

*

TravelCenters

of

America,

Inc

896‌

15

Winmark

Corp

3,537‌

234

*

Zumiez,

Inc

5,087‌

TOTAL

RETAILING

3,333,929‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

5

.1

%

5,331

Applied

Materials,

Inc

519,133‌

289

*

Cirrus

Logic,

Inc

21,525‌

412

*

First

Solar,

Inc

61,714‌

22,362

Intel

Corp

591,028‌

1,057

Lam

Research

Corp

444,257‌

7,130

NVIDIA

Corp

1,041,978‌

6,285

*

ON

Semiconductor

Corp

391,995‌

243

*

Silicon

Laboratories,

Inc

32,968‌

4,102

Texas

Instruments,

Inc

677,732‌

162

Universal

Display

Corp

17,502‌

1,577

*

Wolfspeed,

Inc

108,876‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

3,908,708‌

SOFTWARE

&

SERVICES

-

16

.9

%

2,738

Accenture

plc

730,608‌

1,896

*

Adobe,

Inc

638,061‌

115

*

Ansys,

Inc

27,783‌

2,194

*

Autodesk,

Inc

409,993‌

2,342

Automatic

Data

Processing,

Inc

559,410‌

534

*

Blackline,

Inc

35,922‌

1,766

*

Cadence

Design

Systems,

Inc

283,690‌

354

Concentrix

Corp

47,139‌

737

CSG

Systems

International,

Inc

42,156‌

1,393

Dolby

Laboratories,

Inc

(Class

A)

98,262‌

5,250

*

DXC

Technology

Co

139,125‌

731

*

ExlService

Holdings,

Inc

123,853‌

6,447

Fidelity

National

Information

Services,

Inc

437,429‌

134

*

Five9,

Inc

9,093‌

4,451

International

Business

Machines

Corp

627,101‌

1,349

Intuit,

Inc

525,058‌

2,811

Mastercard,

Inc

(Class

A)

977,469‌

16,607

d

Microsoft

Corp

3,982,691‌

1,161

*

New

Relic,

Inc

65,538‌

1,586

*

Nutanix,

Inc

41,315‌

136

*

OneSpan,

Inc

1,522‌

Portfolio

of

investments

Social

Choice

Equity

Fund

December

31,

2022

68

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

7,716

*

PayPal

Holdings,

Inc

$

549,534‌

356

*

Rapid7,

Inc

12,097‌

489

Roper

Technologies,

Inc

211,292‌

3,991

*

Salesforce,

Inc

529,167‌

1,204

*

ServiceNow,

Inc

467,477‌

809

*

SPS

Commerce,

Inc

103,900‌

1,463

*

SVMK,

Inc

10,241‌

1,116

*

Synopsys,

Inc

356,328‌

761

*

Teradata

Corp

25,615‌

401

TTEC

Holdings,

Inc

17,696‌

3,562

*

VMware,

Inc

(Class

A)

437,271‌

986

*

WEX,

Inc

161,359‌

2,127

*

Workday,

Inc

355,911‌

TOTAL

SOFTWARE

&

SERVICES

13,041,106‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

4

.1

%

1,918

Avnet,

Inc

79,750‌

261

Badger

Meter,

Inc

28,457‌

826

Benchmark

Electronics,

Inc

22,046‌

1,751

*

Ciena

Corp

89,266‌

16,253

Cisco

Systems,

Inc

774,293‌

698

CTS

Corp

27,515‌

587

*

ePlus,

Inc

25,992‌

827

*

Fabrinet

106,038‌

418

*

FARO

Technologies,

Inc

12,293‌

22,153

Hewlett

Packard

Enterprise

Co

353,562‌

16,097

HP,

Inc

432,526‌

695

*

Insight

Enterprises,

Inc

69,688‌

69

*

Itron,

Inc

3,495‌

2,477

*

Keysight

Technologies,

Inc

423,740‌

483

*

Kimball

Electronics,

Inc

10,911‌

2,059

*

Knowles

Corp

33,809‌

189

*

Lumentum

Holdings,

Inc

9,860‌

91

Methode

Electronics,

Inc

4,038‌

3,648

*,e

Microvision,

Inc

8,573‌

3,023

*,e

Mirion

Technologies,

Inc

19,982‌

45

Motorola

Solutions,

Inc

11,597‌

1,529

National

Instruments

Corp

56,420‌

323

*

Netgear,

Inc

5,850‌

49

*

Novanta,

Inc

6,658‌

109

*

OSI

Systems,

Inc

8,668‌

562

*,e

PAR

Technology

Corp

14,651‌

442

*

Plexus

Corp

45,495‌

633

*

Ribbon

Communications,

Inc

1,766‌

426

*

Rogers

Corp

50,839‌

5,618

*

Trimble

Inc

284,046‌

2,329

*

TTM

Technologies,

Inc

35,121‌

247

*

Vishay

Precision

Group,

Inc

9,547‌

3,553

Vontier

Corp

68,679‌

2,559

Xerox

Holdings

Corp

37,361‌

365

*

Xperi,

Inc

3,143‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

3,175,675‌

TELECOMMUNICATION

SERVICES

-

1

.1

%

514

*

Bandwidth

Inc

11,797‌

2,213

*

Iridium

Communications,

Inc

113,748‌

18,638

Verizon

Communications,

Inc

734,337‌

TOTAL

TELECOMMUNICATION

SERVICES

859,882‌

TRANSPORTATION

-

3

.0

%

579

ArcBest

Corp

40,553‌

Portfolio

of

investments

Social

Choice

Equity

Fund

December

31,

2022

69

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TRANSPORTATION—continued

731

CH

Robinson

Worldwide,

Inc

$

66,930‌

16,253

CSX

Corp

503,518‌

11,714

*

Delta

Air

Lines,

Inc

384,922‌

1,341

Expeditors

International

of

Washington,

Inc

139,357‌

1,509

Norfolk

Southern

Corp

371,848‌

667

Old

Dominion

Freight

Line

189,281‌

3,539

United

Parcel

Service,

Inc

(Class

B)

615,220‌

TOTAL

TRANSPORTATION

2,311,629‌

UTILITIES

-

3

.3

%

3,657

American

Electric

Power

Co,

Inc

347,232‌

2,474

Consolidated

Edison,

Inc

235,797‌

249

DTE

Energy

Co

29,265‌

974

Eversource

Energy

81,660‌

8,391

NextEra

Energy,

Inc

701,488‌

2,156

Sempra

Energy

333,188‌

131

South

Jersey

Industries,

Inc

4,654‌

6,636

Southern

Co

473,877‌

389

UGI

Corp

14,420‌

1,485

WEC

Energy

Group,

Inc

139,234‌

2,381

Xcel

Energy,

Inc

166,932‌

TOTAL

UTILITIES

2,527,747‌

TOTAL

COMMON

STOCKS

76,410,380‌

(Cost

$51,285,417)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.0%

GOVERNMENT

AGENCY

DEBT

-

0

.9

%

$

668,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/03/23

668,000‌

TOTAL

GOVERNMENT

AGENCY

DEBT

668,000‌

SHARES

COMPANY

EXP

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.1

%

108,391

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.340

108,391‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

108,391‌

TOTAL

SHORT-TERM

INVESTMENTS

776,391‌

(Cost

$776,246)

TOTAL

INVESTMENTS

-

100.2%

77,186,771‌

(Cost

$52,061,663)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

149,192‌

)

NET

ASSETS

-

100.0%

$

77,037,579‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

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

$114,759.

Portfolio

of

investments

Social

Choice

Equity

Fund

December

31,

2022

70

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

3‌

03/17/23

 $

609,580‌

$

579,150‌

$

(

30,430‌

)

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

71

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

98.9%

AUTOMOBILES

&

COMPONENTS

-

1

.4

%

1,634

*

Adient

plc

$

56,683‌

1,752

*

American

Axle

&

Manufacturing

Holdings,

Inc

13,701‌

4,663

*

Aptiv

plc

434,265‌

4,087

BorgWarner,

Inc

164,502‌

2,183

*,e

Canoo,

Inc

2,685‌

3,233

*

Cenntro

Electric

Group

Ltd

1,423‌

2,264

Dana

Inc

34,254‌

476

*

Dorman

Products,

Inc

38,494‌

2,668

*,e

Fisker,

Inc

19,396‌

66,835

Ford

Motor

Co

777,291‌

713

*

Fox

Factory

Holding

Corp

65,047‌

24,380

General

Motors

Co

820,143‌

4,153

Gentex

Corp

113,252‌

573

*

Gentherm,

Inc

37,411‌

3,873

*

Goodyear

Tire

&

Rubber

Co

39,311‌

2,377

Harley-Davidson,

Inc

98,883‌

808

*,e

Holley,

Inc

1,713‌

377

LCI

Industries,

Inc

34,854‌

1,077

Lear

Corp

133,570‌

4,894

*,e

Lordstown

Motors

Corp

5,579‌

8,999

*,e

Lucid

Group,

Inc

61,463‌

3,923

*,e

Luminar

Technologies,

Inc

19,419‌

772

*

Modine

Manufacturing

Co

15,332‌

292

*

Motorcar

Parts

of

America,

Inc

3,463‌

381

Patrick

Industries,

Inc

23,089‌

4,191

*,e

QuantumScape

Corp

23,763‌

8,805

*

Rivian

Automotive,

Inc

162,276‌

2,129

*

Solid

Power,

Inc

5,408‌

330

Standard

Motor

Products,

Inc

11,484‌

449

*

Stoneridge,

Inc

9,680‌

44,103

*

Tesla,

Inc

5,432,608‌

947

Thor

Industries,

Inc

71,489‌

496

*

Visteon

Corp

64,892‌

486

Winnebago

Industries,

Inc

25,612‌

2,131

*,e

Workhorse

Group,

Inc

3,239‌

343

*

XPEL,

Inc

20,601‌

TOTAL

AUTOMOBILES

&

COMPONENTS

8,846,275‌

BANKS

-

4

.2

%

254

1st

Source

Corp

13,485‌

95

ACNB

Corp

3,782‌

197

Amalgamated

Financial

Corp

4,539‌

442

Amerant

Bancorp

Inc

11,863‌

127

American

National

Bankshares,

Inc

4,690‌

1,222

Ameris

Bancorp

57,605‌

199

Arrow

Financial

Corp

6,746‌

2,719

Associated

Banc-Corp

62,782‌

1,279

Atlantic

Union

Bankshares

Corp

44,944‌

945

*

Axos

Financial,

Inc

36,118‌

697

Banc

of

California,

Inc

11,103‌

446

Bancfirst

Corp

39,328‌

117

e

Bank

First

Corp

10,860‌

120,056

Bank

of

America

Corp

3,976,255‌

861

Bank

of

Hawaii

Corp

66,779‌

174

Bank

of

Marin

Bancorp

5,721‌

1,235

Bank

of

NT

Butterfield

&

Son

Ltd

36,815‌

2,233

Bank

OZK

89,454‌

1,737

BankUnited

59,006‌

511

Banner

Corp

32,295‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

72

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

219

Bar

Harbor

Bankshares

$

7,017‌

148

Baycom

Corp

2,809‌

174

BCB

Bancorp,

Inc

3,130‌

641

Berkshire

Hills

Bancorp,

Inc

19,166‌

298

*

Blue

Foundry

Bancorp

3,829‌

235

Blue

Ridge

Bankshares,

Inc

2,935‌

717

BOK

Financial

Corp

74,417‌

385

*

Bridgewater

Bancshares,

Inc

6,830‌

1,046

Brookline

Bancorp,

Inc

14,801‌

324

Business

First

Bancshares,

Inc

7,173‌

231

Byline

Bancorp,

Inc

5,306‌

3,491

Cadence

BanCorp

86,088‌

59

Cambridge

Bancorp

4,901‌

238

Camden

National

Corp

9,922‌

693

Capital

Bancorp,

Inc

16,313‌

156

Capital

City

Bank

Group,

Inc

5,070‌

2,332

Capitol

Federal

Financial

20,172‌

292

Capstar

Financial

Holdings,

Inc

5,157‌

641

*

Carter

Bankshares,

Inc

10,634‌

1,220

Cathay

General

Bancorp

49,764‌

470

Central

Pacific

Financial

Corp

9,532‌

33,111

Citigroup,

Inc

1,497,611‌

167

Citizens

&

Northern

Corp

3,818‌

8,682

Citizens

Financial

Group,

Inc

341,810‌

236

City

Holding

Co

21,969‌

157

Civista

Bancshares,

Inc

3,456‌

226

CNB

Financial

Corp

5,377‌

415

*

Coastal

Financial

Corp

19,721‌

163

Colony

Bankcorp

Inc

2,068‌

1,129

Columbia

Banking

System,

Inc

34,017‌

372

*

Columbia

Financial,

Inc

8,043‌

2,351

Comerica,

Inc

157,164‌

1,958

Commerce

Bancshares,

Inc

133,281‌

1,009

Community

Bank

System,

Inc

63,517‌

238

Community

Trust

Bancorp,

Inc

10,931‌

422

ConnectOne

Bancorp,

Inc

10,217‌

858

*

CrossFirst

Bankshares,

Inc

10,648‌

1,101

Cullen/Frost

Bankers,

Inc

147,204‌

438

*

Customers

Bancorp,

Inc

12,413‌

2,357

CVB

Financial

Corp

60,693‌

611

Dime

Community

Bancshares,

Inc

19,448‌

638

Eagle

Bancorp,

Inc

28,117‌

2,453

East

West

Bancorp,

Inc

161,653‌

2,652

Eastern

Bankshares,

Inc

45,747‌

375

Enact

Holdings,

Inc

9,045‌

147

Enterprise

Bancorp,

Inc

5,189‌

424

Enterprise

Financial

Services

Corp

20,759‌

161

Equity

Bancshares,

Inc

5,260‌

105

Esquire

Financial

Holdings,

Inc

4,542‌

1,785

Essent

Group

Ltd

69,401‌

193

Farmers

&

Merchants

Bancorp,

Inc

5,246‌

378

Farmers

National

Banc

Corp

5,337‌

560

FB

Financial

Corp

20,238‌

139

Federal

Agricultural

Mortgage

Corp

(FAMC)

15,667‌

11,764

Fifth

Third

Bancorp

385,977‌

335

*,e

Finance

Of

America

Cos,

Inc

425‌

202

Financial

Institutions,

Inc

4,921‌

3,399

First

Bancorp

43,235‌

440

First

Bancorp

18,850‌

162

First

Bancorp,

Inc

4,850‌

201

First

Bancshares,

Inc

6,434‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

73

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

354

First

Bank

$

4,871‌

586

First

Busey

Corp

14,486‌

87

First

Business

Financial

Services,

Inc

3,180‌

219

First

Citizens

Bancshares,

Inc

(Class

A)

166,081‌

1,371

First

Commonwealth

Financial

Corp

19,153‌

242

First

Community

Bancshares,

Inc

8,204‌

1,705

First

Financial

Bancorp

41,312‌

2,288

First

Financial

Bankshares,

Inc

78,707‌

14

First

Financial

Corp

645‌

445

First

Foundation,

Inc

6,377‌

106

First

Guaranty

Bancshares,

Inc

2,486‌

2,293

First

Hawaiian,

Inc

59,710‌

9,020

First

Horizon

National

Corp

220,990‌

85

First

Internet

Bancorp

2,064‌

1,459

First

Interstate

Bancsystem,

Inc

56,390‌

960

First

Merchants

Corp

39,466‌

93

First

Mid-Illinois

Bancshares,

Inc

2,983‌

321

First

of

Long

Island

Corp

5,778‌

3,087

First

Republic

Bank

376,274‌

170

*

First

Western

Financial,

Inc

4,785‌

177

Five

Star

Bancorp

4,821‌

358

Flushing

Financial

Corp

6,938‌

5,298

FNB

Corp

69,139‌

2,673

Fulton

Financial

Corp

44,987‌

127

*

FVCBankcorp,

Inc

2,422‌

325

German

American

Bancorp,

Inc

12,123‌

1,648

Glacier

Bancorp,

Inc

81,444‌

26

Great

Southern

Bancorp,

Inc

1,547‌

66

Greene

County

Bancorp,

Inc

3,790‌

28

Guaranty

Bancshares,

Inc

970‌

1,685

Hancock

Whitney

Corp

81,537‌

484

Hanmi

Financial

Corp

11,979‌

1,147

HarborOne

Northeast

Bancorp,

Inc

15,943‌

429

Heartland

Financial

USA,

Inc

20,000‌

1,217

Heritage

Commerce

Corp

15,821‌

460

Heritage

Financial

Corp

14,094‌

1,168

Hilltop

Holdings,

Inc

35,052‌

22

Hingham

Institution

for

Savings

6,071‌

89

Home

Bancorp,

Inc

3,563‌

2,960

Home

Bancshares,

Inc

67,458‌

2,953

Home

Point

Capital,

Inc

4,046‌

314

HomeStreet,

Inc

8,660‌

265

HomeTrust

Bancshares,

Inc

6,405‌

1,956

Hope

Bancorp,

Inc

25,056‌

501

Horizon

Bancorp

7,555‌

25,248

Huntington

Bancshares,

Inc

355,997‌

726

Independent

Bank

Corp

61,296‌

308

Independent

Bank

Corp

7,367‌

488

Independent

Bank

Group,

Inc

29,319‌

843

International

Bancshares

Corp

38,576‌

164

John

Marshall

Bancorp,

Inc

4,720‌

49,804

JPMorgan

Chase

&

Co

6,678,716‌

2,079

Kearny

Financial

Corp

21,102‌

16,007

Keycorp

278,842‌

584

Lakeland

Bancorp,

Inc

10,284‌

525

Lakeland

Financial

Corp

38,309‌

485

Live

Oak

Bancshares,

Inc

14,647‌

341

Luther

Burbank

Corp

3,789‌

3,024

M&T

Bank

Corp

438,661‌

400

Macatawa

Bank

Corp

4,412‌

226

Mercantile

Bank

Corp

7,566‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

74

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

232

Merchants

Bancorp

$

5,642‌

753

Meta

Financial

Group,

Inc

32,417‌

224

Metrocity

Bankshares,

Inc

4,845‌

101

*

Metropolitan

Bank

Holding

Corp

5,926‌

5,143

MGIC

Investment

Corp

66,859‌

129

Mid

Penn

Bancorp,

Inc

3,866‌

324

Midland

States

Bancorp,

Inc

8,625‌

169

MidWestOne

Financial

Group,

Inc

5,366‌

1,135

*

Mr

Cooper

Group,

Inc

45,548‌

142

MVB

Financial

Corp

3,127‌

535

National

Bank

Holdings

Corp

22,507‌

669

NBT

Bancorp,

Inc

29,048‌

9,844

New

York

Community

Bancorp,

Inc

84,658‌

140

*

Nicolet

Bankshares,

Inc

11,171‌

1,272

*

NMI

Holdings,

Inc

26,585‌

90

Northeast

Bank

3,789‌

643

Northfield

Bancorp,

Inc

10,114‌

2,189

Northwest

Bancshares,

Inc

30,602‌

714

OceanFirst

Financial

Corp

15,173‌

596

OFG

Bancorp

16,426‌

4,862

Old

National

Bancorp

87,419‌

432

Old

Second

Bancorp,

Inc

6,929‌

249

Origin

Bancorp,

Inc

9,138‌

111

Orrstown

Financial

Services,

Inc

2,571‌

1,405

Pacific

Premier

Bancorp,

Inc

44,342‌

2,138

PacWest

Bancorp

49,067‌

205

Park

National

Corp

28,854‌

126

Parke

Bancorp,

Inc

2,613‌

144

PCB

Bancorp

2,547‌

290

PCSB

Financial

Corp

5,522‌

259

Peapack

Gladstone

Financial

Corp

9,640‌

399

PennyMac

Financial

Services,

Inc

22,607‌

532

Peoples

Bancorp,

Inc

15,029‌

101

Peoples

Financial

Services

Corp

5,236‌

1,330

Pinnacle

Financial

Partners,

Inc

97,622‌

226

*

Pioneer

Bancorp,

Inc

2,576‌

7,070

PNC

Financial

Services

Group,

Inc

1,116,636‌

1,252

Popular,

Inc

83,033‌

188

Preferred

Bank

14,029‌

586

Premier

Financial

Corp

15,804‌

169

Primis

Financial

Corp

2,003‌

223

*

Professional

Holding

Corp

6,186‌

1,690

Prosperity

Bancshares,

Inc

122,829‌

741

Provident

Bancorp

Inc

5,394‌

1,239

Provident

Financial

Services,

Inc

26,465‌

190

QCR

Holdings,

Inc

9,432‌

2,506

Radian

Group,

Inc

47,789‌

104

RBB

Bancorp

2,168‌

91

Red

River

Bancshares

Inc

4,646‌

16,640

Regions

Financial

Corp

358,758‌

769

Renasant

Corp

28,907‌

146

Republic

Bancorp,

Inc

(Class

A)

5,974‌

750

*

Republic

First

Bancorp,

Inc

1,613‌

2,233

Rocket

Cos,

Inc

15,631‌

540

S&T

Bancorp,

Inc

18,457‌

495

Sandy

Spring

Bancorp,

Inc

17,439‌

779

Seacoast

Banking

Corp

of

Florida

24,297‌

726

ServisFirst

Bancshares,

Inc

50,029‌

130

Shore

Bancshares,

Inc

2,266‌

192

Sierra

Bancorp

4,078‌

1,018

Signature

Bank

117,294‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

75

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

533

*,e

Silvergate

Capital

Corp

$

9,274‌

1,550

Simmons

First

National

Corp

(Class

A)

33,449‌

116

SmartFinancial,

Inc

3,190‌

138

South

Plains

Financial

Inc

3,799‌

1,456

South

State

Corp

111,180‌

101

*

Southern

First

Bancshares,

Inc

4,621‌

86

Southern

Missouri

Bancorp,

Inc

3,941‌

432

Southside

Bancshares,

Inc

15,548‌

522

Stellar

Bancorp,

Inc

15,378‌

346

*

Sterling

Bancorp,

Inc

2,107‌

421

Stock

Yards

Bancorp,

Inc

27,357‌

164

Summit

Financial

Group,

Inc

4,082‌

974

*

SVB

Financial

Group

224,156‌

2,625

Synovus

Financial

Corp

98,569‌

932

*

Texas

Capital

Bancshares,

Inc

56,209‌

143

TFS

Financial

Corp

2,061‌

814

*

The

Bancorp,

Inc

23,101‌

192

*

Third

Coast

Bancshares,

Inc

3,539‌

229

Tompkins

Financial

Corp

17,766‌

996

Towne

Bank

30,717‌

618

Trico

Bancshares

31,512‌

513

Triumph

Bancorp,

Inc

25,070‌

22,915

Truist

Financial

Corp

986,032‌

277

TrustCo

Bank

Corp

NY

10,412‌

1,035

Trustmark

Corp

36,132‌

685

UMB

Financial

Corp

57,211‌

3,528

Umpqua

Holdings

Corp

62,975‌

1,802

United

Bankshares,

Inc

72,963‌

1,315

United

Community

Banks,

Inc

44,447‌

364

Univest

Financial

Corp

9,511‌

23,030

US

Bancorp

1,004,338‌

328

*

USCB

Financial

Holdings,

Inc

4,002‌

1,161

e

UWM

Holdings

Corp

3,843‌

7,103

Valley

National

Bancorp

80,335‌

208

*

Velocity

Financial,

Inc

2,007‌

1,054

Veritex

Holdings,

Inc

29,596‌

543

Walker

&

Dunlop,

Inc

42,615‌

1,098

Washington

Federal,

Inc

36,838‌

232

Washington

Trust

Bancorp,

Inc

10,946‌

384

Waterstone

Financial,

Inc

6,620‌

3,310

Webster

Financial

Corp

156,695‌

64,797

Wells

Fargo

&

Co

2,675,468‌

875

WesBanco,

Inc

32,358‌

239

West

Bancorporation,

Inc

6,106‌

533

Westamerica

Bancorporation

31,452‌

1,643

Western

Alliance

Bancorp

97,857‌

886

Wintrust

Financial

Corp

74,885‌

1,054

WSFS

Financial

Corp

47,788‌

2,692

Zions

Bancorporation

132,339‌

TOTAL

BANKS

27,449,961‌

CAPITAL

GOODS

-

6

.7

%

9,656

3M

Co

1,157,948‌

2,034

A.O.

Smith

Corp

116,426‌

724

Aaon,

Inc

54,532‌

511

*

AAR

Corp

22,944‌

600

Acuity

Brands,

Inc

99,366‌

1,058

Advanced

Drainage

Systems,

Inc

86,724‌

2,396

Aecom

Technology

Corp

203,492‌

1,067

*

Aerojet

Rocketdyne

Holdings,

Inc

59,677‌

407

*

Aerovironment,

Inc

34,864‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

76

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

149

*

AerSale

Corp

$

2,417‌

1,087

AGCO

Corp

150,756‌

1,858

Air

Lease

Corp

71,384‌

148

Alamo

Group,

Inc

20,957‌

620

Albany

International

Corp

(Class

A)

61,126‌

1,537

Allegion

plc

161,785‌

197

Allied

Motion

Technologies,

Inc

6,858‌

1,473

Allison

Transmission

Holdings,

Inc

61,277‌

330

Alta

Equipment

Group,

Inc

4,353‌

1,052

Altra

Industrial

Motion

Corp

62,857‌

512

*

Ameresco,

Inc

29,256‌

254

*

American

Woodmark

Corp

12,410‌

3,942

Ametek,

Inc

550,776‌

2,835

*

API

Group

Corp

53,326‌

438

Apogee

Enterprises,

Inc

19,473‌

567

Applied

Industrial

Technologies,

Inc

71,459‌

2,056

*

Archer

Aviation,

Inc

3,845‌

909

Arcosa,

Inc

49,395‌

244

Argan,

Inc

8,999‌

863

Armstrong

World

Industries,

Inc

59,193‌

2,492

*

Array

Technologies,

Inc

48,170‌

334

Astec

Industries,

Inc

13,580‌

2,547

*,e

Astra

Space,

Inc

1,105‌

340

*

Astronics

Corp

3,502‌

748

*

Atkore

International

Group,

Inc

84,838‌

1,101

*

Axon

Enterprise,

Inc

182,689‌

1,731

*

AZEK

Co,

Inc

35,174‌

406

AZZ,

Inc

16,321‌

1,051

*

Babcock

&

Wilcox

Enterprises,

Inc

6,064‌

782

Barnes

Group,

Inc

31,945‌

1,050

*

Beacon

Roofing

Supply,

Inc

55,430‌

1,236

*

Berkshire

Grey,

Inc

746‌

632

*,e

Blink

Charging

Co

6,933‌

2,944

*

Bloom

Energy

Corp

56,289‌

217

*

Blue

Bird

Corp

2,324‌

166

*

BlueLinx

Holdings,

Inc

11,804‌

9,300

*

Boeing

Co

1,771,557‌

597

Boise

Cascade

Co

40,996‌

287

Brookfield

Business

Corp

5,393‌

2,650

*

Builders

FirstSource,

Inc

171,932‌

1,679

BWX

Technologies,

Inc

97,516‌

228

Cadre

Holdings,

Inc

4,592‌

351

Caesarstone

Sdot-Yam

Ltd

2,004‌

862

Carlisle

Cos,

Inc

203,130‌

14,465

Carrier

Global

Corp

596,681‌

9,024

Caterpillar,

Inc

2,161,789‌

4,222

*,e

ChargePoint

Holdings,

Inc

40,236‌

624

*

Chart

Industries,

Inc

71,904‌

337

*

CIRCOR

International,

Inc

8,075‌

413

Columbus

McKinnon

Corp

13,410‌

575

Comfort

Systems

USA,

Inc

66,171‌

708

*

Concrete

Pumping

Holdings

Inc

4,142‌

531

*

Construction

Partners

Inc

14,172‌

836

*

Core

&

Main,

Inc

16,143‌

775

Crane

Holdings

Co

77,849‌

225

CSW

Industrials,

Inc

26,084‌

2,401

Cummins,

Inc

581,738‌

722

Curtiss-Wright

Corp

120,567‌

688

*,e

Custom

Truck

One

Source,

Inc

4,348‌

1,272

*,e

Decarbonization

Plus

Acquisition

Corp

1,972‌

4,758

Deere

&

Co

2,040,040‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

77

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

4,600

*,e

Desktop

Metal,

Inc

$

6,256‌

2,166

Donaldson

Co,

Inc

127,512‌

347

Douglas

Dynamics,

Inc

12,548‌

2,465

Dover

Corp

333,786‌

160

*

Ducommun,

Inc

7,994‌

240

*

DXP

Enterprises,

Inc

6,612‌

486

*

Dycom

Industries,

Inc

45,490‌

6,748

Eaton

Corp

1,059,099‌

916

EMCOR

Group,

Inc

135,669‌

10,025

Emerson

Electric

Co

963,002‌

318

Encore

Wire

Corp

43,744‌

738

*

Energy

Recovery,

Inc

15,122‌

313

*,e

Energy

Vault

Holdings,

Inc

977‌

917

Enerpac

Tool

Group

Corp

23,338‌

681

EnerSys

50,285‌

1,817

*,e

Enovix

Corp

22,603‌

330

EnPro

Industries,

Inc

35,868‌

752

Esab

Corp

35,284‌

502

ESCO

Technologies,

Inc

43,945‌

1,410

*,e

ESS

Tech,

Inc

3,426‌

1,875

*

Evoqua

Water

Technologies

Corp

74,250‌

9,626

Fastenal

Co

455,502‌

494

*

Fathom

Digital

Manufacturing

C

652‌

1,130

Federal

Signal

Corp

52,511‌

2,325

Flowserve

Corp

71,331‌

503

*,e

Fluence

Energy,

Inc

8,626‌

2,528

*

Fluor

Corp

87,620‌

5,820

Fortive

Corp

373,935‌

2,359

Fortune

Brands

Home

&

Security,

Inc

134,723‌

719

Franklin

Electric

Co,

Inc

57,340‌

426

*,e

FTC

Solar,

Inc

1,142‌

6,671

*,e

FuelCell

Energy,

Inc

18,545‌

1,000

*

Gates

Industrial

Corp

plc

11,410‌

608

GATX

Corp

64,655‌

1,074

*

Generac

Holdings,

Inc

108,109‌

4,181

General

Dynamics

Corp

1,037,348‌

18,715

General

Electric

Co

1,568,130‌

567

*

Gibraltar

Industries,

Inc

26,014‌

187

Global

Industrial

Co

4,400‌

829

*

GMS,

Inc

41,284‌

368

Gorman-Rupp

Co

9,428‌

2,901

Graco,

Inc

195,121‌

2,996

GrafTech

International

Ltd

14,261‌

696

Granite

Construction,

Inc

24,409‌

890

*

Great

Lakes

Dredge

&

Dock

Corp

5,296‌

648

Greenbrier

Cos,

Inc

21,727‌

552

Griffon

Corp

19,756‌

627

H&E

Equipment

Services,

Inc

28,466‌

802

*

Hayward

Holdings,

Inc

7,539‌

760

HEICO

Corp

116,766‌

1,362

HEICO

Corp

(Class

A)

163,236‌

6,158

*

Heliogen,

Inc

4,300‌

629

Helios

Technologies,

Inc

34,243‌

413

Herc

Holdings,

Inc

54,338‌

1,552

Hexcel

Corp

91,335‌

1,406

Hillenbrand,

Inc

59,994‌

1,910

*

Hillman

Solutions

Corp

13,771‌

11,514

Honeywell

International,

Inc

2,467,450‌

6,541

Howmet

Aerospace,

Inc

257,781‌

933

Hubbell,

Inc

218,956‌

699

*

Hudson

Technologies,

Inc

7,074‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

78

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

625

Huntington

Ingalls

$

144,175‌

622

*

Hydrofarm

Holdings

Group,

Inc

964‌

1,987

*,e

Hyliion

Holdings

Corp

4,650‌

158

Hyster-Yale

Materials

Handling,

Inc

3,999‌

1,271

IDEX

Corp

290,207‌

137

*

IES

Holdings,

Inc

4,873‌

5,320

Illinois

Tool

Works,

Inc

1,171,996‌

6,510

Ingersoll

Rand,

Inc

340,148‌

289

Insteel

Industries,

Inc

7,953‌

1,554

ITT,

Inc

126,029‌

1,086

*

Janus

International

Group,

Inc

10,339‌

1,178

*

JELD-WEN

Holding,

Inc

11,368‌

486

John

Bean

Technologies

Corp

44,386‌

11,905

Johnson

Controls

International

plc

761,920‌

166

Kadant,

Inc

29,487‌

670

Kaman

Corp

14,941‌

172

Karat

Packaging,

Inc

2,472‌

1,307

Kennametal,

Inc

31,446‌

1,903

*

Kratos

Defense

&

Security

Solutions,

Inc

19,639‌

3,305

L3Harris

Technologies,

Inc

688,134‌

87

*

Lawson

Products,

Inc

3,207‌

580

Lennox

International,

Inc

138,753‌

954

Lincoln

Electric

Holdings,

Inc

137,843‌

165

Lindsay

Corp

26,870‌

4,054

Lockheed

Martin

Corp

1,972,230‌

478

Luxfer

Holdings

plc

6,558‌

539

*

Manitowoc

Co,

Inc

4,937‌

2,129

*,e

Markforged

Holding

Corp

2,470‌

4,005

Masco

Corp

186,913‌

464

*

Masonite

International

Corp

37,403‌

1,042

*

Mastec,

Inc

88,914‌

2,359

*

Masterbrand,

Inc

17,810‌

1,194

Maxar

Technologies,

Inc

61,778‌

379

McGrath

RentCorp

37,422‌

3,697

MDU

Resources

Group,

Inc

112,167‌

952

*

Mercury

Systems,

Inc

42,592‌

2,986

*,e

Microvast

Holdings,

Inc

4,569‌

971

*

Middleby

Corp

130,017‌

168

Miller

Industries,

Inc

4,479‌

941

*

Momentus,

Inc

734‌

629

Moog,

Inc

(Class

A)

55,201‌

1,441

*

MRC

Global,

Inc

16,687‌

779

MSC

Industrial

Direct

Co

(Class

A)

63,644‌

883

Mueller

Industries,

Inc

52,097‌

2,381

Mueller

Water

Products,

Inc

(Class

A)

25,620‌

301

*

MYR

Group,

Inc

27,713‌

76

National

Presto

Industries,

Inc

5,203‌

4,919

*,e

Nikola

Corp

10,625‌

995

Nordson

Corp

236,531‌

2,499

Northrop

Grumman

Corp

1,363,479‌

149

*

Northwest

Pipe

Co

5,021‌

1,637

*

NOW,

Inc

20,790‌

262

*

NuScale

Power

Corp

2,688‌

224

*

NV5

Global

Inc

29,640‌

2,708

nVent

Electric

plc

104,177‌

44

e

Omega

Flex,

Inc

4,106‌

1,192

Oshkosh

Corp

105,122‌

7,192

Otis

Worldwide

Corp

563,206‌

1,685

Owens

Corning,

Inc

143,731‌

5,736

PACCAR,

Inc

567,692‌

291

Park

Aerospace

Corp

3,902‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

79

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

2,182

Parker-Hannifin

Corp

$

634,962‌

328

*

Parsons

Corp

15,170‌

2,996

Pentair

plc

134,760‌

763

*

PGT

Innovations,

Inc

13,703‌

8,759

*,e

Plug

Power,

Inc

108,349‌

263

Powell

Industries,

Inc

9,252‌

51

Preformed

Line

Products

Co

4,248‌

729

Primoris

Services

Corp

15,994‌

3,577

*,e

Proterra,

Inc

13,485‌

509

*

Proto

Labs,

Inc

12,995‌

492

Quanex

Building

Products

Corp

11,651‌

2,443

Quanta

Services,

Inc

348,128‌

25,394

Raytheon

Technologies

Corp

2,562,762‌

477

*

RBC

Bearings,

Inc

99,860‌

1,177

Regal-Beloit

Corp

141,216‌

2,451

*

Resideo

Technologies,

Inc

40,319‌

562

REV

Group,

Inc

7,092‌

3,361

*,e

Rocket

Lab

USA,

Inc

12,671‌

2,003

Rockwell

Automation,

Inc

515,913‌

691

Rush

Enterprises,

Inc

(Class

A)

36,125‌

144

Rush

Enterprises,

Inc

(Class

B)

8,103‌

1,319

*

Sarcos

Technology

and

Robotics

Corp

740‌

2,806

Sensata

Technologies

Holding

plc

113,306‌

1,849

*

Shoals

Technologies

Group,

Inc

45,615‌

514

Shyft

Group,

Inc

12,778‌

842

Simpson

Manufacturing

Co,

Inc

74,652‌

727

*

SiteOne

Landscape

Supply,

Inc

85,292‌

878

Snap-On,

Inc

200,614‌

1,891

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

55,974‌

647

*

SPX

Technologies,

Inc

42,476‌

195

Standex

International

Corp

19,970‌

2,609

Stanley

Black

&

Decker,

Inc

195,988‌

2,463

*,e

Stem,

Inc

22,019‌

394

*

Sterling

Construction

Co,

Inc

12,923‌

3,438

*

Sunrun,

Inc

82,581‌

268

Tennant

Co

16,501‌

939

Terex

Corp

40,114‌

550

Textainer

Group

Holdings

Ltd

17,056‌

3,692

Textron,

Inc

261,394‌

509

*

Thermon

Group

Holdings

10,221‌

1,188

Timken

Co

83,956‌

638

*

Titan

International,

Inc

9,774‌

282

*

Titan

Machinery,

Inc

11,204‌

1,833

Toro

Co

207,496‌

559

*

TPI

Composites,

Inc

5,668‌

4,007

Trane

Technologies

plc

673,537‌

121

*

Transcat

Inc

8,575‌

882

TransDigm

Group,

Inc

555,351‌

2,052

*

Trex

Co,

Inc

86,861‌

1,374

Trinity

Industries,

Inc

40,629‌

930

Triton

International

Ltd

63,965‌

1,063

*

Triumph

Group,

Inc

11,183‌

585

*

Tutor

Perini

Corp

4,417‌

1,160

UFP

Industries,

Inc

91,930‌

1,205

*

United

Rentals,

Inc

428,281‌

2,797

*

Univar

Solutions

Inc

88,945‌

345

Valmont

Industries,

Inc

114,081‌

156

*

Vectrus,

Inc

6,441‌

251

Veritiv

Corp

30,549‌

5,197

Vertiv

Holdings

Co

70,991‌

339

*

Vicor

Corp

18,221‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

80

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

2,116

*,e

View,

Inc

$

2,042‌

3,817

*,e

Virgin

Galactic

Holdings,

Inc

13,283‌

756

W.W.

Grainger,

Inc

420,525‌

918

Wabash

National

Corp

20,747‌

593

Watsco,

Inc

147,894‌

522

Watts

Water

Technologies,

Inc

(Class

A)

76,332‌

763

*

WESCO

International,

Inc

95,528‌

3,014

Westinghouse

Air

Brake

Technologies

Corp

300,827‌

3,797

*

WillScot

Mobile

Mini

Holdings

Corp

171,510‌

1,032

Woodward

Inc

99,702‌

883

*

Xos,

Inc

391‌

3,161

Xylem,

Inc

349,512‌

2,011

Zurn

Water

Solutions

Corp

42,533‌

TOTAL

CAPITAL

GOODS

43,526,084‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.2

%

1,238

ABM

Industries,

Inc

54,992‌

1,696

ACCO

Brands

Corp

9,481‌

1,880

*

ACV

Auctions,

Inc

15,435‌

5,275

*

Alight,

Inc

44,099‌

271

e

Aris

Water

Solution,

Inc

3,905‌

918

*

ASGN

Inc

74,799‌

110

Barrett

Business

Services,

Inc

10,261‌

2,259

Booz

Allen

Hamilton

Holding

Co

236,111‌

949

Brady

Corp

(Class

A)

44,698‌

329

*

BrightView

Holdings,

Inc

2,267‌

834

Brink's

Co

44,794‌

409

*

CACI

International,

Inc

(Class

A)

122,941‌

801

*

Casella

Waste

Systems,

Inc

(Class

A)

63,527‌

778

*

CBIZ,

Inc

36,449‌

270

*

Cimpress

plc

7,455‌

1,494

Cintas

Corp

674,720‌

7,903

*

Clarivate

Analytics

plc

65,911‌

819

*

Clean

Harbors,

Inc

93,464‌

7,282

*

Copart,

Inc

443,401‌

2,056

*

CoreCivic,

Inc

23,767‌

6,753

*

CoStar

Group,

Inc

521,872‌

128

CRA

International,

Inc

15,671‌

754

Deluxe

Corp

12,803‌

633

*

Driven

Brands

Holdings,

Inc

17,287‌

3,839

Dun

&

Bradstreet

Holdings,

Inc

47,066‌

394

Ennis,

Inc

8,731‌

2,072

Equifax,

Inc

402,714‌

944

Exponent,

Inc

93,541‌

598

*

First

Advantage

Corp

7,774‌

178

*

Forrester

Research,

Inc

6,365‌

148

*

Franklin

Covey

Co

6,922‌

620

*

FTI

Consulting,

Inc

98,456‌

2,553

*,e

Geo

Group,

Inc

27,955‌

1,393

*

Harsco

Corp

8,762‌

1,153

Healthcare

Services

Group

13,836‌

286

Heidrick

&

Struggles

International,

Inc

7,999‌

247

*

Heritage-Crystal

Clean,

Inc

8,023‌

1,168

Herman

Miller,

Inc

24,540‌

271

*

HireRight

Holdings

Corp

3,214‌

682

HNI

Corp

19,389‌

334

*

Huron

Consulting

Group,

Inc

24,248‌

2,359

*

IAA,

Inc

94,360‌

282

ICF

International,

Inc

27,932‌

674

Insperity,

Inc

76,566‌

961

Interface,

Inc

9,485‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

81

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

2,208

Jacobs

Solutions,

Inc

$

265,115‌

2,200

*

KAR

Auction

Services,

Inc

28,710‌

2,207

KBR,

Inc

116,530‌

481

Kelly

Services,

Inc

(Class

A)

8,129‌

366

Kforce,

Inc

20,068‌

577

Kimball

International,

Inc

(Class

B)

3,750‌

1,048

Korn/Ferry

International

53,050‌

1,550

*

Legalzoom.com,

Inc

11,997‌

2,347

Leidos

Holdings,

Inc

246,881‌

2,072

*,e

Li-Cycle

Holdings

Corp

9,863‌

931

Manpower,

Inc

77,468‌

491

Matthews

International

Corp

(Class

A)

14,946‌

361

*

Montrose

Environmental

Group,

Inc

16,025‌

663

MSA

Safety,

Inc

95,598‌

2,896

Pitney

Bowes,

Inc

11,005‌

2,398

*,e

Planet

Labs

PBC

10,431‌

175

*,e

Red

Violet,

Inc

4,028‌

3,488

Republic

Services,

Inc

449,917‌

514

Resources

Connection,

Inc

9,447‌

1,790

Robert

Half

International,

Inc

132,156‌

4,005

Rollins,

Inc

146,343‌

997

Science

Applications

International

Corp

110,597‌

1,429

*,e

Skillsoft

Corp

1,858‌

269

*

SP

Plus

Corp

9,340‌

2,088

*

Spire

Global,

Inc

2,004‌

1,776

Steelcase,

Inc

(Class

A)

12,556‌

1,556

*

Stericycle,

Inc

77,629‌

321

*

Sterling

Check

Corp

4,966‌

940

Tetra

Tech,

Inc

136,479‌

3,332

TransUnion

189,091‌

686

*

TriNet

Group,

Inc

46,511‌

645

*

TrueBlue,

Inc

12,629‌

237

Unifirst

Corp

45,739‌

1,953

*

Upwork,

Inc

20,389‌

2,653

Verisk

Analytics,

Inc

468,042‌

440

*

Viad

Corp

10,732‌

134

VSE

Corp

6,282‌

7,077

Waste

Management,

Inc

1,110,240‌

116

*

Willdan

Group,

Inc

2,071‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

7,656,600‌

CONSUMER

DURABLES

&

APPAREL

-

1

.2

%

707

Acushnet

Holdings

Corp

30,019‌

1,510

*

Allbirds,

Inc

3,654‌

1,083

*,e

AMMO,

Inc

1,874‌

344

*

Beazer

Homes

USA,

Inc

4,389‌

1,301

Brunswick

Corp

93,776‌

2,097

*

Callaway

Golf

Co

41,416‌

2,137

*

Capri

Holdings

Ltd

122,493‌

750

Carter's,

Inc

55,957‌

132

*

Cavco

Industries,

Inc

29,865‌

608

Century

Communities,

Inc

30,406‌

307

Clarus

Corp

2,407‌

604

Columbia

Sportswear

Co

52,898‌

1,086

*

Crocs,

Inc

117,755‌

473

*

Deckers

Outdoor

Corp

188,803‌

5,459

DR

Horton,

Inc

486,615‌

197

*

Dream

Finders

Homes,

Inc

1,706‌

562

Ermenegildo

Zegna

Holditalia

S.p.A

5,884‌

327

Ethan

Allen

Interiors,

Inc

8,639‌

730

*

Fossil

Group,

Inc

3,146‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

82

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

2,599

*

Garmin

Ltd

$

239,862‌

682

*

G-III

Apparel

Group

Ltd

9,350‌

1,998

*

GoPro,

Inc

9,950‌

578

*

Green

Brick

Partners,

Inc

14,005‌

6,162

Hanesbrands,

Inc

39,190‌

2,241

Hasbro,

Inc

136,723‌

444

*

Helen

of

Troy

Ltd

49,244‌

81

*

Hovnanian

Enterprises,

Inc

3,408‌

379

Installed

Building

Products,

Inc

32,442‌

443

*

iRobot

Corp

21,322‌

75

Johnson

Outdoors,

Inc

4,959‌

1,551

KB

Home

49,399‌

811

e

Kontoor

Brands,

Inc

32,432‌

706

*

Latham

Group,

Inc

2,273‌

696

La-Z-Boy,

Inc

15,883‌

2,404

Leggett

&

Platt,

Inc

77,481‌

4,373

Lennar

Corp

(Class

A)

395,757‌

224

Lennar

Corp

(Class

B)

16,751‌

353

*

LGI

Homes,

Inc

32,688‌

163

Lifetime

Brands,

Inc

1,237‌

223

*

Lovesac

Co

4,908‌

1,910

*

Lululemon

Athletica,

Inc

611,926‌

301

*

M/I

Homes,

Inc

13,900‌

287

*

Malibu

Boats,

Inc

15,297‌

156

Marine

Products

Corp

1,836‌

295

*

MasterCraft

Boat

Holdings,

Inc

7,632‌

6,094

*

Mattel,

Inc

108,717‌

1,086

MDC

Holdings,

Inc

34,318‌

529

*

Meritage

Homes

Corp

48,774‌

918

*

Mohawk

Industries,

Inc

93,838‌

227

Movado

Group,

Inc

7,321‌

6,518

Newell

Brands

Inc

85,255‌

20,906

Nike,

Inc

(Class

B)

2,446,211‌

52

*

NVR,

Inc

239,854‌

276

Oxford

Industries,

Inc

25,718‌

4,992

*

Peloton

Interactive,

Inc

39,636‌

356

*,e

PLBY

Group,

Inc

979‌

987

Polaris

Inc

99,687‌

3,872

Pulte

Homes,

Inc

176,292‌

795

*,e

Purple

Innovation,

Inc

3,808‌

1,215

PVH

Corp

85,767‌

809

Ralph

Lauren

Corp

85,487‌

200

Rocky

Brands,

Inc

4,724‌

2,405

*

Skechers

U.S.A.,

Inc

(Class

A)

100,890‌

966

*

Skyline

Champion

Corp

49,759‌

840

Smith

&

Wesson

Brands,

Inc

7,291‌

235

*,e

Snap

One

Holdings

Corp

1,741‌

2,102

*

Sonos,

Inc

35,524‌

1,383

Steven

Madden

Ltd

44,201‌

272

Sturm

Ruger

&

Co,

Inc

13,769‌

133

Superior

Uniform

Group,

Inc

1,338‌

4,583

Tapestry,

Inc

174,521‌

1,558

*

Taylor

Morrison

Home

Corp

47,285‌

3,135

Tempur

Sealy

International,

Inc

107,625‌

2,005

Toll

Brothers,

Inc

100,090‌

563

*

TopBuild

Corp

88,104‌

194

*

Traeger,

Inc

547‌

1,429

*

TRI

Pointe

Homes,

Inc

26,565‌

917

*

Tupperware

Brands

Corp

3,796‌

3,425

*

Under

Armour,

Inc

(Class

A)

34,798‌

3,626

*

Under

Armour,

Inc

(Class

C)

32,344‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

83

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

226

*

Unifi,

Inc

$

1,946‌

217

*

Universal

Electronics,

Inc

4,516‌

5,645

VF

Corp

155,858‌

3,117

*,e

Vinco

Ventures,

Inc

1,446‌

1,021

*

Vista

Outdoor,

Inc

24,882‌

1,116

*

Vizio

Holding

Corp

8,270‌

1,031

*,e

Vuzix

Corp

3,753‌

400

e

Weber,

Inc

3,220‌

945

Whirlpool

Corp

133,680‌

1,465

Wolverine

World

Wide,

Inc

16,012‌

1,421

*

YETI

Holdings,

Inc

58,702‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

7,990,416‌

CONSUMER

SERVICES

-

2

.2

%

1,177

*

2U,

Inc

7,380‌

700

*

Accel

Entertainment,

Inc

5,390‌

2,833

ADT,

Inc

25,695‌

799

*

Adtalem

Global

Education,

Inc

28,364‌

6,622

*

Airbnb,

Inc

566,181‌

325

*

American

Public

Education,

Inc

3,994‌

4,054

ARAMARK

Holdings

Corp

167,592‌

631

*

Bally's

Corp

12,229‌

2,116

*

Beachbody

Co,

Inc

1,113‌

17

*

Biglari

Holdings,

Inc

(B

Shares)

2,360‌

356

*

BJ's

Restaurants,

Inc

9,391‌

1,539

Bloomin'

Brands,

Inc

30,965‌

275

Bluegreen

Vacations

Holding

Corp

6,864‌

678

*

Booking

Holdings,

Inc

1,366,360‌

333

*

Bowlero

Corp

4,489‌

1,079

Boyd

Gaming

Corp

58,838‌

1,041

*

Bright

Horizons

Family

Solutions

65,687‌

763

*

Brinker

International,

Inc

24,347‌

3,464

*

Caesars

Entertainment,

Inc

144,102‌

15,965

*

Carnival

Corp

128,678‌

234

Carriage

Services,

Inc

6,444‌

520

*

Century

Casinos,

Inc

3,656‌

702

e

Cheesecake

Factory

22,260‌

2,349

*

Chegg,

Inc

59,359‌

476

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

660,445‌

632

Choice

Hotels

International,

Inc

71,188‌

630

Churchill

Downs,

Inc

133,201‌

247

*

Chuy's

Holdings,

Inc

6,990‌

1,836

*

Coursera,

Inc

21,720‌

463

Cracker

Barrel

Old

Country

Store,

Inc

43,865‌

2,144

Darden

Restaurants,

Inc

296,580‌

792

*

Dave

&

Buster's

Entertainment,

Inc

28,068‌

1,168

*

Denny's

Corp

10,757‌

266

Dine

Brands

Global

Inc.

17,184‌

616

Domino's

Pizza,

Inc

213,382‌

5,623

*,e

DraftKings,

Inc

64,046‌

384

*

Duolingo,

Inc

27,314‌

302

El

Pollo

Loco

Holdings,

Inc

3,008‌

281

e

European

Wax

Center,

Inc

3,498‌

1,316

*

Everi

Holdings,

Inc

18,885‌

2,487

*

Expedia

Group,

Inc

217,861‌

645

*,e

F45

Training

Holdings,

Inc

1,838‌

1,596

*

frontdoor,

Inc

33,197‌

682

*

Full

House

Resorts,

Inc

5,129‌

229

*

Golden

Entertainment,

Inc

8,565‌

58

Graham

Holdings

Co

35,044‌

572

*

Grand

Canyon

Education,

Inc

60,438‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

84

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

2,834

H&R

Block,

Inc

$

103,469‌

1,409

*

Hilton

Grand

Vacations,

Inc

54,303‌

4,713

Hilton

Worldwide

Holdings,

Inc

595,535‌

738

*

Hyatt

Hotels

Corp

66,752‌

357

*

Inspired

Entertainment,

Inc

4,523‌

1,684

International

Game

Technology

plc

38,193‌

431

Jack

in

the

Box,

Inc

29,407‌

1,311

e

Krispy

Kreme,

Inc

13,530‌

89

*

Kura

Sushi

USA,

Inc

4,244‌

5,701

*

Las

Vegas

Sands

Corp

274,047‌

1,806

Laureate

Education,

Inc

17,374‌

619

*,e

Life

Time

Group

Holdings,

Inc

7,403‌

464

*

Lindblad

Expeditions

Holdings,

Inc

3,573‌

4,635

Marriott

International,

Inc

(Class

A)

690,105‌

676

Marriott

Vacations

Worldwide

Corp

90,983‌

12,582

McDonald's

Corp

3,315,734‌

5,405

MGM

Resorts

International

181,230‌

844

*,e

Mister

Car

Wash,

Inc

7,790‌

173

*

Monarch

Casino

&

Resort,

Inc

13,302‌

251

*

NEOGAMES

S.A.

3,060‌

911

*,e

Nerdy,

Inc

2,050‌

621

*

Noodles

&

Co

3,409‌

6,767

*

Norwegian

Cruise

Line

Holdings

Ltd

82,828‌

353

*

ONE

Group

Hospitality,

Inc

2,224‌

1,026

*

OneSpaWorld

Holdings

Ltd

9,573‌

565

Papa

John's

International,

Inc

46,505‌

2,733

*

Penn

National

Gaming,

Inc

81,170‌

1,137

*

Perdoceo

Education

Corp

15,804‌

1,475

*

Planet

Fitness,

Inc

116,230‌

290

*

Portillo's,

Inc

4,733‌

682

*

PowerSchool

Holdings,

Inc

15,741‌

142

RCI

Hospitality

Holdings,

Inc

13,233‌

924

Red

Rock

Resorts,

Inc

36,969‌

1,530

*

Rover

Group,

Inc

5,615‌

3,693

*

Royal

Caribbean

Cruises

Ltd

182,545‌

822

*

Rush

Street

Interactive,

Inc

2,951‌

473

Ruth's

Hospitality

Group

Inc

7,322‌

1,620

*

Scientific

Games

Corp

(Class

A)

94,932‌

764

*

SeaWorld

Entertainment,

Inc

40,882‌

2,651

Service

Corp

International

183,290‌

596

*

Shake

Shack,

Inc

24,752‌

1,370

*

Six

Flags

Entertainment

Corp

31,853‌

19,556

Starbucks

Corp

1,939,955‌

403

Strategic

Education,

Inc

31,563‌

644

*

Stride,

Inc

20,144‌

1,443

*,e

Sweetgreen,

Inc

12,367‌

1,055

*

Target

Hospitality

Corp

15,973‌

1,209

Texas

Roadhouse,

Inc

(Class

A)

109,959‌

1,336

Travel

&

Leisure

Co

48,630‌

1,149

*

Udemy,

Inc

12,122‌

434

*

Universal

Technical

Institute,

Inc

2,916‌

718

*

Vacasa,

Inc

905‌

707

Vail

Resorts,

Inc

168,513‌

1,537

*

Vivint

Smart

Home,

Inc

18,290‌

2,954

Wendy's

66,849‌

513

Wingstop,

Inc

70,599‌

881

*

WW

International

Inc

3,401‌

1,610

Wyndham

Hotels

&

Resorts,

Inc

114,809‌

1,791

*

Wynn

Resorts

Ltd

147,704‌

268

*

Xponential

Fitness,

Inc

6,145‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

85

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

4,878

Yum!

Brands,

Inc

$

624,774‌

TOTAL

CONSUMER

SERVICES

14,668,727‌

DIVERSIFIED

FINANCIALS

-

5

.4

%

125

AFC

Gamma,

Inc

1,966‌

741

Affiliated

Managers

Group,

Inc

117,397‌

8,788

AGNC

Investment

Corp

90,956‌

243

Alerus

Financial

Corp

5,674‌

5,358

Ally

Financial,

Inc

131,003‌

288

A-Mark

Precious

Metals,

Inc

10,002‌

10,302

American

Express

Co

1,522,120‌

1,886

Ameriprise

Financial,

Inc

587,244‌

253

Angel

Oak

Mortgage,

Inc

1,197‌

6,894

Annaly

Capital

Management,

Inc

145,325‌

2,943

Apollo

Commercial

Real

Estate

Finance,

Inc

31,667‌

7,866

Apollo

Global

Management,

Inc

501,772‌

2,387

Arbor

Realty

Trust,

Inc

31,485‌

645

Ares

Commercial

Real

Estate

Corp

6,637‌

2,484

Ares

Management

Corp

170,005‌

1,405

ARMOUR

Residential

REIT,

Inc

7,910‌

870

Artisan

Partners

Asset

Management,

Inc

25,839‌

253

*

Assetmark

Financial

Holdings,

Inc

5,819‌

86

Associated

Capital

Group,

Inc

3,611‌

123

*

Atlanticus

Holdings

Corp

3,223‌

274

B.

Riley

Financial,

Inc

9,371‌

1,049

*,e

Bakkt

Holdings,

Inc

1,248‌

461

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

7,468‌

12,740

Bank

of

New

York

Mellon

Corp

579,925‌

30,816

*

Berkshire

Hathaway,

Inc

(Class

B)

9,519,062‌

5,076

BGC

Partners,

Inc

(Class

A)

19,137‌

2,533

BlackRock,

Inc

1,794,960‌

2,460

Blackstone

Mortgage

Trust,

Inc

52,078‌

11,989

Blackstone,

Inc

889,464‌

637

*

Blucora,

Inc

16,263‌

6,708

e

Blue

Owl

Capital,

Inc

71,105‌

642

Brightsphere

Investment

Group,

Inc

13,212‌

1,289

BrightSpire

Capital,

Inc

8,030‌

2,136

Broadmark

Realty

Capital,

Inc

7,604‌

1,450

*

Cannae

Holdings,

Inc

29,942‌

6,537

Capital

One

Financial

Corp

607,680‌

3,299

Carlyle

Group,

Inc

98,442‌

1,907

CBOE

Global

Markets,

Inc

239,271‌

25,846

Charles

Schwab

Corp

2,151,938‌

152

Chicago

Atlantic

Real

Estate

Finance,

Inc

2,291‌

3,066

Chimera

Investment

Corp

16,863‌

1,435

Claros

Mortgage

Trust,

Inc

21,109‌

6,134

CME

Group,

Inc

1,031,493‌

461

Cohen

&

Steers,

Inc

29,762‌

2,786

*,e

Coinbase

Global,

Inc

98,597‌

797

Compass

Diversified

Trust

14,529‌

326

*

Consumer

Portfolio

Services,

Inc

2,885‌

454

Cowen

Group,

Inc

17,533‌

125

*,e

Credit

Acceptance

Corp

59,300‌

312

e

Curo

Group

Holdings

Corp

1,108‌

49

Diamond

Hill

Investment

Group,

Inc

9,066‌

4,688

Discover

Financial

Services

458,627‌

461

*

Donnelley

Financial

Solutions,

Inc

17,818‌

258

Dynex

Capital,

Inc

3,282‌

718

Ellington

Financial

Inc

8,882‌

502

*

Encore

Capital

Group,

Inc

24,066‌

629

*

Enova

International,

Inc

24,135‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

86

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

DIVERSIFIED

FINANCIALS—continued

6,316

Equitable

Holdings,

Inc

$

181,269‌

638

Evercore

Inc

69,593‌

796

*

Ezcorp,

Inc

(Class

A)

6,487‌

649

Factset

Research

Systems,

Inc

260,385‌

1,485

Federated

Investors,

Inc

(Class

B)

53,920‌

737

FirstCash

Holdings,

Inc

64,053‌

877

*

Focus

Financial

Partners,

Inc

32,686‌

1,010

Franklin

BSP

Realty

Trust,

Inc

13,029‌

4,751

e

Franklin

Resources,

Inc

125,331‌

257

GCM

Grosvenor,

Inc

1,956‌

5,655

Goldman

Sachs

Group,

Inc

1,941,814‌

938

Granite

Point

Mortgage

Trust,

Inc

5,028‌

905

*

Green

Dot

Corp

14,317‌

562

Hamilton

Lane,

Inc

35,901‌

1,349

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

39,094‌

796

Houlihan

Lokey,

Inc

69,379‌

1,485

Interactive

Brokers

Group,

Inc

(Class

A)

107,440‌

9,472

Intercontinental

Exchange

Group,

Inc

971,732‌

6,004

Invesco

Ltd

108,012‌

366

Invesco

Mortgage

Capital,

Inc

4,659‌

1,210

Jackson

Financial,

Inc

42,096‌

2,653

Janus

Henderson

Group

plc

62,399‌

3,680

Jefferies

Financial

Group,

Inc

126,150‌

9,592

KKR

&

Co,

Inc

445,261‌

648

KKR

Real

Estate

Finance

Trust,

Inc

9,046‌

1,766

Ladder

Capital

Corp

17,731‌

1,898

Lazard

Ltd

(Class

A)

65,804‌

1,618

*

LendingClub

Corp

14,238‌

196

*

LendingTree,

Inc

4,181‌

1,384

LPL

Financial

Holdings,

Inc

299,179‌

644

MarketAxess

Holdings,

Inc

179,605‌

2,131

MFA

Financial,

Inc

20,990‌

877

Moelis

&

Co

33,650‌

9,671

*

Moneylion,

Inc

5,996‌

2,777

Moody's

Corp

773,728‌

21,416

Morgan

Stanley

1,820,788‌

392

Morningstar,

Inc

84,903‌

1,370

MSCI,

Inc

(Class

A)

637,283‌

6,030

Nasdaq

Inc

369,940‌

2,376

Navient

Corp

39,085‌

212

Nelnet,

Inc

(Class

A)

19,239‌

410

*

NerdWallet,

Inc

3,936‌

6,918

New

Residential

Investment

Corp

56,520‌

6,454

New

York

Mortgage

Trust,

Inc

16,522‌

131

Nexpoint

Real

Estate

Finance,

Inc

2,082‌

3,378

Northern

Trust

Corp

298,919‌

1,689

OneMain

Holdings,

Inc

56,261‌

1,687

*

Open

Lending

Corp

11,387‌

697

*

Oportun

Financial

Corp

3,840‌

147

Oppenheimer

Holdings,

Inc

6,222‌

402

Orchid

Island

Capital,

Inc

4,221‌

1,723

PennyMac

Mortgage

Investment

Trust

21,348‌

904

Perella

Weinberg

Partners

8,859‌

273

Piper

Jaffray

Cos

35,542‌

397

PJT

Partners,

Inc

29,255‌

719

*

PRA

Group,

Inc

24,288‌

1,236

*

PROG

Holdings,

Inc

20,876‌

3,182

Raymond

James

Financial,

Inc

339,997‌

933

Ready

Capital

Corp

10,394‌

1,612

Redwood

Trust,

Inc

10,897‌

143

Regional

Management

Corp

4,015‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

87

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

DIVERSIFIED

FINANCIALS—continued

9,264

*

Robinhood

Markets,

Inc

$

75,409‌

5,652

S&P

Global,

Inc

1,893,081‌

375

Sculptor

Capital

Management,

Inc

3,247‌

1,969

SEI

Investments

Co

114,793‌

184

Silvercrest

Asset

Management

Group,

Inc

3,454‌

5,094

SLM

Corp

84,560‌

13,472

*

SoFi

Technologies,

Inc

62,106‌

5,018

Starwood

Property

Trust,

Inc

91,980‌

6,089

State

Street

Corp

472,324‌

809

StepStone

Group,

Inc

20,371‌

1,929

Stifel

Financial

Corp

112,596‌

241

*

StoneX

Group,

Inc

22,967‌

8,289

Synchrony

Financial

272,377‌

3,897

T

Rowe

Price

Group,

Inc

425,007‌

867

TPG

RE

Finance

Trust,

Inc

5,887‌

1,734

Tradeweb

Markets,

Inc

112,589‌

1,156

Two

Harbors

Investment

Corp

18,230‌

1,255

*,e

Upstart

Holdings,

Inc

16,591‌

84

Victory

Capital

Holdings,

Inc

2,254‌

1,409

Virtu

Financial,

Inc

28,758‌

115

Virtus

Investment

Partners,

Inc

22,016‌

1,868

Voya

Financial,

Inc

114,863‌

1,867

WisdomTree

Investments,

Inc

10,175‌

90

*,e

World

Acceptance

Corp

5,935‌

TOTAL

DIVERSIFIED

FINANCIALS

35,492,726‌

ENERGY

-

5

.2

%

736

*,e

Aemetis,

Inc

2,915‌

1,288

*

Alto

Ingredients,

Inc

3,709‌

256

e

Altus

Midstream

Co

8,468‌

704

*

Amplify

Energy

Corp

6,188‌

5,480

Antero

Midstream

Corp

59,129‌

4,860

*

Antero

Resources

Corp

150,611‌

5,407

APA

Corp

252,399‌

243

Arch

Resources,

Inc

34,698‌

2,039

Archrock,

Inc

18,310‌

667

*

Ardmore

Shipping

Corp

9,611‌

15,987

Baker

Hughes

Co

472,096‌

1,892

Berry

Petroleum

Co

LLC

15,136‌

1,179

Bonanza

Creek

Energy,

Inc

68,299‌

2,386

*

Borr

Drilling

Ltd

11,858‌

351

*

Bristow

Group,

Inc

9,523‌

13,290

Cabot

Oil

&

Gas

Corp

326,535‌

845

Cactus,

Inc

42,470‌

1,253

California

Resources

Corp

54,518‌

691

*

Callon

Petroleum

Co

25,629‌

243

*

Centrus

Energy

Corp

7,893‌

3,416

ChampionX

Corp

99,030‌

4,218

Cheniere

Energy,

Inc

632,531‌

2,106

Chesapeake

Energy

Corp

198,743‌

33,281

Chevron

Corp

5,973,607‌

2,877

*

Clean

Energy

Fuels

Corp

14,960‌

3,514

*

CNX

Resources

Corp

59,176‌

1,500

Comstock

Resources

Inc

20,565‌

21,583

ConocoPhillips

2,546,794‌

621

CONSOL

Energy,

Inc

40,365‌

500

e

Crescent

Energy,

Inc

5,995‌

583

CVR

Energy,

Inc

18,271‌

1,373

Delek

US

Holdings,

Inc

37,071‌

850

*

Denbury,

Inc

73,967‌

11,298

Devon

Energy

Corp

694,940‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

88

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

2,136

DHT

Holdings,

Inc

$

18,968‌

1,800

*

Diamond

Offshore

Drilling,

Inc

18,720‌

3,040

Diamondback

Energy,

Inc

415,811‌

333

*

DMC

Global,

Inc

6,474‌

395

Dorian

LPG

Ltd

7,485‌

582

*

Dril-Quip,

Inc

15,813‌

1,673

DT

Midstream,

Inc

92,450‌

625

*

Earthstone

Energy,

Inc

8,894‌

156

*,e

Empire

Petroleum

Corp

1,919‌

2,496

*,e

Energy

Fuels,

Inc

15,500‌

446

e

Enviva,

Inc

23,625‌

10,053

EOG

Resources,

Inc

1,302,065‌

6,200

EQT

Corp

209,746‌

7,406

Equitrans

Midstream

Corp

49,620‌

275

Excelerate

Energy,

Inc

6,889‌

70,837

d

Exxon

Mobil

Corp

7,813,321‌

408

FLEX

LNG

Ltd

13,338‌

1,226

*

Frank's

International

NV

22,227‌

2,068

e

Frontline

Ltd

25,106‌

3,883

*,e

Gevo,

Inc

7,378‌

1,788

*

Golar

LNG

Ltd

40,749‌

842

*

Green

Plains

Inc

25,681‌

179

*

Gulfport

Energy

Operating

Corp

13,182‌

15,566

Halliburton

Co

612,522‌

2,257

*

Helix

Energy

Solutions

Group,

Inc

16,657‌

1,863

Helmerich

&

Payne,

Inc

92,349‌

4,862

Hess

Corp

689,529‌

2,656

HF

Sinclair

Corp

137,820‌

110

e

HighPeak

Energy,

Inc

2,516‌

685

International

Seaways,

Inc

25,359‌

33,654

Kinder

Morgan,

Inc

608,464‌

7,467

*

Kosmos

Energy

Ltd

47,490‌

279

*

Laredo

Petroleum,

Inc

14,346‌

2,207

Liberty

Oilfield

Services,

Inc

35,334‌

2,448

Magnolia

Oil

&

Gas

Corp

57,406‌

11,233

Marathon

Oil

Corp

304,077‌

8,249

Marathon

Petroleum

Corp

960,101‌

1,952

Matador

Resources

Co

111,732‌

2,520

Murphy

Oil

Corp

108,385‌

146

*

Nabors

Industries

Ltd

22,611‌

75

Nacco

Industries,

Inc

(Class

A)

2,850‌

725

*

National

Energy

Services

Reunited

Corp

5,031‌

790

e

New

Fortress

Energy,

Inc

33,512‌

2,497

*

Newpark

Resources,

Inc

10,363‌

555

*

NextDecade

Corp

2,742‌

2,774

*

NexTier

Oilfield

Solutions,

Inc

25,632‌

673

*

Noble

Corp

plc

25,379‌

3,490

Nordic

American

Tankers

Ltd

10,679‌

757

Northern

Oil

and

Gas,

Inc

23,331‌

6,945

NOV,

Inc

145,081‌

666

Oasis

Petroleum,

Inc

91,115‌

13,752

Occidental

Petroleum

Corp

866,238‌

1,532

*

Oceaneering

International,

Inc

26,795‌

1,209

*

Oil

States

International,

Inc

9,019‌

7,705

ONEOK,

Inc

506,218‌

4,162

Ovintiv,

Inc

211,055‌

677

*

Par

Pacific

Holdings,

Inc

15,740‌

3,410

Patterson-UTI

Energy,

Inc

57,424‌

1,705

PBF

Energy,

Inc

69,530‌

1,550

PDC

Energy,

Inc

98,394‌

1,975

*

Peabody

Energy

Corp

52,179‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

89

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

238

Penn

Virginia

Corp

$

9,622‌

3,118

Permian

Resources

Corp

29,309‌

8,021

Phillips

66

834,826‌

4,035

Pioneer

Natural

Resources

Co

921,554‌

1,367

*

ProPetro

Holding

Corp

14,176‌

4,359

Range

Resources

Corp

109,062‌

276

*

Rex

American

Resources

Corp

8,793‌

151

Riley

Exploration

Permian,

Inc

4,444‌

1,348

*,e

Ring

Energy,

Inc

3,316‌

1,202

RPC,

Inc

10,686‌

532

*

SandRidge

Energy,

Inc

9,060‌

24,237

Schlumberger

Ltd

1,295,710‌

828

Scorpio

Tankers,

Inc

44,522‌

988

Select

Energy

Services,

Inc

9,129‌

1,567

SFL

Corp

Ltd

14,448‌

185

*,e

SilverBow

Resources,

Inc

5,232‌

1,071

e

Sitio

Royalties

Corp

30,897‌

1,884

SM

Energy

Co

65,620‌

678

Solaris

Oilfield

Infrastructure,

Inc

6,733‌

18,509

*

Southwestern

Energy

Co

108,278‌

1,013

*

Talos

Energy,

Inc

19,125‌

3,944

Targa

Resources

Investments,

Inc

289,884‌

1,069

*

Teekay

Corp

4,853‌

376

*

Teekay

Tankers

Ltd

11,585‌

8,487

*

Tellurian,

Inc

14,258‌

2,062

*

Tetra

Technologies,

Inc

7,135‌

101

Texas

Pacific

Land

Corp

236,767‌

854

*

Tidewater,

Inc

31,470‌

4,698

*,e

Uranium

Energy

Corp

18,228‌

3,859

*,e

Ur-Energy,

Inc

4,438‌

1,387

*

US

Silica

Holdings,

Inc

17,337‌

1,000

Vaalco

Energy,

Inc

4,560‌

993

*

Valaris

Ltd

67,147‌

6,745

Valero

Energy

Corp

855,671‌

916

*,e

Vertex

Energy,

Inc

5,679‌

2,083

*

W&T

Offshore,

Inc

11,623‌

1,187

*

Weatherford

International

Ltd

60,442‌

21,047

Williams

Cos,

Inc

692,446‌

1,068

World

Fuel

Services

Corp

29,188‌

TOTAL

ENERGY

34,203,229‌

FOOD

&

STAPLES

RETAILING

-

1

.4

%

2,725

Albertsons

Cos,

Inc

56,517‌

418

Andersons,

Inc

14,626‌

2,336

*

BJ's

Wholesale

Club

Holdings,

Inc

154,550‌

618

Casey's

General

Stores,

Inc

138,648‌

515

*

Chefs'

Warehouse

Holdings,

Inc

17,139‌

7,552

Costco

Wholesale

Corp

3,447,488‌

1,460

*

Grocery

Outlet

Holding

Corp

42,617‌

626

*

HF

Foods

Group

Inc

2,542‌

213

Ingles

Markets,

Inc

(Class

A)

20,546‌

11,258

Kroger

Co

501,882‌

286

Natural

Grocers

by

Vitamin

C

2,614‌

2,651

*

Performance

Food

Group

Co

154,792‌

385

Pricesmart,

Inc

23,400‌

862

*,e

Rite

Aid

Corp

2,879‌

584

SpartanNash

Co

17,660‌

2,100

*

Sprouts

Farmers

Market,

Inc

67,977‌

8,505

SYSCO

Corp

650,207‌

943

*

United

Natural

Foods,

Inc

36,504‌

3,868

*

US

Foods

Holding

Corp

131,589‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

90

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FOOD

&

STAPLES

RETAILING—continued

127

Village

Super

Market

(Class

A)

$

2,958‌

12,281

Walgreens

Boots

Alliance,

Inc

458,818‌

24,527

Walmart,

Inc

3,477,683‌

218

Weis

Markets,

Inc

17,939‌

TOTAL

FOOD

&

STAPLES

RETAILING

9,441,575‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.5

%

2,739

*,e

22nd

Century

Group,

Inc

2,521‌

31,003

Altria

Group,

Inc

1,417,147‌

9,610

Archer-Daniels-Midland

Co

892,288‌

1,190

B&G

Foods,

Inc

(Class

A)

13,268‌

2,859

*,e

Benson

Hill,

Inc

7,290‌

980

*,e

Beyond

Meat,

Inc

12,064‌

157

*

Boston

Beer

Co,

Inc

(Class

A)

51,735‌

349

*,e

BRC,

Inc

2,132‌

711

Brown-Forman

Corp

(Class

A)

46,755‌

3,077

Brown-Forman

Corp

(Class

B)

202,097‌

2,310

Bunge

Ltd

230,469‌

345

Calavo

Growers,

Inc

10,143‌

486

Cal-Maine

Foods,

Inc

26,463‌

3,182

Campbell

Soup

Co

180,578‌

918

*

Celsius

Holdings,

Inc

95,509‌

66,470

Coca-Cola

Co

4,228,157‌

72

Coca-Cola

Consolidated

Inc

36,890‌

8,273

ConAgra

Brands,

Inc

320,165‌

2,607

Constellation

Brands,

Inc

(Class

A)

604,172‌

2,764

*

Darling

International,

Inc

172,999‌

454

*

Duckhorn

Portfolio,

Inc

7,523‌

2,984

Flowers

Foods,

Inc

85,760‌

499

Fresh

Del

Monte

Produce,

Inc

13,069‌

752

*

Freshpet,

Inc

39,683‌

10,142

General

Mills,

Inc

850,407‌

1,593

*

Hain

Celestial

Group,

Inc

25,775‌

2,519

Hershey

Co

583,325‌

4,724

Hormel

Foods

Corp

215,178‌

2,702

*

Hostess

Brands,

Inc

60,633‌

1,093

Ingredion,

Inc

107,037‌

277

J&J

Snack

Foods

Corp

41,470‌

1,843

J.M.

Smucker

Co

292,042‌

199

John

B.

Sanfilippo

&

Son,

Inc

16,183‌

4,228

Kellogg

Co

301,203‌

14,082

Keurig

Dr

Pepper,

Inc

502,164‌

11,401

Kraft

Heinz

Co

464,135‌

2,489

Lamb

Weston

Holdings,

Inc

222,417‌

364

Lancaster

Colony

Corp

71,817‌

422

*

Landec

Corp

2,735‌

1,678

*

Local

Bounti

Corp

2,332‌

4,238

McCormick

&

Co,

Inc

351,288‌

203

MGP

Ingredients,

Inc

21,595‌

422

*

Mission

Produce,

Inc

4,904‌

3,002

Molson

Coors

Brewing

Co

(Class

B)

154,663‌

23,604

Mondelez

International,

Inc

1,573,207‌

6,463

*

Monster

Beverage

Corp

656,188‌

366

*

National

Beverage

Corp

17,030‌

23,580

PepsiCo,

Inc

4,259,963‌

26,494

Philip

Morris

International,

Inc

2,681,458‌

908

*

Pilgrim's

Pride

Corp

21,547‌

1,006

*

Post

Holdings,

Inc

90,802‌

2,638

Primo

Water

Corp

40,994‌

4

Seaboard

Corp

15,101‌

134

*

Seneca

Foods

Corp

8,167‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

91

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

1,484

*

Simply

Good

Foods

Co

$

56,437‌

339

*

Sovos

Brands,

Inc

4,871‌

1,555

*

SunOpta,

Inc

13,124‌

692

*,e

Tattooed

Chef,

Inc

851‌

424

Tootsie

Roll

Industries,

Inc

18,050‌

964

*

TreeHouse

Foods,

Inc

47,602‌

190

Turning

Point

Brands,

Inc

4,110‌

4,889

Tyson

Foods,

Inc

(Class

A)

304,340‌

619

Universal

Corp

32,689‌

803

Utz

Brands,

Inc

12,736‌

2,682

Vector

Group

Ltd

31,809‌

622

*,e

Vintage

Wine

Estates,

Inc

2,028‌

454

*

Vita

Coco

Co,

Inc

6,274‌

420

*

Vital

Farms,

Inc

6,266‌

486

*

Whole

Earth

Brands,

Inc

1,978‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

22,897,802‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.3

%

3,092

*

1Life

Healthcare,

Inc

51,667‌

29,266

Abbott

Laboratories

3,213,114‌

1,593

*

Acadia

Healthcare

Co,

Inc

131,136‌

1,237

*

Accolade,

Inc

9,636‌

1,314

*

AdaptHealth

Corp

25,255‌

230

*

Addus

HomeCare

Corp

22,883‌

317

*

Agiliti,

Inc

5,170‌

3,127

*,e

agilon

health,

Inc

50,470‌

1,350

*

Align

Technology,

Inc

284,715‌

1,430

*

Alignment

Healthcare,

Inc

16,817‌

1,508

*

Allscripts

Healthcare

Solutions,

Inc

26,601‌

996

*

Alphatec

Holdings

Inc

12,301‌

577

*

Amedisys,

Inc

48,203‌

3,954

*

American

Well

Corp

11,190‌

2,642

AmerisourceBergen

Corp

437,806‌

782

*

AMN

Healthcare

Services,

Inc

80,405‌

563

*

Angiodynamics,

Inc

7,753‌

640

*

Apollo

Medical

Holdings,

Inc

18,938‌

9,856

*,e

ATI

Physical

Therapy,

Inc

3,006‌

673

*

AtriCure,

Inc

29,868‌

27

Atrion

Corp

15,105‌

725

*

Avanos

Medical,

Inc

19,618‌

7,021

*

Aveanna

Healthcare

Holdings,

Inc

5,476‌

560

*

AxoGen,

Inc

5,589‌

738

*

Axonics

Modulation

Technologies,

Inc

46,147‌

8,643

Baxter

International,

Inc

440,534‌

4,857

Becton

Dickinson

&

Co

1,235,135‌

571

*

BioLife

Solutions

Inc

10,392‌

24,123

*

Boston

Scientific

Corp

1,116,171‌

2,873

*

Brookdale

Senior

Living,

Inc

7,843‌

4,314

*,e

Butterfly

Network,

Inc

10,612‌

4,682

Cardinal

Health,

Inc

359,905‌

501

*

Cardiovascular

Systems,

Inc

6,824‌

1,100

*,e

CareMax,

Inc

4,015‌

373

*

Castle

Biosciences,

Inc

8,780‌

9,754

*

Centene

Corp

799,926‌

1,866

*

Certara,

Inc

29,987‌

2,819

*

Cerus

Corp

10,289‌

261

Chemed

Corp

133,222‌

5,124

Cigna

Corp

1,697,786‌

12,033

*,e

Clover

Health

Investments

Corp

11,185‌

2,138

*

Community

Health

Systems,

Inc

9,236‌

168

*

Computer

Programs

&

Systems,

Inc

4,573‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

92

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

422

Conmed

Corp

$

37,406‌

852

Cooper

Cos,

Inc

281,731‌

163

*

Corvel

Corp

23,689‌

544

*

Cross

Country

Healthcare,

Inc

14,454‌

480

*

CryoLife,

Inc

5,818‌

3,017

*

Cue

Health,

Inc

6,245‌

279

*

Cutera,

Inc

12,337‌

22,386

CVS

Health

Corp

2,086,151‌

1,050

*

DaVita,

Inc

78,403‌

485

*

Definitive

Healthcare

Corp

5,330‌

3,750

Dentsply

Sirona,

Inc

119,400‌

6,648

*

Dexcom,

Inc

752,820‌

1,250

*

DocGo,

Inc

8,837‌

1,826

*,e

Doximity,

Inc

61,281‌

10,588

*

Edwards

Lifesciences

Corp

789,971‌

4,115

Elevance

Health,

Inc

2,110,872‌

985

Embecta

Corp

24,911‌

1,608

Encompass

Health

Corp

96,174‌

804

*

Enhabit,

Inc

10,581‌

653

*

Enovis

Corp

34,949‌

981

Ensign

Group,

Inc

92,812‌

2,830

*

Envista

Holdings

Corp

95,286‌

1,279

*

Evolent

Health,

Inc

35,914‌

2,133

*

Figs,

Inc

14,355‌

350

*

Fulgent

Genetics,

Inc

10,423‌

710

*

Glaukos

Corp

31,013‌

1,419

*

Globus

Medical,

Inc

105,389‌

1,657

*

Guardant

Health,

Inc

45,070‌

886

*

Haemonetics

Corp

69,684‌

3,749

HCA

Healthcare,

Inc

899,610‌

737

*

Health

Catalyst,

Inc

7,834‌

1,338

*

HealthEquity,

Inc

82,474‌

399

*

HealthStream,

Inc

9,911‌

2,395

*

Henry

Schein,

Inc

191,289‌

136

*

Heska

Corp

8,454‌

2,089

*

Hims

&

Hers

Health,

Inc

13,390‌

4,216

*

Hologic,

Inc

315,399‌

2,157

Humana,

Inc

1,104,794‌

362

*

ICU

Medical,

Inc

57,008‌

1,434

*

IDEXX

Laboratories,

Inc

585,015‌

779

*

Inari

Medical,

Inc

49,513‌

200

*

Innovage

Holding

Corp

1,436‌

301

*

Inogen,

Inc

5,933‌

465

*

Inspire

Medical

Systems,

Inc

117,124‌

1,159

*

Insulet

Corp

341,198‌

572

*

Integer

Holding

Corp

39,159‌

1,378

*

Integra

LifeSciences

Holdings

Corp

77,264‌

6,117

*

Intuitive

Surgical,

Inc

1,623,146‌

6,537

*,e

Invitae

Corp

12,159‌

96

iRadimed

Corp

2,716‌

477

*

iRhythm

Technologies,

Inc

44,681‌

229

*

Joint

Corp

3,201‌

1,591

Laboratory

Corp

of

America

Holdings

374,649‌

1,098

*

Lantheus

Holdings,

Inc

55,954‌

236

LeMaitre

Vascular,

Inc

10,861‌

528

*

LHC

Group,

Inc

85,372‌

1,192

*

LifeStance

Health

Group,

Inc

5,888‌

892

*

LivaNova

plc

49,542‌

849

*

Masimo

Corp

125,610‌

2,486

McKesson

Corp

932,548‌

1,431

*

MEDNAX,

Inc

21,265‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

93

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

22,814

Medtronic

plc

$

1,773,104‌

646

*

Meridian

Bioscience,

Inc

21,454‌

985

*

Merit

Medical

Systems,

Inc

69,561‌

49

Mesa

Laboratories,

Inc

8,144‌

199

*

ModivCare,

Inc

17,856‌

1,000

*

Molina

Healthcare,

Inc

330,220‌

6,230

*

Multiplan

Corp

7,165‌

734

*,e

Nano-X

Imaging

Ltd

5,417‌

173

National

Healthcare

Corp

10,294‌

208

National

Research

Corp

7,758‌

2,042

*

Neogen

Corp

31,100‌

613

*

Nevro

Corp

24,275‌

818

*

NextGen

Healthcare,

Inc

15,362‌

1,767

*

Novocure

Ltd

129,609‌

7,450

*

Nutex

Health,

Inc

14,155‌

959

*

NuVasive,

Inc

39,549‌

1,981

*

Oak

Street

Health,

Inc

42,611‌

758

*

Omnicell,

Inc

38,218‌

3,847

*,e

Oncology

Institute,

Inc

6,348‌

6,424

*

Opko

Health,

Inc

8,030‌

366

*

OptimizeRx

Corp

6,149‌

2,403

*

Option

Care

Health,

Inc

72,306‌

1,144

*

OraSure

Technologies,

Inc

5,514‌

267

*

Orthofix

Medical

Inc

5,482‌

333

*

OrthoPediatrics

Corp

13,230‌

742

*

Outset

Medical,

Inc

19,158‌

1,223

*

Owens

&

Minor,

Inc

23,885‌

525

*

P3

Health

Partners,

Inc

966‌

724

*

Paragon

28,

Inc

13,836‌

1,530

Patterson

Cos,

Inc

42,886‌

3,049

*

Pear

Therapeutics,

Inc

3,598‌

524

*

Pennant

Group,

Inc

5,754‌

597

*

Penumbra,

Inc

132,809‌

419

*

PetIQ,

Inc

3,863‌

771

*

Phreesia,

Inc

24,950‌

2,070

Premier,

Inc

72,409‌

682

*

Privia

Health

Group,

Inc

15,488‌

399

*

PROCEPT

BioRobotics

Corp

16,574‌

1,110

*,†

Progenics

Pharmaceuticals,

Inc

0‌

1,198

*

Progyny,

Inc

37,318‌

2,372

*

Project

Roadrunner

Parent,

Inc

25,973‌

1,215

*

Pulmonx

Corp

10,242‌

2,014

Quest

Diagnostics,

Inc

315,070‌

828

*

QuidelOrtho

Corp

70,935‌

689

*

RadNet,

Inc

12,974‌

2,482

Resmed,

Inc

516,579‌

375

*

RxSight,

Inc

4,751‌

896

*

Schrodinger,

Inc

16,746‌

496

*

SeaSpine

Holdings

Corp

4,142‌

1,678

Select

Medical

Holdings

Corp

41,665‌

3,285

*,e

Sema4

Holdings

Corp

867‌

7,206

*

Senseonics

Holdings,

Inc

7,422‌

5,090

*

Sharecare,

Inc

8,144‌

594

*

Shockwave

Medical

Inc

122,132‌

442

*

SI-BONE,

Inc

6,011‌

421

*

Sight

Sciences,

Inc

5,140‌

1,111

*

Signify

Health,

Inc

31,841‌

548

*

Silk

Road

Medical

Inc

28,962‌

227

Simulations

Plus,

Inc

8,301‌

793

*

Staar

Surgical

Co

38,492‌

1,629

STERIS

plc

300,860‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

94

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

6,017

Stryker

Corp

$

1,471,096‌

608

*

Surgery

Partners,

Inc

16,939‌

300

*

SurModics,

Inc

10,236‌

280

*

Tactile

Systems

Technology,

Inc

3,214‌

1,069

*

Tandem

Diabetes

Care,

Inc

48,052‌

2,648

*

Teladoc,

Inc

62,625‌

818

Teleflex,

Inc

204,197‌

1,754

*

Tenet

Healthcare

Corp

85,578‌

436

*

Transmedics

Group,

Inc

26,910‌

533

*

Treace

Medical

Concepts,

Inc

12,254‌

159

*

UFP

Technologies,

Inc

18,745‌

15,972

UnitedHealth

Group,

Inc

8,468,035‌

1,148

Universal

Health

Services,

Inc

(Class

B)

161,742‌

187

US

Physical

Therapy,

Inc

15,153‌

80

Utah

Medical

Products,

Inc

8,042‌

587

*

Varex

Imaging

Corp

11,916‌

2,386

*

Veeva

Systems,

Inc

385,053‌

4,258

*

VG

Acquisition

Corp

9,197‌

908

*

Vicarious

Surgical,

Inc

1,834‌

2,186

*

ViewRay,

Inc

9,793‌

3,636

Zimmer

Biomet

Holdings,

Inc

463,590‌

363

*

Zimvie,

Inc

3,390‌

374

e

Zynex

Inc

5,202‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

40,987,434‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.6

%

1,630

*,e

Beauty

Health

Co

14,833‌

2,141

*

BellRing

Brands,

Inc

54,895‌

160

*

Central

Garden

&

Pet

Co

5,992‌

580

*

Central

Garden

and

Pet

Co

(Class

A)

20,764‌

4,218

Church

&

Dwight

Co,

Inc

340,013‌

2,121

Clorox

Co

297,640‌

14,130

Colgate-Palmolive

Co

1,113,303‌

5,109

*

Coty,

Inc

43,733‌

893

Edgewell

Personal

Care

Co

34,416‌

620

*

elf

Beauty,

Inc

34,286‌

1,154

Energizer

Holdings,

Inc

38,717‌

3,921

Estee

Lauder

Cos

(Class

A)

972,839‌

1,810

*

Herbalife

Nutrition

Ltd

26,933‌

1,244

*

Honest

Co,

Inc

3,744‌

253

Inter

Parfums,

Inc

24,419‌

5,756

Kimberly-Clark

Corp

781,377‌

188

Medifast,

Inc

21,686‌

140

*

Nature's

Sunshine

Products,

Inc

1,165‌

938

Nu

Skin

Enterprises,

Inc

(Class

A)

39,546‌

1,877

*

Olaplex

Holdings,

Inc

9,779‌

40,607

Procter

&

Gamble

Co

6,154,397‌

871

Reynolds

Consumer

Products,

Inc

26,113‌

741

Spectrum

Brands

Holdings,

Inc

45,142‌

180

*

USANA

Health

Sciences,

Inc

9,576‌

1,092

*

Veru,

Inc

5,766‌

266

WD-40

Co

42,882‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

10,163,956‌

INSURANCE

-

2

.5

%

10,641

Aflac,

Inc

765,513‌

4,672

Allstate

Corp

633,523‌

699

*

AMBAC

Financial

Group,

Inc

12,190‌

1,426

American

Equity

Investment

Life

Holding

Co

65,054‌

1,177

American

Financial

Group,

Inc

161,578‌

13,017

American

International

Group,

Inc

823,195‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

95

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

INSURANCE—continued

299

Amerisafe,

Inc

$

15,539‌

3,588

Aon

plc

1,076,902‌

5,924

*

Arch

Capital

Group

Ltd

371,909‌

509

Argo

Group

International

Holdings

Ltd

13,158‌

3,438

Arthur

J.

Gallagher

&

Co

648,200‌

937

Assurant,

Inc

117,181‌

1,117

Assured

Guaranty

Ltd

69,544‌

1,411

Axis

Capital

Holdings

Ltd

76,434‌

4,258

*,e

Bright

Health

Group,

Inc

2,767‌

1,215

*

Brighthouse

Financial,

Inc

62,293‌

4,079

Brown

&

Brown,

Inc

232,381‌

891

*

BRP

Group,

Inc

22,400‌

7,062

Chubb

Ltd

1,557,877‌

2,630

Cincinnati

Financial

Corp

269,286‌

261

CNA

Financial

Corp

11,035‌

1,716

Conseco,

Inc

39,211‌

143

Donegal

Group,

Inc

(Class

A)

2,031‌

494

*

eHealth,

Inc

2,391‌

488

Employers

Holdings,

Inc

21,047‌

222

*

Enstar

Group

Ltd

51,291‌

436

Erie

Indemnity

Co

(Class

A)

108,442‌

638

Everest

Re

Group

Ltd

211,350‌

311

*

F&G

Annuities

&

Life,

Inc

6,223‌

4,587

Fidelity

National

Financial

Inc

172,563‌

1,838

First

American

Financial

Corp

96,201‌

8,098

*

Genworth

Financial,

Inc

(Class

A)

42,838‌

1,640

Globe

Life,

Inc

197,702‌

286

*

Goosehead

Insurance,

Inc

9,821‌

463

*

Greenlight

Capital

Re

Ltd

(Class

A)

3,773‌

667

Hanover

Insurance

Group,

Inc

90,132‌

5,478

Hartford

Financial

Services

Group,

Inc

415,397‌

121

e

HCI

Group,

Inc

4,790‌

164

*,e

Hippo

Holdings,

Inc

2,230‌

637

Horace

Mann

Educators

Corp

23,805‌

23

Investors

Title

Co

3,394‌

648

James

River

Group

Holdings

Ltd

13,550‌

1,193

Kemper

Corp

58,696‌

347

Kinsale

Capital

Group,

Inc

90,747‌

657

*,e

Lemonade,

Inc

8,988‌

3,077

Lincoln

National

Corp

94,525‌

3,399

Loews

Corp

198,264‌

235

*

Markel

Corp

309,610‌

8,540

Marsh

&

McLennan

Cos,

Inc

1,413,199‌

1,028

*

MBIA,

Inc

13,210‌

429

Mercury

General

Corp

14,672‌

11,405

Metlife,

Inc

825,380‌

35

National

Western

Life

Group,

Inc

9,835‌

158

*

NI

Holdings,

Inc

2,097‌

5,018

Old

Republic

International

Corp

121,185‌

1,998

*

Oscar

Health,

Inc

4,915‌

391

*

Palomar

Holdings,

Inc

17,658‌

727

Primerica,

Inc

103,103‌

4,377

Principal

Financial

Group

367,318‌

820

ProAssurance

Corp

14,325‌

9,964

Progressive

Corp

1,292,430‌

6,486

Prudential

Financial,

Inc

645,098‌

1,153

Reinsurance

Group

of

America,

Inc

(Class

A)

163,830‌

759

RenaissanceRe

Holdings

Ltd

139,831‌

600

RLI

Corp

78,762‌

157

*,e

Root,

Inc

705‌

1,227

*

Ryan

Specialty

Group

Holdings,

Inc

50,933‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

96

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

INSURANCE—continued

227

Safety

Insurance

Group,

Inc

$

19,127‌

1,030

Selective

Insurance

Group,

Inc

91,268‌

2,285

*

Selectquote,

Inc

1,535‌

1,153

*

SiriusPoint

Ltd

6,803‌

351

Stewart

Information

Services

Corp

14,998‌

433

Tiptree

Inc

5,993‌

4,035

Travelers

Cos,

Inc

756,522‌

236

*

Trean

Insurance

Group,

Inc

1,416‌

628

*,e

Trupanion,

Inc

29,849‌

338

United

Fire

Group

Inc

9,248‌

503

Universal

Insurance

Holdings,

Inc

5,327‌

3,600

Unum

Group

147,708‌

3,558

W.R.

Berkley

Corp

258,204‌

56

White

Mountains

Insurance

Group

Ltd

79,202‌

1,889

Willis

Towers

Watson

plc

462,012‌

TOTAL

INSURANCE

16,454,669‌

MATERIALS

-

3

.0

%

350

*

5E

Advanced

Materials,

Inc

2,758‌

461

AdvanSix,

Inc

17,527‌

3,788

Air

Products

&

Chemicals,

Inc

1,167,689‌

2,002

Albemarle

Corp

434,154‌

3,014

Alcoa

Corp

137,047‌

2,222

*

Allegheny

Technologies,

Inc

66,349‌

298

Alpha

Metallurgical

Resources,

Inc

43,624‌

25,996

Amcor

plc

309,612‌

429

American

Vanguard

Corp

9,314‌

1,121

Aptargroup,

Inc

123,288‌

1,763

*

Arconic

Corp

37,305‌

271

*,†

Ardagh

Group

S.A.

3,259‌

1,615

Ardagh

Metal

Packaging

S.A.

7,768‌

912

Ashland

Global

Holdings,

Inc

98,067‌

340

*

Aspen

Aerogels,

Inc

4,009‌

1,410

Avery

Dennison

Corp

255,210‌

1,490

Avient

Corp

50,302‌

3,718

*

Axalta

Coating

Systems

Ltd

94,697‌

605

Balchem

Corp

73,877‌

5,423

Ball

Corp

277,332‌

2,133

Berry

Global

Group,

Inc

128,897‌

953

Cabot

Corp

63,698‌

799

Carpenter

Technology

Corp

29,515‌

1,854

Celanese

Corp

(Series

A)

189,553‌

831

*

Century

Aluminum

Co

6,798‌

3,412

CF

Industries

Holdings,

Inc

290,702‌

111

Chase

Corp

9,575‌

2,721

Chemours

Co

83,317‌

261

*

Clearwater

Paper

Corp

9,868‌

8,514

*

Cleveland-Cliffs,

Inc

137,160‌

4,597

*

Coeur

Mining,

Inc

15,446‌

1,719

Commercial

Metals

Co

83,028‌

532

Compass

Minerals

International,

Inc

21,812‌

1,802

*

Constellium

SE

21,318‌

12,399

Corteva,

Inc

728,813‌

2,070

Crown

Holdings,

Inc

170,175‌

1,053

*

Dakota

Gold

Corp

3,212‌

1,647

*,e

Danimer

Scientific,

Inc

2,948‌

987

*

Diversey

Holdings

Ltd

4,205‌

12,278

Dow,

Inc

618,688‌

8,729

DuPont

de

Nemours,

Inc

599,071‌

709

Eagle

Materials,

Inc

94,191‌

2,121

Eastman

Chemical

Co

172,734‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

97

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

4,252

Ecolab,

Inc

$

618,921‌

3,499

Element

Solutions,

Inc

63,647‌

2,190

FMC

Corp

273,312‌

24,699

Freeport-McMoRan,

Inc

(Class

B)

938,562‌

400

FutureFuel

Corp

3,252‌

13,535

*

Ginkgo

Bioworks

Holdings,

Inc

22,874‌

658

Glatfelter

Corp

1,829‌

4,828

Graphic

Packaging

Holding

Co

107,423‌

395

Greif,

Inc

(Class

A)

26,489‌

87

Greif,

Inc

(Class

B)

6,806‌

784

H.B.

Fuller

Co

56,150‌

284

Hawkins,

Inc

10,962‌

193

Haynes

International,

Inc

8,818‌

9,435

Hecla

Mining

Co

52,459‌

3,508

Huntsman

Corp

96,400‌

2,700

*

Hycroft

Mining

Holding

Corp

1,437‌

749

*

Ingevity

Corp

52,760‌

373

Innospec,

Inc

38,367‌

4,277

International

Flavors

&

Fragrances,

Inc

448,401‌

6,161

International

Paper

Co

213,355‌

149

*

Intrepid

Potash,

Inc

4,302‌

261

Kaiser

Aluminum

Corp

19,826‌

315

Koppers

Holdings,

Inc

8,883‌

357

Kronos

Worldwide,

Inc

3,356‌

8,499

Linde

plc

2,772,204‌

2,677

*

Livent

Corp

53,192‌

1,348

Louisiana-Pacific

Corp

79,802‌

542

*

LSB

Industries,

Inc

7,209‌

4,354

LyondellBasell

Industries

NV

361,513‌

1,039

Martin

Marietta

Materials,

Inc

351,151‌

300

Materion

Corp

26,253‌

741

Minerals

Technologies,

Inc

44,993‌

6,067

Mosaic

Co

266,159‌

1,500

*

MP

Materials

Corp

36,420‌

371

Myers

Industries,

Inc

8,247‌

95

NewMarket

Corp

29,555‌

13,641

Newmont

Goldcorp

Corp

643,855‌

3,868

*

Novagold

Resources

Inc

23,131‌

4,434

Nucor

Corp

584,445‌

2,868

*

O-I

Glass,

Inc

47,523‌

2,380

Olin

Corp

125,997‌

163

Olympic

Steel,

Inc

5,473‌

1,636

*,e

Origin

Materials,

Inc

7,542‌

1,050

Orion

Engineered

Carbons

SA

18,700‌

1,615

Packaging

Corp

of

America

206,575‌

499

Pactiv

Evergreen,

Inc

5,669‌

1,935

*

Perimeter

Solutions

S.A.

17,686‌

282

*

Piedmont

Lithium,

Inc

12,414‌

632

*

PolyMet

Mining

Corp

1,675‌

4,040

PPG

Industries,

Inc

507,990‌

868

*

PQ

Group

Holdings,

Inc

7,690‌

1,820

*,e

PureCycle

Technologies,

Inc

12,303‌

201

Quaker

Chemical

Corp

33,547‌

376

Ramaco

Resources,

Inc

3,305‌

564

*

Ranpak

Holdings

Corp

3,254‌

877

*

Rayonier

Advanced

Materials,

Inc

8,419‌

1,022

Reliance

Steel

&

Aluminum

Co

206,894‌

687

*

Resolute

Forest

Products

14,832‌

1,158

Royal

Gold,

Inc

130,530‌

2,211

RPM

International,

Inc

215,462‌

272

Ryerson

Holding

Corp

8,231‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

98

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

421

Schnitzer

Steel

Industries,

Inc

(Class

A)

$

12,904‌

1,019

Schweitzer-Mauduit

International,

Inc

21,297‌

716

Scotts

Miracle-Gro

Co

(Class

A)

34,790‌

2,582

Sealed

Air

Corp

128,790‌

804

Sensient

Technologies

Corp

58,628‌

4,089

Sherwin-Williams

Co

970,442‌

1,204

Silgan

Holdings,

Inc

62,415‌

1,617

Sonoco

Products

Co

98,168‌

1,339

Southern

Copper

Corp

80,862‌

3,317

SSR

Mining,

Inc

51,977‌

2,909

Steel

Dynamics,

Inc

284,209‌

410

Stepan

Co

43,649‌

2,030

*

Summit

Materials,

Inc

57,630‌

1,010

SunCoke

Energy,

Inc

8,716‌

619

Sylvamo

Corp

30,077‌

717

*

TimkenSteel

Corp

13,028‌

394

Tredegar

Corp

4,027‌

716

Trimas

Corp

19,862‌

733

Trinseo

plc

16,646‌

1,767

Tronox

Holdings

plc

24,226‌

30

United

States

Lime

&

Minerals,

Inc

4,223‌

4,076

United

States

Steel

Corp

102,104‌

3,271

Valvoline,

Inc

106,798‌

2,283

Vulcan

Materials

Co

399,776‌

816

Warrior

Met

Coal,

Inc

28,266‌

559

Westlake

Chemical

Corp

57,320‌

4,393

WestRock

Co

154,458‌

702

Worthington

Industries,

Inc

34,896‌

TOTAL

MATERIALS

19,576,527‌

MEDIA

&

ENTERTAINMENT

-

5

.6

%

13,252

Activision

Blizzard,

Inc

1,014,441‌

988

*

Advantage

Solutions,

Inc

2,055‌

102,747

*

Alphabet,

Inc

(Class

A)

9,065,368‌

91,661

*

Alphabet,

Inc

(Class

C)

8,133,080‌

3,867

*

Altice

USA,

Inc

17,788‌

8,836

*,e

AMC

Entertainment

Holdings,

Inc

35,962‌

543

*

AMC

Networks,

Inc

8,509‌

232

*

Arena

Group

Holdings,

Inc

2,461‌

380

*

Boston

Omaha

Corp

10,070‌

1,441

*

Bumble,

Inc

30,333‌

92

Cable

One,

Inc

65,491‌

544

*

Cardlytics,

Inc

3,144‌

1,657

*

Cargurus,

Inc

23,215‌

1,131

*

Cars.com,

Inc

15,574‌

1,896

*

Charter

Communications,

Inc

642,934‌

2,021

*

Cinemark

Holdings,

Inc

17,502‌

6,287

*

Clear

Channel

6,601‌

74,239

Comcast

Corp

(Class

A)

2,596,138‌

315

*

Cumulus

Media

Inc

1,956‌

17

*

Daily

Journal

Corp

4,259‌

632

*

DHI

Group,

Inc

3,343‌

4,043

*

DISH

Network

Corp

(Class

A)

56,764‌

4,803

Electronic

Arts,

Inc

586,831‌

2,184

*

Entercom

Communications

Corp

492‌

1,005

Entravision

Communications

Corp

(Class

A)

4,824‌

1,205

*

Eventbrite

Inc

7,061‌

249

*

EverQuote

Inc

3,670‌

916

*

EW

Scripps

Co

(Class

A)

12,082‌

5,373

Fox

Corp

(Class

A)

163,178‌

2,613

Fox

Corp

(Class

B)

74,340‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

99

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

2,993

*,e

fuboTV,

Inc

$

5,208‌

2,328

*

Gannett

Co,

Inc

4,726‌

1,547

Gray

Television,

Inc

17,311‌

1,354

*

IAC

60,118‌

1,779

*

iHeartMedia,

Inc

10,905‌

902

*

Imax

Corp

13,223‌

556

*

Integral

Ad

Science

Holding

Corp

4,887‌

6,397

Interpublic

Group

of

Cos,

Inc

213,084‌

693

John

Wiley

&

Sons,

Inc

(Class

A)

27,762‌

170

*,e

Liberty

Braves

Group

(Class

A)

5,554‌

525

*

Liberty

Braves

Group

(Class

C)

16,921‌

413

Liberty

Broadband

Corp

(Class

A)

31,326‌

2,140

*

Liberty

Broadband

Corp

(Class

C)

163,218‌

398

*

Liberty

Media

Group

(Class

A)

21,265‌

3,453

*

Liberty

Media

Group

(Class

C)

206,420‌

1,463

Liberty

SiriusXM

Group

(Class

A)

57,510‌

2,909

*

Liberty

SiriusXM

Group

(Class

C)

113,829‌

786

*

Lions

Gate

Entertainment

Corp

(Class

A)

4,488‌

1,776

*

Lions

Gate

Entertainment

Corp

(Class

B)

9,644‌

2,523

*

Live

Nation,

Inc

175,954‌

336

Madison

Square

Garden

Co

61,599‌

496

*

Madison

Square

Garden

Entertainment

Corp

22,305‌

2,210

*

Magnite,

Inc

23,404‌

294

e

Marcus

Corp

4,231‌

4,748

*

Match

Group,

Inc

196,994‌

329

*

MediaAlpha,

Inc

3,274‌

38,734

*

Meta

Platforms,

Inc

4,661,250‌

7,442

*

Netflix,

Inc

2,194,497‌

2,867

New

York

Times

Co

(Class

A)

93,063‌

6,379

News

Corp

(Class

A)

116,098‌

1,884

News

Corp

(Class

B)

34,741‌

706

Nexstar

Media

Group

Inc

123,571‌

3,500

Omnicom

Group,

Inc

285,495‌

692

*

Outbrain,

Inc

2,505‌

89

Paramount

Global

(Class

A)

1,745‌

9,969

Paramount

Global

(Class

B)

168,277‌

9,845

*

Pinterest,

Inc

239,037‌

1,390

*

Playstudios,

Inc

5,393‌

1,555

*

Playtika

Holding

Corp

13,233‌

683

*

PubMatic,

Inc

8,749‌

1,085

*

QuinStreet,

Inc

15,570‌

378

*

Reservoir

Media,

Inc

2,257‌

7,574

*

ROBLOX

Corp

215,556‌

2,026

*

Roku,

Inc

82,458‌

438

Scholastic

Corp

17,283‌

862

Sinclair

Broadcast

Group,

Inc

(Class

A)

13,370‌

12,646

e

Sirius

XM

Holdings,

Inc

73,853‌

11,042

*

Skillz,

Inc

5,593‌

2,335

*

Spotify

Technology

S.A.

184,348‌

1,314

*

Stagwell,

Inc

8,160‌

2,757

*

Take-Two

Interactive

Software,

Inc

287,086‌

378

*

TechTarget,

Inc

16,655‌

3,517

TEGNA,

Inc

74,525‌

380

*

Thryv

Holdings,

Inc

7,220‌

1,758

*

TripAdvisor,

Inc

31,609‌

1,632

*

TrueCar,

Inc

4,096‌

2,350

*

Vimeo,

Inc

8,060‌

31,095

*

Walt

Disney

Co

2,701,534‌

39,844

*

Warner

Bros

Discovery,

Inc

377,721‌

736

*

WideOpenWest,

Inc

6,705‌

749

World

Wrestling

Entertainment,

Inc

(Class

A)

51,321‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

100

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

1,209

*

Yelp,

Inc

$

33,054‌

795

*

Ziff

Davis

Inc

62,884‌

1,228

*

ZipRecruiter,

Inc

20,164‌

4,577

*

ZoomInfo

Technologies,

Inc

137,813‌

TOTAL

MEDIA

&

ENTERTAINMENT

36,471,175‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

9

.1

%

1,510

*

10X

Genomics,

Inc

55,024‌

646

*

2seventy

bio,

Inc

6,053‌

684

*

4D

Molecular

Therapeutics,

Inc

15,192‌

306

*

Aadi

Bioscience,

Inc

3,926‌

30,138

AbbVie,

Inc

4,870,602‌

3,422

*,e

AbCellera

Biologics,

Inc

34,665‌

2,783

*

Absci

Corp

5,844‌

2,077

*

Acadia

Pharmaceuticals,

Inc

33,066‌

997

*

Aclaris

Therapeutics,

Inc

15,703‌

993

*

Adagio

Therapeutics,

Inc

1,489‌

2,888

*

Adaptive

Biotechnologies

Corp

22,064‌

441

*

Adicet

Bio,

Inc

3,943‌

3,230

*

ADMA

Biologics,

Inc

12,532‌

190

*,e

Aerovate

Therapeutics,

Inc

5,567‌

1,962

*

Affimed

NV

2,433‌

4,738

*

Agenus,

Inc

11,371‌

5,154

Agilent

Technologies,

Inc

771,296‌

1,081

*

Agios

Pharmaceuticals,

Inc

30,354‌

423

*

Akero

Therapeutics,

Inc

23,180‌

144

*

Akoya

Biosciences,

Inc

1,378‌

275

*

Albireo

Pharma,

Inc

5,943‌

1,021

*

Alector,

Inc

9,424‌

2,871

*

Alkermes

plc

75,019‌

1,319

*,e

Allogene

Therapeutics,

Inc

8,297‌

1,033

*

Allovir,

Inc

5,299‌

2,045

*

Alnylam

Pharmaceuticals,

Inc

485,994‌

1,057

*

Alpha

Teknova,

Inc

5,961‌

725

*

Alpine

Immune

Sciences,

Inc

5,329‌

308

*

ALX

Oncology

Holdings,

Inc

3,471‌

9,103

Amgen,

Inc

2,390,812‌

4,499

*

Amicus

Therapeutics,

Inc

54,933‌

2,013

*

Amneal

Pharmaceuticals,

Inc

4,006‌

552

*

Amphastar

Pharmaceuticals,

Inc

15,467‌

760

*

Amylyx

Pharmaceuticals,

Inc

28,082‌

305

*

AnaptysBio,

Inc

9,452‌

1,126

*,e

Anavex

Life

Sciences

Corp

10,427‌

121

*

ANI

Pharmaceuticals,

Inc

4,868‌

216

*

Anika

Therapeutics,

Inc

6,394‌

1,504

*

Apellis

Pharmaceuticals,

Inc

77,772‌

1,513

*,e

Arbutus

Biopharma

Corp

3,525‌

503

*

Arcellx,

Inc

15,583‌

607

*

Arcturus

Therapeutics

Holdings,

Inc

10,295‌

799

*

Arcus

Biosciences,

Inc

16,523‌

576

*

Arcutis

Biotherapeutics,

Inc

8,525‌

1,723

*

Arrowhead

Pharmaceuticals

Inc

69,885‌

807

*

Arvinas,

Inc

27,607‌

2,291

*

Atara

Biotherapeutics,

Inc

7,514‌

1,067

*

Atea

Pharmaceuticals,

Inc

5,132‌

550

*

Athira

Pharma,

Inc

1,743‌

338

*

Aura

Biosciences,

Inc

3,549‌

2,219

*

Aurinia

Pharmaceuticals,

Inc

9,586‌

9,898

*

Avantor,

Inc

208,749‌

989

*

Avid

Bioservices,

Inc

13,619‌

1,080

*

Avidity

Biosciences,

Inc

23,965‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

101

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

533

*,e

Axsome

Therapeutics,

Inc

$

41,110‌

1,068

*

Beam

Therapeutics,

Inc

41,769‌

3,096

*

Berkeley

Lights,

Inc

8,297‌

2,996

*

BioCryst

Pharmaceuticals,

Inc

34,394‌

2,494

*

Biogen,

Inc

690,638‌

958

*

Biohaven

Ltd

13,297‌

3,188

*

BioMarin

Pharmaceutical,

Inc

329,926‌

4,860

*,e

Bionano

Genomics,

Inc

7,096‌

379

*

Bio-Rad

Laboratories,

Inc

(Class

A)

159,366‌

2,628

Bio-Techne

Corp

217,809‌

830

*,e

Bioxcel

Therapeutics

Inc

17,828‌

1,786

*

Bluebird

Bio,

Inc

12,359‌

957

*

Blueprint

Medicines

Corp

41,926‌

2,146

*

Bridgebio

Pharma,

Inc

16,353‌

36,319

Bristol-Myers

Squibb

Co

2,613,152‌

1,252

*

Brooks

Automation,

Inc

72,891‌

1,736

Bruker

BioSciences

Corp

118,656‌

647

*

C4

Therapeutics,

Inc

3,817‌

679

*

Cara

Therapeutics,

Inc

7,292‌

831

*

CareDx,

Inc

9,482‌

983

*

Caribou

Biosciences,

Inc

6,173‌

656

*,e

Cassava

Sciences,

Inc

19,378‌

2,822

*

Catalent,

Inc

127,018‌

2,132

*

Catalyst

Pharmaceuticals,

Inc

39,655‌

777

*

Celldex

Therapeutics,

Inc

34,631‌

3,361

*

Celularity,

Inc

4,336‌

397

*

Century

Therapeutics,

Inc

2,037‌

887

*

Cerevel

Therapeutics

Holdings,

Inc

27,976‌

837

*

Charles

River

Laboratories

International,

Inc

182,382‌

1,268

*

Chimerix,

Inc

2,358‌

854

*

Chinook

Therapeutics,

Inc

22,375‌

540

*

CinCor

Pharma,

Inc

6,637‌

970

*

Codexis,

Inc

4,520‌

1,087

*

Cogent

Biosciences,

Inc

12,566‌

1,104

*

Coherus

Biosciences,

Inc

8,744‌

773

*

Collegium

Pharmaceutical,

Inc

17,934‌

1,611

*

Corcept

Therapeutics,

Inc

32,719‌

899

*

Crinetics

Pharmaceuticals,

Inc

16,452‌

670

*

CryoPort,

Inc

11,624‌

1,556

*

CTI

BioPharma

Corp

9,352‌

427

*

Cullinan

Oncology,

Inc

4,505‌

1,861

*

Cytek

Biosciences,

Inc

19,001‌

1,352

*

Cytokinetics,

Inc

61,949‌

10,990

Danaher

Corp

2,916,966‌

386

*

Day

One

Biopharmaceuticals,

Inc

8,307‌

610

*

Deciphera

Pharmaceuticals,

Inc

9,998‌

1,553

*

Denali

Therapeutics,

Inc

43,189‌

578

*

Design

Therapeutics,

Inc

5,930‌

487

*

DICE

Therapeutics,

Inc

15,194‌

1,903

*

Dynavax

Technologies

Corp

20,248‌

549

*

Dyne

Therapeutics,

Inc

6,363‌

122

*

Eagle

Pharmaceuticals,

Inc

3,566‌

648

*

Edgewise

Therapeutics,

Inc

5,793‌

1,580

*,e

Editas

Medicine,

Inc

14,015‌

7,744

*

Elanco

Animal

Health,

Inc

94,632‌

14,377

Eli

Lilly

&

Co

5,259,682‌

788

*

Emergent

Biosolutions,

Inc

9,306‌

301

*

Enanta

Pharmaceuticals,

Inc

14,003‌

3,473

*

Enochian

Biosciences

Inc

3,577‌

3,398

*

EQRx,

Inc

8,359‌

1,213

*

Erasca,

Inc

5,228‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

102

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

1,139

*

Esperion

Thereapeutics,

Inc

$

7,096‌

533

*

Evolus,

Inc

4,003‌

2,917

*

Exact

Sciences

Corp

144,421‌

5,221

*

Exelixis,

Inc

83,745‌

2,708

*,e

EyePoint

Pharmaceuticals,

Inc

9,478‌

1,343

*

Fate

Therapeutics,

Inc

13,551‌

1,457

*

FibroGen,

Inc

23,341‌

410

*

Foghorn

Therapeutics,

Inc

2,616‌

1,213

*

Fulcrum

Therapeutics,

Inc

8,831‌

744

*

Generation

Bio

Co

2,924‌

6,579

*

Geron

Corp

15,921‌

21,416

Gilead

Sciences,

Inc

1,838,564‌

3,013

*

GreenLight

Biosciences

Holdings

PBC

3,555‌

2,341

*

Halozyme

Therapeutics,

Inc

133,203‌

405

*

Harmony

Biosciences

Holdings,

Inc

22,315‌

2,898

*,e

Heron

Therapeutics,

Inc

7,245‌

256

*

HilleVax,

Inc

4,283‌

3,709

*

Horizon

Therapeutics

Plc

422,084‌

1,440

*

Humacyte,

Inc

3,038‌

735

*

Icosavax,

Inc

5,836‌

482

*

Ideaya

Biosciences,

Inc

8,758‌

344

*

IGM

Biosciences,

Inc

5,851‌

2,643

*

Illumina,

Inc

534,415‌

463

*

Imago

Biosciences,

Inc

16,645‌

2,150

*,e

ImmunityBio,

Inc

10,900‌

3,250

*

Immunogen,

Inc

16,120‌

609

*

Immunovant,

Inc

10,810‌

3,159

*

Incyte

Corp

253,731‌

477

*

Inhibrx,

Inc

11,753‌

1,186

*

Innoviva,

Inc

15,714‌

5,855

*

Inovio

Pharmaceuticals,

Inc

9,134‌

1,917

*

Insmed,

Inc

38,302‌

1,347

*

Intellia

Therapeutics,

Inc

46,997‌

554

*

Intercept

Pharmaceuticals,

Inc

6,853‌

1,517

*

Intra-Cellular

Therapies,

Inc

80,280‌

2,335

*

Ionis

Pharmaceuticals,

Inc

88,193‌

2,420

*

Iovance

Biotherapeutics,

Inc

15,464‌

3,230

*

IQVIA

Holdings,

Inc

661,795‌

2,421

*

Ironwood

Pharmaceuticals,

Inc

29,996‌

343

*

iTeos

Therapeutics,

Inc

6,699‌

1,903

*

IVERIC

bio,

Inc

40,743‌

205

*

Janux

Therapeutics,

Inc

2,700‌

1,000

*

Jazz

Pharmaceuticals

plc

159,310‌

44,932

Johnson

&

Johnson

7,937,238‌

9,767

*

Jounce

Therapeutics,

Inc

10,841‌

390

*

KalVista

Pharmaceuticals

Inc

2,636‌

499

*

Karuna

Therapeutics,

Inc

98,053‌

1,306

*

Karyopharm

Therapeutics,

Inc

4,440‌

226

*

Keros

Therapeutics,

Inc

10,853‌

1,049

*

Kezar

Life

Sciences,

Inc

7,385‌

561

*

Kiniksa

Pharmaceuticals

Ltd

8,404‌

863

*,e

Kinnate

Biopharma,

Inc

5,264‌

557

*

Kodiak

Sciences,

Inc

3,988‌

3,600

*

Kronos

Bio,

Inc

5,832‌

313

*

Krystal

Biotech

Inc

24,796‌

1,038

*

Kura

Oncology,

Inc

12,882‌

584

*

Kymera

Therapeutics,

Inc

14,577‌

1,227

*

Lexicon

Pharmaceuticals,

Inc

2,344‌

305

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

20,374‌

933

*,e

Liquidia

Corp

5,943‌

2,962

*

Lyell

Immunopharma,

Inc

10,278‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

103

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

985

*

MacroGenics,

Inc

$

6,609‌

253

*

Madrigal

Pharmaceuticals,

Inc

73,433‌

4,140

*,e

MannKind

Corp

21,818‌

1,760

*

Maravai

LifeSciences

Holdings,

Inc

25,186‌

1,600

*

MaxCyte,

Inc

8,736‌

494

*

Medpace

Holdings,

Inc

104,931‌

2,224

*

MeiraGTx

Holdings

plc

14,500‌

43,154

Merck

&

Co,

Inc

4,787,936‌

1,159

*

Mersana

Therapeutics,

Inc

6,792‌

386

*

Mettler-Toledo

International,

Inc

557,944‌

1,942

*

MiMedx

Group,

Inc

5,399‌

707

*

Mirati

Therapeutics,

Inc

32,034‌

270

*

Mirum

Pharmaceuticals,

Inc

5,265‌

5,772

*

Moderna,

Inc

1,036,767‌

579

*

Monte

Rosa

Therapeutics,

Inc

4,406‌

337

*

Morphic

Holding,

Inc

9,015‌

1,296

*

Myriad

Genetics,

Inc

18,805‌

1,492

*

NanoString

Technologies,

Inc

11,891‌

1,394

*

Natera,

Inc

55,997‌

3,933

*,e

Nautilus

Biotechnology,

Inc

7,079‌

3,021

*

Nektar

Therapeutics

6,827‌

1,811

*

NeoGenomics,

Inc

16,734‌

1,620

*

Neurocrine

Biosciences,

Inc

193,493‌

653

*

NGM

Biopharmaceuticals

Inc

3,278‌

1,017

*

Nkarta,

Inc

6,092‌

1,714

*,e

Novavax,

Inc

17,620‌

774

*

Nurix

Therapeutics,

Inc

8,499‌

252

*

Nuvalent,

Inc

7,505‌

4,693

*

Nuvation

Bio,

Inc

9,011‌

5,389

*

Ocugen,

Inc

7,006‌

1,191

*

Ocular

Therapeutix,

Inc

3,347‌

115

*,†

Omniab,

Inc

0‌

115

*,†

Omniab,

Inc

0‌

1,494

*

OmniAb,

Inc

5,378‌

1,082

*

Organogenesis

Holdings

Inc

2,911‌

4,364

Organon

&

Co

121,887‌

1,649

*,e

Outlook

Therapeutics,

Inc

1,781‌

3,873

*

Pacific

Biosciences

of

California,

Inc

31,681‌

686

*

Pacira

BioSciences

Inc

26,486‌

7,070

*

Pardes

Biosciences,

Inc

11,948‌

2,112

PerkinElmer,

Inc

296,145‌

2,396

Perrigo

Co

plc

81,680‌

96,323

Pfizer,

Inc

4,935,591‌

326

*,e

Phathom

Pharmaceuticals,

Inc

3,658‌

293

Phibro

Animal

Health

Corp

3,929‌

437

*

PMV

Pharmaceuticals,

Inc

3,802‌

1,279

*

Point

Biopharma

Global,

Inc

9,324‌

590

*

Praxis

Precision

Medicines,

Inc

1,404‌

4,045

*

Precigen,

Inc

6,148‌

817

*

Prestige

Consumer

Healthcare,

Inc.

51,144‌

549

*

Prometheus

Biosciences,

Inc

60,390‌

709

*

Protagonist

Therapeutics,

Inc

7,735‌

594

*

Prothena

Corp

plc

35,788‌

1,036

*,e

Provention

Bio,

Inc

10,951‌

1,091

*

PTC

Therapeutics,

Inc

41,643‌

3,971

*

QIAGEN

NV

198,034‌

537

*

Quanterix

Corp

7,437‌

4,583

*,e

Quantum-Si,

Inc

8,387‌

734

*

Rallybio

Corp

4,822‌

468

*

RAPT

Therapeutics,

Inc

9,266‌

446

*,e

Reata

Pharmaceuticals,

Inc

16,944‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

104

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

2,378

*

Recursion

Pharmaceuticals,

Inc

$

18,334‌

1,760

*

Regeneron

Pharmaceuticals,

Inc

1,269,822‌

696

*

REGENXBIO,

Inc

15,785‌

1,314

*

Relay

Therapeutics,

Inc

19,631‌

488

*

Relmada

Therapeutics,

Inc

1,703‌

918

*

Repligen

Corp

155,427‌

560

*

Replimune

Group,

Inc

15,232‌

1,100

*

Revance

Therapeutics,

Inc

20,306‌

1,022

*

REVOLUTION

Medicines,

Inc

24,344‌

5,399

*

Rigel

Pharmaceuticals,

Inc

8,098‌

870

*

Rocket

Pharmaceuticals,

Inc

17,026‌

6,056

Royalty

Pharma

plc

239,333‌

944

*

Sage

Therapeutics,

Inc

36,004‌

2,743

*,e

Sana

Biotechnology,

Inc

10,835‌

1,935

*

Sangamo

Therapeutics

Inc

6,076‌

1,378

*

Sarepta

Therapeutics,

Inc

178,561‌

6,435

*

Science

37

Holdings,

Inc

2,672‌

2,283

*

Seagen,

Inc

293,388‌

1,737

*

Seer,

Inc

10,075‌

1,730

*

Seres

Therapeutics,

Inc

9,688‌

842

SIGA

Technologies,

Inc

6,197‌

4,694

*,e

Singular

Genomics

Systems,

Inc

9,435‌

5,548

*

SomaLogic,

Inc

13,925‌

14,002

*

Sorrento

Therapeutics,

Inc

12,406‌

1,436

*

Sotera

Health

Co

11,962‌

574

*

SpringWorks

Therapeutics,

Inc

14,930‌

622

*

Stoke

Therapeutics,

Inc

5,741‌

725

*

Supernus

Pharmaceuticals,

Inc

25,861‌

730

*

Sutro

Biopharma,

Inc

5,898‌

747

*

Syndax

Pharmaceuticals,

Inc

19,011‌

1,682

*

Syneos

Health,

Inc

61,696‌

905

*

Tango

Therapeutics,

Inc

6,561‌

356

*

Tarsus

Pharmaceuticals,

Inc

5,219‌

2,971

*

Tenaya

Therapeutics,

Inc

5,972‌

2,508

*

TG

Therapeutics,

Inc

29,670‌

1,031

*,e

Theravance

Biopharma,

Inc

11,568‌

6,677

Thermo

Fisher

Scientific,

Inc

3,676,957‌

825

*

Theseus

Pharmaceuticals,

Inc

4,108‌

940

*

Travere

Therapeutics,

Inc

19,768‌

941

*

Twist

Bioscience

Corp

22,405‌

356

*

Tyra

Biosciences,

Inc

2,706‌

1,092

*

Ultragenyx

Pharmaceutical,

Inc

50,592‌

751

*

United

Therapeutics

Corp

208,846‌

819

*

Vanda

Pharmaceuticals,

Inc

6,052‌

8,156

*

Vaxart

Inc

7,837‌

1,024

*

Vaxcyte,

Inc

49,101‌

19,573

*,e

VBI

Vaccines,

Inc

7,655‌

383

*

Ventyx

Biosciences,

Inc

12,559‌

147

*,e

Vera

Therapeutics,

Inc

2,844‌

1,155

*

Veracyte,

Inc

27,408‌

796

*

Vericel

Corp

20,967‌

4,342

*

Vertex

Pharmaceuticals,

Inc

1,253,883‌

855

*

Verve

Therapeutics,

Inc

16,544‌

20,481

Viatris,

Inc

227,954‌

1,193

*

Vir

Biotechnology,

Inc

30,195‌

609

*

Viridian

Therapeutics,

Inc

17,789‌

3,518

*

VistaGen

Therapeutics,

Inc

362‌

1,029

*

Waters

Corp

352,515‌

1,278

West

Pharmaceutical

Services,

Inc

300,777‌

962

*

Xencor,

Inc

25,050‌

5,029

*

Xeris

Biopharma

Holdings,

Inc

6,689‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

105

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

616

*

Y-mAbs

Therapeutics,

Inc

$

3,006‌

788

*

Zentalis

Pharmaceuticals,

Inc

15,870‌

8,074

Zoetis,

Inc

1,183,245‌

966

*,†

Zogenix,

Inc

657‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

59,370,891‌

REAL

ESTATE

-

3

.2

%

1,492

Acadia

Realty

Trust

21,410‌

1,175

Agree

Realty

Corp

83,343‌

1,021

Alexander

&

Baldwin,

Inc

19,123‌

57

Alexander's,

Inc

12,543‌

2,778

Alexandria

Real

Estate

Equities,

Inc

404,671‌

714

American

Assets

Trust,

Inc

18,921‌

1,878

American

Finance

Trust,

Inc

11,137‌

4,773

American

Homes

4

Rent

143,858‌

7,882

American

Tower

Corp

1,669,881‌

4,437

Americold

Realty

Trust

125,611‌

2,744

Apartment

Income

REIT

Corp

94,147‌

1,848

Apartment

Investment

and

Management

Co

13,158‌

4,063

Apple

Hospitality

REIT,

Inc

64,114‌

1,769

Armada

Hoffler

Properties,

Inc

20,343‌

888

*

Ashford

Hospitality

Trust,

Inc

3,969‌

2,397

AvalonBay

Communities,

Inc

387,163‌

53

*

Bluerock

Homes

Trust,

Inc

1,129‌

2,732

Boston

Properties,

Inc

184,629‌

1,429

BraeMar

Hotels

&

Resorts,

Inc

5,873‌

2,649

Brandywine

Realty

Trust

16,291‌

5,352

Brixmor

Property

Group,

Inc

121,330‌

2,559

Broadstone

Net

Lease,

Inc

41,481‌

572

Brt

Realty

Trust

11,234‌

1,599

Camden

Property

Trust

178,896‌

1,679

CareTrust

REIT,

Inc

31,196‌

493

CBL

&

Associates

Properties,

Inc

11,378‌

5,555

CBRE

Group,

Inc

427,513‌

275

Centerspace

16,134‌

919

Chatham

Lodging

Trust

11,276‌

707

City

Office

REIT,

Inc

5,925‌

588

Clipper

Realty,

Inc

3,763‌

544

Community

Healthcare

Trust,

Inc

19,475‌

8,339

*

Compass,

Inc

19,430‌

2,132

Corporate

Office

Properties

Trust

55,304‌

2,578

Cousins

Properties,

Inc

65,198‌

7,329

Crown

Castle

International

Corp

994,106‌

273

CTO

Realty

Growth,

Inc

4,990‌

3,658

CubeSmart

147,235‌

2,415

*

Cushman

&

Wakefield

plc

30,091‌

3,453

DiamondRock

Hospitality

Co

28,280‌

4,847

Digital

Realty

Trust,

Inc

486,009‌

15,695

Diversified

Healthcare

Trust

10,152‌

11,066

*

Doma

Holdings,

Inc

5,012‌

1,341

Douglas

Elliman,

Inc

5,458‌

2,632

Douglas

Emmett,

Inc

41,270‌

1,427

Easterly

Government

Properties,

Inc

20,363‌

673

EastGroup

Properties,

Inc

99,644‌

3,012

Empire

State

Realty

Trust,

Inc

20,301‌

1,375

EPR

Properties

51,865‌

1,553

Equinix,

Inc

1,017,262‌

1,868

Equity

Commonwealth

46,644‌

3,060

Equity

Lifestyle

Properties,

Inc

197,676‌

6,436

Equity

Residential

379,724‌

1,947

Essential

Properties

Realty

Trust,

Inc

45,696‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

106

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE—continued

1,143

Essex

Property

Trust,

Inc

$

242,225‌

1,235

e

eXp

World

Holdings

Inc

13,684‌

2,226

Extra

Space

Storage,

Inc

327,623‌

729

Farmland

Partners,

Inc

9,083‌

1,347

Federal

Realty

Investment

Trust

136,101‌

1,998

First

Industrial

Realty

Trust,

Inc

96,423‌

240

*

Forestar

Group,

Inc

3,698‌

1,235

Four

Corners

Property

Trust,

Inc

32,024‌

1,621

Franklin

Street

Properties

Corp

4,425‌

102

*

FRP

Holdings,

Inc

5,494‌

3,874

Gaming

and

Leisure

Properties,

Inc

201,797‌

763

Getty

Realty

Corp

25,828‌

475

Gladstone

Commercial

Corp

8,788‌

687

Gladstone

Land

Corp

12,606‌

1,151

Global

Medical

REIT,

Inc

10,911‌

1,848

Global

Net

Lease,

Inc

23,229‌

6,024

Healthcare

Realty

Trust,

Inc

116,082‌

9,296

Healthpeak

Properties

Inc

233,051‌

697

Hersha

Hospitality

Trust

5,938‌

1,796

Highwoods

Properties,

Inc

50,252‌

12,302

Host

Hotels

and

Resorts,

Inc

197,447‌

692

*

Howard

Hughes

Corp

52,883‌

2,438

Hudson

Pacific

Properties

23,722‌

3,525

Independence

Realty

Trust,

Inc

59,432‌

50

Indus

Realty

Trust,

Inc

3,175‌

1,471

Industrial

Logistics

Properties

Trust

4,810‌

439

Innovative

Industrial

Properties,

Inc

44,493‌

1,002

InvenTrust

Properties

Corp

23,717‌

10,054

Invitation

Homes,

Inc

298,001‌

4,939

Iron

Mountain,

Inc

246,209‌

1,070

iStar

Inc

8,164‌

2,053

JBG

SMITH

Properties

38,966‌

843

*

Jones

Lang

LaSalle,

Inc

134,349‌

2,137

Kennedy-Wilson

Holdings,

Inc

33,615‌

1,970

Kilroy

Realty

Corp

76,180‌

10,503

Kimco

Realty

Corp

222,454‌

3,663

Kite

Realty

Group

Trust

77,106‌

1,519

Lamar

Advertising

Co

143,394‌

5,428

Lexington

Realty

Trust

54,389‌

1,362

Life

Storage,

Inc

134,157‌

917

LTC

Properties,

Inc

32,581‌

3,615

Macerich

Co

40,705‌

1,437

*

Mack-Cali

Realty

Corp

22,891‌

406

Marcus

&

Millichap,

Inc

13,987‌

9,560

Medical

Properties

Trust,

Inc

106,498‌

1,928

Mid-America

Apartment

Communities,

Inc

302,677‌

885

National

Health

Investors,

Inc

46,215‌

3,390

National

Retail

Properties,

Inc

155,126‌

1,216

National

Storage

Affiliates

Trust

43,922‌

652

NETSTREIT

Corp

11,951‌

2,520

Newmark

Group,

Inc

20,084‌

478

NexPoint

Residential

Trust,

Inc

20,803‌

965

Office

Properties

Income

Trust

12,883‌

3,987

Omega

Healthcare

Investors,

Inc

111,437‌

254

One

Liberty

Properties,

Inc

5,644‌

13,458

*,e

Opendoor

Technologies,

Inc

15,611‌

914

Orion

Office

REIT,

Inc

7,806‌

2,712

Outfront

Media,

Inc

44,965‌

3,099

Paramount

Group,

Inc

18,408‌

4,260

Park

Hotels

&

Resorts,

Inc

50,225‌

2,135

Pebblebrook

Hotel

Trust

28,588‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

107

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE—continued

1,776

Phillips

Edison

&

Co,

Inc

$

56,548‌

3,336

Physicians

Realty

Trust

48,272‌

2,219

Piedmont

Office

Realty

Trust,

Inc

20,348‌

445

Plymouth

Industrial

REIT,

Inc

8,535‌

255

Postal

Realty

Trust,

Inc

3,705‌

1,459

PotlatchDeltic

Corp

64,181‌

15,794

Prologis,

Inc

1,780,458‌

2,624

Public

Storage,

Inc

735,219‌

2,525

Rayonier,

Inc

83,224‌

349

Re/Max

Holdings,

Inc

6,505‌

2,208

*

Realogy

Holdings

Corp

14,109‌

10,335

Realty

Income

Corp

655,549‌

3,259

*,e

Redfin

Corp

13,818‌

2,945

Regency

Centers

Corp

184,063‌

2,533

Retail

Opportunities

Investment

Corp

38,071‌

2,722

Rexford

Industrial

Realty,

Inc

148,730‌

3,244

RLJ

Lodging

Trust

34,354‌

497

RMR

Group,

Inc

14,040‌

1,201

RPT

Realty

12,058‌

875

Ryman

Hospitality

Properties

71,558‌

3,697

Sabra

Healthcare

REIT,

Inc

45,954‌

400

Safehold,

Inc

11,448‌

370

Saul

Centers,

Inc

15,052‌

1,869

SBA

Communications

Corp

523,899‌

3,197

Service

Properties

Trust

23,306‌

5,663

Simon

Property

Group,

Inc

665,289‌

2,580

SITE

Centers

Corp

35,243‌

1,292

SL

Green

Realty

Corp

43,566‌

2,053

Spirit

Realty

Capital,

Inc

81,976‌

747

St.

Joe

Co

28,872‌

2,713

STAG

Industrial,

Inc

87,657‌

3,908

STORE

Capital

Corp

125,290‌

152

Stratus

Properties,

Inc

2,932‌

2,137

Summit

Hotel

Properties,

Inc

15,429‌

1,974

Sun

Communities,

Inc

282,282‌

4,344

Sunstone

Hotel

Investors,

Inc

41,963‌

1,735

Tanger

Factory

Outlet

Centers,

Inc

31,126‌

268

*

Tejon

Ranch

Co

5,049‌

1,413

Terreno

Realty

Corp

80,357‌

52

*

Transcontinental

Realty

Investors,

Inc

2,297‌

5,209

UDR,

Inc

201,745‌

567

UMH

Properties,

Inc

9,129‌

3,661

Uniti

Group,

Inc

20,245‌

198

Universal

Health

Realty

Income

Trust

9,451‌

2,537

Urban

Edge

Properties

35,746‌

1,302

Urstadt

Biddle

Properties,

Inc

(Class

A)

24,673‌

6,969

Ventas,

Inc

313,953‌

16,059

VICI

Properties,

Inc

520,312‌

3,062

Vornado

Realty

Trust

63,720‌

1,848

Washington

REIT

32,894‌

7,780

Welltower,

Inc

509,979‌

6,777

*,e

WeWork,

Inc

9,691‌

12,934

Weyerhaeuser

Co

400,954‌

550

Whitestone

REIT

5,302‌

3,203

WP

Carey,

Inc

250,314‌

2,302

Xenia

Hotels

&

Resorts,

Inc

30,340‌

1,056

*

Zillow

Group,

Inc

(Class

A)

32,958‌

2,878

*

Zillow

Group,

Inc

(Class

C)

92,700‌

TOTAL

REAL

ESTATE

21,207,995‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

108

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

RETAILING

-

5

.1

%

426

*

1-800-FLOWERS.COM,

Inc

(Class

A)

$

4,073‌

591

*

1stdibs.com,

Inc

3,002‌

667

Aaron's

Co,

Inc

7,971‌

912

*

Abercrombie

&

Fitch

Co

(Class

A)

20,894‌

1,229

Academy

Sports

&

Outdoors,

Inc

64,572‌

1,052

Advance

Auto

Parts,

Inc

154,676‌

151,950

*

Amazon.com,

Inc

12,763,800‌

2,547

American

Eagle

Outfitters,

Inc

35,556‌

122

*

America's

Car-Mart,

Inc

8,816‌

1,783

Arko

Corp

15,441‌

346

*

Asbury

Automotive

Group,

Inc

62,021‌

671

*

Autonation,

Inc

71,998‌

333

*

AutoZone,

Inc

821,238‌

1,577

*

BARK,

Inc

2,350‌

4,095

Bath

&

Body

Works,

Inc

172,563‌

1,949

*,e

Bed

Bath

&

Beyond,

Inc

4,892‌

3,440

Best

Buy

Co,

Inc

275,922‌

365

e

Big

5

Sporting

Goods

Corp

3,223‌

638

Big

Lots,

Inc

9,379‌

455

*

Boot

Barn

Holdings,

Inc

28,447‌

526

Buckle,

Inc

23,854‌

200

*

Build-A-Bear

Workshop,

Inc

4,768‌

1,130

*

Burlington

Stores,

Inc

229,119‌

331

Caleres,

Inc

7,375‌

670

Camping

World

Holdings,

Inc

14,954‌

2,760

*

CarMax,

Inc

168,056‌

961

*

CarParts.com,

Inc

6,016‌

368

Cato

Corp

(Class

A)

3,433‌

2,088

*

Chico's

FAS,

Inc

10,273‌

288

*

Children's

Place,

Inc

10,489‌

207

*

Citi

Trends,

Inc

5,481‌

291

*

Conn's,

Inc

2,002‌

508

*

Container

Store

Group,

Inc

2,189‌

14,344

*

ContextLogic,

Inc

6,996‌

892

Designer

Brands,

Inc

8,724‌

919

*

Destination

XL

Group,

Inc

6,203‌

954

Dick's

Sporting

Goods,

Inc

114,757‌

77

e

Dillard's,

Inc

(Class

A)

24,886‌

3,897

Dollar

General

Corp

959,636‌

3,623

*

Dollar

Tree,

Inc

512,437‌

4,249

*

DoorDash,

Inc

207,436‌

144

*

Duluth

Holdings,

Inc

890‌

9,663

eBay,

Inc

400,725‌

2,188

*

Etsy,

Inc

262,079‌

1,112

*,e

EVgo,

Inc

4,971‌

961

*

Express

Parent

LLC

980‌

969

*

Five

Below,

Inc

171,387‌

1,672

*

Floor

&

Decor

Holdings,

Inc

116,421‌

1,404

Foot

Locker,

Inc

53,057‌

429

e

Franchise

Group,

Inc

10,219‌

389

*,e

Funko,

Inc

4,244‌

4,552

*,e

GameStop

Corp

(Class

A)

84,030‌

3,094

Gap,

Inc

34,900‌

127

*

Genesco,

Inc

5,845‌

2,363

Genuine

Parts

Co

410,004‌

228

Group

1

Automotive,

Inc

41,124‌

354

*,e

Groupon,

Inc

3,037‌

934

*

GrowGeneration

Corp

3,661‌

194

Guess?,

Inc

4,014‌

286

Haverty

Furniture

Cos,

Inc

8,551‌

269

Hibbett

Sports,

Inc

18,351‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

109

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

RETAILING—continued

17,613

Home

Depot,

Inc

$

5,563,242‌

2,193

Kohl's

Corp

55,373‌

221

*

Lands'

End,

Inc

1,677‌

2,409

*

Leslie's,

Inc

29,414‌

484

*

Liquidity

Services,

Inc

6,805‌

472

Lithia

Motors,

Inc

(Class

A)

96,637‌

4,343

LKQ

Corp

231,960‌

10,763

Lowe's

Companies,

Inc

2,144,420‌

442

*

Lumber

Liquidators,

Inc

2,484‌

4,862

Macy's,

Inc

100,400‌

389

*

MarineMax,

Inc

12,145‌

566

Monro

Muffler,

Inc

25,583‌

343

Murphy

USA,

Inc

95,882‌

1,406

*

National

Vision

Holdings,

Inc

54,497‌

1,826

e

Nordstrom,

Inc

29,472‌

740

*

ODP

Corp

33,700‌

1,041

*

Ollie's

Bargain

Outlet

Holdings,

Inc

48,760‌

180

*

OneWater

Marine,

Inc

5,148‌

1,062

*

O'Reilly

Automotive,

Inc

896,360‌

752

*

Overstock.com,

Inc

14,559‌

512

Penske

Auto

Group,

Inc

58,844‌

1,122

*

Petco

Health

&

Wellness

Co,

Inc

10,637‌

306

e

PetMed

Express,

Inc

5,416‌

667

Pool

Corp

201,654‌

815

*

Poshmark,

Inc

14,572‌

1,517

*

Quotient

Technology,

Inc

5,203‌

6,780

*

Qurate

Retail

Group,

Inc

QVC

Group

11,051‌

1,063

*,e

Rent

the

Runway,

Inc

3,242‌

1,084

Rent-A-Center,

Inc

24,444‌

610

*,e

Revolve

Group,

Inc

13,579‌

318

*

RH

84,966‌

5,850

Ross

Stores,

Inc

679,010‌

2,062

*

Sally

Beauty

Holdings,

Inc

25,816‌

406

Shoe

Carnival,

Inc

9,707‌

366

Shutterstock,

Inc

19,296‌

819

Signet

Jewelers

Ltd

55,692‌

441

*

Sleep

Number

Corp

11,457‌

455

Sonic

Automotive,

Inc

(Class

A)

22,418‌

689

*

Sportsman's

Warehouse

Holdings,

Inc

6,484‌

1,508

*

Stitch

Fix

Inc

4,690‌

7,871

Target

Corp

1,173,094‌

1,347

*,e

ThredUp,

Inc

1,765‌

297

*

Tilly's,

Inc

2,688‌

19,929

TJX

Companies,

Inc

1,586,348‌

1,905

Tractor

Supply

Co

428,568‌

232

*

TravelCenters

of

America,

Inc

10,389‌

859

*

Ulta

Beauty,

Inc

402,931‌

1,237

*

Urban

Outfitters,

Inc

29,502‌

1,365

*

Victoria's

Secret

&

Co

48,840‌

448

*,e

Vivid

Seats,

Inc

3,270‌

2,078

*

Volta,

Inc

739‌

1,287

*

Warby

Parker,

Inc

17,362‌

1,297

*,e

Wayfair,

Inc

42,658‌

1,203

Williams-Sonoma,

Inc

138,249‌

37

Winmark

Corp

8,726‌

576

*

Xometry,

Inc

18,564‌

314

*

Zumiez,

Inc

6,826‌

TOTAL

RETAILING

33,135,623‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4

.5

%

759

*

ACM

Research,

Inc

5,852‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

110

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

27,549

*

Advanced

Micro

Devices,

Inc

$

1,784,349‌

932

*

Allegro

MicroSystems,

Inc

27,979‌

302

*

Alpha

&

Omega

Semiconductor

Ltd

8,628‌

567

*

Ambarella,

Inc

46,624‌

1,455

Amkor

Technology,

Inc

34,891‌

8,887

Analog

Devices,

Inc

1,457,735‌

14,847

Applied

Materials,

Inc

1,445,801‌

320

*,e

Atomera,

Inc

1,990‌

510

*

Axcelis

Technologies,

Inc

40,474‌

582

*

AXT,

Inc

2,549‌

6,747

Broadcom,

Inc

3,772,450‌

333

*

Ceva,

Inc

8,518‌

1,003

*

Cirrus

Logic,

Inc

74,703‌

2,152

*

Coherent

Corp

75,535‌

772

*

Cohu,

Inc

24,743‌

1,608

*,e

Credo

Technology

Group

Holding

Ltd

21,402‌

836

*

Diodes,

Inc

63,653‌

2,241

*

Enphase

Energy,

Inc

593,775‌

2,553

Entegris,

Inc

167,451‌

1,763

*

First

Solar,

Inc

264,080‌

1,150

*

Formfactor,

Inc

25,564‌

991

*,e

GLOBALFOUNDRIES,

Inc

53,405‌

434

*

Ichor

Holdings

Ltd

11,640‌

346

*

Impinj,

Inc

37,776‌

1,578

*

indie

Semiconductor,

Inc

9,200‌

69,354

Intel

Corp

1,833,026‌

2,431

KLA

Corp

916,560‌

970

Kulicke

&

Soffa

Industries,

Inc

42,932‌

2,339

Lam

Research

Corp

983,082‌

2,478

*

Lattice

Semiconductor

Corp

160,773‌

799

*

MACOM

Technology

Solutions

Holdings,

Inc

50,321‌

14,438

Marvell

Technology,

Inc

534,783‌

1,137

*

MaxLinear,

Inc

38,601‌

9,072

Microchip

Technology,

Inc

637,308‌

18,823

Micron

Technology,

Inc

940,774‌

1,013

MKS

Instruments,

Inc

85,831‌

785

Monolithic

Power

Systems,

Inc

277,584‌

943

*

Nanometrics,

Inc

64,209‌

41,096

NVIDIA

Corp

6,005,769‌

7,472

*

ON

Semiconductor

Corp

466,029‌

409

*

PDF

Solutions,

Inc

11,665‌

1,020

*

Photronics,

Inc

17,167‌

990

Power

Integrations,

Inc

71,003‌

1,887

*

Qorvo,

Inc

171,038‌

19,108

QUALCOMM,

Inc

2,100,734‌

2,225

*

Rambus,

Inc

79,699‌

463

*

Rigetti

Computing,

Inc

338‌

1,200

*

Semtech

Corp

34,428‌

653

*

Silicon

Laboratories,

Inc

88,592‌

272

*

SiTime

Corp

27,641‌

106

*

SkyWater

Technology,

Inc

754‌

2,765

Skyworks

Solutions,

Inc

251,974‌

592

*

SMART

Global

Holdings,

Inc

8,809‌

1,332

*

SunPower

Corp

24,016‌

653

*

Synaptics,

Inc

62,139‌

2,737

Teradyne,

Inc

239,077‌

15,698

Texas

Instruments,

Inc

2,593,624‌

398

*

Transphorm,

Inc

2,165‌

789

*

Ultra

Clean

Holdings

26,155‌

754

Universal

Display

Corp

81,462‌

729

*

Veeco

Instruments,

Inc

13,545‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

111

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

1,949

*

Wolfspeed,

Inc

$

134,559‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

29,138,933‌

SOFTWARE

&

SERVICES

-

12

.8

%

1,702

*,e

8x8,

Inc

7,353‌

978

A10

Networks,

Inc

16,264‌

10,813

Accenture

plc

2,885,341‌

2,058

*

ACI

Worldwide,

Inc

47,334‌

1,587

Adeia,

Inc

15,045‌

8,033

*

Adobe,

Inc

2,703,345‌

3,788

*,e

Affirm

Holdings,

Inc

36,630‌

400

*

Agilysys,

Inc

31,656‌

2,729

*

Akamai

Technologies,

Inc

230,055‌

790

*

Alarm.com

Holdings,

Inc

39,089‌

641

*

Alkami

Technology,

Inc

9,352‌

708

*

Altair

Engineering,

Inc

32,193‌

994

*

Alteryx,

Inc

50,366‌

2,168

Amdocs

Ltd

197,071‌

370

American

Software,

Inc

(Class

A)

5,432‌

894

*,e

Amplitude,

Inc

10,800‌

1,525

*

Ansys,

Inc

368,425‌

306

*

Appfolio,

Inc

32,246‌

674

*

Appian

Corp

21,945‌

3,826

*,e

AppLovin

Corp

40,288‌

350

*

Arteris,

Inc

1,505‌

1,244

*

Asana,

Inc

17,130‌

492

*

Aspen

Technology,

Inc

101,057‌

2,365

*

Atlassian

Corp

304,328‌

3,745

*

Autodesk,

Inc

699,828‌

7,121

Automatic

Data

Processing,

Inc

1,700,922‌

2,036

*

AvePoint,

Inc

8,368‌

2,445

*

AvidXchange

Holdings,

Inc

24,303‌

527

*

Benefitfocus,

Inc

5,512‌

2,759

Bentley

Systems,

Inc

101,973‌

1,087

*

BigCommerce

Holdings,

Inc

9,500‌

1,647

*

Bill.Com

Holdings,

Inc

179,457‌

2,568

*

Black

Knight,

Inc

158,574‌

919

*

Blackbaud,

Inc

54,092‌

875

*

Blackline,

Inc

58,861‌

6,533

*

Blend

Labs,

Inc

9,408‌

8,961

*

Block,

Inc

563,109‌

2,369

*

Box,

Inc

73,747‌

829

Bread

Financial

Holdings,

Inc

31,220‌

653

*

Brightcove,

Inc

3,415‌

1,981

Broadridge

Financial

Solutions,

Inc

265,712‌

1,024

*

C3.ai,

Inc

11,459‌

4,697

*

Cadence

Design

Systems,

Inc

754,526‌

923

*

Cantaloupe,

Inc

4,015‌

222

Cass

Information

Systems,

Inc

10,172‌

2,611

*

CCC

Intelligent

Solutions

Holdings,

Inc

22,716‌

810

*

Cerberus

Cyber

Sentinel

Corp

2,065‌

664

*

Cerence

Inc

12,304‌

2,180

*

Ceridian

HCM

Holding,

Inc

139,847‌

8,723

*,e

Cipher

Mining,

Inc

4,885‌

600

*,e

Cleanspark,

Inc

1,224‌

1,045

Clear

Secure,

Inc

28,664‌

4,715

*

Cloudflare,

Inc

213,165‌

8,916

Cognizant

Technology

Solutions

Corp

(Class

A)

509,906‌

679

*

Commvault

Systems,

Inc

42,668‌

752

Concentrix

Corp

100,136‌

3,045

*

Conduent,

Inc

12,332‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

112

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

2,093

*

Confluent,

Inc

$

46,548‌

265

*

Consensus

Cloud

Solutions,

Inc

14,246‌

485

*

Couchbase,

Inc

6,431‌

1,237

*

Coupa

Software,

Inc

97,933‌

3,558

*

Crowdstrike

Holdings,

Inc

374,622‌

430

*

CS

Disco,

Inc

2,718‌

520

CSG

Systems

International,

Inc

29,744‌

1,339

*

Cvent

Holding

Corp

7,231‌

609

*

Cyxtera

Technologies,

Inc

1,169‌

4,505

*

Datadog,

Inc

331,117‌

348

*,e

Digimarc

Corp

6,435‌

1,549

*

Digital

Turbine,

Inc

23,607‌

1,273

*,e

DigitalOcean

Holdings,

Inc

32,423‌

3,281

*

DocuSign,

Inc

181,833‌

1,151

Dolby

Laboratories,

Inc

(Class

A)

81,192‌

549

*

Domo,

Inc

7,818‌

1,002

*

DoubleVerify

Holdings,

Inc

22,004‌

5,083

*

Dropbox,

Inc

113,758‌

1,275

*

Duck

Creek

Technologies,

Inc

15,364‌

4,238

*

DXC

Technology

Co

112,307‌

3,263

*

Dynatrace,

Inc

124,973‌

3,144

*

E2open

Parent

Holdings,

Inc

18,455‌

387

e

Ebix,

Inc

7,725‌

543

*

eGain

Corp

4,903‌

1,268

*

Elastic

NV

65,302‌

349

*

Enfusion,

Inc

3,375‌

562

*

EngageSmart,

Inc

9,891‌

884

*

Envestnet,

Inc

54,543‌

940

*

EPAM

Systems,

Inc

308,076‌

849

*

Euronet

Worldwide,

Inc

80,129‌

638

*

Everbridge,

Inc

18,872‌

472

*

EverCommerce,

Inc

3,512‌

941

EVERTEC,

Inc

30,470‌

774

*

Evo

Payments,

Inc

26,192‌

511

*

ExlService

Holdings,

Inc

86,579‌

439

*

Fair

Isaac

Corp

262,777‌

1,817

*

Fastly,

Inc

14,881‌

10,411

Fidelity

National

Information

Services,

Inc

706,386‌

10,184

*

Fiserv,

Inc

1,029,297‌

1,139

*

Five9,

Inc

77,293‌

1,300

*

FleetCor

Technologies,

Inc

238,784‌

1,015

*

Flywire

Corp

24,837‌

503

*,e

ForgeRock,

Inc

11,453‌

11,265

*

Fortinet,

Inc

550,746‌

1,347

*

Gartner,

Inc

452,781‌

3,194

Genpact

Ltd

147,946‌

4,712

Global

Payments,

Inc

467,996‌

671

*

Globant

S.A.

112,835‌

2,799

*

GoDaddy,

Inc

209,421‌

699

*

Grid

Dynamics

Holdings,

Inc

7,843‌

1,428

*

Guidewire

Software,

Inc

89,336‌

450

Hackett

Group,

Inc

9,167‌

770

*

HubSpot,

Inc

222,630‌

280

*

I3

Verticals,

Inc

6,815‌

112

*

IBEX

Ltd

2,783‌

477

*

Informatica,

Inc

7,770‌

412

Information

Services

Group,

Inc

1,895‌

227

*

Instructure

Holdings,

Inc

5,321‌

291

*

Intapp,

Inc

7,258‌

539

InterDigital,

Inc

26,670‌

15,297

International

Business

Machines

Corp

2,155,194‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

113

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

339

*

International

Money

Express

Inc

$

8,261‌

4,677

Intuit,

Inc

1,820,382‌

1,261

*

IronNet,

Inc

290‌

1,263

Jack

Henry

&

Associates,

Inc

221,732‌

1,086

*

Jamf

Holding

Corp

23,132‌

1,353

*

Kaleyra,

Inc

1,022‌

1,215

*

KnowBe4,

Inc

30,108‌

3,094

*

Kyndryl

Holdings,

Inc

34,405‌

7,481

*,e

Latch,

Inc

5,311‌

2,061

*

Limelight

Networks,

Inc

2,329‌

1,374

*

Liveperson,

Inc

13,932‌

1,208

*

LiveRamp

Holdings,

Inc

28,316‌

2,676

*,e

LiveVox

Holdings,

Inc

7,948‌

1,102

*

Manhattan

Associates,

Inc

133,783‌

1,642

*,e

Marathon

Digital

Holdings,

Inc

5,616‌

7,301

*

Marqeta,

Inc

44,609‌

14,651

Mastercard,

Inc

(Class

A)

5,094,592‌

5,907

*

Matterport,

Inc

16,540‌

1,185

MAXIMUS,

Inc

86,896‌

365

*

MeridianLink,

Inc

5,011‌

128,062

Microsoft

Corp

30,711,829‌

157

*,e

MicroStrategy,

Inc

(Class

A)

22,226‌

781

*

Mitek

Systems,

Inc

7,568‌

704

*

Model

N,

Inc

28,554‌

1,365

*

MoneyGram

International,

Inc

14,865‌

1,092

*

MongoDB,

Inc

214,949‌

1,055

*

N-Able,

Inc

10,845‌

1,156

*

nCino

OpCo,

Inc

30,565‌

2,313

*

NCR

Corp

54,147‌

885

*

New

Relic,

Inc

49,958‌

1,978

*

NextNav,

Inc

5,796‌

9,648

NortonLifelock,

Inc

206,757‌

3,547

*

Nutanix,

Inc

92,399‌

2,511

*

Okta,

Inc

171,577‌

1,468

*

Olo,

Inc

9,175‌

710

*

ON24,

Inc

6,127‌

634

*

OneSpan,

Inc

7,094‌

25,840

Oracle

Corp

2,112,162‌

1,327

*

Pagerduty,

Inc

35,245‌

30,694

*

Palantir

Technologies,

Inc

197,055‌

4,989

*

Palo

Alto

Networks,

Inc

696,165‌

1,026

*

Paya

Holdings,

Inc

8,075‌

5,432

Paychex,

Inc

627,722‌

896

*

Paycom

Software,

Inc

278,038‌

779

*

Paycor

HCM,

Inc

19,062‌

665

*

Paylocity

Holding

Corp

129,183‌

3,424

*

Payoneer

Global,

Inc

18,729‌

19,779

*

PayPal

Holdings,

Inc

1,408,660‌

652

*,e

Paysafe

Ltd

9,056‌

748

Pegasystems,

Inc

25,612‌

509

*

Perficient,

Inc

35,543‌

203

PFSweb,

Inc

1,248‌

1,155

*

Procore

Technologies,

Inc

54,493‌

766

Progress

Software

Corp

38,645‌

671

*

PROS

Holdings,

Inc

16,278‌

1,840

*

PTC,

Inc

220,874‌

877

*

Q2

Holdings,

Inc

23,565‌

667

*

Qualys,

Inc

74,857‌

738

*

Rackspace

Technology,

Inc

2,177‌

930

*

Rapid7,

Inc

31,601‌

1,393

*

Remitly

Global,

Inc

15,950‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

114

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

1,337

*

Repay

Holdings

Corp

$

10,763‌

1,545

*

Rimini

Street,

Inc

5,886‌

1,417

*

RingCentral,

Inc

50,162‌

2,728

*,e

Riot

Blockchain,

Inc

9,248‌

1,821

Roper

Technologies,

Inc

786,836‌

5,391

*

Sabre

Corp

33,316‌

16,369

*

Salesforce,

Inc

2,170,366‌

433

Sapiens

International

Corp

NV

8,002‌

96

*

SecureWorks

Corp

613‌

3,132

*

SentinelOne,

Inc

45,696‌

3,429

*

ServiceNow,

Inc

1,331,378‌

854

*

Shift4

Payments,

Inc

47,764‌

307

*

ShotSpotter,

Inc

10,386‌

2,057

*

Smartsheet,

Inc

80,964‌

5,219

*

Snowflake,

Inc

749,135‌

668

*

SolarWinds

Corp

6,252‌

2,799

*

Splunk,

Inc

240,966‌

904

*

Sprout

Social,

Inc

51,040‌

599

*

SPS

Commerce,

Inc

76,930‌

519

*

Squarespace,

Inc

11,506‌

3,873

SS&C

Technologies

Holdings,

Inc

201,628‌

4,668

*

StoneCo

Ltd

44,066‌

1,401

*

Sumo

Logic,

Inc

11,348‌

2,089

*

SVMK,

Inc

14,623‌

2,617

*

Synopsys,

Inc

835,582‌

904

*

Telos

Corp

4,601‌

1,778

*

Tenable

Holdings,

Inc

67,831‌

1,844

*

Teradata

Corp

62,069‌

4,196

*

Toast,

Inc

75,654‌

7,448

*

Trade

Desk,

Inc

333,894‌

369

TTEC

Holdings,

Inc

16,284‌

143

*,e

Tucows,

Inc

4,851‌

1,255

*

Turing

Holding

Corp

12,788‌

2,852

*

Twilio,

Inc

139,634‌

718

*

Tyler

Technologies,

Inc

231,490‌

6,303

*

UiPath,

Inc

80,111‌

1,098

*

Unisys

Corp

5,611‌

4,288

*

Unity

Software,

Inc

122,594‌

395

*

Upland

Software,

Inc

2,816‌

826

*,e

UserTesting,

Inc

6,203‌

1,710

*

Varonis

Systems,

Inc

40,937‌

1,154

*

Verint

Systems,

Inc

41,867‌

1,657

*

VeriSign,

Inc

340,414‌

988

*

Veritone,

Inc

5,236‌

2,291

*

Verra

Mobility

Corp

31,685‌

187

*

Viant

Technology,

Inc

752‌

28,071

Visa,

Inc

(Class

A)

5,832,031‌

3,584

*

VMware,

Inc

(Class

A)

439,972‌

6,792

Western

Union

Co

93,526‌

739

*

WEX,

Inc

120,937‌

902

*

Wix.com

Ltd

69,301‌

1,259

*

WM

Technology,

Inc

1,272‌

3,317

*

Workday,

Inc

555,034‌

767

*

Workiva,

Inc

64,405‌

1,753

*

Yext,

Inc

11,447‌

1,875

*

Zeta

Global

Holdings

Corp

15,319‌

4,272

*

Zoom

Video

Communications,

Inc

289,385‌

1,385

*

Zscaler,

Inc

154,982‌

1,687

*

Zuora

Inc

10,729‌

TOTAL

SOFTWARE

&

SERVICES

83,652,706‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

115

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6

.9

%

2,107

*

3D

Systems

Corp

$

15,592‌

380

*

908

Devices,

Inc

2,896‌

806

ADTRAN

Holdings,

Inc

15,145‌

617

Advanced

Energy

Industries,

Inc

52,926‌

1,957

*

Aeva

Technologies,

Inc

2,662‌

3,969

*

AEye,

Inc

1,908‌

1,341

*,e

Akoustis

Technologies,

Inc

3,782‌

10,075

Amphenol

Corp

(Class

A)

767,111‌

257,631

Apple,

Inc

33,473,996‌

4,063

*

Arista

Networks,

Inc

493,045‌

1,538

*

Arlo

Technologies,

Inc

5,398‌

1,135

*

Arrow

Electronics,

Inc

118,687‌

170

*

Aviat

Networks,

Inc

5,302‌

612

*

Avid

Technology,

Inc

16,273‌

1,668

Avnet,

Inc

69,355‌

438

Badger

Meter,

Inc

47,755‌

636

Belden

CDT,

Inc

45,728‌

773

Benchmark

Electronics,

Inc

20,631‌

909

*

Calix,

Inc

62,203‌

141

*

Cambium

Networks

Corp

3,056‌

1,029

*

Casa

Systems,

Inc

2,809‌

2,317

CDW

Corp

413,770‌

2,665

*

Ciena

Corp

135,862‌

70,924

Cisco

Systems,

Inc

3,378,819‌

153

*

Clearfield,

Inc

14,403‌

2,887

Cognex

Corp

136,007‌

3,317

*

CommScope

Holding

Co,

Inc

24,380‌

356

Comtech

Telecommunications

Corp

4,322‌

12,918

Corning,

Inc

412,601‌

426

*

Corsair

Gaming,

Inc

5,781‌

485

CTS

Corp

19,119‌

4,541

Dell

Technologies,

Inc

182,639‌

400

*

Digi

International,

Inc

14,620‌

284

*

DZS,

Inc

3,601‌

830

*

Eastman

Kodak

Co

2,532‌

404

*

ePlus,

Inc

17,889‌

1,500

*

Evolv

Technologies

Holdings,

Inc

3,885‌

1,698

*

Extreme

Networks,

Inc

31,090‌

1,062

*

F5

Networks,

Inc

152,408‌

683

*

Fabrinet

87,574‌

288

*

FARO

Technologies,

Inc

8,470‌

319

*

Focus

Universal,

Inc

2,045‌

1,256

*

Harmonic,

Inc

16,454‌

22,442

Hewlett

Packard

Enterprise

Co

358,174‌

17,965

HP,

Inc

482,720‌

376

*

Identiv,

Inc

2,722‌

2,966

*,e

Infinera

Corp

19,991‌

1,471

*

Inseego

Corp

1,239‌

594

*

Insight

Enterprises,

Inc

59,560‌

1,889

*,e

IonQ,

Inc

6,517‌

631

*

IPG

Photonics

Corp

59,737‌

678

*

Itron,

Inc

34,341‌

2,422

Jabil

Inc

165,180‌

5,587

Juniper

Networks,

Inc

178,561‌

3,121

*

Keysight

Technologies,

Inc

533,910‌

548

*

Kimball

Electronics,

Inc

12,379‌

1,352

*

Knowles

Corp

22,200‌

1,886

*,e

Lightwave

Logic,

Inc

8,129‌

375

Littelfuse,

Inc

82,575‌

1,153

*

Lumentum

Holdings,

Inc

60,152‌

569

Methode

Electronics,

Inc

25,247‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

116

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

2,725

*,e

Microvision,

Inc

$

6,404‌

1,899

*,e

Mirion

Technologies,

Inc

12,552‌

2,823

Motorola

Solutions,

Inc

727,515‌

342

*

Napco

Security

Technologies,

Inc

9,398‌

2,304

National

Instruments

Corp

85,018‌

3,817

NetApp,

Inc

229,249‌

505

*

Netgear,

Inc

9,146‌

1,389

*

Netscout

Systems,

Inc

45,156‌

829

*

nLight,

Inc

8,406‌

592

*

Novanta,

Inc

80,435‌

641

*,e

Ondas

Holdings,

Inc

1,019‌

280

*

OSI

Systems,

Inc

22,266‌

2,778

*,e

Ouster,

Inc

2,397‌

404

*,e

PAR

Technology

Corp

10,532‌

196

PC

Connection,

Inc

9,192‌

521

*

Plexus

Corp

53,627‌

4,619

*

Pure

Storage,

Inc

123,604‌

1,053

*

Ribbon

Communications,

Inc

2,938‌

262

*

Rogers

Corp

31,267‌

1,157

*

Sanmina

Corp

66,285‌

463

*

Scansource,

Inc

13,529‌

1,918

*

SmartRent,

Inc

4,661‌

764

*

Super

Micro

Computer,

Inc

62,724‌

765

SYNNEX

Corp

72,453‌

797

*

Teledyne

Technologies,

Inc

318,728‌

4,356

*

Trimble

Inc

220,239‌

1,439

*

TTM

Technologies,

Inc

21,700‌

301

*

Turtle

Beach

Corp

2,158‌

125

e

Ubiquiti,

Inc

34,191‌

3,723

*,e

Velodyne

Lidar,

Inc

2,750‌

1,095

*

Viasat,

Inc

34,657‌

4,189

*

Viavi

Solutions,

Inc

44,026‌

2,099

Vishay

Intertechnology,

Inc

45,275‌

301

*

Vishay

Precision

Group,

Inc

11,634‌

2,801

Vontier

Corp

54,143‌

5,297

*

Western

Digital

Corp

167,120‌

2,215

Xerox

Holdings

Corp

32,339‌

634

*

Xperi,

Inc

5,459‌

901

*

Zebra

Technologies

Corp

(Class

A)

231,025‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

45,323,082‌

TELECOMMUNICATION

SERVICES

-

1

.1

%

184

*

Anterix,

Inc

5,919‌

122,091

AT&T,

Inc

2,247,695‌

251

ATN

International,

Inc

11,373‌

378

*

Bandwidth

Inc

8,675‌

1,555

*

Charge

Enterprises,

Inc

1,928‌

772

Cogent

Communications

Group,

Inc

44,066‌

1,064

*

Consolidated

Communications

Holdings,

Inc

3,809‌

2,419

DigitalBridge

Group,

Inc

26,464‌

740

*

EchoStar

Corp

(Class

A)

12,343‌

3,950

*

Frontier

Communications

Parent,

Inc

100,646‌

10,525

*

Globalstar,

Inc

13,998‌

987

*

Gogo,

Inc

14,568‌

350

*

IDT

Corp

(Class

B)

9,860‌

2,020

*

Iridium

Communications,

Inc

103,828‌

975

*

KORE

Group

Holdings,

Inc

1,229‌

681

*

Liberty

Latin

America

Ltd

(Class

A)

5,128‌

2,483

*

Liberty

Latin

America

Ltd

(Class

C)

18,871‌

17,584

Lumen

Technologies,

Inc

91,788‌

365

*

Ooma,

Inc

4,971‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

117

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TELECOMMUNICATION

SERVICES—continued

1,168

*

Radius

Global

Infrastructure,

Inc

$

13,806‌

869

Shenandoah

Telecom

Co

13,800‌

1,775

Telephone

&

Data

Systems,

Inc

18,620‌

10,082

*

T-Mobile

US,

Inc

1,411,480‌

247

*

US

Cellular

Corp

5,150‌

71,767

Verizon

Communications,

Inc

2,827,620‌

TOTAL

TELECOMMUNICATION

SERVICES

7,017,635‌

TRANSPORTATION

-

1

.8

%

1,148

*

Air

Transport

Services

Group,

Inc

29,825‌

2,129

*

Alaska

Air

Group,

Inc

91,419‌

268

*

Allegiant

Travel

Co

18,221‌

1,269

AMERCO

69,770‌

141

Amerco,

Inc

8,487‌

10,876

*

American

Airlines

Group,

Inc

138,343‌

424

ArcBest

Corp

29,697‌

421

*

Atlas

Air

Worldwide

Holdings,

Inc

42,437‌

447

*

Avis

Budget

Group,

Inc

73,277‌

969

*

Blade

Air

Mobility,

Inc

3,469‌

2,212

CH

Robinson

Worldwide,

Inc

202,531‌

554

*

Copa

Holdings

S.A.

(Class

A)

46,076‌

767

Costamare,

Inc

7,118‌

185

Covenant

Transportation

Group,

Inc

6,395‌

36,581

CSX

Corp

1,133,279‌

828

*

Daseke,

Inc

4,711‌

10,897

*

Delta

Air

Lines,

Inc

358,075‌

220

Eagle

Bulk

Shipping,

Inc

10,987‌

556

Eneti,

Inc

5,588‌

2,934

Expeditors

International

of

Washington,

Inc

304,901‌

4,108

FedEx

Corp

711,506‌

480

Forward

Air

Corp

50,347‌

438

*

Frontier

Group

Holdings,

Inc

4,498‌

497

Genco

Shipping

&

Trading

Ltd

7,634‌

1,990

Golden

Ocean

Group

Ltd

17,293‌

1,764

*

GXO

Logistics,

Inc

75,305‌

905

*

Hawaiian

Holdings,

Inc

9,285‌

728

Heartland

Express,

Inc

11,168‌

3,420

*

Hertz

Global

Holdings,

Inc

52,634‌

505

*

Hub

Group,

Inc

(Class

A)

40,142‌

1,447

JB

Hunt

Transport

Services,

Inc

252,299‌

5,315

*

JetBlue

Airways

Corp

34,441‌

4,016

*,e

Joby

Aviation,

Inc

13,454‌

1,157

*

Kirby

Corp

74,453‌

2,433

Knight-Swift

Transportation

Holdings,

Inc

127,514‌

666

Landstar

System,

Inc

108,491‌

5,019

*

Lyft,

Inc

(Class

A)

55,309‌

796

Marten

Transport

Ltd

15,745‌

668

Matson,

Inc

41,757‌

4,011

Norfolk

Southern

Corp

988,391‌

1,737

Old

Dominion

Freight

Line

492,926‌

136

*

PAM

Transportation

Services,

Inc

3,522‌

580

*

Radiant

Logistics,

Inc

2,952‌

1,622

*

RXO,

Inc

27,898‌

775

Ryder

System,

Inc

64,767‌

1,291

Safe

Bulkers,

Inc

3,757‌

468

*

Saia,

Inc

98,130‌

932

Schneider

National,

Inc

21,809‌

802

*

Skywest,

Inc

13,241‌

10,244

*

Southwest

Airlines

Co

344,915‌

1,623

Spirit

Airlines,

Inc

31,616‌

383

*

Sun

Country

Airlines

Holdings,

Inc

6,074‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

118

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TRANSPORTATION—continued

2,215

*

TuSimple

Holdings,

Inc

$

3,633‌

31,989

*

Uber

Technologies,

Inc

791,088‌

10,650

Union

Pacific

Corp

2,205,296‌

5,488

*

United

Airlines

Holdings

Inc

206,898‌

12,447

United

Parcel

Service,

Inc

(Class

B)

2,163,786‌

122

Universal

Logistics

Holdings

Inc

4,080‌

1,147

Werner

Enterprises,

Inc

46,178‌

2,928

*

Wheels

Up

Experience,

Inc

3,016‌

1,622

*

XPO

Logistics,

Inc

53,996‌

TOTAL

TRANSPORTATION

11,865,850‌

UTILITIES

-

3

.0

%

11,476

AES

Corp

330,050‌

1,097

Allete,

Inc

70,767‌

4,194

Alliant

Energy

Corp

231,551‌

524

*

Altus

Power,

Inc

3,416‌

4,249

Ameren

Corp

377,821‌

8,719

American

Electric

Power

Co,

Inc

827,869‌

745

American

States

Water

Co

68,950‌

3,189

American

Water

Works

Co,

Inc

486,067‌

111

Artesian

Resources

Corp

6,502‌

2,236

Atmos

Energy

Corp

250,588‌

992

e

Avangrid,

Inc

42,636‌

1,326

Avista

Corp

58,795‌

1,043

Black

Hills

Corp

73,365‌

1,573

Brookfield

Infrastructure

Corp

61,190‌

2,251

Brookfield

Renewable

Corp

61,993‌

934

California

Water

Service

Group

56,638‌

10,119

Centerpoint

Energy,

Inc

303,469‌

358

Chesapeake

Utilities

Corp

42,308‌

545

Clearway

Energy,

Inc

(Class

A)

16,306‌

1,281

Clearway

Energy,

Inc

(Class

C)

40,825‌

4,975

CMS

Energy

Corp

315,067‌

6,042

Consolidated

Edison,

Inc

575,863‌

5,659

Constellation

Energy

Corp

487,862‌

13,999

Dominion

Energy,

Inc

858,419‌

3,346

DTE

Energy

Co

393,255‌

12,947

Duke

Energy

Corp

1,333,412‌

6,251

Edison

International

397,689‌

3,424

Entergy

Corp

385,200‌

3,872

Essential

Utilities

Inc

184,811‌

3,984

Evergy,

Inc

250,713‌

5,967

Eversource

Energy

500,273‌

16,521

Exelon

Corp

714,203‌

9,412

FirstEnergy

Corp

394,739‌

133

Global

Water

Resources,

Inc

1,766‌

2,117

Hawaiian

Electric

Industries,

Inc

88,596‌

960

Idacorp,

Inc

103,536‌

640

MGE

Energy,

Inc

45,056‌

240

Middlesex

Water

Co

18,881‌

1,082

*,e

Montauk

Renewables,

Inc

11,934‌

1,427

National

Fuel

Gas

Co

90,329‌

1,561

New

Jersey

Resources

Corp

77,457‌

33,712

NextEra

Energy,

Inc

2,818,323‌

6,737

NiSource,

Inc

184,729‌

666

Northwest

Natural

Holding

Co

31,695‌

812

NorthWestern

Corp

48,184‌

4,112

NRG

Energy,

Inc

130,844‌

3,276

OGE

Energy

Corp

129,566‌

919

ONE

Gas,

Inc

69,587‌

751

Ormat

Technologies,

Inc

64,946‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

119

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

UTILITIES—continued

743

Otter

Tail

Corp

$

43,622‌

26,877

*,b

PG&E

Corp

437,020‌

1,897

Pinnacle

West

Capital

Corp

144,248‌

1,358

PNM

Resources,

Inc

66,257‌

1,712

Portland

General

Electric

Co

83,888‌

12,886

PPL

Corp

376,529‌

8,459

Public

Service

Enterprise

Group,

Inc

518,283‌

250

*

Pure

Cycle

Corp

2,620‌

5,404

Sempra

Energy

835,134‌

505

SJW

Corp

41,001‌

1,915

South

Jersey

Industries,

Inc

68,040‌

18,252

Southern

Co

1,303,375‌

1,078

Southwest

Gas

Holdings

Inc

66,707‌

880

Spire,

Inc

60,597‌

1,678

*,e

Sunnova

Energy

International,

Inc

30,221‌

3,513

UGI

Corp

130,227‌

537

Unitil

Corp

27,580‌

162

Via

Renewables,

Inc

828‌

7,448

Vistra

Energy

Corp

172,794‌

5,438

WEC

Energy

Group,

Inc

509,867‌

9,168

Xcel

Energy,

Inc

642,768‌

203

York

Water

Co

9,131‌

TOTAL

UTILITIES

19,688,778‌

TOTAL

COMMON

STOCKS

646,228,649‌

(Cost

$254,631,719)

EXP

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

CONSUMER

DURABLES

&

APPAREL

-

0

.0

%

356

e

PLBY

Group,

Inc

0‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.0

%

854

†

Chinook

Therapeutics,

Inc

0‌

145

†

Tobira

Therapeutics,

Inc

9‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

9‌

TOTAL

RIGHTS/WARRANTS

9‌

(Cost

$9)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.6%

GOVERNMENT

AGENCY

DEBT

-

1

.2

%

$

4,000,000

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/04/23

3,999,524‌

4,139,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/03/23

4,139,000‌

TOTAL

GOVERNMENT

AGENCY

DEBT

8,138,524‌

Portfolio

of

investments

Stock

Index

Fund

December

31,

2022

120

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

SHARES

COMPANY

RATE

EXP

VALUE

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.4

%

2,267,576

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.340

%

$

2,267,576‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

2,267,576‌

TOTAL

SHORT-TERM

INVESTMENTS

10,406,100‌

(Cost

$10,404,329)

TOTAL

INVESTMENTS

-

100.5%

656,634,758‌

(Cost

$265,036,057)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.5)%

(

3,415,223‌

)

NET

ASSETS

-

100.0%

$

653,219,535‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

b

In

bankruptcy

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

$2,712,319.

Futures

contracts

outstanding

as

of

December

31,

2022

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

42‌

03/17/23

 $

8,323,311‌

$

8,108,100‌

$

(

215,211‌

)

Portfolio

of

investments

International

Equity

Fund

December

31,

2022

121

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

SHARES

COMPANY

VALUE

COMMON

STOCKS

-

98.0%

AUSTRALIA

-

7

.0

%

57,272

BHP

Billiton

Ltd

$

1,774,111‌

32,376

Commonwealth

Bank

of

Australia

2,248,669‌

272,437

Glencore

Xstrata

plc

1,816,785‌

23,995

Rio

Tinto

plc

1,688,864‌

39,413

Woodside

Energy

Group

Ltd

954,512‌

TOTAL

AUSTRALIA

8,482,941‌

BRAZIL

-

1

.3

%

256,751

Banco

Bradesco

S.A.

(Preference)

732,379‌

177,200

Itau

Unibanco

Holding

S.A.

839,246‌

TOTAL

BRAZIL

1,571,625‌

DENMARK

-

3

.4

%

11,268

DSV

AS

1,781,889‌

17,183

Novo

Nordisk

AS

2,333,719‌

TOTAL

DENMARK

4,115,608‌

FINLAND

-

1

.3

%

150,632

Nordea

Bank

Abp

1,617,301‌

TOTAL

FINLAND

1,617,301‌

FRANCE

-

11

.3

%

29,096

Airbus

SE

3,459,584‌

38,530

Compagnie

de

Saint-Gobain

1,884,918‌

12,629

Essilor

International

S.A.

2,285,002‌

3,110

Kering

1,582,765‌

41,802

Total

S.A.

2,624,043‌

15,192

Vinci

S.A.

1,514,443‌

45,695

Vivendi

Universal

S.A.

436,521‌

TOTAL

FRANCE

13,787,276‌

GERMANY

-

9

.3

%

5,862

Adidas-Salomon

AG.

794,455‌

49,712

Bayer

AG.

2,558,679‌

29,081

Deutsche

Post

AG.

1,088,404‌

3,335

*

Dr

ING

hc

F

Porsche

AG.

336,547‌

18,713

HeidelbergCement

AG.

1,060,372‌

38,098

RWE

AG.

1,684,225‌

20,112

Siemens

AG.

2,772,463‌

8,497

Volkswagen

AG.

(Preference)

1,054,049‌

TOTAL

GERMANY

11,349,194‌

HONG

KONG

-

0

.6

%

16,199

Hong

Kong

Exchanges

and

Clearing

Ltd

696,075‌

TOTAL

HONG

KONG

696,075‌

IRELAND

-

1

.6

%

48,595

CRH

plc

1,932,630‌

TOTAL

IRELAND

1,932,630‌

ITALY

-

2

.0

%

151,595

Enel

S.p.A.

815,299‌

29,799

Moncler

S.p.A

1,583,425‌

TOTAL

ITALY

2,398,724‌

JAPAN

-

19

.9

%

102,800

Daiichi

Sankyo

Co

Ltd

3,308,792‌

8,884

Daikin

Industries

Ltd

1,347,823‌

62,251

*

Hitachi

Ltd

3,132,239‌

Portfolio

of

investments

International

Equity

Fund

December

31,

2022

122

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

JAPAN—continued

3,200

Keyence

Corp

$

1,242,382‌

42,740

Nintendo

Co

Ltd

1,797,070‌

66,300

ORIX

Corp

1,061,241‌

52,700

Recruit

Holdings

Co

Ltd

1,649,614‌

49,900

*

SBI

Holdings,

Inc

950,732‌

27,900

e

Shiseido

Co

Ltd

1,367,482‌

40,492

Sony

Corp

3,086,364‌

60,000

Sumitomo

Mitsui

Financial

Group,

Inc

2,413,945‌

208,315

*

Toyota

Motor

Corp

2,841,946‌

TOTAL

JAPAN

24,199,630‌

KOREA,

REPUBLIC

OF

-

0

.7

%

1,833

*

LG

Chem

Ltd

875,311‌

TOTAL

KOREA,

REPUBLIC

OF

875,311‌

NETHERLANDS

-

10

.6

%

4,209

ASML

Holding

NV

2,294,964‌

17,176

Heineken

NV

1,617,845‌

158,997

ING

Groep

NV

1,936,766‌

443,844

Koninklijke

KPN

NV

1,373,810‌

162,540

Shell

plc

4,582,135‌

45,694

Universal

Music

Group

NV

1,105,002‌

TOTAL

NETHERLANDS

12,910,522‌

NORWAY

-

1

.9

%

63,531

Equinor

ASA

2,283,320‌

TOTAL

NORWAY

2,283,320‌

SPAIN

-

1

.4

%

282,350

Banco

Bilbao

Vizcaya

Argentaria

S.A.

1,700,669‌

TOTAL

SPAIN

1,700,669‌

SWITZERLAND

-

5

.1

%

2,732

Lonza

Group

AG.

1,341,071‌

33,006

Novartis

AG.

2,986,958‌

3,868

Zurich

Insurance

Group

AG

1,849,203‌

TOTAL

SWITZERLAND

6,177,232‌

TAIWAN

-

0

.6

%

9,550

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

711,379‌

TOTAL

TAIWAN

711,379‌

UNITED

KINGDOM

-

14

.9

%

31,698

Ashtead

Group

plc

1,800,597‌

36,013

AstraZeneca

plc

4,873,256‌

170,300

BP

plc

982,621‌

35,965

British

American

Tobacco

plc

1,422,709‌

73,293

Diageo

plc

3,208,171‌

8,234

Linde

plc

(Xetra)

2,683,963‌

28,117

Reckitt

Benckiser

Group

plc

1,948,967‌

22,596

Unilever

plc

1,140,823‌

TOTAL

UNITED

KINGDOM

18,061,107‌

UNITED

STATES

-

5

.1

%

67,361

GSK

plc

1,164,216‌

477,913

*

Haleon

plc

1,890,918‌

13,137

Nestle

S.A.

1,517,446‌

Portfolio

of

investments

International

Equity

Fund

December

31,

2022

123

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

concluded

SHARES

COMPANY

VALUE

UNITED

STATES—continued

5,214

Roche

Holding

AG.

$

1,638,434‌

TOTAL

UNITED

STATES

6,211,014‌

TOTAL

COMMON

STOCKS

119,081,558‌

(Cost

$113,151,645)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.9%

GOVERNMENT

AGENCY

DEBT

-

1

.9

%

$

2,359,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/03/23

2,359,000‌

TOTAL

GOVERNMENT

AGENCY

DEBT

2,359,000‌

TOTAL

SHORT-TERM

INVESTMENTS

2,359,000‌

(Cost

$2,358,489)

TOTAL

INVESTMENTS

-

99.9%

121,440,558‌

(Cost

$115,510,134)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.1%

99,158‌

NET

ASSETS

-

100.0%

$

121,539,716‌

ADR

American

Depositary

Receipt

*

Non-income

producing

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$1,077,053.

Core

Bond

Fund

December

31,

2022

Portfolio

of

investments

124

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

BANK

LOAN

OBLIGATIONS

-

1.4%

CAPITAL

GOODS

-

0

.0

%

$

34,622

i

Sensata

Technologies,

Inc

LIBOR

4

M

+

1.750%

5

.873

%

09/20/26

$

34,557‌

TOTAL

CAPITAL

GOODS

34,557‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0

.2

%

70,963

i

Dun

&

Bradstreet

Corp

LIBOR

12

M

+

3.250%

7

.639

02/06/26

70,437‌

37,394

i

GFL

Environmental,

Inc

LIBOR

4

M

+

3.000%

7

.415

05/30/25

37,453‌

73,688

i

Spin

Holdco,

Inc

LIBOR

4

M

+

4.000%

8

.765

03/04/28

62,524‌

87,604

i

Trans

Union

LLC

LIBOR

12

M

+

1.750%

6

.134

11/16/26

86,517‌

51,769

i

Trans

Union

LLC

LIBOR

12

M

+

2.250%

6

.634

12/01/28

51,348‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

308,279‌

CONSUMER

SERVICES

-

0

.1

%

98,250

i

IRB

Holding

Corp

SOFR

12M

+

3.000%

7

.317

12/15/27

95,499‌

44,290

i

KUEHG

Corp

LIBOR

4

M

+

3.750%

8

.480

02/21/25

42,648‌

69,125

i

Stars

Group

Holdings

BV

LIBOR

4

M

+

2.250%

6

.980

07/21/26

68,280‌

TOTAL

CONSUMER

SERVICES

206,427‌

DIVERSIFIED

FINANCIALS

-

0

.0

%

33,487

i

Lions

Gate

Capital

Holdings

LLC

LIBOR

12

M

+

2.250%

6

.634

03/24/25

32,064‌

TOTAL

DIVERSIFIED

FINANCIALS

32,064‌

ENERGY

-

0

.0

%

72,949

i

Buckeye

Partners

LP

LIBOR

12

M

+

2.250%

6

.634

11/01/26

72,634‌

TOTAL

ENERGY

72,634‌

FOOD,

BEVERAGE

&

TOBACCO

-

0

.3

%

146,250

i

Froneri

US,

Inc

LIBOR

12

M

+

2.250%

6

.634

01/29/27

142,614‌

98,500

i

Hayward

Industries,

Inc

LIBOR

12

M

+

2.500%

6

.884

05/30/28

94,499‌

78,156

i

Hearthside

Food

Solutions

LLC

LIBOR

12

M

+

3.688%

8

.071

05/23/25

69,823‌

113,829

i

Hostess

Brands

LLC

LIBOR

4

M

+

2.250%

6

.665

08/03/25

113,658‌

131,005

i

Triton

Water

Holdings,

Inc

LIBOR

4

M

+

3.500%

8

.230

03/31/28

122,277‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

542,871‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0

.1

%

73,313

i

Da

Vinci

Purchaser

Corp

LIBOR

12

M

+

4.000%

8

.384

01/08/27

66,959‌

98,000

i

Global

Medical

Response,

Inc

LIBOR

12

M

+

4.250%

8

.634

03/14/25

69,274‌

3,641

i

Grifols

Worldwide

Operations

USA,

Inc

LIBOR

12

M

+

2.000%

6

.384

11/15/27

3,529‌

8,524

i

NMN

Holdings

III

Corp

LIBOR

3

M

+

3.750%

0

.000

11/13/25

7,459‌

39,725

i

NMN

Holdings

III

Corp

LIBOR

12

M

+

3.750%

8

.134

11/13/25

34,759‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

181,980‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.0

%

33,658

i

Energizer

Holdings,

Inc

LIBOR

12

M

+

2.250%

6

.625

12/22/27

33,111‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

33,111‌

INSURANCE

-

0

.1

%

95,791

i

Acrisure

LLC

LIBOR

12

M

+

3.500%

7

.884

02/15/27

90,121‌

97,250

i

NFP

Corp

LIBOR

12

M

+

3.250%

7

.634

02/15/27

93,256‌

TOTAL

INSURANCE

183,377‌

MATERIALS

-

0

.1

%

98,500

i

Eco

Services

Operations

Corp

LIBOR

4

M

+

2.500%

6

.915

06/09/28

97,207‌

15,689

i

Messer

Industries

USA,

Inc

LIBOR

4

M

+

2.500%

7

.230

03/02/26

15,579‌

TOTAL

MATERIALS

112,786‌

MEDIA

&

ENTERTAINMENT

-

0

.4

%

36,545

i

Cirque

Du

Soleil

Holding

USA

Newco,

Inc

LIBOR

1

M

+

6.000%

10

.726

11/24/25

36,431‌

36,682

i

Cirque

Du

Soleil

Holding

USA

Newco,

Inc

LIBOR

3

M

+

1.000%

7

.000

11/24/27

35,975‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

125

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MEDIA

&

ENTERTAINMENT—continued

$

24,625

i

CNT

Holdings

I

Corp

SOFR

4M

+

3.500%

7

.239

%

11/08/27

$

23,897‌

62,125

i

DIRECTV

Financing

LLC

LIBOR

12

M

+

5.000%

9

.384

08/02/27

60,617‌

98,500

i

INEOS

US

Petrochem

LLC

LIBOR

12

M

+

2.750%

7

.134

01/29/26

97,023‌

61,570

i

Nascar

Holdings,

Inc

LIBOR

12

M

+

2.500%

6

.884

10/19/26

61,508‌

49,875

i

Phoenix

Newco,

Inc

LIBOR

12

M

+

3.250%

7

.634

11/15/28

48,143‌

98,500

i

Rackspace

Technology

Global,

Inc

LIBOR

4

M

+

2.750%

7

.380

02/15/28

62,060‌

141,113

i

Ryan

Specialty

Group

LLC

SOFR

12M

+

3.000%

7

.423

09/01/27

140,467‌

125,000

i

SkyMiles

IP

Ltd

LIBOR

4

M

+

3.750%

7

.993

10/20/27

127,649‌

50,000

i

Virgin

Media

Bristol

LLC

LIBOR

12

M

+

2.500%

6

.818

01/31/28

49,255‌

43,230

i

Woof

Holdings,

Inc

LIBOR

12

M

+

3.750%

8

.104

12/21/27

40,906‌

TOTAL

MEDIA

&

ENTERTAINMENT

783,931‌

REAL

ESTATE

-

0

.1

%

96,034

i

Cushman

&

Wakefield

plc

LIBOR

12

M

+

2.750%

7

.134

08/21/25

94,011‌

TOTAL

REAL

ESTATE

94,011‌

SOFTWARE

&

SERVICES

-

0

.0

%

21,705

i

Camelot

Finance

S.A.

LIBOR

12

M

+

3.000%

7

.384

10/30/26

21,393‌

72,733

i

Rocket

Software,

Inc

LIBOR

12

M

+

4.250%

8

.634

11/28/25

70,106‌

TOTAL

SOFTWARE

&

SERVICES

91,499‌

TRANSPORTATION

-

0

.0

%

29,850

i

Air

Canada

LIBOR

4

M

+

3.500%

8

.130

08/11/28

29,594‌

22,500

i

Mileage

Plus

Holdings

LLC

LIBOR

4

M

+

5.250%

9

.996

06/21/27

23,183‌

TOTAL

TRANSPORTATION

52,777‌

TOTAL

BANK

LOAN

OBLIGATIONS

2,730,304‌

(Cost

$2,862,378)

BONDS

-

96.0%

CORPORATE

BONDS

-

35

.5

%

AUTOMOBILES

&

COMPONENTS

-

0

.5

%

5,000

Dana,

Inc

5

.375

11/15/27

4,638‌

25,000

Dana,

Inc

4

.250

09/01/30

20,141‌

110,000

Ford

Motor

Co

6

.100

08/19/32

101,569‌

100,000

e,g

Gates

Global

LLC

6

.250

01/15/26

96,500‌

150,000

General

Motors

Co

6

.125

10/01/25

152,656‌

125,000

General

Motors

Co

5

.400

10/15/29

119,287‌

125,000

General

Motors

Co

5

.200

04/01/45

101,596‌

100,000

Goodyear

Tire

&

Rubber

Co

5

.250

04/30/31

83,030‌

200,000

g

Hyundai

Capital

Services,

Inc

2

.125

04/24/25

182,852‌

TOTAL

AUTOMOBILES

&

COMPONENTS

862,269‌

BANKS

-

8

.2

%

200,000

g

Banco

de

Credito

e

Inversiones

S.A.

2

.875

10/14/31

166,372‌

200,000

g

Banco

Internacional

del

Peru

SAA

Interbank

3

.375

01/18/23

199,520‌

200,000

Banco

Santander

S.A.

5

.294

08/18/27

195,271‌

200,000

Banco

Santander

S.A.

4

.750

N/A‡

161,948‌

200,000

g

Bangkok

Bank

PCL

3

.466

09/23/36

156,362‌

200,000

g

Bank

Hapoalim

BM

3

.255

01/21/32

171,937‌

200,000

g

Bank

Leumi

Le-Israel

BM

3

.275

01/29/31

176,950‌

950,000

Bank

of

America

Corp

0

.810

10/24/24

910,911‌

200,000

Bank

of

America

Corp

6

.204

11/10/28

206,494‌

1,000,000

Bank

of

America

Corp

2

.592

04/29/31

814,436‌

500,000

Bank

of

America

Corp

1

.922

10/24/31

381,944‌

275,000

Bank

of

America

Corp

2

.572

10/20/32

215,381‌

200,000

Bank

of

America

Corp

2

.972

02/04/33

161,124‌

200,000

Bank

of

America

Corp

3

.846

03/08/37

165,612‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

126

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

BANKS—continued

$

350,000

Bank

of

America

Corp

2

.676

%

06/19/41

$

235,445‌

200,000

Bank

of

America

Corp

6

.100

N/A‡

193,000‌

55,000

Bank

of

Montreal

3

.803

12/15/32

48,429‌

100,000

Barclays

plc

2

.279

11/24/27

86,438‌

300,000

Barclays

plc

3

.330

11/24/42

204,772‌

150,000

g

BNP

Paribas

S.A.

2

.819

11/19/25

142,092‌

300,000

g

BNP

Paribas

S.A.

1

.904

09/30/28

249,806‌

200,000

g

BNP

Paribas

S.A.

7

.375

N/A‡

197,756‌

500,000

Citigroup,

Inc

3

.200

10/21/26

462,580‌

175,000

Citigroup,

Inc

4

.300

11/20/26

169,285‌

95,000

Citigroup,

Inc

4

.450

09/29/27

90,574‌

140,000

Citigroup,

Inc

2

.572

06/03/31

113,231‌

300,000

Citigroup,

Inc

4

.910

05/24/33

280,930‌

1,475,000

Citigroup,

Inc

6

.270

11/17/33

1,521,672‌

325,000

g

Cooperatieve

Rabobank

UA

1

.339

06/24/26

292,217‌

150,000

g

Credit

Agricole

S.A.

3

.250

10/04/24

144,376‌

200,000

g

Development

Bank

of

Kazakhstan

JSC

5

.750

05/12/25

199,650‌

150,000

Discover

Bank

2

.450

09/12/24

141,884‌

150,000

Discover

Bank

3

.450

07/27/26

138,117‌

250,000

Discover

Bank

2

.700

02/06/30

200,120‌

385,000

HSBC

Holdings

plc

4

.292

09/12/26

368,274‌

500,000

HSBC

Holdings

plc

2

.251

11/22/27

433,023‌

50,000

HSBC

Holdings

plc

2

.013

09/22/28

41,790‌

475,000

HSBC

Holdings

plc

7

.390

11/03/28

499,201‌

550,000

HSBC

Holdings

plc

6

.000

N/A‡

504,795‌

150,000

JPMorgan

Chase

&

Co

2

.700

05/18/23

148,733‌

200,000

JPMorgan

Chase

&

Co

2

.301

10/15/25

188,470‌

250,000

JPMorgan

Chase

&

Co

3

.200

06/15/26

236,029‌

125,000

JPMorgan

Chase

&

Co

4

.323

04/26/28

119,373‌

275,000

JPMorgan

Chase

&

Co

3

.702

05/06/30

246,642‌

150,000

JPMorgan

Chase

&

Co

2

.522

04/22/31

122,743‌

400,000

JPMorgan

Chase

&

Co

1

.953

02/04/32

305,970‌

50,000

JPMorgan

Chase

&

Co

2

.525

11/19/41

32,689‌

250,000

JPMorgan

Chase

&

Co

3

.157

04/22/42

181,481‌

100,000

JPMorgan

Chase

&

Co

5

.000

N/A‡

91,493‌

178,000

JPMorgan

Chase

&

Co

6

.100

N/A‡

173,242‌

160,000

JPMorgan

Chase

&

Co

3

.650

N/A‡

137,000‌

300,000

Lloyds

Banking

Group

plc

6

.750

N/A‡

284,706‌

200,000

Lloyds

Banking

Group

plc

7

.500

N/A‡

192,941‌

250,000

M&T

Bank

Corp

3

.500

N/A‡

193,753‌

200,000

NatWest

Group

plc

5

.516

09/30/28

197,536‌

250,000

g

NBK

SPC

Ltd

1

.625

09/15/27

219,500‌

200,000

Toronto-Dominion

Bank

4

.285

09/13/24

197,655‌

100,000

Toronto-Dominion

Bank

3

.625

09/15/31

92,105‌

200,000

Truist

Financial

Corp

4

.950

N/A‡

191,220‌

200,000

g

UBS

Group

AG.

1

.494

08/10/27

172,072‌

200,000

g

UBS

Group

AG.

3

.179

02/11/43

137,358‌

50,000

Wells

Fargo

&

Co

3

.750

01/24/24

49,321‌

100,000

Wells

Fargo

&

Co

3

.550

09/29/25

96,168‌

100,000

Wells

Fargo

&

Co

3

.526

03/24/28

92,600‌

375,000

Wells

Fargo

&

Co

2

.393

06/02/28

330,971‌

250,000

Wells

Fargo

&

Co

3

.900

N/A‡

218,816‌

TOTAL

BANKS

15,694,306‌

CAPITAL

GOODS

-

0

.8

%

450,000

Boeing

Co

2

.196

02/04/26

408,853‌

200,000

Boeing

Co

2

.950

02/01/30

169,385‌

25,000

Boeing

Co

3

.250

02/01/35

19,012‌

75,000

Boeing

Co

5

.705

05/01/40

71,517‌

150,000

Boeing

Co

5

.805

05/01/50

139,076‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

127

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

CAPITAL

GOODS—continued

$

62,000

g

H&E

Equipment

Services,

Inc

3

.875

%

12/15/28

$

52,811‌

50,000

Lockheed

Martin

Corp

1

.850

06/15/30

41,063‌

175,000

Northrop

Grumman

Corp

3

.250

01/15/28

161,394‌

75,000

Parker-Hannifin

Corp

3

.250

06/14/29

66,975‌

175,000

Raytheon

Technologies

Corp

4

.125

11/16/28

167,494‌

50,000

Raytheon

Technologies

Corp

2

.250

07/01/30

41,607‌

200,000

g

TSMC

Global

Ltd

1

.000

09/28/27

165,965‌

15,000

g

WESCO

Distribution,

Inc

7

.250

06/15/28

15,195‌

TOTAL

CAPITAL

GOODS

1,520,347‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0

.2

%

40,000

g

ADT

Corp

4

.875

07/15/32

33,993‌

15,000

g

ASGN,

Inc

4

.625

05/15/28

13,578‌

13,000

g

Booz

Allen

Hamilton,

Inc

3

.875

09/01/28

11,517‌

25,000

g

Booz

Allen

Hamilton,

Inc

4

.000

07/01/29

22,004‌

10,000

g

GFL

Environmental,

Inc

4

.250

06/01/25

9,552‌

65,000

g

GFL

Environmental,

Inc

5

.125

12/15/26

62,160‌

31,000

g

GFL

Environmental,

Inc

3

.500

09/01/28

27,254‌

50,000

g

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

48,125‌

26,000

g

Prime

Security

Services

Borrower

LLC

3

.375

08/31/27

22,443‌

70,000

g

Prime

Security

Services

Borrower

LLC

6

.250

01/15/28

63,711‌

75,000

Verisk

Analytics,

Inc

3

.625

05/15/50

51,760‌

32,000

g

WASH

Multifamily

Acquisition,

Inc

5

.750

04/15/26

30,160‌

100,000

Waste

Management,

Inc

2

.500

11/15/50

62,299‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

458,556‌

CONSUMER

DURABLES

&

APPAREL

-

0

.0

%

8,000

Newell

Brands,

Inc

4

.875

06/01/25

7,780‌

50,000

Newell

Brands,

Inc

6

.375

09/15/27

49,625‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

57,405‌

CONSUMER

SERVICES

-

0

.4

%

500,000

Anheuser-Busch

Cos

LLC

3

.650

02/01/26

481,203‌

37,000

g

Cedar

Fair

LP

5

.500

05/01/25

36,597‌

6,000

g

Hilton

Domestic

Operating

Co,

Inc

5

.750

05/01/28

5,820‌

74,000

g

Hilton

Domestic

Operating

Co,

Inc

3

.625

02/15/32

59,259‌

20,000

g

International

Game

Technology

plc

4

.125

04/15/26

18,653‌

60,000

g

International

Game

Technology

plc

6

.250

01/15/27

59,550‌

25,000

g

Marriott

Ownership

Resorts,

Inc

4

.500

06/15/29

20,741‌

125,000

McDonald's

Corp

4

.600

09/09/32

122,226‌

TOTAL

CONSUMER

SERVICES

804,049‌

DIVERSIFIED

FINANCIALS

-

3

.3

%

150,000

AerCap

Ireland

Capital

DAC

1

.750

01/30/26

131,967‌

275,000

AerCap

Ireland

Capital

DAC

3

.000

10/29/28

230,388‌

150,000

AerCap

Ireland

Capital

DAC

3

.300

01/30/32

117,264‌

150,000

AerCap

Ireland

Capital

DAC

3

.850

10/29/41

106,046‌

225,000

Bank

of

New

York

Mellon

Corp

4

.700

N/A‡

216,029‌

360,000

Capital

One

Bank

USA

NA

3

.375

02/15/23

359,370‌

185,000

Capital

One

Financial

Corp

3

.950

N/A‡

145,295‌

200,000

Charles

Schwab

Corp

5

.375

N/A‡

195,600‌

30,000

g

Compass

Group

Diversified

Holdings

LLC

5

.250

04/15/29

25,674‌

125,000

g

Credit

Suisse

Group

AG.

1

.305

02/02/27

99,900‌

250,000

g

Credit

Suisse

Group

AG.

6

.442

08/11/28

227,674‌

200,000

Credit

Suisse

Group

Funding

Guernsey

Ltd

3

.800

06/09/23

194,750‌

150,000

Credit

Suisse

Group

Funding

Guernsey

Ltd

3

.750

03/26/25

135,006‌

150,000

Deutsche

Bank

AG.

5

.371

09/09/27

150,334‌

100,000

Deutsche

Bank

AG.

2

.311

11/16/27

84,788‌

350,000

General

Motors

Financial

Co,

Inc

2

.750

06/20/25

327,635‌

275,000

General

Motors

Financial

Co,

Inc

5

.000

04/09/27

266,384‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

128

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

DIVERSIFIED

FINANCIALS—continued

$

150,000

General

Motors

Financial

Co,

Inc

2

.700

%

06/10/31

$

114,926‌

300,000

Goldman

Sachs

Group,

Inc

3

.500

04/01/25

288,493‌

400,000

Goldman

Sachs

Group,

Inc

4

.482

08/23/28

383,366‌

280,000

Goldman

Sachs

Group,

Inc

2

.615

04/22/32

223,297‌

50,000

Goldman

Sachs

Group,

Inc

4

.017

10/31/38

41,108‌

100,000

Goldman

Sachs

Group,

Inc

3

.436

02/24/43

73,478‌

50,000

Icahn

Enterprises

LP

5

.250

05/15/27

45,780‌

38,000

Icahn

Enterprises

LP

4

.375

02/01/29

32,135‌

200,000

g

Indian

Railway

Finance

Corp

Ltd

3

.249

02/13/30

172,187‌

68,000

g

LPL

Holdings,

Inc

4

.000

03/15/29

59,167‌

150,000

Morgan

Stanley

2

.720

07/22/25

143,403‌

125,000

Morgan

Stanley

2

.188

04/28/26

116,158‌

575,000

Morgan

Stanley

3

.125

07/27/26

536,344‌

250,000

Morgan

Stanley

1

.512

07/20/27

216,947‌

75,000

Morgan

Stanley

1

.794

02/13/32

56,367‌

60,000

Northern

Trust

Corp

4

.600

N/A‡

52,583‌

200,000

g

Power

Finance

Corp

Ltd

3

.950

04/23/30

175,052‌

100,000

e,g

S&P

Global,

Inc

4

.250

05/01/29

95,450‌

50,000

SLM

Corp

5

.500

01/25/23

49,914‌

200,000

g

Societe

Generale

S.A.

4

.027

01/21/43

135,328‌

15,000

Springleaf

Finance

Corp

5

.375

11/15/29

12,269‌

200,000

g

Swiss

Re

Finance

Luxembourg

SA

5

.000

04/02/49

184,148‌

TOTAL

DIVERSIFIED

FINANCIALS

6,222,004‌

ENERGY

-

3

.3

%

19,000

g

Archrock

Partners

LP

6

.250

04/01/28

17,385‌

100,000

Cenovus

Energy,

Inc

2

.650

01/15/32

79,840‌

100,000

Diamondback

Energy,

Inc

3

.125

03/24/31

82,806‌

100,000

Diamondback

Energy,

Inc

4

.250

03/15/52

73,167‌

35,000

g

DT

Midstream,

Inc

4

.125

06/15/29

30,069‌

30,000

g

DT

Midstream,

Inc

4

.375

06/15/31

25,167‌

50,000

Ecopetrol

S.A.

5

.875

09/18/23

49,677‌

45,000

Ecopetrol

S.A.

6

.875

04/29/30

40,807‌

200,000

Ecopetrol

S.A.

4

.625

11/02/31

152,768‌

150,000

Enbridge,

Inc

5

.750

07/15/80

135,633‌

33,000

g

Energean

Israel

Finance

Ltd

4

.875

03/30/26

30,268‌

100,000

Energy

Transfer

Operating

LP

2

.900

05/15/25

94,174‌

50,000

Energy

Transfer

Operating

LP

4

.750

01/15/26

48,701‌

100,000

Energy

Transfer

Operating

LP

5

.500

06/01/27

99,290‌

150,000

Energy

Transfer

Operating

LP

4

.950

06/15/28

145,048‌

100,000

Energy

Transfer

Operating

LP

6

.250

04/15/49

92,987‌

175,000

Energy

Transfer

Operating

LP

5

.000

05/15/50

139,813‌

6,000

g

EnLink

Midstream

LLC

5

.625

01/15/28

5,715‌

80,000

g

EnLink

Midstream

LLC

6

.500

09/01/30

79,176‌

100,000

Enterprise

Products

Operating

LLC

3

.700

02/15/26

96,378‌

100,000

Enterprise

Products

Operating

LLC

3

.125

07/31/29

88,045‌

100,000

Enterprise

Products

Operating

LLC

4

.250

02/15/48

80,241‌

100,000

Enterprise

Products

Operating

LLC

4

.200

01/31/50

78,627‌

100,000

Enterprise

Products

Operating

LLC

3

.200

02/15/52

65,525‌

25,000

Enterprise

Products

Operating

LLC

3

.300

02/15/53

16,630‌

100,000

g

EQM

Midstream

Partners

LP

4

.500

01/15/29

83,993‌

25,000

g

EQT

Corp

3

.125

05/15/26

22,976‌

200,000

g

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.625

03/31/36

160,659‌

10,000

g

Hilcorp

Energy

I

LP

5

.750

02/01/29

8,901‌

9,000

g

Hilcorp

Energy

I

LP

6

.000

02/01/31

7,763‌

50,000

g

Holly

Energy

Partners

LP

6

.375

04/15/27

49,125‌

75,000

Marathon

Petroleum

Corp

3

.800

04/01/28

69,385‌

100,000

Marathon

Petroleum

Corp

5

.000

09/15/54

83,448‌

150,000

MPLX

LP

1

.750

03/01/26

133,705‌

450,000

MPLX

LP

2

.650

08/15/30

364,679‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

129

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ENERGY—continued

$

125,000

MPLX

LP

4

.700

%

04/15/48

$

98,641‌

34,000

Murphy

Oil

Corp

5

.875

12/01/27

32,718‌

33,000

Occidental

Petroleum

Corp

5

.500

12/01/25

32,888‌

200,000

g

Oleoducto

Central

S.A.

4

.000

07/14/27

176,440‌

225,000

ONEOK,

Inc

4

.550

07/15/28

212,357‌

225,000

ONEOK,

Inc

4

.350

03/15/29

207,943‌

100,000

ONEOK,

Inc

4

.500

03/15/50

74,462‌

67,000

g

Parkland

Corp

4

.500

10/01/29

55,829‌

200,000

g

Pertamina

Persero

PT

1

.400

02/09/26

178,275‌

100,000

Petroleos

Mexicanos

5

.950

01/28/31

75,685‌

67,000

Petroleos

Mexicanos

6

.700

02/16/32

52,612‌

200,000

g

Petronas

Energy

Canada

Ltd

2

.112

03/23/28

174,739‌

200,000

Phillips

66

2

.150

12/15/30

160,135‌

100,000

Phillips

66

3

.300

03/15/52

69,003‌

200,000

g

Qatar

Petroleum

2

.250

07/12/31

165,468‌

200,000

g

S.A.

Global

Sukuk

Ltd

0

.946

06/17/24

187,945‌

175,000

Sabine

Pass

Liquefaction

LLC

5

.875

06/30/26

177,072‌

175,000

Sabine

Pass

Liquefaction

LLC

4

.200

03/15/28

164,495‌

50,000

g

Santos

Finance

Ltd

3

.649

04/29/31

39,743‌

200,000

g

Saudi

Arabian

Oil

Co

2

.250

11/24/30

164,581‌

125,000

Sunoco

Logistics

Partners

Operations

LP

4

.000

10/01/27

116,660‌

25,000

Sunoco

Logistics

Partners

Operations

LP

5

.400

10/01/47

21,176‌

23,000

Sunoco

LP

4

.500

05/15/29

20,118‌

100,000

Targa

Resources

Corp

4

.200

02/01/33

86,036‌

100,000

Targa

Resources

Corp

4

.950

04/15/52

79,110‌

25,000

Targa

Resources

Partners

LP

6

.500

07/15/27

25,158‌

20,000

Targa

Resources

Partners

LP

4

.000

01/15/32

16,828‌

150,000

Total

Capital

International

S.A.

3

.127

05/29/50

105,932‌

175,000

TransCanada

PipeLines

Ltd

4

.250

05/15/28

165,656‌

75,000

TransCanada

PipeLines

Ltd

2

.500

10/12/31

59,552‌

200,000

TransCanada

Trust

5

.500

09/15/79

172,644‌

40,000

USA

Compression

Partners

LP

6

.875

04/01/26

38,372‌

25,000

USA

Compression

Partners

LP

6

.875

09/01/27

23,375‌

TOTAL

ENERGY

6,264,219‌

FOOD

&

STAPLES

RETAILING

-

0

.2

%

60,000

Kroger

Co

3

.875

10/15/46

45,846‌

100,000

SYSCO

Corp

3

.150

12/14/51

65,735‌

100,000

Walmart,

Inc

1

.050

09/17/26

88,556‌

200,000

Walmart,

Inc

1

.800

09/22/31

162,764‌

TOTAL

FOOD

&

STAPLES

RETAILING

362,901‌

FOOD,

BEVERAGE

&

TOBACCO

-

1

.0

%

380,000

Anheuser-Busch

InBev

Worldwide,

Inc

4

.750

01/23/29

375,095‌

50,000

Anheuser-Busch

InBev

Worldwide,

Inc

4

.439

10/06/48

42,701‌

125,000

BAT

Capital

Corp

2

.259

03/25/28

103,740‌

100,000

BAT

Capital

Corp

4

.906

04/02/30

91,558‌

50,000

BAT

Capital

Corp

4

.742

03/16/32

44,366‌

200,000

BAT

International

Finance

plc

4

.448

03/16/28

185,232‌

175,000

g

Cia

Cervecerias

Unidas

S.A.

3

.350

01/19/32

147,599‌

100,000

Constellation

Brands,

Inc

4

.400

11/15/25

98,279‌

100,000

Constellation

Brands,

Inc

3

.700

12/06/26

95,089‌

100,000

Constellation

Brands,

Inc

3

.150

08/01/29

87,636‌

100,000

Constellation

Brands,

Inc

2

.875

05/01/30

85,126‌

100,000

Constellation

Brands,

Inc

2

.250

08/01/31

79,439‌

100,000

Diageo

Capital

plc

2

.125

10/24/24

94,858‌

100,000

Diageo

Capital

plc

2

.375

10/24/29

85,310‌

200,000

Diageo

Capital

plc

2

.000

04/29/30

164,277‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

130

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

$

75,000

g

Primo

Water

Holdings,

Inc

4

.375

%

04/30/29

$

64,769‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,845,074‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1

.5

%

60,000

Abbott

Laboratories

5

.300

05/27/40

61,035‌

100,000

Anthem,

Inc

2

.250

05/15/30

82,725‌

55,000

Becton

Dickinson

&

Co

2

.823

05/20/30

47,204‌

100,000

Boston

Scientific

Corp

2

.650

06/01/30

85,419‌

35,000

Centene

Corp

2

.450

07/15/28

29,542‌

180,000

Centene

Corp

3

.000

10/15/30

147,555‌

200,000

Children's

Hospital

Medic

4

.268

05/15/44

175,906‌

40,000

g

CHS/Community

Health

Systems,

Inc

5

.250

05/15/30

30,162‌

55,000

Cigna

Corp

3

.200

03/15/40

41,495‌

225,000

CVS

Health

Corp

3

.750

04/01/30

203,999‌

400,000

CVS

Health

Corp

1

.750

08/21/30

315,236‌

400,000

CVS

Health

Corp

4

.780

03/25/38

364,374‌

200,000

CVS

Health

Corp

5

.050

03/25/48

179,509‌

250,000

Dartmouth-Hitchcock

Health

4

.178

08/01/48

195,077‌

160,000

HCA,

Inc

5

.625

09/01/28

159,093‌

100,000

g

HCA,

Inc

3

.625

03/15/32

84,615‌

100,000

HCA,

Inc

5

.500

06/15/47

88,812‌

100,000

Humana,

Inc

3

.950

03/15/27

95,859‌

300,000

Humana,

Inc

2

.150

02/03/32

234,100‌

67,000

MPT

Operating

Partnership

LP

3

.500

03/15/31

45,927‌

10,000

g

Tenet

Healthcare

Corp

4

.625

06/15/28

8,947‌

80,000

g

Tenet

Healthcare

Corp

4

.375

01/15/30

69,245‌

240,000

UnitedHealth

Group,

Inc

2

.300

05/15/31

200,006‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,945,842‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.1

%

100,000

Church

&

Dwight

Co,

Inc

2

.300

12/15/31

80,113‌

100,000

Church

&

Dwight

Co,

Inc

5

.000

06/15/52

93,517‌

100,000

Colgate-Palmolive

Co

3

.250

08/15/32

90,244‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

263,874‌

INSURANCE

-

1

.0

%

62,000

g

Acrisure

LLC

4

.250

02/15/29

51,176‌

25,000

g

AmWINS

Group,

Inc

4

.875

06/30/29

21,204‌

175,000

Aon

plc

3

.500

06/14/24

170,798‌

75,000

Berkshire

Hathaway

Finance

Corp

2

.875

03/15/32

64,971‌

75,000

Berkshire

Hathaway

Finance

Corp

4

.250

01/15/49

66,765‌

100,000

CNA

Financial

Corp

3

.950

05/15/24

98,241‌

100,000

g

Equitable

Financial

Life

Global

Funding

1

.400

07/07/25

90,677‌

500,000

Hartford

Financial

Services

Group,

Inc

2

.800

08/19/29

428,041‌

100,000

Hartford

Financial

Services

Group,

Inc

4

.300

04/15/43

79,958‌

100,000

Hartford

Financial

Services

Group,

Inc

2

.900

09/15/51

62,858‌

100,000

g

Liberty

Mutual

Group,

Inc

3

.951

10/15/50

69,758‌

100,000

g

Liberty

Mutual

Group,

Inc

5

.500

06/15/52

89,721‌

100,000

MetLife,

Inc

3

.600

11/13/25

97,164‌

100,000

MetLife,

Inc

5

.000

07/15/52

95,195‌

115,000

e

MetLife,

Inc

3

.850

N/A‡

106,806‌

150,000

PartnerRe

Finance

B

LLC

4

.500

10/01/50

129,795‌

100,000

Reinsurance

Group

of

America,

Inc

3

.900

05/15/29

91,492‌

TOTAL

INSURANCE

1,814,620‌

MATERIALS

-

1

.8

%

100,000

Albemarle

Corp

4

.650

06/01/27

97,517‌

200,000

Amcor

Flexibles

North

America,

Inc

2

.690

05/25/31

162,494‌

100,000

g

Anglo

American

Capital

plc

3

.875

03/16/29

89,779‌

200,000

g

Anglo

American

Capital

plc

2

.625

09/10/30

162,537‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

131

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MATERIALS—continued

$

200,000

AngloGold

Ashanti

Holdings

plc

3

.750

%

10/01/30

$

173,467‌

38,000

Ball

Corp

2

.875

08/15/30

30,329‌

150,000

Bemis

Co,

Inc

2

.630

06/19/30

122,060‌

225,000

Berry

Global,

Inc

1

.570

01/15/26

200,434‌

150,000

Berry

Global,

Inc

1

.650

01/15/27

128,291‌

200,000

g

Celulosa

Arauco

y

Constitucion

S.A.

4

.250

04/30/29

186,839‌

200,000

g

Cemex

SAB

de

C.V.

5

.450

11/19/29

191,999‌

200,000

g

Corp

Nacional

del

Cobre

de

Chile

3

.150

01/14/30

176,516‌

200,000

g

FMG

Resources

August

2006

Pty

Ltd

5

.875

04/15/30

186,305‌

200,000

g

Freeport

Indonesia

PT

5

.315

04/14/32

183,447‌

100,000

Freeport-McMoRan,

Inc

5

.450

03/15/43

90,204‌

200,000

g

GCC

SAB

de

C.V.

3

.614

04/20/32

166,447‌

70,000

Newmont

Corp

2

.250

10/01/30

56,262‌

65,000

Newmont

Corp

2

.600

07/15/32

51,747‌

100,000

g

Nova

Chemicals

Corp

4

.875

06/01/24

96,750‌

100,000

Nutrien

Ltd

2

.950

05/13/30

85,672‌

200,000

g

OCP

S.A.

3

.750

06/23/31

167,515‌

200,000

g

Orbia

Advance

Corp

SAB

de

C.V.

1

.875

05/11/26

172,750‌

19,000

g

PolyOne

Corp

5

.750

05/15/25

18,525‌

200,000

Suzano

Austria

GmbH

3

.750

01/15/31

167,785‌

200,000

g

UltraTech

Cement

Ltd

2

.800

02/16/31

158,961‌

100,000

WRKCo,

Inc

3

.000

06/15/33

79,416‌

TOTAL

MATERIALS

3,404,048‌

MEDIA

&

ENTERTAINMENT

-

2

.0

%

100,000

Activision

Blizzard,

Inc

1

.350

09/15/30

78,143‌

100,000

g

Arches

Buyer,

Inc

4

.250

06/01/28

78,210‌

200,000

g

Cable

Onda

S.A.

4

.500

01/30/30

179,650‌

100,000

g

CCO

Holdings

LLC

5

.125

05/01/27

93,207‌

125,000

Charter

Communications

Operating

LLC

2

.800

04/01/31

97,313‌

50,000

Charter

Communications

Operating

LLC

5

.125

07/01/49

37,808‌

600,000

Charter

Communications

Operating

LLC

4

.800

03/01/50

435,569‌

150,000

Comcast

Corp

4

.150

10/15/28

143,842‌

400,000

Comcast

Corp

1

.500

02/15/31

311,440‌

300,000

Comcast

Corp

3

.200

07/15/36

243,194‌

500,000

Comcast

Corp

2

.887

11/01/51

321,123‌

40,000

g

DIRECTV

Holdings

LLC

5

.875

08/15/27

35,786‌

50,000

DISH

DBS

Corp

5

.000

03/15/23

49,770‌

250,000

GSK

Consumer

Healthcare

Capital

US

LLC

3

.375

03/24/27

232,739‌

250,000

GSK

Consumer

Healthcare

Capital

US

LLC

3

.625

03/24/32

219,470‌

15,000

Lamar

Media

Corp

3

.625

01/15/31

12,401‌

50,000

g

Magallanes,

Inc

4

.279

03/15/32

41,188‌

325,000

g

Magallanes,

Inc

5

.050

03/15/42

248,652‌

225,000

g

Misc

Capital

Two

Labuan

Ltd

3

.625

04/06/25

213,968‌

33,000

g

News

Corp

3

.875

05/15/29

28,624‌

100,000

Paramount

Global

3

.375

02/15/28

88,744‌

200,000

g

POSCO

4

.500

08/04/27

187,754‌

110,000

g

Sirius

XM

Radio,

Inc

4

.000

07/15/28

95,733‌

50,000

g

Sirius

XM

Radio,

Inc

4

.125

07/01/30

41,261‌

50,000

Time

Warner

Cable

LLC

5

.875

11/15/40

43,561‌

30,000

g

Univision

Communications,

Inc

7

.375

06/30/30

28,671‌

200,000

e

Weibo

Corp

3

.375

07/08/30

155,376‌

TOTAL

MEDIA

&

ENTERTAINMENT

3,743,197‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.9

%

100,000

AbbVie,

Inc

2

.850

05/14/23

99,276‌

525,000

AbbVie,

Inc

4

.050

11/21/39

449,373‌

125,000

AstraZeneca

Finance

LLC

1

.200

05/28/26

111,289‌

100,000

AstraZeneca

Finance

LLC

2

.250

05/28/31

83,180‌

150,000

AstraZeneca

plc

1

.375

08/06/30

118,504‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

132

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

$

30,000

g

Avantor

Funding,

Inc

4

.625

%

07/15/28

$

27,259‌

155,000

Bristol-Myers

Squibb

Co

2

.350

11/13/40

106,568‌

100,000

Bristol-Myers

Squibb

Co

2

.550

11/13/50

62,637‌

75,000

Danaher

Corp

2

.800

12/10/51

49,557‌

150,000

Gilead

Sciences,

Inc

2

.800

10/01/50

95,900‌

100,000

Merck

&

Co,

Inc

2

.750

12/10/51

66,814‌

200,000

g

Organon

Finance   LLC

5

.125

04/30/31

173,176‌

175,000

Takeda

Pharmaceutical

Co

Ltd

2

.050

03/31/30

142,844‌

100,000

Takeda

Pharmaceutical

Co

Ltd

3

.025

07/09/40

73,386‌

150,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3

.150

10/01/26

131,175‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,790,938‌

REAL

ESTATE

-

2

.5

%

150,000

Agree

LP

2

.000

06/15/28

122,825‌

100,000

Alexandria

Real

Estate

Equities,

Inc

3

.950

01/15/27

95,539‌

100,000

e

Alexandria

Real

Estate

Equities,

Inc

3

.950

01/15/28

93,879‌

100,000

Alexandria

Real

Estate

Equities,

Inc

4

.900

12/15/30

97,422‌

100,000

Alexandria

Real

Estate

Equities,

Inc

1

.875

02/01/33

74,355‌

100,000

American

Tower

Corp

2

.950

01/15/25

95,376‌

50,000

American

Tower

Corp

3

.375

10/15/26

46,748‌

150,000

American

Tower

Corp

3

.800

08/15/29

136,076‌

175,000

American

Tower

Corp

2

.900

01/15/30

148,202‌

50,000

American

Tower

Corp

2

.100

06/15/30

39,577‌

50,000

American

Tower

Corp

1

.875

10/15/30

38,585‌

150,000

Brandywine

Operating

Partnership

LP

4

.100

10/01/24

142,727‌

200,000

Brixmor

Operating

Partnership

LP

3

.850

02/01/25

191,904‌

100,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

82,524‌

100,000

Brixmor

Operating

Partnership

LP

2

.500

08/16/31

76,484‌

50,000

Corporate

Office

Properties

LP

2

.750

04/15/31

37,420‌

245,000

Crown

Castle

International

Corp

2

.250

01/15/31

196,547‌

50,000

CubeSmart

LP

2

.250

12/15/28

41,208‌

50,000

Equinix,

Inc

2

.150

07/15/30

39,777‌

150,000

Essential

Properties

LP

2

.950

07/15/31

109,069‌

50,000

Essex

Portfolio

LP

3

.000

01/15/30

42,283‌

125,000

Federal

Realty

Investment

Trust

1

.250

02/15/26

110,091‌

175,000

Healthcare

Realty

Holdings

LP

3

.875

05/01/25

167,091‌

100,000

Healthcare

Realty

Holdings

LP

2

.400

03/15/30

78,035‌

100,000

Healthcare

Realty

Holdings

LP

2

.050

03/15/31

73,100‌

125,000

Healthcare

Trust

of

America

Holdings

LP

3

.500

08/01/26

116,345‌

50,000

Healthcare

Trust

of

America

Holdings

LP

3

.100

02/15/30

41,748‌

100,000

Highwoods

Realty

LP

3

.875

03/01/27

92,803‌

50,000

Highwoods

Realty

LP

2

.600

02/01/31

37,423‌

24,000

g

Howard

Hughes

Corp

4

.125

02/01/29

20,100‌

28,000

Kennedy-Wilson,

Inc

4

.750

03/01/29

22,191‌

29,000

Kennedy-Wilson,

Inc

5

.000

03/01/31

21,830‌

110,000

Life

Storage

LP

2

.400

10/15/31

84,623‌

100,000

Mid-America

Apartments

LP

4

.300

10/15/23

99,409‌

125,000

Mid-America

Apartments

LP

3

.750

06/15/24

122,404‌

200,000

Mid-America

Apartments

LP

2

.750

03/15/30

170,062‌

100,000

Mid-America

Apartments

LP

1

.700

02/15/31

77,966‌

100,000

Mid-America

Apartments

LP

2

.875

09/15/51

63,733‌

150,000

Regency

Centers

LP

3

.900

11/01/25

142,515‌

100,000

Regency

Centers

LP

3

.600

02/01/27

93,585‌

100,000

Regency

Centers

LP

2

.950

09/15/29

83,932‌

100,000

Retail

Properties

of

America,

Inc

4

.750

09/15/30

88,034‌

500,000

g

SBA

Tower

Trust

2

.836

01/15/25

471,259‌

420,000

g

SBA

Tower

Trust

1

.884

01/15/26

369,381‌

87,000

SITE

Centers

Corp

3

.625

02/01/25

82,110‌

100,000

Weingarten

Realty

Investors

3

.250

08/15/26

91,934‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

133

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

REAL

ESTATE—continued

$

100,000

Weyerhaeuser

Co

4

.000

%

03/09/52

$

75,460‌

TOTAL

REAL

ESTATE

4,845,691‌

RETAILING

-

0

.6

%

25,000

g

Asbury

Automotive

Group,

Inc

4

.625

11/15/29

21,066‌

50,000

g

Asbury

Automotive

Group,

Inc

5

.000

02/15/32

41,135‌

50,000

AutoNation,

Inc

3

.800

11/15/27

45,350‌

100,000

AutoZone,

Inc

1

.650

01/15/31

77,584‌

100,000

Genuine

Parts

Co

2

.750

02/01/32

80,263‌

80,000

g

LCM

Investments

Holdings

II

LLC

4

.875

05/01/29

64,063‌

45,000

g

Lithia

Motors,

Inc

4

.625

12/15/27

40,587‌

38,000

g

Magic

Mergeco,

Inc

5

.250

05/01/28

30,572‌

125,000

O'Reilly

Automotive,

Inc

3

.600

09/01/27

117,805‌

100,000

O'Reilly

Automotive,

Inc

4

.200

04/01/30

94,351‌

250,000

O'Reilly

Automotive,

Inc

1

.750

03/15/31

194,003‌

200,000

g

Prosus

NV

4

.193

01/19/32

165,574‌

50,000

g

Staples,

Inc

7

.500

04/15/26

43,034‌

28,000

g

Superior

Plus

LP

4

.500

03/15/29

23,940‌

75,000

Target

Corp

2

.350

02/15/30

63,663‌

TOTAL

RETAILING

1,102,990‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0

.5

%

18,000

g

Broadcom,

Inc

3

.187

11/15/36

12,929‌

465,000

g

Broadcom,

Inc

4

.926

05/15/37

405,650‌

100,000

Lam

Research

Corp

4

.000

03/15/29

95,222‌

115,000

NVIDIA

Corp

2

.000

06/15/31

92,106‌

100,000

NXP

BV

3

.875

06/18/26

94,994‌

100,000

NXP

BV

4

.400

06/01/27

95,839‌

100,000

NXP

BV

3

.400

05/01/30

86,415‌

125,000

NXP

BV

3

.125

02/15/42

84,724‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

967,879‌

SOFTWARE

&

SERVICES

-

0

.5

%

105,000

Adobe,

Inc

2

.300

02/01/30

89,530‌

200,000

g

CA

Magnum

Holdings

5

.375

10/31/26

182,246‌

80,000

Fiserv,

Inc

3

.500

07/01/29

72,073‌

100,000

Meta

Platforms,

Inc

4

.450

08/15/52

79,465‌

147,000

Microsoft

Corp

2

.525

06/01/50

96,733‌

90,000

g

NortonLifeLock,

Inc

6

.750

09/30/27

88,200‌

55,000

g

Open

Text

Corp

3

.875

12/01/29

44,230‌

15,000

g

Open

Text

Holdings,

Inc

4

.125

02/15/30

12,032‌

125,000

Roper

Technologies,

Inc

1

.400

09/15/27

105,745‌

75,000

Roper

Technologies,

Inc

2

.000

06/30/30

60,105‌

200,000

salesforce.com,

Inc

2

.700

07/15/41

142,745‌

50,000

Visa,

Inc

2

.700

04/15/40

37,876‌

TOTAL

SOFTWARE

&

SERVICES

1,010,980‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0

.5

%

165,000

Amphenol

Corp

2

.800

02/15/30

140,838‌

175,000

Apple,

Inc

2

.450

08/04/26

162,292‌

575,000

Apple,

Inc

2

.050

09/11/26

524,856‌

60,000

Apple,

Inc

2

.650

02/08/51

39,569‌

65,000

Dell

International

LLC

5

.300

10/01/29

63,570‌

80,000

g

Imola

Merger

Corp

4

.750

05/15/29

69,409‌

50,000

g

Sensata

Technologies

BV

4

.000

04/15/29

43,125‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,043,659‌

TELECOMMUNICATION

SERVICES

-

2

.4

%

200,000

America

Movil

SAB

de

C.V.

4

.700

07/21/32

191,933‌

564,000

AT&T,

Inc

2

.550

12/01/33

433,439‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

134

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

TELECOMMUNICATION

SERVICES—continued

$

150,000

AT&T,

Inc

4

.500

%

05/15/35

$

136,357‌

150,000

AT&T,

Inc

3

.500

06/01/41

111,860‌

730,000

AT&T,

Inc

3

.550

09/15/55

487,088‌

250,000

g

Bharti

Airtel

Ltd

3

.250

06/03/31

211,302‌

200,000

g

Empresa

Nacional

de

Telecomunicaciones

S.A.

3

.050

09/14/32

159,000‌

200,000

g

Millicom

International

Cellular

S.A.

4

.500

04/27/31

168,224‌

200,000

g

MTN

Mauritius

Investment

Ltd

6

.500

10/13/26

199,551‌

100,000

Telefonica

Emisiones

SAU

4

.103

03/08/27

94,877‌

100,000

Telefonica

Emisiones

SAU

4

.895

03/06/48

76,854‌

20,000

T-Mobile

USA,

Inc

2

.250

02/15/26

18,193‌

455,000

T-Mobile

USA,

Inc

2

.625

02/15/29

385,172���

225,000

T-Mobile

USA,

Inc

3

.875

04/15/30

203,808‌

100,000

T-Mobile

USA,

Inc

3

.000

02/15/41

70,562‌

100,000

T-Mobile

USA,

Inc

4

.500

04/15/50

82,214‌

125,000

T-Mobile

USA,

Inc

3

.300

02/15/51

83,418‌

50,000

Verizon

Communications,

Inc

1

.680

10/30/30

38,974‌

25,000

Verizon

Communications,

Inc

1

.750

01/20/31

19,396‌

200,000

Verizon

Communications,

Inc

2

.550

03/21/31

164,472‌

575,000

Verizon

Communications,

Inc

2

.355

03/15/32

455,804‌

550,000

Verizon

Communications,

Inc

3

.400

03/22/41

413,546‌

200,000

g

Vmed

O2

UK

Financing

I

plc

4

.750

07/15/31

162,470‌

110,000

Vodafone

Group

plc

4

.375

02/19/43

88,060‌

150,000

Vodafone

Group

plc

4

.250

09/17/50

115,066‌

TOTAL

TELECOMMUNICATION

SERVICES

4,571,640‌

TRANSPORTATION

-

0

.3

%

65,000

Burlington

Northern

Santa

Fe

LLC

3

.050

02/15/51

45,164‌

275,000

Canadian

Pacific

Railway

Co

2

.050

03/05/30

225,362‌

100,000

CSX

Corp

3

.800

03/01/28

95,372‌

75,000

CSX

Corp

4

.250

03/15/29

72,141‌

50,000

Union

Pacific

Corp

2

.891

04/06/36

39,738‌

100,000

Union

Pacific

Corp

3

.839

03/20/60

77,248‌

TOTAL

TRANSPORTATION

555,025‌

UTILITIES

-

3

.0

%

100,000

AEP

Transmission

Co

LLC

3

.100

12/01/26

93,728‌

75,000

AEP

Transmission

Co

LLC

4

.000

12/01/46

58,900‌

100,000

AEP

Transmission

Co

LLC

2

.750

08/15/51

63,409‌

200,000

g

Aeropuerto

Internacional

de

Tocumen

S.A.

4

.000

08/11/41

164,813‌

650,000

Ameren

Illinois

Co

5

.900

12/01/52

705,809‌

100,000

American

Water

Capital

Corp

3

.000

12/01/26

92,472‌

250,000

American

Water

Capital

Corp

2

.800

05/01/30

216,159‌

60,000

American

Water

Capital

Corp

4

.000

12/01/46

46,636‌

50,000

American

Water

Capital

Corp

3

.750

09/01/47

38,914‌

100,000

American

Water

Capital

Corp

3

.450

05/01/50

73,417‌

100,000

Atmos

Energy

Corp

1

.500

01/15/31

77,884‌

125,000

Baltimore

Gas

&

Electric

Co

3

.750

08/15/47

96,397‌

200,000

g

Becle

SAB

de

C.V.

2

.500

10/14/31

155,400‌

50,000

Berkshire

Hathaway

Energy

Co

3

.250

04/15/28

46,257‌

200,000

Black

Hills

Corp

4

.250

11/30/23

198,874‌

100,000

Black

Hills

Corp

3

.150

01/15/27

92,480‌

100,000

CenterPoint

Energy

Houston

Electric

LLC

3

.000

03/01/32

86,177‌

100,000

Commonwealth

Edison

Co

2

.750

09/01/51

63,993‌

100,000

Consumers

Energy

Co

2

.650

08/15/52

62,877‌

60,000

Dominion

Energy,

Inc

2

.250

08/15/31

47,741‌

190,000

Dominion

Energy,

Inc

3

.300

04/15/41

140,632‌

405,000

Duke

Energy

Corp

3

.300

06/15/41

294,641‌

50,000

Duke

Energy

Progress

LLC

2

.500

08/15/50

30,002‌

100,000

Edison

International

5

.375

N/A‡

81,839‌

200,000

g

ENN

Energy

Holdings

Ltd

2

.625

09/17/30

161,896‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

135

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

UTILITIES—continued

$

195,000

Eversource

Energy

1

.650

%

08/15/30

$

151,732‌

40,000

g

Ferrellgas

Escrow

LLC

5

.375

04/01/26

36,386‌

44,000

g

Ferrellgas

Escrow

LLC

5

.875

04/01/29

36,186‌

100,000

Florida

Power

&

Light

Co

3

.990

03/01/49

83,838‌

75,000

Indiana

Michigan

Power

Co

3

.750

07/01/47

55,667‌

200,000

g

Israel

Electric

Corp

Ltd

3

.750

02/22/32

174,938‌

150,000

MidAmerican

Energy

Co

3

.650

04/15/29

140,245‌

95,000

MidAmerican

Energy

Co

3

.650

08/01/48

74,541‌

130,000

NextEra

Energy

Capital

Holdings,

Inc

2

.250

06/01/30

106,905‌

310,000

NiSource,

Inc

1

.700

02/15/31

236,320‌

85,000

g

NRG

Energy,

Inc

2

.450

12/02/27

70,427‌

50,000

NRG

Energy,

Inc

5

.750

01/15/28

46,933‌

100,000

NSTAR

Electric

Co

3

.950

04/01/30

94,004‌

100,000

Ohio

Power

Co

4

.150

04/01/48

81,128‌

100,000

Ohio

Power

Co

4

.000

06/01/49

78,862‌

50,000

ONE

Gas,

Inc

3

.610

02/01/24

49,103‌

12,000

g

Pattern

Energy

Operations

LP

4

.500

08/15/28

10,760‌

100,000

PECO

Energy

Co

3

.000

09/15/49

68,250‌

200,000

PECO

Energy

Co

2

.800

06/15/50

130,830‌

200,000

g

Perusahaan

Listrik

Negara

PT

3

.875

07/17/29

177,214‌

125,000

Public

Service

Co

of

Colorado

1

.875

06/15/31

99,506‌

125,000

Public

Service

Co

of

Colorado

3

.200

03/01/50

88,664‌

100,000

Public

Service

Electric

and

Gas

Co

4

.900

12/15/32

100,179‌

200,000

g

Saka

Energi

Indonesia

PT

4

.450

05/05/24

190,847‌

75,000

Virginia

Electric

&

Power

Co

2

.950

11/15/26

69,891‌

50,000

Virginia

Electric

&

Power

Co

3

.500

03/15/27

47,252‌

TOTAL

UTILITIES

5,691,955‌

TOTAL

CORPORATE

BONDS

67,843,468‌

(Cost

$78,286,954)

GOVERNMENT

BONDS

-

42

.9

%

FOREIGN

GOVERNMENT

BONDS

-

2

.5

%

200,000

g

African

Export-Import

Bank

2

.634

05/17/26

179,919‌

200,000

g

Angolan

Government

International

Bond

8

.750

04/14/32

173,046‌

EUR

100,000

g

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

80,537‌

50,000

g

Bermuda

Government

International

Bond

4

.750

02/15/29

49,771‌

200,000

g

BNG

Bank

NV

2

.625

02/27/24

194,840‌

400,000

Colombia

Government

International

Bond

3

.250

04/22/32

290,879‌

200,000

g

Costa

Rica

Government

International

Bond

5

.625

04/30/43

163,569‌

200,000

g

Dominican

Republic

Government

International

Bond

4

.875

09/23/32

166,012‌

13,286

g

Ecuador

Government

International

Bond

0

.000

07/31/30

5,189‌

79,525

g

Ecuador

Government

International

Bond

(Step

Bond)

5

.000

07/31/30

51,100‌

56,442

g

Ecuador

Government

International

Bond

(Step

Bond)

1

.000

07/31/35

25,949‌

200,000

g

Egypt

Government

International

Bond

7

.053

01/15/32

145,923‌

100,000

European

Investment

Bank

4

.875

02/15/36

106,327‌

200,000

g

Export-Import

Bank

of

India

2

.250

01/13/31

156,948‌

200,000

g

Guatemala

Government

Bond

3

.700

10/07/33

164,641‌

171,875

g

Iraq

Government

International

Bond

5

.800

01/15/28

158,219‌

200,000

Japan

Bank

for

International

Cooperation

2

.375

04/20/26

185,474‌

100,000

g

Japan

Finance

Organization

for

Municipalities

3

.000

03/12/24

97,676‌

300,000

g

Jordan

Government

International

Bond

4

.950

07/07/25

287,015‌

200,000

g

Korea

Electric

Power

Corp

1

.125

06/15/25

181,164‌

200,000

g

Korea

Hydro

&

Nuclear

Power

Co

Ltd

1

.250

04/27/26

176,139‌

25,000

e

Mexico

Government

International

Bond

3

.250

04/16/30

21,779‌

32,000

Mexico

Government

International

Bond

6

.050

01/11/40

31,039‌

275,000

Mexico

Government

International

Bond

4

.280

08/14/41

212,031‌

160,000

Panama

Notas

del

Tesoro

3

.750

04/17/26

150,482‌

130,000

Peruvian

Government

International

Bond

3

.000

01/15/34

102,395‌

200,000

g

Qatar

Government

International

Bond

3

.750

04/16/30

193,912‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

136

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

FOREIGN

GOVERNMENT

BONDS—continued

$

300,000

g

Republic

of

Uzbekistan

International

Bond

4

.750

%

02/20/24

$

293,151‌

275,000

g

Rwanda

International

Government

Bond

5

.500

08/09/31

208,023‌

500,000

g

Saudi

Government

International

Bond

3

.750

01/21/55

395,244‌

200,000

g

Serbia

International

Bond

2

.125

12/01/30

143,763‌

TOTAL

FOREIGN

GOVERNMENT

BONDS

4,792,156‌

MORTGAGE

BACKED

-

19

.6

%

100,000

g,i

Connecticut

Avenue

Securities

Trust

8

.428

01/25/42

94,946‌

75,000

g,i

Connecticut

Avenue

Securities

Trust

6

.349

03/25/42

78,222‌

310,000

g,i

Connecticut

Avenue

Securities

Trust

7

.028

03/25/42

309,276‌

460,000

g,i

Connecticut

Avenue

Securities

Trust

7

.778

05/25/42

470,187‌

430,000

g,i

Connecticut

Avenue

Securities

Trust

8

.594

06/25/42

451,350‌

274,768

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

4

.500

11/01/37

272,959‌

53,556

i

FHLMC

LIBOR

1

M

+

5.920%

1

.602

03/15/44

4,700‌

94,752

i

FHLMC

LIBOR

1

M

+

9.920%

3

.011

06/15/48

88,549‌

126,293

i

FHLMC

LIBOR

1

M

+

9.840%

2

.931

10/15/48

114,923‌

991,790

FHLMC

3

.000

11/01/49

884,347‌

234,195

FHLMC

2

.000

09/25/50

27,576‌

480,812

FHLMC

2

.500

02/25/51

76,037‌

236,087

FHLMC

3

.000

11/01/51

210,706‌

204,917

FHLMC

3

.000

11/01/51

182,147‌

37,739

FHLMC

3

.000

11/01/51

33,819‌

59,801

FHLMC

3

.000

11/01/51

53,372‌

639,060

FHLMC

2

.000

02/01/52

523,756‌

818,187

FHLMC

2

.500

02/01/52

697,544‌

428,086

FHLMC

2

.500

03/01/52

364,962‌

72,919

FHLMC

3

.000

04/01/52

64,320‌

420,496

FHLMC

4

.500

06/01/52

404,751‌

405,288

FHLMC

4

.500

07/01/52

390,122‌

61,007

FHLMC

4

.000

08/25/52

52,184‌

138,284

FHLMC

6

.000

11/01/52

140,406‌

16,015

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

5

.000

06/01/36

16,373‌

4,915

FGLMC

5

.000

07/01/39

4,985‌

140,354

FGLMC

3

.500

04/01/45

131,024‌

398,813

FGLMC

3

.500

08/01/45

371,920‌

10,688

FGLMC

4

.500

06/01/47

10,591‌

260,887

FGLMC

4

.000

09/01/47

249,552‌

90,689

FGLMC

3

.500

12/01/47

84,368‌

82,259

FGLMC

4

.500

08/01/48

81,327‌

97,937

Federal

National

Mortgage

Association

(FNMA)

3

.500

06/01/32

94,839‌

125,604

FNMA

3

.000

10/01/32

119,529‌

70,565

FNMA

5

.000

05/01/35

72,062‌

6,285

FNMA

7

.500

07/01/35

6,271‌

80,000

FNMA

5

.000

02/01/36

81,550‌

357,771

FNMA

3

.500

10/01/37

342,258‌

558,822

FNMA

4

.000

11/01/37

545,391‌

78,616

FNMA

3

.000

10/01/39

71,296‌

60,856

FNMA

3

.000

05/01/40

55,248‌

119,095

FNMA

5

.000

09/01/40

120,599‌

534,358

FNMA

2

.000

03/01/42

450,422‌

59,732

FNMA

4

.000

09/01/42

57,231‌

76,322

i

FNMA

LIBOR

1

M

+

5.950%

1

.561

09/25/43

7,589‌

40,179

FNMA

4

.500

03/01/44

39,830‌

147,028

FNMA

4

.500

10/01/44

144,477‌

273,340

FNMA

4

.500

11/01/44

268,525‌

65,309

FNMA

5

.000

11/01/44

66,367‌

23,041

FNMA

4

.000

01/01/45

22,015‌

312,960

FNMA

3

.500

01/01/46

290,945‌

18,191

FNMA

4

.000

04/01/46

17,385‌

126,125

FNMA

3

.500

07/01/46

117,136‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

137

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MORTGAGE

BACKED—continued

$

322,073

FNMA

3

.500

%

07/01/46

$

301,355‌

54,846

FNMA

3

.000

10/01/46

48,570‌

6,477

FNMA

3

.000

11/01/47

5,736‌

148,979

FNMA

3

.500

11/01/47

139,180‌

188,952

FNMA

3

.500

01/01/48

175,651‌

82,398

FNMA

4

.500

01/01/48

81,135‌

79,336

FNMA

4

.500

02/01/48

78,211‌

318,132

FNMA

4

.500

03/01/48

313,438‌

66,295

FNMA

4

.500

05/01/48

65,392‌

45,500

FNMA

4

.500

05/01/48

44,880‌

87,009

FNMA

5

.000

08/01/48

87,578‌

251,874

FNMA

3

.000

07/01/50

224,309‌

167,878

FNMA

2

.000

08/25/50

23,727‌

512,326

FNMA

2

.500

11/25/50

74,545‌

93,062

FNMA

3

.000

02/25/51

19,009‌

1,422,786

FNMA

2

.000

04/01/51

1,161,716‌

163,623

FNMA

3

.000

09/01/51

145,543‌

212,531

FNMA

2

.500

11/25/51

28,815‌

465,089

FNMA

2

.000

12/01/51

381,116‌

158,454

FNMA

2

.000

01/01/52

130,732‌

23,651

FNMA

3

.000

01/01/52

20,888‌

610,878

FNMA

2

.000

02/01/52

498,984‌

93,310

FNMA

2

.500

02/01/52

79,449‌

482,106

FNMA

2

.500

02/01/52

411,015‌

562,866

FNMA

2

.500

02/01/52

479,870‌

295,802

FNMA

3

.500

02/01/52

271,315‌

340,430

FNMA

2

.000

03/01/52

278,714‌

87,896

FNMA

3

.000

04/01/52

77,510‌

582,674

FNMA

3

.000

04/01/52

513,721‌

116,863

FNMA

3

.000

04/01/52

103,054‌

71,594

FNMA

3

.000

04/01/52

63,137‌

1,242,387

FNMA

3

.000

04/01/52

1,095,877‌

28,476

FNMA

3

.500

04/01/52

25,879‌

442,556

FNMA

3

.500

05/01/52

402,194‌

1,146,745

FNMA

3

.500

05/01/52

1,041,842‌

560,613

FNMA

4

.000

05/01/52

526,110‌

169,616

FNMA

3

.500

06/01/52

154,608‌

898,512

FNMA

4

.000

06/01/52

842,840‌

210,789

FNMA

4

.500

06/01/52

202,872‌

1,665,111

FNMA

4

.000

07/01/52

1,562,454‌

114,109

FNMA

4

.500

07/01/52

109,921‌

188,865

FNMA

4

.500

07/01/52

181,817‌

799,683

FNMA

4

.500

07/01/52

769,781‌

1,718,871

FNMA

5

.000

08/01/52

1,695,100‌

101,889

FNMA

4

.500

08/25/52

89,955‌

844,206

h

FNMA

4

.000

09/01/52

791,896‌

2,054,831

h

FNMA

4

.500

09/01/52

1,977,942‌

91,206

FNMA

4

.000

09/25/52

81,084‌

74,992

FNMA

4

.000

09/25/52

65,639‌

983,173

h

FNMA

4

.000

10/01/52

922,253‌

75,847

FNMA

4

.500

10/25/52

72,099‌

80,903

FNMA

4

.500

10/25/52

77,270‌

116,057

FNMA

5

.500

11/25/52

114,958‌

120,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.328

10/25/41

112,210‌

80,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.428

03/25/42

79,451‌

505,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.278

05/25/42

508,398‌

50,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.478

08/25/42

49,661‌

290,000

g,i

Freddie

Mac

STACR

REMIC

Trust

7

.628

09/25/42

296,143‌

185,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.228

08/25/33

183,029‌

120,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.647

11/25/41

111,833‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

138

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MORTGAGE

BACKED—continued

$

485,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

6

.328

%

02/25/42

$

472,322‌

530,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

8

.428

06/25/42

554,923‌

225,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

7

.928

07/25/42

227,096‌

3,761

Government

National

Mortgage

Association

(GNMA)

5

.000

03/15/34

3,792‌

19,705

GNMA

5

.000

06/15/34

19,893‌

1,954

GNMA

5

.000

04/15/38

1,984‌

3,434

GNMA

4

.500

04/15/40

3,389‌

66,525

GNMA

2

.500

12/20/43

59,600‌

94,809

GNMA

4

.000

06/20/46

13,099‌

148,431

i

GNMA

LIBOR

1

M

+

6.100%

1

.747

03/20/50

17,283‌

38,549

GNMA

2

.500

02/20/52

31,925‌

1,573,815

GNMA

3

.000

05/20/52

1,401,373‌

983,980

GNMA

3

.500

07/20/52

904,133‌

101,678

GNMA

4

.000

07/20/52

86,185‌

583,940

GNMA

4

.000

08/20/52

552,608‌

396,311

GNMA

4

.500

08/20/52

384,595‌

146,637

GNMA

4

.500

09/20/52

137,272‌

141,052

GNMA

4

.500

09/20/52

127,596‌

224,616

h

GNMA

5

.000

11/20/52

222,626‌

181,549

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

139,596‌

149,088

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

128,621‌

137,012

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

05/01/52

118,103‌

207,413

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

08/26/52

167,393‌

53,500

g,i

J.P.

Morgan

Mortgage

Trust

2

.927

05/25/52

40,472‌

120,281

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

09/25/52

99,919‌

115,936

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

11/25/52

97,175‌

126,327

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

12/25/52

101,009‌

232,966

g,i

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

180,292‌

331,703

g,i

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

283,242‌

359,434

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

293,662‌

191,255

g,i

JP

Morgan

Mortgage

Trust

3

.000

10/25/52

152,662‌

120,766

g,i

JP

Morgan

Mortgage

Trust

3

.000

11/25/52

96,562‌

TOTAL

MORTGAGE

BACKED

37,526,079‌

MUNICIPAL

BONDS

-

1

.8

%

200,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.264

09/01/25

192,415‌

200,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.038

09/01/34

176,964‌

300,000

City

of

New

York

NY

3

.430

12/01/24

292,649‌

150,000

Commonwealth

Financing

Authority

3

.864

06/01/38

131,847‌

500,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.049

10/01/26

467,779‌

350,000

Michigan

Finance

Authority

2

.988

09/01/49

339,313‌

170,000

New

York

State

Dormitory

Authority

4

.294

07/01/44

146,873‌

1,400,000

State

of

Illinois

5

.100

06/01/33

1,345,137‌

300,000

State

of

Oregon

Department

of

Administrative

Services

4

.103

05/01/39

258,812‌

TOTAL

MUNICIPAL

BONDS

3,351,789‌

U.S.

TREASURY

SECURITIES

-

19

.0

%

1,100,000

United

States

Treasury

Bond

3

.125

11/15/41

950,512‌

1,535,700

United

States

Treasury

Bond

3

.000

11/15/45

1,263,233‌

1,615,000

United

States

Treasury

Bond

2

.875

11/15/46

1,294,082‌

765,000

United

States

Treasury

Bond

3

.000

05/15/47

625,806‌

176,000

United

States

Treasury

Bond

3

.375

11/15/48

155,251‌

1,181,460

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

04/15/24

1,148,891‌

205,000

United

States

Treasury

Note

0

.125

01/31/23

204,382‌

100,000

United

States

Treasury

Note

0

.125

05/31/23

98,215‌

1,000,000

United

States

Treasury

Note

0

.875

01/31/24

959,492‌

310,000

United

States

Treasury

Note

3

.250

08/31/24

303,533‌

220,000

United

States

Treasury

Note

4

.250

12/31/24

219,235‌

2,260,000

United

States

Treasury

Note

4

.000

12/15/25

2,245,522‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

139

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

U.S.

TREASURY

SECURITIES—continued

$

1,000,000

United

States

Treasury

Note

0

.875

%

09/30/26

$

887,930‌

65,000

United

States

Treasury

Note

0

.500

10/31/27

54,978‌

1,439,000

United

States

Treasury

Note

1

.125

08/31/28

1,228,659‌

1,855,000

United

States

Treasury

Note

1

.375

10/31/28

1,601,169‌

2,935,000

United

States

Treasury

Note

4

.000

10/31/29

2,935,917‌

8,411,000

United

States

Treasury

Note

4

.125

11/15/32

8,583,163‌

300,000

United

States

Treasury

Note

2

.250

05/15/41

225,527‌

25,000

United

States

Treasury

Note

1

.750

08/15/41

17,108‌

500,000

United

States

Treasury

Note

2

.000

11/15/41

357,012‌

5,111,800

j

United

States

Treasury

Note

2

.375

02/15/42

3,902,939‌

2,011,000

e

United

States

Treasury

Note

4

.000

11/15/42

1,968,895‌

6,233,000

United

States

Treasury

Note

3

.000

08/15/52

5,135,407‌

TOTAL

U.S.

TREASURY

SECURITIES

36,366,858‌

TOTAL

GOVERNMENT

BONDS

82,036,882‌

(Cost

$88,259,189)

STRUCTURED

ASSETS

-

17

.6

%

ASSET

BACKED

-

7

.4

%

250,000

g,i

AIMCO

CLO

16

Ltd

LIBOR

3

M

+

1.650%

5

.729

01/17/35

240,862‌

Series

-

2021

16A

(Class

B)

250,000

AmeriCredit

Automobile

Receivables

Trust

2

.130

03/18/26

234,011‌

Series

-

2020

2

(Class

D)

250,000

AmeriCredit

Automobile

Receivables

Trust

1

.490

09/18/26

230,990‌

Series

-

2020

3

(Class

D)

250,000

AmeriCredit

Automobile

Receivables

Trust

1

.210

12/18/26

223,687‌

Series

-

2021

1

(Class

D)

100,000

g

AMSR

Trust

3

.148

01/19/39

88,496‌

Series

-

2019

SFR1

(Class

C)

100,000

g

AMSR

Trust

3

.247

01/19/39

87,906‌

Series

-

2019

SFR1

(Class

D)

234,948

g

Apollo

aviation

securitization

2

.798

01/15/47

189,104‌

Series

-

2021

2A

(Class

A)

162,618

g

BRE

Grand

Islander

Timeshare

Issuer

LLC

3

.280

09/26/33

152,727‌

Series

-

2019

A

(Class

A)

94,541

g

Capital

Automotive

REIT

1

.440

08/15/51

80,984‌

Series

-

2021

1A

(Class

A1)

99,854

g

Capital

Automotive

REIT

1

.920

08/15/51

85,672‌

Series

-

2021

1A

(Class

A3)

1,250,000

CarMax

Auto

Owner

Trust

1

.280

07/15/27

1,112,793‌

Series

-

2021

1

(Class

D)

98,000

g

Cars

Net

Lease

Mortgage

Notes

Series

2

.010

12/15/50

82,828‌

Series

-

2020

1A

(Class

A1)

99,000

g

Cars

Net

Lease

Mortgage

Notes

Series

3

.100

12/15/50

86,321‌

Series

-

2020

1A

(Class

A3)

100,000

g

Cars

Net

Lease

Mortgage

Notes

Series

4

.690

12/15/50

85,307‌

Series

-

2020

1A

(Class

B1)

100,000

Carvana

Auto

Receivables

Trust

1

.720

09/11/28

95,455‌

Series

-

2021

N4

(Class

C)

345,000

g

Carvana

Auto

Receivables

Trust

4

.130

12/11/28

324,846‌

Series

-

2022

N1

(Class

D)

250,000

g,i

Cayuga

Park

CLO

Ltd

LIBOR

3

M

+

1.650%

1

.000

07/17/34

240,492‌

Series

-

2020

1A

(Class

B1R)

144,702

†,g,i

CBRE

Realty

Finance

LIBOR

3

M

+

0.300%

0

.438

04/07/52

362‌

Series

-

2007

1A

(Class

A2)

3,013

Centex

Home

Equity

5

.540

01/25/32

2,944‌

Series

-

2002

A

(Class

AF6)

454,151

g

CF

Hippolyta

LLC

1

.690

07/15/60

405,371‌

Series

-

2020

1

(Class

A1)

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

140

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

222,190

g

CF

Hippolyta

LLC

1

.990

%

07/15/60

$

183,269‌

Series

-

2020

1

(Class

A2)

90,830

g

CF

Hippolyta

LLC

2

.280

07/15/60

79,274‌

Series

-

2020

1

(Class

B1)

237,930

g

CF

Hippolyta

LLC

1

.530

03/15/61

205,733‌

Series

-

2021

1A

(Class

A1)

237,930

g

CF

Hippolyta

LLC

1

.980

03/15/61

198,373‌

Series

-

2021

1A

(Class

B1)

230,000

g

Cologix

Data

Centers

US

Issuer

LLC

3

.300

12/26/51

200,961‌

Series

-

2021

1A

(Class

A2)

120,938

g

DB

Master

Finance

LLC

4

.352

05/20/49

110,269‌

Series

-

2019

1A

(Class

A23)

198,000

g

DB

Master

Finance

LLC

2

.045

11/20/51

169,007‌

Series

-

2021

1A

(Class

A2I)

99,000

g

DB

Master

Finance

LLC

2

.493

11/20/51

81,371‌

Series

-

2021

1A

(Class

A2II)

52,167

g

Diamond

Resorts

Owner

Trust

2

.890

02/20/32

50,986‌

Series

-

2019

1A

(Class

A)

41,679

g

Diamond

Resorts

Owner

Trust

2

.050

11/21/33

37,798‌

Series

-

2021

1A

(Class

B)

329,000

g

Domino's

Pizza

Master

Issuer

LLC

4

.474

10/25/45

313,519‌

Series

-

2015

1A

(Class

A2II)

216,000

g

Domino's

Pizza

Master

Issuer

LLC

4

.116

07/25/48

204,461‌

Series

-

2018

1A

(Class

A2I)

147,750

g

Domino's

Pizza

Master

Issuer

LLC

2

.662

04/25/51

122,881‌

Series

-

2021

1A

(Class

A2I)

30,450

g,i

Ellington

Loan

Acquisition

Trust

LIBOR

1

M

+

1.100%

5

.489

05/25/37

29,912‌

Series

-

2007

2

(Class

A2C)

154,334

g

FNA

VI

LLC

1

.350

01/10/32

140,366‌

Series

-

2021

1A

(Class

A)

250,000

g,i

Gracie

Point

International

Funding

7

.395

07/01/24

250,037‌

Series

-

2022

2A

(Class

B)

446,000

g,i

GRACIE

POINT

INTERNATIONAL

FUNDING

6

.795

04/01/24

444,456‌

Series

-

2022

1A

(Class

B)

70,557

g

HERO

Funding

Trust

3

.190

09/20/48

64,301‌

Series

-

2017

3A

(Class

A1)

70,557

g

HERO

Funding

Trust

3

.950

09/20/48

65,161‌

Series

-

2017

3A

(Class

A2)

150,000

g

Hertz

Vehicle

Financing

LLC

1

.560

12/26/25

137,419‌

Series

-

2021

1A

(Class

B)

102,586

g

Hilton

Grand

Vacations

Trust

2

.960

12/26/28

100,209‌

Series

-

2017

AA

(Class

B)

84,051

g

Hilton

Grand

Vacations

Trust

2

.340

07/25/33

78,504‌

Series

-

2019

AA

(Class

A)

4,296

i

Home

Equity

Asset

Trust

LIBOR

1

M

+

1.500%

3

.986

06/25/33

4,197‌

Series

-

2003

1

(Class

M1)

396,725

g

Horizon

Aircraft

Finance

II

Ltd

3

.721

07/15/39

312,075‌

Series

-

2019

1

(Class

A)

222,449

g

Horizon

Aircraft

Finance

III

Ltd

3

.425

11/15/39

171,510‌

Series

-

2019

2

(Class

A)

100,000

g

Hpefs

Equipment

Trust

4

.430

09/20/29

96,583‌

Series

-

2022

2A

(Class

C)

99,995

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

1.250%

5

.589

01/17/38

98,310‌

Series

-

2018

SFR4

(Class

B)

250,000

g,i

La

Vie

Re

Ltd

LIBOR

3

M

+

2.850%

6

.819

10/06/23

242,500‌

Series

-

2020

A

(Class

A)

250,000

g,i

Madison

Park

Funding

LIX

Ltd

LIBOR

3

M

+

2.100%

6

.294

01/18/34

238,497‌

Series

-

2021

59A

(Class

C)

250,000

g,i

Massachusetts

St

LIBOR

3

M

+

1.650%

5

.729

01/15/35

241,580‌

Series

-

2021

3A

(Class

B)

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

141

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

111,375

g

MVW

LLC

1

.830

%

05/20/39

$

99,794‌

Series

-

2021

2A

(Class

B)

127,556

g

MVW

Owner

Trust

2

.420

12/20/34

124,651‌

Series

-

2017

1A

(Class

A)

89,359

g

MVW

Owner

Trust

3

.450

01/21/36

86,544‌

Series

-

2018

1A

(Class

A)

76,550

g

MVW

Owner

Trust

3

.000

11/20/36

71,816‌

Series

-

2019

1A

(Class

B)

38,212

g

Navient

Private

Education

Refi

Loan

Trust

1

.310

01/15/69

34,295‌

Series

-

2020

HA

(Class

A)

153,282

g

Navient

Student

Loan

Trust

3

.390

12/15/59

144,803‌

Series

-

2019

BA

(Class

A2A)

250,000

g,i

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

5

.678

05/25/27

250,650‌

Series

-

2022

1

(Class

B)

250,000

g,i

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd

LIBOR

3

M

+

1.060%

5

.139

04/16/33

246,322‌

Series

-

2021

40A

(Class

A)

250,000

g,i

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd

LIBOR

3

M

+

1.400%

5

.479

04/16/33

241,506‌

Series

-

2021

40A

(Class

B)

237,477

g

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

1

.480

01/20/51

207,343‌

Series

-

2021

1A

(Class

A1)

98,144

g

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2

.380

11/20/51

86,124‌

Series

-

2021

2A

(Class

A1)

250,000

g,i

OHA

Credit

Funding

10

Ltd

LIBOR

3

M

+

1.650%

5

.844

01/18/36

241,895‌

Series

-

2021

10A

(Class

B)

112,522

g

OneMain

Financial

Issuance

Trust

3

.840

05/14/32

111,702‌

Series

-

2020

1A

(Class

A)

150,000

g

OneMain

Financial

Issuance

Trust

1

.750

09/14/35

131,036‌

Series

-

2020

2A

(Class

A)

250,000

g

Oportun

Funding

XIV

LLC

1

.210

03/08/28

232,795‌

Series

-

2021

A

(Class

A)

200,000

g

PFS

Financing

Corp

1

.270

06/15/25

195,944‌

Series

-

2020

A

(Class

A)

250,000

g

PFS

Financing

Corp

1

.770

06/15/25

245,308‌

Series

-

2020

A

(Class

B)

250,000

g

PFS

Financing

Corp

0

.960

04/15/26

234,611‌

Series

-

2021

A

(Class

B)

250,000

Santander

Drive

Auto

Receivables

Trust

1

.480

01/15/27

238,544‌

Series

-

2020

4

(Class

D)

330,867

g

Settlement

Fee

Finance

LLC

3

.840

11/01/49

318,445‌

Series

-

2019

1A

(Class

A)

41,502

g

Sierra

Timeshare

Receivables

Funding

LLC

3

.200

01/20/36

39,894‌

Series

-

2019

1A

(Class

A)

38,283

g

Sierra

Timeshare

Receivables

Funding

LLC

0

.990

11/20/37

35,423‌

Series

-

2021

1A

(Class

A)

38,283

g

Sierra

Timeshare

Receivables

Funding

LLC

1

.340

11/20/37

35,013‌

Series

-

2021

1A

(Class

B)

38,283

g

Sierra

Timeshare

Receivables

Funding

LLC

1

.790

11/20/37

34,996‌

Series

-

2021

1A

(Class

C)

105,576

g

SoFi

Professional

Loan

Program

LLC

2

.840

01/25/41

101,689‌

Series

-

2017

F

(Class

A2FX)

175,000

g

Stack

Infrastructure

Issuer

LLC

1

.893

08/25/45

155,711‌

Series

-

2020

1A

(Class

A2)

250,000

g

Stack

Infrastructure

Issuer

LLC

1

.877

03/26/46

215,910‌

Series

-

2021

1A

(Class

A2)

4,745

i

Structured

Asset

Investment

Loan

Trust

LIBOR

1

M

+

0.900%

5

.289

09/25/34

4,613‌

Series

-

2004

8

(Class

M1)

94,500

g

Taco

Bell

Funding

LLC

4

.970

05/25/46

90,641‌

Series

-

2016

1A

(Class

A23)

128,700

g

Taco

Bell

Funding

LLC

1

.946

08/25/51

108,754‌

Series

-

2021

1A

(Class

A2I)

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

142

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

99,000

g

Taco

Bell

Funding

LLC

2

.294

%

08/25/51

$

79,533‌

Series

-

2021

1A

(Class

A2II)

250,000

g,i

TICP

CLO

VIII

Ltd

LIBOR

3

M

+

1.700%

5

.943

10/20/34

241,060‌

Series

-

2017

8A

(Class

A2R)

250,000

g,i

Ursa

Re

II

Ltd

U.S.

Treasury

Bill

3

M

+

3.940%

8

.277

12/07/23

243,625‌

Series

-

2020

A

(Class

AA)

250,000

g,i

Vitality

Re

X

Ltd

U.S.

Treasury

Bill

3

M

+

1.750%

6

.087

01/10/23

249,975‌

Series

-

2020

A

(Class

A)

285,650

g

Wendy's

Funding

LLC

2

.370

06/15/51

230,612‌

Series

-

2021

1A

(Class

A2I)

TOTAL

ASSET

BACKED

14,136,254‌

OTHER

MORTGAGE

BACKED

-

10

.2

%

114,560

g,i

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

102,113‌

Series

-

2015

6

(Class

A9)

100,000

g,i

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

65,269‌

Series

-

2021

8

(Class

A3)

500,000

g

BANK

2

.500

10/17/52

319,762‌

Series

-

2019

BN21

(Class

D)

92,263

g,i

Bayview

MSR

Opportunity

Master

Fund

Trust

3

.000

10/25/51

73,772‌

Series

-

2021

6

(Class

A19)

200,000

g

BBCMS

Trust

4

.197

08/10/35

186,363‌

Series

-

2015

SRCH

(Class

A2)

400,000

Benchmark

Mortgage

Trust

4

.267

03/15/52

367,554‌

Series

-

2019

B9

(Class

AS)

500,000

i

Benchmark

Mortgage

Trust

2

.244

08/15/54

357,129‌

Series

-

2021

B28

(Class

B)

500,000

Benchmark

Mortgage

Trust

2

.429

08/15/54

387,575‌

Series

-

2021

B28

(Class

AS)

250,000

g,i

CF

Mortgage

Trust

3

.603

04/15/52

229,175‌

Series

-

2020

P1

(Class

A2)

379,715

CFCRE

Commercial

Mortgage

Trust

3

.644

12/10/54

363,277‌

Series

-

2016

C7

(Class

ASB)

6,585

i

CHL

Mortgage

Pass-Through

Trust

3

.671

02/20/35

6,534‌

Series

-

2004

HYB9

(Class

1A1)

250,000

g,i

Citigroup

Commercial

Mortgage

Trust

3

.518

05/10/35

232,059‌

Series

-

2013

375P

(Class

B)

100,000

g,i

Citigroup

Commercial

Mortgage

Trust

4

.481

07/10/47

90,149‌

Series

-

2014

GC23

(Class

D)

276,000

Citigroup

Commercial

Mortgage

Trust

3

.199

08/10/56

219,595‌

Series

-

2019

GC41

(Class

B)

68,021

COMM

Mortgage

Trust

2

.853

10/15/45

67,650‌

Series

-

2012

CR4

(Class

A3)

1,000,000

g,i

COMM

Mortgage

Trust

3

.903

06/10/46

982,377‌

Series

-

2013

CR8

(Class

B)

500,000

g,i

COMM

Mortgage

Trust

4

.767

06/10/47

449,943‌

Series

-

2014

UBS3

(Class

D)

300,000

i

COMM

Mortgage

Trust

3

.603

03/10/48

283,070‌

Series

-

2015

CR22

(Class

AM)

200,000

g,i

COMM

Mortgage

Trust

4

.070

03/10/48

172,461‌

Series

-

2015

CR22

(Class

D)

550,000

i

COMM

Mortgage

Trust

4

.183

05/10/48

509,256‌

Series

-

2015

CR23

(Class

B)

200,000

i

COMM

Mortgage

Trust

4

.301

05/10/48

183,053‌

Series

-

2015

CR23

(Class

C)

500,000

COMM

Mortgage

Trust

3

.696

08/10/48

476,887‌

Series

-

2015

CR24

(Class

A5)

250,000

COMM

Mortgage

Trust

3

.984

10/10/48

234,540‌

Series

-

2015

CR27

(Class

AM)

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

143

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

600,000

i

COMM

Mortgage

Trust

4

.158

%

10/10/48

$

563,775‌

Series

-

2015

LC23

(Class

AM)

25,000

g,i

Connecticut

Avenue

Securities

Trust

5

.478

10/25/41

24,381‌

Series

-

2021

R01

(Class

1M2)

280,000

g,i

Connecticut

Avenue

Securities

Trust

7

.428

03/25/42

283,890‌

Series

-

2022

R03

(Class

1M2)

105,000

g,i

Connecticut

Avenue

Securities

Trust

6

.928

04/25/42

101,825‌

Series

-

2022

R05

(Class

2M2)

183,000

g,i

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

7

.528

07/25/42

181,771‌

Series

-

2022

R08

(Class

1M2)

465,000

g,i

Connecticut

Avenue

Securities

Trust

8

.694

09/25/42

475,126‌

Series

-

2022

R09

(Class

2M2)

113,362

g,i

Credit

Suisse

Mortgage

Capital

Certificates

2

.405

10/25/66

92,637‌

Series

-

2021

NQM8

(Class

A3)

200,000

DBJPM

Mortgage

Trust

2

.340

08/15/53

155,119‌

Series

-

2020

C9

(Class

AM)

88,026

g,i

Flagstar

Mortgage

Trust

4

.035

10/25/47

76,084‌

Series

-

2017

2

(Class

B3)

3,521

g,i

Flagstar

Mortgage

Trust

4

.000

09/25/48

3,335‌

Series

-

2018

5

(Class

A11)

178,079

g,i

Flagstar

Mortgage

Trust

2

.500

06/01/51

136,928‌

Series

-

2021

4

(Class

A21)

135,000

g,i

Freddie

Mac

STACR

REMIC

Trust

6

.428

01/25/42

122,337‌

Series

-

2022

DNA1

(Class

M2)

365,000

g,i

Freddie

Mac

STACR

REMIC

Trust

6

.828

04/25/42

361,188‌

Series

-

2022

DNA3

(Class

M1B)

4,294

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

4

.000

11/25/49

4,063‌

Series

-

2019

PJ2

(Class

A4)

39,547

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.500

07/25/50

33,434‌

Series

-

2020

PJ2

(Class

A4)

33,000

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

27,109‌

Series

-

2020

PJ4

(Class

A4)

67,184

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

05/25/51

52,439‌

Series

-

2020

PJ6

(Class

A4)

85,960

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

10/25/51

66,096‌

Series

-

2021

PJ5

(Class

A4)

184,630

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

06/25/52

147,627‌

Series

-

2022

PJ2

(Class

A36)

80,496

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

07/25/51

62,788‌

Series

-

2021

PJ2

(Class

A4)

249,340

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

191,722‌

Series

-

2021

PJ6

(Class

A4)

160,984

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

123,783‌

Series

-

2021

PJ8

(Class

A4)

329,586

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

253,424‌

Series

-

2021

PJ7

(Class

A4)

115,459

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

07/25/52

92,319‌

Series

-

2022

INV1

(Class

A4)

177,934

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

09/25/52

142,273‌

Series

-

2022

HP1

(Class

A4)

135,139

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

108,055‌

Series

-

2022

PJ5

(Class

A36)

28,547

i

HarborView

Mortgage

Loan

Trust

LIBOR

1

M

+

0.620%

4

.959

08/19/45

25,710‌

Series

-

2005

11

(Class

2A1A)

400,000

g

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

355,366‌

Series

-

2016

10HY

(Class

A)

38,722

g,i

Imperial

Fund

Mortgage

Trust

2

.051

10/25/55

34,356‌

Series

-

2020

NQM1

(Class

A3)

56,510

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

4

.694

12/25/44

53,222‌

Series

-

2015

1

(Class

B1)

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

144

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

8,662

g,i

JP

Morgan

Mortgage

Trust

3

.500

%

05/25/46

$

7,724‌

Series

-

2016

1

(Class

A13)

21,830

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

19,114‌

Series

-

2017

2

(Class

A13)

22,605

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

18,736‌

Series

-

2018

3

(Class

A13)

59,072

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

49,809‌

Series

-

2018

5

(Class

A13)

46,658

g,i

JP

Morgan

Mortgage

Trust

3

.211

10/26/48

43,910‌

Series

-

2017

5

(Class

A2)

2,663

g,i

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

2,457‌

Series

-

2018

8

(Class

A13)

2,289

g,i

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

2,105‌

Series

-

2018

9

(Class

A13)

2,601

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

2,441‌

Series

-

2019

1

(Class

A3)

9,276

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

8,705‌

Series

-

2019

1

(Class

A15)

19,150

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

+

0.950%

4

.994

10/25/49

18,843‌

Series

-

2019

INV1

(Class

A11)

98,641

g,i

JP

Morgan

Mortgage

Trust

3

.841

06/25/50

79,848‌

Series

-

2020

1

(Class

B2)

148,909

g,i

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

114,499‌

Series

-

2021

6

(Class

A15)

72,496

g,i

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

55,744‌

Series

-

2021

7

(Class

A15)

99,463

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

76,479‌

Series

-

2021

8

(Class

A15)

88,832

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

68,304‌

Series

-

2021

10

(Class

A15)

151,613

g,i

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

116,578‌

Series

-

2021

11

(Class

A15)

84,754

g,i

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

65,169‌

Series

-

2021

12

(Class

A15)

121,604

g,i

JP

Morgan

Mortgage

Trust

3

.350

04/25/52

92,033‌

Series

-

2021

INV6

(Class

B1)

72,962

g,i

JP

Morgan

Mortgage

Trust

3

.350

04/25/52

54,390‌

Series

-

2021

INV6

(Class

B2)

63,100

g,i

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

48,519‌

Series

-

2021

14

(Class

A15)

224,870

g,i

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

172,907‌

Series

-

2021

15

(Class

A15)

235,505

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

188,306‌

Series

-

2022

2

(Class

A25)

366,046

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

321,283‌

Series

-

2022

LTV2

(Class

A6)

500,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

3

.917

05/15/48

470,813‌

Series

-

2015

C29

(Class

AS)

400,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.118

05/15/48

360,631‌

Series

-

2015

C29

(Class

B)

500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4

.106

08/15/48

468,265‌

Series

-

2015

C31

(Class

AS)

450,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.622

08/15/48

415,712‌

Series

-

2015

C31

(Class

B)

500,000

g,i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.236

03/17/49

423,131‌

Series

-

2016

C1

(Class

D1)

115,000

i

JPMDB

Commercial

Mortgage

Securities

Trust

3

.858

03/15/50

105,008‌

Series

-

2017

C5

(Class

AS)

500,000

g,i

Manhattan

West

2

.335

09/10/39

423,622‌

Series

-

2020

1MW

(Class

B)

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

145

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

49,539

i

Merrill

Lynch

Mortgage

Investors

Trust

LIBOR

1

M

+

0.520%

2

.278

%

01/25/37

$

46,293‌

Series

-

2006

WMC1

(Class

A1B)

328,128

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.384

02/15/47

319,933‌

Series

-

2014

C14

(Class

AS)

129,541

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

99,607‌

Series

-

2021

5

(Class

A9)

136,677

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

117,814‌

Series

-

2021

6

(Class

A4)

108,907

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

83,741‌

Series

-

2021

6

(Class

A9)

500,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

1.500%

5

.818

07/15/36

478,912‌

Series

-

2019

MILE

(Class

A)

100,000

g,i

New

Residential

Mortgage

Loan

Trust

2

.986

09/25/59

77,989‌

Series

-

2019

NQM4

(Class

M1)

100,000

g,i

NLT

Trust

2

.569

08/25/56

59,180‌

Series

-

2021

INV2

(Class

M1)

219,122

g,i

OBX

Trust

2

.500

07/25/51

168,487‌

Series

-

2021

J2

(Class

A19)

189,251

g,i

OBX

Trust

4

.000

10/25/52

162,721‌

Series

-

2022

INV5

(Class

A13)

15,421

g,i

OBX

Trust

LIBOR

1

M

+

0.650%

5

.039

06/25/57

14,573‌

Series

-

2018

1

(Class

A2)

89,027

g,i

Oceanview

Mortgage

Trust

2

.500

05/25/51

68,454‌

Series

-

2021

1

(Class

A19)

233,473

g,i

RCKT

Mortgage

Trust

2

.500

02/25/52

178,359‌

Series

-

2022

2

(Class

A22)

95,991

g,i

RCKT

Mortgage

Trust

3

.500

06/25/52

79,710‌

Series

-

2022

4

(Class

A22)

9,935

g,i

Sequoia

Mortgage

Trust

3

.500

05/25/45

8,711‌

Series

-

2015

2

(Class

A1)

16,038

g,i

Sequoia

Mortgage

Trust

3

.500

02/25/47

14,097‌

Series

-

2017

2

(Class

A19)

30,348

g,i

Sequoia

Mortgage

Trust

3

.500

03/25/48

26,098‌

Series

-

2018

3

(Class

A1)

7,516

g,i

Sequoia

Mortgage

Trust

4

.000

06/25/49

6,946‌

Series

-

2019

2

(Class

A19)

35,805

g,i

Sequoia

Mortgage

Trust

3

.500

12/25/49

29,934‌

Series

-

2019

5

(Class

A19)

47,272

g,i

Sequoia

Mortgage

Trust

3

.000

04/25/50

38,210‌

Series

-

2020

3

(Class

A19)

89,887

g,i

Sequoia

Mortgage

Trust

2

.500

06/25/51

69,116‌

Series

-

2021

4

(Class

A19)

13,929

g,i

Shellpoint

Co-Originator

Trust

3

.500

04/25/47

12,215‌

Series

-

2017

1

(Class

A19)

770,000

g

SLG

Office

Trust

2

.851

07/15/41

539,962‌

Series

-

2021

OVA

(Class

E)

1,573

g,i

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

3

.780

02/25/48

1,474‌

Series

-

2018

SPI1

(Class

M2)

2,721

g,i

STACR

3

.836

05/25/48

2,584‌

Series

-

2018

SPI2

(Class

M2)

675,000

g,i

UBS-Barclays

Commercial

Mortgage

Trust

3

.875

04/10/46

662,942‌

Series

-

2013

C6

(Class

B)

100,000

g,i

Verus

Securitization

Trust

3

.207

11/25/59

84,865‌

Series

-

2019

4

(Class

M1)

34,381

g

Verus

Securitization

Trust

1

.733

05/25/65

30,832‌

Series

-

2020

5

(Class

A3)

122,565

g,i

Verus

Securitization

Trust

2

.240

10/25/66

99,900‌

Series

-

2021

7

(Class

A3)

295,000

g

Wells

Fargo

Commercial

Mortgage

Trust

3

.153

09/15/57

240,229‌

Series

-

2015

NXS3

(Class

D)

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

146

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

2,339

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

%

04/25/49

$

2,241‌

Series

-

2019

2

(Class

A17)

14,269

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

09/25/49

12,450‌

Series

-

2019

4

(Class

A1)

203,591

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

156,545‌

Series

-

2021

2

(Class

A17)

87,252

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

08/25/51

69,765‌

Series

-

2021

INV1

(Class

A17)

97,683

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.317

08/25/51

76,536‌

Series

-

2021

INV1

(Class

B1)

95,462

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

03/25/52

76,330‌

Series

-

2022

INV1

(Class

A18)

119,328

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

03/25/52

99,387‌

Series

-

2022

INV1

(Class

A17)

40,000

WFRBS

Commercial

Mortgage

Trust

3

.345

05/15/45

39,583‌

Series

-

2013

C13

(Class

AS)

213,117

g,i

Woodward

Capital

Management

3

.000

05/25/52

170,405‌

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

19,533,960‌

TOTAL

STRUCTURED

ASSETS

33,670,214‌

(Cost

$38,022,633)

TOTAL

BONDS

183,550,564‌

(Cost

$204,568,776)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

PREFERRED

STOCKS

-

0.1%

BANKS

-

0

.0

%

5,517

*,e,i

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

11,200‌

17,265

*

Federal

National

Mortgage

Association

(FNMA)

40,400‌

TOTAL

BANKS

51,600‌

DIVERSIFIED

FINANCIALS

-

0

.1

%

2,600

e

Morgan

Stanley

65,650‌

TOTAL

DIVERSIFIED

FINANCIALS

65,650‌

TOTAL

PREFERRED

STOCKS

117,250‌

(Cost

$634,550)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

3.6%

GOVERNMENT

AGENCY

DEBT

-

2

.2

%

$

4,243,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/03/23

4,243,000‌

TOTAL

GOVERNMENT

AGENCY

DEBT

4,243,000‌

Portfolio

of

investments

Core

Bond

Fund

December

31,

2022

147

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

concluded

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

SHARES

COMPANY

RATE

EXP

VALUE

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

1

.4

%

2,664,645

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.340

%

$

2,664,645‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

2,664,645‌

TOTAL

SHORT-TERM

INVESTMENTS

6,907,645‌

(Cost

$6,906,725)

TOTAL

INVESTMENTS

-

101.1%

193,305,763‌

(Cost

$214,972,429)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.1)%

(

2,051,206‌

)

NET

ASSETS

-

100.0%

$

191,254,557‌

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$2,587,063.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

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.

j

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

collateral

requirements

on

mortgage

dollar

rolls.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

Money

Market

Fund

December

31,

2022

Portfolio

of

investments

148

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

97.5%

GOVERNMENT

AGENCY

DEBT

-

50

.9

%

$

250,000‌

Federal

Farm

Credit

Bank

(FFCB)

0

.000

%

01/12/23

$

249,704‌

1,000,000‌

FFCB

0

.000

01/13/23

998,827‌

550,000‌

FFCB

0

.000

02/23/23

547,271‌

700,000‌

FFCB

0

.000

03/01/23

695,755‌

700,000‌

FFCB

0

.000

03/02/23

695,683‌

100,000‌

FFCB

0

.125

04/13/23

98,767‌

600,000‌

FFCB

0

.000

05/19/23

589,489‌

5,000,000‌

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/03/23

4,998,943‌

750,000‌

FHLB

0

.000

01/04/23

749,763‌

4,950,000‌

FHLB

0

.000

01/06/23

4,947,449‌

1,000,000‌

FHLB

0

.000

01/09/23

999,156‌

900,000‌

FHLB

0

.000

01/11/23

899,350‌

2,500,000‌

FHLB

0

.000

01/13/23

2,496,783‌

2,150,000‌

FHLB

0

.000

01/18/23

2,145,995‌

2,700,000‌

FHLB

0

.000

01/20/23

2,694,334‌

2,000,000‌

FHLB

0

.000

01/24/23

1,994,838‌

950,000‌

FHLB

0

.000

01/25/23

947,438‌

1,500,000‌

FHLB

0

.000

02/07/23

1,493,548‌

250,000‌

FHLB

0

.000

02/08/23

248,907‌

1,000,000‌

FHLB

0

.000

02/09/23

995,477‌

3,000,000‌

FHLB

0

.000

02/10/23

2,986,127‌

3,000,000‌

FHLB

0

.000

02/14/23

2,985,728‌

1,500,000‌

FHLB

0

.000

02/15/23

1,492,097‌

1,000,000‌

FHLB

0

.000

02/17/23

994,470‌

2,450,000‌

FHLB

0

.000

02/22/23

2,434,665‌

750,000‌

FHLB

0

.000

02/24/23

745,130‌

500,000‌

FHLB

0

.000

02/28/23

496,484‌

1,000,000‌

FHLB

0

.000

03/01/23

992,834‌

1,500,000‌

FHLB

0

.000

03/08/23

1,487,940‌

800,000‌

FHLB

0

.000

03/10/23

793,334‌

4,300,000‌

FHLB

0

.000

03/15/23

4,261,413‌

550,000‌

FHLB

0

.125

03/17/23

545,070‌

2,300,000‌

FHLB

0

.000

03/20/23

2,278,457‌

900,000‌

FHLB

0

.000

03/22/23

891,132‌

2,100,000‌

FHLB

0

.000

03/23/23

2,079,116‌

5,550,000‌

FHLB

0

.000

03/24/23

5,493,789‌

1,860,000‌

FHLB

0

.000

03/29/23

1,839,855‌

4,000,000‌

FHLB

0

.000

03/31/23

3,955,994‌

600,000‌

FHLB

4

.480

04/04/23

600,000‌

100,000‌

FHLB

0

.000

04/12/23

98,844‌

1,000,000‌

FHLB

0

.000

04/14/23

987,154‌

250,000‌

FHLB

4

.800

06/07/23

249,997‌

TOTAL

GOVERNMENT

AGENCY

DEBT

68,177,107‌

REPURCHASE

AGREEMENT

-

13

.2

%

17,691,000‌

r

Fixed

Income

Clearing

Corp

(FICC)

4

.260

01/03/23

17,691,000‌

TOTAL

REPURCHASE

AGREEMENT

17,691,000‌

TREASURY

DEBT

-

6

.8

%

500,000‌

United

States

Treasury

Bill

0

.000

01/12/23

499,591‌

600,000‌

United

States

Treasury

Bill

0

.000

01/17/23

599,055‌

500,000‌

United

States

Treasury

Bill

0

.000

01/24/23

498,685‌

400,000‌

United

States

Treasury

Bill

0

.000

02/09/23

398,684‌

1,000,000‌

United

States

Treasury

Bill

0

.000

02/16/23

996,145‌

975,000‌

United

States

Treasury

Bill

0

.000

02/23/23

970,538‌

1,000,000‌

United

States

Treasury

Bill

0

.000

03/07/23

992,272‌

1,200,000‌

United

States

Treasury

Bill

0

.000

03/09/23

1,190,464‌

650,000‌

United

States

Treasury

Bill

0

.000

03/14/23

644,404‌

700,000‌

United

States

Treasury

Bill

0

.000

03/21/23

693,383‌

Portfolio

of

investments

Money

Market

Fund

December

31,

2022

149

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

TREASURY

DEBT—continued

$

750,000‌

United

States

Treasury

Bill

0

.000

%

04/18/23

$

740,103‌

875,000‌

United

States

Treasury

Bill

0

.000

05/02/23

861,853‌

TOTAL

TREASURY

DEBT

9,085,177‌

VARIABLE

RATE

SECURITIES

-

26

.6

%

750,000‌

i

Federal

Agricultural

Mortgage

Corp

(FAMC)

SOFR

+

0.050%

4

.350

03/03/23

750,000‌

225,000‌

i

FAMC

SOFR

+

0.100%

4

.400

02/12/24

225,051‌

800,000‌

i

Federal

Farm

Credit

Bank

(FFCB)

SOFR

+

0.015%

4

.315

01/09/23

799,998‌

599,000‌

i

FFCB

SOFR

+

0.060%

4

.360

01/13/23

599,006‌

300,000‌

i

FFCB

SOFR

+

0.050%

4

.350

02/17/23

300,012‌

750,000‌

i

FFCB

SOFR

+

0.015%

4

.315

03/07/23

749,993‌

53,000‌

i

FFCB

SOFR

+

0.040%

4

.340

03/10/23

53,002‌

500,000‌

i

FFCB

SOFR

+

0.015%

4

.315

05/02/23

499,992‌

500,000‌

i

FFCB

SOFR

+

0.035%

4

.335

05/04/23

500,000‌

500,000‌

i

FFCB

SOFR

+

0.035%

4

.335

05/12/23

500,000‌

201,000‌

i

FFCB

SOFR

+

0.320%

4

.620

06/09/23

201,245‌

250,000‌

i

FFCB

SOFR

+

0.035%

4

.335

07/12/23

249,993‌

1,825,000‌

i

FFCB

SOFR

+

0.018%

4

.318

07/13/23

1,824,885‌

650,000‌

i

FFCB

SOFR

+

0.040%

4

.340

08/17/23

650,000‌

450,000‌

i

FFCB

SOFR

+

0.030%

4

.330

08/28/23

450,000‌

325,000‌

i

FFCB

SOFR

+

0.050%

4

.350

09/15/23

325,000‌

100,000‌

i

FFCB

SOFR

+

0.040%

4

.340

09/20/23

100,000‌

150,000‌

i

FFCB

SOFR

+

0.025%

4

.325

09/27/23

150,000‌

200,000‌

i

FFCB

SOFR

+

0.045%

4

.345

10/16/23

200,000‌

150,000‌

i

FFCB

SOFR

+

0.025%

4

.325

10/27/23

150,000‌

50,000‌

i

FFCB

SOFR

+

0.025%

4

.325

11/30/23

49,986‌

146,000‌

i

FFCB

SOFR

+

0.120%

4

.420

01/22/24

146,098‌

550,000‌

i

FFCB

SOFR

+

0.040%

4

.340

02/09/24

549,970‌

125,000‌

i

FFCB

SOFR

+

0.045%

4

.345

02/20/24

125,000‌

100,000‌

i

FFCB

SOFR

+

0.040%

4

.340

03/04/24

100,000‌

225,000‌

i

FFCB

SOFR

+

0.050%

4

.350

04/12/24

225,000‌

125,000‌

i

Federal

Home

Loan

Bank

(FHLB)

SOFR

+

0.010%

4

.310

01/03/23

125,000‌

750,000‌

i

FHLB

SOFR

+

0.010%

4

.310

01/05/23

750,000‌

1,200,000‌

i

FHLB

SOFR

+

0.020%

4

.320

01/11/23

1,200,000‌

1,100,000‌

i

FHLB

SOFR

+

0.010%

4

.310

01/17/23

1,100,000‌

650,000‌

i

FHLB

SOFR

+

0.020%

4

.320

01/23/23

650,000‌

650,000‌

i

FHLB

SOFR

+

0.020%

4

.320

01/24/23

650,000‌

725,000‌

i

FHLB

SOFR

+

0.010%

4

.310

01/25/23

725,000‌

1,200,000‌

i

FHLB

SOFR

+

0.015%

4

.315

01/26/23

1,200,000‌

2,400,000‌

i

FHLB

SOFR

+

0.040%

4

.340

01/26/23

2,400,000‌

750,000‌

i

FHLB

SOFR

+

0.040%

4

.340

01/30/23

750,000‌

1,000,000‌

i

FHLB

SOFR

+

0.025%

4

.325

02/06/23

1,000,000‌

500,000‌

i

FHLB

SOFR

+

0.050%

4

.350

02/08/23

500,000‌

700,000‌

i

FHLB

SOFR

+

0.040%

4

.340

02/10/23

700,000‌

2,250,000‌

i

FHLB

SOFR

+

0.040%

4

.340

02/10/23

2,250,000‌

300,000‌

i

FHLB

SOFR

+

0.045%

4

.345

02/23/23

300,000‌

1,250,000‌

i

FHLB

SOFR

+

0.030%

4

.330

02/28/23

1,250,000‌

650,000‌

i

FHLB

SOFR

+

0.045%

4

.345

02/28/23

650,000‌

750,000‌

i

FHLB

SOFR

+

0.030%

4

.330

03/02/23

750,000‌

1,500,000‌

i

FHLB

SOFR

+

0.055%

4

.355

03/02/23

1,500,000‌

100,000‌

i

FHLB

SOFR

+

0.015%

4

.315

03/15/23

99,997‌

650,000‌

i

FHLB

SOFR

+

0.030%

4

.330

03/21/23

650,000‌

1,000,000‌

i

FHLB

SOFR

+

0.040%

4

.340

03/27/23

1,000,000‌

1,000,000‌

i

FHLB

SOFR

+

0.055%

4

.355

04/04/23

1,000,000‌

750,000‌

i

FHLB

SOFR

+

0.060%

4

.360

04/10/23

750,000‌

415,000‌

i

FHLB

SOFR

+

0.035%

4

.335

05/19/23

415,002‌

650,000‌

i

FHLB

SOFR

+

0.045%

4

.345

05/23/23

650,000‌

650,000‌

i

FHLB

SOFR

+

0.060%

4

.360

07/03/23

650,000‌

500,000‌

i

FHLB

SOFR

+

0.030%

4

.330

08/11/23

500,000‌

500,000‌

i

FHLB

SOFR

+

0.090%

4

.390

08/15/23

500,000‌

Portfolio

of

investments

Money

Market

Fund

December

31,

2022

150

2022

Annual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

VARIABLE

RATE

SECURITIES—continued

$

500,000‌

i

United

States

Treasury

Note

US

Treasury

Bill

3

M

+

0.034%

4

.432

%

04/30/23

$

500,003‌

TOTAL

VARIABLE

RATE

SECURITIES

35,639,233‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$130,592,517)

130,592,517‌

TOTAL

INVESTMENTS

-

97.5%

130,592,517‌

(Cost

$130,592,517)

OTHER

ASSETS

&

LIABILITIES,

NET

-

2.5%

3,333,456‌

NET

ASSETS

-

100.0%

$

133,925,973‌

M

Month

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.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

4.260%

dated

12/30/22

to

be

repurchased

at

$17,691,000

on

1/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.750%–1.000%

and

maturity

dates

7/15/28–7/31/28,

valued

at

$18,044,846.

Portfolio

of

investments

Balanced

Fund

December

31,

2022

151

TIAA-CREF

Life

Funds

2022

Annual

Report

See

notes

to

financial

statements

SHARES

SECURITY

VALUE

TIAA-CREF

LIFE

FUNDS—99.9%a

FIXED

INCOME—50.5%

3,525,398

TIAA-CREF

Life

Core

Bond

Fund

$

31,340,787‌

TOTAL

FIXED

INCOME

31,340,787‌

INTERNATIONAL

EQUITY—10.0%

766,459

TIAA-CREF

Life

International

Equity

Fund

6,215,986‌

TOTAL

INTERNATIONAL

EQUITY

6,215,986‌

U.S.

EQUITY—39.4%

434,958

TIAA-CREF

Life

Growth

Equity

Fund

5,328,230‌

347,173

TIAA-CREF

Life

Growth

&

Income

Fund

6,085,937‌

342,536

TIAA-CREF

Life

Large-Cap

Value

Fund

5,686,091‌

97,184

TIAA-CREF

Life

Real

Estate

Securities

Fund

1,218,693‌

102,817

TIAA-CREF

Life

Small-Cap

Equity

Fund

1,222,490‌

153,075

TIAA-CREF

Life

Stock

Index

Fund

4,880,039‌

TOTAL

U.S.

EQUITY

24,421,480‌

TOTAL

TIAA-CREF

LIFE

FUNDS

61,978,253‌

(Cost

$60,147,174)

TOTAL

INVESTMENTS—99.9%

61,978,253‌

(Cost

$60,147,174)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

35,224‌

NET

ASSETS—100.0%

$

62,013,477‌

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Life

Funds.

TIAA-CREF

Life

Funds

December

31,

2022

Statements

of

assets

and

liabilities

See

notes

to

financial

statements

152

2022

Annual

Report

TIAA-CREF

Life

Funds

22.1

Growth

Equity

Fund

22.2

Growth

&

Income

Fund

22.3

Large-Cap

Value

Fund

22.4

Real

Estate

Securities

Fund

22.5

Small-Cap

Equity

Fund

ASSETS

Portfolio

investments,

at

value

*†

$

114,610,057‌

$

148,371,536‌

$

77,890,941‌

$

70,948,570‌

$

57,876,341‌

Affiliated

investments,

at

value

‡

–‌

–‌

–‌

–‌

–‌

Cash

§

726‌

1,205‌

309‌

59‌

35,293‌

Cash

-

foreign

^

–‌

–‌

–‌

–‌

–‌

Receivable

from

securities

transactions

1,406‌

–‌

–‌

1,830‌

–‌

Receivable

from

Fund

shares

sold

87,480‌

114,733‌

95,143‌

17,662‌

30,446‌

Dividends

and

interest

receivable

49,355‌

274,074‌

67,881‌

292,827‌

37,788‌

Due

from

affiliates

3,599‌

3,576‌

5,452‌

4,594‌

6,458‌

Other

9,982‌

17,411‌

10,212‌

13,215‌

21,021‌

Total

assets

114,762,605‌

148,782,535‌

78,069,938‌

71,278,757‌

58,007,347‌

LIABILITIES

Management

fees

payable

44,922‌

58,256‌

30,067‌

31,026‌

22,862‌

Due

to

affiliates

2,084‌

2,119‌

2,015‌

2,029‌

1,999‌

Overdraft

payable

–‌

–‌

–‌

–‌

–‌

Payable

for

collateral

for

securities

loaned

–‌

–‌

–‌

–‌

169,474‌

Payable

for

securities

transactions

175,485‌

33‌

381,683‌

–‌

–‌

Payable

for

delayed

delivery

securities

–‌

–‌

–‌

–‌

–‌

Payable

for

Fund

shares

redeemed

145,331‌

798,926‌

119,034‌

102,912‌

78,971‌

Payable

for

variation

margin

on

futures

contracts

–‌

–‌

–‌

–‌

40,524‌

Payable

for

trustee

compensation

6,457‌

11,051‌

8,036‌

9,772‌

6,154‌

Accrued

expenses

and

other

payables

19,300‌

31,449‌

13,409‌

10,104‌

20,618‌

Total

liabilities

393,579‌

901,834‌

554,244‌

155,843‌

340,602‌

NET

ASSETS

$

114,369,026‌

$

147,880,701‌

$

77,515,694‌

$

71,122,914‌

$

57,666,745‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

97,684,051‌

$

87,748,241‌

$

51,782,277‌

$

51,637,193‌

$

52,300,984‌

Total

distributable

earnings

(loss)

16,684,975‌

60,132,460‌

25,733,417‌

19,485,721‌

5,365,761‌

NET

ASSETS

$

114,369,026‌

$

147,880,701‌

$

77,515,694‌

$

71,122,914‌

$

57,666,745‌

Outstanding

shares

of

beneficial

interest,

unlimited

shares

authorized

($.0001

par

value)

9,336,831

8,437,143

4,670,219

5,671,776

4,849,676

Net

asset

value

per

share

$12.25

$17.53

$16.60

$12.54

$11.89

*

Includes

securities

loaned

of

$

–‌

$

–‌

$

–‌

$

–‌

$

189,725‌

†

Portfolio

investments,

cost

$

91,580,419‌

$

125,053,047‌

$

53,564,243‌

$

52,794,174‌

$

54,139,004‌

‡

Affiliated

investments,

cost

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

§

Includes

cash

collateral

for

mortgage

dollar

rolls

of

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

^

Foreign

cash,

cost

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

See

notes

to

financial

statements

153

TIAA-CREF

Life

Funds

2022

Annual

Report

concluded

22.6

Social

Choice

Equity

Fund

22.7

Stock

Index

Fund

22.8

International

Equity

Fund

22.9

Core

Bond

Fund

23.01

Money

Market

Fund

23.1

Balanced

Fund

$

77,186,771‌

$

656,634,758‌

$

121,440,558‌

$

193,305,763‌

$

130,592,517‌

$

–‌

–‌

–‌

–‌

–‌

–‌

61,978,253‌

30,073‌

192,743‌

883‌

1,960,216‌

–‌

61,815‌

–‌

–‌

61,678‌

–‌

–‌

–‌

–‌

–‌

–‌

2,412,765‌

–‌

397,252‌

–‌

160,511‌

1,735‌

2,427‌

4,067,444‌

574‌

70,878‌

628,397‌

502,955‌

1,324,895‌

225,887‌

–‌

5,313‌

–‌

2,192‌

11,661‌

6,408‌

6,170‌

5,322‌

29,978‌

9,725‌

16,786‌

–‌

1,819‌

77,298,357‌

657,646,387‌

122,019,726‌

199,034,513‌

134,892,256‌

62,445,883‌

10,032‌

34,066‌

52,147‌

49,938‌

10,871‌

5,353‌

2,023‌

2,697‌

2,056‌

2,157‌

2,074‌

1,790‌

–‌

–‌

–‌

–‌

3,239‌

–‌

108,391‌

2,267,576‌

–‌

2,664,645‌

–‌

–‌

–‌

–‌

61,678‌

219,708‌

861,853‌

395,999‌

–‌

–‌

–‌

3,550,458‌

–‌

–‌

89,154‌

1,835,681‌

335,724‌

1,219,261‌

68,287‌

20,729‌

30,423‌

215,122‌

–‌

–‌

–‌

–‌

5,357‌

30,061‌

11,342‌

16,793‌

8‌

1,851‌

15,398‌

41,649‌

17,063‌

56,996‌

19,951‌

6,684‌

260,778‌

4,426,852‌

480,010‌

7,779,956‌

966,283‌

432,406‌

$

77,037,579‌

$

653,219,535‌

$

121,539,716‌

$

191,254,557‌

$

133,925,973‌

$

62,013,477‌

$

49,051,769‌

$

253,734,626‌

$

119,852,776‌

$

217,488,242‌

$

133,925,112‌

$

59,326,299‌

27,985,810‌

399,484,909‌

1,686,940‌

(

26,233,685‌

)

861‌

2,687,178‌

$

77,037,579‌

$

653,219,535‌

$

121,539,716‌

$

191,254,557‌

$

133,925,973‌

$

62,013,477‌

4,820,279

20,489,613

14,985,646

21,506,101

133,909,056

5,631,455

$15.98

$31.88

$8.11

$8.89

$1.00

$11.01

$

114,759‌

$

2,712,319‌

$

1,077,053‌

$

2,587,063‌

$

–‌

$

–‌

$

52,061,663‌

$

265,036,057‌

$

115,510,134‌

$

214,972,429‌

$

130,592,517‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

60,147,174‌

$

–‌

$

–‌

$

–‌

$

1,960,000‌

$

–‌

$

–‌

$

–‌

$

–‌

$

61,678‌

$

–‌

$

–‌

$

–‌

TIAA-CREF

Life

Funds

For

the

year

ended

December

31,

2022

Statements

of

operations

See

notes

to

financial

statements

154

2022

Annual

Report

TIAA-CREF

Life

Funds

22.1

Growth

Equity

Fund

22.2

Growth

&

Income

Fund

22.3

Large-Cap

Value

Fund

22.4

Real

Estate

Securities

Fund

22.5

Small-Cap

Equity

Fund

INVESTMENT

INCOME

Dividends

from

unaffiliated

investments*

$

1,014,565‌

$

2,666,675‌

$

1,677,515‌

$

2,234,927‌

$

775,466‌

Dividends

from

affiliated

investments

–‌

–‌

–‌

–‌

–‌

Income

from

non-cash

dividends

–‌

–‌

–‌

–‌

–‌

Interest*

30,610‌

11,000‌

6,554‌

19,980‌

21,523‌

Other

income

22,243‌

28,846‌

10,790‌

14,629‌

–‌

Income

from

securities

lending,

net

441‌

797‌

–‌

–‌

11,043‌

Total

income

1,067,859‌

2,707,318‌

1,694,859‌

2,269,536‌

808,032‌

EXPENSES

Management

fees

603,790‌

765,986‌

368,199‌

426,971‌

282,614‌

Shareholder

servicing

2,136‌

2,520‌

1,833‌

1,852‌

1,547‌

Custody

and

accounting

fees

46,025‌

40,340‌

34,769‌

20,217‌

38,504‌

Professional

fees

32,007‌

30,467‌

29,280‌

30,477‌

26,984‌

Shareholder

reports

28,649‌

20,579‌

14,522‌

14,814‌

13,566‌

Administrative

service

fees

25,088‌

25,562‌

24,388‌

24,459‌

24,138‌

Trustee

fees

and

expenses

1,630‌

2,006‌

929‌

997‌

718‌

Other

expenses

15,874‌

26,635‌

15,291‌

17,399‌

17,874‌

Total

expenses

755,199‌

914,095‌

489,211‌

537,186‌

405,945‌

Less:

Expenses

reimbursed

by

the

investment

adviser

(

56,102‌

)

(

28,659‌

)

(

62,971‌

)

(

49,681‌

)

(

79,989‌

)

Net

expenses

699,097‌

885,436‌

426,240‌

487,505‌

325,956‌

Net

investment

income

(loss)

368,762‌

1,821,882‌

1,268,619‌

1,782,031‌

482,076‌

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

ON

TOTAL

INVESTMENTS

Realized

gain

(loss):

Portfolio

investments†

(

5,608,416‌

)

36,713,350‌

1,354,181‌

126,222‌

1,655,770‌

Affiliated

investments

–‌

–‌

–‌

–‌

–‌

Written

options

–‌

(

375,864‌

)

–‌

–‌

–‌

Futures

contracts

–‌

–‌

–‌

–‌

(

288,496‌

)

Forward

foreign

currency

contracts

–‌

–‌

–‌

–‌

–‌

Swap

contracts

–‌

–‌

–‌

–‌

–‌

Foreign

currency

transactions

(

1,960‌

)

423‌

–‌

783‌

–‌

Realized

gain

distributions

from

affiliated

investments

–‌

–‌

–‌

–‌

–‌

Net

realized

gain

(loss)

on

total

investments

(

5,610,376‌

)

36,337,909‌

1,354,181‌

127,005‌

1,367,274‌

Change

in

unrealized

appreciation

(depreciation)

on:

Portfolio

investments

(

52,508,199‌

)

(

83,664,471‌

)

(

9,308,419‌

)

(

32,413,933‌

)

(

13,148,979‌

)

Affiliated

investments

–‌

–‌

–‌

–‌

–‌

Purchased

options

–‌

(

5,847‌

)

–‌

–‌

–‌

Written

options

–‌

(

65,974‌

)

–‌

–‌

–‌

Futures

contracts

–‌

–‌

–‌

–‌

(

20,522‌

)

Forward

foreign

currency

contracts

–‌

–‌

–‌

–‌

–‌

Translation

of

assets

(other

than

portfolio

investments)

and

liabilities

denominated

in

foreign

currencies

(

168‌

)

(

345‌

)

(

59‌

)

–‌

–‌

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(

52,508,367‌

)

(

83,736,637‌

)

(

9,308,478‌

)

(

32,413,933‌

)

(

13,169,501‌

)

Net

realized

and

unrealized

gain

(loss)

on

total

investments

(

58,118,743‌

)

(

47,398,728‌

)

(

7,954,297‌

)

(

32,286,928‌

)

(

11,802,227‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

(

57,749,981‌

)

$

(

45,576,846‌

)

$

(

6,685,678‌

)

$

(

30,504,897‌

)

$

(

11,320,151‌

)

*  

Net

of

foreign

withholding

taxes

of

$

12,122‌

$

22,307‌

$

2,074‌

$

1,797‌

$

2,148‌

†

Includes

net

realized

gain

(loss)

from

securities

sold

to

affiliates

of

$

(

27,232‌

)

$

119,839‌

$

(

11,766‌

)

$

–‌

$

(

431,310‌

)

See

notes

to

financial

statements

155

TIAA-CREF

Life

Funds

2022

Annual

Report

concluded

22.6

Social

Choice

Equity

Fund

22.7

Stock

Index

Fund

22.8

International

Equity

Fund

22.9

Core

Bond

Fund

23.01

Money

Market

Fund

23.1

Balanced

Fund

$

1,314,644‌

$

10,860,259‌

$

3,446,104‌

$

4,035‌

$

–‌

$

–‌

–‌

–‌

–‌

–‌

–‌

1,183,904‌

–‌

–‌

201,053‌

–‌

–‌

–‌

10,628‌

120,456‌

104,617‌

6,636,179‌

2,042,411‌

–‌

–‌

–‌

11,783‌

–‌

–‌

–‌

7,500‌

100,720‌

14,177‌

20,036‌

–‌

–‌

1,332,772‌

11,081,435‌

3,777,734‌

6,660,250‌

2,042,411‌

1,183,904‌

125,629‌

423,759‌

610,203‌

615,415‌

120,418‌

68,256‌

2,013‌

5,461‌

2,047‌

2,396‌

1,673‌

1,741‌

18,060‌

34,909‌

46,320‌

123,755‌

62,651‌

7,372‌

22,535‌

49,389‌

37,864‌

46,351‌

23,879‌

14,296‌

14,718‌

56,129‌

18,854‌

20,057‌

13,938‌

12,531‌

24,426‌

32,491‌

24,896‌

25,957‌

24,844‌

21,616‌

972‌

8,229‌

1,398‌

2,371‌

1,334‌

797‌

37,925‌

17,397‌

22,807‌

17,560‌

9,427‌

14,015‌

246,278‌

627,764‌

764,389‌

853,862‌

258,164‌

140,624‌

(

61,928‌

)

–‌

(

31,747‌

)

(

134,524‌

)

(

77,458‌

)

(

71,517‌

)

184,350‌

627,764‌

732,642‌

719,338‌

180,706‌

69,107‌

1,148,422‌

10,453,671‌

3,045,092‌

5,940,912‌

1,861,705‌

1,114,797‌

1,978,089‌

7,897,655‌

(

855,431‌

)

(

10,444,054‌

)

229‌

–‌

–‌

–‌

–‌

–‌

–‌

(

1,291,145‌

)

–‌

–‌

–‌

–‌

–‌

–‌

(

101,282‌

)

(

799,821‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

3,816‌

–‌

–‌

–‌

–‌

–‌

59,146‌

–‌

–‌

–‌

–‌

(

39,717‌

)

(

3,967‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

2,378,950‌

1,876,807‌

7,097,834‌

(

895,148‌

)

(

10,385,059‌

)

229‌

1,087,805‌

(

20,832,386‌

)

(

175,600,393‌

)

(

26,106,812‌

)

(

25,630,387‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

15,407,493‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

44,577‌

)

(

336,558‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

691‌

–‌

–‌

–‌

–‌

(

15,172‌

)

636‌

–‌

–‌

(

20,876,963‌

)

(

175,936,951‌

)

(

26,121,984‌

)

(

25,629,060‌

)

–‌

(

15,407,493‌

)

(

19,000,156‌

)

(

168,839,117‌

)

(

27,017,132‌

)

(

36,014,119‌

)

229‌

(

14,319,688‌

)

$

(

17,851,734‌

)

$

(

158,385,446‌

)

$

(

23,972,040‌

)

$

(

30,073,207‌

)

$

1,861,934‌

$

(

13,204,891‌

)

$

691‌

$

2,733‌

$

347,305‌

$

3,976‌

$

–‌

$

–‌

$

(

33,146‌

)

$

(

348‌

)

$

(

29,287‌

)

$

–‌

$

–‌

$

–‌

TIAA-CREF

Life

Funds

For

the

year

ended

Statements

of

changes

in

net

assets

See

notes

to

financial

statements

156

2022

Annual

Report

TIAA-CREF

Life

Funds

22.1

Growth

Equity

Fund

22.2

Growth

&

Income

Fund

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

OPERATIONS

Net

investment

income

(loss)

$

368,762‌

$

(

150,302‌

)

$

1,821,882‌

$

1,238,200‌

Net

realized

gain

(loss)

on

total

investments

(

5,610,376‌

)

14,132,432‌

36,337,909‌

18,782,179‌

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(

52,508,367‌

)

11,616,206‌

(

83,736,637‌

)

23,916,684‌

Net

increase

(decrease)

in

net

assets

from

operations

(

57,749,981‌

)

25,598,336‌

(

45,576,846‌

)

43,937,063‌

Distributions

to

shareholders

(

14,545,536‌

)

(

32,457,590‌

)

(

20,074,112‌

)

(

5,534,849‌

)

Total

distributions

(

14,545,536‌

)

(

32,457,590‌

)

(

20,074,112‌

)

(

5,534,849‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

13,497,330‌

18,152,891‌

8,801,985‌

13,839,677‌

Reinvestments

of

distributions

14,545,536‌

32,457,589‌

20,072,458‌

5,534,421‌

Redemptions

(

18,444,433‌

)

(

33,120,342‌

)

(

25,992,130‌

)

(

24,280,471‌

)

Net

increase

(decrease)

from

shareholder

transactions

9,598,433‌

17,490,138‌

2,882,313‌

(

4,906,373‌

)

Net

increase

(decrease)

in

net

assets

(

62,697,084‌

)

10,630,884‌

(

62,768,645‌

)

33,495,841‌

NET

ASSETS

Beginning

of

period

177,066,110‌

166,435,226‌

210,649,346‌

177,153,505‌

End

of

period

$

114,369,026‌

$

177,066,110‌

$

147,880,701‌

$

210,649,346‌

CHANGE

IN

FUND

SHARES

Shares

sold

896,568‌

787,585‌

409,563‌

574,341‌

Shares

reinvested

1,189,333‌

1,555,972‌

1,183,518‌

225,619‌

Shares

redeemed

(

1,230,038‌

)

(

1,470,166‌

)

(

1,238,627‌

)

(

996,631‌

)

Net

increase

(decrease)

from

shareholder

transactions

855,863‌

873,391‌

354,454‌

(

196,671‌

)

See

notes

to

financial

statements

157

TIAA-CREF

Life

Funds

2022

Annual

Report

continued

22.3

Large-Cap

Value

Fund

22.4

Real

Estate

Securities

Fund

22.5

Small-Cap

Equity

Fund

22.6

Social

Choice

Equity

Fund

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

$

1,268,619‌

$

1,009,165‌

$

1,782,031‌

$

1,286,049‌

$

482,076‌

$

315,951‌

$

1,148,422‌

$

1,014,937‌

1,354,181‌

5,068,510‌

127,005‌

7,394,358‌

1,367,274‌

13,115,555‌

1,876,807‌

9,630,394‌

(

9,308,478‌

)

13,533,990‌

(

32,413,933‌

)

22,631,350‌

(

13,169,501‌

)

1,193,893‌

(

20,876,963‌

)

10,769,650‌

(

6,685,678‌

)

19,611,665‌

(

30,504,897‌

)

31,311,757‌

(

11,320,151‌

)

14,625,399‌

(

17,851,734‌

)

21,414,981‌

(

4,324,001‌

)

(

1,158,549‌

)

(

8,606,411‌

)

(

1,607,410‌

)

(

10,453,350‌

)

(

331,112‌

)

(

10,671,504‌

)

(

3,463,680‌

)

(

4,324,001‌

)

(

1,158,549‌

)

(

8,606,411‌

)

(

1,607,410‌

)

(

10,453,350‌

)

(

331,112‌

)

(

10,671,504‌

)

(

3,463,680‌

)

13,504,373‌

13,773,372‌

11,971,425‌

11,104,736‌

4,497,527‌

15,625,244‌

4,840,920‌

7,268,572‌

4,323,403‌

1,158,396‌

8,605,728‌

1,607,290‌

10,453,350‌

331,112‌

10,669,929‌

3,463,180‌

(

21,091,640‌

)

(

15,424,376‌

)

(

18,511,394‌

)

(

15,064,237‌

)

(

10,474,872‌

)

(

15,540,674‌

)

(

12,080,172‌

)

(

8,365,323‌

)

(

3,263,864‌

)

(

492,608‌

)

2,065,759‌

(

2,352,211‌

)

4,476,005‌

415,682‌

3,430,677‌

2,366,429‌

(

14,273,543‌

)

17,960,508‌

(

37,045,549‌

)

27,352,136‌

(

17,297,496‌

)

14,709,969‌

(

25,092,561‌

)

20,317,730‌

91,789,237‌

73,828,729‌

108,168,463‌

80,816,327‌

74,964,241‌

60,254,272‌

102,130,140‌

81,812,410‌

$

77,515,694‌

$

91,789,237‌

$

71,122,914‌

$

108,168,463‌

$

57,666,745‌

$

74,964,241‌

$

77,037,579‌

$

102,130,140‌

792,003‌

784,848‌

738,164‌

642,719‌

323,890‌

927,128‌

267,338‌

341,240‌

291,531‌

65,115‌

686,262‌

90,095‌

948,580‌

19,627‌

717,065‌

162,058‌

(

1,240,111‌

)

(

881,079‌

)

(

1,176,472‌

)

(

870,776‌

)

(

701,919‌

)

(

936,927‌

)

(

654,639‌

)

(

394,583‌

)

(

156,577‌

)

(

31,116‌

)

247,954‌

(

137,962‌

)

570,551‌

9,828‌

329,764‌

108,715‌

Statements

of

changes

in

net

assets

TIAA-CREF

Life

Funds

For

the

year

ended

See

notes

to

financial

statements

158

2022

Annual

Report

TIAA-CREF

Life

Funds

continued

continued

continued

22.7

Stock

Index

Fund

22.8

International

Equity

Fund

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

OPERATIONS

Net

investment

income

(loss)

$

10,453,671‌

$

9,308,926‌

$

3,045,092‌

$

3,669,207‌

Net

realized

gain

(loss)

on

total

investments

7,097,834‌

15,089,397‌

(

895,148‌

)

776,812‌

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(

175,936,951‌

)

147,678,251‌

(

26,121,984‌

)

8,884,749‌

Net

increase

(decrease)

in

net

assets

from

operations

(

158,385,446‌

)

172,076,574‌

(

23,972,040‌

)

13,330,768‌

Distributions

to

shareholders

(

24,312,393‌

)

(

11,386,755‌

)

(

3,886,951‌

)

(

1,513,361‌

)

Total

distributions

(

24,312,393‌

)

(

11,386,755‌

)

(

3,886,951‌

)

(

1,513,361‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

40,540,458‌

52,884,497‌

14,531,024‌

19,772,188‌

Reinvestments

of

distributions

24,312,393‌

11,386,755‌

3,886,951‌

1,513,361‌

Redemptions

(

62,363,160‌

)

(

70,265,465‌

)

(

12,509,383‌

)

(

12,058,822‌

)

Net

increase

(decrease)

from

shareholder

transactions

2,489,691‌

(

5,994,213‌

)

5,908,592‌

9,226,727‌

Net

increase

(decrease)

in

net

assets

(

180,208,148‌

)

154,695,606‌

(

21,950,399‌

)

21,044,134‌

NET

ASSETS

Beginning

of

period

833,427,683‌

678,732,077‌

143,490,115‌

122,445,981‌

End

of

period

$

653,219,535‌

$

833,427,683‌

$

121,539,716‌

$

143,490,115‌

CHANGE

IN

FUND

SHARES

Shares

sold

1,155,698‌

1,405,182‌

1,748,813‌

1,988,175‌

Shares

reinvested

796,344‌

294,994‌

560,888‌

149,247‌

Shares

redeemed

(

1,780,576‌

)

(

1,867,537‌

)

(

1,522,256‌

)

(

1,214,297‌

)

Net

increase

(decrease)

from

shareholder

transactions

171,466‌

(

167,361‌

)

787,445‌

923,125‌

See

notes

to

financial

statements

159

TIAA-CREF

Life

Funds

2022

Annual

Report

concluded

22.9

Core

Bond

Fund

23.01

Money

Market

Fund

23.1

Balanced

Fund

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

December

31,

2022

December

31,

2021

$

5,940,912‌

$

4,511,395‌

$

1,861,705‌

$

–‌

$

1,114,797‌

$

1,178,220‌

(

10,385,059‌

)

1,250,931‌

229‌

414‌

1,087,805‌

3,468,438‌

(

25,629,060‌

)

(

7,954,808‌

)

–‌

–‌

(

15,407,493‌

)

2,498,278‌

(

30,073,207‌

)

(

2,192,482‌

)

1,861,934‌

414‌

(

13,204,891‌

)

7,144,936‌

(

5,792,529‌

)

(

8,951,180‌

)

(

1,861,487‌

)

–‌

(

4,713,148‌

)

(

3,191,479‌

)

(

5,792,529‌

)

(

8,951,180‌

)

(

1,861,487‌

)

–‌

(

4,713,148‌

)

(

3,191,479‌

)

16,049,062‌

32,847,856‌

112,643,972‌

90,250,855‌

1,776,403‌

5,428,142‌

5,792,357‌

8,950,908‌

1,861,487‌

–‌

4,712,273‌

3,190,880‌

(

24,734,667‌

)

(

18,464,798‌

)

(

77,509,585‌

)

(

108,360,472‌

)

(

7,632,364‌

)

(

5,654,741‌

)

(

2,893,248‌

)

23,333,966‌

36,995,874‌

(

18,109,617‌

)

(

1,143,688‌

)

2,964,281‌

(

38,758,984‌

)

12,190,304‌

36,996,321‌

(

18,109,203‌

)

(

19,061,727‌

)

6,917,738‌

230,013,541‌

217,823,237‌

96,929,652‌

115,038,855‌

81,075,204‌

74,157,466‌

$

191,254,557‌

$

230,013,541‌

$

133,925,973‌

$

96,929,652‌

$

62,013,477‌

$

81,075,204‌

1,686,243‌

3,029,124‌

112,643,972‌

90,250,855‌

144,609‌

382,450‌

655,244‌

839,672‌

1,861,487‌

–‌

444,554‌

226,786‌

(

2,622,377‌

)

(

1,704,145‌

)

(

77,509,585‌

)

(

108,360,471‌

)

(

632,346‌

)

(

398,706‌

)

(

280,890‌

)

2,164,651‌

36,995,874‌

(

18,109,616‌

)

(

43,183‌

)

210,530‌

TIAA-CREF

Life

Funds

Financial

highlights

See

notes

to

financial

statements

160

2022

Annual

Report

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

22.1

GROWTH

EQUITY

FUND

12/31/22

$

20.88‌

$

0.04‌

$

(6.92‌)

$

(6.88‌)

$

—‌

$

(1.75‌)

$

(1.75‌)

$

12.25‌

12/31/21

21.88‌

(0.02‌)

3.55‌

3.53‌

(0.06‌)

(4.47‌)

(4.53‌)

20.88‌

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

22.2

GROWTH

&

INCOME

FUND

12/31/22

26.06‌

0.23‌

(6.11‌)

(5.88‌)

(0.17‌)

(2.48‌)

(2.65‌)

17.53‌

12/31/21

21.40‌

0.15‌

5.19‌

5.34‌

(0.19‌)

(0.49‌)

(0.68‌)

26.06‌

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

22.3

LARGE-CAP

VALUE

FUND

12/31/22

19.02‌

0.27‌

(1.73‌)

(1.46‌)

(0.23‌)

(0.73‌)

(0.96‌)

16.60‌

12/31/21

15.20‌

0.21‌

3.85‌

4.06‌

(0.24‌)

—‌

(0.24‌)

19.02‌

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

22.4

REAL

ESTATE

SECURITIES

FUND

12/31/22

19.94‌

0.33‌

(6.04‌)

(5.71‌)

(0.25‌)

(1.44‌)

(1.69‌)

12.54‌

12/31/21

14.53‌

0.23‌

5.48‌

5.71‌

(0.26‌)

(0.04‌)

(0.30‌)

19.94‌

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

††

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.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

financial

statements,

when

applicable.

See

notes

to

financial

statements

161

TIAA-CREF

Life

Funds

2022

Annual

Report

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

††

Net

assets

at

end

of

period

(in

thousands)

Gross

expenses

Net

expenses

Net

investment

income

(loss)

e

Portfolio

turnover

rate

(32.92‌)

%

$

114,369‌

0.56‌

%

0.52‌

%

0.27‌

%

52‌

%

16.16‌

177,066‌

0.52‌

0.52‌

(0.09‌)

56‌

43.97‌

166,435‌

0.54‌

0.52‌

0.22‌

120‌

30.73‌

117,939‌

0.57‌

0.52‌

0.39‌

108‌

(0.21‌)

98,216‌

0.56‌

0.52‌

0.43‌

90‌

(22.24‌)

147,881‌

0.54‌

0.52‌

1.07‌

123‌

25.17‌

210,649‌

0.52‌

0.52‌

0.63‌

63‌

20.44‌

177,154‌

0.54‌

0.52‌

0.95‌

64‌

30.10‌

160,225‌

0.55‌

0.52‌

1.35‌

63‌

(7.25‌)

129,668‌

0.56‌

0.52‌

1.03‌

61‌

(7.10‌)

77,516‌

0.60‌

0.52‌

1.55‌

23‌

26.85‌

91,789‌

0.58‌

0.52‌

1.19‌

27‌

4.01‌

73,829‌

0.61‌

0.52‌

1.85‌

30‌

28.66‌

75,101‌

0.62‌

0.52‌

1.87‌

19‌

(14.13‌)

62,956‌

0.63‌

0.52‌

1.67‌

107‌

(28.62‌)

71,123‌

0.63‌

0.57‌

2.09‌

33‌

39.53‌

108,168‌

0.61‌

0.57‌

1.37‌

38‌

1.27‌

80,816‌

0.62‌

0.57‌

1.86‌

44‌

31.33‌

84,977‌

0.63‌

0.57‌

1.83‌

35‌

(4.23‌)

67,142‌

0.65‌

0.57‌

2.29‌

34‌

Financial

highlights

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

162

2022

Annual

Report

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

22.5

SMALL-CAP

EQUITY

FUND

12/31/22

$

17

.52‌

$

0

.11‌

$

(

3

.05‌

)

$

(

2

.94‌

)

$

(

0

.08‌

)

$

(

2

.61‌

)

$

(

2

.69‌

)

$

11

.89‌

12/31/21

14

.11‌

0

.07‌

3

.42‌

3

.49‌

(

0

.08‌

)

—‌

(

0

.08‌

)

17

.52‌

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

22.6

SOCIAL

CHOICE

EQUITY

FUND

12/31/22

22

.74‌

0

.26‌

(

4

.50‌

)

(

4

.24‌

)

(

0

.24‌

)

(

2

.28‌

)

(

2

.52‌

)

15

.98‌

12/31/21

18

.67‌

0

.23‌

4

.64‌

4

.87‌

(

0

.23‌

)

(

0

.57‌

)

(

0

.80‌

)

22

.74‌

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

22.7

STOCK

INDEX

FUND

12/31/22

41

.02‌

0

.52‌

(

8

.44‌

)

(

7

.92‌

)

(

0

.47‌

)

(

0

.75‌

)

(

1

.22‌

)

31

.88‌

12/31/21

33

.13‌

0

.46‌

8

.00‌

8

.46‌

(

0

.47‌

)

(

0

.10‌

)

(

0

.57‌

)

41

.02‌

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

22.8

INTERNATIONAL

EQUITY

FUND

12/31/22

10

.11‌

0

.21‌

(

1

.94‌

)

(

1

.73‌

)

(

0

.27‌

)

—‌

(

0

.27‌

)

8

.11‌

12/31/21

9

.22‌

0

.27‌

0

.73‌

1

.00‌

(

0

.11‌

)

—‌

(

0

.11‌

)

10

.11‌

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

††

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.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

financial

statements,

when

applicable.

See

notes

to

financial

statements

163

TIAA-CREF

Life

Funds

2022

Annual

Report

continued

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

††

Net

assets

at

end

of

period

(in

thousands)

Gross

expenses

Net

expenses

Net

investment

income

(loss)

e

Portfolio

turnover

rate

(

15

.63‌

)

%

$

57,667‌

0

.66‌

%

0

.53‌

%

0

.78‌

%

73‌

%

24

.76‌

74,964‌

0

.62‌

0

.53‌

0

.44‌

78‌

12

.80‌

60,254‌

0

.69‌

0

.53‌

0

.55‌

97‌

23

.72‌

53,609‌

0

.72‌

0

.53‌

0

.88‌

124‌

(

12

.05‌

)

46,425‌

0

.66‌

0

.53‌

0

.52‌

86‌

(

17

.83‌

)

77,038‌

0

.29‌

0

.22‌

1

.37‌

20‌

26

.35‌

102,130‌

0

.26‌

0

.22‌

1

.09‌

31‌

20

.47‌

81,812‌

0

.30‌

0

.22‌

1

.38‌

29‌

31

.38‌

70,890‌

0

.31‌

0

.22‌

1

.75‌

27‌

(

5

.55‌

)

55,841‌

0

.32‌

0

.22‌

1

.68‌

38‌

(

19

.18‌

)

653,220‌

0

.09‌

0

.09‌

1

.48‌

2‌

25

.63‌

833,428‌

0

.08‌

0

.08‌

1

.22‌

3‌

20

.76‌

678,732‌

0

.09‌

0

.09‌

1

.58‌

3‌

30

.81‌

584,156‌

0

.10‌

0

.09‌

1

.94‌

3‌

(

5

.28‌

)

429,527‌

0

.10‌

0

.09‌

1

.89‌

4‌

(

16

.70‌

)

121,540‌

0

.63‌

0

.60‌

2

.50‌

23‌

10

.84‌

143,490‌

0

.61‌

0

.60‌

2

.71‌

22‌

15

.34‌

122,446‌

0

.64‌

0

.60‌

1

.52‌

88‌

23

.07‌

107,619‌

0

.71‌

0

.60‌

1

.75‌

108‌

(

23

.58‌

)

86,051‌

0

.71‌

0

.60‌

1

.96‌

67‌

Financial

highlights

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

164

2022

Annual

Report

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

22.9

CORE

BOND

FUND

12/31/22

$

10.56‌

$

0.27‌

$

(1.67‌)

$

(1.40‌)

$

(0.21‌)

$

(0.06‌)

$

(0.27‌)

$

8.89‌

12/31/21

11.10‌

0.22‌

(0.33‌)

(0.11‌)

(0.25‌)

(0.18‌)

(0.43‌)

10.56‌

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

23.01

MONEY

MARKET

FUND

12/31/22

1.00‌

0.02‌

(0.01‌)

0.01‌

(0.01‌)

—‌

(0.01‌)

1.00‌

12/31/21

1.00‌

—‌

—‌

—‌

—‌

—‌

—‌

1.00‌

12/31/20

1.00‌

0.00‌

d

—‌

0.00‌

d

0.00‌

d

—‌

0.00‌

d

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

23.1

BALANCED

FUND

12/31/22

14.29‌

0.20‌

(2.60‌)

(2.40‌)

(0.33‌)

(0.55‌)

(0.88‌)

11.01‌

12/31/21

13.57‌

0.22‌

1.10‌

1.32‌

(0.26‌)

(0.34‌)

(0.60‌)

14.29‌

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

††

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.

d

Amount

represents

less

than

$0.01

per

share.

e

The

Fund’s

expenses

do

not

include

the

expenses

of

the

Underlying

Funds

related

to

the

Balanced

Fund.

See

notes

to

financial

statements

165

TIAA-CREF

Life

Funds

2022

Annual

Report

concluded

Ratios

and

supplemental

data

Ratios

to

average

net

assets

Total

return

††

Net

assets

at

end

of

period

(in

thousands)

Gross

expenses

e

Net

expenses

e

Net

investment

income

(loss)

Portfolio

turnover

rate

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

(13.21‌)

%

$

191,255‌

0.42‌

%

0.35‌

%

2.90‌

%

181‌

%

104‌

%

(0.99‌)

230,014‌

0.42‌

0.35‌

2.03‌

258‌

89‌

7.86‌

217,823‌

0.37‌

0.35‌

2.52‌

154‌

91‌

9.48‌

203,001‌

0.37‌

0.35‌

3.04‌

117‌

111‌

(0.79‌)

189,285‌

0.38‌

0.35‌

3.01‌

147‌

139‌

1.46‌

133,926‌

0.21‌

0.15‌

1.55‌

—‌

—‌

0.00‌

96,930‌

0.22‌

0.06‌

0.00‌

—‌

—‌

0.41‌

115,039‌

0.20‌

0.14‌

0.37‌

—‌

—‌

2.09‌

105,806‌

0.23‌

0.15‌

2.06‌

—‌

—‌

1.71‌

104,670‌

0.24‌

0.15‌

1.73‌

—‌

—‌

(16.59‌)

62,013‌

0.21‌

0.10‌

1.63‌

18‌

18‌

9.78‌

81,075‌

0.18‌

0.10‌

1.52‌

16‌

16‌

14.16‌

74,157‌

0.18‌

0.10‌

2.06‌

28‌

28‌

18.81‌

68,825‌

0.20‌

0.10‌

2.07‌

19‌

19‌

(5.47‌)

56,516‌

0.21‌

0.10‌

1.77‌

17‌

17‌

TIAA-CREF

Life

Funds

166

2022

Annual

Report

TIAA-CREF

Life

Funds

Notes

to

financial

statements

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

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

“Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

of investments”

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

in

unrealized

appreciation

(depreciation)

on

total

investments”

on

the

Statements

of

operations,

when

applicable. 

Foreign

taxes:

The Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the Funds

invest.

Trustee

compensation:

The

Funds pay

the

members

of

the

Board

of

Trustees

(“Board”),

all

of

whom

are

independent,

certain

remuneration

for

their

services,

plus

travel

and

other

expenses.

Trustees

may

elect

to

participate

in

a

deferred

compensation

plan

and

defer

all

or

a

portion

of

their

compensation.

In

addition,

trustees

participate

in

a

long-term

compensation

plan.

Amounts

deferred

are

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.

167

TIAA-CREF

Life

Funds

2022

Annual

Report

continued

Indemnification:

 In

the

normal

course

of

business, each

Fund enters

into

contracts

that

contain

a

variety

of

representations

and

warranties

and

that

provide

general

indemnities.

A

Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

against

the

Funds

that

have

not

yet

occurred.

Also,

under

the

Funds'

organizational

documents,

the

trustees

and

officers

of

the

Funds

are

indemnified

against

certain

liabilities

that

may

arise

out

of

their

duties

to

the

Funds.

However,

based

on

experience,

the

Funds

expect

the

risk

of

loss

due

to

these

warranties

and

indemnities

to

be

unlikely.

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

changes

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

Fund may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

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

accounting

pronouncement:

 In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

(“Topic

820”).

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

an

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds' financial

statements.

New

rule

issuance:

 A

new

rule

adopted

by

the

SEC

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

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.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

Note

3—valuation

of

investments

The Funds'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

Teachers

Advisors,

LLC

(the

"Adviser"),

subject

to

the

review

and

oversight

of

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

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:

Notes

to

financial

statements

168

2022

Annual

Report

TIAA-CREF

Life

Funds

continued

Debt

securities:

Prices

of

fixed-income

securities

are

provided

by

independent

pricing

services

(“pricing

services”)

approved

by

the

Adviser,

which

is

subject

to

review and

oversight

of

the Board.

Pricing

services establish

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,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

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

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2. 

Investments

in

registered

investment

companies:

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Repurchase

agreements:

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

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.

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.

Futures

contracts:

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

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

Adviser,

subject

to

the

oversight

of

the

Board,

and

are

classified

as

Level

2.

Swap

contracts:

Swap

contracts are

marked-to-market

daily

based

upon

a

price

supplied

by

pricing

services.

Swaps

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

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. 

The

following

table

summarizes

the

market

value

of

the Funds’

investments

as

of

December

31,

2022,

based

on

the

inputs

used

to

value

them:

Fund

Level

1

Level

2

Level

3

Total

Growth

Equity

Common

stocks

$108,876,163

$3,865,894

$—

$112,742,057

Short-term

investments

—

1,868,000

—

1,868,000

Total

$108,876,163

$5,733,894

$—

$114,610,057

1

1

1

1

1

Growth

&

Income

Common

stocks

$147,662,536

$—

$—

$147,662,536

Short-term

investments

—

709,000

—

709,000

Total

$147,662,536

$709,000

$—

$148,371,536

1

1

1

1

1

169

TIAA-CREF

Life

Funds

2022

Annual

Report

continued

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.

Repurchase

agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Fund’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

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

generally

greater

than

the

risk

of

investing

in

securities

that

are

widely

held

and

publicly

traded.

Fund

Level

1

Level

2

Level

3

Total

Large-Cap

Value

Common

stocks

$77,016,781

$—

$160

$77,016,941

Short-term

investments

—

874,000

—

874,000

Total

$77,016,781

$874,000

$160

$77,890,941

1

1

1

1

1

Real

Estate

Securities

Common

stocks

$70,309,570

$—

$—

$70,309,570

Short-term

investments

—

639,000

—

639,000

Total

$70,309,570

$639,000

$—

$70,948,570

1

1

1

1

1

Small-Cap

Equity

Common

stocks

$55,677,867

$—

$—

$55,677,867

Short-term

investments

169,474

2,029,000

—

2,198,474

Futures

contracts*

(40,568)

—

—

(40,568)

Total

$55,806,773

$2,029,000

$—

$57,835,773

1

1

1

1

1

Social

Choice

Equity

Common

stocks

$76,410,260

$—

$120

$76,410,380

Short-term

investments

108,391

668,000

—

776,391

Futures

contracts*

(30,430)

—

—

(30,430)

Total

$76,488,221

$668,000

$120

$77,156,341

1

1

1

1

1

Stock

Index

Common

stocks

$646,224,733

$—

$3,916

$646,228,649

Rights/Warrants

—

—

9

9

Short-term

investments

2,267,576

8,138,524

—

10,406,100

Futures

contracts*

(215,211)

—

—

(215,211)

Total

$648,277,098

$8,138,524

$3,925

$656,419,547

1

1

1

1

1

International

Equity

Common

stocks

$2,283,004

$116,798,554

$—

$119,081,558

Short-term

investments

—

2,359,000

—

2,359,000

Total

$2,283,004

$119,157,554

$—

$121,440,558

1

1

1

1

1

Core

Bond

Bank

loan

obligations

$—

$2,730,304

$—

$2,730,304

Corporate

bonds

—

67,843,468

—

67,843,468

Government

bonds

—

82,036,882

—

82,036,882

Structured

assets

—

33,669,852

362

33,670,214

Preferred

stocks

117,250

—

—

117,250

Short-term

investments

2,664,645

4,243,000

—

6,907,645

Total

$2,781,895

$190,523,506

$362

$193,305,763

1

1

1

1

1

Money

Market

Short-term

investments

$

—

$

130,592,517

$

—

$

130,592,517

Total

$—

$130,592,517

$—

$130,592,517

1

1

1

1

1

Balanced

Registered

investment

companies

$61,978,253

$—

$—

$61,978,253

Total

$61,978,253

$—

$—

$61,978,253

1

1

1

1

1

*

Derivative

instruments

are

not

reflected

in

the

market

value

of

portfolio

investments.

Notes

to

financial

statements

170

2022

Annual

Report

TIAA-CREF

Life

Funds

continued

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

December

31,

2022,

securities

lending

transactions are

for equity

and

fixed

income

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. 

As

of December

31,

2022,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows:

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis:

The Funds

may

purchase

securities

on

a

when-issued

or

delayed-

delivery

basis.

Securities

purchased

or

sold

on

a

when-issued

or

delayed-delivery

basis

may

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 year

ended

December

31,

2022

were

as

follows:

Note

5—derivative

investments

Each Fund

(other

than

the

Money

Market

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.

Aggregate

value

of

securities

on

loan

Fund

Equity

Securities

Fixed

Income

Securities

Cash

collateral

received*

Non-cash

collateral

received

Total

collateral

received

Small-Cap

Equity

$189,725

$–

$169,474

$25,205

$194,679

Social

Choice

Equity

114,759

–

108,391

11,076

119,467

Stock

Index

2,712,319

–

2,267,576

548,146

2,815,722

International

Equity

1,077,053

–

–

1,115,616

1,115,616

Core

Bond

76,079

2,510,984

2,664,645

21,543

2,686,188

*May

include

cash

and

investment

of

cash

collateral.

Fund

Non-U.S.

government

purchases

U.S.

government

purchases

Non-U.S.

government

sales

U.S.

government

sales

22.1

Growth

Equity

$

68,960,504

$

–

$

74,721,190

$

–

22.2

Growth

&

Income

210,783,873

–

226,695,573

–

22.3

Large-Cap

Value

18,738,844

–

25,202,681

–

22.4

Real

Estate

Securities

28,137,932

–

32,323,722

–

22.5

Small-Cap

Equity

44,578,401

–

50,229,517

–

22.6

Social

Choice

Equity

17,178,780

–

23,246,789

–

22.7

Stock

Index

14,874,199

–

26,671,361

–

22.8

International

Equity

33,564,199

–

26,474,001

–

22.9

Core

Bond

33,070,776

336,221,566

53,368,207

308,364,783

23.1

Balanced

12,640,953

–

14,971,623

–

171

TIAA-CREF

Life

Funds

2022

Annual

Report

continued

At

December

31,

2022,

the

following Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statements

of

assets

and

liabilities

as

follows:

For

the year

ended

December

31,

2022,

the

effect

of

derivative

contracts

on

the Funds'

Statements

of

operations

was

as

follows:

Options:

 Certain Funds

are

subject

to

equity

price

risk

in

the

normal

course

of

pursuing their

investment

objectives. To

manage

the

risk,

the Funds

may

invest

in

both

equity

and

index

options.

The Funds

may

purchase

(buy)

or

write

(sell)

put

and

call

options

on

specific

securities

(including

groups

or

“baskets”

of

specific

securities),

interest

rates,

stock

indices

and/or

bond

indices

(each

a

“financial

instrument”).

Options

can

be

settled

either

directly

with

the

counterparty

(over

the

counter)

or

through

a

central

clearing

house

(exchange

traded).

Call

and

put

options

give

the

holder

the

right,

in

return

for

a

premium

paid,

to

purchase

or

sell,

respectively,

a

financial

instrument

at

a

specified

exercise

price

at

any

time

during

the

period

of

the

option.

Purchased

options

are

included

in

the Portfolio

of

investments.

When a

Fund

writes

an

option,

an

amount

equal

to

the

net

premium

received

(the

premium

less

commission)

is

recognized

as

a

liability

on

the

Statements

of

assets

and

liabilities

and

is

subsequently

adjusted

to

reflect

the

current

value

of

the

written

option

until

the

option

is

exercised

or

expires

or

the

Fund

enters

into

a

closing

purchase

transaction.

The

changes

in

the

value

of

options

purchased

and/or

written

during

the

fiscal

period

are

recognized

as

in

unrealized

appreciation

(depreciation)

on

the

Statements

of

operations.

When

an

option

expires,

the

premiums

received

or

paid

are

recognized

as

realized

gains

or

losses

on

the

Statements

of

operations.

When

an

option

is

exercised

or

a

closing

purchase

transaction

is

entered

into,

the

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

recognized

as

a

realized

gain

or

loss

on

the

Statements

of

operations.

The

market

risk

associated

with

purchasing

options

is

limited

to

the

premium

paid.

The

Fund,

as

writer

of

an

option,

has

no

control

over

whether

the

underlying

instrument

may

be

sold

(called)

or

purchased

(put)

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

market

value

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

the

Fund may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

The

average

notional

amount

of

options

contracts

purchased

and

options

contracts

written outstanding

during

the

current

fiscal

period

ended December

31,

2022

was

as

follows:

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Small-Cap

Equity

Fund

Futures

contracts

Equity

-

$

–

Unrealized

depreciation

on

futures

contracts

*

$

(

40,568

)

1

1

1

1

1

1

1

1

Social

Choice

Equity

Fund

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(

30,430

)

1

1

1

1

1

1

1

1

Stock

Index

Fund

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(

215,211

)

1

1

1

1

1

1

1

1

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Fund's

Portfolio

of

investments.

The

Statements

of

assets

and

liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

22.2

Growth

&

Income

Fund

Purchased

option

contracts

Equity

$

–

$

(

5,847

)

Written

option

contracts

Equity

(

375,864

)

(

65,974

)

22.5

Small-Cap

Equity

Fund

Futures

contracts

Equity

(

288,496

)

(

20,522

)

22.6

Social

Choice

Equity

Fund

Futures

contracts

Equity

(

101,282

)

(

44,577

)

22.7

Stock

Index

Fund

Futures

contracts

Equity

(

799,821

)

(

336,558

)

22.9

Core

Bond

Fund

Forward

contracts

Foreign

currency

exchange

rate

3,816

691

Swap

contracts

Credit

59,146

–

Notes

to

financial

statements

172

2022

Annual

Report

TIAA-CREF

Life

Funds

continued

Futures

contracts:

 Certain

Funds

are

subject

to

equity

price

and

interest

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The Funds

use

futures

contracts

to

manage

exposure

to

the

equity

and

bond

markets and

for

cash

management

purposes

to

remain

highly

invested

in

these

markets

while

minimizing

transaction

costs.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statements

of

assets

and

liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

which are

recognized

on

the

Statements

of

assets

and

liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

ended December

31,

2022

was

as

follows:

Forward

foreign

currency

contracts:

Certain Funds

may

use

forward

foreign

currency

contracts

("forward

contracts")

to

hedge portfolio

currency

risk

and

to

facilitate

transactions

in

securities

denominated in

foreign

currencies

in

the

normal

course

of

pursuing

their

investment

objectives.

A

forward

contract

is

an

agreement

between

two

parties

to

purchase

or

sell

a

specified

quantity

of

a

currency

at

or

before

a

specified

date

in

the

future

at

a

specified

price.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

Forward

contracts

are

typically

traded

in

the

over-the-counter

(“OTC”)

markets

and

all

details

of

the

contract

are

negotiated

between

the

counterparties

to

the

agreement.

Forward

contracts

are

marked-to-market

daily

and

any

resulting

unrealized

gains

or

losses

are

reflected

as

appreciation

or

depreciation

on

the

Statements

of

assets

and

liabilities.

The Funds

realize

gains

and

losses

at

the

time

the

forward

contracts

are

closed

and

are

included

on

the

Statement

of

operations.

Risks

may

arise

upon

entering

into

forward

contracts

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.

The

average

notional

amount

of

forward

contracts

outstanding

during

the

current

fiscal

period

ended December

31,

2022

was

as

follows:

Fund

Average

notional

amount

of

options

contracts

purchased

outstanding*

22.2

Growth

&

Income

$

4,939

Fund

Average

notional

amount

of

options

contracts

written

outstanding*

22.2

Growth

&

Income

$

(

632,873

)

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

notional

amount

of

futures

contracts

outstanding*

22.5

Small-Cap

Equity

$

1,255,504

22.6

Social

Choice

Equity

534,105

22.7

Stock

Index

8,447,814

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

notional

amount

of

forward

contracts

outstanding*

22.9

Core

Bond

$

24,239

173

TIAA-CREF

Life

Funds

2022

Annual

Report

continued

Credit

default

swap

contracts:

Certain

Funds

are

subject

to

credit

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

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.

Credit

default

swap

contracts

involve

one

party

making

a

stream

of

payments

(buyer

of

protection)

to

another

party

(seller

of

protection)

in

exchange

for

the

right

to

receive

a

specified

return

if/when

there

is

a

credit

event

by

a

third

party.

Credit

events

are

agreement

specific

but

may

include

bankruptcy,

failure

to

pay,

or

restructuring.

When a

Fund has

bought

(sold)

protection

in

a

credit

default

swap

upon

occurrence

of

a

specific

credit

event

with

respect

to

the

underlying

referenced

entity,

the

Fund will

either

(i)

receive

(deliver)

that

security,

or

an

equivalent

amount

of

cash,

from

the

counterparty

in

exchange

for

receipt

(payment)

of

the

notional

amount

to

the

counterparty,

or

(ii)

receive

(pay)

a

net

settlement

amount

of

the

credit

default

swap

contract

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

assets

and

liabilities,

when

applicable.

Credit

default

swaps

are

“marked-to-market”

on

a

daily

basis

to

reflect

the

value

of

the

swap

agreement

at

the

end

of

each

trading

day

and

are

recognized

as

unrealized

appreciation

(depreciation)

on

the

Statement

of

operations.

Credit

default

swaps

can

be

settled

either

directly

with

the

counterparty

("OTC")

or

through

a

central

clearinghouse

("centrally

cleared").

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

credit

default

swaps

on

the

Statement

of

assets

and

liabilities.

Upon

the

execution

of

a

centrally

cleared

swap, a

Fund is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

assets

and

liabilities.

The Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and are

recognized

on

the

Statement

of

assets

and

liabilities

as

a

receivable

or

payable

for

variation

margin

on

credit

default

swaps.

The

difference

between

the

value

of

the

security

received

(delivered)

and

the

notional

amount

delivered

(received)

as

well

as

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

a

contract

are

recognized

as

realized

gains

or

losses

on

the

Statement

of

operations.

The

maximum

potential

amount

of

future

payments

the Fund

could

incur

as

a

buyer

or

seller

of

protection

in

a

credit

default

swap

contract

is

limited

to

the

notional

amount

of

the

contract.

The

maximum

potential

amount

would

be

offset

by

the

recovery

value,

if

any,

of

the

respective

referenced

entity.

The

average

notional

amount

of

credit

default

swap

contracts

outstanding

during

the

current

fiscal

period

ended December

31,

2022

was

as

follows:

Note

6—income

tax

information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

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

each

Fund’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund’s

financial

statements.

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

notional

amount

of

swap

contracts

outstanding*

22.9

Core

Bond

$

–

**

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

**

The

Fund

invested

in

credit

default

swap

contracts

during

the

fiscal

period.

However,

the

Fund

did

not

hold

any

such

positions

at

the

beginning

of

the

fiscal

period

or

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period

and

therefore

are

not

included

as

part

of

this

calculation.

Notes

to

financial

statements

174

2022

Annual

Report

TIAA-CREF

Life

Funds

continued

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

distribution

reallocations,

foreign

currency

transactions,

investments

in

passive

foreign

investment

companies,

investments

in

underlying

funds,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

and

treatment

of

notional

principal

contracts.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

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

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire: 

Fund

Tax

cost

Gross

unrealized

appreciation

Gross

unrealized

(depreciation)

Net

unrealized

appreciation

(depreciation)

22.1

Growth

Equity

$93,539,511

$29,605,457

$(8,534,911)

$21,070,546

22.2

Growth

&

Income

125,932,807

27,624,327

(5,185,598)

22,438,729

22.3

Large-Cap

Value

54,561,995

25,335,282

(2,006,336)

23,328,946

22.4

Real

Estate

Securities

53,197,251

19,425,908

(1,674,589)

17,751,319

22.5

Small-Cap

Equity

54,460,723

10,053,968

(6,678,918)

3,375,050

22.6

Social

Choice

Equity

52,661,921

29,613,312

(5,118,892)

24,494,420

22.7

Stock

Index

273,919,619

418,788,420

(36,288,492)

382,499,928

22.8

International

Equity

115,637,948

15,704,134

(9,901,524)

5,802,610

22.9

Core

Bond

215,036,822

400,856

(22,131,915)

(21,731,059)

23.1

Balanced

62,624,609

5,698,717

(6,345,073)

(646,356)

Fund

Undistributed

ordinary

income

Undistributed

long-term

capital

gains

Unrealized

appreciation

(depreciation)

Capital

loss

carryforwards

Late-year

loss

deferrals

Other

book-to-tax

differences

Total

22.1

Growth

Equity

$363,593

$–

$21,070,218

$(4,742,386)

$–

$(6,450)

$16,684,975

22.2

Growth

&

Income

1,815,029

35,882,658

22,438,366

–

–

(3,593)

60,132,460

22.3

Large-Cap

Value

1,283,927

1,128,625

23,328,885

–

–

(8,020)

25,733,417

22.4

Real

Estate

Securities

1,778,311

–

17,751,319

(34,142)

–

(9,767)

19,485,721

22.5

Small-Cap

Equity

518,474

1,478,388

3,375,050

–

–

(6,151)

5,365,761

22.6

Social

Choice

Equity

1,145,187

2,351,524

24,494,420

–

–

(5,321)

27,985,810

22.7

Stock

Index

10,468,114

6,546,846

382,499,928

–

–

(29,979)

399,484,909

22.8

International

Equity

2,789,935

–

5,784,278

(6,875,932)

–

(11,341)

1,686,940

22.9

Core

Bond

5,989,860

–

(21,727,057)

(10,479,701)

–

(16,787)

(26,233,685)

23.01

Money

Market

861

–

–

–

–

–

861

23.1

Balanced

1,594,901

1,740,453

(646,356)

–

–

(1,820)

2,687,178

12/31/2022

12/31/2021

Fund

Ordinary

income

Long-term

capital

gains

Ordinary

income

Long-term

capital

gains

22.1

Growth

Equity

$

4,217,675

$

10,327,861

$

11,609,071

$

20,848,519

22.2

Growth

&

Income

5,458,640

14,615,472

1,551,707

3,983,142

22.3

Large-Cap

Value

1,038,773

3,285,228

1,158,549

–

22.4

Real

Estate

Securities

3,034,960

5,571,451

1,407,407

200,003

22.5

Small-Cap

Equity

2,875,126

7,578,224

331,112

–

22.6

Social

Choice

Equity

2,313,167

8,358,337

2,158,331

1,305,349

22.7

Stock

Index

10,247,585

14,064,808

10,065,851

1,320,904

22.8

International

Equity

3,886,951

–

1,513,361

–

22.9

Core

Bond

4,488,011

1,304,518

5,969,993

2,981,187

23.01

Money

Market

1,861,487

–

–

–

23.1

Balanced

2,007,497

2,705,651

1,788,573

1,402,906

175

TIAA-CREF

Life

Funds

2022

Annual

Report

continued

Note

7—investment

adviser

and

other

transactions

with

affiliates

The

Advisers,

a

wholly

owned

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

and

a

registered

investment

adviser,

provides

investment

advisory

services

for

the

Funds

pursuant

to

an

Investment

Advisory

Agreement

between

Advisors

and

the

Funds.

The

Funds

have

also

entered

into

an

Administrative

Service

Agreement

with

the

Advisers

under

which

the

Funds

pay

the

Advisers

for

its

costs

in

providing

certain

administrative

and

compliance

services

to

the

Funds.

Nuveen

Securities,

LLC

(“Nuveen

Securities”),

which

is

a

wholly

owned

indirect

subsidiary

of

TIAA,

distributes

the

Funds’

shares.

Under

the

terms

of

the

distribution

agreement,

Nuveen

Securities

is

not

compensated.

Nuveen

Securities

does

not

currently

enter

into

agreements,

or

otherwise

pay,

other

intermediaries

to

sell

shares

of

the

Funds.

The

Adviser

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.

The

Adviser

and

its

affiliates

have

voluntarily

agreed

to

waive

Fund

fees

in

order

to

keep

the

Fund’s

yield

non-negative.

As

of

December

31,

2022,

the

investment

management

fees

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets:

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds is

recognized

in

"Other

income"

on

the

Statements

of

Operations.

At

December

31,

2022,

the

values

of

voluntary

compensation

were

as

follows:

The Funds may

purchase

or

sell

investment

securities

in

transactions

with

affiliated

entities

under

procedures

adopted

by

the

Board,

pursuant

to

the

1940

Act.

These

transactions

are

effected

at

market

rates

without

incurring

broker

commissions.

For

the

year

ended

December

31,

2022,

the

Funds

engaged

in

the

following

security

transactions

with

affiliated

entities:

Fund

Short-term

Long-term

Total

22.1

Growth

Equity

$

4,742,386

$

–

$

4,742,386

22.2

Growth

&

Income

–

–

–

22.3

Large-Cap

Value

–

–

–

22.4

Real

Estate

Securities

34,142

–

34,142

22.5

Small-Cap

Equity

–

–

–

22.6

Social

Choice

Equity

–

–

–

22.7

Stock

Index

–

–

–

22.8

International

Equity

1,416,774

5,459,158

6,875,932

22.9

Core

Bond

8,365,247

2,114,454

10,479,701

23.01

Money

Market

–

–

–

23.1

Balanced

–

–

–

Fund

Investment

management

fee

Maximum

expense

amounts‡

22.1

Growth

Equity

0.45%

0.52%

22.2

Growth

&

Income

0.45

0.52

22.3

Large-Cap

Value

0.45

0.52

22.4

Real

Estate

Securities

0.50

0.57

22.5

Small-Cap

Equity

0.46

0.53

22.6

Social

Choice

Equity

0.15

0.22

22.7

Stock

Index

0.06

0.09

22.8

International

Equity

0.50

0.60

22.9

Core

Bond

0.30

0.35

23.01

Money

Market

0.10

0.15

23.1

Balanced

0.10

0.10

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

expense

reimbursement

arrangements

will

continue

through

at

least

April

30,

2023.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Fund

Value

22.1

Growth

Equity

$22,243

22.2

Growth

&

Income

28,846

22.3

Large-Cap

Value

10,790

22.4

Real

Estate

Securities

14,629

22.8

International

Equity

11,783

Notes

to

financial

statements

176

2022

Annual

Report

TIAA-CREF

Life

Funds

continued

As

of

December

31,

2022,

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.

The

following

is

the

percentage

of

the

Funds'

shares

owned

by

affiliates

as

of

December

31,

2022:

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: 

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

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 year

ended December

31,

2022,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

Fund

Purchases

Sales

Realized

gain

(loss)

Growth

Equity

$

310,418

$

415,413

$

(

27,232

)

Growth

&

Income

654,673

409,769

119,839

Large-Cap

Value

–

65,326

(

11,766

)

Real

Estate

Securities

246,423

–

–

Small-Cap

Equity

24,869

2,853,809

(

431,310

)

Social

Choice

Equity

362,580

132,624

(

33,146

)

Stock

Index

90,872

4,589

(

348

)

International

Equity

2,923,394

58,345

(

29,287

)

Underlying

Fund

Investments

in

funds

held

by

TIAA-CREF

Life

Investments

in

funds

held

by

Life

Balanced

Total

22.1

Growth

Equity

95

%

5

%

100

%

22.2

Growth

&

Income

96

4

100

22.3

Large-Cap

Value

93

7

100

22.4

Real

Estate

Securities

98

2

100

22.5

Small-Cap

Equity

98

2

100

22.6

Social

Choice

Equity

100

–

100

22.7

Stock

Index

99

1

100

22.8

International

Equity

95

5

100

22.9

Core

Bond

84

16

100

23.01

Money

Market

100

–

100

23.1

Balanced

100

–

100

Issue

Value

at

12/31/21

Purchases

cost

Sales

proceeds

Realized

gain

(loss)

Change

in

unrealized

appreciation

(depreciation)

Dividend

income

Value

at

12/31/22

Balanced

Fund

TIAA-CREF

Life

Funds:

Core

Bond

$

40,080,480

$

5,167,045

$

7,834,841

$

(

958,848

)

$

(

4,899,945

)

$

733,022

$

31,340,787

Growth

&

Income

8,158,329

1,664,556

1,154,037

800,602

(

2,616,821

)

51,442

6,085,937

Growth

Equity

7,782,926

1,855,964

1,089,888

272,748

(

2,804,528

)

–

5,328,230

International

Equity

8,239,139

1,209,714

1,683,456

(

45,130

)

(

1,504,281

)

221,237

6,215,986

Large-Cap

Value

6,909,823

914,559

1,319,128

377,349

(

947,791

)

78,644

5,686,091

Real

Estate

Securities

1,660,266

550,206

397,478

138,795

(

613,423

)

21,097

1,218,693

Small-Cap

Equity

1,645,379

502,573

451,569

229,527

(

475,593

)

6,574

1,222,490

Stock

Index

6,531,219

776,336

1,041,226

272,762

(

1,545,111

)

71,888

4,880,039

$81,007,561

$12,640,953

$14,971,623

$1,087,805

$(15,407,493)

$1,183,904

$61,978,253

177

TIAA-CREF

Life

Funds

2022

Annual

Report

concluded

Note

9—line

of

credit

The Funds

(other

than

Money

Market

Fund)

participate

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

14,

2022

expiring

on

June

13,

2023,

replacing

the

previous facility,

which

expired

June

2022.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Funds are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

For

the year

ended

December

31,

2022,

there

were

no

borrowings

under

this

credit

facility

by

the

Funds.

Report

of

Independent

Registered

Public

Accounting

Firm

178

2022

Annual

Report

TIAA-CREF

Life

Funds

To

the

Board

of

Trustees

of

TIAA-CREF

Life

Funds

and

Shareholders

of

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

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

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

(constituting

TIAA-CREF

Life

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2022,

the

related

statements

of

operations

for

the

year

ended

December

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2022,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Charlotte,

North

Carolina

February

27,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds’

investment

company

group

since

2005.

179

TIAA-CREF

Life

Funds

2022

Annual

Report

Important

tax

information

(unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-term

capital

gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

allowable

amount,

as

being

from

Section

1250

gains

and

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code: 

Dividends

received

deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Foreign

source

income

and

foreign

tax

credit

pass

through

Each

Fund

listed

below

has

made

an

election

under

Section

853

of

the

Internal

Revenue

Code

to

pass

through

foreign

taxes

paid: 

Fund

Section

1250

gains

Net

long-term

capital

gains

22.1

Growth

Equity

$

–

$

10,327,861

22.2

Growth

&

Income

–

14,615,472

22.3

Large-Cap

Value

–

3,285,228

22.4

Real

Estate

Securities

72,018

5,499,433

22.5

Small-Cap

Equity

–

7,578,224

22.6

Social

Choice

Equity

–

8,358,337

22.7

Stock

Index

–

14,064,808

22.8

International

Equity

–

–

22.9

Core

Bond

–

1,304,518

23.01

Money

Market

–

–

23.1

Balanced

–

2,705,651

Fund

Percentage

22.1

Growth

Equity

13.5

%

22.2

Growth

&

Income

34

.6

22.3

Large-Cap

Value

100.0

22.4

Real

Estate

Securities

–

22.5

Small-Cap

Equity

17.2

22.6

Social

Choice

Equity

48.1

22.7

Stock

Index

88.1

22.8

International

Equity

–

22.9

Core

Bond

0.1

23.01

Money

Market

–

23.1

Balanced

34.4

Fund

Foreign

source

income

Foreign

source

income

per

share

Qualifying

foreign

taxes

paid

Qualifying

foreign

taxes

paid

per

share

22.1

Growth

Equity

$

–

$

–

$

–

$

–

22.2

Growth

&

Income

–

–

–

–

22.3

Large-Cap

Value

–

–

–

–

22.4

Real

Estate

Securities

–

–

–

–

22.5

Small-Cap

Equity

–

–

–

–

22.6

Social

Choice

Equity

–

–

–

–

22.7

Stock

Index

–

–

–

–

22.8

International

Equity

3,546,454

0.23666

276,074

0.01842

22.9

Core

Bond

–

–

–

–

23.01

Money

Market

–

–

–

–

23.1

Balanced

–

–

–

–

Additional

fund

information

180

2022

Annual

Report

TIAA-CREF

Life

Funds

Portfolio

holdings

The

TIAA-CREF

Life

Funds

file

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(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.

Trustees

and

officers

(unaudited)

TIAA-CREF

Life

Funds

December

31,

2022

181

TIAA-CREF

Life

Funds

2022

Annual

Report

Trustees

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

Forrest

Berkley

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Indefinite

term.

Trustee

since

2006.

Partner

(1990–2005)

and

Head

of

Global

Product

Management

(2003–2005),

GMO

(formerly,

Grantham,

Mayo,

Van

Otterloo

&

Co.)

(investment

management);

and

member

of

asset

allocation

portfolio

management

team,

GMO

(2003–2005).

88

Investment

Committee

Member,

Maine

Community

Foundation.

Joseph

A.

Boateng

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Trustee

Indefinite

term.

Trustee

since

2019.

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006).

88

Board

member,

Lumina

Foundation

and

Waterside

School;

Emeritus

Board

Member,

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member,

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member,

The

Seattle

Foundation.

Joseph

A.

Carrier

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1960

Trustee

Indefinite

term.

Trustee

since

2023.

Senior

Vice

President,

Enterprise

Risk

Management,

Franklin

Resources,

Inc.

(2020–2022).

Senior

Managing

Director,

Chief

Risk

Officer

and

Chief

Audit

Executive,

Legg

Mason,

Inc.

(2008–2020).

88

Director,

Franklin

Templeton

Irish

Funds;

Board

Member,

Cal

Ripken,

Sr.

Foundation;

Advisory

Board

Member,

Loyola

University

Maryland,

Sellinger

School

of

Business

and

Management.

Janice

C.

Eberly

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Indefinite

term.

Trustee

since

2018.

James

R.

and

Helen

D.

Russell

Professor

of

Finance

at

the

Kellogg

School

of

Management,

Northwestern

University

(2002–2011

and

since

2013),

Senior

Associate

Dean

for

Strategy

and

Academics

(since

2020)

and

Chair

of

the

Finance

Department

(2005–

2007).

Vice

President,

American

Economic

Association

(2020–2021).

Assistant

Secretary

for

Economic

Policy,

United

States

Department

of

the

Treasury

(2011–2013).

88

Member

of

the

Board

of

the

Office

of

Finance,

Federal

Home

Loan

Banks;

Director,

Avant,

LLC.

Nancy

A.

Eckl

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1962

Trustee

Indefinite

term.  

Trustee

since

2007.

Vice

President

(1990–2006),

American

Beacon

Advisors,

Inc.

and

of

certain

funds

advised

by

American

Beacon

Advisors,

Inc.

88

Independent

Director,

The

Lazard

Funds,

Inc.,

Lazard

Retirement

Series,

Inc.

and

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

Michael

A.

Forrester

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1967

Trustee

Indefinite

term.  

Trustee

since

2007.

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC.

88

Trustee,

Dexter

Southfield

School;

Member,

Governing

Council

of

the

Independent

Directors

Council.

Howell

E.

Jackson

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1954

Trustee

Indefinite

term.

Trustee

since

2005.

James

S.

Reid,

Jr.

Professor

of

Law

(since

2004),

Senior

Adviser

to

President

and

Provost

(2010–2012),

Acting

Dean

(2009),

Vice

Dean

for

Budget

(2003–2006)

and

on

the

faculty

(since

1989)

of

Harvard

Law

School.

88

Director,

Build

Commonwealth

(non-profit

organization).

Nicole

Thorne

Jenkins

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Trustee

Indefinite

term.

Trustee

since

2023.

John

A.

Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(2020–present).

Vice

Dean

(2016–2020),

Von

Allmen

Chaired

Professor

of

Accountancy

(2017–2020),

Associate

Professor

and

EY

Research

Fellow

(2012–2017),

Gatton

College

of

Business

and

Economics

at

the

University

of

Kentucky.

88

Trustee

and

Audit

Committee

Member,

Strada

Education

Network.

Thomas

J.

Kenny

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Chairman

of

the

Board

and

Trustee

Indefinite

term.

Trustee

since

2011;

Chairman

for

term

ending

June

30,

2023.

Chairman

since

September

13,

2017.

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002-2010),

Goldman

Sachs

Asset

Management.

88

Director

and

Chair

of

the

Finance

and

Investment

Committee,

Aflac

Incorporated;

Director,

ParentSquare;

Member,

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council.

Trustees

and

officers

(unaudited)

TIAA-CREF

Life

Funds

December

31,

2022

182

2022

Annual

Report

TIAA-CREF

Life

Funds

continued

Officers

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

and

other

relevant

experience

and

qualifications

Number

of

portfolios

in

fund

complex

overseen

by

Trustee

Other

directorship(s)

and

positions

held

by

Trustee

James

M.

Poterba

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1958

Trustee

Indefinite

term.

Trustee

since

2006.

President

and

Chief

Executive

Officer

(since

2008)

and

Program

Director

(1990–2008),

National

Bureau

of

Economic

Research.

Mitsui

Professor

of

Economics,

Massachusetts

Institute

of

Technology

(“MIT”)

(since

1996);

Affiliated

Faculty

Member

of

the

Finance

Group,

Alfred

P.

Sloan

School

of

Management

(since

2014);

Head

(2006–2008)

and

Associate

Head

(1994–2000

and

2001–2006),

Economics

Department

of

MIT.

88

Director,

National

Bureau

of

Economic

Research;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

Loren

M.

Starr

c/o

Corporate

Secretary

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1961

Trustee

Indefinite

term.

Trustee

since

2022.

Independent

Consultant/Advisor

(2021–Present).

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–

2020),

Invesco

Ltd.

88

None

currently.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

Richard

S.

Biegen

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1962

Chief

Compliance

Officer

One-year

term.

Chief

Compliance

Officer

since

2008.

Senior

Managing

Director,

TIAA.

Chief

Compliance

Officer

of

the

College

Retirement

Equities

Fund

(“CREF”),

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

(collectively,

the

“TIAA-CREF

Fund

Complex”).

Derek

B.

Dorn

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:  1976

Senior

Managing

Director

and

Corporate

Secretary

One-year

term.

Senior

Managing

Director

and

Corporate

Secretary

since

2020.

Senior

Managing

Director

and

Corporate

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

and

the

TIAA-CREF

Fund

Complex.

Formerly,

Managing

Director,

Special

Assistant

to

the

CEO

and

Managing

Director,

Regulatory

Affairs,

TIAA.

Prior

to

joining

TIAA,

Mr.

Dorn

served

as

a

partner

at

Davis

&

Harman

LLP

and

an

adjunct

professor

of

Law

at

Georgetown

University

Law

Center.

John

L.

Douglas

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1950

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

One-year

term.

Executive

Vice

President

since

2021

and

Chief

Legal,

Risk

and

Compliance

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Legal

Risk

and

Compliance

Officer

of

TIAA.

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Senior

Advisor

to

the

CEO,

and

Senior

Executive

Vice

President,

Chief

Advocacy

&

Oversight

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Douglas

was

a

Partner

at

Davis

Polk

&

Wardwell

LLP.

W.

Dave

Dowrich

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1967

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President

and

Chief

Financial

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Prior

to

joining

TIAA,

Mr.

Dowrich

served

as

Chief

Financial

Officer,

International

Businesses

at

Prudential

Financial,

Inc.

Bradley

Finkle

TIAA

730

Third

Avenue

New

York,

NY   10017-3206

YOB:

1973

Principal

Executive

Officer

and

President

One-year

term.

Principal

Executive

Officer

and

President

since

2017.

Executive

Vice

President,

Head

of

Complementary

Businesses

and

Chief

Administrative

Officer

of

the

Chief

Operating

Office,

TIAA.

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Formerly,

Executive

Vice

President,

Chief

Operating

Officer,

Nuveen;

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1;

and

Senior

Managing

Director,

Co-Head

Nuveen

Equities

&

Fixed

Income

and

President

of

TIAA

Investments.

Jose

Minaya

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1971

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018.

Chief

Executive

Officer,

Nuveen.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Executive

Vice

President,

President

and

Chief

Investment

Officer,

Nuveen;

Executive

Vice

President,

Chief

Investment

Officer

and

President,

Nuveen

Global

Investments;

and

Senior

Managing

Director,

President,

Global

Investments,

TIAA.

Colbert

Narcisse

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1965

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President,

Chief

Product

and

Business

Development

Officer

of

TIAA.

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Executive

Vice

President

of

TIAA-CREF

Funds

and

TIAA-

CREF

Life

Funds.

Formerly,

Executive

Vice

President

and

Head

of

Advisory

and

Corporate

Solutions,

TIAA.

Prior

to

joining

TIAA,

Mr.

Narcisse

served

as

Managing

Director

and

Head

of

International

Wealth

Management

and

Head

of

Traditional

and

Alternative

Investment

Products

at

Morgan

Stanley.

183

TIAA-CREF

Life

Funds

2022

Annual

Report

concluded

Please

note

that

the

Funds’

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

Funds’

trustees

and

is

available,

without

charge,

through

our

website,

tiaa.org,

or

by

calling

800

223-1200.

Name,

address

and

year

of

birth

(“YOB”)

Position(s)

held

with

fund

Term

of

office

and

length

of

time

served

Principal

occupation(s)

during

past

5

years

David

G.

Nason

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1970

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2020.

Senior

Executive

Vice

President,

Chief

Operating

Officer

of

TIAA.

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.

Formerly,

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA,

Executive

Vice

President,

Chief

Risk

and

Compliance

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Nason

served

as

President

and

CEO

of

GE

Energy

Financial

Services.

E.

Scott

Wickerham

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1973

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

One-year

term.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

since

2017.

Senior

Managing

Director,

Head,

Public

Investment

Finance,

Nuveen.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Fund

Complex;

and

Vice

President

and

Controller

of

the

Nuveen

Funds.

Formerly,

Managing

Director,

Head,

TC

Fund

Administration,

Nuveen.

Sean

N.

Woodroffe

TIAA

730

Third

Avenue

New

York,

NY

10017-3206

YOB:

1963

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018.

Senior

Executive

Vice

President,

Chief

People

Officer

of

TIAA

and

Executive

Vice

President

of

the

TIAA-CREF

Fund

Complex.  Prior

to

joining

TIAA,

Mr.

Woodroffe

served

as

Chief

People

Officer

at

National

Life

Group.

Additional

information

about

index

providers

(unaudited)

184

2022

Annual

Report

TIAA-CREF

Life

Funds

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

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

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Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

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does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

Bloomberg

Indexes

Source:

Bloomberg

Index

Services

Limited.

BLOOMBERG®is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively

“Bloomberg”). Bloomberg

or

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Bloomberg

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the

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implied,

as

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the

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therefrom

and,

to

the

maximum

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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

2023.

“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

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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,

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S&P

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Dow

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is

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registered

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of

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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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Indices”).

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does

not

make

any

representation

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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

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an

indication

or

guarantee

of

future

results.

S&P

Dow

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Indices’

only

relationship

to

the

fund

with

respect

to

the

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the Index

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and/or

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The S&P

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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.

185

TIAA-CREF

Life

Funds

2022

Annual

Report

concluded

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

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

©2023

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.

How

to

reach

us

©2023

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

TIAA

website

Account

performance,

personal

account

information

and

transactions,

product

descriptions,

and

information

about

investment

choices

and

income

options

TIAA.org

Automated

telephone

service

Check

account

performance

and

accumulation

balances,

change

allocations,

transfer

funds

and

verify

credited

premiums

800-842-2252

24

hours

a

day,

7

days

a

week

National

Contact

Center

Retirement

saving

and

planning,

income

options

and

payments,

beneficiary

services,

and

tax

reporting

800-842-2252

8

a.m.

to

10

p.m.

(ET),

Monday–Friday

Insurance

planning

center

After-tax

annuities

and

life

insurance

For

an

existing

policy

or

contract

800-223-1200

To

apply

for

a

new

policy

or

contract

877-825-0411

8

a.m.

to

8

p.m.

(ET),

Monday–Friday

For

the

hearing-

or

speech-impaired

800-842-2755

8

a.m.

to

10

p.m.

(ET),

Monday–Friday

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.

This

material

is

for

informational

or

educational

purposes

only

and

does

not

constitute

fiduciary

investment

advice

under

ERISA,

a

securities

recommendation

under

all

securities

laws,

or

an

insurance

product

recommendation

under

state

insurance

laws

or

regulations.

This

material

does

not

take

into

account

any

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

own

objectives

and

circumstances.

2648142

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paper...in

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form.

Switch

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A10847

(2/23)

Item 2. Code of Conduct.

2(a)    The Board of Trustees of the TIAA-CREF Life Funds (the “Registrant”) has adopted a code of conduct for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b)    No response required.

2(c)    During the reporting period, there were no amendments to the code of conduct.

2(d)    During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of conduct.

2(e)    Not applicable.

2(f)    The Registrant has posted the code of conduct on its website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Thomas J. Kenny is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

The aggregate fees billed by PwC as disclosed below for the fiscal year ended December 31, 2021 may not align with the figures reported and filed with the Securities and Exchange Commission in the Form N-CSR for the fiscal year ended December 31, 2021 because the fees disclosed in this Form N-CSR reflect fees updated after the date of the December 31, 2021 Form N-CSR.

4(a)    Audit Fees.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $316,015 and $306,399, respectively.

4(b)    Audit Related Fees.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c)    Tax Fees.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for tax services billed to the Registrant were $20 and $602, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d)    All Other Fees.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for all other services billed to the Registrant were $274 and $0, respectively.

For the fiscal years ended December 31, 2022 and December 31, 2021, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2022 and December 31, 2021 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f)    The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g)    Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2022 and December 31, 2021, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $1,010,340 and $1,067,853, respectively.

4(h)    The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

Not Applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf and there were no amendments during the period covered by this report.

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.

Dated: February 27, 2023	TIAA-CREF LIFE FUNDS
	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: February 27, 2023	By:	/s/ Bradley Finkle
		Bradley Finkle Principal Executive Officer and President (principal executive officer)
Dated: February 27, 2023	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)