N-CSRS

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, N.C. 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: 704-595-1000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2019

Item 1. Reports to Stockholders.

         TIAA-CREF              Life Funds      June 30,               2019  

TIAA-CREF Life Funds

The semiannual report contains the financial statements (unaudited).

Fund name	Ticker
Growth Equity Fund	TLGQX
Growth & Income Fund	TLGWX
Large-Cap Value Fund	TLLVX
Real Estate Securities Fund	TLRSX
Small-Cap Equity Fund	TLEQX
Social Choice Equity Fund	TLCHX
Stock Index Fund	TLSTX
International Equity Fund	TLINX
Bond Fund	TLBDX
Money Market Fund	TLMXX
Balanced Fund	TLBAX

Semiannual

Report

Contents

Understanding this report	3
Market review	4
Information for investors	6
About the funds’ benchmarks	7
Important information about expenses	9
Fund performance
Growth Equity Fund	10
Growth & Income Fund	13
Large-Cap Value Fund	16
Real Estate Securities Fund	19
Small-Cap Equity Fund	22
Social Choice Equity Fund	25
Stock Index Fund	28
International Equity Fund	31
Bond Fund	34
Money Market Fund	37
Balanced Fund	40
Summary portfolios of investments	43
Financial statements (unaudited)
Statements of assets and liabilities	82
Statements of operations	86
Statements of changes in net assets	90
Financial highlights	98
Notes to financial statements	104
Approval of investment management agreement	120
Additional information about index providers	131
How to reach us	Inside back cover

Understanding this report

This semiannual report contains information about the TIAA-CREF Life Funds and describes their results for the six months ended June 30, 2019. The report contains four main sections:

• A market review from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds.

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

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of June 30, 2019.

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

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any fund, please read the latest prospectus.

The TIAA-CREF Life Funds serve as underlying investment vehicles for certain variable annuity and variable life insurance separate accounts. The returns of the funds shown in this review do not reflect the administrative expense and the mortality and expense risk charges of these separate accounts. Because of these additional deductions, the returns contractholders of these separate accounts will experience are lower, for the same periods, than the figures shown here. For more information on the performance of your variable annuity and variable life insurance separate accounts, please visit TIAA.org.

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

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     3

Market review

Domestic and international stock markets posted strong gains for the first six months of 2019 amid continued economic growth. The U.S. economy expanded at a solid pace, and the unemployment rate approached a 50-year low. The Federal Reserve, which had increased the federal funds target rate nine times since 2015, left the rate unchanged during the period and said it would closely monitor economic data and trade policy before making future decisions. Yields on U.S. Treasury securities of all maturities declined during the period. Growth of some foreign economies was a concern, but international stocks gained ground as central banks remained committed to historically low interest rates.

• Returns for the eight TIAA-CREF Life Funds that invest primarily in equities ranged from a gain of 13.0% for the International Equity Fund to an increase of 21.2% for the Growth Equity Fund.

• The Balanced Fund advanced 12.4%, while the Bond Fund returned 6.8%.

• Most of the TIAA-CREF Life Funds outperformed their respective benchmarks.

TIAA-CREF Life Funds performance review

For the six-month period, all of the TIAA-CREF Life Funds advanced and most exceeded their respective benchmarks. U.S. growth equities outperformed value stocks, and large-cap equities surpassed small-cap shares. U.S. stocks exceeded foreign equities and, overall, stocks outpaced bonds.

The Growth Equity Fund’s 21.2% return fell short of its Russell 1000^® Growth Index benchmark. The Growth & Income Fund and the Large-Cap Value Fund gained 20.0% and 17.0%, respectively, to outpace their corresponding S&P 500^® Index and Russell 1000 Value Index benchmarks. The Small-Cap Equity Fund exceeded its Russell 2000^® Index benchmark by advancing 18.3%. The Real Estate Securities Fund rose 20.9%, also outpacing its benchmark, the FTSE Nareit All Equity REITs Index.

The Social Choice Equity Fund, which does not invest in certain stocks because of its environmental, social and governance criteria, gained 18.2%, while the Stock Index Fund rose 18.6%. Both funds fell short of their mutual benchmark, the Russell 3000^® Index. The International Equity Fund, which invests in developed foreign markets, returned 13.0% but underperformed the MSCI EAFE Index.

The Bond Fund advanced 6.8% and surpassed the Bloomberg Barclays U.S. Aggregate Bond Index. The Balanced Fund, which invests in both stock and bond funds, exceeded its composite index benchmark with a gain of 12.4%, while the Money Market Fund benefited from higher interest rates. For details on all of the TIAA-CREF Life Funds, please see the commentaries starting on page 10.

4      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Market review

U.S. stocks posted strong gains   The domestic stock market, as represented by the broad-based Russell 3000 Index, advanced 18.7% over the six-month period. Domestic equities generated most of their gains during the first three months of the period. International stocks, as measured in U.S.-dollar terms by the MSCI EAFE Index, gained 14.0%. U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 6.1% as yields on U.S. Treasury securities of all maturities declined (bond yields move in the opposite direction of prices).   How quickly things can change   Late in 2018, investors fretted over a slowing global economy, continued trade tensions and the potential for further Fed rate increases. Stock markets fell sharply in response to those concerns, but market sentiment shifted when the Fed announced it would be patient about decisions to raise rates in the future. Stocks came roaring out of the gate in 2019, and most asset classes produced exceptional gains in the first half of the year.   Brad Finkle

It would have been difficult to predict such a powerful market recovery in the waning months of 2018. Likewise, no one knows for certain where markets are headed for the balance of 2019 and beyond. Please keep in mind that past performance cannot guarantee future results. Events of the recent past reinforce our belief that a well-balanced and diversified portfolio of assets is a prudent way for investors to manage whatever changes lie ahead. Of course, diversification does not guarantee against market loss.

As always, we recommend that you speak with your financial advisor or call a TIAA financial consultant with any questions about your investments. To learn more, visit us at TIAA.org or call 800-842-2252. We would be happy to assist you.

/s/ Brad Finkle

Brad Finkle

Chief Operating Officer, Nuveen

President of the TIAA-CREF Funds and TIAA-CREF Life Funds

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     5

Information for investors

Portfolio holdings

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

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

• By visiting our website at TIAA.org; or

• By calling us 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-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT or Form N-Q filings are as of March 31 or September 30. Copies of these forms are available:

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

• From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information.

Proxy voting

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

Contacting TIAA

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

Fund management

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

6      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

About the funds’ benchmarks

Equity indexes

Broad market indexes

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

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

Large-cap indexes

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

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

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

Small-cap index

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

Specialty equity index

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

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     7

About the funds’ benchmarks

Fixed-income index

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

Multi-asset class indexes

Composite benchmark

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

Broad market index

The Morningstar Moderately Conservative Target Risk Index has a 40% global equity market exposure based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Moderately Conservative Target Risk Index reflect a multi-asset class exposure and similar risk profile as the Balanced Fund.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.

Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. S&P 500 is a registered trademark and service mark of Standard & Poor’s Financial Services, LLC, a division of S&P Global.

FTSE International Limited (“FTSE”) © FTSE 2019. FTSE^® is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. Nareit^® is a trademark of the National Association of Real Estate Investment Trusts (“Nareit”). All intellectual property rights in the Index vest in FTSE and Nareit. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

8      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2019–June 30, 2019).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     9

Growth Equity Fund

Performance for the six months ended June 30, 2019

The Growth Equity Fund returned 21.19% for the period, compared with the 21.49% return of its benchmark, the Russell 1000^® Growth Index. For the twelve months ended June 30, 2019, the Fund returned 9.10%, versus 11.56% for the index.

The U.S. economy continued to grow with moderate inflation for the six-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The broad U.S. stock market, as measured by the Russell 3000^® Index, gained 18.71% for the six months. Growth shares outperformed value stocks, while mid-cap equities outpaced both large- and small-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Fund produced a sizable gain but trailed its benchmark

All ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the six months. The information technology (up 29.4%), consumer discretionary (up 21.8%) and communication services (up 20.9%) sectors contributed most to the index’s return. Together, these three sectors represented nearly 60.0% of the benchmark’s total market capitalization on June 30, 2019. The materials, financials and real estate sectors each produced solid returns that surpassed the index. Industrials, consumer staples and energy also gained but trailed the index. Health care (up 7.6%) was the worst-performing sector during the period.

The Fund underperformed its benchmark during the period as certain allocation decisions did not perform as anticipated. An overweight position in Tesla was the Fund’s largest detractor from relative performance. The electric vehicle manufacturer fell after price targets were reduced. Out-of-benchmark positions in poorly performing telecommunications firms Qualcomm and Nokia also hampered performance.

Conversely, avoiding exposure to biopharmaceutical company AbbVie and health insurer UnitedHealth Group boosted returns. AbbVie struggled on news of new generic drug competition in Europe. UnitedHealth Group was hurt by concerns about the potential of a Medicare-for-all program. An overweight position in Mastercard, which posted sizable double-digit gains, also benefited the Fund.

10      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Growth Equity Fund

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Growth Equity Fund		4/3/00		21.19	%		9.10	%		13.75	%		16.42	%		0.56	%		0.52	%
Russell 1000® Growth Index		—		21.49			11.56			13.39			16.28			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2019

Growth Equity Fund	Beginning  account value  (1/1/19)	Ending  account value  (6/30/19)	Expenses paid   during period* (1/1/19–6/30/19)
Actual return	$1,000.00	$  1,211.94	$2.85
5% annual hypothetical return	1,000.00	1,022.22	2.61

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

For more information about this expense example, please see page 9.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     11

Growth Equity Fund

Fund profile

	as of 6/30/2019
Net assets	$	117.16 million
Portfolio turnover rate*		50%
Number of holdings		86
Weighted median market capitalization	$	116.83 billion
Price/earnings ratio (weighted 12-month trailing average)†		34.7

* The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.

^†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion		71.8
More than $15 billion–$50 billion		23.4
More than $2 billion–$15 billion		4.8
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2019
Information technology		39.7
Communication services		16.5
Health care		15.2
Consumer discretionary		14.6
Industrials		5.8
Materials		3.3
Financials		2.1
Consumer staples		1.5
Short-term investments, other assets & liabilities, net		1.3
Total		100.0

12      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Growth & Income Fund

Performance for the six months ended June 30, 2019

The Growth & Income Fund returned 19.95% for the period, compared with the 18.54% return of its benchmark, the S&P 500^® Index. For the twelve months ended June 30, 2019, the Fund returned 6.74%, versus 10.42% for the index.

The U.S. economy continued to grow with moderate inflation for the six-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy.

The S&P 500 Index, a market capitalization-weighted index of the stocks of 500 leading companies in major industries of the U.S. economy, trailed the broad U.S. stock market, as measured by the Russell 3000^® Index, which gained 18.71% for the six months. The broad Russell 3000 Index includes mid-cap equities, which surpassed large-cap stocks for the year.

Fund’s double-digit gain surpassed that of its benchmark

All but one of the eleven industry sectors within the S&P 500 Index had double-digit gains for the six months. Information technology (up 27.1%)—the benchmark’s largest sector—performed best, followed by consumer discretionary (up 21.8%), industrials (up 21.4%), real estate (up 20.4%) and communication services (up 19.1%). Together, these five sectors represented over one-half of the total market capitalization of the index on June 30, 2019. Health care, the second-largest sector, had the only single-digit return at 8.1%. This was mainly due to political commentary pressuring the industry.

The Fund outperformed its benchmark, the S&P 500 Index, due to strong stock selection. The leading contributors to outperformance were an underweight position in poorly performing UnitedHealth Group, followed by out-of-benchmark holdings in Universal Display, a manufacturer of organic light-emitting diode technologies, and Zscaler, a provider of cloud security solutions.

Not all of the Fund’s holdings performed as anticipated. The largest detractor was an out-of-benchmark position in Israeli drug maker Teva Pharmaceutical. The second-largest was an overweight investment in biopharmaceutical company AbbVie. Not owning Visa also hindered relative performance as it posted strong gains, although this was partly offset by an overweight position in MasterCard, which also rose substantially.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     13

Growth & Income Fund

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Growth & Income Fund		4/3/00		19.95	%		6.74	%		10.01	%		14.29	%		0.56	%		0.52	%
S&P 500® Index		—		18.54			10.42			10.71			14.70			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2019

Growth & Income Fund	Beginning  account value  (1/1/19)	Ending  account value  (6/30/19)	Expenses paid   during period* (1/1/19–6/30/19)
Actual return	$1,000.00	$  1,199.49	$2.84
5% annual hypothetical return	1,000.00	1,022.22	2.61

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

For more information about this expense example, please see page 9.

14      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Growth & Income Fund

Fund profile

	as of 6/30/2019
Net assets		$150.17 million
Portfolio turnover rate*		31%
Number of holdings		183
Weighted median market capitalization		$97.92 billion
Price/earnings ratio (weighted 12-month trailing average)†		24.6

* The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.

^†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion		64.1
More than $15 billion–$50 billion		21.0
More than $2 billion–$15 billion		14.6
$2 billion or less		0.3
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2019
Information technology		23.2
Health care		16.6
Communication services		10.9
Financials		10.8
Industrials		9.2
Consumer discretionary		8.6
Consumer staples		8.4
Energy		4.9
Materials		4.1
Utilities		2.1
Real estate		1.2
Total		100.0

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     15

Large-Cap Value Fund

Performance for the six months ended June 30, 2019

The Large-Cap Value Fund returned 17.02% for the period, compared with the 16.24% return of its benchmark, the Russell 1000^® Value Index. For the twelve months ended June 30, 2019, the Fund returned 1.71%, versus 8.46% for the index.

The U.S. economy continued to grow with moderate inflation for the six-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The broad U.S. stock market, as measured by the Russell 3000^® Index, gained 18.71% for the six months. Growth shares outperformed value stocks, while mid-cap equities outpaced both large- and small-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Fund’s strong gain exceeded that of its benchmark

All eleven industry sectors in the Russell 1000 Value Index generated double-digit gains for the six months. Financials (up 16.3%) performed nearly in line with the index but was the top contributor to the index’s return because of its heavy weighting. Industrials (up 26.6%) and information technology (up 22.2%) posted the strongest gains and also made sizable return contributions, as did health care (up 10.7%), the largest sector after financials. Together, these four sectors represented more than one-half of the benchmark’s total market capitalization on June 30, 2019. Following health care, energy (up 12.4%) and materials (up 13.7%) recorded the weakest gains.

The Fund outperformed its benchmark mainly because of numerous successful stock selections. The top contributor to relative results was an overweight investment in Citigroup, which reported solid growth in its U.S. consumer banking division. Other top contributors included an overweight position in Ball Corporation and a nonbenchmark position in Crown Holdings. These two packaging companies benefited from strong global demand for beverage containers.

Several unfavorable stock allocations limited the Fund’s relative performance, particularly in the health care sector, where the potential for increased government regulation was a headwind. The top detractors were an overweight position in Cigna, an out-of-index holding in UnitedHealth Group and an overweight position in Anthem.

16      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Large-Cap Value Fund

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Large-Cap Value Fund		10/28/02		17.02	%		1.71	%		5.55	%		11.78	%		0.63	%		0.52	%
Russell 1000® Value Index		—		16.24			8.46			7.46			13.19			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2019

Large-Cap Value Fund	Beginning  account value  (1/1/19)	Ending  account value  (6/30/19)	Expenses paid   during period* (1/1/19–6/30/19)
Actual return	$1,000.00	$  1,170.16	$2.80
5% annual hypothetical return	1,000.00	1,022.22	2.61

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

For more information about this expense example, please see page 9.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     17

Large-Cap Value Fund

Fund profile

	as of 6/30/2019
Net assets		$69.87 million
Portfolio turnover rate*		13%
Number of holdings		83
Weighted median market capitalization		$127.38 billion
Price/earnings ratio (weighted 12-month trailing average)†		17.9

* The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.

^†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion		75.3
More than $15 billion – $50 billion		18.9
More than $2 billion – $15 billion		5.8
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2019
Financials		24.2
Health care		15.7
Information technology		12.0
Industrials		11.4
Energy		8.2
Communication services		7.1
Consumer staples		6.4
Utilities		4.9
Materials		4.4
Consumer discretionary		3.6
Real estate		1.7
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

18      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Real Estate Securities Fund

Performance for the six months ended June 30, 2019

The Real Estate Securities Fund returned 20.88% for the period, compared with the 19.27% return of its benchmark, the FTSE Nareit All Equity REITs Index. For the twelve months ended June 30, 2019, the Fund returned 14.01%, versus 13.01% for the index.

REITs, as measured by the benchmark index, posted double-digit gains for the six months, supported by favorable property fundamentals, a strong labor market and ongoing economic growth. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019.

Amid continued U.S. economic growth, the Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. Yields on U.S. Treasury securities of all maturities declined, boosting bond prices (bond yields move in the opposite direction of prices). Short-term government securities offered higher yields than those on most longer-term Treasuries at the end of the period.

Fund produced a sizable gain, surpassed its benchmark

Among the benchmark’s 16 property sectors and subsectors, nearly all advanced for the six months. The largest gains were seen in the industrial (up 32.2%), single family homes (up 29.9%) and data centers (up 29.0%) sectors. Regional malls (down 4.8%) was the only sector to suffer a loss.

For the six-month period, the Fund produced sizable gains and surpassed its benchmark mostly due to favorable security selection. An overweight position in industrial REIT Rexford Industrial Realty contributed most to relative performance, followed by an out-of-benchmark position in technology services company GDS Holdings, which produced high double-digit gains. Not owning poorly performing Macerich, a shopping center REIT, also contributed to the Fund’s relative performance versus the benchmark.

These positive effects were partly offset by an underweight position in telecommunication services company American Tower, which benefited from strong global leasing activity. Overweight positions in Simon Property Group, a commercial real estate company and shopping mall operator, and lodging REIT Sunstone Hotel Investors also limited the Fund’s relative performance as both struggled during the period.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     19

Real Estate Securities Fund

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Real Estate Securities Fund		10/28/02		20.88	%		14.01	%		9.42	%		16.17	%		0.65	%		0.57	%
FTSE Nareit AII Equity REITs Index		—		19.27			13.01			8.88			16.03			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2019

Real Estate Securities Fund	Beginning  account value  (1/1/19)	Ending  account value  (6/30/19)	Expenses paid  during period* (1/1/19–6/30/19)
Actual return	$1,000.00	$   1,208.77	$3.12
5% annual hypothetical return	1,000.00	1,021.97	2.86

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualized six-month expense ratio for that period was 0.57%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

For more information about this expense example, please see page 9.

20      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Real Estate Securities Fund

Fund profile

	as of 6/30/2019
Net assets	$	77.15 million
Portfolio turnover rate*		11%
Number of holdings		51
Weighted median market capitalization		$19.24 billion
Price/earnings ratio (weighted 12-month trailing average)†		46.3

* The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.

^†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion		16.1
More than $15 billion–$50 billion		39.2
More than $2 billion–$15 billion		44.0
$2 billion or less		0.7
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2019
Specialized REITs		29.0
Residential REITs		20.8
Industrial REITs		13.7
Office REITs		11.1
Retail REITs		11.0
Health care REITs		7.0
Hotel & resort REITs		3.4
Data processing & outsourced services		1.0
Mortgage REITs		0.9
IT consulting & other services		0.8
Diversified REITs		0.4
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     21

Small-Cap Equity Fund

Performance for the six months ended June 30, 2019

The Small-Cap Equity Fund returned 18.29% for the period, compared with the 16.98% return of its benchmark, the Russell 2000^® Index. For the twelve months ended June 30, 2019, the Fund returned –0.49%, versus –3.31% for the index.

The U.S. economy continued to grow with moderate inflation for the six-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The broad U.S. stock market, as measured by the Russell 3000^® Index, gained 18.71% for the six months. Growth shares outperformed value stocks, while mid-cap equities outpaced both large- and small-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Fund posted a strong gain, surpassed its benchmark

All eleven industry sectors in the Russell 2000 Index advanced for the period, with eight posting double-digit gains. Information technology (up 25.9%) and industrials (up 21.6%) generated the strongest returns and were the top contributors to the performance of the index. Gains in health care (up 16.5%) and financials (up 14.3%)—the index’s two biggest sectors—were more subdued; however, both still made significant return contributions. Together, these four sectors represented more than 60.0% of the benchmark’s total market capitalization on June 30, 2019. Consumer staples (up 4.0%) and communication services (up 8.6%) were the worst-performing sectors.

The Fund outperformed its benchmark primarily due to overweight positions in stocks that delivered exceptional gains. The top contributors to relative performance were overweight holdings in Roku, a maker of streaming video devices that experienced rapid growth in user accounts, and Lantheus, a medical imaging company that reported robust sales of key products. The next-largest contributor was an overweight position in medical genetics firm Invitae.

Conversely, the largest detractor was an overweight position in USANA Health Sciences, a nutrition company that announced a decrease in sales, in part due to headwinds from foreign currency conversions. Overweight investments in poorly performing Vanda Pharmaceuticals and Green Dot, a provider of prepaid debit cards, also hindered the Fund’s relative return.

22      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Small-Cap Equity Fund

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Small-Cap Equity Fund		10/28/02		18.29	%		–0.49	%		7.98	%		14.00	%		0.66	%		0.53%
Russell 2000® Index		—		16.98			–3.31			7.06			13.45			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2019

Small-Cap Equity Fund	Beginning  account value  (1/1/19)	Ending  account value  (6/30/19)	Expenses paid   during period* (1/1/19–6/30/19)
Actual return	$1,000.00	$  1,182.92	$2.87
5% annual hypothetical return	1,000.00	1,022.17	2.66

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualized six-month expense ratio for that period was 0.53%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

For more information about this expense example, please see page 9.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     23

Small-Cap Equity Fund

Fund profile

	as of 6/30/2019
Net assets		$52.28 million
Portfolio turnover rate*		66%
Number of holdings		366
Weighted median market capitalization		$2.04 billion
Price/earnings ratio (weighted 12-month trailing average)†		32.4

* The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.

^†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion		0.2
More than $15 billion – $50 billion		1.2
More than $2 billion – $15 billion		50.1
$2 billion or less		48.5
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2019
Industrials		16.4
Financials		16.4
Health care		16.3
Information technology		11.9
Consumer discretionary		11.1
Real estate		8.6
Materials		4.9
Energy		4.8
Consumer staples		3.9
Utilities		3.2
Communication services		2.6
Short-term investments, other assets & liabilities, net		–0.1
Total		100.0

24      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Social Choice Equity Fund

Performance for the six months ended June 30, 2019

The Social Choice Equity Fund returned 18.16% for the period, compared with the 18.71% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2019, the Fund returned 8.84%, versus 8.98% for the index. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

Because of its ESG criteria, the Fund did not invest in a number of stocks that were included in the Russell 3000 Index. Avoiding these companies produced mixed results, but the net effect was that the Fund trailed its benchmark.

Not being invested in Mastercard, Visa and General Electric (GE) hindered performance versus the benchmark. Mastercard and Visa benefited from global growth in digital payments. GE suffered a rough couple of years, but recently reported improved earnings helped by new aviation deals.

Conversely, avoiding some stocks was beneficial, especially Berkshire Hathaway, Pfizer and Johnson & Johnson. Berkshire Hathaway’s stock stalled after Warren Buffet suggested it could be overvalued. Pfizer’s stock was negatively impacted by the potential for sweeping changes to the U.S. health care system and the public’s focus on high drug prices. Investors turned bearish on Johnson & Johnson given the recent opioid crisis.

Fund’s double-digit gain lagged that of its benchmark

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

Among stocks the Fund held, underweights in Facebook and Amazon.com and an overweight in Occidental Petroleum detracted most. Facebook’s earnings topped Wall Street estimates, despite an anticipated fine from the Federal Trade Commission over privacy violations. Amazon.com reported higher-than-expected profits, highlighted by Amazon Web Services (AWS), Fire TV’s 30 million active users and personal-voice assistant Alexa. Occidental Petroleum beat out Chevron to acquire Anadarko Petroleum, leaving investors concerned about high debt.

In contrast, the Fund benefited from overweight positions in Copart, Netflix and Kinder Morgan. Online automotive dealer Copart reported strong financial results. Netflix attracted a record 9.5 million new paying subscribers in the first quarter of 2019. Energy infrastructure company Kinder Morgan benefited from strength in its natural gas pipeline business.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     25

Social Choice Equity Fund

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Social Choice Equity Fund		4/3/00		18.16	%		8.84	%		9.06	%		13.90	%		0.32	%		0.22	%
Russell 3000® Index		—		18.71			8.98			10.19			14.67			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2019

Social Choice Equity Fund	Beginning  account value  (1/1/19)	Ending  account value  (6/30/19)	Expenses paid   during period* (1/1/19–6/30/19)
Actual return	$1,000.00	$  1,181.58	$1.19
5% annual hypothetical return	1,000.00	1,023.70	1.10

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualized six-month expense ratio for that period was 0.22%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

For more information about this expense example, please see page 9.

26      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Social Choice Equity Fund

Fund profile

	as of 6/30/2019
Net assets		$64.50 million
Portfolio turnover rate*		15%
Number of holdings		616
Weighted median market capitalization		$56.72 billion
Price/earnings ratio (weighted 12-month trailing average)†		23.4

* The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.

^†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion		54.4
More than $15 billion – $50 billion		29.9
More than $2 billion – $15 billion		12.8
$2 billion or less		2.9
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2019
Information technology		20.8
Financials		14.8
Health care		13.4
Consumer discretionary		11.2
Industrials		10.1
Communication services		8.2
Consumer staples		6.0
Energy		4.8
Real estate		4.2
Utilities		3.3
Materials		3.0
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     27

Stock Index Fund

Performance for the six months ended June 30, 2019

The Stock Index Fund returned 18.64% for the period, compared with the 18.71% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2019, the Fund returned 8.93%, versus 8.98% for the index.

For the six-month period, the Fund’s return underperformed that of its benchmark index due to the effect of expenses. The Fund’s return includes a deduction for expenses, while the benchmark’s does not. The Fund had a risk profile similar to that of its benchmark.

The U.S. economy continued to grow with moderate inflation for the six-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The performance of the broad U.S. stock market, as measured by the Russell 3000 Index, was positive across investment styles and capitalization sizes. Growth shares outperformed value stocks, while mid-cap equities outpaced both large- and small-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark to a double-digit gain

All eleven sectors in the benchmark delivered positive performance for the six months. Information technology (up 27.6%)—the largest sector in the benchmark—and financials (up 17.2%) contributed most to the index’s return. Industrials (up 22.1%) and consumer discretionary (up 19.8%) also made strong contributions. Together, these four sectors represented more than one-half of the index’s total market capitalization on June 30, 2019. Consumer staples, real estate, energy, materials and utilities advanced but had less of an impact on returns due to their smaller weightings. Health care (up 9.8%) had the lowest return.

For the six-month period, four of the benchmark’s five largest stocks outperformed the benchmark’s overall return. Facebook performed best with a sizable double-digit gain, followed by Microsoft. Apple was next, rising on strong revenue growth. Amazon.com also posted an impressive double-digit return. Alphabet, the parent company of Google, lagged amid slower advertising growth.

28      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Stock Index Fund

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Stock Index Fund		1/4/99		18.64	%		8.93	%		10.12	%		14.58	%		0.10	%		0.09	%
Russell 3000® Index		—		18.71			8.98			10.19			14.67			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2019

Stock Index Fund	Beginning  account value  (1/1/19)	Ending  account value  (6/30/19)	Expenses paid   during period* (1/1/19–6/30/19)
Actual return	$1,000.00	$  1,186.42	$0.49
5% annual hypothetical return	1,000.00	1,024.35	0.45

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. 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.

For more information about this expense example, please see page 9.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     29

Stock Index Fund

Fund profile

	as of 6/30/2019
Net assets		$523.47 million
Portfolio turnover rate*		2%
Number of holdings		2,887
Weighted median market capitalization		$73.65 billion
Price/earnings ratio (weighted 12-month trailing average)†		24.0

* The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.

^†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion		57.9
More than $15 billion – $50 billion		21.8
More than $2 billion – $15 billion		17.0
$2 billion or less		3.3
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2019
Information technology		21.1
Health care		14.0
Financials		13.4
Consumer discretionary		10.4
Industrials		10.1
Communication services		9.2
Consumer staples		6.4
Energy		4.7
Real estate		4.0
Utilities		3.2
Materials		3.0
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

30      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

International Equity Fund

Performance for the six months ended June 30, 2019

The International Equity Fund returned 13.01% for the period, compared with the 14.03% return of its benchmark, the MSCI EAFE Index. For the twelve months ended June 30, 2019, the Fund returned –9.27%, versus 1.08% for the index.

Stock prices rose in both developed- and emerging-markets countries for the six-month period, rebounding from sharp declines late in 2018. Economies in the eurozone grew at an annualized rate of 1.2% in the first quarter of 2019, and unemployment fell to a decade-low level of 7.5% in May 2019. The Chinese economy grew at a solid pace during the first quarter of 2019, aided by stronger industrial production. The U.S. Federal Reserve left the federal funds target rate unchanged at 2.25%–2.50%. The European Central Bank said it would maintain its benchmark interest rates at their current low levels until at least mid-2020.

All of the country components within the MSCI EAFE Index, which includes 21 developed nations outside North America, advanced in both U.S.-dollar and local-currency terms for the six months.

Fund’s double-digit gain fell short of its benchmark

The Fund lagged its benchmark mainly due to allocation decisions that did not perform as anticipated. Overweight positions in German tourism-services provider TUI, Japanese machinery manufacturer IHI and French hotel operator Accor detracted most from the Fund’s relative performance.

Conversely, several holdings made notable contributions, namely an overweight position in French energy management solutions provider Schneider Electric, a nonbenchmark investment in German industrial gases producer Linde and an overweight position in Japanese game maker Nintendo. All three posted substantial double-digit gains.

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

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     31

International Equity Fund

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
International Equity Fund		4/3/00		13.01	%		–9.27	%		0.57	%		6.91	%		0.71	%		0.60%
MSCI EAFE® Index		—		14.03			1.08			2.25			6.90			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2019

International Equity Fund	Beginning  account value  (1/1/19)	Ending  account value  (6/30/19)	Expenses paid   during period* (1/1/19–6/30/19)
Actual return	$1,000.00	$  1,130.13	$3.17
5% annual hypothetical return	1,000.00	1,021.82	3.01

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualized six-month expense ratio for that period was 0.60%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

For more information about this expense example, please see page 9.

32      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

International Equity Fund

Fund profile

	as of 6/30/2019
Net assets		$96.01 million
Portfolio turnover rate*		61%
Number of holdings		70
Weighted median market capitalization		$32.85 billion
Price/earnings ratio (weighted 12-month trailing average)†		14.3

* The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.

^†  Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Portfolio composition

Sector	% of net assets as of 6/30/2019
Industrials		19.8
Consumer discretionary		17.6
Financials		15.5
Materials		13.9
Consumer staples		9.4
Information technology		8.8
Health care		7.4
Communication services		3.9
Energy		1.5
Real estate		0.5
Short-term investments, other assets & liabilities, net		1.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion		36.9
More than $15 billion–$50 billion		38.8
More than $2 billion–$15 billion		24.2
$2 billion or less		0.1
Total		100.0

Holdings by country

	% of portfolio investments as of 6/30/2019
United Kingdom		19.6
Japan		16.9
France		16.6
Germany		10.9
Switzerland		7.4
Italy		6.1
Denmark		4.5
Sweden		3.5
8 other nations		11.2
Short-term investments		3.3
Total		100.0

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     33

Bond Fund

Performance for the six months ended June 30, 2019

The Bond Fund returned 6.83% for the period, compared with the 6.11% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2019, the Fund returned 8.19%, versus 7.87% for the index.

The U.S. economy continued to grow with moderate inflation for the six-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019.

The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. Yields on U.S. Treasury securities of all maturities declined, boosting bond prices (bond yields move in the opposite direction of prices). Short-term government securities offered higher yields than those on most longer-term Treasuries at the end of the period. The resulting “inverted yield curve”—in which short-term yields exceeded long-term yields—was viewed as significant, as inverted yield curves historically have often preceded periods of slower growth.

Fund surpassed its benchmark, driven by strength in corporate bonds

All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the six-month period. Corporate bonds, which accounted for 24.7% of the index’s total market capitalization on June 30, 2019, advanced 9.9%, and were a primary driver of the benchmark’s overall performance. Commercial mortgage-backed securities (CMBS) gained 6.6%. U.S. Treasuries, the largest index sector with a weight of 39.0%, returned 5.2%. Mortgage-backed securities (MBS), the benchmark’s second-largest sector at 27.5%, rose 4.2%.

The Fund outperformed its benchmark during the period, primarily due to an overweight position and strong security selection in corporate bonds, including modest positions in high-yield and emerging-markets corporates. Overweight positions in asset-backed securities, CMBS and municipal bonds further contributed. Security selection in CMBS was also beneficial.

Conversely, a short duration position detracted as rates fell during the period (duration is a measure of interest-rate sensitivity). An underweight position in the MBS sector also dampened the Fund’s relative performance.

34      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Bond Fund

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Bond Fund		7/8/03		6.83	%		8.19	%		3.33	%		4.39	%		0.38	%		0.35%
Bloomberg Barclays U.S. Aggregate Bond Index		—		6.11			7.87			2.95			3.90			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2019

Bond Fund	Beginning  account value  (1/1/19)	Ending  account value  (6/30/19)	Expenses paid   during period* (1/1/19–6/30/19)
Actual return	$1,000.00	$1,068.27	$1.79
5% annual hypothetical return	1,000.00	1,023.06	1.76

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualized six-month expense ratio for that period was 0.35%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

For more information about this expense example, please see page 9.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     35

Bond Fund

Fund profile

	as of 6/30/2019
Net assets		$199.08 million
Portfolio turnover rate*		75%
Portfolio turnover rate, excluding mortgage dollar-roll transactions*		61%
Number of issues		759
Option-adjusted duration‡		5.54 years
Average maturity§		15.16 years

* The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.

^‡  Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.

^§  Average maturity is a simple average of the maturities of all the bonds in a fund’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

Portfolio composition

Sector	% of net assets as of 6/30/2019
Corporate bonds		24.0
Mortgage-backed securities		22.4
U.S. Treasury securities		20.2
Foreign government & corporate bonds denominated in U.S. dollars		11.3
Asset-backed securities		7.8
Commercial mortgage-backed securities		6.4
Municipal bonds		3.5
Bank loan obligations		1.2
U.S. agency securities		0.2
Preferred stock		0.1
Short-term investments, other assets & liabilities, net		2.9
Total		100.0

Holdings by maturity

	% of fixed-income investments (excluding short-term  investments) as of 6/30/2019
Less than 1 year		5.6
1–3 years		19.8
3–5 years		23.9
5–10 years		37.1
Over 10 years		13.6
Total		100.0

Holdings by credit quality

	% of fixed-income investments (excluding short-term  investments) as of 6/30/2019
U.S. Treasury & U.S. agency securities*		41.9
Aaa/AAA		7.2
Aa/AA		7.0
A/A		13.0
Baa/BBB		24.6
Ba/BB		2.2
B/B		1.9
Below B/B		0.4
Non-rated		1.8
Total		100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

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

36      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Money Market Fund

Performance for the six months ended June 30, 2019

The Money Market Fund returned 1.14% for the six-month period, compared with the 0.99% return of the iMoneyNet Money Fund Averages^™—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.

During the six-month period, the U.S. economy continued to grow with moderate inflation. Unemployment ended the period at 3.7%, while core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. Yields on U.S. Treasury securities of all maturities declined, boosting bond prices (bond yields move in the opposite direction of prices).

Yields on LIBOR—a key interest-rate benchmark for money market funds—also dropped. One-month LIBOR yields declined from 2.51% on January 2, 2019, to 2.40% on June 28, 2019. Over the same period, three-month LIBOR declined from 2.79% to 2.32%; six-month LIBOR declined from 2.87% to 2.20%; and twelve-month LIBOR declined from 3.00% to 2.18%. LIBOR is an indication of the interest rates that banks expect to pay to other banks for loans on the London market and is the most widely used benchmark for short-term rates. LIBOR will be phased out as a money market benchmark in 2021 and will be replaced by SOFR—the Secured Overnight Financing Rate—which is transaction based.

Fund outpaced the iMoneyNet average

For the six-month period, the Money Market Fund outperformed the iMoneyNet government fund average. In pursuit of additional yield, the Fund continued to invest in longer-dated floating-rate government agency securities, which was generally beneficial. As of June 25, 2019, the Fund’s weighted average maturity (WAM) was 45 days, versus 28 days for the iMoneyNet government fund average, and this longer WAM also benefited the Fund’s relative performance. iMoneyNet releases their data on a weekly basis, and June 25 was the last date of release for the month.

Effective June 1, 2019, Michael Ferraro is no longer a portfolio manager of the Money Market Fund. Joseph Rolston continues to be a portfolio manager on the Fund.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     37

Money Market Fund

Net annualized yield for the 7 days ended June 25, 2019^§

	Current yield			Effective yield
Money Market Fund		2.23	%		2.26	%
iMoneyNet Money Fund Averages™—All Government‡		1.93			1.95

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

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

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
Money Market Fund		7/8/03		1.14	%		2.14	%		0.77	%		0.42	%		0.24	%		0.15	%
iMoneyNet Money Fund Averages™—All Government‡		—		0.99			1.84			0.59			0.30			—			—

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, the 7-day current and effective annualized yields and total returns would have been lower.

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

^‡  The iMoneyNet Money Fund Averages—All Government is a simple average of over 500 money market funds that invest in U.S. Treasuries, U.S. Agencies, repurchase agreements and government-backed floating-rate notes. You cannot invest directly in it.

38      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Money Market Fund

Expense example

Six months ended June 30, 2019

Money Market Fund	Beginning  account value  (1/1/19)	Ending  account value  (6/30/19)	Expenses paid  during period* (1/1/19–6/30/19)
Actual return	$1,000.00	$  1,011.38	$0.75
5% annual hypothetical return	1,000.00	1,024.05	0.75

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. 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.

For more information about this expense example, please see page 9.

Fund profile

	as of 6/30/2019
Net assets		$108.44 million
Number of issues		97

Portfolio composition

Sector	% of net assets as of 6/30/2019
U.S. government agency securities*		69.8
Floating-rate securities, government*		18.7
U.S. Treasury securities*		11.0
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

* These securities are guaranteed by the full faith and credit of the U.S. government.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     39

Balanced Fund

Performance for the six months ended June 30, 2019

The Balanced Fund returned 12.43% for the period, compared with the 12.02% return of its benchmark, the Balanced Fund Composite Index, which is a weighted average of the Russell 3000^® Index, the MSCI EAFE Index and the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2019, the Fund returned 6.01%, versus 8.10% for the index.

The U.S. economy continued to grow with moderate inflation for the six-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy.

U.S. stocks, as measured by the broad Russell 3000 Index, rose 18.71% for the six months. Growth shares outperformed value stocks, while mid-cap equities outpaced both large- and small-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.) The MSCI EAFE Index, which measures the performance of stocks in 21 developed markets outside North America, gained 14.03%. (The MSCI EAFE Index returns are in U.S. dollars.) The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, rose 6.11%, driven by declining market yields as well as strength in the corporate bond sector.

Fund surpassed its benchmark, driven by strength in U.S. bond and stock funds

For the six-month period, the Fund’s absolute performance benefited from the positive returns of both stocks and bonds held by the underlying funds of the Balanced Fund. The Growth Equity Fund posted the largest gain, followed closely by the Real Estate Securities Fund.

The Fund outperformed its composite benchmark for the period, helped by the strength of its underlying U.S. fixed-income and equity funds. Among them, the Bond Fund was the largest contributor, followed by the Growth & Income Fund and the Large-Cap Value Fund.

Conversely, the International Equity Fund detracted most from the Fund’s performance relative to its benchmark.

40      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Balanced Fund

Performance as of June 30, 2019

			Total return						Average annual total return						Annual operating expenses*#
	Inception date		6 months			1 year			5 years			since inception			gross			net
Balanced Fund		1/31/14		12.43	%		6.01	%		5.73	%		6.33	%		0.62	%		0.51%
Balanced Fund Composite Index†		—		12.02			8.10			5.95			6.67	§		—			—
Broad market index
Morningstar Moderately Conservative Target Risk Index		—		9.85			7.27			4.42			5.11	§		—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2020, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

^#  These expenses include underlying fund expenses.

^†  As of the close of business on June 30, 2019, the Balanced Fund Composite Index consisted of: 50.0% Bloomberg Barclays U.S. Aggregate Bond Index; 40.0% Russell 3000^® Index; and 10.0% MSCI EAFE^® Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

^§  Performance is calculated from the inception date of the Fund.

TIAA-CREF Life Funds  ◾  2019 Semiannual Report     41

Balanced Fund

Expense example

Six months ended June 30, 2019

Balanced Fund	Beginning  account value  (1/1/19)		Ending  account value  (6/30/19)		Expenses paid  during period* (1/1/19–6/30/19)	Effective  expenses paid  during period† (1/1/19–6/30/19)
Actual return		$1,000.00		$1,124.31	$0.53	$2.69
5% annual hypothetical return		1,000.00		1,024.30	0.50	2.56

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2019. The Fund’s annualized six-month expense ratio for that period was 0.10%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

For more information about this expense example, please see page 9.

Fund profile

	as of 6/30/2019
Net assets	$64.38 million

Asset allocation

	% of net assets as of 6/30/19
Equity
U.S. equity		40.58
International equity		10.12
Fixed income		49.23
Other assets & liabilities, net		0.07
Total		100.00

Target allocation

  Equity  50.00% Fixed Income  50.00%

42      2019 Semiannual Report  ∎  TIAA-CREF Life Funds

Summary portfolio of investments (unaudited)

Growth Equity Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	COMMON STOCKS
	CAPITAL GOODS
	12,258		Airbus SE	$	1,734,772		1.5	%
	2,628		Boeing Co		956,618		0.8
	2,920		Roper Industries, Inc		1,069,479		0.9
			Other		1,071,936		0.9
					4,832,805		4.1
	COMMERCIAL & PROFESSIONAL SERVICES
	14,787	*	IHS Markit Ltd		942,228		0.8
			Other		359,585		0.3
					1,301,813		1.1
	CONSUMER DURABLES & APPAREL
	7,481		Essilor International S.A.		974,938		0.8
	33,302		Nike, Inc (Class B)		2,795,703		2.4
			Other		259,026		0.2
					4,029,667		3.4
	CONSUMER SERVICES				988,994		0.9
	DIVERSIFIED FINANCIALS
	12,414		IntercontinentalExchange Group, Inc		1,066,859		0.9
			Other		1,394,747		1.2
					2,461,606		2.1
	FOOD, BEVERAGE & TOBACCO
	24,274		Coca-Cola Co		1,236,032		1.0
			Other		554,909		0.5
					1,790,941		1.5
	HEALTH CARE EQUIPMENT & SERVICES
	4,808	*	Edwards Lifesciences Corp		888,230		0.8
	4,502	*	Intuitive Surgical, Inc		2,361,524		2.0
	6,119		Stryker Corp		1,257,944		1.1
			Other		957,107		0.8
					5,464,805		4.7
	MATERIALS
	8,567		Linde plc		1,720,254		1.5
	3,618		Sherwin-Williams Co		1,658,093		1.4
			Other		518,658		0.4
					3,897,005		3.3
	MEDIA & ENTERTAINMENT
	27,854		Activision Blizzard, Inc		1,314,709		1.1
	2,843	*	Alphabet, Inc (Class A)		3,078,401		2.6
	2,498	*	Alphabet, Inc (Class C)		2,700,113		2.3
	22,470	*	Facebook, Inc		4,336,710		3.7
	7,869	*	IAC/InterActiveCorp		1,711,744		1.5
	6,807	*	NetFlix, Inc		2,500,347		2.1
	20,599		Tencent Holdings Ltd		931,886		0.8

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 43

Summary portfolio of investments (unaudited) continued

Growth Equity Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	MEDIA & ENTERTAINMENT—continued
	13,752		Walt Disney Co	$	1,920,329		1.7	%
			Other		399,186		0.4
					18,893,425		16.2
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	8,050	*	Alexion Pharmaceuticals, Inc		1,054,389		0.9
	22,996		AstraZeneca plc		1,879,961		1.6
	11,851		Eli Lilly & Co		1,312,972		1.1
	3,421	*	Illumina, Inc		1,259,441		1.1
	2,988		Lonza Group AG.		1,008,727		0.9
	12,364		Merck & Co, Inc		1,036,722		0.9
	4,808	*	Vertex Pharmaceuticals, Inc		881,691		0.7
			Other		3,965,171		3.3
					12,399,074		10.5
	RETAILING
	3,358	*	Amazon.com, Inc		6,358,810		5.4
	13,430		Expedia, Inc		1,786,593		1.5
	7,796		Home Depot, Inc		1,621,334		1.4
	1,757		Kering		1,037,022		0.9
	2,515	*	Ulta Beauty, Inc		872,428		0.8
			Other		355,198		0.3
					12,031,385		10.3
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	16,213		Qualcomm, Inc		1,233,323		1.1
	10,156		Texas Instruments, Inc		1,165,503		1.0
	7,099		Xilinx, Inc		837,114		0.7
			Other		1,097,944		0.9
					4,333,884		3.7
	SOFTWARE & SERVICES
	9,486	*	Adobe, Inc		2,795,050		2.4
	17,570	*	Akamai Technologies, Inc		1,408,060		1.2
	14,024		Automatic Data Processing, Inc		2,318,588		2.0
	11,541	*	GoDaddy, Inc		809,601		0.7
	10,885		Intuit, Inc		2,844,577		2.4
	16,450		MasterCard, Inc (Class A)		4,351,518		3.7
	59,665		Microsoft Corp		7,992,723		6.8
	26,429	*	PayPal Holdings, Inc		3,025,063		2.6
	16,942	*	salesforce.com, Inc		2,570,610		2.2
	5,240	*	ServiceNow, Inc		1,438,747		1.2
	15,990		Visa, Inc (Class A)		2,775,065		2.4
			Other		2,482,462		2.1
					34,812,064		29.7
	TECHNOLOGY HARDWARE & EQUIPMENT
	15,572		Apple, Inc		3,082,011		2.6
	30,989		Cisco Systems, Inc		1,696,028		1.5
	7,337		Motorola Solutions, Inc		1,223,298		1.0

44 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Growth Equity Fund  §  June 30, 2019

Shares			Company		Value		% of net assets
	TECHNOLOGY HARDWARE & EQUIPMENT—continued
			Other		$	1,346,647		1.2	%
						7,347,984		6.3
	TELECOMMUNICATION SERVICES					385,419		0.3
	TRANSPORTATION					701,717		0.6
			TOTAL COMMON STOCKS	(Cost $71,411,875)		115,672,588		98.7
Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT					800,000		0.7
Shares			Company
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	245,564	c	State Street Navigator Securities Lending Government Money Market Portfolio			245,564		0.2
						245,564		0.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,045,564)		1,045,564		0.9
			TOTAL PORTFOLIO	(Cost $72,457,439)		116,718,152		99.6
			OTHER ASSETS & LIABILITIES, NET			438,167		0.4
			NET ASSETS		$	117,156,319		100.0	%

* Non-income producing

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

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

At 6/30/19, the aggregate value of securities on loan is $239,973. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 6/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $809,183 or 0.7% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 45

Summary portfolio of investments (unaudited)

Growth & Income Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	844,695		0.6	%
	BANKS
	85,748		Bank of America Corp		2,486,692		1.7
	27,529		JPMorgan Chase & Co		3,077,743		2.0
	20,728		US Bancorp		1,086,147		0.7
			Other		1,625,663		1.1
					8,276,245		5.5
	CAPITAL GOODS
	2,814	n	Boeing Co		1,024,324		0.7
	5,432		Deere & Co		900,137		0.6
	11,441	n	Honeywell International, Inc		1,997,484		1.3
	7,879		Ingersoll-Rand plc		998,033		0.7
	5,737		L3Harris Technologies, Inc		1,085,039		0.7
			Other		4,098,189		2.7
					10,103,206		6.7
	COMMERCIAL & PROFESSIONAL SERVICES
	10,662		Waste Management, Inc		1,230,075		0.8
			Other		709,891		0.5
					1,939,966		1.3
	CONSUMER DURABLES & APPAREL				2,331,119		1.6
	CONSUMER SERVICES				1,065,759		0.6
	DIVERSIFIED FINANCIALS
	7,095	n	CME Group, Inc		1,377,210		0.9
	28,205		Morgan Stanley		1,235,661		0.8
	17,022		Voya Financial, Inc		941,317		0.7
			Other		753,763		0.5
					4,307,951		2.9
	ENERGY
	14,758		Chevron Corp		1,836,486		1.2
	12,926		Exxon Mobil Corp		990,519		0.6
			Other		4,595,040		3.1
					7,422,045		4.9
	FOOD & STAPLES RETAILING
	3,743	n	Costco Wholesale Corp		989,125		0.7
	8,171		Walmart, Inc		902,814		0.6
					1,891,939		1.3
	FOOD, BEVERAGE & TOBACCO
	23,002		Coca-Cola Co		1,171,262		0.8
	23,299		Mondelez International, Inc		1,255,816		0.8
	11,500		PepsiCo, Inc		1,507,995		1.0
			Other		3,881,312		2.5
					7,816,385		5.1

46 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES
	19,403		Abbott Laboratories	$	1,631,792		1.1	%
	3,713	n	Anthem, Inc		1,047,846		0.7
	25,620	*	Boston Scientific Corp		1,101,147		0.7
	1,867	*,n	Intuitive Surgical, Inc		979,335		0.7
	6,155		Stryker Corp		1,265,345		0.8
			Other		5,104,495		3.4
					11,129,960		7.4
	HOUSEHOLD & PERSONAL PRODUCTS
	18,578		Procter & Gamble Co		2,037,077		1.4
			Other		886,985		0.6
					2,924,062		2.0
	INSURANCE
	20,480		Hartford Financial Services Group, Inc		1,141,146		0.8
			Other		2,478,134		1.6
					3,619,280		2.4
	MATERIALS
	8,965		Linde plc		1,800,172		1.2
			Other		4,334,854		2.9
					6,135,026		4.1
	MEDIA & ENTERTAINMENT
	3,393	*	Alphabet, Inc (Class C)		3,667,528		2.4
	28,490		Comcast Corp (Class A)		1,204,557		0.8
	16,285	*	Facebook, Inc		3,143,005		2.1
	3,988	*,n	NetFlix, Inc		1,464,872		1.0
	17,445		Walt Disney Co		2,436,020		1.6
			Other		2,938,335		2.0
					14,854,317		9.9
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	18,248	n	AbbVie, Inc		1,326,995		0.9
	8,903		Eli Lilly & Co		986,363		0.7
	20,624		Merck & Co, Inc		1,729,322		1.1
	39,110		Pfizer, Inc		1,694,245		1.1
			Other		8,092,177		5.4
					13,829,102		9.2
	REAL ESTATE
	5,399	n	American Tower Corp		1,103,826		0.7
			Other		707,123		0.5
					1,810,949		1.2
	RETAILING
	2,204	*	Amazon.com, Inc		4,173,560		2.8
	10,148		Home Depot, Inc		2,110,480		1.4
			Other		2,391,665		1.6
					8,675,705		5.8

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 47

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  §  June 30, 2019

Shares			Company		Value		% of net assets
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	14,737		Qualcomm, Inc		$	1,121,043		0.7	%
			Other			4,891,976		3.3
						6,013,019		4.0
	SOFTWARE & SERVICES
	3,043	*	Adobe, Inc			896,620		0.6
	8,974		MasterCard, Inc (Class A)			2,373,892		1.6
	48,806		Microsoft Corp			6,538,052		4.3
	12,570	*	PayPal Holdings, Inc			1,438,762		0.9
	8,598	*,n	salesforce.com, Inc			1,304,575		0.9
			Other			5,214,167		3.6
						17,766,068		11.9
	TECHNOLOGY HARDWARE & EQUIPMENT
	27,579	n	Apple, Inc			5,458,435		3.6
	43,867		Cisco Systems, Inc			2,400,841		1.6
	5,978	n	Motorola Solutions, Inc			996,712		0.7
			Other			2,032,864		1.4
						10,888,852		7.3
	TELECOMMUNICATION SERVICES					1,571,259		1.0
	TRANSPORTATION
	17,039		CSX Corp			1,318,307		0.9
			Other			486,644		0.3
						1,804,951		1.2
	UTILITIES
	5,493		NextEra Energy, Inc			1,125,296		0.7
			Other			2,060,729		1.4
						3,186,025		2.1
			TOTAL COMMON STOCKS	(Cost $99,987,156)		150,207,885		100.0
	PURCHASED OPTIONS
	HEALTH CARE EQUIPMENT & SERVICES					11,200		0.0
	MEDIA & ENTERTAINMENT					2,350		0.0
	SOFTWARE & SERVICES					3,875		0.0
	TECHNOLOGY HARDWARE & EQUIPMENT					117		0.0
			TOTAL PURCHASED OPTIONS	(Cost $23,008)		17,542		0.0
Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT					595,000		0.4

48 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  §  June 30, 2019

Shares			Company		Value			% of net assets
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	666,742	c	State Street Navigator Securities Lending Government Money Market Portfolio		$	666,742			0.4	%
						666,742			0.4
			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,261,742)		1,261,742			0.8
			TOTAL PORTFOLIO	(Cost $101,271,906)		151,487,169			100.8
			OTHER ASSETS & LIABILITIES, NET			(1,314,680	)		(0.8	)
			NET ASSETS		$	150,172,489			100.0	%

* Non-income producing

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

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

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

At 6/30/19, the aggregate value of securities on loan is $959,357. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 6/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the securities Act of 1933 amounted to $460,062 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Purchased options outstanding as of June 30, 2019 were as follows (see Note 3):

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date		Value
Akamai Technologies, Inc, Call		10	$	5,770	$	85.00		11/15/19	$	3,875
Humana, Inc, Call		8		15,056		275.00		11/15/19		11,200
Pure Storage, Inc, Call		13		566		17.50		07/19/19		117
Take-Two Interactive Software, Inc, Call		5		1,616		120.00		09/20/19		2,350
Total		36	$	23,008					$	17,542

Written options outstanding as of June 30, 2019 were as follows (see Note 3):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
AbbVie, Inc, Put		9	$	(889	)	$	60.00		08/16/19	$	(198	)
Activision Blizzard, Inc, Put		20		(5,580	)		42.50		11/15/19		(4,310	)
Akamai Technologies, Inc, Call		10		(3,529	)		90.00		11/15/19		(2,210	)
Akamai Technologies, Inc, Put		10		(3,229	)		75.00		11/15/19		(3,400	)
American Tower Corp, Put		5		(1,115	)		175.00		07/19/19		(50	)
Anthem, Inc, Call		3		(501	)		310.00		07/19/19		(66	)
Anthem, Inc, Put		3		(4,194	)		240.00		09/20/19		(882	)

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 49

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  §  June 30, 2019

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Apple, Inc, Call		10	$	(11,170	)	$	210.00		01/17/20	$	(9,790	)
Apple, Inc, Call		5		(2,436	)		230.00		01/17/20		(2,150	)
Apple, Inc, Call		5		(1,815	)		250.00		01/17/20		(900	)
Apple, Inc, Put		10		(1,989	)		175.00		08/16/19		(1,830	)
Apple, Inc, Put		10		(1,040	)		170.00		09/20/19		(2,230	)
Apple, Inc, Put		5		(3,303	)		170.00		10/18/19		(1,425	)
Apple, Inc, Put		10		(10,530	)		190.00		06/19/20		(15,700	)
Arista Networks, Inc, Put		3		(2,909	)		210.00		11/15/19		(2,415	)
Biohaven Pharmaceutical Holding Co Ltd, Put		14		(17,121	)		50.00		01/17/20		(17,850	)
Boeing Co, Call		3		(375	)		405.00		07/19/19		(105	)
Broadcom, Inc, Put		1		(128	)		220.00		07/19/19		(16	)
Broadcom, Inc, Put		3		(714	)		230.00		07/19/19		(75	)
Cigna Corp, Put		5		(465	)		143.00		07/26/19		(440	)
Cigna Corp, Put		5		(3,685	)		145.00		01/17/20		(3,750	)
CME Group, Inc, Call		4		(2,052	)		210.00		12/20/19		(1,700	)
CME Group, Inc, Put		4		(1,392	)		170.00		12/20/19		(1,220	)
Coherent, Inc, Put		5		(5,157	)		110.00		11/15/19		(2,375	)
ConAgra Brands, Inc, Put		6		(918	)		22.00		09/20/19		(120	)
ConAgra Brands, Inc, Put		18		(2,591	)		23.00		09/20/19		(630	)
ConAgra Brands, Inc, Put		12		(1,536	)		24.00		12/20/19		(1,620	)
Constellation Brands, Inc, Put		3		(1,048	)		180.00		10/18/19		(1,380	)
Costco Wholesale Corp, Call		4		(2,640	)		260.00		10/18/19		(5,960	)
CVS Health Corp, Put		11		(6,137	)		55.00		10/18/19		(3,828	)
CVS Health Corp, Put		22		(7,556	)		52.50		11/15/19		(6,490	)
DexCom, Inc, Put		7		(2,930	)		100.00		09/20/19		(542	)
DexCom, Inc, Put		7		(4,081	)		100.00		12/20/19		(1,610	)
DISH Network Corp, Put		14		(3,822	)		27.50		01/17/20		(1,960	)
Exact Sciences Corp, Call		18		(5,903	)		125.00		07/26/19		(4,338	)
Exact Sciences Corp, Put		18		(2,213	)		99.00		07/26/19		(1,125	)
FedEx Corp, Put		4		(9,156	)		190.00		01/17/20		(11,950	)
Fidelity National Information Services, Inc, Put		10		(1,556	)		95.00		07/19/19		(150	)
General Mills, Inc, Put		13		(467	)		45.00		08/16/19		(195	)
Hain Celestial Group, Inc, Put		24		(13,152	)		23.00		01/17/20		(6,840	)
Humana, Inc, Call		8		(5,824	)		310.00		11/15/19		(3,760	)
Humana, Inc, Put		8		(10,143	)		245.00		11/15/19		(7,440	)
International Business Machines Corp, Put		7		(2,312	)		125.00		11/15/19		(2,747	)
Intuitive Surgical, Inc, Call		1		(751	)		620.00		10/18/19		(610	)
Jazz Pharmaceuticals plc, Put		6		(4,710	)		125.00		12/20/19		(2,430	)
Keysight Technologies, Inc, Put		10		(634	)		70.00		07/19/19		(150	)
LiveRamp Holdings, Inc, Put		13		(1,070	)		40.00		08/16/19		(715	)
Lululemon Athletica, Inc, Call		5		(624	)		200.00		07/12/19		(55	)
Micron Technology, Inc, Put		13		(4,094	)		34.00		01/17/20		(3,653	)
Monolithic Power Systems, Inc, Put		5		(3,738	)		120.00		09/20/19		(1,600	)
Motorola Solutions, Inc, Call		7		(2,993	)		165.00		01/17/20		(8,872	)
Motorola Solutions, Inc, Call		7		(2,856	)		185.00		01/17/20		(3,080	)
Motorola Solutions, Inc, Put		7		(2,681	)		130.00		10/18/19		(759	)
Motorola Solutions, Inc, Put		7		(2,903	)		130.00		01/17/20		(1,677	)

50 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Growth & Income Fund  §  June 30, 2019

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Motorola Solutions, Inc, Put		7	$	(2,051	)	$	135.00		01/17/20	$	(2,054	)
Nektar Therapeutics, Put		8		(6,064	)		36.00		11/15/19		(4,640	)
NetFlix, Inc, Call		3		(325	)		400.00		07/05/19		(33	)
Nevro Corp, Put		11		(979	)		40.00		08/16/19		(413	)
Northrop Grumman Corp, Call		2		(2,379	)		340.00		11/15/19		(2,350	)
Northrop Grumman Corp, Put		1		(1,746	)		270.00		11/15/19		(405	)
Northrop Grumman Corp, Put		2		(3,860	)		275.00		11/15/19		(940	)
Northrop Grumman Corp, Put		2		(1,177	)		280.00		11/15/19		(1,090	)
Nutanix, Inc, Put		17		(4,576	)		30.00		10/18/19		(9,605	)
Nutrien Ltd, Put		13		(1,754	)		45.00		09/20/19		(423	)
Parker-Hannifin Corp, Put		4		(388	)		125.00		08/16/19		(120	)
Planet Fitness, Inc, Put		13		(481	)		65.00		07/19/19		(273	)
PNC Financial Services Group, Inc, Put		7		(1,397	)		105.00		08/16/19		(165	)
PNC Financial Services Group, Inc, Put		7		(2,541	)		105.00		11/15/19		(725	)
PVH Corp, Put		5		(2,787	)		105.00		09/20/19		(6,280	)
PVH Corp, Put		5		(4,240	)		85.00		01/17/20		(2,725	)
Rockwell Automation, Inc, Put		5		(2,088	)		140.00		10/18/19		(950	)
Royal Caribbean Cruises Ltd, Put		6		(390	)		105.00		07/19/19		(108	)
salesforce.com, Inc, Call		5		(440	)		175.00		07/19/19		(35	)
ServiceNow, Inc, Call		3		(1,890	)		310.00		07/26/19		(795	)
ServiceNow, Inc, Call		5		(5,806	)		290.00		11/15/19		(11,000	)
ServiceNow, Inc, Put		2		(896	)		190.00		08/16/19		(140	)
Take-Two Interactive Software, Inc, Call		7		(841	)		135.00		09/20/19		(994	)
Take-Two Interactive Software, Inc, Put		7		(1,793	)		80.00		09/20/19		(227	)
Teladoc Health, Inc, Put		7		(3,437	)		45.00		10/18/19		(630	)
Teladoc Health, Inc, Put		6		(3,566	)		45.00		12/20/19		(1,050	)
Teradata Corp, Call		11		(785	)		47.50		12/20/19		(275	)
Teradata Corp, Put		11		(1,772	)		35.00		10/18/19		(2,035	)
Tiffany & Co, Put		10		(23,280	)		105.00		01/17/20		(15,075	)
Tiffany & Co, Put		10		(27,030	)		110.00		01/17/20		(18,850	)
Tiffany & Co, Put		10		(5,099	)		82.50		01/17/20		(3,550	)
Ulta Beauty, Inc, Call		2		(2,792	)		390.00		09/20/19		(1,220	)
Universal Display Corp, Call		7		(4,977	)		210.00		09/20/19		(6,790	)
Universal Display Corp, Call		7		(6,810	)		220.00		09/20/19		(4,795	)
Vulcan Materials Co, Put		7		(343	)		115.00		07/19/19		(70	)
WellCare Health Plans, Inc, Put		3		(1,584	)		220.00		09/20/19		(765	)
WellCare Health Plans, Inc, Put		9		(5,663	)		230.00		12/20/19		(3,240	)
WellCare Health Plans, Inc, Put		3		(3,174	)		240.00		12/20/19		(1,305	)
Xilinx, Inc, Put		4		(1,072	)		92.50		09/20/19		(852	)
Xilinx, Inc, Put		3		(924	)		95.00		09/20/19		(738	)
Xilinx, Inc, Put		7		(2,697	)		95.00		12/20/19		(3,010	)
Total		721	$	(342,251	)					$	(272,113	)

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 51

Summary portfolio of investments (unaudited)

Large-Cap Value Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	COMMON STOCKS
	BANKS
	87,940		Bank of America Corp	$	2,550,260		3.6	%
	32,500		Citigroup, Inc		2,275,975		3.3
	29,400		JPMorgan Chase & Co		3,286,920		4.7
	14,200		US Bancorp		744,080		1.1
	26,550		Wells Fargo & Co		1,256,346		1.8
			Other		580,008		0.7
					10,693,589		15.2
	CAPITAL GOODS
	6,350		Deere & Co		1,052,258		1.5
	6,093		Dover Corp		610,519		0.9
	7,487		Honeywell International, Inc		1,307,155		1.9
	8,961		Ingersoll-Rand plc		1,135,090		1.6
	16,365		Masco Corp		642,163		0.9
	3,506		Parker-Hannifin Corp		596,055		0.9
			Other		1,208,852		1.7
					6,552,092		9.4
	CONSUMER DURABLES & APPAREL
	223	*	NVR, Inc		751,566		1.1
					751,566		1.1
	CONSUMER SERVICES
	3,600		McDonald’s Corp		747,576		1.1
					747,576		1.1
	DIVERSIFIED FINANCIALS
	4,975		American Express Co		614,114		0.9
	4,330		Goldman Sachs Group, Inc		885,918		1.2
					1,500,032		2.1
	ENERGY
	14,100		Chevron Corp		1,754,604		2.5
	6,325		Diamondback Energy, Inc		689,235		1.0
	12,300		EOG Resources, Inc		1,145,868		1.6
	14,700		Exxon Mobil Corp		1,126,461		1.6
	7,250		Valero Energy Corp		620,673		0.9
			Other		417,879		0.6
					5,754,720		8.2
	FOOD & STAPLES RETAILING
	8,500		Walmart, Inc		939,165		1.4
					939,165		1.4
	FOOD, BEVERAGE & TOBACCO
	15,000		Mondelez International, Inc		808,500		1.1
	11,500		Philip Morris International, Inc		903,095		1.3
					1,711,595		2.4

52 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Large-Cap Value Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES
	2,750		Anthem, Inc	$	776,077		1.1	%
	6,300		Medtronic plc		613,557		0.9
	6,625		Zimmer Biomet Holdings, Inc		780,027		1.1
			Other		2,490,496		3.6
					4,660,157		6.7
	HOUSEHOLD & PERSONAL PRODUCTS
	16,300		Procter & Gamble Co		1,787,295		2.6
					1,787,295		2.6
	INSURANCE
	19,411		American International Group, Inc		1,034,218		1.5
	6,248	*	Berkshire Hathaway, Inc (Class B)		1,331,886		1.9
	6,600		Chubb Ltd		972,114		1.4
			Other		1,495,517		2.1
					4,833,735		6.9
	MATERIALS
	11,100		Ball Corp		776,889		1.1
	11,200	*	Crown Holdings, Inc		684,320		1.0
			Other		1,629,267		2.3
					3,090,476		4.4
	MEDIA & ENTERTAINMENT
	33,000		Comcast Corp (Class A)		1,395,240		2.0
	10,300		Walt Disney Co		1,438,292		2.1
					2,833,532		4.1
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	15,658		Johnson & Johnson		2,180,846		3.1
	11,972		Merck & Co, Inc		1,003,852		1.5
	39,000		Pfizer, Inc		1,689,480		2.4
			Other		1,413,525		2.0
					6,287,703		9.0
	REAL ESTATE				1,163,639		1.7
	RETAILING
	4,740		Home Depot, Inc		985,778		1.4
					985,778		1.4
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	14,500		Applied Materials, Inc		651,195		0.9
	23,600		Intel Corp		1,129,732		1.6
			Other		1,652,411		2.4
					3,433,338		4.9
	SOFTWARE & SERVICES
	4,297		Accenture plc		793,957		1.1
	9,700		Microsoft Corp		1,299,412		1.9
			Other		575,397		0.8
					2,668,766		3.8

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 53

Summary portfolio of investments (unaudited) concluded

Large-Cap Value Fund  §  June 30, 2019

Shares		Company		Value			% of net assets
	TECHNOLOGY HARDWARE & EQUIPMENT
	29,100	Cisco Systems, Inc		$	1,592,643			2.3	%
	7,500	TE Connectivity Ltd			718,350			1.0
					2,310,993			3.3
	TELECOMMUNICATION SERVICES
	27,000	Verizon Communications, Inc			1,542,510			2.2
		Other			557,539			0.8
					2,100,049			3.0
	TRANSPORTATION
	5,640	Union Pacific Corp			953,781			1.4
		Other			429,790			0.6
					1,383,571			2.0
	UTILITIES
	6,932	American Electric Power Co, Inc			610,085			0.9
	5,810	Entergy Corp			598,023			0.9
	18,100	FirstEnergy Corp			774,861			1.1
	4,579	NextEra Energy, Inc			938,054			1.3
		Other			477,742			0.7
					3,398,765			4.9
		TOTAL COMMON STOCKS	(Cost $57,928,371)		69,588,132			99.6
Principal		Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT				570,000			0.8
		TOTAL SHORT-TERM INVESTMENTS	(Cost $570,000)		570,000			0.8
		TOTAL PORTFOLIO	(Cost $58,498,371)		70,158,132			100.4
		OTHER ASSETS & LIABILITIES, NET			(287,915	)		(0.4	)
		NET ASSETS		$	69,870,217			100.0	%

* Non-income producing

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

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

54 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Real Estate Securities Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	COMMON STOCKS
	DATA PROCESSING & OUTSOURCED SERVICES
	21,000	*	GDS Holdings Ltd (ADR)	$	788,970		1.0	%
					788,970		1.0
	DIVERSIFIED REITS
	65,000		Colony Capital, Inc		325,000		0.4
					325,000		0.4
	HEALTH CARE REITS
	50,000		HCP, Inc		1,599,000		2.1
	22,000		Healthcare Trust of America, Inc		603,460		0.8
	20,000		Ventas, Inc		1,367,000		1.8
	22,000		Welltower, Inc		1,793,660		2.3
					5,363,120		7.0
	HOTEL & RESORT REITS
	90,000		Host Marriott Corp		1,639,800		2.1
	20,000		Pebblebrook Hotel Trust		563,600		0.7
	30,000		Sunstone Hotel Investors, Inc		411,300		0.6
					2,614,700		3.4
	INDUSTRIAL REITS
	25,000		Americold Realty Trust		810,500		1.0
	12,000		Duke Realty Corp		379,320		0.5
	6,000		EastGroup Properties, Inc		695,880		0.9
	55,000		Prologis, Inc		4,405,500		5.7
	80,000		Rexford Industrial Realty, Inc		3,229,600		4.2
	22,000		Terreno Realty Corp		1,078,880		1.4
					10,599,680		13.7
	IT CONSULTING & OTHER SERVICES
	8,000	*	InterXion Holding NV		608,720		0.8
					608,720		0.8
	MORTGAGE REITS
	30,000		Starwood Property Trust, Inc		681,600		0.9
					681,600		0.9
	OFFICE REITS
	16,000		Alexandria Real Estate Equities, Inc		2,257,440		2.9
	24,000		Boston Properties, Inc		3,096,000		4.0
	27,000		Hudson Pacific Properties		898,290		1.2
	15,000		Kilroy Realty Corp		1,107,150		1.4
	15,000		SL Green Realty Corp		1,205,550		1.6
					8,564,430		11.1
	RESIDENTIAL REITS
	68,000		American Homes 4 Rent		1,653,080		2.2
	10,000		AvalonBay Communities, Inc		2,031,800		2.6
	15,000		Camden Property Trust		1,565,850		2.0
	21,000		Equity Lifestyle Properties, Inc		2,548,140		3.3

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 55

Summary portfolio of investments (unaudited) continued

Real Estate Securities Fund  §  June 30, 2019

Shares			Company		Value		% of net assets
	RESIDENTIAL REITS—continued
	25,000		Equity Residential		$	1,898,000		2.5	%
	8,000		Essex Property Trust, Inc			2,335,440		3.0
	55,000		Invitation Homes, Inc			1,470,150		1.9
	20,000		Sun Communities, Inc			2,563,800		3.3
						16,066,260		20.8
	RETAIL REITS
	12,000		Agree Realty Corp			768,600		1.0
	9,000		Federal Realty Investment Trust			1,158,840		1.5
	17,000		Realty Income Corp			1,172,490		1.5
	28,000		Regency Centers Corp			1,868,720		2.4
	21,000		Simon Property Group, Inc			3,354,960		4.4
			Other			163,320		0.2
						8,486,930		11.0
	SPECIALIZED REITS
	22,000		American Tower Corp			4,497,900		5.8
	26,000		Crown Castle International Corp			3,389,100		4.4
	12,000		CyrusOne, Inc			692,640		0.9
	10,000		Digital Realty Trust, Inc			1,177,900		1.5
	6,500		Equinix, Inc			3,277,885		4.2
	13,000		Extra Space Storage, Inc			1,379,300		1.8
	10,000		Four Corners Property Trust, Inc			273,300		0.4
	22,000		Gaming and Leisure Properties, Inc			857,560		1.1
	10,000		National Storage Affiliates Trust			289,400		0.4
	6,500		Public Storage, Inc			1,548,105		2.0
	20,000		QTS Realty Trust, Inc			923,600		1.2
	7,500	*	SBA Communications Corp			1,686,300		2.2
	45,000		VICI Properties, Inc			991,800		1.3
	52,000		Weyerhaeuser Co			1,369,680		1.8
						22,354,470		29.0
			TOTAL COMMON STOCKS	(Cost $50,766,863)		76,453,880		99.1
Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$580,000		Federal Home Loan Bank (FHLB)	2.100%, 07/01/19		580,000		0.8
						580,000		0.8
			TOTAL SHORT-TERM INVESTMENTS	(Cost $580,000)		580,000		0.8
			TOTAL PORTFOLIO	(Cost $51,346,863)		77,033,880		99.9
			OTHER ASSETS & LIABILITIES, NET			114,547		0.1
			NET ASSETS		$	77,148,427		100.0	%

56 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Real Estate Securities Fund  §  June 30, 2019

Abbreviation(s):

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing

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

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

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 57

Summary portfolio of investments (unaudited)

Small-Cap Equity Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	159,961		0.3	%
	BANKS
	14,214		Cadence BanCorp		295,651		0.6
	8,760		Cathay General Bancorp		314,572		0.6
	8,870	*	Essent Group Ltd		416,801		0.8
	4,650		IBERIABANK Corp		352,702		0.7
	12,230		OFG Bancorp		290,707		0.5
	17,420		Radian Group, Inc		398,047		0.8
	12,887		United Community Banks, Inc		368,053		0.7
	6,400		Walker & Dunlop, Inc		340,544		0.6
			Other		2,945,257		5.6
					5,722,334		10.9
	CAPITAL GOODS
	11,048	*	Atkore International Group, Inc		285,812		0.5
	7,819		Comfort Systems USA, Inc		398,691		0.8
	4,207		EMCOR Group, Inc		370,637		0.7
	6,450	*	Generac Holdings, Inc		447,694		0.8
	12,281	*	Meritor, Inc		297,814		0.6
	3,300		Moog, Inc (Class A)		308,913		0.6
	9,830	*	Rexnord Corp		297,063		0.6
			Other		3,300,426		6.3
					5,707,050		10.9
	COMMERCIAL & PROFESSIONAL SERVICES
	5,809		Exponent, Inc		340,059		0.7
	4,050		Insperity, Inc		494,667		1.0
	4,906		Tetra Tech, Inc		385,366		0.7
	4,118		Viad Corp		272,776		0.5
			Other		697,275		1.3
					2,190,143		4.2
	CONSUMER DURABLES & APPAREL
	2,450	*	Deckers Outdoor Corp		431,126		0.8
			Other		1,239,601		2.4
					1,670,727		3.2
	CONSUMER SERVICES
	3,640		Jack in the Box, Inc		296,260		0.6
	1,870		Strategic Education, Inc		332,860		0.6
	5,530		Texas Roadhouse, Inc (Class A)		296,795		0.6
			Other		1,141,146		2.2
					2,067,061		4.0
	DIVERSIFIED FINANCIALS
	4,000		iShares Russell 2000 Index Fund		614,520		1.2
	6,064		Stifel Financial Corp		358,140		0.7
			Other		871,389		1.7
					1,844,049		3.6

58 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Small-Cap Equity Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	ENERGY
	7,697		Delek US Holdings, Inc	$	311,882		0.6	%
			Other		2,209,419		4.2
					2,521,301		4.8
	FOOD & STAPLES RETAILING
	7,040	*	Performance Food Group Co		281,811		0.5
			Other		21,939		0.1
					303,750		0.6
	FOOD, BEVERAGE & TOBACCO
	1,050	*	Boston Beer Co, Inc (Class A)		396,648		0.8
			Other		834,886		1.6
					1,231,534		2.4
	HEALTH CARE EQUIPMENT & SERVICES
	11,350	*	HMS Holdings Corp		367,626		0.7
	4,630	*	Integer Holding Corp		388,550		0.8
	11,740	*	Lantheus Holdings, Inc		332,242		0.6
	4,750	*	NuVasive, Inc		278,065		0.5
			Other		1,659,805		3.2
					3,026,288		5.8
	HOUSEHOLD & PERSONAL PRODUCTS
	2,150		Medifast, Inc		275,845		0.5
			Other		220,815		0.4
					496,660		0.9
	INSURANCE				993,784		1.9
	MATERIALS				2,570,543		4.9
	MEDIA & ENTERTAINMENT				1,005,558		1.9
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	6,602	*	Array Biopharma, Inc		305,871		0.6
			Other		5,166,666		9.9
					5,472,537		10.5
	REAL ESTATE
	27,090		DiamondRock Hospitality Co		280,110		0.5
	3,670		EastGroup Properties, Inc		425,647		0.8
	14,400		Geo Group, Inc		302,544		0.6
	2,649		PS Business Parks, Inc		446,436		0.9
	3,860		Ryman Hospitality Properties		313,007		0.6
	8,990		STAG Industrial, Inc		271,858		0.5
			Other		2,457,133		4.7
					4,496,735		8.6
	RETAILING
	6,110	*	Liberty Expedia Holdings, Inc		291,997		0.6
	12,610	*	Rent-A-Center, Inc		335,804		0.6
			Other		1,292,949		2.4
					1,920,750		3.6

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 59

Summary portfolio of investments (unaudited) concluded

Small-Cap Equity Fund  §  June 30, 2019

Shares			Company		Value			% of net assets
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				$	1,096,393			2.1	%
	SOFTWARE & SERVICES
	5,160	*	Cornerstone OnDemand, Inc			298,919			0.6
	6,630	*	Five9, Inc			340,053			0.7
	7,100	*	Verint Systems, Inc			381,838			0.7
			Other			1,942,404			3.6
						2,963,214			5.6
	TECHNOLOGY HARDWARE & EQUIPMENT
	5,000	*	Insight Enterprises, Inc			291,000			0.5
	3,310	*	Tech Data Corp			346,226			0.7
			Other			1,549,725			3.0
						2,186,951			4.2
	TELECOMMUNICATION SERVICES					357,274			0.7
	TRANSPORTATION					677,069			1.3
	UTILITIES
	8,580		Portland General Electric Co			464,778			0.9
	4,193		Southwest Gas Corp			375,777			0.7
	4,050		Spire, Inc			339,876			0.6
			Other			467,758			1.0
						1,648,189			3.2
			TOTAL COMMON STOCKS	(Cost $48,253,499)		52,329,855			100.1
	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	174,795	c	State Street Navigator Securities Lending Government Money Market Portfolio			174,795			0.3
						174,795			0.3
			TOTAL SHORT-TERM INVESTMENTS	(Cost $174,795)		174,795			0.3
			TOTAL PORTFOLIO	(Cost $48,428,294)		52,504,650			100.4
			OTHER ASSETS & LIABILITIES, NET			(221,615	)		(0.4	)
			NET ASSETS		$	52,283,035			100.0	%

* Non-income producing

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

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

At 6/30/19, the aggregate value of securities on loan is $281,550. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

60 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Social Choice Equity Fund  §  June 30, 2019

Shares		Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS		$	252,484		0.3	%
	BANKS
	8,849	Citigroup, Inc		619,696		0.9
	3,111	PNC Financial Services Group, Inc		427,078		0.7
	8,732	US Bancorp		457,557		0.7
		Other		1,847,875		2.9
				3,352,206		5.2
	CAPITAL GOODS
	2,542	3M Co		440,630		0.7
	2,847	Caterpillar, Inc		388,018		0.6
	2,558	Illinois Tool Works, Inc		385,772		0.6
		Other		3,099,112		4.9
				4,313,532		6.8
	COMMERCIAL & PROFESSIONAL SERVICES			928,397		1.4
	CONSUMER DURABLES & APPAREL
	5,791	Nike, Inc (Class B)		486,154		0.8
		Other		409,436		0.6
				895,590		1.4
	CONSUMER SERVICES
	6,509	Starbucks Corp		545,649		0.9
		Other		838,506		1.3
				1,384,155		2.2
	DIVERSIFIED FINANCIALS
	3,824	American Express Co		472,035		0.7
	2,131	CME Group, Inc		413,648		0.6
	1,829	S&P Global, Inc		416,628		0.7
		Other		2,319,787		3.6
				3,622,098		5.6
	ENERGY
	7,458	ConocoPhillips		454,938		0.7
	19,566	Kinder Morgan, Inc		408,538		0.6
	9,579	Schlumberger Ltd		380,669		0.6
		Other		1,840,513		2.9
				3,084,658		4.8
	FOOD & STAPLES RETAILING			345,855		0.5
	FOOD, BEVERAGE & TOBACCO
	14,513	Coca-Cola Co		739,002		1.1
	5,457	PepsiCo, Inc		715,577		1.1
		Other		568,198		0.9
				2,022,777		3.1

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 61

Summary portfolio of investments (unaudited) continued

Social Choice Equity Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES
	2,880		UnitedHealth Group, Inc	$	702,749		1.1	%
			Other		2,989,033		4.6
					3,691,782		5.7
	HOUSEHOLD & PERSONAL PRODUCTS
	8,393		Procter & Gamble Co		920,292		1.4
			Other		585,704		1.0
					1,505,996		2.4
	INSURANCE
	7,255		American International Group, Inc		386,546		0.6
	3,044		Chubb Ltd		448,351		0.7
	3,713		Marsh & McLennan Cos, Inc		370,372		0.6
			Other		1,395,924		2.1
					2,601,193		4.0
	MATERIALS
	2,180		Ecolab, Inc		430,419		0.7
	2,881		Linde plc		578,505		0.9
			Other		953,838		1.4
					1,962,762		3.0
	MEDIA & ENTERTAINMENT
	772	*	Alphabet, Inc (Class A)		835,922		1.3
	787	*	Alphabet, Inc (Class C)		850,676		1.3
	5,962	*	Facebook, Inc		1,150,666		1.8
			Other		1,444,382		2.2
					4,281,646		6.6
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	2,626		Amgen, Inc		483,920		0.7
	4,415		Eli Lilly & Co		489,138		0.8
	9,459		Merck & Co, Inc		793,137		1.2
	3,978		Zoetis, Inc		451,463		0.7
			Other		2,759,734		4.3
					4,977,392		7.7
	REAL ESTATE
	2,395		American Tower Corp		489,658		0.8
	5,300		Prologis, Inc		424,530		0.7
			Other		1,771,469		2.7
					2,685,657		4.2
	RETAILING
	736	*	Amazon.com, Inc		1,393,712		2.2
	253	*	Booking Holdings, Inc		474,301		0.7
	3,765		Home Depot, Inc		783,007		1.2
			Other		2,063,649		3.2
					4,714,669		7.3

62 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Social Choice Equity Fund  §  June 30, 2019

Shares			Company		Value		% of net assets
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	13,512		Intel Corp		$	646,819		1.0	%
	2,238		NVIDIA Corp			367,547		0.6
	4,583		Texas Instruments, Inc			525,945		0.8
			Other			428,744		0.7
						1,969,055		3.1
	SOFTWARE & SERVICES
	3,093		Accenture plc			571,494		0.9
	1,906	*	Adobe, Inc			561,603		0.8
	4,249		International Business Machines Corp			585,937		0.9
	1,677		Intuit, Inc			438,250		0.7
	18,678	d	Microsoft Corp			2,502,105		3.9
	3,440	*	salesforce.com, Inc			521,951		0.8
			Other			1,931,535		3.1
						7,112,875		11.1
	TECHNOLOGY HARDWARE & EQUIPMENT
	10,949		Apple, Inc			2,167,026		3.4
	15,030		Cisco Systems, Inc			822,592		1.3
			Other			1,229,104		1.9
						4,218,722		6.6
	TELECOMMUNICATION SERVICES
	14,251		Verizon Communications, Inc			814,160		1.3
			Other			202,389		0.3
						1,016,549		1.6
	TRANSPORTATION
	4,870		CSX Corp			376,792		0.6
			Other			868,586		1.3
						1,245,378		1.9
	UTILITIES
	2,696		Sempra Energy			370,538		0.6
	7,456		Southern Co			412,168		0.7
			Other			1,375,094		2.0
						2,157,800		3.3
			TOTAL COMMON STOCKS	(Cost $44,834,024)		64,343,228		99.8
	RIGHTS / WARRANTS
	TRANSPORTATION					583		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $393)		583		0.0
Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT					210,000		0.3

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 63

Summary portfolio of investments (unaudited) concluded

Social Choice Equity Fund  §  June 30, 2019

Shares			Company		Value			% of net assets
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	77,317	c	State Street Navigator Securities Lending Government Money Market Portfolio		$	77,317			0.1	%
						77,317			0.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $287,317)		287,317			0.4
			TOTAL PORTFOLIO	(Cost $45,121,734)		64,631,128			100.2
			OTHER ASSETS & LIABILITIES, NET			(132,565	)		(0.2	)
			NET ASSETS		$	64,498,563			100.0	%

* 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 contract.

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

At 6/30/19, the aggregate value of securities on loan is $363,868. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of June 30, 2019 were as follows (see Note 3):

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		2	09/20/19	$	291,450	$	294,420	$	2,970

64 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Stock Index Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	3,528,229		0.7	%
	BANKS
	152,536		Bank of America Corp		4,423,544		0.8
	40,988		Citigroup, Inc		2,870,390		0.5
	57,197		JPMorgan Chase & Co		6,394,625		1.2
	71,813		Wells Fargo & Co		3,398,191		0.7
			Other		12,842,734		2.5
					29,929,484		5.7
	CAPITAL GOODS
	9,386		Boeing Co		3,416,598		0.7
	12,875		Honeywell International, Inc		2,247,846		0.4
			Other		31,109,898		5.9
					36,774,342		7.0
	COMMERCIAL & PROFESSIONAL SERVICES				5,741,399		1.1
	CONSUMER DURABLES & APPAREL				6,959,909		1.3
	CONSUMER SERVICES
	13,608		McDonald’s Corp		2,825,838		0.5
			Other		9,647,706		1.9
					12,473,544		2.4
	DIVERSIFIED FINANCIALS				18,668,701		3.6
	ENERGY
	33,826		Chevron Corp		4,209,307		0.8
	75,068	d	Exxon Mobil Corp		5,752,461		1.1
			Other		14,482,342		2.8
					24,444,110		4.7
	FOOD & STAPLES RETAILING
	7,756		Costco Wholesale Corp		2,049,601		0.4
	24,923		Walmart, Inc		2,753,742		0.5
			Other		2,096,283		0.4
					6,899,626		1.3
	FOOD, BEVERAGE & TOBACCO
	67,865		Coca-Cola Co		3,455,686		0.7
	24,839		PepsiCo, Inc		3,257,138		0.6
	27,480		Philip Morris International, Inc		2,158,005		0.4
			Other		9,180,656		1.8
					18,051,485		3.5
	HEALTH CARE EQUIPMENT & SERVICES
	30,537		Abbott Laboratories		2,568,162		0.5
	23,797		Medtronic plc		2,317,590		0.4
	16,761		UnitedHealth Group, Inc		4,089,852		0.8

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 65

Summary portfolio of investments (unaudited) continued

Stock Index Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES—continued
			Other	$	23,169,537		4.5	%
					32,145,141		6.2
	HOUSEHOLD & PERSONAL PRODUCTS
	43,833		Procter & Gamble Co		4,806,288		0.9
			Other		3,661,114		0.7
					8,467,402		1.6
	INSURANCE
	34,690	*	Berkshire Hathaway, Inc (Class B)		7,394,867		1.4
			Other		14,319,533		2.7
					21,714,400		4.1
	MATERIALS				15,470,805		3.0
	MEDIA & ENTERTAINMENT
	5,304	*	Alphabet, Inc (Class A)		5,743,171		1.1
	5,390	*	Alphabet, Inc (Class C)		5,826,105		1.1
	79,662		Comcast Corp (Class A)		3,368,110		0.6
	42,380	*	Facebook, Inc		8,179,340		1.6
	7,469	*	NetFlix, Inc		2,743,513		0.5
	31,016		Walt Disney Co		4,331,074		0.8
			Other		8,259,370		1.6
					38,450,683		7.3
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	10,813		Amgen, Inc		1,992,619		0.4
	47,107		Johnson & Johnson		6,561,063		1.2
	45,674		Merck & Co, Inc		3,829,765		0.7
	98,651		Pfizer, Inc		4,273,561		0.8
	7,113		Thermo Fisher Scientific, Inc		2,088,946		0.4
			Other		22,308,876		4.3
					41,054,830		7.8
	REAL ESTATE				20,870,788		4.0
	RETAILING
	7,334	*	Amazon.com, Inc		13,887,882		2.6
	19,546		Home Depot, Inc		4,064,982		0.8
			Other		13,390,341		2.6
					31,343,205		6.0
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	6,849		Broadcom, Inc		1,971,553		0.4
	79,454		Intel Corp		3,803,463		0.7
			Other		12,655,331		2.4
					18,430,347		3.5
	SOFTWARE & SERVICES
	11,351		Accenture plc		2,097,324		0.4
	8,635	*	Adobe, Inc		2,544,303		0.5

66 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Stock Index Fund  §  June 30, 2019

Shares			Company		Value		% of net assets
	SOFTWARE & SERVICES—continued
	15,728		International Business Machines Corp		$	2,168,891		0.4	%
	15,919		MasterCard, Inc (Class A)			4,211,053		0.8
	134,132		Microsoft Corp			17,968,323		3.4
	40,732		Oracle Corp			2,320,502		0.4
	20,833	*	PayPal Holdings, Inc			2,384,545		0.5
	13,052	*	salesforce.com, Inc			1,980,380		0.4
	30,853		Visa, Inc (Class A)			5,354,538		1.0
			Other			23,390,494		4.5
						64,420,353		12.3
	TECHNOLOGY HARDWARE & EQUIPMENT
	81,634		Apple, Inc			16,157,001		3.1
	78,121		Cisco Systems, Inc			4,275,562		0.8
			Other			7,506,951		1.4
						27,939,514		5.3
	TELECOMMUNICATION SERVICES
	129,062		AT&T, Inc			4,324,867		0.9
	73,391		Verizon Communications, Inc			4,192,828		0.8
			Other			1,179,955		0.2
						9,697,650		1.9
	TRANSPORTATION
	12,555		Union Pacific Corp			2,123,176		0.4
			Other			8,175,912		1.6
						10,299,088		2.0
	UTILITIES					16,934,281		3.2
			TOTAL COMMON STOCKS	(Cost $253,555,813)		520,709,316		99.5
	RIGHTS / WARRANTS
	MATERIALS					1,286		0.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					9		0.0
	TRANSPORTATION					1,689		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $14,574)		2,984		0.0
Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$2,400,000		Federal Home Loan Bank (FHLB)	2.100%, 07/01/19		2,400,000		0.5
						2,400,000		0.5

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 67

Summary portfolio of investments (unaudited) concluded

Stock Index Fund  §  June 30, 2019

Shares			Company		Value			% of net assets
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,678,508	c	State Street Navigator Securities Lending Government Money Market Portfolio		$	2,678,508			0.5	%
						2,678,508			0.5
			TOTAL SHORT-TERM INVESTMENTS	(Cost $5,078,508)		5,078,508			1.0
			TOTAL PORTFOLIO	(Cost $258,648,895)		525,790,808			100.5
			OTHER ASSETS & LIABILITIES, NET			(2,316,234	)		(0.5	)
			NET ASSETS		$	523,474,574			100.0	%

* 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 contract.

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

At 6/30/19, the aggregate value of securities on loan is $4,083,022. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of June 30, 2019 were as follows (see Note 3):

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		15	09/20/19	$	2,182,654	$	2,208,150	$	25,496

68 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

International Equity Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUSTRIA
	38,927		Wienerberger AG.	$	960,527		1.0	%
					960,527		1.0
	CHINA				210,815		0.2
	DENMARK
	15,896		DSV AS		1,565,278		1.6
	44,570		Novo Nordisk AS		2,276,511		2.4
			Other		594,815		0.6
					4,436,604		4.6
	FRANCE
	53,457		Accor S.A.		2,294,670		2.4
	71,606		Credit Agricole S.A.		854,453		0.9
	18,438		Danone		1,561,186		1.6
	13,004		Essilor International S.A.		1,694,706		1.8
	39,189		Schneider Electric S.A.		3,545,934		3.7
	30,181		Vinci S.A.		3,082,253		3.2
			Other		3,195,426		3.3
					16,228,628		16.9
	GERMANY
	23,306		BASF SE		1,695,493		1.8
	4,572		Continental AG.		665,770		0.7
	30,776	g	Covestro AG.		1,566,792		1.6
	35,771		Daimler AG. (Registered)		1,995,014		2.1
	21,121		HeidelbergCement AG.		1,709,224		1.8
	21,346		Lanxess AG.		1,267,728		1.3
	16,266	*	Porsche AG.		1,053,784		1.1
	5,139		Siemens AG.		611,826		0.6
			Other		115,207		0.1
					10,680,838		11.1
	HONG KONG
	48,648		Hong Kong Exchanges and Clearing Ltd		1,719,225		1.8
	28,402		Melco Crown Entertainment Ltd (ADR)		616,891		0.6
					2,336,116		2.4
	INDIA
	26,040		HDFC Bank Ltd		922,368		1.0
	28,707		Housing Development Finance Corp		911,537		0.9
			Other		26,101		0.0
					1,860,006		1.9
	IRELAND
	46,372		CRH plc		1,515,771		1.6
					1,515,771		1.6

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 69

Summary portfolio of investments (unaudited) continued

International Equity Fund  §  June 30, 2019

Shares			Company	Value		% of net assets
	ITALY
	168,547		Davide Campari-Milano S.p.A	$	1,651,197		1.7	%
	77,984		Mediobanca S.p.A.		804,155		0.9
	282,132		UniCredit S.p.A.		3,472,715		3.6
					5,928,067		6.2
	JAPAN
	7,096		Central Japan Railway Co		1,422,804		1.5
	58,851		Hitachi Ltd		2,165,288		2.2
	17,011		Konami Corp		800,176		0.8
	38,400		Murata Manufacturing Co Ltd		1,728,796		1.8
	7,321		Nintendo Co Ltd		2,686,065		2.8
	28,186		Rohm Co Ltd		1,899,057		2.0
	52,792		Sony Corp		2,774,217		2.9
	30,983		Toyota Motor Corp		1,922,923		2.0
			Other		1,131,244		1.2
					16,530,570		17.2
	KOREA, REPUBLIC OF				474,750		0.5
	NETHERLANDS
	1,542	*,g	Adyen NV		1,189,476		1.3
	44,125		Royal Dutch Shell plc (A Shares)		1,440,133		1.5
					2,629,609		2.8
	SPAIN
	50,464		Siemens Gamesa Renewable Energy		838,754		0.9
					838,754		0.9
	SWEDEN
	67,473		Electrolux AB (Series B)		1,729,571		1.8
	93,500	e	Hennes & Mauritz AB (B Shares)		1,661,132		1.7
					3,390,703		3.5
	SWITZERLAND
	207,912		Credit Suisse Group		2,488,535		2.6
	5,828		Lonza Group AG.		1,967,491		2.1
	8,321		Roche Holding AG.		2,339,762		2.4
			Other		403,563		0.5
					7,199,351		7.6
	UNITED KINGDOM
	190,623		CNH Industrial NV		1,958,315		2.0
	22,752		Linde plc (Xetra)		4,569,878		4.8
	3,772,600		Lloyds TSB Group plc		2,709,551		2.8
	37,102		Reckitt Benckiser Group plc		2,929,376		3.1
	25,013		Schroders plc		970,338		1.0
	1,006,735		Tesco plc		2,902,086		3.0

70 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

International Equity Fund  §  June 30, 2019

Shares			Company		Value			% of net assets
	UNITED KINGDOM—continued
	115,709		Travis Perkins plc		$	1,871,432			1.9	%
			Other			1,215,406			1.3
						19,126,382			19.9
			TOTAL COMMON STOCKS	(Cost $98,374,198)		94,347,491			98.3
Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$2,355,000		Federal Home Loan Bank (FHLB)	2.100%, 07/01/19		2,355,000			2.5
						2,355,000			2.5
Shares			Company
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	881,937	c	State Street Navigator Securities Lending Government Money Market Portfolio			881,937			0.9
						881,937			0.9
			TOTAL SHORT-TERM INVESTMENTS	(Cost $3,236,937)		3,236,937			3.4
			TOTAL PORTFOLIO	(Cost $101,611,135)		97,584,428			101.7
			OTHER ASSETS & LIABILITIES, NET			(1,570,426	)		(1.7	)
			NET ASSETS		$	96,014,002			100.0	%

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $833,472. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities, including those in “Other,” is $3,349,721 or 3.5% of net assets.

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

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

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 71

Summary of market values by sector (unaudited)

International Equity Fund  §  June 30, 2019

Sector	Value			% of net assets
INDUSTRIALS	$	18,868,168			19.8	%
CONSUMER DISCRETIONARY		16,921,194			17.6
FINANCIALS		14,852,877			15.5
MATERIALS		13,391,849			13.9
CONSUMER STAPLES		9,043,844			9.4
INFORMATION TECHNOLOGY		8,409,080			8.8
HEALTH CARE		7,142,657			7.4
COMMUNICATION SERVICES		3,791,806			3.9
ENERGY		1,440,132			1.5
REAL ESTATE		485,884			0.5
SHORT-TERM INVESTMENTS		3,236,937			3.4
OTHER ASSETS & LIABILITIES, NET		(1,570,426	)		(1.7	)
NET ASSETS	$	96,014,002			100.0	%

72 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Bond Fund  §  June 30, 2019

Principal		Issuer		Value		% of net assets
	BANK LOAN OBLIGATIONS
	CAPITAL GOODS			$	96,850		0.1	%
	COMMERCIAL & PROFESSIONAL SERVICES				119,646		0.1
	CONSUMER DURABLES & APPAREL				96,595		0.1
	CONSUMER SERVICES				242,819		0.1
	ENERGY				15,195		0.0
	FOOD, BEVERAGE & TOBACCO				28,896		0.0
	HEALTH CARE EQUIPMENT & SERVICES				256,985		0.1
	INSURANCE				98,134		0.1
	MATERIALS				220,030		0.1
	MEDIA & ENTERTAINMENT				179,968		0.1
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				91,811		0.0
	REAL ESTATE				197,328		0.1
	SOFTWARE & SERVICES				307,700		0.2
	TECHNOLOGY HARDWARE & EQUIPMENT				254,242		0.1
	TELECOMMUNICATION SERVICES				48,514		0.0
	TRANSPORTATION				48,194		0.0
		TOTAL BANK LOAN OBLIGATIONS	(Cost $2,341,529)		2,302,907		1.2
	BONDS
	CORPORATE BONDS
	AUTOMOBILES & COMPONENTS				802,824		0.4
	BANKS
	$750,000	Citigroup, Inc	3.200%, 10/21/26		765,252		0.4
		Other			10,844,599		5.4
					11,609,851		5.8
	CAPITAL GOODS				1,728,311		0.9
	COMMERCIAL & PROFESSIONAL SERVICES				1,361,459		0.7
	CONSUMER SERVICES				939,320		0.4
	DIVERSIFIED FINANCIALS				5,814,927		2.9
	ENERGY				6,079,116		3.1
	FOOD & STAPLES RETAILING				2,485,386		1.2
	FOOD, BEVERAGE & TOBACCO				2,352,807		1.2
	HEALTH CARE EQUIPMENT & SERVICES				1,530,807		0.8

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 73

Summary portfolio of investments (unaudited) continued

Bond Fund  §  June 30, 2019

Principal			Issuer		Value		% of net assets
	INSURANCE				$	3,043,645		1.5	%
	MATERIALS					2,110,775		1.1
	MEDIA & ENTERTAINMENT					3,343,661		1.7
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					2,649,313		1.3
	REAL ESTATE					4,156,621		2.1
	RETAILING					331,550		0.2
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					637,986		0.3
	SOFTWARE & SERVICES					2,527,536		1.3
	TECHNOLOGY HARDWARE & EQUIPMENT					1,967,218		1.0
	TELECOMMUNICATION SERVICES					3,985,955		2.0
	TRANSPORTATION					2,005,213		1.0
	UTILITIES					2,920,031		1.4
			TOTAL CORPORATE BONDS	(Cost $61,658,157)		64,384,312		32.3
	GOVERNMENT BONDS
	AGENCY SECURITIES					400,013		0.2
	FOREIGN GOVERNMENT BONDS
	$1,000,000		Kreditanstalt fuer Wiederaufbau	2.750%, 10/01/20		1,009,511		0.5
			Other			4,079,204		2.1
						5,088,715		2.6
	MORTGAGE BACKED
	1,187,912		Federal Home Loan Mortgage Corp Gold (FGLMC)	3.500%, 10/01/45		1,237,367		0.6
	2,270,311	h	FGLMC	3.000%, 01/01/47		2,297,175		1.2
	1,432,158		FGLMC	3.000%, 02/01/47		1,449,218		0.7
	716,451		FGLMC	3.500%, 03/01/48		743,512		0.4
	2,586,854	h	FGLMC	3.500%–5.000%, 06/01/36–08/01/48		2,727,041		1.4
	980,349		Federal National Mortgage Association (FNMA)	3.500%, 11/01/33		1,013,006		0.5
	654,390		FNMA	4.500%, 11/01/44		702,180		0.4
	1,362,969		FNMA	3.000%, 12/25/45		1,388,244		0.7
	734,962		FNMA	3.500%, 01/01/46		765,072		0.4
	840,071		FNMA	3.500%, 12/01/46		864,852		0.4
	755,045		FNMA	3.500%, 01/01/47		776,042		0.4
	1,032,069		FNMA	3.000%, 02/25/48		1,056,080		0.5
	922,423		FNMA	4.500%, 03/01/48		991,365		0.5
	3,141,644		FNMA	4.000%, 04/01/48		3,265,636		1.6
	912,055		FNMA	4.000%, 08/01/48		942,230		0.5
	984,882		FNMA	4.500%, 12/01/48		1,030,338		0.5
	958,011	h	FNMA	3.500%, 06/01/49		980,456		0.5
	7,565,736	i	FNMA	3.000%–7.500%, 08/01/21–06/01/49		7,755,677		3.9
	1,308,274		Government National Mortgage Association (GNMA)	3.500%, 12/20/47		1,351,814		0.7
	1,389,487		GNMA	3.500%, 01/20/48		1,435,591		0.7

74 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Bond Fund  §  June 30, 2019

Principal			Issuer		Value		% of net assets
	MORTGAGE BACKED—continued
	$2,258,125		GNMA	3.000%–6.000%, 03/15/34–01/20/49	$	2,019,203		1.0	%
			Other			1,434,618		0.7
						36,226,717		18.2
	MUNICIPAL BONDS
	1,400,000		State of Illinois	5.100%, 06/01/33		1,474,312		0.8
	1,000,000		State of Texas	3.295%, 10/01/25		1,066,650		0.5
			Other			4,448,440		2.2
						6,989,402		3.5
	U.S. TREASURY SECURITIES
	1,000,000		United States Treasury Bond	3.125%, 11/15/41		1,118,164		0.6
	2,935,700		United States Treasury Bond	3.000%, 11/15/45		3,208,972		1.6
	1,865,000		United States Treasury Bond	2.875%, 11/15/46		1,993,292		1.0
	765,000		United States Treasury Bond	3.000%, 05/15/47		836,928		0.4
	1,060,000		United States Treasury Bond	3.125%, 05/15/48		1,187,821		0.6
	1,976,000		United States Treasury Bond	3.375%, 11/15/48		2,322,726		1.2
	1,013,060	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/24		1,025,706		0.5
	850,000		United States Treasury Note	2.500%, 12/31/20		858,102		0.4
	4,635,000		United States Treasury Note	2.500%, 01/31/21		4,682,798		2.4
	1,365,000		United States Treasury Note	2.500%, 02/28/21		1,379,930		0.7
	2,000,000		United States Treasury Note	2.250%, 03/31/21		2,015,156		1.0
	3,930,000		United States Treasury Note	2.250%, 04/30/21		3,962,238		2.0
	4,785,000		United States Treasury Note	1.750%, 06/15/22		4,790,047		2.4
	925,000		United States Treasury Note	2.875%, 09/30/23		967,312		0.5
	1,434,000		United States Treasury Note	2.000%, 05/31/24		1,450,132		0.7
	650,000		United States Treasury Note	2.625%, 01/31/26		680,469		0.3
	960,000		United States Treasury Note	2.375%, 04/30/26		990,825		0.5
	3,094,000		United States Treasury Note	2.375%,05/15/29		3,195,522		1.6
	1,329,000		United States Treasury Note	3.000%,02/15/49		1,457,539		0.7
			Other			2,144,995		1.1
						40,268,674		20.2
			TOTAL GOVERNMENT BONDS	(Cost $86,769,080)		88,973,521		44.7
	STRUCTURED ASSETS
	ASSET BACKED
	995,852		Capital Automotive REIT Series - 2014 1A (Class A)	3.660%, 10/15/44		1,005,268		0.5
			Other			15,334,759		7.7
						16,340,027		8.2
	OTHER MORTGAGE BACKED
	898,038		Agate Bay Mortgage Trust Series - 2015 6 (Class A9)	3.500%, 09/25/45		895,322		0.4
	750,000		COMM Mortgage Trust Series - 2012 CR4 (Class A3)	2.853%, 10/15/45		757,146		0.4
	1,000,000		COMM Mortgage Trust Series - 2013 CR8 (Class B)	4.093%, 06/10/46		1,041,401		0.5
	3,390,000	g,i	COMM Mortgage Trust	3.603%–4.456%, 07/15/47–10/10/48		3,545,910		1.8

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 75

Summary portfolio of investments (unaudited) continued

Bond Fund  §  June 30, 2019

Principal		Issuer		Value		% of net assets
	OTHER MORTGAGE BACKED—continued
	$ 1,300,000	DBUBS Mortgage Trust Series - 2011 LC2A (Class D)	5.714%, 07/10/44	$	1,355,643		0.7	%
	680,000	JPMBB Commercial Mortgage Securities Trust Series - 2014 C21 (Class A5)	3.775%, 08/15/47		718,953		0.4
	628,927	Morgan Stanley Bank of America Merrill Lynch Trust Series - 2015 C21 (Class AS)	3.652%, 03/15/48		655,703		0.3
	645,000	WFRBS Commercial Mortgage Trust Series - 2013 C18 (Class AS)	4.387%, 12/15/46		690,747		0.3
		Other			11,450,540		5.8
					21,111,365		10.6
		TOTAL STRUCTURED ASSETS	(Cost $36,749,640)		37,451,392		18.8
		TOTAL BONDS	(Cost $185,176,877)		190,809,225		95.8
Shares		Company
	PREFERRED STOCKS
	BANKS				283,533		0.1
		TOTAL PREFERRED STOCKS	(Cost $569,550)		283,533		0.1
Principal		Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$4,824,000	Federal Home Loan Bank (FHLB)	2.100%, 07/01/19		4,824,000		2.4
					4,824,000		2.4
		TOTAL SHORT-TERM INVESTMENTS	(Cost $4,824,000)		4,824,000		2.4
		TOTAL PORTFOLIO	(Cost $192,911,956)		198,219,665		99.5
		OTHER ASSETS & LIABILITIES, NET			857,850		0.5
		NET ASSETS		$	199,077,515		100.0	%

Abbreviation(s):

REIT Real Estate Investment Trust

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities, including those in “Other,” is $37,151,486 or 18.7% of net assets.

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

i Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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

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

76 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Bond Fund  §  June 30, 2019

Bilateral credit default swap contracts outstanding as of June 30, 2019 were as follows (see Note 3):

PURCHASED

Reference entity	Terms of payments to be paid	Terms of payments to be received	Counterparty	Maturity date		Notional amount*		Value		Upfront premiums paid (received)		Unrealized appreciation (depreciation)
CDX-EMS31-V1-5Y Index	1.000%	Credit event as specified in contract	Citibank, N.A		06/20/24	$	500,000	$	15,595	$	15,679	$	(84	)

* The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

Centrally cleared credit default swap contracts outstanding as of June 30, 2019 were as follows (see Note 3):

PURCHASED

Reference entity	Terms of payments to be paid	Terms of payments to be received	Counterparty	Maturity date		Notional amount*		Variation margin			Unrealized appreciation (depreciation)
CDX-NAHYS32V1-5Y Index	5.000%	Credit event as specified in contract	Citigroup Global Markets, Inc		06/20/24	$	500,000	$	(954	)	$	(5,620	)

* The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 77

Summary portfolio of investments (unaudited)

Money Market Fund  §  June 30, 2019

Principal		Issuer		Value		% net assets
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$2,365,000	Federal Agricultural Mortgage Corp (FAMC)	0.010%, 09/23/19	$	2,353,053		2.2	%
	1,000,000	Federal Farm Credit Bank (FFCB)	0.010%, 07/09/19		999,471		0.9
	1,000,000	FFCB	0.010%, 07/31/19		998,083		0.9
	2,000,000	FFCB	0.010%, 08/05/19		1,995,411		1.8
	1,500,000	FFCB	0.010%, 08/06/19		1,496,465		1.4
	2,100,000	FFCB	0.010%, 08/12/19		2,094,610		1.9
	2,000,000	FFCB	0.010%, 08/14/19		1,994,476		1.8
	1,680,000	FFCB	0.010%, 08/20/19		1,674,633		1.6
	1,100,000	FFCB	0.010%, 08/26/19		1,095,876		1.0
	1,500,000	FFCB	0.010%, 09/03/19		1,493,500		1.4
	1,000,000	FFCB	0.010%, 09/16/19		994,888		0.9
	2,498,000	FFCB	0.010%, 10/04/19		2,483,275		2.3
	1,842,000	FFCB	0.010%, 07/03/19–10/21/19		1,831,407		1.7
	1,000,000	Federal Home Loan Bank (FHLB)	0.010%, 07/01/19		1,000,000		0.9
	3,000,000	FHLB	0.010%, 07/03/19		2,999,611		2.8
	1,925,000	FHLB	0.010%, 07/10/19		1,923,842		1.8
	2,305,000	FHLB	0.010%, 07/12/19		2,303,398		2.1
	1,000,000	FHLB	0.010%, 07/15/19		999,055		0.9
	1,200,000	FHLB	0.010%, 07/17/19		1,198,816		1.1
	1,000,000	FHLB	0.010%, 07/19/19		998,795		0.9
	1,000,000	FHLB	0.010%, 08/07/19		997,677		0.9
	2,950,000	FHLB	0.010%, 08/15/19		2,941,482		2.7
	2,625,000	FHLB	0.010%, 08/16/19		2,617,420		2.4
	1,000,000	FHLB	0.010%, 08/21/19		996,650		0.9
	1,404,000	FHLB	0.010%, 08/23/19		1,399,251		1.3
	2,159,000	FHLB	0.010%, 08/30/19		2,150,607		2.0
	2,300,000	FHLB	0.010%, 09/04/19		2,290,413		2.1
	6,000,000	FHLB	0.010%, 09/13/19		5,972,867		5.5
	1,500,000	FHLB	0.010%, 09/18/19		1,492,824		1.4
	1,000,000	FHLB	0.010%, 09/20/19		995,163		0.9
	1,600,000	FHLB	0.010%, 09/25/19		1,591,729		1.5
	2,000,000	FHLB	0.010%, 09/30/19		1,989,181		1.8
	5,424,000	FHLB	0.010%, 07/09/19–09/23/19		5,413,956		5.0
	1,000,000	Federal Home Loan Mortgage Corp (FHLMC)	0.010%, 07/08/19		999,536		0.9
	1,225,000	FHLMC	0.010%, 09/24/19		1,218,006		1.1
	1,085,000	FHLMC	0.010%, 10/17/19		1,077,393		1.0
	1,370,000	FHLMC	0.010%, 11/19/19		1,358,294		1.3
	4,165,000	FHLMC	0.010%, 07/03/19–11/04/19		4,139,212		3.8
	1,000,000	Federal National Mortgage Association (FNMA)	0.010%, 08/07/19		997,554		0.9
	1,380,000	FNMA	0.010%, 07/01/19–09/18/19		1,376,226		1.3
		Other			822,146		0.8
					75,766,252		69.8
	TREASURY DEBT
	1,500,000	United States Treasury Bill	0.010%, 07/02/19		1,499,903		1.4
	1,000,000	United States Treasury Bill	0.010%, 07/05/19		999,736		0.9
	2,000,000	United States Treasury Bill	0.010%, 07/11/19		1,998,688		1.9

78 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Money Market Fund  §  June 30, 2019

Principal			Issuer		Value		% net assets
	TREASURY DEBT—continued
	$ 995,000		United States Treasury Bill	0.010%, 07/16/19	$	994,051		0.9	%
	1,080,000		United States Treasury Bill	0.010%, 07/18/19		1,078,786		1.0
	1,000,000		United States Treasury Bill	0.010%, 08/01/19		997,965		0.9
	2,500,000		United States Treasury Bill	0.010%, 10/24/19		2,483,054		2.3
	1,563,000		United States Treasury Note	1.000%, 11/15/19		1,554,012		1.4
			Other			298,701		0.3
						11,904,896		11.0
	VARIABLE RATE SECURITIES
	1,000,000	i	Federal Agricultural Mortgage Corp (FAMC), FRED – 3.020%	2.480%, 09/01/20		1,000,000		0.9
	2,000,000	i	FAMC, SOFR + 0.080%	2.500%, 12/21/20		2,000,000		1.9
	3,000,000	i	FAMC, LIBOR 3 M – 0.200%–FRED – 2.950%	2.379%–2.550%, 09/27/19–07/08/20		3,000,000		2.8
	1,000,000	i	Federal Farm Credit Bank (FFCB), LIBOR 1 M – 0.030%	2.389%, 01/07/20		1,000,000		0.9
	1,000,000	i	FFCB, FRED – 2.960%	2.540%, 07/09/20		999,924		0.9
	4,300,000	i	FFCB, US Treasury Bill 3 M + 0.045%– FRED – 2.870%	2.141%–2.630%, 08/16/19–01/19/21		4,299,128		4.0
	2,500,000	i	Federal Home Loan Bank (FHLB), SOFR + 0.035%	2.455%, 06/19/20		2,500,000		2.3
	1,500,000	i	Federal National Mortgage Association (FNMA), SOFR + 0.060%–SOFR + 0.075%	2.480%–2.495%, 10/30/19–10/30/20		1,500,000		1.4
	1,500,000	i	United States Treasury Floating Rate Note, US Treasury Bill 3 M + 0.033%	2.129%, 04/30/20		1,499,832		1.4
			Other			2,480,072		2.2
						20,278,956		18.7
			TOTAL SHORT-TERM INVESTMENTS	(Cost $107,950,104)		107,950,104		99.5
			TOTAL PORTFOLIO	(Cost $107,950,104)		107,950,104		99.5
			OTHER ASSETS & LIABILITIES, NET			493,484		0.5
			NET ASSETS		$	108,443,588		100.0	%

Abbreviation(s):

FRED Federal Bank Prime Loan Rate

LIBOR London Interbank Offered Rate

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.

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

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

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 79

Portfolio of investments (unaudited)

Balanced Fund  §  June 30, 2019

Shares		Security		Value		% of net assets
	TIAA-CREF LIFE FUNDS—99.9%a
	FIXED INCOME—49.2%
	2,978,397	TIAA-CREF Life Bond Fund		$	31,690,147		49.2	%
		TOTAL FIXED INCOME			31,690,147		49.2
	INTERNATIONAL EQUITY—10.1%
	815,605	TIAA-CREF Life International Equity Fund			6,516,688		10.1
		TOTAL INTERNATIONAL EQUITY			6,516,688		10.1
	U.S. EQUITY—40.6%
	358,885	TIAA-CREF Life Growth Equity Fund			5,971,847		9.3
	350,128	TIAA-CREF Life Growth & Income Fund			6,526,391		10.2
	399,656	TIAA-CREF Life Large-Cap Value Fund			5,799,009		9.0
	86,494	TIAA-CREF Life Real Estate Securities Fund			1,287,038		2.0
	89,153	TIAA-CREF Life Small-Cap Equity Fund			1,308,762		2.0
	200,975	TIAA-CREF Life Stock Index Fund			5,231,389		8.1
		TOTAL U.S. EQUITY			26,124,436		40.6
		TOTAL TIAA-CREF LIFE FUNDS	(Cost $56,330,678)		64,331,271		99.9
		TOTAL PORTFOLIO	(Cost $56,330,678)		64,331,271		99.9
		OTHER ASSETS AND LIABILITIES, NET			43,773		0.1
		NET ASSETS		$	64,375,044		100.0	%

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

80 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

[This page intentionally left blank.]

TIAA-CREF Life Funds   §   2019 Semiannual Report 81

Statements of assets and liabilities (unaudited)

TIAA-CREF Life Funds  §  June 30, 2019

	Growth Equity Fund
ASSETS
Portfolio investments, at value*†	$	116,718,152
Cash		42,934
Cash—foreign^		—
Receivable from securities transactions		2,111,608
Receivable from Fund shares sold		185,267
Dividends and interest receivable		60,351
Due from affiliates		5,024
Receivable for variation margin on open futures contracts		—
Other		10,608
Total assets		119,133,944
LIABILITIES
Management fees payable		47,635
Due to affiliates		11,457
Overdraft payable		—
Payable for collateral for securities loaned		245,564
Payable for securities transactions		1,428,790
Payable for Fund shares redeemed		195,426
Payable for trustee compensation		7,357
Written optionsà		—
Accrued expenses and other payables		41,396
Total liabilities		1,977,625
NET ASSETS	$	117,156,319
NET ASSETS CONSIST OF:
Paid-in-capital	$	60,938,392
Total distributable earnings (loss)		56,217,927
NET ASSETS	$	117,156,319
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,040,274
Net asset value per share	$	16.64
*  Includes securities loaned of	$	239,973
†   Portfolio investments, cost	$	72,457,439
^  Foreign cash, cost	$	—
à  Written options premiums	$	—

82 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund		Large-Cap Value Fund		Real Estate Securities Fund		Small-Cap Equity Fund		Social Choice Equity Fund
$	151,487,169	$	70,158,132	$	77,033,880	$	52,504,650	$	64,631,128
	48,182		23,212		29,727		—		5,896
	3,674		—		—		—		—
	1,185,149		1,904,319		123,806		4,841,515		267,965
	—		—		8,692		4,198		275
	112,691		55,993		307,241		49,473		62,907
	7,306		9,109		5,951		7,890		6,732
	—		—		—		—		2,974
	15,916		11,194		10,810		8,470		6,512
	152,860,087		72,161,959		77,520,107		57,416,196		64,984,389
	60,144		27,918		35,403		21,364		8,604
	11,751		11,231		11,191		11,110		11,137
	—		—		—		186,218		—
	666,742		—		—		174,795		77,317
	957,506		1,807,225		—		4,550,056		—
	649,840		392,438		281,067		151,373		345,987
	11,655		8,411		9,171		6,400		6,238
	272,113		—		—		—		—
	57,847		44,519		34,848		31,845		36,543
	2,687,598		2,291,742		371,680		5,133,161		485,826
$	150,172,489	$	69,870,217	$	77,148,427	$	52,283,035	$	64,498,563
$	86,052,217	$	54,504,682	$	46,662,892	$	39,149,765	$	31,830,858
	64,120,272		15,365,535		30,485,535		13,133,270		32,667,705
$	150,172,489	$	69,870,217	$	77,148,427	$	52,283,035	$	64,498,563
	8,054,969		4,814,273		5,185,533		3,561,575		3,643,065
$	18.64	$	14.51	$	14.88	$	14.68	$	17.70
$	959,357	$	—	$	—	$	281,550	$	363,868
$	101,271,906	$	58,498,371	$	51,346,863	$	48,428,294	$	45,121,734
$	3,674	$	—	$	—	$	—	$	—
$	342,251	$	—	$	—	$	—	$	—

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 83

Statements of assets and liabilities (unaudited)

TIAA-CREF Life Funds  §  June 30, 2019

	Stock Index Fund
ASSETS
Portfolio investments, at value*†	$	525,790,808
Affiliated investments, at value‡		—
Cash#§		11,262
Cash—foreign^		—
Receivable from securities transactions		6,183,138
Receivable for delayed delivery securities		—
Receivable from Fund shares sold		20,524
Dividends and interest receivable		461,786
Due from affiliates		5,428
Receivable for variation margin on open futures contracts		25,528
Swap premiums paid		—
Other		27,214
Total assets		532,525,688
LIABILITIES
Management fees payable		27,775
Due to affiliates		13,842
Payable for collateral for securities loaned		2,678,508
Payable for securities transactions		5,739,862
Payable for delayed delivery securities		—
Payable for Fund shares redeemed		496,797
Payable for trustee compensation		26,888
Payable for variation margin on centrally cleared swaps		—
Unfunded loan commitment		—
Unrealized depreciation on swap agreements		—
Accrued expenses and other payables		67,442
Total liabilities		9,051,114
NET ASSETS	$	523,474,574
NET ASSETS CONSIST OF:
Paid-in-capital	$	248,229,186
Total distributable earnings (loss)		275,245,388
NET ASSETS	$	523,474,574
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		20,113,089
Net asset value per share	$	26.03
*  Includes securities loaned of	$	4,083,022
#   Includes cash collateral for mortgage dollar rolls	$	—
§   Includes cash collateral for open swap contracts	$	—
†   Portfolio investments, cost	$	258,648,895
‡   Affiliated investments, cost	$	—
^  Foreign cash, cost	$	—

84 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

International Equity Fund		Bond Fund		Money Market Fund		Balanced Fund
$	97,584,428	$	198,219,665	$	107,950,104	$	—
	—		—		—		64,331,271
	29,686		1,009,139		31,416		64,351
	98,713		—		—		—
	6,971,301		67,967		—		381,654
	—		2,436,267		—		—
	—		379,675		470,608		3,316
	254,929		1,130,350		55,492		—
	10,843		10,964		8,508		6,150
	—		—		—		—
	—		15,679		—		—
	12,931		15,474		—		1,986
	104,962,831		203,285,180		108,516,128		64,788,728
	42,242		53,618		9,443		5,727
	11,525		12,038		11,274		4,414
	881,937		—		—		—
	7,767,391		52,457		—		381,711
	—		3,913,615		—		—
	165,667		75,166		3,165		307
	10,156		17,449		101		1,977
	—		954		—		—
	—		68		—		—
	—		84		—		—
	69,911		82,216		48,557		19,548
	8,948,829		4,207,665		72,540		413,684
$	96,014,002	$	199,077,515	$	108,443,588	$	64,375,044
$	95,649,669	$	186,678,396	$	108,440,809	$	54,637,275
	364,333		12,399,119		2,779		9,737,769
$	96,014,002	$	199,077,515	$	108,443,588	$	64,375,044
	12,024,972		18,706,457		108,438,455		5,232,780
$	7.98	$	10.64	$	1.00	$	12.30
$	833,472	$	—	$	—	$	—
$	—	$	960,000	$	—	$	—
$	—	$	37,824	$	—	$	—
$	101,611,135	$	192,911,956	$	107,950,104	$	—
$	—	$	—	$	—	$	56,330,678
$	98,782	$	—	$	—	$	—

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 85

Statements of operations (unaudited)

TIAA-CREF Life Funds  §  For the period ended June 30, 2019

	Growth Equity Fund
INVESTMENT INCOME
Dividends*	$	513,474
Interest		14,891
Income from securities lending		13,179
Payment from affiliate		5,555
Total income		547,099
EXPENSES
Management fees		252,174
Shareholder servicing		1,267
Professional fees		17,989
Custody and accounting fees		17,791
Administrative service fees		12,127
Shareholder reports		6,945
Trustee fees and expenses		713
Other expenses		3,603
Total expenses		312,609
Less: Expenses reimbursed by the investment adviser		(21,341	)
Net expenses		291,268
Net investment income (loss)		255,831
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments‡		2,798,980
Futures contracts		—
Purchased options		(72,362	)
Written options		23,839
Foreign currency transactions		21
Net realized gain (loss) on total investments		2,750,478
Change in unrealized appreciation (depreciation) on:
Portfolio investments		18,078,935
Futures contracts		—
Purchased options		—
Written options		(605	)
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(538	)
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		18,077,792
Net realized and unrealized gain (loss) on total investments		20,828,270
Net increase (decrease) in net assets from operations	$	21,084,101
*   Net of foreign withholding taxes of	$	10,585
‡ Includes net realized gain (loss) from securities sold to affiliates of	$	15,041

86 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund			Large-Cap Value Fund			Real Estate Securities Fund			Small-Cap Equity Fund			Social Choice Equity Fund
$	1,498,424		$	806,669		$	863,804		$	310,983		$	588,949
	9,841			7,674			19,896			4,246			4,839
	6,089			—			—			14,183			4,911
	7,311			3,547			3,669			—			—
	1,521,665			817,890			887,369			329,412			598,699
	322,359			153,604			188,263			120,698			46,281
	1,457			1,233			1,249			1,068			1,393
	18,452			17,918			18,326			16,562			14,573
	27,347			26,251			12,422			11,930			13,008
	12,409			11,791			11,797			11,648			11,710
	7,720			9,385			4,377			4,314			4,553
	933			441			524			370			441
	13,004			4,538			4,063			6,718			8,083
	403,681			225,161			241,021			173,308			100,042
	(31,548	)		(47,519	)		(26,538	)		(34,311	)		(32,192	)
	372,133			177,642			214,483			138,997			67,850
	1,149,532			640,248			672,886			190,415			530,849
	2,682,550			(383,518	)		1,306,562			1,663,592			2,887,922
	—			—			—			—			18,209
	7,175			—			—			—			—
	121,949			—			—			—			—
	(2,890	)		—			—			—			—
	2,808,784			(383,518	)		1,306,562			1,663,592			2,906,131
	21,436,109			10,335,852			11,902,643			6,576,269			6,646,689
	—			—			—			—			28,123
	(3,637	)		—			—			—			—
	205,942			—			—			—			—
	(588	)		(7	)		—			—			—
	21,637,826			10,335,845			11,902,643			6,576,269			6,674,812
	24,446,610			9,952,327			13,209,205			8,239,861			9,580,943
$	25,596,142		$	10,592,575		$	13,882,091		$	8,430,276		$	10,111,792
$	11,839		$	282		$	—		$	259		$	42
$	(64,998	)	$	—		$	—		$	48,955		$	18,179

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 87

Statements of operations (unaudited)

TIAA-CREF Life Funds  §  For the period ended June 30, 2019

	Stock Index Fund
INVESTMENT INCOME
Dividends*	$	5,012,651
Interest		61,035
Income from securities lending		37,391
Payment from affiliate		—
Total income		5,111,077
EXPENSES
Management fees		146,387
Shareholder servicing		1,409
Professional fees		26,395
Custody and accounting fees		17,942
Administrative service fees		15,082
Shareholder reports		20,854
Trustee fees and expenses		3,167
Other expenses		10,019
Total expenses		241,255
Less: Expenses reimbursed by the investment adviser		(21,897	)
Net expenses		219,358
Net investment income (loss)		4,891,719
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments
Unaffiliated investments‡		(302,176	)
Affiliated investments		—
Futures contracts		247,466
Swap contracts		—
Foreign currency transactions		—
Net realized gain (loss) on total investments		(54,710	)
Change in unrealized appreciation (depreciation) on:
Portfolio investments
Unaffiliated investments		75,623,814
Affiliated investments		—
Futures contracts		292,607
Swap contracts		—
Unfunded loan commitments		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		75,916,421
Net realized and unrealized gain (loss) on total investments		75,861,711
Net increase (decrease) in net assets from operations	$	80,753,430
*   Net of foreign withholding taxes of	$	629
‡ Includes net realized gain (loss) from securities sold to affiliates of	$	—

88 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

International Equity Fund			Bond Fund			Money Market Fund			Balanced Fund
$	1,665,685		$	—		$	—		$	—
	26,768			3,452,836			1,193,460			789
	15,556			—			—			—
	5,839			—			—			—
	1,713,848			3,452,836			1,193,460			789
	231,559			289,949			48,984			30,469
	1,269			1,276			904			1,228
	22,108			27,538			15,276			10,696
	35,366			29,364			25,858			5,821
	12,003			12,784			12,057			5,858
	6,810			9,608			7,383			4,163
	564			1,330			777			403
	16,057			5,892			3,031			2,869
	325,736			377,741			114,270			61,507
	(48,092	)		(38,963	)		(40,590	)		(30,962	)
	277,644			338,778			73,680			30,545
	1,436,204			3,114,058			1,119,780			(29,756	)
	(2,929,423	)		631,886			2,637			(115,479	)
	—			—			—			(5,021	)
	—			—			—			—
	—			(8,307	)		—			—
	(9,323	)		(19,570	)		—			—
	(2,938,746	)		604,009			2,637			(120,500	)
	12,690,786			9,211,227			—			—
	—			—			—			7,209,481
	—			—			—			—
	—			(5,704	)		—			—
	—			(68	)		—			—
	464			150			—			—
	12,691,250			9,205,605			—			7,209,481
	9,752,504			9,809,614			2,637			7,088,981
$	11,188,708		$	12,923,672		$	1,122,417		$	7,059,225
$	195,676		$	—		$	—		$	—
$	(196,608	)	$	—		$	—		$	(1,030	)

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 89

Statements of changes in net assets

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

	Growth Equity Fund
	June 30, 2019			December 31, 2018
	(unaudited)
OPERATIONS
Net investment income (loss)	$	255,831		$	470,414
Net realized gain (loss) on total investments		2,750,478			8,659,360
Net change in unrealized appreciation (depreciation) on total investments		18,077,792			(9,279,394	)
Net increase (decrease) in net assets from operations		21,084,101			(149,620	)
DISTRIBUTIONS TO SHAREHOLDERS		—			(7,162,495	)
Total distributions		—			(7,162,495	)
SHAREHOLDER TRANSACTIONS
Subscriptions		13,786,987			23,046,935
Reinvestments of distributions		—			7,162,495
Redemptions		(15,931,066	)		(21,781,434	)
Net increase (decrease) from shareholder transactions		(2,144,079	)		8,427,996
Net increase (decrease) in net assets		18,940,022			1,115,881
NET ASSETS
Beginning of period		98,216,297			97,100,416
End of period	$	117,156,319		$	98,216,297
CHANGE IN FUND SHARES
Shares sold		885,865			1,469,843
Shares reinvested		—			441,040
Shares redeemed		(997,693	)		(1,388,831	)
Net increase (decrease) from shareholder transactions		(111,828	)		522,052

90 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund						Large-Cap Value Fund
June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018
(unaudited)						(unaudited)
$	1,149,532		$	1,531,646		$	640,248		$	1,237,719
	2,808,784			8,924,356			(383,518	)		3,550,132
	21,637,826			(20,239,378	)		10,335,845			(15,122,740	)
	25,596,142			(9,783,376	)		10,592,575			(10,334,889	)
	—			(10,596,948	)		—			(6,487,384	)
	—			(10,596,948	)		—			(6,487,384	)
	4,072,578			15,924,379			2,563,818			8,390,235
	—			10,596,104			—			6,486,526
	(9,164,574	)		(22,278,093	)		(6,242,269	)		(11,568,496	)
	(5,091,996	)		4,242,390			(3,678,451	)		3,308,265
	20,504,146			(16,137,934	)		6,914,124			(13,514,008	)
	129,668,343			145,806,277			62,956,093			76,470,101
$	150,172,489		$	129,668,343		$	69,870,217		$	62,956,093
	232,240			873,246			187,207			557,798
	—			564,824			—			428,720
	(520,568	)		(1,214,044	)		(450,040	)		(766,117	)
	(288,328	)		224,026			(262,833	)		220,401

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 91

Statements of changes in net assets

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

	Real Estate Securities Fund
	June 30, 2019			December 31, 2018
	(unaudited)
OPERATIONS
Net investment income (loss)	$	672,886		$	1,638,241
Net realized gain (loss) on total investments		1,306,562			969,822
Net change in unrealized appreciation (depreciation) on total investments		11,902,643			(5,738,238	)
Net increase (decrease) in net assets from operations		13,882,091			(3,130,175	)
DISTRIBUTIONS TO SHAREHOLDERS		—			(3,982,177	)
Total distributions		—			(3,982,177	)
SHAREHOLDER TRANSACTIONS
Subscriptions		3,320,229			5,109,851
Reinvestments of distributions		—			3,981,876
Redemptions		(7,196,156	)		(11,980,966	)
Net increase (decrease) from shareholder transactions		(3,875,927	)		(2,889,239	)
Net increase (decrease) in net assets		10,006,164			(10,001,591	)
NET ASSETS
Beginning of period		67,142,263			77,143,854
End of period	$	77,148,427		$	67,142,263
CHANGE IN FUND SHARES
Shares sold		233,860			388,522
Shares reinvested		—			300,519
Shares redeemed		(502,682	)		(913,624	)
Net increase (decrease) from shareholder transactions		(268,822	)		(224,583	)

92 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

continued

Small-Cap Equity Fund						Social Choice Equity Fund
June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018
(unaudited)						(unaudited)
$	190,415		$	297,374		$	530,849		$	1,030,430
	1,663,592			7,007,084			2,906,131			8,734,660
	6,576,269			(13,599,440	)		6,674,812			(12,929,794	)
	8,430,276			(6,294,982	)		10,111,792			(3,164,704	)
	—			(6,414,744	)		—			(3,944,778	)
	—			(6,414,744	)		—			(3,944,778	)
	3,060,665			4,408,393			1,181,787			4,449,391
	—			6,414,744			—			3,944,061
	(5,632,660	)		(10,277,253	)		(2,635,826	)		(6,827,742	)
	(2,571,995	)		545,884			(1,454,039	)		1,565,710
	5,858,281			(12,163,842	)		8,657,753			(5,543,772	)
	46,424,754			58,588,596			55,840,810			61,384,582
$	52,283,035		$	46,424,754		$	64,498,563		$	55,840,810
	216,173			278,556			69,896			268,338
	—			413,854			—			225,246
	(395,866	)		(657,798	)		(155,458	)		(396,474	)
	(179,693	)		34,612			(85,562	)		97,110

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 93

Statements of changes in net assets

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

	Stock Index Fund
	June 30, 2019			December 31, 2018
	(unaudited)
OPERATIONS
Net investment income (loss)	$	4,891,719		$	8,783,599
Net realized gain (loss) on total investments		(54,710	)		4,443,653
Net change in unrealized appreciation (depreciation) on total investments		75,916,421			(37,291,381	)
Net increase (decrease) in net assets from operations		80,753,430			(24,064,129	)
DISTRIBUTIONS TO SHAREHOLDERS		—			(10,867,391	)
Total distributions		—			(10,867,391	)
SHAREHOLDER TRANSACTIONS
Subscriptions		37,552,964			56,711,264
Reinvestments of distributions		—			10,867,391
Redemptions		(24,359,164	)		(48,549,782	)
Net increase (decrease) from shareholder transactions		13,193,800			19,028,873
Net increase (decrease) in net assets		93,947,230			(15,902,647	)
NET ASSETS
Beginning of period		429,527,344			445,429,991
End of period	$	523,474,574		$	429,527,344
CHANGE IN FUND SHARES
Shares sold		1,514,533			2,335,728
Shares reinvested		—			422,362
Shares redeemed		(977,740	)		(1,990,827	)
Net increase (decrease) from shareholder transactions		536,793			767,263

94 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

continued

International Equity Fund						Bond Fund
June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018
(unaudited)						(unaudited)
$	1,436,204		$	2,107,687		$	3,114,058		$	5,823,196
	(2,938,746	)		3,839,765			604,009			(2,298,372	)
	12,691,250			(32,412,568	)		9,205,605			(5,147,337	)
	11,188,708			(26,465,116	)		12,923,672			(1,622,513	)
	—			(1,123,383	)		—			(5,057,919	)
	—			(1,123,383	)		—			(5,057,919	)
	5,449,929			12,689,868			13,507,249			20,767,398
	—			1,123,383			—			5,057,753
	(6,675,512	)		(15,579,604	)		(16,638,290	)		(29,828,381	)
	(1,225,583	)		(1,766,353	)		(3,131,041	)		(4,003,230	)
	9,963,125			(29,354,852	)		9,792,631			(10,683,662	)
	86,050,877			115,405,729			189,284,884			199,968,546
$	96,014,002		$	86,050,877		$	199,077,515		$	189,284,884
	709,810			1,451,600			1,322,280			2,066,035
	—			127,368			—			513,999
	(859,360	)		(1,746,386	)		(1,620,955	)		(2,974,914	)
	(149,550	)		(167,418	)		(298,675	)		(394,880	)

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 95

Statements of changes in net assets

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

	Money Market Fund
	June 30, 2019			December 31, 2018
	(unaudited)
OPERATIONS
Net investment income (loss)	$	1,119,780		$	1,509,783
Net realized gain (loss) on total investments		2,637			(50	)
Net change in unrealized appreciation (depreciation) on total investments		—			—
Net increase (decrease) in net assets from operations		1,122,417			1,509,733
DISTRIBUTIONS TO SHAREHOLDERS		(1,118,753	)		(1,510,779	)
Total distributions		(1,118,753	)		(1,510,779	)
SHAREHOLDER TRANSACTIONS
Subscriptions		61,426,032			153,340,638
Reinvestments of distributions		1,118,753			1,510,714
Redemptions		(58,774,649	)		(132,591,226	)
Net increase (decrease) from shareholder transactions		3,770,136			22,260,126
Net increase (decrease) in net assets		3,773,800			22,259,080
NET ASSETS
Beginning of period		104,669,788			82,410,708
End of period	$	108,443,588		$	104,669,788
CHANGE IN FUND SHARES
Shares sold		61,426,032			153,340,638
Shares reinvested		1,118,753			1,510,714
Shares redeemed		(58,774,649	)		(132,591,226	)
Net increase (decrease) from shareholder transactions		3,770,136			22,260,126

96 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

Balanced Fund
June 30, 2019			December 31, 2018
(unaudited)
$	(29,756	)	$	1,072,622
	(120,500	)		1,560,551
	7,209,481			(5,901,397	)
	7,059,225			(3,268,224	)
	—			(308,311	)
	—			(308,311	)
	4,055,769			5,005,948
	—			308,252
	(3,256,248	)		(4,564,169	)
	799,521			750,031
	7,858,746			(2,826,504	)
	56,516,298			59,342,802
$	64,375,044		$	56,516,298
	340,130			429,326
	—			25,904
	(273,598	)		(389,454	)
	66,532			65,776

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 97

Financial highlights

TIAA-CREF Life Funds

				Selected per share data
						Gain (loss) from investment operations
														Less distributions from
	For the period or year ended			Net asset value, beginning of period		Net investment income (loss)a		Net realized and unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains			Total dividends and distributions
GROWTH EQUITY FUND
		6/30/19	#	$	13.73	$	0.04	$	2.87		$	2.91		$	—		$	—		$	—
		12/31/18			14.65		0.07		0.07			0.14			(0.06	)		(1.00	)		(1.06	)
		12/31/17	*		11.05		0.06		3.74			3.80			—			(0.20	)		(0.20	)
		12/31/16	*		11.55		0.06		(0.17	)		(0.11	)		(0.06	)		(0.33	)		(0.39	)
		12/31/15	*		10.81		0.03		1.01			1.04			(0.02	)		(0.28	)		(0.30	)
		12/31/14	*		10.55		0.04		1.15			1.19			(0.03	)		(0.90	)		(0.93	)
GROWTH & INCOME FUND
		6/30/19	#		15.54		0.14		2.96			3.10			—			—			—
		12/31/18			17.96		0.19		(1.26	)		(1.07	)		(0.17	)		(1.18	)		(1.35	)
		12/31/17	*		14.59		0.16		3.32			3.48			—			(0.11	)		(0.11	)
		12/31/16	*		14.28		0.18		1.05			1.23			(0.20	)		(0.72	)		(0.92	)
		12/31/15	*		15.02		0.16		0.32			0.48			(0.17	)		(1.05	)		(1.22	)
		12/31/14	*		14.81		0.15		1.50			1.65			(0.16	)		(1.28	)		(1.44	)
LARGE-CAP VALUE FUND
		6/30/19	#		12.40		0.13		1.98			2.11			—			—			—
		12/31/18			15.75		0.25		(2.23	)		(1.98	)		(0.22	)		(1.15	)		(1.37	)
		12/31/17	*		14.08		0.21		1.52			1.73			—			(0.06	)		(0.06	)
		12/31/16	*		12.48		0.24		2.11			2.35			(0.24	)		(0.51	)		(0.75	)
		12/31/15	*		14.72		0.18		(0.95	)		(0.77	)		(0.24	)		(1.23	)		(1.47	)
		12/31/14	*		14.66		0.26		1.06			1.32			(0.27	)		(0.99	)		(1.26	)
REAL ESTATE SECURITIES FUND
		6/30/19	#		12.31		0.13		2.44			2.57			—			—			—
		12/31/18			13.58		0.30		(0.82	)		(0.52	)		(0.27	)		(0.48	)		(0.75	)
		12/31/17	*		12.42		0.24		1.27			1.51			—			(0.35	)		(0.35	)
		12/31/16	*		13.34		0.23		0.29			0.52			(0.38	)		(1.06	)		(1.44	)
		12/31/15	*		14.66		0.32		0.27			0.59			(0.40	)		(1.51	)		(1.91	)
		12/31/14	*		11.74		0.24		3.11			3.35			(0.22	)		(0.21	)		(0.43	)
SMALL-CAP EQUITY FUND
		6/30/19	#		12.41		0.05		2.22			2.27			—			—			—
		12/31/18			15.81		0.08		(1.61	)		(1.53	)		(0.10	)		(1.77	)		(1.87	)
		12/31/17	*		14.06		0.10		1.97			2.07			—			(0.32	)		(0.32	)
		12/31/16	*		12.16		0.10		2.32			2.42			(0.12	)		(0.40	)		(0.52	)
		12/31/15	*		13.43		0.09		(0.13	)		(0.04	)		(0.08	)		(1.15	)		(1.23	)
		12/31/14	*		14.53		0.11		0.87			0.98			(0.11	)		(1.97	)		(2.08	)

98 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

								Ratios and supplemental data
										Ratios to average net assets
Net asset value, end of period		Total return††			Total return excluding payment from affiliatesu			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliatesu			Portfolio turnover rate
$	16.64		21.19	%b		21.19	%b	$	117,156		0.56	%c		0.52	%c		0.46	%c		0.45	%c		50	%b
	13.73		(0.21	)		(0.22	)		98,216		0.56			0.52			0.43			0.43			90
	14.65		34.54			34.53			97,100		0.59			0.52			0.43			0.43			81
	11.05		(0.96	)		(0.99	)		74,746		0.60			0.52			0.55			0.51			106
	11.55		9.67			9.67			81,569		0.57			0.52			0.24			0.24			78
	10.81		11.25			11.25			70,492		0.59			0.52			0.35			0.35			103
	18.64		19.95	b		19.94	b		150,172		0.56	c		0.52	c		1.60	c		1.59	c		31	b
	15.54		(7.25	)		(7.26	)		129,668		0.56			0.52			1.03			1.03			61
	17.96		23.91			23.91			145,806		0.58			0.52			1.00			1.00			70
	14.59		8.60			8.53			127,276		0.58			0.52			1.28			1.22			88
	14.28		3.34			3.34			132,244		0.55			0.52			1.01			1.01			82
	15.02		11.09			11.09			147,873		0.56			0.52			0.98			0.98			103
	14.51		17.02	b		17.01	b		69,870		0.66	c		0.52	c		1.88	c		1.87	c		13	b
	12.40		(14.13	)		(14.14	)		62,956		0.63			0.52			1.67			1.67			107
	15.75		12.34			12.34			76,470		0.63			0.53			1.39			1.39			55
	14.08		18.74			18.58			74,680		0.64			0.52			1.86			1.70			68
	12.48		(5.00	)		(5.00	)		64,052		0.58			0.52			1.25			1.25			61
	14.72		8.98			8.98			112,643		0.56			0.52			1.75			1.75			60
	14.88		20.88	b		20.88	b		77,148		0.64	c		0.57	c		1.79	c		1.78	c		11	b
	12.31		(4.23	)		(4.24	)		67,142		0.65			0.57			2.29			2.28			34
	13.58		12.32			12.32			77,144		0.66			0.58			1.86			1.86			35
	12.42		3.96			3.85			73,391		0.65			0.57			1.71			1.60			59
	13.34		4.37			4.37			73,223		0.59			0.57			2.12			2.12			30
	14.66		28.47			28.47			128,653		0.58			0.57			1.76			1.76			45
	14.68		18.29	b		18.29	b		52,283		0.66	c		0.53	c		0.73	c		0.73	c		66	b
	12.41		(12.05	)		(12.05	)		46,425		0.66			0.53			0.52			0.52			86
	15.81		14.90			14.90			58,589		0.71			0.53			0.68			0.68			77
	14.06		19.87			19.87			54,372		0.71			0.53			0.84			0.84			91
	12.16		(0.15	)		(0.15	)		49,403		0.63			0.53			0.68			0.68			92
	13.43		6.85			6.85			52,734		0.64			0.54			0.73			0.73			98

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 99

Financial highlights

TIAA-CREF Life Funds

				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
	For the period or year ended			Net asset value, beginning of period		Net investment income (loss)a			Net realized and unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains			Total dividends and distributions
SOCIAL CHOICE EQUITY FUND
		6/30/19	#	$	14.98	$	0.14		$	2.58		$	2.72		$	—		$	—		$	—
		12/31/18			16.90		0.29			(1.06	)		(0.77	)		(0.29	)		(0.86	)		(1.15	)
		12/31/17	*		14.02		0.27			2.66			2.93			(0.00	)d		(0.05	)		(0.05	)
		12/31/16	*		13.61		0.34			1.48			1.82			(0.34	)		(1.07	)		(1.41	)
		12/31/15	*		15.47		0.27			(0.72	)		(0.45	)		(0.39	)		(1.02	)		(1.41	)
		12/31/14	*		14.56		0.26			1.34			1.60			(0.28	)		(0.41	)		(0.69	)
STOCK INDEX FUND
		6/30/19	#		21.94		0.25			3.84			4.09			—			—			—
		12/31/18			23.68		0.46			(1.62	)		(1.16	)		(0.40	)		(0.18	)		(0.58	)
		12/31/17	*		19.59		0.40			3.71			4.11			—			(0.02	)		(0.02	)
		12/31/16	*		17.74		0.40			1.86			2.26			(0.41	)		(0.00	)		(0.41	)
		12/31/15	*		18.17		0.35			(0.28	)		0.07			(0.36	)		(0.14	)		(0.50	)
		12/31/14	*		16.49		0.32			1.73			2.05			(0.33	)		(0.04	)		(0.37	)
INTERNATIONAL EQUITY FUND
		6/30/19	#		7.07		0.12			0.79			0.91			—			—			—
		12/31/18			9.35		0.17			(2.36	)		(2.19	)		(0.09	)		—			(0.09	)
		12/31/17	*		7.11		0.10			2.24			2.34			(0.10	)		—			(0.10	)
		12/31/16	*		7.14		0.11			(0.03	)		0.08			(0.11	)		—			(0.11	)
		12/31/15	*		7.32		0.10			(0.18	)		(0.08	)		(0.10	)		—			(0.10	)
		12/31/14	*		8.06		0.12			(0.76	)		(0.64	)		(0.10	)		—			(0.10	)
BOND FUND
		6/30/19	#		9.96		0.16			0.52			0.68			—			—			—
		12/31/18			10.31		0.30			(0.38	)		(0.08	)		(0.27	)		—			(0.27	)
		12/31/17	*		9.86		0.27			0.18			0.45			(0.00	)d		—			(0.00	)d
		12/31/16	*		9.82		0.28			0.13			0.41			(0.29	)		(0.08	)		(0.37	)
		12/31/15	*		10.22		0.29			(0.23	)		0.06			(0.35	)		(0.11	)		(0.46	)
		12/31/14	*		9.98		0.24			0.31			0.55			(0.23	)		(0.08	)		(0.31	)
MONEY MARKET FUND
		6/30/19	#		1.00		0.01			—			0.01			(0.01	)		—			(0.01	)
		12/31/18			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)
		12/31/17			1.00		0.01			—			0.01			(0.01	)		—			(0.01	)
		12/31/16			1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		—			(0.00	)d
		12/31/15			1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		—			(0.00	)d
		12/31/14			1.00		—			0.00	d		0.00	d		—			—			—

100 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

continued

								Ratios and supplemental data
										Ratios to average net assets
Net asset value, end of period		Total return††			Total return excluding payment from affiliatesu			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliatesu			Portfolio turnover rate			Portfolio turnover rate excluding mortgage dollar rolls
$	17.70		18.16	%b		18.16	%b	$	64,499		0.32	%c		0.22	%c		1.72	%c		1.72	%c		15	%b		15	%b
	14.98		(5.55	)		(5.55	)		55,841		0.32			0.22			1.68			1.68			38			38
	16.90		20.96			20.96			61,385		0.33			0.22			1.75			1.75			13			13
	14.02		13.35			13.35			52,595		0.36			0.22			2.44			2.44			21			21
	13.61		(2.70	)		(2.70	)		47,408		0.28			0.22			1.76			1.76			9			9
	15.47		10.98			10.98			71,967		0.26			0.22			1.68			1.68			10			10
	26.03		18.64	b		18.64	b		523,475		0.10	c		0.09	c		2.00	c		2.00	c		2	b		2	b
	21.94		(5.28	)		(5.28	)		429,527		0.10			0.09			1.89			1.89			4			4
	23.68		21.01			21.01			445,430		0.12			0.09			1.88			1.88			7			7
	19.59		12.71			12.71			364,787		0.12			0.09			2.19			2.19			12			12
	17.74		0.43			0.43			332,443		0.11			0.09			1.91			1.91			7			7
	18.17		12.46			12.46			328,728		0.12			0.09			1.86			1.86			8			8
	7.98		13.01	b		13.00	b		96,014		0.70	c		0.60	c		3.10	c		3.09	c		61	b		61	b
	7.07		(23.58	)		(23.59	)		86,051		0.71			0.60			1.96			1.95			67			67
	9.35		32.98			32.97			115,406		0.70			0.60			1.24			1.24			119			119
	7.11		1.06			0.96			88,738		0.69			0.60			1.57			1.47			94			94
	7.14		(0.98	)		(0.98	)		91,819		0.66			0.60			1.29			1.29			77			77
	7.32		(7.90	)		(7.90	)		90,680		0.66			0.60			1.46			1.46			91			91
	10.64		6.83	b		6.83	b		199,078		0.39	c		0.35	c		3.22	c		3.22	c		75	b		61	b
	9.96		(0.79	)		(0.79	)		189,285		0.38			0.35			3.01			3.01			147			139
	10.31		4.54			4.54			199,969		0.36			0.35			2.69			2.69			147			114
	9.86		4.23			4.23			177,844		0.42			0.35			2.80			2.80			217			143
	9.82		0.57			0.57			179,096		0.39			0.35			2.77			2.77			155			155
	10.22		5.47			5.47			230,823		0.39			0.35			2.38			2.38			180			180
	1.00		1.14	b		1.14	b		108,444		0.23	c		0.15	c		2.29	c		2.29	c		—			—
	1.00		1.71			1.71			104,670		0.24			0.15			1.73			1.73			—			—
	1.00		0.74			0.74			82,411		0.26			0.15			0.75			0.75			—			—
	1.00		0.28			0.28			78,259		0.26			0.15			0.28			0.28			—			—
	1.00		0.00			0.00			71,238		0.23			0.15			0.00			0.00			—			—
	1.00		0.00			0.00			68,628		0.23			0.11			0.00			0.00			—			—

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 101

Financial highlights

TIAA-CREF Life Funds

				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
	For the period or year ended			Net asset value, beginning of period		Net investment income (loss)a			Net realized and unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains			Total dividends and distributions
BALANCED FUND
		6/30/19	#	$	10.94	$	(0.01	)	$	1.37		$	1.36		$	—		$	—		$	—
		12/31/18			11.63		0.21			(0.84	)		(0.63	)		(0.00	)d		(0.06	)		(0.06	)
		12/31/17			10.32		0.00			1.42			1.42			—			(0.11	)		(0.11	)
		12/31/16			10.12		0.23			0.39			0.62			(0.25	)		(0.17	)		(0.42	)
		12/31/15			10.45		0.22			(0.09	)		0.13			(0.30	)		(0.16	)		(0.46	)
		12/31/14	†		10.00		0.29			0.43			0.72			(0.27	)		(0.00	)d		(0.27	)

^#  Unaudited

* This per share data has been retroactively adjusted for 5-for-2 stock split that occurred on October 25, 2017.

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

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

^a  Based on average shares outstanding.

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

^c  The percentages shown for this period are annualized.

^d  Amount represents less than $0.01 per share.

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

^u  Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly. The total return and net investment income ratio displayed excludes this item.

102 2019 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

					Ratios and supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return††			Net assets at end of period (in thousands)		Gross expensese			Net expensese			Net investment income (loss)			Portfolio turnover rate
$	12.30		12.43	%b	$	64,375		0.20	%c		0.10	%c		(0.10	)%c		14	%b
	10.94		(5.47	)		56,516		0.21			0.10			1.77			17
	11.63		13.82			59,343		0.23			0.10			0.02			14
	10.32		6.14			49,957		0.24			0.10			2.20			17
	10.12		1.28			42,585		0.23			0.10			2.03			40
	10.45		7.21	b		36,932		0.49	c		0.10	c		2.99	c		59	b

See notes to financial statements TIAA-CREF Life Funds   §   2019 Semiannual Report 103

Notes to financial statements (unaudited)

TIAA-CREF Life Funds

Note 1—organization and significant accounting policies

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

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

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

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

104 2019 Semiannual Report   §   TIAA-CREF Life Funds

of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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

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

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

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

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

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

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are

TIAA-CREF Life Funds   §   2019 Semiannual Report 105

Notes to financial statements (unaudited)

retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of Assets and Liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of Operations.

New rule issuance: In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires Funds to establish a liquidity risk management program and enhances disclosures regarding funds’ liquidity. The requirements of this final rule have been implemented and did not have a material impact on the Funds’ financial statements and various filings.

Note 2—valuation of investments

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

• Level 1 – quoted prices in active markets for identical securities

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

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time

106 2019 Semiannual Report   §   TIAA-CREF Life Funds

continued

when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized as Level 2 of the fair value hierarchy.

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

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

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

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

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

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

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

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

TIAA-CREF Life Funds   §   2019 Semiannual Report 107

Notes to financial statements (unaudited)

As of June 30, 2019, 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs, while 100% of the value of investments in the Small-Cap Equity Fund and Balanced Fund were valued based on Level 1 inputs.

The following table summarizes the market value of the Funds’ investments as of June 30, 2019, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Growth Equity
Equity investments:
Communication services	$	17,961,539		$	1,317,305	$	—	$	19,278,844
Consumer discretionary		15,038,086			2,011,960		—		17,050,046
Health care		14,975,191			2,888,688		—		17,863,879
Industrials		5,101,564			1,734,771		—		6,836,335
Information technology		45,116,591			1,377,341		—		46,493,932
All other equity investments*		8,149,552			—		—		8,149,552
Short-term investments		245,564			800,000		—		1,045,564
Total	$	106,588,087		$	10,130,065	$	—	$	116,718,152
Growth & Income
Equity investments:
Communication services	$	15,835,036		$	590,540	$	—	$	16,425,576
Consumer discretionary		12,457,215			460,062		—		12,917,277
Consumer staples		12,089,218			543,168		—		12,632,386
Health care		21,852,291			3,106,771		—		24,959,062
Industrials		13,537,253			310,870		—		13,848,123
Information technology		34,177,620			490,319		—		34,667,939
All other equity investments*		34,757,522			—		—		34,757,522
Short-term investments		666,742			595,000		—		1,261,742
Purchased options		17,542			—		—		17,542
Written options**		(272,113	)		—		—		(272,113	)
Total	$	145,118,326		$	6,096,730	$	—	$	151,215,056
Large-Cap Value
Equity investments*	$	69,588,132		$	—	$	—	$	69,588,132
Short-term investments		—			570,000		—		570,000
Total	$	69,588,132		$	570,000	$	—	$	70,158,132
Real Estate Securities
Equity investments*	$	76,453,880		$	—	$	—	$	76,453,880
Short-term investments		—			580,000		—		580,000
Total	$	76,453,880		$	580,000	$	—	$	77,033,880
Social Choice Equity
Equity investments*	$	64,343,811		$	—	$	—	$	64,343,811
Short-term investments		77,317			210,000		—		287,317
Futures contracts**		2,970			—		—		2,970
Total	$	64,424,098		$	210,000	$	—	$	64,634,098

108 2019 Semiannual Report   §   TIAA-CREF Life Funds

continued

Fund	Level 1		Level 2			Level 3		Total
Stock Index
Equity investments:
Financials	$	70,312,460	$	125		$	—	$	70,312,585
Health care		73,199,885		95			—		73,199,980
Materials		15,470,805		—			1,286		15,472,091
All other equity investments*		361,727,644		—			—		361,727,644
Short-term investments		2,678,508		2,400,000			—		5,078,508
Futures contracts**		25,496		—			—		25,496
Total	$	523,414,798	$	2,400,220		$	1,286	$	525,816,304
International Equity
Equity investments:
Asia	$	616,891	$	18,249,795		$	—	$	18,866,686
Europe		—		69,620,182			—		69,620,182
All other equity investments*		—		5,860,623			—		5,860,623
Short-term investments		881,937		2,355,000			—		3,236,937
Total	$	1,498,828	$	96,085,600		$	—	$	97,584,428
Bond
Bank loan obligations	$	—	$	2,302,907		$	—	$	2,302,907
Corporate bonds		—		64,384,312			—		64,384,312
Government bonds		—		88,923,108			50,413		88,973,521
Structured assets		—		37,396,344			55,048		37,451,392
Preferred stocks		283,533		—			—		283,533
Short-term investments		—		4,824,000			—		4,824,000
Swaps contracts**		—		(5,704	)		—		(5,704	)
Unfunded loan commitment***		—		(68	)		—		(68	)
Total	$	283,533	$	197,824,899		$	105,461	$	198,213,893

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

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

*** Unfunded loan commitments are not reflected in the market value of portfolio investments.

Note 3—derivative instruments

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

TIAA-CREF Life Funds   §   2019 Semiannual Report 109

Notes to financial statements (unaudited)

At June 30, 2019, the following Funds have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

	Assets derivatives					Liabilities derivatives
Derivative contract	Location			Fair value amount		Location		Fair value amount
Growth & Income Fund
Equity contracts		Portfolio investments		$	17,542		Written options	$	(272,113	)
Social Choice Equity Fund
Equity contracts		Futures contracts	*		2,970
Stock Index Fund
Equity contracts		Futures contracts	*		25,496
Bond Fund
Credit contracts							Credit default swap contracts		(5,704	)

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

For the period ended June 30, 2019, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

Derivative contracts	Location		Realized gain (loss)			Change in unrealized appreciation (depreciation)
Growth Equity Fund
Equity contracts		Purchased options	$	(72,362	)	$	—
Equity contracts		Written options		23,839			(605	)
Growth & Income Fund
Equity contracts		Purchased options		7,175			(3,637	)
Equity contracts		Written options		121,949			205,942
Social Choice Equity Fund
Equity contracts		Futures contracts		18,209			28,123
Stock Index Fund
Equity contracts		Futures contracts		247,466			292,607
Bond Fund
Credit contracts		Swap contracts		(8,307	)		(5,704	)

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

110 2019 Semiannual Report   §   TIAA-CREF Life Funds

continued

into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended June 30, 2019, the Social Choice Equity Fund and Stock Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 2% of net assets. The futures contracts outstanding as of June 30, 2019 are disclosed in the summary portfolio of investments and the full Schedules of Investments.

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange traded). To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended June 30, 2019, the Growth Equity Fund and Growth & Income Fund had exposure to options, based on underlying notional values, generally between 0% and 6% of net assets. The purchased and written options outstanding as of June 30, 2019 are disclosed in the summary portfolio of investments and the full Schedules of Investments.

Credit default swap contracts: Certain Funds are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled either directly with the counterparty (bilateral) or through a central clearinghouse

TIAA-CREF Life Funds   §   2019 Semiannual Report 111

Notes to financial statements (unaudited)

(centrally cleared). A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Funds are required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Funds. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Funds could be required to make under the contract. In return, the Funds receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Funds keep the stream of payments with no payment obligations. When the Funds sell a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Funds.

Certain Funds may also buy credit default swap contracts, in which case the Funds function as the counterparty referenced above. This involves the risk that the contract may expire worthless. Bilateral swaps involve counterparty risk that the seller may fail to satisfy its payment obligations to the Funds with the occurrence of a credit event. Centrally cleared swaps have minimal counterparty credit risk to the Funds as they are entered into with a central clearinghouse which guarantees the swap against default.

The value of a bilateral swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable on the Statements of Assets and Liabilities.

Under the terms of the credit default swap contracts, the Funds receive or make quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of Operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. Daily changes in the value of such contracts are reflected in net unrealized gains and losses.

The Funds (other than the Money Market Fund) invest in credit default swaps to hedge or manage the risks associated with assets held in the Funds and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the period ended June 30, 2019, the Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. The credit default swap contracts outstanding as of June 30, 2019 are disclosed in the summary portfolio of investments and the full schedule of investments.

112 2019 Semiannual Report   §   TIAA-CREF Life Funds

continued

Note 4—investment adviser and affiliates

Teachers Advisors, LLC (“Advisors”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”) and a registered investment adviser, provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement between Advisors and the Funds. The Funds have also entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of TIAA, distributes the Funds’ shares. Under the terms of the distribution agreement, TPIS is not compensated. TPIS does not currently enter into agreements, or otherwise pay, other intermediaries to sell shares of the Funds.

As part of the Advisory Agreement, Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of June 30, 2019, the investment management fees and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets:

Fund	Investment management fee		Maximum expense amounts*
Growth Equity		0.45%		0.52%
Growth & Income		0.45		0.52
Large-Cap Value		0.45		0.52
Real Estate Securities		0.50		0.57
Small-Cap Equity		0.46		0.53
Social Choice Equity		0.15		0.22
Stock Index		0.06		0.09
International Equity		0.50		0.60
Bond		0.30		0.35
Money Market		0.10		0.15
Balanced		0.10		0.10

* Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions and other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least April 30, 2020. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

Income, reflected in Payment from affiliate on the Statement of Operations, reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if Advisors had purchased the research services directly.

TIAA-CREF Life Funds   §   2019 Semiannual Report 113

Notes to financial statements (unaudited)

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended June 30, 2019, the Funds engaged in the following security transactions with affiliated entities:

Fund	Purchases		Sales		Realized gain (loss)
Growth Equity	$	328,221	$	126,997	$	15,041
Growth & Income		546,266		785,779		(64,998	)
Large-Cap Value		73,911		—		—
Real Estate Securities		131,906		—		—
Small-Cap Equity		1,267,970		248,500		48,955
Social Choice Equity		130,923		168,404		18,179
Stock Index		2,608,872		—		—
International Equity		—		2,227,471		(196,608	)
Balanced		—		193,453		(1,030	)

Certain registered separate accounts of TIAA-CREF Life, which is a wholly owned subsidiary of TIAA, have various sub-accounts which invest in the Funds.

The following is the percentage of the Funds’ shares owned by affiliates and the Balanced Fund as of June 30, 2019:

Underlying Fund	Investments in funds held by TIAA-CREF Life			Investments in funds held by Balanced Fund			Total
Growth Equity		95	%		5	%		100	%
Growth & Income		96			4			100
Large-Cap Value		92			8			100
Real Estate Securities		98			2			100
Small-Cap Equity		97			3			100
Social Choice Equity		100			—			100
Stock Index		99			1			100
International Equity		93			7			100
Bond		84			16			100
Money Market		100			—			100
Balanced		100			—			100

114 2019 Semiannual Report   §   TIAA-CREF Life Funds

continued

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The TIAA-CREF Life Balanced Fund invests its assets in shares of the affiliated TIAA-CREF Life Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):

Issue	Value at 12/31/18		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)		Dividend income		Value at 6/30/19
TIAA-CREF Life Balanced Fund
TIAA-CREF Life Funds:
Growth Equity	$	4,940	$	783	$	811	$	20		$	1,040	$	—	$	5,972
Growth & Income		5,560		661		810		(12	)		1,127		—		6,526
Large-Cap Value		5,062		577		710		(60	)		930		—		5,799
Real Estate Securities		1,103		193		241		10			222		—		1,287
Small Cap Equity		1,109		177		184		(12	)		219		—		1,309
Stock Index		4,453		601		663		24			816		—		5,231
International Equity		5,604		749		582		(97	)		843		—		6,517
Bond		28,625		4,045		3,004		12			2,012		—		31,690
	$	56,456	$	7,786	$	7,005	$	(115	)	$	7,209	$	—	$	64,331

Note 5—investments

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities. As of June 30, 2019, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of Operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

TIAA-CREF Life Funds   §   2019 Semiannual Report 115

Notes to financial statements (unaudited)

At June 30, 2019, the total value of securities on loan and the total value of collateral received were as follows:

Fund	Aggregated value of securities on loan		Cash collateral received*		Non-cash collateral received		Total collateral received
Growth	$	239,973	$	245,564	$	—	$	245,564
Growth & Income		959,357		666,742		304,336		971,078
Small-Cap Equity		281,550		174,795		112,967		287,762
Social Choice		363,868		77,317		287,791		365,108
Stock Index		4,083,022		2,678,508		1,513,306		4,191,814
International Equity		833,472		881,937		—		881,937

* May include cash and investment of cash collateral.

Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Amounts receivable and/or payable for these transactions are reflected separately in the Statements of Assets and Liabilities.

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

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

Unfunded loan commitment: The Funds may enter into loan commitments to fund a portion of a delayed-draw term loan facility. The Funds are obligated to fund loan commitments at the borrower’s discretion. The Funds reserve against such contingent obligation by segregating short-term securities or cash. At June 30, 2019, the Bond Fund held an unfunded loan commitment of $8,641. Unfunded loan commitments are marked-to-market daily and any unrealized appreciation (depreciation) is included as an asset (liability) on the Statements of Assets and Liabilities. Interest income and the change in unrealized appreciation (depreciation) are included on the Statements of Operations.

116 2019 Semiannual Report   §   TIAA-CREF Life Funds

continued

Net unrealized appreciation (depreciation): At June 30, 2019, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Growth Equity	$	73,080,090	$	43,945,795	$	(307,733	)	$	43,638,062
Growth & Income		101,478,893		51,151,177		(1,415,014	)		49,736,163
Large-Cap Value		59,536,423		11,305,221		(683,512	)		10,621,709
Real Estate Securities		51,466,845		25,986,071		(419,036	)		25,567,035
Small-Cap Equity		48,630,014		7,289,047		(3,414,411	)		3,874,636
Social Choice Equity		45,199,295		21,457,974		(2,023,171	)		19,434,803
Stock Index		268,776,417		270,318,310		(13,278,423	)		257,039,887
International Equity		102,545,585		4,036,874		(8,998,031	)		(4,961,157	)
Bond		193,001,255		6,056,694		(828,225	)		5,228,469
Balanced		57,343,607		6,987,664		—			6,987,664

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended June 30, 2019 were as follows:

Fund	Non-U.S. government purchases		U.S. government purchases		Non-U.S. government sales		U.S. government sales
Growth Equity	$	55,309,593	$	—	$	57,490,635	$	—
Growth & Income		44,248,629		—		47,153,767		—
Large-Cap Value		9,056,877		—		12,039,522		—
Real Estate Securities		8,204,878		—		11,009,306		—
Small-Cap Equity		34,602,458		—		36,736,191		—
Social Choice Equity		9,273,047		—		9,418,452		—
Stock Index		34,249,689		—		9,901,071		—
International Equity		55,008,880		—		57,652,713		—
Bond		35,176,506		111,687,064		49,935,115		91,362,728
Balanced		9,141,171		—		8,354,839		—

TIAA-CREF Life Funds   §   2019 Semiannual Report 117

Notes to financial statements (unaudited)

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the year ended December 31, 2018 was as follows:

	2018
Fund	Ordinary income		Long-term capital gains		Total
Growth Equity	$	1,931,191	$	5,231,304	$	7,162,495
Growth & Income		2,948,877		7,648,071		10,596,948
Large-Cap Value		2,392,998		4,094,386		6,487,384
Real Estate Securities		1,420,413		2,561,764		3,982,177
Small-Cap Equity		2,135,741		4,279,003		6,414,744
Social Choice Equity		1,341,082		2,603,696		3,944,778
Stock Index		8,238,101		2,629,290		10,867,391
International Equity		1,123,383		—		1,123,383
Bond		5,057,919		—		5,057,919
Money Market		1,510,779		—		1,510,779
Balanced		111,207		197,104		308,311

The tax character of the fiscal year 2018 distributions will be determined at the end of the fiscal year.

Note 7—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended June 30, 2019, there were no inter-fund borrowing or lending transactions.

Note 8—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 18, 2019 expiring on June 16, 2020, replacing the previous $1.25 billion facility, which expired June 2019. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is

118 2019 Semiannual Report   §   TIAA-CREF Life Funds

concluded

borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2019, there were no borrowings under this credit facility by the Funds.

Note 9—share split

Effective October 25, 2017, the Growth Equity Fund, Growth & Income Fund, International Equity Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, and the Bond Fund underwent a 5-for-2 share split. The effect of the share split transaction was to multiply the number of outstanding shares of the Funds by the split factor, with a corresponding decrease in the net asset value per share. These transactions did not change the net assets of the Funds or the value of a shareholder’s investment. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the share splits.

Note 10—indemnification

In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be unlikely.

Note 11—legal proceedings

The Social Choice Equity Fund was named as defendant and a putative member of the proposed defendant class of shareholders, or could be added as a defendant, in pending litigation by the Bankruptcy Litigation Trustee for the Tribune Company (Tribune) and certain creditors of Tribune, as a result of its ownership of shares of Tribune in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The plaintiffs in that litigation seek to recover payments of the proceeds of the LBO. The litigation is now part of a multi-district litigation proceeding in the Southern District of New York and the Second Court of Appeals. The Fund’s exposure related to this matter is estimated to be 0.18% of net assets as of June 30, 2019.

TIAA-CREF Life Funds   §   2019 Semiannual Report 119

Approval of investment
management agreement (unaudited)

Board renewal of the investment management agreement for the TIAA-CREF Life Funds

The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Life Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement with respect to each series covered by this Report (the “Funds”).

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held a meeting on March 28, 2019, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

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

Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other

120 2019 Semiannual Report   §   TIAA-CREF Life Funds

information, comparative performance and expense data regarding each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Broadridge, and also compared the performance of each Fund against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of each Fund’s applicable peer group as selected by Broadridge and use of the Institutional Class as the base class for comparison purposes.

Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.

In advance of the Board meeting held on March 28, 2019, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at

TIAA-CREF Life Funds   §   2019 Semiannual Report 121

Approval of investment
management agreement (unaudited)

current and foreseeable asset levels, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

Prior to the March 28, 2019 meeting, the Board met informally to review and discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 2019 meeting, the Trustees were given the opportunity to and did ask additional questions, and they reviewed responses from Advisors to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

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

In addition to the general session meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors’ representatives were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of Advisors’ services to the

122 2019 Semiannual Report   §   TIAA-CREF Life Funds

continued

Funds by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Funds. Thus, in reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both Trust-level and Fund-specific information, but made its renewal determinations on a Fund-by-Fund basis. In deciding whether to renew the Agreement for each Fund, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 28, 2019, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

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

TIAA-CREF Life Funds   §   2019 Semiannual Report 123

Approval of investment
management agreement (unaudited)

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

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Funds, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the three-year performance of the Stock Index Fund before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable, on the Stock Index Fund’s performance as compared to the performance of its benchmark index. For details regarding each Fund’s performance, see the Fund-by-Fund synopsis below.

The Board considered, in those cases in which a Fund had performed materially differently from its Broadridge peers or benchmark based on a Board-established threshold, the factors identified by Advisors that contributed to such difference and any remedial measures being undertaken by Advisors. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Fund was reasonable or that appropriate actions had been or were being implemented.

Cost and profitability

The Board considered financial and profitability data relating to Advisors’ services to the Funds for the calendar year 2018. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors had incurred a net loss with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2018.

124 2019 Semiannual Report   §   TIAA-CREF Life Funds

continued

Fees charged by other advisers

The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds that underlie variable insurance products to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds that underlie variable insurance products. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds that underlie variable insurance products. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer mutual funds that underlie variable insurance products. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.

Economies of scale

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

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. The Board considered the management fee rates and the performance of such companies and accounts. The Board considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in

TIAA-CREF Life Funds   §   2019 Semiannual Report 125

Approval of investment
management agreement (unaudited)

different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; (5) may target different investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.

Other benefits

The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from their relationship with the Funds to the extent that this relationship results in potential investors viewing Teachers Investments and Teachers Insurance and Annuity Association of America (“TIAA”), of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Advisors may also benefit from the ability to acquire investment research related to the commission arrangements made on behalf of the Funds (i.e., soft dollars). Additionally, the Funds are utilized primarily as investment options for products offered by an affiliate of Advisors, TIAA-CREF Life Insurance Company.

Fund-by-fund factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. All time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2018 under the Agreement.

Growth Equity Fund

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

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

• The Fund was in the 3rd, 3rd, 3rd and 2nd quintiles of the group of comparable funds selected by Broadridge for performance comparison purposes

126 2019 Semiannual Report   §   TIAA-CREF Life Funds

continued

(“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 4th, 2nd and 2nd quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.

• The Board considered that the Fund’s underperformance was due to returns in 2016 where value investing was strongly favored over growth investing.

• The Fund received an Overall Morningstar Rating of 4 stars.

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

Growth & Income Fund

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

• The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

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

• The Fund received an Overall Morningstar Rating of 3 stars.

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

Large-Cap Value Fund

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

• The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

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

• The Fund received an Overall Morningstar Rating of 2 stars.

• The Board considered that the Fund underwent a portfolio manager change in November 2018 to seek to improve the consistency and magnitude of excess returns.

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

TIAA-CREF Life Funds   §   2019 Semiannual Report 127

Approval of investment
management agreement (unaudited)

Real Estate Securities Fund

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

• The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

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

• The Fund received an Overall Morningstar Rating of 4 stars.

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

Small-Cap Equity Fund

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

• The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were in each the 1st quintile of both its Expense Group and Expense Universe.

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

• The Fund received an Overall Morningstar Rating of 2 stars.

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

Social Choice Equity Fund

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

• The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

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

• The Fund received an Overall Morningstar Rating of 3 stars.

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

128 2019 Semiannual Report   §   TIAA-CREF Life Funds

continued

Stock Index Fund

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

• The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

• For the three-year period, the Fund’s adjusted relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses, including the effect of net asset value rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000^® Index, differed by +1 basis points. For reference, one basis point equals 0.01%.

• The Fund received an Overall Morningstar Rating of 4 stars.

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

International Equity Fund

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

• The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

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

• The Board considered Advisors’ representation that tactical changes had been implemented to mitigate risk, while maintaining the Fund’s ability to take advantage of future buying opportunities that could lead to positive relative returns.

• The Fund received an Overall Morningstar Rating of 2 stars.

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

Bond Fund

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

• The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

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

TIAA-CREF Life Funds   §   2019 Semiannual Report 129

Approval of investment
management agreement (unaudited) concluded

• The Fund received an Overall Morningstar Rating of 4 stars.

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

Money Market Fund

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

• The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

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

• Money market funds are not rated by Morningstar.

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

Balanced Fund

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

• The Fund’s total expense ratio was in the 2nd quintile of its Expense Group, while the Fund’s actual investment management fee rate and contractual investment management fee rate each ranked 1 out of 5 funds within its Expense Group. The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were in the 2nd, 1st and 1st quintiles of its Expense Universe, respectively.

• The Fund was in the 4th and 2nd quintiles of its Performance Group for the one- and three-year periods, respectively. The Fund was in the 3rd quintile of its Performance Universe for both the one- and three-year periods.

• The Fund received an Overall Morningstar Rating of 4 stars.

• Advisors incurred a net loss with respect to its services to the Fund for the one-year period and also incurred a net loss on each of the underlying funds in which the Fund invested.

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

130 2019 Semiannual Report   §   TIAA-CREF Life Funds

Additional information about
index providers (unaudited)

Russell indexes

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®,” “Russell^®” and “FTSE Russell^®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Bloomberg Barclays indexes

Source: Bloomberg Index Services Limited. BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

FTSE index

Source: FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE^®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. “Nareit^®” is a trade mark of the National Association of Real Estate Investment Trusts (“Nareit”). All intellectual property rights in the Index vest in FTSE and Nareit. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Standard & Poor’s index

The S&P 500^® Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by the Growth & Income Fund. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively,

TIAA-CREF Life Funds   §   2019 Semiannual Report 131

Additional information about
index providers (unaudited)

“S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the Fund with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Fund. S&P Dow Jones Indices has no obligation to take the needs of the Fund or the owners of the Fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of Fund shares or in the determination or calculation of the equation by which Fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUND, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

MSCI indexes

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis

132 2019 Semiannual Report   §   TIAA-CREF Life Funds

concluded

for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Morningstar index

©2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

TIAA-CREF Life Funds   §   2019 Semiannual Report 133

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How to reach us

TIAA website

Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

TIAA.org

Automated telephone service

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

800-842-2252

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National contact center

Retirement saving and planning, income options and payments, beneficiary services and tax reporting

800-842-2252

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For an existing policy or contract

800-223-1200

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9 a.m. to 6 p.m. (ET), Saturday

You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-223-1200. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

©2019 Teachers Insurance and Annuity Association of America–College Retirement Equities Fund,

730 Third Avenue, New York, NY 10017-3206

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Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.7%
CAPITAL GOODS - 4.1%
12,258		Airbus SE	$	1,734,772
2,628		Boeing Co		956,618
4,033	*	Middleby Corp		547,278
2,920		Roper Industries, Inc		1,069,479
1,956		W.W. Grainger, Inc		524,658
		TOTAL CAPITAL GOODS		4,832,805
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
649	*	CoStar Group, Inc		359,585
14,787	*	IHS Markit Ltd		942,228
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,301,813
CONSUMER DURABLES & APPAREL - 3.4%
7,481		Essilor International S.A.		974,938
33,302		Nike, Inc (Class B)		2,795,703
10,218	*	Under Armour, Inc (Class A)		259,026
		TOTAL CONSUMER DURABLES & APPAREL		4,029,667
CONSUMER SERVICES - 0.9%
653	*	Chipotle Mexican Grill, Inc (Class A)		478,571
7,340		Restaurant Brands International, Inc		510,423
		TOTAL CONSUMER SERVICES		988,994
DIVERSIFIED FINANCIALS - 2.1%
13,461	*	Blackstone Group LP		597,938
12,414		IntercontinentalExchange Group, Inc		1,066,859
3,498		S&P Global, Inc		796,809
		TOTAL DIVERSIFIED FINANCIALS		2,461,606
FOOD, BEVERAGE & TOBACCO - 1.5%
24,274		Coca-Cola Co		1,236,032
19,201		Keurig Dr Pepper, Inc		554,909
		TOTAL FOOD, BEVERAGE & TOBACCO		1,790,941
HEALTH CARE EQUIPMENT & SERVICES - 4.7%
12,990	*	Alcon, Inc		806,029
4,808	*	Edwards Lifesciences Corp		888,230
1,750	*	Guardant Health, Inc		151,078
4,502	*	Intuitive Surgical, Inc		2,361,524
6,119		Stryker Corp		1,257,944
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		5,464,805
MATERIALS - 3.3%
17,540	*	Corteva, Inc		518,658
8,567		Linde plc		1,720,254
3,618		Sherwin-Williams Co		1,658,093
		TOTAL MATERIALS		3,897,005
MEDIA & ENTERTAINMENT - 16.2%
27,854		Activision Blizzard, Inc		1,314,709
2,843	*	Alphabet, Inc (Class A)		3,078,401
2,498	*	Alphabet, Inc (Class C)		2,700,113
22,470	*	Facebook, Inc		4,336,710
7,869	*	IAC/InterActiveCorp		1,711,744

1

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
6,807	*	NetFlix, Inc	$	2,500,347
20,599		Tencent Holdings Ltd		931,886
11,438	*	Twitter, Inc		399,186
13,752		Walt Disney Co		1,920,329
		TOTAL MEDIA & ENTERTAINMENT		18,893,425
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.5%
8,050	*	Alexion Pharmaceuticals, Inc		1,054,389
4,290		Amgen, Inc		790,561
22,996		AstraZeneca plc		1,879,961
29,254	*	Avantor, Inc		558,459
6,681	*	BioMarin Pharmaceutical, Inc		572,228
11,851		Eli Lilly & Co		1,312,972
3,421	*	Illumina, Inc		1,259,441
7,036	*	Incyte Corp		597,778
1,133	*	IQVIA Holdings, Inc		182,300
3,524		Johnson & Johnson		490,823
2,988		Lonza Group AG.		1,008,727
12,364		Merck & Co, Inc		1,036,722
917	*	Sage Therapeutics, Inc		167,893
4,808	*	Vertex Pharmaceuticals, Inc		881,691
5,332		Zoetis, Inc		605,129
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		12,399,074
RETAILING - 10.3%
3,358	*	Amazon.com, Inc		6,358,810
13,430		Expedia, Inc		1,786,593
7,796		Home Depot, Inc		1,621,334
1,757		Kering		1,037,022
7,470		Kohl’s Corp		355,198
2,515	*	Ulta Beauty, Inc		872,428
		TOTAL RETAILING		12,031,385
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7%
17,894	*	Advanced Micro Devices, Inc		543,441
2,952		Lam Research Corp		554,503
16,213		Qualcomm, Inc		1,233,323
10,156		Texas Instruments, Inc		1,165,503
7,099		Xilinx, Inc		837,114
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		4,333,884
SOFTWARE & SERVICES - 29.7%
9,486	*	Adobe, Inc		2,795,050
1,049	*,g	Adyen NV		809,183
17,570	*	Akamai Technologies, Inc		1,408,060
14,024		Automatic Data Processing, Inc		2,318,588
4,091		Broadridge Financial Solutions, Inc		522,339
3,562		Dassault Systemes S.A.		568,158
11,541	*	GoDaddy, Inc		809,601
10,885		Intuit, Inc		2,844,577
16,450		MasterCard, Inc (Class A)		4,351,518
59,665		Microsoft Corp		7,992,723
26,429	*	PayPal Holdings, Inc		3,025,063
16,942	*	salesforce.com, Inc		2,570,610
5,240	*	ServiceNow, Inc		1,438,747
4,858	*	Square, Inc		352,351
1,690	*	Twilio, Inc		230,431
15,990		Visa, Inc (Class A)		2,775,065
		TOTAL SOFTWARE & SERVICES		34,812,064
TECHNOLOGY HARDWARE & EQUIPMENT - 6.3%
15,572		Apple, Inc		3,082,011
1,432	*	Arista Networks, Inc		371,776
30,989		Cisco Systems, Inc		1,696,028

2

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY						VALUE
4,169	*	Keysight Technologies, Inc						$	374,418
7,337		Motorola Solutions, Inc							1,223,298
119,851		Nokia Corp							600,453
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							7,347,984
TELECOMMUNICATION SERVICES - 0.3%
8,002		Softbank Group Corp							385,419
		TOTAL TELECOMMUNICATION SERVICES							385,419
TRANSPORTATION - 0.6%
10,679	*,e	Lyft, Inc (Class A)							701,717
		TOTAL TRANSPORTATION							701,717
		TOTAL COMMON STOCKS							115,672,588
		(Cost $71,411,875)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.7%
$800,000		Federal Home Loan Bank (FHLB)		2.100	%		07/01/19		800,000
		TOTAL GOVERNMENT AGENCY DEBT							800,000
SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%
245,564	c	State Street Navigator Securities Lending Government Money Market Portfolio							245,564
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES							245,564
		TOTAL SHORT-TERM INVESTMENTS							1,045,564
		(Cost $1,045,564)
		TOTAL INVESTMENTS - 99.6%							116,718,152
		(Cost $72,457,439)
		OTHER ASSETS & LIABILITIES, NET - 0.4%							438,167
		NET ASSETS - 100.0%						$	117,156,319

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $239,973.

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities was $809,183 or 0.7% of net assets.

3

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES		COMPANY	VALUE
COMMON STOCKS - 100.0%
AUTOMOBILES & COMPONENTS - 0.6%
6,013		Aptiv plc	$	486,031
35,060		Ford Motor Co		358,664
		TOTAL AUTOMOBILES & COMPONENTS		844,695
BANKS - 5.5%
85,748		Bank of America Corp		2,486,692
22,186		Citizens Financial Group, Inc		784,497
27,529		JPMorgan Chase & Co		3,077,743
4,946		M&T Bank Corp		841,166
20,728		US Bancorp		1,086,147
		TOTAL BANKS		8,276,245
CAPITAL GOODS - 6.7%
2,814	n	Boeing Co		1,024,324
2,923		Carlisle Cos, Inc		410,418
5,432		Deere & Co		900,137
8,261		Dover Corp		827,752
24,464	n	General Electric Co		256,872
11,441	n	Honeywell International, Inc		1,997,484
7,879		Ingersoll-Rand plc		998,033
10,962		ITT, Inc		717,792
5,737		L3Harris Technologies, Inc		1,085,039
2,546	n	Northrop Grumman Corp		822,638
4,188	n	Rockwell Automation, Inc		686,120
3,328		Woodward Governor Co		376,597
		TOTAL CAPITAL GOODS		10,103,206
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
4,847		Verisk Analytics, Inc		709,891
10,662		Waste Management, Inc		1,230,075
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,939,966
CONSUMER DURABLES & APPAREL - 1.6%
10,522	*	Levi Strauss & Co		219,699
2,537	*,n	Lululemon Athletica, Inc		457,193
44,033	*,e	Mattel, Inc		493,610
15,909	*,g	Spin Master Corp		460,062
10,955		Tapestry, Inc		347,602
12,816		Wolverine World Wide, Inc		352,953
		TOTAL CONSUMER DURABLES & APPAREL		2,331,119
CONSUMER SERVICES - 0.6%
536		Domino’s Pizza, Inc		149,158
1,575		Papa John’s International, Inc		70,434
6,981	n	Royal Caribbean Cruises Ltd		846,167
		TOTAL CONSUMER SERVICES		1,065,759
DIVERSIFIED FINANCIALS - 2.9%
16,969	*	Blackstone Group LP		753,763
7,095	n	CME Group, Inc		1,377,210
28,205		Morgan Stanley		1,235,661
17,022		Voya Financial, Inc		941,317
		TOTAL DIVERSIFIED FINANCIALS		4,307,951

4

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
ENERGY - 4.9%
7,225	*	Apergy Corp	$	242,326
24,320		Cabot Oil & Gas Corp		558,387
14,758		Chevron Corp		1,836,486
8,233		Concho Resources, Inc		849,481
9,683		Delek US Holdings, Inc		392,355
3,536		Diamondback Energy, Inc		385,318
7,002		EOG Resources, Inc		652,306
12,926		Exxon Mobil Corp		990,519
6,377		Hess Corp		405,386
7,370		ONEOK, Inc		507,130
31,686	*	Parsley Energy, Inc		602,351
		TOTAL ENERGY		7,422,045
FOOD & STAPLES RETAILING - 1.3%
3,743	n	Costco Wholesale Corp		989,125
8,171		Walmart, Inc		902,814
		TOTAL FOOD & STAPLES RETAILING		1,891,939
FOOD, BEVERAGE & TOBACCO - 5.1%
23,002		Coca-Cola Co		1,171,262
8,605		Coca-Cola European Partners plc (Class A)		486,183
21,320	n	ConAgra Brands, Inc		565,406
12,620		Diageo plc		543,168
12,133	n	General Mills, Inc		637,225
17,195	*,n	Hain Celestial Group, Inc		376,571
3,278		Hershey Co		439,350
3,687		J.M. Smucker Co		424,706
23,299		Mondelez International, Inc		1,255,816
6,403	*	Monster Beverage Corp		408,703
11,500		PepsiCo, Inc		1,507,995
		TOTAL FOOD, BEVERAGE & TOBACCO		7,816,385
HEALTH CARE EQUIPMENT & SERVICES - 7.4%
19,403		Abbott Laboratories		1,631,792
3,713	n	Anthem, Inc		1,047,846
25,620	*	Boston Scientific Corp		1,101,147
5,750		Danaher Corp		821,790
2,290	*,n	DexCom, Inc		343,134
4,668	*	Edwards Lifesciences Corp		862,366
3,009	*	Guardant Health, Inc		259,767
3,492		HCA Holdings, Inc		472,014
2,526	*	IDEXX Laboratories, Inc		695,483
1,867	*,n	Intuitive Surgical, Inc		979,335
2,368		STERIS plc		352,548
6,155		Stryker Corp		1,265,345
3,187		UnitedHealth Group, Inc		777,660
17,429	*	Wright Medical Group NV		519,733
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		11,129,960
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
4,844		Estee Lauder Cos (Class A)		886,985
18,578		Procter & Gamble Co		2,037,077
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,924,062
INSURANCE - 2.4%
11,384	*	Athene Holding Ltd		490,195
3,329		Chubb Ltd		490,328
3,719		Cincinnati Financial Corp		385,549
20,480		Hartford Financial Services Group, Inc		1,141,146
9,188		Metlife, Inc		456,368
4,472	*	Palomar Holdings, Inc		107,507
2,862		Willis Towers Watson plc		548,187
		TOTAL INSURANCE		3,619,280

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
MATERIALS - 4.1%
5,445		CF Industries Holdings, Inc	$	254,336
19,942	*	Corteva, Inc		589,685
6,199		Dow, Inc		305,673
10,439		DuPont de Nemours, Inc		783,656
2,898		Ecolab, Inc		572,181
8,965		Linde plc		1,800,172
15,134		Newmont Mining Corp		582,205
9,407	n	Nutrien Ltd		502,898
5,420	n	Vulcan Materials Co		744,220
		TOTAL MATERIALS		6,135,026
MEDIA & ENTERTAINMENT - 9.9%
3,393	*	Alphabet, Inc (Class C)		3,667,528
28,490		Comcast Corp (Class A)		1,204,557
16,285	*	Facebook, Inc		3,143,005
3,988	*,n	NetFlix, Inc		1,464,872
690		Nintendo Co Ltd		253,160
7,472	*,n	Take-Two Interactive Software, Inc		848,296
9,850	*	Twitter, Inc		343,765
21,134		Viacom, Inc (Class B)		631,273
12,294		Vivendi Universal S.A.		337,380
17,445		Walt Disney Co		2,436,020
7,263		World Wrestling Entertainment, Inc (Class A)		524,461
		TOTAL MEDIA & ENTERTAINMENT		14,854,317
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.2%
18,248	n	AbbVie, Inc		1,326,995
10,559	*	Acadia Pharmaceuticals, Inc		282,242
5,704	*	Allogene Therapeutics, Inc		153,152
7,467		AstraZeneca plc		610,440
30,812	*	Avantor, Inc		588,201
5,320	*,n	Biohaven Pharmaceutical Holding Co Ltd		232,963
4,510	*	BioMarin Pharmaceutical, Inc		386,282
2,556	*	Bluebird Bio, Inc		325,123
6,321		Daiichi Sankyo Co Ltd		331,508
8,903		Eli Lilly & Co		986,363
4,198	*,n	Exact Sciences Corp		495,532
1,752	*,e	GW Pharmaceuticals plc (ADR)		302,027
3,429	*	IQVIA Holdings, Inc		551,726
2,861	*,n	Jazz Pharmaceuticals plc		407,864
1,634		Lonza Group AG.		551,627
20,624		Merck & Co, Inc		1,729,322
5,588	*,n	Nektar Therapeutics		198,821
3,645	*	Neurocrine Biosciences, Inc		307,747
7,657		Novo Nordisk AS		391,098
3,272		PerkinElmer, Inc		315,224
39,110		Pfizer, Inc		1,694,245
845		Roche Holding AG.		237,604
2,395	*	Sage Therapeutics, Inc		438,501
7,734		Sanofi-Aventis		668,390
2,187		Vifor Pharma AG.		316,105
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		13,829,102
REAL ESTATE - 1.2%
5,399	n	American Tower Corp		1,103,826
6,249		Outfront Media, Inc		161,162
6,816		Prologis, Inc		545,961
		TOTAL REAL ESTATE		1,810,949
RETAILING - 5.8%
2,204	*	Amazon.com, Inc		4,173,560
8,195		Best Buy Co, Inc		571,437
19,220	*	BJ’s Wholesale Club Holdings, Inc		507,408

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
10,148		Home Depot, Inc	$	2,110,480
5,995		Kohl’s Corp		285,062
5,204	n	Tiffany & Co		487,303
1,558	*,n	Ulta Beauty, Inc		540,455
		TOTAL RETAILING		8,675,705
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
26,265	*	Advanced Micro Devices, Inc		797,668
1,579	n	Broadcom, Inc		454,531
8,722	*	Cree, Inc		490,002
17,923		Intel Corp		857,974
30,310		Marvell Technology Group Ltd		723,500
4,182	n	Monolithic Power Systems, Inc		567,832
3,165		NVIDIA Corp		519,788
14,737		Qualcomm, Inc		1,121,043
2,556	n	Universal Display Corp		480,681
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		6,013,019
SOFTWARE & SERVICES - 11.9%
3,043	*	Adobe, Inc		896,620
3,074		Dassault Systemes S.A.		490,319
5,880	n	Fidelity National Information Services, Inc		721,359
20,955	*	First Data Corp		567,252
5,367	n	International Business Machines Corp		740,109
5,305	*,n	LiveRamp Holdings, Inc		257,186
8,974		MasterCard, Inc (Class A)		2,373,892
48,806		Microsoft Corp		6,538,052
12,570	*	PayPal Holdings, Inc		1,438,762
2,417	*	Proofpoint, Inc		290,644
8,598	*,n	salesforce.com, Inc		1,304,575
2,017	*,n	ServiceNow, Inc		553,808
5,371	*	Synopsys, Inc		691,194
15,121	*,n	Teradata Corp		542,088
4,700	*	Zscaler, Inc		360,208
		TOTAL SOFTWARE & SERVICES		17,766,068
TECHNOLOGY HARDWARE & EQUIPMENT - 7.3%
27,579	n	Apple, Inc		5,458,435
43,867		Cisco Systems, Inc		2,400,841
15,091		Corning, Inc		501,474
8,870	*,n	Keysight Technologies, Inc		796,615
5,978	n	Motorola Solutions, Inc		996,712
68,550		Nokia Corp		343,435
25,628	*	Pure Storage, Inc		391,340
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		10,888,852
TELECOMMUNICATION SERVICES - 1.0%
23,594		AT&T, Inc		790,635
13,664		Verizon Communications, Inc		780,624
		TOTAL TELECOMMUNICATION SERVICES		1,571,259
TRANSPORTATION - 1.2%
17,039		CSX Corp		1,318,307
3,157		DSV AS		310,870
2,675	*,e	Lyft, Inc (Class A)		175,774
		TOTAL TRANSPORTATION		1,804,951
UTILITIES - 2.1%
5,835		Alliant Energy Corp		286,382
5,257		Ameren Corp		394,853
4,933		Entergy Corp		507,754
20,363		FirstEnergy Corp		871,740

7

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY						VALUE
5,493		NextEra Energy, Inc						$	1,125,296
		TOTAL UTILITIES							3,186,025
		TOTAL COMMON STOCKS							150,207,885
		(Cost $99,987,156)
PURCHASED OPTIONS - 0.0%
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
800		Humana, Inc							11,200
		TOTAL HEALTH CARE EQUIPMENT & SERVICES							11,200
MEDIA & ENTERTAINMENT - 0.0%
500		Take-Two Interactive Software, Inc							2,350
		TOTAL MEDIA & ENTERTAINMENT							2,350
SOFTWARE & SERVICES - 0.0%
1,000		Akamai Technologies, Inc							3,875
		TOTAL SOFTWARE & SERVICES							3,875
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
1,300		Pure Storage, Inc							117
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							117
		TOTAL PURCHASED OPTIONS							17,542
		(Cost $23,008)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.8%
GOVERNMENT AGENCY DEBT - 0.4%
$595,000		Federal Home Loan Bank (FHLB)		2.100	%		07/01/19		595,000
		TOTAL GOVERNMENT AGENCY DEBT							595,000
SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
666,742	c	State Street Navigator Securities Lending Government Money Market Portfolio							666,742
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES							666,742
		TOTAL SHORT-TERM INVESTMENTS							1,261,742
		(Cost $1,261,742)
		TOTAL INVESTMENTS - 100.8%							151,487,169
		(Cost $101,271,906)
		OTHER ASSETS & LIABILITIES, NET - (0.8)%							(1,314,680	)
		NET ASSETS - 100.0%						$	150,172,489

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $959,357.

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities was $460,062 or 0.3% of net assets.

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

Purchased options outstanding as of June 30, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date		Value
Akamai Technologies, Inc, Call		10	$	5,770	$	85.00		11/15/19	$	3,875
Humana, Inc, Call		8		15,056		275.00		11/15/19		11,200
Pure Storage, Inc, Call		13		566		17.50		07/19/19		117
Take-Two Interactive Software, Inc, Call		5		1,616		120.00		09/20/19		2,350
Total		36	$	23,008					$	17,542

8

TIAA-CREF LIFE FUNDS - Growth & Income Fund

Written options outstanding as of June 30, 2019 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
AbbVie, Inc, Put		9	$	(889	)	$	60.00		08/16/19	$	(198	)
Activision Blizzard, Inc, Put		20		(5,580	)		42.50		11/15/19		(4,310	)
Akamai Technologies, Inc, Call		10		(3,529	)		90.00		11/15/19		(2,210	)
Akamai Technologies, Inc, Put		10		(3,229	)		75.00		11/15/19		(3,400	)
American Tower Corp, Put		5		(1,115	)		175.00		07/19/19		(50	)
Anthem, Inc, Call		3		(501	)		310.00		07/19/19		(66	)
Anthem, Inc, Put		3		(4,194	)		240.00		09/20/19		(882	)
Apple, Inc, Call		10		(11,170	)		210.00		01/17/20		(9,790	)
Apple, Inc, Call		5		(2,436	)		230.00		01/17/20		(2,150	)
Apple, Inc, Call		5		(1,815	)		250.00		01/17/20		(900	)
Apple, Inc, Put		10		(1,989	)		175.00		08/16/19		(1,830	)
Apple, Inc, Put		10		(1,040	)		170.00		09/20/19		(2,230	)
Apple, Inc, Put		5		(3,303	)		170.00		10/18/19		(1,425	)
Apple, Inc, Put		10		(10,530	)		190.00		06/19/20		(15,700	)
Arista Networks, Inc, Put		3		(2,909	)		210.00		11/15/19		(2,415	)
Biohaven Pharmaceutical Holding Co Ltd, Put		14		(17,121	)		50.00		01/17/20		(17,850	)
Boeing Co, Call		3		(375	)		405.00		07/19/19		(105	)
Broadcom, Inc, Put		1		(128	)		220.00		07/19/19		(16	)
Broadcom, Inc, Put		3		(714	)		230.00		07/19/19		(75	)
Cigna Corp, Put		5		(465	)		143.00		07/26/19		(440	)
Cigna Corp, Put		5		(3,685	)		145.00		01/17/20		(3,750	)
CME Group, Inc, Call		4		(2,052	)		210.00		12/20/19		(1,700	)
CME Group, Inc, Put		4		(1,392	)		170.00		12/20/19		(1,220	)
Coherent, Inc, Put		5		(5,157	)		110.00		11/15/19		(2,375	)
ConAgra Brands, Inc, Put		6		(918	)		22.00		09/20/19		(120	)
ConAgra Brands, Inc, Put		18		(2,591	)		23.00		09/20/19		(630	)
ConAgra Brands, Inc, Put		12		(1,536	)		24.00		12/20/19		(1,620	)
Constellation Brands, Inc, Put		3		(1,048	)		180.00		10/18/19		(1,380	)
Costco Wholesale Corp, Call		4		(2,640	)		260.00		10/18/19		(5,960	)
CVS Health Corp, Put		11		(6,137	)		55.00		10/18/19		(3,828	)
CVS Health Corp, Put		22		(7,556	)		52.50		11/15/19		(6,490	)
DexCom, Inc, Put		7		(2,930	)		100.00		09/20/19		(542	)
DexCom, Inc, Put		7		(4,081	)		100.00		12/20/19		(1,610	)
DISH Network Corp, Put		14		(3,822	)		27.50		01/17/20		(1,960	)
Exact Sciences Corp, Call		18		(5,903	)		125.00		07/26/19		(4,338	)
Exact Sciences Corp, Put		18		(2,213	)		99.00		07/26/19		(1,125	)
FedEx Corp, Put		4		(9,156	)		190.00		01/17/20		(11,950	)
Fidelity National Information Services, Inc, Put		10		(1,556	)		95.00		07/19/19		(150	)
General Mills, Inc, Put		13		(467	)		45.00		08/16/19		(195	)
Hain Celestial Group, Inc, Put		24		(13,152	)		23.00		01/17/20		(6,840	)
Humana, Inc, Call		8		(5,824	)		310.00		11/15/19		(3,760	)
Humana, Inc, Put		8		(10,143	)		245.00		11/15/19		(7,440	)
International Business Machines Corp, Put		7		(2,312	)		125.00		11/15/19		(2,747	)
Intuitive Surgical, Inc, Call		1		(751	)		620.00		10/18/19		(610	)
Jazz Pharmaceuticals plc, Put		6		(4,710	)		125.00		12/20/19		(2,430	)
Keysight Technologies, Inc, Put		10		(634	)		70.00		07/19/19		(150	)
LiveRamp Holdings, Inc, Put		13		(1,070	)		40.00		08/16/19		(715	)
Lululemon Athletica, Inc, Call		5		(624	)		200.00		07/12/19		(55	)
Micron Technology, Inc, Put		13		(4,094	)		34.00		01/17/20		(3,653	)
Monolithic Power Systems, Inc, Put		5		(3,738	)		120.00		09/20/19		(1,600	)
Motorola Solutions, Inc, Call		7		(2,993	)		165.00		01/17/20		(8,872	)
Motorola Solutions, Inc, Call		7		(2,856	)		185.00		01/17/20		(3,080	)
Motorola Solutions, Inc, Put		7		(2,681	)		130.00		10/18/19		(759	)
Motorola Solutions, Inc, Put		7		(2,903	)		130.00		01/17/20		(1,677	)
Motorola Solutions, Inc, Put		7		(2,051	)		135.00		01/17/20		(2,054	)
Nektar Therapeutics, Put		8		(6,064	)		36.00		11/15/19		(4,640	)
NetFlix, Inc, Call		3		(325	)		400.00		07/05/19		(33	)
Nevro Corp, Put		11		(979	)		40.00		08/16/19		(413	)
Northrop Grumman Corp, Call		2		(2,379	)		340.00		11/15/19		(2,350	)
Northrop Grumman Corp, Put		1		(1,746	)		270.00		11/15/19		(405	)

9

TIAA-CREF LIFE FUNDS - Growth & Income Fund

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Northrop Grumman Corp, Put		2	$	(3,860	)	$	275.00		11/15/19	$	(940	)
Northrop Grumman Corp, Put		2		(1,177	)		280.00		11/15/19		(1,090	)
Nutanix, Inc, Put		17		(4,576	)		30.00		10/18/19		(9,605	)
Nutrien Ltd, Put		13		(1,754	)		45.00		09/20/19		(423	)
Parker-Hannifin Corp, Put		4		(388	)		125.00		08/16/19		(120	)
Planet Fitness, Inc, Put		13		(481	)		65.00		07/19/19		(273	)
PNC Financial Services Group, Inc, Put		7		(1,397	)		105.00		08/16/19		(165	)
PNC Financial Services Group, Inc, Put		7		(2,541	)		105.00		11/15/19		(725	)
PVH Corp, Put		5		(2,787	)		105.00		09/20/19		(6,280	)
PVH Corp, Put		5		(4,240	)		85.00		01/17/20		(2,725	)
Rockwell Automation, Inc, Put		5		(2,088	)		140.00		10/18/19		(950	)
Royal Caribbean Cruises Ltd, Put		6		(390	)		105.00		07/19/19		(108	)
salesforce.com, Inc, Call		5		(440	)		175.00		07/19/19		(35	)
ServiceNow, Inc, Call		3		(1,890	)		310.00		07/26/19		(795	)
ServiceNow, Inc, Call		5		(5,806	)		290.00		11/15/19		(11,000	)
ServiceNow, Inc, Put		2		(896	)		190.00		08/16/19		(140	)
Take-Two Interactive Software, Inc, Call		7		(841	)		135.00		09/20/19		(994	)
Take-Two Interactive Software, Inc, Put		7		(1,793	)		80.00		09/20/19		(227	)
Teladoc Health, Inc, Put		7		(3,437	)		45.00		10/18/19		(630	)
Teladoc Health, Inc, Put		6		(3,566	)		45.00		12/20/19		(1,050	)
Teradata Corp, Call		11		(785	)		47.50		12/20/19		(275	)
Teradata Corp, Put		11		(1,772	)		35.00		10/18/19		(2,035	)
Tiffany & Co, Put		10		(23,280	)		105.00		01/17/20		(15,075	)
Tiffany & Co, Put		10		(27,030	)		110.00		01/17/20		(18,850	)
Tiffany & Co, Put		10		(5,099	)		82.50		01/17/20		(3,550	)
Ulta Beauty, Inc, Call		2		(2,792	)		390.00		09/20/19		(1,220	)
Universal Display Corp, Call		7		(4,977	)		210.00		09/20/19		(6,790	)
Universal Display Corp, Call		7		(6,810	)		220.00		09/20/19		(4,795	)
Vulcan Materials Co, Put		7		(343	)		115.00		07/19/19		(70	)
WellCare Health Plans, Inc, Put		3		(1,584	)		220.00		09/20/19		(765	)
WellCare Health Plans, Inc, Put		9		(5,663	)		230.00		12/20/19		(3,240	)
WellCare Health Plans, Inc, Put		3		(3,174	)		240.00		12/20/19		(1,305	)
Xilinx, Inc, Put		4		(1,072	)		92.50		09/20/19		(852	)
Xilinx, Inc, Put		3		(924	)		95.00		09/20/19		(738	)
Xilinx, Inc, Put		7		(2,697	)		95.00		12/20/19		(3,010	)
Total		721	$	(342,251	)					$	(272,113	)

10

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.6%
BANKS - 15.2%
87,940		Bank of America Corp	$	2,550,260
32,500		Citigroup, Inc		2,275,975
29,400		JPMorgan Chase & Co		3,286,920
4,225		PNC Financial Services Group, Inc		580,008
14,200		US Bancorp		744,080
26,550		Wells Fargo & Co		1,256,346
		TOTAL BANKS		10,693,589
CAPITAL GOODS - 9.4%
5,171		Allegion plc		571,654
6,350		Deere & Co		1,052,258
6,093		Dover Corp		610,519
35,000		General Electric Co		367,500
7,487		Honeywell International, Inc		1,307,155
8,961		Ingersoll-Rand plc		1,135,090
16,365		Masco Corp		642,163
3,506		Parker-Hannifin Corp		596,055
1,865		Stanley Black & Decker, Inc		269,698
		TOTAL CAPITAL GOODS		6,552,092
CONSUMER DURABLES & APPAREL - 1.1%
223	*	NVR, Inc		751,566
		TOTAL CONSUMER DURABLES & APPAREL		751,566
CONSUMER SERVICES - 1.1%
3,600		McDonald’s Corp		747,576
		TOTAL CONSUMER SERVICES		747,576
DIVERSIFIED FINANCIALS - 2.1%
4,975		American Express Co		614,114
4,330		Goldman Sachs Group, Inc		885,918
		TOTAL DIVERSIFIED FINANCIALS		1,500,032
ENERGY - 8.2%
14,100		Chevron Corp		1,754,604
4,050		Concho Resources, Inc		417,879
6,325		Diamondback Energy, Inc		689,235
12,300		EOG Resources, Inc		1,145,868
14,700		Exxon Mobil Corp		1,126,461
7,250		Valero Energy Corp		620,673
		TOTAL ENERGY		5,754,720
FOOD & STAPLES RETAILING - 1.4%
8,500		Walmart, Inc		939,165
		TOTAL FOOD & STAPLES RETAILING		939,165
FOOD, BEVERAGE & TOBACCO - 2.4%
15,000		Mondelez International, Inc		808,500
11,500		Philip Morris International, Inc		903,095
		TOTAL FOOD, BEVERAGE & TOBACCO		1,711,595
HEALTH CARE EQUIPMENT & SERVICES - 6.7%
5,000		Abbott Laboratories		420,500
2,750		Anthem, Inc		776,077
3,650		Cigna Corp		575,058

11

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
10,000		CVS Health Corp	$	544,900
3,400		HCA Holdings, Inc		459,578
6,300		Medtronic plc		613,557
2,010		UnitedHealth Group, Inc		490,460
6,625		Zimmer Biomet Holdings, Inc		780,027
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,660,157
HOUSEHOLD & PERSONAL PRODUCTS - 2.6%
16,300		Procter & Gamble Co		1,787,295
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,787,295
INSURANCE - 6.9%
19,411		American International Group, Inc		1,034,218
6,248	*	Berkshire Hathaway, Inc (Class B)		1,331,886
6,600		Chubb Ltd		972,114
8,837		Lincoln National Corp		569,545
4,360		Marsh & McLennan Cos, Inc		434,910
4,862		Prudential Financial, Inc		491,062
		TOTAL INSURANCE		4,833,735
MATERIALS - 4.4%
11,100		Ball Corp		776,889
10,325	*	Corteva, Inc		305,310
11,200	*	Crown Holdings, Inc		684,320
5,500		Dow, Inc		271,205
7,183		DuPont de Nemours, Inc		539,228
4,400		PPG Industries, Inc		513,524
		TOTAL MATERIALS		3,090,476
MEDIA & ENTERTAINMENT - 4.1%
33,000		Comcast Corp (Class A)		1,395,240
10,300		Walt Disney Co		1,438,292
		TOTAL MEDIA & ENTERTAINMENT		2,833,532
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.0%
2,090		Amgen, Inc		385,145
6,225		Bristol-Myers Squibb Co		282,304
8,300		Gilead Sciences, Inc		560,748
1,300	*	Jazz Pharmaceuticals plc		185,328
15,658		Johnson & Johnson		2,180,846
11,972		Merck & Co, Inc		1,003,852
39,000		Pfizer, Inc		1,689,480
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		6,287,703
REAL ESTATE - 1.7%
1,775		AvalonBay Communities, Inc		360,644
2,375		Boston Properties, Inc		306,375
6,200		Prologis, Inc		496,620
		TOTAL REAL ESTATE		1,163,639
RETAILING - 1.4%
4,740		Home Depot, Inc		985,778
		TOTAL RETAILING		985,778
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9%
14,500		Applied Materials, Inc		651,195
1,900		Broadcom, Inc		546,934
23,600		Intel Corp		1,129,732
6,300	*	Micron Technology, Inc		243,117
3,925		NXP Semiconductors NV		383,119
6,300		Qualcomm, Inc		479,241
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,433,338

12

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES	COMPANY						VALUE
SOFTWARE & SERVICES - 3.8%
4,297	Accenture plc						$	793,957
9,700	Microsoft Corp							1,299,412
10,100	Oracle Corp							575,397
	TOTAL SOFTWARE & SERVICES							2,668,766
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
29,100	Cisco Systems, Inc							1,592,643
7,500	TE Connectivity Ltd							718,350
	TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							2,310,993
TELECOMMUNICATION SERVICES - 3.0%
16,638	AT&T, Inc							557,539
27,000	Verizon Communications, Inc							1,542,510
	TOTAL TELECOMMUNICATION SERVICES							2,100,049
TRANSPORTATION - 2.0%
5,555	CSX Corp							429,790
5,640	Union Pacific Corp							953,781
	TOTAL TRANSPORTATION							1,383,571
UTILITIES - 4.9%
6,932	American Electric Power Co, Inc							610,085
5,810	Entergy Corp							598,023
18,100	FirstEnergy Corp							774,861
4,579	NextEra Energy, Inc							938,054
3,476	Sempra Energy							477,742
	TOTAL UTILITIES							3,398,765
	TOTAL COMMON STOCKS							69,588,132
	(Cost $57,928,371)
PRINCIPAL	ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.8%
GOVERNMENT AGENCY DEBT - 0.8%
$570,000	Federal Home Loan Bank (FHLB)		2.100	%		07/01/19		570,000
	TOTAL GOVERNMENT AGENCY DEBT							570,000
	TOTAL SHORT-TERM INVESTMENTS							570,000
	(Cost $570,000)
	TOTAL INVESTMENTS - 100.4% (Cost $58,498,371)							70,158,132
	OTHER ASSETS & LIABILITIES, NET - (0.4)%							(287,915	)
	NET ASSETS - 100.0%						$	69,870,217

* Non-income producing

13

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.1%
DATA PROCESSING & OUTSOURCED SERVICES - 1.0%
21,000	*	GDS Holdings Ltd (ADR)	$	788,970
		TOTAL DATA PROCESSING & OUTSOURCED SERVICES		788,970
DIVERSIFIED REITS - 0.4%
65,000		Colony Capital, Inc		325,000
		TOTAL DIVERSIFIED REITS		325,000
HEALTH CARE REITS - 7.0%
50,000		HCP, Inc		1,599,000
22,000		Healthcare Trust of America, Inc		603,460
20,000		Ventas, Inc		1,367,000
22,000		Welltower, Inc		1,793,660
		TOTAL HEALTH CARE REITS		5,363,120
HOTEL & RESORT REITS - 3.4%
90,000		Host Marriott Corp		1,639,800
20,000		Pebblebrook Hotel Trust		563,600
30,000		Sunstone Hotel Investors, Inc		411,300
		TOTAL HOTEL & RESORT REITS		2,614,700
INDUSTRIAL REITS - 13.7%
25,000		Americold Realty Trust		810,500
12,000		Duke Realty Corp		379,320
6,000		EastGroup Properties, Inc		695,880
55,000		Prologis, Inc		4,405,500
80,000		Rexford Industrial Realty, Inc		3,229,600
22,000		Terreno Realty Corp		1,078,880
		TOTAL INDUSTRIAL REITS		10,599,680
IT CONSULTING & OTHER SERVICES - 0.8%
8,000	*	InterXion Holding NV		608,720
		TOTAL IT CONSULTING & OTHER SERVICES		608,720
MORTGAGE REITS - 0.9%
30,000		Starwood Property Trust, Inc		681,600
		TOTAL MORTGAGE REITS		681,600
OFFICE REITS - 11.1%
16,000		Alexandria Real Estate Equities, Inc		2,257,440
24,000		Boston Properties, Inc		3,096,000
27,000		Hudson Pacific Properties		898,290
15,000		Kilroy Realty Corp		1,107,150
15,000		SL Green Realty Corp		1,205,550
		TOTAL OFFICE REITS		8,564,430
RESIDENTIAL REITS - 20.8%
68,000		American Homes 4 Rent		1,653,080
10,000		AvalonBay Communities, Inc		2,031,800
15,000		Camden Property Trust		1,565,850
21,000		Equity Lifestyle Properties, Inc		2,548,140
25,000		Equity Residential		1,898,000
8,000		Essex Property Trust, Inc		2,335,440
55,000		Invitation Homes, Inc		1,470,150

14

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

SHARES		COMPANY						VALUE
20,000		Sun Communities, Inc						$	2,563,800
		TOTAL RESIDENTIAL REITS							16,066,260
RETAIL REITS - 11.0%
12,000		Agree Realty Corp							768,600
9,000		Federal Realty Investment Trust							1,158,840
17,000		Realty Income Corp							1,172,490
28,000		Regency Centers Corp							1,868,720
21,000		Simon Property Group, Inc							3,354,960
4,000		Taubman Centers, Inc							163,320
		TOTAL RETAIL REITS							8,486,930
SPECIALIZED REITS - 29.0%
22,000		American Tower Corp							4,497,900
26,000		Crown Castle International Corp							3,389,100
12,000		CyrusOne, Inc							692,640
10,000		Digital Realty Trust, Inc							1,177,900
6,500		Equinix, Inc							3,277,885
13,000		Extra Space Storage, Inc							1,379,300
10,000		Four Corners Property Trust, Inc							273,300
22,000		Gaming and Leisure Properties, Inc							857,560
10,000		National Storage Affiliates Trust							289,400
6,500		Public Storage, Inc							1,548,105
20,000		QTS Realty Trust, Inc							923,600
7,500	*	SBA Communications Corp							1,686,300
45,000		VICI Properties, Inc							991,800
52,000		Weyerhaeuser Co							1,369,680
		TOTAL SPECIALIZED REITS							22,354,470
		TOTAL COMMON STOCKS							76,453,880
		(Cost $50,766,863)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.8%
GOVERNMENT AGENCY DEBT - 0.8%
$580,000		Federal Home Loan Bank (FHLB)		2.100	%		07/01/19		580,000
		TOTAL GOVERNMENT AGENCY DEBT							580,000
		TOTAL SHORT-TERM INVESTMENTS							580,000
		(Cost $580,000)
		TOTAL INVESTMENTS - 99.9% (Cost $51,346,863)							77,033,880
		OTHER ASSETS & LIABILITIES, NET - 0.1%							114,547
		NET ASSETS - 100.0%						$	77,148,427

Abbreviation(s):

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing

15

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES		COMPANY	VALUE
COMMON STOCKS - 100.1%
AUTOMOBILES & COMPONENTS - 0.3%
3,993	*	Modine Manufacturing Co	$	57,140
3,259	*	Stoneridge, Inc		102,821
		TOTAL AUTOMOBILES & COMPONENTS		159,961
BANKS - 10.9%
7,130		Bank of NT Butterfield & Son Ltd		242,135
14,214		Cadence BanCorp		295,651
8,760		Cathay General Bancorp		314,572
460		Civista Bancshares, Inc		10,327
2,268		ConnectOne Bancorp, Inc		51,393
5,770	*	Customers Bancorp, Inc		121,170
1,730		Eagle Bancorp, Inc		93,645
8,870	*	Essent Group Ltd		416,801
2,180		Federal Agricultural Mortgage Corp (Class C)		158,399
1,730		First Bancorp		63,007
11,550		First Commonwealth Financial Corp		155,578
4,200		First Merchants Corp		159,180
8,610		First Midwest Bancorp, Inc		176,247
378		First of Long Island Corp		7,590
7,019		Flagstar Bancorp, Inc		232,610
3,480		Fulton Financial Corp		56,968
5,380		Great Western Bancorp, Inc		192,174
2,390		Hanmi Financial Corp		53,225
4,650		IBERIABANK Corp		352,702
1,804		Independent Bank Corp		39,309
2,500		Lakeland Bancorp, Inc		40,375
4,350		LegacyTexas Financial Group, Inc		177,089
5,490		Meta Financial Group, Inc		153,995
6,490	*	NMI Holdings, Inc		184,251
12,230		OFG Bancorp		290,707
1,220		Old Second Bancorp, Inc		15,579
3,500		PennyMac Financial Services, Inc		77,630
590		Peoples Bancorp, Inc		19,033
590		QCR Holdings, Inc		20,573
17,420		Radian Group, Inc		398,047
2,446		Sandy Spring Bancorp, Inc		85,316
12,887		United Community Banks, Inc		368,053
2,212		Univest Corp of Pennsylvania		58,087
6,400		Walker & Dunlop, Inc		340,544
3,260		WesBanco, Inc		125,673
4,230		WSFS Financial Corp		174,699
		TOTAL BANKS		5,722,334
CAPITAL GOODS - 10.9%
2,710	*	Aerojet Rocketdyne Holdings, Inc		121,327
3,590		Applied Industrial Technologies, Inc		220,893
1,300		Arcosa, Inc		48,919
1,820	*	Astronics Corp		73,200
11,048	*	Atkore International Group, Inc		285,812
2,130		AZZ, Inc		98,022
4,430	*	Bloom Energy Corp		54,356
7,469	*	BMC Stock Holdings, Inc		158,343
12,750	*	Builders FirstSource, Inc		214,965
7,819		Comfort Systems USA, Inc		398,691
4,360	*	Continental Building Products, Inc		115,845

16

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,098		CSW Industrials, Inc	$	74,829
1,640		Douglas Dynamics, Inc		65,256
860	*	Ducommun, Inc		38,760
1,236	*	DXP Enterprises, Inc		46,832
4,207		EMCOR Group, Inc		370,637
8,120	*	Enphase Energy, Inc		148,028
1,300		ESCO Technologies, Inc		107,406
6,450	*	Generac Holdings, Inc		447,694
1,590		Global Brass & Copper Holdings, Inc		69,531
8,902	*	GMS, Inc		195,844
7,760	*	Great Lakes Dredge & Dock Corp		85,670
8,570	*	Harsco Corp		235,161
3,060	*	Herc Holdings, Inc		140,240
3,170		Hillenbrand, Inc		125,437
2,060		Kadant, Inc		187,069
12,281	*	Meritor, Inc		297,814
3,300		Moog, Inc (Class A)		308,913
3,668		Mueller Industries, Inc		107,362
4,915	*	Parsons Corp		181,167
8,320	*	PGT, Inc		139,110
2,217		Quanex Building Products Corp		41,879
9,830	*	Rexnord Corp		297,063
470	*	Thermon Group Holdings		12,055
2,300	*	Titan Machinery, Inc		47,334
2,887	*	Trimas Corp		89,410
1,385	*	Vectrus, Inc		56,176
		TOTAL CAPITAL GOODS		5,707,050
COMMERCIAL & PROFESSIONAL SERVICES - 4.2%
500		Barrett Business Services, Inc		41,300
3,640	*	CBIZ, Inc		71,308
823		CRA International, Inc		31,546
5,809		Exponent, Inc		340,059
2,220		Heidrick & Struggles International, Inc		66,533
1,620		ICF International, Inc		117,936
4,050		Insperity, Inc		494,667
1,770		Kimball International, Inc (Class B)		30,851
1,880		MSA Safety, Inc		198,133
4,906		Tetra Tech, Inc		385,366
2,060	*	TriNet Group, Inc		139,668
4,118		Viad Corp		272,776
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,190,143
CONSUMER DURABLES & APPAREL - 3.2%
1,364	*	Cavco Industries, Inc		214,885
2,060		Clarus Corp		29,746
2,450	*	Deckers Outdoor Corp		431,126
465		Johnson Outdoors, Inc		34,675
4,210	*	Kontoor Brands, Inc		117,964
3,820		La-Z-Boy, Inc		117,121
3,040	*	Malibu Boats, Inc		118,104
2,959	*	MasterCraft Boat Holdings, Inc		57,967
1,460		Movado Group, Inc		39,420
7,239		Skyline Corp		198,204
13,130	*	Sonos, Inc		148,894
4,790		Steven Madden Ltd		162,621
		TOTAL CONSUMER DURABLES & APPAREL		1,670,727
CONSUMER SERVICES - 4.0%
4,010		BBX Capital Corp		19,689
70	*	Biglari Holdings, Inc (B Shares)		7,270
12,880		Bloomin’ Brands, Inc		243,561

17

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
8,050	*	Career Education Corp	$	153,513
1,980		Carriage Services, Inc		37,640
960		Churchill Downs, Inc		110,467
11,250	*	Houghton Mifflin Harcourt Co		64,800
3,640		Jack in the Box, Inc		296,260
4,560	*	K12, Inc		138,670
11,140	*	Laureate Education, Inc		175,009
3,380		Ruth’s Chris Steak House, Inc		76,760
5,740	*	Scientific Games Corp (Class A)		113,767
1,870		Strategic Education, Inc		332,860
5,530		Texas Roadhouse, Inc (Class A)		296,795
		TOTAL CONSUMER SERVICES		2,067,061
DIVERSIFIED FINANCIALS - 3.6%
5,865	e	Arlington Asset Investment Corp (Class A)		40,351
4,720	*	Cowen Group, Inc		81,137
4,430	*	Encore Capital Group, Inc		150,044
4,362	*	Enova International, Inc		100,544
14,490		FGL Holdings		121,716
4,580		Houlihan Lokey, Inc		203,947
4,000		iShares Russell 2000 Index Fund		614,520
10,760		OM Asset Management plc		122,772
5,429		Orchid Island Capital, Inc		34,529
620	*	Regional Management Corp		16,349
6,064		Stifel Financial Corp		358,140
		TOTAL DIVERSIFIED FINANCIALS		1,844,049
ENERGY - 4.8%
9,960	*	Abraxas Petroleum Corp		10,259
2,700	*	Bonanza Creek Energy, Inc		56,376
12,060	*	C&J Energy Services, Inc		142,067
5,220		CVR Energy, Inc		260,948
7,697		Delek US Holdings, Inc		311,882
2,180		Evolution Petroleum Corp		15,587
5,269	*	Exterran Corp		74,925
10,470		Green Plains Renewable Energy, Inc		112,867
16,280	*	Keane Group, Inc		109,402
4,080		Mammoth Energy Services, Inc		28,070
2,296	*	Matrix Service Co		46,517
13,190	*	McDermott International, Inc		127,415
2,810	*	Midstates Petroleum Co, Inc		16,551
37,740	*	Oasis Petroleum, Inc		214,363
8,860	*	Par Pacific Holdings, Inc		181,807
7,310		Peabody Energy Corp		176,171
12,130	*	ProPetro Holding Corp		251,091
9,174	*	SandRidge Energy, Inc		63,484
3,605	*	Talos Energy, Inc		86,700
6,530		World Fuel Services Corp		234,819
		TOTAL ENERGY		2,521,301
FOOD & STAPLES RETAILING - 0.6%
2,183	*	Natural Grocers by Vitamin C		21,939
7,040	*	Performance Food Group Co		281,811
		TOTAL FOOD & STAPLES RETAILING		303,750
FOOD, BEVERAGE & TOBACCO - 2.4%
1,050	*	Boston Beer Co, Inc (Class A)		396,648
1,850		Calavo Growers, Inc		178,969
220		Coca-Cola Bottling Co Consolidated		65,835
1,110	*	Craft Brewers Alliance, Inc		15,529
36,655	e	Dean Foods Co		33,862

18

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,680		Lancaster Colony Corp	$	249,648
3,230		National Beverage Corp		144,155
6,100	*	Simply Good Foods Co		146,888
		TOTAL FOOD, BEVERAGE & TOBACCO		1,231,534
HEALTH CARE EQUIPMENT & SERVICES - 5.8%
2,100	*	Cardiovascular Systems, Inc		90,153
2,850		Conmed Corp		243,874
5,360	*	Globus Medical, Inc		226,728
11,350	*	HMS Holdings Corp		367,626
4,630	*	Integer Holding Corp		388,550
11,740	*	Lantheus Holdings, Inc		332,242
1,650	*	LivaNova plc		118,734
2,510	*	Magellan Health Services, Inc		186,317
1,330	*	Merit Medical Systems, Inc		79,215
4,750	*	NuVasive, Inc		278,065
12,634	*	OraSure Technologies, Inc		117,244
4,720	*	Orthofix International NV		249,594
10,600	*	Select Medical Holdings Corp		168,222
3,490	*	Staar Surgical Co		102,536
1,788	*	SurModics, Inc		77,188
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,026,288
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
2,150		Medifast, Inc		275,845
2,780	*	USANA Health Sciences, Inc		220,815
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		496,660
INSURANCE - 1.9%
6,596		American Equity Investment Life Holding Co		179,147
2,720		Amerisafe, Inc		173,454
1,400		Employers Holdings, Inc		59,178
7,594	*,e	Health Insurance Innovations, Inc		196,837
2,254		Heritage Insurance Holdings, Inc		34,734
2,290		James River Group Holdings Ltd		107,401
8,600	*	Third Point Reinsurance Ltd		88,752
1,600		United Insurance Holdings Corp		22,816
4,712		Universal Insurance Holdings, Inc		131,465
		TOTAL INSURANCE		993,784
MATERIALS - 4.9%
27,360	*	AK Steel Holding Corp		64,843
6,210		Boise Cascade Co		174,563
4,800		Commercial Metals Co		85,680
10,700	*	Ferroglobe plc		0
7,370	*	Gold Resource Corp		24,911
1,690		Greif, Inc (Class A)		55,009
100	*	Ingevity Corp		10,517
1,800		Innospec, Inc		164,232
740		Kaiser Aluminum Corp		72,231
1,747	*	Koppers Holdings, Inc		51,292
4,410		Kronos Worldwide, Inc		67,561
2,970		Materion Corp		201,396
740		Olympic Steel, Inc		10,101
2,710	*	Omnova Solutions, Inc		16,883
2,750		PolyOne Corp		86,323
2,240	*	Ryerson Holding Corp		18,659
9,729		Schnitzer Steel Industries, Inc (Class A)		254,608
2,330		Stepan Co		214,150
13,820	*	Summit Materials, Inc		266,035
10,180	*	SunCoke Energy, Inc		90,398
4,690		Trinseo S.A.		198,575

19

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
5,250	*	Verso Corp	$	100,013
6,780		Warrior Met Coal, Inc		177,094
4,110	*	Worthington Industries, Inc		165,469
		TOTAL MATERIALS		2,570,543
MEDIA & ENTERTAINMENT - 1.9%
3,310	*	Cargurus, Inc		119,524
5,120		Entravision Communications Corp (Class A)		15,974
5,640		EW Scripps Co (Class A)		86,236
26,330	*	Glu Mobile, Inc		189,049
5,330	*	Gray Television, Inc		87,359
16	*	Grocery Outlet Holding Corp		526
8,450	*	Imax Corp		170,690
2,880	*	Liberty Braves Group (Class C)		80,554
5,602	*	Liberty Latin America Ltd (Class A)		96,523
7,310	*	MSG Networks, Inc		151,609
260	*	RealReal, Inc		7,514
		TOTAL MEDIA & ENTERTAINMENT		1,005,558
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.5%
29,467	*	Achillion Pharmaceuticals, Inc		78,972
227	*	Adaptive Biotechnologies Corp		10,964
15,330	*	Akebia Therapeutics, Inc		74,197
23,840	*	Akorn, Inc		122,776
6,237	*	AMAG Pharmaceuticals, Inc		62,308
17,512	*	Amicus Therapeutics, Inc		218,550
7,430	*	Amphastar Pharmaceuticals, Inc		156,847
5,450	*	Ardelyx, Inc		14,660
2,380	*	Arena Pharmaceuticals, Inc		139,539
6,460	*	Arqule, Inc		71,125
6,602	*	Array Biopharma, Inc		305,871
1,990	*	Arvinas, Inc		43,760
3,170	*	Assembly Biosciences, Inc		42,763
710	*	Biospecifics Technologies Corp		42,394
4,490	*	Calithera Biosciences, Inc		17,511
2,800	*	CareDx, Inc		100,772
3,970	*	ChemoCentryx, Inc		36,921
5,030	*	Chimerix, Inc		21,730
4,891	*	Concert Pharmaceuticals, Inc		58,692
6,775	*	CytomX Therapeutics, Inc		76,015
1,810	*	Enanta Pharmaceuticals, Inc		152,728
3,720	*	Esperion Thereapeutics, Inc		173,054
4,570	*	Five Prime Therapeutics, Inc		27,557
10,060	*	Fluidigm Corp		123,939
3,610	*	Genomic Health, Inc		209,994
8,680	*	Halozyme Therapeutics, Inc		149,122
1,600	*	Heron Therapeutics, Inc		29,744
4,744	*	Intersect ENT, Inc		107,973
5,709	*	Intra-Cellular Therapies, Inc		74,103
9,780	*	Invitae Corp		229,830
1,352	*	Kala Pharmaceuticals, Inc		8,626
4,700		Luminex Corp		97,008
6,826	*	MacroGenics, Inc		115,837
2,030	*,e	Medicines Co		74,034
6,330	*	Myriad Genetics, Inc		175,847
4,450	*	NanoString Technologies, Inc		135,057
7,640	*	Natera, Inc		210,711
4,990	*	NeoGenomics, Inc		109,481
5,520	*	Pacira Pharmaceuticals, Inc		240,065
18	*	Personalis, Inc		489
4,810		Phibro Animal Health Corp		152,814
6,830	*	Pieris Pharmaceuticals, Inc		32,101
7,660	*	Puma Biotechnology, Inc		97,359

20

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
3,870	*	Recro Pharma, Inc	$	39,358
1,480	*	Repligen Corp		127,206
4,950	*	Retrophin, Inc		99,446
1,966	*	SIGA Technologies, Inc		11,167
5,050	*	Spectrum Pharmaceuticals, Inc		43,481
4,704	*	Syneos Health, Inc		240,327
9,780	*	Vanda Pharmaceuticals, Inc		137,800
7,410	*	Veracyte, Inc		211,259
7,340	*	Vericel Corp		138,653
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,472,537
REAL ESTATE - 8.6%
5,370		Alexander & Baldwin, Inc		124,047
2,600		American Assets Trust, Inc		122,512
7,580		Ashford Hospitality Trust, Inc		22,513
2,568		Bluerock Residential Growth REIT, Inc		30,174
3,090		CareTrust REIT, Inc		73,480
10,550		CoreCivic, Inc		219,018
27,090		DiamondRock Hospitality Co		280,110
3,670		EastGroup Properties, Inc		425,647
6,773		First Industrial Realty Trust, Inc		248,840
14,400		Geo Group, Inc		302,544
2,210		Global Net Lease, Inc		43,360
8,232		Mack-Cali Realty Corp		191,723
6,240		Monmouth Real Estate Investment Corp (Class A)		84,552
7,510		National Storage Affiliates Trust		217,339
15,565		Newmark Group, Inc		139,774
11,760		Piedmont Office Realty Trust, Inc		234,377
10,360		Preferred Apartment Communities, Inc		154,882
2,649		PS Business Parks, Inc		446,436
3,860		Ryman Hospitality Properties		313,007
2,315		Saul Centers, Inc		129,941
10,940		Senior Housing Properties Trust		90,474
8,990		STAG Industrial, Inc		271,858
10,890		Summit Hotel Properties, Inc		124,908
12,660		Tanger Factory Outlet Centers, Inc		205,219
		TOTAL REAL ESTATE		4,496,735
RETAILING - 3.6%
4,790	*	1-800-FLOWERS.COM, Inc (Class A)		90,435
4,140		Aaron’s, Inc		254,238
5,960		Abercrombie & Fitch Co (Class A)		95,598
184	*	Chewy, Inc		6,440
51,250	*	Groupon, Inc		183,475
2,760	*	Hibbett Sports, Inc		50,232
6,110	*	Liberty Expedia Holdings, Inc		291,997
12,610	*	Rent-A-Center, Inc		335,804
170	*,e	Revolve Group, Inc		5,865
1,700	*	RH		196,520
1,680		Shoe Carnival, Inc		46,368
3,880	*	Sleep Number Corp		156,713
4,574	*	Stamps.com, Inc		207,065
		TOTAL RETAILING		1,920,750
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
1,775		Cabot Microelectronics Corp		195,392
5,330	*	Diodes, Inc		193,852
3,340	*	Formfactor, Inc		52,338
18,160	*	Lattice Semiconductor Corp		264,954
14,980	*	Rambus, Inc		180,359
4,360	*	Semtech Corp		209,498
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,096,393

21

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
SOFTWARE & SERVICES - 5.6%
2,520	*	Altair Engineering, Inc	$	101,783
2,760	*	Bottomline Technologies, Inc		122,102
5,160	*	Cornerstone OnDemand, Inc		298,919
50	*	Crowdstrike Holdings, Inc		3,414
3,330	*	eGain Corp		27,106
5,561		EVERTEC, Inc		181,845
6,630	*	Five9, Inc		340,053
1,020	*	I3 Verticals, Inc		30,039
3,580		Mantech International Corp (Class A)		235,743
3,290		Perspecta, Inc		77,019
1,770		Science Applications International Corp		153,211
2,440	*	SPS Commerce, Inc		249,392
4,290	*	SVMK, Inc		70,828
2,940	*	Tenable Holdings, Inc		83,908
3,060	*	Upland Software, Inc		139,322
7,100	*	Verint Systems, Inc		381,838
3,590	*	Verra Mobility Corp		46,993
2,890	*	Virtusa Corp		128,403
4,250	*	Workiva, Inc		246,882
4,886	*	Zix Corp		44,414
		TOTAL SOFTWARE & SERVICES		2,963,214
TECHNOLOGY HARDWARE & EQUIPMENT - 4.2%
1,520	*	Agilysys, Inc		32,634
2,350	*	Anixter International, Inc		140,318
3,526		AVX Corp		58,532
2,340		Comtech Telecommunications Corp		65,777
4,100	*	Control4 Corp		97,375
25,510	*	Extreme Networks, Inc		165,050
5,000	*	Insight Enterprises, Inc		291,000
10,875		Kemet Corp		204,559
1,040	*	OSI Systems, Inc		117,135
4,950	*	Ribbon Communications, Inc		24,206
7,660	*	Sanmina Corp		231,945
3,310	*	Tech Data Corp		346,226
12,980	*	TTM Technologies, Inc		132,396
14,930		Vishay Intertechnology, Inc		246,644
816	*	Vishay Precision Group, Inc		33,154
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,186,951
TELECOMMUNICATION SERVICES - 0.7%
3,230		Shenandoah Telecom Co		124,420
20,552	*	Vonage Holdings Corp		232,854
		TOTAL TELECOMMUNICATION SERVICES		357,274
TRANSPORTATION - 1.3%
4,100		Arkansas Best Corp		115,251
1,610	*	Covenant Transportation Group, Inc		23,683
5,100	*	Daseke, Inc		18,360
1,020	*	Echo Global Logistics, Inc		21,287
2,770		Forward Air Corp		163,846
5,880		Heartland Express, Inc		106,252
3,120	*	Hub Group, Inc (Class A)		130,978
3,520		Marten Transport Ltd		63,888
5,460	*	Radiant Logistics, Inc		33,524
		TOTAL TRANSPORTATION		677,069
UTILITIES - 3.2%
2,520		Avista Corp		112,392
1,404		Black Hills Corp		109,751
3,757		Clearway Energy, Inc (Class A)		60,788

22

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
1,027		NorthWestern Corp	$	74,098
1,160		Otter Tail Corp		61,260
8,580		Portland General Electric Co		464,778
4,193		Southwest Gas Corp		375,777
4,050		Spire, Inc		339,876
826		Unitil Corp		49,469
		TOTAL UTILITIES		1,648,189
		TOTAL COMMON STOCKS		52,329,855
		(Cost $48,253,499)
SHORT-TERM INVESTMENTS - 0.3%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
174,795	c	State Street Navigator Securities Lending Government Money Market Portfolio		174,795
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		174,795
		TOTAL SHORT-TERM INVESTMENTS		174,795
		(Cost $174,795)
		TOTAL INVESTMENTS - 100.4% (Cost $48,428,294)		52,504,650
		OTHER ASSETS & LIABILITIES, NET - (0.4)%		(221,615	)
		NET ASSETS - 100.0%	$	52,283,035

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $281,550.

23

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.3%
862		Aptiv plc	$	69,675
114		BorgWarner, Inc		4,786
1,191		Harley-Davidson, Inc		42,674
292	*	Modine Manufacturing Co		4,178
587	*	Tesla, Inc		131,171
		TOTAL AUTOMOBILES & COMPONENTS		252,484
BANKS - 5.2%
312		Ameris Bancorp		12,227
885		Associated Banc-Corp		18,709
564		Bank OZK		16,971
5,679		BB&T Corp		279,009
190		Berkshire Hills Bancorp, Inc		5,964
126		Camden National Corp		5,780
8,849		Citigroup, Inc		619,696
6,854		Citizens Financial Group, Inc		242,357
1,904		Comerica, Inc		138,307
134		Commerce Bancshares, Inc		7,994
69		Cullen/Frost Bankers, Inc		6,463
710	*	Customers Bancorp, Inc		14,910
246		Federal Agricultural Mortgage Corp (Class C)		17,874
3,563		Fifth Third Bancorp		99,408
212		First Financial Corp		8,514
505		First Republic Bank		49,313
278		Hanmi Financial Corp		6,191
244		Heritage Financial Corp		7,208
577	*	HomeStreet, Inc		17,102
251		HomeTrust Bancshares, Inc		6,310
2,560		Huntington Bancshares, Inc		35,379
10,613		Keycorp		188,381
329		Live Oak Bancshares, Inc		5,642
1,526		M&T Bank Corp		259,527
528	*	MGIC Investment Corp		6,938
370		New York Community Bancorp, Inc		3,693
479		Northfield Bancorp, Inc		7,477
905		OFG Bancorp		21,512
145		Old National Bancorp		2,406
417		Opus Bank		8,803
199		PacWest Bancorp		7,727
189		People’s United Financial, Inc		3,171
574		Pinnacle Financial Partners, Inc		32,994
3,111		PNC Financial Services Group, Inc		427,078
476		Popular, Inc		25,818
10,924		Regions Financial Corp		163,205
25		Signature Bank		3,021
130		Stock Yards Bancorp, Inc		4,699
195	*	SVB Financial Group		43,795
561		TFS Financial Corp		10,137
567	*	The Bancorp, Inc		5,058
538	*	Tristate Capital Holdings, Inc		11,481
50		UMB Financial Corp		3,291
102		United Bankshares, Inc		3,783
8,732		US Bancorp		457,557
107		Webster Financial Corp		5,111
49		Westamerica Bancorporation		3,019
110	*	Western Alliance Bancorp		4,919

24

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
354		Zions Bancorporation	$	16,277
		TOTAL BANKS		3,352,206
CAPITAL GOODS - 6.8%
2,542		3M Co		440,630
200		Air Lease Corp		8,268
100		Aircastle Ltd		2,126
155		Argan, Inc		6,287
489	*	Armstrong Flooring, Inc		4,817
518	*	Astronics Corp		20,834
802	*	Axon Enterprise, Inc		51,496
999		Barnes Group, Inc		56,284
716	*	Builders FirstSource, Inc		12,072
180		Carlisle Cos, Inc		25,274
2,847		Caterpillar, Inc		388,018
586		Cummins, Inc		100,405
1,006		Curtiss-Wright Corp		127,893
1,529		Deere & Co		253,371
2,547		Eaton Corp		212,114
2,184		Fastenal Co		71,177
1,079		Fortive Corp		87,960
274		HEICO Corp		36,664
747		HEICO Corp (Class A)		77,217
407	*	Herc Holdings, Inc		18,653
1,120		Hexcel Corp		90,586
2,558		Illinois Tool Works, Inc		385,772
1,052		Ingersoll-Rand plc		133,257
4,469		Johnson Controls International plc		184,614
397	*	Lydall, Inc		8,019
2,644		Masco Corp		103,751
831	*	Mercury Systems, Inc		58,461
302		Moog, Inc (Class A)		28,270
32		Owens Corning, Inc		1,862
1,438		PACCAR, Inc		103,047
600		Parker-Hannifin Corp		102,006
1,590	*,e	Plug Power, Inc		3,577
1,029		Quanta Services, Inc		39,297
538		Rockwell Automation, Inc		88,141
549		Roper Industries, Inc		201,077
343	*	Sensata Technologies Holding plc		16,807
85		Snap-On, Inc		14,079
1,716		Spirit Aerosystems Holdings, Inc (Class A)		139,631
97		Stanley Black & Decker, Inc		14,027
717	*	Teledyne Technologies, Inc		196,365
233	*	Titan Machinery, Inc		4,795
357	*	TransDigm Group, Inc		172,717
131	*	Trimas Corp		4,057
404	*	United Rentals, Inc		53,582
173	*	Veritiv Corp		3,360
194		W.W. Grainger, Inc		52,037
1,603	*	Wesco Aircraft Holdings, Inc		17,793
484		Woodward Governor Co		54,769
433		Xylem, Inc		36,216
		TOTAL CAPITAL GOODS		4,313,532
COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
590		ACCO Brands Corp		4,643
122	*	Cimpress NV		11,089
3,459	*	Copart, Inc		258,526
236		Exponent, Inc		13,815
112		Heidrick & Struggles International, Inc		3,357
274	*	Huron Consulting Group, Inc		13,804
4,051	*	IHS Markit Ltd		258,130
148		Insperity, Inc		18,077
49		Kelly Services, Inc (Class A)		1,283

25

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
220		Manpower, Inc	$	21,252
134	*	Mistras Group, Inc		1,926
925		Robert Half International, Inc		52,734
730	*	Team, Inc		11,184
1,832		TransUnion		134,670
1,074		Waste Management, Inc		123,907
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		928,397
CONSUMER DURABLES & APPAREL - 1.4%
200		Callaway Golf Co		3,432
377	*	Century Communities, Inc		10,021
10		Columbia Sportswear Co		1,002
546	*,e	Fossil Group, Inc		6,279
677	*	Green Brick Partners, Inc		5,626
616		Hanesbrands, Inc		10,608
13		Hasbro, Inc		1,374
200	*,e	iRobot Corp		18,328
1,051		Lennar Corp (Class A)		50,931
159	*	LGI Homes, Inc		11,357
169	*	Lululemon Athletica, Inc		30,455
931	*,e	Mattel, Inc		10,437
131	*	Meritage Homes Corp		6,726
255	*	Mohawk Industries, Inc		37,605
200		Movado Group, Inc		5,400
2,004		Newell Rubbermaid, Inc		30,902
5,791		Nike, Inc (Class B)		486,154
94		Pulte Homes, Inc		2,972
1,121	*	Under Armour, Inc (Class A)		28,417
841	*	Under Armour, Inc (Class C)		18,670
1,190		VF Corp		103,946
105		Whirlpool Corp		14,948
		TOTAL CONSUMER DURABLES & APPAREL		895,590
CONSUMER SERVICES - 2.2%
79	*	American Public Education, Inc		2,337
506		ARAMARK Holdings Corp		18,246
1,633		BBX Capital Corp		8,018
407	*	Bright Horizons Family Solutions		61,404
356		Carriage Services, Inc		6,768
78	*	Chipotle Mexican Grill, Inc (Class A)		57,165
390		Choice Hotels International, Inc		33,934
604		Darden Restaurants, Inc		73,525
13	e	DineEquity, Inc		1,241
175	*	El Pollo Loco Holdings, Inc		1,866
282	*	frontdoor, Inc		12,281
28		Graham Holdings Co		19,321
330		H&R Block, Inc		9,669
2,137		Hilton Worldwide Holdings, Inc		208,870
1,020	*	Houghton Mifflin Harcourt Co		5,875
243		International Speedway Corp (Class A)		10,908
216		Marriott Vacations Worldwide Corp		20,822
1,002	*	Norwegian Cruise Line Holdings Ltd		53,737
214	*	Red Robin Gourmet Burgers, Inc		6,542
1,008		Royal Caribbean Cruises Ltd		122,180
1,004		Service Corp International		46,967
564	*	ServiceMaster Global Holdings, Inc		29,379
6,509		Starbucks Corp		545,649
123		Vail Resorts, Inc		27,451
		TOTAL CONSUMER SERVICES		1,384,155
DIVERSIFIED FINANCIALS - 5.6%
879		Ally Financial, Inc		27,240
3,824		American Express Co		472,035
495		Ameriprise Financial, Inc		71,854

26

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
5,735		Bank of New York Mellon Corp	$	253,200
752		BlackRock, Inc		352,914
6,333		Charles Schwab Corp		254,523
2,131		CME Group, Inc		413,648
2,865		Discover Financial Services		222,295
78		Factset Research Systems, Inc		22,352
1,515		Franklin Resources, Inc		52,722
42	*	Green Dot Corp		2,054
1,525		IntercontinentalExchange Group, Inc		131,059
2,613		Invesco Ltd		53,462
566		Legg Mason, Inc		21,667
604		Moody’s Corp		117,967
7,701		Morgan Stanley		337,381
1,975		Northern Trust Corp		177,750
1,162	*	On Deck Capital, Inc		4,822
1,829		S&P Global, Inc		416,628
2,056		State Street Corp		115,259
857		T Rowe Price Group, Inc		94,022
131		Voya Financial, Inc		7,244
		TOTAL DIVERSIFIED FINANCIALS		3,622,098
ENERGY - 4.8%
1,431		Apache Corp		41,456
2,780		Baker Hughes a GE Co		68,471
1,014	*,e	California Resources Corp		19,956
4,094	*	Callon Petroleum Co		26,979
1,314	*	Cheniere Energy, Inc		89,943
255		Cimarex Energy Co		15,129
7,458		ConocoPhillips		454,938
634	*,e	Covia Holdings Corp		1,243
170		Delek US Holdings, Inc		6,888
10,026	*	Denbury Resources, Inc		12,432
2,603		Devon Energy Corp		74,238
1,146		EQT Corp		18,118
374	*	Exterran Corp		5,318
1,863	*	Forum Energy Technologies, Inc		6,371
484		Green Plains Renewable Energy, Inc		5,218
2,260	*	Gulfport Energy Corp		11,097
1,309	*	Helix Energy Solutions Group, Inc		11,297
1,276		Hess Corp		81,115
19,566		Kinder Morgan, Inc		408,538
3,737	*	Laredo Petroleum Holdings, Inc		10,837
4,723		Marathon Oil Corp		67,114
41	*	Matrix Service Co		831
1,290	*,e	McDermott International, Inc		12,461
3,421		National Oilwell Varco, Inc		76,049
555	*	Newpark Resources, Inc		4,118
2,757		Noble Energy, Inc		61,757
5,348	*	Oasis Petroleum, Inc		30,377
5,256		Occidental Petroleum Corp		264,272
4	*	Oceaneering International, Inc		82
2,554		ONEOK, Inc		175,741
172		PBF Energy, Inc		5,384
423	*	PDC Energy, Inc		15,253
821		Pioneer Natural Resources Co		126,319
1,605	*	Questar Market Resources, Inc		11,604
1,919	e	Range Resources Corp		13,395
679	*	Renewable Energy Group, Inc		10,769
9,579		Schlumberger Ltd		380,669
63	*	Select Energy Services, Inc		731
1,954		SM Energy Co		24,464
2,403	*	Southwestern Energy Co		7,594
3,699	*	Superior Energy Services		4,809
2,507	*	Tetra Technologies, Inc		4,086
243	*	Tidewater, Inc		5,706

27

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
259	e	US Silica Holdings, Inc	$	3,313
3,358		Valero Energy Corp		287,478
3,807		Williams Cos, Inc		106,748
388		World Fuel Services Corp		13,952
		TOTAL ENERGY		3,084,658
FOOD & STAPLES RETAILING - 0.5%
595		Casey’s General Stores, Inc		92,814
467	*	Chefs’ Warehouse Holdings, Inc		16,377
156		Pricesmart, Inc		7,975
582		Spartan Stores, Inc		6,792
2,120	*	Sprouts Farmers Market, Inc		40,047
1,101	*	United Natural Foods, Inc		9,876
4,747	*	US Foods Holding Corp		169,753
61		Weis Markets, Inc		2,221
		TOTAL FOOD & STAPLES RETAILING		345,855
FOOD, BEVERAGE & TOBACCO - 3.1%
487		Bunge Ltd		27,131
1,318		Campbell Soup Co		52,812
14,513		Coca-Cola Co		739,002
98		Fresh Del Monte Produce, Inc		2,641
4,029		General Mills, Inc		211,603
2,693		Hormel Foods Corp		109,174
1,963		Kellogg Co		105,158
385		McCormick & Co, Inc		59,679
5,457		PepsiCo, Inc		715,577
		TOTAL FOOD, BEVERAGE & TOBACCO		2,022,777
HEALTH CARE EQUIPMENT & SERVICES - 5.7%
309	*	Abiomed, Inc		80,491
390	*	Acadia Healthcare Co, Inc		13,630
1,019	*	Accuray, Inc		3,944
678	*	Align Technology, Inc		185,569
315	*	Amedisys, Inc		38,244
389	*	AMN Healthcare Services, Inc		21,103
863	*	Angiodynamics, Inc		16,992
539	*	AtriCure, Inc		16,084
379	*	BioTelemetry, Inc		18,249
386	*	Brookdale Senior Living, Inc		2,783
2,300		Cardinal Health, Inc		108,330
157	*	Cardiovascular Systems, Inc		6,740
1,596	*	Centene Corp		83,694
2,385	*	Cerner Corp		174,821
1,662	*	Cerus Corp		9,340
610		Cigna Corp		96,106
389		Computer Programs & Systems, Inc		10,810
423		Cooper Cos, Inc		142,504
3,850		CVS Health Corp		209,787
1,197		Dentsply Sirona, Inc		69,857
1,192	*	Edwards Lifesciences Corp		220,210
944	*	GenMark Diagnostics, Inc		6,127
178	*	Glaukos Corp		13,421
144	*	Globus Medical, Inc		6,091
31	*	Haemonetics Corp		3,731
1,730		HCA Holdings, Inc		233,844
294	*	Henry Schein, Inc		20,551
83	*	Heska Corp		7,069
84	*	HMS Holdings Corp		2,721
1,250	*	Hologic, Inc		60,025
993		Humana, Inc		263,443
601	*	IDEXX Laboratories, Inc		165,473
257	*	Integer Holding Corp		21,567
661	*	Laboratory Corp of America Holdings		114,287

28

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
301		LeMaitre Vascular, Inc	$	8,422
323	*	LHC Group, Inc		38,624
85	*	LivaNova plc		6,117
106	*	Magellan Health Services, Inc		7,868
59	*	Medidata Solutions, Inc		5,340
356	*	Merit Medical Systems, Inc		21,203
499	*	Omnicell, Inc		42,929
1,080	*	OraSure Technologies, Inc		10,022
4	*	Orthofix International NV		212
95	*,e	Penumbra, Inc		15,200
218	*	Premier, Inc		8,526
290	*	Providence Service Corp		16,629
269		Quest Diagnostics, Inc		27,387
103	*	Quidel Corp		6,110
740		Resmed, Inc		90,302
1,425	*,e	Senseonics Holdings, Inc		2,907
580	*	Staar Surgical Co		17,040
391	*	Surgery Partners, Inc		3,183
330	*	Tactile Systems Technology, Inc		18,784
93	*	Tandem Diabetes Care, Inc		6,000
728	*,e	Teladoc, Inc		48,346
778	*	Tivity Health, Inc		12,790
3,022	*,e	TransEnterix, Inc		4,110
442	*	Triple-S Management Corp (Class B)		10,542
2,880		UnitedHealth Group, Inc		702,749
179		US Physical Therapy, Inc		21,940
336	*	Varian Medical Systems, Inc		45,740
453	*	Vocera Communications, Inc		14,460
245		West Pharmaceutical Services, Inc		30,662
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,691,782
HOUSEHOLD & PERSONAL PRODUCTS - 2.4%
5		Clorox Co		766
4,120		Colgate-Palmolive Co		295,280
953		Estee Lauder Cos (Class A)		174,504
864		Kimberly-Clark Corp		115,154
8,393		Procter & Gamble Co		920,292
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,505,996
INSURANCE - 4.0%
965		Allstate Corp		98,131
7,255		American International Group, Inc		386,546
312		Aon plc		60,210
3,044		Chubb Ltd		448,351
1,265	*	Genworth Financial, Inc (Class A)		4,693
48		Lincoln National Corp		3,094
2,879		Loews Corp		157,395
3,713		Marsh & McLennan Cos, Inc		370,372
1,069		Principal Financial Group		61,916
4,542		Progressive Corp		363,042
3,377		Prudential Financial, Inc		341,077
2,049		Travelers Cos, Inc		306,366
		TOTAL INSURANCE		2,601,193
MATERIALS - 3.0%
47		Aptargroup, Inc		5,844
2,372		Ball Corp		166,016
1,021	*	Century Aluminum Co		7,055
295	*	Clearwater Paper Corp		5,455
749		Commercial Metals Co		13,370
1,001	*	Corteva, Inc		29,600
1,952		DuPont de Nemours, Inc		146,537
2,180		Ecolab, Inc		430,419
288		H.B. Fuller Co		13,363

29

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
72		International Flavors & Fragrances, Inc	$	10,446
1,738		International Paper Co		75,290
484	*	Kraton Polymers LLC		15,038
2,881		Linde plc		578,505
678		Louisiana-Pacific Corp		17,777
281		Minerals Technologies, Inc		15,036
1,894		Mosaic Co		47,407
2,096		Newmont Mining Corp		80,633
3,131		Nucor Corp		172,518
494		PH Glatfelter Co		8,339
58		Reliance Steel & Aluminum Co		5,488
859		Royal Gold, Inc		88,039
39		RPM International, Inc		2,383
392	*	Summit Materials, Inc		7,546
137		Trinseo S.A.		5,801
299	*	US Concrete, Inc		14,857
		TOTAL MATERIALS		1,962,762
MEDIA & ENTERTAINMENT - 6.6%
772	*	Alphabet, Inc (Class A)		835,922
787	*	Alphabet, Inc (Class C)		850,676
90		Cable One, Inc		105,389
1,113		Cinemark Holdings, Inc		40,179
1,162	*	Clear Channel		5,485
3,506	*,e	Discovery, Inc (Class A)		107,634
5,516	*	Discovery, Inc (Class C)		156,930
523	*	Electronic Arts, Inc		52,959
1,519		Entravision Communications Corp (Class A)		4,739
5,962	*	Facebook, Inc		1,150,666
2,613		Gannett Co, Inc		21,322
714	*	GCI Liberty, Inc		43,883
1,552	*	Gray Television, Inc		25,437
469	*	Imax Corp		9,474
153		John Wiley & Sons, Inc (Class A)		7,017
2,527	*	Liberty Broadband Corp (Class C)		263,364
219		Marcus Corp		7,218
1,010		New York Times Co (Class A)		32,946
4,189		Omnicom Group, Inc		343,289
475		Sinclair Broadcast Group, Inc (Class A)		25,474
288		TEGNA, Inc		4,363
2,183		Tribune Co		100,898
1,239	*	TripAdvisor, Inc		57,353
402		World Wrestling Entertainment, Inc (Class A)		29,029
		TOTAL MEDIA & ENTERTAINMENT		4,281,646
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.7%
4,234		AbbVie, Inc		307,896
907	*	Acadia Pharmaceuticals, Inc		24,244
157	*	Acceleron Pharma, Inc		6,450
3,162	*	Achillion Pharmaceuticals, Inc		8,474
2,371		Agilent Technologies, Inc		177,043
244	*,e	Agios Pharmaceuticals, Inc		12,171
21	*,e	Akcea Therapeutics, Inc		492
2,060	*	Akorn, Inc		10,609
2,626		Amgen, Inc		483,920
174	*	Atara Biotherapeutics, Inc		3,499
1,565	*	BioCryst Pharmaceuticals, Inc		5,931
871	*	Biogen Idec, Inc		203,701
706	*	BioMarin Pharmaceutical, Inc		60,469
156	*	Bluebird Bio, Inc		19,843
6,826		Bristol-Myers Squibb Co		309,559
2,961	*	Celgene Corp		273,715
729	*	Coherus Biosciences, Inc		16,111
225	*	Collegium Pharmaceutical, Inc		2,959
4,415		Eli Lilly & Co		489,138

30

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
70	*	Esperion Thereapeutics, Inc	$	3,256
492	*	FibroGen, Inc		22,229
4,677		Gilead Sciences, Inc		315,978
186	*	Halozyme Therapeutics, Inc		3,195
658	*	Illumina, Inc		242,243
433	*,e	Inovio Pharmaceuticals, Inc		1,273
24	*	Insmed, Inc		614
335	*	Intersect ENT, Inc		7,625
405	*	Intra-Cellular Therapies, Inc		5,257
1,060	*	Iovance Biotherapeutics, Inc		25,991
898	*	IQVIA Holdings, Inc		144,488
278	*	Jazz Pharmaceuticals plc		39,632
608	*,e	Karyopharm Therapeutics, Inc		3,642
9,459		Merck & Co, Inc		793,137
80	*	Mettler-Toledo International, Inc		67,200
2	*	Mirati Therapeutics, Inc		206
728	*	Nektar Therapeutics		25,902
2,332	*,e	Opko Health, Inc		5,690
346		Perrigo Co plc		16,477
1,704	*	Progenics Pharmaceuticals, Inc		10,514
281	*	Prothena Corp plc		2,970
360	*	Radius Health, Inc		8,770
164	*	Reata Pharmaceuticals, Inc		15,473
290	*	Revance Therapeutics, Inc		3,761
89	*,e	Sage Therapeutics, Inc		16,295
656	*	Sangamo Biosciences, Inc		7,065
240	*	Sarepta Therapeutics, Inc		36,468
69	*	Spark Therapeutics, Inc		7,064
527	*,e	Theravance Biopharma, Inc		8,606
277	*	Ultragenyx Pharmaceutical, Inc		17,590
1,050	*	Vertex Pharmaceuticals, Inc		192,549
272	*	Waters Corp		58,545
3,978		Zoetis, Inc		451,463
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,977,392
REAL ESTATE - 4.2%
366		Alexandria Real Estate Equities, Inc		51,639
203	*	Altisource Portfolio Solutions S.A.		3,991
455		American Campus Communities, Inc		21,003
2,395		American Tower Corp		489,658
1,054		Boston Properties, Inc		135,966
1,574		CatchMark Timber Trust, Inc		16,448
1,526	*	CBRE Group, Inc		78,284
310		Chatham Lodging Trust		5,850
915		CorePoint Lodging, Inc		11,337
339		Coresite Realty		39,043
566	*	Cousins Properties, Inc		20,472
603		Digital Realty Trust, Inc		71,027
165		Douglas Emmett, Inc		6,574
1,428		Duke Realty Corp		45,139
581		Easterly Government Properties, Inc		10,522
573		Equinix, Inc		288,958
997		First Industrial Realty Trust, Inc		36,630
1,028		Franklin Street Properties Corp		7,587
3,362		HCP, Inc		107,517
2,800		Host Marriott Corp		51,016
504	*	Howard Hughes Corp		62,415
1,339		Iron Mountain, Inc		41,911
1,059	e	iStar Financial, Inc		13,153
32		Jones Lang LaSalle, Inc		4,502
14		Kilroy Realty Corp		1,033
562		Kimco Realty Corp		10,386
325		Liberty Property Trust		16,263
642		NorthStar Realty Europe Corp		10,548
402		Office Properties Income Trust		10,560

31

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
463		Paramount Group, Inc	$	6,487
335		Park Hotels & Resorts, Inc		9,233
5,300		Prologis, Inc		424,530
296		QTS Realty Trust, Inc		13,669
147	e	Realogy Holdings Corp		1,064
110		RMR Group, Inc		5,168
737	*	SBA Communications Corp		165,707
91		Senior Housing Properties Trust		752
924		UDR, Inc		41,478
17		Washington REIT		454
3,419		Welltower, Inc		278,751
2,617		Weyerhaeuser Co		68,932
		TOTAL REAL ESTATE		2,685,657
RETAILING - 7.3%
477	*	1-800-FLOWERS.COM, Inc (Class A)		9,006
77		Aaron’s, Inc		4,729
366		Advance Auto Parts, Inc		56,415
736	*	Amazon.com, Inc		1,393,712
895		Best Buy Co, Inc		62,408
253	*	Booking Holdings, Inc		474,301
785	*	CarMax, Inc		68,162
5,244		eBay, Inc		207,138
833	*	Etsy, Inc		51,121
2,270		Expedia, Inc		301,978
44	*	Five Below, Inc		5,281
1,834		Gap, Inc		32,957
202	*	Genesco, Inc		8,543
9,910	*	Groupon, Inc		35,478
66		Haverty Furniture Cos, Inc		1,124
364	*	Hibbett Sports, Inc		6,625
3,765		Home Depot, Inc		783,007
1,562		Kohl’s Corp		74,273
119	*	Lands’ End, Inc		1,454
1,082	*	LKQ Corp		28,792
3,613		Lowe’s Companies, Inc		364,588
44		Macy’s, Inc		944
535		Nordstrom, Inc		17,045
1,637	*	Quotient Technology, Inc		17,581
2,067		Ross Stores, Inc		204,881
149	e	Shoe Carnival, Inc		4,112
1,100	*	Shutterfly, Inc		55,605
1,481		Target Corp		128,270
194		Tiffany & Co		18,166
1,800		TJX Companies, Inc		95,184
202		Tractor Supply Co		21,978
270	*	Ulta Beauty, Inc		93,660
330	*	Wayfair, Inc		48,180
435	e	Williams-Sonoma, Inc		28,275
56		Winmark Corp		9,696
		TOTAL RETAILING		4,714,669
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1%
5,239		Applied Materials, Inc		235,284
149	*	Cirrus Logic, Inc		6,511
461	*	Cree, Inc		25,899
207	*	First Solar, Inc		13,596
13,512		Intel Corp		646,819
785		Lam Research Corp		147,454
2,238		NVIDIA Corp		367,547
4,583		Texas Instruments, Inc		525,945
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,969,055
SOFTWARE & SERVICES - 11.1%
3,093		Accenture plc		571,494

32

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
1,906	*	Adobe, Inc	$	561,603
1,533	*	Autodesk, Inc		249,726
571	*	Avaya Holdings Corp		6,801
634	*	Benefitfocus, Inc		17,213
4,083	*	Black Knight, Inc		245,592
316		Blackbaud, Inc		26,386
3,829		Booz Allen Hamilton Holding Co		253,518
1,656	*	Cadence Design Systems, Inc		117,261
4,496	*	Conduent, Inc		43,117
790		CSG Systems International, Inc		38,576
695	*	ExlService Holdings, Inc		45,960
54	*	Fair Isaac Corp		16,957
4,249		International Business Machines Corp		585,937
1,677		Intuit, Inc		438,250
3,927	*	Limelight Networks, Inc		10,603
958		LogMeIn, Inc		70,585
18,678	d	Microsoft Corp		2,502,105
953	*	New Relic, Inc		82,444
885	*	Nutanix, Inc		22,957
262	*	OneSpan, Inc		3,713
55	*	Paylocity Holding Corp		5,160
560	*	Perficient, Inc		19,219
379	*	Qualys, Inc		33,003
733	*	Rapid7, Inc		42,397
1,043	*	RingCentral, Inc		119,862
3,440	*	salesforce.com, Inc		521,951
727		Science Applications International Corp		62,929
659	*	SPS Commerce, Inc		67,356
977	*	Sykes Enterprises, Inc		26,828
2,296	*	Teradata Corp		82,312
696		TiVo Corp		5,130
213		TTEC Holdings, Inc		9,924
533	*	Virtusa Corp		23,681
298		VMware, Inc (Class A)		49,829
463	*	WEX, Inc		96,350
406	*	Zendesk, Inc		36,146
		TOTAL SOFTWARE & SERVICES		7,112,875
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
130	*	Anixter International, Inc		7,762
10,949		Apple, Inc		2,167,026
449		AVX Corp		7,453
41		Belden CDT, Inc		2,442
1,563		Benchmark Electronics, Inc		39,263
15,030		Cisco Systems, Inc		822,592
27	*	Coherent, Inc		3,682
622	*	Cray, Inc		21,658
413		CTS Corp		11,391
483		Daktronics, Inc		2,980
1,665		Dolby Laboratories, Inc (Class A)		107,559
543	*	Fabrinet		26,971
257	*	FARO Technologies, Inc		13,513
709	*	Finisar Corp		16,215
12,120		Hewlett Packard Enterprise Co		181,194
11,157		HP, Inc		231,954
117	*	Insight Enterprises, Inc		6,809
43		InterDigital, Inc		2,769
440	*	Itron, Inc		27,531
1,058		Kemet Corp		19,901
78	*	Keysight Technologies, Inc		7,005
532	*	Kimball Electronics, Inc		8,640
286		Littelfuse, Inc		50,596
333	*	Lumentum Holdings, Inc		17,785
840		Motorola Solutions, Inc		140,053
1,811		National Instruments Corp		76,044

33

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY						VALUE
233	*	Novanta, Inc						$	21,972
282	*	Plexus Corp							16,460
196	*	Rogers Corp							33,826
160		Synnex Corp							15,744
725	*	Tech Data Corp							75,835
1,213	*	TTM Technologies, Inc							12,373
1,315		Vishay Intertechnology, Inc							21,724
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							4,218,722
TELECOMMUNICATION SERVICES - 1.6%
385	*	Boingo Wireless, Inc							6,918
9,404		CenturyLink, Inc							110,591
1,021	*	Cincinnati Bell, Inc							5,054
275		Cogent Communications Group, Inc							16,324
2,309	*	Iridium Communications, Inc							53,707
1,351	*	Orbcomm, Inc							9,795
14,251		Verizon Communications, Inc							814,160
		TOTAL TELECOMMUNICATION SERVICES							1,016,549
TRANSPORTATION - 1.9%
4,870		CSX Corp							376,792
2,878		Delta Air Lines, Inc							163,327
299	*,e	Hertz Global Holdings, Inc							4,772
983		Norfolk Southern Corp							195,941
6		Ryder System, Inc							350
2,801		Southwest Airlines Co							142,235
3,505		United Parcel Service, Inc (Class B)							361,961
		TOTAL TRANSPORTATION							1,245,378
UTILITIES - 3.3%
3,952		American Electric Power Co, Inc							347,815
140		American Water Works Co, Inc							16,240
339		Centerpoint Energy, Inc							9,706
162		Clearway Energy, Inc (Class C)							2,731
3,041		Consolidated Edison, Inc							266,635
2,325		Eversource Energy							176,142
384		New Jersey Resources Corp							19,112
2,655		Public Service Enterprise Group, Inc							156,167
2,696		Sempra Energy							370,538
949		South Jersey Industries, Inc							32,010
7,456		Southern Co							412,168
167		TerraForm Power, Inc							2,388
1,977		WEC Energy Group, Inc							164,822
3,048		Xcel Energy, Inc							181,326
		TOTAL UTILITIES							2,157,800
		TOTAL COMMON STOCKS							64,343,228
		(Cost $44,834,024)
RIGHTS / WARRANTS - 0.0%
TRANSPORTATION - 0.0%
299	e	Hertz Global Holdings, Inc							583
		TOTAL TRANSPORTATION							583
		TOTAL RIGHTS / WARRANTS							583
		(Cost $393)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.4%
GOVERNMENT AGENCY DEBT - 0.3%
$210,000		Federal Home Loan Bank (FHLB)		2.100	%		07/01/19		210,000
		TOTAL GOVERNMENT AGENCY DEBT							210,000

34

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
77,317	c	State Street Navigator Securities Lending Government Money Market Portfolio	$	77,317
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		77,317
		TOTAL SHORT-TERM INVESTMENTS		287,317
		(Cost $287,317)
		TOTAL INVESTMENTS - 100.2% (Cost $45,121,734)		64,631,128
		OTHER ASSETS & LIABILITIES, NET - (0.2)%		(132,565	)
		NET ASSETS - 100.0%	$	64,498,563

Abbreviation(s):

REIT Real Estate Investment Trust

* 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 $363,868.

Futures contracts outstanding as of June 30, 2019 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		2	09/20/19	$	291,450	$	294,420	$	2,970

35

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 0.7%
1,634		Adient plc	$	39,657
1,752	*	American Axle & Manufacturing Holdings, Inc		22,356
4,457		Aptiv plc		360,259
3,646		BorgWarner, Inc		153,059
828		Cooper Tire & Rubber Co		26,123
274	*	Cooper-Standard Holding, Inc		12,555
2,264		Dana Holding Corp		45,144
591	*	Dorman Products, Inc		51,500
69,298		Ford Motor Co		708,919
794	*	Fox Factory Holding Corp		65,513
21,991		General Motors Co		847,313
4,527		Gentex Corp		111,409
573	*	Gentherm, Inc		23,969
3,947		Goodyear Tire & Rubber Co		60,389
2,737		Harley-Davidson, Inc		98,067
377		LCI Industries, Inc		33,930
1,077		Lear Corp		149,994
772	*	Modine Manufacturing Co		11,047
292	*	Motorcar Parts of America, Inc		6,252
514		Spartan Motors, Inc		5,633
330		Standard Motor Products, Inc		14,962
449	*	Stoneridge, Inc		14,166
995		Tenneco, Inc		11,035
2,469	*,e	Tesla, Inc		551,723
841		Thor Industries, Inc		49,156
321		Tower International, Inc		6,259
496	*	Visteon Corp		29,056
486		Winnebago Industries, Inc		18,784
		TOTAL AUTOMOBILES & COMPONENTS		3,528,229
BANKS - 5.7%
184		1st Constitution Bancorp		3,398
254		1st Source Corp		11,786
95		ACNB Corp		3,759
166	*	Allegiance Bancshares, Inc		5,534
197		Amalgamated Bank		3,438
442	*	Amerant Bancorp Inc		8,712
127		American National Bankshares, Inc		4,921
966		Ameris Bancorp		37,858
129	*	Ames National Corp		3,496
179		Arrow Financial Corp		6,217
2,719		Associated Banc-Corp		57,480
318	*	Atlantic Capital Bancshares, Inc		5,444
1,279		Atlantic Union Bankshares Corp		45,187
945	*	Axos Financial, Inc		25,751
697		Banc of California, Inc		9,737
529		Bancfirst Corp		29,444
1,326		BancorpSouth Bank		38,507
117		Bank First Corp		8,068
152,536		Bank of America Corp		4,423,544
254		Bank of Commerce Holdings		2,715
677		Bank of Hawaii Corp		56,130
174		Bank of Marin Bancorp		7,137
1,235		Bank of NT Butterfield & Son Ltd		41,941
130		Bank of Princeton		3,900
2,233		Bank OZK		67,191
487	*	Bank7 Corp		9,005

36

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
238		BankFinancial Corp	$	3,330
1,888		BankUnited		63,701
81		Bankwell Financial Group, Inc		2,325
511		Banner Corp		27,671
219		Bar Harbor Bankshares		5,823
163	*	Baycom Corp		3,570
13,633		BB&T Corp		669,789
152		BCB Bancorp, Inc		2,105
641		Berkshire Hills Bancorp, Inc		20,121
520		BOK Financial Corp		39,250
1,073		Boston Private Financial Holdings, Inc		12,951
287		Bridge Bancorp, Inc		8,455
385	*	Bridgewater Bancshares, Inc		4,443
1,046		Brookline Bancorp, Inc		16,087
253		Bryn Mawr Bank Corp		9,442
147		Business First Bancshares, Inc		3,741
120	*	Byline Bancorp, Inc		2,294
283		C&F Financial Corp		15,455
2,216		Cadence BanCorp		46,093
59	e	Cambridge Bancorp		4,808
238		Camden National Corp		10,917
693	*	Capital Bancorp, Inc		8,524
156		Capital City Bank Group, Inc		3,877
2,332		Capitol Federal Financial		32,112
128		Capstar Financial Holdings, Inc		1,939
222		Carolina Financial Corp		7,790
419	*	Carter Bank & Trust		8,275
1,496		Cathay General Bancorp		53,721
287		CBTX, Inc		8,076
2,396		Centerstate Banks of Florida, Inc		55,180
470		Central Pacific Financial Corp		14,081
161		Central Valley Community Bancorp		3,457
47		Century Bancorp, Inc		4,131
1,211		Chemical Financial Corp		49,784
46		Chemung Financial Corp		2,224
1,706		CIT Group, Inc		89,633
40,988		Citigroup, Inc		2,870,390
167		Citizens & Northern Corp		4,397
8,425		Citizens Financial Group, Inc		297,908
236		City Holding Co		17,997
157		Civista Bancshares, Inc		3,525
226		CNB Financial Corp		6,382
524	*	Coastal Financial Corp		8,106
133		Codorus Valley Bancorp, Inc		3,059
1,129		Columbia Banking System, Inc		40,847
1,682	*	Columbia Financial, Inc		25,398
2,897		Comerica, Inc		210,438
1,935		Commerce Bancshares, Inc		115,442
102		Commerce Union Bancshares, Inc		2,410
763		Community Bank System, Inc		50,236
1,382		Community Bankers Trust Corp		11,706
61		Community Financial Corp		2,058
238		Community Trust Bancorp, Inc		10,065
422		ConnectOne Bancorp, Inc		9,563
1,101		Cullen/Frost Bankers, Inc		103,120
438	*	Customers Bancorp, Inc		9,198
2,357		CVB Financial Corp		49,568
500		Dime Community Bancshares		9,495
638		Eagle Bancorp, Inc		34,535
2,453		East West Bancorp, Inc		114,727
100	*	Entegra Financial Corp		3,012
147		Enterprise Bancorp, Inc		4,661
347		Enterprise Financial Services Corp		14,435
161	*	Equity Bancshares, Inc		4,292
578	*	Esquire Financial Holdings, Inc		14,537
660		ESSA Bancorp, Inc		10,065

37

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,695	*	Essent Group Ltd	$	79,648
384		Evans Bancorp, Inc		14,488
144	e	Farmers & Merchants Bancorp, Inc		4,193
378		Farmers National Banc Corp		5,606
362		FB Financial Corp		13,249
139		Federal Agricultural Mortgage Corp (Class C)		10,100
44		Fidelity D&D Bancorp, Inc		2,957
321		Fidelity Southern Corp		9,941
12,985		Fifth Third Bancorp		362,281
202		Financial Institutions, Inc		5,888
440		First Bancorp (NC)		16,025
3,399		First Bancorp (Puerto Rico)		37,525
162		First Bancorp, Inc		4,350
130		First Bancshares, Inc		3,944
354		First Bank		4,156
586		First Busey Corp		15,476
266		First Business Financial Services, Inc		6,251
166		First Capital Inc		8,390
117		First Choice Bancorp		2,661
132		First Citizens Bancshares, Inc (Class A)		59,436
1,371		First Commonwealth Financial Corp		18,467
242		First Community Bancshares, Inc		8,170
312		First Defiance Financial Corp		8,914
1,990		First Financial Bancorp		48,198
2,288		First Financial Bankshares, Inc		70,448
188		First Financial Corp		7,550
130		First Financial Northwest, Inc		1,839
445		First Foundation, Inc		5,981
64		First Guaranty Bancshares, Inc		1,334
2,293		First Hawaiian, Inc		59,320
5,859		First Horizon National Corp		87,475
85		First Internet Bancorp		1,831
744		First Interstate Bancsystem, Inc		29,470
960		First Merchants Corp		36,384
93		First Mid-Illinois Bancshares, Inc		3,248
1,595		First Midwest Bancorp, Inc		32,650
158		First Northwest Bancorp		2,567
321		First of Long Island Corp		6,446
2,967		First Republic Bank		289,728
610		Flagstar Bancorp, Inc		20,215
358		Flushing Financial Corp		7,948
5,725		FNB Corp		67,383
206		Franklin Financial Network, Inc		5,739
220		Franklin Financial Services Corp		8,386
247		FS Bancorp, Inc		12,812
2,673		Fulton Financial Corp		43,757
325		German American Bancorp, Inc		9,789
1,494		Glacier Bancorp, Inc		60,582
161		Great Southern Bancorp, Inc		9,636
849		Great Western Bancorp, Inc		30,326
45		Greene County Bancorp, Inc		1,324
26		Guaranty Bancshares, Inc		810
1,541		Hancock Holding Co		61,732
484		Hanmi Financial Corp		10,779
639	*	HarborOne Bancorp, Inc		11,968
305		Hawthorn Bancshares Inc		8,174
429		Heartland Financial USA, Inc		19,189
553		Heritage Commerce Corp		6,774
460		Heritage Financial Corp		13,588
1,168		Hilltop Holdings, Inc		24,843
22		Hingham Institution for Savings		4,356
89		Home Bancorp, Inc		3,425
2,960		Home Bancshares, Inc		57,010
314	*	HomeStreet, Inc		9,307
265		HomeTrust Bancshares, Inc		6,662
1,956		Hope Bancorp, Inc		26,954

38

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
501		Horizon Bancorp	$	8,186
129	*	Howard Bancorp, Inc		1,957
18,430		Huntington Bancshares, Inc		254,703
909		IBERIABANK Corp		68,948
491		Independent Bank Corp (MA)		37,390
308		Independent Bank Corp (MI)		6,711
488		Independent Bank Group, Inc		26,820
843		International Bancshares Corp		31,790
120		Investar Holding Corp		2,862
4,402		Investors Bancorp, Inc		49,082
57,197		JPMorgan Chase & Co		6,394,625
2,079		Kearny Financial Corp		27,630
17,530		Keycorp		311,157
584		Lakeland Bancorp, Inc		9,432
525		Lakeland Financial Corp		24,586
141		LCNB Corp		2,679
693		LegacyTexas Financial Group, Inc		28,212
166	*,e	LendingTree, Inc		69,725
85		Level One Bancorp, Inc		2,124
310		Live Oak Bancshares, Inc		5,316
341		Luther Burbank Corp		3,713
2,442		M&T Bank Corp		415,311
400		Macatawa Bank Corp		4,104
489	*	Malvern Bancorp, Inc		10,763
226		Mercantile Bank Corp		7,363
155		Merchants Bancorp		2,640
856		Meridian Bancorp, Inc		15,314
1,054		Meta Financial Group, Inc		29,565
101	*	Metropolitan Bank Holding Corp		4,444
7,025	*	MGIC Investment Corp		92,308
324		Midland States Bancorp, Inc		8,657
1,202		Midsouth Bancorp, Inc		14,244
169		MidWestOne Financial Group, Inc		4,725
236	*	MMA Capital Holdings Inc		7,899
1,928	*	Mr Cooper Group, Inc		15,443
101		MutualFirst Financial, Inc		3,438
142		MVB Financial Corp		2,408
535		National Bank Holdings Corp		19,421
109		National Bankshares, Inc		4,243
669		NBT Bancorp, Inc		25,094
8,219		New York Community Bancorp, Inc		82,026
140	*	Nicolet Bankshares, Inc		8,688
1,146	*	NMI Holdings, Inc		32,535
115		Northeast Bank		3,172
643		Northfield Bancorp, Inc		10,037
104		Northrim BanCorp, Inc		3,709
1,947		Northwest Bancshares, Inc		34,287
64		Norwood Financial Corp		2,228
530		Oak Valley Bancorp		10,362
714		OceanFirst Financial Corp		17,743
596		OFG Bancorp		14,167
287		Ohio Valley Banc Corp		11,070
134		Old Line Bancshares, Inc		3,566
3,054		Old National Bancorp		50,666
432		Old Second Bancorp, Inc		5,517
809		OP Bancorp		8,770
319		Opus Bank		6,734
249		Origin Bancorp, Inc		8,217
610		Oritani Financial Corp		10,821
111		Orrstown Financial Services, Inc		2,441
1,203	*	Pacific Mercantile Bancorp		9,925
1,118		Pacific Premier Bancorp, Inc		34,524
2,138		PacWest Bancorp		83,019
205		Park National Corp		20,375
649		Parke Bancorp, Inc		15,544
226	*	PCB Bancorp		3,851

39

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
290		PCSB Financial Corp	$	5,873
259	*	PDL Community Bancorp		3,701
259		Peapack Gladstone Financial Corp		7,283
67		Penns Woods Bancorp, Inc		3,032
841		PennyMac Financial Services, Inc		18,653
365		Peoples Bancorp of North Carolina, Inc		10,968
261		Peoples Bancorp, Inc		8,420
101		Peoples Financial Services Corp		4,544
6,966		People’s United Financial, Inc		116,889
194		People’s Utah Bancorp		5,704
1,330		Pinnacle Financial Partners, Inc		76,448
7,994		PNC Financial Services Group, Inc		1,097,416
1,826		Popular, Inc		99,042
188		Preferred Bank		8,883
175		Premier Financial Bancorp, Inc		2,625
1,243		Prosperity Bancshares, Inc		82,100
367	*	Provident Bancorp, Inc		10,272
964		Provident Financial Services, Inc		23,377
609		Prudential Bancorp, Inc		11,522
190		QCR Holdings, Inc		6,625
3,684		Radian Group, Inc		84,179
104		RBB Bancorp		2,011
18,527		Regions Financial Corp		276,793
670		Renasant Corp		24,080
146		Republic Bancorp, Inc (Class A)		7,264
750	*	Republic First Bancorp, Inc		3,683
369		Riverview Bancorp, Inc		3,151
540		S&T Bancorp, Inc		20,239
495		Sandy Spring Bancorp, Inc		17,266
151		SB One Bancorp		3,375
617	*	Seacoast Banking Corp of Florida		15,696
290	*	Select Bancorp, Inc		3,318
726		ServisFirst Bancshares, Inc		24,873
185		Shore Bancshares, Inc		3,023
192		Sierra Bancorp		5,207
980		Signature Bank		118,423
1,396		Simmons First National Corp (Class A)		32,471
116	*	SmartFinancial, Inc		2,516
670		South State Corp		49,359
101	*	Southern First Bancshares, Inc		3,955
86		Southern Missouri Bancorp, Inc		2,995
169		Southern National Bancorp of Virginia, Inc		2,587
432		Southside Bancshares, Inc		13,988
154	*	Spirit of Texas Bancshares, Inc		3,465
259		Sterling Bancorp, Inc		2,582
3,716		Sterling Bancorp/DE		79,076
339		Stock Yards Bancorp, Inc		12,255
164		Summit Financial Group, Inc		4,403
7,880		SunTrust Banks, Inc		495,258
955	*	SVB Financial Group		214,483
2,625		Synovus Financial Corp		91,875
2,589		TCF Financial Corp		53,825
150		Territorial Bancorp, Inc		4,635
932	*	Texas Capital Bancshares, Inc		57,197
1,347		TFS Financial Corp		24,340
714	*	The Bancorp, Inc		6,369
100		Timberland Bancorp, Inc		2,988
229		Tompkins Trustco, Inc		18,686
996		TowneBank		27,171
618		Trico Bancshares		23,360
343	*	Tristate Capital Holdings, Inc		7,320
599	*	Triumph Bancorp, Inc		17,401
1,387		Trustco Bank Corp NY		10,985
1,035		Trustmark Corp		34,414
685		UMB Financial Corp		45,087
3,528		Umpqua Holdings Corp		58,530

40

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
60	e	Union Bankshares, Inc	$	2,221
1,552		United Bankshares, Inc		57,564
1,078		United Community Banks, Inc		30,788
740		United Community Financial Corp		7,082
770		United Financial Bancorp, Inc (New)		10,919
113		United Security Bancshares		1,287
119		Unity Bancorp, Inc		2,701
364		Univest Corp of Pennsylvania		9,559
25,630		US Bancorp		1,343,012
6,127		Valley National Bancorp		66,049
1,054		Veritex Holdings, Inc		27,351
681		Walker & Dunlop, Inc		36,236
1,396		Washington Federal, Inc		48,762
232		Washington Trust Bancorp, Inc		12,106
384		Waterstone Financial, Inc		6,551
1,651		Webster Financial Corp		78,868
71,813		Wells Fargo & Co		3,398,191
770		WesBanco, Inc		29,684
239		West Bancorporation, Inc		5,072
533		Westamerica Bancorporation		32,838
1,643	*	Western Alliance Bancorp		73,475
413		Western New England Bancorp, Inc		3,857
886		Wintrust Financial Corp		64,820
827		WSFS Financial Corp		34,155
3,277		Zions Bancorporation		150,676
		TOTAL BANKS		29,929,484
CAPITAL GOODS - 7.0%
9,899		3M Co		1,715,893
2,472		A.O. Smith Corp		116,580
724		Aaon, Inc		36,330
511		AAR Corp		18,800
917		Actuant Corp (Class A)		22,751
685		Acuity Brands, Inc		94,468
642		Advanced Drainage Systems, Inc		21,051
2,781	*	Aecom Technology Corp		105,261
522	*	Aegion Corp		9,605
1,505	*	Aerojet Rocketdyne Holdings, Inc		67,379
318	*	Aerovironment, Inc		18,053
1,119		AGCO Corp		86,801
1,858		Air Lease Corp		76,810
1,516		Aircastle Ltd		32,230
148		Alamo Group, Inc		14,790
445		Albany International Corp (Class A)		36,895
1,625		Allegion plc		179,644
91		Allied Motion Technologies, Inc		3,449
2,032		Allison Transmission Holdings, Inc		94,183
990		Altra Holdings, Inc		35,521
317	*	Ameresco, Inc		4,669
254	*	American Woodmark Corp		21,493
4,160		Ametek, Inc		377,894
438		Apogee Enterprises, Inc		19,027
567		Applied Industrial Technologies, Inc		34,888
7,052		Arconic, Inc		182,083
909		Arcosa, Inc		34,206
244		Argan, Inc		9,897
367	*	Armstrong Flooring, Inc		3,615
902		Armstrong World Industries, Inc		87,674
334		Astec Industries, Inc		10,875
340	*	Astronics Corp		13,675
491	*	Atkore International Group, Inc		12,702
1,023	*	Axon Enterprise, Inc		65,687
406		AZZ, Inc		18,684
782		Barnes Group, Inc		44,058
1,120	*	Beacon Roofing Supply, Inc		41,126

41

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
967	*	Bloom Energy Corp	$	11,865
87	*	Blue Bird Corp		1,713
144	*,e	BlueLinx Holdings, Inc		2,853
941	*	BMC Stock Holdings, Inc		19,949
9,386		Boeing Co		3,416,598
656		Briggs & Stratton Corp		6,717
2,096	*	Builders FirstSource, Inc		35,339
1,582		BWX Technologies, Inc		82,422
351	e	Caesarstone Sdot-Yam Ltd		5,276
250	*	CAI International, Inc		6,205
994		Carlisle Cos, Inc		139,568
9,833		Caterpillar, Inc		1,340,140
624	*	Chart Industries, Inc		47,973
259	*	CIRCOR International, Inc		11,914
1,386	*	Colfax Corp		38,850
262		Columbus McKinnon Corp		10,996
575		Comfort Systems USA, Inc		29,319
388	*	Commercial Vehicle Group, Inc		3,112
601	*	Continental Building Products, Inc		15,969
2,980	*	Cornerstone Building Brands, Inc		17,373
901		Crane Co		75,179
225		CSW Industrials, Inc		15,334
633		Cubic Corp		40,816
2,760		Cummins, Inc		472,898
801		Curtiss-Wright Corp		101,831
5,583		Deere & Co		925,159
2,203		Donaldson Co, Inc		112,045
347		Douglas Dynamics, Inc		13,807
2,649		Dover Corp		265,430
160	*	Ducommun, Inc		7,211
240	*	DXP Enterprises, Inc		9,094
486	*	Dycom Industries, Inc		28,611
80		Eastern Co		2,242
7,487		Eaton Corp		623,517
916		EMCOR Group, Inc		80,700
10,709		Emerson Electric Co		714,504
318		Encore Wire Corp		18,628
2,281	*,e	Energous Corp		9,968
568	*	Energy Recovery, Inc		5,919
681		EnerSys		46,648
1,395	*	Enphase Energy, Inc		25,431
330		EnPro Industries, Inc		21,067
502		ESCO Technologies, Inc		41,475
56		EVI Industries, Inc		2,143
1,196	*	Evoqua Water Technologies Corp		17,031
10,086		Fastenal Co		328,703
1,130		Federal Signal Corp		30,227
2,325		Flowserve Corp		122,504
2,709		Fluor Corp		91,266
5,328		Fortive Corp		434,339
2,359		Fortune Brands Home & Security, Inc		134,770
199	*	Foundation Building Materials, Inc		3,538
719		Franklin Electric Co, Inc		34,152
2,242	*	Gardner Denver Holdings, Inc		77,573
730	*	Gates Industrial Corp plc		8,329
608		GATX Corp		48,208
103	*	Gencor Industries, Inc		1,339
1,240	*	Generac Holdings, Inc		86,068
4,516		General Dynamics Corp		821,099
152,608		General Electric Co		1,602,384
230	*	General Finance Corp		1,925
567	*	Gibraltar Industries, Inc		22,884
336		Global Brass & Copper Holdings, Inc		14,693
370	*	GMS, Inc		8,140
271		Gorman-Rupp Co		8,897
3,121		Graco, Inc		156,612

42

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,413		GrafTech International Ltd	$	16,249
128		Graham Corp		2,587
696		Granite Construction, Inc		33,533
890	*	Great Lakes Dredge & Dock Corp		9,826
720		Greenbrier Cos, Inc		21,888
448		Griffon Corp		7,580
627		H&E Equipment Services, Inc		18,239
1,393	*	Harsco Corp		38,224
3,020	*	HD Supply Holdings, Inc		121,646
760		HEICO Corp		101,696
1,362		HEICO Corp (Class A)		140,790
672	*	Helios Technologies, Inc		31,188
380	*	Herc Holdings, Inc		17,415
1,413		Hexcel Corp		114,283
1,374		Hillenbrand, Inc		54,369
12,875		Honeywell International, Inc		2,247,846
1,006		Hubbell, Inc		131,182
719		Huntington Ingalls		161,588
96		Hurco Cos, Inc		3,414
158		Hyster-Yale Materials Handling, Inc		8,731
1,337		IDEX Corp		230,151
137	*	IES Holdings, Inc		2,582
5,752		Illinois Tool Works, Inc		867,459
4,264		Ingersoll-Rand plc		540,121
289		Insteel Industries, Inc		6,017
1,602		ITT, Inc		104,899
2,322		Jacobs Engineering Group, Inc		195,954
1,178	*	JELD-WEN Holding, Inc		25,009
486		John Bean Technologies Corp		58,869
16,068		Johnson Controls International plc		663,769
166		Kadant, Inc		15,074
415		Kaman Corp		26,431
1,244		Kennametal, Inc		46,016
2,104	*	Kratos Defense & Security Solutions, Inc		48,161
1,390		L3 Technologies, Inc		340,786
2,113		L3Harris Technologies, Inc		399,632
87	*	Lawson Products, Inc		3,196
122	*	LB Foster Co (Class A)		3,335
606		Lennox International, Inc		166,650
1,115		Lincoln Electric Holdings, Inc		91,787
165	e	Lindsay Corp		13,565
4,369		Lockheed Martin Corp		1,588,306
478		Luxfer Holdings PLC		11,721
258	*	Lydall, Inc		5,212
539	*	Manitowoc Co, Inc		9,594
4,995		Masco Corp		196,004
503	*	Masonite International Corp		26,498
1,083	*	Mastec, Inc		55,807
906	e	Maxar Technologies, Inc		7,085
952	*	Mercury Systems, Inc		66,973
1,303	*	Meritor, Inc		31,598
1,001	*	Middleby Corp		135,836
1,406	*	Milacron Holdings Corp		19,403
168		Miller Industries, Inc		5,166
661		Moog, Inc (Class A)		61,876
1,441	*	MRC Global, Inc		24,670
884		MSC Industrial Direct Co (Class A)		65,646
883		Mueller Industries, Inc		25,845
2,381		Mueller Water Products, Inc (Class A)		23,381
301	*	MYR Group, Inc		11,242
76		National Presto Industries, Inc		7,090
783	*	Navistar International Corp		26,974
1,965		NN, Inc		19,178
1,070		Nordson Corp		151,202
2,793		Northrop Grumman Corp		902,446
149	*	Northwest Pipe Co		3,841

43

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,637	*	NOW, Inc	$	24,162
224	*	NV5 Holdings, Inc		18,234
2,708		nVent Electric plc		67,131
44		Omega Flex, Inc		3,380
1,266		Oshkosh Truck Corp		105,698
2,030		Owens Corning, Inc		118,146
5,950		PACCAR, Inc		426,377
2,304		Parker-Hannifin Corp		391,703
328	*	Parsons Corp		12,090
381	*	Patrick Industries, Inc		18,741
3,027		Pentair plc		112,604
763	*	PGT, Inc		12,757
3,537	*,e	Plug Power, Inc		7,958
125		Powell Industries, Inc		4,750
51		Preformed Line Products Co		2,832
613		Primoris Services Corp		12,830
418	*	Proto Labs, Inc		48,496
492		Quanex Building Products Corp		9,294
2,753		Quanta Services, Inc		105,137
551		Raven Industries, Inc		19,770
4,959		Raytheon Co		862,271
477	*	RBC Bearings, Inc		79,568
884		Regal-Beloit Corp		72,232
2,049	*	Resideo Technologies, Inc		44,914
562		REV Group, Inc		8,098
1,622	*	Rexnord Corp		49,017
2,155		Rockwell Automation, Inc		353,054
1,825		Roper Industries, Inc		668,424
461		Rush Enterprises, Inc (Class A)		16,836
96		Rush Enterprises, Inc (Class B)		3,543
2,806	*	Sensata Technologies Holding plc		137,494
720		Simpson Manufacturing Co, Inc		47,851
641	*,e	SiteOne Landscape Supply, Inc		44,421
1,023		Snap-On, Inc		169,450
1,891		Spirit Aerosystems Holdings, Inc (Class A)		153,871
647	*	SPX Corp		21,364
646	*	SPX FLOW, Inc		27,042
195		Standex International Corp		14,262
2,683		Stanley Black & Decker, Inc		387,989
394	*	Sterling Construction Co, Inc		5,287
2,418	*	Sunrun, Inc		45,362
642	*	Teledyne Technologies, Inc		175,825
268		Tennant Co		16,402
1,185		Terex Corp		37,209
427	*	Textainer Group Holdings Ltd		4,304
4,224		Textron, Inc		224,041
509	*	Thermon Group Holdings		13,056
1,188		Timken Co		60,992
784		Titan International, Inc		3,834
282	*	Titan Machinery, Inc		5,804
1,953		Toro Co		130,656
160	*	TPI Composites, Inc		3,955
872	*	TransDigm Group, Inc		421,874
1,137	*	Trex Co, Inc		81,523
716	*	Trimas Corp		22,175
1,884		Trinity Industries, Inc		39,093
1,184		Triton International Ltd		38,788
753		Triumph Group, Inc		17,244
585	*	Tutor Perini Corp		8,114
142	*	Twin Disc, Inc		2,144
1,363	*	United Rentals, Inc		180,775
14,359		United Technologies Corp		1,869,542
2,797	*	Univar, Inc		61,646
873		Universal Forest Products, Inc		33,226
345		Valmont Industries, Inc		43,749
156	*	Vectrus, Inc		6,327

44

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
155	*	Veritiv Corp	$	3,010
253	*	Vicor Corp		7,856
557	*,e	Vivint Solar, Inc		4,066
795		W.W. Grainger, Inc		213,243
918		Wabash National Corp		14,936
980	*	WABCO Holdings, Inc		129,948
2,754	e	Wabtec Corp		197,627
549		Watsco, Inc		89,778
522		Watts Water Technologies, Inc (Class A)		48,640
2,009	*	Welbilt, Inc		33,550
849	*	Wesco Aircraft Holdings, Inc		9,424
1,042	*	WESCO International, Inc		52,777
71	*	Willis Lease Finance Corp		4,141
524	*	Willscot Corp		7,881
1,032		Woodward Governor Co		116,781
3,137		Xylem, Inc		262,379
		TOTAL CAPITAL GOODS		36,774,342
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
1,317		ABM Industries, Inc		52,680
731	*	Acacia Research Corp		2,164
1,696		ACCO Brands Corp		13,347
1,679	e	ADT, Inc		10,275
1,378	*	Advanced Disposal Services, Inc		43,972
110		Barrett Business Services, Inc		9,086
109		BG Staffing, Inc		2,058
723		Brady Corp (Class A)		35,658
329	*	BrightView Holdings, Inc		6,156
805		Brink’s Co		65,350
801	*	Casella Waste Systems, Inc (Class A)		31,744
778	*	CBIZ, Inc		15,241
433	*	Ceco Environmental Corp		4,152
390	*	Cimpress NV		35,447
1,516		Cintas Corp		359,732
819	*	Clean Harbors, Inc		58,231
3,641	*	Copart, Inc		272,128
644	*	CoStar Group, Inc		356,815
1,794		Covanta Holding Corp		32,131
128		CRA International, Inc		4,906
754		Deluxe Corp		30,658
394		Ennis, Inc		8,085
2,115		Equifax, Inc		286,033
944		Exponent, Inc		55,262
178		Forrester Research, Inc		8,371
148	*	Franklin Covey Co		5,032
640	*	FTI Consulting, Inc		53,658
191	*	GP Strategies Corp		2,880
1,153	e	Healthcare Services Group		34,959
286		Heidrick & Struggles International, Inc		8,571
247	*	Heritage-Crystal Clean, Inc		6,499
928		Herman Miller, Inc		41,482
682		HNI Corp		24,129
334	*	Huron Consulting Group, Inc		16,827
282		ICF International, Inc		20,530
7,012	*	IHS Markit Ltd		446,805
708	*	Innerworkings, Inc		2,705
734		Insperity, Inc		89,651
961		Interface, Inc		14,732
2,455		KAR Auction Services, Inc		61,375
481		Kelly Services, Inc (Class A)		12,597
366		Kforce, Inc		12,843
577		Kimball International, Inc (Class B)		10,057
752		Knoll, Inc		17,281
1,048		Korn/Ferry International		41,993
2,705		LSC Communications, Inc		9,927

45

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,129		Manpower, Inc	$	109,061
491		Matthews International Corp (Class A)		17,111
379		McGrath RentCorp		23,555
259	*	Mistras Group, Inc		3,722
682		Mobile Mini, Inc		20,753
663		MSA Safety, Inc		69,874
210		Multi-Color Corp		10,494
729		Navigant Consulting, Inc		16,905
6,597		Nielsen NV		149,092
160	*	NL Industries, Inc		584
781	*	On Assignment, Inc		47,329
2,896		Pitney Bowes, Inc		12,395
482	e	Quad Graphics, Inc		3,813
3,863		Republic Services, Inc		334,690
514		Resources Connection, Inc		8,229
2,179		Robert Half International, Inc		124,225
2,670		Rollins, Inc		95,773
1,220		RR Donnelley & Sons Co		2,403
269	*	SP Plus Corp		8,589
1,350		Steelcase, Inc (Class A)		23,085
1,556	*	Stericycle, Inc		74,299
187		Systemax, Inc		4,144
449	*	Team, Inc		6,879
864		Tetra Tech, Inc		67,867
3,332		TransUnion		244,935
932	*	TriNet Group, Inc		63,190
645	*	TrueBlue, Inc		14,229
237		Unifirst Corp		44,691
964	*	Upwork, Inc		15,501
338		US Ecology, Inc		20,124
2,831		Verisk Analytics, Inc		414,628
440		Viad Corp		29,146
134		VSE Corp		3,844
871	*	WageWorks, Inc		44,238
7,571		Waste Management, Inc		873,466
116	*	Willdan Group, Inc		4,321
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		5,741,399
CONSUMER DURABLES & APPAREL - 1.3%
936		Acushnet Holdings Corp		24,579
840	*	American Outdoor Brands Corp		7,568
194		Bassett Furniture Industries, Inc		2,959
565	*	Beazer Homes USA, Inc		5,430
1,673		Brunswick Corp		76,774
1,433		Callaway Golf Co		24,590
2,340	*	Capri Holdings Ltd		81,151
750		Carter’s, Inc		73,155
132	*	Cavco Industries, Inc		20,795
772	*	Century Communities, Inc		20,520
307		Clarus Corp		4,433
454		Columbia Sportswear Co		45,473
1,159	*	CROCS, Inc		22,890
167		Culp, Inc		3,173
498	*	Deckers Outdoor Corp		87,633
6,017		DR Horton, Inc		259,513
167		Escalade, Inc		1,915
327		Ethan Allen Interiors, Inc		6,887
122		Flexsteel Industries, Inc		2,081
730	*,e	Fossil Group, Inc		8,395
2,568		Garmin Ltd		204,926
682	*	G-III Apparel Group Ltd		20,064
1,762	*,e	GoPro, Inc		9,621
578	*	Green Brick Partners, Inc		4,803
132		Hamilton Beach Brands Holding Co		2,515
6,499		Hanesbrands, Inc		111,913

46

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,054		Hasbro, Inc	$	217,067
411	*	Helen of Troy Ltd		53,673
173		Hooker Furniture Corp		3,567
379	*	Installed Building Products, Inc		22,444
443	*,e	iRobot Corp		40,597
75		Johnson Outdoors, Inc		5,593
2,009		KB Home		51,692
811	*	Kontoor Brands, Inc		22,724
696		La-Z-Boy, Inc		21,339
2,404		Leggett & Platt, Inc		92,241
224		Lennar Corp (B Shares)		8,626
4,977		Lennar Corp (Class A)		241,185
353	*,e	LGI Homes, Inc		25,215
163		Lifetime Brands, Inc		1,542
95	*	Lovesac Co		2,952
2,090	*	Lululemon Athletica, Inc		376,639
385	*	M/I Homes, Inc		10,988
287	*	Malibu Boats, Inc		11,150
156		Marine Products Corp		2,409
295	*	MasterCraft Boat Holdings, Inc		5,779
6,326	*,e	Mattel, Inc		70,914
1,006		MDC Holdings, Inc		32,977
640	*	Meritage Homes Corp		32,858
998	*	Mohawk Industries, Inc		147,175
227		Movado Group, Inc		6,129
66		Nacco Industries, Inc (Class A)		3,428
7,369		Newell Rubbermaid, Inc		113,630
21,882		Nike, Inc (Class B)		1,836,994
56	*	NVR, Inc		188,734
276		Oxford Industries, Inc		20,921
973		Polaris Industries, Inc		88,767
4,730		Pulte Homes, Inc		149,563
1,147	*	Purple Innovation, Inc		7,742
1,215		PVH Corp		114,988
885		Ralph Lauren Corp		100,527
508		Rocky Brands, Inc		13,858
1,450	*	Roku, Inc		131,341
2,609	*	Skechers U.S.A., Inc (Class A)		82,157
734		Skyline Corp		20,097
1,224	*	Sonos, Inc		13,880
1,383		Steven Madden Ltd		46,953
272		Sturm Ruger & Co, Inc		14,819
133		Superior Uniform Group, Inc		2,278
4,883		Tapestry, Inc		154,938
2,087	*	Taylor Morrison Home Corp		43,744
988	*	Tempur Sealy International, Inc		72,490
2,373		Toll Brothers, Inc		86,899
563	*	TopBuild Corp		46,594
2,459	*	TRI Pointe Homes, Inc		29,434
917		Tupperware Corp		17,451
3,682	*	Under Armour, Inc (Class A)		93,339
3,626	*	Under Armour, Inc (Class C)		80,497
226	*	Unifi, Inc		4,106
217	*	Universal Electronics, Inc		8,901
320	*	Vera Bradley, Inc		3,840
5,446		VF Corp		475,708
1,021	*	Vista Outdoor, Inc		9,066
1,133		Whirlpool Corp		161,294
576	*	William Lyon Homes, Inc		10,500
1,465		Wolverine World Wide, Inc		40,346
895	*,e	YETI Holdings, Inc		25,910
423	*	Zagg, Inc		2,944
		TOTAL CONSUMER DURABLES & APPAREL		6,959,909

47

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
CONSUMER SERVICES - 2.4%
965	*	Adtalem Global Education, Inc	$	43,473
239	*	American Public Education, Inc		7,070
4,424		ARAMARK Holdings Corp		159,529
1,019		BBX Capital Corp		5,003
17	*	Biglari Holdings, Inc (B Shares)		1,766
356		BJ’s Restaurants, Inc		15,643
1,539		Bloomin’ Brands, Inc		29,102
141	e	Bluegreen Vacations Corp		1,648
1,270		Boyd Gaming Corp		34,214
1,085	*	Bright Horizons Family Solutions		163,694
763	e	Brinker International, Inc		30,024
9,591	*	Caesars Entertainment Corp		113,366
1,137	*	Career Education Corp		21,683
7,123		Carnival Corp		331,576
234		Carriage Services, Inc		4,448
507	*	Carrols Restaurant Group, Inc		4,578
348	*	Century Casinos, Inc		3,376
702	e	Cheesecake Factory		30,691
1,956	*	Chegg, Inc		75,482
453	*	Chipotle Mexican Grill, Inc (Class A)		331,995
695		Choice Hotels International, Inc		60,472
630		Churchill Downs, Inc		72,494
247	*	Chuy’s Holdings, Inc		5,661
386	e	Cracker Barrel Old Country Store, Inc		65,902
2,146		Darden Restaurants, Inc		261,233
657		Dave & Buster’s Entertainment, Inc		26,589
331	*,e	Del Frisco’s Restaurant Group, Inc		2,635
519	*	Del Taco Restaurants, Inc		6,654
1,168	*	Denny’s Corp		23,979
266		DineEquity, Inc		25,395
748		Domino’s Pizza, Inc		208,153
948	*	Drive Shack, Inc		4,446
1,432		Dunkin Brands Group, Inc		114,073
302	*	El Pollo Loco Holdings, Inc		3,219
1,053	*,e	Eldorado Resorts, Inc		48,512
38	*,e	Empire Resorts, Inc		365
3,065		Extended Stay America, Inc		51,768
402	*	Fiesta Restaurant Group, Inc		5,282
1,596	*	frontdoor, Inc		69,506
149	*	Golden Entertainment, Inc		2,086
73		Graham Holdings Co		50,372
902	*	Grand Canyon Education, Inc		105,552
3,944		H&R Block, Inc		115,559
326	*	Habit Restaurants, Inc		3,420
1,521	*	Hilton Grand Vacations, Inc		48,398
5,020		Hilton Worldwide Holdings, Inc		490,655
1,746	*	Houghton Mifflin Harcourt Co		10,057
738		Hyatt Hotels Corp		56,184
1,684	e	International Game Technology plc		21,841
389		International Speedway Corp (Class A)		17,462
211	*	J Alexander’s Holdings, Inc		2,370
490		Jack in the Box, Inc		39,881
521	*	K12, Inc		15,844
6,157		Las Vegas Sands Corp		363,817
1,806	*	Laureate Education, Inc		28,372
322	*	Lindblad Expeditions Holdings, Inc		5,780
4,916		Marriott International, Inc (Class A)		689,666
777		Marriott Vacations Worldwide Corp		74,903
13,608		McDonald’s Corp		2,825,838
8,887		MGM Resorts International		253,902
173	*	Monarch Casino & Resort, Inc		7,394
49		Nathan’s Famous, Inc		3,828
279	*,e	Noodles & Co		2,198
3,958	*	Norwegian Cruise Line Holdings Ltd		212,268
422	e	Papa John’s International, Inc		18,872
2,326	*	Penn National Gaming, Inc		44,799

48

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,549	*	Planet Fitness, Inc	$	112,210
148	*	PlayAGS, Inc		2,879
320	*	Potbelly Corp		1,629
142		RCI Hospitality Holdings, Inc		2,486
238	*	Red Lion Hotels Corp		1,692
204	*	Red Robin Gourmet Burgers, Inc		6,236
1,049		Red Rock Resorts, Inc		22,532
607	*	Regis Corp		10,076
3,040		Royal Caribbean Cruises Ltd		368,478
473		Ruth’s Chris Steak House, Inc		10,742
843	*	Scientific Games Corp (Class A)		16,708
1,062	*	SeaWorld Entertainment, Inc		32,922
3,136		Service Corp International		146,702
2,355	*	ServiceMaster Global Holdings, Inc		122,672
496	*	Shake Shack, Inc		35,811
1,370		Six Flags Entertainment Corp		68,062
602	*	Sotheby’s (Class A)		34,994
164		Speedway Motorsports, Inc		3,042
21,440		Starbucks Corp		1,797,315
403		Strategic Education, Inc		71,734
1,286		Texas Roadhouse, Inc (Class A)		69,020
368	*	Twin River Worldwide Holdings Inc		10,948
720		Vail Resorts, Inc		160,690
619	*	Weight Watchers International, Inc		11,823
2,954		Wendy’s		57,839
454		Wingstop, Inc		43,016
1,610		Wyndham Destinations, Inc		70,679
1,610		Wyndham Hotels & Resorts, Inc		89,741
1,791		Wynn Resorts Ltd		222,066
6,317		Yum China Holdings, Inc		291,845
5,430		Yum! Brands, Inc		600,938
		TOTAL CONSUMER SERVICES		12,473,544
DIVERSIFIED FINANCIALS - 3.6%
887		Affiliated Managers Group, Inc		81,728
430		AG Mortgage Investment Trust		6,837
9,449		AGNC Investment Corp		158,932
7,199		Ally Financial, Inc		223,097
12,130		American Express Co		1,497,327
2,369		Ameriprise Financial, Inc		343,884
25,755		Annaly Capital Management, Inc		235,143
1,539		Anworth Mortgage Asset Corp		5,833
2,943		Apollo Commercial Real Estate Finance, Inc		54,122
406		Ares Commercial Real Estate Corp		6,033
1,133		Ares Management Corp		29,651
359	e	Arlington Asset Investment Corp (Class A)		2,470
566	*	ARMOUR Residential REIT, Inc		10,550
693		Artisan Partners Asset Management, Inc		19,071
86	e	Associated Capital Group, Inc		3,216
5,203		AXA Equitable Holdings, Inc		108,743
212		B. Riley Financial, Inc		4,422
461		Banco Latinoamericano de Exportaciones S.A. (Class E)		9,603
15,095		Bank of New York Mellon Corp		666,444
4,169		BGC Partners, Inc (Class A)		21,804
2,100		BlackRock, Inc		985,530
2,008		Blackstone Mortgage Trust, Inc		71,445
637	*	Blucora, Inc		19,346
1,084	*	Cannae Holdings, Inc		31,414
8,354		Capital One Financial Corp		758,042
1,473		Capstead Mortgage Corp		12,300
2,009		CBOE Holdings, Inc		208,193
21,416		Charles Schwab Corp		860,709
189		Cherry Hill Mortgage Investment Corp		3,024
3,165		Chimera Investment Corp		59,724
6,267		CME Group, Inc		1,216,487

49

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
321		Cohen & Steers, Inc	$	16,512
1,289		Colony Credit Real Estate, Inc		19,979
387	*	Cowen Group, Inc		6,653
208	*	Credit Acceptance Corp		100,637
153	*	Curo Group Holdings Corp		1,691
49		Diamond Hill Investment Group, Inc		6,944
5,724		Discover Financial Services		444,125
397	*	Donnelley Financial Solutions, Inc		5,296
258		Dynex Capital, Inc		4,321
4,309		E*TRADE Financial Corp		192,181
2,009		Eaton Vance Corp		86,648
241	*	Elevate Credit, Inc		993
375	*	Encore Capital Group, Inc		12,701
522	*	Enova International, Inc		12,032
638		Evercore Partners, Inc (Class A)		56,508
422		Exantas Capital Corp		4,773
796	*	Ezcorp, Inc (Class A)		7,538
688		Factset Research Systems, Inc		197,153
1,485		Federated Investors, Inc (Class B)		48,262
2,135		FGL Holdings		17,934
737		FirstCash, Inc		73,715
730	*	Focus Financial Partners, Inc		19,936
4,985		Franklin Resources, Inc		173,478
546	e	Gain Capital Holdings, Inc		2,255
93		GAMCO Investors, Inc (Class A)		1,783
5,836		Goldman Sachs Group, Inc		1,194,046
662		Granite Point Mortgage Trust, Inc		12,704
251		Great Ajax Corp		3,514
905	*	Green Dot Corp		44,254
424		Greenhill & Co, Inc		5,762
218		Hamilton Lane, Inc		12,439
630		Houlihan Lokey, Inc		28,054
1,406		Interactive Brokers Group, Inc (Class A)		76,205
9,860		IntercontinentalExchange Group, Inc		847,368
241	*	INTL FCStone, Inc		9,541
6,556		Invesco Ltd		134,136
1,752		Invesco Mortgage Capital, Inc		28,242
2,886		Janus Henderson Group plc		72,381
5,119		Jefferies Financial Group, Inc		98,438
168		KKR Real Estate Finance Trust, Inc		3,347
1,097		Ladder Capital Corp		18,221
1,533		Ladenburg Thalmann Financial Services, Inc		5,258
1,898		Lazard Ltd (Class A)		65,272
1,355		Legg Mason, Inc		51,869
5,056	*	LendingClub Corp		16,584
1,625		LPL Financial Holdings, Inc		132,551
642		MarketAxess Holdings, Inc		206,352
144		Marlin Business Services Corp		3,590
9,365		MFA Mortgage Investments, Inc		67,241
609		Moelis & Co		21,285
2,912		Moody’s Corp		568,743
21,688		Morgan Stanley		950,151
355		Morningstar, Inc		51,347
1,489		MSCI, Inc (Class A)		355,558
2,154		NASDAQ OMX Group, Inc		207,150
4,428		Navient Corp		60,442
312		Nelnet, Inc (Class A)		18,477
7,422		New Residential Investment Corp		114,225
1,709		New York Mortgage Trust, Inc		10,596
483	*	NewStar Financial, Inc		125
3,538		Northern Trust Corp		318,420
375		Och-Ziff Capital Management Group LLC		8,610
866		OM Asset Management plc		9,881
750	*	On Deck Capital, Inc		3,113
1,264		OneMain Holdings, Inc		42,736
147		Oppenheimer Holdings, Inc		4,001

50

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
511		Orchid Island Capital, Inc	$	3,250
1,030		PennyMac Mortgage Investment Trust		22,485
324		Pico Holdings, Inc		3,765
229		Piper Jaffray Cos		17,008
271		PJT Partners, Inc		10,981
719	*	PRA Group, Inc		20,233
257		Pzena Investment Management, Inc (Class A)		2,208
2,252		Raymond James Financial, Inc		190,407
259		Ready Capital Corp		3,859
1,174		Redwood Trust, Inc		19,406
143	*	Regional Management Corp		3,771
4,361		S&P Global, Inc		993,392
296	*	Safeguard Scientifics, Inc		3,573
1,924		Santander Consumer USA Holdings, Inc		46,099
2,255		SEI Investments Co		126,506
111		Silvercrest Asset Management Group, Inc		1,557
8,180		SLM Corp		79,510
5,018		Starwood Property Trust, Inc		114,009
6,626		State Street Corp		371,454
1,286		Stifel Financial Corp		75,951
12,194		Synchrony Financial		422,766
4,181		T Rowe Price Group, Inc		458,698
4,825		TD Ameritrade Holding Corp		240,864
867		TPG RE Finance Trust, Inc		16,724
4,626		Two Harbors Investment Corp		58,611
1,248		Virtu Financial, Inc		27,181
103		Virtus Investment Partners, Inc		11,062
2,789		Voya Financial, Inc		154,232
1,255		Waddell & Reed Financial, Inc (Class A)		20,921
614		Western Asset Mortgage Capital Corp		6,128
125		Westwood Holdings Group, Inc		4,400
1,867		WisdomTree Investments, Inc		11,519
90	*	World Acceptance Corp		14,770
		TOTAL DIVERSIFIED FINANCIALS		18,668,701
ENERGY - 4.7%
12,782	*	Abraxas Petroleum Corp		13,165
8,990		Anadarko Petroleum Corp		634,334
3,992		Antero Midstream Corp		45,748
4,322	*	Antero Resources Corp		23,901
6,619		Apache Corp		191,752
1,605	*	Apergy Corp		53,832
338		Arch Coal, Inc		31,843
2,039		Archrock, Inc		21,613
454	*	Ardmore Shipping Corp		3,700
9,080		Baker Hughes a GE Co		223,640
196		Berry Petroleum Co LLC		2,078
314	*	Bonanza Creek Energy, Inc		6,556
1,022	*	C&J Energy Services, Inc		12,039
7,897		Cabot Oil & Gas Corp		181,315
845	*	Cactus, Inc		27,986
747	*,e	California Resources Corp		14,701
4,694	*	Callon Petroleum Co		30,933
2,694	*	Carrizo Oil & Gas, Inc		26,994
2,955	*	Centennial Resource Development, Inc		22,428
4,052	*	Cheniere Energy, Inc		277,359
16,748	*,e	Chesapeake Energy Corp		32,659
33,826		Chevron Corp		4,209,307
1,704		Cimarex Energy Co		101,098
1,943	*	Clean Energy Fuels Corp		5,188
3,564	*	CNX Resources Corp		26,053
3,522		Concho Resources, Inc		363,400
20,057		ConocoPhillips		1,223,477
445	*	CONSOL Energy, Inc		11,841
1,365	*	Continental Resources, Inc		57,453

51

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
333	*	Contura Energy Inc	$	17,283
485	*,e	Covia Holdings Corp		951
583		CVR Energy, Inc		29,144
1,312		Delek US Holdings, Inc		53,162
9,900	*,e	Denbury Resources, Inc		12,276
7,329		Devon Energy Corp		209,023
1,283		DHT Holdings, Inc		7,583
994	*,e	Diamond Offshore Drilling, Inc		8,817
2,909		Diamondback Energy, Inc		316,994
333		DMC Global, Inc		21,096
424	*	Dorian LPG Ltd		3,825
582	*	Dril-Quip, Inc		27,936
153	*	Earthstone Energy, Inc		936
1,385	*	Energy Fuels, Inc		4,335
10,147		EOG Resources, Inc		945,295
4,284		EQT Corp		67,730
4,125		Equitrans Midstream Corp		81,304
272	*	Era Group, Inc		2,269
468		Evolution Petroleum Corp		3,346
499	*	Exterran Corp		7,096
1,888	*,e	Extraction Oil & Gas, Inc		8,175
75,068	d	Exxon Mobil Corp		5,752,461
3,834	*	Forum Energy Technologies, Inc		13,112
790	*	Frank’s International NV		4,313
348	*	FTS International, Inc		1,942
635		GasLog Ltd		9,144
1,502		Golar LNG Ltd		27,757
1,162	*	Goodrich Petroleum Corp		15,094
569		Green Plains Renewable Energy, Inc		6,134
2,531	*	Gulfport Energy Corp		12,427
223		Hallador Energy Co		1,256
15,738		Halliburton Co		357,882
2,257	*	Helix Energy Solutions Group, Inc		19,478
2,085		Helmerich & Payne, Inc		105,543
4,756		Hess Corp		302,339
7,030	*	HighPoint Resources Corp		12,795
2,656		HollyFrontier Corp		122,920
4,277	*	Independence Contract Drilling, Inc		6,758
461	*	International Seaways, Inc		8,759
13	*	Isramco, Inc		1,541
1,246	*	Jagged Peak Energy, Inc		10,304
488	*	Keane Group, Inc		3,279
34,642		Kinder Morgan, Inc		723,325
312	*	KLX Energy Services Holdings, Inc		6,374
4,331		Kosmos Energy Ltd		27,155
7,282	*	Laredo Petroleum Holdings, Inc		21,118
1,013	e	Liberty Oilfield Services, Inc		16,390
1,787	*	Magnolia Oil & Gas Corp		20,693
67		Mammoth Energy Services, Inc		461
14,625		Marathon Oil Corp		207,821
11,742		Marathon Petroleum Corp		656,143
1,401	*	Matador Resources Co		27,852
383	*	Matrix Service Co		7,760
3,470	*	McDermott International, Inc		33,520
169	*	Midstates Petroleum Co, Inc		995
672	*	Montage Resources Corp		4,099
3,127		Murphy Oil Corp		77,081
4,845		Nabors Industries Ltd		14,051
918	*	National Energy Services Reunited Corp		7,987
6,228		National Oilwell Varco, Inc		138,448
180	*	Natural Gas Services Group, Inc		2,970
164	*	NCS Multistage Holdings, Inc		582
1,448	*	Newpark Resources, Inc		10,744
132	*	Nine Energy Service, Inc		2,288
4,315	*	Noble Corp plc		8,069
8,473		Noble Energy, Inc		189,795

52

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
5,765	e	Nordic American Tanker Shipping	$	13,490
6,914	*	Northern Oil And Gas, Inc		13,344
4,419	*	Oasis Petroleum, Inc		25,100
13,251		Occidental Petroleum Corp		666,260
1,532	*	Oceaneering International, Inc		31,238
784	*	Oil States International, Inc		14,347
7,278		ONEOK, Inc		500,799
546	*	Overseas Shipholding Group, Inc		1,027
615	*	Pacific Drilling SA		7,749
355		Panhandle Oil and Gas, Inc (Class A)		4,629
482	*	Par Pacific Holdings, Inc		9,891
4,180	*	Parsley Energy, Inc		79,462
3,250		Patterson-UTI Energy, Inc		37,408
2,058		PBF Energy, Inc		64,415
1,032	*	PDC Energy, Inc		37,214
1,293		Peabody Energy Corp		31,161
217	*	Penn Virginia Corp		6,658
8,042		Phillips 66		752,249
3,041		Pioneer Natural Resources Co		467,888
1,178	*	ProPetro Holding Corp		24,385
3,764	*	Questar Market Resources, Inc		27,214
3,580	e	Range Resources Corp		24,988
641	*	Renewable Energy Group, Inc		10,166
92	*	Rex American Resources Corp		6,707
1,104	*	RigNet, Inc		11,128
994	*	Ring Energy, Inc		3,231
3,664	*,e	Rosehill Resources, Inc		13,557
901	e	RPC, Inc		6,496
537	*	SandRidge Energy, Inc		3,716
24,552		Schlumberger Ltd		975,696
1,212		Scorpio Tankers, Inc		35,778
308	*	SEACOR Holdings, Inc		14,633
303	*	SEACOR Marine Holdings, Inc		4,533
988	*	Select Energy Services, Inc		11,471
1,275		SemGroup Corp		15,300
946	e	Ship Finance International Ltd		11,834
148	*	SilverBow Resources, Inc		2,050
1,739		SM Energy Co		21,772
338	*,e	Smart Sand, Inc		825
678		Solaris Oilfield Infrastructure, Inc		10,156
10,291	*	Southwestern Energy Co		32,520
4,016	*	SRC Energy, Inc		19,919
8,575	*	Superior Energy Services		11,148
300	*	Talos Energy, Inc		7,215
4,054		Targa Resources Investments, Inc		159,160
818	e	Teekay Corp		2,814
1,777		Teekay Tankers Ltd (Class A)		2,275
2,673	*,e	Tellurian, Inc		20,983
1,816	*	Tetra Technologies, Inc		2,960
384	*	Tidewater, Inc		9,016
9,049	*,e	Transocean Ltd		58,004
799	*	Unit Corp		7,103
2,051	*,e	Uranium Energy Corp		2,810
1,275	e	US Silica Holdings, Inc		16,307
7,415		Valero Energy Corp		634,798
1,529	*	W&T Offshore, Inc		7,584
1,434	*,e	Whiting Petroleum Corp		26,787
21,144		Williams Cos, Inc		592,878
1,068		World Fuel Services Corp		38,405
7,431	*	WPX Energy, Inc		85,531
		TOTAL ENERGY		24,444,110
FOOD & STAPLES RETAILING - 1.3%
418		Andersons, Inc		11,386
618		Casey’s General Stores, Inc		96,402

53

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
300	*	Chefs’ Warehouse Holdings, Inc	$	10,521
7,756		Costco Wholesale Corp		2,049,601
213		Ingles Markets, Inc (Class A)		6,631
14,229		Kroger Co		308,912
1,271	*	Natural Grocers by Vitamin C		12,773
1,926	*	Performance Food Group Co		77,098
385		Pricesmart, Inc		19,681
862	*,e	Rite Aid Corp		6,905
584		Spartan Stores, Inc		6,815
2,100	*	Sprouts Farmers Market, Inc		39,669
8,448		Sysco Corp		597,442
784	*	United Natural Foods, Inc		7,032
3,868	*	US Foods Holding Corp		138,320
127		Village Super Market (Class A)		3,367
13,681		Walgreens Boots Alliance, Inc		747,940
24,923		Walmart, Inc		2,753,742
148		Weis Markets, Inc		5,389
		TOTAL FOOD & STAPLES RETAILING		6,899,626
FOOD, BEVERAGE & TOBACCO - 3.5%
1,894	*,e	22nd Century Group, Inc		3,958
99		Alico, Inc		3,004
33,174		Altria Group, Inc		1,570,789
10,119		Archer Daniels Midland Co		412,855
1,522	e	B&G Foods, Inc (Class A)		31,658
172	*	Beyond Meat, Inc		27,637
137	*	Boston Beer Co, Inc (Class A)		51,753
896		Brown-Forman Corp (Class A)		49,280
3,039		Brown-Forman Corp (Class B)		168,452
2,572		Bunge Ltd		143,286
247		Calavo Growers, Inc		23,895
486		Cal-Maine Foods, Inc		20,276
3,182	e	Campbell Soup Co		127,503
72		Coca-Cola Bottling Co Consolidated		21,546
67,865		Coca-Cola Co		3,455,686
8,365		ConAgra Brands, Inc		221,840
2,807		Constellation Brands, Inc (Class A)		552,811
190	*	Craft Brewers Alliance, Inc		2,658
3,311	*	Darling International, Inc		65,856
1,357	e	Dean Foods Co		1,254
200	*	Farmer Bros Co		3,274
3,751		Flowers Foods, Inc		87,286
499		Fresh Del Monte Produce, Inc		13,448
388	*	Freshpet, Inc		17,658
10,619		General Mills, Inc		557,710
1,593	*	Hain Celestial Group, Inc		34,887
2,484		Hershey Co		332,930
4,973		Hormel Foods Corp		201,605
1,568	*	Hostess Brands, Inc		22,642
1,227		Ingredion, Inc		101,215
277		J&J Snack Foods Corp		44,583
1,901		J.M. Smucker Co		218,976
131		John B. Sanfilippo & Son, Inc		10,439
4,200		Kellogg Co		224,994
3,493		Keurig Dr Pepper, Inc		100,948
11,058		Kraft Heinz Co		343,240
2,706		Lamb Weston Holdings, Inc		171,452
364		Lancaster Colony Corp		54,090
422	*	Landec Corp		3,954
187		Limoneira Co		3,729
2,188		McCormick & Co, Inc		339,162
203	e	MGP Ingredients, Inc		13,461
3,002		Molson Coors Brewing Co (Class B)		168,112
25,402		Mondelez International, Inc		1,369,168
6,977	*	Monster Beverage Corp		445,342

54

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
183		National Beverage Corp	$	8,167
1,827	*	New Age Beverages Corp		8,514
24,839		PepsiCo, Inc		3,257,138
27,480		Philip Morris International, Inc		2,158,005
908	*	Pilgrim’s Pride Corp		23,054
1,066	*	Post Holdings, Inc		110,832
404	*	Primo Water Corp		4,969
601	*,e	Pyxus International, Inc		9,135
317		Sanderson Farms, Inc		43,289
4		Seaboard Corp		16,547
134	*	Seneca Foods Corp		3,729
937	*	Simply Good Foods Co		22,563
390	e	Tootsie Roll Industries, Inc		14,403
1,099	*	TreeHouse Foods, Inc		59,456
78		Turning Point Brands, Inc		3,820
5,131		Tyson Foods, Inc (Class A)		414,277
619		Universal Corp		37,617
1,607		Vector Group Ltd		15,668
		TOTAL FOOD, BEVERAGE & TOBACCO		18,051,485
HEALTH CARE EQUIPMENT & SERVICES - 6.2%
30,537		Abbott Laboratories		2,568,162
785	*	Abiomed, Inc		204,485
1,914	*,e	Acadia Healthcare Co, Inc		66,894
1,245	*	Accuray, Inc		4,818
119	*	Addus HomeCare Corp		8,919
1,384	*	Align Technology, Inc		378,801
2,817	*	Allscripts Healthcare Solutions, Inc		32,762
1,966	*	Alphatec Holdings Inc		8,926
460	*	Amedisys, Inc		55,849
137	*	American Renal Associates Holdings, Inc		1,019
2,579		AmerisourceBergen Corp		219,886
1,023	*	AMN Healthcare Services, Inc		55,498
563	*	Angiodynamics, Inc		11,085
2,249	*	Antares Pharma, Inc		7,399
4,562		Anthem, Inc		1,287,442
398	*,e	Apollo Medical Holdings, Inc		6,651
1,361	*	Apyx Medical Corp		9,146
480	*	AtriCure, Inc		14,323
27		Atrion Corp		23,024
725	*	Avanos Medical, Inc		31,617
560	*	AxoGen, Inc		11,088
439	*	Axonics Modulation Technologies, Inc		17,986
8,549		Baxter International, Inc		700,163
4,747		Becton Dickinson & Co		1,196,291
1,877	*	BioScrip, Inc		4,880
679	*	BioTelemetry, Inc		32,694
24,634	*	Boston Scientific Corp		1,058,769
2,873	*	Brookdale Senior Living, Inc		20,714
590		Cantel Medical Corp		47,578
5,081		Cardinal Health, Inc		239,315
501	*	Cardiovascular Systems, Inc		21,508
977	*	Castlight Health, Inc		3,156
7,060	*	Centene Corp		370,226
5,729	*	Cerner Corp		419,936
1,570	*	Cerus Corp		8,823
292		Chemed Corp		105,365
6,544		Cigna Corp		1,031,007
168		Computer Programs & Systems, Inc		4,669
2,084	*	ConforMIS, Inc		9,086
422		Conmed Corp		36,111
861		Cooper Cos, Inc		290,062
2,615	*	Corindus Vascular Robotics, Inc		7,793
163	*	Corvel Corp		14,183
1,718	*	Covetrus, Inc		42,022

55

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
544	*	Cross Country Healthcare, Inc	$	5,103
480	*	CryoLife, Inc		14,366
407	*,e	CryoPort, Inc		7,456
202	*	Cutera, Inc		4,198
23,019		CVS Health Corp		1,254,305
466	*,e	CytoSorbents Corp		3,080
11,286		Danaher Corp		1,612,995
2,220	*	DaVita, Inc		124,897
3,982		Dentsply Sirona, Inc		232,389
1,603	*	DexCom, Inc		240,193
1,292	*	Diplomat Pharmacy, Inc		7,868
3,744	*	Edwards Lifesciences Corp		691,667
4,625	*	ElectroCore LLC		9,250
1,608		Encompass Health Corp		101,883
1,049		Ensign Group, Inc		59,709
623	*	Enzo Biochem, Inc		2,099
1,209	*	Evolent Health, Inc		9,612
995	*	Genesis Health Care, Inc		1,234
665	*	GenMark Diagnostics, Inc		4,316
627	*	Glaukos Corp		47,276
1,419	*	Globus Medical, Inc		60,024
607	*	Guardant Health, Inc		52,402
886	*	Haemonetics Corp		106,621
636	*	Hanger Orthopedic Group, Inc		12,179
4,778		HCA Holdings, Inc		645,842
1,079	*	HealthEquity, Inc		70,567
399		HealthStream, Inc		10,318
2,677	*	Henry Schein, Inc		187,122
99	*	Heska Corp		8,432
1,196		Hill-Rom Holdings, Inc		125,126
1,310	*	HMS Holdings Corp		42,431
4,675	*	Hologic, Inc		224,493
2,402		Humana, Inc		637,251
298	*	ICU Medical, Inc		75,069
1,514	*	IDEXX Laboratories, Inc		416,850
263	*	Inogen, Inc		17,558
978	*,e	Inovalon Holdings, Inc		14,191
401	*	Inspire Medical Systems, Inc		24,321
1,070	*	Insulet Corp		127,737
572	*	Integer Holding Corp		48,002
1,162	*	Integra LifeSciences Holdings Corp		64,898
100	*	IntriCon Corp		2,336
2,028	*	Intuitive Surgical, Inc		1,063,787
2,116		Invacare Corp		10,982
383	*	iRhythm Technologies, Inc		30,288
1,743	*	Laboratory Corp of America Holdings		301,365
754	*	Lantheus Holdings, Inc		21,338
236		LeMaitre Vascular, Inc		6,603
490	*	LHC Group, Inc		58,594
970	*	LivaNova plc		69,801
426	*	Magellan Health Services, Inc		31,622
849	*	Masimo Corp		126,348
3,381		McKesson Corp		454,373
1,067	*	Medidata Solutions, Inc		96,574
1,988	*	MEDNAX, Inc		50,157
23,797		Medtronic plc		2,317,590
646		Meridian Bioscience, Inc		7,674
985	*	Merit Medical Systems, Inc		58,667
49		Mesa Laboratories, Inc		11,973
1,120	*	Molina Healthcare, Inc		160,317
173		National Healthcare Corp		14,039
208		National Research Corp		11,979
500	*	Natus Medical, Inc		12,845
780	*	Neogen Corp		48,446
771	*	Neuronetics, Inc		9,645
613	*	Nevro Corp		39,741

56

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
818	*	NextGen Healthcare, Inc	$	16,278
1,434	*	Novocure Ltd		90,672
1,047	*	NuVasive, Inc		61,291
758	*	Omnicell, Inc		65,211
545	*	OptimizeRx Corp		8,829
873	*	OraSure Technologies, Inc		8,101
267	*	Orthofix International NV		14,119
112	*	OrthoPediatrics Corp		4,368
4,900		Owens & Minor, Inc		15,680
1,530		Patterson Cos, Inc		35,037
597	*,e	Penumbra, Inc		95,520
113	*	PetIQ, Inc		3,724
1,204	*	Premier, Inc		47,088
199	*	Providence Service Corp		11,411
200	*,e	Pulse Biosciences, Inc		2,640
2,406		Quest Diagnostics, Inc		244,955
665	*	Quidel Corp		39,448
1,555	*	R1 RCM, Inc		19,562
576	*	RadNet, Inc		7,943
2,488		Resmed, Inc		303,611
726	*	Rockwell Medical, Inc		2,185
837	*	RTI Biologics, Inc		3,557
250	*	SeaSpine Holdings Corp		3,312
1,678	*	Select Medical Holdings Corp		26,630
1,097	*,e	Senseonics Holdings, Inc		2,238
147	*	Shockwave Medical Inc		8,392
141	*	SI-BONE, Inc		2,868
1,519	*,e	Sientra, Inc		9,357
166		Simulations Plus, Inc		4,741
646	*	Staar Surgical Co		18,979
1,527		STERIS plc		227,340
6,034		Stryker Corp		1,240,470
328	*	Surgery Partners, Inc		2,670
300	*	SurModics, Inc		12,951
280	*,e	Tabula Rasa HealthCare, Inc		13,980
280	*	Tactile Systems Technology, Inc		15,938
1,107	*	Tandem Diabetes Care, Inc		71,424
1,254	*,e	Teladoc, Inc		83,278
818		Teleflex, Inc		270,881
1,657	*	Tenet Healthcare Corp		34,234
668	*	Tivity Health, Inc		10,982
9,142	*,e	TransEnterix, Inc		12,433
360	*	Triple-S Management Corp (Class B)		8,586
16,761		UnitedHealth Group, Inc		4,089,852
1,522		Universal Health Services, Inc (Class B)		198,454
187		US Physical Therapy, Inc		22,921
49		Utah Medical Products, Inc		4,689
587	*	Varex Imaging Corp		17,992
1,596	*	Varian Medical Systems, Inc		217,263
2,184	*	Veeva Systems, Inc		354,048
2,186	*,e	ViewRay, Inc		19,259
433	*	Vocera Communications, Inc		13,821
884	*	WellCare Health Plans, Inc		252,002
1,346		West Pharmaceutical Services, Inc		168,452
2,118	*	Wright Medical Group NV		63,159
3,575		Zimmer Biomet Holdings, Inc		420,920
762		Zynex Inc		6,850
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		32,145,141
HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
160	*	Central Garden & Pet Co		4,312
580	*	Central Garden and Pet Co (Class A)		14,291
4,312		Church & Dwight Co, Inc		315,035
2,289		Clorox Co		350,469
14,903		Colgate-Palmolive Co		1,068,098

57

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
5,109		Coty, Inc	$	68,461
893	*	Edgewell Personal Care Co		24,066
326	*	elf Beauty, Inc		4,597
957		Energizer Holdings, Inc		36,978
3,831		Estee Lauder Cos (Class A)		701,494
1,810	*	Herbalife Ltd		77,396
253		Inter Parfums, Inc		16,822
6,069		Kimberly-Clark Corp		808,876
160		Medifast, Inc		20,528
140	*	Nature’s Sunshine Products, Inc		1,301
992		Nu Skin Enterprises, Inc (Class A)		48,925
80		Oil-Dri Corp of America		2,723
43,833		Procter & Gamble Co		4,806,288
185	*,e	Revlon, Inc (Class A)		3,576
680		Spectrum Brands Holdings, Inc		36,564
180	*	USANA Health Sciences, Inc		14,297
266		WD-40 Co		42,305
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		8,467,402
INSURANCE - 4.1%
13,074		Aflac, Inc		716,586
257		Alleghany Corp		175,045
5,930		Allstate Corp		603,022
699	*	AMBAC Financial Group, Inc		11,778
1,557		American Equity Investment Life Holding Co		42,288
1,392		American Financial Group, Inc		142,638
15,426		American International Group, Inc		821,897
234		American National Insurance Co		27,254
299		Amerisafe, Inc		19,067
4,257		Aon plc		821,516
6,987	*	Arch Capital Group Ltd		259,078
509		Argo Group International Holdings Ltd		37,691
3,256		Arthur J. Gallagher & Co		285,193
1,164		Assurant, Inc		123,826
1,876		Assured Guaranty Ltd		78,942
2,832	*	Athene Holding Ltd		121,946
1,578		Axis Capital Holdings Ltd		94,128
34,690	*	Berkshire Hathaway, Inc (Class B)		7,394,867
2,357	*	Brighthouse Financial, Inc		86,478
4,413		Brown & Brown, Inc		147,835
8,072		Chubb Ltd		1,188,925
2,719		Cincinnati Financial Corp		281,879
712	*,e	Citizens, Inc (Class A)		5,198
426		CNA Financial Corp		20,052
2,753		Conseco, Inc		45,920
143		Donegal Group, Inc (Class A)		2,184
494	*	eHealth, Inc		42,533
124		EMC Insurance Group, Inc		4,468
488		Employers Holdings, Inc		20,628
247	*	Enstar Group Ltd		43,047
436		Erie Indemnity Co (Class A)		110,866
706		Everest Re Group Ltd		174,509
150		FBL Financial Group, Inc (Class A)		9,570
201		FedNat Holding Co		2,868
1,977		First American Financial Corp		106,165
4,735		FNF Group		190,821
7,696	*	Genworth Financial, Inc (Class A)		28,552
104		Global Indemnity Ltd		3,220
161	e	Goosehead Insurance, Inc		7,696
463	*	Greenlight Capital Re Ltd (Class A)		3,931
198	*	Hallmark Financial Services		2,818
792		Hanover Insurance Group, Inc		101,614
6,514		Hartford Financial Services Group, Inc		362,960
121		HCI Group, Inc		4,897
161	*	Health Insurance Innovations, Inc		4,173

58

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
362		Heritage Insurance Holdings, Inc	$	5,578
637		Horace Mann Educators Corp		25,665
90		Independence Holding Co		3,485
23		Investors Title Co		3,841
648		James River Group Holdings Ltd		30,391
1,008		Kemper Corp		86,980
347		Kinsale Capital Group, Inc		31,744
3,740		Lincoln National Corp		241,043
4,645		Loews Corp		253,942
240	*	Markel Corp		261,504
9,069		Marsh & McLennan Cos, Inc		904,633
2,003	*	MBIA, Inc		18,648
429		Mercury General Corp		26,813
14,407		Metlife, Inc		715,596
1,362		National General Holdings Corp		31,244
35		National Western Life Group, Inc		8,995
158	*	NI Holdings, Inc		2,782
5,185		Old Republic International Corp		116,040
727		Primerica, Inc		87,204
4,749		Principal Financial Group		275,062
820		ProAssurance Corp		29,610
10,208		Progressive Corp		815,925
144		Protective Insurance Corp		2,501
7,320		Prudential Financial, Inc		739,320
1,153		Reinsurance Group of America, Inc (Class A)		179,903
771		RenaissanceRe Holdings Ltd		137,246
600		RLI Corp		51,426
227		Safety Insurance Group, Inc		21,595
1,030		Selective Insurance Group, Inc		77,137
243		State Auto Financial Corp		8,505
351		Stewart Information Services Corp		14,212
1,153	*	Third Point Reinsurance Ltd		11,899
433		Tiptree Financial, Inc		2,728
1,976		Torchmark Corp		176,773
4,691		Travelers Cos, Inc		701,398
342	*,e	Trupanion, Inc		12,356
338		United Fire & Casualty Co		16,379
255		United Insurance Holdings Corp		3,636
503		Universal Insurance Holdings, Inc		14,034
3,600		UnumProvident Corp		120,780
2,544		W.R. Berkley Corp		167,726
56		White Mountains Insurance Group Ltd		57,202
2,299		Willis Towers Watson plc		440,350
		TOTAL INSURANCE		21,714,400
MATERIALS - 3.0%
324		Advanced Emissions Solutions, Inc		4,095
461	*	AdvanSix, Inc		11,262
3,924		Air Products & Chemicals, Inc		888,276
6,324	*,e	AK Steel Holding Corp		14,988
1,889		Albemarle Corp		133,004
3,306	*	Alcoa Corp		77,393
2,222	*	Allegheny Technologies, Inc		55,994
429		American Vanguard Corp		6,611
2,424	*,e	Amyris, Inc		8,629
1,121		Aptargroup, Inc		139,385
271		Ardagh Group S.A.		4,742
1,151		Ashland Global Holdings, Inc		92,045
1,514		Avery Dennison Corp		175,140
3,458	*	Axalta Coating Systems Ltd		102,945
485		Balchem Corp		48,485
5,898		Ball Corp		412,801
2,289	*	Berry Plastics Group, Inc		120,379
597		Boise Cascade Co		16,782
953		Cabot Corp		45,468

59

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
723		Carpenter Technology Corp	$	34,690
2,318		Celanese Corp (Series A)		249,880
831	*	Century Aluminum Co		5,742
3,995		CF Industries Holdings, Inc		186,606
111		Chase Corp		11,948
2,911		Chemours Co		69,864
261	*	Clearwater Paper Corp		4,826
4,904	e	Cleveland-Cliffs, Inc		52,326
6,019	*	Coeur Mining, Inc		26,122
1,801		Commercial Metals Co		32,148
532		Compass Minerals International, Inc		29,233
13,205	*	Corteva, Inc		390,472
2,327	*	Crown Holdings, Inc		142,180
976		Domtar Corp		43,461
13,462		Dow, Inc		663,811
13,412		DuPont de Nemours, Inc		1,006,839
926		Eagle Materials, Inc		85,840
2,397		Eastman Chemical Co		186,559
4,468		Ecolab, Inc		882,162
3,394	*	Element Solutions, Inc		35,094
1,255	*	Ferro Corp		19,829
1,000	*	Ferroglobe plc		0
835	*,e	Flotek Industries, Inc		2,764
2,478		FMC Corp		205,550
325	*,e	Forterra, Inc		1,615
25,598		Freeport-McMoRan Copper & Gold, Inc (Class B)		297,193
400	*	FutureFuel Corp		4,676
1,119	*	GCP Applied Technologies, Inc		25,334
816	*	Gold Resource Corp		2,758
4,828		Graphic Packaging Holding Co		67,495
395		Greif, Inc (Class A)		12,857
87		Greif, Inc (Class B)		3,798
784		H.B. Fuller Co		36,378
142		Hawkins, Inc		6,164
193		Haynes International, Inc		6,139
7,106		Hecla Mining Co		12,791
3,508		Huntsman Corp		71,704
823	*	Ingevity Corp		86,555
294		Innophos Holdings, Inc		8,558
373		Innospec, Inc		34,033
1,890		International Flavors & Fragrances, Inc		274,220
7,037		International Paper Co		304,843
1,493	*	Intrepid Potash, Inc		5,016
261		Kaiser Aluminum Corp		25,476
315	*	Koppers Holdings, Inc		9,248
468	*	Kraton Polymers LLC		14,541
357		Kronos Worldwide, Inc		5,469
9,622		Linde plc		1,932,098
2,532	*	Livent Corp		17,521
2,555		Louisiana-Pacific Corp		66,992
406	*	LSB Industries, Inc		1,583
5,203		LyondellBasell Industries AF S.C.A		448,134
8,475	*	Marrone Bio Innovations, Inc		12,712
1,050		Martin Marietta Materials, Inc		241,615
300		Materion Corp		20,343
741		Minerals Technologies, Inc		39,651
6,456		Mosaic Co		161,594
371		Myers Industries, Inc		7,149
257		Neenah Paper, Inc		17,360
121		NewMarket Corp		48,514
14,280		Newmont Mining Corp		549,352
4,092	*	Novagold Resources Inc		31,549
5,438		Nucor Corp		299,634
3,054		Olin Corp		66,913
163		Olympic Steel, Inc		2,225
694	*	Omnova Solutions, Inc		4,324

60

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,050	*	Orion Engineered Carbons SA	$	22,481
2,868		Owens-Illinois, Inc		49,530
1,586		Packaging Corp of America		151,178
658		PH Glatfelter Co		11,107
1,269		PolyOne Corp		39,834
4,238		PPG Industries, Inc		494,617
462	*	PQ Group Holdings, Inc		7,323
201		Quaker Chemical Corp		40,779
1,995	*	Ramaco Resources, Inc		10,613
877		Rayonier Advanced Materials, Inc		5,692
1,275		Reliance Steel & Aluminum Co		120,641
1,100		Royal Gold, Inc		112,739
2,208		RPM International, Inc		134,931
272	*	Ryerson Holding Corp		2,266
421		Schnitzer Steel Industries, Inc (Class A)		11,018
438		Schweitzer-Mauduit International, Inc		14,533
716		Scotts Miracle-Gro Co (Class A)		70,526
2,697		Sealed Air Corp		115,378
907		Sensient Technologies Corp		66,646
1,484		Sherwin-Williams Co		680,102
1,660		Silgan Holdings, Inc		50,796
1,952		Sonoco Products Co		127,544
1,781		Southern Copper Corp		69,192
3,643		Steel Dynamics, Inc		110,019
302		Stepan Co		27,757
1,996	*	Summit Materials, Inc		38,423
1,010	*	SunCoke Energy, Inc		8,969
146		Synalloy Corp		2,281
717	*	TimkenSteel Corp		5,829
322	*	Trecora Resources		3,082
394		Tredegar Corp		6,548
733		Trinseo S.A.		31,035
1,458		Tronox Holdings plc		18,633
97	*	UFP Technologies, Inc		4,036
30		United States Lime & Minerals, Inc		2,400
3,129	e	United States Steel Corp		47,905
238	*	US Concrete, Inc		11,826
592		Valhi, Inc		1,758
3,141		Valvoline, Inc		61,344
1,196	*	Verso Corp		22,784
2,303		Vulcan Materials Co		316,225
1,163		Warrior Met Coal, Inc		30,378
559		Westlake Chemical Corp		38,828
4,211		WestRock Co		153,575
702	*	Worthington Industries, Inc		28,263
1,011		WR Grace and Co		76,947
		TOTAL MATERIALS		15,470,805
MEDIA & ENTERTAINMENT - 7.3%
13,313		Activision Blizzard, Inc		628,374
5,304	*	Alphabet, Inc (Class A)		5,743,171
5,390	*	Alphabet, Inc (Class C)		5,826,105
5,822	*	Altice USA, Inc		141,766
855	e	AMC Entertainment Holdings, Inc		7,977
741	*	AMC Networks, Inc		40,377
698	*,e	Boston Omaha Corp		16,159
72		Cable One, Inc		84,311
339	*	Cardlytics, Inc		8,807
253	*	Care.com, Inc		2,778
1,307	*	Cargurus, Inc		47,196
1,131	*	Cars.com, Inc		22,303
5,858		CBS Corp (Class B)		292,314
1,847	*	Central European Media Enterprises Ltd (Class A)		8,053
2,830	*	Charter Communications, Inc		1,118,359
2,021		Cinemark Holdings, Inc		72,958

61

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
566	*	Clear Channel	$	2,672
79,662		Comcast Corp (Class A)		3,368,110
17	*,e	Daily Journal Corp		4,046
2,011	*	DHI Group, Inc		7,179
2,851	*,e	Discovery, Inc (Class A)		87,526
6,054	*	Discovery, Inc (Class C)		172,236
3,978	*	DISH Network Corp (Class A)		152,795
5,229	*	Electronic Arts, Inc		529,489
235		Emerald Expositions Events, Inc		2,620
2,184		Entercom Communications Corp (Class A)		12,667
1,005		Entravision Communications Corp (Class A)		3,136
454	*,e	Eros International plc		613
641	*	Eventbrite Inc		10,384
916		EW Scripps Co (Class A)		14,006
42,380	*	Facebook, Inc		8,179,340
1,809	*	Fluent, Inc		9,732
6,424		Fox Corp (Class A)		235,375
2,830		Fox Corp (Class B)		103,380
1,767		Gannett Co, Inc		14,419
1,815	*	GCI Liberty, Inc		111,550
1,606	*	Glu Mobile, Inc		11,531
1,876	*	Gray Television, Inc		30,748
248	*	Hemisphere Media Group, Inc		3,204
2,455	*	IAA, Inc		95,205
1,288	*	IAC/InterActiveCorp		280,179
902	*	Imax Corp		18,220
7,004		Interpublic Group of Cos, Inc		158,220
693		John Wiley & Sons, Inc (Class A)		31,781
170	*	Liberty Braves Group (Class A)		4,726
525	*	Liberty Braves Group (Class C)		14,684
542	*	Liberty Broadband Corp (Class A)		55,739
1,881	*	Liberty Broadband Corp (Class C)		196,038
681	*	Liberty Latin America Ltd (Class A)		11,734
1,811	*	Liberty Latin America Ltd (Class C)		31,131
398	*	Liberty Media Group (Class A)		14,272
3,180	*	Liberty Media Group (Class C)		118,964
1,395	*	Liberty SiriusXM Group (Class A)		52,745
2,800	*	Liberty SiriusXM Group (Class C)		106,344
1,108	*	Liberty TripAdvisor Holdings, Inc		13,739
786	e	Lions Gate Entertainment Corp (Class A)		9,628
1,548		Lions Gate Entertainment Corp (Class B)		17,972
2,286	*	Live Nation, Inc		151,447
439	*,e	LiveXLive Media, Inc		1,822
200	*	Loral Space & Communications, Inc		6,902
336	*	Madison Square Garden Co		94,060
294		Marcus Corp		9,690
1,051	e	Match Group, Inc		70,701
1,000	*	MDC Partners, Inc		2,520
1,034	*	Meet Group, Inc		3,598
597		Meredith Corp		32,871
934	*	MSG Networks, Inc		19,371
970		National CineMedia, Inc		6,363
7,469	*	NetFlix, Inc		2,743,513
804		New Media Investment Group, Inc		7,590
2,867		New York Times Co (Class A)		93,522
6,379		News Corp (Class A)		86,053
1,884		News Corp (Class B)		26,301
706		Nexstar Broadcasting Group, Inc (Class A)		71,306
3,956		Omnicom Group, Inc		324,194
1,085	*	QuinStreet, Inc		17,197
444	*	Reading International, Inc		5,763
279	*	Rosetta Stone, Inc		6,384
51		Saga Communications, Inc		1,593
438		Scholastic Corp		14,559
1,071		Sinclair Broadcast Group, Inc (Class A)		57,438
25,109		Sirius XM Holdings, Inc		140,108

62

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,090	*	Spotify Technology S.A.	$	287,375
1,927	*	Take-Two Interactive Software, Inc		218,772
317	*	TechTarget, Inc		6,736
3,394		TEGNA, Inc		51,419
511	*	Travelzoo, Inc		7,890
1,814		Tribune Co		83,843
414		Tribune Publishing Co		3,300
1,758	*	TripAdvisor, Inc		81,378
963	*	TrueCar, Inc		5,258
13,337	*	Twitter, Inc		465,461
150	e	Viacom, Inc (Class A)		5,115
6,363		Viacom, Inc (Class B)		190,063
31,016		Walt Disney Co		4,331,074
341	*	WideOpenWest, Inc		2,476
894		World Wrestling Entertainment, Inc (Class A)		64,556
1,209	*	Yelp, Inc		41,324
1,170	*	Zillow Group, Inc (Class A)		53,539
2,300	*,e	Zillow Group, Inc (Class C)		106,697
14,756	*	Zynga, Inc		90,454
		TOTAL MEDIA & ENTERTAINMENT		38,450,683
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8%
26,221		AbbVie, Inc		1,906,791
2,140	*	Abeona Therapeutics, Inc		10,229
2,077	*	Acadia Pharmaceuticals, Inc		55,518
406	*,e	Accelerate Diagnostics, Inc		9,289
843	*	Acceleron Pharma, Inc		34,630
1,942	*	Acer Therapeutics Inc		7,574
4,752	*	Achillion Pharmaceuticals, Inc		12,735
319	*	Aclaris Therapeutics, Inc		699
662	*	Acorda Therapeutics, Inc		5,078
1,628	*,e	Adamas Pharmaceuticals, Inc		10,094
883	*	Adverum Biotechnologies, Inc		10,499
1,425	*	Aeglea BioTherapeutics, Inc		9,761
702	*	Aerie Pharmaceuticals, Inc		20,744
1,104	*	Agenus, Inc		3,312
2,172	*,e	AgeX Therapeutics, Inc		7,971
5,650		Agilent Technologies, Inc		421,885
823	*,e	Agios Pharmaceuticals, Inc		41,051
554	*	Aimmune Therapeutics, Inc		11,534
239	*,e	Akcea Therapeutics, Inc		5,605
2,885	*	Akebia Therapeutics, Inc		13,963
1,391	*	Akorn, Inc		7,164
147	*	Albireo Pharma, Inc		4,739
965	*	Alder Biopharmaceuticals, Inc		11,358
355	*	Aldeyra Therapeutics, Inc		2,130
3,746	*	Alexion Pharmaceuticals, Inc		490,651
2,871	*	Alkermes plc		64,712
530	*,e	Allakos, Inc		22,965
5,814		Allergan plc		973,438
356	*	Allogene Therapeutics, Inc		9,559
1,718	*	Alnylam Pharmaceuticals, Inc		124,658
533	*	AMAG Pharmaceuticals, Inc		5,325
10,813		Amgen, Inc		1,992,619
4,081	*	Amicus Therapeutics, Inc		50,931
2,013	*	Amneal Pharmaceuticals, Inc		14,433
552	*	Amphastar Pharmaceuticals, Inc		11,653
305	*	AnaptysBio, Inc		17,208
2,425	*	Anavex Life Sciences Corp		8,172
121	*	ANI Pharmaceuticals, Inc		9,946
216	*	Anika Therapeutics, Inc		8,774
582	*	Apellis Pharmaceuticals, Inc		14,748
626	*	Aratana Therapeutics, Inc		3,230
524	*,e	Arcus Biosciences, Inc		4,166
3,838	*	Ardelyx, Inc		10,324

63

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
884	*	Arena Pharmaceuticals, Inc	$	51,829
1,796	*	Arqule, Inc		19,774
3,839	*	Array Biopharma, Inc		177,861
1,993	*,e	Arrowhead Research Corp		52,814
357	*	Arvinas, Inc		7,850
216	*	Assembly Biosciences, Inc		2,914
928	*	Assertio Therapeutics, Inc		3,202
719	*	Atara Biotherapeutics, Inc		14,459
673	*	Athenex, Inc		13,325
1,583	*,e	Athersys, Inc		2,659
771	*	Audentes Therapeutics, Inc		29,190
813	*	Avid Bioservices, Inc		4,553
621	*	Avrobio, Inc		10,097
427	*	Axsome Therapeutics, Inc		10,995
1,257	*	BioCryst Pharmaceuticals, Inc		4,764
3,467	*	Biogen Idec, Inc		810,827
710	*	Biohaven Pharmaceutical Holding Co Ltd		31,091
3,009	*	BioMarin Pharmaceutical, Inc		257,721
379	*	Bio-Rad Laboratories, Inc (Class A)		118,472
89	*	Biospecifics Technologies Corp		5,314
657		Bio-Techne Corp		136,978
8,759	*,e	BioTime, Inc		9,635
763	*	Bioxcel Therapeutics Inc		8,362
961	*	Bluebird Bio, Inc		122,239
859	*	Blueprint Medicines Corp		81,029
28,951		Bristol-Myers Squibb Co		1,312,928
1,641		Bruker BioSciences Corp		81,968
470	*	Calithera Biosciences, Inc		1,833
127	*	Calyxt, Inc		1,585
504	*	Cambrex Corp		23,592
425	*	Cara Therapeutics, Inc		9,137
744	*	CareDx, Inc		26,777
807	*,e	CASI Pharmaceuticals, Inc		2,582
2,649	*	Catalent, Inc		143,602
1,095	*,e	Catalyst Pharmaceuticals, Inc		4,205
102	*	Celcuity, Inc		2,550
12,503	*	Celgene Corp		1,155,777
776	*,e	Cellular Biomedicine Group, Inc		12,827
1,113	*	CEL-SCI Corp		9,327
1,640	*	Cerecor Inc		8,922
837	*	Charles River Laboratories International, Inc		118,770
2,254	*	Checkpoint Therapeutics Inc		6,830
402	*	ChemoCentryx, Inc		3,739
1,052	*	Chiasma, Inc		7,858
913	*	Chimerix, Inc		3,944
3,917	*,e	ChromaDex Corp		18,214
747	*	Clovis Oncology, Inc		11,108
646	*	Codexis, Inc		11,906
1,388	*	Coherus Biosciences, Inc		30,675
351	*	Collegium Pharmaceutical, Inc		4,616
271	*	Concert Pharmaceuticals, Inc		3,252
885	*	Constellation Pharmaceuticals, Inc		10,868
708	*,e	Corbus Pharmaceuticals Holdings, Inc		4,906
1,401	*	Corcept Therapeutics, Inc		15,621
478	*,e	Corium International, Inc		86
1,038	*	CorMedix Inc		9,311
107	*	Crinetics Pharmaceuticals, Inc		2,675
320	*,e	Cue Biopharma, Inc		2,877
208	*	Cyclerion Therapeutics, Inc		2,382
949	*	Cymabay Therapeutics, Inc		6,795
639	*	Cytokinetics, Inc		7,189
459	*	CytomX Therapeutics, Inc		5,150
127	*,e	Deciphera Pharmaceuticals, Inc		2,864
957	*,e	Denali Therapeutics, Inc		19,867
587	*,e	Dermira, Inc		5,612
716	*	Dicerna Pharmaceuticals, Inc		11,277

64

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
520	*,e	Dova Pharmaceuticals, Inc	$	7,332
3,228	*,e	Dynavax Technologies Corp		12,880
122	*	Eagle Pharmaceuticals, Inc		6,793
736	*	Editas Medicine, Inc		18,209
279	*,e	Eidos Therapeutics, Inc		8,671
6,484	*	Elanco Animal Health, Inc		219,159
15,249		Eli Lilly & Co		1,689,437
1,184	*,e	Eloxx Pharmaceuticals, Inc		11,804
709	*	Emergent Biosolutions, Inc		34,252
232	*	Enanta Pharmaceuticals, Inc		19,576
3,476	*	Endo International plc		14,321
1,795	*	Epizyme, Inc		22,527
623	*	Esperion Thereapeutics, Inc		28,982
231	*,e	Evelo Biosciences, Inc		2,074
159	*,e	Evolus, Inc		2,325
2,262	*	Exact Sciences Corp		267,006
5,221	*	Exelixis, Inc		111,573
5,064	*	EyePoint Pharmaceuticals Inc		8,305
835	*	Fate Therapeutics, Inc		16,950
1,241	*	FibroGen, Inc		56,068
428	*	Five Prime Therapeutics, Inc		2,581
438	*,e	Flexion Therapeutics, Inc		5,387
1,214	*	Fluidigm Corp		14,956
137	*	Forty Seven, Inc		1,452
626	*	G1 Therapeutics, Inc		19,193
303	*	Genomic Health, Inc		17,626
7,757	*,e	Geron Corp		10,937
22,626		Gilead Sciences, Inc		1,528,613
1,063	*	Global Blood Therapeutics, Inc		55,914
541	*	GlycoMimetics, Inc		6,449
362	*	Gossamer Bio, Inc		8,029
815	*	Gritstone Oncology, Inc		9,079
2,005	*	Halozyme Therapeutics, Inc		34,446
643	*	Harpoon Therapeutics, Inc		8,359
1,027	*	Heron Therapeutics, Inc		19,092
188	*	Homology Medicines, Inc		3,679
3,095	*	Horizon Pharma plc		74,466
2,575	*	Illumina, Inc		947,986
6,462	*	Immunogen, Inc		14,023
3,050	*	Immunomedics, Inc		42,303
3,064	*	Incyte Corp		260,317
1,186	*	Innoviva, Inc		17,268
1,045	*,e	Inovio Pharmaceuticals, Inc		3,072
1,335	*	Insmed, Inc		34,176
1,074	*,e	Intellia Therapeutics, Inc		17,581
353	*,e	Intercept Pharmaceuticals, Inc		28,088
388	*	Intersect ENT, Inc		8,831
527	*	Intra-Cellular Therapies, Inc		6,840
861	*,e	Intrexon Corp		6,595
1,569	*	Invitae Corp		36,871
2,281	*	Ionis Pharmaceuticals, Inc		146,600
2,163	*	Iovance Biotherapeutics, Inc		53,037
3,180	*	IQVIA Holdings, Inc		511,662
2,083	*	Ironwood Pharmaceuticals, Inc		22,788
1,055	*	Jazz Pharmaceuticals plc		150,401
47,107		Johnson & Johnson		6,561,063
3,171	*	Jounce Therapeutics, Inc		15,696
1,126	*	Kadmon Holdings, Inc		2,320
1,521	*	Kala Pharmaceuticals, Inc		9,704
390	*	KalVista Pharmaceuticals Inc		8,639
1,858	*,e	Karyopharm Therapeutics, Inc		11,129
1,049	*	Kezar Life Sciences, Inc		8,088
337	*	Kindred Biosciences, Inc		2,807
99	*	Kiniksa Pharmaceuticals Ltd		1,340
702	*	Kodiak Sciences, Inc		8,213
199	*	Krystal Biotech Inc		8,014

65

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
217	*	Kura Oncology, Inc	$	4,273
1,211	*,e	La Jolla Pharmaceutical Co		11,202
429	*,e	Lannett Co, Inc		2,600
657	*,e	Lexicon Pharmaceuticals, Inc		4,133
305	*,e	Ligand Pharmaceuticals, Inc (Class B)		34,816
674	*	LogicBio Therapeutics, Inc		8,762
628		Luminex Corp		12,962
515	*	MacroGenics, Inc		8,740
93	*,e	Madrigal Pharmaceuticals, Inc		9,747
999	*	Magenta Therapeutics, Inc		14,735
1,553	*,e	Mallinckrodt plc		14,257
2,279	*,e	MannKind Corp		2,621
2,772	*	Marinus Pharmaceuticals, Inc		11,504
1,076	*,e	Medicines Co		39,242
458	*,e	MediciNova, Inc		4,411
358	*	Medpace Holdings, Inc		23,420
206	*,e	MeiraGTx Holdings plc		5,537
98	*	Menlo Therapeutics, Inc		587
45,674		Merck & Co, Inc		3,829,765
2,722	*	Mersana Therapeutics, Inc		11,024
425	*	Mettler-Toledo International, Inc		357,000
553	*	Minerva Neurosciences, Inc		3,113
495	*	Mirati Therapeutics, Inc		50,985
457	*,e	Moderna, Inc		6,690
1,020	*	Molecular Templates, Inc		8,517
2,222	*	Momenta Pharmaceuticals, Inc		27,664
2,333	*	Mustang Bio, Inc		8,585
8,764	*	Mylan NV		166,867
783	*	MyoKardia, Inc		39,260
1,569	*	Myriad Genetics, Inc		43,587
276	*	NanoString Technologies, Inc		8,377
984	*	Natera, Inc		27,139
3,021	*	Nektar Therapeutics		107,487
1,622	*	NeoGenomics, Inc		35,587
1,725	*	Neon Therapeutics, Inc		8,177
1,620	*	Neurocrine Biosciences, Inc		136,777
538	*,e	Novavax, Inc		3,153
362	*,e	Ocular Therapeutix, Inc		1,593
107	*,e	Odonate Therapeutics, Inc		3,926
652	*,e	Omeros Corp		10,230
2,006	*	Oncocyte Corp		4,995
5,196	*,e	Opko Health, Inc		12,678
258	*,e	Optinose, Inc		1,827
3,121	*	Pacific Biosciences of California, Inc		18,882
609	*	Pacira Pharmaceuticals, Inc		26,485
14,286	*,e	Palatin Technologies, Inc		16,572
2,502	*,e	Paratek Pharmaceuticals, Inc		9,983
2,346	*	PDL BioPharma, Inc		7,366
1,920		PerkinElmer, Inc		184,973
2,143		Perrigo Co plc		102,050
527	*	Pfenex, Inc		3,552
98,651		Pfizer, Inc		4,273,561
293		Phibro Animal Health Corp		9,309
529	*	Pieris Pharmaceuticals, Inc		2,486
140	*,e	PolarityTE, Inc		798
1,084	*,e	Portola Pharmaceuticals, Inc		29,409
926	*	PRA Health Sciences, Inc		91,813
817	*	Prestige Brands Holdings, Inc		25,883
95	*	Principia Biopharma, Inc		3,153
1,110	*	Progenics Pharmaceuticals, Inc		6,849
594	*	Prothena Corp plc		6,279
1,091	*	PTC Therapeutics, Inc		49,095
453	*	Puma Biotechnology, Inc		5,758
3,971	*	QIAGEN NV		161,024
141	*	Quanterix Corp		4,764
742	*	Ra Pharmaceuticals, Inc		22,312

66

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
582	*	Radius Health, Inc	$	14,178
350	*	Reata Pharmaceuticals, Inc		33,023
183	*	Recro Pharma, Inc		1,861
1,413	*	Regeneron Pharmaceuticals, Inc		442,269
641	*	REGENXBIO, Inc		32,928
734	*	Repligen Corp		63,087
560	*	Replimune Group, Inc		8,210
802	*	resTORbio, Inc		8,180
594	*	Retrophin, Inc		11,933
352	*	Revance Therapeutics, Inc		4,565
147	*	Rhythm Pharmaceuticals, Inc		3,234
1,863	*	Rigel Pharmaceuticals, Inc		4,862
856	*	Rocket Pharmaceuticals, Inc		12,840
1,149	*,e	Rubius Therapeutics, Inc		18,074
834	*	Sage Therapeutics, Inc		152,697
1,935	*	Sangamo Biosciences, Inc		20,840
1,249	*	Sarepta Therapeutics, Inc		189,786
640	*	Scholar Rock Holding Corp		10,150
1,816	*	Seattle Genetics, Inc		125,685
3,177	*,e	Seres Therapeutics, Inc		10,230
842	*	SIGA Technologies, Inc		4,783
625	*,e	Solid Biosciences, Inc		3,594
5,304	*,e	Sorrento Therapeutics, Inc		14,162
615	*	Spark Therapeutics, Inc		62,964
1,594	*	Spectrum Pharmaceuticals, Inc		13,724
593	*	Spero Therapeutics, Inc		6,825
334	*	Stemline Therapeutics, Inc		5,117
725	*	Supernus Pharmaceuticals, Inc		23,990
1,100	*	Syndax Pharmaceuticals, Inc		10,241
1,109	*	Syneos Health, Inc		56,659
1,588	*	Synlogic, Inc		14,451
1,268	*	Syros Pharmaceuticals, Inc		11,742
1,920	*	TG Therapeutics, Inc		16,608
2,459	*,e	TherapeuticsMD, Inc		6,393
661	*,e	Theravance Biopharma, Inc		10,794
7,113		Thermo Fisher Scientific, Inc		2,088,946
1,395	*	Tocagen, Inc		9,319
508	*	Translate Bio, Inc		6,416
650	*	Tricida, Inc		25,649
373	*	Twist Bioscience Corp		10,821
4,055	*,e	Tyme Technologies, Inc		4,947
996	*	Ultragenyx Pharmaceutical, Inc		63,246
696	*	United Therapeutics Corp		54,330
415	*,e	UNITY Biotechnology, Inc		3,943
677	*	Vanda Pharmaceuticals, Inc		9,539
818	*	Veracyte, Inc		23,321
597	*	Vericel Corp		11,277
843	*	Verrica Pharmaceuticals, Inc		9,796
4,489	*	Vertex Pharmaceuticals, Inc		823,193
1,907	*,e	Viking Therapeutics, Inc		15,828
593	*	Voyager Therapeutics, Inc		16,141
1,219	*	Waters Corp		262,378
504	*	WaVe Life Sciences Pte Ltd		13,149
748	*	X4 Pharmaceuticals, Inc		11,220
743	*	Xencor, Inc		30,411
740	*	Xeris Pharmaceuticals, Inc		8,466
117	*	Y-mAbs Therapeutics, Inc		2,676
2,318	*,e	ZIOPHARM Oncology, Inc		13,514
8,602		Zoetis, Inc		976,241
629	*	Zogenix, Inc		30,054
638	*	Zynerba Pharmaceuticals, Inc		8,645
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		41,054,830
REAL ESTATE - 4.0%
1,300		Acadia Realty Trust		35,581

67

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
632		Agree Realty Corp	$	40,480
1,021		Alexander & Baldwin, Inc		23,585
57		Alexander’s, Inc		21,107
1,932		Alexandria Real Estate Equities, Inc		272,586
196	*,e	Altisource Portfolio Solutions S.A.		3,853
714		American Assets Trust, Inc		33,644
2,413		American Campus Communities, Inc		111,384
1,878		American Finance Trust, Inc		20,470
4,773		American Homes 4 Rent		116,032
7,747		American Tower Corp		1,583,874
3,387		Americold Realty Trust		109,807
2,441		Apartment Investment & Management Co		122,343
4,063	*	Apple Hospitality REIT, Inc		64,439
694		Armada Hoffler Properties, Inc		11,486
1,645		Ashford Hospitality Trust, Inc		4,886
2,445		AvalonBay Communities, Inc		496,775
379		Bluerock Residential Growth REIT, Inc		4,453
2,732		Boston Properties, Inc		352,428
403		BraeMar Hotels & Resorts, Inc		3,990
2,649		Brandywine Realty Trust		37,934
4,778		Brixmor Property Group, Inc		85,431
1,663		Brookfield Property REIT, Inc		31,414
1,146		Brt Realty Trust		16,193
1,599		Camden Property Trust		166,920
1,679		CareTrust REIT, Inc		39,927
568		CatchMark Timber Trust, Inc		5,936
2,955		CBL & Associates Properties, Inc		3,073
5,923	*	CBRE Group, Inc		303,850
5,095		Cedar Realty Trust, Inc		13,502
572		Chatham Lodging Trust		10,794
909		Chesapeake Lodging Trust		25,834
471		City Office REIT, Inc		5,647
248		Clipper Realty, Inc		2,773
8,422		Colony Capital, Inc		42,110
1,903		Columbia Property Trust, Inc		39,468
199		Community Healthcare Trust, Inc		7,843
74		Consolidated-Tomoka Land Co		4,418
2,491		CoreCivic, Inc		51,713
185		CorEnergy Infrastructure Trust, Inc		7,337
675		CorePoint Lodging, Inc		8,363
582		Coresite Realty		67,029
2,132		Corporate Office Properties Trust		56,221
2,578	*	Cousins Properties, Inc		93,246
7,293		Crown Castle International Corp		950,643
3,658		CubeSmart		122,324
1,631	*	Cushman & Wakefield plc		29,162
1,868		CyrusOne, Inc		107,821
3,453		DiamondRock Hospitality Co		35,704
3,634		Digital Realty Trust, Inc		428,049
2,632		Douglas Emmett, Inc		104,859
6,366		Duke Realty Corp		201,229
1,427		Easterly Government Properties, Inc		25,843
673		EastGroup Properties, Inc		78,055
3,012		Empire State Realty Trust, Inc		44,608
1,161		Entertainment Properties Trust		86,599
1,485		Equinix, Inc		748,871
2,199		Equity Commonwealth		71,511
1,525		Equity Lifestyle Properties, Inc		185,043
6,483		Equity Residential		492,189
621		Essential Properties Realty Trust, Inc		12,445
1,129		Essex Property Trust, Inc		329,589
2,082		Extra Space Storage, Inc		220,900
482		Farmland Partners, Inc		3,398
1,232		Federal Realty Investment Trust		158,632
2,259		First Industrial Realty Trust, Inc		82,996
240	*	Forestar Group, Inc		4,692

68

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,235		Four Corners Property Trust, Inc	$	33,753
1,621		Franklin Street Properties Corp		11,963
874		Front Yard Residential Corp		10,680
102	*	FRP Holdings, Inc		5,689
3,570		Gaming and Leisure Properties, Inc		139,159
2,553		Geo Group, Inc		53,639
763		Getty Realty Corp		23,470
475		Gladstone Commercial Corp		10,079
1,177		Gladstone Land Corp		13,571
536		Global Medical REIT, Inc		5,628
1,848		Global Net Lease, Inc		36,258
775		Hannon Armstrong Sustainable Infrastructure Capital, Inc		21,839
8,293		HCP, Inc		265,210
2,421		Healthcare Realty Trust, Inc		75,826
3,603		Healthcare Trust of America, Inc		98,830
697		Hersha Hospitality Trust		11,528
647		HFF, Inc (Class A)		29,426
1,796		Highwoods Properties, Inc		74,175
3,197		Hospitality Properties Trust		79,925
12,997		Host Marriott Corp		236,805
692	*	Howard Hughes Corp		85,697
2,438		Hudson Pacific Properties		81,112
1,062		Independence Realty Trust, Inc		12,287
1,133		Industrial Logistics Properties Trust		23,589
169		Innovative Industrial Properties, Inc		20,882
192		Investors Real Estate Trust		11,265
6,743		Invitation Homes, Inc		180,240
4,939		Iron Mountain, Inc		154,591
1,070		iStar Financial, Inc		13,289
2,053		JBG SMITH Properties		80,765
145		Jernigan Capital, Inc		2,972
843		Jones Lang LaSalle, Inc		118,602
2,137		Kennedy-Wilson Holdings, Inc		43,958
1,727		Kilroy Realty Corp		127,470
6,452		Kimco Realty Corp		119,233
1,264		Kite Realty Group Trust		19,124
1,519		Lamar Advertising Co		122,598
3,541		Lexington Realty Trust		33,321
2,619		Liberty Property Trust		131,055
858		Life Storage, Inc		81,579
917		LTC Properties, Inc		41,870
2,511		Macerich Co		84,093
1,437		Mack-Cali Realty Corp		33,468
406	*	Marcus & Millichap, Inc		12,525
169	*	Maui Land & Pineapple Co, Inc		1,739
6,910		Medical Properties Trust, Inc		120,510
2,012		Mid-America Apartment Communities, Inc		236,933
2,033		Monmouth Real Estate Investment Corp (Class A)		27,547
885		National Health Investors, Inc		69,057
2,870		National Retail Properties, Inc		152,139
1,008		National Storage Affiliates Trust		29,172
1,266		New Senior Investment Group, Inc		8,508
2,520		Newmark Group, Inc		22,630
280		NexPoint Residential Trust, Inc		11,592
892		NorthStar Realty Europe Corp		14,656
1,200		Office Properties Income Trust		31,524
3,652		Omega Healthcare Investors, Inc		134,211
251		One Liberty Properties, Inc		7,269
2,970		Outfront Media, Inc		76,596
3,099		Paramount Group, Inc		43,417
3,690		Park Hotels & Resorts, Inc		101,696
2,135		Pebblebrook Hotel Trust		60,164
3,353		Pennsylvania REIT		21,794
2,932		Physicians Realty Trust		51,134
2,219		Piedmont Office Realty Trust, Inc		44,225
1,438		Potlatch Corp		56,053

69

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,193		Preferred Apartment Communities, Inc	$	17,835
10,984		Prologis, Inc		879,818
358		PS Business Parks, Inc		60,334
2,646		Public Storage, Inc		630,198
1,162		QTS Realty Trust, Inc		53,661
302	*	Rafael Holdings, Inc		8,682
2,525		Rayonier, Inc		76,507
349		Re/Max Holdings, Inc		10,735
2,208	e	Realogy Holdings Corp		15,986
5,579		Realty Income Corp		384,784
1,597	*	Redfin Corp		28,714
2,945		Regency Centers Corp		196,549
1,675		Retail Opportunities Investment Corp		28,693
3,851		Retail Properties of America, Inc		45,288
264		Retail Value, Inc		9,187
1,780		Rexford Industrial Realty, Inc		71,859
3,486		RLJ Lodging Trust		61,842
148		RMR Group, Inc		6,953
1,201		RPT Realty		14,544
778		Ryman Hospitality Properties		63,088
3,697		Sabra Healthcare REIT, Inc		72,794
172		Safehold, Inc		5,194
445		Saul Centers, Inc		24,978
1,945	*	SBA Communications Corp		437,314
4,896		Senior Housing Properties Trust		40,490
793		Seritage Growth Properties		34,067
5,464		Simon Property Group, Inc		872,929
2,580		SITE Centers Corp		34,159
1,436		SL Green Realty Corp		115,411
758		Spirit MTA REIT		6,322
1,516		Spirit Realty Capital, Inc		64,673
831	*	St. Joe Co		14,360
1,899		STAG Industrial, Inc		57,426
3,669		STORE Capital Corp		121,774
93	*	Stratus Properties, Inc		3,016
2,137		Summit Hotel Properties, Inc		24,511
1,497		Sun Communities, Inc		191,900
4,750		Sunstone Hotel Investors, Inc		65,122
1,459		Tanger Factory Outlet Centers, Inc		23,650
1,248		Taubman Centers, Inc		50,956
268	*	Tejon Ranch Co		4,446
1,034		Terreno Realty Corp		50,707
4,734		UDR, Inc		212,509
435		UMH Properties, Inc		5,398
3,290		Uniti Group, Inc		31,255
198		Universal Health Realty Income Trust		16,816
2,537		Urban Edge Properties		43,966
465		Urstadt Biddle Properties, Inc (Class A)		9,765
6,345		Ventas, Inc		433,681
17,222		VEREIT, Inc		155,170
7,385		VICI Properties, Inc		162,765
3,062		Vornado Realty Trust		196,274
3,960		Washington Prime Group, Inc		15,127
1,848		Washington REIT		49,397
1,872		Weingarten Realty Investors		51,330
7,180		Welltower, Inc		585,385
13,181		Weyerhaeuser Co		347,188
550	*	Whitestone REIT		6,979
2,861		WP Carey, Inc		232,256
2,548		Xenia Hotels & Resorts, Inc		53,126
		TOTAL REAL ESTATE		20,870,788
RETAILING - 6.0%
426	*	1-800-FLOWERS.COM, Inc (Class A)		8,043
1,334		Aaron’s, Inc		81,921

70

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,074		Abercrombie & Fitch Co (Class A)	$	17,227
1,214		Advance Auto Parts, Inc		187,126
7,334	*	Amazon.com, Inc		13,887,882
2,547		American Eagle Outfitters, Inc		43,044
122	*	America’s Car-Mart, Inc		10,502
305	*	Asbury Automotive Group, Inc		25,724
7,209	*	Ascena Retail Group, Inc		4,397
908	*,e	At Home Group, Inc		6,047
1,001	*	Autonation, Inc		41,982
437	*	AutoZone, Inc		480,468
603	*	Barnes & Noble Education, Inc		2,026
965		Barnes & Noble, Inc		6,456
2,179	e	Bed Bath & Beyond, Inc		25,320
4,166		Best Buy Co, Inc		290,495
744		Big Lots, Inc		21,286
2,230	*	BJ’s Wholesale Club Holdings, Inc		58,872
766	*	Booking Holdings, Inc		1,436,028
865	*	Boot Barn Holdings, Inc		30,829
526	e	Buckle, Inc		9,105
1,177	*	Burlington Stores, Inc		200,267
639		Caleres, Inc		12,729
1,606	e	Camping World Holdings, Inc		19,947
2,903	*	CarMax, Inc		252,067
748	*,e	Carvana Co		46,817
368		Cato Corp (Class A)		4,534
2,075		Chico’s FAS, Inc		6,993
288	e	Children’s Place Retail Stores, Inc		27,469
243		Citi Trends, Inc		3,553
291	*	Conn’s, Inc		5,186
231	*	Container Store Group, Inc		1,691
775		Core-Mark Holding Co, Inc		30,783
1,574		Designer Brands, Inc		30,174
1,351		Dick’s Sporting Goods, Inc		46,785
236	e	Dillard’s, Inc (Class A)		14,698
4,595		Dollar General Corp		621,060
4,144	*	Dollar Tree, Inc		445,024
144	*,e	Duluth Holdings, Inc		1,957
14,614		eBay, Inc		577,253
2,169	*	Etsy, Inc		133,112
2,141		Expedia, Inc		284,817
1,208	*	Express Parent LLC		3,298
969	*	Five Below, Inc		116,299
1,023	*	Floor & Decor Holdings, Inc		42,864
1,924		Foot Locker, Inc		80,654
185	*,e	Funko, Inc		4,481
142	*,e	Gaia, Inc		1,076
3,508		GameStop Corp (Class A)		19,189
3,661		Gap, Inc		65,788
313	*	Genesco, Inc		13,237
2,563		Genuine Parts Co		265,476
1,455	*,e	GNC Holdings, Inc		2,182
324		Group 1 Automotive, Inc		26,532
7,081	*	Groupon, Inc		25,350
1,482	*	GrubHub, Inc		115,581
904		Guess?, Inc		14,600
286		Haverty Furniture Cos, Inc		4,871
323	*	Hibbett Sports, Inc		5,879
19,546		Home Depot, Inc		4,064,982
619	*	Hudson Ltd		8,536
1,819	e	J. Jill, Inc		3,620
6,812	*,e	JC Penney Co, Inc		7,766
2,978		Kohl’s Corp		141,604
4,373		L Brands, Inc		114,135
221	*	Lands’ End, Inc		2,701
198	*	Leaf Group Ltd		1,467
1,009	*	Liberty Expedia Holdings, Inc		48,220

71

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
325	*	Liquidity Services, Inc	$	1,979
367		Lithia Motors, Inc (Class A)		43,592
5,805	*	LKQ Corp		154,471
14,250		Lowe’s Companies, Inc		1,437,967
442	*,e	Lumber Liquidators, Inc		5,105
5,634		Macy’s, Inc		120,906
389	*	MarineMax, Inc		6,395
1,815	*	Michaels Cos, Inc		15,790
452		Monro Muffler, Inc		38,556
539	*	Murphy USA, Inc		45,292
956	*	National Vision Holdings, Inc		29,378
1,826		Nordstrom, Inc		58,176
15,322		Office Depot, Inc		31,563
911	*	Ollie’s Bargain Outlet Holdings, Inc		79,357
1,359	*	O’Reilly Automotive, Inc		501,906
263	*,e	Overstock.com, Inc		3,577
2,124	*	Party City Holdco, Inc		15,569
554		Penske Auto Group, Inc		26,204
306	e	PetMed Express, Inc		4,795
716		Pool Corp		136,756
1,155	*	Quotient Technology, Inc		12,405
7,241	*	Qurate Retail Group, Inc QVC Group		89,716
699	*	Rent-A-Center, Inc		18,614
337	*,e	RH		38,957
6,289		Ross Stores, Inc		623,366
2,965	*	RTW RetailWinds, Inc		5,041
1,270	*	Rubicon Project, Inc		8,077
2,233	*	Sally Beauty Holdings, Inc		29,788
203	e	Shoe Carnival, Inc		5,603
526	*	Shutterfly, Inc		26,589
309		Shutterstock, Inc		12,110
961		Signet Jewelers Ltd		17,183
660	*	Sleep Number Corp		26,657
455		Sonic Automotive, Inc (Class A)		10,624
571	*	Sportsman’s Warehouse Holdings, Inc		2,158
279	*	Stamps.com, Inc		12,630
738	*	Stitch Fix Inc		23,609
856	e	Tailored Brands, Inc		4,939
8,833		Target Corp		765,026
2,104		Tiffany & Co		197,019
528		Tile Shop Holdings, Inc		2,112
297		Tilly’s, Inc		2,266
21,716		TJX Companies, Inc		1,148,342
2,139		Tractor Supply Co		232,723
979	*	Ulta Beauty, Inc		339,605
1,237	*	Urban Outfitters, Inc		28,142
1,065	*	Wayfair, Inc		155,490
99		Weyco Group, Inc		2,644
1,350	e	Williams-Sonoma, Inc		87,750
37		Winmark Corp		6,407
314	*	Zumiez, Inc		8,195
		TOTAL RETAILING		31,343,205
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
728	*	Acacia Communications, Inc		34,332
1,029	*	Adesto Technologies Corp		8,386
617	*	Advanced Energy Industries, Inc		34,719
17,747	*	Advanced Micro Devices, Inc		538,976
302	*	Alpha & Omega Semiconductor Ltd		2,821
507	*	Ambarella, Inc		22,374
1,455	*	Amkor Technology, Inc		10,854
6,534		Analog Devices, Inc		737,493
17,017		Applied Materials, Inc		764,233
341	*	Aquantia Corp		4,443
510	*	Axcelis Technologies, Inc		7,675

72

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
582	*	AXT, Inc	$	2,305
6,849		Broadcom, Inc		1,971,553
1,076		Brooks Automation, Inc		41,695
469		Cabot Microelectronics Corp		51,628
333	*	Ceva, Inc		8,109
1,003	*	Cirrus Logic, Inc		43,831
598		Cohu, Inc		9,227
1,899	*	Cree, Inc		106,686
6,672		Cypress Semiconductor Corp		148,385
584	*	Diodes, Inc		21,240
2,561		Entegris, Inc		95,577
1,588	*	First Solar, Inc		104,300
1,075	*	Formfactor, Inc		16,845
434	*	Ichor Holdings Ltd		10,260
285	*,e	Impinj, Inc		8,157
822	*	Inphi Corp		41,182
79,454		Intel Corp		3,803,463
2,865		Kla-Tencor Corp		338,643
2,721		Lam Research Corp		511,113
1,895	*	Lattice Semiconductor Corp		27,648
627	*	MA-COM Technology Solutions		9,487
11,608		Marvell Technology Group Ltd		277,083
4,894		Maxim Integrated Products, Inc		292,759
927	*	MaxLinear, Inc		21,729
4,231	e	Microchip Technology, Inc		366,828
19,769	*	Micron Technology, Inc		762,886
1,013		MKS Instruments, Inc		78,903
730		Monolithic Power Systems, Inc		99,119
364	*	Nanometrics, Inc		12,634
478	*	NeoPhotonics Corp Ltd		1,998
77		NVE Corp		5,362
10,348		NVIDIA Corp		1,699,452
7,472	*	ON Semiconductor Corp		151,009
409	*	PDF Solutions, Inc		5,366
1,020	*	Photronics, Inc		8,364
446		Power Integrations, Inc		35,760
2,283	*	Qorvo, Inc		152,071
21,470		Qualcomm, Inc		1,633,223
1,707	*	Rambus, Inc		20,552
488	*	Rudolph Technologies, Inc		13,483
1,008	*	Semtech Corp		48,434
654	*	Silicon Laboratories, Inc		67,624
3,182		Skyworks Solutions, Inc		245,873
170	*,e	SMART Global Holdings, Inc		3,908
886	*,e	SunPower Corp		9,471
3,141		Teradyne, Inc		150,485
16,625		Texas Instruments, Inc		1,907,885
789	*	Ultra Clean Holdings		10,983
754		Universal Display Corp		141,797
729	*	Veeco Instruments, Inc		8,908
2,096		Versum Materials, Inc		108,112
4,538		Xilinx, Inc		535,121
754		Xperi Corp		15,525
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		18,430,347
SOFTWARE & SERVICES - 12.3%
874	*	2U, Inc		32,897
1,702	*	8x8, Inc		41,018
754	*	A10 Networks, Inc		5,142
11,351		Accenture plc		2,097,324
2,058	*	ACI Worldwide, Inc		70,672
8,635	*	Adobe, Inc		2,544,303
2,865	*	Akamai Technologies, Inc		229,601
646	*	Alarm.com Holdings, Inc		34,561
829		Alliance Data Systems Corp		116,168

73

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
677	*	Altair Engineering, Inc	$	27,344
804	*,e	Alteryx, Inc		87,733
273	*	Amber Road, Inc		3,565
2,546		Amdocs Ltd		158,081
370	*	American Software, Inc (Class A)		4,866
1,451	*	Anaplan, Inc		73,232
1,478	*	Ansys, Inc		302,724
237	*	Appfolio, Inc		24,238
548	*	Appian Corp		19,766
1,300	*	Aspen Technology, Inc		161,564
1,812	*	Atlassian Corp plc		237,082
3,961	*	Autodesk, Inc		645,247
7,765		Automatic Data Processing, Inc		1,283,787
754	*	Avalara, Inc		54,439
1,669	*	Avaya Holdings Corp		19,878
527	*	Benefitfocus, Inc		14,308
2,568	*	Black Knight, Inc		154,465
741		Blackbaud, Inc		61,874
752	*	Blackline, Inc		40,240
2,513		Booz Allen Hamilton Holding Co		166,386
808	*	Bottomline Technologies, Inc		35,746
2,047	*	Box, Inc		36,048
460	*	Brightcove, Inc		4,752
2,063		Broadridge Financial Solutions, Inc		263,404
451	*	CACI International, Inc (Class A)		92,270
5,009	*	Cadence Design Systems, Inc		354,687
1,228	*	Carbon Black, Inc		20,532
391	*	Carbonite, Inc		10,182
708	*	Cardtronics plc		19,343
222		Cass Information Systems, Inc		10,763
2,269		CDK Global, Inc		112,179
1,007	*	Ceridian HCM Holding, Inc		50,551
378	*	ChannelAdvisor Corp		3,311
1,608	*	Cision Ltd		18,862
2,218		Citrix Systems, Inc		217,675
2,998	*,e	Cloudera, Inc		15,770
10,183		Cognizant Technology Solutions Corp (Class A)		645,500
606	*	Commvault Systems, Inc		30,070
3,045	*	Conduent, Inc		29,202
985	*	Cornerstone OnDemand, Inc		57,061
1,022	*	Coupa Software, Inc		129,395
520		CSG Systems International, Inc		25,392
348	*	Digimarc Corp		15,448
1,755	*	Digital Turbine, Inc		8,775
2,702	*	DocuSign, Inc		134,316
549	*	Domo, Inc		14,999
3,745	*	Dropbox, Inc		93,812
4,799		DXC Technology Co		264,665
387	e	Ebix, Inc		19,435
1,316	*	eGain Corp		10,712
661	*	Elastic NV		49,350
895	*	Endurance International Group Holdings, Inc		4,296
884	*	Envestnet, Inc		60,439
940	*	EPAM Systems, Inc		162,714
898	*	Euronet Worldwide, Inc		151,080
572	*	Everbridge, Inc		51,148
989	*	Everi Holdings, Inc		11,799
941		EVERTEC, Inc		30,771
266	*	Evo Payments, Inc		8,387
795	*	Exela Technologies, Inc		1,741
511	*	ExlService Holdings, Inc		33,792
537	*	Fair Isaac Corp		168,629
5,725		Fidelity National Information Services, Inc		702,343
3,709	*	FireEye, Inc		54,930
1,318	*	First American Corp		55,132
10,116	*	First Data Corp		273,840

74

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
6,941	*	Fiserv, Inc	$	632,742
1,139	*	Five9, Inc		58,419
1,535	*	FleetCor Technologies, Inc		431,105
713	*	ForeScout Technologies, Inc		24,142
2,484	*	Fortinet, Inc		190,846
1,574	*	Gartner, Inc		253,320
3,090		Genpact Ltd		117,698
2,808		Global Payments, Inc		449,645
3,114	*	GoDaddy, Inc		218,447
827	*,e	GTT Communications, Inc		14,555
1,102	*	GTY Technology Holdings Inc		7,549
1,428	*	Guidewire Software, Inc		144,771
450		Hackett Group, Inc		7,556
632	*	HubSpot, Inc		107,769
139	*	I3 Verticals, Inc		4,094
4,520	*	Ideanomics Inc		11,119
513	*	Information Services Group, Inc		1,621
506	*	Instructure, Inc		21,505
308	*	Intelligent Systems Corp		8,867
15,728		International Business Machines Corp		2,168,891
4,400		Intuit, Inc		1,149,852
736		j2 Global, Inc		65,423
1,367		Jack Henry & Associates, Inc		183,069
2,207		KBR, Inc		55,043
2,410		Leidos Holdings, Inc		192,439
1,126	*	Limelight Networks, Inc		3,040
1,122	*	Liveperson, Inc		31,461
1,208	*	LiveRamp Holdings, Inc		58,564
811		LogMeIn, Inc		59,754
945	*	Majesco		8,798
1,102	*	Manhattan Associates, Inc		76,402
473		Mantech International Corp (Class A)		31,147
15,919		MasterCard, Inc (Class A)		4,211,053
1,221		MAXIMUS, Inc		88,571
134,132		Microsoft Corp		17,968,323
147	*	MicroStrategy, Inc (Class A)		21,067
467	*	Mitek Systems, Inc		4,642
2,278	*	MobileIron, Inc		14,124
351	*	Model N, Inc		6,845
423	*	MongoDB, Inc		64,334
644		Monotype Imaging Holdings, Inc		10,845
713	*	New Relic, Inc		61,682
1,004		NIC, Inc		16,104
5,319	*	Nuance Communications, Inc		84,944
2,346	*	Nutanix, Inc		60,855
1,807	*	Okta, Inc		223,183
469	*	OneSpan, Inc		6,646
40,732		Oracle Corp		2,320,502
1,602	*	Palo Alto Networks, Inc		326,424
5,782		Paychex, Inc		475,801
870	*	Paycom Software, Inc		197,246
562	*	Paylocity Holding Corp		52,727
20,833	*	PayPal Holdings, Inc		2,384,545
655	*	Paysign Inc		8,757
804		Pegasystems, Inc		57,253
509	*	Perficient, Inc		17,469
2,303		Perspecta, Inc		53,913
2,440	*	Phunware, Inc		7,588
944	*	Pluralsight, Inc		28,622
307		Presidio, Inc		4,197
449	*	PRGX Global, Inc		3,017
766		Progress Software Corp		33,413
932	*	Proofpoint, Inc		112,073
671	*	PROS Holdings, Inc		42,447
1,840	*	PTC, Inc		165,158
587	*	Q2 Holdings, Inc		44,823

75

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
144		QAD, Inc (Class A)	$	5,790
667	*	Qualys, Inc		58,082
847	*	Rapid7, Inc		48,990
1,405	*	RealPage, Inc		82,684
3,144	*	Red Hat, Inc		590,317
1,545	*	Rimini Street, Inc		8,189
1,248	*	RingCentral, Inc		143,420
5,212		Sabre Corp		115,706
1,565	*	SailPoint Technologies Holding, Inc		31,363
13,052	*	salesforce.com, Inc		1,980,380
1,043		Science Applications International Corp		90,282
96	*,e	SecureWorks Corp		1,276
3,253	*	ServiceNow, Inc		893,176
623	*	SharpSpring Inc		8,093
307	*,e	ShotSpotter, Inc		13,569
1,506	*	Smartsheet, Inc		72,890
852	*	SolarWinds Corp		15,626
2,599	*	Splunk, Inc		326,824
256	*	SPS Commerce, Inc		26,166
5,895	*	Square, Inc		427,564
3,832		SS&C Technologies Holdings, Inc		220,762
1,479	*	SVMK, Inc		24,418
1,193		Switch, Inc		15,616
605	*	Sykes Enterprises, Inc		16,613
10,603		Symantec Corp		230,721
1,067	*	Synchronoss Technologies, Inc		8,440
2,702	*	Synopsys, Inc		347,720
1,271	*	Tableau Software, Inc		211,011
737	*	Telaria, Inc		5,542
485	*	TeleNav, Inc		3,880
703	*	Tenable Holdings, Inc		20,064
2,058	*	Teradata Corp		73,779
1,831		TiVo Corp		13,494
3,094		Total System Services, Inc		396,867
670	*	Trade Desk, Inc		152,613
235		TTEC Holdings, Inc		10,949
143	*,e	Tucows, Inc		8,726
2,043	*	Twilio, Inc		278,563
664	*	Tyler Technologies, Inc		143,437
769	*	Unisys Corp		7,475
395	*	Upland Software, Inc		17,984
1,726	*,e	USA Technologies, Inc		12,824
446	*	Varonis Systems, Inc		27,625
1,154	*	Verint Systems, Inc		62,062
1,861	*	VeriSign, Inc		389,247
1,731	*	Verra Mobility Corp		22,659
2,120	*,e	VirnetX Holding Corp		13,165
427	*	Virtusa Corp		18,972
30,853		Visa, Inc (Class A)		5,354,538
1,376		VMware, Inc (Class A)		230,081
7,616		Western Union Co		151,482
739	*	WEX, Inc		153,786
2,826	*	Workday, Inc		580,969
617	*	Workiva, Inc		35,842
5,480	*	Worldpay, Inc		671,574
1,309	*	Yext, Inc		26,298
1,861	*	Zendesk, Inc		165,685
803	*	Zix Corp		7,299
1,013	*	Zscaler, Inc		77,636
1,498	*	Zuora Inc		22,949
		TOTAL SOFTWARE & SERVICES		64,420,353
TECHNOLOGY HARDWARE & EQUIPMENT - 5.3%
1,699	*,e	3D Systems Corp		15,461
806		Adtran, Inc		12,292

76

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
513	*	Aerohive Networks, Inc	$	2,273
400	*	Agilysys, Inc		8,588
5,167		Amphenol Corp (Class A)		495,722
430	*	Anixter International, Inc		25,675
81,634		Apple, Inc		16,157,001
285	*,e	Applied Optoelectronics, Inc		2,930
1,024	*	Arista Networks, Inc		265,851
1,226	*	Arlo Technologies, Inc		4,916
1,678	*	Arrow Electronics, Inc		119,591
470	*	Avid Technology, Inc		4,286
1,997		Avnet, Inc		90,404
720		AVX Corp		11,952
438		Badger Meter, Inc		26,144
144		Bel Fuse, Inc (Class B)		2,473
636		Belden CDT, Inc		37,887
773		Benchmark Electronics, Inc		19,418
528	*	CalAmp Corp		6,167
643	*	Calix, Inc		4,218
1,029	*	Casa Systems, Inc		6,616
2,565		CDW Corp		284,715
2,613	*	Ciena Corp		107,473
78,121		Cisco Systems, Inc		4,275,562
153	*	Clearfield, Inc		2,027
2,887		Cognex Corp		138,518
382	*	Coherent, Inc		52,093
3,172	*	CommScope Holding Co, Inc		49,896
356		Comtech Telecommunications Corp		10,007
375	*	Control4 Corp		8,906
13,823		Corning, Inc		459,338
622	*	Cray, Inc		21,658
485		CTS Corp		13,376
548		Daktronics, Inc		3,381
2,789	*	Dell Technologies, Inc		141,681
1,043	*	Diebold, Inc		9,554
400	*	Digi International, Inc		5,072
1,151		Dolby Laboratories, Inc (Class A)		74,355
740	*	EchoStar Corp (Class A)		32,797
717	*	Electronics for Imaging, Inc		26,464
202	*	ePlus, Inc		13,926
1,698	*	Extreme Networks, Inc		10,986
1,098	*	F5 Networks, Inc		159,902
561	*	Fabrinet		27,865
256	*	FARO Technologies, Inc		13,460
2,329	*	Finisar Corp		53,264
2,680	*	Fitbit, Inc		11,792
2,414		Flir Systems, Inc		130,597
1,256	*	Harmonic, Inc		6,971
24,298		Hewlett Packard Enterprise Co		363,255
27,569		HP, Inc		573,160
1,271	*	II-VI, Inc		46,468
400	*	Immersion Corp		3,044
2,249	*	Infinera Corp		6,545
698	*	Insight Enterprises, Inc		40,624
539		InterDigital, Inc		34,712
631	*	IPG Photonics Corp		97,332
397	*	Iteris, Inc		2,053
536	*	Itron, Inc		33,538
2,790		Jabil Circuit, Inc		88,164
6,230		Juniper Networks, Inc		165,905
1,292		Kemet Corp		24,303
3,258	*	Keysight Technologies, Inc		292,601
411	*	Kimball Electronics, Inc		6,675
1,352	*	Knowles Corp		24,755
254	*	KVH Industries, Inc		2,761
375		Littelfuse, Inc		66,341
1,378	*	Lumentum Holdings, Inc		73,599

77

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
569		Methode Electronics, Inc	$	16,256
2,954		Motorola Solutions, Inc		492,520
261		MTS Systems Corp		15,276
171	*	Napco Security Technologies, Inc		5,075
2,304		National Instruments Corp		96,745
1,908	*	NCR Corp		59,339
4,377		NetApp, Inc		270,061
505	*	Netgear, Inc		12,771
1,389	*	Netscout Systems, Inc		35,267
829	*	nLight, Inc		15,917
592	*	Novanta, Inc		55,826
280	*	OSI Systems, Inc		31,536
182	*,e	PAR Technology Corp		5,132
291		Park Electrochemical Corp		4,857
196		PC Connection, Inc		6,856
228	*	PC Mall, Inc		7,989
526		Plantronics, Inc		19,483
521	*	Plexus Corp		30,411
4,045	*	Pure Storage, Inc		61,767
704	*	Ribbon Communications, Inc		3,443
281	*	Rogers Corp		48,495
1,157	*	Sanmina Corp		35,034
381	*	Scansource, Inc		12,405
776	*	Stratasys Ltd		22,791
548	*	Synaptics, Inc		15,969
645		Synnex Corp		63,468
719	*	Tech Data Corp		75,207
4,411	*	Trimble Navigation Ltd		198,980
1,439	*	TTM Technologies, Inc		14,678
362		Ubiquiti Networks, Inc		47,603
1,003	*	Viasat, Inc		81,062
4,189	*	Viavi Solutions, Inc		55,672
2,099		Vishay Intertechnology, Inc		34,675
161	*	Vishay Precision Group, Inc		6,541
5,010		Western Digital Corp		238,226
1,308	*	Wrap Technologies Inc		8,136
3,647		Xerox Corp		129,140
924	*	Zebra Technologies Corp (Class A)		193,569
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		27,939,514
TELECOMMUNICATION SERVICES - 1.9%
129,062		AT&T, Inc		4,324,867
251		ATN International, Inc		14,490
283	*	Bandwidth Inc		21,231
1,215	*	Boingo Wireless, Inc		21,834
19,284		CenturyLink, Inc		226,780
727	*	Cincinnati Bell, Inc		3,599
772		Cogent Communications Group, Inc		45,826
1,064	e	Consolidated Communications Holdings, Inc		5,245
6,530	*,e	Frontier Communications Corp		11,427
890	*,e	Gogo, Inc		3,542
1,299	*	Intelsat S.A.		25,266
1,842	*	Iridium Communications, Inc		42,845
259	*	Ooma, Inc		2,714
1,000	*	Orbcomm, Inc		7,250
3,188	*	Pareteum Corp		8,321
184	*	pdvWireless, Inc		8,648
728		Shenandoah Telecom Co		28,043
309		Spok Holdings, Inc		4,647
9,867	*	Sprint Corp		64,826
1,512		Telephone & Data Systems, Inc		45,965
5,418	*	T-Mobile US, Inc		401,691
247	*	US Cellular Corp		11,033
73,391		Verizon Communications, Inc		4,192,828
4,303	*	Vonage Holdings Corp		48,753

78

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,828	*	Zayo Group Holdings, Inc	$	125,979
		TOTAL TELECOMMUNICATION SERVICES		9,697,650
TRANSPORTATION - 2.0%
1,464	*	Air Transport Services Group, Inc		35,722
2,129		Alaska Air Group, Inc		136,064
203		Allegiant Travel Co		29,130
157		Amerco, Inc		59,432
7,060		American Airlines Group, Inc		230,227
378		Arkansas Best Corp		10,626
363	*	Atlas Air Worldwide Holdings, Inc		16,204
1,153	*	Avis Budget Group, Inc		40,539
2,384		CH Robinson Worldwide, Inc		201,090
554		Copa Holdings S.A. (Class A)		54,054
542		Costamare, Inc		2,780
185	*	Covenant Transportation Group, Inc		2,721
13,745		CSX Corp		1,063,451
306	*	Daseke, Inc		1,102
10,325		Delta Air Lines, Inc		585,944
609	*	Eagle Bulk Shipping, Inc		3,191
427	*	Echo Global Logistics, Inc		8,911
3,089		Expeditors International of Washington, Inc		234,332
4,319		FedEx Corp		709,137
466		Forward Air Corp		27,564
127	*	Genco Shipping & Trading Ltd		1,072
988	*	Genesee & Wyoming, Inc (Class A)		98,800
828		Hawaiian Holdings, Inc		22,712
728		Heartland Express, Inc		13,155
1,781	*,e	Hertz Global Holdings, Inc		28,425
505	*	Hub Group, Inc (Class A)		21,200
1,477		JB Hunt Transport Services, Inc		135,013
5,315	*	JetBlue Airways Corp		98,274
1,808		Kansas City Southern Industries, Inc		220,251
1,157	*	Kirby Corp		91,403
2,000		Knight-Swift Transportation Holdings, Inc		65,680
719		Landstar System, Inc		77,645
579	*	Lyft, Inc (Class A)		38,046
1,216		Macquarie Infrastructure Co LLC		49,297
531		Marten Transport Ltd		9,638
668		Matson, Inc		25,952
4,739		Norfolk Southern Corp		944,625
1,158		Old Dominion Freight Line		172,843
34	*	PAM Transportation Services, Inc		2,108
124		Park-Ohio Holdings Corp		4,041
580	*	Radiant Logistics, Inc		3,561
883		Ryder System, Inc		51,479
9,817	*	Safe Bulkers, Inc		15,314
390	*	Saia, Inc		25,221
932		Schneider National, Inc		17,000
934		Scorpio Bulkers, Inc		4,296
802		Skywest, Inc		48,657
8,647		Southwest Airlines Co		439,095
1,133	*	Spirit Airlines, Inc		54,078
3,201	*	Uber Technologies, Inc		148,462
12,555		Union Pacific Corp		2,123,176
4,414	*	United Continental Holdings, Inc		386,446
12,252		United Parcel Service, Inc (Class B)		1,265,264
122		Universal Truckload Services, Inc		2,741
315	*	US Xpress Enterprises, Inc		1,619
1,147		Werner Enterprises, Inc		35,649
1,622	*	XPO Logistics, Inc		93,768
2,695	*	YRC Worldwide, Inc		10,861
		TOTAL TRANSPORTATION		10,299,088

79

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
UTILITIES - 3.2%
11,476		AES Corp	$	192,338
913		Allete, Inc		75,971
4,427		Alliant Energy Corp		217,277
4,294		Ameren Corp		322,522
8,756		American Electric Power Co, Inc		770,615
819		American States Water Co		61,622
3,192		American Water Works Co, Inc		370,272
3,872		Aqua America, Inc		160,185
177	*	AquaVenture Holdings Ltd		3,535
111		Artesian Resources Corp		4,126
1,866	*,e	Atlantic Power Corp		4,516
2,085		Atmos Energy Corp		220,093
1,049		Avangrid, Inc		52,974
1,326		Avista Corp		59,140
1,043		Black Hills Corp		81,531
324	*,e	Cadiz, Inc		3,645
1,034		California Water Service Group		52,351
8,716		Centerpoint Energy, Inc		249,539
244		Chesapeake Utilities Corp		23,185
545		Clearway Energy, Inc (Class A)		8,818
1,281		Clearway Energy, Inc (Class C)		21,598
4,975		CMS Energy Corp		288,102
385		Connecticut Water Service, Inc		26,842
5,808		Consolidated Edison, Inc		509,245
420		Consolidated Water Co, Inc		5,989
14,207		Dominion Resources, Inc		1,098,485
3,221		DTE Energy Co		411,901
12,917		Duke Energy Corp		1,139,796
5,448		Edison International		367,250
767		El Paso Electric Co		50,162
3,353		Entergy Corp		345,124
4,312		Evergy, Inc		259,367
5,591		Eversource Energy		423,574
17,190		Exelon Corp		824,089
9,412		FirstEnergy Corp		402,928
133		Global Water Resources, Inc		1,388
1,922		Hawaiian Electric Industries, Inc		83,703
960		Idacorp, Inc		96,413
3,502		MDU Resources Group, Inc		90,352
640		MGE Energy, Inc		46,771
240		Middlesex Water Co		14,220
1,632		National Fuel Gas Co		86,088
1,561		New Jersey Resources Corp		77,691
8,478		NextEra Energy, Inc		1,736,803
6,737		NiSource, Inc		194,026
445		Northwest Natural Holding Co		30,927
893		NorthWestern Corp		64,430
4,986		NRG Energy, Inc		175,108
3,602		OGE Energy Corp		153,301
919		ONE Gas, Inc		82,986
751		Ormat Technologies, Inc		47,606
743		Otter Tail Corp		39,238
1,257		Pattern Energy Group, Inc		29,024
9,382	*,b	PG&E Corp		215,035
2,036		Pinnacle West Capital Corp		191,567
1,400		PNM Resources, Inc		71,274
1,712		Portland General Electric Co		92,739
12,617		PPL Corp		391,253
8,729		Public Service Enterprise Group, Inc		513,440
250	*	Pure Cycle Corp		2,650
105		RGC Resources, Inc		3,205
4,770		Sempra Energy		655,589
505		SJW Corp		30,689
1,730		South Jersey Industries, Inc		58,353

80

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY						VALUE
18,332		Southern Co						$	1,013,393
882		Southwest Gas Corp							79,045
162	e	Spark Energy, Inc							1,813
907		Spire, Inc							76,115
2,000		TerraForm Power, Inc							28,600
2,984		UGI Corp							159,375
217		Unitil Corp							12,996
7,212		Vistra Energy Corp							163,280
5,581		WEC Energy Group, Inc							465,288
9,120		Xcel Energy, Inc							542,549
203		York Water Co							7,251
		TOTAL UTILITIES							16,934,281
		TOTAL COMMON STOCKS							520,709,316
		(Cost $253,555,813)
RIGHTS / WARRANTS - 0.0%
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
1,666	†	Media General, Inc							0
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							0
MATERIALS - 0.0%
450	†	A Schulman, Inc							195
4,844	†	Pan American Silver Corp							1,091
		TOTAL MATERIALS							1,286
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
145		Tobira Therapeutics, Inc							9
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							9
TRANSPORTATION - 0.0%
866	e	Hertz Global Holdings, Inc							1,689
		TOTAL TRANSPORTATION							1,689
		TOTAL RIGHTS / WARRANTS							2,984
		(Cost $14,574)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.0%
GOVERNMENT AGENCY DEBT - 0.5%
$2,400,000		Federal Home Loan Bank (FHLB)		2.100	%		07/01/19		2,400,000
		TOTAL GOVERNMENT AGENCY DEBT							2,400,000
SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%
2,678,508	c	State Street Navigator Securities Lending Government Money Market Portfolio							2,678,508
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES							2,678,508
		TOTAL SHORT-TERM INVESTMENTS							5,078,508
		(Cost $5,078,508)
		TOTAL INVESTMENTS - 100.5% (Cost $258,648,895)							525,790,808
		OTHER ASSETS & LIABILITIES, NET - (0.5)%							(2,316,234	)
		NET ASSETS - 100.0%						$	523,474,574

81

TIAA-CREF LIFE FUNDS - Stock Index Fund

Abbreviation(s):

REIT Real Estate Investment Trust

* Non-income producing

† Security is categorized as Level 3 in the fair value hierarchy.

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 $4,083,022.

Futures contracts outstanding as of June 30, 2019 were as follows:
Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		15	09/20/19	$	2,182,654	$	2,208,150	$	25,496

82

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES		COMPANY	VALUE
COMMON STOCKS - 98.3%
AUSTRIA - 1.0%
38,927		Wienerberger AG.	$	960,527
		TOTAL AUSTRIA		960,527
CHINA - 0.2%
4,660		Tencent Holdings Ltd		210,815
		TOTAL CHINA		210,815
DENMARK - 4.6%
15,896		DSV AS		1,565,278
44,570		Novo Nordisk AS		2,276,511
2,325		Rockwool International AS (B Shares)		594,815
		TOTAL DENMARK		4,436,604
FRANCE - 16.9%
53,457		Accor S.A.		2,294,670
4,047		Airbus SE		572,738
37,945	e,g	ALD S.A.		593,453
71,606		Credit Agricole S.A.		854,453
18,438		Danone		1,561,186
2,518		Dassault Systemes S.A.		401,634
13,004		Essilor International S.A.		1,694,706
7,972		Legrand S.A.		582,824
11,244		Nexity		485,884
6,467		Sanofi-Aventis		558,893
39,189		Schneider Electric S.A.		3,545,934
30,181		Vinci S.A.		3,082,253
		TOTAL FRANCE		16,228,628
GERMANY - 11.1%
23,306		BASF SE		1,695,493
4,572		Continental AG.		665,770
30,776	g	Covestro AG.		1,566,792
35,771		Daimler AG. (Registered)		1,995,014
21,121		HeidelbergCement AG.		1,709,224
21,346		Lanxess AG.		1,267,728
16,266	*	Porsche AG.		1,053,784
940		Rheinmetall AG.		115,207
5,139		Siemens AG.		611,826
		TOTAL GERMANY		10,680,838
HONG KONG - 2.4%
48,648		Hong Kong Exchanges and Clearing Ltd		1,719,225
28,402		Melco Crown Entertainment Ltd (ADR)		616,891
		TOTAL HONG KONG		2,336,116
INDIA - 1.9%
26,040		HDFC Bank Ltd		922,368
28,707		Housing Development Finance Corp		911,537
14,765		Motherson Sumi Systems Ltd		26,101
		TOTAL INDIA		1,860,006

83

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
IRELAND - 1.6%
46,372		CRH plc	$	1,515,771
		TOTAL IRELAND		1,515,771
ITALY - 6.2%
168,547		Davide Campari-Milano S.p.A		1,651,197
77,984		Mediobanca S.p.A.		804,155
282,132		UniCredit S.p.A.		3,472,715
		TOTAL ITALY		5,928,067
JAPAN - 17.2%
14,101		Aisin Seiki Co Ltd		486,416
7,096		Central Japan Railway Co		1,422,804
2,600		CyberAgent, Inc		94,750
10,700		Hitachi High-Technologies Corp		550,078
58,851		Hitachi Ltd		2,165,288
17,011		Konami Corp		800,176
38,400		Murata Manufacturing Co Ltd		1,728,796
7,321		Nintendo Co Ltd		2,686,065
28,186		Rohm Co Ltd		1,899,057
52,792		Sony Corp		2,774,217
30,983		Toyota Motor Corp		1,922,923
		TOTAL JAPAN		16,530,570
KOREA, REPUBLIC OF - 0.5%
2,314		Samsung SDI Co Ltd		474,750
		TOTAL KOREA, REPUBLIC OF		474,750
NETHERLANDS - 2.8%
1,542	*,g	Adyen NV		1,189,476
44,125		Royal Dutch Shell plc (A Shares)		1,440,133
		TOTAL NETHERLANDS		2,629,609
SPAIN - 0.9%
50,464		Siemens Gamesa Renewable Energy		838,754
		TOTAL SPAIN		838,754
SWEDEN - 3.5%
67,473		Electrolux AB (Series B)		1,729,571
93,500	e	Hennes & Mauritz AB (B Shares)		1,661,132
		TOTAL SWEDEN		3,390,703
SWITZERLAND - 7.6%
476		Burckhardt Compression Holding AG.		126,517
207,912		Credit Suisse Group		2,488,535
365		Geberit AG.		170,611
5,828		Lonza Group AG.		1,967,491
8,321		Roche Holding AG.		2,339,762
623		Sika AG.		106,435
		TOTAL SWITZERLAND		7,199,351
UNITED KINGDOM - 19.9%
79,784		BAE Systems plc		501,433
190,623		CNH Industrial NV		1,958,315
16,550		Experian Group Ltd		501,292
22,752		Linde plc (Xetra)		4,569,878
3,772,600		Lloyds TSB Group plc		2,709,551
37,102		Reckitt Benckiser Group plc		2,929,376
25,013		Schroders plc		970,338

84

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY						VALUE
1,006,735		Tesco plc						$	2,902,086
115,709		Travis Perkins plc							1,871,432
10,809		Weir Group plc							212,681
		TOTAL UNITED KINGDOM							19,126,382
		TOTAL COMMON STOCKS							94,347,491
		(Cost $98,374,198)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 3.4%
GOVERNMENT AGENCY DEBT - 2.5%
$2,355,000		Federal Home Loan Bank (FHLB)		2.100	%		07/01/19		2,355,000
		TOTAL GOVERNMENT AGENCY DEBT							2,355,000
SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
881,937	c	State Street Navigator Securities Lending Government Money Market Portfolio							881,937
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES							881,937
		TOTAL SHORT-TERM INVESTMENTS							3,236,937
		(Cost $3,236,937)
		TOTAL INVESTMENTS - 101.7%							97,584,428
		(Cost $101,611,135)
		OTHER ASSETS & LIABILITIES, NET - (1.7)%							(1,570,426	)
		NET ASSETS - 100.0%						$	96,014,002

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $833,472.

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities was $3,349,721 or 3.5% of net assets.

85

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

June 30, 2019

SECTOR	VALUE			% OF NET ASSETS
INDUSTRIALS	$	18,868,168			19.8	%
CONSUMER DISCRETIONARY		16,921,194			17.6
FINANCIALS		14,852,877			15.5
MATERIALS		13,391,849			13.9
CONSUMER STAPLES		9,043,844			9.4
INFORMATION TECHNOLOGY		8,409,080			8.8
HEALTH CARE		7,142,657			7.4
COMMUNICATION SERVICES		3,791,806			3.9
ENERGY		1,440,132			1.5
REAL ESTATE		485,884			0.5
SHORT-TERM INVESTMENTS		3,236,937			3.4
OTHER ASSETS & LIABILITIES, NET		(1,570,426	)		(1.7	)
NET ASSETS	$	96,014,002			100.0	%

86

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
BANK LOAN OBLIGATIONS - 1.2%
CAPITAL GOODS - 0.1%
$          98,995	i	TransDigm, Inc	LIBOR 3 M + 2.500%		4.830	%		08/22/24	$	96,850
		TOTAL CAPITAL GOODS								96,850
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
71,587	i	ProQuest LLC	LIBOR 1 M + 3.250%		5.650			10/24/21		71,319
49,368	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		5.850			11/14/22		48,327
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES								119,646
CONSUMER DURABLES & APPAREL - 0.1%
99,000	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		4.150			04/25/25		96,595
		TOTAL CONSUMER DURABLES & APPAREL								96,595
CONSUMER SERVICES - 0.1%
96,295	i	KUEHG Corp	LIBOR 3 M + 3.750%		6.080			02/21/25		95,813
98,997	i	Las Vegas Sands LLC	LIBOR 1 M + 1.750%		4.150			03/27/25		98,176
49,622	i	Scientific Games International, Inc	LIBOR 1 and 2 M + 2.750%		5.230			08/14/24		48,830
		TOTAL CONSUMER SERVICES								242,819
ENERGY - 0.0%
15,000	i	California Resources Corp	LIBOR 1 M + 10.375%		12.780			12/31/21		15,195
		TOTAL ENERGY								15,195
FOOD, BEVERAGE & TOBACCO - 0.0%
29,108	i	Hostess Brands LLC	LIBOR 1 and 3 M + 2.250%		4.830			08/03/22		28,896
		TOTAL FOOD, BEVERAGE & TOBACCO								28,896
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
95,179	i	DaVita HealthCare Partners, Inc	LIBOR 1 W + 2.750%		5.140			06/24/21		95,000
99,126	i	Envision Healthcare Corp	LIBOR 1 M + 3.750%		6.150			10/10/25		87,355
34,060	i	Greatbatch Ltd	LIBOR 1 M + 3.000%		5.420			10/27/22		34,084
41,059	i	NMN Holdings III Corp	LIBOR 1 M + 3.750%		6.150			11/13/25		40,546
		TOTAL HEALTH CARE EQUIPMENT & SERVICES								256,985
INSURANCE - 0.1%
99,000	i	Acrisure LLC	LIBOR 3 M + 3.750%		6.270			11/22/23		98,134
		TOTAL INSURANCE								98,134
MATERIALS - 0.1%
99,750	i	Messer Industries USA, Inc	LIBOR 3 M + 2.500%		4.830			03/01/26		98,317
23,815	i	Plaze, Inc	LIBOR 1 M + 3.500%		5.940			07/29/22		23,667
99,750	i	Starfruit US Holdco LLC	LIBOR 1 M + 3.250%		5.670			10/01/25		98,046
		TOTAL MATERIALS								220,030
MEDIA & ENTERTAINMENT - 0.1%
96,285	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 3.750%		6.080			07/08/22		92,829
38,713	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		4.650			03/24/25		38,406
49,241	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		4.410			10/04/23		48,733
		TOTAL MEDIA & ENTERTAINMENT								179,968

87

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
$          91,869	i	Valeant Pharmaceuticals International, Inc	LIBOR 1 M + 3.000%		5.410	%		06/02/25	$	91,811
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES								91,811
REAL ESTATE - 0.1%
99,250	i	DTZ US Borrower LLC	LIBOR 1 M + 3.250%		5.650			08/21/25		98,795
99,231	i	MGM Growth Properties LLC	LIBOR 1 M + 2.000%		4.400			03/23/25		98,533
		TOTAL REAL ESTATE								197,328
SOFTWARE & SERVICES - 0.2%
75,000	i	Dun & Bradstreet Corp	LIBOR 1 M + 5.000%		7.400			02/06/26		74,977
143,750	i	Mitchell International, Inc	LIBOR 1 M + 3.250%		5.650			11/29/24		136,948
98,992	i	NeuStar, Inc	LIBOR 1 M + 3.500%		5.900			08/08/24		95,775
		TOTAL SOFTWARE & SERVICES								307,700
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
99,244	i	Dell International LLC	LIBOR 1 M + 2.000%		4.410			09/07/23		98,691
91,907	i	Plantronics, Inc	LIBOR 1 M + 2.500%		4.900			07/02/25		91,256
64,228	i	Sensata Technologies BV	LIBOR 2 M + 1.750%		4.250			10/14/21		64,295
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT								254,242
TELECOMMUNICATION SERVICES - 0.0%
49,113	i	CNT Holdings III Corp	LIBOR 3 M + 3.250%		5.450			01/22/23		48,514
		TOTAL TELECOMMUNICATION SERVICES								48,514
TRANSPORTATION - 0.0%
48,990	i	American Airlines, Inc	LIBOR 1 M + 2.000%		4.390			12/14/23		48,194
		TOTAL TRANSPORTATION								48,194
		TOTAL BANK LOAN OBLIGATIONS								2,302,907
		(Cost $2,341,529)
BONDS - 95.8%
CORPORATE BONDS - 32.3%
AUTOMOBILES & COMPONENTS - 0.4%
100,000		Aptiv plc			4.350			03/15/29		105,340
100,000	g	Dana Financing Luxembourg Sarl			6.500			06/01/26		105,125
100,000		General Motors Co			4.200			10/01/27		100,700
125,000		General Motors Co			5.200			04/01/45		120,154
200,000	g	Hyundai Capital America			2.750			09/27/26		188,410
175,000		Magna International, Inc			3.625			06/15/24		183,095
		TOTAL AUTOMOBILES & COMPONENTS								802,824
BANKS - 5.8%
200,000	g	Akbank TAS			7.200			03/16/27		176,876
200,000	g	Banco del Estado de Chile			2.668			01/08/21		200,002
200,000	g	Banco Internacional del Peru SAA Interbank			3.375			01/18/23		200,800
200,000		Banco Santander S.A.			3.800			02/23/28		204,214
300,000		Bank of America Corp			2.151			11/09/20		299,023
200,000		Bank of America Corp			3.875			08/01/25		213,929
300,000		Bank of America Corp			3.248			10/21/27		307,249
125,000		Bank of America Corp			3.419			12/20/28		128,722
400,000		Bank of America Corp			3.974			02/07/30		428,391
225,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd			2.350			09/08/19		224,941
200,000		Barclays plc			4.338			05/16/24		206,501
125,000		Barclays plc			3.650			03/16/25		125,618
200,000	g	BNG Bank NV			2.625			02/27/24		206,138
175,000		Capital One Bank USA NA			2.650			08/08/22		175,862

88

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$          360,000		Capital One Bank USA NA			3.375	%		02/15/23	$	367,083
750,000		Citigroup, Inc			3.200			10/21/26		765,252
175,000		Citigroup, Inc			4.300			11/20/26		185,771
200,000		Citigroup, Inc			3.668			07/24/28		208,629
100,000		Citizens Bank NA			2.650			05/26/22		100,743
250,000	g	Cooperatieve Rabobank UA			3.875			09/26/23		263,607
250,000		Cooperatieve Rabobank UA			3.750			07/21/26		255,142
150,000	g	Credit Agricole S.A.			3.250			10/04/24		152,912
125,000		Discover Bank			3.200			08/09/21		126,815
150,000		Discover Bank			3.450			07/27/26		152,545
100,000		HSBC Holdings plc			3.262			03/13/23		101,728
200,000		HSBC Holdings plc			3.033			11/22/23		202,430
350,000		HSBC Holdings plc			4.292			09/12/26		372,119
200,000		HSBC Holdings plc			4.375			11/23/26		211,351
200,000		HSBC Holdings plc			4.041			03/13/28		210,002
250,000		Huntington National Bank			2.500			08/07/22		251,427
200,000	g	ING Groep NV			4.625			01/06/26		218,051
200,000		JPMorgan Chase & Co			2.776			04/25/23		201,887
150,000		JPMorgan Chase & Co			2.700			05/18/23		151,481
350,000		JPMorgan Chase & Co			3.200			06/15/26		360,057
175,000		JPMorgan Chase & Co			2.950			10/01/26		178,070
500,000		JPMorgan Chase & Co			3.702			05/06/30		526,965
100,000		JPMorgan Chase & Co			3.882			07/24/38		104,726
80,000		KeyBank NA			2.500			12/15/19		80,013
100,000		Mitsubishi UFJ Financial Group, Inc			3.741			03/07/29		107,253
125,000		MUFG Americas Holdings Corp			3.500			06/18/22		128,875
200,000		Royal Bank of Canada			3.700			10/05/23		210,635
200,000		Santander Holdings USA, Inc			3.400			01/18/23		202,877
100,000		Santander Holdings USA, Inc			4.400			07/13/27		104,307
300,000	g	Skandinaviska Enskilda Banken AB			2.625			11/17/20		300,990
150,000		Sumitomo Mitsui Banking Corp			2.450			01/16/20		150,029
250,000		Sumitomo Mitsui Financial Group, Inc			2.442			10/19/21		250,392
100,000		SunTrust Bank			4.050			11/03/25		107,802
100,000		SunTrust Bank, Inc			2.750			05/01/23		100,710
250,000		Toronto-Dominion Bank			1.850			09/11/20		249,226
100,000		Toronto-Dominion Bank			3.625			09/15/31		101,864
200,000	g	Turkiye Is Bankasi			5.500			04/21/22		191,976
200,000	g	UBS AG.			2.450			12/01/20		200,188
200,000	g,i	United Overseas Bank Ltd	LIBOR 3 M + 0.480%		3.072			04/23/21		200,418
150,000		Westpac Banking Corp			4.322			11/23/31		155,237
		TOTAL BANKS								11,609,851
CAPITAL GOODS - 0.9%
50,000	g	Anixter, Inc			6.000			12/01/25		54,250
50,000	g	Cleaver-Brooks, Inc			7.875			03/01/23		47,948
150,000		General Electric Co			4.125			10/09/42		138,014
100,000		Ingersoll-Rand Luxembourg Finance S.A.			3.800			03/21/29		104,872
100,000		Lam Research Corp			4.000			03/15/29		106,444
150,000	g	Molex Electronic Technologies LLC			2.878			04/15/20		150,067
200,000	g	Molex Electronic Technologies LLC			3.900			04/15/25		206,512
125,000		Parker-Hannifin Corp			3.250			06/14/29		129,592
50,000		Parker-Hannifin Corp			4.000			06/14/49		52,773
125,000	g	Rolls-Royce plc			2.375			10/14/20		124,783
100,000	g	Rolls-Royce plc			3.625			10/14/25		103,460
125,000		Roper Technologies, Inc			3.800			12/15/26		130,478
100,000		Textron, Inc			3.875			03/01/25		104,603
250,000		United Technologies Corp			4.125			11/16/28		274,515
		TOTAL CAPITAL GOODS								1,728,311
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
50,000	g	Prime Security Services Borrower LLC			5.750			04/15/26		51,625
350,000		Republic Services, Inc			3.550			06/01/22		361,103

89

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$          290,000		Republic Services, Inc		2.900	%		07/01/26	$	291,430
75,000		United Rentals North America, Inc		5.500			07/15/25		78,094
100,000		Waste Management, Inc		2.950			06/15/24		102,819
175,000		Waste Management, Inc		3.150			11/15/27		180,620
125,000		Waste Management, Inc		3.450			06/15/29		131,464
50,000		Waste Management, Inc		4.100			03/01/45		54,501
100,000		Waste Management, Inc		4.150			07/15/49		109,803
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							1,361,459
CONSUMER SERVICES - 0.4%
500,000		Anheuser-Busch Cos LLC		3.650			02/01/26		525,886
60,000		Boyd Gaming Corp		6.000			08/15/26		63,075
60,000	g	International Game Technology plc		6.250			01/15/27		65,625
200,000		Sands China Ltd		5.125			08/08/25		214,384
70,000		Speedway Motorsports, Inc		5.125			02/01/23		70,350
		TOTAL CONSUMER SERVICES							939,320
DIVERSIFIED FINANCIALS - 2.9%
120,000		AerCap Ireland Capital DAC		3.500			01/15/25		120,638
100,000		Ameriprise Financial, Inc		3.000			03/22/22		101,803
100,000		Bank of Montreal		3.803			12/15/32		101,411
125,000		Berkshire Hathaway, Inc		3.125			03/15/26		129,817
75,000	g	BPCE S.A.		4.000			09/12/23		78,378
200,000	g	Credit Suisse Group AG.		2.997			12/14/23		201,622
200,000		Credit Suisse Group Funding Guernsey Ltd		3.800			06/09/23		207,333
150,000		Credit Suisse Group Funding Guernsey Ltd		3.750			03/26/25		156,572
175,000		Deutsche Bank AG.		3.950			02/27/23		175,525
150,000		Ford Motor Credit Co LLC		3.096			05/04/23		147,748
200,000		GE Capital International Funding Co		3.373			11/15/25		202,336
125,000		General Motors Financial Co, Inc		3.950			04/13/24		127,650
100,000		General Motors Financial Co, Inc		5.650			01/17/29		109,628
300,000		Goldman Sachs Group, Inc		3.500			01/23/25		310,207
150,000		Goldman Sachs Group, Inc		3.691			06/05/28		154,910
100,000		Goldman Sachs Group, Inc		3.814			04/23/29		104,139
100,000		Goldman Sachs Group, Inc		4.017			10/31/38		102,942
125,000		Goldman Sachs Group, Inc		4.800			07/08/44		143,864
100,000		Icahn Enterprises LP		6.250			02/01/22		102,750
250,000	g	ICICI Bank Ltd		3.800			12/14/27		250,378
100,000		International Lease Finance Corp		5.875			08/15/22		108,896
150,000		Morgan Stanley		3.125			01/23/23		153,330
250,000		Morgan Stanley		3.737			04/24/24		260,589
600,000		Morgan Stanley		3.125			07/27/26		611,160
200,000	g	Swiss Re Finance Luxembourg SA		5.000			04/02/49		213,893
150,000		Synchrony Financial		4.250			08/15/24		156,214
125,000		TD Ameritrade Holding Corp		3.300			04/01/27		128,915
200,000	g	UBS Group Funding Switzerland AG.		2.859			08/15/23		201,823
175,000		Unilever Capital Corp		2.900			05/05/27		178,910
200,000	g	United Overseas Bank Ltd		3.750			04/15/29		206,205
150,000		Wells Fargo & Co		3.750			01/24/24		157,642
100,000		Wells Fargo & Co		3.550			09/29/25		104,336
300,000		Wells Fargo & Co		3.000			04/22/26		303,363
		TOTAL DIVERSIFIED FINANCIALS							5,814,927
ENERGY - 3.1%
75,000	g	Antero Midstream Partners LP		5.750			03/01/27		75,000
100,000	g	APT Pipelines Ltd		4.250			07/15/27		104,850
100,000		BP Capital Markets America, Inc		2.520			09/19/22		100,759
300,000		BP Capital Markets America, Inc		3.796			09/21/25		319,966
125,000		BP Capital Markets plc		3.279			09/19/27		129,105
100,000	g	Cheniere Energy Partners LP		5.625			10/01/26		105,500
100,000		Cimarex Energy Co		3.900			05/15/27		102,720

90

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$          100,000		Cimarex Energy Co		4.375	%		03/15/29	$	106,129
125,000		Concho Resources, Inc		3.750			10/01/27		129,499
50,000		Ecopetrol S.A.		5.875			09/18/23		55,375
60,000		Ecopetrol S.A.		5.875			05/28/45		66,354
100,000		Enbridge, Inc		3.700			07/15/27		103,237
100,000		Energy Transfer Operating LP		5.250			04/15/29		111,829
100,000		Energy Transfer Operating LP		6.250			04/15/49		118,367
150,000		Energy Transfer Partners LP		4.750			01/15/26		160,660
150,000		Energy Transfer Partners LP		4.950			06/15/28		163,922
100,000		Enterprise Products Operating LLC		3.700			02/15/26		105,811
100,000	h	Enterprise Products Operating LLC		3.125			07/31/29		100,516
100,000		Enterprise Products Operating LLC		4.250			02/15/48		103,456
100,000	h	Enterprise Products Operating LLC		4.200			01/31/50		102,719
75,000		Exterran Partners LP		6.000			10/01/22		75,937
150,000		Marathon Oil Corp		2.700			06/01/20		150,130
125,000		MPLX LP		4.000			03/15/28		129,752
225,000		MPLX LP		4.500			04/15/38		226,962
125,000		MPLX LP		4.700			04/15/48		127,862
150,000		Noble Energy, Inc		3.850			01/15/28		153,441
150,000		Noble Energy, Inc		5.050			11/15/44		159,394
100,000		ONE Gas, Inc		3.610			02/01/24		104,488
100,000		ONEOK, Inc		4.000			07/13/27		103,888
225,000		ONEOK, Inc		4.350			03/15/29		240,436
100,000		Petrobras Global Finance BV		5.999			01/27/28		106,300
50,000		Petrobras Global Finance BV		7.250			03/17/44		55,926
75,000		Petroleos Mexicanos		6.375			02/04/21		76,950
65,000		Petroleos Mexicanos		3.500			01/30/23		61,679
80,000		Petroleos Mexicanos		4.250			01/15/25		73,956
100,000		Petroleos Mexicanos		6.500			03/13/27		98,620
50,000		Petroleos Mexicanos		5.350			02/12/28		45,505
25,000		Petroleos Mexicanos		6.500			01/23/29		24,188
175,000		Phillips 66 Partners LP		3.550			10/01/26		178,109
100,000		Phillips 66 Partners LP		4.900			10/01/46		106,438
250,000	g	Reliance Industries Ltd		3.667			11/30/27		252,092
175,000		Sabine Pass Liquefaction LLC		4.200			03/15/28		183,717
125,000		Sunoco Logistics Partners Operations LP		4.000			10/01/27		128,721
25,000		Sunoco Logistics Partners Operations LP		5.400			10/01/47		26,559
25,000		Targa Resources Partners LP		5.875			04/15/26		26,500
25,000	g	Targa Resources Partners LP		6.500			07/15/27		27,250
350,000		TransCanada PipeLines Ltd		4.250			05/15/28		377,900
40,000		USA Compression Partners LP		6.875			04/01/26		42,296
25,000	g	USA Compression Partners LP		6.875			09/01/27		26,253
25,000		Vale Overseas Ltd		6.875			11/21/36		30,031
75,000		Williams Partners LP		3.600			03/15/22		76,994
75,000		Williams Partners LP		4.900			01/15/45		78,988
150,000	g	YPF S.A.		6.950			07/21/27		136,080
		TOTAL ENERGY							6,079,116
FOOD & STAPLES RETAILING - 1.2%
100,000		Albertsons Cos LLC		6.625			06/15/24		103,625
175,000		CVS Health Corp		3.700			03/09/23		180,661
275,000		CVS Health Corp		2.875			06/01/26		269,969
300,000		CVS Health Corp		4.300			03/25/28		316,179
400,000		CVS Health Corp		4.780			03/25/38		416,908
200,000		CVS Health Corp		5.050			03/25/48		212,713
140,000		Ingles Markets, Inc		5.750			06/15/23		143,150
100,000		Kroger Co		3.700			08/01/27		103,017
100,000		Kroger Co		4.500			01/15/29		108,835
450,000		Walmart, Inc		3.700			06/26/28		491,180
125,000		Walmart, Inc		3.950			06/28/38		139,149
		TOTAL FOOD & STAPLES RETAILING							2,485,386

91

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
FOOD, BEVERAGE & TOBACCO - 1.2%
$          100,000		Altria Group, Inc		4.400	%		02/14/26	$	106,897
100,000		Altria Group, Inc		5.950			02/14/49		113,724
123,000		Anheuser-Busch InBev Finance, Inc		2.650			02/01/21		123,644
135,000		Anheuser-Busch InBev Finance, Inc		3.300			02/01/23		139,275
125,000		Anheuser-Busch InBev Worldwide, Inc		4.150			01/23/25		135,275
300,000		Anheuser-Busch InBev Worldwide, Inc		4.750			01/23/29		339,829
100,000		Anheuser-Busch InBev Worldwide, Inc		5.450			01/23/39		118,797
25,000		ConAgra Brands, Inc		4.850			11/01/28		27,668
75,000		ConAgra Brands, Inc		5.300			11/01/38		81,452
100,000		Constellation Brands, Inc		4.400			11/15/25		108,853
200,000		Constellation Brands, Inc		3.600			02/15/28		206,139
200,000		Diageo Capital plc		3.500			09/18/23		209,241
200,000		Diageo Capital plc		3.875			05/18/28		218,514
100,000		Kellogg Co		3.400			11/15/27		101,789
100,000		Tyson Foods, Inc		3.900			09/28/23		105,333
100,000		Tyson Foods, Inc		3.550			06/02/27		103,591
100,000		Tyson Foods, Inc		5.100			09/28/48		112,786
		TOTAL FOOD, BEVERAGE & TOBACCO							2,352,807
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
163,000		Becton Dickinson and Co		3.700			06/06/27		170,252
100,000		Boston Scientific Corp		4.000			03/01/29		108,109
200,000		Children’s Hospital Medic		4.268			05/15/44		225,517
100,000		Covidien International Finance S.A.		3.200			06/15/22		102,736
250,000		Dartmouth-Hitchcock Health		4.178			08/01/48		269,399
160,000		HCA, Inc		5.625			09/01/28		173,200
20,000		HCA, Inc		5.875			02/01/29		21,925
100,000		HCA, Inc		5.500			06/15/47		106,730
14,000		Medtronic, Inc		4.625			03/15/45		16,947
175,000		Thermo Fisher Scientific, Inc		2.950			09/19/26		176,169
100,000		Zimmer Biomet Holdings, Inc		3.700			03/19/23		103,155
55,000		Zimmer Holdings, Inc		3.550			04/01/25		56,668
		TOTAL HEALTH CARE EQUIPMENT & SERVICES							1,530,807
INSURANCE - 1.5%
100,000		ACE INA Holdings, Inc		2.875			11/03/22		101,821
100,000		American Financial Group, Inc		3.500			08/15/26		100,567
200,000		American International Group, Inc		3.900			04/01/26		209,232
175,000		Aon plc		3.500			06/14/24		182,198
100,000		Berkshire Hathaway Finance Corp		4.250			01/15/49		112,375
100,000		CNA Financial Corp		3.950			05/15/24		105,478
100,000		CNA Financial Corp		3.450			08/15/27		101,449
100,000		CNA Financial Corp		3.900			05/01/29		105,105
100,000		Hartford Financial Services Group, Inc		4.300			04/15/43		105,620
100,000		Humana, Inc		3.950			03/15/27		103,844
100,000	g	Liberty Mutual Group, Inc		4.500			06/15/49		104,897
100,000		Lincoln National Corp		3.800			03/01/28		104,926
100,000		MetLife, Inc		3.600			11/13/25		106,184
100,000		Principal Financial Group, Inc		3.700			05/15/29		104,732
175,000		Prudential Financial, Inc		3.878			03/27/28		190,163
100,000	g	Prudential Funding LLC		6.750			09/15/23		115,402
200,000		Reinsurance Group of America, Inc		3.900			05/15/29		207,501
100,000		Verisk Analytics, Inc		4.125			03/15/29		107,493
500,000	g,i	Vitality Re IX Ltd		3.687			01/10/22		498,350
250,000	g,i	Vitality Re X Ltd		3.837			01/10/23		250,425
25,000		WR Berkley Corp		5.375			09/15/20		25,883
		TOTAL INSURANCE							3,043,645

92

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
MATERIALS - 1.1%
$          100,000		ArcelorMittal		6.250	%		02/25/22	$	108,491
200,000	g	Celulosa Arauco y Constitucion S.A.		4.250			04/30/29		210,400
200,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625			08/01/27		206,952
100,000	g	CRH America Finance, Inc		3.400			05/09/27		99,750
50,000		Dow Chemical Co		4.375			11/15/42		50,519
55,000		DowDuPont, Inc		4.725			11/15/28		62,127
125,000		DowDuPont, Inc		5.319			11/15/38		146,642
250,000		International Paper Co		4.350			08/15/48		245,013
100,000	g	James Hardie International Finance DAC		4.750			01/15/25		102,000
100,000	g	Midwest Connector Capital Co LLC		3.900			04/01/24		104,015
100,000	g	Midwest Connector Capital Co LLC		4.625			04/01/29		107,122
100,000		Nutrien Ltd		3.375			03/15/25		102,452
60,000	g	OCI NV		6.625			04/15/23		62,316
80,000	g	Owens-Brockway Glass Container, Inc		5.875			08/15/23		86,284
100,000		Rio Tinto Finance USA Ltd		3.750			06/15/25		107,395
200,000	g	SABIC Capital II BV		4.000			10/10/23		207,762
100,000		Westlake Chemical Corp		3.600			08/15/26		101,535
		TOTAL MATERIALS							2,110,775
MEDIA & ENTERTAINMENT - 1.7%
25,000		CBS Corp		2.900			06/01/23		25,212
100,000		CBS Corp		3.375			02/15/28		99,540
75,000		Charter Communications Operating LLC		3.579			07/23/20		75,662
375,000		Charter Communications Operating LLC		4.908			07/23/25		406,894
100,000		Charter Communications Operating LLC		5.375			05/01/47		105,222
150,000	h	Charter Communications Operating LLC		5.125			07/01/49		152,007
100,000		Comcast Corp		3.700			04/15/24		106,085
200,000		Comcast Corp		3.950			10/15/25		215,649
300,000		Comcast Corp		2.350			01/15/27		292,511
150,000		Comcast Corp		3.150			02/15/28		153,906
150,000		Comcast Corp		4.150			10/15/28		165,331
300,000		Comcast Corp		3.200			07/15/36		291,405
100,000		Discovery Communications LLC		2.950			03/20/23		100,886
100,000		Discovery Communications LLC		3.950			03/20/28		103,061
100,000	g	Gray Escrow, Inc		7.000			05/15/27		108,500
35,000		Grupo Televisa SAB		6.625			01/15/40		41,825
40,000		Meredith, Corp		6.875			02/01/26		42,445
50,000	g	Nielsen Finance LLC		5.000			04/15/22		49,938
80,000	g	Tegna, Inc		5.500			09/15/24		82,000
75,000		Time Warner Cable, Inc		5.875			11/15/40		81,058
50,000		Viacom, Inc		5.850			09/01/43		58,991
500,000	g	Walt Disney Co		3.000			09/15/22		511,908
50,000	g	Walt Disney Co		6.900			08/15/39		73,625
		TOTAL MEDIA & ENTERTAINMENT							3,343,661
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.3%
100,000		Abbott Laboratories		3.875			09/15/25		107,779
227,000		Abbott Laboratories		3.750			11/30/26		245,332
100,000		Abbott Laboratories		5.300			05/27/40		123,248
100,000		AbbVie, Inc		2.850			05/14/23		100,678
150,000		AbbVie, Inc		3.200			05/14/26		151,895
200,000		AbbVie, Inc		4.250			11/14/28		213,605
125,000		AbbVie, Inc		4.400			11/06/42		123,659
50,000		AbbVie, Inc		4.450			05/14/46		49,051
100,000		AstraZeneca plc		3.125			06/12/27		102,189
150,000		AstraZeneca plc		4.000			01/17/29		163,812
100,000	g	Bristol-Myers Squibb Co		3.400			07/26/29		104,588
100,000	g	Bristol-Myers Squibb Co		4.250			10/26/49		110,068
75,000		Celgene Corp		3.875			08/15/25		80,342

93

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$          275,000		Celgene Corp		3.450	%		11/15/27	$	286,561
100,000		GlaxoSmithKline Capital, Inc		3.875			05/15/28		109,401
150,000		Johnson & Johnson		2.900			01/15/28		154,662
100,000		Johnson & Johnson		3.400			01/15/38		104,116
175,000		Novartis Capital Corp		3.000			11/20/25		180,534
150,000		Teva Pharmaceutical Finance Netherlands III BV		3.150			10/01/26		116,625
21,000	g	Valeant Pharmaceuticals International, Inc		5.500			03/01/23		21,168
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							2,649,313
REAL ESTATE - 2.1%
100,000		Alexandria Real Estate Equities, Inc		3.950			01/15/27		104,863
100,000		Alexandria Real Estate Equities, Inc		3.950			01/15/28		105,119
100,000		American Tower Corp		3.000			06/15/23		100,930
100,000		American Tower Corp		2.950			01/15/25		100,732
50,000		American Tower Corp		3.375			10/15/26		50,842
150,000		American Tower Corp		3.800			08/15/29		154,610
150,000		Brandywine Operating Partnership LP		4.100			10/01/24		156,215
100,000		Brandywine Operating Partnership LP		3.950			11/15/27		103,061
200,000		Brixmor Operating Partnership LP		3.850			02/01/25		205,963
160,000		Brixmor Operating Partnership LP		4.125			06/15/26		165,329
75,000		Brixmor Operating Partnership LP		3.900			03/15/27		76,524
100,000		Camden Property Trust		3.150			07/01/29		101,546
110,000		Crown Castle International Corp		4.875			04/15/22		116,953
50,000		Crown Castle International Corp		3.700			06/15/26		51,906
87,000		DDR Corp		3.625			02/01/25		87,991
50,000		Digital Realty Trust LP		3.700			08/15/27		51,365
100,000		Duke Realty LP		3.250			06/30/26		101,599
100,000		Equity One, Inc		3.750			11/15/22		103,750
75,000		Essex Portfolio LP		3.375			01/15/23		76,607
100,000	h	HCP, Inc		3.500			07/15/29		100,432
100,000		Healthcare Realty Trust, Inc		3.750			04/15/23		102,228
175,000		Healthcare Realty Trust, Inc		3.875			05/01/25		180,632
100,000		Healthcare Trust of America Holdings LP		3.700			04/15/23		102,197
125,000		Healthcare Trust of America Holdings LP		3.500			08/01/26		126,238
100,000		Liberty Property LP		4.375			02/01/29		108,182
100,000		Mid-America Apartments LP		4.300			10/15/23		106,278
125,000		Mid-America Apartments LP		3.750			06/15/24		130,033
100,000		Mid-America Apartments LP		3.600			06/01/27		103,180
50,000		National Retail Properties, Inc		3.800			10/15/22		51,855
100,000		National Retail Properties, Inc		3.300			04/15/23		102,146
100,000		National Retail Properties, Inc		4.000			11/15/25		105,439
150,000		Regency Centers LP		3.900			11/01/25		157,538
200,000		Regency Centers LP		3.600			02/01/27		206,496
50,000		Weingarten Realty Investors		3.375			10/15/22		50,783
100,000		Weingarten Realty Investors		3.500			04/15/23		101,935
100,000		Weingarten Realty Investors		4.450			01/15/24		105,382
100,000		Weingarten Realty Investors		3.850			06/01/25		102,458
100,000		Weingarten Realty Investors		3.250			08/15/26		97,284
		TOTAL REAL ESTATE							4,156,621
RETAILING - 0.2%
25,000		Asbury Automotive Group, Inc		6.000			12/15/24		25,875
50,000		AutoNation, Inc		3.800			11/15/27		48,989
125,000		O’Reilly Automotive, Inc		3.600			09/01/27		128,469
125,000		Target Corp		3.625			04/15/46		128,217
		TOTAL RETAILING							331,550

94

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
$          300,000		Intel Corp		2.875	%		05/11/24	$	308,641
70,000		Intel Corp		2.600			05/19/26		70,441
25,000		Intel Corp		3.734			12/08/47		26,085
100,000	g	NXP BV		3.875			06/18/26		102,530
100,000		Texas Instruments, Inc		2.625			05/15/24		101,789
25,000		Texas Instruments, Inc		4.150			05/15/48		28,500
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							637,986
SOFTWARE & SERVICES - 1.3%
100,000		Fidelity National Information Services, Inc		3.750			05/21/29		106,172
250,000		Fiserv, Inc		2.750			07/01/24		251,654
150,000		Fiserv, Inc		3.500			07/01/29		153,820
100,000		IHS Markit Ltd		4.125			08/01/23		103,960
100,000		IHS Markit Ltd		4.250			05/01/29		105,371
500,000		International Business Machines Corp		3.500			05/15/29		522,674
400,000		Microsoft Corp		2.400			08/08/26		401,726
100,000		Microsoft Corp		4.100			02/06/37		114,045
110,000		Microsoft Corp		3.700			08/08/46		118,317
125,000		Oracle Corp		2.500			05/15/22		126,298
175,000		Oracle Corp		2.650			07/15/26		175,772
100,000		Oracle Corp		3.800			11/15/37		105,786
125,000		Oracle Corp		4.000			11/15/47		134,178
100,000		salesforce.com, Inc		3.700			04/11/28		107,763
		TOTAL SOFTWARE & SERVICES							2,527,536
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
200,000		Amphenol Corp		3.125			09/15/21		202,871
100,000		Amphenol Corp		4.350			06/01/29		108,482
275,000		Apple, Inc		2.450			08/04/26		274,413
500,000		Apple, Inc		3.200			05/11/27		521,090
75,000		Broadcom Corp		3.875			01/15/27		73,528
250,000		Cisco Systems, Inc		1.850			09/20/21		248,454
100,000		Corning, Inc		4.375			11/15/57		97,121
225,000	g	Dell International LLC		4.420			06/15/21		231,717
100,000	g	Dell International LLC		5.300			10/01/29		105,241
100,000		L-3 Technologies, Inc		3.850			06/15/23		104,301
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,967,218
TELECOMMUNICATION SERVICES - 2.0%
250,000		AT&T, Inc		3.400			05/15/25		256,862
175,000		AT&T, Inc		3.600			07/15/25		181,365
100,000		AT&T, Inc		3.800			02/15/27		103,892
550,000		AT&T, Inc		4.350			03/01/29		590,033
300,000		AT&T, Inc		4.300			02/15/30		320,355
150,000		AT&T, Inc		4.500			05/15/35		157,061
100,000		AT&T, Inc		4.500			03/09/48		102,451
200,000	g	Bharti Airtel Ltd		4.375			06/10/25		201,833
200,000	g	C&W Senior Financing Designated Activity Co		7.500			10/15/26		208,500
50,000		Deutsche Telekom International Finance BV		8.750			06/15/30		71,963
200,000	g	MTN Mauritius Investment Ltd		6.500			10/13/26		215,854
50,000		Orange S.A.		5.375			01/13/42		60,409
100,000		Telefonica Emisiones SAU		4.103			03/08/27		106,187
50,000		T-Mobile USA, Inc		6.375			03/01/25		51,925
14,000		Verizon Communications, Inc		3.376			02/15/25		14,609
533,000		Verizon Communications, Inc		4.329			09/21/28		589,410
100,000		Verizon Communications, Inc		3.875			02/08/29		107,208
86,000	g	Verizon Communications, Inc		4.016			12/03/29		93,148
258,000		Verizon Communications, Inc		4.272			01/15/36		279,203
100,000		Verizon Communications, Inc		4.522			09/15/48		111,689
150,000		Vodafone Group plc		4.375			05/30/28		161,998
		TOTAL TELECOMMUNICATION SERVICES							3,985,955

95

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
TRANSPORTATION - 1.0%
$          100,000		CSX Corp		3.800	%		03/01/28	$	107,457
100,000		CSX Corp		4.250			03/15/29		111,325
100,000		CSX Corp		3.800			11/01/46		101,244
200,000		CSX Corp		4.300			03/01/48		216,577
200,000		Delta Air Lines, Inc		3.625			03/15/22		203,352
125,000		Delta Air Lines, Inc		3.800			04/19/23		128,275
100,000		FedEx Corp		4.100			02/01/45		95,360
100,000		FedEx Corp		4.050			02/15/48		95,864
200,000		Kansas City Southern		2.350			05/15/20		199,575
175,000		Northrop Grumman Corp		3.250			01/15/28		179,556
100,000		Northrop Grumman Corp		4.030			10/15/47		106,401
200,000	g	Pelabuhan Indonesia III Persero PT		4.500			05/02/23		208,982
100,000		Union Pacific Corp		3.950			09/10/28		109,465
125,000		Union Pacific Corp		4.500			09/10/48		141,780
		TOTAL TRANSPORTATION							2,005,213
UTILITIES - 1.4%
100,000		AEP Transmission Co LLC		3.100			12/01/26		101,566
100,000		AEP Transmission Co LLC		4.000			12/01/46		104,508
100,000		American Water Capital Corp		3.000			12/01/26		99,991
100,000		American Water Capital Corp		4.000			12/01/46		101,928
150,000		American Water Capital Corp		3.750			09/01/47		151,205
125,000		Baltimore Gas & Electric Co		3.750			08/15/47		127,516
50,000		Berkshire Hathaway Energy Co		3.250			04/15/28		51,600
200,000		Black Hills Corp		4.250			11/30/23		211,657
100,000		Black Hills Corp		3.150			01/15/27		99,281
175,000		Exelon Generation Co LLC		3.400			03/15/22		179,263
100,000		Florida Power & Light Co		3.990			03/01/49		109,565
93,000		Fortis, Inc		3.055			10/04/26		92,277
100,000		Indiana Michigan Power Co		3.750			07/01/47		100,956
200,000	g	Israel Electric Corp Ltd		4.250			08/14/28		207,911
125,000		MidAmerican Energy Co		3.650			08/01/48		128,848
200,000	g	Minejesa Capital BV		4.625			08/10/30		202,154
50,000		NRG Energy, Inc		5.750			01/15/28		53,625
125,000		Ohio Power Co		4.150			04/01/48		136,332
125,000		Ohio Power Co		4.000			06/01/49		134,495
175,000		PSEG Power LLC		3.850			06/01/23		182,272
150,000		Southwest Gas Corp		3.700			04/01/28		158,457
55,000		Virginia Electric & Power Co		2.950			01/15/22		55,758
75,000		Virginia Electric & Power Co		2.950			11/15/26		76,207
50,000		Virginia Electric & Power Co		3.500			03/15/27		52,659
		TOTAL UTILITIES							2,920,031
		TOTAL CORPORATE BONDS							64,384,312
		(Cost $61,658,157)
GOVERNMENT BONDS - 44.7%
AGENCY SECURITIES - 0.2%
400,000		Private Export Funding Corp (PEFCO)		2.250			03/15/20		400,013
		TOTAL AGENCY SECURITIES							400,013
FOREIGN GOVERNMENT BONDS - 2.6%
200,000		Argentina Republic Government International Bond		5.625			01/26/22		168,602
200,000	g	Bermuda Government International Bond		3.717			01/25/27		203,752
250,000	g	Bermuda Government International Bond		4.750			02/15/29		275,625
150,000	g	Caisse d’Amortissement de la Dette Sociale		1.875			07/28/20		149,675
200,000		Colombia Government International Bond		5.000			06/15/45		220,700
200,000	g	Costa Rica Government International Bond		7.158			03/12/45		200,502
225,000	g	Ecuador Government International Bond		9.650			12/13/26		243,565
200,000	g	Egypt Government International Bond		5.577			02/21/23		203,109
100,000		European Investment Bank		4.875			02/15/36		131,253

96

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$          250,000	g	Guatemala Government International Bond			4.500	%		05/03/26	$	252,250
200,000		Japan Bank for International Cooperation			2.375			04/20/26		201,340
100,000	g	Japan Finance Organization for Municipalities			3.000			03/12/24		103,598
250,000	g	Korea Housing Finance Corp			2.000			10/11/21		247,454
1,000,000		Kreditanstalt fuer Wiederaufbau			2.750			10/01/20		1,009,511
200,000		Mexico Government International Bond			3.600			01/30/25		204,700
250,000		Mexico Government International Bond			4.150			03/28/27		261,960
32,000		Mexico Government International Bond			6.050			01/11/40		38,192
160,000	g	Panama Notas del Tesora			3.750			04/17/26		165,361
150,000	g	Provincia de Buenos Aires			7.875			06/15/27		111,376
200,000	g	Provincia de Mendoza Argentina			8.375			05/19/24		171,002
300,000	g	Republic of Uzbekistan Government International Bond			4.750			02/20/24		313,415
UYU 2,765,000	g	Uruguay Government International Bond			9.875			06/20/22		77,810
$          200,000	g	Zambia Government International Bond			8.500			04/14/24		133,963
		TOTAL FOREIGN GOVERNMENT BONDS								5,088,715
MORTGAGE BACKED - 18.2%
187,224		Federal Home Loan Mortgage Corp (FHLMC)			3.500			08/15/43		194,089
78,033		FHLMC			3.500			09/15/44		80,645
410,405	i	FHLMC	LIBOR 1 M + 0.300%		2.694			06/15/48		407,819
256,503	i	FHLMC	LIBOR 1 M + 9.920%		6.089			06/15/48		304,196
384,756	i	FHLMC	LIBOR 1 M + 9.840%		6.009			10/15/48		447,869
36,808		Federal Home Loan Mortgage Corp Gold (FGLMC)			5.000			06/01/36		40,253
12,605		FGLMC			5.000			07/01/39		13,699
290,760		FGLMC			3.500			04/01/45		303,211
1,187,912		FGLMC			3.500			10/01/45		1,237,367
378,403		FGLMC			4.000			12/01/45		400,625
410,489		FGLMC			3.500			08/01/46		427,498
2,270,311	h	FGLMC			3.000			01/01/47		2,297,175
1,432,158		FGLMC			3.000			02/01/47		1,449,218
19,473		FGLMC			4.500			06/01/47		20,904
556,609		FGLMC			4.000			09/01/47		587,279
226,727	h	FGLMC			3.500			12/01/47		235,989
716,451		FGLMC			3.500			03/01/48		743,512
216,283		FGLMC			4.000			03/01/48		228,878
185,342		FGLMC			4.000			07/01/48		196,244
253,356		FGLMC			4.500			08/01/48		272,461
18,069		Federal National Mortgage Association (FNMA)			6.000			08/01/21		18,528
189,370		FNMA			3.500			06/01/32		196,697
131,925		FNMA			3.000			11/01/32		134,828
980,349		FNMA			3.500			11/01/33		1,013,006
173,599		FNMA			5.000			05/01/35		189,715
7,197		FNMA			7.500			07/01/35		7,221
190,417		FNMA			5.000			02/01/36		208,169
390,904		FNMA			5.000			09/01/40		424,490
204,821	i	FNMA	LIBOR 1 M + 5.950%		3.546			09/25/43		36,233
59,787		FNMA			4.500			03/01/44		64,447
319,041		FNMA			4.500			10/01/44		342,322
654,390		FNMA			4.500			11/01/44		702,180
194,923		FNMA			5.000			11/01/44		211,609
75,194		FNMA			3.000			02/25/45		76,029
421,957		FNMA			3.000			02/25/45		433,685
219,458		FNMA			4.000			06/01/45		231,270
1,362,969		FNMA			3.000			12/25/45		1,388,244
734,962		FNMA			3.500			01/01/46		765,072
469,375		FNMA			4.000			01/01/46		496,605
29,293		FNMA			4.000			03/01/46		30,865

97

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$          344,816		FNMA		3.000	%		10/01/46	$	344,951
595,191		FNMA		3.000			11/01/46		602,602
840,071		FNMA		3.500			12/01/46		864,852
755,045		FNMA		3.500			01/01/47		776,042
121,929		FNMA		3.000			04/25/47		124,488
58,591		FNMA		3.500			08/01/47		60,395
39,305		FNMA		3.000			11/01/47		39,320
72,676		FNMA		3.000			11/01/47		72,704
125,787	h	FNMA		3.500			01/01/48		130,465
228,545		FNMA		4.500			01/01/48		245,721
209,186		FNMA		4.500			02/01/48		224,820
1,032,069		FNMA		3.000			02/25/48		1,056,080
194,272		FNMA		4.000			03/01/48		205,450
922,423		FNMA		4.500			03/01/48		991,365
3,141,644		FNMA		4.000			04/01/48		3,265,636
182,112		FNMA		4.500			05/01/48		195,724
133,737		FNMA		4.500			05/01/48		143,733
460,682		FNMA		5.000			06/01/48		487,775
912,055		FNMA		4.000			08/01/48		942,230
182,620		FNMA		4.500			08/01/48		190,770
242,921		FNMA		5.000			08/01/48		264,485
99,192	h	FNMA		4.000			09/01/48		102,531
304,112	h	FNMA		3.000			11/01/48		307,277
185,529	h	FNMA		4.500			11/01/48		193,799
561,912		FNMA		4.000			12/01/48		580,995
984,882		FNMA		4.500			12/01/48		1,030,338
958,011	h	FNMA		3.500			06/01/49		980,456
127,288		FNMA		5.000			06/01/49		134,959
6,906		Government National Mortgage Association (GNMA)		5.000			03/15/34		7,227
49,739		GNMA		5.000			06/15/34		52,220
5,820		GNMA		5.000			04/15/38		6,404
2,679		GNMA		6.000			08/20/38		3,051
15,260		GNMA		4.500			04/15/40		16,315
347,476	†	GNMA		4.000			06/20/46		50,413
614,323		GNMA		3.000			12/20/47		628,229
1,308,274		GNMA		3.500			12/20/47		1,351,814
256,909		GNMA		3.000			01/20/48		262,725
1,389,487		GNMA		3.500			01/20/48		1,435,591
595,200		GNMA		4.000			12/20/48		616,972
363,814		GNMA		3.500			01/20/49		375,647
		TOTAL MORTGAGE BACKED							36,226,717
MUNICIPAL BONDS - 3.5%
200,000		City & County of San Francisco CA Community Facilities District		3.264			09/01/25		207,236
200,000		City & County of San Francisco CA Community Facilities District		4.038			09/01/34		212,366
100,000		City of Austin TX Electric Utility Revenue		2.456			11/15/22		101,265
100,000		City of Austin TX Electric Utility Revenue		2.524			11/15/23		101,546
100,000		City of Austin TX Electric Utility Revenue		2.574			11/15/24		101,797
100,000		City of Austin TX Electric Utility Revenue		2.677			11/15/25		102,303
300,000		City of New York NY		3.430			12/01/24		318,585
270,000		Commonwealth Financing Authority		3.864			06/01/38		283,897
415,000		Denver City & County School District No		4.242			12/15/37		469,365
300,000		Florida Hurricane Catastrophe Fund Finance Corp		2.995			07/01/20		301,950
300,000		Health & Educational Facilities Authority of the State of Missouri		3.651			01/15/46		313,710
335,000		Michigan Finance Authority		2.862			09/01/49		338,239
350,000		Michigan Finance Authority		2.988			09/01/49		357,102
170,000		New York State Dormitory Authority		4.294			07/01/44		182,119
200,000		Public Finance Authority		4.269			07/01/40		216,478
1,400,000		State of Illinois		5.100			06/01/33		1,474,312
300,000		State of Oregon Department of Administrative Services		4.103			05/01/39		321,267
1,000,000		State of Texas		3.295			10/01/25		1,066,650
500,000		University of California		3.063			07/01/25		519,215
		TOTAL MUNICIPAL BONDS							6,989,402

98

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
U.S. TREASURY SECURITIES - 20.2%
$          100,000		United States Treasury Bond			3.500	%		02/15/39	$	118,676
1,000,000		United States Treasury Bond			3.125			11/15/41		1,118,164
2,935,700		United States Treasury Bond			3.000			11/15/45		3,208,972
290,000		United States Treasury Bond			2.500			05/15/46		287,950
1,865,000		United States Treasury Bond			2.875			11/15/46		1,993,292
765,000		United States Treasury Bond			3.000			05/15/47		836,928
1,060,000		United States Treasury Bond			3.125			05/15/48		1,187,821
1,976,000		United States Treasury Bond			3.375			11/15/48		2,322,726
1,013,060	k	United States Treasury Inflation Indexed Bonds			0.500			04/15/24		1,025,706
8,000		United States Treasury Note			1.375			09/30/19		7,983
45,000		United States Treasury Note			1.500			10/31/19		44,909
70,000		United States Treasury Note			1.750			11/30/19		69,888
100,000		United States Treasury Note			1.625			03/15/20		99,707
485,000		United States Treasury Note			2.500			05/31/20		487,141
850,000		United States Treasury Note			2.500			12/31/20		858,102
4,635,000		United States Treasury Note			2.500			01/31/21		4,682,798
1,365,000		United States Treasury Note			2.500			02/28/21		1,379,930
2,000,000		United States Treasury Note			2.250			03/31/21		2,015,156
3,930,000		United States Treasury Note			2.250			04/30/21		3,962,238
4,785,000		United States Treasury Note			1.750			06/15/22		4,790,047
75,000		United States Treasury Note			1.625			05/31/23		74,678
925,000		United States Treasury Note			2.875			09/30/23		967,312
300,000		United States Treasury Note			2.000			04/30/24		303,129
1,434,000		United States Treasury Note			2.000			05/31/24		1,450,132
35,000		United States Treasury Note			2.250			10/31/24		35,798
650,000		United States Treasury Note			2.625			01/31/26		680,469
960,000		United States Treasury Note			2.375			04/30/26		990,825
500,000		United States Treasury Note			2.125			05/31/26		508,027
3,094,000		United States Treasury Note			2.375			05/15/29		3,195,522
1,329,000		United States Treasury Note			3.000			02/15/49		1,457,539
100,000		United States Treasury Note			2.875			05/15/49		107,109
		TOTAL U.S. TREASURY SECURITIES								40,268,674
		TOTAL GOVERNMENT BONDS								88,973,521
		(Cost $86,769,080)
STRUCTURED ASSETS - 18.8%
ASSET BACKED - 8.2%
200,000		AmeriCredit Automobile Receivables Trust Series - 2015 3 (Class D)			3.340			08/08/21		200,912
19,116	i	Asset Backed Securities Corp Home Equity Loan Trust Series - 2004 HE5 (Class M1)	LIBOR 1 M + 0.900%		3.386			08/25/34		18,981
500,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2019 1A (Class A)			3.450			03/20/23		512,016
200,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2019 1A (Class B)			3.700			03/20/23		204,415
500,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2017 2A (Class A)			2.970			03/20/24		507,551
402,115	g	BRE Grand Islander Timeshare Issuer LLC Series - 2019 A (Class A)			3.280			09/26/33		408,537
995,852	g	Capital Automotive REIT Series - 2014 1A (Class A)			3.660			10/15/44		1,005,268
489,167	g	Capital Automotive REIT Series - 2017 1A (Class A1)			3.870			04/15/47		497,724
75,000		CarMax Auto Owner Trust Series - 2015 2 (Class B)			2.150			03/15/21		74,981

99

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$          55,000		CarMax Auto Owner Trust Series - 2015 2 (Class C)			2.390	%		03/15/21	$	54,996
144,702	†,g,i	CBRE Realty Finance Series - 2007 1A (Class A2)	LIBOR 3 M + 0.300%		2.889			04/07/52		0
10,769		Centex Home Equity Series - 2002 A (Class AF6)			5.540			01/25/32		10,969
500,000		CFCRE Commercial Mortgage Trust Series - 2016 C7 (Class ASB)			3.644			12/10/54		523,480
492,500	g	DB Master Finance LLC Series - 2017 1A (Class A2I)			3.629			11/20/47		500,114
125,000	g	DB Master Finance LLC Series - 2019 1A (Class A2I)			3.787			05/20/49		127,665
125,000	g	DB Master Finance LLC Series - 2019 1A (Class A23)			4.352			05/20/49		129,227
202,645	g	Diamond Resorts Owner Trust Series - 2018 1 (Class A)			3.700			01/21/31		205,492
339,499	g	Domino’s Pizza Master Issuer LLC Series - 2015 1A (Class A2II)			4.474			10/25/45		353,303
245,625	g	Domino’s Pizza Master Issuer LLC Series - 2017 1A (Class A2II)			3.082			07/25/47		245,996
222,750	g	Domino’s Pizza Master Issuer LLC Series - 2018 1A (Class A2I)			4.116			07/25/48		229,390
64,769	g,i	Ellington Loan Acquisition Trust Series - 2007 2 (Class A2C)	LIBOR 1 M + 1.100%		3.504			05/25/37		65,243
175,002		GM Financial Automobile Leasing Trust Series - 2018 3 (Class A2A)			2.890			09/21/20		175,229
100,000	g	GMF Floorplan Owner Revolving Trust Series - 2017 1 (Class A1)			2.220			01/18/22		99,903
84,338	i	GSAMP Trust Series - 2004 HE2 (Class M1)	LIBOR 1 M + 0.975%		3.461			09/25/34		85,011
199,154	g	HERO Funding Trust Series - 2017 3A (Class A1)			3.190			09/20/48		202,383
199,154	g	HERO Funding Trust Series - 2017 3A (Class A2)			3.950			09/20/48		207,686
500,000	g	Hertz Vehicle Financing II LP Series - 2018 1A (Class A)			3.290			02/25/24		508,561
250,000	g	Hertz Vehicle Financing II LP Series - 2019 2A (Class A)			3.420			05/25/25		255,352
428,187	g	Hilton Grand Vacations Trust Series - 2017 AA (Class B)			2.960			12/26/28		430,069
10,817	i	Home Equity Asset Trust Series - 2003 1 (Class M1)	LIBOR 1 M + 1.500%		3.986			06/25/33		10,858
500,000	g,h	Horizon Aircraft Finance II Ltd Series - 2019 1 (Class A)			3.721			07/15/39		499,998
73,976	i	JP Morgan Mortgage Acquisition Trust Series - 2007 CH3 (Class A1B)	LIBOR 1 M + 0.320%		2.724			03/25/37		72,436
143,702	i	JP Morgan Mortgage Acquisition Trust Series - 2007 CH5 (Class A1)	LIBOR 1 M + 0.160%		2.564			06/25/37		141,585
23,041	i	Morgan Stanley ABS Capital I, Inc Trust Series - 2004 NC1 (Class M1)	LIBOR 1 M + 1.050%		3.266			12/27/33		23,129
14,964	i	Morgan Stanley ABS Capital I, Inc Trust Series - 2004 HE6 (Class M1)	LIBOR 1 M + 0.825%		3.229			08/25/34		14,938
555,472	g	MVW Owner Trust Series - 2017 1A (Class A)			2.420			12/20/34		553,751
300,000	g	MVW Owner Trust Series - 2019 1A (Class B)			3.000			11/20/36		302,716
195,000	g	MVW Owner Trust			3.330			11/20/36		197,272
		Series - 2019 1A (Class C)
250,000	g	Navient Student Loan Trust Series - 2019 BA (Class A2A)			3.390			12/15/59		257,968
500,000		Nissan Auto Lease Trust			2.050			09/15/20		499,753
		Series - 2017 B (Class A3)
34,437	g,i	Orange Lake Timeshare Trust			3.030			07/09/29		34,224
		Series - 2014 AA (Class B)

100

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$          496,250	g	Planet Fitness Master Issuer LLC			4.262	%		09/05/48	$	511,232
		Series - 2018 1A (Class A2I)
177,148	g	Pretium Mortgage Credit Partners I LLC (Step Bond)			4.125			08/25/33		178,350
		Series - 2018 NPL3 (Class A1)
98,283	g	PRPM LLC (Step Bond)			3.967			04/25/24		99,703
		Series - 2019 2A (Class A1)
106,354		Santander Drive Auto Receivables Trust			2.970			07/15/21		106,420
		Series - 2018 5 (Class A2A)
500,000	g	Santander Retail Auto Lease Trust			2.370			01/20/22		499,951
		Series - 2017 A (Class A4)
427,319	g	Sierra Receivables Funding Co LLC			3.200			03/20/34		429,798
		Series - 2017 1A (Class B)
217,287	g	Sierra Timeshare Receivables Funding LLC			3.200			01/20/36		222,577
		Series - 2019 1A (Class A)
217,287	g	Sierra Timeshare Receivables Funding LLC			3.770			01/20/36		220,617
		Series - 2019 1A (Class C)
185,837	g	Sofi Professional Loan Program LLC			3.120			02/25/48		187,353
		Series - 2018 D (Class A1FX)
91,186	g	SoFi Professional Loan Program LLC			2.760			12/26/36		91,713
		Series - 2016 A (Class A2)
500,000	g	SoFi Professional Loan Program LLC			2.840			01/25/41		505,181
		Series - 2017 F (Class A2FX)
152,469	g	SolarCity LMC			4.020			07/20/44		153,677
		Series - 2014 2 (Class A)
15,401	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 0.900%		3.304			09/25/34		15,309
		Series - 2004 8 (Class M1)
16,948	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 1.000%		3.404			09/25/34		16,974
		Series - 2004 8 (Class A9)
497,500	g	Taco Bell Funding LLC			4.318			11/25/48		516,052
		Series - 2018 1A (Class A2I)
491,126	g	TLF National Tax Lien Trust			3.840			12/15/29		492,402
		Series - 2017 1A (Class B)
353,527	g	Verizon Owner Trust			2.060			09/20/21		353,041
		Series - 2017 1A (Class A)
379,672	g	VOLT LXV LLC (Step Bond)			3.750			04/25/48		381,047
		Series - 2018 NPL1 (Class A1)
91,491	g	VOLT LXXIII LLC (Step Bond)			4.458			10/25/48		92,346
		Series - 2018 NPL9 (Class A1A)
116,651	g	VOLT LXXV LLC (Step Bond)			4.336			01/25/49		118,224
		Series - 2019 NPL1 (Class A1A)
104,031	g	VOLT LXXV LLC (Step Bond)			3.967			02/25/49		105,009
		Series - 2019 NPL2 (Class A1)
97,934	g	VOLT LXXV LLC (Step Bond)			3.967			03/25/49		98,642
		Series - 2019 NPL3 (Class A1)
492,500	g	Wendys Funding LLC			3.573			03/15/48		495,327
		Series - 2018 1A (Class A2I)
		TOTAL ASSET BACKED								16,340,027
OTHER MORTGAGE BACKED - 10.6%
46,233	g,i	Agate Bay Mortgage Trust			3.500			11/25/44		46,501
		Series - 2014 3 (Class A13)
898,038	g,i	Agate Bay Mortgage Trust			3.500			09/25/45		895,322
		Series - 2015 6 (Class A9)
22,915	i	Alternative Loan Trust	LIBOR 1 M + 0.500%		2.904			06/25/34		23,166
		Series - 2004 8CB (Class M1)
200,000	g	BBCMS Trust			4.197			08/10/35		219,885
		Series - 2015 SRCH (Class A2)
43,196	i	CHL Mortgage Pass-Through Trust			4.285			02/20/35		43,633
		Series - 2004 HYB9 (Class 1A1)

101

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$          500,000		Citigroup Commercial Mortgage Trust			3.576	%		04/10/49	$	521,732
		Series - 2016 GC37 (Class AS)
750,000		COMM Mortgage Trust			2.853			10/15/45		757,146
		Series - 2012 CR4 (Class A3)
1,000,000	g,i	COMM Mortgage Trust			4.093			06/10/46		1,041,401
		Series - 2013 CR8 (Class B)
600,000	i	COMM Mortgage Trust			4.456			07/15/47		637,169
		Series - 2014 CR18 (Class B)
300,000	i	COMM Mortgage Trust			3.603			03/10/48		312,478
		Series - 2015 CR22 (Class AM)
200,000	g,i	COMM Mortgage Trust			4.255			03/10/48		194,975
		Series - 2015 CR22 (Class D)
500,000		COMM Mortgage Trust			3.801			05/10/48		525,909
		Series - 2015 CR23 (Class AM)
390,000	g,i	COMM Mortgage Trust			3.807			05/10/48		392,721
		Series - 2015 CR23 (Class CMB)
550,000	i	COMM Mortgage Trust			4.183			05/10/48		579,513
		Series - 2015 CR23 (Class B)
100,000	i	COMM Mortgage Trust			4.393			05/10/48		105,078
		Series - 2015 CR23 (Class C)
500,000		COMM Mortgage Trust			3.696			08/10/48		532,611
		Series - 2015 CR24 (Class A5)
250,000		COMM Mortgage Trust			3.984			10/10/48		265,456
		Series - 2015 CR27 (Class AM)
194,869	i	Connecticut Avenue Securities	LIBOR 1 M + 2.600%		5.004			05/25/24		201,402
		Series - 2014 C02 (Class 1M2)
240,564	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		5.404			07/25/24		252,251
		Series - 2014 C03 (Class 1M2)
217,309	i	Connecticut Avenue Securities	LIBOR 1 M + 1.450%		3.854			01/25/29		217,952
		Series - 2016 C04 (Class 1M1)
420,464	i	Connecticut Avenue Securities	LIBOR 1 M + 1.300%		3.704			04/25/29		421,952
		Series - 2016 C06 (Class 1M1)
105,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.200%		4.604			01/25/30		106,331
		Series - 2017 C05 (Class 1M2A)
253,333	i	Connecticut Avenue Securities	LIBOR 1 M + 0.600%		3.004			07/25/30		253,195
		Series - 2018 C01 (Class 1M1)
155,000	i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.254			10/25/30		155,369
		Series - 2018 C03 (Class 1EA2)
11,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.350%		4.754			01/25/31		11,098
		Series - 2018 C05 (Class 1M2)
24,044	g,i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.254			07/25/31		24,079
		Series - 2019 R01 (Class 2M1)
15,000	g,i	Connecticut Avenue Securities	LIBOR 1 M + 2.450%		4.854			07/25/31		15,180
		Series - 2019 R01 (Class 2M2)
55,000	†,g,h,i	Connecticut Avenue Securities	LIBOR 1 M + 0.750%		3.154			06/25/39		55,048
		Series - 2019 R04 (Class 2M1)
40,000	g,i	CSMC Trust	LIBOR 1 M + 0.650%		3.054			05/25/36		39,710
		Series - 2006 CF2 (Class M3)
1,300,000	g,i	DBUBS Mortgage Trust			5.714			07/10/44		1,355,643
		Series - 2011 LC2A (Class D)
175,000	g,i	DBUBS Mortgage Trust			5.885			11/10/46		181,981
		Series - 2011 LC1A (Class C)
93,179	i	Fieldstone Mortgage Investment Trust	LIBOR 1 M + 0.735%		3.139			12/25/35		92,834
		Series - 2005 2 (Class M2)
347,099	g,i	FirstKey Mortgage Trust			3.500			11/25/44		349,011
		Series - 2014 1 (Class A8)
81,515	g,i	Flagstar Mortgage Trust			4.000			09/25/48		81,856
		Series - 2018 5 (Class A11)
63,478	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		3.010			08/19/45		63,094
		Series - 2005 11 (Class 2A1A)
400,000	g	Hudson Yards Mortgage Trust			2.835			08/10/38		405,047
		Series - 2016 10HY (Class A)

102

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$          300,000	g	JP Morgan Chase Commercial Mortgage Securities Trust		4.021	%		07/05/32	$	310,443
		Series - 2012 HSBC (Class C)
100,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust		5.582			07/15/46		104,800
		Series - 2011 C4 (Class C)
61,211	g,i	JP Morgan Mortgage Trust		3.500			05/25/46		60,873
		Series - 2016 1 (Class A13)
34,578	g,i	JP Morgan Mortgage Trust		3.500			01/25/47		35,040
		Series - 2017 1 (Class A3)
126,122	g,i	JP Morgan Mortgage Trust		3.500			05/25/47		125,896
		Series - 2017 2 (Class A13)
60,154	g,i	JP Morgan Mortgage Trust		3.500			08/25/47		61,035
		Series - 2017 3 (Class 1A5)
144,900	g,i	JP Morgan Mortgage Trust		3.500			06/25/48		147,023
		Series - 2018 1 (Class A5)
47,428	g,i	JP Morgan Mortgage Trust		3.500			09/25/48		48,123
		Series - 2018 3 (Class A5)
90,514	g,i	JP Morgan Mortgage Trust		3.500			10/25/48		91,840
		Series - 2018 4 (Class A5)
442,236	g,i	JP Morgan Mortgage Trust		3.500			10/25/48		448,979
		Series - 2018 5 (Class A5)
404,193	g,i	JP Morgan Mortgage Trust		3.500			12/25/48		410,114
		Series - 2018 6 (Class 1A3)
57,367	g,i	JP Morgan Mortgage Trust		4.000			01/25/49		57,830
		Series - 2018 8 (Class A13)
38,168	g,i	JP Morgan Mortgage Trust		4.000			02/25/49		38,542
		Series - 2018 9 (Class A13)
182,717	g,i	JP Morgan Mortgage Trust		4.000			05/25/49		186,392
		Series - 2019 1 (Class A15)
680,000		JPMBB Commercial Mortgage Securities Trust		3.775			08/15/47		718,953
		Series - 2014 C21 (Class A5)
500,000	i	JPMBB Commercial Mortgage Securities Trust		3.917			05/15/48		526,044
		Series - 2015 C29 (Class AS)
500,000		JPMBB Commercial Mortgage Securities Trust		4.106			08/15/48		531,788
		Series - 2015 C31 (Class AS)
200,000	i	JPMBB Commercial Mortgage Securities Trust		4.771			08/15/48		215,975
		Series - 2015 C31 (Class B)
4,916	i	LB-UBS Commercial Mortgage Trust		6.114			07/15/40		4,910
		Series - 2007 C6 (Class AM)
328,128	i	Morgan Stanley Bank of America Merrill Lynch Trust		4.384			02/15/47		352,303
		Series - 2014 C14 (Class AS)
628,927		Morgan Stanley Bank of America Merrill Lynch Trust		3.652			03/15/48		655,703
		Series - 2015 C21 (Class AS)
52,714	g,i	Sequoia Mortgage Trust		3.500			05/25/45		53,382
		Series - 2015 2 (Class A1)
203,221	g,i	Sequoia Mortgage Trust		3.500			11/25/46		206,584
		Series - 2016 3 (Class A10)
81,567	g,i	Sequoia Mortgage Trust		3.500			02/25/47		81,159
		Series - 2017 2 (Class A19)
98,923	g,i	Sequoia Mortgage Trust		3.500			02/25/48		100,117
		Series - 2018 2 (Class A1)
321,818	g,i	Sequoia Mortgage Trust		3.500			03/25/48		323,490
		Series - 2018 3 (Class A1)
509,211	g,i	Sequoia Mortgage Trust		3.500			05/25/48		517,536
		Series - 2018 5 (Class A4)
77,964	g,i	Sequoia Mortgage Trust		4.000			06/25/48		79,716
		Series - 2018 CH2 (Class A21)

103

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$          86,360	g,i	Sequoia Mortgage Trust			4.000	%		11/25/48	$	87,218
		Series - 2018 8 (Class A19)
196,234	g,i	Sequoia Mortgage Trust			4.000			06/25/49		200,764
		Series - 2019 2 (Class A1)
98,117	g,i	Sequoia Mortgage Trust			4.000			06/25/49		100,137
		Series - 2019 2 (Class A19)
94,238	g,i	Spruce Hill Mortgage Loan Trust			3.395			04/29/49		95,095
		Series - 2019 SH1 (Class A1)
142,942	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		4.604			09/25/24		145,192
		Series - 2014 HQ2 (Class M2)
225,232	i	STACR	LIBOR 1 M + 3.800%		6.204			03/25/25		231,742
		Series - 2015 HQ1 (Class M3)
161,301	i	STACR	LIBOR 1 M + 1.950%		4.354			05/25/25		162,866
		Series - 2015 HQ2 (Class M2)
5,867	i	STACR	LIBOR 1 M + 1.200%		3.604			07/25/29		5,890
		Series - 2017 DNA1 (Class M1)
570,753	i	STACR	LIBOR 1 M + 0.750%		3.154			03/25/30		571,404
		Series - 2017 DNA3 (Class M1)
349,246	i	STACR	LIBOR 1 M + 0.950%		3.354			04/25/30		347,316
		Series - 2017 HQA3 (Class M2AS)
48,135	g,i	STACR			3.818			05/25/48		48,293
		Series - 2018 SPI2 (Class M1)
99,358	g,i	STACR			4.165			08/25/48		100,391
		Series - 2018 SPI3 (Class M1)
25,000	g,i	STACR			4.460			11/25/48		24,881
		Series - 2018 SPI4 (Class M2)
301,036	i	Wachovia Bank Commercial Mortgage Trust			6.308			05/15/46		302,842
		Series - 2007 C34 (Class AJ)
72,000	i	Wachovia Bank Commercial Mortgage Trust			6.383			05/15/46		72,726
		Series - 2007 C34 (Class C)
50,000	g,i	Wells Fargo Mortgage Backed Securities Trust			5.276			11/15/43		51,542
		Series - 2010 C1 (Class B)
645,000	i	WFRBS Commercial Mortgage Trust			4.387			12/15/46		690,747
		Series - 2013 C18 (Class AS)
		TOTAL OTHER MORTGAGE BACKED								21,111,365
		TOTAL STRUCTURED ASSETS								37,451,392
		(Cost $36,749,640)
		TOTAL BONDS								190,809,225
		(Cost $185,176,877)
SHARES		COMPANY
PREFERRED STOCKS - 0.1%
BANKS - 0.1%
5,517	*	Federal Home Loan Mortgage Corp								68,411
17,265	*	Federal National Mortgage Association (FNMA)								215,122
		TOTAL BANKS								283,533
		TOTAL PREFERRED STOCKS								283,533
		(Cost $569,550)

104

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 2.4%
GOVERNMENT AGENCY DEBT - 2.4%
$          4,824,000	Federal Home Loan Bank (FHLB)		2.100	%		07/01/19	$	4,824,000
	TOTAL GOVERNMENT AGENCY DEBT							4,824,000
	TOTAL SHORT-TERM INVESTMENTS							4,824,000
	(Cost $4,824,000)
	TOTAL INVESTMENTS - 99.5%							198,219,665
	(Cost $192,911,956)
	OTHER ASSETS & LIABILITIES, NET - 0.5%							857,850
	NET ASSETS - 100.0%						$	199,077,515

Abbreviation(s):

LIBOR London Interbank Offered Rates

M Month

REIT Real Estate Investment Trust

UYU Uruguayan Peso

W Week

* Non-income producing

† Security is categorized as Level 3 in the fair value hierarchy.

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities was $37,151,486 or 18.7% of net assets.

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

i Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

Bilateral credit default swap contracts outstanding as of June 30, 2019 were as follows:

PURCHASED

Reference entity	Terms of payments to be paid	Terms of payments to be received	Counterparty	Maturity date		Notional amount*		Value		Upfront premiums paid (received)		Unrealized appreciation (depreciation)
CDX-EMS31-V1-5Y  Index	1.000%	Credit event as specified in contract	Citibank, N.A		06/20/24	$	500,000	$	15,595	$	15,679	$	(84	)

* The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

Centrally cleared credit default swap contracts outstanding as of June 30, 2019 were as follows:

PURCHASED

Reference entity	Terms of payments to be paid	Terms of payments to be received	Counterparty	Maturity date		Notional amount*		Variation margin			Unrealized appreciation (depreciation)
CDX-NAHYS32V1-5Y Index	5.000%	Credit event as specified in contract	Citigroup Global Markets, Inc		06/20/24	$	500,000	$	(954	)	$	(5,620	)

* The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

105

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 99.5%
GOVERNMENT AGENCY DEBT - 69.8%
$       825,000	Federal Agricultural Mortgage Corp (FAMC)		0.010	%		08/23/19	$	822,146
2,365,000	FAMC		0.010			09/23/19		2,353,053
126,000	Federal Farm Credit Bank (FFCB)		0.010			07/03/19		125,983
1,000,000	FFCB		0.010			07/09/19		999,471
1,000,000	FFCB		0.010			07/31/19		998,083
2,000,000	FFCB		0.010			08/05/19		1,995,411
1,500,000	FFCB		0.010			08/06/19		1,496,465
2,100,000	FFCB		0.010			08/12/19		2,094,610
2,000,000	FFCB		0.010			08/14/19		1,994,476
1,680,000	FFCB		0.010			08/20/19		1,674,633
1,100,000	FFCB		0.010			08/26/19		1,095,876
1,500,000	FFCB		0.010			09/03/19		1,493,500
466,000	FFCB		0.010			09/09/19		463,789
1,000,000	FFCB		0.010			09/16/19		994,888
500,000	FFCB		0.010			09/23/19		497,212
2,498,000	FFCB		0.010			10/04/19		2,483,275
750,000	FFCB		0.010			10/21/19		744,423
1,000,000	Federal Home Loan Bank (FHLB)		0.010			07/01/19		1,000,000
3,000,000	FHLB		0.010			07/03/19		2,999,611
935,000	FHLB		0.010			07/09/19		934,504
1,925,000	FHLB		0.010			07/10/19		1,923,842
2,305,000	FHLB		0.010			07/12/19		2,303,398
1,000,000	FHLB		0.010			07/15/19		999,055
1,200,000	FHLB		0.010			07/17/19		1,198,816
1,000,000	FHLB		0.010			07/19/19		998,795
900,000	FHLB		0.010			07/22/19		898,798
828,000	FHLB		0.010			07/23/19		826,816
594,000	FHLB		0.010			07/24/19		593,089
897,000	FHLB		0.010			07/31/19		895,348
1,000,000	FHLB		0.010			08/07/19		997,677
750,000	FHLB		0.010			08/09/19		748,034
2,950,000	FHLB		0.010			08/15/19		2,941,482
2,625,000	FHLB		0.010			08/16/19		2,617,420
1,000,000	FHLB		0.010			08/21/19		996,650
1,404,000	FHLB		0.010			08/23/19		1,399,251
2,159,000	FHLB		0.010			08/30/19		2,150,607
2,300,000	FHLB		0.010			09/04/19		2,290,413
6,000,000	FHLB		0.010			09/13/19		5,972,867
1,500,000	FHLB		0.010			09/18/19		1,492,824
1,000,000	FHLB		0.010			09/20/19		995,163
520,000	FHLB		0.010			09/23/19		517,367
1,600,000	FHLB		0.010			09/25/19		1,591,729
2,000,000	FHLB		0.010			09/30/19		1,989,181
500,000	Federal Home Loan Mortgage Corp (FHLMC)		0.010			07/03/19		499,934
1,000,000	FHLMC		0.010			07/08/19		999,536
1,225,000	FHLMC		0.010			09/24/19		1,218,006
920,000	FHLMC		0.010			10/03/19		914,271
500,000	FHLMC		0.010			10/04/19		496,860
535,000	FHLMC		0.010			10/07/19		531,585
1,085,000	FHLMC		0.010			10/17/19		1,077,393
500,000	FHLMC		0.010			10/18/19		496,472
430,000	FHLMC		0.010			10/29/19		426,574
780,000	FHLMC		0.010			11/04/19		773,516

106

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$       1,370,000		FHLMC			0.010	%		11/19/19	$	1,358,294
580,000		Federal National Mortgage Association (FNMA)			0.010			07/01/19		580,000
1,000,000		FNMA			0.010			08/07/19		997,554
800,000		FNMA			0.010			09/18/19		796,226
		TOTAL GOVERNMENT AGENCY DEBT								75,766,252
TREASURY DEBT - 11.0%
1,500,000		United States Treasury Bill			0.010			07/02/19		1,499,903
1,000,000		United States Treasury Bill			0.010			07/05/19		999,736
2,000,000		United States Treasury Bill			0.010			07/11/19		1,998,688
995,000		United States Treasury Bill			0.010			07/16/19		994,051
1,080,000		United States Treasury Bill			0.010			07/18/19		1,078,786
1,000,000		United States Treasury Bill			0.010			08/01/19		997,965
2,500,000		United States Treasury Bill			0.010			10/24/19		2,483,054
300,000		United States Treasury Note			1.000			10/15/19		298,701
1,563,000		United States Treasury Note			1.000			11/15/19		1,554,012
		TOTAL TREASURY DEBT								11,904,896
VARIABLE RATE SECURITIES - 18.7%
500,000	i	Federal Agricultural Mortgage Corp (FAMC)	EFFR + 0.150%		2.530			09/27/19		500,000
500,000	i	FAMC	LIBOR 3 M - 0.200%		2.379			11/01/19		500,000
500,000	i	FAMC	EFFR + 0.120%		2.500			02/26/20		500,000
500,000	i	FAMC	FRED - 2.950%		2.550			05/19/20		500,000
500,000	i	FAMC	EFFR + 0.100%		2.480			07/06/20		500,000
500,000	i	FAMC	EFFR + 0.090%		2.470			07/08/20		500,000
1,000,000	i	FAMC	FRED - 3.020%		2.480			09/01/20		1,000,000
2,000,000	i	FAMC	SOFR + 0.080%		2.500			12/21/20		2,000,000
250,000	i	Federal Farm Credit Bank (FFCB)	FRED - 3.080%		2.420			08/16/19		249,997
600,000	i	FFCB	FRED - 3.075%		2.425			09/25/19		599,886
300,000	i	FFCB	FRED - 3.080%		2.420			10/10/19		299,925
300,000	i	FFCB	US Treasury Bill 3 M + 0.050%		2.146			10/18/19		300,000
250,000	i	FFCB	FRED - 3.065%		2.435			12/26/19		249,951
1,000,000	i	FFCB	LIBOR 1 M - 0.030%		2.389			01/07/20		1,000,000
300,000	i	FFCB	US Treasury Bill 3 M + 0.055%		2.151			01/27/20		300,000
500,000	i	FFCB	FRED - 2.980%		2.520			02/20/20		500,000
300,000	i	FFCB	FRED - 2.870%		2.630			05/29/20		300,000
1,000,000	i	FFCB	FRED - 2.960%		2.540			07/09/20		999,924
500,000	i	FFCB	US Treasury Bill 3 M + 0.045%		2.141			08/17/20		499,972
500,000	i	FFCB	FRED - 3.020%		2.480			09/28/20		499,474
500,000	i	FFCB	US Treasury Bill 3 M + 0.160%		2.256			01/19/21		499,923
500,000	i	Federal Home Loan Bank (FHLB)	LIBOR 1 M - 0.070%		2.343			07/12/19		500,000
500,000	i	FHLB	SOFR + 0.060%		2.480			09/10/19		500,000
2,500,000	i	FHLB	SOFR + 0.035%		2.455			06/19/20		2,500,000
230,000	i	Federal Home Loan Mortgage Corp (FHLMC)	LIBOR 3 M - 0.165%		2.433			07/05/19		230,001
750,000	i	FHLMC	LIBOR 1 M - 0.100%		2.312			08/08/19		750,002
500,000	i	Federal National Mortgage Association (FNMA)	SOFR + 0.070%		2.490			10/30/19		500,000
500,000	i	FNMA	SOFR + 0.060%		2.480			07/30/20		500,000
500,000	i	FNMA	SOFR + 0.075%		2.495			10/30/20		500,000
500,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.048%		2.144			10/31/19		500,069

107

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$       1,500,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.033%		2.129	%		04/30/20	$	1,499,832
		TOTAL VARIABLE RATE SECURITIES								20,278,956
		TOTAL SHORT-TERM INVESTMENTS								107,950,104
		(Cost $107,950,104)
		TOTAL PORTFOLIO - 99.5%								107,950,104
		(Cost $107,950,104)
		OTHER ASSETS & LIABILITIES, NET - 0.5%								493,484
		NET ASSETS - 100.0%							$	108,443,588

Abbreviation(s):

EFFR Effective Federal Funds Rate

FRED Federal Bank Prime Loan Rate

LIBOR London Interbank Offered Rate

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.

108

TIAA-CREF LIFE FUNDS - Balanced Fund

TIAA-CREF LIFE FUNDS

BALANCED FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES	SECURITY	VALUE
TIAA-CREF LIFE FUNDS - 99.9%(a)
FIXED INCOME - 49.2%
2,978,397	TIAA-CREF Life Bond Fund	$	31,690,147
	TOTAL FIXED INCOME		31,690,147
INTERNATIONAL EQUITY - 10.1%
815,605	TIAA-CREF Life International Equity Fund		6,516,688
	TOTAL INTERNATIONAL EQUITY		6,516,688
U.S. EQUITY - 40.6%
358,885	TIAA-CREF Life Growth Equity Fund		5,971,847
350,128	TIAA-CREF Life Growth & Income Fund		6,526,391
399,656	TIAA-CREF Life Large-Cap Value Fund		5,799,009
86,494	TIAA-CREF Life Real Estate Securities Fund		1,287,038
89,153	TIAA-CREF Life Small-Cap Equity Fund		1,308,762
200,975	TIAA-CREF Life Stock Index Fund		5,231,389
	TOTAL U.S. EQUITY		26,124,436
	TOTAL TIAA-CREF LIFE FUNDS		64,331,271
	(Cost $56,330,678)
	TOTAL INVESTMENTS - 99.9%		64,331,271
	(Cost $56,330,678)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		43,773
	NET ASSETS - 100.0%	$	64,375,044

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

109

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF LIFE FUNDS
Dated: August 15, 2019	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: August 15, 2019	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President (principal executive officer)
Dated: August 15, 2019	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

EX-99.12(A)(2)(I)

Exhibit 12(a)(2)(i)

CERTIFICATION

I, Bradley Finkle, certify that:

1. I have reviewed this report on Form N-CSR of the TIAA-CREF Life Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: August 15, 2019	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

EX-99.12(A)(2)(II)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-CSR of the TIAA-CREF Life Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: August 15, 2019	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)

EX-99.12(B)

Exhibit 12(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the TIAA-CREF Life Funds does hereby certify, to such officer’s knowledge, that:

This report on Form N-CSR of the TIAA-CREF Life Funds (the “Funds”) (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Funds.

Dated: August 15, 2019	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)
Dated: August 15, 2019	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)