N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number    File No. 811-08961

TIAA-CREF LIFE FUNDS

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Rachel M. Zufall, Esq.

TIAA-CREF Life Funds

8500 Andrew Carnegie Blvd.

Charlotte, N.C. 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

Item 1. Reports to Stockholders.

Life

Funds

TIAA-CREF

Semiannual

Report

TIAA-CREF

Life

Funds

June

30,

2022

The

semiannual

report

contains

the

financial

statements

(unaudited).

Fund

name

Ticker

22.1

Growth

Equity

Fund

TLGQX

22.2

Growth

&

Income

Fund

TLGWX

22.3

Large-Cap

Value

Fund

TLLVX

22.4

Real

Estate

Securities

Fund

TLRSX

22.5

Small-Cap

Equity

Fund

TLEQX

22.6

Social

Choice

Equity

Fund

TLCHX

22.7

Stock

Index

Fund

TLSTX

22.8

International

Equity

Fund

TLINX

22.9

Core

Bond

Fund

TLBDX

23.01

Money

Market

Fund

TLMXX

23.1

Balanced

Fund

TLBAX

Contents

Understanding

this

report

3

Market

review

4

About

the

funds’

benchmarks

6

Fund

performance

Portfolio

managers’

comments

8

Growth

Equity

Fund

15

Growth

&

Income

Fund

16

Large-Cap

Value

Fund

17

Real

Estate

Securities

Fund

18

Small-Cap

Equity

Fund

19

Social

Choice

Equity

Fund

20

Stock

Index

Fund

21

International

Equity

Fund

22

Core

Bond

Fund

23

Money

Market

Fund

24

Balanced

Fund

25

Expense

examples

26

Portfolio

of

investments

30

Financial

statements

(unaudited)

Statements

of

assets

and

liabilities

146

Statements

of

operations

148

Statements

of

changes

in

net

assets

150

Financial

highlights

154

Notes

to

financial

statements

160

Additional

fund

information

171

Approval

of

investment

management

agreement

172

Liquidity

risk

management

program

179

Additional

information

about

index

providers

180

How

to

reach

us

Inside

back

cover

3

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Understanding

this

report

This

semiannual

report

contains

information

about

the

TIAA-CREF

Life

Funds

and

describes

their

results

for

the

six

months

ended

June

30,

2022

.

The

report

contains

four

main

sections:

A

market

review

from

Brad

Finkle,

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

The

fund

performance

section

compares

each

fund’s

investment

returns

with

those

of

its

benchmark

index.

The

portfolios

of

investments

list

the

industries

and

types

of

securities

in

which

each

fund

had

investments

as

of

June

30,

2022

.

The

financial

statements

provide

detailed

information

about

the

operations

and

financial

condition

of

each

fund.

The

views

and

opinions

expressed

in

this

report

are

through

the

end

of

the

period,

as

stated

on

the

cover

of

this

report.

They

are

subject

to

change

at

any

time

based

on

a

variety

of

factors.

As

such,

they

are

not

guarantees

of

future

performance

or

investment

results

and

should

not

be

taken

as

investment

advice.

To

see

the

risks

of

investing

in

any

fund,

please

read

the

latest

prospectus.

The

TIAA-CREF

Life

Funds

serve

as

underlying

investment

vehicles

for

certain

variable

annuity

and

variable

life

insurance

separate

accounts.

The

returns

of

the

funds

shown

in

this

review

do

not

reflect

the

administrative

expense

and

the

mortality

and

expense

risk

charges

of

these

separate

accounts.

Because

of

these

additional

deductions,

the

returns

contractholders

of

these

separate

accounts

will

experience

are

lower,

for

the

same

periods,

than

the

figures

shown

here.

For

more

information

on

the

performance

of

your

variable

annuity

and

variable

life

insurance

separate

accounts,

please

visit

TIAA.org.

As

always,

you

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

fund

before

investing.

For

a

prospectus

that

contains

this

and

other

important

information,

please

visit

our

website

at

TIAA.org,

or

call

800-223-1200.

We

urge

you

to

read

the

prospectus

carefully

before

investing.

4

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Market

review

Brad

Finkle

Domestic

and

international

stock

markets

lost

ground

for

the

six-month

period,

struggling

amid

persistent

inflation

and

rising

interest

rates.

The

U.S.

economy

contracted

during

the

first

half

of

2022,

although

consumer

spending

remained

positive.

Countries

in

the

19-nation

euro

area,

as

well

as

China

and

the

United

Kingdom,

all

expanded

during

the

first

three

months

of

the

year,

but

major

global

central

banks

tightened

monetary

policy

in

response

to

concerns

about

inflation.

The

U.S.

Federal

Reserve

increased

the

federal

funds

target

rate

three

times

to

1.50%–1.75%.

The

European

Central

Bank

said

it

intends

to

raise

benchmark

rates

in

July

and

likely

again

in

September,

anticipating

that

a

“gradual

but

sustained”

path

of

further

increases

would

be

appropriate.

The

Bank

of

England

raised

its

benchmark

rate

four

times

to

1.25%

during

the

period.

Returns

for

the

eight

TIAA-CREF

Life

Funds

that

invest

primarily

in

stocks

ranged

from

−14.7%

for

the

Large-Cap

Value

Fund

to

–31.4%

for

the

Growth

Equity

Fund.

The

Balanced

Fund

returned

–17.0%

and

the

Core

Bond

Fund

returned

−11.2%.

Most

of

the

TIAA-CREF

Life

Funds

underperformed

their

respective

benchmarks

for

the

six-month

period.

TIAA-CREF

Life

Funds

performance

review

In

a

difficult

period

for

financial

markets,

nearly

all

of

the

TIAA-CREF

Life

Funds

posted

losses,

and

most

trailed

their

respective

benchmarks.

Overall,

bonds

outperformed

stocks,

and

foreign

equities

outpaced

U.S.

stocks.

The

Large-Cap

Value

Fund

returned

–14.7%,

trailing

the

Russell

1000®

Value

Index.

The

Stock

Index

Fund

returned

–21.1%

and

outpaced

the

Russell

3000®

Index.

The

Small-Cap

Equity

Fund

returned

−21.3%,

surpassing

the

Russell

2000®

Index.

The

Social

Choice

Equity

Fund,

which

does

not

invest

in

certain

stocks

because

of

environmental,

social

and

governance

criteria,

returned

−21.6%

and

lagged

the

Russell

3000

Index.

The

International

Equity

Fund,

which

invests

in

developed

foreign

markets,

returned

–22.1%

and

fell

short

of

the

MSCI

EAFE®

Index.

The

Growth

&

Income

Fund

returned

–23.1%,

lagging

the

S&P

500®

Index.

The

Real

Estate

Securities

Fund

returned

–23.3%,

trailing

the

FTSE

Nareit

All

Equity

REITs

Index.

The

Growth

Equity

Fund

returned

–31.4%,

underperforming

the

Russell

1000

Growth

Index.

The

Balanced

Fund,

which

invests

in

both

stock

and

bond

funds,

returned

−17.0%,

lagging

its

composite

benchmark.

The

Core

Bond

Fund’s

–11.2%

return

trailed

the

performance

of

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Money

Market

Fund

rose

0.1%

and

slightly

outperformed

the

iMoneyNet

Money

Fund

Averages™—All

Government.

For

more

information

regarding

the

performance

of

the

TIAA-CREF

Life

Funds,

please

see

the

commentaries

starting

on

page

8.

Stocks

and

bonds

both

posted

declines

For

the

six-month

period,

the

domestic

stock

market,

as

represented

by

the

Russell

3000

Index,

returned

–21.1%.

Foreign

equities,

as

measured

by

the

MSCI

EAFE

Index,

returned

–19.6%.

U.S.

investment-grade

fixed-rate

bonds,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

–10.4%.

Yields

on

U.S.

fixed-income

securities

of

all

maturities

rose,

driving

bond

prices

lower

(bond

yields

move

in

the

opposite

direction

of

prices).

Maintaining

a

long-term

perspective

Financial

markets

always

fluctuate,

but

the

sharp

movements

we

have

seen

in

2022

can

create

understandable

concerns

for

investors.

In

fact,

volatility

often

results

when

investors

process

new

information

about

the

economy,

interest

rates

and

inflation,

which

is

currently

the

case.

5

TIAA-CREF

Life

Funds

2022

Semiannual

Report

While

no

one

can

predict

the

future

performance

of

stocks,

bonds

and

real

estate,

it’s

important

to

keep

long-term

goals

in

mind

during

periods

of

uncertainty.

We

believe

that

a

well-thought-out

financial

plan

and

a

professionally

managed

portfolio,

diversified

among

different

asset

classes,

can

help

you

stay

on

track

to

achieve

your

long-term

investment

objectives.

Of

course,

diversification

does

not

guarantee

against

market

losses,

and

past

performance

cannot

guarantee

future

results.

If

you

have

questions

or

concerns

about

your

investments,

we

suggest

that

you

speak

with

your

financial

advisor

or

call

a

TIAA

financial

consultant.

To

learn

more,

visit

us

at

TIAA.org

or

call

800-842-2252.

We

would

be

pleased

to

help

you.

Brad

Finkle

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

About

the

funds’

benchmarks

6

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Equity

indexes

Broad

market

indexes

The

Russell

3000®Index

measures

the

performance

of

the

stocks

of

the

3,000

largest

publicly

traded

U.S.

companies,

based

on

market

capitalization.

The

index

measures

the

performance

of

about

98%

of

the

total

market

capitalization

of

the

publicly

traded

U.S.

equity

market.

The

MSCI

EAFE®Index

measures

the

performance

of

the

leading

stocks

in

21

developed-markets

countries

outside

North

America—in

Europe,

Australasia

and

the

Far

East.

Large-cap

indexes

The

S&P

500®Index

is

a

market-capitalization-weighted

index

of

the

stocks

of

500

leading

companies

in

major

industries

of

the

U.S.

economy.

The

Russell

1000®Growth

Index

is

a

subset

of

the

Russell

1000

Index,

which

measures

the

performance

of

the

stocks

of

the

1,000

largest

companies

in

the

Russell

3000

Index,

based

on

market

capitalization.

The

Russell

1000

Growth

Index

measures

the

performance

of

those

stocks

of

the

Russell

1000

Index

with

higher

relative

forecasted

growth

rates

and

price/

book

ratios.

The

Russell

1000

Value

Index

is

a

subset

of

the

Russell

1000

Index,

which

measures

the

performance

of

the

stocks

of

the

1,000

largest

companies

in

the

Russell

3000

Index,

based

on

market

capitalization.

The

Russell

1000

Value

Index

measures

the

performance

of

those

stocks

of

the

Russell

1000

Index

with

lower

relative

forecasted

growth

rates

and

price/book

ratios.

Small-cap

index

The

Russell

2000®Index

measures

the

performance

of

the

stocks

of

the

2,000

smallest

companies

in

the

Russell

3000

Index,

based

on

market

capitalization.

Specialty

equity

index

The

FTSE

Nareit

All

Equity

REITs

Index

measures

the

performance

of

certain

publicly

traded

real

estate

investment

trusts

in

the

United

States

that

own,

manage

and

lease

investment-grade

commercial

real

estate.

Fixed-income

index

The

Bloomberg

U.S.

Aggregate

Bond

Index

measures

the

performance

of

the

domestic

investment-grade

fixed-rate

bond

market,

including

government

and

corporate

securities,

agency

mortgage

pass-through

securities,

asset-backed

securities

and

commercial

mortgage-backed

securities.

Multi-asset

class

indexes

Composite

benchmark

The

Balanced

Fund

Composite

Index

is

a

composite

of

three

unmanaged

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

U.S.

Aggregate

Bond

Index).

The

Fund’s

composite

benchmark

combines

those

public

indexes

in

proportions

that

reflect

the

Fund’s

target

market

sector

allocations.

Broad

market

index

The

Morningstar

Moderately

Conservative

Target

Risk

Index

has

a

40%

global

equity

market

exposure

based

on

an

asset

allocation

methodology

from

Ibbotson

Associates,

a

Morningstar

company.

The

returns

of

the

Morningstar

Moderately

Conservative

Target

Risk

Index

reflect

a

multi-asset

class

exposure

and

similar

risk

profile

as

the

Balanced

Fund.

7

TIAA-CREF

Life

Funds

2022

Semiannual

Report

About

the

funds’

benchmarks

concluded

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

funds’

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2022.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

S&P

500

is

a

registered

trademark

and

service

mark

of

Standard

&

Poor’s

Financial

Services,

LLC,

a

division

of

S&P

Global.

FTSE

International

Limited

(“FTSE”)

©

FTSE

2022.

FTSE®

is

a

trademark

of

the

London

Stock

Exchange

Group

companies

and

is

used

by

FTSE

International

Limited

under

license.

Nareit®

is

a

trademark

of

the

National

Association

of

Real

Estate

Investment

Trusts

(“Nareit”).

All

intellectual

property

rights

in

the

Index

vest

in

FTSE

and

Nareit.

Neither

FTSE

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

FTSE

indices

and/or

FTSE

ratings

or

underlying

data.

No

further

distribution

of

FTSE

Data

is

permitted

without

FTSE’s

express

written

consent.

Portfolio

managers’

comments

8

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Growth

Equity

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

Growth

Equity

Fund returned

-31.37% for

the

period,

compared

with

the

-28.07% return

of

its

benchmark,

the

Russell

1000®

Growth

Index. For

the

one-year

period

ended

June

30,

2022,

the

Fund

returned

-29.86%

versus

-18.77%

for

the

index.

The

U.S.

economy

contracted

during

the

period,

although

spending

by

consumers

and

businesses

remained

positive.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.6%

in

June.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.9%

over

the

twelve

months

ended

June

30,

2022.

The

Federal

Reserve,

responding

to

elevated

inflation,

increased

the

federal

funds

target

rate—a

key

measure

of

short-term

interest

rates—three

times

during

the

period.

The

third

increase

in

June

brought

the

rate

to

1.50%–1.75%.

Oil

prices

rose

sharply.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

−21.10%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Fund

trailed

its

benchmark

Ten

of

the

eleven

industry

sectors

in

the

Russell

1000

Growth

Index

posted

losses

for

the

six

months.

Communication

services

(down

38.6%)

and

consumer

discretionary

(down

35.0%)

were

the

worst

performers.

Information

technology

(down

28.7%)—the

benchmark’s

largest

sector—was

responsible

for

over

45.0%

of

the

index’s

decline.

Together,

these

three

sectors

accounted

for

nearly

three-quarters

of

the

benchmark’s

total

market

capitalization

on

June

30,

2022.

Energy

(up

30.9%)

soared

but

made

only

a

slight

contribution

to

the

overall

return

due

to

its

low

representation

in

the

index.

The

next-best

performers

were

consumer

staples

(down

6.6%)

and

utilities

(down

9.3%).

The

Fund

trailed

its

benchmark,

mainly

due

to

several

unsuccessful

stock

allocations.

The

largest

detractors

were

a

lack

of

exposure

to

pharmaceutical

company

Eli

Lilly,

an

underweight

position

in

Apple

and

an

overweight

position

in

Amazon.com.

Shares

of

Eli

Lilly

generated

a

double-digit

gain

amid

strong

sales

of

its

COVID-19

antibody

treatment

and

a

compelling

drug

pipeline.

Apple

fell

sharply

but

was

more

resilient

than

the

index,

supported

by

better-than-expected

iPhone

sales.

Amazon

reported

weaker

revenue

growth

as

online

shopping

slowed.

Conversely,

the

largest

contributor

was

an

overweight

position

in

Visa,

which

benefited

from

a

rebound

in

international

travel

that

boosted

the

company’s

cross-border

transaction

fees.

Next

came

a

lack

of

exposure

to

Netflix

and

an

overweight

position

in

Monster

Beverage.

Growth

&

Income

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

Growth

&

Income

Fund returned

-23.06% for

the

period,

compared

with

the

-19.96% return

of

its

benchmark,

the

S&P

500®

Index. For

the

one-year

period

ended

June

30,

2022,

the

Fund

returned

-15.71%

versus

-10.62%

for

the

index.

The

U.S.

economy

contracted

during

the

period,

although

spending

by

consumers

and

businesses

remained

positive.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.6%

in

June.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.9%

over

the

twelve

months

ended

June

30,

2022.

The

Federal

Reserve,

responding

to

elevated

inflation,

increased

the

federal

funds

target

rate—a

key

measure

of

short-term

interest

rates—three

times

during

the

period.

The

third

increase

in

June

brought

the

rate

to

1.50%–1.75%.

Oil

prices

rose

sharply.

The

S&P

500

Index,

a

market-capitalization-weighted

index

of

the

stocks

of

500

leading

companies

in

major

industries

of

the

U.S.

economy,

outperformed

the

−21.10%

return

of

the

Russell

3000®

Index,

a

broad

measure

of

the

U.S.

stock

market.

A

portion

of

the

Russell

3000

Index

consists

of

small-cap

equities,

which

underperformed

large

caps

for

the

period.

Fund

trailed

its

benchmark

Ten

of

the

eleven

industry

sectors

in

the

S&P

500

Index

generated

losses

for

the

six

months.

Consumer

discretionary

(down

32.8%)

was

the

worst

performer,

in

part

due

to

challenging

conditions

in

the

retail

industry.

Next

came

communication

services

(down

30.2%),

information

technology

(down

26.9%)—the

benchmark’s

largest

component—and

real

estate

(down

20.0%).

Together,

these

four

sectors

accounted

for

nearly

one-half

of

the

index’s

total

market

capitalization

on

June

30,

2022.

Energy

(up

31.8%)

was

the

best-performing

sector,

followed

by

utilities

(down

0.6%).

The

Fund

underperformed

its

benchmark

as

certain

stock

selections

did

not

perform

as

expected.

The

largest

detractors

were

underweight

positions

in

ExxonMobil

and

pharmaceutical

firms

Merck

and

Pfizer.

ExxonMobil

rallied

sharply,

lifted

by

rising

oil

prices.

This

was

partially

offset

by

other

overweight

Fund

holdings

within

energy,

particularly

exposure

to

Hess,

which

was

the

third-largest

contributor

to

performance.

The

Fund’s

energy

sector

modestly

underperformed

the

benchmark’s

energy

sector

for

the

period.

9

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Portfolio

managers’

comments

continued

Shares

of

Merck

advanced

on

strong

sales

of

a

key

cancer

drug

and

an

antiviral

pill

used

to

treat

COVID-19.

Pfizer

also

benefited

from

robust

sales

of

its

COVID-19

products.

This

underperformance

was

only

partially

offset

by

the

top

contributor

to

relative

performance,

AbbVie,

in

which

the

Fund

had

an

overweight.

AbbVie

announced

promising

test

results

that

could

expand

the

use

of

one

of

its

drugs.

The

Fund’s

health

care

sector

underperformed

that

of

the

benchmark

for

the

six-month

period.

Lastly,

an

overweight

position

in

out-of-benchmark

chemical

producer

Sociedad

Quimica

y

Minera

de

Chile

was

the

second-

largest

contributor

to

the

Fund’s

relative

performance,

which

helped

the

materials

sector

to

outperform

that

of

the

benchmark

for

the

period.

Large-Cap

Value

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

Large-Cap

Value

Fund returned

-14.72% for

the

period,

compared

with

the

-12.86% return

of

its

benchmark,

the

Russell

1000®

Value

Index. For

the

one-year

period

ended

June

30,

2022,

the

Fund

returned

-7.83%

versus

-6.82%

for

the

index.

The

U.S.

economy

contracted

during

the

period,

although

spending

by

consumers

and

businesses

remained

positive.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.6%

in

June.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.9%

over

the

twelve

months

ended

June

30,

2022.

The

Federal

Reserve,

responding

to

elevated

inflation,

increased

the

federal

funds

target

rate—a

key

measure

of

short-term

interest

rates—three

times

during

the

period.

The

third

increase

in

June

brought

the

rate

to

1.50%–1.75%.

Oil

prices

rose

sharply.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

−21.10%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Fund

trailed

its

benchmark

Ten

of

the

eleven

industry

sectors

in

the

Russell

1000

Value

Index

declined

for

the

six

months.

Consumer

discretionary

(down

26.9%),

information

technology

(down

26.6%)

and

real

estate

(down

20.4%)

were

the

worst

performers.

Financials

(down

18.1%)—the

benchmark’s

largest

sector—was

the

top

detractor

from

the

index’s

return,

hurt

by

falling

profits

at

major

banks.

Together,

these

four

sectors

represented

more

than

40.0%

of

the

benchmark’s

total

market

capitalization

on

June

30,

2022.

Energy

(up

31.2%)

was

the

only

sector

to

advance

as

oil

prices

rose

sharply.

The

Fund

underperformed

its

benchmark

as

certain

allocation

decisions

did

not

perform

as

anticipated.

A

lack

of

exposure

to

ExxonMobil

was

the

largest

detractor,

as

the

stock

surged

amid

the

steep

rise

in

oil

prices.

The

next-largest

detractors

were

out-of-benchmark

positions

in

semiconductor

equipment

manufacturer

Applied

Materials

and

electronic

components

maker

TE

Connectivity.

Both

reported

lost

sales

due

to

global

supply-chain

disruptions

that

limited

their

production

capabilities.

On

the

positive

side,

the

top

contributors

to

relative

performance

were

overweight

positions

in

energy

giants

ConocoPhillips

and

Chevron,

both

of

which

posted

sizeable

gains.

Next

was

an

overweight

position

in

Raytheon

Technologies.

This

aerospace

and

defense

company

benefited

from

a

rebound

in

airline

travel

and

expectations

that

military

spending

would

increase

globally.

Real

Estate

Securities

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

Real

Estate

Securities

Fund returned

-23.27% for

the

period,

compared

with

the

-19.17% return

of

its

benchmark,

the

FTSE

Nareit

All

Equity

REITs

Index. For

the

one-year

period

ended

June

30,

2022,

the

Fund

returned

-11.57%

versus

-5.89%

for

the

index.

The

U.S.

economy

contracted

during

the

period,

although

spending

by

consumers

and

businesses

remained

positive.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.6%

in

June.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.9%

over

the

twelve

months

ended

June

30,

2022.

The

Federal

Reserve,

responding

to

elevated

inflation,

increased

the

federal

funds

target

rate—a

key

measure

of

short-term

interest

rates—three

times

during

the

period.

The

third

increase

in

June

brought

the

rate

to

1.50%–1.75%.

Yields

on

U.S.

Treasury

securities

rose

significantly

across

all

maturities

(bond

yields

move

in

the

opposite

direction

of

prices).

Oil

prices

rose

sharply.

For

the

six-month

period,

the

FTSE

Nareit

All

Equity

REITs

Index

outperformed

the

−21.10%

return

of

the

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®Index,

but

trailed

the

–10.35%

return

of

the

broad

U.S.

investment-grade

fixed-rate

bond

market,

as

represented

by

the

Bloomberg

U.S.

Aggregate

Bond

Index.

Portfolio

managers’

comments

10

2022

Semiannual

Report

TIAA-CREF

Life

Funds

continued

Fund

trailed

its

benchmark

Among

the

benchmark’s

16

property

sectors

and

subsectors,

all

returns

were

negative

for

the

period.

The

largest

declines

were

seen

in

the

regional

malls

(down

39.5%),

office

(down

27.4%)

and

industrial

(down

26.6%)

sectors.

Specialty

(down

7.2%)

was

the

best-performing

sector.

For

the

six-month

period,

the

Fund

underperformed

its

benchmark

as

certain

stock

selections

did

not

perform

as

anticipated.

Overweight

positions

in

retail

REIT

Simon

Property

Group

and

industrial

REIT

Rexford

Industrial

Realty,

both

of

which

delivered

double-digit

losses

for

the

period,

were

substantial

detractors

from

relative

performance.

An

out-of-benchmark

allocation

to

regulated

cannabis

industry

REIT

Innovative

Industrial

Properties

also

hurt

the

Fund’s

relative

return.

On

the

positive

side,

these

negative

effects

were

partly

offset

by

an

out-of-benchmark

allocation

to

SUPERNAP

data

center

operator

Switch,

as

it

posted

a

sizable

gain.

Not

owning

poorly

performing

health

care

facilities

REIT

Medical

Properties

Trust

and

industrial

property

REIT

STAG

Industrial

also

benefited

the

Fund’s

performance

versus

its

benchmark.

Small-Cap

Equity

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

Small-Cap

Equity

Fund returned

-21.29% for

the

period,

compared

with

the

-23.43% return

of

its

benchmark,

the

Russell

2000®

Index. For

the

one-year

period

ended

June

30,

2022,

the

Fund

returned

-19.73%

versus

-25.20%

for

the

index.

The

U.S.

economy

contracted

during

the

period,

although

spending

by

consumers

and

businesses

remained

positive.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.6%

in

June.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.9%

over

the

twelve

months

ended

June

30,

2022.

The

Federal

Reserve,

responding

to

elevated

inflation,

increased

the

federal

funds

target

rate—a

key

measure

of

short-term

interest

rates—three

times

during

the

period.

The

third

increase

in

June

brought

the

rate

to

1.50%–1.75%.

Oil

prices

rose

sharply.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

−21.10%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Fund

outperformed

its

benchmark

Ten

of

the

eleven

industry

sectors

in

the

Russell

2000

Index

declined

for

the

six

months.

Consumer

discretionary

(down

34.8%)

and

communication

services

(down

33.7%)

were

the

worst

performers.

Health

care

(down

30.7%)

was

the

biggest

detractor

from

the

index’s

return,

and

financials

(down

18.5%)—the

largest

sector—was

also

a

major

detractor.

Together,

these

four

sectors

represented

over

45.0%

of

the

benchmark’s

total

market

capitalization

on

June

30,

2022.

Energy

(up

23.4%)

was

the

best-performing

sector,

followed

by

utilities

(down

1.0%).

The

Fund

outperformed

its

benchmark

due

to

several

successful

stock

choices.

The

top

contributor

to

relative

performance

was

an

overweight

position

in

Lantheus

Holdings.

This

manufacturer

of

medical

diagnostic

tools

reported

strong

operating

results,

in

part

due

to

the

successful

launch

of

a

new

product.

The

next-largest

contributors

were

overweight

positions

in

PBF

Energy

and

CVR

Energy,

both

of

which

benefited

from

rising

oil

and

gas

prices.

Conversely,

the

largest

detractors

were

overweight

positions

in

mobile

applications

provider

Digital

Turbine,

health

care

company

Gritstone

bio

and

shoe

manufacturer

Crocs.

Digital

Turbine

issued

a

weak

revenue

outlook,

citing

challenges

in

the

macroeconomic

environment.

Gritstone

bio

was

hurt

by

concerns

that

the

company

might

need

to

raise

additional

capital

to

fund

its

operations.

Crocs

suspended

its

share

buyback

program

and

warned

that

supply-chain

delays

could

pressure

revenues.

Social

Choice

Equity

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

Social

Choice

Equity

Fund returned

-21.55% for

the

period,

compared

with

the

-21.10% return

of

its

benchmark,

the

Russell

3000®

Index. For

the

one-year

period

ended

June

30,

2022,

the

Fund

returned

-14.48%

versus

-13.87%

for

the

index.

The

Fund

utilizes

environmental,

social

and

governance

(ESG)

criteria,

while

the

benchmark

does

not.

Because

of

its

ESG

criteria,

the

Fund

did

not

invest

in

a

number

of

stocks

that

were

included

in

the

Russell

3000

Index.

Avoiding

these

companies

produced

mixed

results,

but

the

net

effect

was

that

the

Fund

underperformed

its

benchmark.

The

exclusion

of

ExxonMobil,

Johnson

&

Johnson

and

UnitedHealth

Group

detracted

most

from

the

Fund’s

performance

relative

to

its

benchmark.

ExxonMobil

reported

robust

profit

growth,

driven

by

a

sharp

increase

in

oil

prices.

Johnson

&

Johnson

benefited

from

strong

sales

of

its

COVID-19

vaccine.

UnitedHealth

increased

its

2022

earnings

forecast

amid

double-

digit

growth

in

its

health

services

unit.

11

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Portfolio

managers’

comments

continued

Conversely,

omitting

Meta

Platforms

(Facebook),

Amazon.com

and

Alphabet

(the

parent

company

of

Google)

was

beneficial.

These

companies

were

hurt

by

a

slowdown

in

digital

ad

spending

following

a

pandemic-driven

surge.

Amazon

was

further

impacted

by

a

slump

in

online

shopping

and

costly

excess

warehouse

capacity.

Fund

trailed

its

benchmark

To

compensate

for

the

Fund’s

exclusion

of

some

stocks

within

the

Russell

3000

Index,

the

Fund’s

managers

use

quantitative

(mathematical)

modeling

and

other

techniques

in

an

attempt

to

match

the

overall

investment

characteristics

of

the

portfolio

with

those

of

its

index

and

to

manage

risk.

Among

stocks

the

Fund

held,

overweight

positions

in

PayPal

Holdings

and

Netflix

were

the

largest

detractors

from

relative

performance.

PayPal

issued

a

disappointing

2022

revenue

outlook

and

abruptly

changed

its

marketing

strategy.

Netflix

reported

that

it

lost

subscribers

during

the

first

quarter

of

2022

and

projected

additional

losses

for

the

second

quarter.

The

next-largest

detractor

was

an

overweight

position

in

Okta.

This

provider

of

digital

identity

verification

services

forecast

weaker-

than-expected

annual

earnings,

citing

increased

spending

on

sales

and

marketing.

Conversely,

overweight

positions

in

Marathon

Oil,

ConocoPhillips

and

Eli

Lilly

contributed

most

to

the

Fund’s

relative

result.

Marathon

Oil

increased

the

size

of

its

stock

buyback

program

and

raised

its

dividend.

ConocoPhillips

announced

better-than-

expected

earnings

due

to

high

energy

prices

and

growth

in

production

volumes.

Eli

Lilly

reported

strong

sales

of

its

COVID-19

antibody

treatment

and

has

a

compelling

drug

pipeline.

Stock

Index

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

Stock

Index

Fund returned

-21.06% for

the

period,

compared

with

the

-21.10% return

of

its

benchmark,

the

Russell

3000®

Index. For

the

one-year

period

ended

June

30,

2022,

the

Fund

returned

-13.81%

versus

-13.87%

for

the

index.

For

the

six-month

period,

the

Fund’s

return

slightly

outperformed

that

of

its

benchmark

index.

The

Fund’s

return

includes

a

deduction

for

expenses,

while

the

benchmark’s

does

not.

The

Fund

had

a

risk

profile

similar

to

that

of

its

benchmark.

The

U.S.

economy

contracted

during

the

period,

although

spending

by

consumers

and

businesses

remained

positive.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.6%

in

June.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.9%

over

the

twelve

months

ended

June

30,

2022.

The

Federal

Reserve,

responding

to

elevated

inflation,

increased

the

federal

funds

target

rate—a

key

measure

of

short-term

interest

rates—three

times

during

the

period.

The

third

increase

in

June

brought

the

rate

to

1.50%–1.75%.

Oil

prices

rose

sharply.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

−21.10%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Nearly

all

benchmark

sectors

declined

Ten

of

the

eleven

industry

sectors

in

the

Russell

3000

Index

posted

losses

for

the

six

months.

Consumer

discretionary

(down

33.3%)

was

the

worst

performer

amid

a

shift

in

household

spending

away

from

goods

and

toward

in-person

services.

Next

in

line

were

communication

services

(down

30.6%)

and

information

technology

(down

28.5%)—the

index’s

largest

sector

and

also

the

biggest

detractor

from

its

return.

Together,

these

three

sectors

represented

more

than

45.0%

of

the

index’s

total

market

capitalization

on

June

30,

2022.

Energy

(up

30.7%)

was

the

only

sector

to

advance,

benefiting

from

high

oil

prices.

The

next-best

performers

were

the

defensive

utilities

(down

1.1%)

and

consumer

staples

(down

6.1%)

sectors.

For

the

six-month

period,

none

of

the

five

largest

stocks

in

the

Russell

3000

Index

produced

a

return

that

exceeded

the

overall

return

of

the

index.

The

stocks

with

the

steepest

declines

were

Amazon.com,

which

reported

tepid

revenue

growth

as

online

shopping

slowed,

and

Tesla,

which

was

hurt

by

its

CEO’s

plans

to

buy

Twitter.

Next

came

Alphabet

(the

parent

company

of

Google),

followed

by

Microsoft

and

Apple.

International

Equity

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

International

Equity

Fund returned

-22.06% for

the

period,

compared

with

the

-19.57% return

of

its

benchmark,

the

MSCI

EAFE®

Index. For

the

one-year

period

ended

June

30,

2022,

the

Fund

returned

-20.90%

versus

-17.77%

for

the

index.

Portfolio

managers’

comments

12

2022

Semiannual

Report

TIAA-CREF

Life

Funds

continued

International

stocks

in

both

developed

and

emerging

markets

lost

ground,

although

certain

countries

grew

moderately

during

the

period.

Economies

in

the

19-nation

euro

area

expanded

during

the

first

three

months

of

2022,

as

did

China’s

economy,

which

grew

despite

restrictions

aimed

at

limiting

the

spread

of

COVID-19.

Global

central

banks

responded

to

rising

inflation

by

continuing

to

tighten

monetary

policies.

The

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

1.50%–

1.75%

in

June.

The

European

Central

Bank

stated

that

it

intends

to

increase

its

benchmark

interest

rates

in

July

by

0.25%

and

possibly

raise

them

further

in

September.

The

Bank

of

England

increased

its

benchmark

rate

four

times

to

1.25%

by

period-

end.

Within

the

MSCI

EAFE

Index,

which

includes

21

developed

nations

outside

North

America,

all

country

components

declined

in

U.S.-dollar

terms

for

the

six

months.

In

local-currency

terms,

three

nations

posted

gains.

Fund

trailed

its

benchmark

For

the

six-month

period,

the

Fund

underperformed

its

benchmark

as

certain

stock

selections

did

not

perform

as

anticipated.

Overweight

positions

in

Japanese

human

resources

company

Recruit

Holdings,

British

rental

equipment

provider

Ashtead

Group

and

Sony

Group

detracted

most

from

relative

performance.

Recruit

was

hurt

by

a

decrease

in

the

growth

of

job

openings,

while

Ashtead

and

Sony

saw

profit

declines.

Conversely,

an

overweight

position

in

AstraZeneca

contributed

most

to

the

Fund’s

relative

return,

as

the

global

drug

manufacturer

delivered

strong

gains.

Overweight

allocations

to

energy

companies

Equinor

and

Shell

further

augmented

relative

performance

as

they

benefited

from

a

substantial

increase

in

oil

prices.

The

Fund’s

returns

may

sometimes

diverge

from

the

returns

of

its

benchmark

more

than

would

be

expected.

This

divergence

may

be

the

result

of

the

Fund’s

fair

value

pricing

adjustments

or

of

the

timing

of

foreign

currency

valuations.

Many

foreign

exchanges

close

for

trading

before

the

Fund’s

net

asset

value

(NAV)

is

calculated

(see

the

Fund’s

current

prospectus

for

more

details

on

NAV

calculations).

In

the

intervening

hours,

the

values

of

foreign

securities

can

change,

and

these

changes

are

not

reflected

immediately

in

the

returns

of

the

Fund’s

benchmark.

These

changes

are,

however,

taken

into

account

to

value

the

Fund’s

portfolio

holdings

at

the

time

the

Fund’s

NAV

is

calculated;

these

are

known

as

fair

value

pricing

adjustments.

Core

Bond

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

Core

Bond

Fund returned

-11.17% for

the

period,

compared

with

the

-10.35% return

of

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index. For

the

one-year

period

ended

June

30,

2022,

the

Fund

returned

-11.25%

versus

-10.29%

for

the

index.

The

U.S.

economy

contracted

during

the

period,

although

spending

by

consumers

and

businesses

remained

positive.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.6%

in

June.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.9%

over

the

twelve

months

ended

June

30,

2022.

Oil

prices

rose

sharply.

The

Federal

Reserve,

responding

to

elevated

inflation,

increased

the

federal

funds

target

rate—a

key

measure

of

short-

term

interest

rates—three

times

during

the

period.

The

third

increase

in

June

brought

the

rate

to

1.50%–1.75%.

U.S.

Treasury

yields

rose

significantly

across

all

maturities.

The

European

Central

Bank

stated

that

it

intends

to

increase

its

benchmark

interest

rates

in

July

by

0.25%

and

possibly

raise

them

further

in

September.

The

Bank

of

England

increased

its

benchmark

rate

four

times

to

1.25%

by

the

end

of

the

period.

Fund

trailed

its

benchmark

All

of

the

sectors

in

the

Bloomberg

U.S.

Aggregate

Bond

Index

posted

losses

for

the

six

months

as

yields

rose

dramatically

across

all

maturities.

The

U.S.

Treasuries

sector,

the

largest

in

the

index

with

a

weight

of

39.7%,

returned

–9.1%.

Mortgage-

backed

securities

(MBS),

the

second-largest

sector

accounting

for

27.2%

of

the

index’s

total

market

capitalization

on

June

30,

2022,

returned

–8.8%.

Corporate

bonds—the

benchmark’s

third-largest

sector

at

24.8%—had

a

more

significant

decline

of

−14.4%.

Commercial

mortgage-backed

securities

(CMBS)

and

asset-backed

securities

(ABS)

returned

–8.3%

and

−3.8%,

respectively.

The

Fund

trailed

its

benchmark

for

the

period.

An

overweight

in

non-Treasury

sectors

and

corresponding

underweight

in

Treasuries

was

the

Fund’s

main

detractor

as

uncertainties

pushed

credit

spreads

wider.

An

overweight

in

corporate

credit

hurt

results

the

most,

including

small

emerging-markets

and

high-yield

corporate

positions.

ABS,

CMBS

and

non-agency

MBS

also

detracted.

Security

selection

was

negative

in

the

banking

and

health

care

areas

of

investment-grade

credit,

as

well

as

among

more

volatile

CMBS

and

ABS.

Interest-rate

positioning

aided

results,

including

the

Fund’s

shorter

duration

versus

the

benchmark,

which

made

it

less

sensitive

to

higher

rates

across

the

curve.

This

was

partially

offset

by

the

Fund’s

yield

curve

positioning—how

the

Fund

was

invested

across

different

maturities—which

detracted

due

to

overweights

in

the

longer

maturity

segments

of

the

yield

curve.

13

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Portfolio

managers’

comments

continued

Money

Market

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

Money

Market

Fund returned

0.14% for

the

period,

compared

with

the

0.10% return

of

the

iMoneyNet

Money

Fund

Averages™-All

Government,

a

simple

average

of

over

500

money

market

funds

that

invest

in

short-term

U.S.

government

securities.

The

iMoneyNet

average

is

not

an

index,

and

its

return

reflects

the

deduction

of

expenses

charged

by

the

funds

included

in

the

average. 

The

U.S.

economy

contracted

during

the

period,

although

spending

by

consumers

and

businesses

remained

positive.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.6%

in

June.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.9%

over

the

twelve

months

ended

June

30,

2022.

Oil

prices

rose

sharply.

The

Federal

Reserve,

responding

to

elevated

inflation,

increased

the

federal

funds

target

rate—a

key

measure

of

short-

term

interest

rates—three

times

during

the

period.

The

third

increase

in

June

brought

the

rate

to

1.50%–1.75%.

U.S.

Treasury

yields

rose

significantly

across

all

maturities.

The

European

Central

Bank

stated

that

it

intends

to

increase

its

benchmark

interest

rates

in

July

by

0.25%

and

possibly

raise

them

further

in

September.

The

Bank

of

England

increased

its

benchmark

rate

four

times

to

1.25%

by

the

end

of

the

period.

Although

inflation

presents

an

economic

challenge

for

the

United

States

in

2022,

the

increase

in

short-term

bond

yields

during

the

period

was

a

positive

sign

for

money

market

investments.

Moreover,

the

Fed’s

change

in

monetary

policy

should

bode

well

for

yields

on

the

short-term

government

securities

in

which

the

Fund

invests.

Floating-rate

debt

securities,

which

made

up

approximately

one-third

of

the

Fund’s

portfolio

at

period-end,

stand

to

benefit

as

short-term

interest

rates

increase.

The

“secured

overnight

financing

rate”

(SOFR)—which

represents

dealer

transactions

in

Treasury

collateralized

overnight

repurchase

agreements—increased

from

0.05%

on

January

1,

2022,

to

1.50%

on

June

30,

2022.

Fund

outperformed

the

iMoneyNet

average

For

the

six-month

period,

the

Money

Market

Fund’s

return

surpassed

that

of

the

iMoneyNet

average.

The

Fund

continued

to

invest

in

floating-rate

government

agency

securities,

which

provide

a

yield

enhancement

over

short-term

fixed-rate

securities,

and

these

holdings

benefited

the

Fund’s

relative

performance.

As

of

June

28,

2022,

the

Fund’s

weighted

average

maturity

(WAM)

was

39

days,

versus

28

days

for

the

iMoneyNet

average.

iMoneyNet

releases

their

data

on

a

weekly

basis,

and

June

28

was

the

last

date

of

release

for

the

month.

Balanced

Fund

Performance

for

the

six

months

ended

June

30,

2022

The

Balanced

Fund returned

-17.00% for

the

period,

compared

with

the

-15.60% return

of

its

benchmark,

the

Balanced

Fund

Composite

Index,

which

is

a

weighted

average

of

the

Russell

3000®

Index,

the

MSCI

EAFE®

Index

and

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index. For

the

one-year

period

ended

June

30,

2022,

the

Fund

returned

-14.49%

versus

-12.26%

for

the

index.

The

U.S.

economy

contracted

during

the

period,

although

spending

by

consumers

and

businesses

remained

positive.

The

unemployment

rate

declined

from

4.0%

in

January

2022

to

3.6%

in

June.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

5.9%

over

the

twelve

months

ended

June

30,

2022.

The

Federal

Reserve,

responding

to

elevated

inflation,

increased

the

federal

funds

target

rate—a

key

measure

of

short-term

interest

rates—three

times

during

the

period.

The

third

increase

in

June

brought

the

rate

to

1.50%–1.75%.

Oil

prices

rose

sharply.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

−21.10%

for

the

period.

Small-cap

equities

trailed

large-

and

mid-sized

stocks,

while

growth

shares

underperformed

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

The

MSCI

EAFE

Index,

which

measures

the

performance

of

stocks

in

21

developed

markets

outside

North

America,

returned

−19.57%.

(The

MSCI

EAFE

Index

return

is

in

U.S.

dollars.)

The

broad

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

−10.35%,

driven

by

rising

bond

yields.

Fund

trailed

its

composite

benchmark

For

the

six-month

period,

the

Fund’s

absolute

return—that

is,

without

regard

to

the

performance

of

its

composite

benchmark—

was

hurt

most

by

losses

in

U.S.

and

foreign

stocks

held

by

the

underlying

funds

of

the

Balanced

Fund.

All

underlying

funds

experienced

losses

for

the

period,

with

the

Growth

Equity

Fund

posting

the

largest

decline,

followed

by

the

International

Equity

Fund.

Portfolio

managers’

comments

14

2022

Semiannual

Report

TIAA-CREF

Life

Funds

concluded

The

Fund

underperformed

its

composite

benchmark

for

the

period,

hurt

by

weakness

in

some

of

its

underlying

equity

and

bond

funds.

Among

these,

the

Growth

Equity

Fund

was

the

largest

detractor

from

the

Fund’s

performance

versus

its

composite

benchmark,

followed

by

the

Core

Bond

Fund

and

the

International

Equity

Fund.

Conversely,

the

Large-Cap

Value

Fund

was

the

largest

contributor

to

the

Fund’s

return

compared

to

its

composite

benchmark.

The

Small-Cap

Equity

Fund

also

modestly

benefited

relative

performance.

Growth

Equity

Fund

15

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Growth

Equity

Fund

4/3/00

-31.37

%

-29.86

%

11.46

%

13.81

%

0.52

%

0.52

%

Russell

1000®

Growth

Index

–

-28.07

-18.77

14.29

14.80

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2022

Net

assets

$

120.76

million

Portfolio

turnover

rate

*

37%

Number

of

holdings

79

Weighted

median

market

capitalization

$230.49

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

25.8

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2022–June

30,

2022,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divide

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

6/30/2022

Information

technology

41.3

Consumer

discretionary

18.3

Communication

services

10.1

Health

care

9.9

Industrials

7.7

Consumer

staples

5.3

Financials

2.5

Energy

2.1

Materials

0.5

Short-term

investments,

other

assets

&

liabilities,

net

2.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2022

More

than

$50

billion

79.4

More

than

$15

billion-$50

billion

17.9

More

than

$2

billion-$15

billion

2.2

$2

billion

or

less

0.5

Total

100.0

Growth

&

Income

Fund

16

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Growth

&

Income

Fund

4/3/00

-

23

.06

%

-

15

.71

%

9

.44

%

11

.93

%

0

.52

%

0

.52

%

S&P

500®

Index

–

-

19

.96

-

10

.62

11

.31

12

.96

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2022

Net

assets

$

155.99

million

Portfolio

turnover

rate

*

40%

Number

of

holdings

157

Weighted

median

market

capitalization

$143.71

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

20.8

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2022–June

30,

2022,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divide

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

6/30/2022

Information

technology

26.9

Health

care

16.0

Financials

11.5

Industrials

8.9

Consumer

discretionary

8.2

Consumer

staples

8.0

Communication

services

7.5

Energy

4.7

Materials

3.8

Utilities

2.5

Real

estate

2.0

Short-term

investments,

other

assets

&

liabilities,

net

0.0

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2022

More

than

$50

billion

70.4

More

than

$15

billion-$50

billion

20.4

More

than

$2

billion-$15

billion

8.6

$2

billion

or

less

0.6

Total

100.0

Large-Cap

Value

Fund

17

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Large-Cap

Value

Fund

10/28/02

-

14

.72

%

-

7

.83

%

6

.13

%

9

.68

%

0

.58

%

0

.52

%

Russell

1000®

Value

Index

–

-

12

.86

-

6

.82

7

.17

10

.50

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2022

Net

assets

$

75.67

million

Portfolio

turnover

rate

*

16%

Number

of

holdings

83

Weighted

median

market

capitalization

$119.43

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

15.2

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2022–June

30,

2022,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divide

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

6/30/2022

Financials

21.3

Health

care

18.4

Industrials

13.5

Information

technology

11.5

Communication

services

8.4

Energy

7.9

Consumer

discretionary

5.3

Materials

5.1

Utilities

3.7

Consumer

staples

3.3

Real

estate

1.0

Short-term

investments,

other

assets

&

liabilities,

net

0.6

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2022

More

than

$50

billion

81.5

More

than

$15

billion-$50

billion

14.7

More

than

$2

billion-$15

billion

3.8

Total

100.0

Real

Estate

Securities

Fund

18

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Real

Estate

Securities

Fund

10/28/02

-

23

.27

%

-

11

.57

%

7

.50

%

8

.41

%

0

.61

%

0

.57

%

FTSE

Nareit

All

Equity

REITs

Index

–

-

19

.17

-

5

.89

6

.75

8

.34

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2022

Net

assets

$

78.83

million

Portfolio

turnover

rate

*

16%

Number

of

holdings

53

Weighted

median

market

capitalization

$22.78

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

31.1

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2022–June

30,

2022,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divide

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

6/30/2022

Specialized

REITs

27.2

Residential

REITs

26.5

Industrial

REITs

15.8

Retail

REITs

14.1

Office

REITs

6.2

Health

care

REITs

5.7

Hotel

&

resort

REITs

1.4

Diversified

REITs

1.1

Real

estate

operating

companies

0.5

Internet

services

&

infrastructure

0.4

Short-term

investments,

other

assets

&

liabilities,

net

1.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2022

More

than

$50

billion

25.3

More

than

$15

billion-$50

billion

39.5

More

than

$2

billion-$15

billion

33.5

$2

billion

or

less

1.7

Total

100.0

Small-Cap

Equity

Fund

19

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Small-Cap

Equity

Fund

10/28/02

-

21

.29

%

-

19

.73

%

5

.80

%

10

.16

%

0

.62

%

0

.53

%

Russell

2000®

Index

–

-

23

.43

-

25

.20

5

.17

9

.35

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2022

Net

assets

$

54.40

million

Portfolio

turnover

rate

*

38%

Number

of

holdings

427

Weighted

median

market

capitalization

$2.41

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

18.4

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2022–June

30,

2022,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divide

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

6/30/2022

Industrials

16.4

Health

care

16.3

Financials

15.7

Information

technology

13.5

Real

estate

7.7

Consumer

discretionary

7.5

Energy

5.9

Materials

4.2

Consumer

staples

4.2

Utilities

4.2

Communication

services

3.3

Short-term

investments,

other

assets

&

liabilities,

net

1.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2022

More

than

$15

billion-$50

billion

0.1

More

than

$2

billion-$15

billion

58.2

$2

billion

or

less

41.7

Total

100.0

Social

Choice

Equity

Fund

20

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Social

Choice

Equity

Fund

4/3/00

-

21

.55

%

-

14

.48

%

10

.45

%

12

.19

%

0

.26

%

0

.22

%

Russell

3000®

Index

–

-

21

.10

-

13

.87

10

.60

12

.57

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2022

Net

assets

$

76.89

million

Portfolio

turnover

rate

*

9%

Number

of

holdings

497

Weighted

median

market

capitalization

$78.17

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

17.8

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2022–June

30,

2022,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divide

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

6/30/2022

Information

technology

27.1

Health

care

14.6

Financials

13.8

Consumer

discretionary

9.5

Industrials

9.2

Communication

services

5.9

Consumer

staples

5.8

Energy

4.2

Utilities

3.5

Real

estate

3.0

Materials

2.7

Short-term

investments,

other

assets

&

liabilities,

net

0.7

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2022

More

than

$50

billion

63.8

More

than

$15

billion-$50

billion

24.6

More

than

$2

billion-$15

billion

9.9

$2

billion

or

less

1.7

Total

100.0

Stock

Index

Fund

21

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Stock

Index

Fund

1/4/99

-

21

.06

%

-

13

.81

%

10

.53

%

12

.50

%

0

.08

%

0

.08

%

Russell

3000®

Index

–

-

21

.10

-

13

.87

10

.60

12

.57

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2022

Net

assets

$

648.14

million

Portfolio

turnover

rate

*

2%

Number

of

holdings

2,945

Weighted

median

market

capitalization

$116.49

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

19.8

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2022–June

30,

2022,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divide

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

6/30/2022

Information

technology

25.3

Health

care

14.7

Financials

11.5

Consumer

discretionary

10.4

Industrials

8.8

Communication

services

8.0

Consumer

staples

6.3

Energy

4.4

Real

estate

3.6

Utilities

3.0

Materials

2.9

Short-term

investments,

other

assets

&

liabilities,

net

1.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2022

More

than

$50

billion

64.9

More

than

$15

billion-$50

billion

18.8

More

than

$2

billion-$15

billion

13.7

$2

billion

or

less

2.6

Total

100.0

International

Equity

Fund

22

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

International

Equity

Fund

4/3/00

-

22

.06

%

-

20

.90

%

0

.97

%

5

.66

%

0

.61

%

0

.60

%

MSCI

EAFE®

Index

–

-

19

.57

-

17

.77

2

.20

5

.40

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2022

Net

assets

$

114.43

million

Portfolio

turnover

rate

*

15%

Number

of

holdings

70

Weighted

median

market

capitalization

$65.69

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

11.9

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2022–June

30,

2022,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divide

by

its

earnings

per

share

for

the

past

twelve-month

period.

Sector

%

of

net

assets

as

of

6/30/2022

Health

care

16.3

Industrials

15.1

Financials

14.0

Consumer

discretionary

11.6

Consumer

staples

9.7

Materials

8.5

Energy

8.0

Information

technology

4.7

Communication

services

3.7

Utilities

1.9

Short-term

investments,

other

assets

&

liabilities,

net

6.5

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2022

More

than

$50

billion

63.1

More

than

$15

billion-$50

billion

31.1

More

than

$2

billion-$15

billion

5.8

Total

100.0

%

of

portfolio

investments

as

of

6/30/2022

Japan

18.3

United

Kingdom

16.3

France

10.7

Germany

9.8

Netherlands

9.7

Australia

6.3

United

States

5.5

Switzerland

5.0

Hong

Kong

1.9

Norway

1.8

8

other

nations

8.6

Short-term

investments

6.1

Total

100.0

Core

Bond

Fund

23

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

and

30-day

SEC

yield

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

maturity

Holdings

by

credit

quality

Credit

quality

ratings

are

based

on

the

Bloomberg

Barclays

methodology,

which

uses

the

median

rating

of

those

compiled

by

the

Moody's,

Standard

&

Poor's

and Fitch

ratings

agencies.

If

ratings

are

available

from

only

two

of

these

agencies,

the

lower

rating

is

used.

When

only

one

rating

is

available,

that

one

is

used.

These

ratings

are

subject

to

change

without

notice.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Core

Bond

Fund

7/8/03

-

11

.17

%

-

11

.25

%

0

.92

%

1

.95

%

0

.42

%

0

.35

%

Bloomberg

U.S.

Aggregate

Bond

Index

–

-

10

.35

-

10

.29

0

.88

1

.54

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2022

Net

assets

$

201.52

million

Portfolio

turnover

rate

*

119%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

*

58%

Number

of

issues

1,030

Option-adjusted

duration

‡

6.28

years

Average

maturity

§

8.94

years

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2022–June

30,

2022,

and

is

not

annualized.

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

a

fund's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

Sector

%

of

net

assets

as

of

6/30/2022

Government

bonds

40.7

Corporate

bonds

34.6

Structured

assets

20.3

Bank

loan

obligations

2.0

Short-term

investments,

other

assets

&

liabilities,

net

2.4

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2022

Less

than

1

year

3.4

1-3

years

12.3

3-5

years

15.8

5-10

years

49.1

Over

10

years

19.4

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2022

U.S.

Treasury

&

U.S.

agency

securities*

34.8

Aaa/AAA

5.1

Aa/AA

9.2

A/A

13.5

Baa/BBB

27.0

Ba/BB

4.1

B/B

2.5

Non-rated

3.8

Total*

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

Money

Market

Fund

24

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information,

including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

the

7-day

current

and

effective

annualized

yields

and

total

returns

would

have

been

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

could

lose

money

by

investing

in

this

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

An

investment

in

the Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

(FDIC)

or

any

other

government

agency.

The Fund's

sponsor

has

no

legal

obligation

to

provide

support

to

the

Fund,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the Fund

at

any

time.

For

a

detailed

discussion

of

risk,

please

see

the

prospectus.

The

current

yield

more

closely

reflects

current

earnings

than

does

the

total

return.

Fund

profile

Portfolio

composition

Net

annualized

yield

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Money

Market

Fund

7/8/03

0.14

%

0.14

%

0.96

%

0.54

%

0.22

%

0.15

%

iMoneyNet

Money

Fund

Averages™-All

Government

§

–

0.10

0.11

0.78

0.42

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Beginning

September

9,

2020,

part

or

all

of

the

investment

management

fees

of

the

TIAA-CREF

Life

Money

Market

Fund

are

being

voluntarily

waived.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

§

The

iMoneyNet

Money

Fund

Averages—All

Government

is

a

simple

average

of

over

500

money

market

funds

that

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements

and

government-backed

floating-rate

notes.

You

cannot

invest

directly

in

it.

as

of

6/30/2022

Net

assets

$

123.00

million

Number

of

issues

146

Sector

%

of

net

assets

as

of

6/30/2022

U.S.

government

agency

securities*

48.1

Floating-rate

securities,

government*

30.1

U.S.

Treasury

securities*

17.0

Repurchase

agreements

6.9

Other

assets

&

liabilities,

net

-2.1

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

(for

the

7

days

ended

June

28,

2022)

‡

Current

yield

Effective

yield

Money

Market

Fund

1.13%

1.14%

iMoneyNet

Money

Fund

Averages™-

All

Government

§

0.96

0.97

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.

Balanced

Fund

25

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Performance

as

of

June

30,

2022

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Asset

allocation

Target

allocation

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Inception

date

6

months

1

year

5

years

since

inception

gross

net

Balanced

Fund

1/31/14

-17.00%

-14.49%

4.43%

5.21%

0.59%

0.51%

Balanced

Fund

Composite

Index

†

–

-15.60

-12.26

5.18

5.66

‡

–

–

Broad

market

index

Morningstar

Moderately

Conservative

Target

Risk

Index

–

-13.96

-12.35

3.82

4.14

‡

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2023,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

†

As

of

the

close

of

business

on

June

30,

2022,

the

Balanced

Fund

Composite

Index

consisted

of:

50.0%

Bloomberg

U.S.

Aggregate

Bond

Index;

40.0%

Russell

3000®

Index;

and

10.0%

MSCI

EAFE®

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

‡

Performance

is

calculated

from

the

inception

date

of

the

Fund.

as

of

6/30/2022

Net

assets

$

65.07

million

%

of

net

assets

as

of

6/30/2022

Equity

U.S.

equity

39.18

International

equity

9.78

Fixed

income

50.94

Other

assets

&

liabilities,

net

0.10

Total

100.00

Expense

examples

26

2022

Semiannual

Report

TIAA-CREF

Life

Funds

All

shareholders

of

the

TIAA-CREF

Life

Funds

incur

ongoing

costs,

including

management

fees

and

other

fund

expenses.

The

TIAA-CREF

Life

Funds

are

the

underlying

investment

vehicles

for

certain

variable

life

insurance

and

variable

contracts

issued

by

TIAA-CREF

Life

Insurance

Company.

These

contracts

have

additional

administrative

expense

fees

and

mortality

and

expense

risk

charges.

Because

of

these

additional

deductions,

the

costs

to

investors

will

be

higher

than

the

figures

shown

in

the

expense

examples.

Information

about

these

additional

charges

can

be

found

in

the

product

prospectuses.

The

expense

examples

that

appear

in

this

report

are

intended

to

help

you

understand

your

ongoing

costs

only

(in

U.S.

dollars)

and

do

not

reflect

transactional

costs.

The

examples

are

designed

to

help

you

compare

these

ongoing

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Shareholders

of

the

TIAA-CREF

Life

Funds

do

not

incur

a

sales

charge

for

purchases,

reinvested

dividends

or

other

distributions.

The

examples

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

and

held

for

the

entire

period

(

January

1,

2022

–

June

30,

2022

).

Actual

expenses

The

first

section

in

each

table

uses

the

Fund’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

six-month

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

“Expenses

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Some

funds

have

a

contractual

fee

reimbursement.

Had

these

not

been

in

effect,

fund

expenses

would

have

been

higher.

Hypothetical

example

for

comparison

purposes

The

second

section

in

each

table

shows

hypothetical

account

values

and

expenses

based

on

the

Fund’s

actual

expense

ratio

for

each

share

class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

share

class’

actual

return.

This

hypothetical

example

cannot

be

used

to

estimate

the

actual

expenses

you

paid

for

the

period,

but

rather

allows

you

to

compare

the

ongoing

costs

of

investing

in

the

Fund

with

the

costs

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

mutual

funds.

Growth

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$686.30

Expenses

incurred

during

the

period*

$2.18

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.21

Expenses

incurred

during

the

period*

$2.62

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.52%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Growth

&

Income

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$769.38

Expenses

incurred

during

the

period*

$2.28

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.21

Expenses

incurred

during

the

period*

$2.61

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.52%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

27

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Expense

examples

continued

Large-Cap

Value

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$852.79

Expenses

incurred

during

the

period*

$2.39

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.21

Expenses

incurred

during

the

period*

$2.61

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.52%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Real

Estate

Securities

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$767.30

Expenses

incurred

during

the

period*

$2.50

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,021.97

Expenses

incurred

during

the

period*

$2.86

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.57%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Small-Cap

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$787.10

Expenses

incurred

during

the

period*

$2.35

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.16

Expenses

incurred

during

the

period*

$2.66

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.53%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Social

Choice

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$784.52

Expenses

incurred

during

the

period*

$0.97

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,023.70

Expenses

incurred

during

the

period*

$1.10

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.22%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Expense

examples

28

2022

Semiannual

Report

TIAA-CREF

Life

Funds

continued

Stock

Index

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$789.37

Expenses

incurred

during

the

period*

$0.38

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.37

Expenses

incurred

during

the

period*

$0.43

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.09%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

International

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$779.43

Expenses

incurred

during

the

period*

$2.65

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,021.82

Expenses

incurred

during

the

period*

$3.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.60%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Core

Bond

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$888.26

Expenses

incurred

during

the

period*

$1.64

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,023.06

Expenses

incurred

during

the

period*

$1.76

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.35%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Money

Market

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,001.38

Expenses

incurred

during

the

period*

$0.74

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.05

Expenses

incurred

during

the

period*

$0.75

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.15%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

29

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Expense

examples

concluded

Balanced

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$829.95

Expenses

incurred

during

the

period*

$0.46

Effective

expenses

incurred

during

the

period

†

$2.33

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.29

Expenses

incurred

during

the

period*

$0.51

Effective

expenses

incurred

during

the

period

†

$2.58

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2022.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.10%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

†

"Effective

expenses

incurred

during

the

period”

is

based

on

the

Fund's

total

expense

ratio

for

the

most

recent

fiscal

half-year,

which

includes

the

fund's

own

expense

ratio

plus

its

pro

rata

share

of

its

underlying

funds'

expenses

(which

the

fund

bears

through

its

investment

in

the

underlying

funds).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratio

for

that

period

was

0.51%.

Growth

Equity

Fund

June

30,

2022

Portfolio

of

investments

(unaudited)

30

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

97.7%

AUTOMOBILES

&

COMPONENTS

-

2

.6

%

1,594

*

Rivian

Automotive,

Inc

$

41,029‌

4,659

*

Tesla,

Inc

3,137,464‌

TOTAL

AUTOMOBILES

&

COMPONENTS

3,178,493‌

CAPITAL

GOODS

-

2

.4

%

5,860

*

Boeing

Co

801,179‌

10,511

Carrier

Global

Corp

374,823‌

3,275

Deere

&

Co

980,764‌

6,922

Safran

S.A.

689,192‌

TOTAL

CAPITAL

GOODS

2,845,958‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3

.3

%

1,614

*

Cimpress

plc

62,785‌

18,700

Experian

Group

Ltd

549,047‌

7,096

Verisk

Analytics,

Inc

1,228,247‌

17,111

Waste

Connections,

Inc

2,121,079‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

3,961,158‌

CONSUMER

DURABLES

&

APPAREL

-

1

.5

%

5,538

Essilor

International

S.A.

839,630‌

4,126

Nike,

Inc

(Class

B)

421,677‌

89,200

Prada

S.p.A

501,634‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,762,941‌

CONSUMER

SERVICES

-

3

.1

%

1,851

*

Booking

Holdings,

Inc

3,237,381‌

15,936

*

Las

Vegas

Sands

Corp

535,290‌

TOTAL

CONSUMER

SERVICES

3,772,671‌

DIVERSIFIED

FINANCIALS

-

1

.6

%

1,520

American

Express

Co

210,703‌

77,546

*

Grab

Holdings

Ltd.

196,191‌

9,138

*

Liberty

Media

Acquisition

Corp

90,649‌

9,607

*

Ribbit

LEAP

Ltd

95,686‌

3,970

S&P

Global,

Inc

1,338,128‌

TOTAL

DIVERSIFIED

FINANCIALS

1,931,357‌

ENERGY

-

2

.1

%

13,611

ConocoPhillips

1,222,404‌

3,224

Pioneer

Natural

Resources

Co

719,210‌

5,063

Valero

Energy

Corp

538,095‌

TOTAL

ENERGY

2,479,709‌

FOOD

&

STAPLES

RETAILING

-

1

.9

%

4,826

Costco

Wholesale

Corp

2,313,005‌

TOTAL

FOOD

&

STAPLES

RETAILING

2,313,005‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.4

%

40,927

Davide

Campari-Milano

NV

431,767‌

18,771

*

Monster

Beverage

Corp

1,740,072‌

11,656

PepsiCo,

Inc

1,942,589‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

4,114,428‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4

.9

%

2,925

*

Align

Technology,

Inc

692,260‌

11,625

*

Dexcom,

Inc

866,411‌

904

*

Guardant

Health,

Inc

36,467‌

6,176

*

Intuitive

Surgical,

Inc

1,239,585‌

Portfolio

of

investments

(unaudited)

Growth

Equity

Fund

June

30,

2022

31

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

6,070

UnitedHealth

Group,

Inc

$

3,117,734‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,952,457‌

INSURANCE

-

0

.9

%

20,646

American

International

Group,

Inc

1,055,630‌

TOTAL

INSURANCE

1,055,630‌

MATERIALS

-

0

.5

%

2,031

Linde

plc

583,973‌

TOTAL

MATERIALS

583,973‌

MEDIA

&

ENTERTAINMENT

-

10

.1

%

3,086

*

Alphabet,

Inc

(Class

C)

6,750,471‌

5,175

*

IAC

393,145‌

8,444

*

Match

Group,

Inc

588,462‌

15,585

*

Meta

Platforms,

Inc

2,513,081‌

12,464

*

ROBLOX

Corp

409,567‌

12,200

Tencent

Holdings

Ltd

552,235‌

12,739

*

Twitter,

Inc

476,311‌

6,006

*

Walt

Disney

Co

566,966‌

TOTAL

MEDIA

&

ENTERTAINMENT

12,250,238‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

5

.0

%

13,795

AbbVie,

Inc

2,112,842‌

31,999

*

Avantor,

Inc

995,169‌

6,540

*

Horizon

Therapeutics

Plc

521,630‌

5,919

*

Illumina,

Inc

1,091,227‌

7,977

Zoetis,

Inc

1,371,167‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,092,035‌

RETAILING

-

11

.1

%

96,520

*

Amazon.com,

Inc

10,251,389‌

6,914

*

CarMax,

Inc

625,579‌

14,650

*

Coupang,

Inc

186,787‌

15,156

eBay,

Inc

631,551‌

882

Kering

457,076‌

22,935

TJX

Companies,

Inc

1,280,920‌

TOTAL

RETAILING

13,433,302‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6

.7

%

18,452

*

Advanced

Micro

Devices,

Inc

1,411,024‌

15,827

Applied

Materials,

Inc

1,439,941‌

4,716

Broadcom,

Inc

2,291,080‌

14,554

Marvell

Technology,

Inc

633,536‌

11,343

NVIDIA

Corp

1,719,485‌

7,772

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

635,361‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

8,130,427‌

SOFTWARE

&

SERVICES

-

28

.7

%

6,181

Accenture

plc

1,716,155‌

387

*,g

Adyen

NV

558,492‌

7,965

*

DocuSign,

Inc

457,032‌

5,207

Intuit,

Inc

2,006,986‌

50,794

Microsoft

Corp

13,045,423‌

17,757

Oracle

Corp

1,240,682‌

1,662

*

Palo

Alto

Networks,

Inc

820,928‌

11,479

*

PayPal

Holdings,

Inc

801,693‌

21,537

*

Qualtrics

International,

Inc

269,428‌

3,073

Roper

Technologies,

Inc

1,212,760‌

15,160

*

salesforce.com,

Inc

2,502,006‌

3,821

*

ServiceNow,

Inc

1,816,962‌

Portfolio

of

investments

(unaudited)

Growth

Equity

Fund

June

30,

2022

32

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

2,729

*

Synopsys,

Inc

$

828,797‌

33,353

Visa,

Inc

(Class

A)

6,566,872‌

6,183

*

Workday,

Inc

863,023‌

TOTAL

SOFTWARE

&

SERVICES

34,707,239‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

5

.9

%

51,709

Apple,

Inc

7,069,655‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

7,069,655‌

TRANSPORTATION

-

2

.0

%

43,625

*

Uber

Technologies,

Inc

892,567‌

7,107

Union

Pacific

Corp

1,515,781‌

TOTAL

TRANSPORTATION

2,408,348‌

TOTAL

COMMON

STOCKS

118,043,024‌

(Cost

$94,629,884)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.6%

REPURCHASE

AGREEMENT

-

2

.6

%

$

3,120,000

r

Fixed

Income

Clearing

Corp

(FICC)

1

.450

%

07/01/22

3,120,000‌

TOTAL

REPURCHASE

AGREEMENT

3,120,000‌

TOTAL

SHORT-TERM

INVESTMENTS

3,120,000‌

(Cost

$3,120,000)

TOTAL

INVESTMENTS

-

100.3%

121,163,024‌

(Cost

$97,749,884)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

400,653‌

)

NET

ASSETS

-

100.0%

$

120,762,371‌

ADR

American

Depositary

Receipt

*

Non-income

producing

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

Such

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

At

6/30/22,

the

aggregate

value

of

these

securities

is

$558,492

or

0.5%

of

net

assets.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

1.450%

dated

6/30/22

to

be

repurchased

at

$3,120,000

on

7/1/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

10/15/25,

valued

at

$3,182,414.

Portfolio

of

investments

(unaudited)

Growth

&

Income

Fund

June

30,

2022

33

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

100.0%

AUTOMOBILES

&

COMPONENTS

-

0

.9

%

1,958

*,n

Tesla,

Inc

$

1,318,556‌

TOTAL

AUTOMOBILES

&

COMPONENTS

1,318,556‌

BANKS

-

4

.6

%

59,505

Bank

of

America

Corp

1,852,391‌

3,020

Comerica,

Inc

221,608‌

27,134

Fifth

Third

Bancorp

911,702‌

3,750

First

Republic

Bank

540,750‌

11,623

JPMorgan

Chase

&

Co

1,308,866‌

7,256

M&T

Bank

Corp

1,156,534‌

31,915

Wells

Fargo

&

Co

1,250,110‌

TOTAL

BANKS

7,241,961‌

CAPITAL

GOODS

-

6

.5

%

3,140

Acuity

Brands,

Inc

483,686‌

2,959

Carlisle

Cos,

Inc

706,047‌

2,898

Deere

&

Co

867,864‌

6,626

Dover

Corp

803,866‌

6,520

Eaton

Corp

821,455‌

4,200

Honeywell

International,

Inc

730,002‌

17,756

Ingersoll

Rand,

Inc

747,172‌

2,403

Lockheed

Martin

Corp

1,033,194‌

7,855

Otis

Worldwide

Corp

555,113‌

4,226

n

Quanta

Services,

Inc

529,687‌

19,437

Raytheon

Technologies

Corp

1,868,090‌

5,140

n

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

150,602‌

13,399

Textron,

Inc

818,277‌

TOTAL

CAPITAL

GOODS

10,115,055‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0

.8

%

7,728

Waste

Management,

Inc

1,182,230‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,182,230‌

CONSUMER

DURABLES

&

APPAREL

-

0

.8

%

32,939

*

Mattel,

Inc

735,528‌

4,262

n

Nike,

Inc

(Class

B)

435,576‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,171,104‌

CONSUMER

SERVICES

-

1

.8

%

3,206

*,n

Airbnb,

Inc

285,590‌

521

*,n

Booking

Holdings,

Inc

911,224‌

1,764

Churchill

Downs,

Inc

337,859‌

6,707

n

Darden

Restaurants,

Inc

758,696‌

4,190

Marriott

International,

Inc

(Class

A)

569,882‌

TOTAL

CONSUMER

SERVICES

2,863,251‌

DIVERSIFIED

FINANCIALS

-

3

.0

%

6,007

American

Express

Co

832,690‌

2,648

CME

Group,

Inc

542,046‌

25,131

Equitable

Holdings,

Inc

655,165‌

31,200

*

Grab

Holdings

Ltd.

78,936‌

20,586

Morgan

Stanley

1,565,771‌

3,044

S&P

Global,

Inc

1,026,011‌

TOTAL

DIVERSIFIED

FINANCIALS

4,700,619‌

ENERGY

-

4

.7

%

7,886

n

Cheniere

Energy,

Inc

1,049,075‌

18,189

ConocoPhillips

1,633,554‌

5,524

EOG

Resources,

Inc

610,070‌

Portfolio

of

investments

(unaudited)

Growth

&

Income

Fund

June

30,

2022

34

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

21,614

EQT

Corp

$

743,522‌

21,148

Exxon

Mobil

Corp

1,811,115‌

3,618

Helmerich

&

Payne,

Inc

155,791‌

7,874

Hess

Corp

834,171‌

8,692

*,n

Peabody

Energy

Corp

185,400‌

2,902

Valero

Energy

Corp

308,425‌

TOTAL

ENERGY

7,331,123‌

FOOD

&

STAPLES

RETAILING

-

1

.4

%

26,063

n

Albertsons

Cos,

Inc

696,404‌

12,459

n

Walmart,

Inc

1,514,765‌

TOTAL

FOOD

&

STAPLES

RETAILING

2,211,169‌

FOOD,

BEVERAGE

&

TOBACCO

-

4

.9

%

309

*,n

Boston

Beer

Co,

Inc

(Class

A)

93,618‌

6,828

Bunge

Ltd

619,231‌

15,027

Coca-Cola

Co

945,349‌

3,586

Hershey

Co

771,564‌

9,283

Lamb

Weston

Holdings,

Inc

663,363‌

19,856

Mondelez

International,

Inc

1,232,859‌

12,186

*,n

Monster

Beverage

Corp

1,129,642‌

11,489

PepsiCo,

Inc

1,914,757‌

1,753

Pernod-Ricard

S.A.

324,085‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

7,694,468‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.7

%

10,300

Abbott

Laboratories

1,119,095‌

13,732

*

Centene

Corp

1,161,864‌

11,420

*,n

Dexcom,

Inc

851,133‌

9,533

*,n

Edwards

Lifesciences

Corp

906,493‌

2,574

Elevance

Health,

Inc

1,242,161‌

12,459

*

Envista

Holdings

Corp

480,170‌

1,781

n

HCA

Healthcare,

Inc

299,315‌

3,413

STERIS

plc

703,590‌

1,554

Stryker

Corp

309,137‌

6,565

UnitedHealth

Group,

Inc

3,371,981‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

10,444,939‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.7

%

8,839

Colgate-Palmolive

Co

708,357‌

3,196

n

Estee

Lauder

Cos

(Class

A)

813,925‌

8,312

Procter

&

Gamble

Co

1,195,183‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

2,717,465‌

INSURANCE

-

3

.9

%

5,790

Allstate

Corp

733,767‌

22,651

American

International

Group,

Inc

1,158,145‌

6,345

Chubb

Ltd

1,247,300‌

18,839

Hartford

Financial

Services

Group,

Inc

1,232,636‌

2,008

Marsh

&

McLennan

Cos,

Inc

311,742‌

23,043

Metlife,

Inc

1,446,870‌

TOTAL

INSURANCE

6,130,460‌

MATERIALS

-

3

.8

%

1,911

Air

Products

&

Chemicals,

Inc

459,557‌

1,930

Avery

Dennison

Corp

312,409‌

24,562

n

Corteva,

Inc

1,329,787‌

7,416

Dow,

Inc

382,740‌

9,288

DuPont

de

Nemours,

Inc

516,227‌

37,651

Glencore

Xstrata

plc

203,934‌

5,360

Linde

plc

1,541,161‌

Portfolio

of

investments

(unaudited)

Growth

&

Income

Fund

June

30,

2022

35

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

4,940

Nutrien

Ltd

$

393,668‌

9,333

Sealed

Air

Corp

538,701‌

3,600

n

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(ADR)

300,708‌

TOTAL

MATERIALS

5,978,892‌

MEDIA

&

ENTERTAINMENT

-

6

.9

%

2,994

*

Alphabet,

Inc

(Class

C)

6,549,225‌

9,462

*

Meta

Platforms,

Inc

1,525,748‌

200

*,n

Netflix,

Inc

34,974‌

700

Nintendo

Co

Ltd

301,039‌

12,712

n

Paramount

Global

313,732‌

5,875

*,n

Take-Two

Interactive

Software,

Inc

719,864‌

14,568

*,n

Walt

Disney

Co

1,375,219‌

TOTAL

MEDIA

&

ENTERTAINMENT

10,819,801‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

9

.3

%

15,016

AbbVie,

Inc

2,299,851‌

20,785

*

Avantor,

Inc

646,413‌

9,675

*,n

Axsome

Therapeutics,

Inc

370,552‌

17,592

Bristol-Myers

Squibb

Co

1,354,584‌

3,606

Danaher

Corp

914,193‌

5,956

Eli

Lilly

&

Co

1,931,114‌

7,806

*

Horizon

Therapeutics

Plc

622,607‌

2,071

*

IQVIA

Holdings,

Inc

449,386‌

13,584

Johnson

&

Johnson

2,411,296‌

10,908

Merck

&

Co,

Inc

994,482‌

6,918

Sanofi-Aventis

697,653‌

2,654

*,n

Seagen,

Inc

469,599‌

2,098

West

Pharmaceutical

Services,

Inc

634,372‌

4,510

Zoetis,

Inc

775,224‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

14,571,326‌

REAL

ESTATE

-

2

.0

%

2,979

American

Tower

Corp

761,403‌

3,877

AvalonBay

Communities,

Inc

753,107‌

6,239

Prologis,

Inc

734,019‌

5,649

Rexford

Industrial

Realty,

Inc

325,326‌

6,396

Simon

Property

Group,

Inc

607,108‌

TOTAL

REAL

ESTATE

3,180,963‌

RETAILING

-

4

.7

%

3,581

Advance

Auto

Parts,

Inc

619,835‌

39,740

*,n

Amazon.com,

Inc

4,220,785‌

8,960

*

Children's

Place,

Inc

348,723‌

4,006

n

Home

Depot,

Inc

1,098,726‌

1,543

Target

Corp

217,918‌

13,529

TJX

Companies,

Inc

755,595‌

TOTAL

RETAILING

7,261,582‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4

.3

%

15,916

*,n

Advanced

Micro

Devices,

Inc

1,217,097‌

781

ASML

Holding

NV

371,662‌

3,330

Broadcom,

Inc

1,617,747‌

9,940

n

Marvell

Technology,

Inc

432,688‌

1,821

n

Monolithic

Power

Systems,

Inc

699,337‌

8,642

n

NVIDIA

Corp

1,310,041‌

3,718

QUALCOMM,

Inc

474,937‌

3,903

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

319,070‌

4,233

*,n

Wolfspeed

Inc

268,584‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

6,711,163‌

Portfolio

of

investments

(unaudited)

Growth

&

Income

Fund

June

30,

2022

36

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES

-

13

.4

%

3,819

Accenture

plc

$

1,060,345‌

7,889

International

Business

Machines

Corp

1,113,848‌

8,120

Mastercard,

Inc

(Class

A)

2,561,698‌

38,476

Microsoft

Corp

9,881,791‌

19,414

Oracle

Corp

1,356,456‌

1,008

*,n

Palo

Alto

Networks,

Inc

497,891‌

9,252

*,n

salesforce.com,

Inc

1,526,950‌

2,205

*,n

ServiceNow,

Inc

1,048,522‌

2,931

*

Synopsys,

Inc

890,145‌

5,103

Visa,

Inc

(Class

A)

1,004,730‌

TOTAL

SOFTWARE

&

SERVICES

20,942,376‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

9

.2

%

74,054

Apple,

Inc

10,124,663‌

8,281

*

Calix,

Inc

282,713‌

14,435

*

Ciena

Corp

659,679‌

13,388

Cisco

Systems,

Inc

570,864‌

24,445

Juniper

Networks,

Inc

696,683‌

14,397

*

Stratasys

Ltd

269,800‌

7,955

TE

Connectivity

Ltd

900,108‌

2,035

*

Teledyne

Technologies,

Inc

763,349‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

14,267,859‌

TELECOMMUNICATION

SERVICES

-

0

.6

%

42,072

AT&T,

Inc

881,829‌

TOTAL

TELECOMMUNICATION

SERVICES

881,829‌

TRANSPORTATION

-

1

.6

%

9,199

*

Delta

Air

Lines,

Inc

266,495‌

3,373

DSV

AS

474,302‌

2,024

FedEx

Corp

458,861‌

10,253

Knight-Swift

Transportation

Holdings,

Inc

474,611‌

3,555

Union

Pacific

Corp

758,211‌

TOTAL

TRANSPORTATION

2,432,480‌

UTILITIES

-

2

.5

%

3,724

Ameren

Corp

336,501‌

12,312

American

Electric

Power

Co,

Inc

1,181,213‌

5,309

Evergy,

Inc

346,412‌

14,002

NextEra

Energy,

Inc

1,084,595‌

8,523

Public

Service

Enterprise

Group,

Inc

539,336‌

10,083

RWE

AG.

372,930‌

TOTAL

UTILITIES

3,860,987‌

TOTAL

COMMON

STOCKS

156,031,658‌

(Cost

$107,032,189)

Portfolio

of

investments

(unaudited)

Growth

&

Income

Fund

June

30,

2022

37

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

0.7%

REPURCHASE

AGREEMENT

-

0

.7

%

$

1,040,000

r

Fixed

Income

Clearing

Corp

(FICC)

1

.450

%

07/01/22

$

1,040,000‌

TOTAL

REPURCHASE

AGREEMENT

1,040,000‌

TOTAL

SHORT-TERM

INVESTMENTS

1,040,000‌

(Cost

$1,040,000)

TOTAL

INVESTMENTS

-

100.7%

157,071,658‌

(Cost

$108,072,189)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.7)%

(

1,077,343‌

)

NET

ASSETS

-

100.0%

$

155,994,315‌

ADR

American

Depositary

Receipt

*

Non-income

producing

n

All

or

a

portion

of

these

securities

have

been

segregated

by

the

custodian

to

cover

requirements

on

open

written

options

contracts.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

1.450%

dated

6/30/22

to

be

repurchased

at

$1,040,000

on

7/1/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

10/15/25,

valued

at

$1,060,842.

Written

options

outstanding

as

of

June

30,

2022

were

as

follows:

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

Advanced

Micro

Devices,

Inc,

Call

12

$

(

4,896‌

)

$

95

.00‌

10/21/22

$

(

4,380‌

)

Advanced

Micro

Devices,

Inc,

Put

12

(

5,496‌

)

65

.00‌

10/21/22

(

5,520‌

)

Airbnb,

Inc,

Call

12

(

5,436‌

)

120

.00‌

08/19/22

(

1,620‌

)

Albertsons

Cos,

Inc,

Call

27

(

6,073‌

)

40

.00‌

07/15/22

(

135‌

)

Albertsons

Cos,

Inc,

Put

60

(

8,197‌

)

26

.00‌

07/15/22

(

3,600‌

)

Amazon.com,

Inc,

Call

10

(

850‌

)

124

.00‌

07/15/22

(

200‌

)

Ambarella,

Inc,

Put

9

(

29,862‌

)

115

.00‌

01/20/23

(

45,450‌

)

Aptiv

plc,

Put

5

(

3,161‌

)

95

.00‌

11/18/22

(

6,600‌

)

Aptiv

plc,

Put

5

(

5,841‌

)

97

.50‌

11/18/22

(

7,400‌

)

Arcturus

Therapeutics

Holdings,

Inc,

Put

12

(

14,976‌

)

30

.00‌

01/20/23

(

20,100‌

)

Axsome

Therapeutics,

Inc,

Call

27

(

2,382‌

)

45

.00‌

07/15/22

(

2,970‌

)

Axsome

Therapeutics,

Inc,

Call

25

(

16,949‌

)

50

.00‌

12/16/22

(

18,000‌

)

Axsome

Therapeutics,

Inc,

Put

7

(

8,386‌

)

30

.00‌

09/16/22

(

3,255‌

)

Axsome

Therapeutics,

Inc,

Put

37

(

23,724‌

)

30

.00‌

12/16/22

(

24,050‌

)

Booking

Holdings,

Inc,

Call

1

(

6,511‌

)

2,300

.00‌

09/16/22

(

1,690‌

)

Boston

Beer

Co,

Inc,

Call

3

(

7,794‌

)

370

.00‌

12/16/22

(

5,655‌

)

CF

Industries

Holdings,

Inc,

Put

2

(

778‌

)

77

.50‌

08/19/22

(

900‌

)

CF

Industries

Holdings,

Inc,

Put

13

(

5,578‌

)

80

.00‌

08/19/22

(

6,162‌

)

Cheniere

Energy,

Inc,

Call

10

(

922‌

)

165

.00‌

07/15/22

(

140‌

)

Cheniere

Energy,

Inc,

Put

8

(

2,875‌

)

110

.00‌

08/19/22

(

1,800‌

)

Cheniere

Energy,

Inc,

Put

2

(

995‌

)

115

.00‌

08/19/22

(

584‌

)

Cloudflare,

Inc,

Put

9

(

10,289‌

)

95

.00‌

11/18/22

(

46,463‌

)

Corteva,

Inc,

Call

20

(

3,359‌

)

60

.00‌

12/16/22

(

5,300‌

)

Corteva,

Inc,

Put

20

(

7,659‌

)

50

.00‌

12/16/22

(

5,900‌

)

Crowdstrike

Holdings,

Inc,

Put

6

(

13,710‌

)

165

.00‌

12/16/22

(

15,210‌

)

Darden

Restaurants,

Inc,

Call

10

(

910‌

)

130

.00‌

07/15/22

(

200‌

)

Dexcom,

Inc,

Call

8

(

3,788‌

)

95

.00‌

09/16/22

(

1,520‌

)

Dexcom,

Inc,

Put

8

(

15,558‌

)

95

.00‌

09/16/22

(

17,680‌

)

Dexcom,

Inc,

Put

16

(

17,120‌

)

97

.50‌

09/16/22

(

39,040‌

)

DocuSign,

Inc,

Put

23

(

23,362‌

)

67

.50‌

09/16/22

(

32,200‌

)

DraftKings,

Inc,

Put

15

(

15,644‌

)

30

.00‌

01/20/23

(

27,675‌

)

Duck

Creek

Technologies,

Inc,

Put

30

(

10,251‌

)

22

.50‌

10/21/22

(

24,450‌

)

Edwards

Lifesciences

Corp,

Put

13

(

7,816‌

)

90

.00‌

08/19/22

(

4,680‌

)

Emergent

BioSolutions,

Inc,

Put

6

(

5,694‌

)

50

.00‌

09/16/22

(

12,120‌

)

Enphase

Energy,

Inc,

Put

8

(

1,000‌

)

150

.00‌

07/15/22

(

976‌

)

Estee

Lauder

Cos,

Inc,

Call

5

(

7,213‌

)

260

.00‌

10/21/22

(

9,875‌

)

Estee

Lauder

Cos,

Inc,

Put

5

(

14,261‌

)

250

.00‌

10/21/22

(

10,300‌

)

Expedia

Group,

Inc,

Put

12

(

7,771‌

)

80

.00‌

10/21/22

(

7,680‌

)

Portfolio

of

investments

(unaudited)

Growth

&

Income

Fund

June

30,

2022

38

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

Description/underlying

investment

Number

of

contracts

Notional

amount

Exercise

price

Expiration

date

Value

Expedia

Group,

Inc,

Put

10

$

(

15,159‌

)

$

100

.00‌

12/16/22

$

(

17,410‌

)

Farfetch

Ltd,

Put

24

(

20,796‌

)

25

.00‌

01/20/23

(

43,440‌

)

Fortinet,

Inc,

Put

25

(

1,773‌

)

44

.00‌

07/15/22

(

1,250‌

)

Generac

Holdings,

Inc,

Put

2

(

5,596‌

)

260

.00‌

12/16/22

(

12,710‌

)

Generac

Holdings,

Inc,

Put

1

(

3,148‌

)

270

.00‌

12/16/22

(

7,115‌

)

General

Motors

Co,

Put

24

(

11,975‌

)

35

.00‌

12/16/22

(

12,960‌

)

Global

Payments,

Inc,

Put

9

(

6,723‌

)

100

.00‌

11/18/22

(

5,760‌

)

HCA

Healthcare,

Inc,

Put

7

(

7,274‌

)

160

.00‌

12/16/22

(

10,045‌

)

Home

Depot,

Inc,

Call

4

(

4,834‌

)

380

.00‌

01/20/23

(

600‌

)

Home

Depot,

Inc,

Put

4

(

10,971‌

)

300

.00‌

01/20/23

(

15,930‌

)

IDEXX

Laboratories,

Inc,

Put

2

(

9,592‌

)

420

.00‌

10/21/22

(

15,600‌

)

Intel

Corp,

Put

30

(

10,589‌

)

42

.50‌

09/16/22

(

18,150‌

)

Intuitive

Surgical,

Inc,

Put

6

(

13,607‌

)

210

.00‌

01/20/23

(

16,722‌

)

Lululemon

Athletica,

Inc,

Put

6

(

12,583‌

)

270

.00‌

09/16/22

(

14,400‌

)

Lululemon

Athletica,

Inc,

Put

2

(

4,955‌

)

280

.00‌

09/16/22

(

5,570‌

)

Lululemon

Athletica,

Inc,

Put

2

(

5,524‌

)

270

.00‌

12/16/22

(

6,430‌

)

Marvell

Technology,

Inc,

Call

23

(

1,126‌

)

55

.00‌

07/15/22

(

92‌

)

Moderna,

Inc,

Put

9

(

66,176‌

)

220

.00‌

01/20/23

(

74,857‌

)

Monolithic

Power

Systems,

Inc,

Call

3

(

5,094‌

)

540

.00‌

12/16/22

(

4,785‌

)

Monolithic

Power

Systems,

Inc,

Put

3

(

10,920‌

)

350

.00‌

12/16/22

(

12,255‌

)

Monster

Beverage

Corp,

Put

17

(

1,257‌

)

75

.00‌

08/19/22

(

1,241‌

)

Netflix,

Inc,

Call

2

(

994‌

)

180

.00‌

07/01/22

(

150‌

)

NIKE,

Inc,

Put

13

(

1,263‌

)

95

.00‌

07/15/22

(

1,313‌

)

NVIDIA

Corp,

Call

6

(

4,552‌

)

185

.00‌

08/19/22

(

1,632‌

)

NVIDIA

Corp,

Put

6

(

3,102‌

)

140

.00‌

07/15/22

(

2,022‌

)

Palo

Alto

Networks,

Inc,

Call

2

(

5,305‌

)

570

.00‌

09/16/22

(

3,090‌

)

Palo

Alto

Networks,

Inc,

Call

2

(

3,435‌

)

590

.00‌

09/16/22

(

2,270‌

)

Palo

Alto

Networks,

Inc,

Put

2

(

4,922‌

)

410

.00‌

09/16/22

(

2,800‌

)

Paramount

Global,

Call

30

(

3,089‌

)

40

.00‌

08/19/22

(

120‌

)

Paramount

Global,

Put

26

(

17,419‌

)

35

.00‌

09/16/22

(

27,755‌

)

PayPal

Holdings,

Inc,

Put

12

(

13,146‌

)

80

.00‌

10/21/22

(

17,856‌

)

Peabody

Energy

Corp,

Call

30

(

7,349‌

)

30

.00‌

07/15/22

(

600‌

)

Petco

Health

&

Wellness

Co,

Inc,

Put

48

(

6,623‌

)

15

.00‌

09/16/22

(

7,920‌

)

Quanta

Services,

Inc,

Call

9

(

1,062‌

)

145

.00‌

07/15/22

(

144‌

)

Royal

Caribbean

Cruises

Ltd,

Put

20

(

10,213‌

)

55

.00‌

09/16/22

(

43,300‌

)

Salesforce,

Inc,

Call

5

(

2,450‌

)

220

.00‌

09/16/22

(

555‌

)

Salesforce,

Inc,

Put

5

(

6,040‌

)

160

.00‌

09/16/22

(

5,770‌

)

Seagen,

Inc,

Put

10

(

20,480‌

)

135

.00‌

09/16/22

(

3,550‌

)

ServiceNow,

Inc,

Call

3

(

3,819‌

)

560

.00‌

09/16/22

(

3,840‌

)

Shake

Shack,

Inc,

Put

16

(

16,651‌

)

62

.50‌

09/16/22

(

37,200‌

)

Snap,

Inc,

Put

7

(

10,168‌

)

37

.00‌

01/20/23

(

16,730‌

)

Snowflake,

Inc,

Put

6

(

26,594‌

)

215

.00‌

01/20/23

(

49,050‌

)

Sociedad

Quimica

y

Minera

de

Chile

S.A.,

Call

36

(

13,823‌

)

85

.00‌

07/15/22

(

10,440‌

)

Sociedad

Quimica

y

Minera

de

Chile

S.A.,

Put

36

(

32,209‌

)

80

.00‌

12/16/22

(

39,960‌

)

Spirit

AeroSystems

Holdings,

Inc,

Call

26

(

3,769‌

)

40

.00‌

10/21/22

(

2,665‌

)

Spirit

AeroSystems

Holdings,

Inc,

Put

26

(

3,665‌

)

24

.00‌

10/21/22

(

5,460‌

)

Spirit

AeroSystems

Holdings,

Inc,

Put

26

(

17,741‌

)

33

.00‌

10/21/22

(

16,120‌

)

Take-Two

Interactive

Software,

Inc,

Call

9

(

4,572‌

)

170

.00‌

09/16/22

(

540‌

)

Take-Two

Interactive

Software,

Inc,

Put

9

(

5,742‌

)

120

.00‌

09/16/22

(

7,560‌

)

Teradyne,

Inc,

Put

16

(

9,111‌

)

80

.00‌

10/21/22

(

8,560‌

)

Tesla,

Inc,

Call

1

(

981‌

)

855

.00‌

07/15/22

(

150‌

)

Tesla,

Inc,

Call

4

(

23,412‌

)

900

.00‌

10/21/22

(

13,212‌

)

Tesla,

Inc,

Put

1

(

2,020‌

)

535

.00‌

07/15/22

(

602‌

)

Tesla,

Inc,

Put

2

(

2,674‌

)

580

.00‌

07/29/22

(

4,900‌

)

Tesla,

Inc,

Put

1

(

8,318‌

)

680

.00‌

09/16/22

(

9,320‌

)

Tesla,

Inc,

Put

4

(

56,403‌

)

750

.00‌

10/21/22

(

58,648‌

)

Ulta

Beauty,

Inc,

Put

4

(

9,018‌

)

330

.00‌

09/16/22

(

5,080‌

)

Walmart,

Inc,

Put

10

(

2,595‌

)

115

.00‌

07/15/22

(

540‌

)

Walt

Disney

Co,

Put

12

(

5,460‌

)

90

.00‌

08/19/22

(

4,620‌

)

Wolfspeed,

Inc,

Call

13

(

1,339‌

)

95

.00‌

08/19/22

(

715‌

)

WW

International,

Inc,

Put

32

(

6,175‌

)

10

.00‌

01/20/23

(

12,480‌

)

Zscaler,

Inc,

Put

6

(

35,189‌

)

200

.00‌

01/20/23

(

36,930‌

)

Total

1,260

 $

(

969,651‌

)

 $

(

1,184,971‌

)

Portfolio

of

investments

(unaudited)

Large-Cap

Value

Fund

June

30,

2022

39

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.4%

BANKS

-

9

.6

%

57,024

Bank

of

America

Corp

$

1,775,157‌

18,938

JPMorgan

Chase

&

Co

2,132,608‌

6,450

PNC

Financial

Services

Group,

Inc

1,017,616‌

18,593

US

Bancorp

855,650‌

38,810

Wells

Fargo

&

Co

1,520,188‌

TOTAL

BANKS

7,301,219‌

CAPITAL

GOODS

-

10

.8

%

3,046

Allegion

plc

298,203‌

2,788

*

Boeing

Co

381,175‌

2,043

Caterpillar,

Inc

365,207‌

2,580

Deere

&

Co

772,633‌

6,104

Dover

Corp

740,537‌

6,054

Eaton

Corp

762,743‌

6,907

Honeywell

International,

Inc

1,200,506‌

12,697

Masco

Corp

642,468‌

3,595

Parker-Hannifin

Corp

884,550‌

18,834

Raytheon

Technologies

Corp

1,810,136‌

2,430

Trane

Technologies

plc

315,584‌

TOTAL

CAPITAL

GOODS

8,173,742‌

CONSUMER

DURABLES

&

APPAREL

-

0

.8

%

156

*

NVR,

Inc

624,646‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

624,646‌

CONSUMER

SERVICES

-

3

.2

%

245

*

Booking

Holdings,

Inc

428,502‌

8,137

Hilton

Worldwide

Holdings,

Inc

906,787‌

4,537

McDonald's

Corp

1,120,095‌

TOTAL

CONSUMER

SERVICES

2,455,384‌

DIVERSIFIED

FINANCIALS

-

6

.1

%

7,707

American

Express

Co

1,068,345‌

4,807

*

Berkshire

Hathaway,

Inc

(Class

B)

1,312,407‌

1,158

BlackRock,

Inc

705,268‌

6,436

Charles

Schwab

Corp

406,627‌

3,760

Goldman

Sachs

Group,

Inc

1,116,795‌

TOTAL

DIVERSIFIED

FINANCIALS

4,609,442‌

ENERGY

-

7

.9

%

15,670

Chevron

Corp

2,268,702‌

20,302

ConocoPhillips

1,823,323‌

8,932

EOG

Resources,

Inc

986,450‌

8,350

Valero

Energy

Corp

887,438‌

TOTAL

ENERGY

5,965,913‌

FOOD

&

STAPLES

RETAILING

-

1

.5

%

9,167

Walmart,

Inc

1,114,524‌

TOTAL

FOOD

&

STAPLES

RETAILING

1,114,524‌

FOOD,

BEVERAGE

&

TOBACCO

-

1

.0

%

12,102

Mondelez

International,

Inc

751,413‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

751,413‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

9

.7

%

9,841

Abbott

Laboratories

1,069,225‌

4,706

Cigna

Corp

1,240,125‌

3,243

Elevance

Health,

Inc

1,565,007‌

3,680

HCA

Healthcare,

Inc

618,461‌

Portfolio

of

investments

(unaudited)

Large-Cap

Value

Fund

June

30,

2022

40

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

11,515

Medtronic

plc

$

1,033,471‌

2,794

UnitedHealth

Group,

Inc

1,435,082‌

3,299

Zimmer

Biomet

Holdings,

Inc

346,593‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

7,307,964‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.8

%

4,065

Procter

&

Gamble

Co

584,506‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

584,506‌

INSURANCE

-

5

.6

%

20,979

American

International

Group,

Inc

1,072,656‌

7,878

Chubb

Ltd

1,548,657‌

5,802

Marsh

&

McLennan

Cos,

Inc

900,761‌

11,891

Metlife,

Inc

746,636‌

TOTAL

INSURANCE

4,268,710‌

MATERIALS

-

5

.1

%

4,458

Ball

Corp

306,577‌

10,678

Crown

Holdings,

Inc

984,191‌

10,594

DuPont

de

Nemours,

Inc

588,815‌

3,359

Linde

plc

965,813‌

5,640

PPG

Industries,

Inc

644,878‌

2,049

Reliance

Steel

&

Aluminum

Co

348,043‌

TOTAL

MATERIALS

3,838,317‌

MEDIA

&

ENTERTAINMENT

-

7

.0

%

560

*

Alphabet,

Inc

(Class

C)

1,224,972‌

1,265

*

Charter

Communications,

Inc

592,691‌

42,900

Comcast

Corp

(Class

A)

1,683,396‌

5,928

*

Meta

Platforms,

Inc

955,890‌

8,971

*

Walt

Disney

Co

846,862‌

TOTAL

MEDIA

&

ENTERTAINMENT

5,303,811‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.7

%

4,260

AbbVie,

Inc

652,462‌

18,810

Bristol-Myers

Squibb

Co

1,448,370‌

16,287

Johnson

&

Johnson

2,891,105‌

9,087

Merck

&

Co,

Inc

828,462‌

14,828

Pfizer,

Inc

777,432‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,597,831‌

REAL

ESTATE

-

1

.0

%

6,275

Prologis,

Inc

738,254‌

TOTAL

REAL

ESTATE

738,254‌

RETAILING

-

1

.3

%

3,694

Home

Depot,

Inc

1,013,153‌

TOTAL

RETAILING

1,013,153‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4

.0

%

5,348

Analog

Devices,

Inc

781,289‌

5,825

Applied

Materials,

Inc

529,959‌

8,020

Intel

Corp

300,028‌

348

Lam

Research

Corp

148,300‌

12,904

Micron

Technology,

Inc

713,333‌

3,621

NXP

Semiconductors

NV

536,017‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

3,008,926‌

SOFTWARE

&

SERVICES

-

4

.4

%

2,600

Accenture

plc

721,890‌

8,950

*

Fiserv,

Inc

796,282‌

Portfolio

of

investments

(unaudited)

Large-Cap

Value

Fund

June

30,

2022

41

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

concluded

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

4,183

Microsoft

Corp

$

1,074,320‌

10,120

Oracle

Corp

707,084‌

TOTAL

SOFTWARE

&

SERVICES

3,299,576‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

3

.1

%

29,694

Cisco

Systems,

Inc

1,266,152‌

9,520

TE

Connectivity

Ltd

1,077,188‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,343,340‌

TELECOMMUNICATION

SERVICES

-

1

.4

%

7,942

*

T-Mobile

US,

Inc

1,068,517‌

TOTAL

TELECOMMUNICATION

SERVICES

1,068,517‌

TRANSPORTATION

-

2

.7

%

15,994

*,†,b

AMR

Corporation

160‌

18,806

CSX

Corp

546,502‌

4,802

Union

Pacific

Corp

1,024,171‌

2,493

United

Parcel

Service,

Inc

(Class

B)

455,072‌

TOTAL

TRANSPORTATION

2,025,905‌

UTILITIES

-

3

.7

%

7,977

Ameren

Corp

720,802‌

8,304

American

Electric

Power

Co,

Inc

796,686‌

19,606

Centerpoint

Energy,

Inc

579,945‌

9,368

NextEra

Energy,

Inc

725,645‌

TOTAL

UTILITIES

2,823,078‌

TOTAL

COMMON

STOCKS

75,218,171‌

(Cost

$56,746,285)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.6%

REPURCHASE

AGREEMENT

-

0

.6

%

$

475,000

r

Fixed

Income

Clearing

Corp

(FICC)

1

.450

%

07/01/22

475,000‌

TOTAL

REPURCHASE

AGREEMENT

475,000‌

TOTAL

SHORT-TERM

INVESTMENTS

475,000‌

(Cost

$475,000)

TOTAL

INVESTMENTS

-

100.0%

75,693,171‌

(Cost

$57,221,285)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.0)%

(

26,319‌

)

NET

ASSETS

-

100.0%

$

75,666,852‌

*

Non-income

producing

†

Security

is

categorized

as

Level

3

in

the

fair

value

hierarchy.

b

In

bankruptcy

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

1.450%

dated

6/30/22

to

be

repurchased

at

$475,000

on

7/1/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.625%

and

maturity

date

1/15/26,

valued

at

$484,580.

Real

Estate

Securities

Fund

June

30,

2022

Portfolio

of

investments

(unaudited)

42

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

SHARES

COMPANY

VALUE

COMMON

STOCKS

-

98.9%

DIVERSIFIED

REITS

-

1

.1

%

85,000

*

DigitalBridge

Group,

Inc

$

414,800‌

22,500

Washington

REIT

479,475‌

TOTAL

DIVERSIFIED

REITS

894,275‌

HEALTH

CARE

REITS

-

5

.7

%

45,000

Healthpeak

Properties

Inc

1,165,950‌

26,500

Ventas,

Inc

1,362,895‌

23,400

Welltower,

Inc

1,926,990‌

TOTAL

HEALTH

CARE

REITS

4,455,835‌

HOTEL

&

RESORT

REITS

-

1

.4

%

44,000

Host

Hotels

and

Resorts,

Inc

689,920‌

28,000

Park

Hotels

&

Resorts,

Inc

379,960‌

TOTAL

HOTEL

&

RESORT

REITS

1,069,880‌

INDUSTRIAL

REITS

-

15

.8

%

24,500

Duke

Realty

Corp

1,346,275‌

4,600

EastGroup

Properties,

Inc

709,918‌

4,500

Innovative

Industrial

Properties,

Inc

494,415‌

51,000

Prologis,

Inc

6,000,150‌

49,500

Rexford

Industrial

Realty,

Inc

2,850,705‌

19,000

Terreno

Realty

Corp

1,058,870‌

TOTAL

INDUSTRIAL

REITS

12,460,333‌

INTERNET

SERVICES

&

INFRASTRUCTURE

-

0

.4

%

31,000

*

Cyxtera

Technologies,

Inc

351,540‌

TOTAL

INTERNET

SERVICES

&

INFRASTRUCTURE

351,540‌

OFFICE

REITS

-

6

.2

%

11,700

Alexandria

Real

Estate

Equities,

Inc

1,696,851‌

14,000

Boston

Properties,

Inc

1,245,720‌

9,800

Kilroy

Realty

Corp

512,834‌

16,200

SL

Green

Realty

Corp

747,630‌

23,500

Vornado

Realty

Trust

671,865‌

TOTAL

OFFICE

REITS

4,874,900‌

REAL

ESTATE

OPERATING

COMPANIES

-

0

.5

%

42,000

Tricon

Residential,

Inc

425,880‌

TOTAL

REAL

ESTATE

OPERATING

COMPANIES

425,880‌

RESIDENTIAL

REITS

-

26

.5

%

64,000

American

Homes

4

Rent

2,268,160‌

19,200

AvalonBay

Communities,

Inc

3,729,600‌

4,600

Camden

Property

Trust

618,608‌

30,000

Equity

Lifestyle

Properties,

Inc

2,114,100‌

45,000

Equity

Residential

3,249,900‌

8,600

Essex

Property

Trust,

Inc

2,248,986‌

29,000

Independence

Realty

Trust,

Inc

601,170‌

160,000

Ingenia

Communities

Group

440,697‌

12,000

Invitation

Homes,

Inc

426,960‌

7,200

Mid-America

Apartment

Communities,

Inc

1,257,624‌

7,000

NexPoint

Residential

Trust,

Inc

437,570‌

18,500

Sun

Communities,

Inc

2,948,160‌

11,500

UDR,

Inc

529,460‌

TOTAL

RESIDENTIAL

REITS

20,870,995‌

RETAIL

REITS

-

14

.1

%

61,500

Brixmor

Property

Group,

Inc

1,242,915‌

86,000

Kimco

Realty

Corp

1,700,220‌

Portfolio

of

investments

(unaudited)

Real

Estate

Securities

Fund

June

30,

2022

43

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

concluded

SHARES

COMPANY

VALUE

RETAIL

REITS—continued

52,000

Kite

Realty

Group

Trust

$

899,080‌

17,400

Realty

Income

Corp

1,187,724‌

19,700

Regency

Centers

Corp

1,168,407‌

40,500

Simon

Property

Group,

Inc

3,844,260‌

40,000

SITE

Centers

Corp

538,800‌

14,000

Spirit

Realty

Capital,

Inc

528,920‌

TOTAL

RETAIL

REITS

11,110,326‌

SPECIALIZED

REITS

-

27

.2

%

20,300

American

Tower

Corp

5,188,477‌

14,000

Crown

Castle

International

Corp

2,357,320‌

10,500

Digital

Realty

Trust,

Inc

1,363,215‌

4,700

Equinix,

Inc

3,087,994‌

7,500

Extra

Space

Storage,

Inc

1,275,900‌

11,500

Life

Storage,

Inc

1,284,090‌

18,300

National

Storage

Affiliates

Trust

916,281‌

9,800

Public

Storage,

Inc

3,064,166‌

2,300

SBA

Communications

Corp

736,115‌

23,000

VICI

Properties,

Inc

685,170‌

46,000

Weyerhaeuser

Co

1,523,520‌

TOTAL

SPECIALIZED

REITS

21,482,248‌

TOTAL

COMMON

STOCKS

77,996,212‌

(Cost

$56,109,818)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.9%

REPURCHASE

AGREEMENT

-

0

.9

%

$

700,000

r

Fixed

Income

Clearing

Corp

(FICC)

1

.450

%

07/01/22

700,000‌

TOTAL

REPURCHASE

AGREEMENT

700,000‌

TOTAL

SHORT-TERM

INVESTMENTS

700,000‌

(Cost

$700,000)

TOTAL

INVESTMENTS

-

99.8%

78,696,212‌

(Cost

$56,809,818)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.2%

133,091‌

NET

ASSETS

-

100.0%

$

78,829,303‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

1.450%

dated

6/30/22

to

be

repurchased

at

$700,000

on

7/1/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

10/15/25,

valued

at

$714,054.

Small-Cap

Equity

Fund

June

30,

2022

Portfolio

of

investments

(unaudited)

44

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

98.9%

AUTOMOBILES

&

COMPONENTS

-

0

.7

%

560

*

Dorman

Products,

Inc

$

61,437‌

13,430

*

Goodyear

Tire

&

Rubber

Co

143,835‌

7,140

*,e

Mullen

Automotive,

Inc

7,283‌

1,620

*

Stoneridge,

Inc

27,783‌

8,210

*

Tenneco,

Inc

140,884‌

TOTAL

AUTOMOBILES

&

COMPONENTS

381,222‌

BANKS

-

11

.0

%

1,200

Amalgamated

Financial

Corp

23,736‌

1,220

Ameris

Bancorp

49,020‌

4,120

*

Axos

Financial,

Inc

147,702‌

3,280

Banc

of

California,

Inc

57,794‌

3,061

Bank

of

NT

Butterfield

&

Son

Ltd

95,472‌

2,832

Banner

Corp

159,187‌

8,800

Cadence

BanCorp

206,624‌

4,024

Cathay

General

Bancorp

157,540‌

3,360

Central

Pacific

Financial

Corp

72,072‌

6,810

Columbia

Banking

System,

Inc

195,106‌

3,502

ConnectOne

Bancorp,

Inc

85,624‌

3,913

*

Customers

Bancorp,

Inc

132,651‌

9,890

CVB

Financial

Corp

245,371‌

1,710

Eagle

Bancorp,

Inc

81,071‌

1,460

Enact

Holdings,

Inc

31,361‌

2,180

Enterprise

Financial

Services

Corp

90,470‌

6,591

Essent

Group

Ltd

256,390‌

694

Federal

Agricultural

Mortgage

Corp

(FAMC)

67,769‌

1,390

First

Busey

Corp

31,761‌

2,110

First

Financial

Corp

93,895‌

5,630

First

Foundation,

Inc

115,302‌

5,645

First

Interstate

Bancsystem,

Inc

215,131‌

3,865

First

Merchants

Corp

137,671‌

3,890

Hancock

Whitney

Corp

172,444‌

2,670

Heartland

Financial

USA,

Inc

110,912‌

4,000

Heritage

Commerce

Corp

42,760‌

3,556

Hilltop

Holdings,

Inc

94,803‌

8,830

Home

Bancshares,

Inc

183,399‌

3,010

Horizon

Bancorp

52,434‌

1,694

Independent

Bank

Corp

32,660‌

3,719

Lakeland

Bancorp,

Inc

54,372‌

2,890

Meta

Financial

Group,

Inc

111,756‌

750

*

Metropolitan

Bank

Holding

Corp

52,065‌

3,800

National

Bank

Holdings

Corp

145,426‌

8,901

*

NMI

Holdings,

Inc

148,202‌

5,925

OceanFirst

Financial

Corp

113,345‌

9,775

OFG

Bancorp

248,285‌

6,480

Pacific

Premier

Bancorp,

Inc

189,475‌

1,250

Peapack

Gladstone

Financial

Corp

37,125‌

550

Preferred

Bank

37,411‌

1,844

Premier

Financial

Corp

46,745‌

1,274

QCR

Holdings,

Inc

68,783‌

15,317

Radian

Group,

Inc

300,979‌

4,900

Renasant

Corp

141,169‌

4,980

Towne

Bank

135,207‌

920

Trico

Bancshares

41,989‌

12,263

United

Community

Banks,

Inc

370,220‌

417

Walker

&

Dunlop,

Inc

40,174‌

5,940

Washington

Federal,

Inc

178,319‌

Portfolio

of

investments

(unaudited)

Small-Cap

Equity

Fund

June

30,

2022

45

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

2,670

WesBanco,

Inc

$

84,666‌

TOTAL

BANKS

5,983,845‌

CAPITAL

GOODS

-

10

.6

%

5,250

Altra

Industrial

Motion

Corp

185,062‌

2,420

Applied

Industrial

Technologies,

Inc

232,731‌

3,488

*

Atkore

International

Group,

Inc

289,539‌

750

*

BlueLinx

Holdings,

Inc

50,108‌

1,625

Boise

Cascade

Co

96,671‌

5,081

Comfort

Systems

USA,

Inc

422,485‌

3,720

*

Construction

Partners

Inc

77,897‌

9,860

*

Cornerstone

Building

Brands,

Inc

241,471‌

998

CSW

Industrials,

Inc

102,824‌

6,880

*

Energy

Recovery,

Inc

133,610‌

14,150

*

Enovix

Corp

126,077‌

1,617

EnPro

Industries,

Inc

132,481‌

5,330

*

Evoqua

Water

Technologies

Corp

173,278‌

6,641

Federal

Signal

Corp

236,420‌

8,710

*

Fluor

Corp

212,001‌

1,560

Franklin

Electric

Co,

Inc

114,286‌

19,510

GrafTech

International

Ltd

137,936‌

1,610

Hillenbrand,

Inc

65,946‌

5,640

*,e

Infrastructure

and

Energy

Alternatives,

Inc

45,289‌

8,310

*

Janus

International

Group,

Inc

75,039‌

5,350

Kennametal,

Inc

124,281‌

840

McGrath

RentCorp

63,840‌

12,994

*

MRC

Global,

Inc

129,420‌

2,042

Mueller

Industries,

Inc

108,818‌

15,730

*

NOW,

Inc

153,839‌

880

*

NV5

Global

Inc

102,731‌

5,110

*

Parsons

Corp

206,546‌

5,080

*

PGT

Innovations,

Inc

84,531‌

2,470

Quanex

Building

Products

Corp

56,193‌

3,880

Rush

Enterprises,

Inc

(Class

A)

187,016‌

1,740

*

SPX

Corp

91,942‌

930

Standex

International

Corp

78,845‌

5,830

Terex

Corp

159,567‌

2,980

*

Titan

Machinery,

Inc

66,782‌

2,570

Triton

International

Ltd

135,310‌

3,740

UFP

Industries,

Inc

254,844‌

4,650

Wabash

National

Corp

63,147‌

10,860

*

WillScot

Mobile

Mini

Holdings

Corp

352,081‌

8,215

Zurn

Water

Solutions

Corp

223,777‌

TOTAL

CAPITAL

GOODS

5,794,661‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3

.4

%

2,050

ABM

Industries,

Inc

89,011‌

1,960

Aris

Water

Solution,

Inc

32,693‌

1,870

Brady

Corp

(Class

A)

88,339‌

3,110

*

CBIZ,

Inc

124,276‌

3,283

Exponent,

Inc

300,296‌

7,130

*

First

Advantage

Corp

90,337‌

1,470

*

Franklin

Covey

Co

67,885‌

1,060

Heidrick

&

Struggles

International,

Inc

34,302‌

1,500

*

Huron

Consulting

Group,

Inc

97,485‌

1,480

ICF

International,

Inc

140,600‌

7,050

KBR,

Inc

341,149‌

2,238

Kforce,

Inc

137,279‌

820

Korn/Ferry

International

47,576‌

1,720

*

Montrose

Environmental

Group,

Inc

58,067‌

1,950

*

TriNet

Group,

Inc

151,359‌

Portfolio

of

investments

(unaudited)

Small-Cap

Equity

Fund

June

30,

2022

46

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

3,700

*

TrueBlue,

Inc

$

66,230‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,866,884‌

CONSUMER

DURABLES

&

APPAREL

-

1

.6

%

9,080

*

Callaway

Golf

Co

185,232‌

2,930

Clarus

Corp

55,641‌

3,700

*

Crocs,

Inc

180,079‌

4,750

*

G-III

Apparel

Group

Ltd

96,092‌

3,784

*

Skyline

Champion

Corp

179,437‌

5,600

Steven

Madden

Ltd

180,376‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

876,857‌

CONSUMER

SERVICES

-

3

.1

%

250

*

Biglari

Holdings,

Inc

(B

Shares)

30,675‌

8,570

Bloomin'

Brands,

Inc

142,433‌

1,652

Bluegreen

Vacations

Holding

Corp

41,234‌

960

Cheesecake

Factory

25,363‌

5,280

*

Coursera,

Inc

74,870‌

4,750

*

Dave

&

Buster's

Entertainment,

Inc

155,705‌

1,370

*

Duolingo,

Inc

119,944‌

8,780

*

Everi

Holdings,

Inc

143,202‌

5,740

*

Hilton

Grand

Vacations,

Inc

205,090‌

8,900

International

Game

Technology

plc

165,184‌

3,190

Krispy

Kreme,

Inc

43,384‌

9,500

Laureate

Education,

Inc

109,915‌

3,310

Ruth's

Hospitality

Group

Inc

53,821‌

2,800

*

Stride,

Inc

114,212‌

3,780

Texas

Roadhouse,

Inc

(Class

A)

276,696‌

TOTAL

CONSUMER

SERVICES

1,701,728‌

DIVERSIFIED

FINANCIALS

-

3

.1

%

5,920

Artisan

Partners

Asset

Management,

Inc

210,574‌

43,590

BGC

Partners,

Inc

(Class

A)

146,898‌

5,903

Cowen

Group,

Inc

139,842‌

1,930

*

Encore

Capital

Group,

Inc

111,496‌

5,030

*

Enova

International,

Inc

144,965‌

4,140

*

Green

Dot

Corp

103,955‌

11,360

*

LendingClub

Corp

132,798‌

5,720

*

Open

Lending

Corp

58,516‌

1,500

Piper

Jaffray

Cos

170,040‌

875

Raymond

James

Financial,

Inc

78,234‌

6,410

Redwood

Trust,

Inc

49,421‌

4,210

Sculptor

Capital

Management,

Inc

35,154‌

3,450

StepStone

Group,

Inc

89,804‌

13

Stifel

Financial

Corp

728‌

2,670

Victory

Capital

Holdings,

Inc

64,347‌

900

Virtus

Investment

Partners,

Inc

153,918‌

TOTAL

DIVERSIFIED

FINANCIALS

1,690,690‌

ENERGY

-

5

.9

%

22,700

*

Alto

Ingredients,

Inc

84,217‌

9,320

Berry

Petroleum

Co

LLC

71,018‌

6,197

Brigham

Minerals,

Inc

152,632‌

21,850

*

Centennial

Resource

Development,

Inc

130,663‌

3,860

e

Chesapeake

Energy

Corp

313,046‌

7,150

CVR

Energy,

Inc

239,525‌

6,370

*

Delek

US

Holdings,

Inc

164,601‌

2,240

*

Denbury,

Inc

134,378‌

3,570

*

Golar

LNG

Ltd

81,217‌

9,950

*

Liberty

Oilfield

Services,

Inc

126,962‌

4,100

Murphy

Oil

Corp

123,779‌

Portfolio

of

investments

(unaudited)

Small-Cap

Equity

Fund

June

30,

2022

47

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

12,410

*

NexTier

Oilfield

Solutions,

Inc

$

118,019‌

3,440

Ovintiv,

Inc

152,014‌

9,675

*

Par

Pacific

Holdings,

Inc

150,833‌

14,083

*

PBF

Energy,

Inc

408,689‌

2,710

PDC

Energy,

Inc

166,963‌

10,960

*

RPC,

Inc

75,734‌

59,119

*

Tellurian,

Inc

176,175‌

8,640

*

US

Silica

Holdings,

Inc

98,669‌

3,010

*

Valaris

Ltd

127,142‌

4,500

*

Weatherford

International

Ltd

95,265‌

TOTAL

ENERGY

3,191,541‌

FOOD

&

STAPLES

RETAILING

-

1

.1

%

3,552

Andersons,

Inc

117,180‌

2,233

*,d

BJ's

Wholesale

Club

Holdings,

Inc

139,161‌

7,114

*

Performance

Food

Group

Co

327,102‌

TOTAL

FOOD

&

STAPLES

RETAILING

583,443‌

FOOD,

BEVERAGE

&

TOBACCO

-

2

.5

%

1,774

Calavo

Growers,

Inc

74,011‌

3,130

Cal-Maine

Foods,

Inc

154,653‌

280

Coca-Cola

Consolidated

Inc

157,892‌

10,285

*

Hostess

Brands,

Inc

218,145‌

1,010

MGP

Ingredients,

Inc

101,091‌

9,240

Primo

Water

Corp

123,631‌

690

Sanderson

Farms,

Inc

148,716‌

4,534

*

Simply

Good

Foods

Co

171,249‌

7,630

*

SunOpta,

Inc

59,362‌

1,480

Universal

Corp

89,540‌

6,120

*

Vital

Farms,

Inc

53,550‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,351,840‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

7

.2

%

10,680

*

1Life

Healthcare,

Inc

83,731‌

5,840

*

AdaptHealth

Corp

105,354‌

9,760

*

Allscripts

Healthcare

Solutions,

Inc

144,741‌

680

*

AMN

Healthcare

Services,

Inc

74,603‌

5,294

*

Avanos

Medical,

Inc

144,738‌

13,840

*

Brookdale

Senior

Living,

Inc

62,834‌

7,410

*

Cardiovascular

Systems,

Inc

106,408‌

18,570

*

Community

Health

Systems,

Inc

69,637‌

7,490

*

Cross

Country

Healthcare,

Inc

156,017‌

5,730

*

Evolent

Health,

Inc

175,968‌

2,630

*

Fulgent

Genetics,

Inc

143,414‌

4,470

*

Health

Catalyst,

Inc

64,770‌

800

*

HealthEquity,

Inc

49,112‌

2,834

*

HealthStream,

Inc

61,526‌

360

*

Heska

Corp

34,024‌

1,930

*

Integer

Holding

Corp

136,374‌

7,941

*

Lantheus

Holdings,

Inc

524,344‌

3,680

*

Meridian

Bioscience,

Inc

111,946‌

3,820

*

Merit

Medical

Systems,

Inc

207,311‌

780

*

ModivCare,

Inc

65,910‌

1,495

*

Natus

Medical,

Inc

48,991‌

6,910

*

Neogen

Corp

166,462‌

6,410

*

NextGen

Healthcare,

Inc

111,790‌

9,640

*

Option

Care

Health,

Inc

267,896‌

5,350

*

Phreesia,

Inc

133,803‌

2,200

*,e

PROCEPT

BioRobotics

Corp

71,918‌

3,910

*

Progyny,

Inc

113,586‌

527

*

QuidelOrtho

Corp

51,214‌

Portfolio

of

investments

(unaudited)

Small-Cap

Equity

Fund

June

30,

2022

48

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

5,330

*

RadNet,

Inc

$

92,102‌

1,000

*

Shockwave

Medical

Inc

191,170‌

2,590

*

Tenet

Healthcare

Corp

136,130‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,907,824‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.6

%

6,080

*

BellRing

Brands,

Inc

151,331‌

6,152

*

elf

Beauty,

Inc

188,744‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

340,075‌

INSURANCE

-

1

.6

%

4,069

American

Equity

Investment

Life

Holding

Co

148,803‌

1,870

Employers

Holdings,

Inc

78,334‌

51,500

*

Genworth

Financial,

Inc

(Class

A)

181,795‌

2,560

Selective

Insurance

Group,

Inc

222,566‌

3,160

Stewart

Information

Services

Corp

157,210‌

4,516

Universal

Insurance

Holdings,

Inc

58,844‌

TOTAL

INSURANCE

847,552‌

MATERIALS

-

4

.2

%

3,400

AdvanSix,

Inc

113,696‌

2,460

American

Vanguard

Corp

54,981‌

4,000

*

Aspen

Aerogels,

Inc

39,520‌

1,093

Avient

Corp

43,807‌

5,910

Commercial

Metals

Co

195,621‌

9,850

*

Constellium

SE

130,118‌

10,700

*,†

Ferroglobe

plc

0‌

2,043

Innospec,

Inc

195,699‌

1,240

*

Intrepid

Potash,

Inc

56,160‌

2,454

Materion

Corp

180,933‌

3,170

Myers

Industries,

Inc

72,054‌

15,010

*

O-I

Glass,

Inc

210,140‌

1,930

Olympic

Steel,

Inc

49,698‌

5,980

Orion

Engineered

Carbons

SA

92,869‌

9,930

*

Rayonier

Advanced

Materials,

Inc

26,017‌

4,360

Ryerson

Holding

Corp

92,824‌

4,170

Schnitzer

Steel

Industries,

Inc

(Class

A)

136,943‌

2,730

Sensient

Technologies

Corp

219,929‌

805

Stepan

Co

81,587‌

1,480

Sylvamo

Corp

48,366‌

10,360

Tronox

Holdings

plc

174,048‌

3,370

United

States

Steel

Corp

60,357‌

TOTAL

MATERIALS

2,275,367‌

MEDIA

&

ENTERTAINMENT

-

2

.2

%

5,541

*

Cargurus,

Inc

119,076‌

8,860

*

Cars.com,

Inc

83,550‌

38,460

*

Clear

Channel

41,152‌

13,090

Entravision

Communications

Corp

(Class

A)

59,690‌

7,620

*

Integral

Ad

Science

Holding

Corp

75,667‌

4,009

*

Liberty

Braves

Group

(Class

C)

96,216‌

7,950

*

Lions

Gate

Entertainment

Corp

(Class

A)

74,015‌

10,210

*

Magnite,

Inc

90,665‌

3,370

Sinclair

Broadcast

Group,

Inc

(Class

A)

68,748‌

13,310

TEGNA,

Inc

279,111‌

2,870

*

Urban

One,

Inc

15,670‌

6,610

*

WideOpenWest,

Inc

120,368‌

2,690

*

Yelp,

Inc

74,701‌

TOTAL

MEDIA

&

ENTERTAINMENT

1,198,629‌

Portfolio

of

investments

(unaudited)

Small-Cap

Equity

Fund

June

30,

2022

49

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

9

.1

%

9,490

*

Acadia

Pharmaceuticals,

Inc

$

133,714‌

23,830

*

ADMA

Biologics,

Inc

47,183‌

36,181

*

Agenus,

Inc

70,191‌

8,350

*

Alkermes

plc

248,747‌

4,470

*

Amphastar

Pharmaceuticals,

Inc

155,511‌

2,480

*

Arcutis

Biotherapeutics,

Inc

52,849‌

1,760

*

Arrowhead

Pharmaceuticals

Inc

61,970‌

3,700

*

Avid

Bioservices,

Inc

56,462‌

17,230

*

BioCryst

Pharmaceuticals,

Inc

182,293‌

5,800

*

C4

Therapeutics,

Inc

43,732‌

3,353

*

CareDx,

Inc

72,022‌

15,240

*

Catalyst

Pharmaceuticals,

Inc

106,832‌

5,880

*

ChemoCentryx,

Inc

145,706‌

6,440

*

Chinook

Therapeutics,

Inc

112,636‌

7,930

*

Codexis,

Inc

82,948‌

8,250

*

Coherus

Biosciences,

Inc

59,730‌

5,210

*

Crinetics

Pharmaceuticals,

Inc

97,167‌

31,250

*

CTI

BioPharma

Corp

186,563‌

12,290

*

Dynavax

Technologies

Corp

154,731‌

6,270

*,e

Editas

Medicine,

Inc

74,174‌

10,480

*

Evolus,

Inc

121,568‌

5,370

*

Fulcrum

Therapeutics,

Inc

26,313‌

5,310

*

Global

Blood

Therapeutics,

Inc

169,655‌

3,244

*

Harmony

Biosciences

Holdings,

Inc

158,210‌

2,120

*

Ideaya

Biosciences,

Inc

29,256‌

7,940

*

Innoviva,

Inc

117,194‌

3,940

*,e

Intercept

Pharmaceuticals,

Inc

54,411‌

5,160

*

Intra-Cellular

Therapies,

Inc

294,533‌

15,560

*

Iovance

Biotherapeutics,

Inc

171,782‌

15,366

*

Ironwood

Pharmaceuticals,

Inc

177,170‌

2,710

*

iTeos

Therapeutics,

Inc

55,826‌

10,147

*

IVERIC

bio,

Inc

97,614‌

15,520

*

Karyopharm

Therapeutics,

Inc

69,995‌

5,270

*

Kezar

Life

Sciences,

Inc

43,583‌

24,950

*,e

MannKind

Corp

95,060‌

5,120

*

NeoGenomics,

Inc

41,728‌

4,570

*

NGM

Biopharmaceuticals

Inc

58,587‌

5,060

*

Nkarta,

Inc

62,339‌

3,770

*

Nurix

Therapeutics,

Inc

47,766‌

2,185

Phibro

Animal

Health

Corp

41,799‌

2,380

*

Prestige

Consumer

Healthcare,

Inc.

139,944‌

3,440

*

Protagonist

Therapeutics,

Inc

27,210‌

3,910

*

Prothena

Corp

plc

106,157‌

2,431

*

Quanterix

Corp

39,358‌

20,320

*

Rigel

Pharmaceuticals,

Inc

22,962‌

14,665

*

Sangamo

Therapeutics

Inc

60,713‌

3,937

*

Travere

Therapeutics,

Inc

95,394‌

2,388

*

Turning

Point

Therapeutics

Inc

179,697‌

6,790

*

Vanda

Pharmaceuticals,

Inc

74,011‌

5,060

*

Vir

Biotechnology,

Inc

128,878‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

4,953,874‌

REAL

ESTATE

-

7

.7

%

2,900

Agree

Realty

Corp

209,177‌

4,990

Alexander

&

Baldwin,

Inc

89,570‌

7,810

Apple

Hospitality

REIT,

Inc

114,573‌

2,760

Armada

Hoffler

Properties,

Inc

35,438‌

4,500

Corporate

Office

Properties

Trust

117,855‌

11,610

*

Cushman

&

Wakefield

plc

176,936‌

1,971

EastGroup

Properties,

Inc

304,184‌

8,570

Essential

Properties

Realty

Trust,

Inc

184,169‌

Portfolio

of

investments

(unaudited)

Small-Cap

Equity

Fund

June

30,

2022

50

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE—continued

9,030

Healthcare

Realty

Trust,

Inc

$

245,616‌

3,930

Independence

Realty

Trust,

Inc

81,469‌

4,211

Kennedy-Wilson

Holdings,

Inc

79,756‌

15,450

Macerich

Co

134,569‌

3,470

Marcus

&

Millichap,

Inc

128,355‌

6,797

National

Storage

Affiliates

Trust

340,326‌

10,683

Newmark

Group,

Inc

103,305‌

2,040

Office

Properties

Income

Trust

40,698‌

7,850

Outfront

Media,

Inc

133,058‌

14,490

Paramount

Group,

Inc

104,763‌

7,040

Phillips

Edison

&

Co,

Inc

235,206‌

5,310

Piedmont

Office

Realty

Trust,

Inc

69,667‌

4,620

PotlatchDeltic

Corp

204,158‌

671

PS

Business

Parks,

Inc

125,578‌

7,820

Retail

Opportunities

Investment

Corp

123,400‌

9,276

STAG

Industrial,

Inc

286,443‌

12,480

*

Summit

Hotel

Properties,

Inc

90,730‌

11,150

Tanger

Factory

Outlet

Centers,

Inc

158,553‌

16,020

Uniti

Group,

Inc

150,908‌

9,310

Whitestone

REIT

100,083‌

TOTAL

REAL

ESTATE

4,168,543‌

RETAILING

-

2

.1

%

6,070

Academy

Sports

&

Outdoors,

Inc

215,728‌

650

*

Boot

Barn

Holdings,

Inc

44,791‌

12,530

*

CarParts.com,

Inc

86,958‌

7,520

Designer

Brands,

Inc

98,211‌

230

e

Dillard's,

Inc

(Class

A)

50,731‌

15,140

Macy's,

Inc

277,365‌

2,550

*

MarineMax,

Inc

92,106‌

2,740

Monro

Muffler,

Inc

117,491‌

16,720

*

RealReal,

Inc

41,633‌

5,180

Rent-A-Center,

Inc

100,751‌

580

Signet

Jewelers

Ltd

31,007‌

TOTAL

RETAILING

1,156,772‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2

.7

%

2,340

Amkor

Technology,

Inc

39,663‌

1,740

*

Diodes,

Inc

112,352‌

6,893

*

Lattice

Semiconductor

Corp

334,311‌

2,940

*

MACOM

Technology

Solutions

Holdings,

Inc

135,534‌

4,880

*

MaxLinear,

Inc

165,822‌

9,800

*

Photronics,

Inc

190,904‌

1,936

*

Rambus,

Inc

41,605‌

4,260

*

Semtech

Corp

234,172‌

500

*

Silicon

Laboratories,

Inc

70,110‌

1,430

*

Ultra

Clean

Holdings

42,571‌

4,960

*

Veeco

Instruments,

Inc

96,224‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,463,268‌

SOFTWARE

&

SERVICES

-

7

.3

%

5,920

A10

Networks,

Inc

85,130‌

7,230

*

ACI

Worldwide,

Inc

187,185‌

4,850

*,e

Alkami

Technology,

Inc

67,366‌

10,550

*

Box,

Inc

265,227‌

4,740

*

Brightcove,

Inc

29,957‌

3,400

*

ChannelAdvisor

Corp

49,572‌

2,320

*

Commvault

Systems,

Inc

145,928‌

24,690

*

Conduent,

Inc

106,661‌

6,430

*

Digital

Turbine,

Inc

112,332‌

1,710

*

DigitalOcean

Holdings,

Inc

70,726‌

Portfolio

of

investments

(unaudited)

Small-Cap

Equity

Fund

June

30,

2022

51

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

2,820

*

Domo,

Inc

$

78,396‌

3,320

*

EngageSmart,

Inc

53,386‌

2,150

*

ExlService

Holdings,

Inc

316,759‌

5,720

*

Flywire

Corp

100,844‌

9,250

*

Grid

Dynamics

Holdings,

Inc

155,585‌

1,520

*

KnowBe4,

Inc

23,742‌

3,190

*

Pagerduty,

Inc

79,048‌

4,558

Progress

Software

Corp

206,477‌

2,120

*

Qualys,

Inc

267,417‌

415

*

Rapid7,

Inc

27,722‌

12,200

*

Repay

Holdings

Corp

156,770‌

2,010

Sapiens

International

Corp

NV

48,622‌

3,380

*

Sprout

Social,

Inc

196,277‌

2,030

*

SPS

Commerce,

Inc

229,492‌

15,770

*

Sumo

Logic,

Inc

118,117‌

5,906

*

Tenable

Holdings,

Inc

268,191‌

6,800

*

Varonis

Systems,

Inc

199,376‌

16,630

*

Vonage

Holdings

Corp

313,309‌

TOTAL

SOFTWARE

&

SERVICES

3,959,614‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

3

.5

%

3,790

Belden

CDT,

Inc

201,893‌

2,236

*

ePlus,

Inc

118,776‌

17,812

*

Extreme

Networks,

Inc

158,883‌

2,140

*

Fabrinet

173,554‌

4,530

*,e

II-VI,

Inc

230,804‌

6,650

*

Knowles

Corp

115,244‌

1,859

*

OSI

Systems,

Inc

158,833‌

5,220

*

Ribbon

Communications,

Inc

15,869‌

8,741

*

Sanmina

Corp

356,021‌

1,000

*

Scansource,

Inc

31,140‌

2,900

*

Super

Micro

Computer,

Inc

117,015‌

11,010

Vishay

Intertechnology,

Inc

196,198‌

1,176

*

Vishay

Precision

Group,

Inc

34,257‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,908,487‌

TELECOMMUNICATION

SERVICES

-

1

.1

%

3,120

*

Bandwidth

Inc

58,719‌

6,020

*

EchoStar

Corp

(Class

A)

116,186‌

57,400

*,e

Globalstar,

Inc

70,602‌

7,460

*

Gogo,

Inc

120,777‌

3,860

*

Liberty

Latin

America

Ltd

(Class

A)

30,108‌

4,823

*

Liberty

Latin

America

Ltd

(Class

C)

37,571‌

9,590

*

Radius

Global

Infrastructure,

Inc

146,343‌

TOTAL

TELECOMMUNICATION

SERVICES

580,306‌

TRANSPORTATION

-

2

.4

%

2,941

ArcBest

Corp

206,958‌

2,381

Forward

Air

Corp

218,957‌

4,690

Genco

Shipping

&

Trading

Ltd

90,611‌

3,661

*

Hub

Group,

Inc

(Class

A)

259,711‌

12,990

Safe

Bulkers,

Inc

49,622‌

1,320

*

Saia,

Inc

248,160‌

6,494

*

Spirit

Airlines,

Inc

154,817‌

2,310

Werner

Enterprises,

Inc

89,027‌

TOTAL

TRANSPORTATION

1,317,863‌

UTILITIES

-

4

.2

%

3,958

Black

Hills

Corp

288,024‌

5,775

e

Brookfield

Infrastructure

Corp

245,437‌

3,158

Clearway

Energy,

Inc

(Class

A)

100,961‌

Portfolio

of

investments

(unaudited)

Small-Cap

Equity

Fund

June

30,

2022

52

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

UTILITIES—continued

5,350

Clearway

Energy,

Inc

(Class

C)

$

186,394‌

3,471

Northwest

Natural

Holding

Co

184,310‌

4,025

NorthWestern

Corp

237,193‌

3,250

Otter

Tail

Corp

218,173‌

4,655

Portland

General

Electric

Co

224,976‌

1,770

SJW

Corp

110,466‌

8,831

South

Jersey

Industries,

Inc

301,490‌

1,020

Southwest

Gas

Holdings

Inc

88,822‌

2,710

*

Sunnova

Energy

International,

Inc

49,945‌

1,330

Unitil

Corp

78,098‌

TOTAL

UTILITIES

2,314,289‌

TOTAL

COMMON

STOCKS

53,815,174‌

(Cost

$53,068,479)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

3.6%

REPURCHASE

AGREEMENT

-

1

.2

%

$

670,000

r

Fixed

Income

Clearing

Corp

(FICC)

1

.450

%

07/01/22

670,000‌

TOTAL

REPURCHASE

AGREEMENT

670,000‌

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

2

.4

%

1,299,268

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

1

.540

1,299,268‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

1,299,268‌

TOTAL

SHORT-TERM

INVESTMENTS

1,969,268‌

(Cost

$1,969,268)

TOTAL

INVESTMENTS

-

102.5%

55,784,442‌

(Cost

$55,037,747)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(2.5)%

(

1,381,649‌

)

NET

ASSETS

-

100.0%

$

54,402,793‌

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

$1,306,331.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

1.450%

dated

6/30/22

to

be

repurchased

at

$670,000

on

7/1/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

10/15/25,

valued

at

$683,448.

Futures

contracts

outstanding

as

of

June

30,

2022

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

CME

E-mini

Russell

2000

Index

Futures

7‌

09/16/22

 $

661,339‌

$

597,800‌

$

(

63,539‌

)

Portfolio

of

investments

(unaudited)

Social

Choice

Equity

Fund

June

30,

2022

53

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

99.3%

AUTOMOBILES

&

COMPONENTS

-

2

.2

%

2,376

*

American

Axle

&

Manufacturing

Holdings,

Inc

$

17,891‌

1,428

*

Aptiv

plc

127,192‌

114

BorgWarner,

Inc

3,804‌

3,330

*

Lordstown

Motors

Corp

5,261‌

414

*

Modine

Manufacturing

Co

4,360‌

2,254

*

Tesla,

Inc

1,517,889‌

TOTAL

AUTOMOBILES

&

COMPONENTS

1,676,397‌

BANKS

-

2

.9

%

564

Bank

OZK

21,167‌

618

Berkshire

Hills

Bancorp,

Inc

15,308‌

53

Camden

National

Corp

2,335‌

10,565

Citigroup,

Inc

485,884‌

6,064

Citizens

Financial

Group,

Inc

216,424‌

1,396

Comerica,

Inc

102,438‌

18

Commerce

Bancshares,

Inc

1,182‌

23

Cullen/Frost

Bankers,

Inc

2,678‌

599

*

Customers

Bancorp,

Inc

20,306‌

89

Federal

Agricultural

Mortgage

Corp

(FAMC)

8,691‌

136

First

Busey

Corp

3,108‌

583

First

Interstate

Bancsystem,

Inc

22,218‌

577

First

Republic

Bank

83,203‌

16

FNB

Corp

174‌

67

Hancock

Whitney

Corp

2,970‌

108

Heritage

Financial

Corp

2,717‌

231

HomeStreet,

Inc

8,009‌

3,516

Huntington

Bancshares,

Inc

42,297‌

2,786

Keycorp

48,003‌

329

Live

Oak

Bancshares,

Inc

11,150‌

180

*

Mr

Cooper

Group,

Inc

6,613‌

333

National

Bank

Holdings

Corp

12,744‌

5

NBT

Bancorp,

Inc

188‌

145

Old

National

Bancorp

2,145‌

673

Pinnacle

Financial

Partners,

Inc

48,665‌

2,960

PNC

Financial

Services

Group,

Inc

466,999‌

8,714

Regions

Financial

Corp

163,388‌

248

*

SVB

Financial

Group

97,958‌

277

*

The

Bancorp,

Inc

5,407‌

49

Trico

Bancshares

2,236‌

6,548

Truist

Financial

Corp

310,572‌

9

Umpqua

Holdings

Corp

151‌

182

Univest

Financial

Corp

4,630‌

49

Westamerica

Bancorporation

2,727‌

72

WSFS

Financial

Corp

2,886‌

693

Zions

Bancorporation

35,274‌

TOTAL

BANKS

2,262,845‌

CAPITAL

GOODS

-

5

.0

%

2,705

3M

Co

350,054‌

17

Acuity

Brands,

Inc

2,619‌

1,093

*

Axon

Enterprise,

Inc

101,835‌

66

*,e

Bloom

Energy

Corp

1,089‌

223

Carlisle

Cos,

Inc

53,210‌

3,125

Carrier

Global

Corp

111,437‌

2,944

Caterpillar,

Inc

526,269‌

467

Cummins,

Inc

90,379‌

890

Curtiss-Wright

Corp

117,533‌

1,540

Deere

&

Co

461,184‌

2,298

Eaton

Corp

289,525‌

Portfolio

of

investments

(unaudited)

Social

Choice

Equity

Fund

June

30,

2022

54

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

633

Emerson

Electric

Co

$

50,349‌

1,487

Fastenal

Co

74,231‌

1,310

Fortive

Corp

71,238‌

151

Herc

Holdings,

Inc

13,613‌

1,819

Hexcel

Corp

95,152‌

27

IDEX

Corp

4,904‌

2,435

Illinois

Tool

Works,

Inc

443,779‌

4,073

Johnson

Controls

International

plc

195,015‌

2,201

Masco

Corp

111,371‌

1,280

*

Mercury

Systems,

Inc

82,342‌

68

Moog,

Inc

(Class

A)

5,399‌

52

*

MYR

Group,

Inc

4,583‌

75

Owens

Corning,

Inc

5,573‌

766

PACCAR,

Inc

63,072‌

480

Rockwell

Automation,

Inc

95,669‌

116

Snap-On,

Inc

22,855‌

882

Trane

Technologies

plc

114,545‌

385

*

United

Rentals,

Inc

93,520‌

267

*

Vectrus,

Inc

8,934‌

169

W.W.

Grainger,

Inc

76,799‌

54

*

WESCO

International,

Inc

5,783‌

484

Woodward

Inc

44,765‌

475

Xylem,

Inc

37,136‌

TOTAL

CAPITAL

GOODS

3,825,761‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.3

%

205

ACCO

Brands

Corp

1,339‌

27

*

ASGN

Inc

2,437‌

207

Cintas

Corp

77,321‌

3,668

*

Copart,

Inc

398,565‌

47

Heidrick

&

Struggles

International,

Inc

1,521‌

1,863

*

KAR

Auction

Services,

Inc

27,516‌

478

Kelly

Services,

Inc

(Class

A)

9,479‌

691

Robert

Half

International,

Inc

51,749‌

1,537

TransUnion

122,944‌

33

*

TriNet

Group,

Inc

2,561‌

177

Verisk

Analytics,

Inc

30,637‌

1,847

Waste

Management,

Inc

282,554‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,008,623‌

CONSUMER

DURABLES

&

APPAREL

-

1

.2

%

643

DR

Horton,

Inc

42,560‌

468

Ethan

Allen

Interiors,

Inc

9,458‌

739

*

GoPro,

Inc

4,087‌

200

*

Green

Brick

Partners,

Inc

3,914‌

13

Hasbro,

Inc

1,064‌

325

*

iRobot

Corp

11,944‌

264

*

Lovesac

Co

7,260‌

356

*

Lululemon

Athletica,

Inc

97,049‌

144

Newell

Brands

Inc

2,742‌

5,892

Nike,

Inc

(Class

B)

602,162‌

24

*

NVR,

Inc

96,099‌

1,740

*

Sonos,

Inc

31,390‌

680

*

Traeger,

Inc

2,890‌

1,145

*

Tupperware

Brands

Corp

7,259‌

709

VF

Corp

31,317‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

951,195‌

CONSUMER

SERVICES

-

2

.2

%

259

ADT,

Inc

1,593‌

389

*

American

Public

Education,

Inc

6,286‌

Portfolio

of

investments

(unaudited)

Social

Choice

Equity

Fund

June

30,

2022

55

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

285

*

Booking

Holdings,

Inc

$

498,462‌

430

*

Bright

Horizons

Family

Solutions

36,344‌

356

Carriage

Services,

Inc

14,115‌

1,038

*

Dave

&

Buster's

Entertainment,

Inc

34,026‌

304

Domino's

Pizza,

Inc

118,472‌

372

*

El

Pollo

Loco

Holdings,

Inc

3,660‌

17

Graham

Holdings

Co

9,636‌

3,004

Hilton

Worldwide

Holdings,

Inc

334,766‌

384

*

Planet

Fitness,

Inc

26,116‌

35

*

Shake

Shack,

Inc

1,382‌

941

*

Six

Flags

Entertainment

Corp

20,420‌

6,491

Starbucks

Corp

495,847‌

1,155

*

Terminix

Global

Holdings,

Inc

46,951‌

244

Vail

Resorts,

Inc

53,204‌

983

Wendy's

18,559‌

1,174

*

WW

International

Inc

7,502‌

TOTAL

CONSUMER

SERVICES

1,727,341‌

DIVERSIFIED

FINANCIALS

-

7

.4

%

2,331

Ally

Financial,

Inc

78,112‌

3,633

American

Express

Co

503,607‌

764

Ameriprise

Financial,

Inc

181,588‌

6,424

Bank

of

New

York

Mellon

Corp

267,945‌

832

BlackRock,

Inc

506,721‌

8,223

Charles

Schwab

Corp

519,529‌

1,614

CME

Group,

Inc

330,386‌

4,046

Discover

Financial

Services

382,671‌

114

Factset

Research

Systems,

Inc

43,841‌

1,214

Franklin

Resources,

Inc

28,298‌

1,833

Goldman

Sachs

Group,

Inc

544,438‌

105

*

Green

Dot

Corp

2,637‌

4,254

Intercontinental

Exchange

Group,

Inc

400,046‌

482

Invesco

Ltd

7,775‌

245

MarketAxess

Holdings,

Inc

62,722‌

989

Moody's

Corp

268,978‌

6,891

Morgan

Stanley

524,129‌

289

Nasdaq

Inc

44,084‌

1,539

Northern

Trust

Corp

148,483‌

65

*

PRA

Group,

Inc

2,363‌

38

*

PROG

Holdings,

Inc

627‌

104

Raymond

James

Financial,

Inc

9,299‌

1,788

S&P

Global,

Inc

602,663‌

1,582

State

Street

Corp

97,530‌

837

T

Rowe

Price

Group,

Inc

95,092‌

357

Voya

Financial,

Inc

21,252‌

TOTAL

DIVERSIFIED

FINANCIALS

5,674,816‌

ENERGY

-

4

.2

%

4,768

Antero

Midstream

Corp

43,150‌

2,302

APA

Corp

80,340‌

3,273

Baker

Hughes

Co

94,491‌

49

ChampionX

Corp

973‌

2,369

Cheniere

Energy,

Inc

315,148‌

6,539

ConocoPhillips

587,268‌

59

*

Delek

US

Holdings,

Inc

1,525‌

1,841

Devon

Energy

Corp

101,457‌

156

*

DMC

Global,

Inc

2,813‌

1,925

EOG

Resources,

Inc

212,597‌

2,742

EQT

Corp

94,325‌

1,240

Hess

Corp

131,366‌

12,227

Kinder

Morgan,

Inc

204,924‌

Portfolio

of

investments

(unaudited)

Social

Choice

Equity

Fund

June

30,

2022

56

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

8,716

*

Kosmos

Energy

Ltd

$

53,952‌

1,142

Marathon

Petroleum

Corp

93,884‌

4,253

NOV,

Inc

71,918‌

1,985

Occidental

Petroleum

Corp

116,877‌

230

ONEOK,

Inc

12,765‌

203

Ovintiv,

Inc

8,971‌

1,031

Pioneer

Natural

Resources

Co

229,995‌

11,419

Schlumberger

Ltd

408,343‌

9,547

*

Southwestern

Energy

Co

59,669‌

2,555

Valero

Energy

Corp

271,545‌

TOTAL

ENERGY

3,198,296‌

FOOD

&

STAPLES

RETAILING

-

0

.6

%

2,450

*

BJ's

Wholesale

Club

Holdings,

Inc

152,684‌

620

*

Performance

Food

Group

Co

28,507‌

500

Pricesmart,

Inc

35,815‌

780

SpartanNash

Co

23,533‌

2,554

*

Sprouts

Farmers

Market,

Inc

64,667‌

1,207

*

United

Natural

Foods,

Inc

47,556‌

3,198

*

US

Foods

Holding

Corp

98,115‌

TOTAL

FOOD

&

STAPLES

RETAILING

450,877‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.3

%

898

Archer-Daniels-Midland

Co

69,685‌

627

Campbell

Soup

Co

30,127‌

13,992

Coca-Cola

Co

880,237‌

173

*

Darling

International,

Inc

10,345‌

399

Fresh

Del

Monte

Produce,

Inc

11,782‌

4,672

General

Mills,

Inc

352,502‌

2,649

Hormel

Foods

Corp

125,457‌

1,675

Kellogg

Co

119,495‌

901

McCormick

&

Co,

Inc

75,008‌

5,097

PepsiCo,

Inc

849,466‌

79

*

TreeHouse

Foods,

Inc

3,304‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,527,408‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.9

%

467

*

Abiomed,

Inc

115,587‌

545

*

Align

Technology,

Inc

128,985‌

2,178

*

Allscripts

Healthcare

Solutions,

Inc

32,300‌

786

*

Angiodynamics,

Inc

15,209‌

100

*

AtriCure,

Inc

4,086‌

13

*

Axonics

Modulation

Technologies,

Inc

737‌

3,201

*

Cerus

Corp

16,933‌

2,065

Cigna

Corp

544,169‌

280

*

Computer

Programs

&

Systems,

Inc

8,952‌

442

Cooper

Cos,

Inc

138,399‌

109

*

Covetrus,

Inc

2,262‌

2,240

Dentsply

Sirona,

Inc

80,035‌

2,452

*

Dexcom,

Inc

182,748‌

4,522

*

Edwards

Lifesciences

Corp

429,997‌

1,279

Elevance

Health,

Inc

617,220‌

1,838

*

Envista

Holdings

Corp

70,836‌

154

*

Globus

Medical,

Inc

8,646‌

1,342

HCA

Healthcare,

Inc

225,536‌

747

*

Health

Catalyst,

Inc

10,824‌

294

*

Henry

Schein,

Inc

22,562‌

70

*

Heska

Corp

6,616‌

1,179

*

Hologic,

Inc

81,705‌

1,084

Humana,

Inc

507,388‌

629

*

IDEXX

Laboratories,

Inc

220,609‌

Portfolio

of

investments

(unaudited)

Social

Choice

Equity

Fund

June

30,

2022

57

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

110

*

Inogen,

Inc

$

2,660‌

1,894

*

Intuitive

Surgical,

Inc

380,145‌

482

Laboratory

Corp

of

America

Holdings

112,961‌

301

LeMaitre

Vascular,

Inc

13,711‌

85

*

LivaNova

plc

5,310‌

478

*

Merit

Medical

Systems,

Inc

25,941‌

1,173

*

NextGen

Healthcare,

Inc

20,457‌

476

*

Omnicell,

Inc

54,145‌

4,759

*

Opko

Health,

Inc

12,040‌

667

*

OraSure

Technologies,

Inc

1,808‌

412

*

Orthofix

Medical

Inc

9,698‌

170

*

Penumbra,

Inc

21,168‌

298

Quest

Diagnostics,

Inc

39,628‌

591

*

QuidelOrtho

Corp

57,433‌

875

Resmed,

Inc

183,426‌

269

*

Staar

Surgical

Co

19,080‌

339

STERIS

plc

69,885‌

60

*

Tactile

Systems

Technology,

Inc

438‌

186

*

Tandem

Diabetes

Care,

Inc

11,009‌

42

*

Teladoc,

Inc

1,395‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

4,514,679‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.9

%

162

Clorox

Co

22,838‌

3,334

Colgate-Palmolive

Co

267,187‌

699

Kimberly-Clark

Corp

94,470‌

7,501

Procter

&

Gamble

Co

1,078,569‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,463,064‌

INSURANCE

-

3

.5

%

3,511

Aflac,

Inc

194,263‌

1,239

Allstate

Corp

157,018‌

135

Arthur

J.

Gallagher

&

Co

22,010‌

2,800

Chubb

Ltd

550,424‌

11,747

*

Genworth

Financial,

Inc

(Class

A)

41,467‌

962

Lincoln

National

Corp

44,993‌

2,268

Loews

Corp

134,402‌

3,443

Marsh

&

McLennan

Cos,

Inc

534,526‌

3,110

Progressive

Corp

361,600‌

3,419

Prudential

Financial,

Inc

327,130‌

1,629

Travelers

Cos,

Inc

275,513‌

162

Willis

Towers

Watson

plc

31,977‌

TOTAL

INSURANCE

2,675,323‌

MATERIALS

-

2

.7

%

205

Amcor

plc

2,548‌

140

Aptargroup,

Inc

14,449‌

3,106

Ball

Corp

213,600‌

1,021

*

Century

Aluminum

Co

7,525‌

539

*

Coeur

Mining,

Inc

1,639‌

1,210

Dow,

Inc

62,448‌

2,469

Ecolab,

Inc

379,633‌

622

Glatfelter

Corp

4,279‌

753

International

Flavors

&

Fragrances,

Inc

89,697‌

515

Koppers

Holdings,

Inc

11,660‌

1,550

Linde

plc

445,671‌

200

Martin

Marietta

Materials,

Inc

59,848‌

3,407

Mosaic

Co

160,913‌

5,318

Newmont

Goldcorp

Corp

317,325‌

2,038

Nucor

Corp

212,788‌

229

PPG

Industries,

Inc

26,184‌

Portfolio

of

investments

(unaudited)

Social

Choice

Equity

Fund

June

30,

2022

58

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

27

Reliance

Steel

&

Aluminum

Co

$

4,586‌

1,882

*

Summit

Materials,

Inc

43,832‌

283

Trinseo

plc

10,884‌

TOTAL

MATERIALS

2,069,509‌

MEDIA

&

ENTERTAINMENT

-

4

.1

%

2,461

*

Cinemark

Holdings,

Inc

36,964‌

13,512

Comcast

Corp

(Class

A)

530,211‌

1,592

Electronic

Arts,

Inc

193,667‌

2,025

Gray

Television,

Inc

34,202‌

1,398

*

iHeartMedia,

Inc

11,030‌

1,361

Interpublic

Group

of

Cos,

Inc

37,468‌

176

John

Wiley

&

Sons,

Inc

(Class

A)

8,406‌

2,157

*

Liberty

Broadband

Corp

(Class

C)

249,435‌

1,632

*

Netflix,

Inc

285,388‌

762

New

York

Times

Co

(Class

A)

21,260‌

3,767

Omnicom

Group,

Inc

239,619‌

60

*

Roku,

Inc

4,928‌

227

Scholastic

Corp

8,165‌

1,029

Sinclair

Broadcast

Group,

Inc

(Class

A)

20,992‌

15,765

e

Sirius

XM

Holdings,

Inc

96,639‌

1,786

*

Take-Two

Interactive

Software,

Inc

218,839‌

103

TEGNA,

Inc

2,160‌

2,340

*

TripAdvisor,

Inc

41,652‌

9,757

*

Twitter,

Inc

364,814‌

1,595

*

Vimeo,

Inc

9,602‌

6,506

*

Walt

Disney

Co

614,166‌

3,690

*

Warner

Bros

Discovery,

Inc

49,520‌

3,569

*

ZoomInfo

Technologies,

Inc

118,634‌

TOTAL

MEDIA

&

ENTERTAINMENT

3,197,761‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.7

%

987

*

Aerie

Pharmaceuticals,

Inc

7,402‌

2,853

Agilent

Technologies,

Inc

338,851‌

637

*

Agios

Pharmaceuticals,

Inc

14,122‌

2,293

Amgen,

Inc

557,887‌

898

*

Atara

Biotherapeutics,

Inc

6,995‌

33

*

Axsome

Therapeutics,

Inc

1,264‌

1,102

*

BioCryst

Pharmaceuticals,

Inc

11,659‌

625

*

Biogen,

Inc

127,462‌

618

*

BioMarin

Pharmaceutical,

Inc

51,214‌

9,137

Bristol-Myers

Squibb

Co

703,549‌

886

*

Chimerix,

Inc

1,843‌

701

*

Collegium

Pharmaceutical,

Inc

12,422‌

2,777

Danaher

Corp

704,025‌

2,909

Eli

Lilly

&

Co

943,185‌

4,699

Gilead

Sciences,

Inc

290,445‌

212

*

Illumina,

Inc

39,084‌

435

*

Insmed,

Inc

8,578‌

209

*

Intra-Cellular

Therapies,

Inc

11,930‌

823

*

IQVIA

Holdings,

Inc

178,583‌

357

*

Jazz

Pharmaceuticals

plc

55,696‌

372

*

Karyopharm

Therapeutics,

Inc

1,678‌

428

*

MacroGenics,

Inc

1,263‌

3,764

Merck

&

Co,

Inc

343,164‌

75

*

Mettler-Toledo

International,

Inc

86,158‌

34

*

Mirati

Therapeutics,

Inc

2,282‌

547

Perrigo

Co

plc

22,192‌

842

*

Prothena

Corp

plc

22,860‌

1,286

*,e

Provention

Bio,

Inc

5,144‌

128

*

Regeneron

Pharmaceuticals,

Inc

75,665‌

Portfolio

of

investments

(unaudited)

Social

Choice

Equity

Fund

June

30,

2022

59

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

189

*

Repligen

Corp

$

30,694‌

1,002

*

Revance

Therapeutics,

Inc

13,848‌

1,485

Thermo

Fisher

Scientific,

Inc

806,771‌

46

*

Ultragenyx

Pharmaceutical,

Inc

2,744‌

1,761

*

Vertex

Pharmaceuticals,

Inc

496,232‌

237

*

Waters

Corp

78,442‌

479

West

Pharmaceutical

Services,

Inc

144,835‌

2,913

Zoetis,

Inc

500,716‌

177

*,†

Zogenix,

Inc

120‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,701,004‌

REAL

ESTATE

-

3

.0

%

2,432

American

Tower

Corp

621,595‌

937

Boston

Properties,

Inc

83,374‌

705

Brixmor

Property

Group,

Inc

14,248‌

432

CatchMark

Timber

Trust,

Inc

4,346‌

1,099

CBRE

Group,

Inc

80,897‌

465

City

Office

REIT,

Inc

6,022‌

589

Crown

Castle

International

Corp

99,176‌

4,027

*

DiamondRock

Hospitality

Co

33,062‌

42

Douglas

Emmett,

Inc

940‌

461

Equinix,

Inc

302,886‌

456

First

Industrial

Realty

Trust,

Inc

21,651‌

1,028

Franklin

Street

Properties

Corp

4,287‌

2,646

Healthpeak

Properties

Inc

68,558‌

20

*

Howard

Hughes

Corp

1,361‌

355

iStar

Inc

4,867‌

79

*

Jones

Lang

LaSalle,

Inc

13,814‌

63

Kilroy

Realty

Corp

3,297‌

3,120

Macerich

Co

27,175‌

5,309

Park

Hotels

&

Resorts,

Inc

72,043‌

4,053

Prologis,

Inc

476,835‌

783

*

Realogy

Holdings

Corp

7,697‌

8

RMR

Group,

Inc

227‌

141

*

Tejon

Ranch

Co

2,188‌

826

Ventas,

Inc

42,481‌

2,250

Welltower,

Inc

185,288‌

3,092

Weyerhaeuser

Co

102,407‌

765

*

Xenia

Hotels

&

Resorts,

Inc

11,115‌

TOTAL

REAL

ESTATE

2,291,837‌

RETAILING

-

3

.9

%

595

*

1-800-FLOWERS.COM,

Inc

(Class

A)

5,658‌

19

Aaron's

Co,

Inc

276‌

204

Advance

Auto

Parts,

Inc

35,310‌

21

*

CarMax,

Inc

1,900‌

9,817

eBay,

Inc

409,074‌

84

*

Five

Below,

Inc

9,528‌

316

*

Genesco,

Inc

15,772‌

288

Hibbett

Sports,

Inc

12,588‌

3,449

Home

Depot,

Inc

945,957‌

329

*

Lands'

End,

Inc

3,494‌

398

*

Liquidity

Services,

Inc

5,349‌

1,013

LKQ

Corp

49,728‌

3,068

Lowe's

Companies,

Inc

535,888‌

5,453

Macy's,

Inc

99,899‌

431

*

MarineMax,

Inc

15,568‌

6

Pool

Corp

2,107‌

1,979

*

Quotient

Technology,

Inc

5,878‌

1,685

*,e

RealReal,

Inc

4,196‌

577

Ross

Stores,

Inc

40,523‌

Portfolio

of

investments

(unaudited)

Social

Choice

Equity

Fund

June

30,

2022

60

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

RETAILING—continued

428

Shoe

Carnival,

Inc

$

9,249‌

2,773

Target

Corp

391,631‌

1,217

*

ThredUp,

Inc

3,043‌

5,930

TJX

Companies,

Inc

331,191‌

202

Tractor

Supply

Co

39,158‌

135

*

TravelCenters

of

America,

Inc

4,653‌

15

Winmark

Corp

2,934‌

234

*

Zumiez,

Inc

6,084‌

TOTAL

RETAILING

2,986,636‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

5

.2

%

5,752

Applied

Materials,

Inc

523,317‌

289

*

Cirrus

Logic,

Inc

20,964‌

978

*

First

Solar,

Inc

66,631‌

18,212

Intel

Corp

681,311‌

1,004

Lam

Research

Corp

427,855‌

7,228

NVIDIA

Corp

1,095,692‌

8,006

*

ON

Semiconductor

Corp

402,782‌

243

*

Silicon

Laboratories,

Inc

34,073‌

4,220

Texas

Instruments,

Inc

648,403‌

162

Universal

Display

Corp

16,385‌

1,509

*

Wolfspeed

Inc

95,746‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

4,013,159‌

SOFTWARE

&

SERVICES

-

17

.6

%

2,611

Accenture

plc

724,944‌

1,810

*

Adobe,

Inc

662,569‌

115

*

Ansys,

Inc

27,518‌

2,105

*

Autodesk,

Inc

361,976‌

2,608

Automatic

Data

Processing,

Inc

547,784‌

1,923

*

Avaya

Holdings

Corp

4,308‌

634

*

Benefitfocus,

Inc

4,933‌

1,093

*

Blackline,

Inc

72,794‌

1,696

*

Cadence

Design

Systems,

Inc

254,451‌

573

*

ChannelAdvisor

Corp

8,354‌

354

Concentrix

Corp

48,017‌

737

CSG

Systems

International,

Inc

43,984‌

1,457

Dolby

Laboratories,

Inc

(Class

A)

104,263‌

5,424

*

DXC

Technology

Co

164,401‌

514

*

Elastic

NV

34,782‌

726

*

ExlService

Holdings,

Inc

106,962‌

3,816

Fidelity

National

Information

Services,

Inc

349,813‌

1,366

*

Five9,

Inc

124,497‌

405

*

HubSpot,

Inc

121,763‌

4,469

International

Business

Machines

Corp

630,978‌

1,286

Intuit,

Inc

495,676‌

2,919

Mastercard,

Inc

(Class

A)

920,886‌

16,622

d

Microsoft

Corp

4,269,028‌

1,120

*

New

Relic,

Inc

56,056‌

1,586

*

Nutanix,

Inc

23,203‌

2,514

*

Okta,

Inc

227,266‌

136

*

OneSpan,

Inc

1,618‌

356

*

Paylocity

Holding

Corp

62,094‌

7,521

*

PayPal

Holdings,

Inc

525,267‌

739

*

Perficient,

Inc

67,759‌

356

*

Rapid7,

Inc

23,781‌

473

Roper

Technologies,

Inc

186,669‌

3,809

*

salesforce.com,

Inc

628,637‌

1,149

*

ServiceNow,

Inc

546,372‌

480

*

Smartsheet,

Inc

15,086‌

788

*

SPS

Commerce,

Inc

89,083‌

Portfolio

of

investments

(unaudited)

Social

Choice

Equity

Fund

June

30,

2022

61

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

1,463

*

SVMK,

Inc

$

12,874‌

193

*

Synopsys,

Inc

58,614‌

761

*

Teradata

Corp

28,165‌

401

TTEC

Holdings,

Inc

27,224‌

3,569

VMware,

Inc

(Class

A)

406,795‌

1,016

*

WEX,

Inc

158,049‌

2,038

*

Workday,

Inc

284,464‌

127

*

Workiva,

Inc

8,381‌

TOTAL

SOFTWARE

&

SERVICES

13,522,138‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

4

.3

%

919

Avnet,

Inc

39,407‌

826

Benchmark

Electronics,

Inc

18,635‌

1,697

*

Ciena

Corp

77,553‌

16,011

Cisco

Systems,

Inc

682,709‌

3,711

Cognex

Corp

157,792‌

221

*

Coherent,

Inc

58,835‌

618

CTS

Corp

21,043‌

259

*

ePlus,

Inc

13,758‌

657

*

Fabrinet

53,283‌

328

*

FARO

Technologies,

Inc

10,112‌

21,273

Hewlett

Packard

Enterprise

Co

282,080‌

13,048

HP,

Inc

427,713‌

508

*

Insight

Enterprises,

Inc

43,830‌

69

*

Itron,

Inc

3,411‌

2,002

*

Keysight

Technologies,

Inc

275,976‌

483

*

Kimball

Electronics,

Inc

9,708‌

1,898

*

Knowles

Corp

32,892‌

189

*

Lumentum

Holdings,

Inc

15,010‌

91

Methode

Electronics,

Inc

3,371‌

3,648

*

Microvision,

Inc

14,008‌

45

Motorola

Solutions,

Inc

9,432‌

753

National

Instruments

Corp

23,516‌

49

*

Novanta,

Inc

5,942‌

37

*

OSI

Systems,

Inc

3,161‌

562

*,e

PAR

Technology

Corp

21,069‌

633

*

Ribbon

Communications,

Inc

1,924‌

424

*

Rogers

Corp

111,126‌

938

SYNNEX

Corp

85,452‌

5,575

*

Trimble

Inc

324,632‌

2,329

*

TTM

Technologies,

Inc

29,113‌

181

*

Vishay

Precision

Group,

Inc

5,273‌

3,553

Vontier

Corp

81,684‌

2,559

Xerox

Holdings

Corp

38,001‌

1,161

*

Zebra

Technologies

Corp

(Class

A)

341,276‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

3,322,727‌

TELECOMMUNICATION

SERVICES

-

1

.8

%

2,146

*

Iridium

Communications,

Inc

80,604‌

3,932

*

T-Mobile

US,

Inc

529,011‌

15,664

Verizon

Communications,

Inc

794,948‌

TOTAL

TELECOMMUNICATION

SERVICES

1,404,563‌

TRANSPORTATION

-

2

.9

%

579

ArcBest

Corp

40,744‌

346

*

Avis

Budget

Group,

Inc

50,890‌

704

CH

Robinson

Worldwide,

Inc

71,364‌

16,076

CSX

Corp

467,169‌

11,193

*

Delta

Air

Lines,

Inc

324,261‌

1,315

Expeditors

International

of

Washington,

Inc

128,160‌

1,438

Norfolk

Southern

Corp

326,843‌

Portfolio

of

investments

(unaudited)

Social

Choice

Equity

Fund

June

30,

2022

62

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TRANSPORTATION—continued

645

Old

Dominion

Freight

Line

$

165,301‌

3,582

United

Parcel

Service,

Inc

(Class

B)

653,858‌

TOTAL

TRANSPORTATION

2,228,590‌

UTILITIES

-

3

.5

%

3,510

American

Electric

Power

Co,

Inc

336,749‌

2,381

Consolidated

Edison,

Inc

226,433‌

253

DTE

Energy

Co

32,068‌

1,718

Eversource

Energy

145,120‌

8,798

NextEra

Energy,

Inc

681,493‌

2,650

Public

Service

Enterprise

Group,

Inc

167,692‌

2,067

Sempra

Energy

310,608‌

131

South

Jersey

Industries,

Inc

4,472‌

6,324

Southern

Co

450,965‌

389

UGI

Corp

15,019‌

1,436

WEC

Energy

Group,

Inc

144,519‌

2,297

Xcel

Energy,

Inc

162,536‌

TOTAL

UTILITIES

2,677,674‌

TOTAL

COMMON

STOCKS

76,372,223‌

(Cost

$53,920,833)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.0%

REPURCHASE

AGREEMENT

-

0

.8

%

$

610,000

r

Fixed

Income

Clearing

Corp

(FICC)

1

.450

%

07/01/22

610,000‌

TOTAL

REPURCHASE

AGREEMENT

610,000‌

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.2

%

126,886

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

1

.540

126,886‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

126,886‌

TOTAL

SHORT-TERM

INVESTMENTS

736,886‌

(Cost

$736,886)

TOTAL

INVESTMENTS

-

100.3%

77,109,109‌

(Cost

$54,657,719)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

223,923‌

)

NET

ASSETS

-

100.0%

$

76,885,186‌

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

$126,833.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

1.450%

dated

6/30/22

to

be

repurchased

at

$610,000

on

7/1/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.375%

and

maturity

date

1/31/26,

valued

at

$622,277.

Futures

contracts

outstanding

as

of

June

30,

2022

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

3‌

09/16/22

 $

578,111‌

$

568,425‌

$

(

9,686‌

)

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

63

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMON

STOCKS

-

98.9%

AUTOMOBILES

&

COMPONENTS

-

2

.0

%

1,634

*

Adient

plc

$

48,415‌

1,752

*

American

Axle

&

Manufacturing

Holdings,

Inc

13,193‌

4,663

*

Aptiv

plc

415,333‌

4,192

BorgWarner,

Inc

139,887‌

2,183

*,e

Canoo,

Inc

4,039‌

3,233

*,e

Cenntro

Electric

Group

Ltd

4,882‌

2,264

Dana

Inc

31,854‌

476

*

Dorman

Products,

Inc

52,222‌

1,938

*

Faraday

Future

Intelligent

Electric,

Inc

5,039‌

2,668

*,e

Fisker,

Inc

22,865‌

66,298

Ford

Motor

Co

737,897‌

713

*

Fox

Factory

Holding

Corp

57,425‌

24,255

*

General

Motors

Co

770,339‌

4,153

Gentex

Corp

116,159‌

573

*

Gentherm,

Inc

35,761‌

4,933

*

Goodyear

Tire

&

Rubber

Co

52,832‌

2,377

Harley-Davidson,

Inc

75,256‌

808

*,e

Holley,

Inc

8,484‌

377

LCI

Industries,

Inc

42,179‌

1,077

Lear

Corp

135,584‌

4,894

*,e

Lordstown

Motors

Corp

7,732‌

8,999

*,e

Lucid

Group,

Inc

154,423‌

3,923

*

Luminar

Technologies,

Inc

23,263‌

772

*

Modine

Manufacturing

Co

8,129‌

292

*

Motorcar

Parts

of

America,

Inc

3,831‌

381

Patrick

Industries,

Inc

19,751‌

4,191

*,e

QuantumScape

Corp

36,001‌

2,968

*,e

Rivian

Automotive,

Inc

76,396‌

811

*

Solid

Power,

Inc

4,363‌

330

Standard

Motor

Products,

Inc

14,847‌

449

*

Stoneridge,

Inc

7,700‌

1,157

*

Tenneco,

Inc

19,854‌

14,448

*

Tesla,

Inc

9,729,572‌

947

Thor

Industries,

Inc

70,769‌

496

*

Visteon

Corp

51,376‌

486

e

Winnebago

Industries,

Inc

23,600‌

2,131

*,e

Workhorse

Group,

Inc

5,541‌

343

*

XPEL,

Inc

15,754‌

TOTAL

AUTOMOBILES

&

COMPONENTS

13,042,547‌

BANKS

-

4

.1

%

254

1st

Source

Corp

11,532‌

95

ACNB

Corp

2,821‌

166

Allegiance

Bancshares,

Inc

6,268‌

197

Amalgamated

Financial

Corp

3,897‌

442

Amerant

Bancorp

Inc

12,429‌

127

American

National

Bankshares,

Inc

4,395‌

1,222

Ameris

Bancorp

49,100‌

194

Arrow

Financial

Corp

6,171‌

2,719

Associated

Banc-Corp

49,649‌

1,279

Atlantic

Union

Bankshares

Corp

43,384‌

945

*

Axos

Financial,

Inc

33,878‌

697

Banc

of

California,

Inc

12,281‌

446

Bancfirst

Corp

42,687‌

117

e

Bank

First

Corp

8,870‌

120,056

Bank

of

America

Corp

3,737,343‌

861

Bank

of

Hawaii

Corp

64,058‌

174

Bank

of

Marin

Bancorp

5,530‌

1,235

Bank

of

NT

Butterfield

&

Son

Ltd

38,520‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

64

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

2,233

Bank

OZK

$

83,804‌

1,737

BankUnited

61,785‌

511

Banner

Corp

28,723‌

219

Bar

Harbor

Bankshares

5,663‌

148

Baycom

Corp

3,061‌

174

BCB

Bancorp,

Inc

2,963‌

641

Berkshire

Hills

Bancorp,

Inc

15,878‌

298

*

Blue

Foundry

Bancorp

3,573‌

235

Blue

Ridge

Bankshares,

Inc

3,600‌

717

BOK

Financial

Corp

54,191‌

385

*

Bridgewater

Bancshares,

Inc

6,214‌

1,046

Brookline

Bancorp,

Inc

13,922‌

324

Business

First

Bancshares,

Inc

6,904‌

231

Byline

Bancorp,

Inc

5,498‌

3,491

Cadence

BanCorp

81,969‌

59

Cambridge

Bancorp

4,879‌

238

Camden

National

Corp

10,484‌

693

Capital

Bancorp,

Inc

15,038‌

156

Capital

City

Bank

Group,

Inc

4,351‌

2,332

Capitol

Federal

Financial

21,408‌

292

Capstar

Financial

Holdings,

Inc

5,729‌

641

*

Carter

Bankshares,

Inc

8,461‌

1,496

Cathay

General

Bancorp

58,568‌

287

CBTX,

Inc

7,631‌

470

Central

Pacific

Financial

Corp

10,081‌

33,722

Citigroup,

Inc

1,550,875‌

167

Citizens

&

Northern

Corp

4,036‌

8,682

Citizens

Financial

Group,

Inc

309,861‌

236

City

Holding

Co

18,852‌

157

Civista

Bancshares,

Inc

3,338‌

226

CNB

Financial

Corp

5,467‌

415

*

Coastal

Financial

Corp

15,820‌

163

Colony

Bankcorp

Inc

2,460‌

1,129

Columbia

Banking

System,

Inc

32,346‌

372

*

Columbia

Financial,

Inc

8,113‌

2,351

Comerica,

Inc

172,516‌

2,087

Commerce

Bancshares,

Inc

137,012‌

1,009

Community

Bank

System,

Inc

63,850‌

238

Community

Trust

Bancorp,

Inc

9,625‌

422

ConnectOne

Bancorp,

Inc

10,318‌

858

*

CrossFirst

Bankshares,

Inc

11,326‌

1,101

Cullen/Frost

Bankers,

Inc

128,211‌

438

*

Customers

Bancorp,

Inc

14,848‌

2,357

CVB

Financial

Corp

58,477‌

611

Dime

Community

Bancshares,

Inc

18,116‌

638

Eagle

Bancorp,

Inc

30,248‌

2,453

East

West

Bancorp,

Inc

158,954‌

2,652

Eastern

Bankshares,

Inc

48,956‌

126

Enact

Holdings,

Inc

2,706‌

147

Enterprise

Bancorp,

Inc

4,732‌

424

Enterprise

Financial

Services

Corp

17,596‌

161

Equity

Bancshares,

Inc

4,695‌

105

Esquire

Financial

Holdings,

Inc

3,497‌

2,039

Essent

Group

Ltd

79,317‌

193

*

Farmers

&

Merchants

Bancorp,

Inc

6,406‌

378

Farmers

National

Banc

Corp

5,670‌

560

FB

Financial

Corp

21,963‌

139

Federal

Agricultural

Mortgage

Corp

(FAMC)

13,573‌

11,764

Fifth

Third

Bancorp

395,270‌

335

*

Finance

Of

America

Cos,

Inc

526‌

202

Financial

Institutions,

Inc

5,256‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

65

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

3,399

First

Bancorp

$

43,881‌

440

First

Bancorp

15,356‌

162

First

Bancorp,

Inc

4,881‌

201

First

Bancshares,

Inc

5,749‌

354

First

Bank

4,949‌

586

First

Busey

Corp

13,390‌

87

First

Business

Financial

Services,

Inc

2,714‌

219

First

Citizens

Bancshares,

Inc

(Class

A)

143,178‌

1,371

First

Commonwealth

Financial

Corp

18,399‌

242

First

Community

Bancshares,

Inc

7,117‌

1,705

First

Financial

Bancorp

33,077‌

2,288

First

Financial

Bankshares,

Inc

89,850‌

188

First

Financial

Corp

8,366‌

445

First

Foundation,

Inc

9,114‌

106

First

Guaranty

Bancshares,

Inc

2,577‌

2,293

First

Hawaiian,

Inc

52,074‌

9,389

First

Horizon

National

Corp

205,244‌

85

First

Internet

Bancorp

3,130‌

1,459

First

Interstate

Bancsystem,

Inc

55,602‌

960

First

Merchants

Corp

34,195‌

93

First

Mid-Illinois

Bancshares,

Inc

3,317‌

321

First

of

Long

Island

Corp

5,627‌

3,087

First

Republic

Bank

445,145‌

170

*

First

Western

Financial,

Inc

4,622‌

177

Five

Star

Bancorp

4,676‌

664

Flagstar

Bancorp,

Inc

23,539‌

358

Flushing

Financial

Corp

7,611‌

5,957

FNB

Corp

64,693‌

2,673

Fulton

Financial

Corp

38,625‌

127

*

FVCBankcorp,

Inc

2,391‌

325

German

American

Bancorp,

Inc

11,109‌

1,648

Glacier

Bancorp,

Inc

78,148‌

161

Great

Southern

Bancorp,

Inc

9,428‌

66

e

Greene

County

Bancorp,

Inc

2,989‌

28

Guaranty

Bancshares,

Inc

1,015‌

1,895

Hancock

Whitney

Corp

84,005‌

484

Hanmi

Financial

Corp

10,861‌

1,147

HarborOne

Northeast

Bancorp,

Inc

15,817‌

429

Heartland

Financial

USA,

Inc

17,821‌

1,217

Heritage

Commerce

Corp

13,010‌

460

Heritage

Financial

Corp

11,574‌

1,168

Hilltop

Holdings,

Inc

31,139‌

22

Hingham

Institution

for

Savings

6,243‌

89

Home

Bancorp,

Inc

3,038‌

2,960

Home

Bancshares,

Inc

61,479‌

314

HomeStreet,

Inc

10,886‌

265

HomeTrust

Bancshares,

Inc

6,625‌

1,956

Hope

Bancorp,

Inc

27,071‌

501

Horizon

Bancorp

8,727‌

25,248

Huntington

Bancshares,

Inc

303,733‌

308

Independent

Bank

Corp

5,938‌

726

Independent

Bank

Corp

57,666‌

488

Independent

Bank

Group,

Inc

33,140‌

843

International

Bancshares

Corp

33,787‌

164

John

Marshall

Bancorp,

Inc

3,697‌

49,804

JPMorgan

Chase

&

Co

5,608,428‌

2,079

Kearny

Financial

Corp

23,098‌

16,007

Keycorp

275,801‌

584

Lakeland

Bancorp,

Inc

8,538‌

525

Lakeland

Financial

Corp

34,871‌

485

Live

Oak

Bancshares,

Inc

16,437‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

66

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

341

Luther

Burbank

Corp

$

4,450‌

3,096

M&T

Bank

Corp

493,471‌

400

Macatawa

Bank

Corp

3,536‌

226

Mercantile

Bank

Corp

7,221‌

232

Merchants

Bancorp

5,259‌

753

Meta

Financial

Group,

Inc

29,119‌

224

Metrocity

Bankshares,

Inc

4,549‌

101

*

Metropolitan

Bank

Holding

Corp

7,011‌

5,964

MGIC

Investment

Corp

75,146‌

129

Mid

Penn

Bancorp,

Inc

3,479‌

324

Midland

States

Bancorp,

Inc

7,789‌

169

MidWestOne

Financial

Group,

Inc

5,023‌

1,135

*

Mr

Cooper

Group,

Inc

41,700‌

142

MVB

Financial

Corp

4,418‌

535

National

Bank

Holdings

Corp

20,474‌

669

NBT

Bancorp,

Inc

25,148‌

6,251

New

York

Community

Bancorp,

Inc

57,072‌

140

*

Nicolet

Bankshares,

Inc

10,128‌

1,272

*

NMI

Holdings,

Inc

21,179‌

90

Northeast

Bank

3,288‌

643

Northfield

Bancorp,

Inc

8,378‌

2,189

Northwest

Bancshares,

Inc

28,019‌

714

OceanFirst

Financial

Corp

13,659‌

596

OFG

Bancorp

15,138‌

4,862

Old

National

Bancorp

71,909‌

432

Old

Second

Bancorp,

Inc

5,780‌

249

Origin

Bancorp,

Inc

9,661‌

111

Orrstown

Financial

Services,

Inc

2,683‌

1,405

Pacific

Premier

Bancorp,

Inc

41,082‌

2,138

PacWest

Bancorp

56,999‌

205

Park

National

Corp

24,856‌

126

*

Parke

Bancorp,

Inc

2,641‌

144

PCB

Bancorp

2,690‌

290

PCSB

Financial

Corp

5,536‌

259

Peapack

Gladstone

Financial

Corp

7,692‌

399

PennyMac

Financial

Services,

Inc

17,440‌

532

Peoples

Bancorp,

Inc

14,151‌

101

Peoples

Financial

Services

Corp

5,640‌

1,330

Pinnacle

Financial

Partners,

Inc

96,172‌

226

*

Pioneer

Bancorp,

Inc

2,215‌

7,105

PNC

Financial

Services

Group,

Inc

1,120,956‌

1,450

Popular,

Inc

111,549‌

188

Preferred

Bank

12,788‌

586

Premier

Financial

Corp

14,855‌

169

Primis

Financial

Corp

2,303‌

223

*

Professional

Holding

Corp

4,471‌

1,690

Prosperity

Bancshares,

Inc

115,376‌

741

Provident

Bancorp

Inc

11,634‌

1,838

Provident

Financial

Services,

Inc

40,914‌

190

QCR

Holdings,

Inc

10,258‌

2,891

Radian

Group,

Inc

56,808‌

104

RBB

Bancorp

2,150‌

91

Red

River

Bancshares

Inc

4,921‌

16,640

Regions

Financial

Corp

312,000‌

769

Renasant

Corp

22,155‌

146

Republic

Bancorp,

Inc

(Class

A)

7,045‌

750

*

Republic

First

Bancorp,

Inc

2,858‌

2,233

Rocket

Cos,

Inc

16,435‌

540

S&T

Bancorp,

Inc

14,812‌

495

Sandy

Spring

Bancorp,

Inc

19,340‌

617

Seacoast

Banking

Corp

of

Florida

20,386‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

67

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

726

ServisFirst

Bancshares,

Inc

$

57,296‌

130

Shore

Bancshares,

Inc

2,405‌

192

Sierra

Bancorp

4,172‌

1,018

Signature

Bank

182,436‌

533

*

Silvergate

Capital

Corp

28,531‌

1,550

Simmons

First

National

Corp

(Class

A)

32,953‌

116

SmartFinancial,

Inc

2,803‌

138

South

Plains

Financial

Inc

3,331‌

1,456

South

State

Corp

112,330‌

101

*

Southern

First

Bancshares,

Inc

4,403‌

86

Southern

Missouri

Bancorp,

Inc

3,892‌

432

Southside

Bancshares,

Inc

16,165‌

346

*

Sterling

Bancorp,

Inc

1,972‌

339

Stock

Yards

Bancorp,

Inc

20,279‌

164

Summit

Financial

Group,

Inc

4,556‌

974

*

SVB

Financial

Group

384,720‌

2,625

Synovus

Financial

Corp

94,631‌

932

*

Texas

Capital

Bancshares,

Inc

49,060‌

143

TFS

Financial

Corp

1,963‌

814

*

The

Bancorp,

Inc

15,889‌

192

*

Third

Coast

Bancshares,

Inc

4,205‌

229

Tompkins

Financial

Corp

16,511‌

996

Towne

Bank

27,041‌

618

Trico

Bancshares

28,206‌

513

*

Triumph

Bancorp,

Inc

32,093‌

22,915

Truist

Financial

Corp

1,086,858‌

277

TrustCo

Bank

Corp

NY

8,543‌

1,035

Trustmark

Corp

30,212‌

685

UMB

Financial

Corp

58,979‌

3,528

Umpqua

Holdings

Corp

59,165‌

1,802

United

Bankshares,

Inc

63,196‌

1,315

United

Community

Banks,

Inc

39,700‌

364

Univest

Financial

Corp

9,260‌

23,030

US

Bancorp

1,059,841‌

328

*

USCB

Financial

Holdings,

Inc

3,785‌

1,161

e

UWM

Holdings

Corp

4,110‌

7,103

Valley

National

Bancorp

73,942‌

208

*

Velocity

Financial,

Inc

2,286‌

1,054

Veritex

Holdings,

Inc

30,840‌

543

Walker

&

Dunlop,

Inc

52,313‌

1,396

Washington

Federal,

Inc

41,908‌

232

Washington

Trust

Bancorp,

Inc

11,222‌

384

Waterstone

Financial,

Inc

6,547‌

3,310

Webster

Financial

Corp

139,517‌

64,797

Wells

Fargo

&

Co

2,538,098‌

875

WesBanco,

Inc

27,746‌

239

West

Bancorporation,

Inc

5,817‌

533

Westamerica

Bancorporation

29,667‌

1,643

Western

Alliance

Bancorp

115,996‌

886

Wintrust

Financial

Corp

71,013‌

1,054

WSFS

Financial

Corp

42,255‌

2,692

Zions

Bancorporation

137,023‌

TOTAL

BANKS

26,268,728‌

CAPITAL

GOODS

-

5

.8

%

9,711

3M

Co

1,256,701‌

2,034

A.O.

Smith

Corp

111,219‌

724

Aaon,

Inc

39,646‌

511

*

AAR

Corp

21,380‌

600

Acuity

Brands,

Inc

92,424‌

987

Advanced

Drainage

Systems,

Inc

88,899‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

68

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

2,396

Aecom

Technology

Corp

$

156,267‌

1,067

*

Aerojet

Rocketdyne

Holdings,

Inc

43,320‌

407

*

Aerovironment,

Inc

33,455‌

149

*

AerSale

Corp

2,162‌

1,087

AGCO

Corp

107,287‌

1,858

Air

Lease

Corp

62,113‌

148

Alamo

Group,

Inc

17,232‌

620

Albany

International

Corp

(Class

A)

48,850‌

1,537

Allegion

plc

150,472‌

197

Allied

Motion

Technologies,

Inc

4,500‌

1,700

Allison

Transmission

Holdings,

Inc

65,365‌

330

*

Alta

Equipment

Group,

Inc

2,960‌

1,052

Altra

Industrial

Motion

Corp

37,083‌

512

*

Ameresco,

Inc

23,327‌

254

*

American

Woodmark

Corp

11,433‌

3,942

Ametek,

Inc

433,186‌

2,835

*

API

Group

Corp

42,440‌

438

Apogee

Enterprises,

Inc

17,178‌

567

Applied

Industrial

Technologies,

Inc

54,528‌

2,056

*

Archer

Aviation,

Inc

6,333‌

909

Arcosa,

Inc

42,205‌

244

Argan,

Inc

9,106‌

863

Armstrong

World

Industries,

Inc

64,691‌

2,492

*

Array

Technologies,

Inc

27,437‌

334

Astec

Industries,

Inc

13,621‌

2,547

*,e

Astra

Space,

Inc

3,311‌

340

*

Astronics

Corp

3,458‌

748

*

Atkore

International

Group,

Inc

62,092‌

1,101

*

Axon

Enterprise,

Inc

102,580‌

1,731

*

AZEK

Co,

Inc

28,977‌

406

AZZ,

Inc

16,573‌

1,051

*

Babcock

&

Wilcox

Enterprises,

Inc

6,338‌

782

Barnes

Group,

Inc

24,351‌

1,050

*

Beacon

Roofing

Supply,

Inc

53,928‌

1,236

*

Berkshire

Grey,

Inc

1,792‌

632

*,e

Blink

Charging

Co

10,447‌

2,669

*,e

Bloom

Energy

Corp

44,039‌

217

*

Blue

Bird

Corp

1,999‌

166

*

BlueLinx

Holdings,

Inc

11,090‌

9,255

*

Boeing

Co

1,265,344‌

597

Boise

Cascade

Co

35,516‌

287

e

Brookfield

Business

Corp

6,604‌

2,970

*

Builders

FirstSource,

Inc

159,489‌

1,679

BWX

Technologies,

Inc

92,496‌

228

Cadre

Holdings,

Inc

4,485‌

351

e

Caesarstone

Sdot-Yam

Ltd

3,205‌

889

Carlisle

Cos,

Inc

212,124‌

14,465

Carrier

Global

Corp

515,822‌

9,098

Caterpillar,

Inc

1,626,358‌

3,721

*,e

ChargePoint

Holdings,

Inc

50,941‌

624

*

Chart

Industries,

Inc

104,445‌

337

*

CIRCOR

International,

Inc

5,523‌

413

Columbus

McKinnon

Corp

11,717‌

575

Comfort

Systems

USA,

Inc

47,811‌

708

*

Concrete

Pumping

Holdings

Inc

4,290‌

531

*

Construction

Partners

Inc

11,119‌

836

*

Core

&

Main,

Inc

18,643‌

859

*

Cornerstone

Building

Brands,

Inc

21,037‌

775

Crane

Holdings

Co

67,859‌

225

CSW

Industrials,

Inc

23,182‌

2,401

Cummins,

Inc

464,666‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

69

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

722

Curtiss-Wright

Corp

$

95,347‌

688

*,e

Custom

Truck

One

Source,

Inc

3,853‌

1,272

*,e

Decarbonization

Plus

Acquisition

Corp

3,740‌

4,758

Deere

&

Co

1,424,878‌

4,600

*,e

Desktop

Metal,

Inc

10,120‌

2,166

Donaldson

Co,

Inc

104,271‌

347

Douglas

Dynamics,

Inc

9,973‌

2,465

Dover

Corp

299,054‌

160

*

Ducommun,

Inc

6,886‌

240

*

DXP

Enterprises,

Inc

7,351‌

486

*

Dycom

Industries,

Inc

45,217‌

6,748

Eaton

Corp

850,181‌

916

EMCOR

Group,

Inc

94,311‌

10,025

Emerson

Electric

Co

797,389‌

318

Encore

Wire

Corp

33,047‌

738

*

Energy

Recovery,

Inc

14,332‌

313

*,e

Energy

Vault

Holdings,

Inc

3,136‌

917

Enerpac

Tool

Group

Corp

17,441‌

681

EnerSys

40,152‌

1,817

*

Enovix

Corp

16,189‌

330

EnPro

Industries,

Inc

27,037‌

601

Esab

Corp

26,294‌

502

ESCO

Technologies,

Inc

34,322‌

1,410

*

ESS

Tech,

Inc

3,962‌

1,875

*

Evoqua

Water

Technologies

Corp

60,956‌

9,626

Fastenal

Co

480,530‌

494

*

Fathom

Digital

Manufacturing

C

1,917‌

1,130

Federal

Signal

Corp

40,228‌

2,325

Flowserve

Corp

66,565‌

503

*,e

Fluence

Energy,

Inc

4,768‌

2,528

*

Fluor

Corp

61,532‌

5,606

Fortive

Corp

304,854‌

2,359

Fortune

Brands

Home

&

Security,

Inc

141,257‌

719

Franklin

Electric

Co,

Inc

52,674‌

426

*,e

FTC

Solar,

Inc

1,542‌

6,671

*,e

FuelCell

Energy,

Inc

25,016‌

1,000

*

Gates

Industrial

Corp

plc

10,810‌

608

GATX

Corp

57,249‌

1,074

*

Generac

Holdings,

Inc

226,163‌

4,181

General

Dynamics

Corp

925,046‌

18,715

General

Electric

Co

1,191,584‌

567

*

Gibraltar

Industries,

Inc

21,971‌

187

Global

Industrial

Co

6,315‌

829

*

GMS,

Inc

36,891‌

368

Gorman-Rupp

Co

10,414‌

2,901

Graco,

Inc

172,348‌

2,996

GrafTech

International

Ltd

21,182‌

696

Granite

Construction,

Inc

20,281‌

890

*

Great

Lakes

Dredge

&

Dock

Corp

11,668‌

648

Greenbrier

Cos,

Inc

23,322‌

552

Griffon

Corp

15,473‌

627

H&E

Equipment

Services,

Inc

18,164‌

802

*,e

Hayward

Holdings,

Inc

11,541‌

760

HEICO

Corp

99,651‌

1,362

HEICO

Corp

(Class

A)

143,528‌

629

Helios

Technologies,

Inc

41,671‌

413

Herc

Holdings,

Inc

37,232‌

1,552

Hexcel

Corp

81,185‌

1,406

Hillenbrand,

Inc

57,590‌

1,910

*

Hillman

Solutions

Corp

16,502‌

11,615

Honeywell

International,

Inc

2,018,803‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

70

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

6,541

Howmet

Aerospace,

Inc

$

205,714‌

933

Hubbell,

Inc

166,615‌

699

*

Hudson

Technologies,

Inc

5,250‌

625

Huntington

Ingalls

136,138‌

622

*

Hydrofarm

Holdings

Group,

Inc

2,165‌

1,987

*

Hyliion

Holdings

Corp

6,398‌

158

Hyster-Yale

Materials

Handling,

Inc

5,091‌

1,271

IDEX

Corp

230,852‌

137

*

IES

Holdings,

Inc

4,133‌

5,320

Illinois

Tool

Works,

Inc

969,570‌

412

*,e

Infrastructure

and

Energy

Alternatives,

Inc

3,308‌

6,510

Ingersoll

Rand,

Inc

273,941‌

289

Insteel

Industries,

Inc

9,731‌

1,554

ITT,

Inc

104,491‌

1,086

*

Janus

International

Group,

Inc

9,807‌

1,178

*

JELD-WEN

Holding,

Inc

17,187‌

486

John

Bean

Technologies

Corp

53,664‌

11,905

Johnson

Controls

International

plc

570,011‌

166

Kadant,

Inc

30,270‌

670

Kaman

Corp

20,938‌

172

*

Karat

Packaging,

Inc

2,934‌

1,307

Kennametal,

Inc

30,362‌

1,903

*

Kratos

Defense

&

Security

Solutions,

Inc

26,414‌

3,305

L3Harris

Technologies,

Inc

798,819‌

87

*

Lawson

Products,

Inc

4,471‌

580

Lennox

International,

Inc

119,822‌

1,043

*

Lightning

eMotors,

Inc

2,889‌

1,019

Lincoln

Electric

Holdings,

Inc

125,704‌

165

Lindsay

Corp

21,915‌

4,054

Lockheed

Martin

Corp

1,743,058‌

478

Luxfer

Holdings

plc

7,227‌

539

*

Manitowoc

Co,

Inc

5,676‌

2,129

*

Markforged

Holding

Corp

3,939‌

4,005

Masco

Corp

202,653‌

464

*

Masonite

International

Corp

35,649‌

1,023

*

Mastec,

Inc

73,308‌

1,194

Maxar

Technologies,

Inc

31,151‌

379

McGrath

RentCorp

28,804‌

3,697

MDU

Resources

Group,

Inc

99,782‌

952

*

Mercury

Systems,

Inc

61,242‌

1,230

*

Meritor,

Inc

44,686‌

2,986

*

Microvast

Holdings,

Inc

6,629‌

971

*

Middleby

Corp

121,725‌

168

Miller

Industries,

Inc

3,809‌

941

*

Momentus,

Inc

2,033‌

629

Moog,

Inc

(Class

A)

49,936‌

1,441

*

MRC

Global,

Inc

14,352‌

884

MSC

Industrial

Direct

Co

(Class

A)

66,397‌

883

Mueller

Industries,

Inc

47,055‌

2,381

Mueller

Water

Products,

Inc

(Class

A)

27,929‌

301

*

MYR

Group,

Inc

26,527‌

76

National

Presto

Industries,

Inc

4,989‌

4,919

*,e

Nikola

Corp

23,414‌

995

Nordson

Corp

201,428‌

2,499

Northrop

Grumman

Corp

1,195,946‌

149

*

Northwest

Pipe

Co

4,461‌

1,637

*

NOW,

Inc

16,010‌

262

*,e

NuScale

Power

Corp

2,617‌

224

*

NV5

Global

Inc

26,150‌

2,708

nVent

Electric

plc

84,842‌

44

Omega

Flex,

Inc

4,735‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

71

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

1,192

Oshkosh

Corp

$

97,911‌

7,192

Otis

Worldwide

Corp

508,259‌

1,685

Owens

Corning,

Inc

125,212‌

5,830

PACCAR,

Inc

480,042‌

291

Park

Aerospace

Corp

3,713‌

2,182

Parker-Hannifin

Corp

536,881‌

328

*

Parsons

Corp

13,258‌

2,996

Pentair

plc

137,127‌

763

*

PGT

Innovations,

Inc

12,696‌

8,759

*,e

Plug

Power,

Inc

145,137‌

263

Powell

Industries,

Inc

6,146‌

51

Preformed

Line

Products

Co

3,137‌

729

Primoris

Services

Corp

15,863‌

3,577

*

Proterra,

Inc

16,597‌

509

*

Proto

Labs,

Inc

24,351‌

492

Quanex

Building

Products

Corp

11,193‌

2,443

Quanta

Services,

Inc

306,206‌

25,394

Raytheon

Technologies

Corp

2,440,617‌

477

*

RBC

Bearings,

Inc

88,221‌

1,177

Regal-Beloit

Corp

133,613‌

2,451

*

Resideo

Technologies,

Inc

47,598‌

562

REV

Group,

Inc

6,109‌

3,361

*

Rocket

Lab

USA,

Inc

12,738‌

2,003

Rockwell

Automation,

Inc

399,218‌

691

Rush

Enterprises,

Inc

(Class

A)

33,306‌

144

Rush

Enterprises,

Inc

(Class

B)

7,144‌

1,319

*

Sarcos

Technology

and

Robotics

Corp

3,509‌

2,806

Sensata

Technologies

Holding

plc

115,916‌

1,849

*

Shoals

Technologies

Group,

Inc

30,472‌

514

Shyft

Group,

Inc

9,555‌

842

Simpson

Manufacturing

Co,

Inc

84,714‌

727

*

SiteOne

Landscape

Supply,

Inc

86,419‌

916

Snap-On,

Inc

180,479‌

1,891

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

55,406‌

647

*

SPX

Corp

34,187‌

195

Standex

International

Corp

16,532‌

2,609

Stanley

Black

&

Decker,

Inc

273,580‌

2,463

*

Stem,

Inc

17,635‌

394

*

Sterling

Construction

Co,

Inc

8,636‌

3,438

*

Sunrun,

Inc

80,312‌

268

Tennant

Co

15,879‌

1,185

Terex

Corp

32,433‌

819

Textainer

Group

Holdings

Ltd

22,449‌

3,692

Textron,

Inc

225,470‌

509

*

Thermon

Group

Holdings

7,151‌

1,188

Timken

Co

63,023‌

838

*

Titan

International,

Inc

12,654‌

282

*

Titan

Machinery,

Inc

6,320‌

1,833

Toro

Co

138,923‌

559

*

TPI

Composites,

Inc

6,988‌

4,007

Trane

Technologies

plc

520,389‌

121

*

Transcat

Inc

6,874‌

902

*

TransDigm

Group,

Inc

484,076‌

2,052

*

Trex

Co,

Inc

111,670‌

1,561

Trinity

Industries,

Inc

37,807‌

1,005

Triton

International

Ltd

52,913‌

1,063

*

Triumph

Group,

Inc

14,127‌

585

*

Tutor

Perini

Corp

5,136‌

1,160

UFP

Industries,

Inc

79,042‌

1,238

*

United

Rentals,

Inc

300,723‌

2,797

*

Univar

Solutions

Inc

69,561‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

72

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

345

Valmont

Industries,

Inc

$

77,497‌

156

*

Vectrus,

Inc

5,220‌

251

*

Veritiv

Corp

27,246‌

5,197

Vertiv

Holdings

Co

42,719‌

339

*

Vicor

Corp

18,553‌

2,116

*,e

View,

Inc

3,428‌

3,817

*,e

Virgin

Galactic

Holdings,

Inc

22,978‌

756

W.W.

Grainger,

Inc

343,549‌

918

Wabash

National

Corp

12,466‌

593

Watsco,

Inc

141,620‌

522

Watts

Water

Technologies,

Inc

(Class

A)

64,122‌

2,154

*

Welbilt,

Inc

51,287‌

817

*

WESCO

International,

Inc

87,501‌

3,106

Westinghouse

Air

Brake

Technologies

Corp

254,940‌

3,797

*

WillScot

Mobile

Mini

Holdings

Corp

123,099‌

1,032

Woodward

Inc

95,450‌

883

*

Xos,

Inc

1,625‌

3,161

Xylem,

Inc

247,127‌

2,011

Zurn

Water

Solutions

Corp

54,780‌

TOTAL

CAPITAL

GOODS

37,422,600‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.2

%

1,238

ABM

Industries,

Inc

53,754‌

1,696

ACCO

Brands

Corp

11,075‌

1,880

*

ACV

Auctions,

Inc

12,295‌

5,275

*

Alight,

Inc

35,606‌

271

Aris

Water

Solution,

Inc

4,520‌

918

*

ASGN

Inc

82,849‌

110

Barrett

Business

Services,

Inc

8,016‌

2,259

Booz

Allen

Hamilton

Holding

Co

204,123‌

949

Brady

Corp

(Class

A)

44,831‌

329

*

BrightView

Holdings,

Inc

3,948‌

834

Brink's

Co

50,632‌

409

*

CACI

International,

Inc

(Class

A)

115,248‌

801

*

Casella

Waste

Systems,

Inc

(Class

A)

58,217‌

778

*

CBIZ,

Inc

31,089‌

270

*

Cimpress

plc

10,503‌

1,494

Cintas

Corp

558,054‌

7,903

*

Clarivate

Analytics

plc

109,536‌

819

*

Clean

Harbors,

Inc

71,802‌

3,641

*

Copart,

Inc

395,631‌

2,056

*

CoreCivic,

Inc

22,842‌

6,753

*

CoStar

Group,

Inc

407,949‌

128

CRA

International,

Inc

11,433‌

754

Deluxe

Corp

16,339‌

633

*

Driven

Brands

Holdings,

Inc

17,433‌

3,839

*

Dun

&

Bradstreet

Holdings,

Inc

57,700‌

394

Ennis,

Inc

7,971‌

2,072

Equifax,

Inc

378,720‌

944

Exponent,

Inc

86,348‌

598

*

First

Advantage

Corp

7,577‌

178

*

Forrester

Research,

Inc

8,516‌

148

*

Franklin

Covey

Co

6,835‌

620

*

FTI

Consulting,

Inc

112,127‌

2,553

*

Geo

Group,

Inc

16,850‌

1,393

*

Harsco

Corp

9,904‌

1,153

Healthcare

Services

Group

20,074‌

286

Heidrick

&

Struggles

International,

Inc

9,255‌

247

*

Heritage-Crystal

Clean,

Inc

6,659‌

1,168

Herman

Miller,

Inc

30,683‌

271

*

HireRight

Holdings

Corp

3,851‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

73

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

682

HNI

Corp

$

23,659‌

334

*

Huron

Consulting

Group,

Inc

21,707‌

2,359

*

IAA,

Inc

77,304‌

282

ICF

International,

Inc

26,790‌

674

Insperity,

Inc

67,285‌

961

Interface,

Inc

12,051‌

2,208

Jacobs

Engineering

Group,

Inc

280,703‌

2,200

*

KAR

Auction

Services,

Inc

32,494‌

2,207

KBR,

Inc

106,797‌

481

Kelly

Services,

Inc

(Class

A)

9,538‌

366

Kforce,

Inc

22,450‌

577

Kimball

International,

Inc

(Class

B)

4,426‌

1,048

Korn/Ferry

International

60,805‌

1,550

*,e

Legalzoom.com,

Inc

17,034‌

2,347

Leidos

Holdings,

Inc

236,366‌

2,072

*

Li-Cycle

Holdings

Corp

14,255‌

931

Manpower,

Inc

71,138‌

473

Mantech

International

Corp

(Class

A)

45,148‌

491

Matthews

International

Corp

(Class

A)

14,077‌

361

*

Montrose

Environmental

Group,

Inc

12,187‌

663

MSA

Safety,

Inc

80,269‌

6,163

Nielsen

NV

143,105‌

2,896

Pitney

Bowes,

Inc

10,484‌

2,398

*

Planet

Labs

PBC

10,383‌

175

*

Red

Violet,

Inc

3,332‌

3,543

Republic

Services,

Inc

463,672‌

514

Resources

Connection,

Inc

10,470‌

1,790

Robert

Half

International,

Inc

134,053‌

4,005

Rollins,

Inc

139,855‌

997

Science

Applications

International

Corp

92,821‌

269

*

SP

Plus

Corp

8,264‌

2,088

*

Spire

Global,

Inc

2,422‌

1,776

Steelcase,

Inc

(Class

A)

19,056‌

1,556

*

Stericycle,

Inc

68,231‌

321

*,e

Sterling

Check

Corp

5,236‌

940

Tetra

Tech,

Inc

128,357‌

3,332

TransUnion

266,527‌

686

*

TriNet

Group,

Inc

53,247‌

645

*

TrueBlue,

Inc

11,545‌

237

Unifirst

Corp

40,807‌

1,953

*

Upwork,

Inc

40,388‌

2,653

Verisk

Analytics,

Inc

459,208‌

440

*

Viad

Corp

12,148‌

134

VSE

Corp

5,036‌

7,077

Waste

Management,

Inc

1,082,639‌

116

*

Willdan

Group,

Inc

3,199‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

7,551,763‌

CONSUMER

DURABLES

&

APPAREL

-

1

.1

%

707

Acushnet

Holdings

Corp

29,468‌

1,510

*

Allbirds,

Inc

5,934‌

1,083

*,e

AMMO,

Inc

4,169‌

565

*

Beazer

Homes

USA,

Inc

6,820‌

1,345

Brunswick

Corp

87,936‌

2,097

*

Callaway

Golf

Co

42,779‌

2,423

*

Capri

Holdings

Ltd

99,367‌

750

Carter's,

Inc

52,860‌

132

*

Cavco

Industries,

Inc

25,871‌

608

Century

Communities,

Inc

27,342‌

307

Clarus

Corp

5,830‌

604

Columbia

Sportswear

Co

43,234‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

74

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

1,086

*

Crocs,

Inc

$

52,856‌

473

*

Deckers

Outdoor

Corp

120,781‌

5,459

DR

Horton,

Inc

361,331‌

197

*

Dream

Finders

Homes,

Inc

2,096‌

562

*,e

Ermenegildo

Zegna

Holditalia

S.p.A

5,929‌

327

Ethan

Allen

Interiors,

Inc

6,609‌

730

*

Fossil

Group,

Inc

3,774‌

2,599

Garmin

Ltd

255,352‌

682

*

G-III

Apparel

Group

Ltd

13,797‌

1,998

*

GoPro,

Inc

11,049‌

578

*

Green

Brick

Partners,

Inc

11,311‌

6,162

Hanesbrands,

Inc

63,407‌

2,241

Hasbro,

Inc

183,493‌

444

*

Helen

of

Troy

Ltd

72,110‌

81

*

Hovnanian

Enterprises,

Inc

3,466‌

379

Installed

Building

Products,

Inc

31,518‌

443

*

iRobot

Corp

16,280‌

75

Johnson

Outdoors,

Inc

4,587‌

1,551

KB

Home

44,141‌

811

Kontoor

Brands,

Inc

27,063‌

706

*

Latham

Group,

Inc

4,893‌

696

La-Z-Boy,

Inc

16,502‌

2,404

Leggett

&

Platt,

Inc

83,130‌

4,373

Lennar

Corp

(Class

A)

308,603‌

224

Lennar

Corp

(Class

B)

13,151‌

353

*

LGI

Homes,

Inc

30,676‌

163

Lifetime

Brands,

Inc

1,799‌

223

*

Lovesac

Co

6,132‌

1,910

*

Lululemon

Athletica,

Inc

520,685‌

385

*

M/I

Homes,

Inc

15,269‌

287

*

Malibu

Boats,

Inc

15,128‌

156

Marine

Products

Corp

1,484‌

295

*

MasterCraft

Boat

Holdings,

Inc

6,210‌

6,094

*

Mattel,

Inc

136,079‌

1,086

MDC

Holdings,

Inc

35,089‌

640

*

Meritage

Homes

Corp

46,400‌

918

*

Mohawk

Industries,

Inc

113,915‌

227

Movado

Group,

Inc

7,021‌

6,518

Newell

Brands

Inc

124,103‌

20,906

Nike,

Inc

(Class

B)

2,136,593‌

52

*

NVR,

Inc

208,215‌

276

Oxford

Industries,

Inc

24,492‌

4,992

*

Peloton

Interactive,

Inc

45,827‌

356

*,e

PLBY

Group,

Inc

2,278‌

987

Polaris

Inc

97,989‌

4,078

Pulte

Homes,

Inc

161,611‌

795

*,e

Purple

Innovation,

Inc

2,433‌

1,215

PVH

Corp

69,133‌

809

Ralph

Lauren

Corp

72,527‌

200

Rocky

Brands,

Inc

6,836‌

2,405

*

Skechers

U.S.A.,

Inc

(Class

A)

85,570‌

966

*

Skyline

Champion

Corp

45,808‌

840

Smith

&

Wesson

Brands,

Inc

11,029‌

235

*,e

Snap

One

Holdings

Corp

2,155‌

2,102

*

Sonos,

Inc

37,920‌

1,383

Steven

Madden

Ltd

44,546‌

272

Sturm

Ruger

&

Co,

Inc

17,313‌

133

Superior

Uniform

Group,

Inc

2,361‌

4,583

Tapestry,

Inc

139,873‌

1,558

*

Taylor

Morrison

Home

Corp

36,395‌

3,135

Tempur

Sealy

International,

Inc

66,995‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

75

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

2,005

Toll

Brothers,

Inc

$

89,423‌

563

*

TopBuild

Corp

94,111‌

194

*

Traeger,

Inc

824‌

1,429

*

TRI

Pointe

Homes,

Inc

24,107‌

917

*

Tupperware

Brands

Corp

5,814‌

3,425

*

Under

Armour,

Inc

(Class

A)

28,530‌

3,626

*

Under

Armour,

Inc

(Class

C)

27,485‌

226

*

Unifi,

Inc

3,178‌

217

*

Universal

Electronics,

Inc

5,549‌

5,645

VF

Corp

249,340‌

3,117

*,e

Vinco

Ventures,

Inc

4,301‌

1,021

*

Vista

Outdoor,

Inc

28,486‌

1,116

*

Vizio

Holding

Corp

7,611‌

1,031

*,e

Vuzix

Corp

7,320‌

400

e

Weber,

Inc

2,884‌

945

Whirlpool

Corp

146,352‌

1,465

Wolverine

World

Wide,

Inc

29,534‌

1,421

*

YETI

Holdings,

Inc

61,487‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

7,343,064‌

CONSUMER

SERVICES

-

2

.0

%

1,177

*

2U,

Inc

12,323‌

700

*

Accel

Entertainment,

Inc

7,434‌

2,833

ADT,

Inc

17,423‌

799

*

Adtalem

Global

Education,

Inc

28,740‌

6,312

*

Airbnb,

Inc

562,273‌

325

*

American

Public

Education,

Inc

5,252‌

4,054

ARAMARK

Holdings

Corp

124,174‌

631

*

Bally's

Corp

12,481‌

2,116

*

Beachbody

Co,

Inc

2,539‌

17

*

Biglari

Holdings,

Inc

(B

Shares)

2,086‌

356

*

BJ's

Restaurants,

Inc

7,718‌

1,539

Bloomin'

Brands,

Inc

25,578‌

275

Bluegreen

Vacations

Holding

Corp

6,864‌

694

*

Booking

Holdings,

Inc

1,213,799‌

333

*

Bowlero

Corp

3,526‌

1,304

Boyd

Gaming

Corp

64,874‌

1,041

*

Bright

Horizons

Family

Solutions

87,985‌

763

*

Brinker

International,

Inc

16,809‌

3,464

*

Caesars

Entertainment,

Inc

132,671‌

14,415

*,e

Carnival

Corp

124,690‌

234

Carriage

Services,

Inc

9,278‌

520

*

Century

Casinos,

Inc

3,744‌

702

Cheesecake

Factory

18,547‌

2,349

*

Chegg,

Inc

44,114‌

476

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

622,256‌

632

Choice

Hotels

International,

Inc

70,550‌

630

Churchill

Downs,

Inc

120,664‌

247

*

Chuy's

Holdings,

Inc

4,920‌

1,836

*

Coursera,

Inc

26,034‌

463

Cracker

Barrel

Old

Country

Store,

Inc

38,656‌

2,144

Darden

Restaurants,

Inc

242,529‌

792

*

Dave

&

Buster's

Entertainment,

Inc

25,962‌

1,168

*

Denny's

Corp

10,138‌

266

Dine

Brands

Global

Inc.

17,311‌

616

Domino's

Pizza,

Inc

240,061‌

6,414

*

DraftKings,

Inc

74,851‌

384

*

Duolingo,

Inc

33,619‌

302

*

El

Pollo

Loco

Holdings,

Inc

2,972‌

281

European

Wax

Center,

Inc

4,951‌

1,316

*

Everi

Holdings,

Inc

21,464‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

76

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

2,487

*

Expedia

Group,

Inc

$

235,842‌

645

*

F45

Training

Holdings,

Inc

2,535‌

1,596

*

frontdoor,

Inc

38,432‌

682

*

Full

House

Resorts,

Inc

4,147‌

229

*

Golden

Entertainment,

Inc

9,057‌

73

Graham

Holdings

Co

41,379‌

572

*

Grand

Canyon

Education,

Inc

53,877‌

2,834

H&R

Block,

Inc

100,097‌

1,521

*

Hilton

Grand

Vacations,

Inc

54,345‌

4,713

Hilton

Worldwide

Holdings,

Inc

525,217‌

738

*

Hyatt

Hotels

Corp

54,546‌

357

*

Inspired

Entertainment,

Inc

3,074‌

1,684

International

Game

Technology

plc

31,255‌

431

Jack

in

the

Box,

Inc

24,162‌

1,311

Krispy

Kreme,

Inc

17,830‌

89

*

Kura

Sushi

USA,

Inc

4,408‌

5,701

*

Las

Vegas

Sands

Corp

191,497‌

1,806

Laureate

Education,

Inc

20,895‌

619

*

Life

Time

Group

Holdings,

Inc

7,973‌

464

*

Lindblad

Expeditions

Holdings,

Inc

3,758‌

4,701

Marriott

International,

Inc

(Class

A)

639,383‌

747

Marriott

Vacations

Worldwide

Corp

86,801‌

12,582

McDonald's

Corp

3,106,244‌

6,207

MGM

Resorts

International

179,693‌

844

*,e

Mister

Car

Wash,

Inc

9,183‌

173

*

Monarch

Casino

&

Resort,

Inc

10,150‌

251

*

NEOGAMES

S.A.

3,366‌

911

*

Nerdy,

Inc

1,940‌

621

*

Noodles

&

Co

2,919‌

6,767

*

Norwegian

Cruise

Line

Holdings

Ltd

75,249‌

353

*

ONE

Group

Hospitality,

Inc

2,602‌

1,026

*

OneSpaWorld

Holdings

Ltd

7,356‌

565

Papa

John's

International,

Inc

47,189‌

2,733

*

Penn

National

Gaming,

Inc

83,138‌

1,137

*

Perdoceo

Education

Corp

13,394‌

1,475

*

Planet

Fitness,

Inc

100,315‌

290

*

Portillo's,

Inc

4,741‌

682

*

PowerSchool

Holdings,

Inc

8,218‌

142

RCI

Hospitality

Holdings,

Inc

6,867‌

1,049

Red

Rock

Resorts,

Inc

34,995‌

1,530

*

Rover

Group,

Inc

5,753‌

3,693

*

Royal

Caribbean

Cruises

Ltd

128,923‌

822

*

Rush

Street

Interactive,

Inc

3,839‌

473

Ruth's

Hospitality

Group

Inc

7,691‌

1,620

*

Scientific

Games

Corp

(Class

A)

76,124‌

838

*

SeaWorld

Entertainment,

Inc

37,023‌

2,651

Service

Corp

International

183,237‌

596

*

Shake

Shack,

Inc

23,530‌

1,370

*

Six

Flags

Entertainment

Corp

29,729‌

19,556

Starbucks

Corp

1,493,883‌

862

*

StoneMor,

Inc

2,948‌

403

Strategic

Education,

Inc

28,444‌

644

*

Stride,

Inc

26,269‌

1,055

*

Target

Hospitality

Corp

6,024‌

2,158

*

Terminix

Global

Holdings,

Inc

87,723‌

1,209

Texas

Roadhouse,

Inc

(Class

A)

88,499‌

1,610

Travel

&

Leisure

Co

62,500‌

1,149

*

Udemy,

Inc

11,731‌

434

*

Universal

Technical

Institute,

Inc

3,094‌

718

*

Vacasa,

Inc

2,068‌

707

Vail

Resorts,

Inc

154,161‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

77

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

1,537

*

Vivint

Smart

Home,

Inc

$

5,349‌

2,954

Wendy's

55,771‌

513

Wingstop,

Inc

38,357‌

881

*

WW

International

Inc

5,630‌

1,610

Wyndham

Hotels

&

Resorts,

Inc

105,809‌

1,791

*

Wynn

Resorts

Ltd

102,051‌

268

*

Xponential

Fitness,

Inc

3,366‌

4,878

Yum!

Brands,

Inc

553,702‌

TOTAL

CONSUMER

SERVICES

13,273,157‌

DIVERSIFIED

FINANCIALS

-

5

.1

%

125

AFC

Gamma,

Inc

1,916‌

741

Affiliated

Managers

Group,

Inc

86,401‌

8,788

AGNC

Investment

Corp

97,283‌

243

Alerus

Financial

Corp

5,786‌

5,727

Ally

Financial,

Inc

191,912‌

288

A-Mark

Precious

Metals,

Inc

9,288‌

10,302

American

Express

Co

1,428,063‌

1,886

Ameriprise

Financial,

Inc

448,265‌

253

Angel

Oak

Mortgage,

Inc

3,279‌

23,448

Annaly

Capital

Management,

Inc

138,578‌

2,943

Apollo

Commercial

Real

Estate

Finance,

Inc

30,725‌

7,633

Apollo

Global

Management,

Inc

370,048‌

2,021

Arbor

Realty

Trust,

Inc

26,495‌

645

Ares

Commercial

Real

Estate

Corp

7,888‌

2,484

Ares

Management

Corp

141,240‌

566

ARMOUR

Residential

REIT,

Inc

3,985‌

870

Artisan

Partners

Asset

Management,

Inc

30,946‌

253

*

Assetmark

Financial

Holdings,

Inc

4,749‌

86

Associated

Capital

Group,

Inc

3,081‌

123

*

Atlanticus

Holdings

Corp

4,326‌

274

B.

Riley

Financial,

Inc

11,577‌

1,049

*,e

Bakkt

Holdings,

Inc

2,203‌

461

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

6,117‌

12,740

Bank

of

New

York

Mellon

Corp

531,385‌

30,766

*

Berkshire

Hathaway,

Inc

(Class

B)

8,399,733‌

5,076

BGC

Partners,

Inc

(Class

A)

17,106‌

2,500

BlackRock,

Inc

1,522,600‌

2,460

Blackstone

Mortgage

Trust,

Inc

68,068‌

11,989

Blackstone,

Inc

1,093,756‌

637

*

Blucora,

Inc

11,759‌

6,708

Blue

Owl

Capital,

Inc

67,281‌

642

Brightsphere

Investment

Group,

Inc

11,562‌

1,289

BrightSpire

Capital,

Inc

9,732‌

2,136

Broadmark

Realty

Capital,

Inc

14,333‌

1,450

*

Cannae

Holdings,

Inc

28,043‌

6,806

Capital

One

Financial

Corp

709,117‌

3,106

Carlyle

Group,

Inc

98,336‌

1,907

CBOE

Global

Markets,

Inc

215,853‌

25,846

Charles

Schwab

Corp

1,632,950‌

152

Chicago

Atlantic

Real

Estate

Finance,

Inc

2,289‌

3,066

Chimera

Investment

Corp

27,042‌

1,435

Claros

Mortgage

Trust,

Inc

24,036‌

6,134

CME

Group,

Inc

1,255,630‌

461

Cohen

&

Steers,

Inc

29,315‌

2,638

*

Coinbase

Global,

Inc

124,039‌

797

Compass

Diversified

Trust

17,072‌

326

*

Consumer

Portfolio

Services,

Inc

3,342‌

454

Cowen

Group,

Inc

10,755‌

125

*,e

Credit

Acceptance

Corp

59,176‌

312

*

Cryptyde,

Inc

633‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

78

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

DIVERSIFIED

FINANCIALS—continued

312

Curo

Group

Holdings

Corp

$

1,725‌

49

Diamond

Hill

Investment

Group,

Inc

8,508‌

4,847

Discover

Financial

Services

458,429‌

461

*

Donnelley

Financial

Solutions,

Inc

13,503‌

258

Dynex

Capital,

Inc

4,107‌

718

Ellington

Financial

Inc

10,533‌

502

*

Encore

Capital

Group,

Inc

29,001‌

629

*

Enova

International,

Inc

18,128‌

6,588

Equitable

Holdings,

Inc

171,749‌

638

Evercore

Inc

59,723‌

796

*

Ezcorp,

Inc

(Class

A)

5,978‌

649

Factset

Research

Systems,

Inc

249,586‌

1,485

Federated

Investors,

Inc

(Class

B)

47,208‌

737

FirstCash

Holdings,

Inc

51,229‌

877

*

Focus

Financial

Partners,

Inc

29,871‌

1,010

Franklin

BSP

Realty

Trust,

Inc

13,615‌

4,751

Franklin

Resources,

Inc

110,746‌

93

GAMCO

Investors,

Inc

(Class

A)

1,944‌

257

e

GCM

Grosvenor,

Inc

1,760‌

5,655

Goldman

Sachs

Group,

Inc

1,679,648‌

938

Granite

Point

Mortgage

Trust,

Inc

8,977‌

905

*

Green

Dot

Corp

22,725‌

562

Hamilton

Lane,

Inc

37,755‌

1,349

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

51,073‌

796

Houlihan

Lokey,

Inc

62,828‌

1,406

Interactive

Brokers

Group,

Inc

(Class

A)

77,344‌

9,472

Intercontinental

Exchange

Group,

Inc

890,747‌

6,004

Invesco

Ltd

96,845‌

366

Invesco

Mortgage

Capital,

Inc

5,373‌

1,210

Jackson

Financial,

Inc

32,368‌

2,653

Janus

Henderson

Group

plc

62,372‌

4,030

Jefferies

Financial

Group,

Inc

111,309‌

9,488

KKR

&

Co,

Inc

439,200‌

349

KKR

Real

Estate

Finance

Trust,

Inc

6,090‌

1,766

Ladder

Capital

Corp

18,614‌

1,898

Lazard

Ltd

(Class

A)

61,514‌

1,618

*

LendingClub

Corp

18,914‌

196

*

LendingTree,

Inc

8,589‌

1,384

LPL

Financial

Holdings,

Inc

255,320‌

238

Manning

&

Napier,

Inc

2,968‌

644

MarketAxess

Holdings,

Inc

164,870‌

2,131

MFA

Financial,

Inc

22,908‌

877

Moelis

&

Co

34,510‌

2,774

*

Moneylion,

Inc

3,662‌

2,777

Moody's

Corp

755,261‌

21,863

Morgan

Stanley

1,662,900‌

392

Morningstar,

Inc

94,797‌

1,370

MSCI,

Inc

(Class

A)

564,646‌

2,010

Nasdaq

Inc

306,605‌

2,376

Navient

Corp

33,240‌

312

Nelnet,

Inc

(Class

A)

26,598‌

6,918

New

Residential

Investment

Corp

64,476‌

6,454

New

York

Mortgage

Trust,

Inc

17,813‌

3,325

Northern

Trust

Corp

320,796‌

1,689

OneMain

Holdings,

Inc

63,135‌

1,687

*

Open

Lending

Corp

17,258‌

697

*

Oportun

Financial

Corp

5,764‌

147

Oppenheimer

Holdings,

Inc

4,857‌

2,013

Orchid

Island

Capital,

Inc

5,737‌

1,723

PennyMac

Mortgage

Investment

Trust

23,829‌

904

Perella

Weinberg

Partners

5,270‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

79

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

DIVERSIFIED

FINANCIALS—continued

273

Piper

Jaffray

Cos

$

30,947‌

397

PJT

Partners,

Inc

27,901‌

719

*

PRA

Group,

Inc

26,143‌

1,236

*

PROG

Holdings,

Inc

20,394‌

257

Pzena

Investment

Management,

Inc

(Class

A)

1,694‌

3,182

Raymond

James

Financial,

Inc

284,503‌

933

Ready

Capital

Corp

11,121‌

1,612

Redwood

Trust,

Inc

12,429‌

143

Regional

Management

Corp

5,344‌

9,264

*

Robinhood

Markets,

Inc

76,150‌

5,803

S&P

Global,

Inc

1,955,959‌

375

Sculptor

Capital

Management,

Inc

3,131‌

1,969

SEI

Investments

Co

106,365‌

184

Silvercrest

Asset

Management

Group,

Inc

3,019‌

5,094

SLM

Corp

81,198‌

13,472

*

SoFi

Technologies,

Inc

70,997‌

5,018

Starwood

Property

Trust,

Inc

104,826‌

6,089

State

Street

Corp

375,387‌

809

StepStone

Group,

Inc

21,058‌

1,929

Stifel

Financial

Corp

108,063‌

241

*

StoneX

Group,

Inc

18,815‌

8,720

Synchrony

Financial

240,846‌

3,897

T

Rowe

Price

Group,

Inc

442,738‌

867

TPG

RE

Finance

Trust,

Inc

7,812‌

1,734

Tradeweb

Markets,

Inc

118,346‌

4,626

Two

Harbors

Investment

Corp

23,038‌

1,255

*,e

Upstart

Holdings,

Inc

39,683‌

84

Victory

Capital

Holdings,

Inc

2,024‌

1,409

Virtu

Financial,

Inc

32,985‌

115

Virtus

Investment

Partners,

Inc

19,667‌

1,868

Voya

Financial,

Inc

111,202‌

1,867

WisdomTree

Investments,

Inc

9,466‌

90

*

World

Acceptance

Corp

10,102‌

TOTAL

DIVERSIFIED

FINANCIALS

32,879,295‌

ENERGY

-

4

.4

%

736

*,e

Aemetis,

Inc

3,614‌

1,288

*

Alto

Ingredients,

Inc

4,778‌

256

e

Altus

Midstream

Co

8,740‌

704

*

Amplify

Energy

Corp

4,604‌

5,480

Antero

Midstream

Corp

49,594‌

4,860

*

Antero

Resources

Corp

148,959‌

5,842

APA

Corp

203,886‌

243

Arch

Resources,

Inc

34,771‌

911

*

Archaea

Energy,

Inc

14,148‌

2,039

Archrock,

Inc

16,863‌

667

*

Ardmore

Shipping

Corp

4,649‌

15,495

Baker

Hughes

Co

447,341‌

1,892

Berry

Petroleum

Co

LLC

14,417‌

1,179

Bonanza

Creek

Energy,

Inc

61,650‌

2,386

*,e

Borr

Drilling

Ltd

10,999‌

774

Brigham

Minerals,

Inc

19,064‌

351

*

Bristow

Group,

Inc

8,213‌

13,290

Cabot

Oil

&

Gas

Corp

342,749‌

845

Cactus,

Inc

34,028‌

1,436

California

Resources

Corp

55,286‌

786

*

Callon

Petroleum

Co

30,811‌

3,118

*

Centennial

Resource

Development,

Inc

18,646‌

243

*

Centrus

Energy

Corp

6,014‌

3,416

ChampionX

Corp

67,808‌

4,218

Cheniere

Energy,

Inc

561,121‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

80

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

2,106

e

Chesapeake

Energy

Corp

$

170,797‌

33,335

Chevron

Corp

4,826,241‌

2,877

*

Clean

Energy

Fuels

Corp

12,889‌

3,514

*

CNX

Resources

Corp

57,840‌

1,500

*

Comstock

Resources

Inc

18,120‌

22,180

ConocoPhillips

1,991,986‌

621

*

CONSOL

Energy,

Inc

30,665‌

690

Continental

Resources,

Inc

45,091‌

500

e

Crescent

Energy,

Inc

6,240‌

583

CVR

Energy,

Inc

19,530‌

1,373

*

Delek

US

Holdings,

Inc

35,478‌

850

*

Denbury,

Inc

50,991‌

11,298

Devon

Energy

Corp

622,633‌

2,136

DHT

Holdings,

Inc

13,094‌

1,800

*

Diamond

Offshore

Drilling,

Inc

10,602‌

3,040

Diamondback

Energy,

Inc

368,296‌

333

*

DMC

Global,

Inc

6,004‌

395

Dorian

LPG

Ltd

6,004‌

582

*

Dril-Quip,

Inc

15,016‌

1,673

DT

Midstream,

Inc

82,010‌

625

*,e

Earthstone

Energy,

Inc

8,531‌

156

*

Empire

Petroleum

Corp

1,852‌

2,496

*,e

Energy

Fuels,

Inc

12,255‌

446

Enviva,

Inc

25,520‌

10,053

EOG

Resources,

Inc

1,110,253‌

6,200

EQT

Corp

213,280‌

7,406

Equitrans

Midstream

Corp

47,102‌

275

*

Excelerate

Energy,

Inc

5,478‌

71,991

d

Exxon

Mobil

Corp

6,165,309‌

408

e

FLEX

LNG

Ltd

11,175‌

1,226

*

Frank's

International

NV

14,123‌

2,068

*

Frontline

Ltd

18,322‌

3,883

*

Gevo,

Inc

9,125‌

1,788

*

Golar

LNG

Ltd

40,677‌

842

*

Green

Plains

Inc

22,877‌

179

*

Gulfport

Energy

Operating

Corp

14,232‌

15,566

Halliburton

Co

488,150‌

2,257

*

Helix

Energy

Solutions

Group,

Inc

6,997‌

1,863

Helmerich

&

Payne,

Inc

80,221‌

4,862

Hess

Corp

515,080‌

2,656

HF

Sinclair

Corp

119,945‌

110

HighPeak

Energy,

Inc

2,818‌

685

International

Seaways,

Inc

14,522‌

33,654

Kinder

Morgan,

Inc

564,041‌

7,467

*

Kosmos

Energy

Ltd

46,221‌

279

*

Laredo

Petroleum,

Inc

19,234‌

2,207

*

Liberty

Oilfield

Services,

Inc

28,161‌

2,448

Magnolia

Oil

&

Gas

Corp

51,384‌

12,318

Marathon

Oil

Corp

276,909‌

9,325

Marathon

Petroleum

Corp

766,608‌

1,952

Matador

Resources

Co

90,944‌

2,772

Murphy

Oil

Corp

83,687‌

146

*

Nabors

Industries

Ltd

19,549‌

75

Nacco

Industries,

Inc

(Class

A)

2,842‌

725

*

National

Energy

Services

Reunited

Corp

4,915‌

790

e

New

Fortress

Energy,

Inc

31,260‌

2,497

*

Newpark

Resources,

Inc

7,716‌

555

*

NextDecade

Corp

2,464‌

2,774

*

NexTier

Oilfield

Solutions,

Inc

26,381‌

553

*

Noble

Corp

14,019‌

3,490

e

Nordic

American

Tankers

Ltd

7,434‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

81

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

997

Northern

Oil

and

Gas,

Inc

$

25,184‌

6,945

NOV,

Inc

117,440‌

309

Oasis

Petroleum,

Inc

37,590‌

13,992

Occidental

Petroleum

Corp

823,849‌

1,532

*

Oceaneering

International,

Inc

16,362‌

1,209

*

Oil

States

International,

Inc

6,553‌

7,705

ONEOK,

Inc

427,627‌

4,489

Ovintiv,

Inc

198,369‌

677

*

Par

Pacific

Holdings,

Inc

10,554‌

3,410

Patterson-UTI

Energy,

Inc

53,742‌

1,705

*

PBF

Energy,

Inc

49,479‌

1,666

PDC

Energy,

Inc

102,642‌

1,975

*

Peabody

Energy

Corp

42,127‌

326

*

Penn

Virginia

Corp

10,716‌

8,021

Phillips

66

657,642‌

4,035

Pioneer

Natural

Resources

Co

900,128‌

1,367

*

ProPetro

Holding

Corp

13,670‌

4,359

*

Range

Resources

Corp

107,885‌

92

*

Rex

American

Resources

Corp

7,802‌

151

Riley

Exploration

Permian,

Inc

3,651‌

1,348

*

Ring

Energy,

Inc

3,586‌

1,202

*

RPC,

Inc

8,306‌

532

*

SandRidge

Energy,

Inc

8,336‌

24,237

Schlumberger

Ltd

866,715‌

828

Scorpio

Tankers,

Inc

28,574‌

988

*

Select

Energy

Services,

Inc

6,738‌

1,567

SFL

Corp

Ltd

14,871‌

185

*

SilverBow

Resources,

Inc

5,247‌

194

Sitio

Royalties

Corp

4,497‌

2,006

SM

Energy

Co

68,585‌

678

Solaris

Oilfield

Infrastructure,

Inc

7,377‌

18,509

*

Southwestern

Energy

Co

115,681‌

1,013

*

Talos

Energy,

Inc

15,671‌

3,944

Targa

Resources

Investments,

Inc

235,338‌

1,069

*

Teekay

Corp

3,079‌

376

*

Teekay

Tankers

Ltd

6,629‌

8,487

*

Tellurian,

Inc

25,291‌

2,062

*

Tetra

Technologies,

Inc

8,372‌

101

Texas

Pacific

Land

Corp

150,290‌

854

*

Tidewater,

Inc

18,011‌

4,698

*,e

Uranium

Energy

Corp

14,470‌

3,859

*,e

Ur-Energy,

Inc

4,091‌

1,387

*

US

Silica

Holdings,

Inc

15,840‌

1,000

Vaalco

Energy,

Inc

6,940‌

993

*

Valaris

Ltd

41,944‌

6,993

Valero

Energy

Corp

743,216‌

916

*

Vertex

Energy,

Inc

9,636‌

2,083

*

W&T

Offshore,

Inc

8,999‌

1,187

*

Weatherford

International

Ltd

25,129‌

619

Whiting

Petroleum

Corp

42,111‌

21,047

Williams

Cos,

Inc

656,877‌

1,068

World

Fuel

Services

Corp

21,851‌

TOTAL

ENERGY

28,359,203‌

FOOD

&

STAPLES

RETAILING

-

1

.4

%

2,725

Albertsons

Cos,

Inc

72,812‌

418

Andersons,

Inc

13,790‌

2,336

*

BJ's

Wholesale

Club

Holdings,

Inc

145,579‌

618

Casey's

General

Stores,

Inc

114,318‌

515

*

Chefs'

Warehouse

Holdings,

Inc

20,028‌

7,552

Costco

Wholesale

Corp

3,619,523‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

82

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FOOD

&

STAPLES

RETAILING—continued

1,460

*

Grocery

Outlet

Holding

Corp

$

62,240‌

626

*

HF

Foods

Group

Inc

3,268‌

213

Ingles

Markets,

Inc

(Class

A)

18,478‌

11,258

Kroger

Co

532,841‌

286

Natural

Grocers

by

Vitamin

C

4,562‌

2,651

*

Performance

Food

Group

Co

121,893‌

385

Pricesmart,

Inc

27,577‌

862

*,e

Rite

Aid

Corp

5,810‌

584

SpartanNash

Co

17,619‌

2,100

*

Sprouts

Farmers

Market,

Inc

53,172‌

8,505

SYSCO

Corp

720,458‌

943

*

United

Natural

Foods,

Inc

37,154‌

3,868

*

US

Foods

Holding

Corp

118,670‌

127

Village

Super

Market

(Class

A)

2,897‌

12,281

Walgreens

Boots

Alliance,

Inc

465,450‌

24,585

Walmart,

Inc

2,989,044‌

218

Weis

Markets,

Inc

16,250‌

TOTAL

FOOD

&

STAPLES

RETAILING

9,183,433‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.4

%

2,739

*,e

22nd

Century

Group,

Inc

5,834‌

31,003

Altria

Group,

Inc

1,294,995‌

1,079

*,e

AppHarvest,

Inc

3,766‌

9,610

Archer-Daniels-Midland

Co

745,736‌

1,190

B&G

Foods,

Inc

(Class

A)

28,298‌

2,859

*

Benson

Hill,

Inc

7,834‌

980

*,e

Beyond

Meat,

Inc

23,461‌

157

*

Boston

Beer

Co,

Inc

(Class

A)

47,566‌

349

*

BRC,

Inc

2,848‌

711

Brown-Forman

Corp

(Class

A)

48,092‌

3,077

Brown-Forman

Corp

(Class

B)

215,882‌

2,218

Bunge

Ltd

201,150‌

345

Calavo

Growers,

Inc

14,393‌

486

Cal-Maine

Foods,

Inc

24,013‌

3,182

Campbell

Soup

Co

152,895‌

918

*

Celsius

Holdings,

Inc

59,909‌

66,470

Coca-Cola

Co

4,181,628‌

72

Coca-Cola

Consolidated

Inc

40,601‌

8,273

ConAgra

Brands,

Inc

283,268‌

2,672

Constellation

Brands,

Inc

(Class

A)

622,736‌

2,764

*

Darling

International,

Inc

165,287‌

454

*

Duckhorn

Portfolio,

Inc

9,561‌

2,984

Flowers

Foods,

Inc

78,539‌

499

Fresh

Del

Monte

Produce,

Inc

14,736‌

752

*

Freshpet,

Inc

39,021‌

10,406

General

Mills,

Inc

785,133‌

1,593

*

Hain

Celestial

Group,

Inc

37,818‌

2,519

Hershey

Co

541,988‌

4,724

Hormel

Foods

Corp

223,729‌

2,702

*

Hostess

Brands,

Inc

57,309‌

1,190

Ingredion,

Inc

104,910‌

277

J&J

Snack

Foods

Corp

38,686‌

1,843

J.M.

Smucker

Co

235,922‌

199

John

B.

Sanfilippo

&

Son,

Inc

14,426‌

4,342

Kellogg

Co

309,758‌

13,454

Keurig

Dr

Pepper,

Inc

476,137‌

11,401

Kraft

Heinz

Co

434,834‌

2,489

Lamb

Weston

Holdings,

Inc

177,864‌

364

Lancaster

Colony

Corp

46,876‌

422

*

Landec

Corp

4,207‌

4,238

McCormick

&

Co,

Inc

352,814‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

83

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

203

MGP

Ingredients,

Inc

$

20,318‌

422

*

Mission

Produce,

Inc

6,014‌

3,002

Molson

Coors

Brewing

Co

(Class

B)

163,639‌

23,604

Mondelez

International,

Inc

1,465,572‌

6,463

*

Monster

Beverage

Corp

599,120‌

366

National

Beverage

Corp

17,912‌

23,629

PepsiCo,

Inc

3,938,009‌

26,494

Philip

Morris

International,

Inc

2,616,018‌

908

*

Pilgrim's

Pride

Corp

28,357‌

1,006

*

Post

Holdings,

Inc

82,844‌

2,638

Primo

Water

Corp

35,296‌

317

Sanderson

Farms,

Inc

68,323‌

4

Seaboard

Corp

15,530‌

134

*

Seneca

Foods

Corp

7,442‌

1,484

*

Simply

Good

Foods

Co

56,051‌

339

*

Sovos

Brands,

Inc

5,380‌

1,555

*

SunOpta,

Inc

12,098‌

692

*,e

Tattooed

Chef,

Inc

4,360‌

424

Tootsie

Roll

Industries,

Inc

14,988‌

964

*

TreeHouse

Foods,

Inc

40,315‌

190

Turning

Point

Brands,

Inc

5,155‌

4,889

Tyson

Foods,

Inc

(Class

A)

420,747‌

619

Universal

Corp

37,450‌

803

Utz

Brands,

Inc

11,098‌

2,682

Vector

Group

Ltd

28,161‌

622

*

Vintage

Wine

Estates,

Inc

4,889‌

454

*

Vita

Coco

Co,

Inc

4,445‌

420

*

Vital

Farms,

Inc

3,675‌

486

*

Whole

Earth

Brands,

Inc

3,013‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

21,870,679‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.0

%

3,092

*

1Life

Healthcare,

Inc

24,241‌

29,266

Abbott

Laboratories

3,179,751‌

785

*

Abiomed,

Inc

194,295‌

1,593

*

Acadia

Healthcare

Co,

Inc

107,735‌

1,237

*

Accolade,

Inc

9,154‌

1,314

*

AdaptHealth

Corp

23,705‌

230

*

Addus

HomeCare

Corp

19,154‌

317

*

Agiliti,

Inc

6,502‌

3,127

*

agilon

health,

Inc

68,262‌

1,350

*

Align

Technology,

Inc

319,505‌

1,430

*

Alignment

Healthcare,

Inc

16,316‌

1,508

*

Allscripts

Healthcare

Solutions,

Inc

22,364‌

996

*

Alphatec

Holdings

Inc

6,514‌

577

*

Amedisys,

Inc

60,654‌

3,954

*

American

Well

Corp

17,081‌

2,446

AmerisourceBergen

Corp

346,060‌

782

*

AMN

Healthcare

Services,

Inc

85,793‌

563

*

Angiodynamics,

Inc

10,894‌

640

*,e

Apollo

Medical

Holdings,

Inc

24,698‌

1,445

*

ATI

Physical

Therapy,

Inc

2,037‌

673

*

AtriCure,

Inc

27,499‌

27

Atrion

Corp

16,979‌

725

*

Avanos

Medical,

Inc

19,822‌

416

*

Aveanna

Healthcare

Holdings,

Inc

940‌

560

*

AxoGen,

Inc

4,586‌

738

*

Axonics

Modulation

Technologies,

Inc

41,822‌

2,210

*

Babylon

Holdings

Ltd

2,161‌

8,643

Baxter

International,

Inc

555,140‌

4,857

Becton

Dickinson

&

Co

1,197,396‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

84

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

571

*

BioLife

Solutions

Inc

$

7,886‌

462

*,e

Bioventus,

Inc

3,151‌

24,123

*

Boston

Scientific

Corp

899,064‌

2,873

*

Brookdale

Senior

Living,

Inc

13,043‌

2,966

*

Butterfly

Network,

Inc

9,106‌

2,690

*

Cano

Health,

Inc

11,782‌

4,682

Cardinal

Health,

Inc

244,728‌

501

*

Cardiovascular

Systems,

Inc

7,194‌

1,100

*

CareMax,

Inc

3,993‌

373

*

Castle

Biosciences,

Inc

8,187‌

9,965

*

Centene

Corp

843,139‌

1,866

*

Certara,

Inc

40,044‌

2,819

*

Cerus

Corp

14,913‌

3,853

*

Change

Healthcare,

Inc

88,850‌

261

Chemed

Corp

122,511‌

5,336

Cigna

Corp

1,406,143‌

6,357

*

Clover

Health

Investments

Corp

13,604‌

2,138

*

Community

Health

Systems,

Inc

8,018‌

168

*

Computer

Programs

&

Systems,

Inc

5,371‌

422

Conmed

Corp

40,411‌

263

*

Convey

Holding

Parent,

Inc

2,735‌

852

Cooper

Cos,

Inc

266,778‌

163

*

Corvel

Corp

24,005‌

1,718

*

Covetrus,

Inc

35,649‌

544

*

Cross

Country

Healthcare,

Inc

11,332‌

480

*

CryoLife,

Inc

9,062‌

670

*

CryoPort,

Inc

20,757‌

1,800

*

Cue

Health,

Inc

5,760‌

279

*

Cutera,

Inc

10,463‌

22,386

CVS

Health

Corp

2,074,287‌

1,050

*

DaVita,

Inc

83,958‌

485

*,e

Definitive

Healthcare

Corp

11,121‌

3,750

Dentsply

Sirona,

Inc

133,988‌

6,648

*

Dexcom,

Inc

495,475‌

1,250

*

DocGo,

Inc

8,925‌

1,606

*,e

Doximity,

Inc

55,921‌

10,588

*

Edwards

Lifesciences

Corp

1,006,813‌

4,115

Elevance

Health,

Inc

1,985,817‌

985

*

Embecta

Corp

24,940‌

1,608

Encompass

Health

Corp

90,128‌

653

*

Enovis

Corp

35,915‌

981

Ensign

Group,

Inc

72,074‌

2,830

*

Envista

Holdings

Corp

109,068‌

1,279

*

Evolent

Health,

Inc

39,278‌

2,133

*

Figs,

Inc

19,432‌

350

*

Fulgent

Genetics,

Inc

19,086‌

710

*

Glaukos

Corp

32,248‌

1,419

*

Globus

Medical,

Inc

79,663‌

1,657

*

Guardant

Health,

Inc

66,843‌

886

*

Haemonetics

Corp

57,749‌

636

*

Hanger

Inc

9,108‌

3,860

HCA

Healthcare,

Inc

648,712‌

737

*

Health

Catalyst,

Inc

10,679‌

1,338

*

HealthEquity,

Inc

82,140‌

399

*

HealthStream,

Inc

8,662‌

2,395

*

Henry

Schein,

Inc

183,792‌

136

*

Heska

Corp

12,853‌

2,089

*

Hims

&

Hers

Health,

Inc

9,463‌

4,216

*

Hologic,

Inc

292,169‌

2,157

Humana,

Inc

1,009,627‌

362

*

ICU

Medical,

Inc

59,509‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

85

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

1,434

*

IDEXX

Laboratories,

Inc

$

502,947‌

779

*

Inari

Medical,

Inc

52,964‌

200

*,e

Innovage

Holding

Corp

876‌

301

*

Inogen,

Inc

7,278‌

439

*

Inspire

Medical

Systems,

Inc

80,192‌

1,139

*

Insulet

Corp

248,234‌

572

*

Integer

Holding

Corp

40,418‌

1,378

*

Integra

LifeSciences

Holdings

Corp

74,453‌

6,117

*

Intuitive

Surgical,

Inc

1,227,743‌

4,647

*,e

Invitae

Corp

11,339‌

96

iRadimed

Corp

3,258‌

477

*

iRhythm

Technologies,

Inc

51,530‌

229

*

Joint

Corp

3,506‌

1,591

Laboratory

Corp

of

America

Holdings

372,867‌

1,098

*

Lantheus

Holdings,

Inc

72,501‌

236

LeMaitre

Vascular,

Inc

10,750‌

528

*

LHC

Group,

Inc

82,231‌

1,192

*,e

LifeStance

Health

Group,

Inc

6,628‌

892

*

LivaNova

plc

55,723‌

849

*

Masimo

Corp

110,939‌

2,486

McKesson

Corp

810,958‌

1,431

*

MEDNAX,

Inc

30,065‌

22,814

Medtronic

plc

2,047,556‌

646

*

Meridian

Bioscience,

Inc

19,651‌

985

*

Merit

Medical

Systems,

Inc

53,456‌

49

Mesa

Laboratories,

Inc

9,993‌

199

*

ModivCare,

Inc

16,816‌

1,000

*

Molina

Healthcare,

Inc

279,610‌

6,230

*,e

Multiplan

Corp

34,203‌

734

*,e

Nano-X

Imaging

Ltd

8,294‌

173

National

Healthcare

Corp

12,093‌

208

National

Research

Corp

7,962‌

500

*

Natus

Medical,

Inc

16,385‌

2,042

*

Neogen

Corp

49,192‌

613

*

Nevro

Corp

26,868‌

818

*

NextGen

Healthcare,

Inc

14,266‌

1,767

*

Novocure

Ltd

122,806‌

727

*

Nutex

Health,

Inc

2,345‌

959

*

NuVasive,

Inc

47,144‌

1,981

*

Oak

Street

Health,

Inc

32,568‌

758

*

Omnicell,

Inc

86,223‌

310

*

Oncology

Institute,

Inc

1,569‌

6,424

*

Opko

Health,

Inc

16,253‌

366

*

OptimizeRx

Corp

10,025‌

2,403

*

Option

Care

Health,

Inc

66,779‌

1,144

*

OraSure

Technologies,

Inc

3,100‌

267

*

Orthofix

Medical

Inc

6,285‌

333

*,e

OrthoPediatrics

Corp

14,369‌

742

*

Outset

Medical,

Inc

11,026‌

1,223

Owens

&

Minor,

Inc

38,463‌

525

*

P3

Health

Partners,

Inc

1,953‌

724

*,e

Paragon

28,

Inc

11,490‌

1,530

Patterson

Cos,

Inc

46,359‌

524

*

Pennant

Group,

Inc

6,712‌

597

*

Penumbra,

Inc

74,338‌

419

*

PetIQ,

Inc

7,035‌

771

*

Phreesia,

Inc

19,283‌

2,070

Premier,

Inc

73,858‌

682

*

Privia

Health

Group,

Inc

19,860‌

399

*,e

PROCEPT

BioRobotics

Corp

13,043‌

1,198

*

Progyny,

Inc

34,802‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

86

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

2,103

*

Project

Roadrunner

Parent,

Inc

$

44,079‌

559

*

Pulmonx

Corp

8,228‌

2,014

Quest

Diagnostics,

Inc

267,822‌

828

*

QuidelOrtho

Corp

80,465‌

689

*

RadNet,

Inc

11,906‌

2,482

Resmed,

Inc

520,302‌

375

*

RxSight,

Inc

5,280‌

896

*

Schrodinger,

Inc

23,663‌

496

*

SeaSpine

Holdings

Corp

2,802‌

1,678

Select

Medical

Holdings

Corp

39,634‌

3,285

*

Sema4

Holdings

Corp

4,139‌

7,206

*,e

Senseonics

Holdings,

Inc

7,422‌

1,081

*

Sharecare,

Inc

1,708‌

594

*

Shockwave

Medical

Inc

113,555‌

442

*

SI-BONE,

Inc

5,834‌

421

*,e

Sight

Sciences,

Inc

3,785‌

1,111

*,e

Signify

Health,

Inc

15,332‌

548

*

Silk

Road

Medical

Inc

19,942‌

227

Simulations

Plus,

Inc

11,198‌

793

*

Staar

Surgical

Co

56,247‌

1,481

STERIS

plc

305,308‌

6,017

Stryker

Corp

1,196,962‌

608

*

Surgery

Partners,

Inc

17,583‌

300

*

SurModics,

Inc

11,169‌

280

*

Tactile

Systems

Technology,

Inc

2,044‌

1,069

*

Tandem

Diabetes

Care,

Inc

63,274‌

2,648

*

Teladoc,

Inc

87,940‌

818

Teleflex,

Inc

201,105‌

1,754

*

Tenet

Healthcare

Corp

92,190‌

436

*

Transmedics

Group,

Inc

13,712‌

533

*

Treace

Medical

Concepts,

Inc

7,643‌

159

*

UFP

Technologies,

Inc

12,652‌

15,943

UnitedHealth

Group,

Inc

8,188,803‌

1,148

Universal

Health

Services,

Inc

(Class

B)

115,615‌

187

US

Physical

Therapy,

Inc

20,420‌

80

Utah

Medical

Products,

Inc

6,872‌

587

*

Varex

Imaging

Corp

12,556‌

2,386

*

Veeva

Systems,

Inc

472,523‌

908

*

Vicarious

Surgical,

Inc

2,670‌

2,186

*

ViewRay,

Inc

5,793‌

3,636

Zimmer

Biomet

Holdings,

Inc

381,998‌

363

*

Zimvie,

Inc

5,812‌

374

e

Zynex

Inc

2,985‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

39,110,587‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.5

%

1,630

*

Beauty

Health

Co

20,962‌

2,141

*

BellRing

Brands,

Inc

53,289‌

160

*

Central

Garden

&

Pet

Co

6,787‌

580

*

Central

Garden

and

Pet

Co

(Class

A)

23,206‌

4,218

Church

&

Dwight

Co,

Inc

390,840‌

2,121

Clorox

Co

299,019‌

14,130

Colgate-Palmolive

Co

1,132,378‌

5,109

*

Coty,

Inc

40,923‌

893

Edgewell

Personal

Care

Co

30,826‌

620

*

elf

Beauty,

Inc

19,022‌

1,154

Energizer

Holdings,

Inc

32,716‌

3,921

Estee

Lauder

Cos

(Class

A)

998,561‌

1,810

*

Herbalife

Nutrition

Ltd

37,015‌

1,244

*

Honest

Co,

Inc

3,632‌

253

Inter

Parfums,

Inc

18,484‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

87

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

HOUSEHOLD

&

PERSONAL

PRODUCTS—continued

5,756

Kimberly-Clark

Corp

$

777,923‌

188

Medifast,

Inc

33,936‌

140

*

Nature's

Sunshine

Products,

Inc

1,494‌

938

Nu

Skin

Enterprises,

Inc

(Class

A)

40,615‌

1,877

*,e

Olaplex

Holdings,

Inc

26,447‌

40,743

Procter

&

Gamble

Co

5,858,436‌

871

Reynolds

Consumer

Products,

Inc

23,752‌

741

Spectrum

Brands

Holdings,

Inc

60,777‌

180

*

USANA

Health

Sciences,

Inc

13,025‌

1,092

*,e

Veru,

Inc

12,340‌

266

WD-40

Co

53,562‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

10,009,967‌

INSURANCE

-

2

.3

%

10,776

Aflac,

Inc

596,236‌

224

*

Alleghany

Corp

186,614‌

4,672

Allstate

Corp

592,083‌

699

*

AMBAC

Financial

Group,

Inc

7,934‌

1,426

American

Equity

Investment

Life

Holding

Co

52,149‌

1,177

American

Financial

Group,

Inc

163,379‌

13,566

American

International

Group,

Inc

693,630‌

299

Amerisafe,

Inc

15,551‌

3,588

Aon

plc

967,612‌

6,094

*

Arch

Capital

Group

Ltd

277,216‌

509

Argo

Group

International

Holdings

Ltd

18,762‌

3,361

Arthur

J.

Gallagher

&

Co

547,977‌

937

Assurant,

Inc

161,960‌

1,117

Assured

Guaranty

Ltd

62,317‌

1,411

Axis

Capital

Holdings

Ltd

80,554‌

4,258

*

Bright

Health

Group,

Inc

7,750‌

1,417

*

Brighthouse

Financial,

Inc

58,125‌

4,079

Brown

&

Brown,

Inc

237,969‌

891

*

BRP

Group,

Inc

21,518‌

7,184

Chubb

Ltd

1,412,231‌

2,630

Cincinnati

Financial

Corp

312,917‌

261

CNA

Financial

Corp

11,719‌

1,716

Conseco,

Inc

31,042‌

143

Donegal

Group,

Inc

(Class

A)

2,438‌

494

*

eHealth,

Inc

4,609‌

488

Employers

Holdings,

Inc

20,442‌

222

*

Enstar

Group

Ltd

47,504‌

436

Erie

Indemnity

Co

(Class

A)

83,795‌

667

Everest

Re

Group

Ltd

186,947‌

4,587

Fidelity

National

Financial

Inc

169,536‌

1,838

First

American

Financial

Corp

97,267‌

8,098

*

Genworth

Financial,

Inc

(Class

A)

28,586‌

1,640

Globe

Life,

Inc

159,851‌

286

Goosehead

Insurance,

Inc

13,062‌

463

*

Greenlight

Capital

Re

Ltd

(Class

A)

3,579‌

667

Hanover

Insurance

Group,

Inc

97,549‌

5,600

Hartford

Financial

Services

Group,

Inc

366,408‌

121

e

HCI

Group,

Inc

8,199‌

4,113

*

Hippo

Holdings,

Inc

3,614‌

637

Horace

Mann

Educators

Corp

24,448‌

23

Investors

Title

Co

3,608‌

648

James

River

Group

Holdings

Ltd

16,057‌

1,193

Kemper

Corp

57,145‌

347

Kinsale

Capital

Group,

Inc

79,685‌

657

*,e

Lemonade,

Inc

11,997‌

3,077

Lincoln

National

Corp

143,911‌

3,578

Loews

Corp

212,032‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

88

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

INSURANCE—continued

235

*

Markel

Corp

$

303,914‌

8,540

Marsh

&

McLennan

Cos,

Inc

1,325,835‌

1,028

*

MBIA,

Inc

12,696‌

429

Mercury

General

Corp

19,005‌

11,527

Metlife,

Inc

723,780‌

35

National

Western

Life

Group,

Inc

7,095‌

158

*

NI

Holdings,

Inc

2,596‌

5,018

Old

Republic

International

Corp

112,202‌

1,998

*

Oscar

Health,

Inc

8,492‌

391

*

Palomar

Holdings,

Inc

25,180‌

727

Primerica,

Inc

87,015‌

4,377

Principal

Financial

Group

292,340‌

820

ProAssurance

Corp

19,377‌

9,964

Progressive

Corp

1,158,514‌

6,486

Prudential

Financial,

Inc

620,580‌

1,153

Reinsurance

Group

of

America,

Inc

(Class

A)

135,235‌

759

RenaissanceRe

Holdings

Ltd

118,685‌

600

RLI

Corp

69,954‌

2,837

*

Root,

Inc

3,376‌

1,227

*

Ryan

Specialty

Group

Holdings,

Inc

48,086‌

227

Safety

Insurance

Group,

Inc

22,042‌

1,030

Selective

Insurance

Group,

Inc

89,548‌

2,285

*

Selectquote,

Inc

5,667‌

1,153

*

SiriusPoint

Ltd

6,249‌

351

Stewart

Information

Services

Corp

17,462‌

433

Tiptree

Inc

4,598‌

4,084

Travelers

Cos,

Inc

690,727‌

236

*

Trean

Insurance

Group,

Inc

1,470‌

628

*

Trupanion,

Inc

37,843‌

338

United

Fire

Group

Inc

11,570‌

503

Universal

Insurance

Holdings,

Inc

6,554‌

3,600

Unum

Group

122,472‌

3,558

W.R.

Berkley

Corp

242,869‌

56

White

Mountains

Insurance

Group

Ltd

69,783‌

1,889

Willis

Towers

Watson

plc

372,870‌

TOTAL

INSURANCE

15,155,195‌

MATERIALS

-

2

.9

%

350

*

5E

Advanced

Materials,

Inc

4,263‌

461

AdvanSix,

Inc

15,416‌

3,788

Air

Products

&

Chemicals,

Inc

910,938‌

2,002

Albemarle

Corp

418,378‌

3,014

Alcoa

Corp

137,378‌

2,222

*

Allegheny

Technologies,

Inc

50,462‌

298

Alpha

Metallurgical

Resources,

Inc

38,481‌

25,996

Amcor

plc

323,130‌

429

American

Vanguard

Corp

9,588‌

1,121

Aptargroup,

Inc

115,698‌

1,763

*

Arconic

Corp

49,452‌

271

†

Ardagh

Group

S.A.

4,133‌

1,615

Ardagh

Metal

Packaging

S.A.

9,851‌

912

Ashland

Global

Holdings,

Inc

93,982‌

340

*

Aspen

Aerogels,

Inc

3,359‌

1,410

Avery

Dennison

Corp

228,237‌

1,490

Avient

Corp

59,719‌

3,718

*

Axalta

Coating

Systems

Ltd

82,205‌

605

Balchem

Corp

78,493‌

5,423

Ball

Corp

372,940‌

2,289

*

Berry

Global

Group,

Inc

125,071‌

953

Cabot

Corp

60,792‌

799

Carpenter

Technology

Corp

22,300‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

89

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

1,854

Celanese

Corp

(Series

A)

$

218,049‌

831

*

Century

Aluminum

Co

6,124‌

3,521

CF

Industries

Holdings,

Inc

301,855‌

111

Chase

Corp

8,637‌

2,721

Chemours

Co

87,126‌

261

*

Clearwater

Paper

Corp

8,777‌

8,514

*

Cleveland-Cliffs,

Inc

130,860‌

4,597

*

Coeur

Mining,

Inc

13,975‌

1,801

Commercial

Metals

Co

59,613‌

532

Compass

Minerals

International,

Inc

18,827‌

1,802

*

Constellium

SE

23,804‌

12,399

Corteva,

Inc

671,282‌

2,070

Crown

Holdings,

Inc

190,792‌

1,053

*,e

Dakota

Gold

Corp

3,528‌

1,647

*,e

Danimer

Scientific,

Inc

7,510‌

987

*

Diversey

Holdings

Ltd

6,514‌

12,513

Dow,

Inc

645,796‌

8,729

DuPont

de

Nemours,

Inc

485,158‌

709

Eagle

Materials,

Inc

77,947‌

2,246

Eastman

Chemical

Co

201,623‌

4,252

Ecolab,

Inc

653,788‌

3,499

Element

Solutions,

Inc

62,282‌

1,000

*,†

Ferroglobe

plc

0‌

2,190

FMC

Corp

234,352‌

24,699

Freeport-McMoRan,

Inc

(Class

B)

722,693‌

400

FutureFuel

Corp

2,912‌

545

*

GCP

Applied

Technologies,

Inc

17,048‌

13,535

*

Ginkgo

Bioworks

Holdings,

Inc

32,213‌

658

Glatfelter

Corp

4,527‌

4,828

Graphic

Packaging

Holding

Co

98,974‌

395

Greif,

Inc

(Class

A)

24,640‌

87

Greif,

Inc

(Class

B)

5,419‌

784

H.B.

Fuller

Co

47,205‌

284

Hawkins,

Inc

10,233‌

193

Haynes

International,

Inc

6,325‌

9,435

Hecla

Mining

Co

36,985‌

3,508

Huntsman

Corp

99,452‌

2,700

*

Hycroft

Mining

Holding

Corp

2,997‌

749

*

Ingevity

Corp

47,292‌

373

Innospec,

Inc

35,730‌

4,277

International

Flavors

&

Fragrances,

Inc

509,476‌

6,389

International

Paper

Co

267,252‌

149

*

Intrepid

Potash,

Inc

6,748‌

261

Kaiser

Aluminum

Corp

20,642‌

315

Koppers

Holdings,

Inc

7,132‌

357

Kronos

Worldwide,

Inc

6,569‌

8,417

Linde

plc

2,420,140‌

2,677

*

Livent

Corp

60,741‌

1,476

Louisiana-Pacific

Corp

77,357‌

542

*

LSB

Industries,

Inc

7,512‌

4,456

LyondellBasell

Industries

NV

389,722‌

1,039

Martin

Marietta

Materials,

Inc

310,910‌

300

Materion

Corp

22,119‌

741

Minerals

Technologies,

Inc

45,453‌

6,067

Mosaic

Co

286,544‌

1,500

*

MP

Materials

Corp

48,120‌

371

Myers

Industries,

Inc

8,433‌

257

Neenah

Inc

8,774‌

122

NewMarket

Corp

36,717‌

13,641

Newmont

Goldcorp

Corp

813,958‌

3,868

*

Novagold

Resources

Inc

18,605‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

90

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

4,587

Nucor

Corp

$

478,929‌

2,868

*

O-I

Glass,

Inc

40,152‌

2,431

Olin

Corp

112,507‌

163

Olympic

Steel,

Inc

4,197‌

1,636

*

Origin

Materials,

Inc

8,376‌

1,050

Orion

Engineered

Carbons

SA

16,307‌

1,615

Packaging

Corp

of

America

222,063‌

499

Pactiv

Evergreen,

Inc

4,970‌

1,935

*

Perimeter

Solutions

S.A.

20,975‌

282

*

Piedmont

Lithium,

Inc

10,268‌

632

*

PolyMet

Mining

Corp

1,738‌

4,040

PPG

Industries,

Inc

461,934‌

868

PQ

Group

Holdings,

Inc

8,550‌

1,820

*,e

PureCycle

Technologies,

Inc

13,504‌

201

Quaker

Chemical

Corp

30,054‌

376

Ramaco

Resources,

Inc

4,944‌

564

*

Ranpak

Holdings

Corp

3,948‌

877

*

Rayonier

Advanced

Materials,

Inc

2,298‌

1,096

Reliance

Steel

&

Aluminum

Co

186,167‌

687

*

Resolute

Forest

Products

8,766‌

1,158

Royal

Gold,

Inc

123,651‌

2,211

RPM

International,

Inc

174,050‌

272

Ryerson

Holding

Corp

5,791‌

421

Schnitzer

Steel

Industries,

Inc

(Class

A)

13,826‌

670

Schweitzer-Mauduit

International,

Inc

16,830‌

716

Scotts

Miracle-Gro

Co

(Class

A)

56,557‌

2,582

Sealed

Air

Corp

149,033‌

804

Sensient

Technologies

Corp

64,770‌

4,089

Sherwin-Williams

Co

915,568‌

1,204

Silgan

Holdings,

Inc

49,785‌

1,617

Sonoco

Products

Co

92,234‌

1,339

Southern

Copper

Corp

66,696‌

3,317

SSR

Mining,

Inc

55,394‌

3,168

Steel

Dynamics,

Inc

209,563‌

410

Stepan

Co

41,554‌

1,996

*

Summit

Materials,

Inc

46,487‌

1,010

SunCoke

Energy,

Inc

6,878‌

619

Sylvamo

Corp

20,229‌

717

*

TimkenSteel

Corp

13,415‌

394

Tredegar

Corp

3,940‌

716

Trimas

Corp

19,826‌

733

Trinseo

plc

28,191‌

1,767

Tronox

Holdings

plc

29,686‌

30

United

States

Lime

&

Minerals,

Inc

3,168‌

4,509

United

States

Steel

Corp

80,756‌

3,271

Valvoline,

Inc

94,303‌

2,283

Vulcan

Materials

Co

324,414‌

816

Warrior

Met

Coal,

Inc

24,978‌

559

Westlake

Chemical

Corp

54,793‌

4,393

WestRock

Co

175,017‌

702

Worthington

Industries,

Inc

30,958‌

TOTAL

MATERIALS

18,533,042‌

MEDIA

&

ENTERTAINMENT

-

6

.7

%

13,252

Activision

Blizzard,

Inc

1,031,801‌

988

*

Advantage

Solutions,

Inc

3,754‌

5,127

*

Alphabet,

Inc

(Class

A)

11,173,066‌

4,683

*

Alphabet,

Inc

(Class

C)

10,243,828‌

3,867

*

Altice

USA,

Inc

35,770‌

8,836

*,e

AMC

Entertainment

Holdings,

Inc

119,728‌

543

*

AMC

Networks,

Inc

15,812‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

91

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

232

*

Arena

Group

Holdings,

Inc

$

2,088‌

380

*

Boston

Omaha

Corp

7,847‌

92

Cable

One,

Inc

118,617‌

544

*

Cardlytics,

Inc

12,137‌

1,657

*

Cargurus,

Inc

35,609‌

1,131

*

Cars.com,

Inc

10,665‌

1,983

*

Charter

Communications,

Inc

929,095‌

2,021

*

Cinemark

Holdings,

Inc

30,355‌

6,287

*

Clear

Channel

6,727‌

75,900

Comcast

Corp

(Class

A)

2,978,316‌

315

*

Cumulus

Media

Inc

2,435‌

17

*

Daily

Journal

Corp

4,400‌

632

*

DHI

Group,

Inc

3,141‌

4,043

*

DISH

Network

Corp

(Class

A)

72,491‌

4,803

Electronic

Arts,

Inc

584,285‌

2,184

*

Entercom

Communications

Corp

2,058‌

1,005

Entravision

Communications

Corp

(Class

A)

4,583‌

1,205

*

Eventbrite

Inc

12,375‌

249

*

EverQuote

Inc

2,201‌

916

*

EW

Scripps

Co

(Class

A)

11,423‌

5,373

Fox

Corp

(Class

A)

172,796‌

2,613

Fox

Corp

(Class

B)

77,606‌

2,993

*,e

fuboTV,

Inc

7,393‌

2,328

*

Gannett

Co,

Inc

6,751‌

1,547

Gray

Television,

Inc

26,129‌

1,354

*

IAC

102,863‌

1,779

*

iHeartMedia,

Inc

14,036‌

902

*

Imax

Corp

15,235‌

556

*

Integral

Ad

Science

Holding

Corp

5,521‌

6,397

Interpublic

Group

of

Cos,

Inc

176,109‌

693

John

Wiley

&

Sons,

Inc

(Class

A)

33,098‌

170

*,e

Liberty

Braves

Group

(Class

A)

4,276‌

525

*

Liberty

Braves

Group

(Class

C)

12,600‌

413

Liberty

Broadband

Corp

(Class

A)

46,896‌

2,258

*

Liberty

Broadband

Corp

(Class

C)

261,115‌

398

*

Liberty

Media

Group

(Class

A)

23,072‌

3,453

*

Liberty

Media

Group

(Class

C)

219,162‌

1,463

Liberty

SiriusXM

Group

(Class

A)

52,727‌

2,909

*

Liberty

SiriusXM

Group

(Class

C)

104,869‌

786

*

Lions

Gate

Entertainment

Corp

(Class

A)

7,318‌

1,776

*

Lions

Gate

Entertainment

Corp

(Class

B)

15,682‌

2,523

*

Live

Nation,

Inc

208,349‌

336

*

Madison

Square

Garden

Co

50,736‌

496

*

Madison

Square

Garden

Entertainment

Corp

26,100‌

2,210

*

Magnite,

Inc

19,625‌

294

*,e

Marcus

Corp

4,342‌

4,748

*

Match

Group,

Inc

330,888‌

329

*

MediaAlpha,

Inc

3,241‌

39,095

*

Meta

Platforms,

Inc

6,304,069‌

410

*

NerdWallet,

Inc

3,251‌

7,404

*

Netflix,

Inc

1,294,737‌

2,867

New

York

Times

Co

(Class

A)

79,989‌

6,379

News

Corp

(Class

A)

99,385‌

1,884

News

Corp

(Class

B)

29,937‌

706

Nexstar

Media

Group

Inc

114,993‌

3,500

Omnicom

Group,

Inc

222,635‌

692

*,e

Outbrain,

Inc

3,481‌

89

Paramount

Global

(Class

A)

2,426‌

9,969

Paramount

Global

(Class

B)

246,035‌

9,614

*

Pinterest,

Inc

174,590‌

1,390

*

Playstudios,

Inc

5,949‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

92

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

1,555

*

Playtika

Holding

Corp

$

20,588‌

683

*

PubMatic,

Inc

10,853‌

1,085

*

QuinStreet,

Inc

10,915‌

378

*

Reservoir

Media,

Inc

2,465‌

7,482

*

ROBLOX

Corp

245,859‌

2,026

*

Roku,

Inc

166,416‌

438

Scholastic

Corp

15,755‌

862

Sinclair

Broadcast

Group,

Inc

(Class

A)

17,585‌

12,646

e

Sirius

XM

Holdings,

Inc

77,520‌

6,587

*,e

Skillz,

Inc

8,168‌

2,335

*

Spotify

Technology

S.A.

219,093‌

1,314

*

Stagwell,

Inc

7,135‌

2,686

*

Take-Two

Interactive

Software,

Inc

329,116‌

378

*

TechTarget,

Inc

24,842‌

3,889

TEGNA,

Inc

81,552‌

380

*

Thryv

Holdings,

Inc

8,508‌

1,758

*

TripAdvisor,

Inc

31,292‌

1,632

*

TrueCar,

Inc

4,227‌

12,745

*

Twitter,

Inc

476,536‌

2,350

*

Vimeo,

Inc

14,147‌

31,095

*

Walt

Disney

Co

2,935,368‌

39,844

*

Warner

Bros

Discovery,

Inc

534,706‌

736

*

WideOpenWest,

Inc

13,403‌

749

World

Wrestling

Entertainment,

Inc

(Class

A)

46,805‌

1,209

*

Yelp,

Inc

33,574‌

795

*

Ziff

Davis

Inc

59,251‌

1,228

*

ZipRecruiter,

Inc

18,199‌

4,577

*

ZoomInfo

Technologies,

Inc

152,139‌

TOTAL

MEDIA

&

ENTERTAINMENT

43,630,636‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.7

%

1,510

*

10X

Genomics,

Inc

68,327‌

646

*

2seventy

bio,

Inc

8,527‌

684

*

4D

Molecular

Therapeutics,

Inc

4,774‌

306

*

Aadi

Bioscience,

Inc

3,770‌

30,138

AbbVie,

Inc

4,615,936‌

3,422

*

AbCellera

Biologics,

Inc

36,444‌

926

*

Absci

Corp

3,074‌

2,077

*

Acadia

Pharmaceuticals,

Inc

29,265‌

997

*,e

Aclaris

Therapeutics,

Inc

13,918‌

993

*

Adagio

Therapeutics,

Inc

3,257‌

1,866

*

Adaptive

Biotechnologies

Corp

15,096‌

441

*,e

Adicet

Bio,

Inc

6,439‌

3,230

*

ADMA

Biologics,

Inc

6,395‌

702

*

Aerie

Pharmaceuticals,

Inc

5,265‌

190

*

Aerovate

Therapeutics,

Inc

2,970‌

1,962

*

Affimed

NV

5,435‌

4,738

*

Agenus,

Inc

9,192‌

5,154

Agilent

Technologies,

Inc

612,141‌

1,081

*

Agios

Pharmaceuticals,

Inc

23,966‌

423

*

Akero

Therapeutics,

Inc

3,997‌

144

*

Akoya

Biosciences,

Inc

1,850‌

275

*

Albireo

Pharma,

Inc

5,461‌

1,021

*

Alector,

Inc

10,373‌

2,871

*

Alkermes

plc

85,527‌

1,319

*

Allogene

Therapeutics,

Inc

15,037‌

492

*,e

Allovir,

Inc

1,919‌

2,045

*

Alnylam

Pharmaceuticals,

Inc

298,263‌

260

*,e

Alpine

Immune

Sciences,

Inc

2,213‌

308

*

ALX

Oncology

Holdings,

Inc

2,492‌

9,103

Amgen,

Inc

2,214,760‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

93

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

4,499

*

Amicus

Therapeutics,

Inc

$

48,319‌

2,013

*

Amneal

Pharmaceuticals,

Inc

6,401‌

552

*

Amphastar

Pharmaceuticals,

Inc

19,204‌

177

*

Amylyx

Pharmaceuticals,

Inc

3,409‌

305

*

AnaptysBio,

Inc

6,191‌

1,126

*,e

Anavex

Life

Sciences

Corp

11,271‌

121

*

ANI

Pharmaceuticals,

Inc

3,590‌

216

*

Anika

Therapeutics,

Inc

4,821‌

1,504

*

Apellis

Pharmaceuticals,

Inc

68,011‌

1,513

*,e

Arbutus

Biopharma

Corp

4,100‌

171

*

Arcellx,

Inc

3,092‌

365

*,e

Arcturus

Therapeutics

Holdings,

Inc

5,745‌

799

*

Arcus

Biosciences,

Inc

20,247‌

576

*

Arcutis

Biotherapeutics,

Inc

12,275‌

1,723

*

Arrowhead

Pharmaceuticals

Inc

60,667‌

807

*

Arvinas,

Inc

33,967‌

1,368

*

Atara

Biotherapeutics,

Inc

10,657‌

1,067

*

Atea

Pharmaceuticals,

Inc

7,576‌

550

*,e

Athira

Pharma,

Inc

1,677‌

338

*

Aura

Biosciences,

Inc

4,789‌

2,219

*

Aurinia

Pharmaceuticals,

Inc

22,301‌

9,898

*

Avantor,

Inc

307,828‌

989

*

Avid

Bioservices,

Inc

15,092‌

858

*

Avidity

Biosciences,

Inc

12,467‌

493

*,e

Axsome

Therapeutics,

Inc

18,882‌

1,068

*,e

Beam

Therapeutics,

Inc

41,342‌

1,205

*

Berkeley

Lights,

Inc

5,989‌

2,996

*

BioCryst

Pharmaceuticals,

Inc

31,698‌

2,494

*

Biogen,

Inc

508,626‌

1,036

*

Biohaven

Pharmaceutical

Holding

Co

Ltd

150,956‌

3,188

*

BioMarin

Pharmaceutical,

Inc

264,190‌

4,860

*,e

Bionano

Genomics,

Inc

6,707‌

379

*

Bio-Rad

Laboratories,

Inc

(Class

A)

187,605‌

657

Bio-Techne

Corp

227,742‌

830

*,e

Bioxcel

Therapeutics

Inc

10,956‌

1,143

*,e

Bluebird

Bio,

Inc

4,732‌

957

*

Blueprint

Medicines

Corp

48,338‌

1,858

*

Bridgebio

Pharma,

Inc

16,871‌

36,319

Bristol-Myers

Squibb

Co

2,796,563‌

1,252

Brooks

Automation,

Inc

90,269‌

1,641

Bruker

BioSciences

Corp

102,989‌

647

*

C4

Therapeutics,

Inc

4,878‌

679

*

Cara

Therapeutics,

Inc

6,199‌

831

*

CareDx,

Inc

17,850‌

983

*

Caribou

Biosciences,

Inc

5,338‌

656

*,e

Cassava

Sciences,

Inc

18,447‌

2,822

*

Catalent,

Inc

302,772‌

2,132

*

Catalyst

Pharmaceuticals,

Inc

14,945‌

777

*

Celldex

Therapeutics,

Inc

20,948‌

397

*

Century

Therapeutics,

Inc

3,335‌

887

*

Cerevel

Therapeutics

Holdings,

Inc

23,452‌

837

*

Charles

River

Laboratories

International,

Inc

179,093‌

1,023

*

ChemoCentryx,

Inc

25,350‌

1,268

*

Chimerix,

Inc

2,637‌

854

*

Chinook

Therapeutics,

Inc

14,936‌

233

*

CinCor

Pharma,

Inc

4,390‌

970

*

Codexis,

Inc

10,146‌

654

*

Cogent

Biosciences,

Inc

5,899‌

1,104

*

Coherus

Biosciences,

Inc

7,993‌

773

*

Collegium

Pharmaceutical,

Inc

13,698‌

1,611

*

Corcept

Therapeutics,

Inc

38,310‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

94

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

899

*

Crinetics

Pharmaceuticals,

Inc

$

16,766‌

1,556

*

CTI

BioPharma

Corp

9,289‌

427

*,e

Cullinan

Oncology,

Inc

5,474‌

1,861

*

Cytek

Biosciences,

Inc

19,969‌

1,352

*

Cytokinetics,

Inc

53,120‌

10,967

Danaher

Corp

2,780,354‌

386

*,e

Day

One

Biopharmaceuticals,

Inc

6,909‌

610

*

Deciphera

Pharmaceuticals,

Inc

8,021‌

1,553

*

Denali

Therapeutics,

Inc

45,705‌

578

*

Design

Therapeutics,

Inc

8,092‌

487

*

DICE

Therapeutics,

Inc

7,558‌

1,903

*,e

Dynavax

Technologies

Corp

23,959‌

549

*,e

Dyne

Therapeutics,

Inc

3,772‌

122

*

Eagle

Pharmaceuticals,

Inc

5,420‌

648

*

Edgewise

Therapeutics,

Inc

5,158‌

1,182

*,e

Editas

Medicine,

Inc

13,983‌

426

*

Eiger

BioPharmaceuticals,

Inc

2,684‌

7,744

*

Elanco

Animal

Health,

Inc

152,015‌

14,377

Eli

Lilly

&

Co

4,661,455‌

788

*

Emergent

Biosolutions,

Inc

24,460‌

301

*

Enanta

Pharmaceuticals,

Inc

14,228‌

2,307

*,e

EQRx,

Inc

10,820‌

1,213

*,e

Erasca,

Inc

6,756‌

1,139

*,e

Esperion

Thereapeutics,

Inc

7,244‌

533

*

Evolus,

Inc

6,183‌

2,917

*

Exact

Sciences

Corp

114,901‌

5,221

*

Exelixis,

Inc

108,701‌

468

*,e

EyePoint

Pharmaceuticals,

Inc

3,683‌

1,343

*

Fate

Therapeutics,

Inc

33,280‌

1,457

*

FibroGen,

Inc

15,386‌

410

*

Foghorn

Therapeutics,

Inc

5,576‌

588

*

Forma

Therapeutics

Holdings,

Inc

4,051‌

532

*

Fulcrum

Therapeutics,

Inc

2,607‌

744

*

Generation

Bio

Co

4,881‌

6,579

*,e

Geron

Corp

10,197‌

21,416

Gilead

Sciences,

Inc

1,323,723‌

1,063

*

Global

Blood

Therapeutics,

Inc

33,963‌

1,085

*

Gossamer

Bio,

Inc

9,081‌

2,341

*

Halozyme

Therapeutics,

Inc

103,004‌

405

*

Harmony

Biosciences

Holdings,

Inc

19,752‌

1,529

*,e

Heron

Therapeutics,

Inc

4,266‌

256

*,e

HilleVax,

Inc

2,798‌

3,709

*

Horizon

Therapeutics

Plc

295,830‌

205

*

Icosavax,

Inc

1,175‌

482

*

Ideaya

Biosciences,

Inc

6,652‌

125

*

IGM

Biosciences,

Inc

2,254‌

2,643

*

Illumina,

Inc

487,263‌

463

*

Imago

Biosciences,

Inc

6,200‌

2,150

*,e

ImmunityBio,

Inc

7,998‌

3,250

*

Immunogen,

Inc

14,625‌

609

*

Immunovant,

Inc

2,375‌

3,159

*

Incyte

Corp

239,989‌

477

*

Inhibrx,

Inc

5,414‌

1,186

*

Innoviva,

Inc

17,505‌

232

*

Inotiv,

Inc

2,227‌

3,572

*,e

Inovio

Pharmaceuticals,

Inc

6,180‌

1,917

*

Insmed,

Inc

37,803‌

1,269

*,e

Instil

Bio,

Inc

5,863‌

1,275

*

Intellia

Therapeutics,

Inc

65,994‌

554

*,e

Intercept

Pharmaceuticals,

Inc

7,651‌

1,517

*

Intra-Cellular

Therapies,

Inc

86,590‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

95

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

2,335

*

Ionis

Pharmaceuticals,

Inc

$

86,442‌

2,420

*

Iovance

Biotherapeutics,

Inc

26,717‌

3,230

*

IQVIA

Holdings,

Inc

700,878‌

2,421

*

Ironwood

Pharmaceuticals,

Inc

27,914‌

343

*

iTeos

Therapeutics,

Inc

7,066‌

1,903

*

IVERIC

bio,

Inc

18,307‌

205

*,e

Janux

Therapeutics,

Inc

2,503‌

1,000

*

Jazz

Pharmaceuticals

plc

156,010‌

44,874

Johnson

&

Johnson

7,965,584‌

745

*

Jounce

Therapeutics,

Inc

2,257‌

390

*

KalVista

Pharmaceuticals

Inc

3,838‌

412

*

Karuna

Therapeutics,

Inc

52,122‌

1,306

*

Karyopharm

Therapeutics,

Inc

5,890‌

226

*

Keros

Therapeutics,

Inc

6,244‌

1,049

*

Kezar

Life

Sciences,

Inc

8,675‌

561

*

Kiniksa

Pharmaceuticals

Ltd

5,436‌

421

*,e

Kinnate

Biopharma,

Inc

5,309‌

557

*

Kodiak

Sciences,

Inc

4,255‌

693

*

Kronos

Bio,

Inc

2,523‌

313

*

Krystal

Biotech

Inc

20,552‌

1,038

*

Kura

Oncology,

Inc

19,027‌

584

*

Kymera

Therapeutics,

Inc

11,499‌

1,227

*

Lexicon

Pharmaceuticals,

Inc

2,282‌

305

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

27,212‌

933

*

Liquidia

Corp

4,068‌

2,962

*,e

Lyell

Immunopharma,

Inc

19,312‌

985

*

MacroGenics,

Inc

2,906‌

213

*

Madrigal

Pharmaceuticals,

Inc

15,247‌

4,140

*,e

MannKind

Corp

15,773‌

1,760

*

Maravai

LifeSciences

Holdings,

Inc

50,002‌

1,600

*

MaxCyte,

Inc

7,568‌

494

*

Medpace

Holdings,

Inc

73,937‌

520

*

MeiraGTx

Holdings

plc

3,936‌

43,154

Merck

&

Co,

Inc

3,934,350‌

1,159

*

Mersana

Therapeutics,

Inc

5,355‌

386

*

Mettler-Toledo

International,

Inc

443,425‌

1,942

*

MiMedx

Group,

Inc

6,739‌

707

*

Mirati

Therapeutics,

Inc

47,461‌

270

*

Mirum

Pharmaceuticals,

Inc

5,254‌

5,848

*

Moderna,

Inc

835,387‌

579

*

Monte

Rosa

Therapeutics,

Inc

5,599‌

337

*

Morphic

Holding,

Inc

7,313‌

1,296

*

Myriad

Genetics,

Inc

23,548‌

771

*

NanoString

Technologies,

Inc

9,792‌

1,394

*

Natera,

Inc

49,403‌

1,214

*

Nautilus

Biotechnology,

Inc

3,266‌

3,021

*

Nektar

Therapeutics

11,480‌

1,811

*

NeoGenomics,

Inc

14,760‌

1,620

*

Neurocrine

Biosciences,

Inc

157,918‌

653

*

NGM

Biopharmaceuticals

Inc

8,371‌

547

*

Nkarta,

Inc

6,739‌

1,338

*,e

Novavax,

Inc

68,813‌

774

*

Nurix

Therapeutics,

Inc

9,807‌

160

*,e

Nuvalent,

Inc

2,170‌

2,669

*

Nuvation

Bio,

Inc

8,648‌

3,201

*,e

Ocugen,

Inc

7,266‌

1,191

*

Ocular

Therapeutix,

Inc

4,788‌

1,082

*

Organogenesis

Holdings

Inc

5,280‌

4,364

Organon

&

Co

147,285‌

1,649

*,e

Outlook

Therapeutics,

Inc

1,682‌

3,873

*,e

Pacific

Biosciences

of

California,

Inc

17,119‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

96

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

686

*

Pacira

BioSciences

Inc

$

39,994‌

479

*

Pardes

Biosciences,

Inc

1,471‌

2,112

PerkinElmer,

Inc

300,369‌

2,396

Perrigo

Co

plc

97,206‌

96,077

Pfizer,

Inc

5,037,317‌

326

*,e

Phathom

Pharmaceuticals,

Inc

2,751‌

293

Phibro

Animal

Health

Corp

5,605‌

437

*,e

PMV

Pharmaceuticals,

Inc

6,227‌

1,279

*

Point

Biopharma

Global,

Inc

8,710‌

590

*

Praxis

Precision

Medicines,

Inc

1,445‌

1,712

*,e

Precigen,

Inc

2,294‌

817

*

Prestige

Consumer

Healthcare,

Inc.

48,040‌

1,110

*,†

Progenics

Pharmaceuticals,

Inc

0‌

486

*

Prometheus

Biosciences,

Inc

13,720‌

709

*

Protagonist

Therapeutics,

Inc

5,608‌

594

*

Prothena

Corp

plc

16,127‌

1,036

*,e

Provention

Bio,

Inc

4,144‌

1,091

*

PTC

Therapeutics,

Inc

43,705‌

3,971

*

QIAGEN

NV

187,431‌

537

*

Quanterix

Corp

8,694‌

1,824

*

Quantum-Si,

Inc

4,232‌

784

*

Radius

Health,

Inc

8,130‌

313

*

Rallybio

Corp

2,363‌

468

*

RAPT

Therapeutics,

Inc

8,541‌

446

*,e

Reata

Pharmaceuticals,

Inc

13,554‌

2,378

*

Recursion

Pharmaceuticals,

Inc

19,357‌

1,749

*

Regeneron

Pharmaceuticals,

Inc

1,033,886‌

696

*

REGENXBIO,

Inc

17,191‌

1,314

*

Relay

Therapeutics,

Inc

22,009‌

488

*

Relmada

Therapeutics,

Inc

9,267‌

918

*

Repligen

Corp

149,083‌

560

*

Replimune

Group,

Inc

9,789‌

1,100

*

Revance

Therapeutics,

Inc

15,202‌

1,022

*

REVOLUTION

Medicines,

Inc

19,919‌

2,948

*

Rigel

Pharmaceuticals,

Inc

3,331‌

870

*

Rocket

Pharmaceuticals,

Inc

11,971‌

6,056

Royalty

Pharma

plc

254,594‌

944

*

Sage

Therapeutics,

Inc

30,491‌

1,429

*,e

Sana

Biotechnology,

Inc

9,188‌

1,935

*

Sangamo

Therapeutics

Inc

8,011‌

1,378

*

Sarepta

Therapeutics,

Inc

103,295‌

1,111

*

Science

37

Holdings,

Inc

2,233‌

2,283

*

Seagen,

Inc

403,954‌

1,011

*

Seer,

Inc

9,048‌

1,207

*

Seres

Therapeutics,

Inc

4,140‌

232

*

Sierra

Oncology,

Inc

12,758‌

842

SIGA

Technologies,

Inc

9,750‌

1,390

*,e

Singular

Genomics

Systems,

Inc

5,310‌

2,472

*

SomaLogic,

Inc

11,173‌

6,677

*,e

Sorrento

Therapeutics,

Inc

13,421‌

1,436

*

Sotera

Health

Co

28,131‌

574

*,e

SpringWorks

Therapeutics,

Inc

14,132‌

311

*

Stoke

Therapeutics,

Inc

4,108‌

725

*

Supernus

Pharmaceuticals,

Inc

20,967‌

730

*

Sutro

Biopharma,

Inc

3,803‌

747

*

Syndax

Pharmaceuticals,

Inc

14,372‌

1,682

*

Syneos

Health,

Inc

120,566‌

495

*

Talaris

Therapeutics,

Inc

2,232‌

905

*

Tango

Therapeutics,

Inc

4,100‌

356

*

Tarsus

Pharmaceuticals,

Inc

5,198‌

568

*,e

Tenaya

Therapeutics,

Inc

3,198‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

97

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

2,181

*

TG

Therapeutics,

Inc

$

9,269‌

1,031

*

Theravance

Biopharma,

Inc

9,341‌

6,677

Thermo

Fisher

Scientific,

Inc

3,627,481‌

393

*,e

Theseus

Pharmaceuticals,

Inc

2,173‌

940

*

Travere

Therapeutics,

Inc

22,776‌

593

*

Tricida,

Inc

5,740‌

777

*

Turning

Point

Therapeutics

Inc

58,469‌

941

*

Twist

Bioscience

Corp

32,897‌

356

*

Tyra

Biosciences,

Inc

2,545‌

1,092

*

Ultragenyx

Pharmaceutical,

Inc

65,149‌

751

*

United

Therapeutics

Corp

176,966‌

819

*

Vanda

Pharmaceuticals,

Inc

8,927‌

2,085

*,e

Vaxart

Inc

7,297‌

866

*

Vaxcyte,

Inc

18,844‌

5,817

*

VBI

Vaccines,

Inc

4,703‌

383

*,e

Ventyx

Biosciences,

Inc

4,684‌

147

*

Vera

Therapeutics,

Inc

2,001‌

1,155

*

Veracyte,

Inc

22,985‌

796

*

Vericel

Corp

20,043‌

4,342

*

Vertex

Pharmaceuticals,

Inc

1,223,532‌

684

*

Verve

Therapeutics,

Inc

10,452‌

3,056

*,e

VG

Acquisition

Corp

7,579‌

20,481

Viatris,

Inc

214,436‌

1,193

*

Vir

Biotechnology,

Inc

30,386‌

484

*

Viridian

Therapeutics,

Inc

5,600‌

3,518

*

VistaGen

Therapeutics,

Inc

3,096‌

1,029

*

Waters

Corp

340,578‌

1,278

West

Pharmaceutical

Services,

Inc

386,429‌

962

*

Xencor,

Inc

26,330‌

2,754

*

Xeris

Biopharma

Holdings,

Inc

4,241‌

616

*

Y-mAbs

Therapeutics,

Inc

9,320‌

576

*

Zentalis

Pharmaceuticals,

Inc

16,186‌

8,074

Zoetis,

Inc

1,387,840‌

966

*,†

Zogenix,

Inc

657‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

56,299,800‌

REAL

ESTATE

-

3

.6

%

1,492

Acadia

Realty

Trust

23,305‌

1,073

Agree

Realty

Corp

77,395‌

1,021

Alexander

&

Baldwin,

Inc

18,327‌

57

Alexander's,

Inc

12,663‌

2,778

Alexandria

Real

Estate

Equities,

Inc

402,893‌

714

American

Assets

Trust,

Inc

21,206‌

2,413

American

Campus

Communities,

Inc

155,566‌

1,878

American

Finance

Trust,

Inc

13,672‌

4,773

American

Homes

4

Rent

169,155‌

7,851

American

Tower

Corp

2,006,637‌

4,437

Americold

Realty

Trust

133,287‌

2,744

Apartment

Income

REIT

Corp

114,150‌

2,744

*

Apartment

Investment

and

Management

Co

17,562‌

4,063

Apple

Hospitality

REIT,

Inc

59,604‌

1,769

Armada

Hoffler

Properties,

Inc

22,714‌

888

*

Ashford

Hospitality

Trust,

Inc

5,310‌

2,397

AvalonBay

Communities,

Inc

465,617‌

428

Bluerock

Residential

Growth

REIT,

Inc

11,252‌

2,732

Boston

Properties,

Inc

243,093‌

1,429

BraeMar

Hotels

&

Resorts,

Inc

6,130‌

2,649

Brandywine

Realty

Trust

25,536‌

5,352

Brixmor

Property

Group,

Inc

108,164‌

2,559

Broadstone

Net

Lease,

Inc

52,485‌

572

Brt

Realty

Trust

12,292‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

98

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE—continued

1,599

Camden

Property

Trust

$

215,034‌

1,679

CareTrust

REIT,

Inc

30,961‌

777

CatchMark

Timber

Trust,

Inc

7,817‌

493

*

CBL

&

Associates

Properties,

Inc

11,581‌

5,770

CBRE

Group,

Inc

424,730‌

203

Cedar

Realty

Trust,

Inc

5,844‌

275

Centerspace

22,426‌

919

*

Chatham

Lodging

Trust

9,604‌

707

City

Office

REIT,

Inc

9,156‌

588

Clipper

Realty,

Inc

4,539‌

544

Community

Healthcare

Trust,

Inc

19,698‌

4,824

*

Compass,

Inc

17,415‌

2,132

Corporate

Office

Properties

Trust

55,837‌

2,578

Cousins

Properties,

Inc

75,355‌

7,329

Crown

Castle

International

Corp

1,234,057‌

91

CTO

Realty

Growth,

Inc

5,562‌

3,658

CubeSmart

156,270‌

2,415

*

Cushman

&

Wakefield

plc

36,805‌

3,453

*

DiamondRock

Hospitality

Co

28,349‌

4,847

Digital

Realty

Trust,

Inc

629,286‌

9,679

*

DigitalBridge

Group,

Inc

47,234‌

4,896

Diversified

Healthcare

Trust

8,911‌

2,671

*

Doma

Holdings,

Inc

2,751‌

1,341

Douglas

Elliman,

Inc

6,423‌

2,632

Douglas

Emmett,

Inc

58,904‌

6,484

Duke

Realty

Corp

356,296‌

1,427

Easterly

Government

Properties,

Inc

27,170‌

673

EastGroup

Properties,

Inc

103,864‌

3,012

Empire

State

Realty

Trust,

Inc

21,174‌

1,375

EPR

Properties

64,529‌

1,553

Equinix,

Inc

1,020,352‌

1,868

*

Equity

Commonwealth

51,426‌

3,060

Equity

Lifestyle

Properties,

Inc

215,638‌

6,436

Equity

Residential

464,808‌

1,947

Essential

Properties

Realty

Trust,

Inc

41,841‌

1,143

Essex

Property

Trust,

Inc

298,906‌

1,235

e

eXp

World

Holdings

Inc

14,536‌

2,226

Extra

Space

Storage,

Inc

378,687‌

729

Farmland

Partners,

Inc

10,060‌

1,347

Federal

Realty

Investment

Trust

128,962‌

1,998

First

Industrial

Realty

Trust,

Inc

94,865‌

240

*

Forestar

Group,

Inc

3,286‌

1,235

Four

Corners

Property

Trust,

Inc

32,839‌

1,621

Franklin

Street

Properties

Corp

6,760‌

102

*

FRP

Holdings,

Inc

6,156‌

3,696

Gaming

and

Leisure

Properties,

Inc

169,499‌

763

Getty

Realty

Corp

20,219‌

475

Gladstone

Commercial

Corp

8,949‌

687

Gladstone

Land

Corp

15,224‌

1,151

Global

Medical

REIT,

Inc

12,926‌

1,848

Global

Net

Lease,

Inc

26,168‌

2,421

Healthcare

Realty

Trust,

Inc

65,851‌

3,603

Healthcare

Trust

of

America,

Inc

100,560‌

9,296

Healthpeak

Properties

Inc

240,859‌

697

*

Hersha

Hospitality

Trust

6,838‌

1,796

Highwoods

Properties,

Inc

61,405‌

12,302

Host

Hotels

and

Resorts,

Inc

192,895‌

692

*

Howard

Hughes

Corp

47,091‌

2,438

Hudson

Pacific

Properties

36,180‌

3,525

Independence

Realty

Trust,

Inc

73,073‌

50

Indus

Realty

Trust,

Inc

2,968‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

99

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE—continued

1,471

Industrial

Logistics

Properties

Trust

$

20,712‌

439

Innovative

Industrial

Properties,

Inc

48,233‌

1,002

InvenTrust

Properties

Corp

25,842‌

9,905

Invitation

Homes,

Inc

352,420‌

4,939

Iron

Mountain,

Inc

240,480‌

1,070

iStar

Inc

14,670‌

2,053

JBG

SMITH

Properties

48,533‌

906

*

Jones

Lang

LaSalle,

Inc

158,423‌

2,137

Kennedy-Wilson

Holdings,

Inc

40,475‌

1,970

Kilroy

Realty

Corp

103,090‌

10,503

Kimco

Realty

Corp

207,644‌

3,663

Kite

Realty

Group

Trust

63,333‌

1,519

Lamar

Advertising

Co

133,626‌

5,428

Lexington

Realty

Trust

58,297‌

1,287

Life

Storage,

Inc

143,706‌

917

LTC

Properties,

Inc

35,204‌

3,615

Macerich

Co

31,487‌

1,437

*

Mack-Cali

Realty

Corp

19,026‌

406

Marcus

&

Millichap,

Inc

15,018‌

9,560

Medical

Properties

Trust,

Inc

145,981‌

1,928

Mid-America

Apartment

Communities,

Inc

336,764‌

885

National

Health

Investors,

Inc

53,640‌

3,311

National

Retail

Properties,

Inc

142,373‌

1,216

National

Storage

Affiliates

Trust

60,885‌

652

NETSTREIT

Corp

12,303‌

2,520

Newmark

Group,

Inc

24,368‌

131

Nexpoint

Real

Estate

Finance,

Inc

2,655‌

478

NexPoint

Residential

Trust,

Inc

29,880‌

1,220

*

Offerpad

Solutions,

Inc

2,660‌

965

Office

Properties

Income

Trust

19,252‌

3,987

Omega

Healthcare

Investors,

Inc

112,394‌

254

One

Liberty

Properties,

Inc

6,599‌

8,055

*,e

Opendoor

Technologies,

Inc

37,939‌

914

Orion

Office

REIT,

Inc

10,017‌

2,712

Outfront

Media,

Inc

45,968‌

3,099

Paramount

Group,

Inc

22,406‌

4,260

Park

Hotels

&

Resorts,

Inc

57,808‌

2,135

Pebblebrook

Hotel

Trust

35,377‌

1,776

Phillips

Edison

&

Co,

Inc

59,336‌

3,336

Physicians

Realty

Trust

58,213‌

2,219

Piedmont

Office

Realty

Trust,

Inc

29,113‌

445

Plymouth

Industrial

REIT,

Inc

7,805‌

255

Postal

Realty

Trust,

Inc

3,799‌

1,281

PotlatchDeltic

Corp

56,607‌

12,715

Prologis,

Inc

1,495,920‌

358

PS

Business

Parks,

Inc

67,000‌

2,624

Public

Storage,

Inc

820,446‌

2,525

Rayonier,

Inc

94,384‌

349

Re/Max

Holdings,

Inc

8,557‌

2,208

*

Realogy

Holdings

Corp

21,705‌

9,874

Realty

Income

Corp

673,999‌

2,098

*,e

Redfin

Corp

17,288‌

2,945

Regency

Centers

Corp

174,668‌

2,533

Retail

Opportunities

Investment

Corp

39,971‌

2,539

Rexford

Industrial

Realty,

Inc

146,221‌

3,244

RLJ

Lodging

Trust

35,781‌

497

RMR

Group,

Inc

14,090‌

1,201

RPT

Realty

11,806‌

875

*

Ryman

Hospitality

Properties

66,526‌

3,697

Sabra

Healthcare

REIT,

Inc

51,647‌

319

Safehold,

Inc

11,283‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

100

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE—continued

370

Saul

Centers,

Inc

$

17,431‌

1,869

SBA

Communications

Corp

598,173‌

793

*

Seritage

Growth

Properties

4,132‌

3,197

Service

Properties

Trust

16,720‌

5,663

Simon

Property

Group,

Inc

537,532‌

2,580

SITE

Centers

Corp

34,753‌

1,292

SL

Green

Realty

Corp

59,626‌

1,927

Spirit

Realty

Capital,

Inc

72,802‌

747

St.

Joe

Co

29,551‌

2,713

STAG

Industrial,

Inc

83,777‌

3,908

STORE

Capital

Corp

101,921‌

152

*

Stratus

Properties,

Inc

4,898‌

2,137

*

Summit

Hotel

Properties,

Inc

15,536‌

1,939

Sun

Communities,

Inc

308,999‌

4,344

*

Sunstone

Hotel

Investors,

Inc

43,092‌

1,735

Tanger

Factory

Outlet

Centers,

Inc

24,672‌

268

*

Tejon

Ranch

Co

4,159‌

1,413

Terreno

Realty

Corp

78,746‌

52

*

Transcontinental

Realty

Investors,

Inc

2,069‌

5,209

UDR,

Inc

239,822‌

567

UMH

Properties,

Inc

10,013‌

3,661

Uniti

Group,

Inc

34,487‌

198

Universal

Health

Realty

Income

Trust

10,536‌

2,537

Urban

Edge

Properties

38,588‌

1,302

Urstadt

Biddle

Properties,

Inc

(Class

A)

21,092‌

6,969

Ventas,

Inc

358,416‌

15,899

VICI

Properties,

Inc

473,631‌

3,062

Vornado

Realty

Trust

87,543‌

1,848

Washington

REIT

39,381‌

7,513

Welltower,

Inc

618,696‌

2,135

*,e

WeWork,

Inc

10,718‌

12,934

Weyerhaeuser

Co

428,374‌

550

Whitestone

REIT

5,913‌

2,991

WP

Carey,

Inc

247,834‌

2,302

*

Xenia

Hotels

&

Resorts,

Inc

33,448‌

1,056

*

Zillow

Group,

Inc

(Class

A)

33,591‌

2,878

*

Zillow

Group,

Inc

(Class

C)

91,377‌

TOTAL

REAL

ESTATE

23,433,126‌

RETAILING

-

5

.3

%

426

*

1-800-FLOWERS.COM,

Inc

(Class

A)

4,051‌

591

*

1stdibs.com,

Inc

3,363‌

667

Aaron's

Co,

Inc

9,705‌

912

*

Abercrombie

&

Fitch

Co

(Class

A)

15,431‌

1,229

Academy

Sports

&

Outdoors,

Inc

43,679‌

1,052

Advance

Auto

Parts,

Inc

182,091‌

151,364

*

Amazon.com,

Inc

16,076,370‌

2,547

American

Eagle

Outfitters,

Inc

28,475‌

122

*

America's

Car-Mart,

Inc

12,273‌

1,783

Arko

Corp

14,549‌

346

*

Asbury

Automotive

Group,

Inc

58,592‌

695

*

Autonation,

Inc

77,673‌

339

*

AutoZone,

Inc

728,552‌

1,577

*

BARK,

Inc

2,019‌

4,095

Bath

&

Body

Works,

Inc

110,237‌

1,949

*,e

Bed

Bath

&

Beyond,

Inc

9,687‌

3,440

Best

Buy

Co,

Inc

224,254‌

365

e

Big

5

Sporting

Goods

Corp

4,092‌

638

e

Big

Lots,

Inc

13,379‌

455

*

Boot

Barn

Holdings,

Inc

31,354‌

526

Buckle,

Inc

14,565‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

101

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

RETAILING—continued

200

Build-A-Bear

Workshop,

Inc

$

3,284‌

1,130

*

Burlington

Stores,

Inc

153,940‌

639

Caleres,

Inc

16,767‌

670

e

Camping

World

Holdings,

Inc

14,465‌

2,760

*

CarMax,

Inc

249,725‌

961

*

CarParts.com,

Inc

6,669‌

1,750

*,e

Carvana

Co

39,515‌

368

Cato

Corp

(Class

A)

4,272‌

2,088

*

Chico's

FAS,

Inc

10,377‌

288

*

Children's

Place,

Inc

11,209‌

207

*

Citi

Trends,

Inc

4,896‌

291

*

Conn's,

Inc

2,334‌

508

*

Container

Store

Group,

Inc

3,165‌

10,132

*

ContextLogic,

Inc

16,211‌

1,238

Designer

Brands,

Inc

16,168‌

919

*

Destination

XL

Group,

Inc

3,115‌

954

e

Dick's

Sporting

Goods,

Inc

71,903‌

77

e

Dillard's,

Inc

(Class

A)

16,984‌

3,897

Dollar

General

Corp

956,480‌

3,623

*

Dollar

Tree,

Inc

564,645‌

4,249

*

DoorDash,

Inc

272,658‌

144

*

Duluth

Holdings,

Inc

1,374‌

9,663

eBay,

Inc

402,657‌

2,188

*

Etsy,

Inc

160,183‌

1,112

*,e

EVgo,

Inc

6,683‌

961

*

Express

Parent

LLC

1,884‌

969

*

Five

Below,

Inc

109,914‌

1,672

*

Floor

&

Decor

Holdings,

Inc

105,269‌

1,404

Foot

Locker,

Inc

35,451‌

429

Franchise

Group,

Inc

15,045‌

389

*

Funko,

Inc

8,682‌

1,138

*,e

GameStop

Corp

(Class

A)

139,177‌

3,094

Gap,

Inc

25,495‌

313

*

Genesco,

Inc

15,622‌

2,363

Genuine

Parts

Co

314,279‌

290

Group

1

Automotive,

Inc

49,242‌

354

*,e

Groupon,

Inc

4,000‌

934

*,e

GrowGeneration

Corp

3,353‌

707

Guess?,

Inc

12,054‌

286

Haverty

Furniture

Cos,

Inc

6,629‌

269

Hibbett

Sports,

Inc

11,758‌

17,613

Home

Depot,

Inc

4,830,718‌

2,193

Kohl's

Corp

78,268‌

221

*

Lands'

End,

Inc

2,347‌

2,409

*,e

Leslie's,

Inc

36,569‌

484

*

Liquidity

Services,

Inc

6,505‌

472

Lithia

Motors,

Inc

(Class

A)

129,710‌

4,507

LKQ

Corp

221,249‌

11,257

Lowe's

Companies,

Inc

1,966,260‌

442

*

Lumber

Liquidators,

Inc

4,142‌

4,862

Macy's,

Inc

89,072‌

389

*

MarineMax,

Inc

14,051‌

566

Monro

Muffler,

Inc

24,270‌

343

Murphy

USA,

Inc

79,874‌

1,477

*

National

Vision

Holdings,

Inc

40,618‌

1,826

Nordstrom,

Inc

38,583‌

797

*

ODP

Corp

24,101‌

1,041

*

Ollie's

Bargain

Outlet

Holdings,

Inc

61,159‌

180

*

OneWater

Marine,

Inc

5,949‌

1,115

*

O'Reilly

Automotive,

Inc

704,412‌

752

*,e

Overstock.com,

Inc

18,808‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

102

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

RETAILING—continued

512

Penske

Auto

Group,

Inc

$

53,601‌

1,122

*

Petco

Health

&

Wellness

Co,

Inc

16,538‌

306

e

PetMed

Express,

Inc

6,089‌

667

Pool

Corp

234,270‌

1,286

*,e

Porch

Group,

Inc

3,292‌

815

*

Poshmark,

Inc

8,240‌

1,517

*

Quotient

Technology,

Inc

4,506‌

6,780

Qurate

Retail

Group,

Inc

QVC

Group

19,459‌

1,403

*,e

RealReal,

Inc

3,493‌

1,063

*

Rent

the

Runway,

Inc

3,263‌

1,084

Rent-A-Center,

Inc

21,084‌

610

*

Revolve

Group,

Inc

15,805‌

289

*

RH

61,343‌

5,850

Ross

Stores,

Inc

410,846‌

178

*

RumbleON,

Inc

2,618‌

2,062

*

Sally

Beauty

Holdings,

Inc

24,579‌

406

Shoe

Carnival,

Inc

8,774‌

366

Shutterstock,

Inc

20,975‌

819

Signet

Jewelers

Ltd

43,784‌

441

*

Sleep

Number

Corp

13,649‌

455

Sonic

Automotive,

Inc

(Class

A)

16,667‌

689

*

Sportsman's

Warehouse

Holdings,

Inc

6,608‌

1,508

*

Stitch

Fix

Inc

7,450‌

7,871

Target

Corp

1,111,621‌

1,347

*

ThredUp,

Inc

3,368‌

297

Tilly's,

Inc

2,085‌

19,929

TJX

Companies,

Inc

1,113,035‌

1,905

Tractor

Supply

Co

369,284‌

232

*

TravelCenters

of

America,

Inc

7,997‌

859

*

Ulta

Beauty,

Inc

331,127‌

1,237

*

Urban

Outfitters,

Inc

23,082‌

1,365

*

Victoria's

Secret

&

Co

38,179‌

448

Vivid

Seats,

Inc

3,347‌

2,078

*,e

Volta,

Inc

2,701‌

1,287

*

Warby

Parker,

Inc

14,492‌

1,297

*,e

Wayfair,

Inc

56,497‌

1,203

Williams-Sonoma,

Inc

133,473‌

37

Winmark

Corp

7,236‌

576

*,e

Xometry,

Inc

19,544‌

314

*

Zumiez,

Inc

8,164‌

TOTAL

RETAILING

34,160,754‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

4

.6

%

759

*

ACM

Research,

Inc

12,774‌

27,549

*

Advanced

Micro

Devices,

Inc

2,106,672‌

579

*

Allegro

MicroSystems,

Inc

11,979‌

302

*

Alpha

&

Omega

Semiconductor

Ltd

10,069‌

567

*

Ambarella,

Inc

37,116‌

1,455

Amkor

Technology,

Inc

24,662‌

8,887

Analog

Devices,

Inc

1,298,302‌

15,073

Applied

Materials,

Inc

1,371,342‌

320

*,e

Atomera,

Inc

3,002‌

510

*

Axcelis

Technologies,

Inc

27,968‌

582

*

AXT,

Inc

3,410‌

6,812

Broadcom,

Inc

3,309,338‌

333

*

Ceva,

Inc

11,175‌

1,003

*

Cirrus

Logic,

Inc

72,758‌

434

CMC

Materials,

Inc

75,729‌

772

*

Cohu,

Inc

21,423‌

405

*

Credo

Technology

Group

Holding

Ltd

4,730‌

97

*

CyberOptics

Corp

3,389‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

103

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

836

*

Diodes,

Inc

$

53,980‌

2,241

*

Enphase

Energy,

Inc

437,533‌

2,358

Entegris,

Inc

217,243‌

1,763

*

First

Solar,

Inc

120,113‌

1,150

*

Formfactor,

Inc

44,539‌

991

*

GLOBALFOUNDRIES,

Inc

39,977‌

434

*

Ichor

Holdings

Ltd

11,275‌

285

*

Impinj,

Inc

16,721‌

1,578

*

indie

Semiconductor,

Inc

8,995‌

69,354

Intel

Corp

2,594,533‌

2,554

KLA

Corp

814,930‌

970

Kulicke

&

Soffa

Industries,

Inc

41,526‌

2,369

Lam

Research

Corp

1,009,549‌

2,478

*

Lattice

Semiconductor

Corp

120,183‌

799

*

MACOM

Technology

Solutions

Holdings,

Inc

36,834‌

14,438

Marvell

Technology,

Inc

628,486‌

1,137

*

MaxLinear,

Inc

38,635‌

9,072

Microchip

Technology,

Inc

526,902‌

19,020

Micron

Technology,

Inc

1,051,426‌

1,013

MKS

Instruments,

Inc

103,964‌

785

Monolithic

Power

Systems,

Inc

301,471‌

943

*

Nanometrics,

Inc

65,765‌

813

*

NeoPhotonics

Corp

Ltd

12,788‌

41,076

NVIDIA

Corp

6,226,711‌

7,472

*

ON

Semiconductor

Corp

375,916‌

409

*

PDF

Solutions,

Inc

8,798‌

1,020

*

Photronics,

Inc

19,870‌

990

Power

Integrations,

Inc

74,260‌

1,887

*

Qorvo,

Inc

177,982‌

19,108

QUALCOMM,

Inc

2,440,856‌

2,225

*

Rambus,

Inc

47,815‌

463

*,e

Rigetti

Computing,

Inc

1,699‌

1,815

*,e

Rockley

Photonics

Holdings

Ltd

3,957‌

1,200

*

Semtech

Corp

65,964‌

653

*

Silicon

Laboratories,

Inc

91,564‌

272

*

SiTime

Corp

44,344‌

106

*,e

SkyWater

Technology,

Inc

638‌

2,765

Skyworks

Solutions,

Inc

256,150‌

592

*

SMART

Global

Holdings,

Inc

9,691‌

1,332

*,e

SunPower

Corp

21,059‌

653

*

Synaptics,

Inc

77,087‌

2,737

Teradyne,

Inc

245,098‌

15,715

Texas

Instruments,

Inc

2,414,610‌

398

*,e

Transphorm,

Inc

1,516‌

789

*

Ultra

Clean

Holdings

23,488‌

754

Universal

Display

Corp

76,260‌

729

*

Veeco

Instruments,

Inc

14,143‌

1,899

*

Wolfspeed

Inc

120,492‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

29,543,174‌

SOFTWARE

&

SERVICES

-

13

.5

%

1,702

*

8x8,

Inc

8,765‌

978

A10

Networks,

Inc

14,064‌

10,813

Accenture

plc

3,002,229‌

2,058

*

ACI

Worldwide,

Inc

53,282‌

8,060

*

Adobe,

Inc

2,950,444‌

2,975

*

Affirm

Holdings,

Inc

53,729‌

400

*

Agilysys,

Inc

18,908‌

2,729

*

Akamai

Technologies,

Inc

249,240‌

790

*

Alarm.com

Holdings,

Inc

48,869‌

641

*,e

Alkami

Technology,

Inc

8,904‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

104

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

708

*

Altair

Engineering,

Inc

$

37,170‌

994

*

Alteryx,

Inc

48,130‌

2,168

Amdocs

Ltd

180,616‌

370

American

Software,

Inc

(Class

A)

5,979‌

894

*

Amplitude,

Inc

12,775‌

1,525

*

Ansys,

Inc

364,917‌

306

*

Appfolio,

Inc

27,736‌

674

*,e

Appian

Corp

31,921‌

3,826

*

AppLovin

Corp

131,767‌

350

*

Arteris,

Inc

2,440‌

1,244

*

Asana,

Inc

21,870‌

492

*

Aspen

Technology,

Inc

90,371‌

2,365

*

Atlassian

Corp

plc

443,201‌

3,745

*

Autodesk,

Inc

643,990‌

7,121

Automatic

Data

Processing,

Inc

1,495,695‌

1,410

*

Avalara,

Inc

99,546‌

1,505

*

Avaya

Holdings

Corp

3,371‌

2,036

*

AvePoint,

Inc

8,836‌

2,445

*

AvidXchange

Holdings,

Inc

15,012‌

527

*

Benefitfocus,

Inc

4,100‌

2,759

Bentley

Systems,

Inc

91,875‌

1,087

*

BigCommerce

Holdings,

Inc

17,609‌

1,647

*

Bill.Com

Holdings,

Inc

181,071‌

2,568

*

Black

Knight,

Inc

167,922‌

919

*

Blackbaud,

Inc

53,366‌

875

*

Blackline,

Inc

58,275‌

3,507

*

Blend

Labs,

Inc

8,277‌

8,737

*

Block,

Inc

536,976‌

2,369

*

Box,

Inc

59,557‌

829

Bread

Financial

Holdings,

Inc

30,723‌

653

*

Brightcove,

Inc

4,127‌

1,981

Broadridge

Financial

Solutions,

Inc

282,392‌

1,775

*

BTRS

Holdings,

Inc

8,840‌

1,441

*

Bumble,

Inc

40,564‌

1,024

*,e

C3.ai,

Inc

18,698‌

4,697

*

Cadence

Design

Systems,

Inc

704,691‌

923

*

Cantaloupe,

Inc

5,169‌

222

Cass

Information

Systems,

Inc

7,504‌

2,611

*

CCC

Intelligent

Solutions

Holdings,

Inc

24,021‌

2,060

CDK

Global,

Inc

112,826‌

810

*

Cerberus

Cyber

Sentinel

Corp

2,916‌

664

*

Cerence

Inc

16,753‌

2,180

*

Ceridian

HCM

Holding,

Inc

102,634‌

499

*

ChannelAdvisor

Corp

7,275‌

2,198

Citrix

Systems,

Inc

213,580‌

600

*,e

Cleanspark,

Inc

2,352‌

1,045

*

Clear

Secure,

Inc

20,900‌

4,715

*

Cloudflare,

Inc

206,281‌

8,916

Cognizant

Technology

Solutions

Corp

(Class

A)

601,741‌

679

*

Commvault

Systems,

Inc

42,709‌

752

Concentrix

Corp

102,001‌

3,045

*

Conduent,

Inc

13,154‌

2,093

*

Confluent,

Inc

48,641‌

265

*

Consensus

Cloud

Solutions,

Inc

11,575‌

3,467

*

Core

Scientific,

Inc

5,166‌

485

*

Couchbase,

Inc

7,964‌

1,237

*

Coupa

Software,

Inc

70,633‌

3,558

*

Crowdstrike

Holdings,

Inc

599,737‌

430

*,e

CS

Disco,

Inc

7,757‌

520

CSG

Systems

International,

Inc

31,034‌

1,339

*,e

Cvent

Holding

Corp

6,186‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

105

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

609

*

Cyxtera

Technologies,

Inc

$

6,906‌

4,382

*

Datadog,

Inc

417,342‌

348

*,e

Digimarc

Corp

4,921‌

1,549

*

Digital

Turbine,

Inc

27,061‌

1,273

*

DigitalOcean

Holdings,

Inc

52,651‌

3,281

*

DocuSign,

Inc

188,264‌

1,151

Dolby

Laboratories,

Inc

(Class

A)

82,366‌

549

*

Domo,

Inc

15,262‌

1,002

*

DoubleVerify

Holdings,

Inc

22,715‌

5,083

*

Dropbox,

Inc

106,692‌

1,275

*

Duck

Creek

Technologies,

Inc

18,934‌

4,238

*

DXC

Technology

Co

128,454‌

3,263

*

Dynatrace,

Inc

128,693‌

3,144

*

E2open

Parent

Holdings,

Inc

24,460‌

387

Ebix,

Inc

6,540‌

543

*

eGain

Corp

5,294‌

1,268

*

Elastic

NV

85,806‌

349

*

Enfusion,

Inc

3,563‌

562

*

EngageSmart,

Inc

9,037‌

884

*

Envestnet,

Inc

46,649‌

940

*

EPAM

Systems,

Inc

277,093‌

849

*

Euronet

Worldwide,

Inc

85,401‌

638

*

Everbridge,

Inc

17,794‌

472

*

EverCommerce,

Inc

4,267‌

941

EVERTEC,

Inc

34,704‌

774

*

Evo

Payments,

Inc

18,205‌

511

*

ExlService

Holdings,

Inc

75,286‌

439

*

Fair

Isaac

Corp

175,995‌

1,817

*,e

Fastly,

Inc

21,095‌

10,411

Fidelity

National

Information

Services,

Inc

954,376‌

3,955

*

FireEye,

Inc

86,298‌

10,184

*

Fiserv,

Inc

906,071‌

1,139

*

Five9,

Inc

103,808‌

1,300

*

FleetCor

Technologies,

Inc

273,143‌

1,015

*

Flywire

Corp

17,894‌

11,265

*

Fortinet,

Inc

637,374‌

1,347

*

Gartner,

Inc

325,745‌

3,194

Genpact

Ltd

135,298‌

4,796

Global

Payments,

Inc

530,629‌

671

*

Globant

S.A.

116,754‌

2,799

*

GoDaddy,

Inc

194,698‌

699

*

Grid

Dynamics

Holdings,

Inc

11,757‌

1,102

*

GTY

Technology

Holdings

Inc

6,899‌

1,428

*

Guidewire

Software,

Inc

101,374‌

450

Hackett

Group,

Inc

8,537‌

770

*

HubSpot,

Inc

231,501‌

280

*

I3

Verticals,

Inc

7,006‌

112

*

IBEX

Ltd

1,889‌

477

*

Informatica,

Inc

9,907‌

412

Information

Services

Group,

Inc

2,785‌

227

*

Instructure

Holdings,

Inc

5,153‌

291

*

Intapp,

Inc

4,260‌

539

InterDigital,

Inc

32,771‌

15,297

International

Business

Machines

Corp

2,159,783‌

339

*

International

Money

Express

Inc

6,939‌

4,650

Intuit,

Inc

1,792,296‌

1,261

*,e

IronNet,

Inc

2,787‌

1,263

Jack

Henry

&

Associates,

Inc

227,365‌

1,086

*

Jamf

Holding

Corp

26,900‌

1,353

*

Kaleyra,

Inc

2,760‌

1,215

*

KnowBe4,

Inc

18,978‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

106

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

3,094

*

Kyndryl

Holdings,

Inc

$

30,259‌

2,256

*

Latch,

Inc

2,572‌

2,061

*,e

Limelight

Networks,

Inc

4,761‌

1,122

*

Liveperson,

Inc

15,865‌

1,208

*

LiveRamp

Holdings,

Inc

31,179‌

1,296

*

LiveVox

Holdings,

Inc

2,151‌

1,102

*

Manhattan

Associates,

Inc

126,289‌

1,642

*,e

Marathon

Digital

Holdings,

Inc

8,768‌

7,301

*

Marqeta,

Inc

59,211‌

14,681

Mastercard,

Inc

(Class

A)

4,631,562‌

3,747

*

Matterport,

Inc

13,714‌

1,185

MAXIMUS,

Inc

74,074‌

365

*

MeridianLink,

Inc

6,096‌

127,589

Microsoft

Corp

32,768,683‌

157

*,e

MicroStrategy,

Inc

(Class

A)

25,795‌

781

*

Mitek

Systems,

Inc

7,216‌

704

*

Model

N,

Inc

18,008‌

1,365

*

MoneyGram

International,

Inc

13,650‌

1,092

*

MongoDB,

Inc

283,374‌

1,055

*

N-Able,

Inc

9,495‌

931

*,e

nCino

OpCo,

Inc

28,787‌

2,313

*

NCR

Corp

71,957‌

885

*

New

Relic,

Inc

44,294‌

1,018

*

NextNav,

Inc

2,311‌

9,648

NortonLifelock,

Inc

211,870‌

3,276

*

Nutanix,

Inc

47,928‌

2,107

*

Okta,

Inc

190,473‌

1,468

*

Olo,

Inc

14,489‌

710

*

ON24,

Inc

6,738‌

634

*

OneSpan,

Inc

7,545‌

25,840

Oracle

Corp

1,805,441‌

1,327

*

Pagerduty,

Inc

32,883‌

30,694

*

Palantir

Technologies,

Inc

278,395‌

1,663

*

Palo

Alto

Networks,

Inc

821,422‌

1,026

*

Paya

Holdings,

Inc

6,741‌

5,432

Paychex,

Inc

618,542‌

896

*

Paycom

Software,

Inc

250,988‌

779

*,e

Paycor

HCM,

Inc

20,254‌

625

*

Paylocity

Holding

Corp

109,013‌

3,424

*

Payoneer

Global,

Inc

13,422‌

19,779

*

PayPal

Holdings,

Inc

1,381,365‌

7,813

*,e

Paysafe

Ltd

15,235‌

748

Pegasystems,

Inc

35,784‌

509

*

Perficient,

Inc

46,670‌

203

*

PFSweb,

Inc

2,387‌

1,198

*

Ping

Identity

Holding

Corp

21,732‌

1,155

*

Procore

Technologies,

Inc

52,425‌

766

Progress

Software

Corp

34,700‌

671

*

PROS

Holdings,

Inc

17,600‌

1,840

*

PTC,

Inc

195,666‌

877

*

Q2

Holdings,

Inc

33,826‌

667

*

Qualys,

Inc

84,135‌

738

*,e

Rackspace

Technology,

Inc

5,291‌

930

*

Rapid7,

Inc

62,124‌

1,393

*

Remitly

Global,

Inc

10,670‌

1,337

*

Repay

Holdings

Corp

17,180‌

1,545

*

Rimini

Street,

Inc

9,285‌

1,417

*

RingCentral,

Inc

74,052‌

1,957

*,e

Riot

Blockchain,

Inc

8,200‌

1,821

Roper

Technologies,

Inc

718,658‌

5,391

*

Sabre

Corp

31,430‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

107

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

1,565

*

SailPoint

Technologies

Holding,

Inc

$

98,094‌

16,321

*

salesforce.com,

Inc

2,693,618‌

433

Sapiens

International

Corp

NV

10,474‌

96

*

SecureWorks

Corp

1,043‌

2,915

*

SentinelOne,

Inc

68,007‌

3,429

*

ServiceNow,

Inc

1,630,558‌

854

*

Shift4

Payments,

Inc

28,233‌

307

*

ShotSpotter,

Inc

8,261‌

1,429

*

Skillsoft

Corp

5,030‌

2,057

*

Smartsheet,

Inc

64,652‌

3,368

*

Snowflake,

Inc

468,354‌

668

SolarWinds

Corp

6,847‌

2,799

*

Splunk,

Inc

247,600‌

904

*

Sprout

Social,

Inc

52,495‌

599

*

SPS

Commerce,

Inc

67,717‌

519

*,e

Squarespace,

Inc

10,858‌

3,873

SS&C

Technologies

Holdings,

Inc

224,905‌

4,668

*

StoneCo

Ltd

35,944‌

1,401

*

Sumo

Logic,

Inc

10,494‌

2,089

*

SVMK,

Inc

18,383‌

2,200

Switch,

Inc

73,700‌

2,617

*

Synopsys,

Inc

794,783‌

904

*

Telos

Corp

7,304‌

1,778

*

Tenable

Holdings,

Inc

80,739‌

1,844

*

Teradata

Corp

68,246‌

3,748

*

Toast,

Inc

48,499‌

7,448

*

Trade

Desk,

Inc

311,997‌

369

TTEC

Holdings,

Inc

25,051‌

143

*,e

Tucows,

Inc

6,365‌

1,255

*

Turing

Holding

Corp

17,708‌

2,852

*

Twilio,

Inc

239,026‌

718

*

Tyler

Technologies,

Inc

238,721‌

6,303

*

UiPath,

Inc

114,652‌

1,098

*

Unisys

Corp

13,209‌

3,542

*

Unity

Software,

Inc

130,416‌

395

*

Upland

Software,

Inc

5,735‌

826

*,e

UserTesting,

Inc

4,147‌

1,710

*

Varonis

Systems,

Inc

50,137‌

1,154

*

Verint

Systems,

Inc

48,872‌

1,657

*

VeriSign,

Inc

277,266‌

988

*,e

Veritone,

Inc

6,452‌

2,291

*

Verra

Mobility

Corp

35,992‌

187

*

Viant

Technology,

Inc

950‌

28,071

Visa,

Inc

(Class

A)

5,526,899‌

3,584

VMware,

Inc

(Class

A)

408,504‌

3,895

*

Vonage

Holdings

Corp

73,382‌

6,792

Western

Union

Co

111,864‌

739

*

WEX,

Inc

114,959‌

902

*

Wix.com

Ltd

59,126‌

1,259

*

WM

Technology,

Inc

4,142‌

3,223

*

Workday,

Inc

449,866‌

767

*

Workiva,

Inc

50,614‌

1,587

Xperi

Holding

Corp

22,900‌

1,753

*

Yext,

Inc

8,379‌

2,019

*

Zendesk,

Inc

149,547‌

640

*

Zeta

Global

Holdings

Corp

2,893‌

4,272

*

Zoom

Video

Communications,

Inc

461,248‌

1,385

*

Zscaler,

Inc

207,071‌

1,687

*

Zuora

Inc

15,099‌

TOTAL

SOFTWARE

&

SERVICES

87,241,191‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

108

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7

.2

%

2,107

*

3D

Systems

Corp

$

20,438‌

380

*

908

Devices,

Inc

7,824‌

806

Adtran,

Inc

14,129‌

617

Advanced

Energy

Industries,

Inc

45,029‌

1,957

*

Aeva

Technologies,

Inc

6,125‌

1,341

*,e

Akoustis

Technologies,

Inc

4,962‌

10,075

Amphenol

Corp

(Class

A)

648,628‌

260,678

Apple,

Inc

35,639,896‌

4,063

*

Arista

Networks,

Inc

380,866‌

1,538

*

Arlo

Technologies,

Inc

9,643‌

1,135

*

Arrow

Electronics,

Inc

127,222‌

170

*

Aviat

Networks,

Inc

4,257‌

612

*

Avid

Technology,

Inc

15,881‌

1,668

Avnet,

Inc

71,524‌

438

Badger

Meter,

Inc

35,430‌

636

Belden

CDT,

Inc

33,880‌

773

Benchmark

Electronics,

Inc

17,439‌

909

*

Calix,

Inc

31,033‌

141

*

Cambium

Networks

Corp

2,066‌

1,029

*

Casa

Systems,

Inc

4,044‌

2,317

CDW

Corp

365,067‌

2,665

*

Ciena

Corp

121,790‌

70,924

Cisco

Systems,

Inc

3,024,199‌

153

*

Clearfield,

Inc

9,478‌

2,887

Cognex

Corp

122,755‌

405

*

Coherent,

Inc

107,819‌

3,317

*

CommScope

Holding

Co,

Inc

20,300‌

356

Comtech

Telecommunications

Corp

3,229‌

12,918

Corning,

Inc

407,046‌

426

*

Corsair

Gaming,

Inc

5,593‌

485

CTS

Corp

16,514‌

4,541

Dell

Technologies,

Inc

209,840‌

400

*

Digi

International,

Inc

9,688‌

284

*

DZS,

Inc

4,621‌

830

*

Eastman

Kodak

Co

3,851‌

404

*

ePlus,

Inc

21,460‌

1,500

*

Evolv

Technologies

Holdings,

Inc

3,990‌

1,698

*

Extreme

Networks,

Inc

15,146‌

1,062

*

F5

Networks,

Inc

162,528‌

683

*

Fabrinet

55,391‌

288

*

FARO

Technologies,

Inc

8,879‌

319

*,e

Focus

Universal,

Inc

3,643‌

1,256

*

Harmonic,

Inc

10,890‌

22,442

Hewlett

Packard

Enterprise

Co

297,581‌

17,965

HP,

Inc

588,893‌

376

*

Identiv,

Inc

4,354‌

1,784

*,e

II-VI,

Inc

90,895‌

2,966

*

Infinera

Corp

15,898‌

1,471

*,e

Inseego

Corp

2,780‌

594

*

Insight

Enterprises,

Inc

51,250‌

1,889

*

IonQ,

Inc

8,274‌

631

*

IPG

Photonics

Corp

59,396‌

678

*

Itron,

Inc

33,514‌

2,422

Jabil

Inc

124,031‌

5,587

Juniper

Networks,

Inc

159,229‌

3,121

*

Keysight

Technologies,

Inc

430,230‌

548

*

Kimball

Electronics,

Inc

11,015‌

1,352

*

Knowles

Corp

23,430‌

1,886

*,e

Lightwave

Logic,

Inc

12,334‌

375

Littelfuse,

Inc

95,265‌

1,153

*

Lumentum

Holdings,

Inc

91,571‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

109

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

569

Methode

Electronics,

Inc

$

21,076‌

2,725

*,e

Microvision,

Inc

10,464‌

1,899

*,e

Mirion

Technologies,

Inc

10,938‌

2,823

Motorola

Solutions,

Inc

591,701‌

342

*

Napco

Security

Technologies,

Inc

7,042‌

2,304

National

Instruments

Corp

71,954‌

3,817

NetApp,

Inc

249,021‌

505

*

Netgear,

Inc

9,353‌

1,389

*

Netscout

Systems,

Inc

47,018‌

829

*

nLight,

Inc

8,472‌

592

*

Novanta,

Inc

71,792‌

641

*

Ondas

Holdings,

Inc

3,455‌

280

*

OSI

Systems,

Inc

23,923‌

2,778

*,e

Ouster,

Inc

4,500‌

404

*,e

PAR

Technology

Corp

15,146‌

196

PC

Connection,

Inc

8,634‌

679

*

Plantronics,

Inc

26,943‌

521

*

Plexus

Corp

40,899‌

4,619

*

Pure

Storage,

Inc

118,754‌

1,053

*

Ribbon

Communications,

Inc

3,201‌

262

*

Rogers

Corp

68,668‌

1,157

*

Sanmina

Corp

47,125‌

463

*

Scansource,

Inc

14,418‌

1,918

*

SmartRent,

Inc

8,669‌

764

*

Super

Micro

Computer,

Inc

30,827‌

765

SYNNEX

Corp

69,692‌

797

*

Teledyne

Technologies,

Inc

298,963‌

4,356

*

Trimble

Inc

253,650‌

1,439

*

TTM

Technologies,

Inc

17,988‌

301

*

Turtle

Beach

Corp

3,681‌

125

e

Ubiquiti,

Inc

31,026‌

3,723

*

Velodyne

Lidar,

Inc

3,556‌

1,095

*

Viasat,

Inc

33,540‌

4,189

*

Viavi

Solutions,

Inc

55,420‌

2,099

Vishay

Intertechnology,

Inc

37,404‌

301

*

Vishay

Precision

Group,

Inc

8,768‌

2,801

Vontier

Corp

64,395‌

5,297

*

Western

Digital

Corp

237,465‌

2,215

Xerox

Holdings

Corp

32,893‌

901

*

Zebra

Technologies

Corp

(Class

A)

264,849‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

46,861,256‌

TELECOMMUNICATION

SERVICES

-

1

.3

%

184

*

Anterix,

Inc

7,557‌

122,091

AT&T,

Inc

2,559,027‌

251

ATN

International,

Inc

11,774‌

378

*

Bandwidth

Inc

7,114‌

1,555

*

Charge

Enterprises,

Inc

7,417‌

772

Cogent

Communications

Group,

Inc

46,907‌

1,064

*

Consolidated

Communications

Holdings,

Inc

7,448‌

740

*

EchoStar

Corp

(Class

A)

14,282‌

3,950

*

Frontier

Communications

Parent,

Inc

92,983‌

10,525

*

Globalstar,

Inc

12,946‌

987

*

Gogo,

Inc

15,980‌

350

*

IDT

Corp

(Class

B)

8,802‌

2,020

*

Iridium

Communications,

Inc

75,871‌

975

*,e

KORE

Group

Holdings,

Inc

2,993‌

681

*

Liberty

Latin

America

Ltd

(Class

A)

5,312‌

2,483

*

Liberty

Latin

America

Ltd

(Class

C)

19,343‌

17,584

Lumen

Technologies,

Inc

191,841‌

365

*

Ooma,

Inc

4,322‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

110

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TELECOMMUNICATION

SERVICES—continued

1,168

*

Radius

Global

Infrastructure,

Inc

$

17,824‌

869

Shenandoah

Telecom

Co

19,292‌

1,775

Telephone

&

Data

Systems,

Inc

28,027‌

10,014

*

T-Mobile

US,

Inc

1,347,284‌

247

*

US

Cellular

Corp

7,153‌

71,767

Verizon

Communications,

Inc

3,642,175‌

TOTAL

TELECOMMUNICATION

SERVICES

8,153,674‌

TRANSPORTATION

-

1

.8

%

1,148

*

Air

Transport

Services

Group,

Inc

32,982‌

2,129

*

Alaska

Air

Group,

Inc

85,266‌

268

*

Allegiant

Travel

Co

30,308‌

157

Amerco,

Inc

75,082‌

10,876

*

American

Airlines

Group,

Inc

137,908‌

424

ArcBest

Corp

29,837‌

421

*

Atlas

Air

Worldwide

Holdings,

Inc

25,980‌

514

*

Avis

Budget

Group,

Inc

75,599‌

4,087

*

Bird

Global,

Inc

1,782‌

969

*

Blade

Air

Mobility,

Inc

4,322‌

2,212

CH

Robinson

Worldwide,

Inc

224,230‌

554

*

Copa

Holdings

S.A.

(Class

A)

35,107‌

767

Costamare,

Inc

9,281‌

185

Covenant

Transportation

Group,

Inc

4,642‌

37,082

CSX

Corp

1,077,603‌

828

*

Daseke,

Inc

5,291‌

11,126

*

Delta

Air

Lines,

Inc

322,320‌

220

Eagle

Bulk

Shipping,

Inc

11,414‌

556

Eneti,

Inc

3,414‌

2,934

Expeditors

International

of

Washington,

Inc

285,948‌

4,108

FedEx

Corp

931,325‌

480

Forward

Air

Corp

44,141‌

497

Genco

Shipping

&

Trading

Ltd

9,602‌

1,990

Golden

Ocean

Group

Ltd

23,164‌

1,764

*

GXO

Logistics,

Inc

76,328‌

905

*

Hawaiian

Holdings,

Inc

12,950‌

728

Heartland

Express,

Inc

10,126‌

3,842

*

Hertz

Global

Holdings,

Inc

60,857‌

505

*

Hub

Group,

Inc

(Class

A)

35,825‌

1,447

JB

Hunt

Transport

Services,

Inc

227,859‌

5,315

*

JetBlue

Airways

Corp

44,487‌

4,016

*

Joby

Aviation,

Inc

19,719‌

1,157

*

Kirby

Corp

70,392‌

2,319

Knight-Swift

Transportation

Holdings,

Inc

107,346‌

666

Landstar

System,

Inc

96,850‌

5,019

*

Lyft,

Inc

(Class

A)

66,652‌

796

Marten

Transport

Ltd

13,389‌

668

Matson,

Inc

48,684‌

4,070

Norfolk

Southern

Corp

925,070‌

1,737

Old

Dominion

Freight

Line

445,158‌

136

*

PAM

Transportation

Services,

Inc

3,725‌

580

*

Radiant

Logistics,

Inc

4,304‌

883

Ryder

System,

Inc

62,746‌

1,291

Safe

Bulkers,

Inc

4,932‌

468

*

Saia,

Inc

87,984‌

932

Schneider

National,

Inc

20,858‌

802

*

Skywest,

Inc

17,042‌

10,244

*

Southwest

Airlines

Co

370,013‌

1,623

*

Spirit

Airlines,

Inc

38,692‌

383

*

Sun

Country

Airlines

Holdings,

Inc

7,024‌

2,215

*,e

TuSimple

Holdings,

Inc

16,014‌

31,989

*

Uber

Technologies,

Inc

654,495‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

111

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

TRANSPORTATION—continued

10,706

Union

Pacific

Corp

$

2,283,376‌

5,488

*

United

Airlines

Holdings

Inc

194,385‌

12,353

United

Parcel

Service,

Inc

(Class

B)

2,254,917‌

122

Universal

Logistics

Holdings

Inc

3,332‌

1,147

Werner

Enterprises,

Inc

44,205‌

2,928

*

Wheels

Up

Experience,

Inc

5,710‌

1,622

*

XPO

Logistics,

Inc

78,115‌

TOTAL

TRANSPORTATION

11,900,109‌

UTILITIES

-

3

.0

%

11,476

AES

Corp

241,111‌

1,097

Allete,

Inc

64,482‌

4,194

Alliant

Energy

Corp

245,810‌

524

*,e

Altus

Power,

Inc

3,306‌

4,249

Ameren

Corp

383,940‌

8,719

American

Electric

Power

Co,

Inc

836,501‌

745

American

States

Water

Co

60,725‌

3,189

American

Water

Works

Co,

Inc

474,428‌

111

Artesian

Resources

Corp

5,458‌

2,236

Atmos

Energy

Corp

250,656‌

788

Avangrid,

Inc

36,343‌

1,326

Avista

Corp

57,694‌

1,043

Black

Hills

Corp

75,899‌

1,573

e

Brookfield

Infrastructure

Corp

66,852‌

2,251

Brookfield

Renewable

Corp

80,158‌

934

California

Water

Service

Group

51,884‌

9,295

Centerpoint

Energy,

Inc

274,946‌

358

Chesapeake

Utilities

Corp

46,379‌

545

Clearway

Energy,

Inc

(Class

A)

17,424‌

1,281

Clearway

Energy,

Inc

(Class

C)

44,630‌

4,975

CMS

Energy

Corp

335,812‌

6,042

Consolidated

Edison,

Inc

574,594‌

5,659

Constellation

Energy

Corp

324,034‌

13,999

Dominion

Energy,

Inc

1,117,260‌

3,346

DTE

Energy

Co

424,105‌

12,947

Duke

Energy

Corp

1,388,048‌

6,251

Edison

International

395,313‌

3,424

Entergy

Corp

385,679‌

3,872

Essential

Utilities

Inc

177,531‌

3,984

Evergy,

Inc

259,956‌

5,967

Eversource

Energy

504,032‌

16,261

Exelon

Corp

736,949‌

9,412

FirstEnergy

Corp

361,327‌

133

Global

Water

Resources,

Inc

1,757‌

2,117

Hawaiian

Electric

Industries,

Inc

86,585‌

960

Idacorp,

Inc

101,683‌

640

MGE

Energy,

Inc

49,811‌

240

Middlesex

Water

Co

21,043‌

1,082

*

Montauk

Renewables,

Inc

10,874‌

1,540

National

Fuel

Gas

Co

101,717‌

1,561

New

Jersey

Resources

Corp

69,511‌

33,574

NextEra

Energy,

Inc

2,600,642‌

6,737

NiSource,

Inc

198,674‌

666

Northwest

Natural

Holding

Co

35,365‌

812

NorthWestern

Corp

47,851‌

4,112

NRG

Energy,

Inc

156,955‌

3,276

OGE

Energy

Corp

126,323‌

919

ONE

Gas,

Inc

74,614‌

751

Ormat

Technologies,

Inc

58,841‌

743

Otter

Tail

Corp

49,878‌

26,877

*,b

PG&E

Corp

268,232‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

112

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

SHARES

COMPANY

REFERENCERATE

&

SPREAD

VALUE

UTILITIES—continued

1,897

Pinnacle

West

Capital

Corp

$

138,709‌

1,358

PNM

Resources,

Inc

64,885‌

1,712

Portland

General

Electric

Co

82,741‌

12,886

PPL

Corp

349,597‌

8,459

Public

Service

Enterprise

Group,

Inc

535,286‌

250

*

Pure

Cycle

Corp

2,635‌

5,404

Sempra

Energy

812,059‌

505

SJW

Corp

31,517‌

1,730

South

Jersey

Industries,

Inc

59,062‌

18,208

Southern

Co

1,298,412‌

998

Southwest

Gas

Holdings

Inc

86,906‌

880

Spire,

Inc

65,446‌

1,678

*

Sunnova

Energy

International,

Inc

30,926‌

3,726

UGI

Corp

143,861‌

537

Unitil

Corp

31,533‌

162

Via

Renewables,

Inc

1,241‌

7,448

Vistra

Energy

Corp

170,187‌

5,438

WEC

Energy

Group,

Inc

547,280‌

9,168

Xcel

Energy,

Inc

648,728‌

203

York

Water

Co

8,207‌

TOTAL

UTILITIES

19,472,840‌

TOTAL

COMMON

STOCKS

640,699,820‌

(Cost

$256,459,859)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

ENERGY

-

0

.0

%

35

e

Nabors

Industries

Ltd

06/11/26

1,119‌

TOTAL

ENERGY

1,119‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.0

%

854

†

Chinook

Therapeutics,

Inc

0‌

145

†

Tobira

Therapeutics,

Inc

9‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

9‌

TOTAL

RIGHTS/WARRANTS

1,128‌

(Cost

$8)

PRINCIPAL

ISSUER

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.5%

REPURCHASE

AGREEMENT

-

1

.1

%

$

7,450,000

r

Fixed

Income

Clearing

Corp

(FICC)

1

.450

%

07/01/22

7,450,000‌

TOTAL

REPURCHASE

AGREEMENT

7,450,000‌

Portfolio

of

investments

(unaudited)

Stock

Index

Fund

June

30,

2022

113

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

concluded

SHARES

COMPANY

RATE

VALUE

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

0

.4

%

2,284,226

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

1

.540

%

$

2,284,226‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

2,284,226‌

TOTAL

SHORT-TERM

INVESTMENTS

9,734,226‌

(Cost

$9,734,226)

TOTAL

INVESTMENTS

-

100.4%

650,435,174‌

(Cost

$266,194,093)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.4)%

(

2,296,569‌

)

NET

ASSETS

-

100.0%

$

648,138,605‌

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

$3,162,773.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

1.450%

dated

6/30/22

to

be

repurchased

at

$7,450,000

on

7/1/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

10/15/25,

valued

at

$7,599,064.

Futures

contracts

outstanding

as

of

June

30,

2022

were

as

follows:

Description

Number

of

long

(short)

contracts

Expiration

date

Notional

amount

Value

Unrealized

appreciation

(depreciation)

S&P

500

E

Mini

Index

38‌

09/16/22

 $

7,595,033‌

$

7,200,050‌

$

(

394,983‌

)

International

Equity

Fund

June

30,

2022

Portfolio

of

investments

(unaudited)

114

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

SHARES

COMPANY

VALUE

COMMON

STOCKS

-

93.5%

AUSTRALIA

-

6

.3

%

54,357

BHP

Billiton

Ltd

$

1,556,437‌

30,729

Commonwealth

Bank

of

Australia

1,919,841‌

258,574

Glencore

Xstrata

plc

1,400,550‌

105,570

*

NEXTDC

Ltd

776,989‌

22,775

Rio

Tinto

plc

1,361,640‌

9,822

Woodside

Energy

Group

Ltd

215,873‌

TOTAL

AUSTRALIA

7,231,330‌

BRAZIL

-

0

.7

%

243,551

Banco

Bradesco

S.A.

(Preference)

800,443‌

TOTAL

BRAZIL

800,443‌

DENMARK

-

1

.3

%

10,695

DSV

AS

1,503,902‌

TOTAL

DENMARK

1,503,902‌

FINLAND

-

1

.1

%

142,966

Nordea

Bank

Abp

1,264,264‌

TOTAL

FINLAND

1,264,264‌

FRANCE

-

10

.6

%

27,616

Airbus

SE

2,701,117‌

37,561

Compagnie

de

Saint-Gobain

1,622,982‌

5,146

Dassault

Systemes

SE

190,612‌

11,987

Essilor

International

S.A.

1,817,380‌

2,952

Kering

1,529,805‌

39,675

Total

S.A.

2,088,372‌

24,054

Valeo

S.A.

468,715‌

14,420

Vinci

S.A.

1,294,360‌

43,368

Vivendi

Universal

S.A.

442,566‌

TOTAL

FRANCE

12,155,909‌

GERMANY

-

9

.8

%

5,565

Adidas-Salomon

AG.

988,516‌

53,315

Bayer

AG.

3,183,778‌

27,601

Deutsche

Post

AG.

1,042,107‌

18,242

HeidelbergCement

AG.

880,747‌

29,087

Infineon

Technologies

AG.

707,556‌

36,158

RWE

AG.

1,337,341‌

19,090

Siemens

AG.

1,962,385‌

8,066

Volkswagen

AG.

(Preference)

1,086,004‌

TOTAL

GERMANY

11,188,434‌

HONG

KONG

-

1

.9

%

42,799

Hong

Kong

Exchanges

and

Clearing

Ltd

2,116,677‌

TOTAL

HONG

KONG

2,116,677‌

IRELAND

-

1

.4

%

46,121

CRH

plc

1,591,580‌

TOTAL

IRELAND

1,591,580‌

ITALY

-

1

.8

%

143,880

Enel

S.p.A.

789,070‌

28,282

Moncler

S.p.A

1,218,558‌

TOTAL

ITALY

2,007,628‌

JAPAN

-

18

.2

%

97,500

Daiichi

Sankyo

Co

Ltd

2,479,667‌

8,484

Daikin

Industries

Ltd

1,362,183‌

Portfolio

of

investments

(unaudited)

International

Equity

Fund

June

30,

2022

115

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

SHARES

COMPANY

VALUE

JAPAN—continued

59,151

*

Hitachi

Ltd

$

2,813,814‌

3,000

Keyence

Corp

1,028,815‌

3,174

Nintendo

Co

Ltd

1,364,999‌

62,800

ORIX

Corp

1,052,518‌

51,300

Recruit

Holdings

Co

Ltd

1,510,807‌

47,300

*

SBI

Holdings,

Inc

924,223‌

21,700

e

Shiseido

Co

Ltd

874,666‌

38,492

Sony

Corp

3,139,283‌

42,000

Sumitomo

Mitsui

Financial

Group,

Inc

1,248,454‌

197,615

*

Toyota

Motor

Corp

3,049,062‌

TOTAL

JAPAN

20,848,491‌

KOREA,

REPUBLIC

OF

-

0

.6

%

1,740

LG

Chem

Ltd

691,270‌

TOTAL

KOREA,

REPUBLIC

OF

691,270‌

NETHERLANDS

-

9

.6

%

3,996

ASML

Holding

NV

1,887,862‌

13,805

Heineken

NV

1,256,553‌

150,906

ING

Groep

NV

1,486,665‌

421,257

Koninklijke

KPN

NV

1,498,887‌

154,269

Shell

plc

4,017,593‌

43,368

Universal

Music

Group

NV

868,922‌

TOTAL

NETHERLANDS

11,016,482‌

NORWAY

-

1

.8

%

60,297

Equinor

ASA

2,101,072‌

TOTAL

NORWAY

2,101,072‌

SPAIN

-

1

.1

%

267,982

Banco

Bilbao

Vizcaya

Argentaria

S.A.

1,217,329‌

TOTAL

SPAIN

1,217,329‌

SWITZERLAND

-

4

.9

%

2,594

Lonza

Group

AG.

1,385,552‌

31,327

Novartis

AG.

2,655,921‌

3,672

Zurich

Insurance

Group

AG

1,601,261‌

TOTAL

SWITZERLAND

5,642,734‌

TAIWAN

-

0

.7

%

9,065

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

741,064‌

TOTAL

TAIWAN

741,064‌

UNITED

KINGDOM

-

16

.2

%

30,084

Ashtead

Group

plc

1,265,590‌

34,182

AstraZeneca

plc

4,509,349‌

663,771

Barclays

plc

1,241,223‌

161,633

BP

plc

758,947‌

34,134

British

American

Tobacco

plc

1,463,129‌

69,563

Diageo

plc

3,004,614‌

158,423

HSBC

Holdings

plc

1,034,902‌

7,816

Linde

plc

(Xetra)

2,248,665‌

21,148

Reckitt

Benckiser

Group

plc

1,590,589‌

459,024

Tesco

plc

1,430,595‌

TOTAL

UNITED

KINGDOM

18,547,603‌

UNITED

STATES

-

5

.5

%

79,917

GlaxoSmithKline

plc

1,722,338‌

12,469

Nestle

S.A.

1,457,285‌

8,252

Roche

Holding

AG.

2,758,642‌

Portfolio

of

investments

(unaudited)

International

Equity

Fund

June

30,

2022

116

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

SHARES

COMPANY

VALUE

UNITED

STATES—continued

3,227

Schneider

Electric

S.A.

$

384,515‌

TOTAL

UNITED

STATES

6,322,780‌

TOTAL

COMMON

STOCKS

106,988,992‌

(Cost

$109,201,527)

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

6.1%

REPURCHASE

AGREEMENT

-

6

.1

%

$

6,960,000

r

Fixed

Income

Clearing

Corp

(FICC)

1

.450

%

07/01/22

6,960,000‌

TOTAL

REPURCHASE

AGREEMENT

6,960,000‌

TOTAL

SHORT-TERM

INVESTMENTS

6,960,000‌

(Cost

$6,960,000)

TOTAL

INVESTMENTS

-

99.6%

113,948,992‌

(Cost

$116,161,527)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.4%

478,930‌

NET

ASSETS

-

100.0%

$

114,427,922‌

ADR

American

Depositary

Receipt

*

Non-income

producing

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$851,598.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

1.450%

dated

6/30/22

to

be

repurchased

at

$6,960,000

on

7/1/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.125%

and

maturity

date

10/15/25,

valued

at

$7,099,249.

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

117

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

BANK

LOAN

OBLIGATIONS

-

2.0%

CAPITAL

GOODS

-

0

.1

%

$

34,712

i

Sensata

Technologies,

Inc

LIBOR  1M

+

1.750%

3

.345

%

09/18/26

$

34,365‌

96,030

i

TransDigm,

Inc

LIBOR  1M

+

2.250%

3

.916

08/22/24

92,419‌

TOTAL

CAPITAL

GOODS

126,784‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0

.2

%

73,321

i

Dun

&

Bradstreet

Corp

LIBOR  1M

+

3.250%

4

.874

02/06/26

69,036‌

37,584

i

GFL

Environmental,

Inc

LIBOR

1

M

+

3.000%

3

.500

05/31/25

36,566‌

74,250

i

Spin

Holdco,

Inc

LIBOR  3M

+

4.000%

5

.611

03/04/28

68,199‌

88,119

i

Trans

Union

LLC

LIBOR  1M

+

1.750%

3

.416

11/16/26

82,979‌

56,288

i

Trans

Union

LLC

LIBOR  1M

+

2.250%

3

.916

12/01/28

53,556‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

310,336‌

CONSUMER

SERVICES

-

0

.1

%

98,750

i

IRB

Holding

Corp

SOFR  1M

+

3.000%

4

.238

12/15/27

92,496‌

44,552

i

KUEHG

Corp

LIBOR  3M

+

3.750%

4

.756

02/21/25

41,354‌

69,475

i

Stars

Group

Holdings

BV

LIBOR  3M

+

2.250%

4

.500

07/21/26

65,939‌

TOTAL

CONSUMER

SERVICES

199,789‌

DIVERSIFIED

FINANCIALS

-

0

.0

%

33,738

i

Lions

Gate

Capital

Holdings

LLC

LIBOR  1M

+

2.250%

3

.916

03/24/25

32,536‌

TOTAL

DIVERSIFIED

FINANCIALS

32,536‌

ENERGY

-

0

.1

%

73,321

i

Buckeye

Partners

LP

LIBOR  1M

+

2.250%

3

.916

11/01/26

69,976‌

48,733

i

Delek

US

Holdings,

Inc

LIBOR  1M

+

2.250%

3

.916

03/31/25

46,540‌

TOTAL

ENERGY

116,516‌

FOOD,

BEVERAGE

&

TOBACCO

-

0

.3

%

147,000

i

Froneri

US,

Inc

LIBOR  1M

+

2.250%

3

.916

01/29/27

134,934‌

99,000

i

Hayward

Industries,

Inc

LIBOR  1M

+

2.500%

4

.166

05/28/28

94,019‌

78,565

i

Hearthside

Food

Solutions

LLC

LIBOR  1M

+

3.688%

5

.354

05/23/25

70,300‌

125,730

i

Hostess

Brands

LLC

LIBOR  3M

+

2.250%

3

.489

08/01/25

120,207‌

131,670

i

Triton

Water

Holdings,

Inc

LIBOR  3M

+

3.500%

5

.750

03/31/28

116,105‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

535,565‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0

.1

%

74,063

i

ADMI

Corp

LIBOR  1M

+

3.375%

5

.041

12/23/27

67,331‌

73,688

i

Da

Vinci

Purchaser

Corp

LIBOR  3M

+

4.000%

5

.006

01/08/27

69,635‌

98,500

i

Global

Medical

Response,

Inc

LIBOR  3M

+

4.250%

5

.250

10/02/25

91,421‌

3,641

i

Grifols

Worldwide

Operations

USA,

Inc

LIBOR  1M

+

2.000%

3

.666

11/15/27

3,433‌

8,565

i

NMN

Holdings

III

Corp

LIBOR  1M

+

3.750%

5

.416

11/13/25

7,751‌

39,916

i

NMN

Holdings

III

Corp

LIBOR  1M

+

3.750%

5

.416

11/13/25

36,123‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

275,694‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.0

%

34,563

i

Energizer

Holdings,

Inc

LIBOR  1M

+

2.250%

3

.875

12/16/27

32,727‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

32,727‌

INSURANCE

-

0

.1

%

96,284

i

Acrisure

LLC

LIBOR  1M

+

3.500%

5

.166

02/15/27

88,100‌

97,750

i

NFP

Corp

LIBOR  1M

+

3.250%

4

.916

02/15/27

90,125‌

TOTAL

INSURANCE

178,225‌

MATERIALS

-

0

.1

%

99,000

i

Eco

Services

Operations

Corp

LIBOR  3M

+

2.500%

3

.739

06/09/28

94,421‌

17,748

i

Messer

Industries

USA,

Inc

LIBOR  3M

+

2.500%

4

.750

03/01/26

16,905‌

TOTAL

MATERIALS

111,326‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

118

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MEDIA

&

ENTERTAINMENT

-

0

.3

%

$

36,545

i

Cirque

Du

Soleil

Holding

USA

Newco,

Inc

LIBOR  3M

+

6.000%

8

.232

%

11/24/25

$

35,744‌

36,045

i

Cirque

Du

Soleil

Holding

USA

Newco,

Inc

LIBOR  3M

+

1.000%

2

.000

11/24/27

35,194‌

24,688

i

CNT

Holdings

I

Corp

LIBOR  1M

+

3.500%

4

.690

11/08/27

23,386‌

65,275

i

DIRECTV

Financing

LLC

LIBOR  1M

+

5.000%

6

.666

08/02/27

59,917‌

99,000

i

INEOS

US

Petrochem

LLC

LIBOR  1M

+

2.750%

4

.416

01/29/26

93,215‌

29,223

i

Nielsen

Finance

LLC

LIBOR  1M

+

2.000%

3

.190

10/04/23

29,018‌

99,000

i

Rackspace

Technology

Global,

Inc

LIBOR  3M

+

2.750%

4

.160

02/03/28

89,966‌

141,835

i

Ryan

Specialty

Group

LLC

SOFR  1M

+

3.000%

4

.625

09/01/27

136,161‌

50,000

i

Virgin

Media

Bristol

LLC

LIBOR  1M

+

2.500%

3

.824

01/31/28

46,722‌

43,450

i

Woof

Holdings,

Inc

LIBOR  3M

+

3.750%

5

.813

12/21/27

40,517‌

TOTAL

MEDIA

&

ENTERTAINMENT

589,840‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.0

%

25,166

i

Endo

Luxembourg

Finance

Co

I

Sarl

LIBOR  1M

+

5.000%

6

.688

03/27/28

19,186‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

19,186‌

REAL

ESTATE

-

0

.0

%

96,528

i

Cushman

&

Wakefield

plc

LIBOR  1M

+

2.750%

4

.416

08/21/25

90,664‌

TOTAL

REAL

ESTATE

90,664‌

SOFTWARE

&

SERVICES

-

0

.6

%

24,375

i

Camelot

Finance

S.A.

LIBOR  1M

+

3.000%

4

.666

10/30/26

23,014‌

49,750

i

Magenta

Buyer

LLC

LIBOR  3M

+

5.000%

6

.230

07/27/28

44,580‌

1,040,000

h,i

NortonLifeLock,

Inc

SOFR

+

2.000%

2

.500

01/28/29

983,840‌

73,111

i

Rocket

Software,

Inc

LIBOR  1M

+

4.250%

5

.916

11/28/25

67,810‌

TOTAL

SOFTWARE

&

SERVICES

1,119,244‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0

.0

%

81,892

i

Plantronics,

Inc

LIBOR  1M

+

2.500%

3

.560

07/02/25

80,474‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

80,474‌

TRANSPORTATION

-

0

.0

%

30,000

i

Air

Canada

LIBOR  3M

+

3.500%

4

.250

08/11/28

27,525‌

47,490

i

American

Airlines,

Inc

LIBOR  3M

+

2.000%

2

.840

12/14/23

45,846‌

25,000

i

Mileage

Plus

Holdings

LLC

LIBOR  3M

+

5.250%

7

.313

06/18/27

24,650‌

TOTAL

TRANSPORTATION

98,021‌

TOTAL

BANK

LOAN

OBLIGATIONS

3,916,927‌

(Cost

$4,152,500)

BONDS

-

95.6%

CORPORATE

BONDS

-

34.6%

AUTOMOBILES

&

COMPONENTS

-

0

.3

%

5,000

Dana,

Inc

5

.375

11/15/27

4,332‌

25,000

Dana,

Inc

4

.250

09/01/30

19,405‌

100,000

g

Gates

Global

LLC

6

.250

01/15/26

92,750‌

150,000

General

Motors

Co

6

.125

10/01/25

155,061‌

125,000

General

Motors

Co

5

.200

04/01/45

104,993‌

100,000

e

Goodyear

Tire

&

Rubber

Co

5

.250

04/30/31

81,142‌

200,000

g

Hyundai

Capital

Services,

Inc

2

.125

04/24/25

188,935‌

TOTAL

AUTOMOBILES

&

COMPONENTS

646,618‌

BANKS

-

7

.7

%

200,000

g

Banco

de

Credito

e

Inversiones

S.A.

2

.875

10/14/31

165,000‌

200,000

g

Banco

Internacional

del

Peru

SAA

Interbank

3

.375

01/18/23

199,200‌

200,000

Banco

Santander

S.A.

1

.722

09/14/27

173,595‌

200,000

Banco

Santander

S.A.

4

.750

N/A‡

163,538‌

200,000

Bancolombia

S.A.

3

.000

01/29/25

184,115‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

119

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

BANKS—continued

$

200,000

g

Bangkok

Bank

PCL

3

.466

%

09/23/36

$

167,149‌

200,000

g

Bank

Hapoalim

BM

3

.255

01/21/32

171,000‌

200,000

g

Bank

Leumi

Le-Israel

BM

3

.275

01/29/31

175,000‌

950,000

Bank

of

America

Corp

0

.810

10/24/24

905,398‌

400,000

Bank

of

America

Corp

3

.384

04/02/26

387,722‌

1,000,000

Bank

of

America

Corp

2

.592

04/29/31

848,143‌

500,000

Bank

of

America

Corp

1

.922

10/24/31

399,394‌

275,000

Bank

of

America

Corp

2

.572

10/20/32

226,823‌

200,000

Bank

of

America

Corp

2

.972

02/04/33

170,385‌

200,000

Bank

of

America

Corp

3

.846

03/08/37

172,870‌

350,000

Bank

of

America

Corp

2

.676

06/19/41

251,832‌

200,000

Bank

of

America

Corp

6

.100

N/A‡

196,936‌

55,000

Bank

of

Montreal

3

.803

12/15/32

50,979‌

100,000

Barclays

plc

2

.279

11/24/27

88,651‌

300,000

Barclays

plc

3

.330

11/24/42

222,968‌

150,000

g

BNP

Paribas

S.A.

2

.819

11/19/25

143,291‌

300,000

g

BNP

Paribas

S.A.

1

.904

09/30/28

256,379‌

200,000

g

BNP

Paribas

S.A.

7

.375

N/A‡

197,990‌

125,000

e

Citigroup,

Inc

3

.875

03/26/25

123,254‌

500,000

Citigroup,

Inc

3

.200

10/21/26

475,772‌

175,000

e

Citigroup,

Inc

4

.300

11/20/26

172,479‌

95,000

Citigroup,

Inc

4

.450

09/29/27

93,037‌

140,000

Citigroup,

Inc

2

.572

06/03/31

117,682‌

375,000

Citigroup,

Inc

2

.520

11/03/32

304,257‌

300,000

Citigroup,

Inc

4

.910

05/24/33

296,018‌

325,000

g

Cooperatieve

Rabobank

UA

1

.339

06/24/26

296,442‌

150,000

g

Credit

Agricole

S.A.

3

.250

10/04/24

146,239‌

200,000

g

Development

Bank

of

Kazakhstan

JSC

5

.750

05/12/25

199,414‌

150,000

Discover

Bank

2

.450

09/12/24

144,257‌

150,000

Discover

Bank

3

.450

07/27/26

141,714‌

250,000

Discover

Bank

2

.700

02/06/30

208,771‌

385,000

HSBC

Holdings

plc

4

.292

09/12/26

376,141‌

50,000

HSBC

Holdings

plc

4

.375

11/23/26

48,874‌

500,000

HSBC

Holdings

plc

2

.251

11/22/27

445,483‌

50,000

HSBC

Holdings

plc

2

.013

09/22/28

42,767‌

550,000

HSBC

Holdings

plc

6

.000

N/A‡

492,938‌

150,000

JPMorgan

Chase

&

Co

2

.700

05/18/23

149,300‌

200,000

JPMorgan

Chase

&

Co

2

.301

10/15/25

190,441‌

25,000

JPMorgan

Chase

&

Co

2

.005

03/13/26

23,411‌

250,000

JPMorgan

Chase

&

Co

3

.200

06/15/26

241,200‌

125,000

JPMorgan

Chase

&

Co

4

.323

04/26/28

122,941‌

500,000

JPMorgan

Chase

&

Co

3

.702

05/06/30

465,110‌

150,000

JPMorgan

Chase

&

Co

2

.522

04/22/31

127,758‌

175,000

JPMorgan

Chase

&

Co

2

.956

05/13/31

151,092‌

725,000

JPMorgan

Chase

&

Co

1

.953

02/04/32

579,473‌

300,000

JPMorgan

Chase

&

Co

3

.157

04/22/42

233,076‌

160,000

JPMorgan

Chase

&

Co

3

.650

N/A‡

131,040‌

100,000

JPMorgan

Chase

&

Co

5

.000

N/A‡

88,250‌

178,000

JPMorgan

Chase

&

Co

6

.100

N/A‡

166,216‌

300,000

Lloyds

Banking

Group

plc

6

.750

N/A‡

282,396‌

200,000

Lloyds

Banking

Group

plc

7

.500

N/A‡

194,934‌

250,000

M&T

Bank

Corp

3

.500

N/A‡

190,625‌

200,000

NatWest

Group

plc

5

.516

09/30/28

201,425‌

250,000

g

NBK

SPC

Ltd

1

.625

09/15/27

222,990‌

200,000

g

Oversea-Chinese

Banking

Corp

Ltd

1

.832

09/10/30

184,260‌

200,000

Royal

Bank

of

Canada

2

.550

07/16/24

195,282‌

100,000

Toronto-Dominion

Bank

3

.625

09/15/31

96,387‌

200,000

Truist

Financial

Corp

4

.950

N/A‡

194,687‌

200,000

g

UBS

Group

AG.

1

.494

08/10/27

175,017‌

200,000

g

UBS

Group

AG.

3

.179

02/11/43

150,709‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

120

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

BANKS—continued

$

50,000

Wells

Fargo

&

Co

3

.750

%

01/24/24

$

50,118‌

100,000

Wells

Fargo

&

Co

3

.550

09/29/25

98,216‌

100,000

Wells

Fargo

&

Co

3

.526

03/24/28

94,715‌

375,000

Wells

Fargo

&

Co

2

.393

06/02/28

335,823‌

250,000

Wells

Fargo

&

Co

3

.900

N/A‡

215,313‌

TOTAL

BANKS

15,596,102‌

CAPITAL

GOODS

-

0

.8

%

450,000

Boeing

Co

2

.196

02/04/26

405,615‌

200,000

Boeing

Co

2

.950

02/01/30

166,421‌

25,000

Boeing

Co

3

.250

02/01/35

18,917‌

75,000

Boeing

Co

5

.705

05/01/40

69,957‌

200,000

Boeing

Co

5

.805

05/01/50

183,694‌

62,000

g

H&E

Equipment

Services,

Inc

3

.875

12/15/28

50,142‌

50,000

Lockheed

Martin

Corp

1

.850

06/15/30

42,671‌

175,000

Northrop

Grumman

Corp

3

.250

01/15/28

166,341‌

75,000

Parker-Hannifin

Corp

3

.250

06/14/29

68,639‌

175,000

Raytheon

Technologies

Corp

4

.125

11/16/28

172,702‌

50,000

Raytheon

Technologies

Corp

2

.250

07/01/30

43,104‌

75,000

Roper

Technologies,

Inc

2

.000

06/30/30

60,395‌

200,000

g

TSMC

Global

Ltd

1

.000

09/28/27

172,635‌

15,000

g

WESCO

Distribution,

Inc

7

.250

06/15/28

14,835‌

TOTAL

CAPITAL

GOODS

1,636,068‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0

.2

%

40,000

g

ADT

Corp

4

.875

07/15/32

31,841‌

15,000

g

ASGN,

Inc

4

.625

05/15/28

12,994‌

13,000

g

Booz

Allen

Hamilton,

Inc

3

.875

09/01/28

11,505‌

25,000

e,g

Booz

Allen

Hamilton,

Inc

4

.000

07/01/29

21,798‌

10,000

g

GFL

Environmental,

Inc

4

.250

06/01/25

9,437‌

65,000

g

GFL

Environmental,

Inc

5

.125

12/15/26

62,159‌

31,000

g

GFL

Environmental,

Inc

3

.500

09/01/28

26,583‌

50,000

g

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

46,625‌

26,000

g

Prime

Security

Services

Borrower

LLC

3

.375

08/31/27

21,418‌

70,000

e,g

Prime

Security

Services

Borrower

LLC

6

.250

01/15/28

58,562‌

75,000

Verisk

Analytics,

Inc

3

.625

05/15/50

58,388‌

32,000

g

WASH

Multifamily

Acquisition,

Inc

5

.750

04/15/26

30,160‌

100,000

Waste

Management,

Inc

2

.500

11/15/50

67,258‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

458,728‌

CONSUMER

DURABLES

&

APPAREL

-

0

.0

%

8,000

Newell

Brands,

Inc

4

.875

06/01/25

7,880‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

7,880‌

CONSUMER

SERVICES

-

0

.4

%

500,000

Anheuser-Busch

Cos

LLC

3

.650

02/01/26

491,870‌

37,000

g

Cedar

Fair

LP

5

.500

05/01/25

35,890‌

6,000

g

Hilton

Domestic

Operating

Co,

Inc

5

.750

05/01/28

5,705‌

74,000

g

Hilton

Domestic

Operating

Co,

Inc

3

.625

02/15/32

58,784‌

20,000

g

International

Game

Technology

plc

4

.125

04/15/26

18,100‌

60,000

g

International

Game

Technology

plc

6

.250

01/15/27

58,357‌

25,000

g

Marriott

Ownership

Resorts,

Inc

4

.500

06/15/29

20,792‌

TOTAL

CONSUMER

SERVICES

689,498‌

DIVERSIFIED

FINANCIALS

-

3

.4

%

150,000

AerCap

Ireland

Capital

DAC

1

.750

01/30/26

131,105‌

375,000

AerCap

Ireland

Capital

DAC

2

.450

10/29/26

326,536‌

150,000

AerCap

Ireland

Capital

DAC

3

.300

01/30/32

120,074‌

150,000

AerCap

Ireland

Capital

DAC

3

.850

10/29/41

108,086‌

225,000

Bank

of

New

York

Mellon

Corp

4

.700

N/A‡

219,825‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

121

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

DIVERSIFIED

FINANCIALS—continued

$

360,000

Capital

One

Bank

USA

NA

3

.375

%

02/15/23

$

359,702‌

185,000

e

Capital

One

Financial

Corp

3

.950

N/A‡

148,463‌

200,000

Charles

Schwab

Corp

5

.375

N/A‡

197,500‌

30,000

g

Compass

Group

Diversified

Holdings

LLC

5

.250

04/15/29

24,750‌

125,000

g

Credit

Suisse

Group

AG.

1

.305

02/02/27

107,531‌

200,000

Credit

Suisse

Group

Funding

Guernsey

Ltd

3

.800

06/09/23

198,101‌

150,000

Credit

Suisse

Group

Funding

Guernsey

Ltd

3

.750

03/26/25

145,296‌

100,000

Deutsche

Bank

AG.

2

.311

11/16/27

86,298‌

150,000

Deutsche

Bank

AG.

3

.035

05/28/32

118,682‌

200,000

Deutsche

Bank

AG.

4

.789

N/A‡

163,750‌

250,000

GE

Capital

International

Funding

Co

4

.418

11/15/35

233,499‌

350,000

General

Motors

Financial

Co,

Inc

2

.750

06/20/25

328,389‌

275,000

General

Motors

Financial

Co,

Inc

5

.000

04/09/27

269,763‌

100,000

General

Motors

Financial

Co,

Inc

5

.650

01/17/29

99,757‌

150,000

General

Motors

Financial

Co,

Inc

2

.700

06/10/31

118,186‌

300,000

Goldman

Sachs

Group,

Inc

3

.500

04/01/25

294,076‌

375,000

Goldman

Sachs

Group,

Inc

2

.640

02/24/28

340,341‌

280,000

Goldman

Sachs

Group,

Inc

2

.615

04/22/32

232,466‌

50,000

Goldman

Sachs

Group,

Inc

4

.017

10/31/38

43,661‌

100,000

Goldman

Sachs

Group,

Inc

3

.436

02/24/43

78,407‌

50,000

Icahn

Enterprises

LP

5

.250

05/15/27

44,292‌

38,000

Icahn

Enterprises

LP

4

.375

02/01/29

30,710‌

200,000

g

Indian

Railway

Finance

Corp

Ltd

3

.249

02/13/30

173,266‌

100,000

International

Lease

Finance

Corp

5

.875

08/15/22

100,189‌

68,000

g

LPL

Holdings,

Inc

4

.000

03/15/29

58,178‌

150,000

Morgan

Stanley

2

.720

07/22/25

144,506‌

125,000

Morgan

Stanley

2

.188

04/28/26

117,019‌

575,000

Morgan

Stanley

3

.125

07/27/26

548,519‌

250,000

Morgan

Stanley

1

.512

07/20/27

219,258‌

75,000

Morgan

Stanley

1

.794

02/13/32

58,995‌

60,000

Northern

Trust

Corp

4

.600

N/A‡

53,054‌

200,000

g

Power

Finance

Corp

Ltd

3

.950

04/23/30

177,373‌

50,000

SLM

Corp

5

.500

01/25/23

49,563‌

200,000

g

Societe

Generale

S.A.

4

.027

01/21/43

141,441‌

15,000

Springleaf

Finance

Corp

5

.375

11/15/29

12,155‌

200,000

g

Swiss

Re

Finance

Luxembourg

SA

5

.000

04/02/49

189,100‌

75,000

Synchrony

Financial

4

.250

08/15/24

74,534‌

75,000

Synchrony

Financial

3

.950

12/01/27

68,370‌

135,000

Voya

Financial,

Inc

5

.650

05/15/53

126,573‌

TOTAL

DIVERSIFIED

FINANCIALS

6,881,339‌

ENERGY

-

3

.2

%

19,000

g

Archrock

Partners

LP

6

.250

04/01/28

16,821‌

200,000

Cenovus

Energy,

Inc

4

.250

04/15/27

196,029‌

100,000

Cenovus

Energy,

Inc

2

.650

01/15/32

82,700‌

100,000

Diamondback

Energy,

Inc

3

.125

03/24/31

87,095‌

100,000

Diamondback

Energy,

Inc

4

.250

03/15/52

82,936‌

35,000

g

DT

Midstream,

Inc

4

.125

06/15/29

29,662‌

30,000

g

DT

Midstream,

Inc

4

.375

06/15/31

25,125‌

50,000

Ecopetrol

S.A.

5

.875

09/18/23

50,125‌

45,000

Ecopetrol

S.A.

6

.875

04/29/30

39,780‌

200,000

Ecopetrol

S.A.

4

.625

11/02/31

151,498‌

150,000

Enbridge,

Inc

5

.750

07/15/80

137,148‌

33,000

g

Energean

Israel

Finance

Ltd

4

.875

03/30/26

29,140‌

100,000

Energy

Transfer

Operating

LP

2

.900

05/15/25

95,048‌

50,000

Energy

Transfer

Operating

LP

4

.750

01/15/26

49,813‌

100,000

Energy

Transfer

Operating

LP

5

.500

06/01/27

101,501‌

150,000

Energy

Transfer

Operating

LP

4

.950

06/15/28

147,808‌

100,000

Energy

Transfer

Operating

LP

6

.250

04/15/49

96,932‌

175,000

Energy

Transfer

Operating

LP

5

.000

05/15/50

148,915‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

122

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ENERGY—continued

$

6,000

g

EnLink

Midstream

LLC

5

.625

%

01/15/28

$

5,504‌

100,000

Enterprise

Products

Operating

LLC

3

.700

02/15/26

98,278‌

100,000

Enterprise

Products

Operating

LLC

3

.125

07/31/29

89,993‌

100,000

Enterprise

Products

Operating

LLC

4

.250

02/15/48

84,118‌

100,000

Enterprise

Products

Operating

LLC

4

.200

01/31/50

83,388‌

125,000

Enterprise

Products

Operating

LLC

3

.300

02/15/53

90,923‌

100,000

g

EQM

Midstream

Partners

LP

4

.500

01/15/29

81,188‌

25,000

g

EQT

Corp

3

.125

05/15/26

23,408‌

200,000

g

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.625

03/31/36

161,597‌

10,000

g

Hilcorp

Energy

I

LP

5

.750

02/01/29

8,781‌

9,000

g

Hilcorp

Energy

I

LP

6

.000

02/01/31

7,740‌

50,000

g

Holly

Energy

Partners

LP

6

.375

04/15/27

47,063‌

75,000

Marathon

Petroleum

Corp

3

.800

04/01/28

71,016‌

100,000

Marathon

Petroleum

Corp

5

.000

09/15/54

89,817‌

150,000

MPLX

LP

1

.750

03/01/26

135,051‌

450,000

MPLX

LP

2

.650

08/15/30

375,632‌

125,000

MPLX

LP

4

.700

04/15/48

105,079‌

34,000

Murphy

Oil

Corp

5

.875

12/01/27

31,730‌

33,000

Occidental

Petroleum

Corp

5

.500

12/01/25

32,505‌

200,000

g

Oleoducto

Central

S.A.

4

.000

07/14/27

166,857‌

225,000

ONEOK,

Inc

4

.550

07/15/28

217,530‌

225,000

ONEOK,

Inc

4

.350

03/15/29

211,622‌

100,000

ONEOK,

Inc

4

.500

03/15/50

80,093‌

67,000

g

Parkland

Corp

4

.500

10/01/29

54,313‌

200,000

g

Pertamina

Persero

PT

1

.400

02/09/26

177,843‌

100,000

Petroleos

Mexicanos

5

.950

01/28/31

73,138‌

67,000

Petroleos

Mexicanos

6

.700

02/16/32

51,087‌

200,000

g

Petronas

Energy

Canada

Ltd

2

.112

03/23/28

180,300‌

200,000

Phillips

66

2

.150

12/15/30

163,368‌

100,000

Phillips

66

3

.300

03/15/52

74,429‌

200,000

g

Qatar

Petroleum

2

.250

07/12/31

170,453‌

200,000

g

S.A.

Global

Sukuk

Ltd

0

.946

06/17/24

188,707‌

175,000

Sabine

Pass

Liquefaction

LLC

4

.200

03/15/28

168,308‌

100,000

Sabine

Pass

Liquefaction

LLC

4

.500

05/15/30

95,832‌

50,000

g

Santos

Finance

Ltd

3

.649

04/29/31

42,410‌

200,000

g

Saudi

Arabian

Oil

Co

2

.250

11/24/30

169,846‌

125,000

Sunoco

Logistics

Partners

Operations

LP

4

.000

10/01/27

118,305‌

25,000

Sunoco

Logistics

Partners

Operations

LP

5

.400

10/01/47

21,934‌

23,000

Sunoco

LP

4

.500

05/15/29

18,958‌

100,000

Targa

Resources

Corp

4

.200

02/01/33

90,584‌

100,000

Targa

Resources

Corp

4

.950

04/15/52

85,695‌

25,000

Targa

Resources

Partners

LP

6

.500

07/15/27

25,609‌

20,000

Targa

Resources

Partners

LP

4

.000

01/15/32

17,115‌

150,000

Total

Capital

International

S.A.

3

.127

05/29/50

114,660‌

175,000

TransCanada

PipeLines

Ltd

4

.250

05/15/28

170,275‌

75,000

TransCanada

PipeLines

Ltd

2

.500

10/12/31

62,345‌

200,000

TransCanada

Trust

5

.500

09/15/79

178,086‌

40,000

USA

Compression

Partners

LP

6

.875

04/01/26

36,388‌

25,000

USA

Compression

Partners

LP

6

.875

09/01/27

22,187‌

25,000

Vale

Overseas

Ltd

6

.875

11/21/36

26,837‌

TOTAL

ENERGY

6,466,001‌

FOOD

&

STAPLES

RETAILING

-

0

.2

%

60,000

Kroger

Co

3

.875

10/15/46

49,837‌

100,000

SYSCO

Corp

3

.150

12/14/51

71,509‌

100,000

Walmart,

Inc

1

.050

09/17/26

90,933‌

200,000

Walmart,

Inc

1

.800

09/22/31

169,801‌

TOTAL

FOOD

&

STAPLES

RETAILING

382,080‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

123

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

FOOD,

BEVERAGE

&

TOBACCO

-

1

.0

%

$

50,000

Altria

Group,

Inc

3

.400

%

05/06/30

$

42,413‌

75,000

Altria

Group,

Inc

5

.950

02/14/49

65,719‌

380,000

Anheuser-Busch

InBev

Worldwide,

Inc

4

.750

01/23/29

386,598‌

50,000

Anheuser-Busch

InBev

Worldwide,

Inc

4

.439

10/06/48

43,853‌

125,000

BAT

Capital

Corp

2

.259

03/25/28

104,717‌

100,000

BAT

Capital

Corp

4

.906

04/02/30

92,878‌

200,000

BAT

International

Finance

plc

4

.448

03/16/28

189,332‌

175,000

g

Cia

Cervecerias

Unidas

S.A.

3

.350

01/19/32

148,820‌

100,000

Constellation

Brands,

Inc

4

.400

11/15/25

100,459‌

100,000

Constellation

Brands,

Inc

3

.700

12/06/26

97,354‌

100,000

Constellation

Brands,

Inc

3

.150

08/01/29

90,006‌

100,000

Constellation

Brands,

Inc

2

.875

05/01/30

86,990‌

100,000

Constellation

Brands,

Inc

2

.250

08/01/31

81,100‌

100,000

Diageo

Capital

plc

2

.125

10/24/24

96,462‌

100,000

Diageo

Capital

plc

2

.375

10/24/29

88,778‌

200,000

Diageo

Capital

plc

2

.000

04/29/30

170,615‌

75,000

g

Primo

Water

Holdings,

Inc

4

.375

04/30/29

61,255‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,947,349‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1

.5

%

60,000

Abbott

Laboratories

5

.300

05/27/40

65,235‌

100,000

Anthem,

Inc

2

.250

05/15/30

85,449‌

55,000

Becton

Dickinson

&

Co

2

.823

05/20/30

48,377‌

100,000

Boston

Scientific

Corp

2

.650

06/01/30

87,257‌

35,000

Centene

Corp

2

.450

07/15/28

29,191‌

180,000

Centene

Corp

3

.000

10/15/30

149,175‌

200,000

Children's

Hospital

Medic

4

.268

05/15/44

188,477‌

40,000

g

CHS/Community

Health

Systems,

Inc

5

.250

05/15/30

30,396‌

55,000

Cigna

Corp

3

.200

03/15/40

43,415‌

225,000

CVS

Health

Corp

3

.750

04/01/30

210,455‌

400,000

CVS

Health

Corp

1

.750

08/21/30

320,377‌

400,000

CVS

Health

Corp

4

.780

03/25/38

378,622‌

200,000

CVS

Health

Corp

5

.050

03/25/48

191,450‌

250,000

Dartmouth-Hitchcock

Health

4

.178

08/01/48

226,144‌

160,000

HCA,

Inc

5

.625

09/01/28

157,391‌

100,000

HCA,

Inc

5

.500

06/15/47

89,203‌

100,000

Humana,

Inc

3

.950

03/15/27

98,083‌

300,000

e

Humana,

Inc

2

.150

02/03/32

242,921‌

20,000

g

LifePoint

Health,

Inc

4

.375

02/15/27

17,136‌

67,000

MPT

Operating

Partnership

LP

3

.500

03/15/31

52,807‌

10,000

g

Tenet

Healthcare

Corp

4

.625

06/15/28

8,708‌

80,000

g

Tenet

Healthcare

Corp

4

.375

01/15/30

67,682‌

240,000

UnitedHealth

Group,

Inc

2

.300

05/15/31

207,857‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,995,808‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.1

%

100,000

Church

&

Dwight

Co,

Inc

2

.300

12/15/31

84,108‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

84,108‌

INSURANCE

-

0

.9

%

62,000

g

Acrisure

LLC

4

.250

02/15/29

50,122‌

25,000

g

AmWINS

Group,

Inc

4

.875

06/30/29

20,473‌

175,000

Aon

plc

3

.500

06/14/24

173,918‌

75,000

Berkshire

Hathaway

Finance

Corp

2

.875

03/15/32

67,236‌

75,000

Berkshire

Hathaway

Finance

Corp

4

.250

01/15/49

69,076‌

100,000

CNA

Financial

Corp

3

.950

05/15/24

100,027‌

100,000

g

Equitable

Financial

Life

Global

Funding

1

.400

07/07/25

91,903‌

500,000

Hartford

Financial

Services

Group,

Inc

2

.800

08/19/29

445,824‌

100,000

Hartford

Financial

Services

Group,

Inc

4

.300

04/15/43

88,499‌

100,000

Hartford

Financial

Services

Group,

Inc

2

.900

09/15/51

69,415‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

124

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

INSURANCE—continued

$

100,000

g

HCA,

Inc

3

.625

%

03/15/32

$

84,360‌

100,000

g

Liberty

Mutual

Group,

Inc

3

.951

10/15/50

75,947‌

100,000

g

Liberty

Mutual

Group,

Inc

5

.500

06/15/52

94,718‌

100,000

MetLife,

Inc

3

.600

11/13/25

99,359‌

115,000

MetLife,

Inc

3

.850

N/A‡

102,402‌

150,000

PartnerRe

Finance

B

LLC

4

.500

10/01/50

124,809‌

100,000

Reinsurance

Group

of

America,

Inc

3

.900

05/15/29

94,056‌

TOTAL

INSURANCE

1,852,144‌

MATERIALS

-

1

.7

%

100,000

Albemarle

Corp

4

.650

06/01/27

98,411‌

200,000

Amcor

Flexibles

North

America,

Inc

2

.690

05/25/31

163,184‌

100,000

g

Anglo

American

Capital

plc

3

.875

03/16/29

91,968‌

200,000

e,g

Anglo

American

Capital

plc

2

.625

09/10/30

164,585‌

200,000

AngloGold

Ashanti

Holdings

plc

3

.750

10/01/30

164,654‌

38,000

Ball

Corp

2

.875

08/15/30

30,586‌

150,000

Bemis

Co,

Inc

2

.630

06/19/30

122,994‌

225,000

Berry

Global,

Inc

1

.570

01/15/26

200,637‌

150,000

Berry

Global,

Inc

1

.650

01/15/27

131,294‌

200,000

g

Celulosa

Arauco

y

Constitucion

S.A.

4

.250

04/30/29

179,500‌

200,000

g

Cemex

SAB

de

C.V.

5

.450

11/19/29

177,800‌

100,000

Church

&

Dwight

Co,

Inc

5

.000

06/15/52

102,230‌

200,000

g

Corp

Nacional

del

Cobre

de

Chile

3

.150

01/14/30

174,565‌

200,000

g

FMG

Resources

August

2006

Pty

Ltd

5

.875

04/15/30

180,000‌

200,000

g

Freeport

Indonesia

PT

5

.315

04/14/32

181,300‌

100,000

Freeport-McMoRan,

Inc

5

.450

03/15/43

92,505‌

200,000

g

GCC

SAB

de

C.V.

3

.614

04/20/32

163,254‌

70,000

Newmont

Corp

2

.250

10/01/30

58,104‌

65,000

Newmont

Corp

2

.600

07/15/32

53,638‌

100,000

g

Nova

Chemicals

Corp

4

.875

06/01/24

95,050‌

100,000

Nutrien

Ltd

2

.950

05/13/30

88,986‌

200,000

g

OCP

S.A.

3

.750

06/23/31

150,674‌

200,000

g

Orbia

Advance

Corp

SAB

de

C.V.

1

.875

05/11/26

178,500‌

19,000

g

PolyOne

Corp

5

.750

05/15/25

18,211‌

200,000

Suzano

Austria

GmbH

3

.750

01/15/31

161,500‌

200,000

g

UltraTech

Cement

Ltd

2

.800

02/16/31

158,430‌

100,000

WRKCo,

Inc

3

.000

06/15/33

84,745‌

TOTAL

MATERIALS

3,467,305‌

MEDIA

&

ENTERTAINMENT

-

2

.4

%

100,000

Activision

Blizzard,

Inc

1

.350

09/15/30

80,287‌

150,000

Agree

LP

2

.000

06/15/28

128,073‌

100,000

g

Arches

Buyer,

Inc

4

.250

06/01/28

81,420‌

100,000

e

AstraZeneca

Finance

LLC

2

.250

05/28/31

87,050‌

200,000

g

BOC

Aviation

USA

Corp

1

.625

04/29/24

191,586‌

200,000

g

Cable

Onda

S.A.

4

.500

01/30/30

167,876‌

100,000

g

CCO

Holdings

LLC

5

.125

05/01/27

94,375‌

125,000

Charter

Communications

Operating

LLC

2

.250

01/15/29

102,708‌

25,000

Charter

Communications

Operating

LLC

2

.800

04/01/31

20,021‌

50,000

Charter

Communications

Operating

LLC

5

.125

07/01/49

41,386‌

600,000

Charter

Communications

Operating

LLC

4

.800

03/01/50

475,416‌

475,000

Comcast

Corp

2

.350

01/15/27

442,775‌

150,000

Comcast

Corp

4

.150

10/15/28

149,584‌

100,000

Comcast

Corp

1

.500

02/15/31

80,369‌

300,000

Comcast

Corp

3

.200

07/15/36

254,011‌

500,000

Comcast

Corp

2

.887

11/01/51

357,185‌

40,000

g

DIRECTV

Holdings

LLC

5

.875

08/15/27

34,123‌

75,000

Discovery

Communications

LLC

3

.625

05/15/30

66,685‌

50,000

e

DISH

DBS

Corp

5

.000

03/15/23

47,589‌

60,000

g

DISH

DBS

Corp

5

.250

12/01/26

47,030‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

125

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MEDIA

&

ENTERTAINMENT—continued

$

50,000

DISH

DBS

Corp

5

.125

%

06/01/29

$

30,382‌

250,000

g

GSK

Consumer

Healthcare

Capital

US

LLC

3

.375

03/24/27

239,283‌

250,000

g

GSK

Consumer

Healthcare

Capital

US

LLC

3

.625

03/24/32

231,040‌

15,000

Lamar

Media

Corp

3

.625

01/15/31

12,276‌

325,000

g

Magallanes,

Inc

5

.050

03/15/42

276,507‌

225,000

g

Misc

Capital

Two

Labuan

Ltd

3

.625

04/06/25

218,882‌

33,000

g

News

Corp

3

.875

05/15/29

28,494‌

100,000

Paramount

Global

3

.375

02/15/28

91,771‌

50,000

e,g

Rackspace

Technology

Global,

Inc

3

.500

02/15/28

39,174‌

100,000

g

S&P

Global,

Inc

4

.250

05/01/29

98,890‌

110,000

g

Sirius

XM

Radio,

Inc

4

.000

07/15/28

95,150‌

50,000

g

Sirius

XM

Radio,

Inc

4

.125

07/01/30

41,760‌

50,000

g

TEGNA,

Inc

4

.750

03/15/26

47,988‌

25,000

TEGNA,

Inc

4

.625

03/15/28

23,375‌

50,000

Time

Warner

Cable

LLC

5

.875

11/15/40

45,819‌

250,000

Walt

Disney

Co

3

.000

09/15/22

250,293‌

200,000

Weibo

Corp

3

.375

07/08/30

162,466‌

TOTAL

MEDIA

&

ENTERTAINMENT

4,883,099‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

1

.0

%

100,000

AbbVie,

Inc

2

.850

05/14/23

99,650‌

525,000

AbbVie,

Inc

4

.050

11/21/39

468,159‌

125,000

AbbVie,

Inc

4

.400

11/06/42

113,600‌

50,000

AbbVie,

Inc

4

.450

05/14/46

45,355‌

100,000

AstraZeneca

plc

3

.125

06/12/27

96,161‌

150,000

AstraZeneca

plc

1

.375

08/06/30

123,123‌

30,000

g

Avantor

Funding,

Inc

4

.625

07/15/28

27,501‌

155,000

Bristol-Myers

Squibb

Co

2

.350

11/13/40

114,655‌

100,000

Bristol-Myers

Squibb

Co

2

.550

11/13/50

70,747‌

75,000

Danaher

Corp

2

.800

12/10/51

54,029‌

150,000

Gilead

Sciences,

Inc

2

.800

10/01/50

104,676‌

100,000

Merck

&

Co,

Inc

2

.750

12/10/51

73,848‌

200,000

g

Organon

Finance   LLC

5

.125

04/30/31

172,566‌

175,000

Takeda

Pharmaceutical

Co

Ltd

2

.050

03/31/30

146,372‌

100,000

Takeda

Pharmaceutical

Co

Ltd

3

.025

07/09/40

76,964‌

150,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3

.150

10/01/26

123,000‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,910,406‌

REAL

ESTATE

-

2

.5

%

100,000

Alexandria

Real

Estate

Equities,

Inc

3

.950

01/15/27

98,495‌

100,000

Alexandria

Real

Estate

Equities,

Inc

3

.950

01/15/28

96,804‌

100,000

Alexandria

Real

Estate

Equities,

Inc

4

.900

12/15/30

99,257‌

100,000

Alexandria

Real

Estate

Equities,

Inc

1

.875

02/01/33

75,190‌

100,000

American

Tower

Corp

2

.950

01/15/25

96,548‌

50,000

American

Tower

Corp

3

.375

10/15/26

47,275‌

150,000

American

Tower

Corp

3

.800

08/15/29

137,683‌

175,000

American

Tower

Corp

2

.900

01/15/30

149,822‌

50,000

American

Tower

Corp

2

.100

06/15/30

40,043‌

50,000

American

Tower

Corp

1

.875

10/15/30

38,898‌

150,000

Brandywine

Operating

Partnership

LP

4

.100

10/01/24

148,562‌

200,000

Brixmor

Operating

Partnership

LP

3

.850

02/01/25

196,799‌

100,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

85,754‌

100,000

Brixmor

Operating

Partnership

LP

2

.500

08/16/31

78,416‌

50,000

Corporate

Office

Properties

LP

2

.750

04/15/31

40,427‌

245,000

Crown

Castle

International

Corp

2

.250

01/15/31

198,728‌

50,000

CubeSmart

LP

2

.250

12/15/28

42,722‌

50,000

Equinix,

Inc

2

.150

07/15/30

40,450‌

150,000

Essential

Properties

LP

2

.950

07/15/31

117,530‌

50,000

Essex

Portfolio

LP

3

.000

01/15/30

44,186‌

125,000

Federal

Realty

Investment

Trust

1

.250

02/15/26

111,833‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

126

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

REAL

ESTATE—continued

$

200,000

g

HAT

Holdings

I

LLC

3

.375

%

06/15/26

$

172,000‌

175,000

Healthcare

Realty

Trust,

Inc

3

.875

05/01/25

171,559‌

100,000

Healthcare

Realty

Trust,

Inc

2

.400

03/15/30

82,755‌

100,000

Healthcare

Realty

Trust,

Inc

2

.050

03/15/31

78,531‌

125,000

Healthcare

Trust

of

America

Holdings

LP

3

.500

08/01/26

118,950‌

50,000

Healthcare

Trust

of

America

Holdings

LP

3

.100

02/15/30

43,080‌

100,000

Highwoods

Realty

LP

3

.875

03/01/27

96,241‌

50,000

Highwoods

Realty

LP

2

.600

02/01/31

41,064‌

24,000

g

Howard

Hughes

Corp

4

.125

02/01/29

18,511‌

28,000

Kennedy-Wilson,

Inc

4

.750

03/01/29

22,680‌

29,000

Kennedy-Wilson,

Inc

5

.000

03/01/31

22,475‌

110,000

Life

Storage

LP

2

.400

10/15/31

87,542‌

100,000

Mid-America

Apartments

LP

4

.300

10/15/23

100,575‌

125,000

Mid-America

Apartments

LP

3

.750

06/15/24

124,557‌

200,000

Mid-America

Apartments

LP

2

.750

03/15/30

174,216‌

100,000

Mid-America

Apartments

LP

1

.700

02/15/31

79,088‌

100,000

Mid-America

Apartments

LP

2

.875

09/15/51

69,350‌

150,000

Regency

Centers

LP

3

.900

11/01/25

147,659‌

100,000

Regency

Centers

LP

3

.600

02/01/27

96,728‌

100,000

Regency

Centers

LP

2

.950

09/15/29

87,865‌

100,000

Retail

Properties

of

America,

Inc

4

.750

09/15/30

93,099‌

500,000

g

SBA

Tower

Trust

2

.836

01/15/25

482,542‌

420,000

g

SBA

Tower

Trust

1

.884

01/15/26

387,840‌

87,000

SITE

Centers

Corp

3

.625

02/01/25

84,560‌

50,000

Weingarten

Realty

Investors

3

.375

10/15/22

50,008‌

100,000

Weingarten

Realty

Investors

3

.250

08/15/26

96,138‌

100,000

Weyerhaeuser

Co

4

.000

03/09/52

82,561‌

TOTAL

REAL

ESTATE

5,097,596‌

RETAILING

-

0

.5

%

25,000

g

Asbury

Automotive

Group,

Inc

4

.625

11/15/29

20,656‌

50,000

g

Asbury

Automotive

Group,

Inc

5

.000

02/15/32

40,875‌

50,000

AutoNation,

Inc

3

.800

11/15/27

47,234‌

100,000

AutoZone,

Inc

1

.650

01/15/31

78,411‌

40,000

g

Ferrellgas

Escrow

LLC

5

.375

04/01/26

34,727‌

44,000

g

Ferrellgas

Escrow

LLC

5

.875

04/01/29

35,719‌

100,000

Genuine

Parts

Co

2

.750

02/01/32

82,731‌

80,000

g

LCM

Investments

Holdings

II

LLC

4

.875

05/01/29

60,888‌

45,000

g

Lithia

Motors,

Inc

4

.625

12/15/27

41,248‌

38,000

g

Magic

Mergeco,

Inc

5

.250

05/01/28

29,867‌

125,000

O'Reilly

Automotive,

Inc

3

.600

09/01/27

120,708‌

100,000

O'Reilly

Automotive,

Inc

4

.200

04/01/30

96,547‌

250,000

e

O'Reilly

Automotive,

Inc

1

.750

03/15/31

198,173‌

50,000

g

Staples,

Inc

7

.500

04/15/26

41,444‌

28,000

g

Superior

Plus

LP

4

.500

03/15/29

23,800‌

75,000

Target

Corp

2

.350

02/15/30

66,235‌

TOTAL

RETAILING

1,019,263‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0

.6

%

325,000

g

Broadcom,

Inc

2

.450

02/15/31

261,117‌

39,000

g

Broadcom,

Inc

3

.469

04/15/34

31,741‌

18,000

g

Broadcom,

Inc

3

.187

11/15/36

13,683‌

240,000

g

Broadcom,

Inc

4

.926

05/15/37

215,170‌

100,000

Lam

Research

Corp

4

.000

03/15/29

98,247‌

115,000

NVIDIA

Corp

2

.000

06/15/31

97,639‌

100,000

NXP

BV

3

.875

06/18/26

96,320‌

100,000

NXP

BV

4

.400

06/01/27

98,443‌

100,000

NXP

BV

3

.400

05/01/30

88,213‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

127

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

$

125,000

NXP

BV

3

.125

%

02/15/42

$

90,909‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,091,482‌

SOFTWARE

&

SERVICES

-

0

.6

%

105,000

Adobe,

Inc

2

.300

02/01/30

92,724‌

200,000

g

CA

Magnum

Holdings

5

.375

10/31/26

173,316‌

10,000

g

Camelot

Finance

S.A.

4

.500

11/01/26

9,121‌

30,000

g

Clarivate

Science

Holdings

Corp

3

.875

07/01/28

25,065‌

80,000

Fiserv,

Inc

3

.500

07/01/29

72,975‌

147,000

Microsoft

Corp

2

.525

06/01/50

108,269‌

55,000

g

Open

Text

Corp

3

.875

12/01/29

46,291‌

15,000

g

Open

Text

Holdings,

Inc

4

.125

02/15/30

12,976‌

200,000

e,g

Prosus

NV

4

.193

01/19/32

159,677‌

125,000

Roper

Technologies,

Inc

1

.400

09/15/27

107,072‌

100,000

salesforce.com,

Inc

3

.700

04/11/28

98,840‌

100,000

salesforce.com,

Inc

1

.950

07/15/31

84,941‌

100,000

salesforce.com,

Inc

2

.700

07/15/41

77,299‌

100,000

Take-Two

Interactive

Software,

Inc

3

.700

04/14/27

97,065‌

50,000

Visa,

Inc

2

.700

04/15/40

40,201‌

TOTAL

SOFTWARE

&

SERVICES

1,205,832‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0

.5

%

165,000

Amphenol

Corp

2

.800

02/15/30

144,451‌

175,000

Apple,

Inc

2

.450

08/04/26

167,394‌

575,000

Apple,

Inc

2

.050

09/11/26

541,366‌

60,000

Apple,

Inc

2

.650

02/08/51

44,221‌

65,000

Dell

International

LLC

5

.300

10/01/29

64,079‌

80,000

g

Imola

Merger

Corp

4

.750

05/15/29

66,933‌

50,000

g

Sensata

Technologies

BV

4

.000

04/15/29

42,404‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,070,848‌

TELECOMMUNICATION

SERVICES

-

2

.2

%

200,000

g

Altice

France

S.A.

5

.125

07/15/29

151,000‌

564,000

AT&T,

Inc

2

.550

12/01/33

457,536‌

150,000

AT&T,

Inc

4

.500

05/15/35

142,540‌

150,000

AT&T,

Inc

3

.500

06/01/41

119,772‌

480,000

AT&T,

Inc

3

.550

09/15/55

359,635‌

11,000

AT&T,

Inc

3

.650

09/15/59

8,238‌

250,000

g

Bharti

Airtel

Ltd

3

.250

06/03/31

209,094‌

200,000

g

Empresa

Nacional

de

Telecomunicaciones

S.A.

3

.050

09/14/32

160,250‌

200,000

g

Millicom

International

Cellular

S.A.

4

.500

04/27/31

148,000‌

200,000

g

MTN

Mauritius

Investment

Ltd

6

.500

10/13/26

195,993‌

100,000

Telefonica

Emisiones

SAU

4

.103

03/08/27

97,903‌

100,000

Telefonica

Emisiones

SAU

4

.895

03/06/48

85,261‌

20,000

T-Mobile

USA,

Inc

2

.250

02/15/26

17,998‌

30,000

T-Mobile

USA,

Inc

2

.625

02/15/29

25,254‌

225,000

T-Mobile

USA,

Inc

3

.875

04/15/30

209,983‌

350,000

T-Mobile

USA,

Inc

2

.550

02/15/31

294,505‌

100,000

T-Mobile

USA,

Inc

3

.000

02/15/41

74,579‌

100,000

T-Mobile

USA,

Inc

4

.500

04/15/50

88,730‌

125,000

T-Mobile

USA,

Inc

3

.300

02/15/51

91,023‌

100,000

Verizon

Communications,

Inc

3

.150

03/22/30

90,920‌

50,000

Verizon

Communications,

Inc

1

.680

10/30/30

40,296‌

25,000

Verizon

Communications,

Inc

1

.750

01/20/31

20,081‌

200,000

Verizon

Communications,

Inc

2

.550

03/21/31

171,001‌

500,000

Verizon

Communications,

Inc

2

.355

03/15/32

414,569‌

550,000

Verizon

Communications,

Inc

3

.400

03/22/41

447,720‌

200,000

g

Vmed

O2

UK

Financing

I

plc

4

.750

07/15/31

161,570‌

110,000

Vodafone

Group

plc

4

.375

02/19/43

95,592‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

128

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

TELECOMMUNICATION

SERVICES—continued

$

150,000

Vodafone

Group

plc

4

.250

%

09/17/50

$

126,154‌

TOTAL

TELECOMMUNICATION

SERVICES

4,505,197‌

TRANSPORTATION

-

0

.3

%

65,000

Burlington

Northern

Santa

Fe

LLC

3

.050

02/15/51

49,433‌

275,000

Canadian

Pacific

Railway

Co

2

.050

03/05/30

232,713‌

100,000

CSX

Corp

3

.800

03/01/28

97,563‌

75,000

CSX

Corp

4

.250

03/15/29

74,611‌

90,000

g

First

Student

Bidco,

Inc

4

.000

07/31/29

71,981‌

50,000

Union

Pacific

Corp

2

.891

04/06/36

41,331‌

100,000

Union

Pacific

Corp

3

.839

03/20/60

83,471‌

TOTAL

TRANSPORTATION

651,103‌

UTILITIES

-

2

.6

%

100,000

AEP

Transmission

Co

LLC

3

.100

12/01/26

96,560‌

75,000

AEP

Transmission

Co

LLC

4

.000

12/01/46

66,248‌

100,000

AEP

Transmission

Co

LLC

2

.750

08/15/51

70,085‌

200,000

g

Aeropuerto

Internacional

de

Tocumen

S.A.

4

.000

08/11/41

162,235‌

100,000

American

Water

Capital

Corp

3

.000

12/01/26

94,776‌

250,000

American

Water

Capital

Corp

2

.800

05/01/30

224,149‌

60,000

American

Water

Capital

Corp

4

.000

12/01/46

52,058‌

50,000

American

Water

Capital

Corp

3

.750

09/01/47

41,605‌

100,000

American

Water

Capital

Corp

3

.450

05/01/50

79,686‌

100,000

Atmos

Energy

Corp

1

.500

01/15/31

79,990‌

125,000

Baltimore

Gas

&

Electric

Co

3

.750

08/15/47

106,636‌

50,000

BAT

Capital

Corp

4

.742

03/16/32

44,439‌

200,000

g

Becle

SAB

de

C.V.

2

.500

10/14/31

159,830‌

50,000

Berkshire

Hathaway

Energy

Co

3

.250

04/15/28

47,530‌

200,000

Black

Hills

Corp

4

.250

11/30/23

200,593‌

100,000

Black

Hills

Corp

3

.150

01/15/27

95,367‌

100,000

e

CenterPoint

Energy

Houston

Electric

LLC

3

.000

03/01/32

90,870‌

100,000

Commonwealth

Edison

Co

2

.750

09/01/51

71,123‌

100,000

Consumers

Energy

Co

2

.650

08/15/52

70,016‌

60,000

Dominion

Energy,

Inc

2

.250

08/15/31

49,329‌

190,000

Dominion

Energy,

Inc

3

.300

04/15/41

149,044‌

405,000

Duke

Energy

Corp

3

.300

06/15/41

313,389‌

50,000

Duke

Energy

Progress

LLC

2

.500

08/15/50

34,145‌

100,000

Edison

International

5

.375

N/A‡

81,250‌

200,000

g

ENN

Energy

Holdings

Ltd

2

.625

09/17/30

170,311‌

195,000

Eversource

Energy

1

.650

08/15/30

155,296‌

100,000

Florida

Power

&

Light

Co

3

.990

03/01/49

91,116‌

75,000

Indiana

Michigan

Power

Co

3

.750

07/01/47

61,802‌

200,000

g

Israel

Electric

Corp

Ltd

3

.750

02/22/32

178,897‌

150,000

MidAmerican

Energy

Co

3

.650

04/15/29

145,725‌

95,000

MidAmerican

Energy

Co

3

.650

08/01/48

80,543‌

130,000

NextEra

Energy

Capital

Holdings,

Inc

2

.250

06/01/30

109,165‌

310,000

NiSource,

Inc

1

.700

02/15/31

242,335‌

85,000

g

NRG

Energy,

Inc

2

.450

12/02/27

72,984‌

50,000

NRG

Energy,

Inc

5

.750

01/15/28

45,447‌

100,000

NSTAR

Electric

Co

3

.950

04/01/30

97,839‌

100,000

Ohio

Power

Co

4

.150

04/01/48

87,290‌

100,000

Ohio

Power

Co

4

.000

06/01/49

86,031‌

50,000

ONE

Gas,

Inc

3

.610

02/01/24

49,940‌

12,000

g

Pattern

Energy

Operations

LP

4

.500

08/15/28

10,440‌

100,000

PECO

Energy

Co

3

.000

09/15/49

75,759‌

200,000

PECO

Energy

Co

2

.800

06/15/50

145,931‌

200,000

g

Perusahaan

Listrik

Negara

PT

3

.875

07/17/29

180,438‌

200,000

†,g

Phosagro

OAO

Via

Phosagro

Bond

Funding

DAC

2

.600

09/16/28

45,000‌

125,000

Public

Service

Co

of

Colorado

1

.875

06/15/31

104,492‌

125,000

Public

Service

Co

of

Colorado

3

.200

03/01/50

98,127‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

129

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

UTILITIES—continued

$

200,000

g

Saka

Energi

Indonesia

PT

4

.450

%

05/05/24

$

183,238‌

75,000

Virginia

Electric

&

Power

Co

2

.950

11/15/26

71,438‌

50,000

Virginia

Electric

&

Power

Co

3

.500

03/15/27

48,820‌

TOTAL

UTILITIES

5,119,357‌

TOTAL

CORPORATE

BONDS

69,665,211‌

(Cost

$79,659,597)

GOVERNMENT

BONDS

-

40.7%

FOREIGN

GOVERNMENT

BONDS

-

2

.6

%

200,000

g

African

Export-Import

Bank

2

.634

05/17/26

176,485‌

200,000

g

Angolan

Government

International

Bond

8

.750

04/14/32

159,572‌

EUR

100,000

g

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

82,487‌

50,000

g

Bermuda

Government

International

Bond

4

.750

02/15/29

49,968‌

200,000

g

BNG

Bank

NV

2

.625

02/27/24

198,407‌

200,000

Chile

Government

International

Bond

2

.750

01/31/27

186,750‌

400,000

e

Colombia

Government

International

Bond

3

.250

04/22/32

289,034‌

200,000

g

Costa

Rica

Government

International

Bond

5

.625

04/30/43

149,572‌

200,000

g

Dominican

Republic

Government

International

Bond

4

.875

09/23/32

153,887‌

13,286

g

Ecuador

Government

International

Bond

0

.000

07/31/30

5,486‌

79,525

g

Ecuador

Government

International

Bond

(Step

Bond)

5

.000

07/31/30

51,196‌

56,442

g

Ecuador

Government

International

Bond

(Step

Bond)

1

.000

07/31/35

27,208‌

200,000

g

Egypt

Government

International

Bond

7

.053

01/15/32

129,642‌

100,000

European

Investment

Bank

4

.875

02/15/36

116,710‌

200,000

g

Export-Import

Bank

of

India

2

.250

01/13/31

157,447‌

200,000

g

Guatemala

Government

Bond

3

.700

10/07/33

153,620‌

187,500

g

Iraq

Government

International

Bond

5

.800

01/15/28

168,266‌

200,000

Japan

Bank

for

International

Cooperation

2

.375

04/20/26

193,195‌

100,000

g

Japan

Finance

Organization

for

Municipalities

3

.000

03/12/24

99,433‌

300,000

e,g

Jordan

Government

International

Bond

4

.950

07/07/25

270,811‌

200,000

g

Korea

Electric

Power

Corp

1

.125

06/15/25

185,162‌

200,000

g

Korea

Hydro

&

Nuclear

Power

Co

Ltd

1

.250

04/27/26

182,091‌

25,000

e

Mexico

Government

International

Bond

3

.250

04/16/30

21,999‌

32,000

Mexico

Government

International

Bond

6

.050

01/11/40

31,434‌

275,000

Mexico

Government

International

Bond

4

.280

08/14/41

217,342‌

200,000

e,g

Pakistan

Global

Sukuk

Programme

Co

Ltd

7

.950

01/31/29

173,066‌

160,000

Panama

Notas

del

Tesoro

3

.750

04/17/26

155,200‌

130,000

Peruvian

Government

International

Bond

3

.000

01/15/34

106,640‌

200,000

g

Qatar

Government

International

Bond

3

.750

04/16/30

198,602‌

300,000

g

Republic

of

Uzbekistan

International

Bond

4

.750

02/20/24

286,071‌

275,000

g

Rwanda

International

Government

Bond

5

.500

08/09/31

214,658‌

500,000

g

Saudi

Government

International

Bond

3

.750

01/21/55

409,722‌

200,000

g

Serbia

International

Bond

2

.125

12/01/30

146,791‌

TOTAL

FOREIGN

GOVERNMENT

BONDS

5,147,954‌

MORTGAGE

BACKED

-

20

.0

%

210,000

g,i

Connecticut

Avenue

Securities

Trust

2

.826

12/25/41

189,180‌

100,000

g,i

Connecticut

Avenue

Securities

Trust

5

.426

01/25/42

87,659‌

255,000

g,i

Connecticut

Avenue

Securities

Trust

4

.026

03/25/42

238,448‌

460,000

g,i

Connecticut

Avenue

Securities

Trust

4

.798

05/25/42

447,355‌

250,000

g,i

Fannie

CAS

5

.576

06/25/42

250,937‌

58,214

i

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

LIBOR

1

M

+

5.920%

4

.596

03/15/44

7,235‌

254,544

FHLMC

4

.000

10/01/47

255,823‌

18,912

FHLMC

4

.000

06/01/48

18,958‌

102,560

i

FHLMC

LIBOR

1

M

+

9.920%

7

.802

06/15/48

105,044‌

11,550

FHLMC

4

.000

07/01/48

11,576‌

137,011

i

FHLMC

LIBOR

1

M

+

9.840%

7

.722

10/15/48

136,665‌

1,060,073

FHLMC

3

.000

11/01/49

998,534‌

244,883

FHLMC

2

.000

09/25/50

28,868‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

130

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MORTGAGE

BACKED—continued

$

496,433

FHLMC

2

.500

%

02/25/51

$

79,971‌

248,585

FHLMC

3

.000

11/01/51

235,109‌

217,623

FHLMC

3

.000

11/01/51

204,595‌

40,121

FHLMC

3

.000

11/01/51

38,155‌

63,319

FHLMC

3

.000

11/01/51

59,867‌

658,204

FHLMC

2

.000

02/01/52

573,790‌

862,281

FHLMC

2

.500

02/01/52

778,948‌

592,214

FHLMC

2

.500

03/01/52

535,157‌

744,746

FHLMC

2

.500

03/01/52

672,648‌

78,682

FHLMC

3

.000

04/01/52

73,541‌

17,398

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

5

.000

06/01/36

18,322‌

5,318

FGLMC

5

.000

07/01/39

5,604‌

146,042

FGLMC

3

.500

04/01/45

143,603‌

428,805

FGLMC

3

.500

08/01/45

422,878‌

158,353

FGLMC

4

.000

12/01/45

160,016‌

11,729

FGLMC

4

.500

06/01/47

12,142‌

279,982

FGLMC

4

.000

09/01/47

281,941‌

97,379

FGLMC

3

.500

12/01/47

95,301‌

66,000

FGLMC

4

.000

07/01/48

66,211‌

89,890

FGLMC

4

.500

08/01/48

91,828‌

106,486

Federal

National

Mortgage

Association

(FNMA)

3

.500

06/01/32

106,488‌

860,000

h

FNMA

2

.500

07/25/32

821,213‌

140,524

FNMA

3

.000

10/01/32

139,282‌

77,429

FNMA

5

.000

05/01/35

81,411‌

6,431

FNMA

7

.500

07/01/35

6,445‌

87,623

FNMA

5

.000

02/01/36

92,224‌

840,000

h

FNMA

3

.000

07/25/37

820,685‌

300,000

h

FNMA

3

.500

07/25/37

298,122‌

84,271

FNMA

3

.000

10/01/39

80,192‌

65,664

FNMA

3

.000

05/01/40

62,543‌

132,752

FNMA

5

.000

09/01/40

139,718‌

553,389

FNMA

2

.000

03/01/42

491,942‌

65,522

FNMA

4

.000

09/01/42

65,820‌

82,857

i

FNMA

LIBOR

1

M

+

5.950%

4

.326

09/25/43

11,406‌

37,298

FNMA

4

.000

01/01/44

37,656‌

42,412

FNMA

4

.500

03/01/44

43,708‌

166,500

FNMA

4

.500

10/01/44

170,991‌

297,557

FNMA

4

.500

11/01/44

305,557‌

72,271

FNMA

5

.000

11/01/44

76,065‌

24,366

FNMA

4

.000

01/01/45

24,476‌

82,543

FNMA

4

.000

12/01/45

83,124‌

338,416

FNMA

3

.500

01/01/46

330,900‌

214,695

FNMA

4

.000

01/01/46

216,211‌

19,832

FNMA

4

.000

04/01/46

19,922‌

132,940

FNMA

3

.500

07/01/46

129,988‌

345,946

FNMA

3

.500

07/01/46

339,962‌

59,407

FNMA

3

.000

10/01/46

54,991‌

6,927

FNMA

3

.000

11/01/47

6,416‌

159,291

FNMA

3

.500

11/01/47

156,537‌

260,281

FNMA

4

.000

12/01/47

260,864‌

202,758

FNMA

3

.500

01/01/48

198,263‌

90,354

FNMA

4

.500

01/01/48

92,207‌

84,136

FNMA

4

.500

02/01/48

85,862‌

69,065

FNMA

4

.000

03/01/48

69,219‌

342,550

FNMA

4

.500

03/01/48

349,573‌

52,747

FNMA

4

.500

05/01/48

53,874‌

70,391

FNMA

4

.500

05/01/48

71,874‌

95,706

FNMA

5

.000

08/01/48

99,914‌

1,925,000

h

FNMA

4

.000

07/25/49

1,898,193‌

1,250,000

h

FNMA

4

.500

07/25/49

1,254,736‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

131

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MORTGAGE

BACKED—continued

$

271,322

FNMA

3

.000

%

07/01/50

$

255,124‌

174,208

FNMA

2

.000

08/25/50

24,614‌

541,449

FNMA

2

.500

11/25/50

78,364‌

96,660

FNMA

3

.000

02/25/51

19,410‌

1,582,522

FNMA

2

.000

04/01/51

1,375,590‌

171,553

FNMA

3

.000

09/01/51

161,583‌

218,330

FNMA

2

.500

11/25/51

31,292‌

789,394

FNMA

2

.000

12/01/51

688,164‌

163,968

FNMA

2

.000

01/01/52

143,321‌

293,431

FNMA

2

.500

01/01/52

265,025‌

24,477

FNMA

3

.000

01/01/52

22,935‌

627,907

FNMA

2

.000

02/01/52

547,375‌

1,078,355

FNMA

2

.500

02/01/52

973,757‌

499,195

FNMA

2

.500

02/01/52

451,099‌

588,805

FNMA

2

.500

02/01/52

531,552‌

488,085

FNMA

2

.500

02/01/52

440,554‌

313,141

FNMA

3

.500

02/01/52

303,555‌

349,532

FNMA

2

.000

03/01/52

303,710‌

133,589

FNMA

2

.500

04/01/52

120,532‌

89,692

FNMA

3

.000

04/01/52

83,858‌

731,709

FNMA

3

.000

04/01/52

684,443‌

1,280,189

FNMA

3

.000

04/01/52

1,197,810‌

595,910

FNMA

3

.000

04/01/52

557,417‌

118,749

FNMA

3

.000

04/01/52

110,955‌

453,509

FNMA

3

.500

05/01/52

437,047‌

580,248

FNMA

4

.000

05/01/52

572,861‌

303,931

FNMA

4

.000

06/01/52

300,062‌

200,000

h

FNMA

4

.000

07/01/52

197,483‌

365,000

h

FNMA

3

.500

07/25/52

350,999‌

1,750,000

h

FNMA

5

.000

07/25/52

1,786,094‌

1,000,000

h

FNMA

5

.000

08/25/52

1,017,676‌

800,000

h

FNMA

5

.500

08/25/52

828,000‌

100,000

g,i

Freddie

Mac

STACR

REMIC

Trust

4

.326

10/25/41

85,540‌

80,000

g,i

Freddie

Mac

STACR

REMIC

Trust

4

.426

03/25/42

76,395‌

580,000

g,i

Freddie

Mac

STACR

REMIC

Trust

4

.276

05/25/42

551,403‌

100,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

3

.226

08/25/33

94,529‌

120,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

3

.700

11/25/41

102,648‌

525,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

3

.326

02/25/42

484,401‌

530,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

5

.279

06/25/42

532,662‌

3,883

Government

National

Mortgage

Association

(GNMA)

5

.000

03/15/34

4,024‌

20,760

GNMA

5

.000

06/15/34

21,525‌

2,064

GNMA

5

.000

04/15/38

2,157‌

3,514

GNMA

4

.500

04/15/40

3,617‌

105,683

GNMA

4

.000

06/20/46

14,347‌

465,000

h

GNMA

3

.000

07/20/47

438,299‌

298,905

GNMA

2

.500

05/20/52

273,904‌

1,644,799

GNMA

3

.000

05/20/52

1,552,633‌

100,000

h

GNMA

2

.500

07/20/52

91,500‌

1,000,000

h

GNMA

3

.500

07/20/52

971,562‌

1,000,000

h

GNMA

4

.000

07/20/52

995,605‌

400,000

h

GNMA

4

.500

07/20/52

405,875‌

154,937

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

141,141‌

186,709

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

155,882‌

142,900

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

05/01/52

128,895‌

215,161

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

08/26/52

187,115‌

130,000

†,g,i

J.P.

Morgan

Mortgage

Trust

3

.000

12/25/52

112,161‌

240,572

g,i

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

203,143‌

343,820

g,i

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

302,649‌

371,833

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

327,444‌

196,668

g,i

JP

Morgan

Mortgage

Trust

3

.000

10/25/52

171,754‌

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

132

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MORTGAGE

BACKED—continued

$

123,397

g,i

JP

Morgan

Mortgage

Trust

3

.000

%

11/25/52

$

106,994‌

TOTAL

MORTGAGE

BACKED

40,376,548‌

MUNICIPAL

BONDS

-

1

.7

%

200,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.264

09/01/25

196,179‌

200,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.038

09/01/34

193,115‌

300,000

City

of

New

York

NY

3

.430

12/01/24

298,979‌

150,000

Commonwealth

Financing

Authority

3

.864

06/01/38

143,046‌

500,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.049

10/01/26

480,255‌

350,000

Michigan

Finance

Authority

2

.988

09/01/49

346,611‌

170,000

New

York

State

Dormitory

Authority

4

.294

07/01/44

159,145‌

1,400,000

State

of

Illinois

5

.100

06/01/33

1,408,525‌

300,000

State

of

Oregon

Department

of

Administrative

Services

4

.103

05/01/39

273,412‌

TOTAL

MUNICIPAL

BONDS

3,499,267‌

U.S.

TREASURY

SECURITIES

-

16

.4

%

1,100,000

United

States

Treasury

Bond

3

.125

11/15/41

1,056,129‌

1,535,700

United

States

Treasury

Bond

3

.000

11/15/45

1,427,001‌

1,615,000

United

States

Treasury

Bond

2

.875

11/15/46

1,472,426‌

765,000

United

States

Treasury

Bond

3

.000

05/15/47

715,036‌

176,000

United

States

Treasury

Bond

3

.375

11/15/48

178,826‌

1,146,100

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

04/15/24

1,161,948‌

205,000

United

States

Treasury

Note

0

.125

01/31/23

202,109‌

100,000

United

States

Treasury

Note

0

.125

05/31/23

97,524‌

1,000,000

United

States

Treasury

Note

0

.875

01/31/24

967,656‌

1,715,000

United

States

Treasury

Note

2

.875

06/15/25

1,708,167‌

1,000,000

United

States

Treasury

Note

0

.875

09/30/26

913,281‌

217,000

United

States

Treasury

Note

2

.625

05/31/27

212,897‌

195,000

United

States

Treasury

Note

3

.250

06/30/27

196,904‌

65,000

United

States

Treasury

Note

0

.500

10/31/27

56,789‌

1,439,000

United

States

Treasury

Note

1

.125

08/31/28

1,280,654‌

1,855,000

United

States

Treasury

Note

1

.375

10/31/28

1,672,471‌

1,475,000

United

States

Treasury

Note

2

.375

03/31/29

1,411,909‌

5,622,300

United

States

Treasury

Note

2

.875

05/15/32

5,559,049‌

300,000

United

States

Treasury

Note

2

.250

05/15/41

250,336‌

25,000

United

States

Treasury

Note

1

.750

08/15/41

19,017‌

500,000

United

States

Treasury

Note

2

.000

11/15/41

397,109‌

5,411,800

United

States

Treasury

Note

2

.250

02/15/42

4,589,037‌

750,000

United

States

Treasury

Note

3

.250

05/15/42

731,953‌

5,797,000

United

States

Treasury

Note

2

.250

02/15/52

4,770,750‌

2,000,000

United

States

Treasury

Note

2

.875

05/15/52

1,889,063‌

TOTAL

U.S.

TREASURY

SECURITIES

32,938,041‌

TOTAL

GOVERNMENT

BONDS

81,961,810‌

(Cost

$86,446,756)

STRUCTURED

ASSETS

-

20.3%

ASSET

BACKED

-

8

.5

%

250,000

g

Affirm

Asset

Securitization

Trust

1

.660

08/15/25

239,073‌

Series

-

2021

A

(Class

C)

350,000

g

Affirm

Asset

Securitization

Trust

1

.400

08/17/26

317,633‌

Series

-

2021

B

(Class

C)

250,000

g,i

AIMCO

CLO

16

Ltd

LIBOR

3

M

+

1.650%

1

.895

01/17/35

234,018‌

Series

-

2021

16A

(Class

B)

250,000

AmeriCredit

Automobile

Receivables

Trust

2

.130

03/18/26

240,652‌

Series

-

2020

2

(Class

D)

250,000

AmeriCredit

Automobile

Receivables

Trust

1

.490

09/18/26

234,654‌

Series

-

2020

3

(Class

D)

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

133

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

250,000

AmeriCredit

Automobile

Receivables

Trust

1

.210

%

12/18/26

$

233,794‌

Series

-

2021

1

(Class

D)

99,904

g

AMSR

Trust

1

.819

04/17/37

94,788‌

Series

-

2020

SFR1

(Class

A)

100,000

g

AMSR

Trust

3

.148

01/19/39

93,762‌

Series

-

2019

SFR1

(Class

C)

100,000

g

AMSR

Trust

3

.247

01/19/39

92,813‌

Series

-

2019

SFR1

(Class

D)

242,716

g

Apollo

aviation

securitization

2

.798

01/15/47

206,986‌

Series

-

2021

2A

(Class

A)

250,000

g

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2

.970

03/20/24

249,206‌

Series

-

2017

2A

(Class

A)

187,049

g

BRE

Grand

Islander

Timeshare

Issuer

LLC

3

.280

09/26/33

179,797‌

Series

-

2019

A

(Class

A)

95,450

g

Capital

Automotive

REIT

1

.440

08/15/51

84,149‌

Series

-

2021

1A

(Class

A1)

99,979

g

Capital

Automotive

REIT

1

.920

08/15/51

87,387‌

Series

-

2021

1A

(Class

A3)

1,250,000

CarMax

Auto

Owner

Trust

1

.280

07/15/27

1,140,209‌

Series

-

2021

1

(Class

D)

98,500

g

Cars

Net

Lease

Mortgage

Notes

Series

2

.010

12/15/50

86,581‌

Series

-

2020

1A

(Class

A1)

99,250

g

Cars

Net

Lease

Mortgage

Notes

Series

3

.100

12/15/50

91,077‌

Series

-

2020

1A

(Class

A3)

100,000

g

Cars

Net

Lease

Mortgage

Notes

Series

4

.690

12/15/50

94,147‌

Series

-

2020

1A

(Class

B1)

100,000

Carvana

Auto

Receivables

Trust

1

.720

09/11/28

95,570‌

Series

-

2021

N4

(Class

C)

345,000

g

Carvana

Auto

Receivables

Trust

4

.130

12/11/28

333,457‌

Series

-

2022

N1

(Class

D)

250,000

g,i

Cayuga

Park

CLO

Ltd

LIBOR

3

M

+

1.650%

1

.000

07/17/34

237,807‌

Series

-

2020

1A

(Class

B1R)

144,702

†,g,i

CBRE

Realty

Finance

LIBOR

3

M

+

0.300%

0

.520

04/07/52

362‌

Series

-

2007

1A

(Class

A2)

3,556

Centex

Home

Equity

5

.540

01/25/32

3,546‌

Series

-

2002

A

(Class

AF6)

460,252

g

CF

Hippolyta

LLC

1

.690

07/15/60

417,051‌

Series

-

2020

1

(Class

A1)

225,740

g

CF

Hippolyta

LLC

1

.990

07/15/60

192,898‌

Series

-

2020

1

(Class

A2)

92,050

g

CF

Hippolyta

LLC

2

.280

07/15/60

82,571‌

Series

-

2020

1

(Class

B1)

241,126

g

CF

Hippolyta

LLC

1

.530

03/15/61

212,556‌

Series

-

2021

1A

(Class

A1)

241,126

g

CF

Hippolyta

LLC

1

.980

03/15/61

208,126‌

Series

-

2021

1A

(Class

B1)

230,000

g

Cologix

Data

Centers

US

Issuer

LLC

3

.300

12/26/51

211,473‌

Series

-

2021

1A

(Class

A2)

121,563

g

DB

Master

Finance

LLC

4

.352

05/20/49

113,327‌

Series

-

2019

1A

(Class

A23)

199,000

g

DB

Master

Finance

LLC

2

.045

11/20/51

176,683‌

Series

-

2021

1A

(Class

A2I)

99,500

g

DB

Master

Finance

LLC

2

.493

11/20/51

85,714‌

Series

-

2021

1A

(Class

A2II)

53,643

g

Diamond

Resorts

Owner

Trust

3

.700

01/21/31

53,514‌

Series

-

2018

1

(Class

A)

67,655

g

Diamond

Resorts

Owner

Trust

2

.890

02/20/32

66,443‌

Series

-

2019

1A

(Class

A)

53,192

g

Diamond

Resorts

Owner

Trust

2

.050

11/21/33

49,831‌

Series

-

2021

1A

(Class

B)

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

134

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

330,750

g

Domino's

Pizza

Master

Issuer

LLC

4

.474

%

10/25/45

$

329,130‌

Series

-

2015

1A

(Class

A2II)

217,125

g

Domino's

Pizza

Master

Issuer

LLC

4

.116

07/25/48

211,689‌

Series

-

2018

1A

(Class

A2I)

148,500

g

Domino's

Pizza

Master

Issuer

LLC

2

.662

04/25/51

129,438‌

Series

-

2021

1A

(Class

A2I)

500,000

g

DT

Auto

Owner

Trust

1

.160

11/16/26

463,521‌

Series

-

2021

1A

(Class

D)

40,431

g,i

Ellington

Loan

Acquisition

Trust

LIBOR

1

M

+

1.100%

2

.724

05/25/37

40,151‌

Series

-

2007

2

(Class

A2C)

250,000

g

Flexential

Issuer,

LLC

3

.250

11/27/51

228,562‌

Series

-

2021

1A

(Class

A2)

180,383

g

FNA

VI

LLC

1

.350

01/10/32

168,469‌

Series

-

2021

1A

(Class

A)

446,000

g,i

GRACIE

POINT

INTERNATIONAL

FUNDING

0

.000

04/01/24

444,485‌

Series

-

2022

1A

(Class

B)

81,116

g

HERO

Funding

Trust

3

.190

09/20/48

77,477‌

Series

-

2017

3A

(Class

A1)

81,116

g

HERO

Funding

Trust

3

.950

09/20/48

78,714‌

Series

-

2017

3A

(Class

A2)

150,000

g

Hertz

Vehicle

Financing

LLC

1

.560

12/26/25

138,615‌

Series

-

2021

1A

(Class

B)

133,795

g

Hilton

Grand

Vacations

Trust

2

.960

12/26/28

130,950‌

Series

-

2017

AA

(Class

B)

102,053

g

Hilton

Grand

Vacations

Trust

2

.340

07/25/33

97,603‌

Series

-

2019

AA

(Class

A)

4,872

i

Home

Equity

Asset

Trust

LIBOR

1

M

+

1.500%

3

.986

06/25/33

4,809‌

Series

-

2003

1

(Class

M1)

422,686

g

Horizon

Aircraft

Finance

II

Ltd

3

.721

07/15/39

374,013‌

Series

-

2019

1

(Class

A)

226,384

g

Horizon

Aircraft

Finance

III

Ltd

3

.425

11/15/39

196,174‌

Series

-

2019

2

(Class

A)

100,000

g

Hpefs

Equipment

Trust

4

.430

09/20/29

99,333‌

Series

-

2022

2A

(Class

C)

99,995

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

1.250%

2

.773

01/17/38

98,988‌

Series

-

2018

SFR4

(Class

B)

250,000

g,i

La

Vie

Re

Ltd

LIBOR

3

M

+

2.850%

3

.784

10/06/23

245,000‌

Series

-

2020

A

(Class

)

250,000

g,i

Madison

Park

Funding

LIX

Ltd

LIBOR

3

M

+

2.100%

2

.345

01/18/34

234,666‌

Series

-

2021

59A

(Class

C)

250,000

g,i

Massachusetts

St

LIBOR

3

M

+

1.650%

1

.882

01/15/35

236,356‌

Series

-

2021

3A

(Class

B)

128,104

g

MVW

LLC

1

.830

05/20/39

116,844‌

Series

-

2021

2A

(Class

B)

158,040

g

MVW

Owner

Trust

2

.420

12/20/34

155,065‌

Series

-

2017

1A

(Class

A)

107,891

g

MVW

Owner

Trust

3

.450

01/21/36

106,093‌

Series

-

2018

1A

(Class

A)

91,827

g

MVW

Owner

Trust

3

.000

11/20/36

87,490‌

Series

-

2019

1A

(Class

B)

44,409

g

Navient

Private

Education

Refi

Loan

Trust

1

.310

01/15/69

41,391‌

Series

-

2020

HA

(Class

A)

174,259

g

Navient

Student

Loan

Trust

3

.390

12/15/59

168,575‌

Series

-

2019

BA

(Class

A2A)

250,000

g,i

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

0

.000

05/25/27

249,438‌

Series

-

2022

1

(Class

B)

250,000

g,i

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd

LIBOR

3

M

+

1.060%

2

.104

04/16/33

244,304‌

Series

-

2021

40A

(Class

A)

250,000

g,i

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd

LIBOR

3

M

+

1.400%

2

.444

04/16/33

236,669‌

Series

-

2021

40A

(Class

B)

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

135

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

240,744

g

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

1

.480

%

01/20/51

$

217,032‌

Series

-

2021

1A

(Class

A1)

99,001

g

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2

.380

11/20/51

89,652‌

Series

-

2021

2A

(Class

A1)

250,000

g,i

OHA

Credit

Funding

10

Ltd

LIBOR

3

M

+

1.650%

1

.896

01/18/36

237,420‌

Series

-

2021

10A

(Class

B)

218,376

g

OneMain

Financial

Issuance

Trust

3

.840

05/14/32

217,753‌

Series

-

2020

1A

(Class

A)

150,000

g

OneMain

Financial

Issuance

Trust

1

.750

09/14/35

133,573‌

Series

-

2020

2A

(Class

A)

250,000

g

Oportun

Funding

XIV

LLC

1

.210

03/08/28

233,992‌

Series

-

2021

A

(Class

A)

200,000

g

PFS

Financing

Corp

1

.270

06/15/25

194,373‌

Series

-

2020

A

(Class

A)

250,000

g

PFS

Financing

Corp

1

.770

06/15/25

241,648‌

Series

-

2020

A

(Class

B)

250,000

g

PFS

Financing

Corp

0

.960

04/15/26

234,009‌

Series

-

2021

A

(Class

B)

100,000

g

Progress

Residential

Trust

2

.082

10/17/38

86,104‌

Series

-

2021

SFR8

(Class

D)

250,000

Santander

Drive

Auto

Receivables

Trust

1

.480

01/15/27

240,924‌

Series

-

2020

4

(Class

D)

243,750

g

SERVPRO

Master

Issuer

LLC

3

.882

10/25/49

226,950‌

Series

-

2019

1A

(Class

A2)

455,337

†,g

Settlement

Fee

Finance

LLC

3

.840

11/01/49

439,068‌

Series

-

2019

1A

(Class

A)

52,701

g

Sierra

Timeshare

Receivables

Funding

LLC

3

.200

01/20/36

51,656‌

Series

-

2019

1A

(Class

A)

49,444

g

Sierra

Timeshare

Receivables

Funding

LLC

0

.990

11/20/37

46,695‌

Series

-

2021

1A

(Class

A)

49,444

g

Sierra

Timeshare

Receivables

Funding

LLC

1

.340

11/20/37

46,014‌

Series

-

2021

1A

(Class

B)

49,444

g

Sierra

Timeshare

Receivables

Funding

LLC

1

.790

11/20/37

45,933‌

Series

-

2021

1A

(Class

C)

131,823

g

SoFi

Professional

Loan

Program

LLC

2

.840

01/25/41

129,728‌

Series

-

2017

F

(Class

A2FX)

377,942

g

Sonic

Capital

LLC

3

.845

01/20/50

356,644‌

Series

-

2020

1A

(Class

A2I)

175,000

g

Stack

Infrastructure

Issuer

LLC

1

.893

08/25/45

160,636‌

Series

-

2020

1A

(Class

A2)

250,000

g

Stack

Infrastructure

Issuer

LLC

1

.877

03/26/46

224,675‌

Series

-

2021

1A

(Class

A2)

4,995

i

Structured

Asset

Investment

Loan

Trust

LIBOR

1

M

+

0.900%

2

.524

09/25/34

4,864‌

Series

-

2004

8

(Class

M1)

8,642

i

Structured

Asset

Investment

Loan

Trust

LIBOR

1

M

+

1.000%

2

.624

09/25/34

8,530‌

Series

-

2004

8

(Class

A9)

95,000

g

Taco

Bell

Funding

LLC

4

.970

05/25/46

94,385‌

Series

-

2016

1A

(Class

A23)

129,350

g

Taco

Bell

Funding

LLC

1

.946

08/25/51

112,692‌

Series

-

2021

1A

(Class

A2I)

99,500

g

Taco

Bell

Funding

LLC

2

.294

08/25/51

83,434‌

Series

-

2021

1A

(Class

A2II)

250,000

g,i

TICP

CLO

VIII

Ltd

LIBOR

3

M

+

1.700%

2

.763

10/20/34

237,890‌

Series

-

2017

8A

(Class

A2R)

94,174

g

Tricon

American

Homes

Trust

2

.928

01/17/36

93,023‌

Series

-

2017

SFR2

(Class

A)

250,000

g,i

Ursa

Re

II

Ltd

U.S.

Treasury

Bill

3

M

+

3.750%

5

.448

12/07/23

249,000‌

Series

-

2020

A

(Class

)

250,000

g,i

Vitality

Re

X

Ltd

U.S.

Treasury

Bill

3

M

+

1.750%

3

.443

01/10/23

248,100‌

Series

-

2020

A

(Class

)

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

136

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

287,100

g

Wendy's

Funding

LLC

2

.370

%

06/15/51

$

243,346‌

Series

-

2021

1A

(Class

A2I)

TOTAL

ASSET

BACKED

17,205,410‌

OTHER

MORTGAGE

BACKED

-

11

.8

%

121,186

g,i

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

114,915‌

Series

-

2015

6

(Class

A9)

100,000

g,i

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

79,295‌

Series

-

2021

8

(Class

A3)

500,000

g

BANK

2

.500

10/17/52

355,004‌

Series

-

2019

BN21

(Class

D)

94,689

g,i

Bayview

MSR

Opportunity

Master

Fund

Trust

3

.000

10/25/51

82,396‌

Series

-

2021

6

(Class

A19)

200,000

g

BBCMS

Trust

4

.197

08/10/35

193,224‌

Series

-

2015

SRCH

(Class

A2)

400,000

Benchmark

Mortgage

Trust

4

.267

03/15/52

388,960‌

Series

-

2019

B9

(Class

AS)

500,000

i

Benchmark

Mortgage

Trust

2

.244

08/15/54

393,416‌

Series

-

2021

B28

(Class

B)

500,000

Benchmark

Mortgage

Trust

2

.429

08/15/54

416,162‌

Series

-

2021

B28

(Class

AS)

575,000

g

BXP

Trust

3

.459

08/13/37

542,844‌

Series

-

2017

CC

(Class

A)

500,000

g,i

BXP

Trust

2

.868

01/15/44

357,724‌

Series

-

2021

601L

(Class

D)

250,000

g,i

CF

Mortgage

Trust

3

.603

04/15/52

251,694‌

Series

-

2020

P1

(Class

A2)

422,186

CFCRE

Commercial

Mortgage

Trust

3

.644

12/10/54

418,520‌

Series

-

2016

C7

(Class

ASB)

8,084

i

CHL

Mortgage

Pass-Through

Trust

2

.520

02/20/35

8,082‌

Series

-

2004

HYB9

(Class

1A1)

250,000

g,i

Citigroup

Commercial

Mortgage

Trust

3

.635

05/10/35

242,042‌

Series

-

2013

375P

(Class

B)

100,000

g,i

Citigroup

Commercial

Mortgage

Trust

4

.631

07/10/47

92,830‌

Series

-

2014

GC23

(Class

D)

276,000

Citigroup

Commercial

Mortgage

Trust

3

.199

08/10/56

238,551‌

Series

-

2019

GC41

(Class

B)

636,215

COMM

Mortgage

Trust

2

.853

10/15/45

634,142‌

Series

-

2012

CR4

(Class

A3)

1,000,000

g,i

COMM

Mortgage

Trust

4

.057

06/10/46

990,894‌

Series

-

2013

CR8

(Class

B)

500,000

g,i

COMM

Mortgage

Trust

4

.926

06/10/47

452,740‌

Series

-

2014

UBS3

(Class

D)

300,000

i

COMM

Mortgage

Trust

3

.603

03/10/48

293,259‌

Series

-

2015

CR22

(Class

AM)

200,000

g,i

COMM

Mortgage

Trust

4

.207

03/10/48

180,674‌

Series

-

2015

CR22

(Class

D)

250,000

COMM

Mortgage

Trust

3

.801

05/10/48

244,196‌

Series

-

2015

CR23

(Class

AM)

550,000

i

COMM

Mortgage

Trust

4

.183

05/10/48

531,570‌

Series

-

2015

CR23

(Class

B)

200,000

i

COMM

Mortgage

Trust

4

.428

05/10/48

189,144‌

Series

-

2015

CR23

(Class

C)

500,000

COMM

Mortgage

Trust

3

.696

08/10/48

491,970‌

Series

-

2015

CR24

(Class

A5)

250,000

COMM

Mortgage

Trust

3

.984

10/10/48

244,433‌

Series

-

2015

CR27

(Class

AM)

600,000

i

COMM

Mortgage

Trust

4

.158

10/10/48

589,784‌

Series

-

2015

LC23

(Class

AM)

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

137

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

73,238

i

Connecticut

Avenue

Securities

LIBOR

1

M

+

2.600%

4

.224

%

05/25/24

$

72,958‌

Series

-

2014

C02

(Class

1M2)

85,397

i

Connecticut

Avenue

Securities

LIBOR

1

M

+

3.000%

4

.624

07/25/24

85,070‌

Series

-

2014

C03

(Class

1M2)

25,000

g,i

Connecticut

Avenue

Securities

Trust

2

.476

10/25/41

23,188‌

Series

-

2021

R01

(Class

1M2)

80,000

g,i

Connecticut

Avenue

Securities

Trust

3

.676

12/25/41

67,140‌

Series

-

2021

R03

(Class

1B1)

145,000

g,i

Connecticut

Avenue

Securities

Trust

4

.426

03/25/42

137,946‌

Series

-

2022

R03

(Class

1M2)

105,000

g,i

Connecticut

Avenue

Securities

Trust

3

.926

04/25/42

99,797‌

Series

-

2022

R05

(Class

2M2)

117,857

g,i

Credit

Suisse

Mortgage

Capital

Certificates

2

.405

10/25/66

104,397‌

Series

-

2021

NQM8

(Class

A3)

200,000

DBJPM

Mortgage

Trust

2

.340

08/15/53

164,184‌

Series

-

2020

C9

(Class

AM)

500,000

g,i

EQUS

Mortgage

Trust

LIBOR

1

M

+

2.300%

3

.624

10/15/38

462,336‌

Series

-

2021

EQAZ

(Class

E)

89,755

g,i

Flagstar

Mortgage

Trust

4

.049

10/25/47

86,244‌

Series

-

2017

2

(Class

B3)

4,029

g,i

Flagstar

Mortgage

Trust

4

.000

09/25/48

3,971‌

Series

-

2018

5

(Class

A11)

184,004

g,i

Flagstar

Mortgage

Trust

2

.500

06/01/51

153,653‌

Series

-

2021

4

(Class

A21)

277,811

g,i

Flagstar

Mortgage

Trust

3

.000

10/25/51

246,785‌

Series

-

2021

10IN

(Class

A1)

10,000

g,i

Freddie

Mac

STACR

REMIC

Trust

2

.976

12/25/33

8,912‌

Series

-

2021

HQA2

(Class

M2)

151,170

g,i

Freddie

Mac

STACR

REMIC

Trust

2

.576

01/25/34

145,760‌

Series

-

2021

DNA5

(Class

M2)

110,000

g,i

Freddie

Mac

STACR

REMIC

Trust

3

.426

01/25/42

93,135‌

Series

-

2022

DNA1

(Class

M2)

200,329

g,i

Freddie

Mac

STACR

REMIC

Trust

3

.826

04/25/42

188,315‌

Series

-

2022

DNA3

(Class

M1B)

5,040

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

4

.000

11/25/49

4,959‌

Series

-

2019

PJ2

(Class

A4)

34,743

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

30,764‌

Series

-

2020

PJ4

(Class

A4)

88,589

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

10/25/51

74,111‌

Series

-

2021

PJ5

(Class

A4)

191,720

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

06/25/52

169,738‌

Series

-

2022

PJ2

(Class

A36)

82,015

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

07/25/51

68,646‌

Series

-

2021

PJ2

(Class

A4)

256,198

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

213,867‌

Series

-

2021

PJ6

(Class

A4)

337,752

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

282,128‌

Series

-

2021

PJ7

(Class

A4)

165,633

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

138,645‌

Series

-

2021

PJ8

(Class

A4)

120,950

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

07/25/52

104,948‌

Series

-

2022

INV1

(Class

A4)

182,892

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

09/25/52

158,708‌

Series

-

2022

HP1

(Class

A4)

138,249

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

120,304‌

Series

-

2022

PJ5

(Class

A36)

30,088

i

HarborView

Mortgage

Loan

Trust

LIBOR

1

M

+

0.620%

2

.232

08/19/45

28,033‌

Series

-

2005

11

(Class

2A1A)

400,000

g

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

370,021‌

Series

-

2016

10HY

(Class

A)

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

138

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

44,861

g,i

Imperial

Fund

Mortgage

Trust

2

.051

%

10/25/55

$

42,671‌

Series

-

2020

NQM1

(Class

A3)

125,063

g,i

J.P.

Morgan

Mortgage

Trust

3

.000

09/25/52

109,239‌

Series

-

2022

INV3

(Class

A6)

2,117

g,i

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

5

.604

07/15/46

2,109‌

Series

-

2011

C4

(Class

C)

300,000

g

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

4

.021

07/05/32

299,853‌

Series

-

2012

HSBC

(Class

C)

200,000

g

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3

.424

10/15/45

199,758‌

Series

-

2012

C8

(Class

AS)

64,586

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

2

.174

12/25/44

63,822‌

Series

-

2015

1

(Class

B1)

9,237

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/46

8,742‌

Series

-

2016

1

(Class

A13)

23,022

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

21,716‌

Series

-

2017

2

(Class

A13)

22,886

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

21,087‌

Series

-

2018

3

(Class

A13)

59,792

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

55,262‌

Series

-

2018

5

(Class

A13)

47,497

g,i

JP

Morgan

Mortgage

Trust

3

.053

10/26/48

46,592‌

Series

-

2017

5

(Class

A2)

3,193

g,i

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

3,120‌

Series

-

2018

8

(Class

A13)

2,479

g,i

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

2,420‌

Series

-

2018

9

(Class

A13)

3,190

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

3,131‌

Series

-

2019

1

(Class

A3)

11,379

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

11,168‌

Series

-

2019

1

(Class

A15)

21,573

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

+

0.950%

2

.574

10/25/49

21,304‌

Series

-

2019

INV1

(Class

A11)

99,744

g,i

JP

Morgan

Mortgage

Trust

3

.852

06/25/50

89,742‌

Series

-

2020

1

(Class

B2)

154,334

g,i

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

129,179‌

Series

-

2021

6

(Class

A15)

74,794

g,i

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

62,603‌

Series

-

2021

7

(Class

A15)

102,595

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

85,891‌

Series

-

2021

8

(Class

A15)

90,910

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

76,078‌

Series

-

2021

10

(Class

A15)

156,862

g,i

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

131,184‌

Series

-

2021

11

(Class

A15)

87,663

g,i

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

73,339‌

Series

-

2021

12

(Class

A15)

123,083

g,i

JP

Morgan

Mortgage

Trust

3

.350

04/25/52

102,533‌

Series

-

2021

INV6

(Class

B1)

73,850

g,i

JP

Morgan

Mortgage

Trust

3

.350

04/25/52

60,507‌

Series

-

2021

INV6

(Class

B2)

65,100

g,i

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

54,356‌

Series

-

2021

14

(Class

A15)

231,838

g,i

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

193,576‌

Series

-

2021

15

(Class

A15)

242,545

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

214,887‌

Series

-

2022

2

(Class

A25)

377,363

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

344,978‌

Series

-

2022

LTV2

(Class

A6)

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

139

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

500,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

3

.917

%

05/15/48

$

489,330‌

Series

-

2015

C29

(Class

AS)

400,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.118

05/15/48

381,374‌

Series

-

2015

C29

(Class

B)

500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4

.106

08/15/48

483,712‌

Series

-

2015

C31

(Class

AS)

450,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.766

08/15/48

430,864‌

Series

-

2015

C31

(Class

B)

500,000

g,i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.390

03/17/49

446,982‌

Series

-

2016

C1

(Class

D1)

115,000

i

JPMDB

Commercial

Mortgage

Securities

Trust

3

.858

03/15/50

109,450‌

Series

-

2017

C5

(Class

AS)

500,000

g,i

Manhattan

West

2

.413

09/10/39

434,728‌

Series

-

2020

1MW

(Class

B)

55,840

i

Merrill

Lynch

Mortgage

Investors

Trust

LIBOR

1

M

+

0.520%

2

.278

01/25/37

53,411‌

Series

-

2006

WMC1

(Class

A1B)

328,128

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.384

02/15/47

327,240‌

Series

-

2014

C14

(Class

AS)

134,114

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

112,291‌

Series

-

2021

5

(Class

A9)

144,131

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

131,122‌

Series

-

2021

6

(Class

A4)

113,142

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

94,759‌

Series

-

2021

6

(Class

A9)

500,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

LIBOR

1

M

+

1.500%

2

.824

07/15/36

492,471‌

Series

-

2019

MILE

(Class

A)

100,000

g,i

New

Residential

Mortgage

Loan

Trust

2

.986

09/25/59

91,166‌

Series

-

2019

NQM4

(Class

M1)

100,000

g,i

NLT

Trust

2

.569

08/25/56

78,765‌

Series

-

2021

INV2

(Class

M1)

226,651

g,i

OBX

Trust

2

.500

07/25/51

189,113‌

Series

-

2021

J2

(Class

A19)

17,058

g,i

OBX

Trust

LIBOR

1

M

+

0.650%

2

.274

06/25/57

16,692‌

Series

-

2018

1

(Class

A2)

91,969

g,i

Oceanview

Mortgage

Trust

2

.500

05/25/51

76,939‌

Series

-

2021

1

(Class

A19)

243,158

g,i

RCKT

Mortgage

Trust

2

.500

02/25/52

202,566‌

Series

-

2022

2

(Class

A22)

100,000

g,i

RCKT

Mortgage

Trust

3

.500

06/25/52

89,266‌

Series

-

2022

4

(Class

A22)

11,132

g,i

Sequoia

Mortgage

Trust

3

.500

05/25/45

10,336‌

Series

-

2015

2

(Class

A1)

17,655

g,i

Sequoia

Mortgage

Trust

3

.500

02/25/47

16,485‌

Series

-

2017

2

(Class

A19)

34,067

g,i

Sequoia

Mortgage

Trust

3

.500

03/25/48

32,231‌

Series

-

2018

3

(Class

A1)

8,288

g,i

Sequoia

Mortgage

Trust

4

.000

06/25/49

8,181‌

Series

-

2019

2

(Class

A19)

38,830

g,i

Sequoia

Mortgage

Trust

3

.500

12/25/49

36,250‌

Series

-

2019

5

(Class

A19)

50,566

g,i

Sequoia

Mortgage

Trust

3

.000

04/25/50

44,438‌

Series

-

2020

3

(Class

A19)

92,663

g,i

Sequoia

Mortgage

Trust

2

.500

06/25/51

77,448‌

Series

-

2021

4

(Class

A19)

14,566

g,i

Shellpoint

Co-Originator

Trust

3

.500

04/25/47

13,536‌

Series

-

2017

1

(Class

A19)

770,000

g

SLG

Office

Trust

2

.851

07/15/41

595,762‌

Series

-

2021

OVA

(Class

E)

482,295

g,i

SMR

Mortgage

Trust

3

.679

02/15/39

465,133‌

Series

-

2022

IND

(Class

B)

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

140

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

265,000

g,i

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

3

.026

%

10/25/33

$

245,055‌

Series

-

2021

DNA3

(Class

M2)

1,573

g,i

STACR

3

.761

02/25/48

1,543‌

Series

-

2018

SPI1

(Class

M2)

2,721

g,i

STACR

3

.827

05/25/48

2,673‌

Series

-

2018

SPI2

(Class

M2)

50,000

g,i

STACR

LIBOR

1

M

+

2.500%

4

.124

02/25/50

42,774‌

Series

-

2020

DNA2

(Class

B1)

675,000

g,i

UBS-Barclays

Commercial

Mortgage

Trust

3

.875

04/10/46

659,089‌

Series

-

2013

C6

(Class

B)

100,000

g,i

Verus

Securitization

Trust

3

.207

11/25/59

99,207‌

Series

-

2019

4

(Class

M1)

40,109

g

Verus

Securitization

Trust

1

.733

05/25/65

37,516‌

Series

-

2020

5

(Class

A3)

129,184

g,i

Verus

Securitization

Trust

2

.240

10/25/66

114,254‌

Series

-

2021

7

(Class

A3)

295,000

g

Wells

Fargo

Commercial

Mortgage

Trust

3

.153

09/15/57

257,260‌

Series

-

2015

NXS3

(Class

D)

2,612

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

04/25/49

2,571‌

Series

-

2019

2

(Class

A17)

15,473

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

09/25/49

14,536‌

Series

-

2019

4

(Class

A1)

211,291

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

176,517‌

Series

-

2021

2

(Class

A17)

90,570

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

08/25/51

80,571‌

Series

-

2021

INV1

(Class

A17)

98,695

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.320

08/25/51

82,387‌

Series

-

2021

INV1

(Class

B1)

99,240

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

03/25/52

86,356‌

Series

-

2022

INV1

(Class

A18)

124,050

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

03/25/52

111,739‌

Series

-

2022

INV1

(Class

A17)

40,000

WFRBS

Commercial

Mortgage

Trust

3

.345

05/15/45

39,621‌

Series

-

2013

C13

(Class

AS)

218,595

g,i

Woodward

Capital

Management

3

.000

05/25/52

189,406‌

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

23,733,091‌

TOTAL

STRUCTURED

ASSETS

40,938,501‌

(Cost

$44,561,616)

TOTAL

BONDS

192,565,522‌

(Cost

$210,667,969)

SHARES

COMPANY

REFERENCERATE

&

SPREAD

PREFERRED

STOCKS

-

0.0%

BANKS

-

0

.0

%

5,517

*,e,i

Federal

Home

Loan

Mortgage

Corp

18,261‌

17,265

*

Federal

National

Mortgage

Association

60,082‌

TOTAL

BANKS

78,343‌

TOTAL

PREFERRED

STOCKS

78,343‌

(Cost

$569,550)

Portfolio

of

investments

(unaudited)

Core

Bond

Fund

June

30,

2022

141

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

concluded

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

ISSUER

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

8.7%

REPURCHASE

AGREEMENT

-

7

.7

%

$

15,535,000

r

Fixed

Income

Clearing

Corp

(FICC)

1

.450

%

07/01/22

$

15,535,000‌

TOTAL

REPURCHASE

AGREEMENT

15,535,000‌

SHARES

COMPANY

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

-

1

.0

%

2,043,639

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

1

.540

2,043,639‌

TOTAL

INVESTMENTS

IN

REGISTERED

INVESTMENT

COMPANIES

2,043,639‌

TOTAL

SHORT-TERM

INVESTMENTS

17,578,639‌

(Cost

$17,578,639)

TOTAL

INVESTMENTS

-

106.3%

214,139,431‌

(Cost

$232,968,658)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(6.3)%

(

12,623,445‌

)

NET

ASSETS

-

100.0%

$

201,515,986‌

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

*

Non-income

producing

†

Security

is

categorized

as

Level

3

in

the

fair

value

hierarchy.

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$2,167,966.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

Such

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

At

6/30/22,

the

aggregate

value

of

these

securities

is

$55,657,856

or

27.6%

of

net

assets.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

1.450%

dated

6/30/22

to

be

repurchased

at

$15,535,000

on

7/1/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.375%

and

maturity

date

12/31/25,

valued

at

$15,845,740.

Money

Market

Fund

June

30,

2022

Portfolio

of

investments

(unaudited)

142

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

102.1%

GOVERNMENT

AGENCY

DEBT

-

48

.1

%

$

500,000‌

Federal

Agricultural

Mortgage

Corp

(FAMC)

0

.000

%

08/26/22

$

499,137‌

2,750,000‌

Federal

Farm

Credit

Bank

(FFCB)

0

.000

07/21/22

2,748,090‌

1,231,000‌

FFCB

0

.000

07/22/22

1,230,318‌

251,000‌

FFCB

0

.000

09/20/22

249,961‌

800,000‌

FFCB

0

.000

11/08/22

795,667‌

100,000‌

FFCB

0

.125

11/23/22

99,394‌

600,000‌

FFCB

1

.550

11/25/22

599,740‌

50,000‌

FFCB

2

.875

12/21/22

50,246‌

1,100,000‌

Federal

Home

Loan

Bank

(FHLB)

0

.000

07/01/22

1,100,000‌

3,775,000‌

FHLB

0

.000

07/06/22

3,774,565‌

100,000‌

FHLB

0

.000

07/07/22

99,983‌

1,000,000‌

FHLB

0

.000

07/08/22

999,833‌

700,000‌

FHLB

0

.000

07/11/22

699,709‌

600,000‌

FHLB

0

.000

07/12/22

599,840‌

3,100,000‌

FHLB

0

.000

07/13/22

3,099,181‌

100,000‌

FHLB

0

.000

07/14/22

99,964‌

845,000‌

FHLB

0

.000

07/15/22

844,637‌

1,000,000‌

FHLB

0

.000

07/19/22

999,406‌

500,000‌

FHLB

0

.000

07/20/22

499,670‌

900,000‌

FHLB

0

.000

07/22/22

899,551‌

850,000‌

FHLB

0

.000

07/25/22

849,474‌

1,928,000‌

FHLB

0

.000

07/27/22

1,926,646‌

500,000‌

FHLB

0

.000

07/28/22

499,674‌

9,325,000‌

FHLB

0

.000

07/29/22

9,318,316‌

100,000‌

FHLB

0

.000

08/01/22

99,907‌

500,000‌

FHLB

0

.000

08/05/22

499,524‌

500,000‌

FHLB

0

.000

08/09/22

499,182‌

1,296,000‌

FHLB

0

.000

08/15/22

1,293,910‌

500,000‌

FHLB

0

.000

08/16/22

498,946‌

800,000‌

FHLB

0

.000

08/17/22

798,486‌

1,150,000‌

FHLB

0

.000

08/19/22

1,147,528‌

1,100,000‌

FHLB

0

.000

08/24/22

1,097,934‌

500,000‌

FHLB

0

.000

08/31/22

498,992‌

2,196,000‌

FHLB

0

.000

09/07/22

2,190,454‌

150,000‌

FHLB

2

.000

09/09/22

150,223‌

1,250,000‌

FHLB

0

.000

09/14/22

1,246,536‌

737,000‌

FHLB

0

.000

09/16/22

734,025‌

1,000,000‌

FHLB

0

.000

09/22/22

996,818‌

1,000,000‌

FHLB

0

.000

09/27/22

995,233‌

1,690,000‌

FHLB

0

.000

09/28/22

1,682,187‌

250,000‌

FHLB

0

.000

09/30/22

249,327‌

500,000‌

FHLB

0

.000

10/11/22

497,167‌

1,600,000‌

FHLB

0

.000

10/19/22

1,593,791‌

2,250,000‌

FHLB

0

.000

10/21/22

2,240,462‌

750,000‌

FHLB

0

.000

11/01/22

746,182‌

600,000‌

FHLB

0

.000

11/03/22

596,896‌

1,000,000‌

FHLB

0

.000

11/08/22

994,836‌

1,000,000‌

FHLB

1

.470

11/10/22

999,902‌

500,000‌

FHLB

0

.000

11/17/22

497,027‌

600,000‌

FHLB

0

.000

11/18/22

596,617‌

100,000‌

FHLB

0

.125

11/29/22

99,365‌

240,000‌

FHLB

1

.875

12/09/22

240,084‌

100,000‌

FHLB

2

.500

12/09/22

100,378‌

250,000‌

FHLB

0

.000

12/19/22

248,159‌

1,250,000‌

FHLB

0

.000

12/20/22

1,240,504‌

250,000‌

FHLB

0

.000

12/21/22

247,033‌

300,000‌

Federal

National

Mortgage

Association

(FNMA)

0

.000

08/10/22

299,650‌

250,000‌

FNMA

0

.000

09/21/22

248,946‌

Portfolio

of

investments

(unaudited)

Money

Market

Fund

June

30,

2022

143

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

continued

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

GOVERNMENT

AGENCY

DEBT—continued

$

400,000‌

FNMA

2

.000

%

10/05/22

$

400,619‌

TOTAL

GOVERNMENT

AGENCY

DEBT

59,149,832‌

REPURCHASE

AGREEMENT

-

6

.9

%

8,484,000‌

r

Fixed

Income

Clearing

Corp

(FICC)

1

.450

07/01/22

8,484,000‌

TOTAL

REPURCHASE

AGREEMENT

8,484,000‌

TREASURY

DEBT

-

17

.0

%

550,000‌

United

States

Cash

Management

Bill

0

.000

08/23/22

549,137‌

2,000‌

United

States

Cash

Management

Bill

0

.000

09/06/22

1,996‌

883,000‌

United

States

Cash

Management

Bill

0

.000

09/27/22

880,256‌

2,000,000‌

United

States

Cash

Management

Bill

0

.000

10/04/22

1,992,600‌

750,000‌

United

States

Cash

Management

Bill

0

.000

10/11/22

746,791‌

250,000‌

United

States

Treasury

Bill

0

.000

07/07/22

249,972‌

600,000‌

United

States

Treasury

Bill

0

.000

07/12/22

599,809‌

750,000‌

United

States

Treasury

Bill

0

.000

07/19/22

749,667‌

7,750,000‌

United

States

Treasury

Bill

0

.000

07/21/22

7,746,319‌

1,000,000‌

United

States

Treasury

Bill

0

.000

07/28/22

999,332‌

250,000‌

United

States

Treasury

Bill

0

.000

08/18/22

249,649‌

750,000‌

United

States

Treasury

Bill

0

.000

09/15/22

747,402‌

300,000‌

United

States

Treasury

Bill

0

.000

09/29/22

299,214‌

1,000,000‌

United

States

Treasury

Bill

0

.000

11/17/22

994,202‌

1,014,000‌

United

States

Treasury

Bill

0

.000

11/25/22

1,007,831‌

1,050,000‌

United

States

Treasury

Bill

0

.000

12/01/22

1,042,948‌

1,150,000‌

United

States

Treasury

Bill

0

.000

12/08/22

1,141,193‌

500,000‌

United

States

Treasury

Bill

0

.000

12/22/22

494,234‌

400,000‌

United

States

Treasury

Note

1

.500

08/15/22

400,314‌

TOTAL

TREASURY

DEBT

20,892,866‌

VARIABLE

RATE

SECURITIES

-

30

.1

%

600,000‌

i

Federal

Agricultural

Mortgage

Corp

(FAMC)

SOFR

+

0.015%

1

.525

08/18/22

600,000‌

350,000‌

i

FAMC

SOFR

+

0.020%

1

.530

10/24/22

350,000‌

750,000‌

i

FAMC

SOFR

+

0.050%

1

.560

03/03/23

750,000‌

225,000‌

i

FAMC

SOFR

+

0.100%

1

.610

02/12/24

225,073‌

1,800,000‌

i

Federal

Farm

Credit

Bank

(FFCB)

SOFR

+

0.005%

1

.515

07/12/22

1,799,998‌

1,000,000‌

i

FFCB

SOFR

+

0.190%

1

.700

07/14/22

1,000,000‌

250,000‌

i

FFCB

SOFR

+

0.050%

1

.560

08/12/22

250,010‌

1,000,000‌

i

FFCB

SOFR

+

0.045%

1

.555

09/08/22

999,990‌

750,000‌

i

FFCB

SOFR

+

0.005%

1

.515

10/05/22

749,993‌

100,000‌

i

FFCB

SOFR

+

0.030%

1

.540

10/12/22

100,004‌

325,000‌

i

FFCB

SOFR

+

0.060%

1

.570

10/21/22

325,012‌

300,000‌

i

FFCB

SOFR

+

0.310%

1

.820

11/07/22

300,290‌

600,000‌

i

FFCB

SOFR

+

0.010%

1

.520

11/16/22

599,998‌

600,000‌

i

FFCB

SOFR

+

0.008%

1

.518

11/22/22

599,994‌

600,000‌

i

FFCB

SOFR

+

0.025%

1

.535

12/06/22

600,000‌

304,000‌

i

FFCB

SOFR

+

0.060%

1

.570

12/28/22

304,065‌

800,000‌

i

FFCB

SOFR

+

0.015%

1

.525

01/09/23

799,957‌

599,000‌

i

FFCB

SOFR

+

0.060%

1

.570

01/13/23

599,091‌

300,000‌

i

FFCB

SOFR

+

0.050%

1

.560

02/17/23

300,061‌

750,000‌

i

FFCB

SOFR

+

0.015%

1

.525

03/07/23

749,974‌

53,000‌

i

FFCB

SOFR

+

0.040%

1

.550

03/10/23

53,008‌

500,000‌

i

FFCB

SOFR

+

0.015%

1

.525

05/02/23

499,979‌

500,000‌

i

FFCB

SOFR

+

0.035%

1

.545

05/04/23

500,000‌

500,000‌

i

FFCB

SOFR

+

0.035%

1

.545

05/12/23

500,000‌

201,000‌

i

FFCB

SOFR

+

0.320%

1

.830

06/09/23

201,529‌

250,000‌

i

FFCB

SOFR

+

0.035%

1

.545

07/12/23

249,987‌

1,275,000‌

i

FFCB

SOFR

+

0.018%

1

.528

07/13/23

1,274,875‌

650,000‌

i

FFCB

SOFR

+

0.040%

1

.550

08/17/23

650,000‌

450,000‌

i

FFCB

SOFR

+

0.030%

1

.540

08/28/23

450,000‌

325,000‌

i

FFCB

SOFR

+

0.050%

1

.560

09/15/23

325,000‌

100,000‌

i

FFCB

SOFR

+

0.040%

1

.550

09/20/23

100,000‌

Portfolio

of

investments

(unaudited)

Money

Market

Fund

June

30,

2022

144

2022

Semiannual

Report

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

concluded

PRINCIPAL

ISSUER

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

VARIABLE

RATE

SECURITIES—continued

$

150,000‌

i

FFCB

SOFR

+

0.025%

1

.535

%

09/27/23

$

150,000‌

200,000‌

i

FFCB

SOFR

+

0.045%

1

.555

10/16/23

200,000‌

150,000‌

i

FFCB

SOFR

+

0.025%

1

.535

10/27/23

150,000‌

50,000‌

i

FFCB

SOFR

+

0.025%

1

.535

11/30/23

49,978‌

146,000‌

i

FFCB

SOFR

+

0.120%

1

.630

01/22/24

146,144‌

550,000‌

i

FFCB

SOFR

+

0.040%

1

.550

02/09/24

549,957‌

125,000‌

i

FFCB

SOFR

+

0.045%

1

.555

02/20/24

125,000‌

100,000‌

i

FFCB

SOFR

+

0.040%

1

.550

03/04/24

100,000‌

225,000‌

i

FFCB

SOFR

+

0.050%

1

.560

04/12/24

225,000‌

750,000‌

i

Federal

Home

Loan

Bank

(FHLB)

SOFR

+

0.005%

1

.515

07/18/22

750,000‌

600,000‌

i

FHLB

SOFR

-

0.000%

1

.510

07/19/22

600,000‌

2,000,000‌

i

FHLB

SOFR

+

0.005%

1

.515

07/25/22

2,000,000‌

1,000,000‌

i

FHLB

SOFR

+

0.010%

1

.520

07/26/22

1,000,004‌

675,000‌

i

FHLB

SOFR

+

0.045%

1

.555

07/29/22

675,000‌

500,000‌

i

FHLB

SOFR

+

0.010%

1

.520

08/02/22

500,000‌

1,000,000‌

i

FHLB

SOFR

+

0.010%

1

.520

08/02/22

1,000,000‌

600,000‌

i

FHLB

SOFR

+

0.010%

1

.520

08/05/22

600,000‌

650,000‌

i

FHLB

SOFR

+

0.010%

1

.520

08/10/22

650,000‌

750,000‌

i

FHLB

SOFR

+

0.010%

1

.520

08/17/22

750,000‌

20,000‌

i

FHLB

SOFR

+

0.090%

1

.600

09/08/22

20,003‌

750,000‌

i

FHLB

SOFR

+

0.010%

1

.520

09/09/22

750,000‌

500,000‌

i

FHLB

SOFR

+

0.005%

1

.515

09/15/22

500,000‌

800,000‌

i

FHLB

SOFR

+

0.010%

1

.520

09/16/22

800,000‌

1,250,000‌

i

FHLB

SOFR

+

0.085%

1

.595

10/05/22

1,250,050‌

650,000‌

i

FHLB

SOFR

+

0.060%

1

.570

12/08/22

650,000‌

400,000‌

i

FHLB

SOFR

+

0.060%

1

.570

12/16/22

400,074‌

275,000‌

i

FHLB

SOFR

+

0.060%

1

.570

12/23/22

275,067‌

100,000‌

i

FHLB

SOFR

+

0.015%

1

.525

03/15/23

99,989‌

415,000‌

i

FHLB

SOFR

+

0.035%

1

.545

05/19/23

415,004‌

500,000‌

i

FHLB

SOFR

+

0.030%

1

.540

08/11/23

500,000‌

1,000,000‌

i

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

SOFR

+

0.090%

1

.600

08/03/22

1,000,074‌

110,000‌

i

FHLMC

SOFR

+

0.130%

1

.640

08/05/22

110,013‌

1,200,000‌

i

FHLMC

SOFR

+

0.095%

1

.605

08/19/22

1,200,025‌

1,200,000‌

i

Federal

National

Mortgage

Association

(FNMA)

SOFR

+

0.190%

1

.700

07/06/22

1,200,031‌

100,000‌

i

FNMA

SOFR

+

0.180%

1

.690

07/08/22

100,003‌

250,000‌

i

FNMA

SOFR

+

0.120%

1

.630

07/29/22

250,021‌

500,000‌

i

United

States

Treasury

Note

US

Treasury

Bill

3

M

+

0.034%

1

.792

04/30/23

500,008‌

TOTAL

VARIABLE

RATE

SECURITIES

37,049,333‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$125,576,031)

125,576,031‌

TOTAL

INVESTMENTS

-

102.1%

125,576,031‌

(Cost

$125,576,031)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(2.1)%

(

2,579,801‌

)

NET

ASSETS

-

100.0%

$

122,996,230‌

M

Month

SOFR

Secure

Overnight

Financing

Rate

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

1.450%

dated

6/30/22

to

be

repurchased

at

$8,484,000

on

7/1/22,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.375%

and

maturity

date

11/30/25,

valued

at

$8,653,733.

Portfolio

of

investments

(unaudited)

Balanced

Fund

June

30,

2022

145

TIAA-CREF

Life

Funds

2022

Semiannual

Report

See

notes

to

financial

statements

SHARES

SECURITY

VALUE

TIAA-CREF

LIFE

FUNDS—99.9%

a

FIXED

INCOME—50.9%

3,534,192

TIAA-CREF

Life

Core

Bond

Fund

$

33,150,723‌

TOTAL

FIXED

INCOME

33,150,723‌

INTERNATIONAL

EQUITY—9.8%

807,479

TIAA-CREF

Life

International

Equity

Fund

6,362,933‌

TOTAL

INTERNATIONAL

EQUITY

6,362,933‌

U.S.

EQUITY—39.2%

392,535

TIAA-CREF

Life

Growth

Equity

Fund

5,625,024‌

318,647

TIAA-CREF

Life

Growth

&

Income

Fund

6,388,874‌

357,375

TIAA-CREF

Life

Large-Cap

Value

Fund

5,796,630‌

84,261

TIAA-CREF

Life

Real

Estate

Securities

Fund

1,289,188‌

92,276

TIAA-CREF

Life

Small-Cap

Equity

Fund

1,272,482‌

158,230

TIAA-CREF

Life

Stock

Index

Fund

5,123,471‌

TOTAL

U.S.

EQUITY

25,495,669‌

TOTAL

TIAA-CREF

LIFE

FUNDS

65,009,325‌

(Cost

$60,966,856)

TOTAL

INVESTMENTS—99.9%

65,009,325‌

(Cost

$60,966,856)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

62,531‌

NET

ASSETS—100.0%

$

65,071,856‌

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Life

Funds.

TIAA-CREF

Life

Funds

June

30,

2022

Statements

of

assets

and

liabilities

(unaudited)

See

notes

to

financial

statements

146

2022

Semiannual

Report

TIAA-CREF

Life

Funds

22.1

Growth

Equity

Fund

22.2

Growth

&

Income

Fund

22.3

Large-Cap

Value

Fund

22.4

Real

Estate

Securities

Fund

22.5

Small-Cap

Equity

Fund

ASSETS

Portfolio

investments,

at

value

*†

$

121,163,024‌

$

157,071,658‌

$

75,693,171‌

$

78,696,212‌

$

55,784,442‌

Affiliated

investments,

at

value

‡

–‌

–‌

–‌

–‌

–‌

Cash

§

2,471‌

2,493‌

–‌

661‌

59,061‌

Cash

-

foreign

^

–‌

6,547‌

–‌

–‌

–‌

Receivable

from

securities

transactions

186,938‌

2,006,351‌

74,990‌

–‌

403,409‌

Receivable

from

Fund

shares

sold

181,427‌

63,601‌

27,004‌

10,563‌

23,228‌

Dividends

and

interest

receivable

37,773‌

106,061‌

72,315‌

276,894‌

40,710‌

Due

from

affiliates

3,685‌

3,044‌

5,213‌

4,335‌

6,149‌

Other

16,185‌

22,931‌

13,963‌

16,711‌

8,048‌

Total

assets

121,591,503‌

159,282,686‌

75,886,656‌

79,005,376‌

56,325,047‌

LIABILITIES

Management

fees

payable

46,496‌

59,789‌

29,486‌

33,379‌

21,556‌

Due

to

affiliates

1,832‌

1,852‌

1,743‌

1,746‌

1,731‌

Overdraft

payable

–‌

–‌

359‌

–‌

–‌

Payable

for

collateral

for

securities

loaned

–‌

–‌

–‌

–‌

1,299,268‌

Payable

for

securities

transactions

575,021‌

1,721,465‌

55,908‌

–‌

412,398‌

Payable

for

delayed

delivery

securities

–‌

–‌

–‌

–‌

–‌

Payable

for

Fund

shares

redeemed

173,010‌

276,771‌

105,702‌

112,041‌

96,960‌

Written

options

◊

–‌

1,184,971‌

–‌

–‌

–‌

Payable

for

variation

margin

on

futures

contracts

–‌

–‌

–‌

–‌

63,525‌

Payable

for

trustee

compensation

9,122‌

15,215‌

10,643‌

12,776‌

8,060‌

Accrued

expenses

and

other

payables

23,651‌

28,308‌

15,963‌

16,131‌

18,756‌

Total

liabilities

829,132‌

3,288,371‌

219,804‌

176,073‌

1,922,254‌

NET

ASSETS

$

120,762,371‌

$

155,994,315‌

$

75,666,852‌

$

78,829,303‌

$

54,402,793‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

87,030,779‌

$

77,775,583‌

$

52,118,914‌

$

45,255,316‌

$

42,518,350‌

Total

distributable

earnings

(loss)

33,731,592‌

78,218,732‌

23,547,938‌

33,573,987‌

11,884,443‌

NET

ASSETS

$

120,762,371‌

$

155,994,315‌

$

75,666,852‌

$

78,829,303‌

$

54,402,793‌

Outstanding

shares

of

beneficial

interest,

unlimited

shares

authorized

($.0001

par

value)

8,426,538

7,782,245

4,664,861

5,152,550

3,945,024

Net

asset

value

per

share

$14.33

$20.04

$16.22

$15.30

$13.79

*

Includes

securities

loaned

of

$

–‌

$

–‌

$

–‌

$

–‌

$

1,306,331‌

†

Portfolio

investments,

cost

$

97,749,884‌

$

108,072,189‌

$

57,221,285‌

$

56,809,818‌

$

55,037,747‌

‡

Affiliated

investments,

cost

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

§

Includes

cash

collateral

for

mortgage

dollar

rolls

of

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

^

Foreign

cash,

cost

$

–‌

$

6,503‌

$

–‌

$

–‌

$

–‌

◊

Written

options

premiums

$

–‌

$

969,651‌

$

–‌

$

–‌

$

–‌

See

notes

to

financial

statements

147

TIAA-CREF

Life

Funds

2022

Semiannual

Report

concluded

22.6

Social

Choice

Equity

Fund

22.7

Stock

Index

Fund

22.8

International

Equity

Fund

22.9

Core

Bond

Fund

23.01

Money

Market

Fund

23.1

Balanced

Fund

$

77,109,109‌

$

650,435,174‌

$

113,948,992‌

$

214,139,431‌

$

125,576,031‌

$

–‌

–‌

–‌

–‌

–‌

–‌

65,009,325‌

9,547‌

341,211‌

527‌

1,987,557‌

492‌

–‌

–‌

–‌

156,864‌

–‌

–‌

–‌

–‌

–‌

–‌

5,198,080‌

–‌

588,377‌

4,791‌

96,600‌

109,261‌

–‌

24,266‌

5,107‌

70,466‌

531,402‌

365,936‌

1,208,336‌

61,572‌

–‌

5,113‌

–‌

4,037‌

11,842‌

6,512‌

6,015‌

7,198‌

41,784‌

21,462‌

22,923‌

–‌

2,917‌

77,206,224‌

651,446,171‌

114,607,079‌

222,568,169‌

125,668,873‌

65,611,741‌

9,827‌

33,063‌

49,054‌

50,051‌

9,930‌

5,479‌

1,751‌

2,346‌

1,798‌

1,859‌

1,694‌

1,584‌

–‌

–‌

–‌

–‌

–‌

74,444‌

126,886‌

2,284,226‌

–‌

2,043,639‌

–‌

–‌

–‌

–‌

–‌

588,656‌

–‌

449,185‌

–‌

–‌

–‌

17,653,819‌

–‌

–‌

145,560‌

513,110‌

83,542‌

636,504‌

2,632,162‌

45‌

–‌

–‌

–‌

–‌

–‌

–‌

9,679‌

394,900‌

–‌

–‌

–‌

–‌

7,242‌

41,959‌

14,870‌

22,964‌

40‌

2,958‌

20,093‌

37,962‌

29,893‌

54,691‌

28,817‌

6,190‌

321,038‌

3,307,566‌

179,157‌

21,052,183‌

2,672,643‌

539,885‌

$

76,885,186‌

$

648,138,605‌

$

114,427,922‌

$

201,515,986‌

$

122,996,230‌

$

65,071,856‌

$

41,884,528‌

$

239,861,179‌

$

116,756,586‌

$

217,507,597‌

$

122,995,588‌

$

58,021,161‌

35,000,658‌

408,277,426‌

(

2,328,664‌

)

(

15,991,611‌

)

642‌

7,050,695‌

$

76,885,186‌

$

648,138,605‌

$

114,427,922‌

$

201,515,986‌

$

122,996,230‌

$

65,071,856‌

4,310,680

20,019,065

14,523,302

21,485,621

122,979,532

5,486,930

$17.84

$32.38

$7.88

$9.38

$1.00

$11.86

$

126,833‌

$

3,162,773‌

$

851,598‌

$

2,167,966‌

$

–‌

$

–‌

$

54,657,719‌

$

266,194,093‌

$

116,161,527‌

$

232,968,658‌

$

125,576,031‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

60,966,856‌

$

–‌

$

–‌

$

–‌

$

1,960,000‌

$

–‌

$

–‌

$

–‌

$

–‌

$

156,481‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

TIAA-CREF

Life

Funds

For

the

period

ended

June

30,

2022

Statements

of

operations

(unaudited)

See

notes

to

financial

statements

148

2022

Semiannual

Report

TIAA-CREF

Life

Funds

22.1

Growth

Equity

Fund

22.2

Growth

&

Income

Fund

22.3

Large-Cap

Value

Fund

22.4

Real

Estate

Securities

Fund

22.5

Small-Cap

Equity

Fund

INVESTMENT

INCOME

Dividends*

$

517,920‌

$

1,263,473‌

$

844,318‌

$

975,262‌

$

315,447‌

Payment

from

affiliate

12,817‌

14,604‌

5,162‌

7,335‌

–‌

Interest*

4,607‌

2,038‌

1,041‌

1,093‌

1,999‌

Income

from

securities

lending,

net

389‌

388‌

–‌

–‌

7,635‌

Total

income

535,733‌

1,280,503‌

850,521‌

983,690‌

325,081‌

EXPENSES

Management

fees

325,741‌

409,716‌

193,759‌

234,446‌

147,720‌

Shareholder

servicing

1,162‌

1,346‌

1,029‌

1,031‌

897‌

Custody

and

accounting

fees

38,439‌

20,469‌

17,634‌

14,077‌

17,770‌

Professional

fees

16,448‌

14,370‌

13,878‌

14,428‌

13,105‌

Shareholder

reports

15,443‌

8,251‌

6,158‌

5,979‌

5,787‌

Administrative

service

fees

13,839‌

14,093‌

13,395‌

13,452‌

13,259‌

Trustee

fees

and

expenses

847‌

1,020‌

462‌

509‌

367‌

Other

expenses

7,653‌

13,705‌

7,299‌

8,368‌

10,709‌

Total

expenses

419,572‌

482,970‌

253,614‌

292,290‌

209,614‌

Less:

Expenses

reimbursed

by

the

investment

adviser

(

41,858‌

)

(

9,270‌

)

(

29,227‌

)

(

24,885‌

)

(

39,268‌

)

Net

expenses

377,714‌

473,700‌

224,387‌

267,405‌

170,346‌

Net

investment

income

(loss)

158,019‌

806,803‌

626,134‌

716,285‌

154,735‌

NET

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

ON

TOTAL

INVESTMENTS

Realized

gain

(loss):

Portfolio

investments†

(

3,281,540‌

)

10,334,987‌

1,342,017‌

2,942,294‌

989,476‌

Affiliated

investments

–‌

–‌

–‌

–‌

–‌

Purchased

options

–‌

(

5,652‌

)

–‌

–‌

–‌

Written

options

–‌

(

429,040‌

)

–‌

–‌

–‌

Futures

contracts

–‌

–‌

–‌

–‌

(

215,916‌

)

Forward

foreign

currency

contracts

–‌

–‌

–‌

–‌

–‌

Swap

contracts

–‌

–‌

–‌

–‌

–‌

Foreign

currency

transactions

(

427‌

)

(

748‌

)

–‌

314‌

–‌

Net

realized

gain

(loss)

on

total

investments

(

3,281,967‌

)

9,899,547‌

1,342,017‌

2,942,608‌

773,560‌

Change

in

unrealized

appreciation

(depreciation)

on:

Portfolio

investments

(

52,124,697‌

)

(

57,983,491‌

)

(

15,163,231‌

)

(

28,681,935‌

)

(

16,139,621‌

)

Affiliated

investments

–‌

–‌

–‌

–‌

–‌

Purchased

options

–‌

(

5,847‌

)

–‌

–‌

–‌

Written

options

–‌

(

281,294‌

)

–‌

–‌

–‌

Futures

contracts

–‌

–‌

–‌

–‌

(

43,493‌

)

Forward

foreign

currency

contracts

–‌

–‌

–‌

–‌

–‌

Translation

of

assets

(other

than

portfolio

investments)

and

liabilities

denominated

in

foreign

currencies

(

255‌

)

(

404‌

)

(

78‌

)

–‌

–‌

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(

52,124,952‌

)

(

58,271,036‌

)

(

15,163,309‌

)

(

28,681,935‌

)

(

16,183,114‌

)

Net

realized

and

unrealized

gain

(loss)

on

total

investments

(

55,406,919‌

)

(

48,371,489‌

)

(

13,821,292‌

)

(

25,739,327‌

)

(

15,409,554‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

(

55,248,900‌

)

$

(

47,564,686‌

)

$

(

13,195,158‌

)

$

(

25,023,042‌

)

$

(

15,254,819‌

)

*  

Net

of

foreign

withholding

taxes

of

$

9,455‌

$

19,271‌

$

1,169‌

$

1,224‌

$

740‌

†

Includes

net

realized

gain

(loss)

from

securities

sold

to

affiliates

of

$

(

18,874‌

)

$

58,591‌

$

(

11,766‌

)

$

–‌

$

(

425,121‌

)

See

notes

to

financial

statements

149

TIAA-CREF

Life

Funds

2022

Semiannual

Report

concluded

22.6

Social

Choice

Equity

Fund

22.7

Stock

Index

Fund

22.8

International

Equity

Fund

22.9

Core

Bond

Fund

23.01

Money

Market

Fund

23.1

Balanced

Fund

$

631,532‌

$

5,121,558‌

$

2,398,270‌

$

2,122‌

$

–‌

$

–‌

–‌

–‌

11,190‌

–‌

–‌

–‌

1,379‌

17,600‌

11,200‌

2,953,050‌

249,296‌

–‌

2,020‌

28,264‌

6,434‌

8,108‌

–‌

–‌

634,931‌

5,167,422‌

2,427,094‌

2,963,280‌

249,296‌

—‌

66,075‌

220,730‌

318,719‌

319,204‌

55,648‌

36,035‌

1,123‌

2,545‌

1,107‌

1,253‌

859‌

981‌

8,287‌

18,610‌

29,871‌

70,970‌

33,191‌

3,665‌

10,681‌

22,805‌

17,951‌

21,373‌

11,254‌

6,780‌

6,110‌

21,468‌

8,206‌

7,310‌

5,852‌

5,193‌

13,422‌

17,912‌

13,694‌

14,232‌

13,440‌

11,890‌

486‌

4,120‌

692‌

1,159‌

582‌

399‌

20,661‌

4,830‌

16,256‌

7,259‌

4,156‌

6,763‌

126,845‌

313,020‌

406,496‌

442,760‌

124,982‌

71,706‌

(

29,870‌

)

–‌

(

23,664‌

)

(

69,706‌

)

(

41,461‌

)

(

35,058‌

)

96,975‌

313,020‌

382,832‌

373,054‌

83,521‌

36,648‌

537,956‌

4,854,402‌

2,044,262‌

2,590,226‌

165,775‌

(

36,648‌

)

1,578,829‌

5,261,453‌

388,539‌

(

5,479,172‌

)

221‌

–‌

–‌

–‌

–‌

–‌

–‌

(

321,771‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

95,238‌

)

(

546,834‌

)

–‌

(

2,272‌

)

–‌

–‌

–‌

–‌

–‌

3,816‌

–‌

–‌

–‌

–‌

–‌

59,146‌

–‌

–‌

–‌

–‌

(

34,121‌

)

(

3,680‌

)

–‌

–‌

1,483,591‌

4,714,619‌

354,418‌

(

5,422,162‌

)

221‌

(

321,771‌

)

(

23,506,104‌

)

(

182,958,013‌

)

(

34,249,771‌

)

(

22,792,948‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

13,196,103‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

23,833‌

)

(

516,330‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

691‌

–‌

–‌

–‌

–‌

(

23,504‌

)

531‌

–‌

–‌

(

23,529,937‌

)

(

183,474,343‌

)

(

34,273,275‌

)

(

22,791,726‌

)

–‌

(

13,196,103‌

)

(

22,046,346‌

)

(

178,759,724‌

)

(

33,918,857‌

)

(

28,213,888‌

)

221‌

(

13,517,874‌

)

$

(

21,508,390‌

)

$

(

173,905,322‌

)

$

(

31,874,595‌

)

$

(

25,623,662‌

)

$

165,996‌

$

(

13,554,522‌

)

$

691‌

$

1,899‌

$

248,666‌

$

3,820‌

$

–‌

$

–‌

$

(

1,847‌

)

$

–‌

$

(

29,287‌

)

$

–‌

$

–‌

$

–‌

TIAA-CREF

Life

Funds

For

the

period

or

year

ended

Statements

of

changes

in

net

assets

See

notes

to

financial

statements

150

2022

Semiannual

Report

TIAA-CREF

Life

Funds

22.1

Growth

Equity

Fund

22.2

Growth

&

Income

Fund

June

30,

2022

December

31,

2021

June

30,

2022

December

31,

2021

(unaudited)

(unaudited)

OPERATIONS

Net

investment

income

(loss)

$

158,019‌

$

(

150,302‌

)

$

806,803‌

$

1,238,200‌

Net

realized

gain

(loss)

on

total

investments

(

3,281,967‌

)

14,132,432‌

9,899,547‌

18,782,179‌

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(

52,124,952‌

)

11,616,206‌

(

58,271,036‌

)

23,916,684‌

Net

increase

(decrease)

in

net

assets

from

operations

(

55,248,900‌

)

25,598,336‌

(

47,564,686‌

)

43,937,063‌

Distributions

to

shareholders

–‌

(

32,457,590‌

)

–‌

(

5,534,849‌

)

Total

distributions

–‌

(

32,457,590‌

)

–‌

(

5,534,849‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

7,056,871‌

18,152,891‌

5,564,587‌

13,839,677‌

Reinvestments

of

distributions

–‌

32,457,589‌

–‌

5,534,421‌

Redemptions

(

8,111,710‌

)

(

33,120,342‌

)

(

12,654,932‌

)

(

24,280,471‌

)

Net

increase

(decrease)

from

shareholder

transactions

(

1,054,839‌

)

17,490,138‌

(

7,090,345‌

)

(

4,906,373‌

)

Net

increase

(decrease)

in

net

assets

(

56,303,739‌

)

10,630,884‌

(

54,655,031‌

)

33,495,841‌

NET

ASSETS

Beginning

of

period

177,066,110‌

166,435,226‌

210,649,346‌

177,153,505‌

End

of

period

$

120,762,371‌

$

177,066,110‌

$

155,994,315‌

$

210,649,346‌

CHANGE

IN

FUND

SHARES

Shares

sold

415,605‌

787,585‌

244,228‌

574,341‌

Shares

reinvested

–‌

1,555,972‌

–‌

225,619‌

Shares

redeemed

(

470,035‌

)

(

1,470,166‌

)

(

544,672‌

)

(

996,631‌

)

Net

increase

(decrease)

from

shareholder

transactions

(

54,430‌

)

873,391‌

(

300,444‌

)

(

196,671‌

)

See

notes

to

financial

statements

151

TIAA-CREF

Life

Funds

2022

Semiannual

Report

continued

22.3

Large-Cap

Value

Fund

22.4

Real

Estate

Securities

Fund

22.5

Small-Cap

Equity

Fund

22.6

Social

Choice

Equity

Fund

June

30,

2022

December

31,

2021

June

30,

2022

December

31,

2021

June

30,

2022

December

31,

2021

June

30,

2022

December

31,

2021

(unaudited)

(unaudited)

(unaudited)

(unaudited)

$

626,134‌

$

1,009,165‌

$

716,285‌

$

1,286,049‌

$

154,735‌

$

315,951‌

$

537,956‌

$

1,014,937‌

1,342,017‌

5,068,510‌

2,942,608‌

7,394,358‌

773,560‌

13,115,555‌

1,483,591‌

9,630,394‌

(

15,163,309‌

)

13,533,990‌

(

28,681,935‌

)

22,631,350‌

(

16,183,114‌

)

1,193,893‌

(

23,529,937‌

)

10,769,650‌

(

13,195,158‌

)

19,611,665‌

(

25,023,042‌

)

31,311,757‌

(

15,254,819‌

)

14,625,399‌

(

21,508,390‌

)

21,414,981‌

–‌

(

1,158,549‌

)

–‌

(

1,607,410‌

)

–‌

(

331,112‌

)

–‌

(

3,463,680‌

)

–‌

(

1,158,549‌

)

–‌

(

1,607,410‌

)

–‌

(

331,112‌

)

–‌

(

3,463,680‌

)

7,359,015‌

13,773,372‌

6,006,688‌

11,104,736‌

1,754,007‌

15,625,244‌

2,911,615‌

7,268,572‌

–‌

1,158,396‌

–‌

1,607,290‌

–‌

331,112‌

–‌

3,463,180‌

(

10,286,242‌

)

(

15,424,376‌

)

(

10,322,806‌

)

(

15,064,237‌

)

(

7,060,636‌

)

(

15,540,674‌

)

(

6,648,179‌

)

(

8,365,323‌

)

(

2,927,227‌

)

(

492,608‌

)

(

4,316,118‌

)

(

2,352,211‌

)

(

5,306,629‌

)

415,682‌

(

3,736,564‌

)

2,366,429‌

(

16,122,385‌

)

17,960,508‌

(

29,339,160‌

)

27,352,136‌

(

20,561,448‌

)

14,709,969‌

(

25,244,954‌

)

20,317,730‌

91,789,237‌

73,828,729‌

108,168,463‌

80,816,327‌

74,964,241‌

60,254,272‌

102,130,140‌

81,812,410‌

$

75,666,852‌

$

91,789,237‌

$

78,829,303‌

$

108,168,463‌

$

54,402,793‌

$

74,964,241‌

$

76,885,186‌

$

102,130,140‌

409,506‌

784,848‌

321,974‌

642,719‌

114,314‌

927,128‌

143,416‌

341,240‌

–‌

65,115‌

–‌

90,095‌

–‌

19,627‌

–‌

162,058‌

(

571,441‌

)

(

881,079‌

)

(

593,246‌

)

(

870,776‌

)

(

448,415‌

)

(

936,927‌

)

(

323,251‌

)

(

394,583‌

)

(

161,935‌

)

(

31,116‌

)

(

271,272‌

)

(

137,962‌

)

(

334,101‌

)

9,828‌

(

179,835‌

)

108,715‌

Statements

of

changes

in

net

assets

TIAA-CREF

Life

Funds

For

the

period

or

year

ended

See

notes

to

financial

statements

152

2022

Semiannual

Report

TIAA-CREF

Life

Funds

continued

continued

continued

22.7

Stock

Index

Fund

22.8

International

Equity

Fund

June

30,

2022

December

31,

2021

June

30,

2022

December

31,

2021

(unaudited)

(unaudited)

OPERATIONS

Net

investment

income

(loss)

$

4,854,402‌

$

9,308,926‌

$

2,044,262‌

$

3,669,207‌

Net

realized

gain

(loss)

on

total

investments

4,714,619‌

15,089,397‌

354,418‌

776,812‌

Net

change

in

unrealized

appreciation

(depreciation)

on

total

investments

(

183,474,343‌

)

147,678,251‌

(

34,273,275‌

)

8,884,749‌

Net

increase

(decrease)

in

net

assets

from

operations

(

173,905,322‌

)

172,076,574‌

(

31,874,595‌

)

13,330,768‌

Distributions

to

shareholders

–‌

(

11,386,755‌

)

–‌

(

1,513,361‌

)

Total

distributions

–‌

(

11,386,755‌

)

–‌

(

1,513,361‌

)

SHAREHOLDER

TRANSACTIONS

Subscriptions

23,552,868‌

52,884,497‌

7,789,199‌

19,772,188‌

Reinvestments

of

distributions

–‌

11,386,755‌

–‌

1,513,361‌

Redemptions

(

34,936,624‌

)

(

70,265,465‌

)

(

4,976,797‌

)

(

12,058,822‌

)

Net

increase

(decrease)

from

shareholder

transactions

(

11,383,756‌

)

(

5,994,213‌

)

2,812,402‌

9,226,727‌

Net

increase

(decrease)

in

net

assets

(

185,289,078‌

)

154,695,606‌

(

29,062,193‌

)

21,044,134‌

NET

ASSETS

Beginning

of

period

833,427,683‌

678,732,077‌

143,490,115‌

122,445,981‌

End

of

period

$

648,138,605‌

$

833,427,683‌

$

114,427,922‌

$

143,490,115‌

CHANGE

IN

FUND

SHARES

Shares

sold

641,336‌

1,405,182‌

881,466‌

1,988,175‌

Shares

reinvested

–‌

294,994‌

–‌

149,247‌

Shares

redeemed

(

940,418‌

)

(

1,867,537‌

)

(

556,365‌

)

(

1,214,297‌

)

Net

increase

(decrease)

from

shareholder

transactions

(

299,082‌

)

(

167,361‌

)

325,101‌

923,125‌

See

notes

to

financial

statements

153

TIAA-CREF

Life

Funds

2022

Semiannual

Report

concluded

22.9

Core

Bond

Fund

23.01

Money

Market

Fund

23.1

Balanced

Fund

June

30,

2022

December

31,

2021

June

30,

2022

December

31,

2021

June

30,

2022

December

31,

2021

(unaudited)

(unaudited)

(unaudited)

$

2,590,226‌

$

4,511,395‌

$

165,775‌

$

–‌

$

(

36,648‌

)

$

1,178,220‌

(

5,422,162‌

)

1,250,931‌

221‌

414‌

(

321,771‌

)

3,468,438‌

(

22,791,726‌

)

(

7,954,808‌

)

–‌

–‌

(

13,196,103‌

)

2,498,278‌

(

25,623,662‌

)

(

2,192,482‌

)

165,996‌

414‌

(

13,554,522‌

)

7,144,936‌

–‌

(

8,951,180‌

)

(

165,768‌

)

–‌

–‌

(

3,191,479‌

)

–‌

(

8,951,180‌

)

(

165,768‌

)

–‌

–‌

(

3,191,479‌

)

8,339,460‌

32,847,856‌

65,939,163‌

90,250,855‌

781,152‌

5,428,142‌

–‌

8,950,908‌

165,768‌

–‌

–‌

3,190,880‌

(

11,213,353‌

)

(

18,464,798‌

)

(

40,038,581‌

)

(

108,360,472‌

)

(

3,229,978‌

)

(

5,654,741‌

)

(

2,873,893‌

)

23,333,966‌

26,066,350‌

(

18,109,617‌

)

(

2,448,826‌

)

2,964,281‌

(

28,497,555‌

)

12,190,304‌

26,066,578‌

(

18,109,203‌

)

(

16,003,348‌

)

6,917,738‌

230,013,541‌

217,823,237‌

96,929,652‌

115,038,855‌

81,075,204‌

74,157,466‌

$

201,515,986‌

$

230,013,541‌

$

122,996,230‌

$

96,929,652‌

$

65,071,856‌

$

81,075,204‌

834,053‌

3,029,124‌

65,939,163‌

90,250,855‌

60,459‌

382,450‌

–‌

839,672‌

165,768‌

–‌

–‌

226,786‌

(

1,135,423‌

)

(

1,704,145‌

)

(

40,038,581‌

)

(

108,360,471‌

)

(

248,167‌

)

(

398,706‌

)

(

301,370‌

)

2,164,651‌

26,066,350‌

(

18,109,616‌

)

(

187,708‌

)

210,530‌

TIAA-CREF

Life

Funds

Financial

highlights

See

notes

to

financial

statements

154

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Selected

per

share

data

Gain

(loss)

from

investment

operations

Less

distributions

from

For

the

period

or

year

ended

Net

asset

value,

beginning

of

period

Net

investment

income

(loss)

a

Net

realized

and

unrealized

gain

(loss)

on

total

investments

Total

gain

(loss)

from

investment

operations

Net

investment

income

Net

realized

gains

Total

dividends

and

distributions

Net

asset

value,

end

of

period

22.1

GROWTH

EQUITY

FUND

6/30/22

#

$

20

.88‌

$

0

.02‌

$

(

6

.57‌

)

$

(

6

.55‌

)

$

—‌

$

—‌

$

—‌

$

14

.33‌

12/31/21

21

.88‌

(

0

.02‌

)

3

.55‌

3

.53‌

(

0

.06‌

)

(

4

.47‌

)

(

4

.53‌

)

20

.88‌

12/31/20

16

.38‌

0

.04‌

6

.92‌

6

.96‌

(

0

.06‌

)

(

1

.40‌

)

(

1

.46‌

)

21

.88‌

12/31/19

13

.73‌

0

.06‌

4

.05‌

4

.11‌

(

0

.07‌

)

(

1

.39‌

)

(

1

.46‌

)

16

.38‌

12/31/18

14

.65‌

0

.07‌

0

.07‌

0

.14‌

(

0

.06‌

)

(

1

.00‌

)

(

1

.06‌

)

13

.73‌

12/31/17*

11

.05‌

0

.06‌

3

.74‌

3

.80‌

—‌

(

0

.20‌

)

(

0

.20‌

)

14

.65‌

22.2

GROWTH

&

INCOME

FUND

6/30/22

#

26

.06‌

0

.10‌

(

6

.12‌

)

(

6

.02‌

)

—‌

—‌

—‌

20

.04‌

12/31/21

21

.40‌

0

.15‌

5

.19‌

5

.34‌

(

0

.19‌

)

(

0

.49‌

)

(

0

.68‌

)

26

.06‌

12/31/20

18

.82‌

0

.18‌

3

.49‌

3

.67‌

(

0

.25‌

)

(

0

.84‌

)

(

1

.09‌

)

21

.40‌

12/31/19

15

.54‌

0

.24‌

4

.35‌

4

.59‌

(

0

.19‌

)

(

1

.12‌

)

(

1

.31‌

)

18

.82‌

12/31/18

17

.96‌

0

.19‌

(

1

.26‌

)

(

1

.07‌

)

(

0

.17‌

)

(

1

.18‌

)

(

1

.35‌

)

15

.54‌

12/31/17*

14

.59‌

0

.16‌

3

.32‌

3

.48‌

—‌

(

0

.11‌

)

(

0

.11‌

)

17

.96‌

22.3

LARGE-CAP

VALUE

FUND

6/30/22

#

19

.02‌

0

.13‌

(

2

.93‌

)

(

2

.80‌

)

—‌

—‌

—‌

16

.22‌

12/31/21

15

.20‌

0

.21‌

3

.85‌

4

.06‌

(

0

.24‌

)

—‌

(

0

.24‌

)

19

.02‌

12/31/20

14

.92‌

0

.25‌

0

.30‌

0

.55‌

(

0

.27‌

)

—‌

(

0

.27‌

)

15

.20‌

12/31/19

12

.40‌

0

.26‌

3

.21‌

3

.47‌

(

0

.26‌

)

(

0

.69‌

)

(

0

.95‌

)

14

.92‌

12/31/18

15

.75‌

0

.25‌

(

2

.23‌

)

(

1

.98‌

)

(

0

.22‌

)

(

1

.15‌

)

(

1

.37‌

)

12

.40‌

12/31/17*

14

.08‌

0

.21‌

1

.52‌

1

.73‌

—‌

(

0

.06‌

)

(

0

.06‌

)

15

.75‌

22.4

REAL

ESTATE

SECURITIES

FUND

6/30/22

#

19

.94‌

0

.13‌

(

4

.77‌

)

(

4

.64‌

)

—‌

—‌

—‌

15

.30‌

12/31/21

14

.53‌

0

.23‌

5

.48‌

5

.71‌

(

0

.26‌

)

(

0

.04‌

)

(

0

.30‌

)

19

.94‌

12/31/20

15

.60‌

0

.27‌

(

0

.17‌

)

0

.10‌

(

0

.34‌

)

(

0

.83‌

)

(

1

.17‌

)

14

.53‌

12/31/19

12

.31‌

0

.27‌

3

.58‌

3

.85‌

(

0

.29‌

)

(

0

.27‌

)

(

0

.56‌

)

15

.60‌

12/31/18

13

.58‌

0

.30‌

(

0

.82‌

)

(

0

.52‌

)

(

0

.27‌

)

(

0

.48‌

)

(

0

.75‌

)

12

.31‌

12/31/17*

12

.42‌

0

.24‌

1

.27‌

1

.51‌

—‌

(

0

.35‌

)

(

0

.35‌

)

13

.58‌

#

Unaudited

*

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.

a

Based

on

average

shares

outstanding.

b

The

percentages

shown

for

this

period

are

not

annualized.

c

The

percentages

shown

for

this

period

are

annualized.

u

Income

reflects

voluntary

compensation

from

Advisors

in

amounts

that

approximate

a

portion

of

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

Advisors

had

purchased

the

research

services

directly.

The

total

return

and

net

investment

income

ratio

displayed

excludes

this

item.

See

notes

to

financial

statements

155

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Ratios

and

supplemental

data

Ratios

to

average

net

assets

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

(

31

.37‌

)

%

b

(

31

.38‌

)

%

b

$

120,762‌

0

.58‌

%

c

0

.52‌

%

c

0

.22‌

%

c

0

.20‌

%

c

37‌

%

b

16

.16‌

16

.14‌

177,066‌

0

.52‌

0

.52‌

(

0

.09‌

)

(

0

.10‌

)

56‌

43

.97‌

43

.95‌

166,435‌

0

.54‌

0

.52‌

0

.22‌

0

.20‌

120‌

30

.73‌

30

.72‌

117,939‌

0

.57‌

0

.52‌

0

.39‌

0

.38‌

108‌

(

0

.21‌

)

(

0

.22‌

)

98,216‌

0

.56‌

0

.52‌

0

.43‌

0

.43‌

90‌

34

.54‌

34

.53‌

97,100‌

0

.59‌

0

.52‌

0

.43‌

0

.43‌

81‌

(

23

.06‌

)

b

(

23

.07‌

)

b

155,994‌

0

.53‌

c

0

.52‌

c

0

.89‌

c

0

.87‌

c

40‌

b

25

.17‌

25

.16‌

210,649‌

0

.52‌

0

.52‌

0

.63‌

0

.61‌

63‌

20

.44‌

20

.42‌

177,154‌

0

.54‌

0

.52‌

0

.95‌

0

.94‌

64‌

30

.10‌

30

.09‌

160,225‌

0

.55‌

0

.52‌

1

.35‌

1

.34‌

63‌

(

7

.25‌

)

(

7

.26‌

)

129,668‌

0

.56‌

0

.52‌

1

.03‌

1

.03‌

61‌

23

.91‌

23

.91‌

145,806‌

0

.58‌

0

.52‌

1

.00‌

1

.00‌

70‌

(

14

.72‌

)

b

(

14

.73‌

)

b

75,667‌

0

.59‌

c

0

.52‌

c

1

.45‌

c

1

.44‌

c

16‌

b

26

.85‌

26

.84‌

91,789‌

0

.58‌

0

.52‌

1

.19‌

1

.17‌

27‌

4

.01‌

3

.99‌

73,829‌

0

.61‌

0

.52‌

1

.85‌

1

.83‌

30‌

28

.66‌

28

.65‌

75,101‌

0

.62‌

0

.52‌

1

.87‌

1

.86‌

19‌

(

14

.13‌

)

(

14

.14‌

)

62,956‌

0

.63‌

0

.52‌

1

.67‌

1

.67‌

107‌

12

.34‌

12

.34‌

76,470‌

0

.63‌

0

.53‌

1

.39‌

1

.39‌

55‌

(

23

.27‌

)

b

(

23

.28‌

)

b

78,829‌

0

.62‌

c

0

.57‌

c

1

.53‌

c

1

.51‌

c

16‌

b

39

.53‌

39

.52‌

108,168‌

0

.61‌

0

.57‌

1

.37‌

1

.35‌

38‌

1

.27‌

1

.25‌

80,816‌

0

.62‌

0

.57‌

1

.86‌

1

.85‌

44‌

31

.33‌

31

.32‌

84,977‌

0

.63‌

0

.57‌

1

.83‌

1

.82‌

35‌

(

4

.23‌

)

(

4

.24‌

)

67,142‌

0

.65‌

0

.57‌

2

.29‌

2

.28‌

34‌

12

.32‌

12

.32‌

77,144‌

0

.66‌

0

.58‌

1

.86‌

1

.86‌

35‌

Financial

highlights

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

156

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Selected

per

share

data

Gain

(loss)

from

investment

operations

Less

distributions

from

For

the

period

or

year

ended

Net

asset

value,

beginning

of

period

Net

investment

income

(loss)

a

Net

realized

and

unrealized

gain

(loss)

on

total

investments

Total

gain

(loss)

from

investment

operations

Net

investment

income

Net

realized

gains

Total

dividends

and

distributions

Net

asset

value,

end

of

period

22.5

SMALL-CAP

EQUITY

FUND

6/30/22

#

$

17

.52‌

$

0

.04‌

$

(

3

.77‌

)

$

(

3

.73‌

)

$

—‌

$

—‌

$

—‌

$

13

.79‌

12/31/21

14

.11‌

0

.07‌

3

.42‌

3

.49‌

(

0

.08‌

)

—‌

(

0

.08‌

)

17

.52‌

12/31/20

13

.13‌

0

.06‌

1

.46‌

1

.52‌

(

0

.10‌

)

(

0

.44‌

)

(

0

.54‌

)

14

.11‌

12/31/19

12

.41‌

0

.12‌

2

.71‌

2

.83‌

(

0

.08‌

)

(

2

.03‌

)

(

2

.11‌

)

13

.13‌

12/31/18

15

.81‌

0

.08‌

(

1

.61‌

)

(

1

.53‌

)

(

0

.10‌

)

(

1

.77‌

)

(

1

.87‌

)

12

.41‌

12/31/17*

14

.06‌

0

.10‌

1

.97‌

2

.07‌

—‌

(

0

.32‌

)

(

0

.32‌

)

15

.81‌

22.6

SOCIAL

CHOICE

EQUITY

FUND

6/30/22

#

22

.74‌

0

.12‌

(

5

.02‌

)

(

4

.90‌

)

—‌

—‌

—‌

17

.84‌

12/31/21

18

.67‌

0

.23‌

4

.64‌

4

.87‌

(

0

.23‌

)

(

0

.57‌

)

(

0

.80‌

)

22

.74‌

12/31/20

16

.75‌

0

.23‌

3

.00‌

3

.23‌

(

0

.27‌

)

(

1

.04‌

)

(

1

.31‌

)

18

.67‌

12/31/19

14

.98‌

0

.29‌

4

.18‌

4

.47‌

(

0

.28‌

)

(

2

.42‌

)

(

2

.70‌

)

16

.75‌

12/31/18

16

.90‌

0

.29‌

(

1

.06‌

)

(

0

.77‌

)

(

0

.29‌

)

(

0

.86‌

)

(

1

.15‌

)

14

.98‌

12/31/17*

14

.02‌

0

.27‌

2

.66‌

2

.93‌

(

0

.00‌

)

d

(

0

.05‌

)

(

0

.05‌

)

16

.90‌

22.7

STOCK

INDEX

FUND

6/30/22

#

41

.02‌

0

.24‌

(

8

.88‌

)

(

8

.64‌

)

—‌

—‌

—‌

32

.38‌

12/31/21

33

.13‌

0

.46‌

8

.00‌

8

.46‌

(

0

.47‌

)

(

0

.10‌

)

(

0

.57‌

)

41

.02‌

12/31/20

28

.02‌

0

.44‌

5

.28‌

5

.72‌

(

0

.48‌

)

(

0

.13‌

)

(

0

.61‌

)

33

.13‌

12/31/19

21

.94‌

0

.50‌

6

.21‌

6

.71‌

(

0

.43‌

)

(

0

.20‌

)

(

0

.63‌

)

28

.02‌

12/31/18

23

.68‌

0

.46‌

(

1

.62‌

)

(

1

.16‌

)

(

0

.40‌

)

(

0

.18‌

)

(

0

.58‌

)

21

.94‌

12/31/17*

19

.59‌

0

.40‌

3

.71‌

4

.11‌

—‌

(

0

.02‌

)

(

0

.02‌

)

23

.68‌

22.8

INTERNATIONAL

EQUITY

FUND

6/30/22

#

10

.11‌

0

.14‌

(

2

.37‌

)

(

2

.23‌

)

—‌

—‌

—‌

7

.88‌

12/31/21

9

.22‌

0

.27‌

0

.73‌

1

.00‌

(

0

.11‌

)

—‌

(

0

.11‌

)

10

.11‌

12/31/20

8

.12‌

0

.12‌

1

.11‌

1

.23‌

(

0

.13‌

)

—‌

(

0

.13‌

)

9

.22‌

12/31/19

7

.07‌

0

.14‌

1

.45‌

1

.59‌

(

0

.17‌

)

(

0

.37‌

)

(

0

.54‌

)

8

.12‌

12/31/18

9

.35‌

0

.17‌

(

2

.36‌

)

(

2

.19‌

)

(

0

.09‌

)

—‌

(

0

.09‌

)

7

.07‌

12/31/17*

7

.11‌

0

.10‌

2

.24‌

2

.34‌

(

0

.10‌

)

—‌

(

0

.10‌

)

9

.35‌

#

Unaudited

*

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.

a

Based

on

average

shares

outstanding.

b

The

percentages

shown

for

this

period

are

not

annualized.

c

The

percentages

shown

for

this

period

are

annualized.

d

Amount

represents

less

than

$0.01

per

share.

u

Income

reflects

voluntary

compensation

from

Advisors

in

amounts

that

approximate

a

portion

of

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

Advisors

had

purchased

the

research

services

directly.

The

total

return

and

net

investment

income

ratio

displayed

excludes

this

item.

See

notes

to

financial

statements

157

TIAA-CREF

Life

Funds

2022

Semiannual

Report

continued

Ratios

and

supplemental

data

Ratios

to

average

net

assets

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

(

21

.29‌

)

%

b

(

21

.29‌

)

%

b

$

54,403‌

0

.65‌

%

c

0

.53‌

%

c

0

.48‌

%

c

0

.48‌

%

c

38‌

%

b

24

.76‌

24

.76‌

74,964‌

0

.62‌

0

.53‌

0

.44‌

0

.44‌

78‌

12

.80‌

12

.80‌

60,254‌

0

.69‌

0

.53‌

0

.55‌

0

.55‌

97‌

23

.72‌

23

.72‌

53,609‌

0

.72‌

0

.53‌

0

.88‌

0

.88‌

124‌

(

12

.05‌

)

(

12

.05‌

)

46,425‌

0

.66‌

0

.53‌

0

.52‌

0

.52‌

86‌

14

.90‌

14

.90‌

58,589‌

0

.71‌

0

.53‌

0

.68‌

0

.68‌

77‌

(

21

.55‌

)

b

(

21

.55‌

)

b

76,885‌

0

.29‌

c

0

.22‌

c

1

.22‌

c

1

.22‌

c

9‌

b

26

.35‌

26

.35‌

102,130‌

0

.26‌

0

.22‌

1

.09‌

1

.09‌

31‌

20

.47‌

20

.47‌

81,812‌

0

.30‌

0

.22‌

1

.38‌

1

.38‌

29‌

31

.38‌

31

.38‌

70,890‌

0

.31‌

0

.22‌

1

.75‌

1

.75‌

27‌

(

5

.55‌

)

(

5

.55‌

)

55,841‌

0

.32‌

0

.22‌

1

.68‌

1

.68‌

38‌

20

.96‌

20

.96‌

61,385‌

0

.33‌

0

.22‌

1

.75‌

1

.75‌

13‌

(

21

.06‌

)

b

(

21

.06‌

)

b

648,139‌

0

.09‌

c

0

.09‌

c

1

.32‌

c

1

.32‌

c

2‌

b

25

.63‌

25

.63‌

833,428‌

0

.08‌

0

.08‌

1

.22‌

1

.22‌

3‌

20

.76‌

20

.76‌

678,732‌

0

.09‌

0

.09‌

1

.58‌

1

.58‌

3‌

30

.81‌

30

.81‌

584,156‌

0

.10‌

0

.09‌

1

.94‌

1

.94‌

3‌

(

5

.28‌

)

(

5

.28‌

)

429,527‌

0

.10‌

0

.09‌

1

.89‌

1

.89‌

4‌

21

.01‌

21

.01‌

445,430‌

0

.12‌

0

.09‌

1

.88‌

1

.88‌

7‌

(

22

.06‌

)

b

(

22

.07‌

)

b

114,428‌

0

.64‌

c

0

.60‌

c

3

.21‌

c

3

.19‌

c

15‌

b

10

.84‌

10

.83‌

143,490‌

0

.61‌

0

.60‌

2

.71‌

2

.70‌

22‌

15

.34‌

15

.32‌

122,446‌

0

.64‌

0

.60‌

1

.52‌

1

.50‌

88‌

23

.07‌

23

.06‌

107,619‌

0

.71‌

0

.60‌

1

.75‌

1

.74‌

108‌

(

23

.58‌

)

(

23

.59‌

)

86,051‌

0

.71‌

0

.60‌

1

.96‌

1

.95‌

67‌

32

.98‌

32

.97‌

115,406‌

0

.70‌

0

.60‌

1

.24‌

1

.24‌

119‌

Financial

highlights

TIAA-CREF

Life

Funds

See

notes

to

financial

statements

158

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Selected

per

share

data

Gain

(loss)

from

investment

operations

Less

distributions

from

For

the

period

or

year

ended

Net

asset

value,

beginning

of

period

Net

investment

income

(loss)

a

Net

realized

and

unrealized

gain

(loss)

on

total

investments

Total

gain

(loss)

from

investment

operations

Net

investment

income

Net

realized

gains

Total

dividends

and

distributions

Net

asset

value,

end

of

period

22.9

CORE

BOND

FUND

6/30/22

#

$

10

.56‌

$

0

.12‌

$

(

1

.30‌

)

$

(

1

.18‌

)

$

—‌

$

—‌

$

—‌

$

9

.38‌

12/31/21

11

.10‌

0

.22‌

(

0

.33‌

)

(

0

.11‌

)

(

0

.25‌

)

(

0

.18‌

)

(

0

.43‌

)

10

.56‌

12/31/20

10

.59‌

0

.27‌

0

.56‌

0

.83‌

(

0

.32‌

)

—‌

(

0

.32‌

)

11

.10‌

12/31/19

9

.96‌

0

.32‌

0

.62‌

0

.94‌

(

0

.31‌

)

—‌

(

0

.31‌

)

10

.59‌

12/31/18

10

.31‌

0

.30‌

(

0

.38‌

)

(

0

.08‌

)

(

0

.27‌

)

—‌

(

0

.27‌

)

9

.96‌

12/31/17*

9

.86‌

0

.27‌

0

.18‌

0

.45‌

(

0

.00‌

)

d

—‌

(

0

.00‌

)

d

10

.31‌

23.01

MONEY

MARKET

FUND

6/30/22

#

1

.00‌

0

.00‌

d

0

.00‌

d

0

.00‌

d

(

0

.00‌

)

d

—‌

(

0

.00‌

)

d

1

.00‌

12/31/21

1

.00‌

—‌

—‌

—‌

—‌

—‌

—‌

1

.00‌

12/31/20

1

.00‌

0

.00‌

d

—‌

0

.00‌

d

0

.00‌

d

—‌

(

0

.00‌

)

d

1

.00‌

12/31/19

1

.00‌

0

.02‌

—‌

0

.02‌

(

0

.02‌

)

—‌

(

0

.02‌

)

1

.00‌

12/31/18

1

.00‌

0

.02‌

—‌

0

.02‌

(

0

.02‌

)

—‌

(

0

.02‌

)

1

.00‌

12/31/17

1

.00‌

0

.01‌

—‌

0

.01‌

(

0

.01‌

)

—‌

(

0

.01‌

)

1

.00‌

23.1

BALANCED

FUND

6/30/22

#

14

.29‌

(

0

.01‌

)

(

2

.42‌

)

(

2

.43‌

)

—‌

—‌

—‌

11

.86‌

12/31/21

13

.57‌

0

.22‌

1

.10‌

1

.32‌

(

0

.26‌

)

(

0

.34‌

)

(

0

.60‌

)

14

.29‌

12/31/20

12

.45‌

0

.26‌

1

.45‌

1

.71‌

(

0

.26‌

)

(

0

.33‌

)

(

0

.59‌

)

13

.57‌

12/31/19

10

.94‌

0

.25‌

1

.79‌

2

.04‌

(

0

.26‌

)

(

0

.27‌

)

(

0

.53‌

)

12

.45‌

12/31/18

11

.63‌

0

.21‌

(

0

.84‌

)

(

0

.63‌

)

(

0

.00‌

)

d

(

0

.06‌

)

(

0

.06‌

)

10

.94‌

12/31/17

10

.32‌

0

.00‌

d

1

.42‌

1

.42‌

—‌

(

0

.11‌

)

(

0

.11‌

)

11

.63‌

#

Unaudited

*

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.

a

Based

on

average

shares

outstanding.

b

The

percentages

shown

for

this

period

are

not

annualized.

c

The

percentages

shown

for

this

period

are

annualized.

d

Amount

represents

less

than

$0.01

per

share.

u

Income

reflects

voluntary

compensation

from

Advisors

in

amounts

that

approximate

a

portion

of

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

Advisors

had

purchased

the

research

services

directly.

The

total

return

and

net

investment

income

ratio

displayed

excludes

this

item.

See

notes

to

financial

statements

159

TIAA-CREF

Life

Funds

2022

Semiannual

Report

concluded

Ratios

and

supplemental

data

Ratios

to

average

net

assets

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

(

11

.17‌

)

%

b

(

11

.17‌

)

%

b

$

201,516‌

0

.42‌

%

c

0

.35‌

%

c

2

.43‌

%

c

2

.43‌

%

c

119‌

%

b

58‌

%

b

(

0

.99‌

)

(

0

.99‌

)

230,014‌

0

.42‌

0

.35‌

2

.03‌

2

.03‌

258‌

89‌

7

.86‌

7

.86‌

217,823‌

0

.37‌

0

.35‌

2

.52‌

2

.52‌

154‌

91‌

9

.48‌

9

.48‌

203,001‌

0

.37‌

0

.35‌

3

.04‌

3

.04‌

117‌

111‌

(

0

.79‌

)

(

0

.79‌

)

189,285‌

0

.38‌

0

.35‌

3

.01‌

3

.01‌

147‌

139‌

4

.54‌

4

.54‌

199,969‌

0

.36‌

0

.35‌

2

.69‌

2

.69‌

147‌

114‌

0

.14‌

b

0

.14‌

b

122,996‌

0

.22‌

c

0

.15‌

c

0

.30‌

c

0

.30‌

c

—‌

—‌

—‌

—‌

96,930‌

0

.22‌

0

.06‌

—‌

—‌

—‌

—‌

0

.41‌

0

.41‌

115,039‌

0

.20‌

0

.14‌

0

.37‌

0

.37‌

—‌

—‌

2

.09‌

2

.09‌

105,806‌

0

.23‌

0

.15‌

2

.06‌

2

.06‌

—‌

—‌

1

.71‌

1

.71‌

104,670‌

0

.24‌

0

.15‌

1

.73‌

1

.73‌

—‌

—‌

0

.74‌

0

.74‌

82,411‌

0

.26‌

0

.15‌

0

.75‌

0

.75‌

—‌

—‌

(

17

.00‌

)

b

(

17

.00‌

)

b

65,072‌

0

.20‌

c

0

.10‌

c

(

0

.10‌

)

c

(

0

.10‌

)

c

5‌

b

5‌

b

9

.78‌

9

.78‌

81,075‌

0

.18‌

0

.10‌

1

.52‌

1

.52‌

16‌

16‌

14

.16‌

14

.16‌

74,157‌

0

.18‌

0

.10‌

2

.06‌

2

.06‌

28‌

28‌

18

.81‌

18

.81‌

68,825‌

0

.20‌

0

.10‌

2

.07‌

2

.07‌

19‌

19‌

(

5

.47‌

)

(

5

.47‌

)

56,516‌

0

.21‌

0

.10‌

1

.77‌

1

.77‌

17‌

17‌

13

.82‌

13

.82‌

59,343‌

0

.23‌

0

.10‌

0

.02‌

0

.02‌

14‌

14‌

TIAA-CREF

Life

Funds

160

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Notes

to

financial

statements

(unaudited)

Note

1—organization

TIAA-CREF

Life

Funds

(the

“Trust”)

is

a

Delaware

statutory

trust

that

is

registered

with

the

U.S.

Securities

and

Exchange

Commission

("SEC") under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

consists

of

the

following

funds:

Growth

Equity

Fund,

Growth

&

Income

Fund,

Large-Cap

Value

Fund,

Real

Estate

Securities

Fund,

Small-Cap

Equity

Fund,

Social

Choice

Equity

Fund,

Stock

Index

Fund,

International

Equity

Fund,

Core

Bond

Fund,

Money

Market

Fund

and

Balanced

Fund (collectively

the

“Funds”

or

individually,

the

“Fund”).

The

Funds

are

currently

available

only

through

the

purchase

of

variable

annuity

contracts

or

variable

life

insurance

policies

issued

by

TIAA-CREF

Life

Insurance

Company

(“TIAA-CREF

Life”).

Note

2—significant

accounting

policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The Funds

are

investment

companies

and

follow

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

. The net

asset

value (“NAV”)

for

financial

reporting

purposes

may

differ

from

the NAV

for

processing

transactions.

The NAV

for

financial

reporting

purposes

includes

security

and shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the NAV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Investments

and

investment

income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the Funds

determine

the

existence

of

a

dividend

declaration.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned on

cash

collateral

investments. Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Funds estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions.

Distributions

to

shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

currency

transactions

and

translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

and

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

on

total

investments”

on

the

Statements

of

operations,

when

applicable. 

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statements

of

operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related “Change

in

unrealized

appreciation

(depreciation)

on

total

investments

and

foreign

currency”

on

the

Statements

of

operations,

when

applicable. 

Trustee

compensation:

The

Funds pay

the

members

of

the

Board

of

Trustees

(“Board”),

all

of

whom

are

independent,

certain

remuneration

for

their

services,

plus

travel

and

other

expenses.

Trustees

may

elect

to

participate

in

a

deferred

compensation

plan

and

defer

all

or

a

portion

of

their

compensation.

In

addition,

trustees

participate

in

a

long-term

compensation

plan.

Amounts

deferred

are

retained

by

the

Funds

until

paid.

Amounts

payable

to

the

trustees

for

compensation

are

included

separately

in the

accompanying

Statements

of

assets

and

liabilities.

Trustees’

fees,

including

any

deferred

and

long-term

compensation

incurred,

are

reflected

in

the

Statements

of

operations.

Indemnification:

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.

161

TIAA-CREF

Life

Funds

2022

Semiannual

Report

continued

Other

matters:

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

31,

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long

term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the Funds’

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

New

accounting

pronouncement:

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

changes

to

existing

contracts is

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds'

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

significant

impacts to

the 

Funds' financial

statements

and

various

filings.

New

rule

issuance:

 In

December

2020,

the

SEC

voted

to

adopt

a

new

rule

providing

a

framework

for

fund

valuation

practices.

New

Rule

2a-5

(“Rule

2a-5”)

under

the

1940

Act

establishes

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

will

permit

boards,

subject

to

board

oversight

and

certain

other

conditions,

to

designate

certain

parties

to

perform

fair

value

determinations.

Rule

2a-5

also

defines

when

market

quotations

are

“readily

available”

for

purposes

of

the

1940

Act

and

the

threshold

for

determining

whether

a

fund

must

fair

value

a

security.

The

SEC

also

adopted

new

Rule

31a-4

(“Rule

31a-

4”),

which

provides

the

recordkeeping

requirements

associated

with

fair

value

determinations.

Finally,

the

SEC

is

rescinding

previously

issued

guidance

on

related

issues,

including

the

role

of

the

board

in

determining

fair

value

and

the

accounting

and

auditing

of

fund

investments.

Rule

2a-5

and

Rule

31a-4

became

effective

on

March

8,

2021.

The

compliance

date

for

Rule

2a-5

and

Rule

31a-4

is

September

8,

2022.

A

fund

may

voluntarily

comply

with

the

rules

after

the

effective

date,

and

in

advance

of

the

compliance

date,

under

certain

conditions.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds’

financial

statements.

Note

3—valuation

of

investments

The Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

that

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’ major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Debt

securities:

Prices

of

fixed-income

securities

are

provided

by

an

independent

pricing

service

(“pricing

service”)

approved

by

the

Board.

The

pricing

service

establishes

a

security’s

fair

value

using

methods

that

may

include consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

the

pricing

service

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

Advisors.

These

securities

are

generally

classified

as

Level

2.

Notes

to

financial

statements

(unaudited)

162

2022

Semiannual

Report

TIAA-CREF

Life

Funds

continued

Exchange-traded

equity

securities,

common

and

preferred

stock:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

are

valued

at

the

last

sale

price

or

official

closing

price

reported

on

the

exchange

where

traded

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

date

of

valuation.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

asked

prices

is

utilized

and

the

securities

are

generally

classified

as

Level

2.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the Funds’

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Board.

These

foreign

securities

are

generally

classified

as

Level

2. 

Investments

in

registered

investment

companies:

Investments

in

investment

companies

are

valued

at

their

respective NAVs

on

the

valuation

date

and

are

generally

classified

as Level

1.

Repurchase

agreements:

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

The

Money

Market  Fund:

The

Money

Market

Fund’s

portfolio

securities

are

valued

on

an

amortized

cost

basis.

Money

Market

investments

are

generally

classified

as

Level

2.

Option

contracts:

Purchased

and

written

options

traded and

listed on

a

national

market

or

exchange

are

valued

at

the

last

sale

price

as

of

the

close

of

such

exchange

or

at

the

mean

of

the

closing

bid

and

asked

prices

if

no

sale

is

reported and

are

generally

classified

as

Level

1.

Over-the-counter

(“OTC”)

options

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

OTC

options

are

generally

classified

as

Level

2.

Futures

contracts:

Futures

contracts

are

valued

using

the

closing

settlement

price

and

are

generally

classified

as

Level

1.

Forward

foreign

currency

contracts:

Forward

foreign

currency

contracts

are

valued

using

the

prevailing

forward

exchange

rate

which

is

derived

from

quotes

provided

by

the

pricing

service

using

the

procedures

approved

by

the

Board

and

are

classified

as

Level

2.

Swap

contracts:

Swap

contracts are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

Swaps

are

generally

classified

as

Level

2.

Any

portfolio

security

or

derivative for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

at

fair

value,

as

determined

in

good

faith

using

procedures

approved

by

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

would

appear

to

be

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3. 

The

following

table

summarizes

the

market

value

of

the Funds’

investments

as

of

June

30,

2022,

based

on

the

inputs

used

to

value

them:

Fund

Level

1

Level

2

Level

3

Total

Growth

Equity

Common

stocks

$113,267,760

$4,775,264

$—

$118,043,024

Short-term

investments

—

3,120,000

—

3,120,000

Total

$113,267,760

$7,895,264

$—

$121,163,024

1

1

1

1

1

Growth

&

Income

Common

stocks

$153,578,779

$2,452,879

$—

$156,031,658

Short-term

investments

—

1,040,000

—

1,040,000

Written

options**

(1,184,971)

—

—

(1,184,971)

Total

$152,393,808

$3,492,879

$—

$155,886,687

1

1

1

1

1

Large-Cap

Value

Common

stocks

$75,218,011

$—

$160

$75,218,171

Short-term

investments

—

475,000

—

475,000

Total

$75,218,011

$475,000

$160

$75,693,171

1

1

1

1

1

Real

Estate

Securities

Common

stocks

$77,555,515

$440,697

$—

$77,996,212

Short-term

investments

—

700,000

—

700,000

Total

$77,555,515

$1,140,697

$—

$78,696,212

1

1

1

1

1

163

TIAA-CREF

Life

Funds

2022

Semiannual

Report

continued

Note

4—investments

Mortgage

dollar

roll

transactions:

Some

of

the Funds may

enter

into

mortgage

dollar

rolls

in

which a

Fund

sells

mortgage

securities

for

delivery

in

the

current

month,

realizing

a

gain

(loss),

and

simultaneously

contracts

to

repurchase

similar

securities

on

a

specified

future

date.

During

the

roll

period,

a

Fund forgoes

principal

and

interest

paid

on

the

securities.

The Fund is

compensated

by

the

interest

earned

on

the

cash

proceeds

of

the

initial

sale

and

by

the

lower

repurchase

price

at

the

future

date.

The

difference

between

the

sales

proceeds

and

the

repurchase

price

is

recorded

as

a

realized

gain

or

loss.

Repurchase

agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Fund’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

Restricted

securities:

Restricted

securities

held

by

the

Funds,

if

any,

may

not

be

sold

except

in

exempt

transactions

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933,

as

amended.

The

risk

of

investing

in

such

securities

is

generally

greater

than

the

risk

of

investing

in

securities

that

are

widely

held

and

publicly

traded.

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.

Fund

Level

1

Level

2

Level

3

Total

Small-Cap

Equity

Common

stocks

$53,815,174

$—

$—

$53,815,174

Short-term

investments

1,299,268

670,000

—

1,969,268

Futures

contracts**

(63,539)

—

—

(63,539)

Total

$55,050,903

$670,000

$—

$55,720,903

1

1

1

1

1

Social

Choice

Equity

Common

stocks

$76,372,103

$—

$120

$76,372,223

Short-term

investments

126,886

610,000

—

736,886

Futures

contracts**

(9,686)

—

—

(9,686)

Total

$76,489,303

$610,000

$120

$77,099,423

1

1

1

1

1

Stock

Index

Common

stocks

$640,695,030

$—

$4,790

$640,699,820

Rights/Warrants

1,119

—

9

1,128

Short-term

investments

2,284,226

7,450,000

—

9,734,226

Futures

contracts**

(394,983)

—

—

(394,983)

Total

$642,585,392

$7,450,000

$4,799

$650,040,191

1

1

1

1

1

International

Equity

Common

stocks

$1,541,507

$105,447,485

$—

$106,988,992

Short-term

investments

—

6,960,000

—

6,960,000

Total

$1,541,507

$112,407,485

$—

$113,948,992

1

1

1

1

1

Core

Bond

Bank

loan

obligations

$—

$3,916,927

$—

$3,916,927

Corporate

bonds

—

69,620,211

45,000

69,665,211

Government

bonds

—

81,849,649

112,161

81,961,810

Structured

assets

—

40,499,071

439,430

40,938,501

Preferred

stocks

78,343

—

—

78,343

Short-term

investments

2,043,639

15,535,000

—

17,578,639

Total

$2,121,982

$211,420,858

$596,591

$214,139,431

1

1

1

1

1

Money

Market

Short-term

investments

$

—

$

125,576,031

$

—

$

125,576,031

Total

$—

$125,576,031

$—

$125,576,031

1

1

1

1

1

Balanced

Registered

investment

companies

$65,009,325

$—

$—

$65,009,325

Total

$65,009,325

$—

$—

$65,009,325

1

1

1

1

1

**

Derivative

instruments

are

not

reflected

in

the

market

value

of

portfolio

investments.

Notes

to

financial

statements

(unaudited)

164

2022

Semiannual

Report

TIAA-CREF

Life

Funds

continued

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

reflected

in

the

Statements

of

assets

and

liabilities.

Non-cash

collateral

is

not

disclosed

in

the

Funds’

Statements

of

assets

and

liabilities

as

it

is

held

by

the

agent

or

by

a

third-party

bank

engaged

by

the

Agent

as

a

special

“tri-party”

custodian

on

behalf

of

the Funds,

and

the

Funds

do

not

have

the

ability

to

sell

or

re-hypothecate

those

securities.

As

of

June

30,

2022,

securities

lending

transactions

are

for equity

and

fixed

income

securities,

and

the

resulting

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity. 

Securities

lending

income

recognized

by

the

Funds consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

reflected

separately

in

the

Statements

of

operations.

In

lending

its

securities,

a

Fund bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned. 

At

June

30,

2022,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows:

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis:

The Funds

may

purchase

securities

on

a

when-issued

or

delayed-

delivery

basis.

Securities

purchased

or

sold

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds have

segregated

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/delayed

delivery

purchase

commitments.

Purchases

and

sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments)

for

all

of

the Funds

for

the period

ended

June

30,

2022

were

as

follows:

Note

5—derivative

investments

Each Fund

(other

than

the

Money

Market

Fund) is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Aggregate

value

of

securities

on

loan

Fund

Equity

Securities

Fixed

Income

Securities

Cash

collateral

received*

Non-cash

collateral

received

Total

collateral

received

Small-Cap

Equity

$1,306,331

$–

$1,299,268

$76,702

$1,375,970

Social

Choice

Equity

126,833

–

126,886

2,819

129,705

Stock

Index

3,162,773

–

2,284,226

1,049,949

3,334,175

International

Equity

851,598

–

–

961,666

961,666

Core

Bond

18,076

2,149,890

2,043,639

206,337

2,249,976

*May

include

cash

and

investment

of

cash

collateral

Fund

Non-U.S.

government

purchases

U.S.

government

purchases

Non-U.S.

government

sales

U.S.

government

sales

22.1

Growth

Equity

$

53,597,962

$

–

$

56,794,227

$

–

22.2

Growth

&

Income

74,076,141

–

81,029,206

–

22.3

Large-Cap

Value

13,514,779

–

15,924,842

–

22.4

Real

Estate

Securities

15,403,932

–

18,755,518

–

22.5

Small-Cap

Equity

24,283,893

–

28,181,988

–

22.6

Social

Choice

Equity

7,801,804

–

10,849,130

–

22.7

Stock

Index

12,376,170

–

19,946,501

–

22.8

International

Equity

20,389,664

–

18,493,688

–

22.9

Core

Bond

23,162,372

232,283,558

37,519,967

211,232,663

23.1

Balanced

3,860,746

–

6,341,108

–

165

TIAA-CREF

Life

Funds

2022

Semiannual

Report

continued

At

June

30,

2022,

the

following

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statements

of

assets

and

liabilities

as

follows:

For

the period

ended

June

30,

2022,

the

effect

of

derivative

contracts

on

the Funds’

Statements

of

operations

was

as

follows:

Options:

 Certain Funds

are

subject

to

equity

price

risk

in

the

normal

course

of

pursuing their

investment

objectives. To

manage

the

risk,

the Funds

may

invest

in

both

equity

and

index

options.

The Funds

may

purchase

(buy)

or

write

(sell)

put

and

call

options

on

specific

securities

(including

groups

or

“baskets”

of

specific

securities),

interest

rates,

stock

indices

and/or

bond

indices

(each

a

“financial

instrument”).

Options

can

be

settled

either

directly

with

the

counterparty

(over

the

counter)

or

through

a

central

clearing

house

(exchange

traded).

Call

and

put

options

give

the

holder

the

right,

in

return

for

a

premium

paid,

to

purchase

or

sell,

respectively,

a

financial

instrument

at

a

specified

exercise

price

at

any

time

during

the

period

of

the

option.

Purchased

options

are

included

in

the Portfolio

of

investments.

When a

Fund

writes

an

option,

an

amount

equal

to

the

net

premium

received

(the

premium

less

commission)

is

recognized

as

a

liability

on

the

Statements

of

assets

and

liabilities

and

is

subsequently

adjusted

to

reflect

the

current

value

of

the

written

option

until

the

option

is

exercised

or

expires

or

the

Fund

enters

into

a

closing

purchase

transaction.

The

changes

in

the

value

of

options

purchased

and/or

written

during

the

fiscal

period

are

recognized

as

in

unrealized

appreciation

(depreciation)

on

the

Statements

of

operations.

When

an

option

expires,

the

premiums

received

or

paid

are

recognized

as

realized

gains

or

losses

on

the

Statements

of

operations.

When

an

option

is

exercised

or

a

closing

purchase

transaction

is

entered

into,

the

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

recognized

as

a

realized

gain

or

loss

on

the

Statements

of

operations.

The

market

risk

associated

with

purchasing

options

is

limited

to

the

premium

paid.

The

Fund,

as

writer

of

an

option,

has

no

control

over

whether

the

underlying

instrument

may

be

sold

(called)

or

purchased

(put)

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

market

value

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

the

Fund may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Growth

&

Income

Fund

Written

options

Equity

-

$

–

Options

written,

at

value

$

(1,184,971)

1

1

1

1

1

1

1

1

Small-Cap

Equity

Fund

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(63,539)

1

1

1

1

1

1

1

1

Social

Choice

Equity

Fund

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(9,686)

1

1

1

1

1

1

1

1

Stock

Index

Fund

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(394,983)

1

1

1

1

1

1

1

1

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

in

the

accompanying

Statements

of

assets

and

liabilities

is

only

the

receivable

or

payable

for

variation

margin

on

open

futures

contacts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

22.2

Growth

&

Income

Fund

Purchased

option

contracts

Equity

$

(5,652)

$

(5,847)

Written

option

contracts

Equity

(429,040)

(281,294)

22.5

Small-Cap

Equity

Fund

Futures

contracts

Equity

(215,916)

(43,493)

22.6

Social

Choice

Equity

Fund

Futures

contracts

Equity

(95,238)

(23,833)

22.7

Stock

Index

Fund

Futures

contracts

Equity

(546,834)

(516,330)

22.9

Core

Bond

Fund

Futures

contracts

Interest

rate

(2,272)

–

Forward

contracts

Foreign

currency

exchange

rate

3,816

691

Swap

contracts

Credit

59,146

–

Notes

to

financial

statements

(unaudited)

166

2022

Semiannual

Report

TIAA-CREF

Life

Funds

continued

The

average

notional

amount

of

options

contracts

purchased

and

options

contracts

written outstanding

during

the

current

fiscal

period

ended June

30,

2022

was

as

follows:

Futures

contracts:

 Certain

Funds

are

subject

to

equity

price

and

interest

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The Funds

use

futures

contracts

to

manage

exposure

to

the

equity

and

bond

markets and

for

cash

management

purposes

to

remain

highly

invested

in

these

markets

while

minimizing

transaction

costs.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statements

of

assets

and

liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

which are

recognized

on

the

Statements

of

assets

and

liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

ended June

30,

2022

was

as

follows:

Forward

foreign

currency

contracts:

Certain Funds

may

use

forward

foreign

currency

contracts

("forward

contracts")

to

hedge portfolio

currency

risk

and

to

facilitate

transactions

in

securities

denominated in

foreign

currencies

in

the

normal

course

of

pursuing

their

investment

objectives.

A

forward

contract

is

an

agreement

between

two

parties

to

purchase

or

sell

a

specified

quantity

of

a

currency

at

or

before

a

specified

date

in

the

future

at

a

specified

price.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

Forward

contracts

are

typically

traded

in

the

over-the-counter

(“OTC”)

markets

and

all

details

of

the

contract

are

negotiated

between

the

counterparties

to

the

agreement.

Forward

contracts

are

marked-to-market

daily

and

any

resulting

unrealized

gains

or

losses

are

reflected

as

appreciation

or

depreciation

on

the

Statements

of

assets

and

liabilities.

The Funds

realize

gains

and

losses

at

the

time

the

forward

contracts

are

closed

and

are

included

on

the

Statement

of

operations.

Risks

may

arise

upon

entering

into

forward

contracts

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar;

and

that

losses

may

exceed

amounts

recognized

on

the

Statements

of

assets

and

liabilities.

The

average

notional

amount

of

forward

contracts

outstanding

during

the

current

fiscal

period

ended June

30,

2022

was

as

follows:

Fund

Average

notional

amount

of

options

contracts

purchased

outstanding*

22.2

Growth

&

Income

$

8,232

Fund

Average

notional

amount

of

options

contracts

written

outstanding*

22.2

Growth

&

Income

$

(791,962)

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

notional

amount

of

futures

contracts

outstanding*

22.5

Small-Cap

Equity

$

1,066,841

22.6

Social

Choice

Equity

425,913

22.7

Stock

Index

8,061,302

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

notional

amount

of

forward

contracts

outstanding*

22.9

Core

Bond

$

40,398

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

167

TIAA-CREF

Life

Funds

2022

Semiannual

Report

continued

Credit

default

swap

contracts:

Certain

Funds

are

subject

to

credit

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The

Funds (other

than

the

Money

Market

Fund)

invest

in

credit

default

swaps

to

hedge

or

manage

the

risks

associated

with

assets

held

in

the

Funds

and/or

to

facilitate

the

implementation

of

portfolio

strategies

to

seek

to

increase

the

total

return.

Credit

default

swap

contracts

involve

one

party

making

a

stream

of

payments

(buyer

of

protection)

to

another

party

(seller

of

protection)

in

exchange

for

the

right

to

receive

a

specified

return

if/when

there

is

a

credit

event

by

a

third

party.

Credit

events

are

agreement

specific

but

may

include

bankruptcy,

failure

to

pay,

or

restructuring.

When a

Fund has

bought

(sold)

protection

in

a

credit

default

swap

upon

occurrence

of

a

specific

credit

event

with

respect

to

the

underlying

referenced

entity,

the

Fund will

either

(i)

receive

(deliver)

that

security,

or

an

equivalent

amount

of

cash,

from

the

counterparty

in

exchange

for

receipt

(payment)

of

the

notional

amount

to

the

counterparty,

or

(ii)

receive

(pay)

a

net

settlement

amount

of

the

credit

default

swap

contract

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

assets

and

liabilities,

when

applicable.

Credit

default

swaps

are

“marked-to-market”

on

a

daily

basis

to

reflect

the

value

of

the

swap

agreement

at

the

end

of

each

trading

day

and

are

recognized

as

unrealized

appreciation

(depreciation)

on

the

Statement

of

operations.

Credit

default

swaps

can

be

settled

either

directly

with

the

counterparty

("OTC")

or

through

a

central

clearinghouse

("centrally

cleared").

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

credit

default

swaps

on

the

Statement

of

assets

and

liabilities.

Upon

the

execution

of

a

centrally

cleared

swap, a

Fund is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

assets

and

liabilities.

The Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and are

recognized

on

the

Statement

of

assets

and

liabilities

as

a

receivable

or

payable

for

variation

margin

on

credit

default

swaps.

The

difference

between

the

value

of

the

security

received

(delivered)

and

the

notional

amount

delivered

(received)

as

well

as

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

a

contract

are

recognized

as

realized

gains

or

losses

on

the

Statement

of

operations.

The

maximum

potential

amount

of

future

payments

the Fund

could

incur

as

a

buyer

or

seller

of

protection

in

a

credit

default

swap

contract

is

limited

to

the

notional

amount

of

the

contract.

The

maximum

potential

amount

would

be

offset

by

the

recovery

value,

if

any,

of

the

respective

referenced

entity.

The

average

notional

amount

of

credit

default

swap

contracts

outstanding

during

the

current

fiscal

period

ended June

30,

2022

was

as

follows:

Note

6—Income

tax

information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund’s

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

was

as

follows:

Fund

Average

notional

amount

of

swap

contracts

outstanding*

22.9

Core

Bond

$

–**

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

**

The

Fund

invested

in

credit

default

swap

contracts

during

the

fiscal

period.

However,

the

Fund

did

not

hold

any

such

positions

at

the

beginning

of

the

fiscal

period

or

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period

and

therefore

are

not

included

as

part

of

this

calculation.

Notes

to

financial

statements

(unaudited)

168

2022

Semiannual

Report

TIAA-CREF

Life

Funds

continued

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

As

of prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire: 

Note

7—investment

adviser

and

affiliates

Under

the

terms

of

the

Investment

Management

Agreement

with

respect

to

each

Fund,

Advisors

provides

asset

management

services

to

the

Fund

for

an

annual

fee,

payable

monthly.

The

Funds

have

entered

into

an

Administrative

Service

Agreement

with

Advisors

under

which

the

Funds

pay

Advisors

for

its

costs

in

providing

certain

administrative

and

compliance

services

to

the

Funds.

Advisors

has

agreed

to

reimburse

each

Fund

if

its

total

expense

ratio

(excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses)

exceeds

certain

percentages.

Advisors

and

its

affiliates

have

voluntarily

agreed

to

waive

Fund

fees

in

order

to

keep

the

Fund’s

yield

non-negative.

As

of

June

30,

2022,

the

investment

management

fees

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets:

Fund

Tax

cost

Gross

unrealized

appreciation

Gross

unrealized

(depreciation)

Net

unrealized

appreciation

(depreciation)

22.1

Growth

Equity

$98,842,617

$33,444,182

$(11,123,775)

$22,320,407

22.2

Growth

&

Income

108,447,293

54,801,333

(7,361,939)

47,439,394

22.3

Large-Cap

Value

58,425,524

19,857,387

(2,589,740)

17,267,647

22.4

Real

Estate

Securities

57,373,259

24,649,235

(3,326,282)

21,322,953

22.5

Small-Cap

Equity

55,190,150

8,351,039

(7,820,286)

530,753

22.6

Social

Choice

Equity

54,774,404

28,446,316

(6,121,297)

22,325,019

22.7

Stock

Index

275,312,862

408,929,059

(34,201,730)

374,727,329

22.8

International

Equity

116,495,891

10,253,147

(12,800,046)

(2,546,899)

22.9

Core

Bond

233,070,629

350,734

(19,281,932)

(18,931,198)

23.1

Balanced

62,310,208

6,949,197

(4,250,080)

2,699,117

Fund

Undistributed

ordinary

income

Undistributed

long-term

capital

gains

Unrealized

appreciation

(depreciation)

Capital

loss

carryforwards

Other

book-to-tax

differences

Total

22.1

Growth

Equity

$4,217,592

$10,327,861

$74,444,944

$–

$(9,905)

$88,980,492

22.2

Growth

&

Income

5,458,599

14,615,470

105,718,558

–

(9,209)

125,783,418

22.3

Large-Cap

Value

1,038,772

3,285,217

32,430,876

–

(11,769)

36,743,096

22.4

Real

Estate

Securities

3,034,893

5,571,451

50,004,888

–

(14,203)

58,597,029

22.5

Small-Cap

Equity

2,875,077

7,578,192

16,694,941

–

(8,948)

27,139,262

22.6

Social

Choice

Equity

2,313,073

8,358,270

45,845,608

–

(7,903)

56,509,048

22.7

Stock

Index

10,247,485

14,064,627

557,915,916

–

(45,280)

582,182,748

22.8

International

Equity

3,886,932

–

31,699,712

(6,024,227)

(16,486)

29,545,931

22.9

Core

Bond

4,487,682

1,304,518

3,865,116

–

(25,265)

9,632,051

23.01

Money

Market

414

–

–

–

–

414

23.1

Balanced

2,007,427

2,705,651

15,895,220

–

(3,081)

20,605,217

Fund

Short-term

Long-term

Total

22.1

Growth

Equity

$

–

$

–

$

–

22.2

Growth

&

Income

–

–

–

22.3

Large-Cap

Value

–

–

–

22.4

Real

Estate

Securities

–

–

–

22.5

Small-Cap

Equity

–

–

–

22.6

Social

Choice

Equity

–

–

–

22.7

Stock

Index

–

–

–

22.8

International

Equity

992,436

5,031,791

6,024,227

22.9

Core

Bond

–

–

–

23.01

Money

Market

–

–

–

23.1

Balanced

–

–

–

169

TIAA-CREF

Life

Funds

2022

Semiannual

Report

continued

Income,

reflected

in

Payment

from affiliate

on

the

Statements

of

operations, reflects

voluntary

compensation

from

Advisors

in

amounts

that

approximate

a

portion

of

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

Advisors

had

purchased

the

research

services

directly.

The Funds may

purchase

or

sell

investment

securities

in

transactions

with

affiliated

entities

under

procedures

adopted

by

the

Board,

pursuant

to

the

1940

Act.

These

transactions

are

effected

at

market

rates

without

incurring

broker

commissions.

For

the

period

ended

June

30,

2022,

the

Funds

engaged

in

the

following

security

transactions

with

affiliated

entities:

As

of

June

30,

2022,

certain

registered

separate

accounts

of

TIAA-CREF

Life,

which

is

a

wholly

owned

subsidiary

of

TIAA,

have

various

sub-accounts

which

invest

in

the

Funds.

The

following

is

the

percentage

of

the

Funds'

shares

owned

by

affiliates

as

of

June

30,

2022:

Fund

Investment

management

fee

Maximum

expense

amounts‡

22.1

Growth

Equity

0.45%

0.52%

22.2

Growth

&

Income

0.45

0.52

22.3

Large-Cap

Value

0.45

0.52

22.4

Real

Estate

Securities

0.50

0.57

22.5

Small-Cap

Equity

0.46

0.53

22.6

Social

Choice

Equity

0.15

0.22

22.7

Stock

Index

0.06

0.09

22.8

International

Equity

0.50

0.60

22.9

Core

Bond

0.30

0.35

23.01

Money

Market

0.10

0.15

23.1

Balanced

0.10

0.10

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

expense

reimbursement

arrangements

will

continue

through

at

least

April

30,

2023.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board

of

Trustees.

Fund

Purchases

Sales

Realized

gain

(loss)

Growth

Equity

$

185,126

$

295,827

$

(18,874)

Growth

&

Income

278,104

225,725

58,591

Large-Cap

Value

–

65,326

(11,766)

Real

Estate

Securities

47,532

–

–

Small-Cap

Equity

–

2,807,250

(425,121)

Social

Choice

Equity

59,812

51,677

(1,847)

International

Equity

–

58,345

(29,287)

Underlying

Fund

Investments

in

funds

held

by

TIAA-CREF

Life

Investments

in

funds

held

by

Life

Balanced

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

98

2

100

Social

Choice

Equity

100

–

100

Stock

Index

99

1

100

International

Equity

94

6

100

Core

Bond

84

16

100

Money

Market

100

–

100

Balanced

100

–

100

Notes

to

financial

statements

(unaudited)

170

2022

Semiannual

Report

TIAA-CREF

Life

Funds

concluded

Investments

in

other

investment

companies

advised

by

Advisors

are

deemed

to

be

affiliated

investments.

The

TIAA-CREF

Life

Balanced

Fund

invests

its

assets

in

shares

of

the

affiliated

TIAA-CREF

Life

Funds.

Information

regarding

transactions

with

affiliated

companies

is

as

follows: 

Note

8—inter-fund

lending

program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Funds may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Funds to

lend

cash

to

and/or

borrow

cash

from

certain

other

affiliated

Funds for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Fund may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

a

Fund may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Fund’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the period

ended June

30,

2022,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

Note

9—line

of

credit

Each

of

the

Funds,

except

the

Money

Market

Fund,

participates

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

shareholder

redemptions.

The

current

facility

was

entered

into

on

June

14,

2022

expiring

on

June

13,

2023,

replacing

the

previous

$1.25

billion

facility,

which

expired

June

2022. Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by

Advisors,

or

an

affiliate

of

Advisors,

also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual funds

at

a

specified

rate

of

interest.

The

Funds

are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

For

the period

ended

June

30,

2022,

there

were

no

borrowings

under

this

credit

facility

by

the

Funds.

Issue

Value

at

12/31/21

Purchases

cost

Sales

proceeds

Realized

gain

(loss)

Change

in

unrealized

appreciation

(depreciation)

Dividend

income

Value

at

6/30/22

Balanced

Fund

TIAA-CREF

Life

Funds:

Core

Bond

$

40,080,480

$

1,305,460

$

3,853,394

$

(442,787)

$

(3,939,036)

$

–

$

33,150,723

Growth

&

Income

8,158,329

425,939

327,627

22,561

(1,890,328)

–

6,388,874

Growth

Equity

7,782,926

629,453

354,776

(46,396)

(2,386,182)

–

5,625,025

International

Equity

8,239,139

494,828

591,977

(41,913)

(1,737,144)

–

6,362,933

Large-Cap

Value

6,909,823

297,165

408,875

34,991

(1,036,474)

–

5,796,630

Real

Estate

Securities

1,660,266

253,720

253,311

44,391

(415,878)

–

1,289,188

Small-Cap

Equity

1,645,379

145,709

181,983

(665)

(335,958)

–

1,272,482

Stock

Index

6,531,219

308,472

369,165

108,047

(1,455,103)

–

5,123,470

$81,007,561

$3,860,746

$6,341,108

$(321,771)

$(13,196,103)

$–

$65,009,325

171

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Additional

fund

information

Portfolio

holdings

Securities

and

Exchange

Commission

(SEC)

rules

allow

investment

companies

to

list

the

top

holdings

of

each

fund

in

their

annual

and

semiannual

reports

instead

of

providing

complete

portfolio

listings.

The

TIAA-CREF

Life

Funds

also

file

complete

portfolio

listings

with

the

SEC,

and

they

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

TIAA-CREF

Life

Funds’

holdings

(Schedules

of

Investments)

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

website

at

TIAA.org;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

TIAA-CREF

Life

Funds’

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

SEC

Form

N-CSR

and

Form

N-PORT

or

Form

N-MFP

(for

money

market

products

only)

filings.

Form

N-CSR

filings

are

as

of

December

31

or

June

30;

Form

N-PORT

or

Form

N-MFP

filings

are

as

of

March

31

or

September

30.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

Proxy

voting

TIAA-CREF

Life

Funds’

ownership

of

stock

gives

it

the

right

to

vote

on

proxy

issues

of

companies

in

which

it

invests.

A

description

of

our

proxy

voting

policies

and

procedures

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-223-1200

to

request

a

free

copy.

A

report

of

how

the

funds

voted

during

the

most

recently

completed

twelve-month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-223-1200.

Fund

management

The

TIAA-CREF

Life

Funds

are

managed

by

the

portfolio

management

teams

of

Teachers

Advisors,

LLC.

The

members

of

these

teams

are

responsible

for

the

day-to-day

investment

management

of

the

funds.

Approval

of

investment

management

agreement

(unaudited)

172

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Board

renewal

of

the

investment

management

agreement

for

the

TIAA-CREF

Life

Funds

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

TIAA-CREF

Life

Funds

(the

“Trust”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Trust

on

behalf

of

each

series

of

the

Trust.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

to

each

series

of

the

Trust

and

overseeing

the

everyday

operations

and

other

service

providers

of

the

Trust.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement

with

respect

to

each

series

of

the

Trust

(the

“Funds”).

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

each

Fund

will

remain

in

effect

only

if

the

Board,

including

a

majority

of

those

Trustees

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Trustees

because

they

are

not

“interested

persons”

of

the

Trust,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Trustees

is

an

interested

person

of

the

Trust

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Under

normal

circumstances,

Section

15(c)

requires

any

initial

approval

or

annual

renewal

of

an

investment

management

agreement

to

be

made

at

an

in-person

meeting

of

the

Board.

However,

due

to

the

COVID-19

pandemic,

the

Securities

and

Exchange

Commission

(“SEC”)

issued

and

extended

a

temporary,

conditional

exemptive

order

(the

“SEC

Order”),

permitting

mutual

fund

boards

to

vote

to

approve

matters

subject

to

the

Section

15(c)

in-person

approval

requirement

at

a

meeting

that

is

not

held

in

person

if

the

board

determines

that

reliance

on

the

SEC

Order

is

necessary

or

appropriate

due

to

prevailing

circumstances

related

to

the

current

or

potential

effects

of

COVID-19

and

the

board

ratifies

any

action

taken

pursuant

to

the

SEC

Order

at

its

next

in-person

meeting.

Overview

of

the

renewal

process

The

Board

held

a

virtual

meeting

via

videoconference

on

March

11,

2022,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

each

applicable

Fund

using

the

process

established

by

the

Board

described

further

below.

At

the

outset

of

the

meeting,

the

Board

considered

reliance

upon

the

SEC

Order

and

determined

that

such

reliance

was

necessary

due

to,

among

other

considerations,

COVID-19

pandemic-related

public

health

protocols

imposed

for

health

and

safety

reasons.

The

Board

noted

that

it

would

ratify

actions

taken

at

this

meeting

pursuant

to

the

SEC

Order

at

its

next

in-person

meeting.

As

part

of

the

Board’s

established

process,

the

Board

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

Advisors,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

Advisors

and

the

Trust,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

each

Fund

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members

on

behalf

of

the

Board,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

each

Fund,

including

data

relating

to

each

Fund’s

management

fee

rate,

total

expense

ratio,

short-term

and

long-term

investment

performance,

brokerage

commission

costs

and

portfolio

turnover

rate

(as

applicable).

Broadridge

compared

this

data,

as

relevant,

for

each

Fund

against

a

universe

of

investment

companies

(except

for

brokerage

commission

costs)

and

against

a

more

selective

peer

group

of

mutual

funds

that

underlie

variable

products

with

similar

investment

objectives

and

strategies,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

each

Fund

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

each

Fund’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

Advisors

or

the

Board).

The

Board

considered

the

propriety

of

each

Fund’s

applicable

peer

group

as

selected

by

Broadridge.

Among

other

matters,

the

Board

also

considered

information

from

Advisors

to

facilitate

the

Trustees’

evaluation

of

the

reasonableness

of

any

profits

earned

by

Advisors

with

respect

to

its

services

to

each

Fund

pursuant

to

the

Agreement.

173

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Approval

of

investment

management

agreement

(unaudited)

continued

Legal

counsel

for

the

Trustees

also

requested

on

behalf

of

the

Board,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

each

Fund.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

this

information

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

each

Fund’s

investment

performance

and

a

narrative

analysis

of

the

performance

of

each

Fund

that

had

underperformed

certain

Board-specified

criteria,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Fund’s

performance

during

that

period;

(2)

a

description

of

any

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

each

Fund’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

certain

of

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Funds

in

addition

to

the

Funds’

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Funds

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading,

soft

dollar

usage

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Funds;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Funds

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

SEC

(which

was

presented

only

to

legal

counsel

for

the

Trustees);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

In

addition,

the

Board

received

information

from

management

on

the

continued

impact

of

the

COVID-19

pandemic

and

certain

geopolitical

events

on

the

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

enterprise’s

operations

generally

and

on

the

Funds’

operations

and

performance.

On

March

3,

2022,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

Advisors’

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

11,

2022

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

each

Fund,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Fund;

(2)

the

Fund’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Fund

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Fund;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Fund

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Fund

for

the

benefit

of

its

investors,

such

as,

if

applicable,

through

management

fee

breakpoints;

(7)

comparisons,

if

applicable,

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Fund

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Fund.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

11,

2022

meeting

that

included

Advisors’

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

each

Fund.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

11,

2022

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Funds

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters

information

regarding

the

performance

of

the

Funds.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

each

Fund,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

Trust-level

and

Fund-specific

information,

but

made

its

renewal

determinations

on

a

Fund-by-

Fund

basis.

In

deciding

whether

to

renew

the

Agreement

for

each

Fund,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

each

Fund.

At

its

meeting

on

March

11,

2022,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

each

Fund.

Set

forth

below

is

a

summary

of

the

primary

factors

the

Board

considered

with

respect

to

each

Fund.

Approval

of

investment

management

agreement

(unaudited)

174

2022

Semiannual

Report

TIAA-CREF

Life

Funds

continued

The

nature,

extent

and

quality

of

services

The

Board

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Funds

since

their

operations

commenced.

Investment

professionals

at

Advisors

also

manage

various

funds

and

accounts

of

the

College

Retirement

Equities

Fund,

the

TIAA-CREF

Funds

and

TIAA

Separate

Account

VA-1,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties,

managing

the

assets

of

the

Funds,

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

securities

for

the

Funds’

investment

portfolios;

active

daily

monitoring

of

the

Funds’

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Funds

to

the

Board

on

a

regular

basis;

responding

to

Fund

flows;

compliance

monitoring;

coordinating

the

activities

of

each

Fund’s

service

providers;

and

overseeing

the

provision

of

various

administrative

services

to

the

Funds.

With

respect

to

the

Balanced

Fund,

which

is

a

fund

of

funds

that

may

invest

its

assets

in

the

securities

of

affiliated

and

unaffiliated

investment

companies

or

other

investment

pools

(“underlying

funds”),

Advisors

is

also

responsible

for

selecting

underlying

funds

and

allocating

the

Balanced

Fund’s

assets

among

the

underlying

funds.

The

Board

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

Advisors

has

committed

significant

resources

to

supporting

the

series

of

the

Trust,

including

the

Funds.

It

also

considered

Advisors’

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Funds.

The

Board

also

considered,

among

other

factors,

the

performance

of

each

Fund,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Funds,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

Advisors

to

each

Fund

under

the

Agreement

was

reasonable.

Investment

performance

The

Board

considered

the

investment

performance

of

each

Fund,

over

the

periods

indicated

in

the

Fund-by-Fund

synopsis

below.

The

Board

considered

each

Fund’s

performance

as

compared

to

its

peer

group

and

peer

universe

(as

applicable)

and

its

benchmark

index

or,

in

circumstances

where

a

Fund’s

peer

group

or

peer

universe

was

not

viewed

as

a

representative

basis

for

comparison,

other

comparative

information

deemed

relevant

by

management

and/or

the

Board.

The

Board

also

considered

the

three-year

performance

of

the

Stock

Index

Fund

before

any

reductions

for

fees

and

expenses.

In

this

analysis,

the

Board

considered

the

impact

of

net

asset

value

rounding

and

the

effects

of

fair

valuation,

foreign

exchange

rates,

effective

tax

rates,

securities

lending

and

class

action

litigation,

as

applicable,

on

the

Stock

Index

Fund’s

performance

as

compared

to

the

performance

of

its

benchmark

index.

For

details

regarding

each

Fund’s

performance,

see

the

Fund-by-Fund

synopsis

below.

The

Board

considered,

in

those

cases

in

which

a

Fund

had

performed

materially

differently

from

its

Broadridge

peers

or

benchmark

based

on

a

Board-established

threshold,

the

factors

identified

by

Advisors

that

contributed

to

such

difference

and

any

remedial

measures

being

undertaken

by

Advisors.

Thus,

the

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

each

Fund

was

reasonable

or

that

appropriate

actions

had

been

or

were

being

implemented.

Cost

and

profitability

The

Board

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Funds

for

the

calendar

year

2021.

The

Board

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

each

Fund

both

before

and

after

taking

into

account

the

costs

incurred

directly

or

indirectly

by

Advisors

in

connection

with

the

distribution

of

shares

of

the

Fund.

The

Board

acknowledged

the

reasonableness

of

having

management

fee

rates

which

permit

Advisors

to

maintain

and

improve

the

quality

of

services

provided

to

the

Funds

and

recognized

the

entrepreneurial

and

other

risks

assumed

by

Advisors

in

managing

the

Funds.

The

Board

considered

that

Advisors

had

calculated

that

it

incurred

a

net

loss

with

respect

to

each

of

the

Funds

under

the

Agreement

for

the

one-year

period

ended

December

31,

2021.

175

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Approval

of

investment

management

agreement

(unaudited)

continued

Fees

charged

by

other

advisers

The

Board

considered

comparative

information

regarding

each

Fund’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

that

underlie

variable

insurance

products

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Fund-by-Fund

synopsis

below.

The

Board

determined

that

the

management

fee

rate

charged

to

a

Fund

under

the

Agreement

typically

was

lower

than

the

management

fee

rates

charged

to

many

or

most

other

comparable

mutual

funds

that

underlie

variable

insurance

products.

In

this

regard,

the

Board

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

a

Fund

and

its

comparable

mutual

funds

that

underlie

variable

insurance

products.

The

Board

considered

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Funds’

actual

management

fee

rates

compare

to

those

of

similar

mutual

funds

that

underlie

variable

insurance

products.

Additionally,

the

Board

considered

the

potential

limitations

of

such

comparisons

due

to,

among

other

factors,

the

fact

that,

in

many

instances,

Broadridge

based

its

comparisons

on

financial

data

relating

to

fiscal

periods

that

differed

from

the

period

for

which

the

Fund’s

data

were

derived.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds

that

underlie

variable

insurance

products.

Economies

of

scale

The

Board

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

each

Fund.

The

Board

also

considered

that

because

Advisors

operated

each

Fund

at

a

loss,

there

was

little

opportunity

to

pass

economies

of

scale

on

to

Fund

shareholders.

The

Board

also

considered

Advisors’

reimbursement

to

the

Funds

for

some

of

the

soft

dollar

amounts

the

Funds

spent

on

research

during

the

year,

as

well

as

Advisors’

commitment

to

reimburse

the

Funds

for

all

of

their

soft

dollar

expense

in

2022.

Based

on

all

factors

considered,

the

Board

concluded

that

the

Funds’

management

fee

rate

schedules

were

reasonable

in

light

of

current

economies

of

scale

considerations

and

current

asset

levels.

Fee

and

performance

comparisons

with

other

Advisors

clients

The

Board

considered

that

Advisors

and

its

affiliate,

TIAA-CREF

Investment

Management,

LLC,

provide

investment

management

services

to

other

investment

companies,

including

mutual

funds,

foreign

funds

(UCITS),

and

separately

managed

accounts

that

may

have

similar

investment

strategies

as

certain

of

the

Funds.

The

Board

considered

the

management

fee

rates

and

the

performance

of

such

investment

companies

and

accounts.

The

Board

also

considered

Advisors’

comments

that,

in

the

future,

Advisors

may

manage

client

assets

through

additional

funds

and

accounts

with

similar

investment

strategies.

The

Board

also

considered

Advisors’

representation

that,

while

the

management

fee

rates

charged

to

the

Funds

may

differ

from

the

management

fee

rates

chargeable

to

these

other

funds

and

other

accounts,

this

may

be

due

in

part

to

the

fact

that

these

other

funds

and

accounts

may:

(1)

be

offered

through

products

that

charge

additional

fees

to

their

investors;

(2)

be

offered

in

different

types

of

markets;

(3)

be

provided

with

different

types

or

levels

of

services;

(4)

have

different

regulatory

burdens;

(5)

target

different

investors;

and/or

(6)

be

packaged

with

other

products,

and

that

these

factors,

among

others,

could

reasonably

explain

different

management

fee

rate

schedules.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

Advisors

to

its

comparable

clients.

Other

benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Funds

to

Advisors

or

its

affiliates

for

other

services,

such

as

administration

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Funds

share

investment

resources

and/or

personnel

with

other

clients

of

Advisors,

use

of

research

obtained

through

the

Funds’

use

of

soft

dollar

to

manage

the

assets

of

other

clients

and

the

ability

to

incubate

strategies

within

one

or

more

Funds

that

could

be

subsequently

utilized

to

manage

other

non-Fund

products.

Advisors

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Funds

have

with

certain

service

providers.

Additionally,

the

Funds

are

utilized

primarily

as

investment

options

for

products

offered

by

an

affiliate

of

Advisors,

TIAA-

CREF

Life

Insurance

Company.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Funds

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

TIAA,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Board

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

Approval

of

investment

management

agreement

(unaudited)

176

2022

Semiannual

Report

TIAA-CREF

Life

Funds

continued

Fund-by-fund

synopsis

of

factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

each

Fund.

If

a

Fund

is

described

in

the

following

discussions

as

being

in

the

“1st

”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

All

time

periods

referenced

below

are

ended

December

31,

2021.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2021.

Statements

below

regarding

“net

loss”

refer

to

Advisors’

calculation

that

it

incurred

a

loss

for

the

services

that

it

rendered

to

a

Fund

during

2021

under

the

Agreement.

Growth

Equity

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.45%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”)

and

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”).

The

Fund

was

in

the

5th,

3rd,

3rd

and

2nd

quintiles

of

the

group

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Group”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

5th,

4th,

3rd

and

2nd

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Universe”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Growth

&

Income

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.45%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

4th,

3rd,

2nd

and

3rd

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

3rd,

2nd,

2nd

and

2nd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Large-Cap

Value

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.45%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

1st,

1st,

3rd

and

2nd

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd,

4th

and

3rd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Real

Estate

Securities

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.50%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

5th,

1st,

1st

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

4th,

1st,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

177

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Approval

of

investment

management

agreement

(unaudited)

continued

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Small-Cap

Equity

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.46%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

in

each

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

3rd

quintile

of

its

Performance

Group

for

each

of

the

one-,

three-,

five-

and

ten-year

periods.

The

Fund

was

in

the

3rd,

2nd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

2

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Social

Choice

Equity

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.15%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

2nd,

2nd,

3rd

and

3rd

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

1st,

1st

and

2nd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Stock

Index

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.06%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

For

the

three-year

period,

the

Fund’s

adjusted

relative

gross

performance

(meaning

the

Fund’s

performance

without

any

reductions

for

fees

or

expenses,

including

the

effect

of

net

asset

value

rounding

and

excluding

the

effects

of

fair

valuation,

foreign

exchange,

effective

tax

rates,

securities

lending

and

class

action

recoveries)

as

compared

to

its

benchmark,

the

Russell

3000®

Index,

differed

by

-1

basis

points.

For

reference,

one

basis

point

equals

0.01%.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

International

Equity

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.50%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

ranked

2

out

of

3

funds,

1

out

of

3

funds,

2

out

of

3

funds

and

1

out

of

3

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

3rd,

1st,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Core

Bond

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.30%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

2nd

quintile

of

both

its

Performance

Group

and

its

Performance

Universe

for

each

of

the

one-,

three-,

five-

and

ten-year

periods.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Approval

of

investment

management

agreement

(unaudited)

178

2022

Semiannual

Report

TIAA-CREF

Life

Funds

concluded

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Money

Market

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.10%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

did

not

have

a

Performance

Group.

The

Fund

was

in

the

2nd

quintile

of

its

Performance

Universe

for

each

of

the

one-

and

three-year

periods

and

ranked

2

out

of

5

funds

and

2

out

of

4

funds

for

the

five-

and

ten-year

periods,

respectively.

Money

market

funds

are

not

rated

by

Morningstar.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Balanced

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.10%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

in

the

2nd,

1st

and

1st

quintiles

of

both

its

Expense

Group

and

its

Expense

Universe,

respectively.

The

Fund

was

in

the

5th,

3rd

and

2nd

quintiles

of

its

Performance

Group

for

the

one-,

three-and

five-year

periods,

respectively.

The

Fund

was

in

the

4th,

2nd

and

2nd

quintiles

of

its

Performance

Universe

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

and

also

incurred

a

net

loss

on

each

of

the

underlying

funds

in

which

the

Fund

invested.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

each

Fund.

179

TIAA-CREF

Life

Funds

2022

Semiannual

Report

Liquidity

risk

management

program

(unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

series

of

the

Trust

covered

by

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Fund

liquidity

risk,

as

discussed

further

below.

The

Funds’

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

15,

2022

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2021

through

December

31,

2021

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Funds’

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

each

Fund’s

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

a

Fund’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

illiquid

investments.

Additional

information

about

index

providers

(unaudited)

180

2022

Semiannual

Report

TIAA-CREF

Life

Funds

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2022.

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

Indexes

Source:

Bloomberg

Index

Services

Limited.

BLOOMBERG®is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively

“Bloomberg”). Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

neither approves

nor

endorses

this

material,

nor

guarantees

the

accuracy

or

completeness

of

any

information

herein,

nor

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

2022.

“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,

“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.

181

TIAA-CREF

Life

Funds

2022

Semiannual

Report

concluded

MSCI

Indexes

Source:

MSCI.

The

MSCI

information

may

only

be

used

for

your

internal

use,

may

not

be

reproduced

or

redisseminated

in

any

form

and

may

not

be

used

as

a

basis

for

or

a

component

of

any

financial

instruments

or

products

or

indices.

None

of

the

MSCI

information

is

intended

to

constitute

investment

advice

or

a

recommendation

to

make

(or

refrain

from

making)

any

kind

of

investment

decision

and

may

not

be

relied

on

as

such.

Historical

data

and

analysis

should

not

be

taken

as

an

indication

or

guarantee

of

any

future

performance

analysis,

forecast

or

prediction.

The

MSCI

information

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on

an

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is”

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the

user

of

this

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the

entire

risk

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any

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made

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MSCI,

each

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affiliates

and

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other

person

involved

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or

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to

compiling,

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or

creating

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information

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the

“MSCI

Parties”)

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without

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any

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originality,

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timeliness,

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Without

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the

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in

no

event

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MSCI

Party

have

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liability

for

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direct,

indirect,

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punitive,

consequential

(including,

without

limitation,

lost

profits)

or

any

other

damages.

(www.msci.com)

Morningstar

Index

©2022

Morningstar.

All

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Reserved.

The

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How

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TIAA

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Account

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service

or

activity,

and

may

lose

value.

Nuveen,

a

subsidiary

of

TIAA,

provides

investment

advice

and

portfolio

management

services

through

a

dozen

affiliated

registered

investment

advisers.

Nuveen

Securities,

LLC

and

TIAA-CREF

Individual

&

Institutional

Services,

LLC,

members

FINRA,

distribute

securities

products.

Insurance

and

annuity

products

are

issued

by

TIAA-CREF

Life

Insurance

Company,

New

York,

NY.

This

material

is

for

informational

or

educational

purposes

only

and

does

not

constitute

fiduciary

investment

advice

under

ERISA,

a

securities

recommendation

under

all

securities

laws,

or

an

insurance

product

recommendation

under

state

insurance

laws

or

regulations.

This

material

does

not

take

into

account

any

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

own

objectives

and

circumstances.

2259756

A10937

(8/22)

730 Third Avenue

New York, NY 10017-3206

  Printed on paper containing recycled fiber

2259756 A10937 (8/22)

Item 2. Code of Conduct.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

a) See Portfolio of investments in Item 1.

b) Not applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not Applicable

Item 13. Exhibits.

13(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

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

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

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

SIGNATURES

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

	TIAA-CREF LIFE FUNDS
Dated: August 19, 2022	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

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

Dated: August 19, 2022	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)
Dated: August 19, 2022	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EX-99.13(A)(2)(I)

Exhibit 13(a)(2)(i)

CERTIFICATION

I, Bradley Finkle, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: August 19, 2022	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)

EX-99.13(A)(2)(II)

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, E. Scott Wickerham, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: August 19, 2022	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EX-99.13(B)

Exhibit 13(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the TIAA-CREF Life Funds does hereby certify, to such officer’s knowledge, that:

This report on Form N-CSR of the TIAA-CREF Life Funds (the “Funds”) (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Funds.

Dated: August 19, 2022	By:	/s/Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)
Dated: August 19, 2022	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)