Life Funds Annual Report

N-CSR 1 d842002dncsr.htm LIFE FUNDS ANNUAL REPORT Life Funds Annual Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-08961

TIAA-CREF LIFE FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

John M. McCann, Esq.

TIAA-CREF Life Funds

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2019

Item 1. Reports to Stockholders.

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TIAA-CREF

Life Funds

December 31,

2019

TIAA-CREF Life Funds

The annual report contains the audited financial statements.



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

Annual

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			38

Balanced Fund			41

Summary portfolios of investments			45

Audited financial statements

Statements of assets and liabilities			86

Statements of operations			90

Statements of changes in net assets			94

Financial highlights			102

Notes to financial statements			108

Report of independent registered public accounting firm			125

Important tax information			127

2019 special meeting			128

Trustees and officers			129

Additional information about index providers			134

How to reach us			Inside back cover

Understanding this report

This annual report contains information about the TIAA-CREF Life Funds and describes their results for the twelve months ended December 31, 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 December 31, 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 Annual Report 3

Market review

Global stock markets started 2019 with a powerful rally and went on to post strong gains for the full year. The U.S. economy continued to grow at a steady pace, bolstered by a historically strong labor market that drove the unemployment rate to a 50-year low. Wages grew while inflation remained moderate. The Federal Reserve, which had raised the federal funds target rate nine times from 2015 to 2018, changed course and lowered the rate three times in 2019; bond yields also declined. International stocks advanced despite concerns about growth in certain foreign economies and the global impact of trade tensions between the United States and China. Central banks around the world generally maintained accommodative monetary policies.

•

Returns for the eight TIAA-CREF Life Funds that invest primarily in equities ranged from an advance of 23.1% for the International Equity Fund to a gain of 31.4% for the Social Choice Equity Fund.

•

The Balanced Fund returned 18.8%, while the Bond Fund increased 9.5%.

•

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

TIAA-CREF Life Funds performance review

For the twelve-month period, all TIAA-CREF Life Funds advanced and most outpaced the performance of their respective benchmarks. Overall, stock returns surpassed those of bonds, and the performance of U.S. equities generally exceeded foreign stocks.

The Growth Equity Fund gained 30.7% but underperformed its benchmark, the Russell 1000^® Growth Index. The Growth & Income Fund, which returned 30.1%, also fell short of its S&P 500^® Index benchmark. The Large-Cap Value Fund’s 28.7% gain outpaced the Russell 1000 Value Index. However, the Small-Cap Equity Fund trailed its Russell 2000^® Index benchmark with a return of 23.7%.

The Social Choice Equity Fund, which does not invest in certain stocks because of environmental, social and governance criteria, advanced 31.4% to exceed its Russell 3000^® Index benchmark. The Stock Index Fund climbed 30.8% but fell slightly short of the same benchmark. The Real Estate Securities Fund gained 31.3% to surpass its benchmark, the FTSE Nareit All Equity REITs Index. The International Equity Fund outperformed its benchmark, the MSCI EAFE^® Index, with a return of 23.1%.

The Balanced Fund, which invests in both stock and bond funds, rose 18.8% but fell just short of its composite benchmark. The Bond Fund’s 9.5% gain outpaced the Bloomberg Barclays U.S. Aggregate Bond Index. The Money Market Fund advanced 2.1% to outperform the iMoneyNet Money Fund Averages^™—All Government. For more information regarding the performance of the TIAA-CREF Life Funds, please see the commentaries starting on page 10.

4 2019 Annual Report ∎ TIAA-CREF Life Funds

U.S. equities experienced a banner year

The domestic stock market, as represented by the broad-based Russell 3000 Index, gained 31.0% for the twelve months. Foreign equities, as measured in U.S.-dollar terms by the MSCI EAFE Index, rose 22.0%. U.S. investment-grade fixed-rate bonds, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, advanced 8.7%. Yields on U.S. Treasury securities of all maturities declined, pushing bond prices higher (bond yields move in the opposite direction of prices).

A prudent approach to pursuing long-term financial goals

As we enter a new decade, it’s worth taking a moment to appreciate the past ten years. The U.S. economy has enjoyed a steady, multiyear expansion, and global financial markets have prospered. But there were moments when continued growth appeared far from certain, and investors experienced periods of higher volatility along the way. As we begin a new year with a presidential election in November, some analysts anticipate further gains while others expect increased volatility. Surely, no one can predict where markets are headed in the future. But

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Brad Finkle

those uncertainties and unavoidable periods of higher volatility should not distract investors from their long-term investment goals. We believe a well-balanced and diversified portfolio of different asset classes can be a prudent strategy to help investors manage through the inevitable fluctuations of the financial markets. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.

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 Annual 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 Annual 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 Annual 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 2020. 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 Annual 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 (July 1, 2019–December 31, 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 Annual Report 9

Growth Equity Fund

Performance for the twelve months ended December 31, 2019

The Growth Equity Fund returned 30.73% for the year, compared with the 36.39% return of its benchmark, the Russell 1000^® Growth Index.

During the twelve-month period, the U.S. economy continued to grow while inflation remained moderate. Unemployment declined to 3.5% in November 2019—matching its lowest level in 50 years—and remained there at the end of the period. Core inflation, which includes all items except food and energy, rose 2.3% for the period. The Federal Reserve, which had raised interest rates over the previous four years, reversed course in 2019, lowering the federal funds target rate three times to 1.50%–1.75%.

The performance of the U.S. stock market, as measured by the Russell 3000^® Index, was strong at 31.02%. Growth shares outpaced value stocks, and large-cap equities outperformed both small- and mid-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 advanced for the twelve months (utilities are no longer represented). The information technology (up 51.9%), consumer discretionary (up 28.4%) and communication services (up 35.3%) sectors contributed most to the index’s return. Together, these three sectors represented more than 60.0% of the benchmark’s total market capitalization on December 31, 2019. Information technology—the largest sector in the benchmark—was the only one to outpace the index. The financials, materials and real estate sectors each produced solid returns of more than 33.0% but trailed the index. Energy—the benchmark’s smallest sector—gained 8.6% and was the worst performer.

The Fund advanced but trailed its benchmark for the period. An underweight position in Apple, which gained strongly, detracted most from relative performance. An overweight in Expedia Group was the next-largest detractor, as the online travel booking company posted disappointing third-quarter earnings. An overweight position in Netflix also limited the Fund’s relative return as the stock trailed the benchmark.

On the plus side, the Fund benefited by avoiding benchmark component AbbVie, a biopharmaceutical company that underperformed due to increased competition for its arthritis medication. The Fund’s underweight position in UnitedHealth Group was the second-largest contributor, as the health care provider’s performance trailed the benchmark. An overweight investment in Mastercard also made a positive contribution. The stock outpaced the benchmark by a wide margin after posting strong revenue and profit growth.

10 2019 Annual Report ∎ TIAA-CREF Life Funds

Growth Equity Fund

Performance as of December 31, 2019



			Total return			Average annual total return						Annual operating expenses*

	Inception date		1 year			5 years			10 years			gross			net
Growth Equity Fund		4/3/00		30.73	%		13.77	%		14.90	%		0.56	%		0.52	%
Russell 1000^® Growth Index		—		36.39			14.63			15.22			—			—

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.

$10,000 over 10 years

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				Growth Equity Fund $40,107

				Russell 1000^® Growth Index $41,234

Ending amounts are as of December 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.

TIAA-CREF Life Funds ◾ 2019 Annual Report 11

Growth Equity Fund

Expense example

Six months ended December 31, 2019



Growth Equity Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19)
Actual return	$	1,000.00	$	1,078.65	$	2.72
5% annual hypothetical return		1,000.00		1,022.58		2.65

“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 184/365. There were 184 days in the six months ended December 31, 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.

Fund profile



	as of 12/31/2019
Net assets	$	117.94 million
Portfolio turnover rate		108%
Number of holdings		82
Weighted median market capitalization	$	127.68 billion
Price/earnings ratio (weighted 12-month trailing average)^†		37.6

^†	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 12/31/2019
More than $50 billion		79.8
More than $15 billion–$50 billion		17.7
More than $2 billion–$15 billion		2.5
Total		100.0

Portfolio composition



Sector	% of net assets as of 12/31/2019
Information technology		40.0
Health care		18.8
Consumer discretionary		16.0
Communication services		12.6
Industrials		6.3
Materials		2.5
Financials		2.4
Consumer staples		0.9
Energy		0.1
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

12 2019 Annual Report ∎ TIAA-CREF Life Funds

Growth & Income Fund

Performance for the twelve months ended December 31, 2019

The Growth & Income Fund returned 30.10% for the year, compared with the 31.49% return of its benchmark, the S&P 500^® Index.

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, surpassed the 31.02% gain of the broad U.S. stock market, as measured by the Russell 3000^® Index. The Russell 3000 Index holds smaller equities, which underperformed large-cap stocks for the year.

Fund posted a double-digit gain but trailed its benchmark

All of the eleven industry sectors in the S&P 500 Index had double-digit gains for the twelve months. Information technology (up 50.3%)—the benchmark’s largest sector—performed best, followed by communication services (up 32.7%), financials (up 32.1%) and industrials (up 29.4%). Together, these four sectors represented more than one-half of the total market capitalization of the index on December 31, 2019. The weakest-performing sectors were energy (up 11.8%) and health care (up 20.8%). Excess supply held down oil prices in 2019, while political discourse focusing on health care reform limited the performance of health care stocks.

The Fund advanced but underperformed its benchmark for the period. An overweight position in oil and gas exploration company Concho Resources, an out-of-benchmark holding in database management firm Teradata and an overweight in chemical company DuPont de Nemours were the largest detractors from the Fund’s relative performance. Concho Resources and Teradata both had disappointing earnings, while DuPont’s stock weakened as the company announced the spinoff of its agriculture business.

On the plus side, an underweight position in Berkshire Hathaway, excluding Johnson & Johnson and an overweight in semiconductor maker Advanced Micro Devices were the biggest contributors to the Fund’s relative return. Berkshire Hathaway’s results suffered due to its substantial ownership stake in Kraft Heinz. Johnson & Johnson grappled with consequences of the opioid epidemic. Advanced Micro Devices benefited from revenue growth driven by its computing and graphics business.

TIAA-CREF Life Funds ◾ 2019 Annual Report 13

Growth & Income Fund

Performance as of December 31, 2019



			Total return			Average annual total return						Annual operating expenses*

	Inception date		1 year			5 years			10 years			gross			net
Growth & Income Fund		4/3/00		30.10	%		10.91	%		13.04	%		0.56	%		0.52	%
S&P 500^® Index		—		31.49			11.70			13.56			—			—

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

$10,000 over 10 years

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						Growth & Income Fund $34,056

						S&P 500^® Index $35,666

Ending amounts are as of December 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.

14 2019 Annual Report ∎ TIAA-CREF Life Funds

Growth & Income Fund

Expense example

Six months ended December 31, 2019



Growth & Income Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19)
Actual return	$	1,000.00	$	1,084.66	$	2.73
5% annual hypothetical return		1,000.00		1,022.58		2.65

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

Fund profile



	as of 12/31/2019
Net assets	$	160.22 million
Portfolio turnover rate		63%
Number of holdings		180
Weighted median market capitalization	$	107.67 billion
Price/earnings ratio (weighted 12-month trailing average)^†		26.3

^†	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 12/31/2019
More than $50 billion		62.9
More than $15 billion–$50 billion		21.0
More than $2 billion–$15 billion		15.4
$2 billion or less		0.7
Total		100.0

Portfolio composition



Sector	% of net assets as of 12/31/2019
Information technology		24.2
Health care		15.2
Financials		12.4
Communication services		10.7
Industrials		9.3
Consumer discretionary		9.0
Consumer staples		7.5
Energy		4.3
Materials		3.5
Utilities		2.3
Real estate		1.4
Short-term investments, other assets & liabilities, net		0.2
Total		100.0

TIAA-CREF Life Funds ◾ 2019 Annual Report 15

Large-Cap Value Fund

Performance for the twelve months ended December 31, 2019

The Large-Cap Value Fund returned 28.66% for the year, compared with the 26.54% return of its benchmark, the Russell 1000^® Value Index.

Fund posted a strong gain, surpassed its benchmark

All eleven industry sectors in the Russell 1000 Value Index recorded double-digit gains for the twelve months. Information technology (up 41.2%) generated the strongest return, driven by robust demand for cloud computing services and the buildout of next-generation wireless networks. Financials (up 30.8%)—the index’s largest sector—also performed well and was the top contributor to the index’s overall return. Health care (up 20.2%) trailed the benchmark but was still a top contributor due to its large weighting. Together, these three sectors represented more than 40.0% of the benchmark’s total market capitalization on December 31, 2019. Energy (up 10.8%) registered the weakest gain as excess supply held down oil prices in 2019.

The Fund outperformed its benchmark mainly because of successful stock choices. The top contributors to the Fund’s relative return were overweight positions in Citigroup and JPMorgan Chase, both of which experienced strength in their consumer banking operations. The next-largest contributors were overweight investments in packaging company Crown Holdings, which benefited from healthy global demand for beverage containers, and Microsoft, whose cloud computing business drove strong sales.

These and other favorable stock selections were partly offset by stock picks that did not perform as anticipated. Major detractors included overweight holdings in energy firms EOG Resources and Concho Resources. An overweight position in Cigna was also a significant detractor, as the potential for increased government regulation dampened investor enthusiasm for health insurance stocks.

16 2019 Annual Report ∎ TIAA-CREF Life Funds

Large-Cap Value Fund

Performance as of December 31, 2019



			Total return			Average annual total return						Annual operating expenses*

	Inception date		1 year			5 years			10 years			gross			net
Large-Cap Value Fund		10/28/02		28.66	%		6.96	%		10.61	%		0.63	%		0.52	%
Russell 1000^® Value Index		—		26.54			8.29			11.80			—			—

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

$10,000 over 10 years

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				Large-Cap Value Fund $27,408

				Russell 1000^® Value Index $30,505

Ending amounts are as of December 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.

TIAA-CREF Life Funds ◾ 2019 Annual Report 17

Large-Cap Value Fund

Expense example

Six months ended December 31, 2019



Large-Cap Value Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19)
Actual return	$	1,000.00	$	1,099.53	$	2.75
5% annual hypothetical return		1,000.00		1,022.58		2.65

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

Fund profile



	as of 12/31/2019
Net assets	$	75.10 million
Portfolio turnover rate		19%
Number of holdings		82
Weighted median market capitalization	$	132.28 billion
Price/earnings ratio (weighted 12-month trailing average)^†		18.9

^†	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 12/31/2019
More than $50 billion		74.1
More than $15 billion–$50 billion		20.1
More than $2 billion–$15 billion		5.8
Total		100.0

Portfolio composition



Sector	% of net assets as of 12/31/2019
Financials		25.9
Health care		15.7
Industrials		11.5
Information technology		10.4
Communication services		7.8
Energy		6.9
Consumer staples		6.5
Utilities		4.8
Materials		3.9
Consumer discretionary		3.5
Real estate		2.1
Short-term investments, other assets & liabilities, net		1.0
Total		100.0

18 2019 Annual Report ∎ TIAA-CREF Life Funds

Real Estate Securities Fund

Performance for the twelve months ended December 31, 2019

The Real Estate Securities Fund returned 31.33% for the year, compared with the 28.66% return of its benchmark, the FTSE Nareit All Equity REITs Index.

REITs, as measured by the benchmark index, posted double-digit gains for the twelve months, supported by favorable property fundamentals, a strong labor market and ongoing economic growth. Unemployment declined to 3.5% in November—matching its lowest level in 50 years—and remained there at the end of the period. Core inflation, which includes all items except food and energy, rose 2.3% for the twelve months ended December 31, 2019.

The Federal Reserve, which had raised interest rates over the previous four years, reversed course in 2019, lowering the federal funds target rate three times to 1.50%–1.75%. Yields on U.S. Treasury securities of all maturities declined, boosting bond prices (bond yields move in the opposite direction of prices).

Fund produced a sizable gain, surpassed its benchmark

Among the benchmark’s 16 property sectors and subsectors, nearly all posted double-digit gains for the twelve months. The largest returns were seen in the manufactured homes (up 49.1%), industrial (up 48.4%), single family homes (up 44.3%) and data centers (up 44.2%) sectors. Regional malls (down 10.1%) was the only sector to suffer a loss.

For the twelve-month period, the Fund produced a substantial gain and surpassed its benchmark—primarily 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 triple-digit gains. An overweight position in Sun Communities, a REIT that invests in manufactured home communities, and 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 Regency Centers, a grocery-anchored shopping center operator, and Simon Property Group, a commercial real estate company focusing on shopping malls, also impacted the Fund’s relative performance as both struggled during the period.

TIAA-CREF Life Funds ◾ 2019 Annual Report 19

Real Estate Securities Fund

Performance as of December 31, 2019



			Total return			Average annual total return						Annual operating expenses*

	Inception date		1 year			5 years			10 years			gross			net
Real Estate Securities Fund		10/28/02		31.33	%		8.92	%		12.90	%		0.65	%		0.57	%
FTSE Nareit All Equity REITs Index		—		28.66			8.43			12.59			—			—

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

$10,000 over 10 years

LOGO


				Real Estate Securities Fund $33,646

				FTSE Nareit All Equity REITs Index $32,728

Ending amounts are as of December 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.

20 2019 Annual Report ∎ TIAA-CREF Life Funds

Real Estate Securities Fund

Expense example

Six months ended December 31, 2019



Real Estate Securities Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19)
Actual return	$	1,000.00	$	1,086.50	$	3.00
5% annual hypothetical return		1,000.00		1,022.33		2.91

“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 184/365. There were 184 days in the six months ended December 31, 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.

Fund profile



	as of 12/31/2019
Net assets	$	84.98 million
Portfolio turnover rate		35%
Number of holdings		54
Weighted median market capitalization	$	17.94 billion
Price/earnings ratio (weighted 12-month trailing average)^†		48.1

^†	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 12/31/2019
More than $50 billion		18.0
More than $15 billion–$50 billion		42.1
More than $2 billion–$15 billion		39.2
$2 billion or less		0.7
Total		100.0

Portfolio composition



Sector	% of net assets as of 12/31/2019
Specialized REITs		28.3
Residential REITs		20.2
Industrial REITs		12.8
Retail REITs		10.0
Office REITs		9.5
Health care REITs		7.3
Diversified REITs		3.9
Hotel & resort REITs		2.4
Internet services & infrastructure		1.8
Other diversified financial services		1.7
Mortgage REITs		0.9
Short-term investments, other assets & liabilities, net		1.2
Total		100.0

TIAA-CREF Life Funds ◾ 2019 Annual Report 21

Small-Cap Equity Fund

Performance for the twelve months ended December 31, 2019

The Small-Cap Equity Fund returned 23.72% for the year, compared with the 25.52% return of its benchmark, the Russell 2000^® Index.

Fund posted a double-digit gain but lagged its benchmark

Ten of the eleven industry sectors in the Russell 2000 Index generated positive returns for the twelve months. Information technology (up 41.4%) led the way and was also the top contributor to the benchmark’s performance. Health care (up 28.7%) and industrials (up 29.4%) also posted outsized gains and were the next-largest contributors to the index’s return. Financials (up 22.4%)—the index’s biggest component—modestly trailed the index but was also a major contributor due to its size. Together, these four sectors represented more than 60.0% of the benchmark’s total market capitalization on December 31, 2019. Energy (down 6.8%) and communication services (up 8.3%) were the worst-performing sectors.

The Fund underperformed its benchmark as certain stock selections did not perform as expected. The largest detractors were overweight positions in USANA Health Sciences, a maker of nutritional supplements that faced weaker demand from China, and Medifast, a weight loss company whose quarterly sales growth generally underwhelmed investors. The next-largest detractor was a lack of exposure to benchmark component Arrowhead Pharmaceuticals, a stock that registered an exceptional gain.

On the positive side, several astute stock choices were beneficial. The top contributor to the Fund’s relative performance was an overweight investment in Roku, a maker of streaming video services that experienced strong growth in user accounts. Overweight positions in industrial company Atkore International, Lattice Semiconductor and medical genetics firm Invitae also boosted the Fund’s relative return.

22 2019 Annual Report ∎ TIAA-CREF Life Funds

Small-Cap Equity Fund

Performance as of December 31, 2019



			Total return			Average annual total return						Annual operating expenses*

	Inception date		1 year			5 years			10 years			gross			net
Small-Cap Equity Fund		10/28/02		23.72	%		8.40	%		12.03	%		0.66	%		0.53	%
Russell 2000^® Index		—		25.52			8.23			11.83			—			—

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

$10,000 over 10 years

LOGO


				Small-Cap Equity Fund $31,148

				Russell 2000^® Index $30,582

Ending amounts are as of December 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.

TIAA-CREF Life Funds ◾ 2019 Annual Report 23

Small-Cap Equity Fund

Expense example

Six months ended December 31, 2019



Small-Cap Equity Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19)
Actual return	$	1,000.00	$	1,045.92	$	2.73
5% annual hypothetical return		1,000.00		1,022.53		2.70

“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 184/365. There were 184 days in the six months ended December 31, 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.

Fund profile



	as of 12/31/2019
Net assets	$	53.61 million
Portfolio turnover rate		124%
Number of holdings		396
Weighted median market capitalization	$	2.06 billion
Price/earnings ratio (weighted 12-month trailing average)^†		39.7

^†	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 12/31/2019
More than $15 billion–$50 billion		1.3
More than $2 billion–$15 billion		52.1
$2 billion or less		46.6
Total		100.0

Portfolio composition



Sector	% of net assets as of 12/31/2019
Financials		17.8
Health care		16.6
Industrials		15.2
Information technology		12.1
Consumer discretionary		10.1
Real estate		8.8
Materials		4.9
Energy		4.3
Consumer staples		3.8
Utilities		2.9
Communication services		2.3
Short-term investments, other assets & liabilities, net		1.2
Total		100.0

24 2019 Annual Report ∎ TIAA-CREF Life Funds

Social Choice Equity Fund

Performance for the twelve months ended December 31, 2019

The Social Choice Equity Fund returned 31.38% for the year, compared with the 31.02% return of its benchmark, the Russell 3000^® Index. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

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

Not investing in Pfizer, Berkshire Hathaway and ExxonMobil helped the Fund’s relative performance. Pfizer investors reacted negatively to the announced merger of its Upjohn unit with Mylan. Berkshire Hathaway’s results suffered due to its substantial ownership stake in Kraft Heinz. ExxonMobil’s stock underperformed as higher capital expenditures concerned investors.

On the other hand, avoiding other stocks detracted from relative returns, notably Mastercard, JPMorgan Chase and Visa. Mastercard reported strong revenue growth, helped by increases in payment-processing transactions. JPMorgan Chase ended 2019 with its stock at an all-time high after reporting record revenue for the third quarter. Like Mastercard, Visa benefited from consumer trends, including the popularity of online shopping and increased use of credit and debit cards.

Fund posted a sizable gain, outperformed its benchmark

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

The Fund’s most beneficial investments were overweight positions in Netflix, Copart and S&P Global. Despite increasing competition, Netflix benefited from strength in paid streaming memberships. Online automotive dealer Copart’s stock rose on the back of double-digit revenue growth, helped by geographic expansion and the rising number of vehicles deemed total losses. Financial information services provider S&P Global reported growth across all businesses, with the S&P Dow Jones division showing particular strength.

Not all stocks in which the Fund was invested were beneficial. The largest detractors were an underweight in Facebook, an overweight in Occidental Petroleum and an underweight in Amazon.com. Facebook benefited from its popularity among users and advertisers. Investors balked at Occidental’s proposed acquisition of Anadarko Petroleum. Amazon.com reported double-digit sales growth.

TIAA-CREF Life Funds ◾ 2019 Annual Report 25

Social Choice Equity Fund

Performance as of December 31, 2019



			Total return			Average annual total return						Annual operating expenses*

	Inception date		1 year			5 years			10 years			gross			net
Social Choice Equity Fund		4/3/00		31.38	%		10.61	%		12.54	%		0.32	%		0.22	%
Russell 3000^® Index		—		31.02			11.24			13.42			—			—

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

$10,000 over 10 years

LOGO



						Social Choice Equity Fund $32,579

						Russell 3000^® Index $35,215

Ending amounts are as of December 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.

26 2019 Annual Report ∎ TIAA-CREF Life Funds

Social Choice Equity Fund

Expense example

Six months ended December 31, 2019



Social Choice Equity Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19)
Actual return	$	1,000.00	$	1,111.93	$	1.17
5% annual hypothetical return		1,000.00		1,024.10		1.12

“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 184/365. There were 184 days in the six months ended December 31, 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.

Fund profile



	as of 12/31/2019
Net assets	$	70.89 million
Portfolio turnover rate		27%
Number of holdings		612
Weighted median market capitalization	$	68.15 billion
Price/earnings ratio (weighted 12-month trailing average)^†		26.5

^†	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 12/31/2019
More than $50 billion		59.9
More than $15 billion–$50 billion		25.6
More than $2 billion–$15 billion		11.4
$2 billion or less		3.1
Total		100.0

Portfolio composition



Sector	% of net assets as of 12/31/2019
Information technology		21.4
Financials		14.8
Health care		13.9
Consumer discretionary		10.7
Industrials		10.3
Communication services		8.2
Consumer staples		6.0
Energy		4.2
Real estate		3.9
Utilities		3.4
Materials		2.8
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

TIAA-CREF Life Funds ◾ 2019 Annual Report 27

Stock Index Fund

Performance for the twelve months ended December 31, 2019

The Stock Index Fund returned 30.81% for the year, compared with the 31.02% return of its benchmark, the Russell 3000^® Index.

For the twelve-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 performance of the U.S. stock market, as measured by the Russell 3000 Index, was strong across investment styles and capitalization sizes. Growth shares outpaced value stocks, and large-cap equities outperformed both small- and mid-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark higher

All eleven sectors in the benchmark delivered positive performance for the twelve months. Information technology (up 49.3%)—the largest sector in the benchmark—and financials (up 30.8%) contributed most to the index’s return. Health care (up 21.9%) and industrials (up 30.0%) also made strong contributions. Together, these four sectors represented almost 60.0% of the benchmark’s total market capitalization on December 31, 2019. Communication services, consumer discretionary and consumer staples were also beneficial. Real estate, utilities and materials posted double-digit gains but had less of an impact on the benchmark’s overall return due to their smaller weightings. Energy (up 9.6%) was the worst performer.

For the twelve-month period, three of the benchmark’s five largest stocks outperformed the benchmark’s overall return. Apple’s stock nearly doubled, while Microsoft also had a sizeable gain. Facebook was next, rising on strong revenue growth. Alphabet, the parent company of Google, advanced, but it lagged the benchmark due to tepid earnings gains and increasing regulatory and political scrutiny. Amazon.com also posted gains but was hurt by two quarters of lower-than-expected earnings.

28 2019 Annual Report ∎ TIAA-CREF Life Funds

Stock Index Fund

Performance as of December 31, 2019



			Total return			Average annual total return						Annual operating expenses*

	Inception date		1 year			5 years			10 years			gross			net
Stock Index Fund		1/4/99		30.81	%		11.16	%		13.33	%		0.10	%		0.09	%
Russell 3000^® Index		—		31.02			11.24			13.42			—			—

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

$10,000 over 10 years

LOGO


				Stock Index Fund $34,941

				Russell 3000^® Index $35,215

Ending amounts are as of December 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.

TIAA-CREF Life Funds ◾ 2019 Annual Report 29

Stock Index Fund

Expense example

Six months ended December 31, 2019



Stock Index Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19)
Actual return	$	1,000.00	$	1,102.60	$	0.48
5% annual hypothetical return		1,000.00		1,024.75		0.46

“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 184/365. There were 184 days in the six months ended December 31, 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.

Fund profile



	as of 12/31/2019
Net assets	$	584.16 million
Portfolio turnover rate		3%
Number of holdings		2,852
Weighted median market capitalization	$	93.53 billion
Price/earnings ratio (weighted 12-month trailing average)^†		27.3

^†	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 12/31/2019
More than $50 billion		61.3
More than $15 billion–$50 billion		19.5
More than $2 billion–$15 billion		16.3
$2 billion or less		2.9
Total		100.0

Portfolio composition



Sector	% of net assets as of 12/31/2019
Information technology		22.3
Health care		14.1
Financials		13.4
Consumer discretionary		10.0
Industrials		9.8
Communication services		9.4
Consumer staples		6.4
Energy		4.0
Real estate		4.0
Utilities		3.2
Materials		2.8
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

30 2019 Annual Report ∎ TIAA-CREF Life Funds

International Equity Fund

Performance for the twelve months ended December 31, 2019

The International Equity Fund returned 23.07% for the year, compared with the 22.01% return of its benchmark, the MSCI EAFE^® Index.

International stocks in both developed and emerging markets posted solid gains despite slowing economic growth in many parts of the world. Economies in the euro area grew by an annualized rate of 1.2% in the second and third quarters of 2019, following annualized growth of 1.3% in the first quarter. Economic growth in China slowed through the first nine months of 2019. Japan’s economy posted steady gains through the first half of the year but slowed in the third quarter. The U.S. Federal Reserve lowered the federal funds target rate three times in 2019 to 1.50%–1.75%. The European Central Bank resumed a bond-buying program in November, with a stated target of purchasing more than $20 billion in bonds per month to stimulate the region’s economy.

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 twelve months; most posted double-digit gains.

Fund produced a double-digit return, surpassed its benchmark

The Fund’s allocation decisions were advantageous. The largest contributor was an overweight position in French energy management solutions provider Schneider Electric, followed by out-of-benchmark investments in British home improvement retailer Travis Perkins and German industrial gas producer Linde.

These positive effects were partly offset by several overweight positions. Global consumer goods provider Reckitt Benckiser Group saw revenues decline. German tourism services firm TUI was hurt by the grounding of the Boeing 737 MAX airliner. Japanese heavy machinery manufacturer IHI’s stock declined as the company reported challenging business conditions.

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 Annual Report 31

International Equity Fund

Performance as of December 31, 2019



			Total return			Average annual total return						Annual operating expenses*

	Inception date		1 year			5 years			10 years			gross			net
International Equity Fund		4/3/00		23.07	%		4.59	%		5.52	%		0.71	%		0.60	%
MSCI EAFE^® Index		—		22.01			5.67			5.50			—			—

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

LOGO


						International Equity Fund $17,109

						MSCI EAFE^® Index $17,085

Ending amounts are as of December 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.

32 2019 Annual Report ∎ TIAA-CREF Life Funds

International Equity Fund

Expense example

Six months ended December 31, 2019



International Equity Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19)
Actual return	$	1,000.00	$	1,089.02	$	3.16
5% annual hypothetical return		1,000.00		1,022.18		3.06

“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 184/365. There were 184 days in the six months ended December 31, 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.

Fund profile



	as of 12/31/2019
Net assets	$	107.62 million
Portfolio turnover rate		108%
Number of holdings		63
Weighted median market capitalization	$	41.10 billion
Price/earnings ratio (weighted 12-month trailing average)^†		17.3

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

Holdings by country



	% of portfolio investments as of 12/31/2019
France		20.3
United Kingdom		18.8
Japan		18.3
Germany		13.9
Switzerland		5.8
Italy		5.4
Denmark		3.3
Ireland		2.3
7 other nations		8.2
Short-term investments		3.7
Total		100.0

Portfolio composition



Sector	% of net assets as of 12/31/2019
Consumer discretionary		20.0
Financials		18.6
Industrials		15.8
Materials		13.2
Information technology		10.7
Health care		7.6
Consumer staples		7.1
Communication services		2.9
Real estate		0.4
Short-term investments, other assets & liabilities, net		3.7
Total		100.0

Holdings by company size



Market capitalization	% of equity investments as of 12/31/2019
More than $50 billion		45.3
More than $15 billion–$50 billion		30.1
More than $2 billion–$15 billion		24.6
Total		100.0

TIAA-CREF Life Funds ◾ 2019 Annual Report 33

Bond Fund

Performance for the twelve months ended December 31, 2019

The Bond Fund returned 9.48% for the year, compared with the 8.72% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

The European Central Bank left its low benchmark interest rates largely unchanged during the period. In November 2019, however, the central bank restarted a bond-buying program with a target of purchasing more than $20 billion in bonds per month to stimulate the region’s economy. The Bank of England left its benchmark interest rate of 0.75% unchanged.

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 twelve-month period. Corporate bonds, which accounted for 24.9% of the index’s total market capitalization on December 31, 2019, advanced 14.6% and were a primary driver of the benchmark’s overall performance. U.S. Treasuries, the largest index sector with a weight of 39.3%, returned 6.9%. Mortgage-backed securities, the benchmark’s second-largest sector at 26.9%, rose 6.5%.

The Fund outperformed its benchmark during the period, primarily due to an overweight position and strong security selection in corporate bonds. Overweight positions in asset-backed securities, commercial mortgage-backed securities and municipal bonds also contributed.

Conversely, the Fund’s interest-rate positioning dampened its performance versus the benchmark as rates generally fell during the period, and the Fund’s duration profile was shorter than the benchmark for most of the year.

34 2019 Annual Report ∎ TIAA-CREF Life Funds

Bond Fund

Performance as of December 31, 2019



			Total return			Average annual total return						Annual operating expenses*

	Inception date		1 year			5 years			10 years			gross			net
Bond Fund		7/8/03		9.48	%		3.54	%		4.15	%		0.38	%		0.35	%
Bloomberg Barclays U.S. Aggregate Bond Index		—		8.72			3.05			3.75			—			—

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.

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

$10,000 over 10 years

LOGO


				Bond Fund $15,018

				Bloomberg Barclays U.S. Aggregate Bond Index $14,445

Ending amounts are as of December 31, 2019. For the purpose of comparison, the graph also shows the change in the value of the Fund’s benchmark during the same period.

TIAA-CREF Life Funds ◾ 2019 Annual Report 35

Bond Fund

Expense example

Six months ended December 31, 2019



Bond Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19)
Actual return	$	1,000.00	$	1,024.79	$	1.79
5% annual hypothetical return		1,000.00		1,023.44		1.79

“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 184/365. There were 184 days in the six months ended December 31, 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.

Fund profile



	as of 12/31/2019
Net assets	$	203.00 million
Portfolio turnover rate		117%
Portfolio turnover rate, excluding mortgage dollar-roll transactions		111%
Number of issues		830
Option-adjusted duration^‡		5.60 years
Average maturity^§		7.67 years

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

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

Portfolio composition



Sector	% of net assets as of 12/31/2019
Corporate bonds		28.6
Mortgage-backed securities		23.2
U.S. Treasury securities		13.8
Foreign government & corporate bonds denominated in U.S. dollars		11.2
Asset-backed securities		8.2
Commercial mortgage-backed securities		7.9
Municipal bonds		3.7
Bank loan obligations		1.2
U.S. agency securities		0.2
Preferred stock		0.1
Short-term investments, other assets & liabilities, net		1.9
Total		100.0

36 2019 Annual Report ∎ TIAA-CREF Life Funds

Bond Fund

Holdings by maturity



	% of fixed-income investments (excluding short-term investments) as of 12/31/2019
Less than 1 year		2.7
1–3 years		18.4
3–5 years		20.6
5–10 years		43.1
Over 10 years		15.2
Total		100.0

Holdings by credit quality



	% of fixed-income investments (excluding short-term investments) as of 12/31/2019
U.S. Treasury & U.S. agency securities*		36.5
Aaa/AAA		7.6
Aa/AA		7.2
A/A		15.0
Baa/BBB		27.1
Ba/BB		2.2
B/B		1.6
Below B/B		0.4
Non-rated		2.4
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.

TIAA-CREF Life Funds ◾ 2019 Annual Report 37

Money Market Fund

Performance for the twelve months ended December 31, 2019

The Money Market Fund returned 2.09% for the year, compared with the 1.79% 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.

Money market funds generally benefited during the year. Total money market fund balances increased from almost $3.0 trillion at the start of 2019 to nearly $3.6 trillion by year-end. In the face of an inverted yield curve and volatile equity markets, money market funds provided an attractive choice for investors seeking potential stability and yield.

Yields on LIBOR—a key interest-rate benchmark for money market funds—also dropped. LIBOR is an indication of the interest rates that banks expect to pay to other banks for loans on the London market and was the key money market benchmark for many years. However, LIBOR is being phased out as a money market benchmark in favor of SOFR—the Secured Overnight Financing Rate—which is transaction-based. This change is expected to be complete by 2021. Between January 2, 2019, and December 31, 2019, one-month LIBOR declined from 2.51% to 1.76%; three-month LIBOR declined from 2.79% to 1.91%; six-month LIBOR declined from 2.87% to 1.91%; and twelve-month LIBOR declined from 3.00% to 2.00%. SOFR declined from 3.15% to 1.55%.

Fund outperformed the iMoneyNet average

For the twelve-month period, the Money Market Fund outperformed the iMoneyNet average. In pursuit of additional yield, the Fund continued to invest in longer-dated floating-rate government agency securities, which enhanced its performance relative to the iMoneyNet average. As of December 31, 2019, the Fund’s weighted average maturity (WAM) was 42 days, versus 37 days for the iMoneyNet average, and this longer WAM also benefited the Fund’s relative performance.

38 2019 Annual Report ∎ TIAA-CREF Life Funds

Money Market Fund

Net annualized yield for the 7 days ended December 31, 2019^§



	Current yield			Effective yield
Money Market Fund		1.49	%		1.50	%
iMoneyNet Money Fund Averages^™—All Government^‡		1.22			1.23

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 December 31, 2019



			Total return			Average annual total return						Annual operating expenses*

	Inception date		1 year			5 years			10 years			gross			net
Money Market Fund		7/8/03		2.09	%		0.96	%		0.50	%		0.24	%		0.15	%
iMoneyNet Money Fund Averages^™—All Government^‡		—		1.79			0.75			0.38			—			—

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 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.

TIAA-CREF Life Funds ◾ 2019 Annual Report 39

Money Market Fund

Expense example

Six months ended December 31, 2019



Money Market Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19 )
Actual return	$	1,000.00	$	1,009.40	$	0.76
5% annual hypothetical return		1,000.00		1,024.45		0.77

“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 184/365. There were 184 days in the six months ended December 31, 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 12/31/2019
Net assets	$	105.81 million
Number of issues		73

Portfolio composition



Sector	% of net assets as of 12/31/2019
U.S. government agency securities*		52.5
Floating-rate securities, government*		28.0
U.S. Treasury securities*		20.4
Short-term investments, other assets & liabilities, net		–0.9
Total		100.0

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

40 2019 Annual Report ∎ TIAA-CREF Life Funds

Balanced Fund

Performance for the twelve months ended December 31, 2019

The Balanced Fund returned 18.81% for the year, compared with the 18.84% 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.

The performance of the U.S. stock market, as measured by the Russell 3000 Index, was strong at 31.02%. Growth shares outpaced value stocks, and large-cap equities outperformed both small- and mid-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 22.01%. (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 8.72%, driven by declining market yields as well as strength in the corporate bond sector.

Fund trailed its benchmark slightly, hampered by weakness in U.S. equity funds

For the twelve-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 Real Estate Securities Fund posted the largest gain, followed by the Stock Index Fund.

The Fund slightly underperformed its composite benchmark for the period, hurt by weakness in its underlying U.S. equity funds. Among them, the Growth Equity Fund was the largest detractor, followed by the Growth & Income Fund and the Small-Cap Equity Fund.

Conversely, the Bond Fund was the largest contributor to the Fund’s performance relative to its benchmark. The Large-Cap Value Fund and the International Equity Fund were also beneficial.

TIAA-CREF Life Funds ◾ 2019 Annual Report 41

Balanced Fund

Performance as of December 31, 2019



			Total return			Average annual total return						Annual operating expenses*^#

	Inception date		1 year			5 years			since inception			gross			net
Balanced Fund		1/31/14		18.81	%		6.56	%		6.77	%		0.62	%		0.51	%
Balanced Fund Composite Index^†		—		18.84			6.76			7.15	^§		—			—
Broad market index
Morningstar Moderately Conservative Target Risk Index		—		15.25			5.55			5.52	^§		—			—

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

^#	These expenses include underlying fund expenses.

^†

As of the close of business on December 31, 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.

42 2019 Annual Report ∎ TIAA-CREF Life Funds

Balanced Fund

$10,000 invested at Fund’s inception

(Inception: January 31, 2014)

LOGO

Ending amounts are as of December 31, 2019. For the purpose of comparison, the graph also shows the change in the values of the Fund’s composite benchmark and broad market indexes during the same period.

Expense example

Six months ended December 31, 2019



Balanced Fund	Beginning account value (7/1/19)		Ending account value (12/31/19)		Expenses paid during period* (7/1/19–12/31/19)		Effective expenses paid during period^† (7/1/19–12/31/19)
Actual return	$	1,000.00	$	1,056.74	$	0.52	$	2.64
5% annual hypothetical return		1,000.00		1,024.70		0.51		2.60

“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 184/365. There were 184 days in the six months ended December 31, 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.

TIAA-CREF Life Funds ◾ 2019 Annual Report 43

Balanced Fund

Fund profile



	as of 12/31/2019
Net assets	$	68.83 million

Asset allocation



	% of net assets as of 12/31/19
Equity
U.S. equity		40.30
International equity		10.09

Fixed income		49.51
Other assets & liabilities, net		0.10
Total		100.00

Target allocation

Equity 50.00%

Fixed Income 50.00%

LOGO

44 2019 Annual Report ∎ TIAA-CREF Life Funds


Summary portfolio of investments

Growth Equity Fund § December 31, 2019


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	5,781	*	Tesla, Inc	$	2,418,366		2.0	%
			Other		531,927		0.5

					2,950,293		2.5

	CAPITAL GOODS
	6,132		Airbus SE		899,964		0.8
	4,531		Boeing Co		1,476,019		1.3
	4,090		L3Harris Technologies, Inc		809,288		0.7
	2,789		Northrop Grumman Corp		959,332		0.8
			Other		1,237,147		1.0

					5,381,750		4.6

	COMMERCIAL & PROFESSIONAL SERVICES
	15,239	*	IHS Markit Ltd		1,148,259		1.0

					1,148,259		1.0

	CONSUMER DURABLES & APPAREL
	30,672		Nike, Inc (Class B)		3,107,381		2.6
	10,685		VF Corp		1,064,867		0.9
			Other		329,659		0.3

					4,501,907		3.8

	CONSUMER SERVICES
	5,443		McDonald’s Corp		1,075,591		0.9
			Other		687,528		0.6

					1,763,119		1.5

	DIVERSIFIED FINANCIALS
	7,383		S&P Global, Inc		2,015,928		1.7
			Other		840,909		0.7

					2,856,837		2.4

	ENERGY				122,335		0.1

	FOOD & STAPLES RETAILING
	8,843		Walmart, Inc		1,050,902		0.9

					1,050,902		0.9

	HEALTH CARE EQUIPMENT & SERVICES
	20,386	*	Alcon, Inc (XNYS)		1,153,236		1.0
	13,887		Baxter International, Inc		1,161,231		1.0
	3,714	*	Intuitive Surgical, Inc		2,195,531		1.8
	3,986		UnitedHealth Group, Inc		1,171,804		1.0
			Other		564,795		0.5

					6,246,597		5.3


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


Summary portfolio of investments		continued

Growth Equity Fund § December 31, 2019


Shares			Company	Value		% of net assets

	MATERIALS
	6,051		Linde plc	$	1,288,258		1.1	%
	2,832		Sherwin-Williams Co		1,652,585		1.4

					2,940,843		2.5

	MEDIA & ENTERTAINMENT
	2,426	*	Alphabet, Inc (Class A)		3,249,360		2.8
	2,052	*	Alphabet, Inc (Class C)		2,743,565		2.3
	22,349	*	Facebook, Inc		4,587,132		3.9
	5,422	*	IAC/InterActiveCorp		1,350,675		1.1
	14,387		Walt Disney Co		2,080,792		1.8
			Other		831,653		0.7

					14,843,177		12.6

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	29,461		AstraZeneca plc		2,948,809		2.5
	27,191		Bristol-Myers Squibb Co		1,745,390		1.5
	20,278		GlaxoSmithKline plc (ADR)		952,863		0.8
	6,141	*	Illumina, Inc		2,037,215		1.7
	25,551		Merck & Co, Inc		2,323,863		2.0
	3,452	*	Regeneron Pharmaceuticals, Inc		1,296,157		1.1
	7,327	*	Vertex Pharmaceuticals, Inc		1,604,247		1.3
			Other		3,058,269		2.6

					15,966,813		13.5

	RETAILING
	3,765	*	Amazon.com, Inc		6,957,118		5.9
	602	*	Booking Holdings, Inc		1,236,345		1.0
	2,292		Kering		1,510,232		1.3

					9,703,695		8.2

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	19,837		Applied Materials, Inc		1,210,850		1.0
	7,953		NVIDIA Corp		1,871,341		1.6
	9,033		NXP Semiconductors NV		1,149,540		1.0
	17,753		Texas Instruments, Inc		2,277,532		1.9
			Other		993,725		0.9

					7,502,988		6.4

	SOFTWARE & SERVICES
	11,616	*	Adobe, Inc		3,831,073		3.2
	1,682	*,e,g	Adyen NV		1,383,606		1.2
	6,669		Automatic Data Processing, Inc		1,137,065		1.0
	6,056		Fidelity National Information Services, Inc		842,329		0.7
	7,829		Intuit, Inc		2,050,650		1.7
	14,216		Mastercard, Inc (Class A)		4,244,755		3.6
	51,997		Microsoft Corp		8,199,927		6.9
	14,911	*	PayPal Holdings, Inc		1,612,923		1.4
	23,872	*	salesforce.com, Inc		3,882,542		3.3


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


Summary portfolio of investments		concluded

Growth Equity Fund § December 31, 2019


Shares			Company		Value			% of net assets

	SOFTWARE & SERVICES—continued
	13,043		Visa, Inc (Class A)		$	2,450,780			2.1	%
			Other			2,717,865			2.3

						32,353,515			27.4

	TECHNOLOGY HARDWARE & EQUIPMENT
	19,094		Apple, Inc			5,606,953			4.8
	11,121	*	Keysight Technologies, Inc			1,141,348			1.0
			Other			517,904			0.4

						7,266,205			6.2

	TRANSPORTATION
	5,954		Kansas City Southern			911,915			0.7

						911,915			0.7

			TOTAL COMMON STOCKS	(Cost $72,426,743)		117,511,150			99.6


Principal			Issuer

	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT					510,000			0.4


Shares			Company

	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	1,373,418	c	State Street Navigator Securities Lending Government Money Market Portfolio			1,373,418			1.2

						1,373,418			1.2

			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,883,401)		1,883,418			1.6


			TOTAL PORTFOLIO	(Cost $74,310,144)		119,394,568			101.2
			OTHER ASSETS & LIABILITIES, NET			(1,456,055	)		(1.2	)

			NET ASSETS		$	117,938,513			100.0	%

Abbreviation(s):

ADR

American Depositary Receipt

Non-income producing

Investments made with cash collateral received from securities on loan.

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,309,598. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/19, the aggregate value of these securities, including those in “Other,” is $1,826,897 or 1.5% of net assets.

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

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 Annual Report			47


Summary portfolio of investments

Growth & Income Fund § December 31, 2019


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	745,799		0.5	%

	BANKS
	72,135		Bank of America Corp		2,540,595		1.6
	24,407		Citigroup, Inc		1,949,875		1.2
	25,815		JPMorgan Chase & Co		3,598,611		2.2
	20,338		US Bancorp		1,205,840		0.8
			Other		1,110,199		0.7

					10,405,120		6.5

	CAPITAL GOODS
	8,799		Dover Corp		1,014,173		0.6
	10,336	n	Honeywell International, Inc		1,829,472		1.2
	13,339		ITT, Inc		985,886		0.6
	5,983		L3Harris Technologies, Inc		1,183,856		0.8
			Other		6,444,102		4.0

					11,457,489		7.2

	COMMERCIAL & PROFESSIONAL SERVICES				856,182		0.5

	CONSUMER DURABLES & APPAREL				2,913,887		1.8

	CONSUMER SERVICES				1,977,003		1.2

	DIVERSIFIED FINANCIALS
	5,809	n	CME Group, Inc		1,165,983		0.7
	25,878		Morgan Stanley		1,322,883		0.8
			Other		955,413		0.6

					3,444,279		2.1

	ENERGY
	15,700		Chevron Corp		1,892,007		1.2
	16,973		ConocoPhillips		1,103,754		0.7
			Other		3,837,083		2.4

					6,832,844		4.3

	FOOD & STAPLES RETAILING
	3,653	n	Costco Wholesale Corp		1,073,690		0.7
	8,616		Walmart, Inc		1,023,925		0.6

					2,097,615		1.3

	FOOD, BEVERAGE & TOBACCO
	22,552		Coca-Cola Co		1,248,253		0.8
	22,859		Mondelez International, Inc		1,259,074		0.8
	11,270	n	PepsiCo, Inc		1,540,271		0.9
			Other		2,507,105		1.6

					6,554,703		4.1

	HEALTH CARE EQUIPMENT & SERVICES
	17,461		Abbott Laboratories		1,516,663		1.0
	3,923	n	Anthem, Inc		1,184,864		0.7


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


Summary portfolio of investments		continued

Growth & Income Fund § December 31, 2019


Shares			Company	Value		% of net assets

	HEALTH CARE EQUIPMENT & SERVICES—continued
	28,897	*	Boston Scientific Corp	$	1,306,722		0.8	%
	8,259		Danaher Corp		1,267,591		0.8
			Other		6,728,089		4.2

					12,003,929		7.5

	HOUSEHOLD & PERSONAL PRODUCTS
	18,208		Procter & Gamble Co		2,274,179		1.4
			Other		1,113,968		0.7

					3,388,147		2.1

	INSURANCE
	20,090		Hartford Financial Services Group, Inc		1,220,869		0.8
	16,682		Voya Financial, Inc		1,017,269		0.6
			Other		3,788,242		2.4

					6,026,380		3.8

	MATERIALS
	8,775		Linde plc		1,868,197		1.1
			Other		3,809,900		2.4

					5,678,097		3.5

	MEDIA & ENTERTAINMENT
	3,706	*,n	Alphabet, Inc (Class C)		4,954,996		3.1
	26,836		Comcast Corp (Class A)		1,206,815		0.8
	14,448	*	Facebook, Inc		2,965,452		1.8
	3,073	*	NetFlix, Inc		994,331		0.6
	16,477		Walt Disney Co		2,383,068		1.5
			Other		2,039,489		1.3

					14,544,151		9.1

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	18,902		AbbVie, Inc		1,673,583		1.0
	15,469		Merck & Co, Inc		1,406,905		0.9
	45,909		Pfizer, Inc		1,798,715		1.1
			Other		7,506,527		4.7

					12,385,730		7.7

	REAL ESTATE
	4,617		American Tower Corp		1,061,079		0.7
	11,248		Prologis, Inc		1,002,647		0.6
			Other		229,230		0.1

					2,292,956		1.4

	RETAILING
	2,301	*,n	Amazon.com, Inc		4,251,880		2.7
	11,711		Best Buy Co, Inc		1,028,226		0.6
	8,600	n	Home Depot, Inc		1,878,068		1.2
	7,958		Target Corp		1,020,295		0.6
			Other		654,230		0.4

					8,832,699		5.5


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


Summary portfolio of investments		continued

Growth & Income Fund § December 31, 2019


Shares			Company		Value			% of net assets

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	20,977		Intel Corp		$	1,255,474			0.8	%
	5,078		NVIDIA Corp			1,194,853			0.8
			Other			5,803,471			3.6

						8,253,798			5.2

	SOFTWARE & SERVICES
	8,784	n	Mastercard, Inc (Class A)			2,622,814			1.6
	47,896	n	Microsoft Corp			7,553,199			4.7
	10,151	*	salesforce.com, Inc			1,650,959			1.0
			Other			5,708,289			3.6

						17,535,261			10.9

	TECHNOLOGY HARDWARE & EQUIPMENT
	27,104	n	Apple, Inc			7,959,090			5.0
	25,344		Cisco Systems, Inc			1,215,498			0.8
			Other			3,728,885			2.3

						12,903,473			8.1

	TELECOMMUNICATION SERVICES
	38,763		AT&T, Inc			1,514,858			1.0
	16,419		Verizon Communications, Inc			1,008,127			0.6

						2,522,985			1.6

	TRANSPORTATION					2,562,827			1.6

	UTILITIES
	5,353		NextEra Energy, Inc			1,296,283			0.8
			Other			2,342,060			1.5

						3,638,343			2.3

			TOTAL COMMON STOCKS	(Cost $101,762,958)		159,853,697			99.8


	PURCHASED OPTIONS
	HEALTH CARE EQUIPMENT & SERVICES					5,160			0.0

			TOTAL PURCHASED OPTIONS	(Cost $5,296)		5,160			0.0


	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	1,113,995	c	State Street Navigator Securities Lending Government Money Market Portfolio			1,113,995			0.7

						1,113,995			0.7

			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,113,995)		1,113,995			0.7


			TOTAL PORTFOLIO	(Cost $102,882,249)		160,972,852			100.5
			OTHER ASSETS & LIABILITIES, NET			(748,049	)		(0.5	)

			NET ASSETS		$	160,224,803			100.0	%


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


Summary portfolio of investments		continued

Growth & Income Fund § December 31, 2019

Non-income producing

Investments made with cash collateral received from securities on loan.

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

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

At 12/31/19, the aggregate value of securities on loan is $1,685,325. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 12/31/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $474,979 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Purchased options outstanding as of December 31, 2019 were as follows:


Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date		Value

Universal Health Services, Inc, Call		8	$	5,296	$	155.00		08/21/20	$	5,160

Written options outstanding as of December 31, 2019 were as follows:


Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value

Alphabet, Inc, Call		1	$	(1,938	)	$	1,540.00		06/19/20	$	(1,510	)
Amazon.com, Inc, Call		3		(2,661	)		2,200.00		04/17/20		(3,300	)
Amazon.com, Inc, Put		3		(2,622	)		1,360.00		04/17/20		(968	)
Anthem, Inc, Call		4		(2,153	)		350.00		06/19/20		(1,960	)
Anthem, Inc, Put		4		(1,082	)		220.00		06/19/20		(872	)
Apple, Inc, Call		2		(2,670	)		285.00		07/17/20		(5,342	)
Apple, Inc, Call		2		(3,964	)		290.00		09/18/20		(5,484	)
Apple, Inc, Put		8		(3,212	)		210.00		06/19/20		(1,336	)
Apple, Inc, Put		10		(6,029	)		220.00		07/17/20		(2,630	)
Arista Networks, Inc, Put		3		(6,790	)		165.00		01/15/21		(4,080	)
Biohaven Pharmaceutical Holding Co Ltd, Put		14		(6,971	)		45.00		03/20/20		(6,300	)
Boeing Co, Call		2		(820	)		380.00		03/20/20		(448	)
Casey’s General Stores, Inc, Put		6		(768	)		145.00		02/21/20		(438	)
Children’s Place, Inc, Call		12		(1,067	)		75.00		03/20/20		(2,400	)
Children’s Place, Inc, Put		12		(6,167	)		55.00		03/20/20		(3,264	)
Children’s Place, Inc, Put		6		(4,308	)		55.00		06/19/20		(3,300	)
Chipotle Mexican Grill, Inc, Call		1		(1,818	)		915.00		06/19/20		(3,470	)
Chubb Ltd, Put		8		(672	)		140.00		01/17/20		(48	)
CME Group, Inc, Call		4		(1,232	)		240.00		06/19/20		(420	)
CME Group, Inc, Put		4		(2,016	)		190.00		03/20/20		(1,500	)
Costco Wholesale Corp, Call		4		(5,496	)		320.00		06/19/20		(2,160	)
Costco Wholesale Corp, Put		8		(6,144	)		260.00		06/19/20		(3,640	)


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


Summary portfolio of investments		continued

Growth & Income Fund § December 31, 2019


Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value

Cree, Inc, Put		12	$	(2,629	)	$	40.00		03/20/20	$	(1,566	)
Deckers Outdoor Corp, Put		6		(3,468	)		135.00		06/19/20		(2,370	)
DexCom, Inc, Put		7		(4,865	)		150.00		06/19/20		(3,045	)
DISH Network Corp, Put		14		(3,822	)		27.50		01/17/20		(56	)
Enphase Energy, Inc, Put		16		(3,647	)		17.50		02/21/20		(320	)
FedEx Corp, Put		8		(12,299	)		155.00		01/15/21		(15,380	)
Guidewire Software, Inc, Put		8		(1,512	)		90.00		04/17/20		(680	)
GW Pharmaceuticals plc, Put		7		(896	)		80.00		01/17/20		(35	)
Hain Celestial Group, Inc, Put		48		(8,734	)		20.00		02/21/20		(480	)
Hasbro, Inc, Put		5		(1,160	)		80.00		04/17/20		(325	)
Hasbro, Inc, Put		4		(1,408	)		85.00		04/17/20		(420	)
Home Depot, Inc, Call		3		(852	)		260.00		03/20/20		(45	)
Humana, Inc, Put		8		(1,304	)		300.00		02/21/20		(1,140	)
Jazz Pharmaceuticals plc, Call		6		(588	)		185.00		03/20/20		(255	)
Jazz Pharmaceuticals plc, Put		6		(1,124	)		125.00		03/20/20		(750	)
Lululemon Athletica, Inc, Call		5		(680	)		250.00		01/17/20		(460	)
M&T Bank Corp, Put		7		(3,643	)		140.00		01/17/20		(126	)
Marvell Technology Group Ltd, Put		33		(1,055	)		22.00		01/17/20		(83	)
Mastercard, Inc, Call		2		(817	)		330.00		06/19/20		(1,276	)
Monolithic Power Systems, Inc, Put		5		(813	)		140.00		03/20/20		(563	)
Motorola Solutions, Inc, Put		7		(1,036	)		130.00		01/17/20		(80	)
Motorola Solutions, Inc, Put		7		(2,240	)		130.00		04/17/20		(962	)
Motorola Solutions, Inc, Put		10		(6,340	)		150.00		07/17/20		(8,050	)
Nektar Therapeutics, Put		40		(14,803	)		19.00		05/15/20		(8,800	)
Northrop Grumman Corp, Call		2		(746	)		390.00		01/17/20		(20	)
Northrop Grumman Corp, Call		2		(1,036	)		410.00		05/15/20		(290	)
Nutanix, Inc, Put		22		(12,056	)		22.50		01/17/20		(44	)
PepsiCo, Inc, Put		7		(799	)		125.00		03/20/20		(686	)
PVH Corp, Put		10		(7,653	)		85.00		01/17/20		(125	)
PVH Corp, Put		5		(4,238	)		85.00		06/19/20		(1,525	)
QUALCOMM, Inc, Put		10		(2,109	)		70.00		04/17/20		(830	)
RH, Put		4		(391	)		195.00		01/17/20		(580	)
Roku, Inc, Put		7		(1,968	)		115.00		01/17/20		(1,169	)
Roku, Inc, Put		7		(5,550	)		110.00		04/17/20		(6,650	)
ServiceNow, Inc, Put		5		(3,440	)		210.00		01/17/20		(65	)
ServiceNow, Inc, Put		3		(1,824	)		210.00		02/21/20		(157	)
ServiceNow, Inc, Put		2		(1,674	)		220.00		02/21/20		(185	)
Shake Shack, Inc, Put		15		(3,142	)		50.00		03/20/20		(1,950	)
Strategic Education, Inc, Put		3		(5,520	)		135.00		08/21/20		(2,550	)
Take-Two Interactive Software, Inc, Put		4		(212	)		105.00		01/17/20		(60	)
Take-Two Interactive Software, Inc, Put		4		(416	)		110.00		01/17/20		(100	)
Teradata Corp, Put		37		(10,962	)		25.00		12/18/20		(11,377	)
Tiffany & Co, Put		10		(5,099	)		82.50		01/17/20		(1,070	)
Universal Display Corp, Call		4		(1,952	)		260.00		03/20/20		(1,100	)
Universal Display Corp, Put		7		(10,835	)		155.00		03/20/20		(1,925	)
Universal Health Services, Inc, Call		8		(2,184	)		170.00		08/21/20		(2,080	)
Universal Health Services, Inc, Put		8		(3,304	)		120.00		08/21/20		(2,500	)


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


Summary portfolio of investments		concluded

Growth & Income Fund § December 31, 2019


Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value

World Wrestling Entertainment, Inc, Put		16	$	(2,207	)	$	45.00		04/17/20	$	(1,360	)
Xilinx, Inc, Put		7		(4,795	)		85.00		06/19/20		(2,485	)
Zendesk, Inc, Put		11		(6,038	)		60.00		05/15/20		(1,980	)
Zscaler, Inc, Put		13		(3,613	)		40.00		05/15/20		(3,283	)
Zscaler, Inc, Put		13		(8,306	)		47.50		05/15/20		(7,800	)

Total		641	$	(262,404	)					$	(156,083	)


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


Summary portfolio of investments

Large-Cap Value Fund § December 31, 2019


Shares			Company	Value		% of net assets

	COMMON STOCKS
	BANKS
	86,300		Bank of America Corp	$	3,039,486		4.0	%
	32,000		Citigroup, Inc		2,556,480		3.4
	28,400		JPMorgan Chase & Co		3,958,960		5.3
	4,450		PNC Financial Services Group, Inc		710,354		0.9
	15,000		US Bancorp		889,350		1.2
	26,550		Wells Fargo & Co		1,428,390		1.9

					12,583,020		16.7

	CAPITAL GOODS
	5,800		Deere & Co		1,004,908		1.3
	7,000		Honeywell International, Inc		1,239,000		1.7
	7,200		Ingersoll-Rand plc		957,024		1.3
	16,365		Masco Corp		785,356		1.0
	3,506		Parker-Hannifin Corp		721,605		1.0
			Other		2,590,514		3.4

					7,298,407		9.7

	CONSUMER DURABLES & APPAREL
	223	*	NVR, Inc		849,275		1.1

					849,275		1.1

	CONSUMER SERVICES				602,711		0.8

	DIVERSIFIED FINANCIALS
	6,250		American Express Co		778,063		1.0
	5,300		Goldman Sachs Group, Inc		1,218,629		1.6

					1,996,692		2.6

	ENERGY
	15,000		Chevron Corp		1,807,650		2.4
	10,050		EOG Resources, Inc		841,788		1.1
	10,400		Exxon Mobil Corp		725,712		1.0
	8,800		Valero Energy Corp		824,120		1.1
			Other		947,368		1.3

					5,146,638		6.9

	FOOD & STAPLES RETAILING
	8,500		Walmart, Inc		1,010,140		1.3

					1,010,140		1.3

	FOOD, BEVERAGE & TOBACCO
	15,000		Mondelez International, Inc		826,200		1.1
	11,500		Philip Morris International, Inc		978,535		1.3

					1,804,735		2.4

	HEALTH CARE EQUIPMENT & SERVICES
	2,750		Anthem, Inc		830,582		1.1
	3,650		Cigna Corp		746,389		1.0


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


Summary portfolio of investments		continued

Large-Cap Value Fund § December 31, 2019


Shares			Company	Value		% of net assets

	HEALTH CARE EQUIPMENT & SERVICES—continued
	10,000		CVS Health Corp	$	742,900		1.0	%
	6,300		Medtronic plc		714,735		1.0
	6,625		Zimmer Biomet Holdings, Inc		991,630		1.3
			Other		1,319,290		1.8

					5,345,526		7.2

	HOUSEHOLD & PERSONAL PRODUCTS
	16,300		Procter & Gamble Co		2,035,870		2.8

					2,035,870		2.8

	INSURANCE
	19,411		American International Group, Inc		996,367		1.3
	6,248	*	Berkshire Hathaway, Inc (Class B)		1,415,172		1.9
	6,600		Chubb Ltd		1,027,356		1.4
			Other		1,583,088		2.0

					5,021,983		6.6

	MATERIALS
	11,200	*	Crown Holdings, Inc		812,448		1.1
			Other		2,093,463		2.8

					2,905,911		3.9

	MEDIA & ENTERTAINMENT
	34,500		Comcast Corp (Class A)		1,551,465		2.1
	12,000		Walt Disney Co		1,735,560		2.3

					3,287,025		4.4

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	11,000		Bristol-Myers Squibb Co		706,090		0.9
	15,450		Johnson & Johnson		2,253,691		3.0
	8,100		Merck & Co, Inc		736,695		1.0
	39,000		Pfizer, Inc		1,528,020		2.0
			Other		1,191,431		1.6

					6,415,927		8.5

	REAL ESTATE				1,562,650		2.1

	RETAILING
	5,450		Home Depot, Inc		1,190,171		1.6

					1,190,171		1.6

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	13,250		Applied Materials, Inc		808,780		1.1
	22,800		Intel Corp		1,364,580		1.8
			Other		1,685,275		2.2

					3,858,635		5.1

	SOFTWARE & SERVICES
	4,297		Accenture plc		904,819		1.2
	7,360		Microsoft Corp		1,160,672		1.5
			Other		356,291		0.5

					2,421,782		3.2


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


Summary portfolio of investments		concluded

Large-Cap Value Fund § December 31, 2019


Shares		Company		Value			% of net assets

	TECHNOLOGY HARDWARE & EQUIPMENT
	16,700	Cisco Systems, Inc		$	800,932			1.1	%
	7,750	TE Connectivity Ltd			742,760			1.0

					1,543,692			2.1

	TELECOMMUNICATION SERVICES
	21,500	AT&T, Inc			840,220			1.1
	28,300	Verizon Communications, Inc			1,737,620			2.3

					2,577,840			3.4

	TRANSPORTATION
	5,200	Union Pacific Corp			940,108			1.3
		Other			361,800			0.5

					1,301,908			1.8

	UTILITIES
	18,100	FirstEnergy Corp			879,660			1.2
	4,050	NextEra Energy, Inc			980,748			1.3
		Other			1,762,286			2.3

					3,622,694			4.8

		TOTAL COMMON STOCKS	(Cost $57,036,941)		74,383,232			99.0


Principal		Issuer

	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$870,000	Federal Home Loan Bank (FHLB)	1.150%, 01/02/20		870,000			1.2

					870,000			1.2

		TOTAL SHORT-TERM INVESTMENTS	(Cost $869,972)		870,000			1.2


		TOTAL PORTFOLIO	(Cost $57,906,913)		75,253,232			100.2
		OTHER ASSETS & LIABILITIES, NET			(152,197	)		(0.2	)

		NET ASSETS		$	75,101,035			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.


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


Summary portfolio of investments

Real Estate Securities Fund § December 31, 2019


Shares			Company	Value		% of net assets

	COMMON STOCKS
	DIVERSIFIED REITS
	30,000		Essential Properties Realty Trust, Inc	$	744,300		0.9	%
	12,000		iShares Dow Jones US Real Estate Index Fund		1,116,960		1.3
	30,000		STORE Capital Corp		1,117,200		1.3
			Other		308,750		0.4

					3,287,210		3.9

	HEALTH CARE REITS
	65,000		Healthpeak Properties Inc		2,240,550		2.6
	20,000		Sabra Healthcare REIT, Inc		426,800		0.5
	15,000		Ventas, Inc		866,100		1.0
	33,000		Welltower, Inc		2,698,740		3.2

					6,232,190		7.3

	HOTEL & RESORT REITS
	83,000		Host Hotels and Resorts, Inc		1,539,650		1.8
	15,000		MGM Growth Properties LLC		464,550		0.6

					2,004,200		2.4

	INDUSTRIAL REITS
	35,000		Americold Realty Trust		1,227,100		1.5
	25,000		Duke Realty Corp		866,750		1.0
	6,000		EastGroup Properties, Inc		796,020		0.9
	52,500		Prologis, Inc		4,679,850		5.5
	46,000		Rexford Industrial Realty, Inc		2,100,820		2.5
	22,000		Terreno Realty Corp		1,191,080		1.4

					10,861,620		12.8

	INTERNET SERVICES & INFRASTRUCTURE
	24,600	*	GDS Holdings Ltd (ADR)		1,268,868		1.5
			Other		301,084		0.3

					1,569,952		1.8

	MORTGAGE REITS
	30,000		Starwood Property Trust, Inc		745,800		0.9

					745,800		0.9

	OFFICE REITS
	15,000		Alexandria Real Estate Equities, Inc		2,423,700		2.8
	11,000		Boston Properties, Inc		1,516,460		1.8
	42,500		Hudson Pacific Properties		1,600,125		1.9
	12,000		Kilroy Realty Corp		1,006,800		1.2
	17,000		SL Green Realty Corp		1,561,960		1.8

					8,109,045		9.5

	OTHER DIVERSIFIED FINANCIAL SERVICES
	16,000		Vanguard REIT ETF		1,484,640		1.7

					1,484,640		1.7


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


Summary portfolio of investments		continued

Real Estate Securities Fund § December 31, 2019


Shares		Company		Value			% of net assets

	RESIDENTIAL REITS
	30,000	American Homes 4 Rent		$	786,300			0.9	%
	12,000	AvalonBay Communities, Inc			2,516,400			3.0
	38,000	Equity Lifestyle Properties, Inc			2,674,820			3.2
	32,000	Equity Residential			2,589,440			3.0
	6,500	Essex Property Trust, Inc			1,955,590			2.3
	75,000	Invitation Homes, Inc			2,247,750			2.6
	13,000	Mid-America Apartment Communities, Inc			1,714,180			2.0
	18,000	Sun Communities, Inc			2,701,800			3.2

					17,186,280			20.2

	RETAIL REITS
	12,000	Agree Realty Corp			842,040			1.0
	8,000	Federal Realty Investment Trust			1,029,840			1.2
	18,000	Realty Income Corp			1,325,340			1.6
	20,000	Regency Centers Corp			1,261,800			1.5
	20,000	Simon Property Group, Inc			2,979,200			3.5
	65,000	SITE Centers Corp			911,300			1.1
		Other			124,360			0.1

					8,473,880			10.0

	SPECIALIZED REITS
	31,000	American Tower Corp			7,124,420			8.4
	23,000	Crown Castle International Corp			3,269,450			3.8
	5,000	CyrusOne, Inc			327,150			0.4
	6,000	Digital Realty Trust, Inc			718,440			0.8
	6,500	Equinix, Inc			3,794,050			4.5
	13,000	Extra Space Storage, Inc			1,373,060			1.6
	22,000	Gaming and Leisure Properties, Inc			947,100			1.1
	7,000	Public Storage, Inc			1,490,720			1.8
	16,000	QTS Realty Trust, Inc			868,320			1.0
	8,000	SBA Communications Corp			1,927,920			2.3
	45,000	VICI Properties, Inc			1,149,750			1.3
	30,000	Weyerhaeuser Co			906,000			1.1
		Other			147,780			0.2

					24,044,160			28.3

		TOTAL COMMON STOCKS	(Cost $55,623,307)		83,998,977			98.8


Principal		Issuer

	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$1,360,000	Federal Home Loan Bank (FHLB)	1.150%, 01/02/20		1,360,000			1.6

					1,360,000			1.6

		TOTAL SHORT-TERM INVESTMENTS	(Cost $1,359,956)		1,360,000			1.6


		TOTAL PORTFOLIO	(Cost $56,983,263)		85,358,977			100.4
		OTHER ASSETS & LIABILITIES, NET			(382,227	)		(0.4	)

		NET ASSETS		$	84,976,750			100.0	%


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


Summary portfolio of investments		concluded

Real Estate Securities Fund § December 31, 2019

Abbreviation(s):

ADR

American Depositary Receipt

ETF

Exchange Traded Fund

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.


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


Summary portfolio of investments

Small-Cap Equity Fund § December 31, 2019


Shares			Company	Value		% of net assets

	COMMON STOCKS
	BANKS
	9,344		Cathay General Bancorp	$	355,539		0.7	%
	9,531		Essent Group Ltd		495,517		0.9
	4,964		IBERIABANK Corp		371,456		0.7
	12,995		OFG Bancorp		306,812		0.6
	18,577		Radian Group, Inc		467,397		0.9
	13,743		United Community Banks, Inc		424,384		0.8
	6,697		Walker & Dunlop, Inc		433,162		0.8
			Other		3,668,716		6.7

					6,522,983		12.1

	CAPITAL GOODS
	10,568	*	Atkore International Group, Inc		427,581		0.8
	12,558	*	Builders FirstSource, Inc		319,099		0.6
	8,331		Comfort Systems USA, Inc		415,300		0.8
	4,480		EMCOR Group, Inc		386,624		0.7
	5,516	*	Mastec, Inc		353,907		0.7
	3,489		Moog, Inc (Class A)		297,716		0.5
			Other		3,590,043		6.7

					5,790,270		10.8

	COMMERCIAL & PROFESSIONAL SERVICES
	6,273		Exponent, Inc		432,900		0.8
	5,236		Tetra Tech, Inc		451,134		0.9
			Other		702,477		1.3

					1,586,511		3.0

	CONSUMER DURABLES & APPAREL
	7,690	*	CROCS, Inc		322,134		0.6
	6,778		Steven Madden Ltd		291,522		0.6
			Other		866,955		1.6

					1,480,611		2.8

	CONSUMER SERVICES				1,580,840		2.9

	DIVERSIFIED FINANCIALS
	4,000		iShares Russell 2000 Index Fund		662,680		1.2
	6,462		Stifel Financial Corp		391,920		0.7
			Other		1,013,489		1.9

					2,068,089		3.8

	ENERGY
	43,863	*	NexTier Oilfield Solutions, Inc		293,882		0.5
	10,725	*,e	Renewable Energy Group, Inc		289,039		0.5
	6,856		World Fuel Services Corp		297,687		0.6
			Other		1,411,707		2.7

					2,292,315		4.3


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


Summary portfolio of investments		continued

Small-Cap Equity Fund § December 31, 2019


Shares			Company	Value		% of net assets

	FOOD & STAPLES RETAILING
	7,594	*	Performance Food Group Co	$	390,939		0.7	%
			Other		130,807		0.3

					521,746		1.0

	FOOD, BEVERAGE & TOBACCO
	1,125	*	Boston Beer Co, Inc (Class A)		425,081		0.8
			Other		779,525		1.4

					1,204,606		2.2

	HEALTH CARE EQUIPMENT & SERVICES
	3,081		Conmed Corp		344,548		0.7
	12,098	*	HMS Holdings Corp		358,101		0.7
	4,934	*	Integer Holding Corp		396,842		0.7
	5,128	*	NuVasive, Inc		396,599		0.7
			Other		2,037,036		3.8

					3,533,126		6.6

	HOUSEHOLD & PERSONAL PRODUCTS				307,071		0.6

	INSURANCE				1,042,299		1.9

	MATERIALS
	14,780		Commercial Metals Co		329,150		0.6
	8,663		PolyOne Corp		318,712		0.6
	13,643	*	Summit Materials, Inc		326,068		0.6
			Other		1,656,260		3.1

					2,630,190		4.9

	MEDIA & ENTERTAINMENT				1,124,283		2.1

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	8,700	*	Acadia Pharmaceuticals, Inc		372,186		0.7
	29,948	*	Amicus Therapeutics, Inc		291,694		0.5
	5,961	*	Syneos Health, Inc		354,530		0.7
			Other		4,330,921		8.1

					5,349,331		10.0

	REAL ESTATE
	3,871		EastGroup Properties, Inc		513,566		0.9
	9,878		First Industrial Realty Trust, Inc		410,036		0.8
	2,701		PS Business Parks, Inc		445,314		0.8
	4,125		Ryman Hospitality Properties		357,472		0.7
	9,476		STAG Industrial, Inc		299,157		0.6
			Other		2,699,615		5.0

					4,725,160		8.8

	RETAILING
	13,429		Rent-A-Center, Inc		387,292		0.7
	4,805	*	Stamps.com, Inc		401,314		0.7
			Other		1,543,000		3.0

					2,331,606		4.4


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


Summary portfolio of investments		continued

Small-Cap Equity Fund § December 31, 2019


Shares			Company		Value			% of net assets

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	18,843	*	Lattice Semiconductor Corp		$	360,655			0.7	%
			Other			1,080,649			2.0

						1,441,304			2.7

	SOFTWARE & SERVICES
	3,799		Mantech International Corp (Class A)			303,464			0.5
	12,497		Perspecta, Inc			330,421			0.6
	7,482	*	Verint Systems, Inc			414,203			0.8
			Other			2,353,649			4.4

						3,401,737			6.3

	TECHNOLOGY HARDWARE & EQUIPMENT
	5,333	*	Insight Enterprises, Inc			374,857			0.7
	16,110		Vishay Intertechnology, Inc			342,982			0.6
			Other			900,322			1.8

						1,618,161			3.1

	TELECOMMUNICATION SERVICES					102,463			0.2

	TRANSPORTATION					747,691			1.4

	UTILITIES
	9,203	d	Portland General Electric Co			513,435			1.0
			Other			1,027,068			1.9

						1,540,503			2.9

			TOTAL COMMON STOCKS	(Cost $46,940,750)		52,942,896			98.8


Principal			Issuer

	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$660,000		Federal Home Loan Bank (FHLB)	1.150%, 01/02/20		660,000			1.2

						660,000			1.2


Shares			Company

	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	996,112	c	State Street Navigator Securities Lending Government Money Market Portfolio			996,112			1.9

						996,112			1.9

			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,656,091)		1,656,112			3.1


			TOTAL PORTFOLIO	(Cost $48,596,841)		54,599,008			101.9
			OTHER ASSETS & LIABILITIES, NET			(990,320	)		(1.9	)

			NET ASSETS		$	53,608,688			100.0	%


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


Summary portfolio of investments		concluded

Small-Cap Equity Fund § December 31, 2019

Non-income producing

Investments made with cash collateral received from securities on loan.

All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,083,107. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of December 31, 2019 were as follows:


Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)

Russell 2000 E Mini Index		7	03/20/20	$	584,570	$	584,710	$	140


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


Summary portfolio of investments

Social Choice Equity Fund § December 31, 2019


Shares		Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS		$	386,494		0.5	%

	BANKS
	9,339	Citigroup, Inc		746,093		1.1
	3,111	PNC Financial Services Group, Inc		496,609		0.7
	8,815	US Bancorp		522,641		0.7
		Other		1,916,837		2.7

				3,682,180		5.2

	CAPITAL GOODS
	3,017	3M Co		532,259		0.8
	2,779	Caterpillar, Inc		410,403		0.6
	2,463	Illinois Tool Works, Inc		442,429		0.6
		Other		3,570,302		5.0

				4,955,393		7.0

	COMMERCIAL & PROFESSIONAL SERVICES			942,151		1.3

	CONSUMER DURABLES & APPAREL
	5,527	Nike, Inc (Class B)		559,940		0.8
		Other		409,760		0.6

				969,700		1.4

	CONSUMER SERVICES
	6,477	Starbucks Corp		569,458		0.8
		Other		1,014,258		1.4

				1,583,716		2.2

	DIVERSIFIED FINANCIALS
	3,689	American Express Co		459,244		0.6
	4,785	IntercontinentalExchange Group, Inc		442,852		0.6
	8,278	Morgan Stanley		423,171		0.6
	1,726	S&P Global, Inc		471,284		0.7
		Other		2,434,557		3.4

				4,231,108		5.9

	ENERGY
	7,458	ConocoPhillips		484,994		0.7
	19,566	Kinder Morgan, Inc		414,212		0.6
		Other		2,060,236		2.9

				2,959,442		4.2

	FOOD & STAPLES RETAILING			448,127		0.6

	FOOD, BEVERAGE & TOBACCO
	14,318	Coca-Cola Co		792,502		1.1
	5,463	PepsiCo, Inc		746,628		1.1
		Other		677,031		1.0

				2,216,161		3.2


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


Summary portfolio of investments		continued

Social Choice Equity Fund § December 31, 2019


Shares			Company	Value		% of net assets

	HEALTH CARE EQUIPMENT & SERVICES
	2,764		UnitedHealth Group, Inc	$	812,561		1.1	%
			Other		3,545,381		5.0

					4,357,942		6.1

	HOUSEHOLD & PERSONAL PRODUCTS
	7,972		Procter & Gamble Co		995,703		1.4
			Other		575,698		0.8

					1,571,401		2.2

	INSURANCE
	3,000		Chubb Ltd		466,980		0.7
	3,565		Marsh & McLennan Cos, Inc		397,177		0.6
			Other		1,733,937		2.4

					2,598,094		3.7

	MATERIALS
	2,852		Linde plc		607,191		0.9
			Other		1,385,141		1.9

					1,992,332		2.8

	MEDIA & ENTERTAINMENT
	798	*	Alphabet, Inc (Class A)		1,068,833		1.5
	808	*	Alphabet, Inc (Class C)		1,080,312		1.5
	12,957		Comcast Corp (Class A)		582,676		0.8
			Other		1,929,023		2.7

					4,660,844		6.5

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	2,602		Amgen, Inc		627,264		0.9
	10,036		Bristol-Myers Squibb Co		644,211		0.9
	4,646		Eli Lilly & Co		610,624		0.9
	9,642		Merck & Co, Inc		876,940		1.2
	3,517		Zoetis, Inc		465,475		0.7
			Other		2,265,054		3.2

					5,489,568		7.8

	REAL ESTATE
	2,262		American Tower Corp		519,853		0.7
	5,056		Prologis, Inc		450,692		0.7
			Other		1,778,816		2.5

					2,749,361		3.9

	RETAILING
	944	*	Amazon.com, Inc		1,744,361		2.5
	245	*	Booking Holdings, Inc		503,164		0.7
	3,545		Home Depot, Inc		774,157		1.1
	3,374		Lowe’s Companies, Inc		404,070		0.6
			Other		1,229,174		1.7

					4,654,926		6.6


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


Summary portfolio of investments		continued

Social Choice Equity Fund § December 31, 2019


Shares			Company		Value		% of net assets

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	15,563		Intel Corp		$	931,446		1.3	%
	2,763		NVIDIA Corp			650,134		0.9
	4,468		Texas Instruments, Inc			573,200		0.8
			Other			522,603		0.7

						2,677,383		3.7

	SOFTWARE & SERVICES
	3,092		Accenture plc			651,083		0.9
	2,152	*	Adobe, Inc			709,751		1.0
	4,405		International Business Machines Corp			590,446		0.9
	1,613		Intuit, Inc			422,493		0.6
	18,849	d	Microsoft Corp			2,972,487		4.2
	4,012	*	salesforce.com, Inc			652,512		0.9
			Other			1,558,010		2.2

						7,556,782		10.7

	TECHNOLOGY HARDWARE & EQUIPMENT
	10,740		Apple, Inc			3,153,801		4.4
	14,468		Cisco Systems, Inc			693,885		1.0
			Other			1,122,810		1.6

						4,970,496		7.0

	TELECOMMUNICATION SERVICES
	14,484		Verizon Communications, Inc			889,318		1.3
			Other			291,344		0.4

						1,180,662		1.7

	TRANSPORTATION
	3,389		United Parcel Service, Inc (Class B)			396,717		0.6
			Other			987,226		1.4

						1,383,943		2.0

	UTILITIES
	2,696		Sempra Energy			408,390		0.6
	7,456		Southern Co			474,947		0.7
			Other			1,537,151		2.1

						2,420,488		3.4

			TOTAL COMMON STOCKS	(Cost $45,880,976)		70,638,694		99.6


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


Summary portfolio of investments		concluded

Social Choice Equity Fund § December 31, 2019

Principal

Issuer

Value

% of net
assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

250,000

0.4

Shares

Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

149,318

State Street Navigator Securities Lending Government Money Market Portfolio

149,318

0.2

149,318

0.2

TOTAL SHORT-TERM INVESTMENTS

(Cost $399,310)

399,318

0.6

TOTAL PORTFOLIO

(Cost $46,280,286)

71,038,012

100.2

OTHER ASSETS & LIABILITIES, NET

(148,369

)

(0.2

)

NET ASSETS

70,889,643

100.0

Non-income producing

Investments made with cash collateral received from securities on loan.

All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

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

At 12/31/19, the aggregate value of securities on loan is $303,693. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

Futures contracts outstanding as of December 31, 2019 were as follows:


Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)

S&P 500 E Mini Index		1	03/20/20	$	157,302	$	161,555	$	4,253


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


Summary portfolio of investments

Stock Index Fund § December 31, 2019


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	4,159,950		0.7	%

	BANKS
	148,827		Bank of America Corp		5,241,687		0.9
	39,910		Citigroup, Inc		3,188,410		0.5
	57,167		JPMorgan Chase & Co		7,969,079		1.4
	69,696		Wells Fargo & Co		3,749,645		0.6
			Other		14,409,522		2.5

					34,558,343		5.9

	CAPITAL GOODS
	9,679		Boeing Co		3,153,031		0.5
	13,150		Honeywell International, Inc		2,327,550		0.4
			Other		34,312,212		5.9

					39,792,793		6.8

	COMMERCIAL & PROFESSIONAL SERVICES				6,357,203		1.1

	CONSUMER DURABLES & APPAREL				8,038,539		1.4

	CONSUMER SERVICES
	13,789		McDonald’s Corp		2,724,844		0.5
			Other		10,311,613		1.7

					13,036,457		2.2

	DIVERSIFIED FINANCIALS				20,401,262		3.5

	ENERGY
	34,862		Chevron Corp		4,201,220		0.7
	77,413	d	Exxon Mobil Corp		5,401,879		0.9
			Other		13,867,658		2.4

					23,470,757		4.0

	FOOD & STAPLES RETAILING
	8,035		Costco Wholesale Corp		2,361,647		0.4
	25,680		Walmart, Inc		3,051,811		0.5
			Other		2,479,483		0.5

					7,892,941		1.4

	FOOD, BEVERAGE & TOBACCO
	70,107		Coca-Cola Co		3,880,422		0.7
	25,616		PepsiCo, Inc		3,500,939		0.6
	28,422		Philip Morris International, Inc		2,418,428		0.4
			Other		10,164,724		1.7

					19,964,513		3.4

	HEALTH CARE EQUIPMENT & SERVICES
	31,490		Abbott Laboratories		2,735,221		0.4
	24,540		Medtronic plc		2,784,063		0.5


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


Summary portfolio of investments		continued

Stock Index Fund § December 31, 2019


Shares			Company	Value		% of net assets

	HEALTH CARE EQUIPMENT & SERVICES—continued
	17,284		UnitedHealth Group, Inc	$	5,081,150		0.9	%
			Other		26,311,472		4.5

					36,911,906		6.3

	HOUSEHOLD & PERSONAL PRODUCTS
	45,204		Procter & Gamble Co		5,645,979		1.0
			Other		3,912,929		0.6

					9,558,908		1.6

	INSURANCE
	35,775	*	Berkshire Hathaway, Inc (Class B)		8,103,038		1.4
			Other		15,351,955		2.6

					23,454,993		4.0

	MATERIALS				16,562,305		2.8

	MEDIA & ENTERTAINMENT
	5,476	*	Alphabet, Inc (Class A)		7,334,500		1.3
	5,474	*	Alphabet, Inc (Class C)		7,318,847		1.3
	82,367		Comcast Corp (Class A)		3,704,044		0.6
	43,706	*	Facebook, Inc		8,970,656		1.5
	7,703	*	NetFlix, Inc		2,492,460		0.4
	31,929		Walt Disney Co		4,617,891		0.8
			Other		9,152,808		1.6

					43,591,206		7.5

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	27,041		AbbVie, Inc		2,394,210		0.4
	10,964		Amgen, Inc		2,643,092		0.5
	42,762		Bristol-Myers Squibb Co		2,744,893		0.5
	48,581		Johnson & Johnson		7,086,510		1.2
	46,467		Merck & Co, Inc		4,226,174		0.7
	101,743		Pfizer, Inc		3,986,291		0.7
	7,291		Thermo Fisher Scientific, Inc		2,368,627		0.4
			Other		19,773,696		3.4

					45,223,493		7.8

	REAL ESTATE				23,173,339		4.0

	RETAILING
	7,564	*	Amazon.com, Inc		13,977,062		2.4
	20,157		Home Depot, Inc		4,401,885		0.8
			Other		14,798,839		2.5

					33,177,786		5.7

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	79,779		Intel Corp		4,774,773		0.8
	10,670		NVIDIA Corp		2,510,651		0.5
			Other		15,866,659		2.7

					23,152,083		4.0


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


Summary portfolio of investments		continued

Stock Index Fund § December 31, 2019


Shares			Company		Value		% of net assets

	SOFTWARE & SERVICES
	11,656		Accenture plc		$	2,454,404		0.4	%
	8,905	*	Adobe, Inc			2,936,958		0.5
	16,207		Mastercard, Inc (Class A)			4,839,248		0.8
	138,326		Microsoft Corp			21,814,010		3.8
	21,487	*	PayPal Holdings, Inc			2,324,249		0.4
	15,182	*	salesforce.com, Inc			2,469,201		0.4
	31,287		Visa, Inc (Class A)			5,878,827		1.0
			Other			28,724,124		4.9

						71,441,021		12.2

	TECHNOLOGY HARDWARE & EQUIPMENT
	81,300		Apple, Inc			23,873,745		4.1
	78,349		Cisco Systems, Inc			3,757,618		0.6
			Other			8,049,150		1.4

						35,680,513		6.1

	TELECOMMUNICATION SERVICES
	133,540		AT&T, Inc			5,218,743		0.9
	75,694		Verizon Communications, Inc			4,647,612		0.8
			Other			1,212,463		0.2

						11,078,818		1.9

	TRANSPORTATION
	12,775		Union Pacific Corp			2,309,592		0.4
			Other			8,985,760		1.5

						11,295,352		1.9

	UTILITIES					18,842,119		3.2

			TOTAL COMMON STOCKS	(Cost $266,749,299)		580,816,600		99.4


	RIGHTS / WARRANTS
	MATERIALS					1,286		0.0

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					45		0.0

			TOTAL RIGHTS / WARRANTS	(Cost $5,241)		1,331		0.0


Principal			Issuer

	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$3,320,000		Federal Home Loan Bank (FHLB)	1.150%, 01/02/20		3,320,000		0.5

						3,320,000		0.5


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


Summary portfolio of investments		concluded

Stock Index Fund § December 31, 2019


Shares			Company		Value			% of net assets

	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,653,632	c	State Street Navigator Securities Lending Government Money Market Portfolio		$	2,653,632			0.5	%

						2,653,632			0.5

			TOTAL SHORT-TERM INVESTMENTS	(Cost $5,973,526)		5,973,632			1.0


			TOTAL PORTFOLIO	(Cost $272,728,066)		586,791,563			100.4
			OTHER ASSETS & LIABILITIES, NET			(2,635,948	)		(0.4	)

			NET ASSETS		$	584,155,615			100.0	%

Non-income producing

Investments made with cash collateral received from securities on loan.

All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

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

At 12/31/19, the aggregate value of securities on loan is $3,559,250. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

Futures contracts outstanding as of December 31, 2019 were as follows:


Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)

S&P 500 E Mini Index		20	03/20/20	$	3,214,628	$	3,231,100	$	16,472


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


Summary portfolio of investments

International Equity Fund § December 31, 2019


Shares			Company	Value		% of net assets

	COMMON STOCKS
	AUSTRIA
	23,600		Wienerberger AG.	$	699,393		0.6	%

					699,393		0.6

	CHINA				224,501		0.2

	DENMARK
	14,727		DSV AS		1,697,335		1.6
	32,327		Novo Nordisk AS		1,873,312		1.7

					3,570,647		3.3

	FRANCE
	82,395		Accor S.A.		3,867,520		3.6
	42,911		Compagnie de Saint-Gobain		1,757,885		1.6
	230,393		Credit Agricole S.A.		3,352,526		3.1
	10,736		Danone		891,581		0.8
	21,383		Essilor International S.A.		3,269,065		3.1
	19,142		Sanofi-Aventis		1,922,382		1.8
	24,732		Schneider Electric S.A.		2,540,959		2.4
	21,231		Vinci S.A.		2,364,572		2.2
			Other		1,846,944		1.7

					21,813,434		20.3

	GERMANY
	30,003		BASF SE		2,260,325		2.1
	10,065		Continental AG.		1,300,702		1.2
	34,248	g	Covestro AG.		1,593,562		1.5
	38,316		Daimler AG. (Registered)		2,118,273		2.0
	12,776		HeidelbergCement AG.		928,367		0.9
	30,523		Lanxess AG.		2,049,415		1.9
	35,326		Porsche AG.		2,621,126		2.4
	15,969		Siemens AG.		2,085,416		1.9

					14,957,186		13.9

	HONG KONG
	49,400		Hong Kong Exchanges and Clearing Ltd		1,604,894		1.5
	28,402		Melco Crown Entertainment Ltd (ADR)		686,476		0.6

					2,291,370		2.1

	INDIA
	52,080		HDFC Bank Ltd		929,292		0.9
	43,006		Housing Development Finance Corp		1,454,137		1.3

					2,383,429		2.2

	IRELAND
	62,094		CRH plc		2,490,522		2.3

					2,490,522		2.3


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


Summary portfolio of investments		continued

International Equity Fund § December 31, 2019


Shares			Company		Value		% of net assets

	ITALY
	82,054		Mediobanca S.p.A.		$	903,458		0.8	%
	24,200		Moncler S.p.A			1,089,179		1.0
	262,343		UniCredit S.p.A.			3,834,658		3.6

						5,827,295		5.4

	JAPAN
	8,584		Daikin Industries Ltd			1,211,114		1.1
	10,700		Hitachi High-Technologies Corp			757,768		0.7
	75,051		Hitachi Ltd			3,166,832		2.9
	34,176		Murata Manufacturing Co Ltd			2,103,484		2.0
	7,173		Nintendo Co Ltd			2,868,914		2.7
	28,186		Rohm Co Ltd			2,248,934		2.1
	52,792		Sony Corp			3,584,453		3.3
	56,798	e	Sumco Corp			941,074		0.9
	30,983		Toyota Motor Corp			2,183,108		2.0
			Other			614,211		0.6

						19,679,892		18.3

	NETHERLANDS					111,050		0.1

	SWEDEN
	38,838		Electrolux AB (Series B)			954,768		0.9

						954,768		0.9

	SWITZERLAND
	234,214		Credit Suisse Group			3,166,029		2.9
	4,302		Lonza Group AG.			1,569,401		1.5
	2,873		Roche Holding AG.			933,733		0.9
			Other			526,396		0.5

						6,195,559		5.8

	TAIWAN
	38,265		Taiwan Semiconductor Manufacturing Co Ltd (ADR)			2,223,197		2.1

						2,223,197		2.1

	UNITED KINGDOM
	12,278		AstraZeneca plc			1,228,929		1.2
	147,291		CNH Industrial NV			1,617,239		1.5
	18,149		Linde plc (Xetra)			3,894,246		3.6
	4,389,840		Lloyds TSB Group plc			3,636,634		3.4
	50,574		Reckitt Benckiser Group plc			4,108,049		3.8
	24,521		Schroders plc			1,082,752		1.0
	641,575		Tesco plc			2,168,287		2.0
	111,468		Travis Perkins plc			2,365,361		2.2
			Other			133,340		0.1

						20,234,837		18.8

			TOTAL COMMON STOCKS	(Cost $99,734,033)		103,657,080		96.3


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


Summary portfolio of investments		concluded

International Equity Fund § December 31, 2019


Principal			Issuer		Value			% of net assets

	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$ 3,920,000		Federal Home Loan Bank (FHLB)	1.150%, 01/02/20	$	3,920,000			3.7	%

						3,920,000			3.7


Shares			Company

	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	110,080	c	State Street Navigator Securities Lending Government Money Market Portfolio			110,080			0.1

						110,080			0.1

			TOTAL SHORT-TERM INVESTMENTS	(Cost $4,029,954)		4,030,080			3.8


			TOTAL PORTFOLIO	(Cost $103,763,987)		107,687,160			100.1
			OTHER ASSETS & LIABILITIES, NET			(68,606	)		(0.1	)

			NET ASSETS		$	107,618,554			100.0	%

Abbreviation(s):

ADR

American Depositary Receipt

Investments made with cash collateral received from securities on loan.

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,010,934.

“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.


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


Summary of market values by sector (unaudited)

International Equity Fund § December 31, 2019


Sector	Value			% of net assets
CONSUMER DISCRETIONARY	$	21,674,671			20.0	%
FINANCIALS		19,964,380			18.6
INDUSTRIALS		16,964,841			15.8
MATERIALS		14,255,881			13.2
INFORMATION TECHNOLOGY		11,552,338			10.7
HEALTH CARE		8,141,968			7.6
CONSUMER STAPLES		7,630,817			7.1
COMMUNICATION SERVICES		3,093,414			2.9
REAL ESTATE		378,770			0.4
SHORT-TERM INVESTMENTS		4,030,080			3.8
OTHER ASSETS & LIABILITIES, NET		(68,606	)		(0.1	)

NET ASSETS	$	107,618,554			100.0	%


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


Summary portfolio of investments

Bond Fund § December 31, 2019


Principal			Issuer		Value		% of net assets

	BANK LOAN OBLIGATIONS
	CAPITAL GOODS				$	134,607		0.1	%

	COMMERCIAL & PROFESSIONAL SERVICES					123,497		0.1

	CONSUMER DURABLES & APPAREL					83,676		0.0

	CONSUMER SERVICES					236,342		0.1

	ENERGY					86,719		0.0

	HEALTH CARE EQUIPMENT & SERVICES					148,976		0.1

	INSURANCE					98,459		0.0

	MATERIALS					244,980		0.1

	MEDIA & ENTERTAINMENT					134,212		0.1

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					159,459		0.1

	REAL ESTATE					171,350		0.1

	RETAILING					25,137		0.0

	SOFTWARE & SERVICES					308,664		0.2

	TECHNOLOGY HARDWARE & EQUIPMENT					184,092		0.1

	TELECOMMUNICATION SERVICES					122,878		0.1

	TRANSPORTATION					48,632		0.0

	UTILITIES					96,820		0.0

			TOTAL BANK LOAN OBLIGATIONS	(Cost $2,436,067)		2,408,500		1.2


	BONDS

	CORPORATE BONDS
	AUTOMOBILES & COMPONENTS
	$1,000,000	g	Hyundai Capital America	2.850%, 11/01/22		1,010,624		0.5
			Other			717,781		0.4

						1,728,405		0.9

	BANKS
	2,400,000		Bank of America Corp	2.456%–6.100%, 08/01/25–N/A^‡		2,497,115		1.2
	2,115,000		Citigroup, Inc	2.976%–5.500%, 03/26/25–N/A^‡		2,228,225		1.1
	2,025,000		JPMorgan Chase & Co	2.301%–5.000%, 04/25/23–N/A^‡		2,082,642		1.0
			Other			7,220,922		3.6

						14,028,904		6.9

	CAPITAL GOODS					1,893,719		0.9

	COMMERCIAL & PROFESSIONAL SERVICES					1,385,774		0.7

	CONSUMER SERVICES					674,896		0.3


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


Summary portfolio of investments		continued

Bond Fund § December 31, 2019


Principal		Issuer		Value		% of net assets

	DIVERSIFIED FINANCIALS
	$ 700,000	Morgan Stanley	3.125%, 07/27/26	$	722,016		0.4	%
		Other			5,921,835		2.9

					6,643,851		3.3

	ENERGY				6,929,937		3.4

	FOOD & STAPLES RETAILING				3,067,447		1.5

	FOOD, BEVERAGE & TOBACCO				2,214,087		1.1

	HEALTH CARE EQUIPMENT & SERVICES				2,051,241		1.0

	INSURANCE				3,685,384		1.8

	MATERIALS				2,284,445		1.1

	MEDIA & ENTERTAINMENT				4,025,127		2.0

	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				3,081,280		1.5

	REAL ESTATE				4,535,727		2.2

	RETAILING				366,594		0.2

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				648,802		0.3

	SOFTWARE & SERVICES				2,828,502		1.4

	TECHNOLOGY HARDWARE & EQUIPMENT				2,062,472		1.0

	TELECOMMUNICATION SERVICES
	1,625,000	AT&T, Inc	3.400%–4.500%, 05/15/25–03/09/48		1,774,910		1.0
		Other			2,118,274		1.0

					3,893,184		2.0

	TRANSPORTATION				2,118,207		1.0

	UTILITIES				4,093,934		2.0

		TOTAL CORPORATE BONDS	(Cost $70,557,292)		74,241,919		36.5



	GOVERNMENT BONDS
	AGENCY SECURITIES				659,224		0.4

	FOREIGN GOVERNMENT BONDS
	1,000,000	Kreditanstalt fuer Wiederaufbau	2.750%, 10/01/20		1,007,777		0.5
		Other			4,110,888		2.0

					5,118,665		2.5

	MORTGAGE BACKED
	787,829	Federal Home Loan Mortgage Corp Gold (FGLMC)	3.500%, 08/01/45		840,168		0.4
	1,089,270	FGLMC	3.500%, 10/01/45		1,148,372		0.6
	2,106,229	FGLMC	3.000%, 01/01/47		2,157,125		1.1
	1,335,479	FGLMC	3.000%, 02/01/47		1,367,735		0.7
	671,650	FGLMC	3.500%, 03/01/48		708,948		0.4


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


Summary portfolio of investments		continued

Bond Fund § December 31, 2019


Principal			Issuer		Value		% of net assets

	MORTGAGE BACKED—continued
	$ 2,483,523		FGLMC	3.500%–5.000%, 06/01/36–08/01/48	$	2,652,562		1.3	%
	607,321		Federal National Mortgage Association (FNMA)	4.500%, 11/01/44		655,403		0.3
	1,251,701		FNMA	3.000%, 12/25/45		1,280,255		0.6
	663,657		FNMA	3.500%, 01/01/46		701,771		0.3
	628,402		FNMA	3.500%, 07/01/46		664,258		0.3
	764,480		FNMA	3.500%, 12/01/46		794,539		0.4
	683,541		FNMA	3.500%, 01/01/47		708,629		0.3
	968,085		FNMA	3.000%, 02/25/48		997,169		0.5
	846,329		FNMA	4.500%, 03/01/48		919,604		0.5
	2,949,986		FNMA	4.000%, 04/01/48		3,091,903		1.5
	2,825,184		FNMA	3.000%, 11/01/48		2,877,966		1.4
	1,006,331		FNMA	3.500%, 12/01/49		1,036,409		0.5
	11,856,661	h,i	FNMA	3.000%–7.500%, 08/01/21–01/01/50		12,092,473		6.0
	800,847		Government National Mortgage Association (GNMA)	3.500%, 12/20/47		831,809		0.4
	956,226		GNMA	4.000%, 07/20/49		990,909		0.5
			Other			3,066,270		1.5

						39,584,277		19.5

	MUNICIPAL BONDS
	1,400,000		State of Illinois	5.100%, 06/01/33		1,509,242		0.7
	1,000,000		State of Texas	3.295%, 10/01/25		1,068,450		0.5
			Other			4,981,627		2.5

						7,559,319		3.7

	U.S. TREASURY SECURITIES
	1,000,000		United States Treasury Bond	3.125%, 11/15/41		1,132,909		0.6
	2,935,700		United States Treasury Bond	3.000%, 11/15/45		3,280,227		1.6
	1,865,000		United States Treasury Bond	2.875%, 11/15/46		2,043,294		1.0
	765,000		United States Treasury Bond	3.000%, 05/15/47		858,466		0.4
	1,060,000		United States Treasury Bond	3.125%, 05/15/48		1,219,128		0.6
	1,976,000		United States Treasury Bond	3.375%, 11/15/48		2,381,597		1.2
	1,234,000		United States Treasury Bond	2.875%, 05/15/49		1,358,616		0.7
	1,020,290	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/24		1,036,729		0.5
	850,000		United States Treasury Note	2.500%, 12/31/20		857,030		0.4
	4,095,000		United States Treasury Note	2.500%, 01/31/21		4,132,168		2.0
	1,440,000		United States Treasury Note	2.500%, 02/28/21		1,453,893		0.7
	1,625,000		United States Treasury Note	2.250%, 03/31/21		1,637,188		0.8
	3,405,000		United States Treasury Note	2.250%, 04/30/21		3,433,276		1.7
	1,000,000		United States Treasury Note	1.625%, 12/31/21		1,000,931		0.5
	1,015,000		United States Treasury Note	1.750%, 11/15/29		998,883		0.5
			Other			1,167,821		0.6

						27,992,156		13.8

			TOTAL GOVERNMENT BONDS	(Cost $78,526,779)		80,913,641		39.9


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


Summary portfolio of investments		continued

Bond Fund § December 31, 2019


Principal			Issuer		Value		% of net assets

	STRUCTURED ASSETS
	ASSET BACKED
	$ 957,364	g	Capital Automotive REIT
			Series—2014 1A (Class A)	3.660%, 10/15/44	$	955,452		0.5	%
			Other			16,839,571		8.3

						17,795,023		8.8

	OTHER MORTGAGE BACKED
	798,832	g,i	Agate Bay Mortgage Trust
			Series—2015 6 (Class A9)	3.500%, 09/25/45		790,966		0.4
	745,447		COMM Mortgage Trust
			Series—2012 CR4 (Class A3)	2.853%, 10/15/45		754,369		0.4
	1,000,000	g,i	COMM Mortgage Trust
			Series—2013 CR8 (Class B)	3.954%, 06/10/46		1,037,310		0.5
	600,000	i	COMM Mortgage Trust
			Series—2015 LC23 (Class AM)	4.158%, 10/10/48		639,849		0.3
	3,314,482	g,i	COMM Mortgage Trust	3.603%–4.747%, 07/15/47–10/10/48		3,473,829		1.7
	1,300,000	g,i	DBUBS Mortgage Trust
			Series—2011 LC2A (Class D)	5.530%, 07/10/44		1,336,133		0.7
	680,000		JPMBB Commercial Mortgage Securities Trust
			Series—2014 C21 (Class A5)	3.775%, 08/15/47		720,360		0.3
	1,908,000	i	JPMBB Commercial Mortgage Securities Trust	3.917%–4.617%, 05/15/48–08/15/48		2,023,869		1.0
	628,927		Morgan Stanley Bank of America Merrill Lynch Trust
			Series—2015 C21 (Class AS)	3.652%, 03/15/48		654,491		0.3
	973,280	g,i	Sequoia Mortgage Trust
			Series—2019 4 (Class A1)	3.500%, 11/25/49		989,629		0.5
	700,000		Wells Fargo Commercial Mortgage Trust
			Series—2016 C32 (Class A4)	3.560%, 01/15/59		741,296		0.4
	645,000	i	WFRBS Commercial Mortgage Trust
			Series—2013 C18 (Class AS)	4.387%, 12/15/46		690,482		0.3
			Other			9,745,702		4.8

						23,598,285		11.6

			TOTAL STRUCTURED ASSETS	(Cost $40,878,612)		41,393,308		20.4

			TOTAL BONDS	(Cost $189,962,683)		196,548,868		96.8


Shares			Company

	PREFERRED STOCKS
	BANKS					271,693		0.1

			TOTAL PREFERRED STOCKS	(Cost $569,550)		271,693		0.1


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


Summary portfolio of investments		continued

Bond Fund § December 31, 2019

Principal

Issuer

Value

% of net
assets

SHORT-TERM INVESTMENTS

TREASURY DEBT

$ 2,060,000

United States Treasury Bill

1.100%, 01/02/20

2,060,000

1.0

2,060,000

1.0

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,059,937)

2,060,000

1.0

TOTAL PORTFOLIO

(Cost $195,028,237)

201,289,061

99.1

OTHER ASSETS & LIABILITIES, NET

1,711,727

0.9

NET ASSETS

203,000,788

100.0

Abbreviation(s):

REIT

Real Estate Investment Trust

^‡

Perpetual security

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

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.

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.


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


Summary portfolio of investments		concluded

Bond Fund § December 31, 2019

Centrally cleared credit default swap contracts outstanding as of December 31, 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-NAHYS32V3-5 Year Index	5.000%	Credit event as specified in contract	Citigroup Global Markets, Inc		06/20/24	$	490,000	$	219	$	(15,762	)
CDX-NAHYS33V2-5 Year Index	5.000	Credit event as specified in contract	Citigroup Global Markets, Inc		12/20/24		495,000		235		(13,460	)
CDX-NAHYS32V3-5 Year Index	5.000	Credit event as specified in contract	Citigroup Global Markets, Inc		06/20/24		490,000		222		(20,087	)
CDX-NAHYS32V3-5 Year Index	5.000	Credit event as specified in contract	Citigroup Global Markets, Inc		06/20/24		490,000		220		(17,328	)
CDX-NAHYS32V3-5 Year Index	5.000	Credit event as specified in contract	Citigroup Global Markets, Inc		06/20/24		490,000		218		(13,837	)

Total								$	1,114	$	(80,474	)

SOLD


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-NAHYS32V3-5 Year Index	Credit event as specified in contract	5.000%	Citigroup Global Markets, Inc		06/20/24	$	490,000	$	(225	)	$	25,150

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 Annual Report			81


Summary portfolio of investments

Money Market Fund § December 31, 2019


Principal		Issuer		Value		% net assets


	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$2,000,000	Federal Agricultural Mortgage Corp (FAMC)	0.010%, 02/18/20	$	1,995,827		1.9	%
	1,800,000	Federal Farm Credit Bank (FFCB)	0.010%, 03/06/20		1,794,962		1.7
	2,000,000	FFCB	0.010%, 05/27/20		1,986,933		1.9
	2,300,000	FFCB	0.010%, 06/05/20		2,284,352		2.2
	2,000,000	FFCB	0.010%, 06/10/20		1,986,136		1.9
	1,600,000	Federal Home Loan Bank (FHLB)	0.010%, 01/10/20		1,599,320		1.5
	1,430,000	FHLB	0.010%, 01/15/20		1,429,048		1.4
	2,600,000	FHLB	0.010%, 01/21/20		2,597,754		2.5
	2,441,000	FHLB	0.010%, 01/22/20		2,438,671		2.3
	1,000,000	FHLB	0.010%, 01/28/20		998,732		0.9
	4,450,000	FHLB	0.010%, 02/03/20		4,443,511		4.2
	1,400,000	FHLB	0.010%, 02/05/20		1,397,901		1.3
	2,000,000	FHLB	0.010%, 02/12/20		1,996,332		1.9
	946,000	FHLB	0.010%, 02/18/20		944,058		0.9
	2,000,000	FHLB	0.010%, 02/19/20		1,995,740		1.9
	1,168,000	FHLB	0.010%, 02/28/20		1,164,999		1.1
	1,426,000	FHLB	0.010%, 03/06/20		1,422,009		1.3
	1,071,000	FHLB	0.010%, 03/11/20		1,067,741		1.0
	3,072,000	FHLB	0.010%, 03/13/20		3,062,323		2.9
	3,340,000	FHLB	0.010%, 03/16/20		3,329,061		3.1
	1,600,000	FHLB	0.010%, 03/31/20		1,593,680		1.5
	1,050,000	FHLB	0.010%, 05/04/20		1,044,250		1.0
	1,744,000	FHLB	0.010%, 06/05/20		1,732,135		1.6
	2,795,000	FHLB	0.010%, 01/08/20–06/12/20		2,787,174		2.6
	2,000,000	Federal Home Loan Mortgage Corp (FHLMC)	0.010%, 01/13/20		1,998,970		1.9
	2,000,000	FHLMC	0.010%, 02/20/20		1,995,306		1.9
	1,800,000	Federal National Mortgage Association (FNMA)	0.010%, 01/29/20		1,797,788		1.7
	2,000,000	FNMA	0.010%, 02/05/20		1,997,029		1.9
		Other			747,788		0.6

					55,629,530		52.5

	TREASURY DEBT
	3,000,000	United States Treasury Bill	0.010%, 01/14/20		2,998,346		2.8
	2,000,000	United States Treasury Bill	0.010%, 01/16/20		1,998,735		1.9
	2,000,000	United States Treasury Bill	0.010%, 01/23/20		1,997,988		1.9
	1,960,000	United States Treasury Bill	0.010%, 01/30/20		1,957,593		1.8
	2,000,000	United States Treasury Bill	0.010%, 02/04/20		1,997,129		1.9
	2,010,000	United States Treasury Bill	0.010%, 02/13/20		2,006,311		1.9
	1,163,000	United States Treasury Bill	0.010%, 02/20/20		1,160,515		1.1
	1,800,000	United States Treasury Bill	0.010%, 04/02/20		1,793,153		1.7
	3,000,000	United States Treasury Note	2.000%, 01/31/20		3,000,141		2.8
	2,000,000	United States Treasury Note	1.375%, 02/29/20		1,998,317		1.9
		Other			628,317		0.7

					21,536,545		20.4


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


Summary portfolio of investments		concluded

Money Market Fund § December 31, 2019


Principal			Issuer		Value			% net assets

	VARIABLE RATE SECURITIES
	$ 1,000,000	i	Federal Agricultural Mortgage Corp (FAMC), FRED – 3.020%	1.730%, 09/01/20	$	1,000,000			0.9	%
	2,000,000	i	FAMC, SOFR + 0.080%	1.620%, 12/21/20		2,000,000			1.9
	1,000,000	i	FAMC, SOFR + 0.070%	1.610%, 02/08/21		1,000,000			0.9
	2,000,000	i	FAMC, EFFR + 0.090%–FRED – 2.950%	1.640%–1.800%, 02/26/20–07/08/20		2,000,000			1.9
	1,000,000	i	Federal Farm Credit Bank (FFCB), LIBOR 1 M – 0.030%	1.680%, 01/07/20		1,000,000			1.0
	1,000,000	i	FFCB, FRED – 2.960%	1.790%, 07/09/20		999,961			0.9
	2,600,000	i	FFCB, US Treasury Bill 3 M + 0.045%–FRED – 2.870%	1.571%–1.880%,01/27/20–01/19/21		2,599,619			2.4
	2,500,000	i	Federal Home Loan Bank (FHLB), SOFR + 0.035%	1.575%, 06/19/20		2,500,000			2.4
	1,000,000	i	FHLB, SOFR + 0.100%	1.640%, 07/29/20		1,000,000			0.9
	1,000,000	i	FHLB, SOFR + 0.120%	1.660%, 10/07/20		1,000,000			1.0
	2,000,000	i	FHLB, SOFR + 0.130%	1.670%, 10/16/20		2,000,000			1.9
	2,000,000	i	Federal Home Loan Mortgage Corp (FHLMC), SOFR + 0.130%	1.540%, 02/20/20		1,999,970			1.9
	2,000,000	i	FHLMC, SOFR + 0.040%	1.580%, 04/29/20		1,999,932			1.9
	1,000,000	i	Federal National Mortgage Association (FNMA), SOFR + 0.060%–SOFR + 0.075%	1.600%–1.615%,07/30/20 – 10/30/20		1,000,000			1.0
	2,500,000	i	United States Treasury Floating Rate Note, US Treasury Bill 3 M + 0.000%	1.526%, 01/31/20		2,499,707			2.4
	4,500,000	i	United States Treasury Floating Rate Note, US Treasury Bill 3 M + 0.033%	1.559%, 04/30/20		4,498,841			4.2
			Other			500,000			0.5

						29,598,030			28.0

			TOTAL SHORT-TERM INVESTMENTS	(Cost $106,764,105)		106,764,105			100.9


			TOTAL PORTFOLIO	(Cost $106,764,105)		106,764,105			100.9
			OTHER ASSETS & LIABILITIES, NET			(957,801	)		(0.9	)

			NET ASSETS		$	105,806,304			100.0	%

Abbreviation(s):

EFFR

Effective Federal Funds Rate

FRED

Federal Bank Prime Loan Rate

LIBOR

London Interbank Offered Rate

Month

SOFR

Secured Overnight Financing Rate

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.


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


Portfolio of investments

Balanced Fund § December 31, 2019


Shares		Security		Value		% of net assets


	TIAA-CREF LIFE FUNDS—99.9%^a
	FIXED INCOME—49.5%
	3,218,139	TIAA-CREF Life Bond Fund		$	34,080,092		49.5	%

		TOTAL FIXED INCOME			34,080,092		49.5

	INTERNATIONAL EQUITY—10.1%
	854,840	TIAA-CREF Life International Equity Fund			6,941,299		10.1

		TOTAL INTERNATIONAL EQUITY			6,941,299		10.1

	U.S. EQUITY—40.3%
	391,782	TIAA-CREF Life Growth Equity Fund			6,417,392		9.3
	369,429	TIAA-CREF Life Growth & Income Fund			6,952,648		10.1
	405,489	TIAA-CREF Life Large-Cap Value Fund			6,049,893		8.8
	89,985	TIAA-CREF Life Real Estate Securities Fund			1,403,765		2.1
	105,118	TIAA-CREF Life Small-Cap Equity Fund			1,380,201		2.0
	197,380	TIAA-CREF Life Stock Index Fund			5,530,592		8.0

		TOTAL U.S. EQUITY			27,734,491		40.3

		TOTAL TIAA-CREF LIFE FUNDS	(Cost $60,179,064)		68,755,882		99.9


		TOTAL PORTFOLIO	(Cost $60,179,064)		68,755,882		99.9
		OTHER ASSETS & LIABILITIES, NET			69,352		0.1

		NET ASSETS		$	68,825,234		100.0	%

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


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

[This page intentionally left blank.]


TIAA-CREF Life Funds § 2019 Annual Report			85


Statements of assets and liabilities

TIAA-CREF Life Funds § December 31, 2019


	Growth Equity Fund


ASSETS
Portfolio investments, at value*^†	$	119,394,568
Cash		9,290
Receivable from securities transactions		478,002
Receivable from Fund shares sold		2,279
Dividends and interest receivable		71,371
Due from affiliates		4,386
Receivable for variation margin on futures contracts		—
Other		10,891

Total assets		119,970,787


LIABILITIES
Management fees payable		44,386
Due to affiliates		2,446
Overdraft payable		—
Payable for collateral for securities loaned		1,373,418
Payable for securities transactions		441,151
Payable for Fund shares redeemed		136,924
Written options^à		—
Payable for trustee compensation		8,344
Accrued expenses and other payables		25,605

Total liabilities		2,032,274

NET ASSETS	$	117,938,513



NET ASSETS CONSIST OF:
Paid-in-capital	$	62,863,844
Total distributable earnings (loss)		55,074,669

NET ASSETS	$	117,938,513


Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		7,201,513

Net asset value per share	$	16.38



* Includes securities loaned of	$	1,309,598
^† Portfolio investments, cost	$	74,310,144
^à Written options premiums	$	—


86		2019 Annual 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



$	160,972,852	$	75,253,232	$	85,358,977	$	54,599,008	$	71,038,012
	—		6,116		2,414		2,868		—
	920,443		—		—		50,310		32,826
	38,947		350		240		85		4,597
	131,960		70,294		321,989		46,151		95,318
	3,688		5,835		4,350		9,064		5,197
	—		—		—		156		4,255
	16,245		10,906		11,936		7,014		6,906

	162,084,135		75,346,733		85,699,906		54,714,656		71,187,111



	60,419		28,318		35,617		20,678		8,873
	2,483		2,352		2,359		2,327		2,344
	158,378		—		—		—		560
	1,113,995		—		—		996,112		149,318
	67,333		—		569,841		—		36,142
	256,651		188,206		86,359		50,713		72,639
	156,083		—		—		—		—
	13,121		9,338		10,145		7,031		6,969
	30,869		17,484		18,835		29,107		20,623

	1,859,332		245,698		723,156		1,105,968		297,468

$	160,224,803	$	75,101,035	$	84,976,750	$	53,608,688	$	70,889,643




$	94,086,725	$	57,473,766	$	50,677,576	$	45,557,582	$	40,819,245
	66,138,078		17,627,269		34,299,174		8,051,106		30,070,398

$	160,224,803	$	75,101,035	$	84,976,750	$	53,608,688	$	70,889,643


	8,515,757		5,032,969		5,446,197		4,082,635		4,231,234

$	18.82	$	14.92	$	15.60	$	13.13	$	16.75



$	1,685,325	$	—	$	—	$	1,083,107	$	303,693
$	102,882,249	$	57,906,913	$	56,983,263	$	48,596,841	$	46,280,286
$	262,404	$	—	$	—	$	—	$	—


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


Statements of assets and liabilities

TIAA-CREF Life Funds § December 31, 2019


	Stock Index Fund


ASSETS
Portfolio investments, at value*^†	$	586,791,563
Affiliated investments, at value^‡		—
Cash^§		—
Receivable from securities transactions		—
Receivable for delayed delivery securities		130,816
Receivable from Fund shares sold		34,051
Dividends and interest receivable		612,272
Due from affiliates		3,140
Receivable for variation margin on futures contracts		16,517
Receivable for variation margin on centrally cleared swap contracts		—
Other		30,706

Total assets		587,619,065


LIABILITIES
Management fees payable		29,196
Due to affiliates		3,045
Overdraft payable		8,175
Payable for collateral for securities loaned		2,653,632
Payable for securities transactions		49,363
Payable for delayed delivery securities		—
Payable for Fund shares redeemed		652,513
Payable for trustee compensation		30,775
Unfunded loan commitment		—
Accrued expenses and other payables		36,751

Total liabilities		3,463,450

NET ASSETS	$	584,155,615



NET ASSETS CONSIST OF:
Paid-in-capital	$	267,376,256
Total distributable earnings (loss)		316,779,359

NET ASSETS	$	584,155,615


Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		20,847,666

Net asset value per share	$	28.02



* Includes securities loaned of	$	3,559,250
^† Portfolio investments, cost	$	272,728,066
^‡ Affiliated investments, cost	$	—
^§ Includes cash collateral for mortgage dollar rolls of	$	—


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


		concluded


International Equity Fund		Bond Fund		Money Market Fund		Balanced Fund



$	107,687,160	$	201,289,061	$	106,764,105	$	—
	—		—		—		68,755,882
	5,892		978,975		95,253		301,063
	—		13,671		—		138,204
	—		225,066		—		—
	37,844		369,449		—		15,799
	203,802		1,163,083		104,675		—
	8,399		5,667		7,468		5,622
	—		—		—		—
	—		889		—		—
	14,029		17,783		—		2,433

	107,957,126		204,063,644		106,971,501		69,219,003



	44,911		51,586		8,840		5,762
	2,379		2,568		4,153		899
	—		—		—		—
	110,080		—		—		—
	—		—		—		369,449
	—		730,814		—		—
	109,141		217,012		1,122,214		816
	11,333		19,537		69		2,400
	—		169		—		—
	60,728		41,170		29,921		14,443

	338,572		1,062,856		1,165,197		393,769

$	107,618,554	$	203,000,788	$	105,806,304	$	68,825,234




$	104,938,054	$	191,437,034	$	105,797,537	$	58,214,115
	2,680,500		11,563,754		8,767		10,611,119

$	107,618,554	$	203,000,788	$	105,806,304	$	68,825,234


	13,246,817		19,160,879		105,795,183		5,529,465

$	8.12	$	10.59	$	1.00	$	12.45



$	1,010,934	$	—	$	—	$	—
$	103,763,987	$	195,028,237	$	106,764,105	$	—
$	—	$	—	$	—	$	60,179,064
$	—	$	960,000	$	—	$	—


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


Statements of operations

TIAA-CREF Life Funds § For the year ended December 31, 2019


	Growth Equity Fund


INVESTMENT INCOME
Dividends*	$	986,003
Interest*		22,666
Income from securities lending		21,560
Payment from affiliate		10,737

Total income		1,040,966


EXPENSES
Management fees		513,050
Shareholder servicing		2,218
Custody and accounting fees		43,138
Professional fees		35,772
Administrative service fees		21,515
Shareholder reports		17,823
Trustee fees and expenses		1,398
Other expenses		10,130

Total expenses		645,044
Less: Expenses reimbursed by the investment adviser		(50,024	)

Net expenses		595,020


Net investment income (loss)		445,946


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments^‡		10,493,200
Purchased options		(72,362	)
Written options		25,736
Futures contracts		—
Foreign currency transactions		(1,007	)

Net realized gain (loss) on total investments		10,445,567


Change in unrealized appreciation (depreciation) on:
Portfolio investments		18,902,646
Purchased options		—
Written options		(605	)
Futures contracts		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(459	)

Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		18,901,582

Net realized and unrealized gain (loss) on total investments		29,347,149

Net increase (decrease) in net assets from operations	$	29,793,095



* Net of foreign withholding taxes of	$	13,183
^‡ Includes net realized gain (loss) from securities sold to affiliates of	$	20,276


90		2019 Annual 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



$	2,732,050		$	1,645,349		$	1,869,966		$	682,387		$	1,247,048
	16,711			14,715			35,750			4,150			7,608
	16,500			—			—			46,235			6,169
	13,716			6,608			7,179			—			—

	2,778,977			1,666,672			1,912,895			732,772			1,260,825



	667,317			313,609			398,160			239,496			96,219
	2,550			2,171			2,223			1,872			2,451
	46,264			37,021			23,480			56,603			24,210
	36,529			35,403			36,572			32,748			28,919
	21,946			20,760			20,941			20,502			20,700
	19,985			15,838			13,207			11,440			12,361
	1,815			852			935			623			821
	21,018			9,732			8,198			13,813			13,881

	817,424			435,386			503,716			377,097			199,562
	(46,084	)		(72,488	)		(49,654	)		(100,641	)		(58,350	)

	771,340			362,898			454,062			276,456			141,212


	2,007,637			1,303,774			1,458,833			456,316			1,119,613




	6,231,155			58,734			4,606,765			1,812,660			4,155,447
	44,710			—			—			—			—
	266,225			—			—			—			—
	—			—			—			9,730			53,509
	(3,099	)		—			13			—			—

	6,538,991			58,734			4,606,778			1,822,390			4,208,956



	29,306,119			16,022,410			14,591,340			8,502,080			11,895,021
	1,693			—			—			—			—
	242,125			—			—			—			—
	—			—			—			140			29,406
	19			(21	)		—			—			—

	29,549,956			16,022,389			14,591,340			8,502,220			11,924,427

	36,088,947			16,081,123			19,198,118			10,324,610			16,133,383

$	38,096,584		$	17,384,897		$	20,656,951		$	10,780,926		$	17,252,996



$	15,311		$	724		$	—		$	436		$	65
$	24,645		$	—		$	—		$	53,722		$	18,179


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


Statements of operations

TIAA-CREF Life Funds § For the year ended December 31, 2019


	Stock Index Fund


INVESTMENT INCOME
Dividends*	$	10,301,758
Interest*		97,397
Income from securities lending		86,803
Payment from affiliate		—

Total income		10,485,958


EXPENSES
Management fees		309,904
Shareholder servicing		2,481
Custody and accounting fees		37,539
Professional fees		53,236
Administrative service fees		27,555
Shareholder reports		53,512
Trustee fees and expenses		6,174
Other expenses		21,056

Total expenses		511,457
Less: Expenses reimbursed by the investment adviser		(46,507	)

Net expenses		464,950


Net investment income (loss)		10,021,008


NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments
Unaffiliated investments^‡		1,332,478
Affiliated investments		—
Futures contracts		755,480
Swap contracts		—
Foreign currency transactions		—
Realized gain distributions from affiliated investments		—

Net realized gain (loss) on total investments		2,087,958


Change in unrealized appreciation (depreciation) on:
Portfolio investments
Unaffiliated investments		122,545,398
Affiliated investments		—
Futures contracts		283,583
Swap contracts		—
Unfunded loan commitment		—
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		122,828,981

Net realized and unrealized gain (loss) on total investments		124,916,939

Net increase (decrease) in net assets from operations	$	134,937,947



* Net of foreign withholding taxes of	$	859
^‡ Includes net realized gain (loss) from securities sold to affiliates of	$	19,027


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


		concluded


International Equity Fund			Bond Fund			Money Market Fund			Balanced Fund



$	2,178,723		$	—		$	—		$	1,377,408
	46,153			6,730,631			2,245,041			1,364
	17,509			—			—			—
	10,999			—			—			—

	2,253,384			6,730,631			2,245,041			1,378,772



	480,132			594,748			101,360			63,532
	2,241			2,277			1,723			2,166
	77,406			28,789			50,131			10,793
	43,357			54,313			30,749			21,334
	21,017			22,714			23,171			10,765
	15,977			25,581			22,573			11,781
	1,123			2,411			1,368			782
	36,654			11,186			5,973			6,284

	677,907			742,019			237,048			127,437
	(101,630	)		(46,982	)		(84,722	)		(63,290	)

	576,277			695,037			152,326			64,147


	1,677,107			6,035,594			2,092,715			1,314,625





	(2,233,189	)		1,799,678			8,629			(5,021	)
	—			—			—			(136,379	)
	—			—			—			—
	—			(5,634	)		—			—
	(13,473	)		(41,413	)		—			—
	—			—			—			1,731,676

	(2,246,662	)		1,752,631			8,629			1,590,276




	20,632,377			10,164,342			—			—
	—			—			—			7,785,706
	—			—			—			—
	—			(55,324	)		—			—
	—			(169	)		—			—
	(561	)		148			—			—

	20,631,816			10,108,997			—			7,785,706

	18,385,154			11,861,628			8,629			9,375,982

$	20,062,261		$	17,897,222		$	2,101,344		$	10,690,607



$	237,818		$	747		$	—		$	—
$	(198,163	)	$	—		$	—		$	(1,030	)


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


Statements of changes in net assets

TIAA-CREF Life Funds § For the year ended


	Growth Equity Fund
	December 31, 2019			December 31, 2018


OPERATIONS
Net investment income (loss)	$	445,946		$	470,414
Net realized gain (loss) on total investments		10,445,567			8,659,360
Net change in unrealized appreciation (depreciation) on total investments		18,901,582			(9,279,394	)

Net increase (decrease) in net assets from operations		29,793,095			(149,620	)


DISTRIBUTIONS TO SHAREHOLDERS		(9,852,252	)		(7,162,495	)

Total distributions		(9,852,252	)		(7,162,495	)


SHAREHOLDER TRANSACTIONS
Subscriptions		19,747,363			23,046,935
Reinvestments of distributions		9,852,252			7,162,495
Redemptions		(29,818,242	)		(21,781,434	)

Net increase (decrease) from shareholder transactions		(218,627	)		8,427,996


Net increase (decrease) in net assets		19,722,216			1,115,881

NET ASSETS
Beginning of period		98,216,297			97,100,416

End of period	$	117,938,513		$	98,216,297



CHANGE IN FUND SHARES
Shares sold		1,254,743			1,469,843
Shares reinvested		648,174			441,040
Shares redeemed		(1,853,506	)		(1,388,831	)

Net increase (decrease) from shareholder transactions		49,411			522,052


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


Growth & Income Fund						Large-Cap Value Fund
December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018



$	2,007,637		$	1,531,646		$	1,303,774		$	1,237,719
	6,538,991			8,924,356			58,734			3,550,132
	29,549,956			(20,239,378	)		16,022,389			(15,122,740	)

	38,096,584			(9,783,376	)		17,384,897			(10,334,889	)


	(10,482,636	)		(10,596,948	)		(4,521,279	)		(6,487,384	)

	(10,482,636	)		(10,596,948	)		(4,521,279	)		(6,487,384	)



	10,802,608			15,924,379			5,506,608			8,390,235
	10,481,822			10,596,104			4,520,681			6,486,526
	(18,341,918	)		(22,278,093	)		(10,745,965	)		(11,568,496	)

	2,942,512			4,242,390			(718,676	)		3,308,265


	30,556,460			(16,137,934	)		12,144,942			(13,514,008	)


	129,668,343			145,806,277			62,956,093			76,470,101

$	160,224,803		$	129,668,343		$	75,101,035		$	62,956,093




	600,798			873,246			390,939			557,798
	597,595			564,824			327,823			428,720
	(1,025,933	)		(1,214,044	)		(762,899	)		(766,117	)

	172,460			224,026			(44,137	)		220,401


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


Statements of changes in net assets

TIAA-CREF Life Funds § For the year ended


	Real Estate Securities Fund
	December 31, 2019			December 31, 2018


OPERATIONS
Net investment income (loss)	$	1,458,833		$	1,638,241
Net realized gain (loss) on total investments		4,606,778			969,822
Net change in unrealized appreciation (depreciation) on total investments		14,591,340			(5,738,238	)

Net increase (decrease) in net assets from operations		20,656,951			(3,130,175	)


DISTRIBUTIONS TO SHAREHOLDERS		(2,961,221	)		(3,982,177	)

Total distributions		(2,961,221	)		(3,982,177	)


Subscriptions		9,358,741			5,109,851
Reinvestments of distributions		2,960,994			3,981,876
Redemptions		(12,180,978	)		(11,980,966	)

Net increase (decrease) from shareholder transactions		138,757			(2,889,239	)


Net increase (decrease) in net assets		17,834,487			(10,001,591	)

NET ASSETS
Beginning of period		67,142,263			77,143,854

End of period	$	84,976,750		$	67,142,263



Shares sold		625,756			388,522
Shares reinvested		191,898			300,519
Shares redeemed		(825,812	)		(913,624	)

Net increase (decrease) from shareholder transactions		(8,158	)		(224,583	)


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


		continued


Small-Cap Equity Fund						Social Choice Equity Fund
December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018



$	456,316		$	297,374		$	1,119,613		$	1,030,430
	1,822,390			7,007,084			4,208,956			8,734,660
	8,502,220			(13,599,440	)		11,924,427			(12,929,794	)

	10,780,926			(6,294,982	)		17,252,996			(3,164,704	)


	(7,432,814	)		(6,414,744	)		(9,738,511	)		(3,944,778	)

	(7,432,814	)		(6,414,744	)		(9,738,511	)		(3,944,778	)


	5,501,866			4,408,393			3,636,248			4,449,391
	7,432,814			6,414,744			9,736,822			3,944,061
	(9,098,858	)		(10,277,253	)		(5,838,722	)		(6,827,742	)

	3,835,822			545,884			7,534,348			1,565,710


	7,183,934			(12,163,842	)		15,048,833			(5,543,772	)


	46,424,754			58,588,596			55,840,810			61,384,582

$	53,608,688		$	46,424,754		$	70,889,643		$	55,840,810



	400,288			278,556			222,007			268,338
	597,013			413,854			630,623			225,246
	(655,934	)		(657,798	)		(350,023	)		(396,474	)

	341,367			34,612			502,607			97,110


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


Statements of changes in net assets

TIAA-CREF Life Funds § For the year ended


	Stock Index Fund
	December 31, 2019			December 31, 2018


OPERATIONS
Net investment income (loss)	$	10,021,008		$	8,783,599
Net realized gain (loss) on total investments		2,087,958			4,443,653
Net change in unrealized appreciation (depreciation) on total investments		122,828,981			(37,291,381	)

Net increase (decrease) in net assets from operations		134,937,947			(24,064,129	)


DISTRIBUTIONS TO SHAREHOLDERS		(12,650,546	)		(10,867,391	)

Total distributions		(12,650,546	)		(10,867,391	)


Subscriptions		76,894,751			56,711,264
Reinvestments of distributions		12,650,546			10,867,391
Redemptions		(57,204,427	)		(48,549,782	)

Net increase (decrease) from shareholder transactions		32,340,870			19,028,873


Net increase (decrease) in net assets		154,628,271			(15,902,647	)

NET ASSETS
Beginning of period		429,527,344			445,429,991

End of period	$	584,155,615		$	429,527,344



Shares sold		3,010,585			2,335,728
Shares reinvested		489,005			422,362
Shares redeemed		(2,228,220	)		(1,990,827	)

Net increase (decrease) from shareholder transactions		1,271,370			767,263


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


		continued


International Equity Fund						Bond Fund
December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018



$	1,677,107		$	2,107,687		$	6,035,594		$	5,823,196
	(2,246,662	)		3,839,765			1,752,631			(2,298,372	)
	20,631,816			(32,412,568	)		10,108,997			(5,147,337	)

	20,062,261			(26,465,116	)		17,897,222			(1,622,513	)


	(6,557,386	)		(1,123,383	)		(5,808,915	)		(5,057,919	)

	(6,557,386	)		(1,123,383	)		(5,808,915	)		(5,057,919	)


	12,862,037			12,689,868			23,263,126			20,767,398
	6,557,386			1,123,383			5,808,719			5,057,753
	(11,356,621	)		(15,579,604	)		(27,444,248	)		(29,828,381	)

	8,062,802			(1,766,353	)		1,627,597			(4,003,230	)


	21,567,677			(29,354,852	)		13,715,904			(10,683,662	)


	86,050,877			115,405,729			189,284,884			199,968,546

$	107,618,554		$	86,050,877		$	203,000,788		$	189,284,884



	1,659,808			1,451,600			2,237,072			2,066,035
	875,485			127,368			551,112			513,999
	(1,462,998	)		(1,746,386	)		(2,632,437	)		(2,974,914	)

	1,072,295			(167,418	)		155,747			(394,880	)


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


Statements of changes in net assets

TIAA-CREF Life Funds § For the year ended


	Money Market Fund
	December 31, 2019			December 31, 2018


OPERATIONS
Net investment income (loss)	$	2,092,715		$	1,509,783
Net realized gain (loss) on total investments		8,629			(50	)
Net change in unrealized appreciation (depreciation) on total investments		—			—

Net increase (decrease) in net assets from operations		2,101,344			1,509,733


DISTRIBUTIONS TO SHAREHOLDERS		(2,091,692	)		(1,510,779	)

Total distributions		(2,091,692	)		(1,510,779	)


Subscriptions		116,458,260			153,340,638
Reinvestments of distributions		2,091,692			1,510,714
Redemptions		(117,423,088	)		(132,591,226	)

Net increase (decrease) from shareholder transactions		1,126,864			22,260,126


Net increase (decrease) in net assets		1,136,516			22,259,080

NET ASSETS
Beginning of period		104,669,788			82,410,708

End of period	$	105,806,304		$	104,669,788



Shares sold		116,458,259			153,340,638
Shares reinvested		2,091,693			1,510,714
Shares redeemed		(117,423,088	)		(132,591,226	)

Net increase (decrease) from shareholder transactions		1,126,864			22,260,126


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


		concluded


Balanced Fund
December 31, 2019			December 31, 2018



$	1,314,625		$	1,072,622
	1,590,276			1,560,551
	7,785,706			(5,901,397	)

	10,690,607			(3,268,224	)


	(2,758,032	)		(308,311	)

	(2,758,032	)		(308,311	)


	6,014,729			5,005,948
	2,757,506			308,252
	(4,395,874	)		(4,564,169	)

	4,376,361			750,031


	12,308,936			(2,826,504	)


	56,516,298			59,342,802

$	68,825,234		$	56,516,298



	499,847			429,326
	230,368			25,904
	(366,998	)		(389,454	)

	363,217			65,776


See notes to financial statements		TIAA-CREF Life Funds § 2019 Annual 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

GROWTH EQUITY FUND
		12/31/19		$	13.73	$	0.06	$	4.05		$	4.11		$	(0.07	)	$	(1.39	)	$	(1.46	)
		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	)

GROWTH & INCOME FUND
		12/31/19			15.54		0.24		4.35			4.59			(0.19	)		(1.12	)		(1.31	)
		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	)

LARGE-CAP VALUE FUND
		12/31/19			12.40		0.26		3.21			3.47			(0.26	)		(0.69	)		(0.95	)
		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	)

REAL ESTATE SECURITIES FUND
		12/31/19			12.31		0.27		3.58			3.85			(0.29	)		(0.27	)		(0.56	)
		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	)

SMALL-CAP EQUITY FUND
		12/31/19			12.41		0.12		2.71			2.83			(0.08	)		(2.03	)		(2.11	)
		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	)


102		2019 Annual 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 affiliates^u			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliates^u			Portfolio turnover rate


	$16.38		30.73	%		30.72	%	$	117,939		0.57	%		0.52	%		0.39	%		0.38	%		108	%
	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


	18.82		30.10			30.09			160,225		0.55			0.52			1.35			1.34			63
	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


	14.92		28.66			28.65			75,101		0.62			0.52			1.87			1.86			19
	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


	15.60		31.33			31.32			84,977		0.63			0.57			1.83			1.82			35
	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


	13.13		23.72			23.72			53,609		0.72			0.53			0.88			0.88			124
	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


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


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
		12/31/19		$	14.98	$	0.29		$	4.18		$	4.47		$	(0.28	)	$	(2.42	)	$	(2.70	)
		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	)

STOCK INDEX FUND
		12/31/19			21.94		0.50			6.21			6.71			(0.43	)		(0.20	)		(0.63	)
		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	)

INTERNATIONAL EQUITY FUND
		12/31/19			7.07		0.14			1.45			1.59			(0.17	)		(0.37	)		(0.54	)
		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	)

BOND FUND
		12/31/19			9.96		0.32			0.62			0.94			(0.31	)		—			(0.31	)
		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	)

MONEY MARKET FUND
		12/31/19			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)
		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


104		2019 Annual 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 affiliates^u			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliates^u			Portfolio turnover rate			Portfolio turnover rate excluding mortgage dollar rolls


	$16.75		31.38	%		31.38	%	$	70,890		0.31	%		0.22	%		1.75	%		1.75	%		27	%		27	%
	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


	28.02		30.81			30.81			584,156		0.10			0.09			1.94			1.94			3			3
	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


	8.12		23.07			23.06			107,619		0.71			0.60			1.75			1.74			108			108
	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


	10.59		9.48			9.48			203,001		0.37			0.35			3.04			3.04			117			111
	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


	1.00		2.09			2.09			105,806		0.23			0.15			2.06			2.06			—			—
	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			—			—


See notes to financial statements		TIAA-CREF Life Funds § 2019 Annual Report			105


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
		12/31/19	$	10.94	$	0.25	$	1.79		$	2.04		$	(0.26	)	$	(0.27	)	$	(0.53	)
		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	)

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

^†^†

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

Based on average shares outstanding.

Amount represents less than $0.01 per share.

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

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.


106		2019 Annual Report § TIAA-CREF Life Funds		See notes to financial statements


		concluded


					Ratios and supplemental data
							Ratios to average net assets

Net asset value, end of period		Total return^†^†			Net assets at end of period (in thousands)		Gross expenses^e			Net expenses^e			Net investment income (loss)			Portfolio turnover rate


	$12.45		18.81	%	$	68,825		0.20	%		0.10	%		2.07	%		19	%
	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


See notes to financial statements		TIAA-CREF Life Funds § 2019 Annual Report			107


Notes to financial statements

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 of investments and/or as a realized gain. The Funds estimate the components of


108		2019 Annual Report § TIAA-CREF Life Funds

distributions received that may be considered return of capital distributions or capital gain distributions. In many cases, these estimates are based on data from the prior calendar year end.

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.

For the year ended December 31, 2019, permanent book and tax differences resulting primarily from fund distribution reclasses were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of operations, and net assets were not affected by these reclassifications.

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.


TIAA-CREF Life Funds § 2019 Annual Report			109


Notes to financial statements

Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.

Indemnification: 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.

New rule issuances: 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 were implemented on June 1, 2019 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.


110		2019 Annual Report § TIAA-CREF Life Funds


		continued

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

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.

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 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.

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.

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.

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.

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.


TIAA-CREF Life Funds § 2019 Annual Report			111


Notes to financial statements

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.

As of December 31, 2019, 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs, while 100% of the value in the Balanced Fund was based on Level 1 inputs.

The following table summarizes the market value of the Funds’ investments as of December 31, 2019, based on the inputs used to value them:


Fund	Level 1			Level 2		Level 3		Total

Growth Equity
Equity investments:
Communication services	$	14,255,621		$	587,556	$	—	$	14,843,177
Consumer discretionary		17,408,782			1,510,232		—		18,919,014
Health care		18,014,006			4,199,404		—		22,213,410
Industrials		6,541,960			899,964		—		7,441,924
Information technology		45,739,102			1,383,606		—		47,122,708
All other equity investments*		6,970,917			—		—		6,970,917
Short-term investments		1,373,418			510,000		—		1,883,418

Total	$	110,303,806		$	9,090,762	$	—	$	119,394,568

Growth & Income
Equity investments:
Communication services	$	16,460,052		$	607,084	$	—	$	17,067,136
Consumer discretionary		13,994,409			474,979		—		14,469,388
Consumer staples		11,214,762			825,703		—		12,040,465
Health care		21,267,504			3,122,155		—		24,389,659
Industrials		14,436,461			440,037		—		14,876,498
Information technology		38,195,447			497,085		—		38,692,532
All other equity investments*		38,318,019			—		—		38,318,019
Short-term investments		1,113,995			—		—		1,113,995
Purchased options**		5,160			—		—		5,160
Written options**		(156,083	)		—		—		(156,083	)

Total	$	154,849,726		$	5,967,043	$	—	$	160,816,769

Large-Cap Value
Equity investments*	$	74,383,232		$	—	$	—	$	74,383,232
Short-term investments		—			870,000		—		870,000

Total	$	74,383,232		$	870,000	$	—	$	75,253,232


112		2019 Annual Report § TIAA-CREF Life Funds


		continued


Fund	Level 1		Level 2			Level 3		Total

Real Estate Securities
Equity investments:
Internet services & infrastructure	$	1,268,868	$	301,084		$	—	$	1,569,952
All other equity investments*		82,429,025		—			—		82,429,025
Short-term investments		—		1,360,000			—		1,360,000

Total	$	83,697,893	$	1,661,084		$	—	$	85,358,977

Small-Cap Equity
Equity investments*	$	52,942,896	$	—		$	—	$	52,942,896
Short-term investments		996,112		660,000			—		1,656,112
Futures contracts**		140		—			—		140

Total	$	53,939,148	$	660,000		$	—	$	54,599,148

Social Choice Equity
Equity investments*	$	70,638,694	$	—		$	—	$	70,638,694
Short-term investments		149,318		250,000			—		399,318
Futures contracts**		4,253		—			—		4,253

Total	$	70,792,265	$	250,000		$	—	$	71,042,265

Stock Index
Equity investments:
Financials	$	78,414,481	$	—		$	117	$	78,414,598
Health care		82,133,729		—			1,715		82,135,444
Materials		16,562,305		—			1,286		16,563,591
All other equity investments*		403,704,298		—			—		403,704,298
Short-term investments		2,653,632		3,320,000			—		5,973,632
Futures contracts**		16,472		—			—		16,472

Total	$	583,484,917	$	3,320,000		$	3,118	$	586,808,035

International Equity
Equity investments:
Asia	$	2,909,673	$	23,668,215		$	—	$	26,577,888
Europe		—		75,089,480			—		75,089,480
All other equity investments*		—		1,989,712			—		1,989,712
Short-term investments		110,080		3,920,000			—		4,030,080

Total	$	3,019,753	$	104,667,407		$	—	$	107,687,160

Bond
Bank loan obligations	$	—	$	2,408,500		$	—	$	2,408,500
Corporate bonds		—		74,241,919			—		74,241,919
Government bonds		—		80,729,085			184,556		80,913,641
Structured assets		—		41,393,308			—		41,393,308
Preferred stocks		271,693		—			—		271,693
Short-term investments		—		2,060,000			—		2,060,000
Credit default swaps contracts**		—		(55,324	)		—		(55,324	)
Unfunded loan commitment^†		—		(169	)		—		(169	)

Total	$	271,693	$	200,777,319		$	184,556	$	201,233,568

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.


TIAA-CREF Life Funds § 2019 Annual Report			113


Notes to financial statements

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.

At December 31, 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

5,160

Written options

(156,083

)

Small-Cap Equity Fund

Equity contracts

Futures contracts

140

Social Choice Equity Fund

Equity contracts

Futures contracts

4,253

Stock Index Fund

Equity contracts

Futures contracts

16,472

Bond Fund

Credit contracts

Credit default
swap contracts

(55,324

)

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 contracts and centrally cleared swap contracts.


114		2019 Annual Report § TIAA-CREF Life Funds


		continued

For the year ended December 31, 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		25,736			(605	)

Growth & Income Fund
Equity contracts		Purchased options		44,710			1,693
Equity contracts		Written options		266,225			242,125

Small-Cap Equity Fund
Equity contracts		Futures contracts		9,730			140

Social Choice Equity Fund
Equity contracts		Futures contracts		53,509			29,406

Stock Index Fund
Equity contracts		Futures contracts		755,480			283,583

Bond Fund
Credit contracts		Swap contracts		(5,634	)		(55,324	)

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearinghouse (exchange traded). To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the Summary portfolio of investments, and written options are separately reflected as a liability in the Statements of assets and liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the year ended December 31, 2019, the Growth Equity Fund and Growth & Income


TIAA-CREF Life Funds § 2019 Annual Report			115


Notes to financial statements

Fund had exposure to options, based on underlying notional values, generally between 0% and 7% of net assets. The purchased and written options outstanding as of December 31, 2019 are disclosed in the Summary portfolio of investments and the full Schedules of Investments.

Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended December 31, 2019, the Small-Cap Equity Fund, the Social Choice Equity Fund and the Stock Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 2% of net assets. The futures contracts outstanding as of December 31, 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 (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.


116		2019 Annual Report § TIAA-CREF Life Funds


		continued

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 year ended December 31, 2019, the Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 3% of net assets. The credit default swap contracts outstanding as of December 31, 2019 are disclosed in the Summary portfolio of investments and the full schedule of investments.

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.

Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA, distributes the Funds’ shares. Under the terms of the distribution agreement, Nuveen Securities is not compensated. Nuveen Securities does not currently enter into agreements, or otherwise pay, other intermediaries to sell shares of the Funds. Prior to September 30, 2019, Teachers Personal Investor


TIAA-CREF Life Funds § 2019 Annual Report			117


Notes to financial statements

Services (“TPIS”) was the distributor of the Funds’ shares. Effective September 30, 2019, TPIS merged into Nuveen Securities and Nuveen Securities became the distributor of the Funds’ shares.

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 December 31, 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 or other transactional expenses, acquired fund fees and expenses and extraordinary expenses. These expense reimbursement arrangements will continue through at least April 30, 2020, unless changed with approval of the Board.

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

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended December 31, 2019, the Funds engaged in the following security transactions with affiliated entities:


Fund	Purchases		Sales		Realized gain (loss)

Growth Equity	$	362,480	$	194,663	$	20,276
Growth & Income		651,513		1,160,830		24,645
Large-Cap Value		73,911		—		—
Real Estate Securities		131,906		—		—
Small-Cap Equity		1,274,184		295,883		53,722
Social Choice Equity		157,794		168,404		18,179
Stock Index		4,530,684		26,443		19,027
International Equity		—		2,256,068		(198,163	)
Balanced		—		193,453		(1,030	)


118		2019 Annual Report § TIAA-CREF Life Funds


		continued

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 December 31, 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		94			6			100
Bond		83			17			100
Money Market		100			—			100
Balanced		100			—			100

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


Issue	Value at 12/31/18		Purchases cost		Sales proceeds		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Dividend income		Value at 12/31/19

TIAA-CREF Life Balanced Fund
TIAA-CREF Life Funds:
Growth Equity	$	4,940	$	1,658	$	1,181	$	519	$	986	$	25	$	6,417
Growth & Income		5,560		1,365		1,178		387		1,213		66		6,953
Large-Cap Value		5,062		1,189		1,253		201		1,126		104		6,050
Real Estate Securities		1,103		457		453		42		277		25		1,404
Small Cap Equity		1,109		483		289		165		98		8		1,380
Stock Index		4,453		877		1,039		78		1,200		86		5,531
International Equity		5,604		1,606		1,149		177		1,015		139		6,941
Bond		28,625		7,810		4,252		26		1,871		926		34,080

	$	56,456	$	15,445	$	10,794	$	1,595	$	7,786	$	1,379	$	68,756


TIAA-CREF Life Funds § 2019 Annual Report			119


Notes to financial statements

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 December 31, 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.

At December 31, 2019, the total value of securities on loan and the total value of collateral received were as follows:


Fund	Aggregate value of securities on loan		Cash collateral received*		Non-cash collateral received		Total collateral received

Growth Equity	$	1,309,598	$	1,373,418	$	—	$	1,373,418
Growth & Income		1,685,325		1,113,995		599,187		1,713,182
Small-Cap Equity		1,083,107		996,112		112,474		1,108,586
Social Choice Equity		303,693		149,318		162,869		312,187
Stock Index		3,559,250		2,653,632		974,396		3,628,028
International Equity		1,010,934		110,080		952,343		1,062,423

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


120		2019 Annual Report § TIAA-CREF Life Funds


		continued

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, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

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 December 31, 2019, the Bond Fund held an unfunded loan commitment of $8,542. 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.

Net unrealized appreciation (depreciation): At December 31, 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	$	74,667,666	$	45,577,020	$	(850,118	)	$	44,726,902
Growth & Income		103,371,953		59,278,091		(1,828,115	)		57,449,976
Large-Cap Value		58,902,885		17,795,429		(1,445,082	)		16,350,347
Real Estate Securities		57,102,645		28,579,076		(322,744	)		28,256,332
Small-Cap Equity		48,753,208		8,745,132		(2,899,192	)		5,845,940
Social Choice Equity		46,287,844		26,233,605		(1,479,184	)		24,754,421
Stock Index		282,389,158		327,086,686		(22,667,809	)		304,418,877
International Equity		104,497,617		8,739,240		(5,549,697	)		3,189,543
Bond		195,118,127		7,181,273		(1,065,663	)		6,115,610
Balanced		61,230,148		8,576,818		(1,051,084	)		7,525,734


TIAA-CREF Life Funds § 2019 Annual Report			121


Notes to financial statements

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 year ended December 31, 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	$	121,415,453	$	—	$	130,275,847	$	—
Growth & Income		92,711,242		—		97,270,542		—
Large-Cap Value		13,075,094		—		17,393,086		—
Real Estate Securities		27,284,774		—		28,300,944		—
Small-Cap Equity		64,362,765		—		67,973,002		—
Social Choice Equity		16,944,092		—		17,320,189		—
Stock Index		53,458,023		—		17,564,922		—
International Equity		104,443,817		—		101,136,400		—
Bond		73,941,845		166,897,334		72,107,167		151,944,895
Balanced		16,799,748		—		12,144,129		—

Note 6—distributions to shareholders and other tax items

The tax character of distributions paid to shareholders during the years ended December 31, 2019 and December 31, 2018 was as follows:


	2019						2018
Fund	Ordinary income		Long-term capital gains		Total		Ordinary income		Long-term capital gains		Total

Growth Equity	$	468,046	$	9,384,206	$	9,852,252	$	1,931,191	$	5,231,304	$	7,162,495
Growth & Income		1,506,220		8,976,416		10,482,636		2,948,877		7,648,071		10,596,948
Large-Cap Value		1,238,952		3,282,327		4,521,279		2,392,998		4,094,386		6,487,384
Real Estate Securities		1,549,733		1,411,488		2,961,221		1,420,413		2,561,764		3,982,177
Small-Cap Equity		2,115,655		5,317,159		7,432,814		2,135,741		4,279,003		6,414,744
Social Choice Equity		1,161,461		8,577,050		9,738,511		1,341,082		2,603,696		3,944,778
Stock Index		8,740,571		3,909,975		12,650,546		8,238,101		2,629,290		10,867,391
International Equity		2,028,157		4,529,229		6,557,386		1,123,383		—		1,123,383
Bond		5,808,915		—		5,808,915		5,057,919		—		5,057,919
Money Market		2,091,692		—		2,091,692		1,510,779		—		1,510,779
Balanced		1,455,348		1,302,684		2,758,032		111,207		197,104		308,311


122		2019 Annual Report § TIAA-CREF Life Funds


		continued

As of December 31, 2019, the components of accumulated earnings on a tax basis were as follows:


Fund	Undistributed ordinary income		Undistributed long-term capital gains		Unrealized appreciation (depreciation)		Capital loss carryover			Total

Growth Equity	$	437,638	$	9,918,596	$	44,726,738	$	—		$	55,082,972
Growth & Income		1,970,819		6,730,333		57,579,777		—			66,280,929
Large-Cap Value		1,299,114		—		16,350,329		(12,861	)		17,636,582
Real Estate Securities		2,425,083		3,627,888		28,256,332		—			34,309,303
Small-Cap Equity		401,707		1,810,481		5,845,940		—			8,058,128
Social Choice Equity		1,307,095		4,015,789		24,754,421		—			30,077,305
Stock Index		10,369,168		2,022,034		304,418,877		—			316,810,079
International Equity		1,664,968		—		3,177,206		(2,150,379	)		2,691,795
Bond		5,983,013		—		6,118,716		(518,476	)		11,583,253
Money Market		8,767		—		—		—			8,767
Balanced		1,441,598		1,646,221		7,525,734		—			10,613,553

The difference between book basis and tax basis net investment income, net realized gains and losses, and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, tax deferral of straddle losses, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies, and the treatment of short-term gain as ordinary income for tax purposes.

At December 31, 2019, the following Funds had capital loss carryovers, which will not expire:


Fund	Short-term		Long-term		Total

Large-Cap Value	$	12,861	$	—	$	12,861
International Equity		—		2,150,379		2,150,379
Bond		—		518,476		518,476

For the year ended December 31, 2019, the Bond Fund utilized $1,528,262 of its short-term and $270,850 of its long-term capital loss carryover, and the Money Market Fund utilized $127 of its short-term capital loss carryover, available from prior years.

The capital loss carryover for the Money Market Fund was reduced to zero as a result of this utilization.

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


TIAA-CREF Life Funds § 2019 Annual Report			123


Notes to financial statements		concluded

to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended December 31, 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 borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended December 31, 2019, there were no borrowings under this credit facility by the Funds.

Note 9—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 0.16% of net assets as of December 31, 2019.


124		2019 Annual Report § TIAA-CREF Life Funds

Report of independent registered

public accounting firm

To the Board of Trustees of TIAA-CREF Life Funds and Shareholders of Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund, Money Market Fund and Balanced Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund, Money Market Fund and portfolio of investments, of Balanced Fund, (constituting TIAA-CREF Life Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2019, the related statements of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.


TIAA-CREF Life Funds § 2019 Annual Report			125


Report of independent registered public accounting firm		concluded

overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

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PricewaterhouseCoopers LLP

Baltimore, Maryland

February 20, 2020

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.


126		2019 Annual Report § TIAA-CREF Life Funds


Important tax information (unaudited)

TIAA-CREF Life Funds

For the fiscal year ended December 31, 2019, the TIAA-CREF Life Funds designate the following distribution amounts (or the maximum amount allowable) as being from Section 1250 gains and net long-term capital gains.


Fund	Section 1250 gains		Long-term capital gains		Total

Growth Equity	$	—	$	9,384,206	$	9,384,206
Growth & Income		—		8,976,416		8,976,416
Large-Cap Value		—		3,282,327		3,282,327
Real Estate Securities		82,874		1,328,614		1,411,488
Small-Cap Equity		—		5,317,159		5,317,159
Social Choice Equity		—		8,577,050		8,577,050
Stock Index		—		3,909,975		3,909,975
International Equity		—		4,529,229		4,529,229
Balanced		—		1,302,684		1,302,684

For the fiscal year ended December 31, 2019, the TIAA-CREF Life Funds designate the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.


Fund	Percentage

Growth Equity		100.0	%
Growth & Income		100.0
Large-Cap Value		100.0
Real Estate Securities		0.9
Small-Cap Equity		20.3
Social Choice Equity		87.5
Stock Index		85.9
Balanced		18.9

The TIAA-CREF Life International Equity Fund received income from foreign sources during the year ended December 31, 2019 of $2,142,112 ($0.16 per share), and paid taxes to foreign countries during the year ended December 31, 2019 of $196,178 ($0.01 per share).


TIAA-CREF Life Funds § 2019 Annual Report			127


2019 special meeting (unaudited)

TIAA-CREF Life Funds

Trustees

On July 17, 2019, at a special meeting of TIAA-CREF Life Funds participants, the following persons were elected to serve on the Board of Trustees:


Nominee	Dollars for		Percent		Dollars against		Percent		Dollars abstain		Percent
Forrest Berkley		180,494,404.682		93.299		4,795,002.410		2.479		8,168,236.097		4.222
Joseph A. Boateng		181,836,307.862		93.993		3,626,254.408		1.874		7,995,080.919		4.133
Janice C. Eberly		182,154,430.585		94.157		3,980,160.563		2.057		7,323,052.042		3.785
Nancy A. Eckl		181,714,785.745		93.930		4,125,053.428		2.132		7,617,804.015		3.938
Michael A. Forrester		180,273,532.455		93.185		4,443,208.982		2.297		8,740,901.752		4.518
Howell E. Jackson		180,935,006.690		93.527		4,726,976.568		2.443		7,795,659.931		4.030
Thomas J. Kenny		181,154,259.135		93.640		4,269,705.108		2.207		8,033,678.946		4.153
James M. Poterba		180,976,487.693		93.548		4,068,159.456		2.103		8,412,996.040		4.349
Maceo K. Sloan		180,845,514.708		93.481		4,793,569.784		2.478		7,818,558.697		4.041
Laura T. Starks		182,033,708.173		94.095		4,083,827.015		2.111		7,340,108.001		3.794

Joseph A. Boateng was elected to office. Forrest Berkley, Janice C. Eberly, Nancy A. Eckl, Michael A. Forrester, Howell E. Jackson, Thomas J. Kenny, James M. Poterba, Maceo K. Sloan and Laura T. Starks continued in office.

The results above were certified by Computershare Fund Services, Inc., independent tabulator for the TIAA-CREF Life Funds.


128		2019 Annual Report § TIAA-CREF Life Funds


Trustees and officers (unaudited)

TIAA-CREF Life Funds § January 21, 2020

Trustees


Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	89	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Indefinite term. Trustee since 2019.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006); Manager, Financial Services Consultant, KPMG Consulting (2000–2002); several positions, Xerox Corporation (1988–2000).	89	Board member, Year Up Puget Sound; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management at Northwestern University (2002–2011 and since 2013), and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (since 2020). Assistant Secretary for Economic Policy at the United States Department of the Treasury (2011–2013).	89	Independent Director and Chair of the Risk Committee, Office of Finance, Federal Home Loan Banks; Member of the Executive Committee, American Economic Association; Director, Avant, LLC.


TIAA-CREF Life Funds § 2019 Annual Report			129


Trustees and officers (unaudited)		continued

TIAA-CREF Life Funds § January 21, 2020

Trustees—concluded


Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Indefinite term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	89	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Indefinite term. Trustee since 2007.	Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006).	89	Director, Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	89	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Indefinite term. Trustee since 2011; Chairman for term ending July 1, 2021. Chairman since 2017.	Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004), Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	89	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Chair of the Finance Committee, Sansum Clinic; Director, ParentSquare; Investment Committee Member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.


130		2019 Annual Report § TIAA-CREF Life Funds


James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Indefinite term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008).	89	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Indefinite term. Trustee since 2001.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (2003–2016) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	89	N/A
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Trustee	Indefinite term. Trustee since 2006.	Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President, Society of Financial Studies (since 2017). Vice President, American Finance Association (since 2020).	89	Texa$aver Product Committee Member, Employees Retirement System of Texas.


TIAA-CREF Life Funds § 2019 Annual Report			131


Trustees and officers (unaudited)		concluded

TIAA-CREF Life Funds § January 21, 2020

Officers


Name, address and year of birth (“YOB”)	Position(s) held with fund	Term of office and length of time served	Principal occupation(s) during past 5 years
Vijay Advani TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1960	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Chairman, Nuveen. Executive Vice President of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”). Formerly, Chief Executive Officer, Nuveen. Prior to joining Nuveen, Mr. Advani served as Co-President of Franklin Resources, Inc. (Franklin Templeton Investments).
Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2017.	Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary, Head of Corporate, Securities and M&A Group of AllianceBernstein L.P.
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex.
Bradley Finkle TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Executive Officer and President	One-year term. Principal Executive Officer and President since 2017.	Chief Operating Officer, Nuveen. Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds. Formerly, Senior Managing Director, Co-Head Nuveen Equities & Fixed Income and President of TIAA Investments.


132		2019 Annual Report § TIAA-CREF Life Funds


Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief investment Officer, Nuveen; Executive Vice President, Chief Investment Officer, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.
Phillip T. Rollock TIAA 730 Third Ave. New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Senior Managing Director, Deputy Chief Legal Officer and Corporate Secretary of TIAA.
Christopher A. Van Buren TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President	One-year term. Executive Vice President since 2018.	Executive Vice President, Chief Risk Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Van Buren served as Managing Director, Group Risk Control of UBS.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year Principal Financial Officer, Principal Accounting Officer and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1; Treasurer of CREF; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

Please note that the Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, through our website, TIAA.org, or by calling 800 223-1200.


TIAA-CREF Life Funds § 2019 Annual Report			133


Additional information about index providers (unaudited)

Russell indexes

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2020. 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 2020. “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,


134		2019 Annual Report § TIAA-CREF Life Funds

“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


TIAA-CREF Life Funds § 2019 Annual Report			135


Additional information about index providers (unaudited)		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

©2020 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.


136		2019 Annual Report § TIAA-CREF Life Funds

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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

24 hours a day, 7 days a week

National contact center

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

800-842-2252

8 a.m. to 10 p.m. (ET), Monday–Friday

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

Insurance planning center

After-tax annuities and life insurance

For an existing policy or contract

800-223-1200

To apply for a new policy or contract

877-825-0411

8 a.m. to 8 p.m. (ET), Monday–Friday

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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

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

This material is 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.

730 Third Avenue, New York, NY 10017-3206

730 Third Avenue

New York, NY 10017-3206

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1039042				A10847 (2/20)

Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

The aggregate fees billed by PwC as disclosed below for the fiscal year ended December 31, 2019 and December 31, 2018 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-08961) because the fees disclosed in this statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant periods.

4(a) Audit Fees.

For the fiscal years ended December 31, 2019 and December 31, 2018, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $299,900 and $306,020, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2019 and December 31, 2018, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2019 and December 31, 2018, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2019 and December 31, 2018, PwC’s aggregate fees for tax services billed to the Registrant were $1,728 and $82,995, respectively.

For the fiscal years ended December 31, 2019 and December 31, 2018, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2019 and December 31, 2018, PwC’s aggregate fees for all other services billed to the Registrant were $5,057 and $5,015, respectively.

For the fiscal years ended December 31, 2019 and December 31, 2018, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2019 and December 31, 2018 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2019 and December 31, 2018 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2019 and December 31, 2018 on behalf of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2019 and December 31, 2018 on behalf of the Registrant.

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

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

For the fiscal years ended December 31, 2019 and December 31, 2018, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $217,000 and $221,000, respectively.

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

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 2.5%
5,601		Aptiv plc	$	531,927
5,781	*	Tesla, Inc		2,418,366

		TOTAL AUTOMOBILES & COMPONENTS		2,950,293


CAPITAL GOODS - 4.6%
6,132		Airbus SE		899,964
4,531		Boeing Co		1,476,019
4,090		L3Harris Technologies, Inc		809,288
2,789		Northrop Grumman Corp		959,332
1,742		Parker-Hannifin Corp		358,538
1,995		Roper Technologies Inc		706,689
307		TransDigm Group, Inc		171,920

		TOTAL CAPITAL GOODS		5,381,750


COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
15,239	*	IHS Markit Ltd		1,148,259

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,148,259


CONSUMER DURABLES & APPAREL - 3.8%
30,672		Nike, Inc (Class B)		3,107,381
15,262	*	Under Armour, Inc (Class A)		329,659
10,685		VF Corp		1,064,867

		TOTAL CONSUMER DURABLES & APPAREL		4,501,907


CONSUMER SERVICES - 1.5%
531	*	Chipotle Mexican Grill, Inc (Class A)		444,505
5,443		McDonald’s Corp		1,075,591
1,750		Wynn Resorts Ltd		243,023

		TOTAL CONSUMER SERVICES		1,763,119


DIVERSIFIED FINANCIALS - 2.4%
695		BlackRock, Inc		349,376
10,335		Charles Schwab Corp		491,533
7,383		S&P Global, Inc		2,015,928

		TOTAL DIVERSIFIED FINANCIALS		2,856,837


ENERGY - 0.1%
1,397		Concho Resources, Inc		122,335

		TOTAL ENERGY		122,335


FOOD & STAPLES RETAILING - 0.9%
8,843		Walmart, Inc		1,050,902

		TOTAL FOOD & STAPLES RETAILING		1,050,902


HEALTH CARE EQUIPMENT & SERVICES - 5.3%
20,386	*	Alcon, Inc (XNYS)		1,153,236
13,887		Baxter International, Inc		1,161,231
2,421	*	Edwards Lifesciences Corp		564,795
3,714	*	Intuitive Surgical, Inc		2,195,531
3,986		UnitedHealth Group, Inc		1,171,804

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		6,246,597


MATERIALS - 2.5%
6,051		Linde plc		1,288,258
2,832		Sherwin-Williams Co		1,652,585

		TOTAL MATERIALS		2,940,843

TIAA-CREF LIFE FUNDS - Growth Equity Fund


SHARES		COMPANY	VALUE

MEDIA & ENTERTAINMENT - 12.6%
4,108		Activision Blizzard, Inc	$	244,097
2,426	*	Alphabet, Inc (Class A)		3,249,360
2,052	*	Alphabet, Inc (Class C)		2,743,565
22,349	*	Facebook, Inc		4,587,132
5,422	*	IAC/InterActiveCorp		1,350,675
12,196		Tencent Holdings Ltd		587,556
14,387		Walt Disney Co		2,080,792

		TOTAL MEDIA & ENTERTAINMENT		14,843,177


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 13.5%
29,461		AstraZeneca plc		2,948,809
41,233	*	Avantor, Inc		748,379
27,191		Bristol-Myers Squibb Co		1,745,390
4,100		Daiichi Sankyo Co Ltd		270,781
3,699		Eisai Co Ltd		276,781
20,278		GlaxoSmithKline plc (ADR)		952,863
6,141	*	Illumina, Inc		2,037,215
3,122	*	IQVIA Holdings, Inc		482,380
712		Lonza Group AG.		259,743
25,551		Merck & Co, Inc		2,323,863
3,452	*	Regeneron Pharmaceuticals, Inc		1,296,157
7,327	*	Vertex Pharmaceuticals, Inc		1,604,247
35,000	*,g	Wuxi Biologics Cayman, Inc		443,291
4,359		Zoetis, Inc		576,914

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		15,966,813


RETAILING - 8.2%
3,765	*	Amazon.com, Inc		6,957,118
602	*	Booking Holdings, Inc		1,236,345
2,292		Kering		1,510,232

		TOTAL RETAILING		9,703,695


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%
11,799	*	Advanced Micro Devices, Inc		541,102
19,837		Applied Materials, Inc		1,210,850
942		Lam Research Corp		275,441
6,671		Marvell Technology Group Ltd		177,182
7,953		NVIDIA Corp		1,871,341
9,033		NXP Semiconductors NV		1,149,540
17,753		Texas Instruments, Inc		2,277,532

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		7,502,988


SOFTWARE & SERVICES - 27.4%
11,616	*	Adobe, Inc		3,831,073
1,682	*,e,g	Adyen NV		1,383,606
9,129	*	Akamai Technologies, Inc		788,563
1,372	*	Atlassian Corp plc		165,107
6,669		Automatic Data Processing, Inc		1,137,065
6,056		Fidelity National Information Services, Inc		842,329
1,105	*	Guidewire Software, Inc		121,296
7,829		Intuit, Inc		2,050,650
14,216		Mastercard, Inc (Class A)		4,244,755
51,997		Microsoft Corp		8,199,927
14,911	*	PayPal Holdings, Inc		1,612,923
23,872	*	salesforce.com, Inc		3,882,542
2,813	*	ServiceNow, Inc		794,166
2,065	*	Splunk, Inc		309,275
1,516	*	Trade Desk, Inc		393,826
13,043		Visa, Inc (Class A)		2,450,780
1,190	*	Wix.com Ltd		145,632

		TOTAL SOFTWARE & SERVICES		32,353,515


TECHNOLOGY HARDWARE & EQUIPMENT - 6.2%
19,094		Apple, Inc		5,606,953
11,121	*	Keysight Technologies, Inc		1,141,348
3,214		Motorola Solutions, Inc		517,904

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		7,266,205

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES

COMPANY

VALUE

TRANSPORTATION - 0.7%

5,954

Kansas City Southern

911,915

TOTAL TRANSPORTATION

911,915

TOTAL COMMON STOCKS

117,511,150

(Cost $72,426,743)

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

SHORT-TERM INVESTMENTS - 1.6%

GOVERNMENT AGENCY DEBT - 0.4%

$510,000

Federal Home Loan Bank (FHLB)

1.150

01/02/20

510,000

TOTAL GOVERNMENT AGENCY DEBT

510,000

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.2%

1,373,418

State Street Navigator Securities Lending Government Money Market Portfolio

1,373,418

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

1,373,418

TOTAL SHORT-TERM INVESTMENTS

1,883,418

(Cost $1,883,401)

TOTAL INVESTMENTS - 101.2%

119,394,568

(Cost $74,310,144)

OTHER ASSETS & LIABILITIES, NET - (1.2)%

(1,456,055

)

NET ASSETS - 100.0%

117,938,513

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 $1,309,598.

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 0.5%
7,853		Aptiv plc	$	745,799

		TOTAL AUTOMOBILES & COMPONENTS		745,799


BANKS - 6.5%
72,135		Bank of America Corp		2,540,595
24,407		Citigroup, Inc		1,949,875
21,746		Citizens Financial Group, Inc		883,105
25,815		JPMorgan Chase & Co		3,598,611
9,026		Radian Group, Inc		227,094
20,338		US Bancorp		1,205,840

		TOTAL BANKS		10,405,120


CAPITAL GOODS - 7.2%
2,924	n	Boeing Co		952,522
2,843		Carlisle Cos, Inc		460,111
3,934		Deere & Co		681,605
8,799		Dover Corp		1,014,173
16,075	n	General Electric Co		179,397
10,336	n	Honeywell International, Inc		1,829,472
6,500		Ingersoll-Rand plc		863,980
13,339		ITT, Inc		985,886
2,592		Jacobs Engineering Group, Inc		232,840
5,983		L3Harris Technologies, Inc		1,183,856
2,236	n	Northrop Grumman Corp		769,117
5,761		Owens Corning, Inc		375,156
1,559	*	Teledyne Technologies, Inc		540,256
6,196		United Technologies Corp		927,913
3,894		Woodward Inc		461,205

		TOTAL CAPITAL GOODS		11,457,489


COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
7,513		Waste Management, Inc		856,182

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		856,182


CONSUMER DURABLES & APPAREL - 1.8%
11,151	*	CROCS, Inc		467,115
2,123	*,n	Deckers Outdoor Corp		358,490
13,313		KB Home		456,237
2,467	*,n	Lululemon Athletica, Inc		571,530
43,213	*,e	Mattel, Inc		585,536
15,599	*,g	Spin Master Corp		474,979

		TOTAL CONSUMER DURABLES & APPAREL		2,913,887


CONSUMER SERVICES - 1.2%
393	*,n	Chipotle Mexican Grill, Inc (Class A)		328,984
6,841		Royal Caribbean Cruises Ltd		913,342
2,048	n	Strategic Education, Inc		325,427
2,947		Wynn Resorts Ltd		409,250

		TOTAL CONSUMER SERVICES		1,977,003


DIVERSIFIED FINANCIALS - 2.1%
5,871		Blackstone Group, Inc		328,424
5,809	n	CME Group, Inc		1,165,983
7,392		Discover Financial Services		626,989
25,878		Morgan Stanley		1,322,883

		TOTAL DIVERSIFIED FINANCIALS		3,444,279

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

ENERGY - 4.3%
10,396		Cabot Oil & Gas Corp	$	180,994
15,700		Chevron Corp		1,892,007
16,973		ConocoPhillips		1,103,754
6,838		Core Laboratories NV		257,588
10,140		EOG Resources, Inc		849,326
8,353		Hess Corp		558,064
9,294		ONEOK, Inc		703,277
31,076		Parsley Energy, Inc		587,647
3,966		Valero Energy Corp		371,416
23,928	*	WPX Energy, Inc		328,771

		TOTAL ENERGY		6,832,844


FOOD & STAPLES RETAILING - 1.3%
3,653	n	Costco Wholesale Corp		1,073,690
8,616		Walmart, Inc		1,023,925

		TOTAL FOOD & STAPLES RETAILING		2,097,615


FOOD, BEVERAGE & TOBACCO - 4.1%
9,801		Campbell Soup Co		484,365
22,552		Coca-Cola Co		1,248,253
16,279		ConAgra Brands, Inc		557,393
12,442		Diageo plc		524,264
2,607		Hershey Co		383,177
22,859		Mondelez International, Inc		1,259,074
8,779	*	Monster Beverage Corp		557,906
11,270	n	PepsiCo, Inc		1,540,271

		TOTAL FOOD, BEVERAGE & TOBACCO		6,554,703


HEALTH CARE EQUIPMENT & SERVICES - 7.5%
17,461		Abbott Laboratories		1,516,663
3,923	n	Anthem, Inc		1,184,864
28,897	*	Boston Scientific Corp		1,306,722
1,880		Cigna Corp		384,441
10,262		CVS Health Corp		762,364
8,259		Danaher Corp		1,267,591
3,020	*,n	DexCom, Inc		660,595
3,350	*	Edwards Lifesciences Corp		781,522
5,955	*	Envista Holdings Corp		176,506
2,929	*	Guardant Health, Inc		228,872
5,178		HCA Healthcare, Inc		765,360
2,615	n	Humana, Inc		958,450
2,456	*	IDEXX Laboratories, Inc		641,335
3,749	*	Neogen Corp		244,660
2,308		STERIS plc		351,785
5,159		Zimmer Biomet Holdings, Inc		772,199

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		12,003,929


HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
3,934		Estee Lauder Cos (Class A)		812,529
18,208		Procter & Gamble Co		2,274,179
3,711		Reckitt Benckiser Group plc		301,439

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		3,388,147


INSURANCE - 3.8%
14,296		American International Group, Inc		733,814
7,069		Arthur J. Gallagher & Co		673,181
4,690		Assurant, Inc		614,765
22,281		AXA Equitable Holdings, Inc		552,123
20,090		Hartford Financial Services Group, Inc		1,220,869
15,017		Metlife, Inc		765,416

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

16,682		Voya Financial, Inc	$	1,017,269
6,497		W.R. Berkley Corp		448,943

		TOTAL INSURANCE		6,026,380


MATERIALS - 3.5%
9,363		CF Industries Holdings, Inc		446,990
15,027		Dow, Inc		822,428
14,659		DuPont de Nemours, Inc		941,108
5,878		FMC Corp		586,742
8,775		Linde plc		1,868,197
8,305		Pan American Silver Corp		196,745
1,752		PPG Industries, Inc		233,874
24,352	*	Summit Materials, Inc		582,013

		TOTAL MATERIALS		5,678,097


MEDIA & ENTERTAINMENT - 9.1%
3,706	*,n	Alphabet, Inc (Class C)		4,954,996
26,836		Comcast Corp (Class A)		1,206,815
14,448	*	Facebook, Inc		2,965,452
3,073	*	NetFlix, Inc		994,331
640		Nintendo Co Ltd		255,975
16,369	*	Snap, Inc		267,306
4,187	*,n	Take-Two Interactive Software, Inc		512,614
7,537		ViacomCBS, Inc (Class B)		316,328
12,125		Vivendi Universal S.A.		351,110
16,477		Walt Disney Co		2,383,068
5,182	e,n	World Wrestling Entertainment, Inc (Class A)		336,156

		TOTAL MEDIA & ENTERTAINMENT		14,544,151


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.7%
18,902		AbbVie, Inc		1,673,583
10,339	*	Acadia Pharmaceuticals, Inc		442,302
6,445		AstraZeneca plc		645,093
30,232	*	Avantor, Inc		548,711
2,486	*	Bluebird Bio, Inc		218,146
6,083	*	Bridgebio Pharma, Inc		213,209
7,101		Daiichi Sankyo Co Ltd		468,980
3,739		Eli Lilly & Co		491,417
4,329	*	Exact Sciences Corp		400,346
2,491	*,e,n	GW Pharmaceuticals plc (ADR)		260,459
4,658	*	IQVIA Holdings, Inc		719,708
3,333	*,n	Jazz Pharmaceuticals plc		497,550
1,403		Lonza Group AG.		511,825
15,469		Merck & Co, Inc		1,406,905
3,239	*	Neurocrine Biosciences, Inc		348,160
7,537		Novo Nordisk AS		436,760
45,909		Pfizer, Inc		1,798,715
3,385	*	Sage Therapeutics, Inc		244,363
6,630		Sanofi-Aventis		665,834
2,157		Vifor Pharma AG.		393,664

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		12,385,730


REAL ESTATE - 1.4%
4,617		American Tower Corp		1,061,079
8,547		Outfront Media, Inc		229,230
11,248		Prologis, Inc		1,002,647

		TOTAL REAL ESTATE		2,292,956


RETAILING - 5.5%
2,301	*,n	Amazon.com, Inc		4,251,880
11,711		Best Buy Co, Inc		1,028,226
14,204	*	BJ’s Wholesale Club Holdings, Inc		322,999

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

5,298	n	Children’s Place, Inc	$	331,231
8,600	n	Home Depot, Inc		1,878,068
7,958		Target Corp		1,020,295

		TOTAL RETAILING		8,832,699


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.2%
15,584	*	Advanced Micro Devices, Inc		714,682
10,930	*,n	Cree, Inc		504,420
16,032	*,e,n	Enphase Energy, Inc		418,916
3,755	*	Inphi Corp		277,945
20,977		Intel Corp		1,255,474
30,308	n	Marvell Technology Group Ltd		804,981
3,721	n	Monolithic Power Systems, Inc		662,412
5,078		NVIDIA Corp		1,194,853
2,739		NXP Semiconductors NV		348,565
8,465	n	QUALCOMM, Inc		746,867
3,288		Skyworks Solutions, Inc		397,453
7,610		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		442,141
2,354	n	Universal Display Corp		485,089

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		8,253,798


SOFTWARE & SERVICES - 10.9%
1,598	*	CACI International, Inc (Class A)		399,484
3,014		Dassault Systemes S.A.		497,085
6,788		Fidelity National Information Services, Inc		944,143
6,215	*	Fiserv, Inc		718,640
3,697	*,n	Guidewire Software, Inc		405,820
8,784	n	Mastercard, Inc (Class A)		2,622,814
3,230	*,e	Medallia, Inc		100,485
47,896	n	Microsoft Corp		7,553,199
6,969	*	PayPal Holdings, Inc		753,837
2,820	*	Proofpoint, Inc		323,680
10,151	*	salesforce.com, Inc		1,650,959
14,640	*,e	Slack Technologies, Inc		329,107
3,195	*	Synopsys, Inc		444,744
14,821	*,n	Teradata Corp		396,758
8,484	*,n	Zscaler, Inc		394,506

		TOTAL SOFTWARE & SERVICES		17,535,261


TECHNOLOGY HARDWARE & EQUIPMENT - 8.1%
27,104	n	Apple, Inc		7,959,090
25,344		Cisco Systems, Inc		1,215,498
22,713	*	CommScope Holding Co, Inc		322,297
9,482	*	Dell Technologies, Inc		487,280
8,690	*	Keysight Technologies, Inc		891,855
5,412	n	Motorola Solutions, Inc		872,090
25,148	*	Pure Storage, Inc		430,282
11,424		Western Digital Corp		725,081

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		12,903,473


TELECOMMUNICATION SERVICES - 1.6%
38,763		AT&T, Inc		1,514,858
16,419		Verizon Communications, Inc		1,008,127

		TOTAL TELECOMMUNICATION SERVICES		2,522,985


TRANSPORTATION—1.6%
10,714		CSX Corp		775,265
9,585		Delta Air Lines, Inc		560,531
3,818		DSV AS		440,037
6,723		United Parcel Service, Inc (Class B)		786,994

		TOTAL TRANSPORTATION		2,562,827

TIAA-CREF LIFE FUNDS - Growth & Income Fund


SHARES		COMPANY	VALUE

UTILITIES - 2.3%
14,196		Alliant Energy Corp	$	776,805
20,083		FirstEnergy Corp		976,034
5,353		NextEra Energy, Inc		1,296,283
16,422		PPL Corp		589,221

		TOTAL UTILITIES		3,638,343

		TOTAL COMMON STOCKS		159,853,697

		(Cost $101,762,958)

PURCHASED OPTIONS - 0.0%

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
800		Universal Health Services, Inc		5,160

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		5,160

		TOTAL PURCHASED OPTIONS		5,160

		(Cost $5,296)

SHARES		COMPANY

SHORT-TERM INVESTMENTS - 0.7%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
1,113,995	c	State Street Navigator Securities Lending Government Money Market Portfolio		1,113,995

		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		1,113,995

		TOTAL SHORT-TERM INVESTMENTS		1,113,995

		(Cost $1,113,995)
		TOTAL INVESTMENTS - 100.5%		160,972,852
		(Cost $102,882,249)
		OTHER ASSETS & LIABILITIES, NET - (0.5)%		(748,049	)

		NET ASSETS - 100.0%	$	160,224,803

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 $1,685,325.

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 December 31, 2019 were as follows:


Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date		Value
Universal Health Services, Inc, Call		8	$	5,296	$	155.00		08/21/20	$	5,160

Written options outstanding as of December 31, 2019 were as follows:


Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Alphabet, Inc, Call		1	$	(1,938	)	$	1,540.00		06/19/20	$	(1,510	)
Amazon.com, Inc, Call		3		(2,661	)		2,200.00		04/17/20		(3,300	)
Amazon.com, Inc, Put		3		(2,622	)		1,360.00		04/17/20		(968	)
Anthem, Inc, Call		4		(2,153	)		350.00		06/19/20		(1,960	)
Anthem, Inc, Put		4		(1,082	)		220.00		06/19/20		(872	)
Apple, Inc, Call		2		(2,670	)		285.00		07/17/20		(5,342	)
Apple, Inc, Call		2		(3,964	)		290.00		09/18/20		(5,484	)
Apple, Inc, Put		8		(3,212	)		210.00		06/19/20		(1,336	)

TIAA-CREF LIFE FUNDS - Growth & Income Fund


Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Apple, Inc, Put		10	$	(6,029	)	$	220.00		07/17/20	$	(2,630	)
Arista Networks, Inc, Put		3		(6,790	)		165.00		01/15/21		(4,080	)
Biohaven Pharmaceutical Holding Co Ltd, Put		14		(6,971	)		45.00		03/20/20		(6,300	)
Boeing Co, Call		2		(820	)		380.00		03/20/20		(448	)
Casey’s General Stores, Inc, Put		6		(768	)		145.00		02/21/20		(438	)
Children’s Place, Inc, Call		12		(1,067	)		75.00		03/20/20		(2,400	)
Children’s Place, Inc, Put		12		(6,167	)		55.00		03/20/20		(3,264	)
Children’s Place, Inc, Put		6		(4,308	)		55.00		06/19/20		(3,300	)
Chipotle Mexican Grill, Inc, Call		1		(1,818	)		915.00		06/19/20		(3,470	)
Chubb Ltd, Put		8		(672	)		140.00		01/17/20		(48	)
CME Group, Inc, Call		4		(1,232	)		240.00		06/19/20		(420	)
CME Group, Inc, Put		4		(2,016	)		190.00		03/20/20		(1,500	)
Costco Wholesale Corp, Call		4		(5,496	)		320.00		06/19/20		(2,160	)
Costco Wholesale Corp, Put		8		(6,144	)		260.00		06/19/20		(3,640	)
Cree, Inc, Put		12		(2,629	)		40.00		03/20/20		(1,566	)
Deckers Outdoor Corp, Put		6		(3,468	)		135.00		06/19/20		(2,370	)
DexCom, Inc, Put		7		(4,865	)		150.00		06/19/20		(3,045	)
DISH Network Corp, Put		14		(3,822	)		27.50		01/17/20		(56	)
Enphase Energy, Inc, Put		16		(3,647	)		17.50		02/21/20		(320	)
FedEx Corp, Put		8		(12,299	)		155.00		01/15/21		(15,380	)
Guidewire Software, Inc, Put		8		(1,512	)		90.00		04/17/20		(680	)
GW Pharmaceuticals plc, Put		7		(896	)		80.00		01/17/20		(35	)
Hain Celestial Group, Inc, Put		48		(8,734	)		20.00		02/21/20		(480	)
Hasbro, Inc, Put		5		(1,160	)		80.00		04/17/20		(325	)
Hasbro, Inc, Put		4		(1,408	)		85.00		04/17/20		(420	)
Home Depot, Inc, Call		3		(852	)		260.00		03/20/20		(45	)
Humana, Inc, Put		8		(1,304	)		300.00		02/21/20		(1,140	)
Jazz Pharmaceuticals plc, Call		6		(588	)		185.00		03/20/20		(255	)
Jazz Pharmaceuticals plc, Put		6		(1,124	)		125.00		03/20/20		(750	)
Lululemon Athletica, Inc, Call		5		(680	)		250.00		01/17/20		(460	)
M&T Bank Corp, Put		7		(3,643	)		140.00		01/17/20		(126	)
Marvell Technology Group Ltd, Put		33		(1,055	)		22.00		01/17/20		(83	)
Mastercard, Inc, Call		2		(817	)		330.00		06/19/20		(1,276	)
Monolithic Power Systems, Inc, Put		5		(813	)		140.00		03/20/20		(563	)
Motorola Solutions, Inc, Put		7		(1,036	)		130.00		01/17/20		(80	)
Motorola Solutions, Inc, Put		7		(2,240	)		130.00		04/17/20		(962	)
Motorola Solutions, Inc, Put		10		(6,340	)		150.00		07/17/20		(8,050	)
Nektar Therapeutics, Put		40		(14,803	)		19.00		05/15/20		(8,800	)
Northrop Grumman Corp, Call		2		(746	)		390.00		01/17/20		(20	)
Northrop Grumman Corp, Call		2		(1,036	)		410.00		05/15/20		(290	)
Nutanix, Inc, Put		22		(12,056	)		22.50		01/17/20		(44	)
PepsiCo, Inc, Put		7		(799	)		125.00		03/20/20		(686	)
PVH Corp, Put		10		(7,653	)		85.00		01/17/20		(125	)
PVH Corp, Put		5		(4,238	)		85.00		06/19/20		(1,525	)
QUALCOMM, Inc, Put		10		(2,109	)		70.00		04/17/20		(830	)
RH, Put		4		(391	)		195.00		01/17/20		(580	)
Roku, Inc, Put		7		(1,968	)		115.00		01/17/20		(1,169	)
Roku, Inc, Put		7		(5,550	)		110.00		04/17/20		(6,650	)
ServiceNow, Inc, Put		5		(3,440	)		210.00		01/17/20		(65	)
ServiceNow, Inc, Put		3		(1,824	)		210.00		02/21/20		(157	)
ServiceNow, Inc, Put		2		(1,674	)		220.00		02/21/20		(185	)
Shake Shack, Inc, Put		15		(3,142	)		50.00		03/20/20		(1,950	)
Strategic Education, Inc, Put		3		(5,520	)		135.00		08/21/20		(2,550	)
Take-Two Interactive Software, Inc, Put		4		(212	)		105.00		01/17/20		(60	)
Take-Two Interactive Software, Inc, Put		4		(416	)		110.00		01/17/20		(100	)
Teradata Corp, Put		37		(10,962	)		25.00		12/18/20		(11,377	)
Tiffany & Co, Put		10		(5,099	)		82.50		01/17/20		(1,070	)
Universal Display Corp, Call		4		(1,952	)		260.00		03/20/20		(1,100	)
Universal Display Corp, Put		7		(10,835	)		155.00		03/20/20		(1,925	)
Universal Health Services, Inc, Call		8		(2,184	)		170.00		08/21/20		(2,080	)
Universal Health Services, Inc, Put		8		(3,304	)		120.00		08/21/20		(2,500	)
World Wrestling Entertainment, Inc, Put		16		(2,207	)		45.00		04/17/20		(1,360	)

TIAA-CREF LIFE FUNDS - Growth & Income Fund


Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Xilinx, Inc, Put		7	$	(4,795	)	$	85.00		06/19/20	$	(2,485	)
Zendesk, Inc, Put		11		(6,038	)		60.00		05/15/20		(1,980	)
Zscaler, Inc, Put		13		(3,613	)		40.00		05/15/20		(3,283	)
Zscaler, Inc, Put		13		(8,306	)		47.50		05/15/20		(7,800	)
Total		641	$	(262,404	)					$	(156,083	)

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.0%

BANKS - 16.7%
86,300		Bank of America Corp	$	3,039,486
32,000		Citigroup, Inc		2,556,480
28,400		JPMorgan Chase & Co		3,958,960
4,450		PNC Financial Services Group, Inc		710,354
15,000		US Bancorp		889,350
26,550		Wells Fargo & Co		1,428,390

		TOTAL BANKS		12,583,020


CAPITAL GOODS - 9.7%
4,980		Allegion plc		620,210
5,800		Deere & Co		1,004,908
6,093		Dover Corp		702,279
6,000		Eaton Corp		568,320
35,000		General Electric Co		390,600
7,000		Honeywell International, Inc		1,239,000
7,200		Ingersoll-Rand plc		957,024
16,365		Masco Corp		785,356
3,506		Parker-Hannifin Corp		721,605
1,865		Stanley Black & Decker, Inc		309,105

		TOTAL CAPITAL GOODS		7,298,407


CONSUMER DURABLES & APPAREL - 1.1%
223	*	NVR, Inc		849,275

		TOTAL CONSUMER DURABLES & APPAREL		849,275


CONSUMER SERVICES - 0.8%
3,050		McDonald’s Corp		602,711

		TOTAL CONSUMER SERVICES		602,711



DIVERSIFIED FINANCIALS - 2.6%
6,250		American Express Co		778,063
5,300		Goldman Sachs Group, Inc		1,218,629

		TOTAL DIVERSIFIED FINANCIALS		1,996,692


ENERGY - 6.9%
15,000		Chevron Corp		1,807,650
7,000		ConocoPhillips		455,210
5,300		Diamondback Energy, Inc		492,158
10,050		EOG Resources, Inc		841,788
10,400		Exxon Mobil Corp		725,712
8,800		Valero Energy Corp		824,120

		TOTAL ENERGY		5,146,638


FOOD & STAPLES RETAILING - 1.3%
8,500		Walmart, Inc		1,010,140

		TOTAL FOOD & STAPLES RETAILING		1,010,140


FOOD, BEVERAGE & TOBACCO - 2.4%
15,000		Mondelez International, Inc		826,200
11,500		Philip Morris International, Inc		978,535

		TOTAL FOOD, BEVERAGE & TOBACCO		1,804,735

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY	VALUE

HEALTH CARE EQUIPMENT & SERVICES - 7.2%
2,600		Abbott Laboratories	$	225,836
2,750		Anthem, Inc		830,582
3,650		Cigna Corp		746,389
10,000		CVS Health Corp		742,900
3,400		HCA Healthcare, Inc		502,554
6,300		Medtronic plc		714,735
2,010		UnitedHealth Group, Inc		590,900
6,625		Zimmer Biomet Holdings, Inc		991,630

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		5,345,526


HOUSEHOLD & PERSONAL PRODUCTS - 2.8%
16,300		Procter & Gamble Co		2,035,870

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,035,870


INSURANCE - 6.6%
19,411		American International Group, Inc		996,367
6,248	*	Berkshire Hathaway, Inc (Class B)		1,415,172
6,600		Chubb Ltd		1,027,356
9,700		Lincoln National Corp		572,397
4,360		Marsh & McLennan Cos, Inc		485,747
5,600		Prudential Financial, Inc		524,944

		TOTAL INSURANCE		5,021,983


MATERIALS - 3.9%
9,200		Ball Corp		594,964
15,500		Corteva, Inc		458,180
11,200	*	Crown Holdings, Inc		812,448
5,600		DuPont de Nemours, Inc		359,520
5,100		PPG Industries, Inc		680,799

		TOTAL MATERIALS		2,905,911


MEDIA & ENTERTAINMENT - 4.4%
34,500		Comcast Corp (Class A)		1,551,465
12,000		Walt Disney Co		1,735,560

		TOTAL MEDIA & ENTERTAINMENT		3,287,025


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5%
1,900		Amgen, Inc		458,033
11,000		Bristol-Myers Squibb Co		706,090
8,300		Gilead Sciences, Inc		539,334
1,300	*	Jazz Pharmaceuticals plc		194,064
15,450		Johnson & Johnson		2,253,691
8,100		Merck & Co, Inc		736,695
39,000		Pfizer, Inc		1,528,020

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		6,415,927


REAL ESTATE - 2.1%
2,245		AvalonBay Communities, Inc		470,776
3,200		Boston Properties, Inc		441,152
7,300		Prologis, Inc		650,722

		TOTAL REAL ESTATE		1,562,650


RETAILING - 1.6%
5,450		Home Depot, Inc		1,190,171

		TOTAL RETAILING		1,190,171

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund


SHARES		COMPANY						VALUE

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%
5,000		Analog Devices, Inc						$	594,200
13,250		Applied Materials, Inc							808,780
22,800		Intel Corp							1,364,580
11,000	*	Micron Technology, Inc							591,580
3,925		NXP Semiconductors NV							499,495

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							3,858,635


SOFTWARE & SERVICES - 3.2%
4,297		Accenture plc							904,819
7,360		Microsoft Corp							1,160,672
6,725		Oracle Corp							356,291

		TOTAL SOFTWARE & SERVICES							2,421,782


TECHNOLOGY HARDWARE & EQUIPMENT - 2.1%
16,700		Cisco Systems, Inc							800,932
7,750		TE Connectivity Ltd							742,760

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,543,692


TELECOMMUNICATION SERVICES - 3.4%
21,500		AT&T, Inc							840,220
28,300		Verizon Communications, Inc							1,737,620

		TOTAL TELECOMMUNICATION SERVICES							2,577,840


TRANSPORTATION - 1.8%
5,000		CSX Corp							361,800
5,200		Union Pacific Corp							940,108

		TOTAL TRANSPORTATION							1,301,908


UTILITIES - 4.8%
6,932		American Electric Power Co, Inc							655,143
5,600		Entergy Corp							670,880
18,100		FirstEnergy Corp							879,660
4,050		NextEra Energy, Inc							980,748
2,880		Sempra Energy							436,263

		TOTAL UTILITIES							3,622,694

		TOTAL COMMON STOCKS							74,383,232

		(Cost $57,036,941)

PRINCIPAL		ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 1.2%

GOVERNMENT AGENCY DEBT - 1.2%
$870,000		Federal Home Loan Bank (FHLB)		1.150	%		01/02/20		870,000

		TOTAL GOVERNMENT AGENCY DEBT							870,000

		TOTAL SHORT-TERM INVESTMENTS							870,000

		(Cost $869,972)
		TOTAL INVESTMENTS - 100.2%							75,253,232
		(Cost $57,906,913)
		OTHER ASSETS & LIABILITIES, NET - (0.2)%							(152,197	)

		NET ASSETS - 100.0%						$	75,101,035

*	Non-income producing

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


SHARES		COMPANY	VALUE

COMMON STOCKS - 98.8%

DIVERSIFIED REITS - 3.9%
65,000		Colony Capital, Inc	$	308,750
30,000		Essential Properties Realty Trust, Inc		744,300
12,000		iShares Dow Jones US Real Estate Index Fund		1,116,960
30,000		STORE Capital Corp		1,117,200

		TOTAL DIVERSIFIED REITS		3,287,210


HEALTH CARE REITS - 7.3%
65,000		Healthpeak Properties Inc		2,240,550
20,000		Sabra Healthcare REIT, Inc		426,800
15,000		Ventas, Inc		866,100
33,000		Welltower, Inc		2,698,740

		TOTAL HEALTH CARE REITS		6,232,190


HOTEL & RESORT REITS - 2.4%
83,000		Host Hotels and Resorts, Inc		1,539,650
15,000		MGM Growth Properties LLC		464,550

		TOTAL HOTEL & RESORT REITS		2,004,200


INDUSTRIAL REITS - 12.8%
35,000		Americold Realty Trust		1,227,100
25,000		Duke Realty Corp		866,750
6,000		EastGroup Properties, Inc		796,020
52,500		Prologis, Inc		4,679,850
46,000		Rexford Industrial Realty, Inc		2,100,820
22,000		Terreno Realty Corp		1,191,080

		TOTAL INDUSTRIAL REITS		10,861,620


INTERNET SERVICES & INFRASTRUCTURE - 1.8%
24,600	*	GDS Holdings Ltd (ADR)		1,268,868
40,000	*	Megaport Ltd		301,084

		TOTAL INTERNET SERVICES & INFRASTRUCTURE		1,569,952


MORTGAGE REITS - 0.9%
30,000		Starwood Property Trust, Inc		745,800

		TOTAL MORTGAGE REITS		745,800


OFFICE REITS - 9.5%
15,000		Alexandria Real Estate Equities, Inc		2,423,700
11,000		Boston Properties, Inc		1,516,460
42,500		Hudson Pacific Properties		1,600,125
12,000		Kilroy Realty Corp		1,006,800
17,000		SL Green Realty Corp		1,561,960

		TOTAL OFFICE REITS		8,109,045


OTHER DIVERSIFIED FINANCIAL SERVICES - 1.7%
16,000		Vanguard REIT ETF		1,484,640

		TOTAL OTHER DIVERSIFIED FINANCIAL SERVICES		1,484,640


RESIDENTIAL REITS - 20.2%
30,000		American Homes 4 Rent		786,300
12,000		AvalonBay Communities, Inc		2,516,400

TIAA-CREF LIFE FUNDS - Real Estate Securities Fund


SHARES	COMPANY						VALUE

38,000	Equity Lifestyle Properties, Inc						$	2,674,820
32,000	Equity Residential							2,589,440
6,500	Essex Property Trust, Inc							1,955,590
75,000	Invitation Homes, Inc							2,247,750
13,000	Mid-America Apartment Communities, Inc							1,714,180
18,000	Sun Communities, Inc							2,701,800

	TOTAL RESIDENTIAL REITS							17,186,280


RETAIL REITS - 10.0%
12,000	Agree Realty Corp							842,040
8,000	Federal Realty Investment Trust							1,029,840
18,000	Realty Income Corp							1,325,340
20,000	Regency Centers Corp							1,261,800
20,000	Simon Property Group, Inc							2,979,200
65,000	SITE Centers Corp							911,300
4,000	Taubman Centers, Inc							124,360

	TOTAL RETAIL REITS							8,473,880


SPECIALIZED REITS - 28.3%
31,000	American Tower Corp							7,124,420
23,000	Crown Castle International Corp							3,269,450
5,000	CyrusOne, Inc							327,150
6,000	Digital Realty Trust, Inc							718,440
6,500	Equinix, Inc							3,794,050
13,000	Extra Space Storage, Inc							1,373,060
22,000	Gaming and Leisure Properties, Inc							947,100
7,000	Public Storage, Inc							1,490,720
16,000	QTS Realty Trust, Inc							868,320
8,000	SBA Communications Corp							1,927,920
18,000	Uniti Group, Inc							147,780
45,000	VICI Properties, Inc							1,149,750
30,000	Weyerhaeuser Co							906,000

	TOTAL SPECIALIZED REITS							24,044,160

	TOTAL COMMON STOCKS							83,998,977

	(Cost $55,623,307)

PRINCIPAL	ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 1.6%

GOVERNMENT AGENCY DEBT - 1.6%
$1,360,000	Federal Home Loan Bank (FHLB)		1.150	%		01/02/20		1,360,000

	TOTAL GOVERNMENT AGENCY DEBT							1,360,000

	TOTAL SHORT-TERM INVESTMENTS							1,360,000

	(Cost $1,359,956)
	TOTAL INVESTMENTS - 100.4%							85,358,977
	(Cost $56,983,263)
	OTHER ASSETS & LIABILITIES, NET - (0.4)%							(382,227	)

	NET ASSETS - 100.0%						$	84,976,750

Abbreviation(s):

ADR	American Depositary Receipt

ETF	Exchange Traded Fund

REIT	Real Estate Investment Trust

*	Non-income producing

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


SHARES		COMPANY	VALUE

COMMON STOCKS - 98.8%

BANKS - 12.1%
1,260		Amalgamated Bank	$	24,507
3,676	*	Axos Financial, Inc		111,309
7,542		Bank of NT Butterfield & Son Ltd		279,205
380		Bryn Mawr Bank Corp		15,671
15,088		Cadence BanCorp		273,546
360		Carolina Financial Corp		15,563
9,344		Cathay General Bancorp		355,539
460		Civista Bancshares, Inc		11,040
2,322		ConnectOne Bancorp, Inc		59,722
4,663	*	Customers Bancorp, Inc		111,026
4,226		Eagle Bancorp, Inc		205,510
396		Enterprise Financial Services Corp		19,091
9,531		Essent Group Ltd		495,517
2,324		Federal Agricultural Mortgage Corp (Class C)		194,054
190		Financial Institutions, Inc		6,099
1,772		First Bancorp (NC)		70,721
5,137		First Commonwealth Financial Corp		74,538
900		First Defiance Financial Corp		28,341
1,065		First Merchants Corp		44,293
2,890		First Midwest Bancorp, Inc		66,643
4,909		Flagstar Bancorp, Inc		187,769
230		Great Southern Bancorp, Inc		14,564
3,779		Great Western Bancorp, Inc		131,283
3,030		Heritage Commerce Corp		38,875
7,526		Hilltop Holdings, Inc		187,623
1,680		Horizon Bancorp		31,920
4,964		IBERIABANK Corp		371,456
1,804		Independent Bank Corp (MI)		40,861
2,949		Lakeland Bancorp, Inc		51,254
5,837		Meta Financial Group, Inc		213,109
640		Midland States Bancorp, Inc		18,534
10,936	*	Mr Cooper Group, Inc		136,809
8,229	*	NMI Holdings, Inc		273,038
2,335		OceanFirst Financial Corp		59,636
12,995		OFG Bancorp		306,812
1,220		Old Second Bancorp, Inc		16,433
10		Peapack Gladstone Financial Corp		309
5,423		PennyMac Financial Services, Inc		184,599
1,090		Peoples Bancorp, Inc		37,779
884		QCR Holdings, Inc		38,772
18,577		Radian Group, Inc		467,397
2,505		Sandy Spring Bancorp, Inc		94,889
3,948		Simmons First National Corp (Class A)		105,767
3,260	*	The Bancorp, Inc		42,282
13,743		United Community Banks, Inc		424,384
820		United Community Financial Corp		9,561
2,265		Univest Financial Corp		60,657
6,697		Walker & Dunlop, Inc		433,162
1,853		WSFS Financial Corp		81,514

		TOTAL BANKS		6,522,983


CAPITAL GOODS - 10.8%
1,007		AAR Corp		45,416
5,232		Advanced Drainage Systems, Inc		203,211

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

1,116	*	Aerojet Rocketdyne Holdings, Inc	$	50,956
5,945		Arcosa, Inc		264,850
10,568	*	Atkore International Group, Inc		427,581
2,546		AZZ, Inc		116,989
7,787	*	BMC Stock Holdings, Inc		223,409
12,558	*	Builders FirstSource, Inc		319,099
1,659		Columbus McKinnon Corp		66,410
8,331		Comfort Systems USA, Inc		415,300
1,288		CSW Industrials, Inc		99,176
1,679		Douglas Dynamics, Inc		92,345
881	*	Ducommun, Inc		44,517
1,266	*	DXP Enterprises, Inc		50,399
4,480		EMCOR Group, Inc		386,624
1,444		Encore Wire Corp		82,886
2,117		EnPro Industries, Inc		141,585
1,411		ESCO Technologies, Inc		130,517
6,710	*	Evoqua Water Technologies Corp		127,154
4,301		Federal Signal Corp		138,707
4,434	*	Foundation Building Materials, Inc		85,798
2,729	*	Gibraltar Industries, Inc		137,651
9,233	*	GMS, Inc		250,030
8,530	*	Great Lakes Dredge & Dock Corp		96,645
3,584	*	Harsco Corp		82,468
162		Kadant, Inc		17,065
850		Kaman Corp		56,032
250	*	Lawson Products, Inc		13,025
5,516	*	Mastec, Inc		353,907
3,489		Moog, Inc (Class A)		297,716
3,002		Mueller Industries, Inc		95,313
5,228	*	Parsons Corp		215,812
8,960	*	PGT, Inc		133,594
820		Powell Industries, Inc		40,172
7,265	*	Rexnord Corp		236,984
1,720	*	SPX Corp		87,514
390	*	Titan Machinery, Inc		5,764
1,503	*	Trimas Corp		47,209
1,418	*	Vectrus, Inc		72,687
2,570		Wabash National Corp		37,753

		TOTAL CAPITAL GOODS		5,790,270


COMMERCIAL & PROFESSIONAL SERVICES - 3.0%
512		Barrett Business Services, Inc		46,316
3,973	*	CBIZ, Inc		107,112
996		CRA International, Inc		54,252
1,290		Ennis, Inc		27,928
6,273		Exponent, Inc		432,900
640	*	Franklin Covey Co		20,627
2,483		Heidrick & Struggles International, Inc		80,697
1,098		Kforce, Inc		43,591
2,099		Kimball International, Inc (Class B)		43,386
400		McGrath RentCorp		30,616
5,236		Tetra Tech, Inc		451,134
4,380	*	TriNet Group, Inc		247,952

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,586,511


CONSUMER DURABLES & APPAREL - 2.8%
1,010		Acushnet Holdings Corp		32,825
2,386	*	Century Communities, Inc		65,257
7,690	*	CROCS, Inc		322,134
6,344	*	G-III Apparel Group Ltd		212,524
1,226	*	Installed Building Products, Inc		84,435
530		Johnson Outdoors, Inc		40,651

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

5,944	*	Skyline Champion Corp	$	188,425
13,975	*	Sonos, Inc		218,289
6,778		Steven Madden Ltd		291,522
1,123	*	Taylor Morrison Home Corp		24,549

		TOTAL CONSUMER DURABLES & APPAREL		1,480,611


CONSUMER SERVICES - 2.9%
6,406	*	Adtalem Global Education, Inc		224,018
2,240	*	American Public Education, Inc		61,354
4,010		BBX Capital Corp		19,128
900		Carriage Services, Inc		23,040
2,836	*	Chegg, Inc		107,513
1,162		Collectors Universe		26,784
1,160	*	Habit Restaurants, Inc		12,099
4,010	*	Houghton Mifflin Harcourt Co		25,062
4,669	*	K12, Inc		95,014
2,500	*	Lindblad Expeditions Holdings, Inc		40,875
9,759	*	Perdoceo Education Corp		179,468
5,105	*	PlayAGS, Inc		61,924
3,430	*	Scientific Games Corp (Class A)		91,855
2,330	*	Select Interior Concepts Inc		20,947
685		Strategic Education, Inc		108,846
4,151		Texas Roadhouse, Inc (Class A)		233,784
6,520	*	WW International Inc		249,129

		TOTAL CONSUMER SERVICES		1,580,840


DIVERSIFIED FINANCIALS - 3.8%
5,865	e	Arlington Asset Investment Corp (Class A)		32,668
6,578	*	Blucora, Inc		171,949
11,018		Brightsphere Investment Group, Inc		112,604
1,390		Cherry Hill Mortgage Investment Corp		20,280
4,833	*	Cowen Group, Inc		76,120
1,707	*	Curo Group Holdings Corp		20,791
4,557	*,e	Encore Capital Group, Inc		161,135
4,460	*	Enova International, Inc		107,308
8,360	*	Ezcorp, Inc (Class A)		57,015
14,838		FGL Holdings		158,025
4,000		iShares Russell 2000 Index Fund		662,680
2,888		Sculptor Capital Management, Inc		63,825
6,462		Stifel Financial Corp		391,920
261		Virtus Investment Partners, Inc		31,769

		TOTAL DIVERSIFIED FINANCIALS		2,068,089


ENERGY - 4.3%
10,123		Berry PetroleumCo LLC		95,460
2,070		Brigham Minerals, Inc		44,381
5,281		Delek US Holdings, Inc		177,072
5,356	*	Dorian LPG Ltd		82,911
2,180		Evolution PetroleumCorp		11,925
5,269	*	Exterran Corp		41,256
3,440	e	Falcon Minerals Corp		24,287
10,721		Green Plains Inc		165,425
3,870		Liberty Oilfield Services, Inc		43,034
2,832	*	Matrix Service Co		64,796
1,170	*	Natural Gas Services Group, Inc		14,344
43,863	*	NexTier Oilfield Solutions, Inc		293,882
6,185	*	Par Pacific Holdings, Inc		143,739
1,460		Peabody Energy Corp		13,315
22,167	*	ProPetro Holding Corp		249,379
10,725	*,e	Renewable Energy Group, Inc		289,039
9,174	*	SandRidge Energy, Inc		38,898

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

3,962	*	Talos Energy, Inc	$	119,454
11,268	*,e	Tellurian, Inc		82,031
6,856		World Fuel Services Corp		297,687

		TOTAL ENERGY		2,292,315


FOOD & STAPLES RETAILING - 1.0%
4,322		Andersons, Inc		109,260
2,183		Natural Grocers by Vitamin C		21,547
7,594	*	Performance Food Group Co		390,939

		TOTAL FOOD & STAPLES RETAILING		521,746


FOOD, BEVERAGE & TOBACCO - 2.2%
1,125	*	Boston Beer Co, Inc (Class A)		425,081
1,974		Calavo Growers, Inc		178,825
130		Coca-Cola Consolidated Inc		36,927
8,262	*	Hostess Brands, Inc		120,129
1,065		Lancaster Colony Corp		170,507
531	*,e	Pyxus International, Inc		4,747
9,404	*	Simply Good Foods Co		268,390

		TOTAL FOOD, BEVERAGE & TOBACCO		1,204,606


HEALTH CARE EQUIPMENT & SERVICES - 6.6%
4,275	*	Angiodynamics, Inc		68,443
3,081		Conmed Corp		344,548
1,260	*	Cross Country Healthcare, Inc		14,641
3,740	*	Hanger Inc		103,261
2,284	*	HealthStream, Inc		62,125
12,098	*	HMS Holdings Corp		358,101
7,475	*	Inovalon Holdings, Inc		140,680
4,934	*	Integer Holding Corp		396,842
741	*,e	iRadimed Corp		17,325
8,561	*	Lantheus Holdings, Inc		175,586
1,584	*	LivaNova plc		119,481
2,590		Meridian Bioscience, Inc		25,304
7,757	*	Merit Medical Systems, Inc		242,174
1,090	*	Natus Medical, Inc		35,959
5,128	*	NuVasive, Inc		396,599
5,503	*	OraSure Technologies, Inc		44,189
4,175	*	Orthofix Medical Inc		192,802
6,218	*	Pennant Group, Inc		205,629
11,254	*	Select Medical Holdings Corp		262,668
128	*	SurModics, Inc		5,303
666	*	Tandem Diabetes Care, Inc		39,700
5,597	*	Tenet Healthcare Corp		212,854
3,727	*	Triple-S Management Corp (Class B)		68,912

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,533,126


HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
7,332	*	elf Beauty, Inc		118,265
1,070	*	Lifevantage Corp		16,703
2,191	*	USANA Health Sciences, Inc		172,103

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		307,071


INSURANCE - 1.9%
3,834		American Equity Investment Life Holding Co		114,752
2,895		Amerisafe, Inc		191,157
2,222		Employers Holdings, Inc		92,768
390		FedNat Holding Co		6,486
50,319	*	Genworth Financial, Inc (Class A)		221,404
2,525	*,e	Health Insurance Innovations, Inc		48,707
2,254		Heritage Insurance Holdings, Inc		29,865

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

2,345		James River Group Holdings Ltd	$	96,637
8,052	*	Third Point Reinsurance Ltd		84,707
1,600		United Insurance Holdings Corp		20,176
4,846		Universal Insurance Holdings, Inc		135,640

		TOTAL INSURANCE		1,042,299


MATERIALS - 4.9%
66,779	*	AK Steel Holding Corp		219,703
6,605		Boise Cascade Co		241,281
14,780		Commercial Metals Co		329,150
10,700	*,†	Ferroglobe plc		0
1,340	*	Forterra, Inc		15,490
12,155		Gold Resource Corp		67,339
1,197		Greif, Inc (Class A)		52,907
2,128		Innospec, Inc		220,120
3,154		Materion Corp		187,505
1,570		Myers Industries, Inc		26,188
740		Olympic Steel, Inc		13,261
3,441		PH Glatfelter Co		62,970
8,663		PolyOne Corp		318,712
2,240	*	Ryerson Holding Corp		26,499
3,210		Schnitzer Steel Industries, Inc (Class A)		69,593
2,005		Stepan Co		205,392
13,643	*	Summit Materials, Inc		326,068
5,540		Trinseo S.A.		206,144
1,005	*	US Concrete, Inc		41,868

		TOTAL MATERIALS		2,630,190


MEDIA & ENTERTAINMENT - 2.1%
1,192	*	BaudaxBio, Inc		8,249
440	*,e	Boston Omaha Corp		9,258
2,130	*	Cardlytics, Inc		133,892
5,024	*	Cargurus, Inc		176,744
7,191	*	Imax Corp		146,912
760	*	Liberty Braves Group (Class A)		22,534
2,949	*	Liberty Braves Group (Class C)		87,113
3,584	*	Liberty Latin America Ltd (Class A)		69,171
5,648	*	Liberty TripAdvisor Holdings, Inc		41,513
250	*	Loral Space & Communications, Inc		8,080
940		Scholastic Corp		36,143
2,898	*	TechTarget, Inc		75,638
4,350	*	WideOpenWest, Inc		32,277
7,946	*	Yelp, Inc		276,759

		TOTAL MEDIA & ENTERTAINMENT		1,124,283


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.0%
8,700	*	Acadia Pharmaceuticals, Inc		372,186
6,280	*	Adamas Pharmaceuticals, Inc		23,801
7,670	*	Affimed NV		21,016
17,278	*	Akebia Therapeutics, Inc		109,197
1,660	*	Aldeyra Therapeutics, Inc		9,645
29,948	*	Amicus Therapeutics, Inc		291,694
6,678	*	Amneal Pharmaceuticals, Inc		32,188
1,409	*	Anika Therapeutics, Inc		73,057
83	*	Aprea Therapeutics, Inc		3,809
2,210	*	Arvinas, Inc		90,809
2,930	*	Assembly Biosciences, Inc		59,948
795	*	Audentes Therapeutics, Inc		47,573
15,042	*	BioDelivery Sciences International, Inc		95,065
900	*	Biohaven Pharmaceutical Holding Co Ltd		48,996
7,863	*	CareDx, Inc		169,605
1,741	*	Castle Biosciences, Inc		59,838

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

32,671	*	Catalyst Pharmaceuticals, Inc	$	122,516
3,380	*	ChemoCentryx, Inc		133,679
4,610	*	Chiasma, Inc		22,866
5,030	*	Chimerix, Inc		10,211
2,443	*	Coherus Biosciences, Inc		43,986
4,891	*	Concert Pharmaceuticals, Inc		45,119
841	*	Cue Biopharma, Inc		13,351
6,950	*	Cymabay Therapeutics, Inc		13,622
6,775	*	CytomX Therapeutics, Inc		56,300
443	*	Enanta Pharmaceuticals, Inc		27,369
2,324	*	FibroGen, Inc		99,676
11,940	*	Fluidigm Corp		41,551
3,934	*	Halozyme Therapeutics, Inc		69,750
6,910	*	Heron Therapeutics, Inc		162,385
7,530	*	Intellia Therapeutics, Inc		110,465
5,216	*	Intersect ENT, Inc		129,878
16,397	*	Kadmon Holdings, Inc		74,278
1,780	*	Kala Pharmaceuticals, Inc		6,568
3,167	*	Kura Oncology, Inc		43,546
4,485		Luminex Corp		103,873
6,560	*	MacroGenics, Inc		71,373
2,056	*,e	Medicines Co		174,637
7,706	*	Natera, Inc		259,615
7,086	*	NeoGenomics, Inc		207,266
2,050	*,e	NGM Biopharmaceuticals Inc		37,905
2,600	*	Personalis, Inc		28,340
3,450	*	Pfenex, Inc		37,881
5,175		Phibro Animal Health Corp		128,495
2,401	*	Pieris Pharmaceuticals, Inc		8,692
2,702	*	Principia Biopharma, Inc		148,016
1,785	*	Protagonist Therapeutics, Inc		12,584
5,600	*	PTC Therapeutics, Inc		268,968
19,295	*	Puma Biotechnology, Inc		168,831
726	*	QuanterixCorp		17,155
3,504	*	Recro Pharma, Inc		64,228
7,577	*	Retrophin, Inc		107,593
1,395	*	Seres Therapeutics, Inc		4,813
5,961	*	Syneos Health, Inc		354,530
1,520	*,e	Tricida, Inc		57,365
10,414	*	Vanda Pharmaceuticals, Inc		170,894
6,461	*	Vericel Corp		112,421
4,897	*	Voyager Therapeutics, Inc		68,313

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,349,331


REAL ESTATE - 8.8%
4,024		Alexander & Baldwin, Inc		84,343
4,884		American Assets Trust, Inc		224,176
1,510		Armada Hoffler Properties, Inc		27,708
15,829		Ashford Hospitality Trust, Inc		44,163
2,568		Bluerock Residential Growth REIT, Inc		30,944
13,005		CoreCivic, Inc		226,027
24,617		DiamondRock Hospitality Co		272,756
3,871		EastGroup Properties, Inc		513,566
9,878		First Industrial Realty Trust, Inc		410,036
15,246		Geo Group, Inc		253,236
2,064		Global Net Lease, Inc		41,858
7,977		National Storage Affiliates Trust		268,187
16,573		Newmark Group, Inc		222,990
520		NexPoint Residential Trust, Inc		23,400
11,758		Piedmont Office Realty Trust, Inc		261,498
10,609		Preferred Apartment Communities, Inc		141,312
2,701		PS Business Parks, Inc		445,314
2,140		RMR Group, Inc		97,670

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

4,125		Ryman Hospitality Properties	$	357,472
2,381		Saul Centers, Inc		125,669
9,476		STAG Industrial, Inc		299,157
11,878		Summit Hotel Properties, Inc		146,574
14,060		Tanger Factory Outlet Centers, Inc		207,104

		TOTAL REAL ESTATE		4,725,160


RETAILING - 4.4%
4,905	*	1-800-FLOWERS.COM, Inc (Class A)		71,123
2,549		Aaron’s, Inc		145,573
10,793	*	BJ’s Wholesale Club Holdings, Inc		245,433
6,308	*,e	Conn’s, Inc		78,156
1,720		Core-Mark Holding Co, Inc		46,767
5,499	*	Funko, Inc		94,363
52,480	*	Groupon, Inc		125,427
6,323	*	Hibbett Sports, Inc		177,297
3,162	*	Hudson Ltd		48,505
13,429		Rent-A-Center, Inc		387,292
3,604	e	Shoe Carnival, Inc		134,357
4,833	*	Sleep Number Corp		237,977
4,805	*	Stamps.com, Inc		401,314
3,996	*	Zumiez, Inc		138,022

		TOTAL RETAILING		2,331,606


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
6,281		Brooks Automation, Inc		263,551
1,905	*	Formfactor, Inc		49,473
1,823	*,e	Impinj, Inc		47,143
3,686	*	Inphi Corp		272,838
18,843	*	Lattice Semiconductor Corp		360,655
11,121	*	NeoPhotonics Corp Ltd		98,087
410		NVE Corp		29,274
1,100	*	PDF Solutions, Inc		18,579
15,726	*	Rambus, Inc		216,625
3,625	*	Ultra Clean Holdings		85,079

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,441,304


SOFTWARE & SERVICES - 6.3%
4,860	*	Benefitfocus, Inc		106,628
4,185	*	Bottomline Technologies, Inc		224,316
2,631	*	Envestnet, Inc		183,197
12,081	*	Everi Holdings, Inc		162,248
3,799		Mantech International Corp (Class A)		303,464
4,748		NIC, Inc		106,118
12,497		Perspecta, Inc		330,421
4,768		Progress Software Corp		198,110
1,065	*	Rapid7, Inc		59,661
2,235		Science Applications International Corp		194,490
5,147	*	SPS Commerce, Inc		285,247
13,896	*	SVMK, Inc		248,321
13,486	*	Telaria, Inc		118,812
3,656	*	Tenable Holdings, Inc		87,598
5,208	*	Upland Software, Inc		185,978
7,482	*	Verint Systems, Inc		414,203
4,588	*	Workiva, Inc		192,925

		TOTAL SOFTWARE & SERVICES		3,401,737


TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%
2,294	*	Agilysys, Inc		58,290
1,350	*	Anixter International, Inc		124,335
1,870	*	CalAmp Corp		17,915

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund


SHARES		COMPANY	VALUE

2,396		Comtech Telecommunications Corp	$	85,034
19,762	*	Extreme Networks, Inc		145,646
5,333	*	Insight Enterprises, Inc		374,857
829	*	OSI Systems, Inc		83,513
4,950	*	Ribbon Communications, Inc		15,345
8,141	*	Sanmina Corp		278,748
4,236	*	TTM Technologies, Inc		63,752
16,110		Vishay Intertechnology, Inc		342,982
816	*	Vishay Precision Group, Inc		27,744

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,618,161


TELECOMMUNICATION SERVICES - 0.2%
8,852	*	Intelsat S.A.		62,229
1,220	*	Ooma, Inc		16,141
1,970		Spok Holdings, Inc		24,093

		TOTAL TELECOMMUNICATION SERVICES		102,463


TRANSPORTATION - 1.4%
4,198		ArcBest Corp		115,865
5,100	*	Daseke, Inc		16,116
2,271		Forward Air Corp		158,857
6,003		Heartland Express, Inc		126,363
4,311	*	Hub Group, Inc (Class A)		221,111
3,604		Marten Transport Ltd		77,450
5,460	*	Radiant Logistics, Inc		30,412
80		Universal Logistics Holdings Inc		1,517

		TOTAL TRANSPORTATION		747,691


UTILITIES - 2.9%
5,939		Avista Corp		285,606
1,438		Black Hills Corp		112,941
3,847		Clearway Energy, Inc (Class A)		73,555
9,203	d	Portland General Electric Co		513,435
2,797		Southwest Gas Holdings Inc		212,488
3,377		Spire, Inc		281,338
989		Unitil Corp		61,140

		TOTAL UTILITIES		1,540,503

		TOTAL COMMON STOCKS		52,942,896

		(Cost $46,940,750)

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

SHORT-TERM INVESTMENTS - 3.1%

GOVERNMENT AGENCY DEBT - 1.2%

$660,000

Federal Home Loan Bank (FHLB)

1.150

01/02/20

660,000

TOTAL GOVERNMENT AGENCY DEBT

660,000

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.9%

996,112

State Street Navigator Securities Lending Government Money Market Portfolio

996,112

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

996,112

TOTAL SHORT-TERM INVESTMENTS

1,656,112

(Cost $1,656,091)

TOTAL INVESTMENTS - 101.9%

54,599,008

(Cost $48,596,841)

OTHER ASSETS & LIABILITIES, NET - (1.9)%

(990,320

)

NET ASSETS - 100.0%

53,608,688

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

Abbreviation(s):

REIT	Real Estate Investment Trust

*	Non-income producing

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

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

d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,083,107.

Futures contracts outstanding as of December 31, 2019 were as follows:


Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		7	03/20/20	$	584,570	$	584,710	$	140

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 0.5%
806		Aptiv plc	$	76,546
114		BorgWarner, Inc		4,945
352	*	Cooper-Standard Holding, Inc		11,672
1,191		Harley-Davidson, Inc		44,293
292	*	Modine Manufacturing Co		2,248
509		Tenneco, Inc		6,668
574	*	Tesla, Inc		240,122

		TOTAL AUTOMOBILES & COMPONENTS		386,494


BANKS - 5.2%
242		Ameris Bancorp		10,295
885		Associated Banc-Corp		19,505
564		Bank OZK		17,205
190		Berkshire Hills Bancorp, Inc		6,247
126		Camden National Corp		5,804
9,339		Citigroup, Inc		746,093
6,275		Citizens Financial Group, Inc		254,828
1,798		Comerica, Inc		129,006
140		Commerce Bancshares, Inc		9,512
69		Cullen/Frost Bankers, Inc		6,747
710	*	Customers Bancorp, Inc		16,905
246		Federal Agricultural Mortgage Corp (Class C)		20,541
3,563		Fifth Third Bancorp		109,527
212		First Financial Corp		9,693
505		First Republic Bank		59,312
278		Hanmi Financial Corp		5,559
244		Heritage Financial Corp		6,905
577	*	HomeStreet, Inc		19,618
251		HomeTrust Bancshares, Inc		6,734
2,560		Huntington Bancshares, Inc		38,605
9,614		Keycorp		194,587
329		Live Oak Bancshares, Inc		6,254
1,407		M&T Bank Corp		238,838
528		MGIC Investment Corp		7,482
674		New York Community Bancorp, Inc		8,101
479		Northfield Bancorp, Inc		8,124
643		OFG Bancorp		15,181
145		Old National Bancorp		2,652
417		Opus Bank		10,788
199		PacWest Bancorp		7,616
189		People’s United Financial, Inc		3,194
574		Pinnacle Financial Partners, Inc		36,736
3,111		PNC Financial Services Group, Inc		496,609
10,924		Regions Financial Corp		187,456
25		Signature Bank		3,415
130		Stock Yards Bancorp, Inc		5,338
253	*	SVB Financial Group		63,513
561		TFS Financial Corp		11,040
567	*	The Bancorp, Inc		7,354
538	*	Tristate Capital Holdings, Inc		14,053
5,176		Truist Financial Corp		291,512
50		UMB Financial Corp		3,432
102		United Bankshares, Inc		3,943
8,815		US Bancorp		522,641

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

107		Webster Financial Corp	$	5,709
49		Westamerica Bancorporation		3,321
110		Western Alliance Bancorp		6,270
354		Zions Bancorporation		18,380

		TOTAL BANKS		3,682,180


CAPITAL GOODS - 7.0%
3,017		3M Co		532,259
232		Aircastle Ltd		7,426
224		Argan, Inc		8,991
518	*	Astronics Corp		14,478
887	*	Axon Enterprise, Inc		64,999
999		Barnes Group, Inc		61,898
1,750		Briggs & Stratton Corp		11,655
716	*	Builders FirstSource, Inc		18,194
208		Carlisle Cos, Inc		33,663
2,779		Caterpillar, Inc		410,403
586		Cummins, Inc		104,871
1,006		Curtiss-Wright Corp		141,735
1,461		Deere & Co		253,133
89		Dover Corp		10,258
2,632		Eaton Corp		249,303
2,033		Fastenal Co		75,119
1,380		Fortive Corp		105,418
1,015		HEICO Corp		115,862
1,880		HEICO Corp (Class A)		168,316
407	*	Herc Holdings, Inc		19,919
1,120		Hexcel Corp		82,107
2,463		Illinois Tool Works, Inc		442,429
1,052		Ingersoll-Rand plc		139,832
4,469		Johnson Controls International plc		181,933
529	*	Lydall, Inc		10,855
2,644		Masco Corp		126,886
1,233	*	Mercury Systems, Inc		85,213
302		Moog, Inc (Class A)		25,770
32		Owens Corning, Inc		2,084
1,438		PACCAR, Inc		113,746
618		Parker-Hannifin Corp		127,197
1,590	*,e	Plug Power, Inc		5,024
1,029		Quanta Services, Inc		41,891
538		Rockwell Automation, Inc		109,036
549		Roper Technologies Inc		194,472
343	*	Sensata Technologies Holding plc		18,477
85		Snap-On, Inc		14,399
2,251		Spirit Aerosystems Holdings, Inc (Class A)		164,053
177		Stanley Black & Decker, Inc		29,336
233	*	Titan Machinery, Inc		3,444
684		TransDigm Group, Inc		383,040
131	*	Trimas Corp		4,115
404	*	United Rentals, Inc		67,375
194		W.W. Grainger, Inc		65,673
1,603	*	Wesco Aircraft Holdings, Inc		17,665
484		Woodward Inc		57,325
433		Xylem, Inc		34,116

		TOTAL CAPITAL GOODS		4,955,393


COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
590		ACCO Brands Corp		5,522
1,130	*	Copart, Inc		102,762
236		Exponent, Inc		16,286
112		Heidrick & Struggles International, Inc		3,640
274	*	Huron Consulting Group, Inc		18,829

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

4,014	*	IHS Markit Ltd	$	302,455
148		Insperity, Inc		12,734
49		Kelly Services, Inc (Class A)		1,107
220		Manpower, Inc		21,362
134	*	Mistras Group, Inc		1,912
390		Quad Graphics, Inc		1,821
138		Resources Connection, Inc		2,254
925		Robert Half International, Inc		58,414
730	*	Team, Inc		11,658
1,832		TransUnion		156,838
37		Verisk Analytics, Inc		5,526
1,922		Waste Management, Inc		219,031

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		942,151


CONSUMER DURABLES & APPAREL - 1.4%
200		Callaway Golf Co		4,240
377	*	Century Communities, Inc		10,311
10		Columbia Sportswear Co		1,002
1,070	*	Fossil Group, Inc		8,432
677	*	Green Brick Partners, Inc		7,772
13		Hasbro, Inc		1,373
121		Hooker Furniture Corp		3,108
200	*,e	iRobot Corp		10,126
159	*	LGI Homes, Inc		11,233
169	*	Lululemon Athletica, Inc		39,152
131	*	Meritage Homes Corp		8,005
255	*	Mohawk Industries, Inc		34,777
200		Movado Group, Inc		4,348
1,435		Newell Brands Inc		27,581
5,527		Nike, Inc (Class B)		559,940
26	*	NVR, Inc		99,019
94		Pulte Homes, Inc		3,647
1,121	*	Under Armour, Inc (Class A)		24,214
1,118		VF Corp		111,420

		TOTAL CONSUMER DURABLES & APPAREL		969,700


CONSUMER SERVICES - 2.2%
461	*	American Public Education, Inc		12,627
1,633		BBX Capital Corp		7,789
407	*	Bright Horizons Family Solutions		61,168
356		Carriage Services, Inc		9,114
168	*	Chipotle Mexican Grill, Inc (Class A)		140,634
390		Choice Hotels International, Inc		40,338
604		Darden Restaurants, Inc		65,842
13		Dine Brands Global Inc.		1,086
37		Domino’s Pizza, Inc		10,870
372	*	El Pollo Loco Holdings, Inc		5,632
228	*	frontdoor, Inc		10,812
28		Graham Holdings Co		17,892
2,198		Hilton Worldwide Holdings, Inc		243,780
2,730	*	Houghton Mifflin Harcourt Co		17,062
216		Marriott Vacations Worldwide Corp		27,812
1,059	*	Norwegian Cruise Line Holdings Ltd		61,856
289	*	Red Robin Gourmet Burgers, Inc		9,543
649	*	Regis Corp		11,598
1,104		Royal Caribbean Cruises Ltd		147,395
1,135		Service Corp International		52,244
564	*	ServiceMaster Global Holdings, Inc		21,804
65		Six Flags Entertainment Corp		2,932
6,477		Starbucks Corp		569,458
123		Vail Resorts, Inc		29,499
129	*	WW International Inc		4,929

		TOTAL CONSUMER SERVICES		1,583,716

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

DIVERSIFIED FINANCIALS - 5.9%
879		Ally Financial, Inc	$	26,862
3,689		American Express Co		459,244
452		Ameriprise Financial, Inc		75,294
5,425		Bank of New York Mellon Corp		273,040
721		BlackRock, Inc		362,447
976		Capstead Mortgage Corp		7,730
6,123		Charles Schwab Corp		291,210
819		Chimera Investment Corp		16,839
1,969		CME Group, Inc		395,218
2,812		Discover Financial Services		238,514
139		E*TRADE Financial Corp		6,306
78		Factset Research Systems, Inc		20,927
1,411		Franklin Resources, Inc		36,658
42	*	Green Dot Corp		978
4,785		IntercontinentalExchange Group, Inc		442,852
2,613		Invesco Ltd		46,982
566		Legg Mason, Inc		20,325
604		Moody’s Corp		143,396
8,278		Morgan Stanley		423,171
206		Nasdaq Inc		22,063
1,810		Northern Trust Corp		192,294
1,162	*	On Deck Capital, Inc		4,811
1,726		S&P Global, Inc		471,284
1,925		State Street Corp		152,267
824		T Rowe Price Group, Inc		100,396

		TOTAL DIVERSIFIED FINANCIALS		4,231,108


ENERGY - 4.2%
1,897		Apache Corp		48,544
2,780		Baker Hughes a GE Co		71,251
852	*,e	California Resources Corp		7,694
4,094	*	Callon Petroleum Co		19,774
3,290		Chevron Corp		396,478
311		Cimarex Energy Co		16,324
7,458		ConocoPhillips		484,994
170		Delek US Holdings, Inc		5,700
10,026	*	Denbury Resources, Inc		14,137
2,603		Devon Energy Corp		67,600
1,146		EQT Corp		12,491
374	*	Exterran Corp		2,928
1,076		Green Plains Inc		16,603
2,260	*	Gulfport Energy Corp		6,870
1,059	*	Helix Energy Solutions Group, Inc		10,198
1,187		Hess Corp		79,303
19,566		Kinder Morgan, Inc		414,212
3,737	*	Laredo Petroleum Holdings, Inc		10,725
4,938		Marathon Oil Corp		67,058
41	*	Matrix Service Co		938
530		National Oilwell Varco, Inc		13,277
555	*	Newpark Resources, Inc		3,480
2,757		Noble Energy, Inc		68,484
8,862	*	Oasis Petroleum, Inc		28,890
4	*	Oceaneering International, Inc		60
2,382		ONEOK, Inc		180,246
568		Parsley Energy, Inc		10,741
239		PBF Energy, Inc		7,497
423	*	PDC Energy, Inc		11,070
3,363		QEP Resources Inc		15,134
2,448	e	Range Resources Corp		11,873
679	*	Renewable Energy Group, Inc		18,299
9,579		Schlumberger Ltd		385,076
63	*	Select Energy Services, Inc		585

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

2,804		SM Energy Co	$	31,517
2,403	*	Southwestern Energy Co		5,815
243	*	Tidewater, Inc		4,685
259		US Silica Holdings, Inc		1,593
3,103		Valero Energy Corp		290,596
4,920		Williams Cos, Inc		116,702

		TOTAL ENERGY		2,959,442


FOOD & STAPLES RETAILING - 0.6%
570		Casey’s General Stores, Inc		90,624
467	*	Chefs’ Warehouse Holdings, Inc		17,797
465		Pricesmart, Inc		33,024
877		SpartanNash Co		12,489
2,543	*	Sprouts Farmers Market, Inc		49,207
1,513	*	United Natural Foods, Inc		13,254
5,269	*	US Foods Holding Corp		220,719
272		Weis Markets, Inc		11,013

		TOTAL FOOD & STAPLES RETAILING		448,127


FOOD, BEVERAGE & TOBACCO - 3.2%
546		Bunge Ltd		31,422
1,318		Campbell Soup Co		65,136
14,318		Coca-Cola Co		792,502
146	*	Farmer Bros Co		2,199
451		Fresh Del Monte Produce, Inc		15,776
4,152		General Mills, Inc		222,381
2,758		Hormel Foods Corp		124,413
1,963		Kellogg Co		135,761
459		McCormick & Co, Inc		77,906
5,463		PepsiCo, Inc		746,628
42	*	TreeHouse Foods, Inc		2,037

		TOTAL FOOD, BEVERAGE & TOBACCO		2,216,161


HEALTH CARE EQUIPMENT & SERVICES - 6.1%
309	*	Abiomed, Inc		52,712
614	*	Align Technology, Inc		171,331
1,276	*	Allscripts Healthcare Solutions, Inc		12,524
1,405	*	Angiodynamics, Inc		22,494
2,703	*	Antares Pharma, Inc		12,704
539	*	AtriCure, Inc		17,523
363	*	Axonics Modulation Technologies, Inc		10,059
379	*	Bio Telemetry, Inc		17,548
2,232		Cardinal Health, Inc		112,895
287	*	Cardiovascular Systems, Inc		13,945
3,849		Cerner Corp		282,478
2,383	*	Cerus Corp		10,056
914		Cigna Corp		186,904
389		Computer Programs & Systems, Inc		10,270
494		Cooper Cos, Inc		158,717
1,654	*	Covetrus, Inc		21,833
3,850		CVS Health Corp		286,016
1,693		Dentsply Sirona, Inc		95,807
1,093	*	Diplomat Pharmacy, Inc		4,372
1,440	*	Edwards Lifesciences Corp		335,938
944	*	GenMark Diagnostics, Inc		4,541
178	*	Glaukos Corp		9,696
414	*	Globus Medical, Inc		24,376
86	*	Haemonetics Corp		9,881
1,608		HCA Healthcare, Inc		237,678
294	*	Henry Schein, Inc		19,616
157	*	Heska Corp		15,063
271		Hill-Rom Holdings, Inc		30,767

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

84	*	HMS Holdings Corp	$	2,486
1,250	*	Hologic, Inc		65,262
708		Humana, Inc		259,496
611	*	IDEXX Laboratories, Inc		159,550
257	*	Integer Holding Corp		20,670
661	*	Laboratory Corp of America Holdings		111,821
301		LeMaitre Vascular, Inc		10,821
88	*	LHC Group, Inc		12,123
85	*	LivaNova plc		6,412
1,120		Meridian Bioscience, Inc		10,942
1,266	*	Merit Medical Systems, Inc		39,525
642	*	NextGen Healthcare, Inc		10,317
458	*	Omnicell, Inc		37,428
1,683	*	OraSure Technologies, Inc		13,514
348	*	Orthofix Medical Inc		16,071
137	*,e	Penumbra, Inc		22,505
218	*	Premier, Inc		8,258
290	*	Providence Service Corp		17,162
269		Quest Diagnostics, Inc		28,726
190	*	Quidel Corp		14,256
949		Resmed, Inc		147,067
580	*	Staar Surgical Co		20,399
315		STERIS plc		48,012
391	*	Surgery Partners, Inc		6,121
377	*	Tactile Systems Technology, Inc		25,451
321	*	Tandem Diabetes Care, Inc		19,135
1,003	*,e	Teladoc, Inc		83,971
651	*	Tivity Health, Inc		13,245
255	*	Triple-S Management Corp (Class B)		4,715
2,764		UnitedHealth Group, Inc		812,561
424	*	Varian Medical Systems, Inc		60,212
740	*	Vocera Communications, Inc		15,362
310		West Pharmaceutical Services, Inc		46,602

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,357,942


HOUSEHOLD & PERSONAL PRODUCTS - 2.2%
5		Clorox Co		767
3,931		Colgate-Palmolive Co		270,610
918		Estee Lauder Cos (Class A)		189,604
834		Kimberly-Clark Corp		114,717
7,972		Procter & Gamble Co		995,703

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,571,401


INSURANCE - 3.7%
1,222		Allstate Corp		137,414
6,846		American International Group, Inc		351,405
472		Aon plc		98,313
3,000		Chubb Ltd		466,980
107		Lincoln National Corp		6,314
2,879		Loews Corp		151,119
3,565		Marsh & McLennan Cos, Inc		397,177
1,003		Principal Financial Group		55,165
4,214		Progressive Corp		305,051
3,633		Prudential Financial, Inc		340,557
2,049		Travelers Cos, Inc		280,611
131		Voya Financial, Inc		7,988

		TOTAL INSURANCE		2,598,094


MATERIALS - 2.8%
140		Aptargroup, Inc		16,187
2,460		Ball Corp		159,088
1,021	*	Century Aluminum Co		7,673

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

295	*	Clearwater Paper Corp	$	6,301
568		Commercial Metals Co		12,649
3,383		DuPont de Nemours, Inc		217,189
2,051		Ecolab, Inc		395,823
288		H.B. Fuller Co		14,852
143	e	International Flavors & Fragrances, Inc		18,450
1,804		International Paper Co		83,074
712	*	Kraton Corp		18,028
2,852		Linde plc		607,191
678		Louisiana-Pacific Corp		20,116
281		Minerals Technologies, Inc		16,194
1,894		Mosaic Co		40,986
1,905		Newmont Goldcorp Corp		82,772
3,029		Nucor Corp		170,472
58		Reliance Steel & Aluminum Co		6,946
218		Royal Gold, Inc		26,651
1,968	*	Summit Materials, Inc		47,035
189		Trinseo S.A.		7,033
423	*	US Concrete, Inc		17,622

		TOTAL MATERIALS		1,992,332


MEDIA & ENTERTAINMENT - 6.5%
1,999		Activision Blizzard, Inc		118,781
798	*	Alphabet, Inc (Class A)		1,068,833
808	*	Alphabet, Inc (Class C)		1,080,312
95		Cable One, Inc		141,405
1,401		Cinemark Holdings, Inc		47,424
1,162	*	Clear Channel		3,323
12,957		Comcast Corp (Class A)		582,676
3,506	*,e	Discovery, Inc (Class A)		114,786
5,516	*	Discovery, Inc (Class C)		168,183
719	*	Electronic Arts, Inc		77,300
1,311	*	Gray Television, Inc		28,108
871	*	Imax Corp		17,794
538		John Wiley & Sons, Inc (Class A)		26,104
2,527	*	Liberty Broadband Corp (Class C)		317,770
516		Marcus Corp		16,393
1,010		New York Times Co (Class A)		32,492
4,189		Omnicom Group, Inc		339,393
314	*	Roku, Inc		42,045
195	*	Rosetta Stone, Inc		3,537
198		Scholastic Corp		7,613
1,551		Sirius XM Holdings, Inc		11,090
161	*	Take-Two Interactive Software, Inc		19,711
600		TEGNA, Inc		10,014
1,239		TripAdvisor, Inc		37,641
10,048	*	Twitter, Inc		322,038
402		World Wrestling Entertainment, Inc (Class A)		26,078

		TOTAL MEDIA & ENTERTAINMENT		4,660,844


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8%
4,202		AbbVie, Inc		372,045
784	*	Acadia Pharmaceuticals, Inc		33,540
157	*	Acceleron Pharma, Inc		8,324
3,162	*	Achillion Pharmaceuticals, Inc		19,067
477	*	Aerie Pharmaceuticals, Inc		11,529
2,144		Agilent Technologies, Inc		182,905
637	*	Agios Pharmaceuticals, Inc		30,417
21	*,e	Akcea Therapeutics, Inc		356
2,060	*	Akorn, Inc		3,090
2,602		Amgen, Inc		627,264
586	*	AnaptysBio, Inc		9,522

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

347	*	Assembly Biosciences, Inc	$	7,100
589	*	Atara Biotherapeutics, Inc		9,701
1,565	*	BioCryst Pharmaceuticals, Inc		5,399
804	*	Biogen Inc		238,571
706	*	BioMarin Pharmaceutical, Inc		59,692
585	*	Bluebird Bio, Inc		51,334
10,036		Bristol-Myers Squibb Co		644,211
14	*	Coherus Biosciences, Inc		252
701	*	Collegium Pharmaceutical, Inc		14,427
875	*	Cymabay Therapeutics, Inc		1,715
4,646		Eli Lilly & Co		610,624
70	*	Esperion Thereapeutics, Inc		4,174
438	*	FibroGen, Inc		18,786
453	*,e	Flexion Therapeutics, Inc		9,377
4,716		Gilead Sciences, Inc		306,446
186	*	Halozyme Therapeutics, Inc		3,298
715	*,e	Insmed, Inc		17,074
335	*	Intersect ENT, Inc		8,341
898	*	Intra-Cellular Therapies, Inc		30,810
369	*	Iovance Biotherapeutics, Inc		10,214
820	*	IQVIA Holdings, Inc		126,698
374	*	Jazz Pharmaceuticals plc		55,831
1,407	*	Karyopharm Therapeutics, Inc		26,972
843	*	MacroGenics, Inc		9,172
9,642		Merck & Co, Inc		876,940
80	*	Mettler-Toledo International, Inc		63,462
34	*	Mirati Therapeutics, Inc		4,381
4,856	*,e	Opko Health, Inc		7,138
220	*,e	Optinose, Inc		2,028
506		Perrigo Co plc		26,140
1,704	*	Progenics Pharmaceuticals, Inc		8,673
637	*	Prothena Corp plc		10,084
12	*	Radius Health, Inc		242
109	*	Reata Pharmaceuticals, Inc		22,283
1,002	*	Revance Therapeutics, Inc		16,262
89	*	Sage Therapeutics, Inc		6,425
1,162	*	Sangamo Therapeutics Inc		9,726
2,483	*,e	TherapeuticsMD, Inc		6,009
527	*	Theravance Biopharma, Inc		13,644
60	*	Tricida, Inc		2,264
366	*	Ultragenyx Pharmaceutical, Inc		15,632
1,362	*	Vertex Pharmaceuticals, Inc		298,210
272	*	Waters Corp		63,553
576	*,e	ZIOPHARM Oncology, Inc		2,719
3,517		Zoetis, Inc		465,475

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,489,568


REAL ESTATE - 3.9%
659		Alexandria Real Estate Equities, Inc		106,481
203	*	Altisource Portfolio Solutions S.A.		3,924
455		American Campus Communities, Inc		21,399
2,262		American Tower Corp		519,853
1,054		Boston Properties, Inc		145,304
1,574		CatchMark Timber Trust, Inc		18,054
1,015	*	CBRE Group, Inc		62,209
310		Chatham Lodging Trust		5,685
915		CorePoint Lodging, Inc		9,772
296		Coresite Realty		33,188
566		Cousins Properties, Inc		23,319
321		Diversified Healthcare Trust		2,709
165		Douglas Emmett, Inc		7,244
1,348		Duke Realty Corp		46,735

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

581		Easterly Government Properties, Inc	$	13,787
517		Equinix, Inc		301,773
997		First Industrial Realty Trust, Inc		41,386
1,028		Franklin Street Properties Corp		8,800
3,148		Healthpeak Properties Inc		108,512
2,668		Host Hotels and Resorts, Inc		49,491
504	*	Howard Hughes Corp		63,907
1,339		Iron Mountain, Inc		42,674
1,059		iStar Inc		15,366
32		Jones Lang LaSalle, Inc		5,571
14		Kilroy Realty Corp		1,175
562		Kimco Realty Corp		11,639
325		Liberty Property Trust		19,516
402		Office Properties Income Trust		12,920
463		Paramount Group, Inc		6,445
335		Park Hotels & Resorts, Inc		8,666
5,056		Prologis, Inc		450,692
296		QTS Realty Trust, Inc		16,064
147	e	Realogy Holdings Corp		1,423
8		RMR Group, Inc		365
662		SBA Communications Corp		159,535
924		UDR, Inc		43,151
17		Washington REIT		496
3,041		Welltower, Inc		248,693
3,690		Weyerhaeuser Co		111,438

		TOTAL REAL ESTATE		2,749,361


RETAILING - 6.6%
477	*	1-800-FLOWERS.COM, Inc (Class A)		6,916
77		Aaron’s, Inc		4,397
366		Advance Auto Parts, Inc		58,618
944	*	Amazon.com, Inc		1,744,361
821		Best Buy Co, Inc		72,084
862		Big Lots, Inc		24,757
2,569	*	BJ’s Wholesale Club Holdings, Inc		58,419
245	*	Booking Holdings, Inc		503,164
540	*	CarMax, Inc		47,342
1,054		eBay, Inc		38,060
342		Expedia Group Inc		36,984
65	*	Five Below, Inc		8,311
1,276		Gap, Inc		22,560
202	*	Genesco, Inc		9,680
185		Genuine Parts Co		19,652
66		Haverty Furniture Cos, Inc		1,331
364	*	Hibbett Sports, Inc		10,207
3,545		Home Depot, Inc		774,157
119	*,e	Lands’ End, Inc		1,999
1,082	*	LKQ Corp		38,627
3,374		Lowe’s Companies, Inc		404,070
2,208		Macy’s, Inc		37,536
431	*	MarineMax, Inc		7,193
1,637	*	Quotient Technology, Inc		16,141
149	e	Shoe Carnival, Inc		5,555
326		Signet Jewelers Ltd		7,087
2,517		Target Corp		322,705
194		Tiffany & Co		25,928
4,103		TJX Companies, Inc		250,529
202		Tractor Supply Co		18,875
263	*	Ulta Beauty, Inc		66,576
56		Winmark Corp		11,105

		TOTAL RETAILING		4,654,926

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7%
4,943		Applied Materials, Inc	$	301,721
259	*	Cirrus Logic, Inc		21,344
510	*	Cree, Inc		23,536
250	*	First Solar, Inc		13,990
15,563		Intel Corp		931,446
459		Lam Research Corp		134,211
32		NVE Corp		2,285
2,763		NVIDIA Corp		650,134
220	*	Silicon Laboratories, Inc		25,516
4,468		Texas Instruments, Inc		573,200

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,677,383


SOFTWARE & SERVICES - 10.7%
3,092		Accenture plc		651,083
2,152	*	Adobe, Inc		709,751
1,479	*	Autodesk, Inc		271,337
2,640	*	Avaya Holdings Corp		35,640
634	*	Benefitfocus, Inc		13,910
227		Blackbaud, Inc		18,069
1,656	*	Cadence Design Systems, Inc		114,860
4,496	*	Conduent, Inc		27,875
104	*	Coupa Software, Inc		15,210
790		CSG Systems International, Inc		40,906
695	*	ExlService Holdings, Inc		48,275
54	*	Fair Isaac Corp		20,233
4,405		International Business Machines Corp		590,446
1,613		Intuit, Inc		422,493
3,927	*	Limelight Networks, Inc		16,022
1,130		LogMeIn, Inc		96,886
18,849	d	Microsoft Corp		2,972,487
1,157	*	New Relic, Inc		76,026
885	*	Nutanix, Inc		27,665
262	*	OneSpan, Inc		4,485
55	*	Paylocity Holding Corp		6,645
683	*	Perficient, Inc		31,466
353	*	Qualys, Inc		29,430
4,012	*	salesforce.com, Inc		652,512
1,338		Science Applications International Corp		116,433
1,023	*	SPS Commerce, Inc		56,695
948	*	SVMK, Inc		16,941
977	*	Sykes Enterprises, Inc		36,139
2,296	*	Teradata Corp		61,464
696		TiVo Corp		5,902
265		TTEC Holdings, Inc		10,499
614	*	Virtusa Corp		27,833
612	*	VMware, Inc (Class A)		92,896
989	*	WEX, Inc		207,156
406	*	Zendesk, Inc		31,112

		TOTAL SOFTWARE & SERVICES		7,556,782


TECHNOLOGY HARDWARE & EQUIPMENT - 7.0%
130	*	Anixter International, Inc		11,973
10,740		Apple, Inc		3,153,801
1,391	*	Arlo Technologies, Inc		5,856
449		AVX Corp		9,191
41		Belden CDT, Inc		2,255
1,330		Benchmark Electronics, Inc		45,699
14,468		Cisco Systems, Inc		693,885
27	*	Coherent, Inc		4,491
413		CTS Corp		12,394
483		Daktronics, Inc		2,941

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund


SHARES		COMPANY	VALUE

1,529		Dolby Laboratories, Inc (Class A)	$	105,195
44	*	Fabrinet		2,853
257	*	FARO Technologies, Inc		12,940
11,299		Hewlett Packard Enterprise Co		179,202
9,186		HP, Inc		188,772
117	*	Insight Enterprises, Inc		8,224
43		InterDigital, Inc		2,343
99	*	Itron, Inc		8,311
1,058		Kemet Corp		28,619
285	*	Keysight Technologies, Inc		29,250
532	*	Kimball Electronics, Inc		9,337
273		Littelfuse, Inc		52,225
112	*	Lumentum Holdings, Inc		8,882
735		Motorola Solutions, Inc		118,438
1,279		National Instruments Corp		54,153
233	*	Novanta, Inc		20,607
250	*	Plexus Corp		19,235
176	*	Rogers Corp		21,952
160		Synnex Corp		20,608
631	*	Tech Data Corp		90,612
1,213	*	TTM Technologies, Inc		18,256
1,315		Vishay Intertechnology, Inc		27,996

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		4,970,496


TELECOMMUNICATION SERVICES - 1.7%
385	*	Boingo Wireless, Inc		4,216
13,972		CenturyLink, Inc		184,570
554		Cogent Communications Group, Inc		36,459
2,305	*	Iridium Communications, Inc		56,795
2,210	*	ORBCOMM, Inc		9,304
14,484		Verizon Communications, Inc		889,318

		TOTAL TELECOMMUNICATION SERVICES		1,180,662


TRANSPORTATION - 2.0%
43		Amerco, Inc		16,160
251		ArcBest Corp		6,928
208		CH Robinson Worldwide, Inc		16,266
5,073		CSX Corp		367,082
2,878		Delta Air Lines, Inc		168,305
504	*	Hertz Global Holdings, Inc		7,938
33		Kansas City Southern		5,054
1,331		Norfolk Southern Corp		258,387
6		Ryder System, Inc		326
2,608		Southwest Airlines Co		140,780
3,389		United Parcel Service, Inc (Class B)		396,717

		TOTAL TRANSPORTATION		1,383,943


UTILITIES - 3.4%
3,716		American Electric Power Co, Inc		351,199
140		American Water Works Co, Inc		17,199
1,342		Centerpoint Energy, Inc		36,596
2,929		Consolidated Edison, Inc		264,987
1,356		Dominion Energy Inc		112,304
253		DTE Energy Co		32,857
1,995		Eversource Energy		169,715
384		New Jersey Resources Corp		17,115
153		Pattern Energy Group, Inc		4,093
2,655		Public Service Enterprise Group, Inc		156,778
2,696		Sempra Energy		408,390
871		South Jersey Industries, Inc		28,726
7,456		Southern Co		474,947

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES

COMPANY

VALUE

159

UGI Corp

7,180

1,743

WEC Energy Group, Inc

160,757

2,798

Xcel Energy, Inc

177,645

TOTAL UTILITIES

2,420,488

TOTAL COMMON STOCKS

70,638,694

(Cost $45,880,976)

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

SHORT-TERM INVESTMENTS - 0.6%

GOVERNMENT AGENCY DEBT - 0.4%

$250,000

Federal Home Loan Bank (FHLB)

1.150

01/02/20

250,000

TOTAL GOVERNMENT AGENCY DEBT

250,000

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.2%

149,318

State Street Navigator Securities Lending Government Money Market Portfolio

149,318

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

149,318

TOTAL SHORT-TERM INVESTMENTS

399,318

(Cost $399,310)

TOTAL INVESTMENTS - 100.2%

71,038,012

(Cost $46,280,286)

OTHER ASSETS & LIABILITIES, NET - (0.2)%

(148,369

)

NET ASSETS - 100.0%

70,889,643

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 $303,693.

Futures contracts outstanding as of December 31, 2019 were as follows:

Description

Number of
long (short)
contracts

Expiration

date

Notional
amount

Value

Unrealized
appreciation
(depreciation)

S&P 500 E Mini Index

03/20/20

157,302

161,555

4,253

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


SHARES		COMPANY	VALUE

COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 0.7%
1,634	*	Adient plc	$	34,722
1,752	*	American Axle & Manufacturing Holdings, Inc		18,852
4,638		Aptiv plc		440,471
3,646		BorgWarner, Inc		158,163
828		Cooper Tire & Rubber Co		23,805
274	*	Cooper-Standard Holding, Inc		9,086
2,264		Dana Inc		41,205
591	*	Dorman Products, Inc		44,751
71,027		Ford Motor Co		660,551
794	*	Fox Factory Holding Corp		55,239
22,922		General Motors Co		838,945
4,530		Gentex Corp		131,279
573	*	Gentherm, Inc		25,435
5,104		Goodyear Tire & Rubber Co		79,393
2,737		Harley-Davidson, Inc		101,789
377		LCI Industries, Inc		40,388
1,077		Lear Corp		147,764
772	*	Modine Manufacturing Co		5,944
292	*	Motorcar Parts of America, Inc		6,433
514		Spartan Motors, Inc		9,293
330		Standard Motor Products, Inc		17,563
449	*	Stoneridge, Inc		13,165
995		Tenneco, Inc		13,034
2,600	*	Tesla, Inc		1,087,658
1,162		Thor Industries, Inc		86,325
496	*	Visteon Corp		42,949
486		Winnebago Industries, Inc		25,748

		TOTAL AUTOMOBILES & COMPONENTS		4,159,950


BANKS - 5.9%
184		1st Constitution Bancorp		4,072
254		1st Source Corp		13,178
95		ACNB Corp		3,593
166	*	Allegiance Bancshares, Inc		6,242
197		Amalgamated Bank		3,832
442	*	Amerant Bancorp Inc		9,631
127		American National Bankshares, Inc		5,025
1,222		Ameris Bancorp		51,984
129		Ames National Corp		3,620
184		Arrow Financial Corp		6,955
2,719		Associated Banc-Corp		59,927
318	*	Atlantic Capital Bancshares, Inc		5,835
1,279		Atlantic Union Bankshares Corp		48,026
945	*	Axos Financial, Inc		28,615
697		Banc of California, Inc		11,974
529		Bancfirst Corp		33,031
1,940		BancorpSouth Bank		60,935
117	e	Bank First Corp		8,191
148,827		Bank of America Corp		5,241,687
254		Bank of Commerce Holdings		2,939
861		Bank of Hawaii Corp		81,933
174		Bank of Marin Bancorp		7,839
1,235		Bank of NT Butterfield & Son Ltd		45,720
130		Bank of Princeton		4,094
2,233		Bank OZK		68,118
487		Bank7 Corp		9,234
238		BankFinancial Corp		3,113

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,888		BankUnited	$	69,025
81		Bankwell Financial Group, Inc		2,336
511		Banner Corp		28,917
219		Bar Harbor Bankshares		5,560
163	*	Baycom Corp		3,707
152		BCB Bancorp, Inc		2,096
641		Berkshire Hills Bancorp, Inc		21,076
717		BOK Financial Corp		62,666
1,073		Boston Private Financial Holdings, Inc		12,908
287		Bridge Bancorp, Inc		9,623
385	*	Bridgewater Bancshares, Inc		5,305
1,046		Brookline Bancorp, Inc		17,217
253		Bryn Mawr Bank Corp		10,434
147		Business First Bancshares, Inc		3,665
120	*	Byline Bancorp, Inc		2,348
283		C&F Financial Corp		15,658
2,216		Cadence BanCorp		40,176
59	e	Cambridge Bancorp		4,729
238		Camden National Corp		10,962
693	*	Capital Bancorp, Inc		10,319
156		Capital City Bank Group, Inc		4,758
2,332		Capitol Federal Financial		32,018
128		Capstar Financial Holdings, Inc		2,131
222		Carolina Financial Corp		9,597
419	*	Carter Bank & Trust		9,939
1,496		Cathay General Bancorp		56,923
287		CBTX, Inc		8,931
2,396		Centerstate Banks of Florida, Inc		59,852
470		Central Pacific Financial Corp		13,903
161		Central Valley Community Bancorp		3,489
47		Century Bancorp, Inc		4,228
46		Chemung Financial Corp		1,955
1,706		CIT Group, Inc		77,845
39,910		Citigroup, Inc		3,188,410
167		Citizens & Northern Corp		4,718
8,425		Citizens Financial Group, Inc		342,139
236		City Holding Co		19,340
157		Civista Bancshares, Inc		3,768
226		CNB Financial Corp		7,386
524	*	Coastal Financial Corp		8,630
139		Codorus Valley Bancorp, Inc		3,201
1,129		Columbia Banking System, Inc		45,933
1,682	*	Columbia Financial, Inc		28,493
2,897		Comerica, Inc		207,860
2,031		Commerce Bancshares, Inc		137,986
1,009		Community Bank System, Inc		71,578
1,382		Community Bankers Trust Corp		12,272
61		Community Financial Corp		2,170
238		Community Trust Bancorp, Inc		11,100
422		ConnectOne Bancorp, Inc		10,854
1,101		Cullen/Frost Bankers, Inc		107,656
438	*	Customers Bancorp, Inc		10,429
2,357		CVB Financial Corp		50,864
500		Dime Community Bancshares		10,445
638		Eagle Bancorp, Inc		31,026
2,453		East West Bancorp, Inc		119,461
100	*	Entegra Financial Corp		3,016
147		Enterprise Bancorp, Inc		4,979
347		Enterprise Financial Services Corp		16,729
161	*	Equity Bancshares, Inc		4,970
578	*	Esquire Financial Holdings, Inc		15,068
660		ESSA Bancorp, Inc		11,187
2,039		Essent Group Ltd		106,008
384		Evans Bancorp, Inc		15,398
144		Farmers & Merchants Bancorp, Inc		4,342
378		Farmers National Banc Corp		6,169

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

362		FB Financial Corp	$	14,332
139		Federal Agricultural Mortgage Corp (Class C)		11,606
44	e	Fidelity D&D Bancorp, Inc		2,737
12,985		Fifth Third Bancorp		399,159
202		Financial Institutions, Inc		6,484
440		First Bancorp (NC)		17,560
3,399		First Bancorp (Puerto Rico)		35,995
162		First Bancorp, Inc		4,897
130		First Bancshares, Inc		4,618
354		First Bank		3,912
586		First Busey Corp		16,115
266		First Business Financial Services, Inc		7,004
166	e	First Capital Inc		12,118
117		First Choice Bancorp		3,154
132		First Citizens Bancshares, Inc (Class A)		70,252
1,371		First Commonwealth Financial Corp		19,893
242		First Community Bancshares, Inc		7,507
312		First Defiance Financial Corp		9,825
1,990		First Financial Bancorp		50,626
2,288		First Financial Bankshares, Inc		80,309
188		First Financial Corp		8,595
130		First Financial Northwest, Inc		1,942
445		First Foundation, Inc		7,743
70		First Guaranty Bancshares, Inc		1,524
2,293		First Hawaiian, Inc		66,153
5,859		First Horizon National Corp		97,025
85		First Internet Bancorp		2,015
744		First Interstate Bancsystem, Inc		31,188
960		First Merchants Corp		39,926
93		First Mid-Illinois Bancshares, Inc		3,278
1,595		First Midwest Bancorp, Inc		36,781
158		First Northwest Bancorp		2,865
321		First of Long Island Corp		8,051
3,138		First Republic Bank		368,558
610		Flagstar Bancorp, Inc		23,332
358		Flushing Financial Corp		7,735
5,725		FNB Corp		72,707
206		Franklin Financial Network, Inc		7,072
220		Franklin Financial Services Corp		8,512
247		FS Bancorp, Inc		15,756
2,673		Fulton Financial Corp		46,590
325		German American Bancorp, Inc		11,577
1,494		Glacier Bancorp, Inc		68,709
161		Great Southern Bancorp, Inc		10,195
849		Great Western Bancorp, Inc		29,494
45		Greene County Bancorp, Inc		1,296
26		Guaranty Bancshares, Inc		855
1,895		Hancock Whitney Corp		83,153
484		Hanmi Financial Corp		9,678
1,147	*	HarborOne Northeast Bancorp, Inc		12,606
305		Hawthorn Bancshares Inc		7,778
429		Heartland Financial USA, Inc		21,338
553		Heritage Commerce Corp		7,095
460		Heritage Financial Corp		13,018
1,168		Hilltop Holdings, Inc		29,118
22		Hingham Institution for Savings		4,624
89		Home Bancorp, Inc		3,488
2,960		Home Bancshares, Inc		58,194
314	*	HomeStreet, Inc		10,676
265		HomeTrust Bancshares, Inc		7,110
1,956		Hope Bancorp, Inc		29,066
501		Horizon Bancorp		9,519
129	*	Howard Bancorp, Inc		2,178
18,430		Huntington Bancshares, Inc		277,924
909		IBERIABANK Corp		68,020
491		Independent Bank Corp (MA)		40,876

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

308		Independent Bank Corp (MI)	$	6,976
488		Independent Bank Group, Inc		27,055
843		International Bancshares Corp		36,308
120		Investar Holding Corp		2,880
4,402		Investors Bancorp, Inc		52,450
57,167		JPMorgan Chase & Co		7,969,079
2,079		Kearny Financial Corp		28,753
17,530		Keycorp		354,807
584		Lakeland Bancorp, Inc		10,150
525		Lakeland Financial Corp		25,688
141		LCNB Corp		2,721
166	*,e	LendingTree, Inc		50,371
85		Level One Bancorp, Inc		2,139
310		Live Oak Bancshares, Inc		5,893
341		Luther Burbank Corp		3,932
2,442		M&T Bank Corp		414,530
400		Macatawa Bank Corp		4,452
489	*	Malvern Bancorp, Inc		11,291
226		Mercantile Bank Corp		8,242
155		Merchants Bancorp		3,055
856		Meridian Bancorp, Inc		17,197
1,054		Meta Financial Group, Inc		38,482
101	*	Metropolitan Bank Holding Corp		4,871
7,025		MGIC Investment Corp		99,544
324		Midland States Bancorp, Inc		9,383
169		MidWestOne Financial Group, Inc		6,123
236	*	MMA Capital Holdings Inc		7,505
1,928	*	Mr Cooper Group, Inc		24,119
101		MutualFirst Financial, Inc		4,007
142		MVB Financial Corp		3,539
535		National Bank Holdings Corp		18,843
109		National Bankshares, Inc		4,897
669		NBT Bancorp, Inc		27,135
8,219		New York Community Bancorp, Inc		98,792
140	*	Nicolet Bankshares, Inc		10,339
1,146	*	NMI Holdings, Inc		38,024
115		Northeast Bank		2,529
643		Northfield Bancorp, Inc		10,905
104		Northrim BanCorp, Inc		3,983
1,947		Northwest Bancshares, Inc		32,379
64		Norwood Financial Corp		2,490
530		Oak Valley Bancorp		10,314
714		OceanFirst Financial Corp		18,236
596		OFG Bancorp		14,072
287		Ohio Valley Banc Corp		11,371
3,054		Old National Bancorp		55,858
432		Old Second Bancorp, Inc		5,819
809		OP Bancorp		8,389
319		Opus Bank		8,253
249		Origin Bancorp, Inc		9,422
111		Orrstown Financial Services, Inc		2,511
1,203	*	Pacific Mercantile Bancorp		9,768
1,118		Pacific Premier Bancorp, Inc		36,452
2,138		PacWest Bancorp		81,821
205		Park National Corp		20,988
649		Parke Bancorp, Inc		16,478
226		PCB Bancorp		3,905
290		PCSB Financial Corp		5,873
259	*	PDL Community Bancorp		3,807
259		Peapack Gladstone Financial Corp		8,003
100		Penns Woods Bancorp, Inc		3,556
316		PennyMac Financial Services, Inc		10,757
365		Peoples Bancorp of North Carolina, Inc		11,990
261		Peoples Bancorp, Inc		9,046
101		Peoples Financial Services Corp		5,085
7,639		People’s United Financial, Inc		129,099

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

194		People’s Utah Bancorp	$	5,843
1,330		Pinnacle Financial Partners, Inc		85,120
8,107		PNC Financial Services Group, Inc		1,294,120
1,826		Popular, Inc		107,278
188		Preferred Bank		11,297
175		Premier Financial Bancorp, Inc		3,175
1,887		Prosperity Bancshares, Inc		135,656
741	*	Provident Bancorp Inc		9,225
1,634		Provident Financial Services, Inc		40,278
609		Prudential Bancorp, Inc		11,285
190		QCR Holdings, Inc		8,333
4,374		Radian Group, Inc		110,050
104		RBB Bancorp		2,202
18,527		Regions Financial Corp		317,923
102		Reliant Bancorp Inc		2,268
670		Renasant Corp		23,731
146		Republic Bancorp, Inc (Class A)		6,833
750	*	Republic First Bancorp, Inc		3,135
369		Riverview Bancorp, Inc		3,029
540		S&T Bancorp, Inc		21,757
495		Sandy Spring Bancorp, Inc		18,751
151		SB One Bancorp		3,763
617	*	Seacoast Banking Corp of Florida		18,862
290	*	Select Bancorp, Inc		3,567
726		ServisFirst Bancshares, Inc		27,356
185		Shore Bancshares, Inc		3,212
192		Sierra Bancorp		5,591
980		Signature Bank		133,878
1,396		Simmons First National Corp (Class A)		37,399
116		SmartFinancial, Inc		2,743
670		South State Corp		58,123
101	*	Southern First Bancshares, Inc		4,291
86		Southern Missouri Bancorp, Inc		3,299
169		Southern National Bancorp of Virginia, Inc		2,763
432		Southside Bancshares, Inc		16,044
154	*	Spirit of Texas Bancshares, Inc		3,542
259		Sterling Bancorp, Inc		2,098
3,716		Sterling Bancorp/DE		78,333
339		Stock Yards Bancorp, Inc		13,919
164		Summit Financial Group, Inc		4,443
955	*	SVB Financial Group		239,743
2,625		Synovus Financial Corp		102,900
2,958		TCF Financial Corp		138,434
150		Territorial Bancorp, Inc		4,641
932	*	Texas Capital Bancshares, Inc		52,910
1,347		TFS Financial Corp		26,509
714	*	The Bancorp, Inc		9,261
100		Timberland Bancorp, Inc		2,974
229		Tompkins Financial Corp		20,954
996		Towne Bank		27,709
618		Trico Bancshares		25,221
343	*	Tristate Capital Holdings, Inc		8,959
599	*	Triumph Bancorp, Inc		22,774
24,428		Truist Financial Corp		1,375,785
1,387		Trustco Bank Corp NY		12,025
1,035		Trustmark Corp		35,718
685		UMB Financial Corp		47,018
3,528		Umpqua Holdings Corp		62,446
60		Union Bankshares, Inc		2,176
1,552		United Bankshares, Inc		60,000
1,078		United Community Banks, Inc		33,289
740		United Community Financial Corp		8,628
113		United Security Bancshares		1,212
119		Unity Bancorp, Inc		2,686
364		Univest Financial Corp		9,748
26,245		US Bancorp		1,556,066

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

7,103		Valley National Bancorp	$	81,329
1,054		Veritex Holdings, Inc		30,703
681		Walker & Dunlop, Inc		44,047
1,396		Washington Federal, Inc		51,163
232		Washington Trust Bancorp, Inc		12,479
384		Waterstone Financial, Inc		7,308
1,651		Webster Financial Corp		88,097
69,696		Wells Fargo & Co		3,749,645
875		WesBanco, Inc		33,066
239		West Bancorporation, Inc		6,126
533		Westamerica Bancorporation		36,121
1,643		Western Alliance Bancorp		93,651
413		Western New England Bancorp, Inc		3,977
886		Wintrust Financial Corp		62,817
827		WSFS Financial Corp		36,380
3,277		Zions Bancorporation		170,142

		TOTAL BANKS		34,558,343


CAPITAL GOODS - 6.8%
10,207		3M Co		1,800,719
2,472		A.O. Smith Corp		117,766
724		Aaon, Inc		35,773
511		AAR Corp		23,046
917		Actuant Corp (Class A)		23,870
685		Acuity Brands, Inc		94,530
642		Advanced Drainage Systems, Inc		24,935
3,246	*	Aecom Technology Corp		140,000
522	*	Aegion Corp		11,677
1,189	*	Aerojet Rocketdyne Holdings, Inc		54,290
318	*	Aerovironment, Inc		19,633
1,119		AGCO Corp		86,443
1,858		Air Lease Corp		88,292
1,516		Aircastle Ltd		48,527
148		Alamo Group, Inc		18,581
620		Albany International Corp (Class A)		47,070
1,625		Allegion plc		202,377
91		Allied Motion Technologies, Inc		4,413
2,377		Allison Transmission Holdings, Inc		114,857
990		Altra Industrial Motion Corp		35,848
317	*	Ameresco, Inc		5,547
254	*	American Woodmark Corp		26,546
4,160		Ametek, Inc		414,918
438		Apogee Enterprises, Inc		14,235
567		Applied Industrial Technologies, Inc		37,813
7,052		Arconic, Inc		216,990
909		Arcosa, Inc		40,496
244		Argan, Inc		9,794
367	*	Armstrong Flooring, Inc		1,567
902		Armstrong World Industries, Inc		84,761
334		Astec Industries, Inc		14,028
340	*	Astronics Corp		9,503
983	*	Atkore International Group, Inc		39,772
1,023	*	Axon Enterprise, Inc		74,965
406		AZZ, Inc		18,656
782		Barnes Group, Inc		48,453
1,120	*	Beacon Roofing Supply, Inc		35,818
967	*,e	Bloom Energy Corp		7,223
87	*	Blue Bird Corp		1,994
144	*,e	BlueLinx Holdings, Inc		2,052
1,549	*	BMC Stock Holdings, Inc		44,441
9,679		Boeing Co		3,153,031
656		Briggs & Stratton Corp		4,369
2,096	*	Builders FirstSource, Inc		53,259
1,881		BWX Technologies, Inc		116,772
351		Caesarstone Sdot-Yam Ltd		5,290

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

250	*	CAI International, Inc	$	7,245
994		Carlisle Cos, Inc		160,869
9,833		Caterpillar, Inc		1,452,137
624	*	Chart Industries, Inc		42,114
259	*	CIRCOR International, Inc		11,976
1,386	*	Colfax Corp		50,423
262		Columbus McKinnon Corp		10,488
575		Comfort Systems USA, Inc		28,664
388	*	Commercial Vehicle Group, Inc		2,464
320	*	Construction Partners Inc		5,398
601	*	Continental Building Products, Inc		21,894
347	*	Cornerstone Building Brands, Inc		2,953
901		Crane Co		77,828
225		CSW Industrials, Inc		17,325
633		Cubic Corp		40,240
2,760		Cummins, Inc		493,930
801		Curtiss-Wright Corp		112,853
5,772		Deere & Co		1,000,057
2,555		Donaldson Co, Inc		147,219
347		Douglas Dynamics, Inc		19,085
2,649		Dover Corp		305,324
160	*	Ducommun, Inc		8,085
240	*	DXP Enterprises, Inc		9,554
486	*	Dycom Industries, Inc		22,915
80		Eastern Co		2,442
7,677		Eaton Corp		727,165
916		EMCOR Group, Inc		79,051
11,214		Emerson Electric Co		855,180
318		Encore Wire Corp		18,253
2,281	*,e	Energous Corp		4,037
568	*	Energy Recovery, Inc		5,561
681		EnerSys		50,959
330		EnPro Industries, Inc		22,070
502		ESCO Technologies, Inc		46,435
56	e	EVI Industries, Inc		1,514
1,196	*	Evoqua Water Technologies Corp		22,664
10,086		Fastenal Co		372,678
1,130		Federal Signal Corp		36,442
2,325		Flowserve Corp		115,715
2,709		Fluor Corp		51,146
5,589		Fortive Corp		426,944
2,359		Fortune Brands Home & Security, Inc		154,137
199	*	Foundation Building Materials, Inc		3,851
719		Franklin Electric Co, Inc		41,213
2,242	*	Gardner Denver Holdings, Inc		82,237
730	*	Gates Industrial Corp plc		10,045
608		GATX Corp		50,373
103	*	Gencor Industries, Inc		1,202
1,240	*	Generac Holdings, Inc		124,732
4,714		General Dynamics Corp		831,314
158,241		General Electric Co		1,765,970
230	*	General Finance Corp		2,546
567	*	Gibraltar Industries, Inc		28,599
1,099	*	GMS, Inc		29,761
271		Gorman-Rupp Co		10,162
3,121		Graco, Inc		162,292
1,413		GrafTech International Ltd		16,419
128		Graham Corp		2,801
696		Granite Construction, Inc		19,258
890	*	Great Lakes Dredge & Dock Corp		10,084
720		Greenbrier Cos, Inc		23,350
448		Griffon Corp		9,108
627		H&E Equipment Services, Inc		20,961
1,393	*	Harsco Corp		32,053
3,020	*	HD Supply Holdings, Inc		121,464
760		HEICO Corp		86,754

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,362		HEICO Corp (Class A)	$	121,940
672		Helios Technologies, Inc		31,067
380	*	Herc Holdings, Inc		18,597
1,608		Hexcel Corp		117,882
1,600		Hillenbrand, Inc		53,296
13,150		Honeywell International, Inc		2,327,550
1,006		Hubbell, Inc		148,707
793		Huntington Ingalls		198,948
96		Hurco Cos, Inc		3,683
158		Hyster-Yale Materials Handling, Inc		9,316
1,433		IDEX Corp		246,476
137	*	IES Holdings, Inc		3,515
5,854		Illinois Tool Works, Inc		1,051,554
4,395		Ingersoll-Rand plc		584,183
289		Insteel Industries, Inc		6,211
1,602		ITT, Inc		118,404
2,513		Jacobs Engineering Group, Inc		225,743
1,178	*	JELD-WEN Holding, Inc		27,577
486		John Bean Technologies Corp		54,753
14,208		Johnson Controls International plc		578,408
166		Kadant, Inc		17,486
670		Kaman Corp		44,166
1,244		Kennametal, Inc		45,891
1,247	*	Kratos Defense & Security Solutions, Inc		22,458
4,031		L3Harris Technologies, Inc		797,614
87	*	Lawson Products, Inc		4,533
122	*	LB Foster Co (Class A)		2,364
606		Lennox International, Inc		147,846
1,115		Lincoln Electric Holdings, Inc		107,854
165		Lindsay Corp		15,838
4,521		Lockheed Martin Corp		1,760,387
478		Luxfer Holdings plc		8,848
258	*	Lydall, Inc		5,294
539	*	Manitowoc Co, Inc		9,432
4,995		Masco Corp		239,710
503	*	Masonite International Corp		36,322
1,083	*	Mastec, Inc		69,485
906		Maxar Technologies, Inc		14,197
952	*	Mercury Systems, Inc		65,793
1,303	*	Meritor, Inc		34,126
1,001	*	Middleby Corp		109,630
168		Miller Industries, Inc		6,238
661		Moog, Inc (Class A)		56,403
1,441	*	MRC Global, Inc		19,655
884		MSC Industrial Direct Co (Class A)		69,367
883		Mueller Industries, Inc		28,035
2,381		Mueller Water Products, Inc (Class A)		28,524
301	*	MYR Group, Inc		9,810
76		National Presto Industries, Inc		6,718
783	*	Navistar International Corp		22,660
1,965		NN, Inc		18,176
1,070		Nordson Corp		174,239
2,849		Northrop Grumman Corp		979,971
149	*	Northwest Pipe Co		4,963
1,637	*	NOW, Inc		18,400
224	*	NV5 Global Inc		11,301
2,708		nVent Electric plc		69,271
44		Omega Flex, Inc		4,721
1,266		Oshkosh Corp		119,827
2,030		Owens Corning, Inc		132,194
6,174		PACCAR, Inc		488,363
2,304		Parker-Hannifin Corp		474,209
328	*	Parsons Corp		13,540
381		Patrick Industries, Inc		19,976
3,468		Pentair plc		159,077
763	*	PGT, Inc		11,376

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

3,537	*,e	Plug Power, Inc	$	11,177
125		Powell Industries, Inc		6,124
51		Preformed Line Products Co		3,078
613		Primoris Services Corp		13,633
418	*	Proto Labs, Inc		42,448
492		Quanex Building Products Corp		8,403
2,753		Quanta Services, Inc		112,075
551		Raven Industries, Inc		18,987
5,113		Raytheon Co		1,123,531
477	*	RBC Bearings, Inc		75,528
884		Regal-Beloit Corp		75,679
2,049	*	Resideo Technologies, Inc		24,445
562		REV Group, Inc		6,873
2,232	*	Rexnord Corp		72,808
2,155		Rockwell Automation, Inc		436,754
1,870		Roper Technologies Inc		662,410
461		Rush Enterprises, Inc (Class A)		21,436
96		Rush Enterprises, Inc (Class B)		4,387
2,806	*	Sensata Technologies Holding plc		151,159
965		Simpson Manufacturing Co, Inc		77,422
641	*	SiteOne Landscape Supply, Inc		58,107
1,023		Snap-On, Inc		173,296
1,891		Spirit Aerosystems Holdings, Inc (Class A)		137,816
647	*	SPX Corp		32,919
646	*	SPX FLOW, Inc		31,570
195		Standex International Corp		15,473
2,683		Stanley Black & Decker, Inc		444,680
394	*	Sterling Construction Co, Inc		5,548
2,418	*	Sunrun, Inc		33,393
642	*	Teledyne Technologies, Inc		222,479
268		Tennant Co		20,883
1,185		Terex Corp		35,289
427	*	Textainer Group Holdings Ltd		4,573
4,224		Textron, Inc		188,390
509	*	Thermon Group Holdings		13,641
1,188		Timken Co		66,896
784		Titan International, Inc		2,838
282	*	Titan Machinery, Inc		4,168
1,953		Toro Co		155,596
776	*	TPI Composites, Inc		14,364
907		TransDigm Group, Inc		507,920
1,137	*	Trex Co, Inc		102,194
716	*	Trimas Corp		22,490
1,884		Trinity Industries, Inc		41,731
1,184		Triton International Ltd		47,597
753		Triumph Group, Inc		19,028
585	*	Tutor Perini Corp		7,523
142	*	Twin Disc, Inc		1,565
1,363	*	United Rentals, Inc		227,308
14,832		United Technologies Corp		2,221,240
2,797	*	Univar Solutions Inc		67,799
1,265		Universal Forest Products, Inc		60,340
345		Valmont Industries, Inc		51,674
156	*	Vectrus, Inc		7,997
155	*	Veritiv Corp		3,049
253	*	Vicor Corp		11,820
557	*,e	Vivint Solar, Inc		4,044
795		W.W. Grainger, Inc		269,123
918		Wabash National Corp		13,485
1,008	*	WABCO Holdings, Inc		136,584
3,206		Wabtec Corp		249,427
644		Watsco, Inc		116,017
522		Watts Water Technologies, Inc (Class A)		52,075
2,009	*	Welbilt, Inc		31,360
849	*	Wesco Aircraft Holdings, Inc		9,356
1,042	*	WESCO International, Inc		61,884

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

71	*	Willis Lease Finance Corp	$	4,183
524	*	Willscot Corp		9,689
1,032		Woodward Inc		122,230
3,335		Xylem, Inc		262,765

		TOTAL CAPITAL GOODS		39,792,793


COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
1,317		ABM Industries, Inc		49,664
731	*	Acacia Research (Acacia Technologies)		1,944
1,696		ACCO Brands Corp		15,875
1,679	e	ADT, Inc		13,314
1,378	*	Advanced Disposal Services, Inc		45,295
1,070	*	ASGN Inc		75,938
110		Barrett Business Services, Inc		9,951
109		BG Staffing, Inc		2,386
1,020		Brady Corp (Class A)		58,405
329	*	BrightView Holdings, Inc		5,550
1,022		Brink’s Co		92,675
801	*	Casella Waste Systems, Inc (Class A)		36,870
778	*	CBIZ, Inc		20,975
433	*	Ceco Environmental Corp		3,317
390	*	Cimpress plc		49,050
1,516		Cintas Corp		407,925
819	*	Clean Harbors, Inc		70,229
3,641	*	Copart, Inc		331,113
644	*	CoStar Group, Inc		385,305
1,794		Covanta Holding Corp		26,623
128		CRA International, Inc		6,972
754		Deluxe Corp		37,640
394		Ennis, Inc		8,530
2,227		Equifax, Inc		312,047
944		Exponent, Inc		65,145
178	*	Forrester Research, Inc		7,423
148	*	Franklin Covey Co		4,770
640	*	FTI Consulting, Inc		70,822
191	*	GP Strategies Corp		2,527
1,153		Healthcare Services Group		28,041
286		Heidrick & Struggles International, Inc		9,295
247	*	Heritage-Crystal Clean, Inc		7,748
928		Herman Miller, Inc		38,651
682		HNI Corp		25,548
334	*	Huron Consulting Group, Inc		22,953
2,455	*	IAA, Inc		115,532
282		ICF International, Inc		25,837
7,257	*	IHS Markit Ltd		546,815
708	*	Innerworkings, Inc		3,901
734		Insperity, Inc		63,153
961		Interface, Inc		15,943
2,455		KAR Auction Services, Inc		53,494
481		Kelly Services, Inc (Class A)		10,861
366		Kforce, Inc		14,530
577		Kimball International, Inc (Class B)		11,927
752		Knoll, Inc		18,996
1,048		Korn/Ferry International		44,435
1,129		Manpower, Inc		109,626
491		Matthews International Corp (Class A)		18,741
379		McGrath RentCorp		29,009
259	*	Mistras Group, Inc		3,696
682		Mobile Mini, Inc		25,855
663		MSA Safety, Inc		83,777
6,597		Nielsen NV		133,919
160	*	NL Industries, Inc		626
2,896		Pitney Bowes, Inc		11,671
482		Quad Graphics, Inc		2,251
4,089		Republic Services, Inc		366,497

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

514		Resources Connection, Inc	$	8,394
2,179		Robert Half International, Inc		137,604
2,670		Rollins, Inc		88,537
1,220		RR Donnelley & Sons Co		4,819
269	*	SP Plus Corp		11,414
2,270		Steelcase, Inc (Class A)		46,444
1,556	*	Stericycle, Inc		99,288
187		Systemax, Inc		4,705
449	*	Team, Inc		7,171
1,049		Tetra Tech, Inc		90,382
3,332		TransUnion		285,253
932	*	TriNet Group, Inc		52,761
645	*	TrueBlue, Inc		15,519
237		Unifirst Corp		47,869
338		US Ecology, Inc		19,574
2,936		Verisk Analytics, Inc		438,462
440		Viad Corp		29,700
134		VSE Corp		5,097
7,888		Waste Management, Inc		898,916
116	*	Willdan Group, Inc		3,686

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		6,357,203


CONSUMER DURABLES & APPAREL - 1.4%
936		Acushnet Holdings Corp		30,420
840	*	American Outdoor Brands Corp		7,795
194		Bassett Furniture Industries, Inc		3,236
565	*	Beazer Homes USA, Inc		7,983
1,673		Brunswick Corp		100,347
1,433		Callaway Golf Co		30,380
2,340	*	Capri Holdings Ltd		89,271
750		Carter’s, Inc		82,005
132	*	Cavco Industries, Inc		25,790
772	*	Century Communities, Inc		21,114
307		Clarus Corp		4,163
604		Columbia Sportswear Co		60,515
1,159	*	CROCS, Inc		48,551
167		Culp, Inc		2,275
608	*	Deckers Outdoor Corp		102,667
6,017		DR Horton, Inc		317,397
167		Escalade, Inc		1,642
327		Ethan Allen Interiors, Inc		6,233
122		Flexsteel Industries, Inc		2,430
730	*	Fossil Group, Inc		5,752
2,568		Garmin Ltd		250,534
682	*	G-III Apparel Group Ltd		22,847
1,762	*,e	GoPro, Inc		7,647
578	*	Green Brick Partners, Inc		6,635
132		Hamilton Beach Brands Holding Co		2,521
6,499		Hanesbrands, Inc		96,510
2,303		Hasbro, Inc		243,220
527	*	Helen of Troy Ltd		94,749
173		Hooker Furniture Corp		4,444
379	*	Installed Building Products, Inc		26,102
443	*,e	iRobot Corp		22,429
75		Johnson Outdoors, Inc		5,753
2,009		KB Home		68,848
811	e	Kontoor Brands, Inc		34,054
696		La-Z-Boy, Inc		21,910
2,404		Leggett & Platt, Inc		122,195
224		Lennar Corp (B Shares)		10,013
4,977		Lennar Corp (Class A)		277,667
353	*	LGI Homes, Inc		24,939
163		Lifetime Brands, Inc		1,133
95	*,e	Lovesac Co		1,525
2,180	*	Lululemon Athletica, Inc		505,041

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

385	*	M/I Homes, Inc	$	15,150
287	*	Malibu Boats, Inc		11,753
156		Marine Products Corp		2,246
295	*	MasterCraft Boat Holdings, Inc		4,646
6,326	*,e	Mattel, Inc		85,717
1,006		MDC Holdings, Inc		38,389
640	*	Meritage Homes Corp		39,110
998	*	Mohawk Industries, Inc		136,107
227		Movado Group, Inc		4,935
66		Nacco Industries, Inc (Class A)		3,091
6,518		Newell Brands Inc		125,276
22,558		Nike, Inc (Class B)		2,285,351
56	*	NVR, Inc		213,271
276		Oxford Industries, Inc		20,816
973		Polaris Inc		98,954
4,730		Pulte Homes, Inc		183,524
1,147	*	Purple Innovation, Inc		9,990
1,215		PVH Corp		127,757
885		Ralph Lauren Corp		103,740
508		Rocky Brands, Inc		14,950
2,609	*	Skechers U.S.A., Inc (Class A)		112,683
1,397	*	Skyline Champion Corp		44,285
1,224	*	Sonos, Inc		19,119
1,383		Steven Madden Ltd		59,483
272		Sturm Ruger & Co, Inc		12,792
133		Superior Uniform Group, Inc		1,801
4,883		Tapestry, Inc		131,695
2,087	*	Taylor Morrison Home Corp		45,622
988	*	Tempur Sealy International, Inc		86,015
2,373		Toll Brothers, Inc		93,757
563	*	TopBuild Corp		58,034
2,459	*	TRI Pointe Homes, Inc		38,311
917		Tupperware Brands Corp		7,868
3,682	*	Under Armour, Inc (Class A)		79,531
3,626	*	Under Armour, Inc (Class C)		69,547
226	*	Unifi, Inc		5,709
217	*	Universal Electronics, Inc		11,340
320	*	Vera Bradley, Inc		3,776
5,623		VF Corp		560,388
1,021	*	Vista Outdoor, Inc		7,637
1,133		Whirlpool Corp		167,151
576	*	William Lyon Homes, Inc		11,508
1,465		Wolverine World Wide, Inc		49,429
925	*,e	YETI Holdings, Inc		32,172
423	*,e	ZAGG, Inc		3,431

		TOTAL CONSUMER DURABLES & APPAREL		8,038,539


CONSUMER SERVICES - 2.2%
965	*	Adtalem Global Education, Inc		33,746
239	*	American Public Education, Inc		6,546
4,424		ARAMARK Holdings Corp		192,002
1,019		BBX Capital Corp		4,861
17	*	Biglari Holdings, Inc (B Shares)		1,945
356		BJ’s Restaurants, Inc		13,514
1,539		Bloomin’ Brands, Inc		33,966
141	e	Bluegreen Vacations Corp		1,458
1,270		Boyd Gaming Corp		38,024
1,085	*	Bright Horizons Family Solutions		163,065
763		Brinker International, Inc		32,046
11,076	*	Caesars Entertainment Corp		150,634
7,123		Carnival Corp		362,062
234		Carriage Services, Inc		5,990
507	*	Carrols Restaurant Group, Inc		3,574
348	*	Century Casinos, Inc		2,756
702	e	Cheesecake Factory		27,280

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,956	*	Chegg, Inc	$	74,152
453	*	Chipotle Mexican Grill, Inc (Class A)		379,211
695		Choice Hotels International, Inc		71,884
630		Churchill Downs, Inc		86,436
247	*	Chuy’s Holdings, Inc		6,402
515	e	Cracker Barrel Old Country Store, Inc		79,176
2,330		Darden Restaurants, Inc		253,993
657		Dave & Buster’s Entertainment, Inc		26,392
519	*	Del Taco Restaurants, Inc		4,103
1,168	*	Denny’s Corp		23,220
266		Dine Brands Global Inc.		22,216
748		Domino’s Pizza, Inc		219,747
948	*	Drive Shack, Inc		3,470
1,628		Dunkin Brands Group, Inc		122,979
302	*	El Pollo Loco Holdings, Inc		4,572
1,053	*,e	Eldorado Resorts, Inc		62,801
3,065		Extended Stay America, Inc		45,546
402	*	Fiesta Restaurant Group, Inc		3,976
1,596	*	frontdoor, Inc		75,682
149	*	Golden Entertainment, Inc		2,864
73		Graham Holdings Co		46,646
902	*	Grand Canyon Education, Inc		86,403
3,944		H&R Block, Inc		92,605
326	*	Habit Restaurants, Inc		3,400
1,521	*	Hilton Grand Vacations, Inc		52,307
5,185		Hilton Worldwide Holdings, Inc		575,068
1,746	*	Houghton Mifflin Harcourt Co		10,912
738		Hyatt Hotels Corp		66,206
1,684		International Game Technology plc		25,209
211	*	J Alexander’s Holdings, Inc		2,017
490		Jack in the Box, Inc		38,235
521	*	K12, Inc		10,602
6,157		Las Vegas Sands Corp		425,079
1,806	*	Laureate Education, Inc		31,804
322	*	Lindblad Expeditions Holdings, Inc		5,265
5,050		Marriott International, Inc (Class A)		764,721
777		Marriott Vacations Worldwide Corp		100,047
13,789		McDonald’s Corp		2,724,844
8,887		MGM Resorts International		295,670
173	*	Monarch Casino & Resort, Inc		8,399
49		Nathan’s Famous, Inc		3,473
279	*,e	Noodles & Co		1,546
3,958	*	Norwegian Cruise Line Holdings Ltd		231,187
1,026	*,e	OneSpaWorld Holdings Ltd		17,278
422		Papa John’s International, Inc		26,649
2,326	*	Penn National Gaming, Inc		59,453
1,137	*	Perdoceo Education Corp		20,909
1,549	*	Planet Fitness, Inc		115,679
148	*	PlayAGS, Inc		1,795
320	*	Potbelly Corp		1,350
142		RCI Hospitality Holdings, Inc		2,911
238	*	Red Lion Hotels Corp		888
204	*	Red Robin Gourmet Burgers, Inc		6,736
1,049		Red Rock Resorts, Inc		25,124
607	*	Regis Corp		10,847
3,198		Royal Caribbean Cruises Ltd		426,965
473		Ruth’s Hospitality Group Inc		10,295
843	*	Scientific Games Corp (Class A)		22,576
1,062	*	SeaWorld Entertainment, Inc		33,676
373	*	Select Interior Concepts Inc		3,353
3,136		Service Corp International		144,350
2,355	*	ServiceMaster Global Holdings, Inc		91,044
496	*	Shake Shack, Inc		29,547
1,370		Six Flags Entertainment Corp		61,801
21,604		Starbucks Corp		1,899,424
403		Strategic Education, Inc		64,037

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,286		Texas Roadhouse, Inc (Class A)	$	72,428
368	e	Twin River Worldwide Holdings Inc		9,439
720		Vail Resorts, Inc		172,678
2,954		Wendy’s		65,608
454		Wingstop, Inc		39,148
1,105	*	WW International Inc		42,222
1,610		Wyndham Destinations, Inc		83,221
1,610		Wyndham Hotels & Resorts, Inc		101,124
1,791		Wynn Resorts Ltd		248,716
6,667		Yum China Holdings, Inc		320,083
5,571		Yum! Brands, Inc		561,167

		TOTAL CONSUMER SERVICES		13,036,457


DIVERSIFIED FINANCIALS - 3.5%
887		Affiliated Managers Group, Inc		75,164
430		AG Mortgage Investment Trust		6,631
10,367		AGNC Investment Corp		183,289
7,199		Ally Financial, Inc		220,001
12,254		American Express Co		1,525,500
2,369		Ameriprise Financial, Inc		394,628
25,755		Annaly Capital Management, Inc		242,612
1,539		Anworth Mortgage Asset Corp		5,417
2,943		Apollo Commercial Real Estate Finance, Inc		53,827
406		Ares Commercial Real Estate Corp		6,431
1,133		Ares Management Corp		40,437
359	e	Arlington Asset Investment Corp (Class A)		2,000
566		ARMOUR Residential REIT, Inc		10,114
693		Artisan Partners Asset Management, Inc		22,398
253	*	Assetmark Financial Holdings, Inc		7,342
86		Associated Capital Group, Inc		3,371
212		B. Riley Financial, Inc		5,338
461		Banco Latinoamericano de Exportaciones S.A. (Class E)		9,856
15,095		Bank of New York Mellon Corp		759,731
4,169		BGC Partners, Inc (Class A)		24,764
2,174		BlackRock, Inc		1,092,870
2,460		Blackstone Mortgage Trust, Inc		91,561
637	*	Blucora, Inc		16,651
866		Brightsphere Investment Group, Inc		8,851
1,084	*	Cannae Holdings, Inc		40,314
8,526		Capital One Financial Corp		877,411
1,473		Capstead Mortgage Corp		11,666
2,009		CBOE Global Markets, Inc		241,080
21,416		Charles Schwab Corp		1,018,545
189		Cherry Hill Mortgage Investment Corp		2,758
4,001		Chimera Investment Corp		82,261
6,474		CME Group, Inc		1,299,461
321		Cohen & Steers, Inc		20,146
1,289		Colony Credit Real Estate, Inc		16,963
387	*	Cowen Group, Inc		6,095
208	*	Credit Acceptance Corp		92,005
153	*	Curo Group Holdings Corp		1,864
49		Diamond Hill Investment Group, Inc		6,883
5,724		Discover Financial Services		485,510
397	*	Donnelley Financial Solutions, Inc		4,157
258		Dynex Capital, Inc		4,371
4,309		E*TRADE Financial Corp		195,499
2,009		Eaton Vance Corp		93,800
241	*	Elevate Credit, Inc		1,072
548		Ellington Financial Inc		10,045
375	*,e	Encore Capital Group, Inc		13,260
522	*	Enova International, Inc		12,559
638		Evercore Inc		47,697
422		Exantas Capital Corp		4,984
796	*	Ezcorp, Inc (Class A)		5,429
688		Factset Research Systems, Inc		184,590

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,485		Federated Investors, Inc (Class B)	$	48,396
2,135		FGL Holdings		22,738
737		FirstCash, Inc		59,424
730	*	Focus Financial Partners, Inc		21,513
4,985		Franklin Resources, Inc		129,510
546		Gain Capital Holdings, Inc		2,157
93		GAMCO Investors, Inc (Class A)		1,813
5,836		Goldman Sachs Group, Inc		1,341,871
662		Granite Point Mortgage Trust, Inc		12,168
251		Great Ajax Corp		3,717
905	*	Green Dot Corp		21,086
424		Greenhill & Co, Inc		7,242
218		Hamilton Lane, Inc		12,993
630		Houlihan Lokey, Inc		30,788
1,406		Interactive Brokers Group, Inc (Class A)		65,548
10,042		IntercontinentalExchange Group, Inc		929,387
241	*	INTL FCStone, Inc		11,768
6,556		Invesco Ltd		117,877
2,779		Invesco Mortgage Capital, Inc		46,270
2,886		Janus Henderson Group plc		70,563
5,119		Jefferies Financial Group, Inc		109,393
168		KKR Real Estate Finance Trust, Inc		3,431
1,097		Ladder Capital Corp		19,790
1,533		Ladenburg Thalmann Financial Services, Inc		5,335
1,898		Lazard Ltd (Class A)		75,844
1,355		Legg Mason, Inc		48,658
1,011	*	LendingClub Corp		12,759
1,625		LPL Financial Holdings, Inc		149,906
642		MarketAxess Holdings, Inc		243,389
144		Marlin Business Services Corp		3,165
9,365		MFA Financial Inc		71,642
609		Moelis & Co		19,439
2,992		Moody’s Corp		710,331
21,688		Morgan Stanley		1,108,691
355		Morningstar, Inc		53,715
1,489		MSCI, Inc (Class A)		384,430
2,154		Nasdaq Inc		230,693
4,428		Navient Corp		60,575
312		Nelnet, Inc (Class A)		18,171
7,422		New Residential Investment Corp		119,568
4,332		New York Mortgage Trust, Inc		26,988
483	*,†	NewStar Financial, Inc		117
3,538		Northern Trust Corp		375,877
750	*	On Deck Capital, Inc		3,105
1,264		OneMain Holdings, Inc		53,278
147		Oppenheimer Holdings, Inc		4,040
511		Orchid Island Capital, Inc		2,989
1,030		PennyMac Mortgage Investment Trust		22,959
324	*	Pico Holdings, Inc		3,603
229	*	Piper Jaffray Cos		18,306
271		PJT Partners, Inc		12,230
719	*	PRA Group, Inc		26,100
257		Pzena Investment Management, Inc (Class A)		2,215
2,472		Raymond James Financial, Inc		221,145
259		Ready Capital Corp		3,994
1,174		Redwood Trust, Inc		19,418
143	*	Regional Management Corp		4,294
4,501		S&P Global, Inc		1,228,998
296		Safeguard Scientifics, Inc		3,250
1,924		Santander Consumer USA Holdings, Inc		44,964
375		Sculptor Capital Management, Inc		8,287
2,522		SEI Investments Co		165,141
111		Silvercrest Asset Management Group, Inc		1,396
8,180		SLM Corp		72,884
5,018		Starwood Property Trust, Inc		124,747
6,626		State Street Corp		524,117

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,286		Stifel Financial Corp	$	77,996
12,194		Synchrony Financial		439,106
4,181		T Rowe Price Group, Inc		509,413
4,825		TD Ameritrade Holding Corp		239,802
867		TPG RE Finance Trust, Inc		17,574
4,626		Two Harbors Investment Corp		67,632
1,248		Virtu Financial, Inc		19,956
103		Virtus Investment Partners, Inc		12,537
1,255		Waddell & Reed Financial, Inc (Class A)		20,984
614		Western Asset Mortgage Capital Corp		6,343
125		Westwood Holdings Group, Inc		3,702
1,867		WisdomTree Investments, Inc		9,036
90	*	World Acceptance Corp		7,776

		TOTAL DIVERSIFIED FINANCIALS		20,401,262


ENERGY - 4.0%
12,782	*	Abraxas Petroleum Corp		4,488
169		Amplify Energy Corp		1,117
3,992	e	Antero Midstream Corp		30,299
4,322	*	Antero Resources Corp		12,318
6,619		Apache Corp		169,380
1,605	*	Apergy Corp		54,217
338		Arch Coal, Inc		24,248
2,039		Archrock, Inc		20,472
454	*	Ardmore Shipping Corp		4,109
11,798		Baker Hughes a GE Co		302,383
2,302		Berry Petroleum Co LLC		21,708
314	*	Bonanza Creek Energy, Inc		7,329
289		Brigham Minerals, Inc		6,196
7,897		Cabot Oil & Gas Corp		137,487
845		Cactus, Inc		29,000
747	*,e	California Resources Corp		6,745
9,409	*	Callon Petroleum Co		45,443
2,955	*	Centennial Resource Development, Inc		13,652
284	*,e	Chaparral Energy Inc		500
4,052	*	Cheniere Energy, Inc		247,456
26,504	*,e	Chesapeake Energy Corp		21,882
34,862		Chevron Corp		4,201,220
1,704		Cimarex Energy Co		89,443
1,943	*	Clean Energy Fuels Corp		4,547
3,564	*	CNX Resources Corp		31,541
3,522		Concho Resources, Inc		308,422
20,193		ConocoPhillips		1,313,151
445	*	CONSOL Energy, Inc		6,457
1,365		Continental Resources, Inc		46,819
333	*	Contura Energy Inc		3,014
485	*,e	Covia Holdings Corp		989
583		CVR Energy, Inc		23,571
1,312		Delek US Holdings, Inc		43,991
9,900	*,e	Denbury Resources, Inc		13,959
7,329		Devon Energy Corp		190,334
1,283		DHT Holdings, Inc		10,623
994	*,e	Diamond Offshore Drilling, Inc		7,147
406	*	Diamond S Shipping Inc		6,796
2,909		Diamondback Energy, Inc		270,130
333	e	DMC Global, Inc		14,965
424	*	Dorian LPG Ltd		6,564
582	*	Dril-Quip, Inc		27,302
153	*	Earthstone Energy, Inc		968
1,385	*,e	Energy Fuels, Inc		2,645
10,604		EOG Resources, Inc		888,191
4,284		EQT Corp		46,696
4,125		Equitrans Midstream Corp		55,110
272	*	Era Group, Inc		2,766
468		Evolution Petroleum Corp		2,560

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

499	*	Exterran Corp	$	3,907
1,888	*,e	Extraction Oil & Gas, Inc		4,003
77,413	d	Exxon Mobil Corp		5,401,879
3,834	*	Forum Energy Technologies, Inc		6,441
790	*	Frank’s International NV		4,084
348	*	FTS International, Inc		362
635		GasLog Ltd		6,217
1,502		Golar LNG Ltd		21,358
1,162	*	Goodrich Petroleum Corp		11,666
569		Green Plains Inc		8,780
2,531	*	Gulfport Energy Corp		7,694
223		Hallador Energy Co		662
15,738		Halliburton Co		385,109
2,257	*	Helix Energy Solutions Group, Inc		21,735
2,085		Helmerich & Payne, Inc		94,722
4,756		Hess Corp		317,748
7,030	*	HighPoint Resources Corp		11,881
2,656		HollyFrontier Corp		134,686
4,277	*	Independence Contract Drilling, Inc		4,263
461	*	International Seaways, Inc		13,719
1,246	*	Jagged Peak Energy, Inc		10,579
36,362		Kinder Morgan, Inc		769,784
312	*	KLX Energy Services Holdings, Inc		2,009
6,823		Kosmos Energy Ltd		38,891
7,282	*	Laredo Petroleum Holdings, Inc		20,899
1,013		Liberty Oilfield Services, Inc		11,265
1,787	*	Magnolia Oil & Gas Corp		22,480
67		Mammoth Energy Services, Inc		147
14,625		Marathon Oil Corp		198,607
11,742		Marathon Petroleum Corp		707,456
1,401	*	Matador Resources Co		25,176
383	*	Matrix Service Co		8,763
672	*	Montage Resources Corp		5,336
3,127		Murphy Oil Corp		83,804
4,462		Nabors Industries Ltd		12,851
918	*	National Energy Services Reunited Corp		8,372
6,945		National Oilwell Varco, Inc		173,972
180	*	Natural Gas Services Group, Inc		2,207
164	*	NCS Multistage Holdings, Inc		344
1,448	*	Newpark Resources, Inc		9,079
2,138	*	NexTier Oilfield Solutions, Inc		14,325
132	*,e	Nine Energy Service, Inc		1,032
4,315	*	Noble Corp plc		5,264
8,473		Noble Energy, Inc		210,469
5,765		Nordic American Tankers Ltd		28,364
6,914	*	Northern Oil And Gas, Inc		16,179
4,419	*	Oasis Petroleum, Inc		14,406
15,888		Occidental Petroleum Corp		654,744
1,532	*	Oceaneering International, Inc		22,842
784	*	Oil States International, Inc		12,787
7,549		ONEOK, Inc		571,233
546	*	Overseas Shipholding Group, Inc		1,256
615	*	Pacific Drilling SA		2,509
355		Panhandle Oil and Gas, Inc (Class A)		3,980
482	*	Par Pacific Holdings, Inc		11,202
4,180		Parsley Energy, Inc		79,044
3,250		Patterson-UTI Energy, Inc		34,125
2,058		PBF Energy, Inc		64,559
1,032	*	PDC Energy, Inc		27,007
1,293		Peabody Energy Corp		11,792
217	*	Penn Virginia Corp		6,586
8,198		Phillips 66		913,339
3,041		Pioneer Natural Resources Co		460,316
1,178	*	ProPetro Holding Corp		13,253
3,764		QEP Resources Inc		16,938
3,580	e	Range Resources Corp		17,363

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

641	*,e	Renewable Energy Group, Inc	$	17,275
92	*	Rex American Resources Corp		7,540
1,104	*	RigNet, Inc		7,286
994	*,e	Ring Energy, Inc		2,624
3,664	*	Rosehill Resources, Inc		4,690
901	e	RPC, Inc		4,721
537	*	SandRidge Energy, Inc		2,277
25,323		Schlumberger Ltd		1,017,985
688		Scorpio Tankers, Inc		27,066
308	*	SEACOR Holdings, Inc		13,290
303	*	SEACOR Marine Holdings, Inc		4,178
988	*	Select Energy Services, Inc		9,169
946		SFL Corp Ltd		13,755
148	*	SilverBow Resources, Inc		1,465
1,739		SM Energy Co		19,546
338	*,e	Smart Sand, Inc		852
678		Solaris Oilfield Infrastructure, Inc		9,492
10,291	*	Southwestern Energy Co		24,904
4,016	*	SRC Energy, Inc		16,546
300	*	Talos Energy, Inc		9,045
4,054		Targa Resources Investments, Inc		165,525
818		Teekay Corp		4,352
222	*	Teekay Tankers Ltd		5,321
2,673	*,e	Tellurian, Inc		19,459
1,816	*	Tetra Technologies, Inc		3,559
384	*	Tidewater, Inc		7,404
9,049	*	Transocean Ltd (NYSE)		62,257
799	*	Unit Corp		556
2,051	*,e	Uranium Energy Corp		1,885
1,275		US Silica Holdings, Inc		7,841
7,601		Valero Energy Corp		711,834
1,529	*	W&T Offshore, Inc		8,501
3,409	*,e	Whiting Petroleum Corp		25,022
21,790		Williams Cos, Inc		516,859
1,068		World Fuel Services Corp		46,373
7,431	*	WPX Energy, Inc		102,102

		TOTAL ENERGY		23,470,757


FOOD & STAPLES RETAILING - 1.4%
418		Andersons, Inc		10,567
618		Casey’s General Stores, Inc		98,256
300	*	Chefs’ Warehouse Holdings, Inc		11,433
8,035		Costco Wholesale Corp		2,361,647
341	*	Grocery Outlet Holding Corp		11,065
213		Ingles Markets, Inc (Class A)		10,120
14,229		Kroger Co		412,499
1,271		Natural Grocers by Vitamin C		12,545
1,926	*	Performance Food Group Co		99,150
385		Pricesmart, Inc		27,343
862	*,e	Rite Aid Corp		13,335
584		SpartanNash Co		8,316
2,100	*	Sprouts Farmers Market, Inc		40,635
8,648		SYSCO Corp		739,750
784	*	United Natural Foods, Inc		6,868
3,868	*	US Foods Holding Corp		162,030
127		Village Super Market (Class A)		2,946
13,681		Walgreens Boots Alliance, Inc		806,632
25,680		Walmart, Inc		3,051,811
148		Weis Markets, Inc		5,993

		TOTAL FOOD & STAPLES RETAILING		7,892,941


FOOD, BEVERAGE & TOBACCO - 3.4%
1,894	*,e	22nd Century Group, Inc		2,083
99		Alico, Inc		3,547
34,279		Altria Group, Inc		1,710,865

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

10,119		Archer-Daniels-Midland Co	$	469,016
1,522	e	B&G Foods, Inc (Class A)		27,289
866	*,e	Beyond Meat, Inc		65,470
137	*	Boston Beer Co, Inc (Class A)		51,765
896		Brown-Forman Corp (Class A)		56,242
3,036		Brown-Forman Corp (Class B)		205,234
2,572		Bunge Ltd		148,019
466		Calavo Growers, Inc		42,215
486		Cal-Maine Foods, Inc		20,776
3,182		Campbell Soup Co		157,254
70,107		Coca-Cola Co		3,880,422
72		Coca-Cola Consolidated Inc		20,452
8,960		ConAgra Brands, Inc		306,790
2,884		Constellation Brands, Inc (Class A)		547,239
190	*	Craft Brewers Alliance, Inc		3,135
3,311	*	Darling International, Inc		92,973
200	*	Farmer Bros Co		3,012
3,751		Flowers Foods, Inc		81,547
499		Fresh Del Monte Produce, Inc		17,455
696	*	Freshpet, Inc		41,127
10,995		General Mills, Inc		588,892
1,593	*	Hain Celestial Group, Inc		41,346
2,590		Hershey Co		380,678
4,973		Hormel Foods Corp		224,332
2,702	*	Hostess Brands, Inc		39,287
1,227		Ingredion, Inc		114,050
277		J&J Snack Foods Corp		51,043
2,093		J.M. Smucker Co		217,944
345		John B. Sanfilippo & Son, Inc		31,492
4,500		Kellogg Co		311,220
4,195		Keurig Dr Pepper, Inc		121,445
11,058		Kraft Heinz Co		355,294
2,706		Lamb Weston Holdings, Inc		232,797
364		Lancaster Colony Corp		58,276
422	*	Landec Corp		4,773
187		Limoneira Co		3,596
2,188		McCormick & Co, Inc		371,369
203	e	MGP Ingredients, Inc		9,835
3,002		Molson Coors Brewing Co (Class B)		161,808
26,049		Mondelez International, Inc		1,434,779
6,977	*	Monster Beverage Corp		443,388
183		National Beverage Corp		9,337
1,827	*,e	New Age Beverages Corp		3,325
25,616		PepsiCo, Inc		3,500,939
28,422		Philip Morris International, Inc		2,418,428
908	*	Pilgrim’s Pride Corp		29,705
1,211	*	Post Holdings, Inc		132,120
404	*	Primo Water Corp		4,535
317		Sanderson Farms, Inc		55,862
4		Seaboard Corp		17,002
134	*	Seneca Foods Corp		5,466
1,484	*	Simply Good Foods Co		42,353
390	e	Tootsie Roll Industries, Inc		13,315
1,099	*	TreeHouse Foods, Inc		53,302
78		Turning Point Brands, Inc		2,231
5,131		Tyson Foods, Inc (Class A)		467,126
619		Universal Corp		35,320
1,686		Vector Group Ltd		22,576

		TOTAL FOOD, BEVERAGE & TOBACCO		19,964,513


HEALTH CARE EQUIPMENT & SERVICES - 6.3%
31,490		Abbott Laboratories		2,735,221
785	*	Abiomed, Inc		133,913
1,914	*	Acadia Healthcare Co, Inc		63,583
1,245	*	Accuray, Inc		3,511

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

119	*	Addus HomeCare Corp	$	11,569
1,458	*	Align Technology, Inc		406,840
2,817	*	Allscripts Healthcare Solutions, Inc		27,649
1,966	*	Alphatec Holdings Inc		13,949
577	*	Amedisys, Inc		96,313
137	*	American Renal Associates Holdings, Inc		1,421
2,763		AmerisourceBergen Corp		234,910
1,023	*	AMN Healthcare Services, Inc		63,743
563	*	Angiodynamics, Inc		9,014
2,249	*	Antares Pharma, Inc		10,570
4,635		Anthem, Inc		1,399,909
398	*,e	Apollo Medical Holdings, Inc		7,327
1,361	*	Apyx Medical Corp		11,514
480	*	AtriCure, Inc		15,605
27		Atrion Corp		20,291
725	*	Avanos Medical, Inc		24,433
560	*	AxoGen, Inc		10,018
439	*	Axonics Modulation Technologies, Inc		12,165
8,732		Baxter International, Inc		730,170
4,839		Becton Dickinson & Co		1,316,063
679	*	BioTelemetry, Inc		31,438
25,471	*	Boston Scientific Corp		1,151,799
2,873	*	Brookdale Senior Living, Inc		20,887
785		Cantel Medical Corp		55,657
5,431		Cardinal Health, Inc		274,700
501	*	Cardiovascular Systems, Inc		24,344
977	*	Castlight Health, Inc		1,299
7,358	*	Centene Corp		462,597
5,729		Cerner Corp		420,451
1,570	*	Cerus Corp		6,625
873	*	Change Healthcare, Inc		14,308
292		Chemed Corp		128,264
6,719		Cigna Corp		1,373,968
168		Computer Programs & Systems, Inc		4,435
2,084	*	ConforMIS, Inc		3,126
422		Conmed Corp		47,192
861		Cooper Cos, Inc		276,631
163	*	Corvel Corp		14,240
1,718	*	Covetrus, Inc		22,678
544	*	Cross Country Healthcare, Inc		6,321
480	*	CryoLife, Inc		13,003
407	*,e	CryoPort, Inc		6,699
202	*	Cutera, Inc		7,234
23,739		CVS Health Corp		1,763,570
466	*,e	CytoSorbents Corp		1,794
11,433		Danaher Corp		1,754,737
1,811	*	DaVita, Inc		135,879
3,982		Dentsply Sirona, Inc		225,341
1,603	*	DexCom, Inc		350,640
1,292	*	Diplomat Pharmacy, Inc		5,168
3,830	*	Edwards Lifesciences Corp		893,501
4,625	*,e	ElectroCore LLC		7,354
1,608		Encompass Health Corp		111,386
1,049		Ensign Group, Inc		47,593
1,834	*	Envista Holdings Corp		54,360
623	*	Enzo Biochem, Inc		1,639
1,209	*	Evolent Health, Inc		10,941
995	*	Genesis Health Care, Inc		1,632
665	*	GenMark Diagnostics, Inc		3,199
627	*	Glaukos Corp		34,153
1,419	*	Globus Medical, Inc		83,551
607	*	Guardant Health, Inc		47,431
886	*	Haemonetics Corp		101,801
636	*	Hanger Inc		17,560
4,916		HCA Healthcare, Inc		726,634
150	*	Health Catalyst, Inc		5,205

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,277	*	HealthEquity, Inc	$	94,587
399	*	HealthStream, Inc		10,853
2,677	*	Henry Schein, Inc		178,609
99	*	Heska Corp		9,498
1,196		Hill-Rom Holdings, Inc		135,782
1,770	*	HMS Holdings Corp		52,392
4,675	*	Hologic, Inc		244,082
2,402		Humana, Inc		880,381
362	*	ICU Medical, Inc		67,737
1,514	*	IDEXX Laboratories, Inc		395,351
263	*	Inogen, Inc		17,971
2,057	*	Inovalon Holdings, Inc		38,713
423	*	Inspire Medical Systems, Inc		31,391
1,070	*	Insulet Corp		183,184
572	*	Integer Holding Corp		46,006
1,499	*	Integra LifeSciences Holdings Corp		87,362
100	*	IntriCon Corp		1,800
2,101	*	Intuitive Surgical, Inc		1,242,006
2,116		Invacare Corp		19,086
383	*	iRhythm Technologies, Inc		26,078
1,743	*	Laboratory Corp of America Holdings		294,863
754	*	Lantheus Holdings, Inc		15,465
236		LeMaitre Vascular, Inc		8,484
490	*	LHC Group, Inc		67,502
970	*	LivaNova plc		73,167
264	*	Livongo Health, Inc		6,616
426	*	Magellan Health Services, Inc		33,335
849	*	Masimo Corp		134,193
3,381		McKesson Corp		467,660
1,988	*	MEDNAX, Inc		55,247
24,540		Medtronic plc		2,784,063
646		Meridian Bioscience, Inc		6,311
985	*	Merit Medical Systems, Inc		30,752
49		Mesa Laboratories, Inc		12,221
1,120	*	Molina Healthcare, Inc		151,973
173		National Healthcare Corp		14,952
208		National Research Corp		13,716
500	*	Natus Medical, Inc		16,495
1,021	*	Neogen Corp		66,630
771	*	Neuronetics, Inc		3,462
613	*	Nevro Corp		72,052
818	*	NextGen Healthcare, Inc		13,145
1,622	*	Novocure Ltd		136,686
1,047	*	NuVasive, Inc		80,975
758	*	Omnicell, Inc		61,944
545	*,e	OptimizeRx Corp		5,597
1,877	*	Option Care Health, Inc		7,001
873	*	OraSure Technologies, Inc		7,010
267	*	Orthofix Medical Inc		12,330
112	*	OrthoPediatrics Corp		5,263
1,103		Owens & Minor, Inc		5,703
1,530		Patterson Cos, Inc		31,334
524	*	Pennant Group, Inc		17,329
597	*	Penumbra, Inc		98,069
578	*,e	PetIQ, Inc		14,479
1,204	*	Premier, Inc		45,608
214	*,e	Progyny, Inc		5,874
199	*	Providence Service Corp		11,777
200	*,e	Pulse Biosciences, Inc		2,682
2,406		Quest Diagnostics, Inc		256,937
665	*	Quidel Corp		49,895
1,555	*	R1 RCM, Inc		20,184
576	*	RadNet, Inc		11,693
2,601		Resmed, Inc		403,077
9,576	*,e	Rockwell Medical, Inc		23,365
837	*	RTI Surgical Holdings Inc		2,293

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

250	*	SeaSpine Holdings Corp	$	3,003
1,678	*	Select Medical Holdings Corp		39,165
1,097	*,e	Senseonics Holdings, Inc		1,005
594	*	Shockwave Medical Inc		26,088
141	*	SI-BONE, Inc		3,032
1,519	*	Sientra, Inc		13,580
206	*	Silk Road Medical Inc		8,318
166		Simulations Plus, Inc		4,826
646	*	Staar Surgical Co		22,720
1,527		STERIS plc		232,745
6,282		Stryker Corp		1,318,843
328	*	Surgery Partners, Inc		5,135
300	*	SurModics, Inc		12,429
280	*,e	Tabula Rasa HealthCare, Inc		13,630
280	*	Tactile Systems Technology, Inc		18,903
1,167	*	Tandem Diabetes Care, Inc		69,565
1,254	*,e	Teladoc, Inc		104,985
818		Teleflex, Inc		307,928
2,181	*	Tenet Healthcare Corp		82,943
668	*	Tivity Health, Inc		13,590
378	*	Triple-S Management Corp (Class B)		6,989
17,284		UnitedHealth Group, Inc		5,081,150
1,522		Universal Health Services, Inc (Class B)		218,346
187		US Physical Therapy, Inc		21,383
49		Utah Medical Products, Inc		5,287
587	*	Varex Imaging Corp		17,498
1,737	*	Varian Medical Systems, Inc		246,671
2,283	*	Veeva Systems, Inc		321,127
2,186	*	ViewRay, Inc		9,225
433	*	Vocera Communications, Inc		8,989
945	*	WellCare Health Plans, Inc		312,048
1,346		West Pharmaceutical Services, Inc		202,344
2,118	*	Wright Medical Group NV		64,557
3,694		Zimmer Biomet Holdings, Inc		552,918
762	e	Zynex Inc		5,997

		TOTAL HEALTH CARE EQUIPMENT & SERVICES		36,911,906


HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
722	*	BellRing Brands, Inc		15,372
160	*	Central Garden & Pet Co		4,971
580	*	Central Garden and Pet Co (Class A)		17,029
4,520		Church & Dwight Co, Inc		317,937
2,289		Clorox Co		351,453
15,408		Colgate-Palmolive Co		1,060,687
5,109		Coty, Inc		57,476
893	*	Edgewell Personal Care Co		27,647
326	*	elf Beauty, Inc		5,258
1,356		Energizer Holdings, Inc		68,098
4,009		Estee Lauder Cos (Class A)		828,019
1,810	*	Herbalife Nutrition Ltd		86,283
253		Inter Parfums, Inc		18,396
6,327		Kimberly-Clark Corp		870,279
160	e	Medifast, Inc		17,533
140	*	Nature’s Sunshine Products, Inc		1,250
992		Nu Skin Enterprises, Inc (Class A)		40,652
80		Oil-Dri Corp of America		2,900
45,204		Procter & Gamble Co		5,645,979
185	*,e	Revlon, Inc (Class A)		3,963
808		Spectrum Brands Holdings, Inc		51,946
180	*	USANA Health Sciences, Inc		14,139
266		WD-40 Co		51,641

		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		9,558,908


INSURANCE - 4.0%
13,450		Aflac, Inc		711,505

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

257	*	Alleghany Corp	$	205,489
5,930		Allstate Corp		666,828
699	*	AMBAC Financial Group, Inc		15,077
1,557		American Equity Investment Life Holding Co		46,601
1,392		American Financial Group, Inc		152,633
15,911		American International Group, Inc		816,712
234		American National Insurance Co		27,537
299		Amerisafe, Inc		19,743
4,270		Aon plc		889,398
6,987	*	Arch Capital Group Ltd		299,672
509		Argo Group International Holdings Ltd		33,467
3,466		Arthur J. Gallagher & Co		330,067
1,164		Assurant, Inc		152,577
1,876		Assured Guaranty Ltd		91,962
2,832	*	Athene Holding Ltd		133,189
8,260		AXA Equitable Holdings, Inc		204,683
1,578		Axis Capital Holdings Ltd		93,796
35,775	*	Berkshire Hathaway, Inc (Class B)		8,103,038
2,357	*	Brighthouse Financial, Inc		92,465
4,413		Brown & Brown, Inc		174,225
8,206		Chubb Ltd		1,277,346
2,719		Cincinnati Financial Corp		285,903
712	*,e	Citizens, Inc (Class A)		4,806
873		CNA Financial Corp		39,119
2,753		Conseco, Inc		49,912
143		Donegal Group, Inc (Class A)		2,119
494	*	eHealth, Inc		47,464
488		Employers Holdings, Inc		20,374
247	*	Enstar Group Ltd		51,094
436		Erie Indemnity Co (Class A)		72,376
779		Everest Re Group Ltd		215,658
150		FBL Financial Group, Inc (Class A)		8,839
201		FedNat Holding Co		3,343
4,735		Fidelity National Financial Inc		214,732
1,977		First American Financial Corp		115,299
7,677	*	Genworth Financial, Inc (Class A)		33,779
104		Global Indemnity Ltd		3,082
1,976		Globe Life, Inc		207,974
161	e	Goosehead Insurance, Inc		6,826
463	*	Greenlight Capital Re Ltd (Class A)		4,681
198	*	Hallmark Financial Services		3,479
792		Hanover Insurance Group, Inc		108,243
6,514		Hartford Financial Services Group, Inc		395,856
121		HCI Group, Inc		5,524
161	*,e	Health Insurance Innovations, Inc		3,106
362		Heritage Insurance Holdings, Inc		4,796
637		Horace Mann Educators Corp		27,811
90		Independence Holding Co		3,787
23		Investors Title Co		3,662
648		James River Group Holdings Ltd		26,704
1,193		Kemper Corp		92,458
347		Kinsale Capital Group, Inc		35,276
3,740		Lincoln National Corp		220,697
4,645		Loews Corp		243,816
254	*	Markel Corp		290,365
9,246		Marsh & McLennan Cos, Inc		1,030,097
2,003	*	MBIA, Inc		18,628
429		Mercury General Corp		20,905
14,407		Metlife, Inc		734,325
1,362		National General Holdings Corp		30,100
35		National Western Life Group, Inc		10,181
158	*	NI Holdings, Inc		2,718
5,185		Old Republic International Corp		115,988
227	*	Palomar Holdings, Inc		11,461
727		Primerica, Inc		94,917
5,023		Principal Financial Group		276,265

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

820		ProAssurance Corp	$	29,635
10,610		Progressive Corp		768,058
144		Protective Insurance Corp		2,317
7,533		Prudential Financial, Inc		706,143
1,153		Reinsurance Group of America, Inc (Class A)		188,008
771		RenaissanceRe Holdings Ltd		151,131
600		RLI Corp		54,012
227		Safety Insurance Group, Inc		21,004
1,030		Selective Insurance Group, Inc		67,146
243		State Auto Financial Corp		7,538
351		Stewart Information Services Corp		14,317
1,153	*	Third Point Reinsurance Ltd		12,130
433		Tiptree Inc		3,525
4,690		Travelers Cos, Inc		642,296
342	*,e	Trupanion, Inc		12,811
338		United Fire Group Inc		14,781
255		United Insurance Holdings Corp		3,216
503		Universal Insurance Holdings, Inc		14,079
3,600		Unum Group		104,976
2,789		Voya Financial, Inc		170,073
2,544		W.R. Berkley Corp		175,790
347	*	Watford Holdings Ltd		8,731
56		White Mountains Insurance Group Ltd		62,469
2,398		Willis Towers Watson plc		484,252

		TOTAL INSURANCE		23,454,993


MATERIALS - 2.8%
324	e	Advanced Emissions Solutions, Inc		3,402
461	*	AdvanSix, Inc		9,202
4,010		Air Products & Chemicals, Inc		942,310
6,324	*	AK Steel Holding Corp		20,806
1,889		Albemarle Corp		137,973
3,306	*	Alcoa Corp		71,112
2,222	*	Allegheny Technologies, Inc		45,907
429		American Vanguard Corp		8,353
2,424	*,e	Amyris, Inc		7,490
1,296		Aptargroup, Inc		149,844
271		Ardagh Group S.A.		5,306
1,151		Ashland Global Holdings, Inc		88,086
1,514		Avery Dennison Corp		198,061
3,978	*	Axalta Coating Systems Ltd		120,931
485		Balchem Corp		49,291
5,898		Ball Corp		381,424
2,289	*	Berry Global Group, Inc		108,705
597		Boise Cascade Co		21,808
953		Cabot Corp		45,287
723		Carpenter Technology Corp		35,991
2,318		Celanese Corp (Series A)		285,392
831	*	Century Aluminum Co		6,245
3,995		CF Industries Holdings, Inc		190,721
111		Chase Corp		13,151
2,911		Chemours Co		52,660
261	*	Clearwater Paper Corp		5,575
4,904	e	Cleveland-Cliffs, Inc		41,194
6,019	*	Coeur Mining, Inc		48,634
1,801		Commercial Metals Co		40,108
532		Compass Minerals International, Inc		32,431
13,770		Corteva, Inc		407,041
2,327	*	Crown Holdings, Inc		168,801
976		Domtar Corp		37,322
13,829		Dow, Inc		756,861
13,412		DuPont de Nemours, Inc		861,050
926		Eagle Materials, Inc		83,951
2,397		Eastman Chemical Co		189,986
4,548		Ecolab, Inc		877,719

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

3,394	*	Element Solutions, Inc	$	39,642
1,255	*	Ferro Corp		18,612
1,000	*,†	Ferroglobe plc		0
835	*	Flotek Industries, Inc		1,670
2,478		FMC Corp		247,354
325	*	Forterra, Inc		3,757
25,598		Freeport-McMoRan, Inc (Class B)		335,846
400		FutureFuel Corp		4,956
1,119	*	GCP Applied Technologies, Inc		25,412
816		Gold Resource Corp		4,521
4,828		Graphic Packaging Holding Co		80,386
395		Greif, Inc (Class A)		17,459
87		Greif, Inc (Class B)		4,504
784		H.B. Fuller Co		40,431
142		Hawkins, Inc		6,505
193		Haynes International, Inc		6,906
13,685		Hecla Mining Co		46,392
3,508		Huntsman Corp		84,753
823	*	Ingevity Corp		71,914
294		Innophos Holdings, Inc		9,402
373		Innospec, Inc		38,583
1,890	e	International Flavors & Fragrances, Inc		243,848
7,037		International Paper Co		324,054
1,493	*	Intrepid Potash, Inc		4,046
261		Kaiser Aluminum Corp		28,942
315	*	Koppers Holdings, Inc		12,039
468	*	Kraton Corp		11,850
357		Kronos Worldwide, Inc		4,784
9,785		Linde plc		2,083,226
2,532	*	Livent Corp		21,649
2,555		Louisiana-Pacific Corp		75,807
406	*	LSB Industries, Inc		1,705
4,960		LyondellBasell Industries NV		468,621
8,475	*	Marrone Bio Innovations, Inc		8,560
1,122		Martin Marietta Materials, Inc		313,756
300		Materion Corp		17,835
741		Minerals Technologies, Inc		42,704
6,456		Mosaic Co		139,708
371		Myers Industries, Inc		6,188
257		Neenah Inc		18,100
163		NewMarket Corp		79,303
15,195		Newmont Goldcorp Corp		660,223
3,868	*	Novagold Resources Inc		34,657
5,438		Nucor Corp		306,051
3,054		Olin Corp		52,681
163		Olympic Steel, Inc		2,921
694	*	Omnova Solutions, Inc		7,016
1,050		Orion Engineered Carbons SA		20,265
1,735		Packaging Corp of America		194,303
658		PH Glatfelter Co		12,041
1,269		PolyOne Corp		46,686
4,390		PPG Industries, Inc		586,021
1,638	*	PQ Group Holdings, Inc		28,141
201		Quaker Chemical Corp		33,069
1,995	*,e	Ramaco Resources, Inc		7,142
877		Rayonier Advanced Materials, Inc		3,368
1,275		Reliance Steel & Aluminum Co		152,694
1,100		Royal Gold, Inc		134,475
2,444		RPM International, Inc		187,601
272	*	Ryerson Holding Corp		3,218
421		Schnitzer Steel Industries, Inc (Class A)		9,127
855		Schweitzer-Mauduit International, Inc		35,901
716		Scotts Miracle-Gro Co (Class A)		76,025
2,697		Sealed Air Corp		107,421
907		Sensient Technologies Corp		59,944
1,484		Sherwin-Williams Co		865,973

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,660		Silgan Holdings, Inc	$	51,593
1,952		Sonoco Products Co		120,477
1,781		Southern Copper Corp (NY)		75,657
3,643		Steel Dynamics, Inc		124,008
466		Stepan Co		47,737
1,996	*	Summit Materials, Inc		47,704
1,010		SunCoke Energy, Inc		6,292
146	*	Synalloy Corp		1,885
717	*	TimkenSteel Corp		5,636
322	*	Trecora Resources		2,302
394		Tredegar Corp		8,806
733		Trinseo S.A.		27,275
1,458		Tronox Holdings plc		16,650
97	*	UFP Technologies, Inc		4,812
30		United States Lime & Minerals, Inc		2,709
3,129	e	United States Steel Corp		35,702
238	*	US Concrete, Inc		9,915
592		Valhi, Inc		1,107
3,859		Valvoline, Inc		82,621
1,196	*	Verso Corp		21,564
2,303		Vulcan Materials Co		331,609
1,163		Warrior Met Coal, Inc		24,574
559		Westlake Chemical Corp		39,214
4,647		WestRock Co		199,403
702		Worthington Industries, Inc		29,610
1,011		WR Grace and Co		70,618

		TOTAL MATERIALS		16,562,305


MEDIA & ENTERTAINMENT - 7.5%
13,983		Activision Blizzard, Inc		830,870
5,476	*	Alphabet, Inc (Class A)		7,334,500
5,474	*	Alphabet, Inc (Class C)		7,318,847
5,822	*	Altice USA, Inc		159,173
855	e	AMC Entertainment Holdings, Inc		6,190
741	*	AMC Networks, Inc		29,270
8	*	Baudax Bio, Inc		55
698	*,e	Boston Omaha Corp		14,686
72		Cable One, Inc		107,170
339	*,e	Cardlytics, Inc		21,310
253	*	Care.com, Inc		3,803
1,307	*	Cargurus, Inc		45,980
1,131	*	Cars.com, Inc		13,821
1,847	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		8,367
2,805	*	Charter Communications, Inc		1,360,649
2,021		Cinemark Holdings, Inc		68,411
566	*	Clear Channel		1,619
82,367		Comcast Corp (Class A)		3,704,044
17	*,e	Daily Journal Corp		4,937
2,011	*	DHI Group, Inc		6,053
2,851	*,e	Discovery, Inc (Class A)		93,342
6,690	*	Discovery, Inc (Class C)		203,978
4,935	*	DISH Network Corp (Class A)		175,044
5,416	*	Electronic Arts, Inc		582,274
235		Emerald Expositions Events, Inc		2,479
2,184		Entercom Communications Corp (Class A)		10,134
1,005		Entravision Communications Corp (Class A)		2,633
454	*,e	Eros International plc		1,539
641	*	Eventbrite Inc		12,929
160	*	EverQuote Inc		5,496
916		EW Scripps Co (Class A)		14,390
43,706	*	Facebook, Inc		8,970,656
1,809	*	Fluent, Inc		4,523
6,424		Fox Corp (Class A)		238,138
2,830		Fox Corp (Class B)		103,012
1,762	e	Gannett Co, Inc		11,242

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,815	*	GCI Liberty, Inc	$	128,593
1,606	*	Glu Mobile, Inc		9,716
1,876	*	Gray Television, Inc		40,221
248	*	Hemisphere Media Group, Inc		3,683
1,354	*	IAC/InterActiveCorp		337,295
902	*	Imax Corp		18,428
7,004		Interpublic Group of Cos, Inc		161,792
693		John Wiley & Sons, Inc (Class A)		33,624
170	*	Liberty Braves Group (Class A)		5,041
525	*	Liberty Braves Group (Class C)		15,509
542	*	Liberty Broadband Corp (Class A)		67,512
1,881	*	Liberty Broadband Corp (Class C)		236,536
681	*	Liberty Latin America Ltd (Class A)		13,143
1,811	*	Liberty Latin America Ltd (Class C)		35,242
398	*	Liberty Media Group (Class A)		17,424
3,565	*	Liberty Media Group (Class C)		163,865
1,775	*	Liberty SiriusXM Group (Class A)		85,804
2,800	*	Liberty SiriusXM Group (Class C)		134,792
1,108	*	Liberty TripAdvisor Holdings, Inc		8,144
786	*	Lions Gate Entertainment Corp (Class A)		8,379
1,548	*	Lions Gate Entertainment Corp (Class B)		15,372
2,286	*	Live Nation, Inc		163,380
439	*,e	LiveXLive Media, Inc		678
200	*	Loral Space & Communications, Inc		6,464
336	*	Madison Square Garden Co		98,848
294		Marcus Corp		9,340
1,051	*,e	Match Group, Inc		86,298
1,000	*	MDC Partners, Inc		2,780
1,034	*	Meet Group, Inc		5,180
597	e	Meredith Corp		19,385
934	*,e	MSG Networks, Inc		16,252
970		National CineMedia, Inc		7,071
7,703	*	NetFlix, Inc		2,492,460
2,867		New York Times Co (Class A)		92,231
6,379		News Corp (Class A)		90,199
1,884		News Corp (Class B)		27,337
706		Nexstar Media Group Inc		82,779
2,868		O-I Glass, Inc		34,215
3,956		Omnicom Group, Inc		320,515
1,085	*	QuinStreet, Inc		16,611
444	*	Reading International, Inc		4,968
1,563	*	Roku, Inc		209,286
279	*	Rosetta Stone, Inc		5,061
51		Saga Communications, Inc		1,550
438		Scholastic Corp		16,841
1,071		Sinclair Broadcast Group, Inc (Class A)		35,707
25,109		Sirius XM Holdings, Inc		179,529
2,090	*	Spotify Technology S.A.		312,560
2,057	*	Take-Two Interactive Software, Inc		251,839
317	*	TechTarget, Inc		8,274
4,451		TEGNA, Inc		74,287
511	*	Travelzoo, Inc		5,468
414		Tribune Publishing Co		5,448
1,758		TripAdvisor, Inc		53,408
963	*	TrueCar, Inc		4,574
13,717	*	Twitter, Inc		439,630
89		ViacomCBS, Inc (Class A)		3,993
10,128		ViacomCBS, Inc (Class B)		425,072
31,929		Walt Disney Co		4,617,891
341	*	WideOpenWest, Inc		2,530
894	e	World Wrestling Entertainment, Inc (Class A)		57,994
1,209	*	Yelp, Inc		42,109
1,170	*	Zillow Group, Inc (Class A)		53,516
2,300	*,e	Zillow Group, Inc (Class C)		105,662

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

14,756	*	Zynga, Inc	$	90,307

		TOTAL MEDIA & ENTERTAINMENT		43,591,206


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8%
27,041		AbbVie, Inc		2,394,210
2,140	*	Abeona Therapeutics, Inc		6,998
2,077	*	Acadia Pharmaceuticals, Inc		88,854
406	*,e	Accelerate Diagnostics, Inc		6,861
843	*	Acceleron Pharma, Inc		44,696
1,942	*,e	Acer Therapeutics Inc		7,787
3,580	*	Achillion Pharmaceuticals, Inc		21,587
319	*,e	Aclaris Therapeutics, Inc		603
12,358	*	Acorda Therapeutics, Inc		25,210
1,628	*	Adamas Pharmaceuticals, Inc		6,170
295	*	Adaptive Biotechnologies Corp		8,826
883	*	Adverum Biotechnologies, Inc		10,172
1,425	*	Aeglea BioTherapeutics, Inc		10,887
702	*	Aerie Pharmaceuticals, Inc		16,967
1,104	*,e	Agenus, Inc		4,493
2,172	*,e	AgeX Therapeutics, Inc		3,953
5,650		Agilent Technologies, Inc		482,001
823	*	Agios Pharmaceuticals, Inc		39,298
554	*	Aimmune Therapeutics, Inc		18,542
239	*,e	Akcea Therapeutics, Inc		4,049
2,885	*	Akebia Therapeutics, Inc		18,233
1,391	*	Akorn, Inc		2,086
147	*	Albireo Pharma, Inc		3,737
1,801	*,†	Alder Biopharmaceuticals Inc		1,585
355	*	Aldeyra Therapeutics, Inc		2,063
536	*	Alector, Inc		9,235
3,746	*	Alexion Pharmaceuticals, Inc		405,130
2,871	*	Alkermes plc		58,568
327	*,e	Allakos, Inc		31,183
6,014		Allergan plc		1,149,696
897	*,e	Allogene Therapeutics, Inc		23,304
1,930	*	Alnylam Pharmaceuticals, Inc		222,278
533	*,e	AMAG Pharmaceuticals, Inc		6,487
10,964		Amgen, Inc		2,643,092
4,081	*	Amicus Therapeutics, Inc		39,749
2,013	*	Amneal Pharmaceuticals, Inc		9,703
552	*	Amphastar Pharmaceuticals, Inc		10,648
305	*	AnaptysBio, Inc		4,956
2,425	*,e	Anavex Life Sciences Corp		6,281
121	*	ANI Pharmaceuticals, Inc		7,462
216	*	Anika Therapeutics, Inc		11,200
1,139	*	Apellis Pharmaceuticals, Inc		34,876
524	*	Arcus Biosciences, Inc		5,292
449	*	Ardelyx, Inc		3,370
884	*	Arena Pharmaceuticals, Inc		40,151
1,796	*	Arqule, Inc		35,848
1,723	*	Arrowhead Pharmaceuticals Inc		109,290
357	*	Arvinas, Inc		14,669
216	*	Assembly Biosciences, Inc		4,419
928	*	Assertio Therapeutics, Inc		1,160
719	*	Atara Biotherapeutics, Inc		11,842
673	*	Athenex, Inc		10,277
1,583	*,e	Athersys, Inc		1,947
771	*	Audentes Therapeutics, Inc		46,137
5,745	*	Avantor, Inc		104,272
813	*	Avid Bioservices, Inc		6,236
621	*	Avrobio, Inc		12,501
427	*,e	Axsome Therapeutics, Inc		44,135
7,507	*	BioCryst Pharmaceuticals, Inc		25,899
1,476	*	BioDelivery Sciences International, Inc		9,328
3,289	*	Biogen Inc		975,945

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

710	*	Biohaven Pharmaceutical Holding Co Ltd	$	38,652
3,009	*	BioMarin Pharmaceutical, Inc		254,411
379	*	Bio-Rad Laboratories, Inc (Class A)		140,241
89	*	Biospecifics Technologies Corp		5,068
657		Bio-Techne Corp		144,218
763	*,e	Bioxcel Therapeutics Inc		11,147
961	*	Bluebird Bio, Inc		84,328
859	*	Blueprint Medicines Corp		68,814
397	*	Bridgebio Pharma, Inc		13,915
42,762		Bristol-Myers Squibb Co		2,744,893
1,641		Bruker BioSciences Corp		83,642
470	*	Calithera Biosciences, Inc		2,684
3,090	*,e	Calyxt, Inc		21,661
425	*,e	Cara Therapeutics, Inc		6,847
744	*	CareDx, Inc		16,048
807	*	CASI Pharmaceuticals, Inc		2,494
2,649	*	Catalent, Inc		149,139
379	*	Catalyst Pharmaceuticals, Inc		1,421
102	*	Celcuity, Inc		1,085
776	*,e	Cellular Biomedicine Group, Inc		12,602
1,113	*,e	CEL-SCI Corp		10,184
1,640	*	Cerecor Inc		8,840
837	*	Charles River Laboratories International, Inc		127,860
2,254	*	Checkpoint Therapeutics Inc		3,877
980	*	ChemoCentryx, Inc		38,759
1,052	*	Chiasma, Inc		5,218
913	*	Chimerix, Inc		1,853
3,917	*,e	ChromaDex Corp		16,882
2,508	*,e	Clovis Oncology, Inc		26,146
646	*	Codexis, Inc		10,330
1,388	*	Coherus Biosciences, Inc		24,991
351	*	Collegium Pharmaceutical, Inc		7,224
271	*	Concert Pharmaceuticals, Inc		2,500
281	*	Constellation Pharmaceuticals, Inc		13,238
708	*,e	Corbus Pharmaceuticals Holdings, Inc		3,866
1,401	*	Corcept Therapeutics, Inc		16,952
478	*,†,e	Corium International, Inc		86
1,038	*,e	CorMedix Inc		7,557
206	*	Cortexyme Inc		11,565
107	*,e	Crinetics Pharmaceuticals, Inc		2,685
320	*	Cue Biopharma, Inc		5,080
949	*	Cymabay Therapeutics, Inc		1,860
639	*	Cytokinetics, Inc		6,780
459	*	CytomX Therapeutics, Inc		3,814
610	*	Deciphera Pharmaceuticals, Inc		37,966
957	*,e	Denali Therapeutics, Inc		16,671
587	*,e	Dermira, Inc		8,899
716	*	Dicerna Pharmaceuticals, Inc		15,773
3,228	*,e	Dynavax Technologies Corp		18,464
122	*	Eagle Pharmaceuticals, Inc		7,330
736	*	Editas Medicine, Inc		21,793
279	*,e	Eidos Therapeutics, Inc		16,012
426	*	Eiger BioPharmaceuticals, Inc		6,347
6,576	*	Elanco Animal Health, Inc		193,663
15,454		Eli Lilly & Co		2,031,119
1,184	*,e	Eloxx Pharmaceuticals, Inc		8,714
709	*	Emergent Biosolutions, Inc		38,251
232	*	Enanta Pharmaceuticals, Inc		14,333
3,476	*	Endo International plc		16,302
1,795	*	Epizyme, Inc		44,157
623	*	Esperion Thereapeutics, Inc		37,149
231	*,e	Evelo Biosciences, Inc		938
159	*,e	Evolus, Inc		1,935
2,497	*	Exact Sciences Corp		230,923
5,221	*	Exelixis, Inc		91,994

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

5,064	*,e	EyePoint Pharmaceuticals Inc	$	7,849
835	*	Fate Therapeutics, Inc		16,341
1,241	*	FibroGen, Inc		53,226
428	*	Five Prime Therapeutics, Inc		1,965
438	*,e	Flexion Therapeutics, Inc		9,067
1,214	*	Fluidigm Corp		4,225
671	*	Forty Seven, Inc		26,417
626	*	G1 Therapeutics, Inc		16,545
7,757	*,e	Geron Corp		10,550
22,976		Gilead Sciences, Inc		1,492,980
1,063	*	Global Blood Therapeutics, Inc		84,498
541	*	GlycoMimetics, Inc		2,862
1,085	*	Gossamer Bio, Inc		16,959
815	*,e	Gritstone Oncology, Inc		7,311
2,005	*	Halozyme Therapeutics, Inc		35,549
643	*	Harpoon Therapeutics, Inc		9,510
1,027	*,e	Heron Therapeutics, Inc		24,134
188	*	Homology Medicines, Inc		3,892
3,657	*	Horizon Therapeutics Plc		132,383
2,690	*	Illumina, Inc		892,381
6,462	*	Immunogen, Inc		32,988
3,050	*	Immunomedics, Inc		64,538
3,064	*	Incyte Corp		267,548
1,186	*	Innoviva, Inc		16,794
1,045	*,e	Inovio Pharmaceuticals, Inc		3,448
1,335	*,e	Insmed, Inc		31,880
1,074	*,e	Intellia Therapeutics, Inc		15,756
353	*,e	Intercept Pharmaceuticals, Inc		43,744
388	*	Intersect ENT, Inc		9,661
527	*	Intra-Cellular Therapies, Inc		18,081
861	*,e	Intrexon Corp		4,718
1,569	*,e	Invitae Corp		25,308
2,281	*	Ionis Pharmaceuticals, Inc		137,795
2,163	*	Iovance Biotherapeutics, Inc		59,872
3,180	*	IQVIA Holdings, Inc		491,342
2,083	*	Ironwood Pharmaceuticals, Inc		27,725
1,055	*	Jazz Pharmaceuticals plc		157,490
48,581		Johnson & Johnson		7,086,510
3,171	*	Jounce Therapeutics, Inc		27,683
5,400	*	Kadmon Holdings, Inc		24,462
1,521	*,e	Kala Pharmaceuticals, Inc		5,612
390	*	KalVista Pharmaceuticals Inc		6,946
83	*,e	Karuna Therapeutics, Inc		6,253
1,858	*	Karyopharm Therapeutics, Inc		35,618
1,049	*	Kezar Life Sciences, Inc		4,206
337	*	Kindred Biosciences, Inc		2,858
99	*	Kiniksa Pharmaceuticals Ltd		1,095
702	*	Kodiak Sciences, Inc		50,509
199	*	Krystal Biotech Inc		11,021
217	*	Kura Oncology, Inc		2,984
1,211	*,e	La Jolla Pharmaceutical Co		4,759
429	*,e	Lannett Co, Inc		3,784
657	*,e	Lexicon Pharmaceuticals, Inc		2,727
305	*	Ligand Pharmaceuticals, Inc (Class B)		31,808
8,759	*,e	Lineage Cell Therapeutics, Inc		7,795
674	*	LogicBio Therapeutics, Inc		4,853
628		Luminex Corp		14,544
515	*	MacroGenics, Inc		5,603
93	*	Madrigal Pharmaceuticals, Inc		8,473
999	*	Magenta Therapeutics, Inc		15,145
369	*,e	Mallinckrodt plc		1,288
2,279	*,e	MannKind Corp		2,940
2,772	*	Marinus Pharmaceuticals, Inc		5,988
1,388	*,e	Medicines Co		117,897
458	*,e	MediciNova, Inc		3,087
535	*	Medpace Holdings, Inc		44,972

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

206	*	MeiraGTx Holdings plc	$	4,124
98	*	Menlo Therapeutics, Inc		455
46,467		Merck & Co, Inc		4,226,174
2,722	*	Mersana Therapeutics, Inc		15,597
425	*	Mettler-Toledo International, Inc		337,144
553	*	Minerva Neurosciences, Inc		3,932
495	*	Mirati Therapeutics, Inc		63,786
3,647	*,e	Moderna, Inc		71,335
1,020	*	Molecular Templates, Inc		14,265
2,222	*	Momenta Pharmaceuticals, Inc		43,840
2,333	*	Mustang Bio, Inc		9,519
9,534	*	Mylan NV		191,633
783	*	MyoKardia, Inc		57,069
1,012	*	Myriad Genetics, Inc		27,557
771	*	NanoString Technologies, Inc		21,449
984	*	Natera, Inc		33,151
3,021	*	Nektar Therapeutics		65,208
1,622	*	NeoGenomics, Inc		47,443
1,725	*,e	Neon Therapeutics, Inc		2,035
1,620	*	Neurocrine Biosciences, Inc		174,134
255	*	NextCure Inc		14,364
443	*,e	NGM Biopharmaceuticals Inc		8,191
538	*,e	Novavax, Inc		2,141
362	*,e	Ocular Therapeutix, Inc		1,430
107	*	Odonate Therapeutics, Inc		3,472
652	*,e	Omeros Corp		9,187
2,006	*	Oncocyte Corp		4,513
5,196	*,e	Opko Health, Inc		7,638
258	*,e	Optinose, Inc		2,379
3,121	*	Pacific Biosciences of California, Inc		16,042
609	*	Pacira BioSciences Inc		27,588
14,286	*,e	Palatin Technologies, Inc		11,174
2,502	*,e	Paratek Pharmaceuticals, Inc		10,083
2,346	*	PDL BioPharma, Inc		7,613
1,920		PerkinElmer, Inc		186,432
2,143		Perrigo Co plc		110,707
527	*	Pfenex, Inc		5,786
101,743		Pfizer, Inc		3,986,291
293		Phibro Animal Health Corp		7,275
529	*	Pieris Pharmaceuticals, Inc		1,915
140	*,e	PolarityTE, Inc		364
1,084	*	Portola Pharmaceuticals, Inc		25,886
1,084	*	PRA Health Sciences, Inc		120,487
654	*	Precision BioSciences Inc		9,084
817	*	Prestige Consumer Healthcare, Inc.		33,088
424	*	Principia Biopharma, Inc		23,227
1,110	*	Progenics Pharmaceuticals, Inc		5,650
594	*	Prothena Corp plc		9,403
1,091	*	PTC Therapeutics, Inc		52,401
453	*	Puma Biotechnology, Inc		3,964
3,971	*	QIA GEN NV		134,220
141	*	Quanterix Corp		3,332
742	*	Ra Pharmaceuticals, Inc		34,822
582	*	Radius Health, Inc		11,733
446	*	Reata Pharmaceuticals, Inc		91,176
22	*	Recro Pharma, Inc		403
1,494	*	Regeneron Pharmaceuticals, Inc		560,967
641	*	REGENXBIO, Inc		26,262
918	*	Repligen Corp		84,915
560	*	Replimune Group, Inc		8,036
594	*	Retrophin, Inc		8,435
352	*	Revance Therapeutics, Inc		5,713
147	*	Rhythm Pharmaceuticals, Inc		3,375
1,863	*	Rigel Pharmaceuticals, Inc		3,987
856	*,e	Rocket Pharmaceuticals, Inc		19,483
1,149	*,e	Rubius Therapeutics, Inc		10,915

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

944	*	Sage Therapeutics, Inc	$	68,147
1,935	*	Sangamo Therapeutics Inc		16,196
1,249	*	Sarepta Therapeutics, Inc		161,171
640	*	Scholar Rock Holding Corp		8,435
2,062	*	Seattle Genetics, Inc		235,604
3,177	*	Seres Therapeutics, Inc		10,961
842	*	SIGA Technologies, Inc		4,016
625	*,e	Solid Biosciences, Inc		2,781
5,304	*,e	Sorrento Therapeutics, Inc		17,928
1,594	*	Spectrum Pharmaceuticals, Inc		5,802
593	*	Spero Therapeutics, Inc		5,702
189	*	SpringWorks Therapeutics, Inc		7,275
334	*	Stemline Therapeutics, Inc		3,550
725	*	Supernus Pharmaceuticals, Inc		17,197
1,100	*	Syndax Pharmaceuticals, Inc		9,658
1,109	*	Syneos Health, Inc		65,958
1,588	*	Synlogic, Inc		4,097
174	*	Synthorx, Inc		12,161
1,268	*	Syros Pharmaceuticals, Inc		8,762
1,920	*,e	TG Therapeutics, Inc		21,312
2,459	*,e	TherapeuticsMD, Inc		5,951
661	*	Theravance Biopharma, Inc		17,113
7,291		Thermo Fisher Scientific, Inc		2,368,627
508	*	Translate Bio, Inc		4,135
650	*,e	Tricida, Inc		24,531
502	*	Turning Point Therapeutics Inc		31,270
373	*	Twist Bioscience Corp		7,833
4,055	*,e	Tyme Technologies, Inc		5,677
996	*	Ultragenyx Pharmaceutical, Inc		42,539
696	*	United Therapeutics Corp		61,304
415	*,e	UNITY Biotechnology, Inc		2,992
496	*,e	UroGen Pharma Ltd		16,552
677	*	Vanda Pharmaceuticals, Inc		11,110
818	*	Veracyte, Inc		22,839
597	*	Vericel Corp		10,388
843	*	Verrica Pharmaceuticals, Inc		13,395
4,621	*	Vertex Pharmaceuticals, Inc		1,011,768
1,907	*,e	Viking Therapeutics, Inc		15,294
593	*	Voyager Therapeutics, Inc		8,272
1,219	*	Waters Corp		284,819
504	*	WaVe Life Sciences Ltd		4,040
748	*	X4 Pharmaceuticals, Inc		8,004
344	*,e	XBiotech, Inc		6,421
743	*	Xencor, Inc		25,552
740	*	Xeris Pharmaceuticals, Inc		5,217
117	*	Y-mAbs Therapeutics, Inc		3,656
2,318	*,e	ZIOPHARM Oncology, Inc		10,941
8,758		Zoetis, Inc		1,159,121
629	*	Zogenix, Inc		32,790
638	*,e	Zynerba Pharmaceuticals, Inc		3,854

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		45,223,493


REAL ESTATE - 4.0%
1,300		Acadia Realty Trust		33,709
848		Agree Realty Corp		59,504
1,021		Alexander & Baldwin, Inc		21,400
57		Alexander’s, Inc		18,830
2,075		Alexandria Real Estate Equities, Inc		335,278
196	*	Altisource Portfolio Solutions S.A.		3,789
714		American Assets Trust, Inc		32,773
2,413		American Campus Communities, Inc		113,483
1,878		American Finance Trust, Inc		24,902
4,773		American Homes 4 Rent		125,100
8,032		American Tower Corp		1,845,914
3,797		Americold Realty Trust		133,123

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,760		Apartment Investment & Management Co	$	142,554
4,063		Apple Hospitality REIT, Inc		66,024
1,769		Armada Hoffler Properties, Inc		32,461
1,645		Ashford Hospitality Trust, Inc		4,590
2,519		AvalonBay Communities, Inc		528,234
379		Bluerock Residential Growth REIT, Inc		4,567
2,732		Boston Properties, Inc		376,634
403		BraeMar Hotels & Resorts, Inc		3,599
2,649		Brandywine Realty Trust		41,722
5,555		Brixmor Property Group, Inc		120,044
881		Brookfield Property REIT, Inc		16,250
1,146		Brt Realty Trust		19,448
1,599		Camden Property Trust		169,654
1,679		CareTrust REIT, Inc		34,638
568		CatchMark Timber Trust, Inc		6,515
21,647		CBL & Associates Properties, Inc		22,729
6,225	*	CBRE Group, Inc		381,530
5,095		Cedar Realty Trust, Inc		15,030
572		Chatham Lodging Trust		10,490
262		CIM Commercial Trust Corp		3,799
471		City Office REIT, Inc		6,368
2,247		Clipper Realty, Inc		23,818
8,422		Colony Capital, Inc		40,004
1,903		Columbia Property Trust, Inc		39,792
544		Community Healthcare Trust, Inc		23,316
74		Consolidated-Tomoka Land Co		4,464
2,491		CoreCivic, Inc		43,294
185		CorEnergy Infrastructure Trust, Inc		8,271
675		CorePoint Lodging, Inc		7,209
582		Coresite Realty		65,254
2,132		Corporate Office Properties Trust		62,638
2,578		Cousins Properties, Inc		106,214
7,416		Crown Castle International Corp		1,054,184
3,658		CubeSmart		115,154
1,631	*	Cushman & Wakefield plc		33,338
2,071		CyrusOne, Inc		135,506
3,453		DiamondRock Hospitality Co		38,259
3,634		Digital Realty Trust, Inc		435,135
4,896		Diversified Healthcare Trust		41,322
2,632		Douglas Emmett, Inc		115,545
6,950		Duke Realty Corp		240,956
1,427		Easterly Government Properties, Inc		33,863
673		EastGroup Properties, Inc		89,287
3,012		Empire State Realty Trust, Inc		42,048
1,375		EPR Properties		97,130
1,553		Equinix, Inc		906,486
2,199		Equity Commonwealth		72,193
3,276		Equity Lifestyle Properties, Inc		230,598
6,666		Equity Residential		539,413
1,394		Essential Properties Realty Trust, Inc		34,585
1,175		Essex Property Trust, Inc		353,510
1,539	*,e	eXp World Holdings Inc		17,437
2,226		Extra Space Storage, Inc		235,110
482		Farmland Partners, Inc		3,268
1,347		Federal Realty Investment Trust		173,399
2,259		First Industrial Realty Trust, Inc		93,771
240	*	Forestar Group, Inc		5,004
1,235		Four Corners Property Trust, Inc		34,815
1,621		Franklin Street Properties Corp		13,876
874		Front Yard Residential Corp		10,785
102	*	FRP Holdings, Inc		5,081
3,570		Gaming and Leisure Properties, Inc		153,688
2,553		Geo Group, Inc		42,405
763		Getty Realty Corp		25,080
475		Gladstone Commercial Corp		10,383
1,177		Gladstone Land Corp		15,266

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,049		Global Medical REIT, Inc	$	27,108
1,848		Global Net Lease, Inc		37,477
775		Hannon Armstrong Sustainable Infrastructure Capital, Inc		24,940
2,421		Healthcare Realty Trust, Inc		80,789
3,603		Healthcare Trust of America, Inc		109,099
8,293		Healthpeak Properties Inc		285,860
697		Hersha Hospitality Trust		10,141
1,796		Highwoods Properties, Inc		87,842
12,997		Host Hotels and Resorts, Inc		241,094
692	*	Howard Hughes Corp		87,746
2,438		Hudson Pacific Properties		91,791
2,499		Independence Realty Trust, Inc		35,186
1,873		Industrial Logistics Properties Trust		41,993
440		Innovative Industrial Properties, Inc		33,383
192		Investors Real Estate Trust		13,920
9,619		Invitation Homes, Inc		288,281
4,939		Iron Mountain, Inc		157,406
1,070		iStar Inc		15,526
2,053		JBG SMITH Properties		81,894
145		Jernigan Capital, Inc		2,775
940		Jones Lang LaSalle, Inc		163,645
2,137		Kennedy-Wilson Holdings, Inc		47,655
1,970		Kilroy Realty Corp		165,283
7,240		Kimco Realty Corp		149,940
1,264		Kite Realty Group Trust		24,686
1,519		Lamar Advertising Co		135,586
5,428		Lexington Realty Trust		57,645
2,619		Liberty Property Trust		157,271
858		Life Storage, Inc		92,904
917		LTC Properties, Inc		41,054
2,511		Macerich Co		67,596
1,437		Mack-Cali Realty Corp		33,238
406	*	Marcus & Millichap, Inc		15,124
169	*	Maui Land & Pineapple Co, Inc		1,901
9,371		Medical Properties Trust, Inc		197,822
2,012		Mid-America Apartment Communities, Inc		265,302
2,033		Monmouth Real Estate Investment Corp (Class A)		29,438
885		National Health Investors, Inc		72,110
2,924		National Retail Properties, Inc		156,785
1,008		National Storage Affiliates Trust		33,889
3,834		New Senior Investment Group, Inc		29,330
2,520		Newmark Group, Inc		33,907
738		NexPoint Residential Trust, Inc		33,210
1,200		Office Properties Income Trust		38,568
3,652		Omega Healthcare Investors, Inc		154,662
251		One Liberty Properties, Inc		6,825
2,970		Outfront Media, Inc		79,655
3,099		Paramount Group, Inc		43,138
4,260		Park Hotels & Resorts, Inc		110,206
2,135		Pebblebrook Hotel Trust		57,239
3,353		Pennsylvania REIT		17,871
2,932		Physicians Realty Trust		55,532
2,219		Piedmont Office Realty Trust, Inc		49,351
1,438		PotlatchDeltic Corp		62,222
1,193		Preferred Apartment Communities, Inc		15,891
11,255		Prologis, Inc		1,003,271
358		PS Business Parks, Inc		59,023
2,646		Public Storage, Inc		563,492
1,162		QTS Realty Trust, Inc		63,062
302	*	Rafael Holdings, Inc		5,388
2,525		Rayonier, Inc		82,719
349		Re/Max Holdings, Inc		13,433
2,208	e	Realogy Holdings Corp		21,373
5,955		Realty Income Corp		438,467
1,597	*	Redfin Corp		33,761

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,945		Regency Centers Corp	$	185,800
2,533		Retail Opportunities Investment Corp		44,733
3,851		Retail Properties of America, Inc		51,603
264		Retail Value, Inc		9,715
1,780		Rexford Industrial Realty, Inc		81,293
3,486		RLJ Lodging Trust		61,772
497		RMR Group, Inc		22,683
1,201		RPT Realty		18,063
778		Ryman Hospitality Properties		67,421
3,697		Sabra Healthcare REIT, Inc		78,894
685		Safehold, Inc		27,606
445		Saul Centers, Inc		23,487
2,013		SBA Communications Corp		485,113
793		Seritage Growth Properties		31,783
3,197		Service Properties Trust		77,783
5,464		Simon Property Group, Inc		813,917
2,580		SITE Centers Corp		36,172
1,436		SL Green Realty Corp		131,940
1,927		Spirit Realty Capital, Inc		94,770
831	*	St. Joe Co		16,479
2,541		STAG Industrial, Inc		80,219
3,669		STORE Capital Corp		136,634
93	*	Stratus Properties, Inc		2,881
2,137		Summit Hotel Properties, Inc		26,371
1,599		Sun Communities, Inc		240,010
4,750		Sunstone Hotel Investors, Inc		66,120
1,459		Tanger Factory Outlet Centers, Inc		21,491
1,248		Taubman Centers, Inc		38,800
268	*	Tejon Ranch Co		4,283
1,413		Terreno Realty Corp		76,500
5,209		UDR, Inc		243,260
435		UMH Properties, Inc		6,843
3,290		Uniti Group, Inc		27,011
198		Universal Health Realty Income Trust		23,237
2,537		Urban Edge Properties		48,660
1,302		Urstadt Biddle Properties, Inc (Class A)		32,342
6,646		Ventas, Inc		383,740
17,222		VEREIT, Inc		159,131
8,138		VICI Properties, Inc		207,926
3,062		Vornado Realty Trust		203,623
3,960		Washington Prime Group, Inc		14,414
1,848		Washington REIT		53,925
2,450		Weingarten Realty Investors		76,538
7,180		Welltower, Inc		587,180
13,181		Weyerhaeuser Co		398,066
550		Whitestone REIT		7,491
2,861		WP Carey, Inc		228,994
2,548		Xenia Hotels & Resorts, Inc		55,062

		TOTAL REAL ESTATE		23,173,339


RETAILING - 5.7%
426	*	1-800-FLOWERS.COM, Inc (Class A)		6,177
1,334		Aaron’s, Inc		76,185
1,074		Abercrombie & Fitch Co (Class A)		18,569
1,214		Advance Auto Parts, Inc		194,434
7,564	*	Amazon.com, Inc		13,977,062
2,547		American Eagle Outfitters, Inc		37,441
122	*	America’s Car-Mart, Inc		13,379
305	*	Asbury Automotive Group, Inc		34,096
908	*	At Home Group, Inc		4,994
1,001	*	Autonation, Inc		48,679
437	*	AutoZone, Inc		520,602
603	*	Barnes & Noble Education, Inc		2,575
2,179		Bed Bath & Beyond, Inc		37,697
4,166		Best Buy Co, Inc		365,775

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

744		Big Lots, Inc	$	21,368
2,230	*	BJ’s Wholesale Club Holdings, Inc		50,710
768	*	Booking Holdings, Inc		1,577,265
408	*	Boot Barn Holdings, Inc		18,168
526	e	Buckle, Inc		14,223
1,177	*	Burlington Stores, Inc		268,391
639		Caleres, Inc		15,176
1,606	e	Camping World Holdings, Inc		23,672
2,903	*	CarMax, Inc		254,506
748	*,e	Carvana Co		68,853
368		Cato Corp (Class A)		6,403
2,075		Chico’s FAS, Inc		7,906
288	e	Children’s Place, Inc		18,006
243		Citi Trends, Inc		5,618
291	*,e	Conn’s, Inc		3,606
231	*,e	Container Store Group, Inc		975
775		Core-Mark Holding Co, Inc		21,072
1,574		Designer Brands, Inc		24,775
1,351		Dick’s Sporting Goods, Inc		66,861
236	e	Dillard’s, Inc (Class A)		17,341
4,822		Dollar General Corp		752,136
4,362	*	Dollar Tree, Inc		410,246
144	*,e	Duluth Holdings, Inc		1,516
14,606		eBay, Inc		527,423
2,169	*	Etsy, Inc		96,087
2,504		Expedia Group Inc		270,783
1,208	*	Express Parent LLC		5,883
969	*	Five Below, Inc		123,896
1,334	*	Floor & Decor Holdings, Inc		67,781
1,924		Foot Locker, Inc		75,017
185	*	Funko, Inc		3,175
142	*,e	Gaia, Inc		1,135
622	e	GameStop Corp (Class A)		3,782
3,661		Gap, Inc		64,726
313	*	Genesco, Inc		14,999
2,563		Genuine Parts Co		272,267
1,455	*,e	GNC Holdings, Inc		3,929
324		Group 1 Automotive, Inc		32,400
7,081	*	Groupon, Inc		16,924
1,683	*,e	GrubHub, Inc		81,861
904		Guess?, Inc		20,232
286		Haverty Furniture Cos, Inc		5,766
323	*	Hibbett Sports, Inc		9,057
20,157		Home Depot, Inc		4,401,885
619	*	Hudson Ltd		9,495
1,819	e	J. Jill, Inc		2,055
6,812	*,e	JC Penney Co, Inc		7,629
2,978		Kohl’s Corp		151,729
4,373		L Brands, Inc		79,239
221	*	Lands’ End, Inc		3,713
198	*	Leaf Group Ltd		792
325	*	Liquidity Services, Inc		1,937
367		Lithia Motors, Inc (Class A)		53,949
5,805	*	LKQ Corp		207,239
14,162		Lowe’s Companies, Inc		1,696,041
442	*,e	Lumber Liquidators, Inc		4,318
5,634		Macy’s, Inc		95,778
389	*	MarineMax, Inc		6,492
1,815	*	Michaels Cos, Inc		14,683
452		Monro Muffler, Inc		35,346
539	*	Murphy USA, Inc		63,063
1,613	*	National Vision Holdings, Inc		52,310
1,826		Nordstrom, Inc		74,738
15,322		Office Depot, Inc		41,982
911	*	Ollie’s Bargain Outlet Holdings, Inc		59,497

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

1,359	*	O’Reilly Automotive, Inc	$	595,595
263	*	Overstock.com, Inc		1,854
554		Penske Auto Group, Inc		27,822
306	e	PetMed Express, Inc		7,197
716		Pool Corp		152,064
1,155	*	Quotient Technology, Inc		11,388
7,241	*	Qurate Retail Group, Inc QVC Group		61,042
308	*,e	RealReal, Inc		5,806
699		Rent-A-Center, Inc		20,159
337	*	RH		71,950
6,469		Ross Stores, Inc		753,121
2,965	*	RTW RetailWinds, Inc		2,375
1,270	*	Rubicon Project, Inc		10,363
2,233	*	Sally Beauty Holdings, Inc		40,752
203	e	Shoe Carnival, Inc		7,568
309	*	Shutterstock, Inc		13,250
961		Signet Jewelers Ltd		20,892
660	*	Sleep Number Corp		32,498
455		Sonic Automotive, Inc (Class A)		14,105
571	*	Sportsman’s Warehouse Holdings, Inc		4,585
279	*	Stamps.com, Inc		23,302
738	*,e	Stitch Fix Inc		18,937
856	e	Tailored Brands, Inc		3,544
9,137		Target Corp		1,171,455
2,104		Tiffany & Co		281,200
297		Tilly’s, Inc		3,638
22,197		TJX Companies, Inc		1,355,349
2,139		Tractor Supply Co		199,868
1,059	*	Ulta Beauty, Inc		268,075
1,237	*	Urban Outfitters, Inc		34,351
1,065	*,e	Wayfair, Inc		96,244
99		Weyco Group, Inc		2,619
1,350		Williams-Sonoma, Inc		99,144
37		Winmark Corp		7,337
314	*	Zumiez, Inc		10,846

		TOTAL RETAILING		33,177,786


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
728	*	Acacia Communications, Inc		49,366
1,029	*	Adesto Technologies Corp		8,747
617	*	Advanced Energy Industries, Inc		43,930
18,766	*	Advanced Micro Devices, Inc		860,609
302	*	Alpha & Omega Semiconductor Ltd		4,113
507	*	Ambarella, Inc		30,704
1,455	*	Amkor Technology, Inc		18,915
6,710		Analog Devices, Inc		797,416
17,017		Applied Materials, Inc		1,038,718
510	*	Axcelis Technologies, Inc		12,288
582	*	AXT, Inc		2,532
7,063		Broadcom, Inc		2,232,049
1,076		Brooks Automation, Inc		45,149
583		Cabot Microelectronics Corp		84,139
333	*	Ceva, Inc		8,978
1,003	*	Cirrus Logic, Inc		82,657
598		Cohu, Inc		13,664
1,899	*	Cree, Inc		87,639
7,525		Cypress Semiconductor Corp		175,558
967	*	Diodes, Inc		54,510
406	*	DSP Group, Inc		6,390
2,204	*,e	Enphase Energy, Inc		57,591
2,561		Entegris, Inc		128,281
1,588	*	First Solar, Inc		88,864
1,075	*	Formfactor, Inc		27,918
434	*	Ichor Holdings Ltd		14,439
285	*,e	Impinj, Inc		7,370

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

822	*	Inphi Corp	$	60,844
79,779		Intel Corp		4,774,773
2,865		KLA Corp		510,457
2,652		Lam Research Corp		775,445
2,755	*	Lattice Semiconductor Corp		52,731
627	*	MACOM Technology Solutions Holdings, Inc		16,678
11,608		Marvell Technology Group Ltd		308,308
5,221		Maxim Integrated Products, Inc		321,144
927	*	MaxLinear, Inc		19,671
4,231		Microchip Technology, Inc		443,070
20,156	*	Micron Technology, Inc		1,083,990
1,013		MKS Instruments, Inc		111,440
730		Monolithic Power Systems, Inc		129,955
1,321	*	Nanometrics, Inc		48,269
478	*	NeoPhotonics Corp Ltd		4,216
77		NVE Corp		5,498
10,670		NVIDIA Corp		2,510,651
7,472	*	ON Semiconductor Corp		182,167
409	*	PDF Solutions, Inc		6,908
1,020	*	Photronics, Inc		16,075
446		Power Integrations, Inc		44,114
2,283	*	Qorvo, Inc		265,353
20,887		QUALCOMM, Inc		1,842,860
1,707	*	Rambus, Inc		23,514
1,307	*	Semtech Corp		69,140
797	*	Silicon Laboratories, Inc		92,436
3,182		Skyworks Solutions, Inc		384,640
170	*	SMART Global Holdings, Inc		6,450
886	*,e	SunPower Corp		6,911
3,141		Teradyne, Inc		214,185
17,113		Texas Instruments, Inc		2,195,427
789	*	Ultra Clean Holdings		18,518
754		Universal Display Corp		155,377
729	*	Veeco Instruments, Inc		10,705
4,538		Xilinx, Inc		443,680
754		Xperi Corp		13,949

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		23,152,083


SOFTWARE & SERVICES - 12.2%
874	*	2U, Inc		20,967
1,702	*	8x8, Inc		31,147
754	*	A10 Networks, Inc		5,180
11,656		Accenture plc		2,454,404
2,058	*	ACI Worldwide, Inc		77,967
8,905	*	Adobe, Inc		2,936,958
2,865	*	Akamai Technologies, Inc		247,479
646	*	Alarm.com Holdings, Inc		27,759
829		Alliance Data Systems Corp		93,014
677	*	Altair Engineering, Inc		24,311
783	*,e	Alteryx, Inc		78,355
2,546		Amdocs Ltd		183,796
370		American Software, Inc (Class A)		5,506
1,451	*	Anaplan, Inc		76,032
1,554	*	Ansys, Inc		400,015
387	*	Appfolio, Inc		42,551
528	*,e	Appian Corp		20,175
1,300	*	Aspen Technology, Inc		157,209
2,143	*	Atlassian Corp plc		257,889
3,961	*	Autodesk, Inc		726,685
7,982		Automatic Data Processing, Inc		1,360,931
754	*	Avalara, Inc		55,230
3,269	*	Avaya Holdings Corp		44,131
527	*	Benefitfocus, Inc		11,562
2,568	*	Black Knight, Inc		165,585
919		Blackbaud, Inc		73,152

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

752	*	Blackline, Inc	$	38,773
2,513		Booz Allen Hamilton Holding Co		178,750
808	*	Bottomline Technologies, Inc		43,309
2,047	*	Box, Inc		34,349
460	*	Brightcove, Inc		3,997
2,063		Broadridge Financial Solutions, Inc		254,863
451	*	CACI International, Inc (Class A)		112,745
5,009	*	Cadence Design Systems, Inc		347,424
708	*	Cardtronics plc		31,612
222		Cass Information Systems, Inc		12,818
2,269		CDK Global, Inc		124,069
664	*	Cerence Inc		15,026
1,755	*	Ceridian HCM Holding, Inc		119,129
378	*	ChannelAdvisor Corp		3,417
1,608	*	Cision Ltd		16,032
2,386		Citrix Systems, Inc		264,607
4,727	*,e	Cloudera, Inc		54,975
10,221		Cognizant Technology Solutions Corp (Class A)		633,906
606	*	Commvault Systems, Inc		27,052
3,045	*	Conduent, Inc		18,879
1,318	*	CoreLogic Inc		57,610
985	*	Cornerstone OnDemand, Inc		57,672
1,159	*	Coupa Software, Inc		169,504
520		CSG Systems International, Inc		26,926
348	*,e	Digimarc Corp		11,679
1,755	*	Digital Turbine, Inc		12,513
2,975	*	DocuSign, Inc		220,477
549	*	Domo, Inc		11,924
3,745	*	Dropbox, Inc		67,073
4,799		DXC Technology Co		180,394
1,463	*	Dynatrace, Inc		37,014
387	e	Ebix, Inc		12,930
1,316	*	eGain Corp		10,423
851	*	Elastic NV		54,719
895	*	Endurance International Group Holdings, Inc		4,206
884	*	Envestnet, Inc		61,553
940	*	EPAM Systems, Inc		199,430
898	*	Euronet Worldwide, Inc		141,489
572	*	Everbridge, Inc		44,662
989	*	Everi Holdings, Inc		13,282
941		EVERTEC, Inc		32,032
774	*	Evo Payments, Inc		20,441
511	*	ExlService Holdings, Inc		35,494
537	*	Fair Isaac Corp		201,203
11,140		Fidelity National Information Services, Inc		1,549,463
3,709	*	FireEye, Inc		61,310
10,344	*	Fiserv, Inc		1,196,077
1,139	*	Five9, Inc		74,696
1,535	*	FleetCor Technologies, Inc		441,650
713	*	ForeScout Technologies, Inc		23,386
2,667	*	Fortinet, Inc		284,729
1,574	*	Gartner, Inc		242,553
3,573		Genpact Ltd		150,673
5,444		Global Payments, Inc		993,857
3,114	*	GoDaddy, Inc		211,503
1,102	*,e	GTY Technology Holdings Inc		6,491
1,428	*	Guidewire Software, Inc		156,752
450		Hackett Group, Inc		7,263
759	*	HubSpot, Inc		120,301
139	*	I3 Verticals, Inc		3,927
4,520	*,e	Ideanomics Inc		3,868
513	*	Information Services Group, Inc		1,298
506	*	Instructure, Inc		24,394
308	*,e	Intelligent Systems Corp		12,302
16,220		International Business Machines Corp		2,174,129

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

4,517		Intuit, Inc	$	1,183,138
914		j2 Global, Inc		85,651
1,504		Jack Henry & Associates, Inc		219,088
2,207		KBR, Inc		67,313
2,410		Leidos Holdings, Inc		235,915
1,126	*	Limelight Networks, Inc		4,594
1,122	*	Liveperson, Inc		41,514
1,208	*	LiveRamp Holdings, Inc		58,069
811		LogMeIn, Inc		69,535
945	*	Majesco		7,796
1,102	*	Manhattan Associates, Inc		87,884
473		Mantech International Corp (Class A)		37,783
16,207		Mastercard, Inc (Class A)		4,839,248
1,221		MAXIMUS, Inc		90,830
281	*	Medallia, Inc		8,742
138,326		Microsoft Corp		21,814,010
147	*	MicroStrategy, Inc (Class A)		20,967
467	*	Mitek Systems, Inc		3,573
2,278	*	MobileIron, Inc		11,071
879	*	Model N, Inc		30,827
747	*,e	MongoDB, Inc		98,313
885	*	New Relic, Inc		58,153
1,004		NIC, Inc		22,439
10,603		NortonLifelock, Inc		270,589
5,319	*	Nuance Communications, Inc		94,838
3,066	*	Nutanix, Inc		95,843
1,807	*	Okta, Inc		208,474
469	*	OneSpan, Inc		8,029
37,551		Oracle Corp		1,989,452
998	*,e	Pagerduty, Inc		23,343
1,687	*	Palo Alto Networks, Inc		390,119
6,018		Paychex, Inc		511,891
870	*	Paycom Software, Inc		230,341
562	*	Paylocity Holding Corp		67,901
21,487	*	PayPal Holdings, Inc		2,324,249
655	*,e	Paysign Inc		6,648
804		Pegasystems, Inc		64,039
509	*	Perficient, Inc		23,450
3,051		Perspecta, Inc		80,668
249	*	Ping Identity Holding Corp		6,051
944	*	Pluralsight, Inc		16,246
449	*	PRGX Global, Inc		2,209
766		Progress Software Corp		31,827
932	*	Proofpoint, Inc		106,975
671	*	PROS Holdings, Inc		40,206
1,840	*	PTC, Inc		137,798
773	*	Q2 Holdings, Inc		62,675
144		QAD, Inc (Class A)		7,334
667	*	Qualys, Inc		55,608
847	*	Rapid7, Inc		47,449
1,405	*	RealPage, Inc		75,519
1,545	*	Rimini Street, Inc		5,995
1,368	*	RingCentral, Inc		230,741
5,212		Sabre Corp		116,957
1,565	*	SailPoint Technologies Holding, Inc		36,934
15,182	*	salesforce.com, Inc		2,469,201
1,043		Science Applications International Corp		90,762
96	*,e	SecureWorks Corp		1,599
3,355	*	ServiceNow, Inc		947,184
623	*,e	SharpSpring Inc		7,146
307	*	ShotSpotter, Inc		7,828
1,506	*	Smartsheet, Inc		67,650
852	*,e	SolarWinds Corp		15,805
2,866	*	Splunk, Inc		429,241
512	*	SPS Commerce, Inc		28,375

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

6,154	*	Square, Inc	$	384,994
4,161		SS&C Technologies Holdings, Inc		255,485
1,479	*	SVMK, Inc		26,430
1,193		Switch, Inc		17,680
605	*	Sykes Enterprises, Inc		22,379
1,067	*,e	Synchronoss Technologies, Inc		5,068
2,702	*	Synopsys, Inc		376,118
737	*	Telaria, Inc		6,493
485	*	TeleNav, Inc		2,357
703	*	Tenable Holdings, Inc		16,844
2,058	*	Teradata Corp		55,093
1,831		TiVo Corp		15,527
747	*	Trade Desk, Inc		194,056
703	*,e	TransEnterix, Inc		1,033
235		TTEC Holdings, Inc		9,311
143	*,e	Tucows, Inc		8,835
2,191	*	Twilio, Inc		215,331
732	*	Tyler Technologies, Inc		219,615
769	*	Unisys Corp		9,120
395	*	Upland Software, Inc		14,105
964	*	Upwork, Inc		10,286
446	*	Varonis Systems, Inc		34,659
1,154	*	Verint Systems, Inc		63,885
1,861	*	VeriSign, Inc		358,577
1,731	*	Verra Mobility Corp		24,217
2,120	*,e	VirnetX Holding Corp		8,056
427	*	Virtusa Corp		19,356
31,287		Visa, Inc (Class A)		5,878,827
1,376	*	VMware, Inc (Class A)		208,863
7,616		Western Union Co		203,956
739	*	WEX, Inc		154,791
2,965	*	Workday, Inc		487,594
617	*	Workiva, Inc		25,945
1,309	*	Yext, Inc		18,876
1,861	*	Zendesk, Inc		142,608
803	*	Zix Corp		5,444
1,013	*	Zscaler, Inc		47,105
1,498	*	Zuora Inc		21,466

		TOTAL SOFTWARE & SERVICES		71,441,021


TECHNOLOGY HARDWARE & EQUIPMENT - 6.1%
1,699	*	3D Systems Corp		14,866
806		Adtran, Inc		7,971
400	*	Agilysys, Inc		10,164
5,331		Amphenol Corp (Class A)		576,974
430	*	Anixter International, Inc		39,603
81,300		Apple, Inc		23,873,745
285	*,e	Applied Optoelectronics, Inc		3,386
1,083	*	Arista Networks, Inc		220,282
1,226	*	Arlo Technologies, Inc		5,161
1,678	*	Arrow Electronics, Inc		142,194
470	*	Avid Technology, Inc		4,033
1,997		Avnet, Inc		84,753
720		AVX Corp		14,738
438		Badger Meter, Inc		28,439
144		Bel Fuse, Inc (Class B)		2,952
636		Belden CDT, Inc		34,980
773		Benchmark Electronics, Inc		26,560
528	*	CalAmp Corp		5,058
643	*	Calix, Inc		5,144
1,029	*	Casa Systems, Inc		4,209
2,565		CDW Corp		366,385
2,613	*	Ciena Corp		111,549
78,349		Cisco Systems, Inc		3,757,618
153	*	Clearfield, Inc		2,133

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,887		CognexCorp	$	161,787
382	*	Coherent, Inc		63,546
3,172	*	CommScope Holding Co, Inc		45,011
356		Comtech Telecommunications Corp		12,634
13,823		Corning, Inc		402,388
485		CTS Corp		14,555
548		Daktronics, Inc		3,337
2,789	*	Dell Technologies, Inc		143,327
1,043	*	Diebold, Inc		11,014
400	*	Digi International, Inc		7,088
1,151		Dolby Laboratories, Inc (Class A)		79,189
740	*	EchoStar Corp (Class A)		32,049
202	*	ePlus, Inc		17,027
1,698	*	Extreme Networks, Inc		12,514
1,098	*	F5 Networks, Inc		153,336
561	*	Fabrinet		36,375
256	*	FARO Technologies, Inc		12,890
5,729	*	Fitbit, Inc		37,640
2,414		FLIR Systems, Inc		125,697
1,256	*	Harmonic, Inc		9,797
24,298		Hewlett Packard Enterprise Co		385,366
27,569		HP, Inc		566,543
1,598	*	II-VI, Inc		53,805
400	*	Immersion Corp		2,972
4,895	*	Infinera Corp		38,866
819	*,e	Inseego Corp		6,003
698	*	Insight Enterprises, Inc		49,062
539		InterDigital, Inc		29,370
631	*	IPG Photonics Corp		91,444
397	*	Iteris, Inc		1,981
536	*	Itron, Inc		44,997
2,790		Jabil Inc		115,311
6,230		Juniper Networks, Inc		153,445
1,292		Kemet Corp		34,949
3,422	*	Keysight Technologies, Inc		351,200
411	*	Kimball Electronics, Inc		7,213
1,352	*	Knowles Corp		28,595
254	*	KVH Industries, Inc		2,827
375		Littelfuse, Inc		71,737
1,378	*	Lumentum Holdings, Inc		109,275
569		Methode Electronics, Inc		22,390
3,125		Motorola Solutions, Inc		503,562
261		MTS Systems Corp		12,536
171	*	Napco Security Technologies, Inc		5,026
2,304		National Instruments Corp		97,551
2,406	*	NCR Corp		84,595
4,377		NetApp, Inc		272,468
505	*	Netgear, Inc		12,378
1,389	*	Netscout Systems, Inc		33,433
829	*	nLight, Inc		16,812
592	*	Novanta, Inc		52,356
280	*	OSI Systems, Inc		28,207
182	*,e	PAR Technology Corp		5,595
291		Park Aerospace Corp		4,735
196		PC Connection, Inc		9,733
526		Plantronics, Inc		14,381
521	*	Plexus Corp		40,086
4,045	*	Pure Storage, Inc		69,210
704	*	Ribbon Communications, Inc		2,182
281	*	Rogers Corp		35,049
1,157	*	Sanmina Corp		39,616
381	*	Scansource, Inc		14,078
776	*	Stratasys Ltd		15,695
548	*	Synaptics, Inc		36,042
805		Synnex Corp		103,684

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

719	*	Tech Data Corp	$	103,248
4,900	*	Trimble Inc		204,281
1,439	*	TTM Technologies, Inc		21,657
156	e	Ubiquiti, Inc		29,481
1,003	*	Viasat, Inc		73,415
4,189	*	Viavi Solutions, Inc		62,835
2,099		Vishay Intertechnology, Inc		44,688
161	*	Vishay Precision Group, Inc		5,474
5,297		Western Digital Corp		336,201
1,308	*,e	Wrap Technologies Inc		8,358
3,647		Xerox Holdings Corp		134,465
1,002	*	Zebra Technologies Corp (Class A)		255,951

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		35,680,513


TELECOMMUNICATION SERVICES - 1.9%
184	*	Anterix, Inc		7,951
133,540		AT&T, Inc		5,218,743
251		ATN International, Inc		13,903
283	*	Bandwidth Inc		18,126
1,215	*	Boingo Wireless, Inc		13,304
19,284		CenturyLink, Inc		254,742
727	*	Cincinnati Bell, Inc		7,612
772		Cogent Communications Group, Inc		50,805
1,064		Consolidated Communications Holdings, Inc		4,128
890	*,e	Gogo, Inc		5,696
1,299	*	Intelsat S.A.		9,132
1,842	*	Iridium Communications, Inc		45,387
259	*	Ooma, Inc		3,426
1,000	*	ORBCOMM, Inc		4,210
728		Shenandoah Telecom Co		30,292
309		Spok Holdings, Inc		3,779
9,867	*	Sprint Corp		51,407
1,512		Telephone & Data Systems, Inc		38,450
5,873	*	T-Mobile US, Inc		460,561
247	*	US Cellular Corp		8,949
75,694		Verizon Communications, Inc		4,647,612
4,303	*	Vonage Holdings Corp		31,885
4,292	*	Zayo Group Holdings, Inc		148,718

		TOTAL TELECOMMUNICATION SERVICES		11,078,818


TRANSPORTATION - 1.9%
1,464	*	Air Transport Services Group, Inc		34,345
2,129		Alaska Air Group, Inc		144,240
316		Allegiant Travel Co		54,997
157		Amerco, Inc		59,004
7,060		American Airlines Group, Inc		202,481
378		ArcBest Corp		10,433
363	*	Atlas Air Worldwide Holdings, Inc		10,008
1,153	*	Avis Budget Group, Inc		37,173
2,384		CH Robinson Worldwide, Inc		186,429
554		Copa Holdings S.A. (Class A)		59,876
542		Costamare, Inc		5,165
185	*	Covenant Transportation Group, Inc		2,391
13,745		CSX Corp		994,588
6,298	*	Daseke, Inc		19,902
10,595		Delta Air Lines, Inc		619,596
609	*	Eagle Bulk Shipping, Inc		2,801
427	*	Echo Global Logistics, Inc		8,839
3,351		Expeditors International of Washington, Inc		261,445
4,319		FedEx Corp		653,076
725		Forward Air Corp		50,714
127		Genco Shipping & Trading Ltd		1,349
828		Hawaiian Holdings, Inc		24,252
728		Heartland Express, Inc		15,324

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

2,480	*	Hertz Global Holdings, Inc	$	39,060
505	*	Hub Group, Inc (Class A)		25,902
1,477		JB Hunt Transport Services, Inc		172,484
5,315	*	JetBlue Airways Corp		99,497
1,808		Kansas City Southern		276,913
1,157	*	Kirby Corp		103,586
2,000		Knight-Swift Transportation Holdings, Inc		71,680
719		Landstar System, Inc		81,873
3,474	*	Lyft, Inc (Class A)		149,452
1,216		Macquarie Infrastructure Co LLC		52,093
531		Marten Transport Ltd		11,411
668		Matson, Inc		27,254
1,581	*	Mesa Air Group, Inc		14,134
4,739		Norfolk Southern Corp		919,982
1,158		Old Dominion Freight Line		219,765
34	*	PAM Transportation Services, Inc		1,962
124		Park-Ohio Holdings Corp		4,173
580	*	Radiant Logistics, Inc		3,231
883		Ryder System, Inc		47,956
715	*	Safe Bulkers, Inc		1,216
557	*	Saia, Inc		51,868
932		Schneider National, Inc		20,336
934		Scorpio Bulkers, Inc		5,950
802		Skywest, Inc		51,833
8,647		Southwest Airlines Co		466,765
1,133	*	Spirit Airlines, Inc		45,671
17,326	*	Uber Technologies, Inc		515,275
12,775		Union Pacific Corp		2,309,592
4,229	*	United Airlines Holdings Inc		372,533
12,743		United Parcel Service, Inc (Class B)		1,491,696
122		Universal Logistics Holdings Inc		2,313
315	*	US Xpress Enterprises, Inc		1,584
1,147		Werner Enterprises, Inc		41,739
1,622	*	XPO Logistics, Inc		129,273
2,695	*,e	YRC Worldwide, Inc		6,872

		TOTAL TRANSPORTATION		11,295,352


UTILITIES - 3.2%
11,476		AES Corp		228,372
1,097		Allete, Inc		89,044
4,427		Alliant Energy Corp		242,245
4,560		Ameren Corp		350,208
8,917		American Electric Power Co, Inc		842,746
819		American States Water Co		70,958
3,315		American Water Works Co, Inc		407,248
3,872		Aqua America, Inc		181,752
177	*	AquaVenture Holdings Ltd		4,800
111		Artesian Resources Corp		4,130
1,866	*,e	Atlantic Power Corp		4,348
2,085		Atmos Energy Corp		233,228
1,049		Avangrid, Inc		53,667
1,326		Avista Corp		63,767
1,043		Black Hills Corp		81,917
324	*,e	Cadiz, Inc		3,571
1,034		California Water Service Group		53,313
8,716		Centerpoint Energy, Inc		237,685
244		Chesapeake Utilities Corp		23,383
545		Clearway Energy, Inc (Class A)		10,420
1,281		Clearway Energy, Inc (Class C)		25,556
4,975		CMS Energy Corp		312,629
5,982		Consolidated Edison, Inc		541,192
420		Consolidated Water Co, Inc		6,846
15,028		Dominion Energy Inc		1,244,619
3,346		DTE Energy Co		434,545
13,338		Duke Energy Corp		1,216,559

TIAA-CREF LIFE FUNDS - Stock Index Fund


SHARES		COMPANY	VALUE

6,442		Edison International	$	485,791
767		El Paso Electric Co		52,072
3,547		Entergy Corp		424,931
4,232		Evergy, Inc		275,461
5,782		Eversource Energy		491,875
17,695		Exelon Corp		806,715
9,412		FirstEnergy Corp		457,423
133		Global Water Resources, Inc		1,749
2,268		Hawaiian Electric Industries, Inc		106,279
960		Idacorp, Inc		102,528
4,180		MDU Resources Group, Inc		124,188
640		MGE Energy, Inc		50,445
240		Middlesex Water Co		15,257
1,632		National Fuel Gas Co		75,953
1,561		New Jersey Resources Corp		69,574
8,931		NextEra Energy, Inc		2,162,731
6,737		NiSource, Inc		187,558
666		Northwest Natural Holding Co		49,104
1,170		NorthWestern Corp		83,854
4,538		NRG Energy, Inc		180,386
4,055		OGE Energy Corp		180,326
919		ONE Gas, Inc		85,991
751		Ormat Technologies, Inc		55,965
743		Otter Tail Corp		38,108
1,994		Pattern Energy Group, Inc		53,349
9,382	*,b	PG&E Corp		101,982
2,036		Pinnacle West Capital Corp		183,097
1,790		PNM Resources, Inc		90,771
1,712		Portland General Electric Co		95,512
13,177		PPL Corp		472,791
9,341		Public Service Enterprise Group, Inc		551,586
250	*	Pure Cycle Corp		3,148
105		RGC Resources, Inc		3,001
5,152		Sempra Energy		780,425
505		SJW Corp		35,885
1,730		South Jersey Industries, Inc		57,055
18,748		Southern Co		1,194,248
1,057		Southwest Gas Holdings Inc		80,300
162	e	Spark Energy, Inc		1,495
907		Spire, Inc		75,562
2,000		TerraForm Power, Inc		30,780
3,726		UGI Corp		168,266
537		Unitil Corp		33,197
7,800		Vistra Energy Corp		179,322
5,574		WEC Energy Group, Inc		514,090
9,354		Xcel Energy, Inc		593,885
203		York Water Co		9,360

		TOTAL UTILITIES		18,842,119

		TOTAL COMMON STOCKS		580,816,600

		(Cost $266,749,299)
RIGHTS / WARRANTS - 0.0%

MATERIALS - 0.0%
450	†	A Schulman, Inc		195
4,844	†	Pan American Silver Corp		1,091

		TOTAL MATERIALS		1,286


MEDIA & ENTERTAINMENT - 0.0%
1,666	†	Media General, Inc		0

		TOTAL MEDIA & ENTERTAINMENT		0

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES

COMPANY

VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

626

*,†

Elanco Animal Health, Inc CVR

145

†

Tobira Therapeutics, Inc

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

TOTAL RIGHTS / WARRANTS

1,331

(Cost $5,241)

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

SHORT-TERM INVESTMENTS - 1.0%

GOVERNMENT AGENCY DEBT - 0.5%

$ 3,320,000

Federal Home Loan Bank (FHLB)

1.150

01/02/20

3,320,000

TOTAL GOVERNMENT AGENCY DEBT

3,320,000

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%

2,653,632

State Street Navigator Securities Lending Government Money Market Portfolio

2,653,632

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

2,653,632

TOTAL SHORT-TERM INVESTMENTS

5,973,632

(Cost $5,973,526)

TOTAL INVESTMENTS - 100.4%
(Cost $272,728,066)

586,791,563

OTHER ASSETS & LIABILITIES, NET - (0.4)%

(2,635,948

)

NET ASSETS - 100.0%

584,155,615

Abbreviation(s):

CVR	Contingent Value Right

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 $3,559,250

Futures contracts outstanding as of December 31, 2019 were as follows:


Description	Number of long (short) contracts		Expiration date		Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		20		03/20/20	$	3,214,628	$	3,231,100	$	16,472

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


SHARES		COMPANY	VALUE

COMMON STOCKS -96.3%

AUSTRIA - 0.6%
23,600		Wienerberger AG.	$	699,393

		TOTAL AUSTRIA		699,393


CHINA - 0.2%
4,660		Tencent Holdings Ltd		224,501

		TOTAL CHINA		224,501


DENMARK - 3.3%
14,727		DSV AS		1,697,335
32,327		Novo Nordisk AS		1,873,312

		TOTAL DENMARK		3,570,647


FRANCE - 20.3%
82,395		Accor S.A.		3,867,520
2,703		Airbus SE		396,706
27,523		Carrefour S.A.		462,900
42,911		Compagnie de Saint-Gobain		1,757,885
230,393		Credit Agricole S.A.		3,352,526
10,736		Danone		891,581
2,107		Edenred		109,194
21,383		Essilor International S.A.		3,269,065
6,115		Legrand S.A.		499,374
7,536		Nexity		378,770
19,142		Sanofi-Aventis		1,922,382
24,732		Schneider Electric S.A.		2,540,959
21,231		Vinci S.A.		2,364,572

		TOTAL FRANCE		21,813,434


GERMANY - 13.9%
30,003		BASF SE		2,260,325
10,065		Continental AG.		1,300,702
34,248	g	Covestro AG.		1,593,562
38,316		Daimler AG. (Registered)		2,118,273
12,776		HeidelbergCement AG.		928,367
30,523		Lanxess AG.		2,049,415
35,326		Porsche AG.		2,621,126
15,969		Siemens AG.		2,085,416

		TOTAL GERMANY		14,957,186


HONG KONG - 2.1%
49,400		Hong Kong Exchanges and Clearing Ltd		1,604,894
28,402		Melco Crown Entertainment Ltd (ADR)		686,476

		TOTAL HONG KONG		2,291,370


INDIA - 2.2%
52,080		HDFC Bank Ltd		929,292
43,006		Housing Development Finance Corp		1,454,137

		TOTAL INDIA		2,383,429


IRELAND - 2.3%
62,094		CRH plc		2,490,522

		TOTAL IRELAND		2,490,522

TIAA-CREF LIFE FUNDS - International Equity Fund


SHARES		COMPANY						VALUE

ITALY - 5.4%
82,054		Mediobanca S.p.A.						$	903,458
24,200		Moncler S.p.A							1,089,179
262,343		UniCredit S.p.A.							3,834,658

		TOTAL ITALY							5,827,295


JAPAN - 18.3%
9,300		Daiichi Sankyo Co Ltd							614,211
8,584		Daikin Industries Ltd							1,211,114
10,700		Hitachi High-Technologies Corp							757,768
75,051		Hitachi Ltd							3,166,832
34,176		Murata Manufacturing Co Ltd							2,103,484
7,173		Nintendo Co Ltd							2,868,914
28,186		Rohm Co Ltd							2,248,934
52,792		Sony Corp							3,584,453
56,798	e	Sumco Corp							941,074
30,983		Toyota Motor Corp							2,183,108

		TOTAL JAPAN							19,679,892


NETHERLANDS - 0.1%
135	*,e,g	Adyen NV							111,050

		TOTAL NETHERLANDS							111,050


SWEDEN - 0.9%
38,838		Electrolux AB (Series B)							954,768

		TOTAL SWEDEN							954,768


SWITZERLAND - 5.8%
234,214		Credit Suisse Group							3,166,029
332		Geberit AG.							186,345
77,607		Glencore Xstrata plc							241,646
4,302		Lonza Group AG.							1,569,401
2,873		Roche Holding AG.							933,733
524		Sika AG.							98,405

		TOTAL SWITZERLAND							6,195,559


TAIWAN - 2.1%
38,265		Taiwan Semiconductor Manufacturing Co Ltd (ADR)							2,223,197

		TOTAL TAIWAN							2,223,197


UNITED KINGDOM - 18.8%
12,278		AstraZeneca plc							1,228,929
147,291		CNH Industrial NV							1,617,239
18,149		Linde plc (Xetra)							3,894,246
4,389,840		Lloyds TSB Group plc							3,636,634
50,574		Reckitt Benckiser Group plc							4,108,049
24,521		Schroders plc							1,082,752
641,575		Tesco plc							2,168,287
111,468		Travis Perkins plc							2,365,361
6,667		Weir Group plc							133,340

		TOTAL UNITED KINGDOM							20,234,837

		TOTAL COMMON STOCKS							103,657,080

		(Cost $99,734,033)

PRINCIPAL		ISSUER	RATE			MATURITY DATE

SHORT-TERM INVESTMENTS - 3.8%

GOVERNMENT AGENCY DEBT - 3.7%
$3,920,000		Federal Home Loan Bank (FHLB)		1.150	%		01/02/20		3,920,000

		TOTAL GOVERNMENT AGENCY DEBT							3,920,000

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES

COMPANY

VALUE

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%

110,080

State Street Navigator Securities Lending Government Money Market Portfolio

110,080

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

110,080

TOTAL SHORT-TERM INVESTMENTS

4,030,080

(Cost $4,029,954)

TOTAL INVESTMENTS - 100.1%

107,687,160

(Cost $103,763,987)

OTHER ASSETS & LIABILITIES, NET - (0.1)%

(68,606

)

NET ASSETS - 100.0%

107,618,554

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 $1,010,934.

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

December 31, 2019


SECTOR	VALUE			% OF NET ASSETS
CONSUMER DISCRETIONARY	$	21,674,671			20.0	%
FINANCIALS		19,964,380			18.6
INDUSTRIALS		16,964,841			15.8
MATERIALS		14,255,881			13.2
INFORMATION TECHNOLOGY		11,552,338			10.7
HEALTH CARE		8,141,968			7.6
CONSUMER STAPLES		7,630,817			7.1
COMMUNICATION SERVICES		3,093,414			2.9
REAL ESTATE		378,770			0.4
SHORT-TERM INVESTMENTS		4,030,080			3.8
OTHER ASSETS & LIABILITIES, NET		(68,606	)		(0.1	)

NET ASSETS	$	107,618,554			100.0	%

TIAA-CREF LIFE FUNDS - Bond Fund

TIAA-CREF LIFE FUNDS

BOND FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE

BANK LOAN OBLIGATIONS - 1.2%

CAPITAL GOODS - 0.1%
$ 35,606	i	Sensata Technologies, Inc	LIBOR 2 M + 1.750%		3.586	%		09/18/26	$	35,882
98,492	i	TransDigm, Inc	LIBOR 1 M + 2.500%		4.299			08/22/24		98,725

		TOTAL CAPITAL GOODS								134,607


COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
74,810	i	GFL Environmental, Inc	LIBOR 1 M + 3.000%		4.799			05/30/25		74,863
49,116	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		5.251			11/14/22		48,634

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES								123,497


CONSUMER DURABLES & APPAREL - 0.0%
84,166	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		3.549			04/25/25		83,676

		TOTAL CONSUMER DURABLES & APPAREL								83,676


CONSUMER SERVICES - 0.1%
72,767	i	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 3.750%		5.695			07/08/22		90,860
95,808	i	KUEHG Corp	LIBOR 3 M + 3.750%		5.695			02/21/25		96,028
9,630	i	Scientific Games International, Inc	LIBOR 1 M + 2.750%		4.452			08/14/24		49,454

		TOTAL CONSUMER SERVICES								236,342


ENERGY - 0.0%
75,000	h,i	Buckeye Partners LP	LIBOR 1 M + 2.750%		4.441			11/02/26		75,594
15,000	i	California Resources Corp	LIBOR 1 M + 10.375%		12.180			12/31/21		11,125

		TOTAL ENERGY								86,719


HEALTH CARE EQUIPMENT & SERVICES - 0.1%
98,628	i	Envision Healthcare Corp	LIBOR 1 M + 3.750%		5.549			10/10/25		83,883
25,000	i	Grifols Worldwide Operations USA, Inc	LIBOR 1 M + 2.000%		3.740			11/15/27		25,195
40,869	i	NMN Holdings III Corp	LIBOR 1 M + 3.750%		5.549			11/13/25		39,898

		TOTAL HEALTH CARE EQUIPMENT & SERVICES								148,976


INSURANCE - 0.0%
98,750	i	Acrisure LLC	LIBOR 3 M + 3.750%		5.854			11/22/23		98,459

		TOTAL INSURANCE								98,459


MATERIALS - 0.1%
49,873	i	Chemours Co	LIBOR 1 M + 1.750%		3.550			04/03/25		48,626
99,250	i	Messer Industries USA, Inc	LIBOR 3 M + 2.500%		4.445			03/01/26		99,719
96,715	i	Starfruit US Holdco LLC	LIBOR 1 M + 3.250%		4.960			10/01/25		96,635

		TOTAL MATERIALS								244,980


MEDIA & ENTERTAINMENT - 0.1%
34,922	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		4.049			03/24/25		34,813
48,989	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		3.710			10/04/23		49,117
50,000	i	Virgin Media Bristol LLC	LIBOR 1 M + 2.500%		4.240			01/31/28		50,282

		TOTAL MEDIA & ENTERTAINMENT								134,212


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
85,835	i	Bausch Health Americas, Inc	LIBOR 1 M + 3.000%		4.740			06/02/25		86,264
72,857	h,i	Bausch Health Americas, Inc	LIBOR 1 M + 2.750%		4.490			11/27/25		73,195

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES								159,459

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE

REAL ESTATE - 0.1%
$ 98,750	i	DTZ US Borrower LLC	LIBOR 1 M + 3.250%		5.049	%		08/21/25	$	98,781
72,328	i	MGM Growth Properties LLC	LIBOR 1 M + 2.000%		3.799			03/23/25		72,569

		TOTAL REAL ESTATE								171,350


RETAILING - 0.0%
8,375	i	Camelot Finance S.A.	LIBOR 1 M + 3.250%		5.049			10/28/26		25,137

		TOTAL RETAILING								25,137


SOFTWARE & SERVICES - 0.2%
75,000	i	Dun & Bradstreet Corp	LIBOR 1 M + 5.000%		6.792			02/06/26		75,594
143,902	i	Mitchell International, Inc	LIBOR 1 M + 3.250%		5.049			11/29/24		142,485
98,489	i	NeuStar, Inc	LIBOR 1 M + 3.500%		5.299			08/08/24		90,585

		TOTAL SOFTWARE & SERVICES								308,664


TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
95,718	i	Dell International LLC	LIBOR 1 M + 2.000%		3.800			09/19/25		96,305
89,946	i	Plantronics, Inc	LIBOR 1 M + 2.500%		4.299			07/02/25		87,787

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT								184,092


TELECOMMUNICATION SERVICES - 0.1%
48,861	i	CNT Holdings III Corp	LIBOR 1 M + 3.000%		4.800			01/22/23		48,800
74,808	i	Sprint Communications, Inc	LIBOR 1 M + 2.500%		4.313			02/02/24		74,078

		TOTAL TELECOMMUNICATION SERVICES								122,878


TRANSPORTATION - 0.0%
48,490	i	American Airlines, Inc	LIBOR 1 M + 2.000%		3.740			12/14/23		48,632

		TOTAL TRANSPORTATION								48,632


UTILITIES - 0.0%
32,434	i	Greatbatch Ltd	LIBOR 1 M + 2.500%		4.220			10/27/22		32,567
8,921	i	Hostess Brands LLC			4.049			08/01/25		29,056
35,000	i	ProQuest LLC	LIBOR 1 M + 3.500%		5.299			10/16/26		35,197

		TOTAL UTILITIES								96,820

		TOTAL BANK LOAN OBLIGATIONS								2,408,500

		(Cost $2,436,067)
BONDS - 96.8%

CORPORATE BONDS - 36.5%

AUTOMOBILES & COMPONENTS - 0.9%
100,000	g	Dana Financing Luxembourg SARL			6.500			06/01/26		106,875
5,000		Dana, Inc			5.375			11/15/27		5,150
100,000	g	Gates Global LLC			6.250			01/15/26		101,721
125,000		General Motors Co			5.200			04/01/45		125,918
1,000,000	g	Hyundai Capital America			2.850			11/01/22		1,010,624
200,000	g	Hyundai Capital America			2.750			09/27/26		194,097
175,000		Magna International, Inc			3.625			06/15/24		184,020

		TOTAL AUTOMOBILES & COMPONENTS								1,728,405


BANKS - 6.9%
140,000	g	Banco de Credito del Peru			2.700			01/11/25		139,300
200,000	g	Banco del Estado de Chile			2.668			01/08/21		200,092
200,000	g	Banco Internacional del Peru SAA Interbank			3.375			01/18/23		201,750
200,000		Banco Santander S.A.			3.800			02/23/28		210,301
200,000		Bank of America Corp			3.875			08/01/25		214,770
600,000		Bank of America Corp			2.456			10/22/25		603,448
500,000		Bank of America Corp			4.250			10/22/26		544,881
300,000		Bank of America Corp			3.248			10/21/27		312,398

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE			VALUE

$ 125,000		Bank of America Corp			3.419	%		12/20/28		$	131,087
575,000		Bank of America Corp			2.884			10/22/30			579,151
100,000		Bank of America Corp			6.100			N/A	‡		111,380
200,000		Barclays plc			4.338			05/16/24			210,742
200,000	g	BNG Bank NV			2.625			02/27/24			206,294
75,000	g	BPCE S.A.			4.625			07/11/24			80,645
360,000		Capital One Bank USA NA			3.375			02/15/23			371,726
175,000		Capital One NA			2.650			08/08/22			177,549
125,000		Citigroup, Inc			3.875			03/26/25			132,115
120,000		Citigroup, Inc			5.500			09/13/25			137,081
500,000		Citigroup, Inc			3.200			10/21/26			518,249
175,000		Citigroup, Inc			4.300			11/20/26			190,343
370,000		Citigroup, Inc			4.450			09/29/27			407,175
625,000		Citigroup, Inc			2.976			11/05/30			633,762
200,000		Citigroup, Inc			5.000			N/A	‡		209,500
100,000		Citizens Bank NA			2.650			05/26/22			101,199
250,000	g	Cooperatieve Rabobank UA			2.625			07/22/24			252,746
250,000		Cooperatieve Rabobank UA			3.750			07/21/26			260,198
150,000	g	Credit Agricole S.A.			3.250			10/04/24			155,347
125,000		Discover Bank			3.200			08/09/21			127,157
150,000		Discover Bank			2.450			09/12/24			149,530
150,000		Discover Bank			3.450			07/27/26			155,643
100,000		HSBC Holdings plc			3.262			03/13/23			102,243
200,000		HSBC Holdings plc			3.033			11/22/23			204,556
350,000		HSBC Holdings plc			4.292			09/12/26			378,141
200,000		HSBC Holdings plc			4.375			11/23/26			216,476
200,000		HSBC Holdings plc			4.041			03/13/28			213,755
250,000		Huntington National Bank			2.500			08/07/22			252,652
200,000	g	ING Groep NV			4.625			01/06/26			222,263
200,000		JPMorgan Chase & Co			2.776			04/25/23			203,082
150,000		JPMorgan Chase & Co			2.700			05/18/23			152,980
225,000		JPMorgan Chase & Co			2.301			10/15/25			224,571
250,000		JPMorgan Chase & Co			3.200			06/15/26			260,945
500,000		JPMorgan Chase & Co			3.702			05/06/30			537,924
600,000		JPMorgan Chase & Co			2.739			10/15/30			599,140
100,000		JPMorgan Chase & Co			5.000			N/A	‡		104,000
200,000		Mitsubishi UFJ Financial Group, Inc			3.195			07/18/29			206,995
125,000		MUFG Americas Holdings Corp			3.500			06/18/22			129,251
100,000		PNC Bank NA			2.700			10/22/29			99,796
200,000		Royal Bank of Canada			2.550			07/16/24			202,898
200,000		Santander Holdings USA, Inc			3.400			01/18/23			204,946
300,000	g	Skandinaviska Enskilda Banken AB			2.625			11/17/20			301,252
150,000		Sumitomo Mitsui Banking Corp			2.450			01/16/20			150,032
200,000		Sumitomo Mitsui Financial Group, Inc			2.696			07/16/24			202,696
250,000		Toronto-Dominion Bank			1.850			09/11/20			249,966
100,000		Toronto-Dominion Bank			3.625			09/15/31			104,501
100,000		Truist Bank			2.750			05/01/23			101,705
100,000		Truist Bank			4.050			11/03/25			109,750
200,000	g,i	United Overseas Bank Ltd	LIBOR 3 M + 0.480%		2.414			04/23/21			200,624
200,000	g	United Overseas Bank Ltd			3.750			04/15/29			207,532
150,000		Westpac Banking Corp			4.322			11/23/31			158,673

		TOTAL BANKS									14,028,904


CAPITAL GOODS - 0.9%
50,000		Anixter, Inc			6.000			12/01/25			52,000
10,000	g	Beacon Roofing Supply, Inc			4.500			11/15/26			10,300
200,000	g	BOC Aviation Ltd			3.000			09/11/29			195,161
100,000		Ingersoll-Rand Luxembourg Finance S.A.			3.800			03/21/29			107,250
100,000		Lam Research Corp			4.000			03/15/29			110,112

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 150,000	g	Molex Electronic Technologies LLC		2.878	%		04/15/20	$	150,201
200,000	g	Molex Electronic Technologies LLC		3.900			04/15/25		206,268
175,000		Northrop Grumman Corp		3.250			01/15/28		182,412
300,000		Parker-Hannifin Corp		3.250			06/14/29		312,983
125,000		Roper Technologies, Inc		3.800			12/15/26		134,220
100,000		Textron, Inc		3.875			03/01/25		105,917
45,000	g	TransDigm, Inc		5.500			11/15/27		45,505
250,000		United Technologies Corp		4.125			11/16/28		281,390

		TOTAL CAPITAL GOODS							1,893,719


COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
15,000	g	ASGN, Inc		4.625			05/15/28		15,418
65,000	g	GFL Environmental, Inc		5.125			12/15/26		68,340
50,000	g	Prime Security Services Borrower LLC		5.750			04/15/26		54,344
350,000		Republic Services, Inc		3.550			06/01/22		361,450
290,000		Republic Services, Inc		2.900			07/01/26		296,782
100,000		Waste Management, Inc		2.950			06/15/24		103,259
175,000		Waste Management, Inc		3.150			11/15/27		182,396
125,000		Waste Management, Inc		3.450			06/15/29		133,681
50,000		Waste Management, Inc		4.100			03/01/45		56,031
100,000		Waste Management, Inc		4.150			07/15/49		114,073

		TOTAL COMMERCIAL & PROFESSIONAL SERVICES							1,385,774


CONSUMER SERVICES - 0.3%
500,000		Anheuser-Busch Cos LLC		3.650			02/01/26		532,621
60,000		Boyd Gaming Corp		6.000			08/15/26		64,425
60,000	g	International Game Technology		6.250			01/15/27		67,500
10,000	g	Live Nation Entertainment, Inc		4.750			10/15/27		10,350

		TOTAL CONSUMER SERVICES							674,896


DIVERSIFIED FINANCIALS - 3.3%
150,000		AerCap Ireland Capital DAC		3.650			07/21/27		154,392
100,000		Ameriprise Financial, Inc		3.000			03/22/22		102,248
100,000		Bank of Montreal		3.803			12/15/32		104,295
25,000		Berkshire Hathaway, Inc		3.125			03/15/26		26,325
150,000	g	BNP Paribas S.A.		2.819			11/19/25		151,638
200,000	g	Credit Suisse Group AG.		2.997			12/14/23		203,620
200,000		Credit Suisse Group Funding Guernsey Ltd		3.800			06/09/23		209,256
150,000		Credit Suisse Group Funding Guernsey Ltd		3.750			03/26/25		158,627
150,000		Ford Motor Credit Co LLC		3.096			05/04/23		149,792
200,000		GE Capital International Funding Co		3.373			11/15/25		208,168
275,000		GE Capital International Funding Co		4.418			11/15/35		292,813
100,000		General Motors Financial Co, Inc		5.650			01/17/29		112,937
300,000		Goldman Sachs Group, Inc		3.500			01/23/25		314,530
400,000		Goldman Sachs Group, Inc		3.691			06/05/28		424,616
100,000		Goldman Sachs Group, Inc		3.814			04/23/29		107,114
100,000		Goldman Sachs Group, Inc		4.017			10/31/38		108,414
125,000		Goldman Sachs Group, Inc		4.800			07/08/44		151,132
50,000	g	Icahn Enterprises LP		5.250			05/15/27		51,132
250,000	g	ICICI Bank Ltd		3.800			12/14/27		255,839
100,000		International Lease Finance Corp		5.875			08/15/22		108,897
150,000		Morgan Stanley		3.125			01/23/23		154,178
250,000		Morgan Stanley		3.737			04/24/24		261,154
200,000		Morgan Stanley		2.720			07/22/25		202,422
700,000		Morgan Stanley		3.125			07/27/26		722,016
15,000		Springleaf Finance Corp		5.375			11/15/29		15,657
200,000	g	Swiss Re Finance Luxembourg SA		5.000			04/02/49		221,979
150,000		Synchrony Financial		4.250			08/15/24		159,969
200,000	g	UBS AG.		2.450			12/01/20		200,693

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 200,000	g	UBS Group AG.		2.859	%		08/15/23	$	203,118
175,000		Unilever Capital Corp		2.900			05/05/27		182,567
150,000		Wells Fargo & Co		3.750			01/24/24		158,432
100,000		Wells Fargo & Co		3.550			09/29/25		105,814
300,000		Wells Fargo & Co		3.000			04/22/26		308,169
350,000		Wells Fargo & Co		2.879			10/30/30		351,898

		TOTAL DIVERSIFIED FINANCIALS							6,643,851


ENERGY - 3.4%
50,000	g	Antero Midstream Partners LP		5.750			03/01/27		43,969
100,000	g	APT Pipelines Ltd		4.250			07/15/27		107,392
75,000		Archrock Partners LP		6.000			10/01/22		75,562
100,000		BP Capital Markets America, Inc		2.520			09/19/22		101,268
300,000		BP Capital Markets America, Inc		3.796			09/21/25		324,367
125,000		BP Capital Markets plc		3.279			09/19/27		131,382
125,000		Cenovus Energy, Inc		4.250			04/15/27		132,290
100,000		Cheniere Energy Partners LP		5.625			10/01/26		105,750
150,000		Diamondback Energy, Inc		2.875			12/01/24		151,610
100,000		Diamondback Energy, Inc		3.250			12/01/26		101,106
50,000		Ecopetrol S.A.		5.875			09/18/23		55,323
60,000		Ecopetrol S.A.		5.875			05/28/45		70,725
250,000		Enbridge, Inc		3.125			11/15/29		252,735
150,000		Energy Transfer Operating LP		4.750			01/15/26		162,279
150,000		Energy Transfer Operating LP		4.950			06/15/28		164,174
100,000		Energy Transfer Operating LP		5.250			04/15/29		112,225
100,000		Energy Transfer Operating LP		6.250			04/15/49		120,350
100,000		Enterprise Products Operating LLC		3.700			02/15/26		106,364
100,000		Enterprise Products Operating LLC		3.125			07/31/29		102,610
100,000		Enterprise Products Operating LLC		4.250			02/15/48		107,118
100,000		Enterprise Products Operating LLC		4.200			01/31/50		106,967
125,000		Marathon Oil Corp		4.400			07/15/27		135,799
75,000		Marathon Petroleum Corp		3.800			04/01/28		78,855
225,000		MPLX LP		4.000			03/15/28		232,756
225,000		MPLX LP		4.500			04/15/38		228,429
125,000		MPLX LP		4.700			04/15/48		127,003
75,000		Murphy Oil Corp		5.875			12/01/27		78,750
25,000		Noble Energy, Inc		3.850			01/15/28		26,386
150,000		Noble Energy, Inc		5.050			11/15/44		167,004
200,000		Occidental Petroleum Corp		3.500			08/15/29		203,885
200,000		Occidental Petroleum Corp		4.300			08/15/39		203,442
75,000		Occidental Petroleum Corp		4.100			02/15/47		72,690
100,000		ONEOK, Inc		4.000			07/13/27		106,380
225,000		ONEOK, Inc		4.350			03/15/29		243,394
350,000		ONEOK, Inc		3.400			09/01/29		355,140
200,000	g	Pertamina Persero PT		3.650			07/30/29		208,866
100,000		Petrobras Global Finance BV		5.999			01/27/28		114,025
50,000		Petrobras Global Finance BV		7.250			03/17/44		60,650
100,000		Petroleos Mexicanos		6.500			03/13/27		106,172
50,000		Petroleos Mexicanos		5.350			02/12/28		49,750
141,000	g	Petroleos Mexicanos		6.840			01/23/30		150,354
175,000		Phillips 66 Partners LP		3.550			10/01/26		183,148
200,000		Phillips 66 Partners LP		3.150			12/15/29		198,998
175,000		Sabine Pass Liquefaction LLC		4.200			03/15/28		185,291
125,000		Sunoco Logistics Partners Operations LP		4.000			10/01/27		129,177
25,000		Sunoco Logistics Partners Operations LP		5.400			10/01/47		27,109
25,000		Targa Resources Partners LP		5.875			04/15/26		26,562
25,000	g	Targa Resources Partners LP		6.500			07/15/27		27,375
350,000		TransCanada PipeLines Ltd		4.250			05/15/28		388,299
40,000		USA Compression Partners LP		6.875			04/01/26		42,000
25,000		USA Compression Partners LP		6.875			09/01/27		26,040
25,000		Vale Overseas Ltd		6.875			11/21/36		32,500
75,000		Williams Partners LP		3.750			06/15/27		78,142

		TOTAL ENERGY							6,929,937

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

FOOD & STAPLES RETAILING - 1.5%
$ 100,000		Albertsons Cos LLC		6.625	%		06/15/24	$	104,666
400,000		CVS Health Corp		2.625			08/15/24		403,081
275,000		CVS Health Corp		2.875			06/01/26		279,041
300,000		CVS Health Corp		4.300			03/25/28		327,370
150,000		CVS Health Corp		3.250			08/15/29		152,233
400,000		CVS Health Corp		4.780			03/25/38		453,383
200,000		CVS Health Corp		5.050			03/25/48		236,296
109,000		Ingles Markets, Inc		5.750			06/15/23		111,044
100,000		Kroger Co		3.700			08/01/27		106,966
50,000		Kroger Co		4.450			02/01/47		53,040
450,000		Walmart, Inc		3.700			06/26/28		495,833
200,000		Walmart, Inc		2.375			09/24/29		199,937
125,000		Walmart, Inc		3.950			06/28/38		144,557

		TOTAL FOOD & STAPLES RETAILING							3,067,447


FOOD, BEVERAGE & TOBACCO - 1.1%
75,000		Altria Group, Inc		4.800			02/14/29		83,491
100,000		Altria Group, Inc		5.950			02/14/49		120,905
135,000		Anheuser-Busch InBev Finance, Inc		3.300			02/01/23		139,764
125,000		Anheuser-Busch InBev Worldwide, Inc		4.150			01/23/25		135,993
300,000		Anheuser-Busch InBev Worldwide, Inc		4.750			01/23/29		347,297
85,000		Anheuser-Busch InBev Worldwide, Inc		4.439			10/06/48		95,249
200,000	g	BRF S.A.		4.875			01/24/30		206,252
100,000		Constellation Brands, Inc		4.400			11/15/25		109,163
100,000		Constellation Brands, Inc		3.600			02/15/28		105,686
100,000		Constellation Brands, Inc		3.150			08/01/29		101,003
100,000		Diageo Capital plc		2.125			10/24/24		99,935
100,000		Diageo Capital plc		2.375			10/24/29		98,515
100,000		Kellogg Co		3.400			11/15/27		104,385
125,000	g	Kraft Heinz Foods Co		3.750			04/01/30		128,617
100,000		Tyson Foods, Inc		3.900			09/28/23		106,010
100,000		Tyson Foods, Inc		3.550			06/02/27		106,294
100,000		Tyson Foods, Inc		5.100			09/28/48		125,528

		TOTAL FOOD, BEVERAGE & TOBACCO							2,214,087


HEALTH CARE EQUIPMENT & SERVICES - 1.0%
163,000		Becton Dickinson & Co		3.700			06/06/27		173,522
100,000		Boston Scientific Corp		4.000			03/01/29		110,525
200,000		Children’s Hospital Medic		4.268			05/15/44		227,673
100,000		Covidien International Finance S.A.		3.200			06/15/22		102,692
250,000		Dartmouth-Hitchcock Health		4.178			08/01/48		278,024
160,000		HCA, Inc		5.625			09/01/28		182,336
100,000		HCA, Inc		5.500			06/15/47		114,629
12,000		Medtronic, Inc		4.625			03/15/45		15,069
500,000	g	SBA Tower Trust		2.836			01/15/25		504,877
175,000		Thermo Fisher Scientific, Inc		2.950			09/19/26		179,781
100,000		Zimmer Biomet Holdings, Inc		3.700			03/19/23		104,165
55,000		Zimmer Biomet Holdings, Inc		3.550			04/01/25		57,948

		TOTAL HEALTH CARE EQUIPMENT & SERVICES							2,051,241


INSURANCE - 1.8%
100,000		American Financial Group, Inc		3.500			08/15/26		102,921
200,000		American International Group, Inc		3.900			04/01/26		214,170
175,000		Aon plc		3.500			06/14/24		183,402
100,000		Berkshire Hathaway Finance Corp		4.250			01/15/49		118,257
75,000	g	Centene Corp		4.250			12/15/27		77,156
100,000		Chubb INA Holdings, Inc		2.875			11/03/22		102,554
100,000		CNA Financial Corp		3.950			05/15/24		106,793
100,000		CNA Financial Corp		3.450			08/15/27		104,097
100,000		CNA Financial Corp		3.900			05/01/29		107,536
100,000		Hartford Financial Services Group, Inc		2.800			08/19/29		101,021

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 100,000		Hartford Financial Services Group, Inc		4.300	%		04/15/43	$	110,708
100,000		Hartford Financial Services Group, Inc		3.600			08/19/49		102,605
100,000		Humana, Inc		3.950			03/15/27		107,502
100,000	g	Liberty Mutual Group, Inc		4.500			06/15/49		111,321
100,000		Lincoln National Corp		3.800			03/01/28		106,473
100,000		MetLife, Inc		3.600			11/13/25		107,361
100,000		Principal Financial Group, Inc		3.700			05/15/29		108,907
100,000	g	Prudential Funding LLC		6.750			09/15/23		114,452
200,000		Reinsurance Group of America, Inc		3.900			05/15/29		213,113
100,000		Verisk Analytics, Inc		4.125			03/15/29		109,676
500,000	g,i	Vitality Re IV Ltd		3.294			01/08/21		500,000
500,000	g,i	Vitality Re IX Ltd		3.144			01/10/22		499,550
250,000	g,i	Vitality Re X Ltd		3.294			01/10/23		250,250
25,000		WR Berkley Corp		5.375			09/15/20		25,559

		TOTAL INSURANCE							3,685,384


MATERIALS - 1.1%
100,000		ArcelorMittal		6.250			02/25/22		107,790
200,000	g	Celulosa Arauco y Constitucion S.A.		4.250			04/30/29		203,000
200,000	g	Cemex SAB de C.V.		5.450			11/19/29		209,000
200,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625			08/01/27		207,671
125,000		DowDuPont, Inc		5.319			11/15/38		148,864
40,000	g	Enviva Partners LP		6.500			01/15/26		42,825
200,000	g	Industrias Penoles SAB de C.V.		4.150			09/12/29		206,500
250,000		International Paper Co		4.350			08/15/48		265,360
100,000	g	James Hardie International Finance DAC		4.750			01/15/25		103,750
100,000	g	Midwest Connector Capital Co LLC		3.900			04/01/24		104,993
100,000	g	Midwest Connector Capital Co LLC		4.625			04/01/29		108,864
100,000		Nutrien Ltd		3.375			03/15/25		103,530
60,000	g	OCI NV		6.625			04/15/23		62,549
80,000	g	Owens-Brockway Glass Container, Inc		5.875			08/15/23		85,400
200,000	g	SABIC Capital II BV		4.000			10/10/23		210,345
10,000	g	Univar Solutions USA, Inc		5.125			12/01/27		10,438
100,000		Westlake Chemical Corp		3.600			08/15/26		103,566

		TOTAL MATERIALS							2,284,445


MEDIA & ENTERTAINMENT - 2.0%
200,000	g	Cable Onda S.A.		4.500			01/30/30		210,600
75,000		Charter Communications Operating LLC		3.579			07/23/20		75,477
175,000		Charter Communications Operating LLC		4.908			07/23/25		192,632
150,000		Charter Communications Operating LLC		3.750			02/15/28		155,408
100,000		Charter Communications Operating LLC		5.375			05/01/47		111,878
50,000		Charter Communications Operating LLC		5.125			07/01/49		54,258
100,000		Charter Communications Operating LLC		4.800			03/01/50		105,084
100,000		Comcast Corp		3.700			04/15/24		106,544
200,000		Comcast Corp		3.950			10/15/25		218,115
300,000		Comcast Corp		2.350			01/15/27		299,399
150,000		Comcast Corp		3.150			02/15/28		157,062
150,000		Comcast Corp		4.150			10/15/28		168,733
200,000		Comcast Corp		2.650			02/01/30		200,549
300,000		Comcast Corp		3.200			07/15/36		306,086
100,000		Comcast Corp		3.450			02/01/50		102,161
50,000	g	Diamond Sports Group LLC		6.625			08/15/27		48,625
100,000		Discovery Communications LLC		2.950			03/20/23		101,857
100,000		Discovery Communications LLC		4.125			05/15/29		107,937
100,000	g	Gray Escrow, Inc		7.000			05/15/27		111,125
35,000		Grupo Televisa SAB		6.625			01/15/40		43,555
100,000		LYB International Finance III LLC		4.200			10/15/49		104,040
40,000		Meredith, Corp		6.875			02/01/26		41,588
50,000	g	Nielsen Finance LLC		5.000			04/15/22		50,188
60,000	g	Terrier Media Buyer, Inc		8.875			12/15/27		63,450

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 75,000		Time Warner Cable LLC		5.875	%		11/15/40	$	85,882
25,000		ViacomCBS, Inc		2.900			06/01/23		25,503
100,000		ViacomCBS, Inc		3.375			02/15/28		103,309
50,000		ViacomCBS, Inc		5.850			09/01/43		62,483
500,000		Walt Disney Co		3.000			09/15/22		514,666
100,000		Walt Disney Co		2.000			09/01/29		96,933

		TOTAL MEDIA & ENTERTAINMENT							4,025,127


PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.5%
100,000		Abbott Laboratories		3.875			09/15/25		108,817
227,000		Abbott Laboratories		3.750			11/30/26		247,869
100,000		Abbott Laboratories		5.300			05/27/40		131,154
100,000		AbbVie, Inc		2.850			05/14/23		101,936
300,000	g	AbbVie, Inc		2.950			11/21/26		304,486
200,000	g	AbbVie, Inc		3.200			11/21/29		203,335
225,000	g	AbbVie, Inc		4.050			11/21/39		237,782
125,000		AbbVie, Inc		4.400			11/06/42		134,896
50,000		AbbVie, Inc		4.450			05/14/46		53,397
100,000	g	AbbVie, Inc		4.250			11/21/49		105,244
100,000		AstraZeneca plc		3.125			06/12/27		104,190
15,000	g	Bausch Health Cos, Inc		5.000			01/30/28		15,396
75,000	g	Bristol-Myers Squibb Co		3.875			08/15/25		81,076
275,000	g	Bristol-Myers Squibb Co		3.450			11/15/27		293,946
250,000	g	Bristol-Myers Squibb Co		3.400			07/26/29		267,161
100,000	g	Bristol-Myers Squibb Co		4.250			10/26/49		118,331
150,000		Johnson & Johnson		2.900			01/15/28		156,617
100,000		Johnson & Johnson		3.400			01/15/38		106,997
175,000		Novartis Capital Corp		3.000			11/20/25		183,775
150,000		Teva Pharmaceutical Finance Netherlands III BV		3.150			10/01/26		124,875

		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							3,081,280


REAL ESTATE - 2.2%
100,000		Alexandria Real Estate Equities, Inc		3.950			01/15/27		107,571
100,000		Alexandria Real Estate Equities, Inc		3.950			01/15/28		107,321
100,000		American Tower Corp		3.000			06/15/23		102,349
100,000		American Tower Corp		2.950			01/15/25		102,167
50,000		American Tower Corp		3.375			10/15/26		51,934
150,000		American Tower Corp		3.800			08/15/29		160,144
150,000		Brandywine Operating Partnership LP		4.100			10/01/24		158,842
200,000		Brixmor Operating Partnership LP		3.850			02/01/25		209,883
100,000		Camden Property Trust		3.150			07/01/29		104,016
110,000		Crown Castle International Corp		4.875			04/15/22		116,484
50,000		Crown Castle International Corp		3.700			06/15/26		52,805
50,000		Digital Realty Trust LP		3.700			08/15/27		52,924
100,000		Duke Realty LP		3.250			06/30/26		103,507
75,000		Essex Portfolio LP		3.375			01/15/23		77,119
100,000		Essex Portfolio LP		3.000			01/15/30		101,057
100,000		Healthcare Realty Trust, Inc		3.750			04/15/23		103,197
175,000		Healthcare Realty Trust, Inc		3.875			05/01/25		184,015
100,000		Healthcare Trust of America Holdings LP		3.700			04/15/23		103,367
125,000		Healthcare Trust of America Holdings LP		3.500			08/01/26		130,358
100,000		Healthcare Trust of America Holdings LP		3.100			02/15/30		99,163
100,000		Healthpeak Properties, Inc		3.500			07/15/29		104,165
100,000		Highwoods Realty LP		3.875			03/01/27		104,750
50,000		iStar, Inc		4.750			10/01/24		51,813
100,000		Liberty Property LP		4.375			02/01/29		113,690
100,000		Mid-America Apartments LP		4.300			10/15/23		106,948
125,000		Mid-America Apartments LP		3.750			06/15/24		131,753
100,000		Mid-America Apartments LP		3.600			06/01/27		106,018
200,000		Mid-America Apartments LP		2.750			03/15/30		199,254
50,000		National Retail Properties, Inc		3.800			10/15/22		52,022

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 100,000		National Retail Properties, Inc		3.300	%		04/15/23	$	102,885
100,000		National Retail Properties, Inc		4.000			11/15/25		107,189
100,000		Regency Centers Corp		3.750			11/15/22		104,103
150,000		Regency Centers LP		3.900			11/01/25		159,682
200,000		Regency Centers LP		3.600			02/01/27		209,662
100,000		Regency Centers LP		2.950			09/15/29		99,794
87,000		SITE Centers Corp		3.625			02/01/25		89,663
50,000		Weingarten Realty Investors		3.375			10/15/22		51,177
100,000		Weingarten Realty Investors		3.500			04/15/23		102,373
100,000		Weingarten Realty Investors		4.450			01/15/24		105,888
100,000		Weingarten Realty Investors		3.850			06/01/25		104,259
100,000		Weingarten Realty Investors		3.250			08/15/26		100,416

		TOTAL REAL ESTATE							4,535,727


RETAILING - 0.2%
50,000		AutoNation, Inc		3.800			11/15/27		50,760
45,000	g	Lithia Motors, Inc		4.625			12/15/27		46,254
125,000		O’Reilly Automotive, Inc		3.600			09/01/27		133,273
125,000		Target Corp		3.625			04/15/46		136,307

		TOTAL RETAILING							366,594


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
300,000		Intel Corp		2.875			05/11/24		311,366
70,000		Intel Corp		2.600			05/19/26		71,697
25,000		Intel Corp		3.734			12/08/47		27,554
100,000	g	NXP BV		3.875			06/18/26		105,964
100,000		Texas Instruments, Inc		2.625			05/15/24		102,586
25,000		Texas Instruments, Inc		4.150			05/15/48		29,635

		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							648,802


SOFTWARE & SERVICES - 1.4%
10,000	g	Camelot Finance S.A.		4.500			11/01/26		10,275
100,000		CyrusOne LP		2.900			11/15/24		100,384
100,000		Fidelity National Information Services, Inc		3.750			05/21/29		109,330
250,000		Fiserv, Inc		2.750			07/01/24		254,223
250,000		Fiserv, Inc		3.500			07/01/29		262,400
100,000		Global Payments, Inc		2.650			02/15/25		100,357
175,000		Global Payments, Inc		3.200			08/15/29		178,481
100,000		IHS Markit Ltd		4.125			08/01/23		106,257
100,000		IHS Markit Ltd		4.250			05/01/29		107,762
500,000		International Business Machines Corp		3.500			05/15/29		537,186
400,000		Microsoft Corp		2.400			08/08/26		404,856
100,000		Microsoft Corp		4.100			02/06/37		117,967
110,000		Microsoft Corp		3.700			08/08/46		124,027
125,000		Oracle Corp		2.500			05/15/22		126,587
175,000		Oracle Corp		2.650			07/15/26		178,838
100,000		salesforce.com, Inc		3.700			04/11/28		109,572

		TOTAL SOFTWARE & SERVICES							2,828,502


TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
200,000		Amphenol Corp		2.800			02/15/30		197,825
275,000		Apple, Inc		2.450			08/04/26		278,637
400,000		Apple, Inc		2.050			09/11/26		396,709
75,000		Broadcom Corp		3.875			01/15/27		77,824
250,000		Cisco Systems, Inc		1.850			09/20/21		250,106
100,000		Corning, Inc		4.375			11/15/57		102,721
225,000	g	Dell International LLC		4.420			06/15/21		231,500
100,000	g	Dell International LLC		5.300			10/01/29		112,607
200,000	g	Empresas Publicas de Medellin ESP		4.250			07/18/29		207,841
100,000	g	L3Harris Technologies, Inc		3.850			06/15/23		105,267
100,000		L3Harris Technologies, Inc		2.900			12/15/29		101,435

		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							2,062,472

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

TELECOMMUNICATION SERVICES - 2.0%
$ 250,000		AT&T, Inc		3.400	%		05/15/25	$	261,857
175,000		AT&T, Inc		3.600			07/15/25		185,074
100,000		AT&T, Inc		3.800			02/15/27		106,488
550,000		AT&T, Inc		4.350			03/01/29		611,069
300,000		AT&T, Inc		4.300			02/15/30		333,291
150,000		AT&T, Inc		4.500			05/15/35		166,802
100,000		AT&T, Inc		4.500			03/09/48		110,329
200,000	g	C&W Senior Financing Designated Activity Co		7.500			10/15/26		216,572
50,000		Deutsche Telekom International Finance BV		8.750			06/15/30		73,384
200,000	g	MTN Mauritius Investment Ltd		6.500			10/13/26		220,988
50,000		Orange S.A.		5.375			01/13/42		64,237
100,000		Rogers Communications, Inc		3.700			11/15/49		100,611
100,000		Telefonica Emisiones SAU		4.103			03/08/27		108,132
50,000		T-Mobile USA, Inc		6.375			03/01/25		51,666
14,000		Verizon Communications, Inc		3.376			02/15/25		14,815
533,000		Verizon Communications, Inc		4.329			09/21/28		604,118
100,000		Verizon Communications, Inc		3.875			02/08/29		110,275
86,000		Verizon Communications, Inc		4.016			12/03/29		96,062
258,000		Verizon Communications, Inc		4.272			01/15/36		291,311
150,000		Vodafone Group plc		4.375			05/30/28		166,103

		TOTAL TELECOMMUNICATION SERVICES							3,893,184


TRANSPORTATION - 1.0%
150,000		Boeing Co		2.950			02/01/30		153,311
50,000		Boeing Co		3.750			02/01/50		52,994
100,000		CSX Corp		3.800			03/01/28		109,002
100,000		CSX Corp		4.250			03/15/29		112,499
175,000		CSX Corp		2.400			02/15/30		170,999
100,000		CSX Corp		3.800			11/01/46		104,533
200,000		CSX Corp		4.300			03/01/48		226,636
125,000		CSX Corp		3.350			09/15/49		122,863
125,000		Delta Air Lines, Inc		3.800			04/19/23		129,625
200,000		Delta Air Lines, Inc		2.900			10/28/24		200,086
100,000		Delta Air Lines, Inc		3.750			10/28/29		99,841
400,000		FedEx Corp		3.100			08/05/29		399,130
100,000		Union Pacific Corp		3.950			09/10/28		110,349
125,000	g	Union Pacific Corp		3.839			03/20/60		126,339

		TOTAL TRANSPORTATION							2,118,207


UTILITIES - 2.0%
200,000	g	Adani Transmission Ltd		4.250			05/21/36		201,230
100,000		AEP Transmission Co LLC		3.100			12/01/26		103,523
100,000		AEP Transmission Co LLC		4.000			12/01/46		110,978
100,000		American Water Capital Corp		3.000			12/01/26		101,976
100,000		American Water Capital Corp		4.000			12/01/46		108,451
150,000		American Water Capital Corp		3.750			09/01/47		158,338
125,000		Baltimore Gas & Electric Co		3.750			08/15/47		133,062
100,000		Baltimore Gas & Electric Co		3.200			09/15/49		97,664
50,000		Berkshire Hathaway Energy Co		3.250			04/15/28		52,799
200,000		Black Hills Corp		4.250			11/30/23		211,890
100,000		Black Hills Corp		3.150			01/15/27		101,095
100,000		Dominion Energy Gas Holdings LLC		2.500			11/15/24		100,375
175,000		Exelon Generation Co LLC		3.400			03/15/22		179,550
100,000		Florida Power & Light Co		3.990			03/01/49		114,381
100,000		Florida Power & Light Co		3.150			10/01/49		100,790
100,000		Indiana Michigan Power Co		3.750			07/01/47		104,544
200,000	g	Israel Electric Corp Ltd		4.250			08/14/28		217,593
150,000		MidAmerican Energy Co		3.650			04/15/29		163,808
125,000		MidAmerican Energy Co		3.650			08/01/48		134,735
100,000		Northern States Power Co		2.900			03/01/50		95,253
50,000		NRG Energy, Inc		5.750			01/15/28		54,250

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE

$ 125,000		Ohio Power Co			4.150	%		04/01/48	$	141,048
125,000		Ohio Power Co			4.000			06/01/49		139,935
100,000		ONE Gas, Inc			3.610			02/01/24		105,055
100,000		PECO Energy Co			3.000			09/15/49		95,807
200,000	g	Perusahaan Listrik Negara PT			3.875			07/17/29		208,500
175,000		PSEG Power LLC			3.850			06/01/23		183,556
125,000		Public Service Co of Colorado			3.200			03/01/50		125,198
100,000		Public Service Electric & Gas Co			3.200			08/01/49		100,697
150,000		Southwest Gas Corp			3.700			04/01/28		160,835
55,000		Virginia Electric & Power Co			2.950			01/15/22		55,943
75,000		Virginia Electric & Power Co			2.950			11/15/26		77,648
50,000		Virginia Electric & Power Co			3.500			03/15/27		53,427

		TOTAL UTILITIES								4,093,934

		TOTAL CORPORATE BONDS								74,241,919

		(Cost $70,557,292)

GOVERNMENT BONDS - 39.9%

AGENCY SECURITIES - 0.4%
400,000		Private Export Funding Corp (PEFCO)			2.250			03/15/20		400,414
250,000	g	Reliance Industries Ltd			3.667			11/30/27		258,810

		TOTAL AGENCY SECURITIES								659,224


FOREIGN GOVERNMENT BONDS - 2.5%
150,000	†	Argentina Republic Government International Bond			5.625			01/26/22		77,625
200,000	g	Bermuda Government International Bond			3.717			01/25/27		210,002
250,000	g	Bermuda Government International Bond			4.750			02/15/29		282,187
150,000	g	Caisse d’Amortissement de la Dette Sociale			1.875			07/28/20		150,030
200,000		Colombia Government International Bond			5.000			06/15/45		232,300
200,000	g	Costa Rica Government International Bond			5.625			04/30/43		185,500
225,000	g	Ecuador Government International Bond			9.650			12/13/26		213,750
200,000	g	Egypt Government International Bond			5.577			02/21/23		209,080
100,000		European Investment Bank			4.875			02/15/36		133,727
250,000	g	Guatemala Government International Bond			4.500			05/03/26		262,500
250,000	g	Iraq Government International Bond			5.800			01/15/28		244,218
200,000		Japan Bank for International Cooperation			2.375			04/20/26		202,260
100,000	g	Japan Finance Organization for Municipalities			3.000			03/12/24		103,388
250,000	g	Korea Housing Finance Corp			2.000			10/11/21		249,039
1,000,000		Kreditanstalt fuer Wiederaufbau			2.750			10/01/20		1,007,777
200,000		Mexico Government International Bond			3.600			01/30/25		209,052
250,000		Mexico Government International Bond			4.150			03/28/27		267,875
32,000		Mexico Government International Bond			6.050			01/11/40		41,600
160,000	g	Panama Notas del Tesoro			3.750			04/17/26		168,400
150,000	†,g	Provincia de Buenos Aires			7.875			06/15/27		63,750
200,000	g	Provincia de Mendoza Argentina			8.375			05/19/24		149,000
300,000	g	Republic of Uzbekistan Government International Bond			4.750			02/20/24		318,178
200,000	g	Zambia Government International Bond			8.500			04/14/24		137,427

		TOTAL FOREIGN GOVERNMENT BONDS								5,118,665


MORTGAGE BACKED - 19.5%
163,978		Federal Home Loan Mortgage Corp (FHLMC)			3.500			08/15/43		170,063
150,235	i	FHLMC			4.180			03/15/44		25,380
578,972		FHLMC			4.000			10/01/47		622,022
378,853	i	FHLMC	LIBOR 1 M + 0.300%		2.040			06/15/48		375,069
236,783	i	FHLMC			7.136			06/15/48		284,280
354,530	i	FHLMC			7.056			10/15/48		416,079
33,642		Federal Home Loan Mortgage Corp Gold (FGLMC)			5.000			06/01/36		37,109
11,449		FGLMC			5.000			07/01/39		12,637
270,561		FGLMC			3.500			04/01/45		288,085
787,829		FGLMC			3.500			08/01/45		840,168
1,089,270		FGLMC			3.500			10/01/45		1,148,372

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 344,059		FGLMC		4.000	%		12/01/45	$	369,931
376,222		FGLMC		3.500			08/01/46		398,074
2,106,229		FGLMC		3.000			01/01/47		2,157,125
1,335,479		FGLMC		3.000			02/01/47		1,367,735
78,962		FGLMC		3.500			02/01/47		81,977
18,594		FGLMC		4.500			06/01/47		20,072
538,370		FGLMC		4.000			09/01/47		574,731
210,243		FGLMC		3.500			12/01/47		222,448
671,650		FGLMC		3.500			03/01/48		708,948
199,655		FGLMC		4.000			03/01/48		213,661
170,781		FGLMC		4.000			07/01/48		182,710
230,985		FGLMC		4.500			08/01/48		251,127
11,849		Federal National Mortgage Association (FNMA)		6.000			08/01/21		12,097
179,406		FNMA		3.500			06/01/32		187,935
156,161		FNMA		5.000			05/01/35		172,091
7,082		FNMA		7.500			07/01/35		7,103
172,140		FNMA		5.000			02/01/36		189,774
394,382		FNMA		3.000			10/01/39		403,527
353,780		FNMA		5.000			09/01/40		390,244
184,299	i	FNMA		4.158			09/25/43		33,532
73,855		FNMA		4.000			01/01/44		79,023
58,367		FNMA		4.500			03/01/44		63,345
305,009		FNMA		4.500			10/01/44		329,242
607,321		FNMA		4.500			11/01/44		655,403
168,928		FNMA		5.000			11/01/44		185,691
61,287		FNMA		4.000			01/01/45		65,232
389,990		FNMA		3.000			02/25/45		399,294
70,396		FNMA		3.000			02/25/45		71,632
204,009		FNMA		4.000			06/01/45		218,413
165,720		FNMA		4.000			12/01/45		177,976
1,251,701		FNMA		3.000			12/25/45		1,280,255
663,657		FNMA		3.500			01/01/46		701,771
433,718		FNMA		4.000			01/01/46		466,037
26,693		FNMA		4.000			03/01/46		28,599
254,515		FNMA		3.500			07/01/46		268,930
628,402		FNMA		3.500			07/01/46		664,258
312,154		FNMA		3.000			10/01/46		313,895
549,294		FNMA		3.000			11/01/46		562,213
764,480		FNMA		3.500			12/01/46		794,539
683,541		FNMA		3.500			01/01/47		708,629
111,228		FNMA		3.000			04/25/47		113,555
53,502		FNMA		3.500			08/01/47		55,795
509,299		FNMA		3.500			09/01/47		531,380
35,508		FNMA		3.000			11/01/47		35,705
67,662		FNMA		3.000			11/01/47		68,037
300,125		FNMA		3.500			11/01/47		318,158
552,163		FNMA		4.000			12/01/47		590,731
117,346		FNMA		3.500			01/01/48		124,168
210,659		FNMA		4.500			01/01/48		229,080
265,830		FNMA		3.500			02/01/48		275,750
190,694		FNMA		4.500			02/01/48		207,205
968,085		FNMA		3.000			02/25/48		997,169
176,919		FNMA		4.000			03/01/48		189,214
846,329		FNMA		4.500			03/01/48		919,604
463,594		FNMA		3.500			04/01/48		480,845
2,949,986		FNMA		4.000			04/01/48		3,091,903
170,122		FNMA		4.500			05/01/48		184,852
123,786		FNMA		4.500			05/01/48		134,504
351,054		FNMA		5.000			06/01/48		375,494
290,092		FNMA		4.500			07/01/48		305,449
486,602		FNMA		4.000			08/01/48		505,539
141,081		FNMA		4.500			08/01/48		148,873
229,452		FNMA		5.000			08/01/48		252,999

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE

$ 260,365	h	FNMA		4.000	%		09/01/48	$	271,141
2,825,184		FNMA		3.000			11/01/48		2,877,966
248,959		FNMA		4.500			11/01/48		262,613
265,977		FNMA		3.000			11/25/48		37,202
491,706		FNMA		4.500			12/01/48		517,304
105,651		FNMA		5.000			06/01/49		113,014
108,281		FNMA		3.000			08/01/49		111,665
256,301		FNMA		4.000			10/01/49		267,543
324,114	h	FNMA		3.000			12/01/49		328,590
1,006,331		FNMA		3.500			12/01/49		1,036,409
160,558		FNMA		4.000			12/01/49		167,309
255,000	h	FNMA		3.500			01/01/50		262,934
4,438		Government National Mortgage Association (GNMA)		5.000			03/15/34		4,749
48,327		GNMA		5.000			06/15/34		51,861
5,285		GNMA		5.000			04/15/38		5,886
11,376		GNMA		4.500			04/15/40		12,180
304,990	†	GNMA		4.000			06/20/46		43,181
335,472		GNMA		3.000			12/20/47		344,872
800,847		GNMA		3.500			12/20/47		831,809
355,505		GNMA		3.500			01/20/48		368,658
326,694		GNMA		3.500			01/20/49		341,990
956,226		GNMA		4.000			07/20/49		990,909

		TOTAL MORTGAGE BACKED							39,584,277


MUNICIPAL BONDS - 3.7%
200,000		City & County of San Francisco CA Community Facilities District		3.264			09/01/25		207,796
200,000		City & County of San Francisco CA Community Facilities District		4.038			09/01/34		214,630
100,000		City of Austin TX Electric Utility Revenue		2.456			11/15/22		101,605
100,000		City of Austin TX Electric Utility Revenue		2.524			11/15/23		101,765
100,000		City of Austin TX Electric Utility Revenue		2.574			11/15/24		101,962
100,000		City of Austin TX Electric Utility Revenue		2.677			11/15/25		102,468
300,000		City of New York NY		3.430			12/01/24		317,523
270,000		Commonwealth Financing Authority		3.864			06/01/38		289,659
500,000		County of Miami-Dade FL Aviation Revenue		3.049			10/01/26		513,885
415,000		Denver City & County School District No		4.242			12/15/37		461,862
300,000		Florida Hurricane Catastrophe Fund Finance Corp		2.995			07/01/20		301,926
300,000		Health & Educational Facilities Authority of the State of Missouri		3.651			01/15/46		320,847
335,000	i	Michigan Finance Authority		2.862			09/01/49		338,735
350,000	i	Michigan Finance Authority		2.988			09/01/49		358,526
170,000		New York State Dormitory Authority		4.294			07/01/44		185,237
200,000		Public Finance Authority		4.269			07/01/40		218,704
1,400,000		State of Illinois		5.100			06/01/33		1,509,242
300,000		State of Oregon Department of Administrative Services		4.103			05/01/39		320,922
1,000,000		State of Texas		3.295			10/01/25		1,068,450
500,000		University of California		3.063			07/01/25		523,575

		TOTAL MUNICIPAL BONDS							7,559,319


U.S. TREASURY SECURITIES - 13.8%
50,000		United States Treasury Bond		3.500			02/15/39		59,852
1,000,000		United States Treasury Bond		3.125			11/15/41		1,132,909
2,935,700		United States Treasury Bond		3.000			11/15/45		3,280,227
290,000		United States Treasury Bond		2.500			05/15/46		295,708
1,865,000		United States Treasury Bond		2.875			11/15/46		2,043,294
765,000		United States Treasury Bond		3.000			05/15/47		858,466
1,060,000		United States Treasury Bond		3.125			05/15/48		1,219,128
1,976,000		United States Treasury Bond		3.375			11/15/48		2,381,597
1,234,000		United States Treasury Bond		2.875			05/15/49		1,358,616
80,000		United States Treasury Bond		2.250			08/15/49		77,513
350,000		United States Treasury Bond		2.375			11/15/49		348,427
1,020,290	k	United States Treasury Inflation Indexed Bonds		0.500			04/15/24		1,036,729
385,000		United States Treasury Note		2.500			05/31/20		386,321

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE

$ 850,000		United States Treasury Note			2.500	%		12/31/20	$	857,030
4,095,000		United States Treasury Note			2.500			01/31/21		4,132,168
1,440,000		United States Treasury Note			2.500			02/28/21		1,453,893
1,625,000		United States Treasury Note			2.250			03/31/21		1,637,188
3,405,000		United States Treasury Note			2.250			04/30/21		3,433,276
1,000,000		United States Treasury Note			1.625			12/31/21		1,000,931
1,015,000		United States Treasury Note			1.750			11/15/29		998,883

		TOTAL U.S. TREASURY SECURITIES								27,992,156

		TOTAL GOVERNMENT BONDS								80,913,641

		(Cost $78,526,779)

STRUCTURED ASSETS - 20.4%

ASSET BACKED - 8.8%
500,000		AmeriCredit Automobile Receivables Trust Series - 2019 3 (Class A3)			2.060			04/18/24		500,196
100,000	g	AMSR Trust Series - 2019 SFR 1 (Class C)			3.148			01/19/39		98,140
100,000	g	AMSR Trust Series - 2019 SFR1 (Class D)			3.247			01/19/39		98,144
16,802	i	Asset Backed Securities Corp Home Equity Loan Trust Series - 2004 HE5 (Class M1)	LIBOR 1 M + 0.900%		3.386			08/25/34		16,671
500,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2019 1A (Class A)			3.450			03/20/23		511,399
200,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2019 1A (Class B)			3.700			03/20/23		203,733
500,000	g	Avis Budget Rental Car Funding AESOP LLC Series - 2017 2A (Class A)			2.970			03/20/24		508,464
362,070	g	BRE Grand Islander Timeshare Issuer LLC Series - 2019 A (Class A)			3.280			09/26/33		369,279
957,364	g	Capital Automotive REIT Series - 2014 1A (Class A)			3.660			10/15/44		955,452
472,948	g	Capital Automotive REIT Series - 2017 1A (Class A1)			3.870			04/15/47		476,385
144,702	†,g,i	CBRE Realty Finance Series - 2007 1A (Class A2)	LIBOR 3 M + 0.300%		2.343			04/07/52		0
9,568		Centex Home Equity Series - 2002 A (Class AF6)			5.540			01/25/32		9,691
490,000	g	DB Master Finance LLC Series - 2017 1A (Class A2I)			3.629			11/20/47		496,429
124,375	g	DB Master Finance LLC Series - 2019 1A (Class A2I)			3.787			05/20/49		127,030
124,375	g	DB Master Finance LLC Series - 2019 1A (Class A23)			4.352			05/20/49		128,856
155,213	g	Diamond Resorts Owner Trust Series - 2018 1 (Class A)			3.700			01/21/31		158,791
220,998	g	Diamond Resorts Owner Trust Series - 2019 1A (Class A)			2.890			02/20/32		221,107
338,624	g	Domino’s Pizza Master Issuer LLC Series - 2015 1A (Class A2II)			4.474			10/25/45		355,126
245,000	g	Domino’s Pizza Master Issuer LLC Series - 2017 1A (Class A2II)			3.082			07/25/47		245,196
222,188	g	Domino’s Pizza Master Issuer LLC Series - 2018 1A (Class A2I)			4.116			07/25/48		228,502
121,174	g,i	Ellington Loan Acquisition Trust Series - 2007 2 (Class A2C)	LIBOR 1 M + 1.100%		2.892			05/25/37		121,298
169,943	g	HERO Funding Trust Series - 2017 3A (Class A1)			3.190			09/20/48		169,393

100

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE

$ 169,955	g	HERO Funding Trust Series - 2017 3A (Class A2)			3.950	%		09/20/48	$	173,520
500,000	g	Hertz Vehicle Financing II LP Series - 2018 1A (Class A)			3.290			02/25/24		511,456
250,000	g	Hertz Vehicle Financing II LP Series - 2019 2A (Class A)			3.420			05/25/25		257,481
361,170	g	Hilton Grand Vacations Trust Series - 2017 AA (Class B)			2.960			12/26/28		362,404
237,480	g	Hilton Grand Vacations Trust Series - 2019 AA (Class A)			2.340			07/25/33		237,085
237,480	g	Hilton Grand Vacations Trust Series - 2019 AA (Class C)			2.840			07/25/33		236,487
9,404	i	Home Equity Asset Trust Series - 2003 1 (Class M1)	LIBOR 1 M + 1.500%		3.986			06/25/33		9,438
250,000		Honda Auto Receivables Owner Trust Series - 2019 4 (Class A3)			1.830			01/18/24		249,364
483,974	g	Horizon Aircraft Finance II Ltd Series - 2019 1 (Class A)			3.721			07/15/39		483,136
248,512	g	Horizon Aircraft Finance III Ltd Series - 2019 2 (Class A)			3.425			11/15/39		247,049
73,976	i	JP Morgan Mortgage Acquisition Trust Series - 2007 CH3 (Class A1B)	LIBOR 1 M + 0.320%		2.112			03/25/37		72,649
129,873	i	JP Morgan Mortgage Acquisition Trust Series - 2007 CH5 (Class A1)	LIBOR 1 M + 0.160%		1.952			06/25/37		127,917
500,000	g	MMAF Equipment Finance LLC Series - 2019 B (Class A2)			2.070			10/12/22		500,037
445,935	g	MVW Owner Trust Series - 2017 1A (Class A)			2.420			12/20/34		446,682
267,421	g	MVW Owner Trust Series - 2019 1A (Class B)			3.000			11/20/36		269,394
173,824	g	MVW Owner Trust Series - 2019 1A (Class C)			3.330			11/20/36		175,606
477,556	g	MVW Owner Trust Series - 2019 2A (Class C)			2.680			10/20/38		473,707
250,000	g	Navient Student Loan Trust Series - 2019 BA (Class A2A)			3.390			12/15/59		256,569
27,350	g,i	Orange Lake Timeshare Trust Series - 2014 AA (Class B)			3.030			07/09/29		27,266
493,750	g	Planet Fitness Master Issuer LLC			4.262			09/05/48		501,956
		Series - 2018 1A (Class A2I)
99,814	g	Progress Residential Trust Series - 2017 SFR2 (Class A)			2.897			12/17/34		99,888
100,000	g	Progress Residential Trust Series - 2019 SFR4 (Class B)			2.937			10/17/36		99,419
88,697	g,i	PRPM LLC (Step Bond) Series - 2019 2A (Class A1)			3.967			04/25/24		88,902
500,000	g	SERVPRO Master Issuer LLC Series - 2019 1A (Class A2)			3.882			10/25/49		501,840
472,872	g	Settlement Fee Finance LLC Series - 2019 1A (Class A)			3.840			11/01/49		471,452
344,501	g	Sierra Timeshare Receivables Funding LLC Series - 2017 1A (Class B)			3.200			03/20/34		346,278
163,517	g	Sierra Timeshare Receivables Funding LLC Series - 2019 1A (Class A)			3.200			01/20/36		164,941
163,517	g	Sierra Timeshare Receivables Funding LLC Series - 2019 1A (Class C)			3.770			01/20/36		166,092
199,661	g	Sierra Timeshare Receivables Funding LLC Series - 2019 2A (Class C)			3.120			05/20/36		199,826

101

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE

$ 232,862	g	Sierra Timeshare Receivables Funding LLC Series - 2019 3A (Class C)			3.000	%		08/20/36	$	232,651
73,463	g	SoFi Professional Loan Program LLC Series - 2016 A (Class A2)			2.760			12/26/36		73,691
500,000	g	SoFi Professional Loan Program LLC Series - 2017 F (Class A2FX)			2.840			01/25/41		503,764
147,957	g	SolarCity LMC Series - 2014 2 (Class A)			4.020			07/20/44		148,855
93,864	g,i	Starwood Waypoint Homes Series - 2017 1 (Class A)	LIBOR 1 M + 0.950%		2.690			01/17/35		93,682
9,613	i	Structured Asset Investment Loan Trust Series - 2004 8 (Class M1)	LIBOR 1 M + 0.900%		2.692			09/25/34		9,461
16,948	i	Structured Asset Investment Loan Trust Series - 2004 8 (Class A9)	LIBOR 1 M + 1.000%		2.792			09/25/34		16,937
495,000	g	Taco Bell Funding LLC Series - 2018 1A (Class A2I)			4.318			11/25/48		506,474
250,000	g	Tesla Auto Lease Trust Series - 2019 A (Class A3)			2.160			10/20/22		249,531
377,057	g	TLF National Tax Lien Trust Series - 2017 1A (Class B)			3.840			12/15/29		378,187
100,000	g	Tricon American Homes Trust Series - 2016 SFR1 (Class E)			4.878			11/17/33		101,554
99,354	g	Tricon American Homes Trust Series - 2017 SFR1 (Class A)			2.716			09/17/34		99,278
99,717	g	Tricon American Homes Trust Series - 2017 SFR2 (Class A)			2.928			01/17/36		100,371
500,000		Verizon Owner Trust Series - 2019 C (Class A1A)			1.940			04/22/24		499,347
150,000		Volkswagen Auto Lease Trust Series - 2019 A (Class A2A)			2.000			03/21/22		149,969
99,378	g,i	VOLT LXXV LLC (Step Bond) Series - 2019 NPL1 (Class A1A)			4.336			01/25/49		99,966
92,460	g,i	VOLT LXXV LLC (Step Bond) Series - 2019 NPL2 (Class A1)			3.967			02/25/49		92,722
86,035	g,i	VOLT LXXV LLC (Step Bond)			3.967			03/25/49		86,476
		Series - 2019 NPL3 (Class A1)
100,000	g,i	VOLT LXXXIV LLC (Step Bond)			3.967			12/27/49		99,863
		Series - 2019 NP10 (Class A1B)
490,000	g	Wendys Funding LLC			3.573			03/15/48		495,121
		Series - 2018 1A (Class A2I)

		TOTAL ASSET BACKED								17,795,023


OTHER MORTGAGE BACKED - 11.6%
39,246	g,i	Agate Bay Mortgage Trust			3.500			11/25/44		39,853
		Series - 2014 3 (Class A13)
798,832	g,i	Agate Bay Mortgage Trust			3.500			09/25/45		790,966
		Series - 2015 6 (Class A9)
22,915	i	Alternative Loan Trust	LIBOR 1 M + 0.500%		2.292			06/25/34		23,245
		Series - 2004 8CB (Class M1)
270,000		BANK			3.283			11/15/62		276,352
		Series - 2019 BN24 (Class AS)
200,000	g	BBCMS Trust			4.197			08/10/35		219,289
		Series - 2015 SRCH (Class A2)
500,000		CFCRE Commercial Mortgage Trust			3.644			12/10/54		524,999
		Series - 2016 C7 (Class ASB)
36,822	i	CHL Mortgage Pass-Through Trust			3.832			02/20/35		37,135
		Series - 2004 HYB9 (Class 1A1)
500,000		Citigroup Commercial Mortgage Trust			3.576			04/10/49		520,292
		Series - 2016 GC37 (Class AS)
745,447		COMM Mortgage Trust			2.853			10/15/45		754,369
		Series - 2012 CR4 (Class A3)

102

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE

$ 1,000,000	g,i	COMM Mortgage Trust			3.954	%		06/10/46	$	1,037,310
		Series - 2013 CR8 (Class B)
600,000	i	COMM Mortgage Trust			4.456			07/15/47		633,824
		Series - 2014 CR18 (Class B)
184,100	i	COMM Mortgage Trust			4.747			08/10/47		193,900
		Series - 2014 CR19 (Class C)
300,000	i	COMM Mortgage Trust			3.603			03/10/48		312,661
		Series - 2015 CR22 (Class AM)
200,000	g,i	COMM Mortgage Trust			4.125			03/10/48		197,117
		Series - 2015 CR22 (Class D)
230,382	g,i	COMM Mortgage Trust			3.685			05/10/48		230,899
		Series - 2015 CR23 (Class CMB)
250,000		COMM Mortgage Trust			3.801			05/10/48		263,588
		Series - 2015 CR23 (Class AM)
550,000	i	COMM Mortgage Trust			4.183			05/10/48		582,442
		Series - 2015 CR23 (Class B)
250,000	i	COMM Mortgage Trust			4.250			05/10/48		261,957
		Series - 2015 CR23 (Class C)
500,000		COMM Mortgage Trust			3.696			08/10/48		531,554
		Series - 2015 CR24 (Class A5)
250,000		COMM Mortgage Trust			3.984			10/10/48		265,887
		Series - 2015 CR27 (Class AM)
600,000	i	COMM Mortgage Trust			4.158			10/10/48		639,849
		Series - 2015 LC23 (Class AM)
179,467	i	Connecticut Avenue Securities	LIBOR 1 M + 2.600%		4.392			05/25/24		186,882
		Series - 2014 C02 (Class 1M2)
12,473	i	Connecticut Avenue Securities	LIBOR 1 M + 5.000%		6.792			11/25/24		13,478
		Series - 2014 C04 (Class 2M2)
2,365	i	Connecticut Avenue Securities Series - 2016 C04 (Class 1M1)	LIBOR 1 M + 1.450%		3.242			01/25/29		2,366
175,441	i	Connecticut Avenue Securities Series - 2016 C06 (Class 1M1)	LIBOR 1 M + 1.300%		3.092			04/25/29		175,673
145,000	i	Connecticut Avenue Securities Series - 2017 C02 (Class 2ED4)	LIBOR 1 M + 0.850%		2.642			09/25/29		143,410
105,000	i	Connecticut Avenue Securities Series - 2017 C05 (Class 1M2A)	LIBOR 1 M + 2.200%		3.992			01/25/30		106,183
69,454	i	Connecticut Avenue Securities Series - 2018 C01 (Class 1M1)	LIBOR 1 M + 0.600%		2.392			07/25/30		69,435
92,576	i	Connecticut Avenue Securities Series - 2018 C02 (Class 2EA2)	LIBOR 1 M + 0.900%		2.692			08/25/30		92,476
155,000	i	Connecticut Avenue Securities Series - 2018 C03 (Class 1EA2)	LIBOR 1 M + 0.850%		2.642			10/25/30		154,779
15,000	g,i	Connecticut Avenue Securities Series - 2019 R01 (Class 2M2)	LIBOR 1 M + 2.450%		4.242			07/25/31		15,183
11,000	g,i	Connecticut Avenue Securities Series - 2019 R03 (Class 1M2)	LIBOR 1 M + 2.150%		3.942			09/25/31		11,083
220,433	i	Connecticut Avenue Securities Trust Series - 2014 C03 (Class 1M2)	LIBOR 1 M + 3.000%		4.792			07/25/24		231,872
40,000	g,i	Credit Suisse Commercial Mortgage Trust Series - 2006 CF2 (Class M3)	LIBOR 1 M + 0.650%		2.442			05/25/36		39,906
1,300,000	g,i	DBUBS Mortgage Trust Series - 2011 LC2A (Class D)			5.530			07/10/44		1,336,133
175,000	g,i	DBUBS Mortgage Trust Series - 2011 LC1A (Class C)			5.702			11/10/46		179,142
77,799	i	Fieldstone Mortgage Investment Trust Series - 2005 2 (Class M2)	LIBOR 1 M + 0.735%		2.527			12/25/35		77,479
292,909	g,i	FirstKey Mortgage Trust Series - 2014 1 (Class A8)			3.500			11/25/44		297,238
59,458	g,i	Flagstar Mortgage Trust Series - 2018 5 (Class A11)			4.000			09/25/48		60,255
58,302	i	HarborView Mortgage Loan Trust Series - 2005 11 (Class 2A1A)	LIBOR 1 M + 0.620%		2.384			08/19/45		58,038

103

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE

$ 400,000	g	Hudson Yards Mortgage Trust Series - 2016 10HY (Class A)			2.835	%		08/10/38	$	402,300
300,000	g	JP Morgan Chase Commercial Mortgage Securities Trust Series - 2012 HSBC (Class C)			4.021			07/05/32		310,203
100,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust Series - 2011 C4 (Class C)			5.396			07/15/46		103,345
55,391	g,i	JP Morgan Mortgage Trust Series - 2016 1 (Class A13)			3.500			05/25/46		55,346
46,194	g,i	JP Morgan Mortgage Trust Series - 2016 1 (Class A5)			3.500			05/25/46		46,392
30,326	g,i	JP Morgan Mortgage Trust Series - 2017 1 (Class A3)			3.500			01/25/47		30,799
112,374	g,i	JP Morgan Mortgage Trust Series - 2017 2 (Class A13)			3.500			05/25/47		112,704
45,901	g,i	JP Morgan Mortgage Trust Series - 2017 3 (Class 1A5)			3.500			08/25/47		46,387
24,192	g,i	JP Morgan Mortgage Trust			3.500			09/25/48		24,741
		Series - 2018 3 (Class A13)
75,630	g,i	JP Morgan Mortgage Trust			3.500			10/25/48		76,665
		Series - 2018 4 (Class A5)
38,847	g,i	JP Morgan Mortgage Trust			3.500			10/25/48		39,729
		Series - 2018 5 (Class A13)
62,574	g,i	JP Morgan Mortgage Trust			4.000			01/25/49		63,106
		Series - 2018 8 (Class A5)
42,776	g,i	JP Morgan Mortgage Trust			4.000			01/25/49		43,364
		Series - 2018 8 (Class A13)
28,461	g,i	JP Morgan Mortgage Trust			4.000			02/25/49		28,999
		Series - 2018 9 (Class A13)
124,597	g,i	JP Morgan Mortgage Trust			4.000			05/25/49		125,754
		Series - 2019 1 (Class A15)
34,934	g,i	JP Morgan Mortgage Trust			4.000			05/25/49		35,376
		Series - 2019 1 (Class A3)
24,707	g,i	JP Morgan Mortgage Trust			4.764			09/25/49		26,410
		Series - 2019 3 (Class B1)
680,000		JPMBB Commercial Mortgage Securities Trust			3.775			08/15/47		720,360
		Series - 2014 C21 (Class A5)
500,000	i	JPMBB Commercial Mortgage Securities Trust			3.917			05/15/48		526,869
		Series - 2015 C29 (Class AS)
458,000	i	JPMBB Commercial Mortgage Securities Trust			4.118			05/15/48		479,308
		Series - 2015 C29 (Class B)
500,000		JPMBB Commercial Mortgage Securities Trust			4.106			08/15/48		532,468
		Series - 2015 C31 (Class AS)
450,000	i	JPMBB Commercial Mortgage Securities Trust			4.617			08/15/48		485,224
		Series - 2015 C31 (Class B)
92,124	i	Merrill Lynch Mortgage Investors Trust	LIBOR 1 M + 0.260%		2.278			01/25/37		88,796
		Series - 2006 WMC1 (Class A1B)
328,128	i	Morgan Stanley Bank of America Merrill Lynch Trust			4.384			02/15/47		349,682
		Series - 2014 C14 (Class AS)
120,000	i	Morgan Stanley Bank of America Merrill Lynch Trust			4.462			02/15/48		125,478
		Series - 2015 C20 (Class C)
628,927		Morgan Stanley Bank of America Merrill Lynch Trust			3.652			03/15/48		654,491
		Series - 2015 C21 (Class AS)

104

TIAA-CREF LIFE FUNDS - Bond Fund


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE

$ 12,509	i	Morgan Stanley Capital I Trust	LIBOR 1 M + 0.825%		2.617	%		08/25/34	$	12,476
		Series - 2004 HE6 (Class M1)
400,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 1.500%		3.240			07/15/36		400,000
		Series - 2019 MILE (Class A)
250,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 2.750%		4.490			07/15/36		250,000
		Series - 2019 MILE (Class D)
46,305	g,i	Sequoia Mortgage Trust			3.500			05/25/45		47,138
		Series - 2015 2 (Class A1)
176,080	g,i	Sequoia Mortgage Trust			3.500			11/25/46		179,599
		Series - 2016 3 (Class A10)
74,375	g,i	Sequoia Mortgage Trust			3.500			02/25/47		74,354
		Series - 2017 2 (Class A19)
88,136	g,i	Sequoia Mortgage Trust			3.500			02/25/48		89,616
		Series - 2018 2 (Class A1)
277,109	g,i	Sequoia Mortgage Trust			3.500			03/25/48		279,858
		Series - 2018 3 (Class A1)
76,364	g,i	Sequoia Mortgage Trust			4.000			09/25/48		76,807
		Series - 2018 7 (Class A4)
63,430	g,i	Sequoia Mortgage Trust Series - 2018 8 (Class A19)			4.000			11/25/48		64,413
63,430	g,i	Sequoia Mortgage Trust Series - 2018 8 (Class A1)			4.000			11/25/48		64,669
144,122	g,i	Sequoia Mortgage Trust Series - 2019 2 (Class A1)			4.000			06/25/49		146,757
72,061	g,i	Sequoia Mortgage Trust Series - 2019 2 (Class A19)			4.000			06/25/49		72,928
973,280	g,i	Sequoia Mortgage Trust Series - 2019 4 (Class A1)			3.500			11/25/49		989,629
179,494	g,i	Sequoia Mortgage Trust Series - 2019 5 (Class A19)			3.500			12/25/49		181,948
319,100	g,i	Sequoia Mortgage Trust Series - 2019 5 (Class A1)			3.500			12/25/49		325,059
64,364	g,i	Spruce Hill Mortgage Loan Trust Series - 2019 SH1 (Class A1)			3.395			04/29/49		64,703
105,692	i	Structured Agency Credit Risk Debt Note (STACR) Series - 2014 HQ2 (Class M2)	LIBOR 1 M + 2.200%		3.992			09/25/24		106,929
168,807	i	STACR Series - 2015 HQ1 (Class M3)	LIBOR 1 M + 3.800%		5.592			03/25/25		173,122
119,702	i	STACR Series - 2015 HQ2 (Class M2)	LIBOR 1 M + 1.950%		3.742			05/25/25		120,879
3,801	i	STACR Series - 2017 DNA1 (Class M1)	LIBOR 1 M + 1.200%		2.992			07/25/29		3,808
250,000	i	STACR Series - 2017 DNA1 (Class M2)	LIBOR 1 M + 3.250%		5.042			07/25/29		262,745
226,601	i	STACR Series - 2017 DNA3 (Class M1)	LIBOR 1 M + 0.750%		2.542			03/25/30		226,756
312,357	i	STACR Series - 2017 HQA3 (Class M2AS)	LIBOR 1 M + 0.950%		2.742			04/25/30		312,816
22,784	g,i	STACR Series - 2018 SPI1 (Class M1)			3.736			02/25/48		22,857
33,997	g,i	STACR Series - 2018 SPI2 (Class M1)			3.813			05/25/48		34,029
48,665	g,i	STACR Series - 2018 SPI3 (Class M1)			4.152			08/25/48		48,822
25,000	g,i	STACR Series - 2018 SPI4 (Class M2)			4.459			11/25/48		25,077
100,000	g,i	STACR Series - 2019 HQA4 (Class M2)	LIBOR 1 M + 2.050%		3.842			11/25/49		100,507
72,000	i	Wachovia Bank Commercial Mortgage Trust Series - 2007 C34 (Class C)			6.169			05/15/46		72,504

105

TIAA-CREF LIFE FUNDS - Bond Fund

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE

$ 50,000

g,i

Wells Fargo Commercial Mortgage Trust
Series - 2010 C1 (Class B)

5.276

11/15/43

50,748

700,000

Wells Fargo Commercial Mortgage Trust
Series - 2016 C32 (Class A4)

3.560

01/15/59

741,296

60,646

g,i

Wells Fargo Mortgage Backed Securities Trust
Series - 2019 2 (Class A17)

4.000

04/25/49

61,338

99,039

g,i

Wells Fargo Mortgage Backed Securities Trust
Series - 2019 4 (Class A1)

3.500

09/25/49

100,821

645,000

WFRBS Commercial Mortgage Trust
Series - 2013 C18 (Class AS)

4.387

12/15/46

690,482

TOTAL OTHER MORTGAGE BACKED

23,598,285

TOTAL STRUCTURED ASSETS

41,393,308

(Cost $40,878,612)

TOTAL BONDS

196,548,868

(Cost $189,962,683)

SHARES

COMPANY

PREFERRED STOCKS - 0.1%

BANKS - 0.1%

5,517

Federal Home Loan Mortgage Corp

65,376

17,265

Federal National Mortgage Association

206,317

TOTAL BANKS

271,693

TOTAL PREFERRED STOCKS

271,693

(Cost $569,550)

PRINCIPAL

ISSUER

SHORT-TERM INVESTMENTS - 1.0%

TREASURY DEBT - 1.0%

$ 2,060,000

United States Treasury Bill

1.100

01/02/20

2,060,000

TOTAL TREASURY DEBT

2,060,000

TOTAL SHORT-TERM INVESTMENTS

2,060,000

(Cost $2,059,937)

TOTAL INVESTMENTS - 99.1%

201,289,061

(Cost $195,028,237)

OTHER ASSETS & LIABILITIES, NET - 0.9%

1,711,727

NET ASSETS - 100.0%

203,000,788

Abbreviation(s):

LIBOR

London Interbank Offered Rate

Month

REIT	Real Estate Investment Trust

*	Non-income producing

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

‡	Perpetual security

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2019, the aggregate value of these securities is $43,416,322 or 21.4% of net assets.

106

TIAA-CREF LIFE FUNDS - Bond Fund

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.

Centrally cleared credit default swap contracts outstanding as of December 31, 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-NAHYS32V3-5 Year Index	5.000%	Credit event as specified in contract	Citigroup Global Markets, Inc	06/20/24	$	490,000		$	219	$	(15,762	)
CDX-NAHYS33V2-5 Year Index	5.000	Credit event as specified in contract	Citigroup Global Markets, Inc	12/20/24		495,000			235		(13,460	)
CDX-NAHYS32V3-5 Year Index	5.000	Credit event as specified in contract	Citigroup Global Markets, Inc	06/20/24		490,000			222		(20,087	)
CDX-NAHYS32V3-5 Year Index	5.000	Credit event as specified in contract	Citigroup Global Markets, Inc	06/20/24		490,000			220		(17,328	)
CDX-NAHYS32V3-5 Year Index	5.000	Credit event as specified in contract	Citigroup Global Markets, Inc	06/20/24		490,000			218		(13,837	)
Total								$	1,114	$	(80,474	)

SOLD

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-NAHYS32V3-5 Year Index

Credit event as specified in contract

5.000%

Citigroup Global Markets, Inc

06/20/24

490,000

(225

)

25,150

*	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.

107

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE

SHORT-TERM INVESTMENTS - 100.9%

GOVERNMENT AGENCY DEBT - 52.5%
$2,000,000	Federal Agricultural Mortgage Corp (FAMC)		0.010	%		02/18/20	$	1,995,827
650,000	Federal Farm Credit Bank (FFCB)		0.010			03/04/20		648,214
1,800,000	FFCB		0.010			03/06/20		1,794,962
2,000,000	FFCB		0.010			05/27/20		1,986,933
2,300,000	FFCB		0.010			06/05/20		2,284,352
2,000,000	FFCB		0.010			06/10/20		1,986,136
697,000	Federal Home Loan Bank (FHLB)		0.010			01/08/20		696,788
1,600,000	FHLB		0.010			01/10/20		1,599,320
1,430,000	FHLB		0.010			01/15/20		1,429,048
2,600,000	FHLB		0.010			01/21/20		2,597,754
2,441,000	FHLB		0.010			01/22/20		2,438,671
1,000,000	FHLB		0.010			01/28/20		998,732
4,450,000	FHLB		0.010			02/03/20		4,443,511
1,400,000	FHLB		0.010			02/05/20		1,397,901
2,000,000	FHLB		0.010			02/12/20		1,996,332
946,000	FHLB		0.010			02/18/20		944,058
2,000,000	FHLB		0.010			02/19/20		1,995,740
475,000	FHLB		0.010			02/21/20		473,923
721,000	FHLB		0.010			02/26/20		719,210
1,168,000	FHLB		0.010			02/28/20		1,164,999
1,426,000	FHLB		0.010			03/06/20		1,422,009
1,071,000	FHLB		0.010			03/11/20		1,067,741
3,072,000	FHLB		0.010			03/13/20		3,062,323
3,340,000	FHLB		0.010			03/16/20		3,329,061
270,000	FHLB		0.010			03/18/20		268,932
1,600,000	FHLB		0.010			03/31/20		1,593,680
300,000	FHLB		0.010			04/09/20		298,696
1,050,000	FHLB		0.010			05/04/20		1,044,250
1,744,000	FHLB		0.010			06/05/20		1,732,135
332,000	FHLB		0.010			06/12/20		329,625
2,000,000	Federal Home Loan Mortgage Corp (FHLMC)		0.010			01/13/20		1,998,970
2,000,000	FHLMC		0.010			02/20/20		1,995,306
100,000	FHLMC		0.010			04/09/20		99,574
1,800,000	Federal National Mortgage Association (FNMA)		0.010			01/29/20		1,797,788
2,000,000	FNMA		0.010			02/05/20		1,997,029

	TOTAL GOVERNMENT AGENCY DEBT							55,629,530


TREASURY DEBT - 20.4%
3,000,000	United States Treasury Bill		0.010			01/14/20		2,998,346
2,000,000	United States Treasury Bill		0.010			01/16/20		1,998,735
2,000,000	United States Treasury Bill		0.010			01/23/20		1,997,988
1,960,000	United States Treasury Bill		0.010			01/30/20		1,957,593
2,000,000	United States Treasury Bill		0.010			02/04/20		1,997,129
2,010,000	United States Treasury Bill		0.010			02/13/20		2,006,311
1,163,000	United States Treasury Bill		0.010			02/20/20		1,160,515
500,000	United States Treasury Bill		0.010			02/27/20		498,784
130,000	United States Treasury Bill		0.010			03/26/20		129,533
1,800,000	United States Treasury Bill		0.010			04/02/20		1,793,153

108

TIAA-CREF LIFE FUNDS - Money Market Fund


PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE

$3,000,000		United States Treasury Note			2.000	%		01/31/20	$	3,000,141
2,000,000		United States Treasury Note			1.375			02/29/20		1,998,317

		TOTAL TREASURY DEBT								21,536,545


VARIABLE RATE SECURITIES - 28.0%
500,000	i	Federal Agricultural Mortgage Corp (FAMC)	EFFR + 0.120%		1.670			02/26/20		500,000
500,000	i	FAMC	FRED - 2.950%		1.800			05/19/20		500,000
500,000	i	FAMC	EFFR + 0.100%		1.650			07/06/20		500,000
500,000	i	FAMC	EFFR + 0.090%		1.640			07/08/20		500,000
1,000,000	i	FAMC	FRED - 3.020%		1.730			09/01/20		1,000,000
2,000,000	i	FAMC	SOFR + 0.080%		1.620			12/21/20		2,000,000
1,000,000	i	FAMC	SOFR + 0.070%		1.610			02/08/21		1,000,000
1,000,000	i	Federal Farm Credit Bank (FFCB)	LIBOR 1 M - 0.030%		1.680			01/07/20		1,000,000
300,000	i	FFCB	US Treasury Bill 3 M + 0.055%		1.581			01/27/20		300,000
500,000	i	FFCB	FRED - 2.980%		1.770			02/20/20		500,000
300,000	i	FFCB	FRED - 2.870%		1.880			05/29/20		300,000
1,000,000	i	FFCB	FRED - 2.960%		1.790			07/09/20		999,961
500,000	i	FFCB	US Treasury Bill 3 M + 0.045%		1.571			08/17/20		499,984
500,000	i	FFCB	FRED - 3.020%		1.730			09/28/20		499,687
500,000	i	FFCB	US Treasury Bill 3 M + 0.160%		1.686			01/19/21		499,948
2,500,000	i	Federal Home Loan Bank (FHLB)	SOFR + 0.035%		1.575			06/19/20		2,500,000
1,000,000	i	FHLB	SOFR + 0.100%		1.640			07/29/20		1,000,000
1,000,000	i	FHLB	SOFR + 0.120%		1.660			10/07/20		1,000,000
2,000,000	i	FHLB	SOFR + 0.130%		1.670			10/16/20		2,000,000
500,000	i	FHLB	SOFR + 0.055%		1.595			05/14/21		500,000
2,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	SOFR + 0.130%		1.540			02/20/20		1,999,970
2,000,000	i	FHLMC	SOFR + 0.040%		1.580			04/29/20		1,999,932
500,000	i	Federal National Mortgage Association (FNMA)	SOFR + 0.060%		1.600			07/30/20		500,000
500,000	i	FNMA	SOFR + 0.075%		1.615			10/30/20		500,000
2,500,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.000%		1.526			01/31/20		2,499,707
4,500,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.033%		1.559			04/30/20		4,498,841

		TOTAL VARIABLE RATE SECURITIES								29,598,030

		TOTAL SHORT-TERM INVESTMENTS								106,764,105

		(Cost $106,764,105)
		TOTAL INVESTMENTS - 100.9%								106,764,105
		(Cost $106,764,105)
		OTHER ASSETS & LIABILITIES, NET - (0.9)%								(957,801	)

		NET ASSETS - 100.0%							$	105,806,304

Abbreviation(s):

EFFR	Effective Federal Funds Rate

FRED	Federal Bank Prime Loan Rate

LIBOR

London Interbank Offered Rate

Month

SOFR	Secured 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.

109

TIAA-CREF LIFE FUNDS - Balanced Fund

TIAA-CREF LIFE FUNDS

BALANCED FUND

SCHEDULE OF INVESTMENTS

December 31, 2019


SHARES	SECURITY	VALUE

TIAA-CREF LIFE FUNDS - 99.9%^a

FIXED INCOME - 49.5%
3,218,139	TIAA-CREF Life Bond Fund	$	34,080,092

	TOTAL FIXED INCOME		34,080,092


INTERNATIONAL EQUITY - 10.1%
854,840	TIAA-CREF Life International Equity Fund		6,941,299

	TOTAL INTERNATIONAL EQUITY		6,941,299


U.S. EQUITY - 40.3%
391,782	TIAA-CREF Life Growth Equity Fund		6,417,392
369,429	TIAA-CREF Life Growth & Income Fund		6,952,648
405,489	TIAA-CREF Life Large-Cap Value Fund		6,049,893
89,985	TIAA-CREF Life Real Estate Securities Fund		1,403,765
105,118	TIAA-CREF Life Small-Cap Equity Fund		1,380,201
197,380	TIAA-CREF Life Stock Index Fund		5,530,592

	TOTAL U.S. EQUITY		27,734,491

	TOTAL TIAA-CREF LIFE FUNDS		68,755,882

	(Cost $60,179,064)
	TOTAL INVESTMENTS - 99.9%		68,755,882
	(Cost $60,179,064)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		69,352

	NET ASSETS - 100.0%	$	68,825,234

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

110

Report of Independent Registered Public Accounting Firm

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund, Money Market Fund, and portfolio of investments, of Balanced Fund, (constituting TIAA-CREF Life Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2019, the related statements of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 20, 2020

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

111

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not Applicable.

Item 13. Exhibits.

13(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

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

SIGNATURES

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


	TIAA-CREF LIFE FUNDS

Dated: February 20, 2020	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

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


Dated: February 20, 2020	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President (principal executive officer)

Dated: February 20, 2020	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 13. Exhibits.

13(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

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