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)

John M. McCann, Esq.

TIAA-CREF Life Funds

8500 Andrew Carnegie Blvd.

Charlotte, N.C. 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

Item 1. Reports to Stockholders.

TIAA-CREF          
Life Funds     June 30,            
2020

TIAA-CREF Life Funds

The semiannual report contains the financial statements (unaudited).

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

Semiannual

Report

Contents

Understanding this report	3
Market review	4
Information for investors	6
About the funds’ benchmarks	7
Important information about expenses	9
Fund performance
Growth Equity Fund	10
Growth  & Income Fund	13
Large-Cap Value Fund	16
Real Estate Securities Fund	19
Small-Cap Equity Fund	22
Social Choice Equity Fund	25
Stock Index Fund	28
International Equity Fund	31
Core Bond Fund (formerly Bond Fund)	34
Money Market Fund	37
Balanced Fund	40
Summary portfolios of investments	43
Financial statements (unaudited)
Statements of assets and liabilities	84
Statements of operations	88
Statements of changes in net assets	92
Financial highlights	100
Notes to financial statements	106
Approval of investment management agreement	123
Liquidity risk management program	135
Additional information about index providers	137
How to reach us	Inside back cover

Understanding this report

This semiannual report contains information about the TIAA-CREF Life Funds and describes their results for the six months ended June 30, 2020. The report contains four main sections:

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

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

• The summary portfolios of investments list the industries and types of securities in which each fund had investments as of June 30, 2020.

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

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

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

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     3

Market review

As economies and financial markets across the globe struggled with the impact of the COVID-19 pandemic and measures taken to limit its spread, most domestic and international stock markets declined for the six months. The U.S. economy contracted at an annualized rate of 5.0% during the first quarter of 2020, leading to a sharp rise in unemployment in the latter months of the period. Likewise, most other global economies also contracted during the first quarter, and central banks responded with stimulus measures. The U.S. Federal Reserve cut the federal funds target rate in March to 0.00%–0.25%; the European Central Bank created a large bond-buying program to support their economies; and the Bank of England reduced its benchmark interest rate.

• Returns for the eight TIAA-CREF Life Funds that invest primarily in equities ranged from a return of –17.3% for the Small-Cap Equity Fund to a return of 12.8% for the Growth Equity Fund.

• The Balanced Fund returned –0.1%, while the Core Bond Fund advanced 4.3%.

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

TIAA-CREF Life Funds performance review

For the six-month period, three of the eleven TIAA-CREF Life Funds advanced and six exceeded the performance of their respective benchmarks. Overall, bond returns outpaced stock results and the performance of U.S. equities generally exceeded that of foreign stocks.

The Growth Equity Fund’s 12.8% gain outpaced the Russell 1000^® Growth Index. The Growth & Income Fund, which returned –4.1%, trailed the S&P 500^® Index, while the Large-Cap Value Fund returned –16.0% but outperformed the Russell 1000 Value Index. The Small-Cap Equity Fund fell short of the Russell 2000^® Index with a return of –17.3%. The Real Estate Securities Fund returned –9.0%, surpassing its benchmark, the FTSE Nareit All Equity REITs Index.

The Social Choice Equity Fund, which does not invest in certain stocks because of environmental, social and governance criteria, returned –2.7% and outpaced the Russell 3000^® Index. The Stock Index Fund lagged this same benchmark with a return of –3.5%. The International Equity Fund, which invests in developed foreign markets, returned –9.4%, outpacing the MSCI EAFE^® Index.

The Core Bond Fund gained 4.3% but trailed the Bloomberg Barclays U.S. Aggregate Bond Index. The Balanced Fund, which invests in both stock and bond funds, also lagged its composite benchmark with a return of –0.1%. The Money Market Fund advanced 0.4%, outpacing the iMoneyNet Money Fund Averages^™—All Government. For more information regarding the performance of the TIAA-CREF Life Funds, please see the commentaries starting on page 10.

4      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

U.S. stocks declined amid pandemic   The domestic equity market, as measured by the broad Russell 3000 Index, returned –3.5% for the six-month period. Foreign stocks, as represented in U.S.-dollar terms by the MSCI EAFE Index, returned –11.3%. U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 6.1%. Yields on U.S. Treasury securities of all maturities declined, pushing bond prices higher (bond yields move in the opposite direction of prices).   Diversification in an uncertain environment   The first half of 2020 was a challenging time for people around the world. Few have seen anything like the COVID-19 pandemic in their lifetimes. Worries about health and safety, as well as concerns about the economic implications of trying to contain the virus, were all well founded during the period. But it’s worth remembering that the U.S. economy has had a long history of recovering from adversity—notably, the events of September 11th and the 2007–2008 credit crisis.   Brad Finkle

During the six months, stock markets fell sharply when the virus first emerged but later staged a powerful rally. While periods of market volatility will likely occur in the future, the experience of early 2020 speaks to the value of sticking to a sound financial plan that aims to achieve long-term investment goals. We believe a thoughtful investment approach and a balanced, well-diversified portfolio can be an important part of such a plan. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.

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

Brad Finkle

Chief Operating Officer, Nuveen

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     5

Information for investors

Portfolio holdings

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

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

• By visiting our website at TIAA.org; or

• By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Life Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT or Form N-MFP (for money market products only) filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT or Form N-MFP filings are as of March 31 or September 30. Copies of these forms are available:

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

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

Proxy voting

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

Contacting TIAA

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

Fund management

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

6      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

About the funds’ benchmarks

Equity indexes

Broad market indexes

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

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

Large-cap indexes

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

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

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

Small-cap index

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

Specialty equity index

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     7

About the funds’ benchmarks

Fixed-income index

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

Multi-asset class indexes

Composite benchmark

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

Broad market index

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

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

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

FTSE International Limited (“FTSE”) © FTSE 2020. FTSE^® is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. Nareit^® is a trademark of the National Association of Real Estate Investment Trusts (“Nareit”). All intellectual property rights in the Index vest in FTSE and Nareit. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

8      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Important information about expenses

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

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2020–June 30, 2020).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     9

Growth Equity Fund

Performance for the six months ended June 30, 2020

The Growth Equity Fund returned 12.82% for the period, compared with the 9.81% return of its benchmark, the Russell 1000^® Growth Index. For the twelve months ended June 30, 2020, the Fund returned 21.69%, versus 23.28% for the index.

During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%.

The U.S. stock market, as measured by the Russell 3000^® Index, declined sharply early in the period but rallied in the latter months to post an overall return of –3.48%. Growth stocks advanced, outperforming value shares, while large-cap stocks surpassed smaller equities. (Returns by investment style and capitalization size are based on the Russell indexes.)

Fund posted double-digit gains, surpassed its benchmark

Six of the eleven industry sectors in the Russell 1000 Growth Index advanced for the six months. Information technology (up 18.4%)—the benchmark’s largest sector—had the biggest impact, as technology stocks generally fared well during the COVID-19 crisis. Consumer discretionary (up 19.5%) and communication services (up 8.9%) were the next-largest contributors. Together, these three sectors represented two-thirds of the benchmark’s total market capitalization on June 30, 2020. The industrials, consumer staples, materials and financials sectors all posted negative returns, as did energy (down 33.8%)—the benchmark’s smallest sector—which was the worst performer.

The Fund outperformed its benchmark for the period, mostly due to astute allocation decisions. An overweight position in electric car maker Tesla was the top contributor to relative performance as optimistic investors continued to favor the stock. The next-largest contributions came from an out-of-benchmark investment in Dutch payment processor Adyen and an overweight position in U.S.-based Regeneron Pharmaceuticals.

By contrast, certain positions limited the Fund’s return versus the benchmark. An underweight position in Apple, which posted double-digit gains, was the largest detractor, followed by an out-of-benchmark investment in Walt Disney, which performed poorly. An underweight in Microsoft also detracted as the stock climbed higher during the period.

10      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Growth Equity Fund

Performance as of June 30, 2020

			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		12.82	%		21.69	%		15.12	%		17.40	%		0.57	%		0.52	%
Russell 1000® Growth Index		—		9.81			23.28			15.89			17.23			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2020

Growth Equity Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)
Actual return	$	1,000.00	$	1,128.21	$	2.75
5% annual hypothetical return		1,000.00		1,022.28		2.61

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     11

Growth Equity Fund

Fund profile

	as of 6/30/2020
Net assets	$	129.29 million
Portfolio turnover rate*		60%
Number of holdings		82
Weighted median market capitalization	$	157.21 billion
Price/earnings ratio (weighted 12-month trailing average)†		50.7

* The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized.

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

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2020
More than $50 billion		81.2
More than $15 billion–$50 billion		16.3
More than $2 billion–$15 billion		2.5
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2020
Information technology		39.3
Health care		19.2
Consumer discretionary		17.3
Communication services		14.3
Industrials		5.1
Financials		2.5
Materials		1.4
Energy		0.2
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

12      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Growth & Income Fund

Performance for the six months ended June 30, 2020

The Growth & Income Fund returned –4.09% for the period, compared with the –3.08% return of its benchmark, the S&P 500^® Index. For the twelve months ended June 30, 2020, the Fund returned 4.03%, versus 7.51% for the index.

During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%.

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, fared better than the –3.48% return of the broad U.S. stock market, as measured by the Russell 3000^® Index. The Russell 3000 Index includes small-cap stocks, which underperformed large caps for the six months.

Fund trailed its benchmark

Nine of the eleven industry sectors in the S&P 500 Index lost ground for the six months. Pressured by a steep decline in oil prices, energy (down 35.3%) was the worst-performing sector. The next-weakest sectors were financials (down 23.6%), as banks generally suffered declining revenues, followed by industrials (down 14.6%) and utilities (down 11.1%). Together, these four sectors represented almost one-quarter of the benchmark’s total market capitalization on June 30, 2020. Information technology (up 15.0%)—the benchmark’s largest sector—performed best, as technology stocks generally fared well during the COVID-19 crisis.

The Fund trailed its benchmark for the period, hindered by overweight positions in Royal Caribbean Cruises and insurer American International Group (AIG) and by an out-of-benchmark investment in Parsley Energy. Royal Caribbean Cruises experienced a dramatic change in business conditions due to the pandemic. AIG’s financial results were negatively impacted by equity market losses and lower net investment income. A steep decline in oil prices hurt Parsley Energy’s results. A small exposure to derivatives instruments also detracted.

By contrast, the Fund’s relative performance benefited most by avoiding banking giant Wells Fargo, as well as Berkshire Hathaway, as Berkshire’s business segments began to be affected by efforts to contain COVID-19. A substantial underweight position in ExxonMobil also helped.

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     13

Growth & Income Fund

Performance as of June 30, 2020

			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		–4.09	%		4.03	%		9.02	%		13.53	%		0.55	%		0.52	%
S&P 500® Index		—		–3.08			7.51			10.73			13.99			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2020

Growth & Income Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)
Actual return	$	1,000.00	$	959.09	$	2.53
5% annual hypothetical return		1,000.00		1,022.28		2.61

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

14      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Growth & Income Fund

Fund profile

	as of 6/30/2020
Net assets	$	145.53 million
Portfolio turnover rate*		41%
Number of holdings		175
Weighted median market capitalization	$	117.44 billion
Price/earnings ratio (weighted 12-month trailing average)†		29.6

* The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized.

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

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2020
More than $50 billion		66.2
More than $15 billion–$50 billion		19.5
More than $2 billion–$15 billion		13.4
$2 billion or less		0.9
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2020
Information technology		26.9
Health care		16.4
Consumer discretionary		11.7
Communication services		11.2
Industrials		8.8
Financials		8.8
Consumer staples		7.0
Materials		3.1
Energy		2.3
Utilities		2.2
Real estate		1.7
Short-term investments, other assets & liabilities, net		–0.1
Total		100.0

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     15

Large-Cap Value Fund

Performance for the six months ended June 30, 2020

The Large-Cap Value Fund returned –16.02% for the period, compared with the –16.26% return of its benchmark, the Russell 1000^® Value Index. For the twelve months ended June 30, 2020, the Fund returned –7.66%, versus –8.84% for the index.

During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%.

The U.S. stock market, as measured by the Russell 3000^® Index, declined sharply early in the period but rallied in the latter months to post an overall return of –3.48%. Growth stocks advanced, outperforming value shares, while large-cap stocks surpassed smaller equities. (Returns by investment style and capitalization size are based on the Russell indexes.)

Fund surpassed its benchmark

All eleven industry sectors in the Russell 1000 Value Index registered losses for the six months. Pressured by a steep decline in oil prices, energy (down 35.5%) was the worst-performing sector and was a major detractor from the index’s return. The next-worst performers, which were also significant detractors, were financials (down 27.0%)—the index’s largest sector—real estate (down 20.2%) and industrials (down 16.3%). Together, these four sectors represented more than 40.0% of the benchmark’s total market capitalization on June 30, 2020. Health care (down 2.7%) and information technology (down 4.3%) were the best-performing sectors.

The Fund declined but outperformed its benchmark for the period, helped by favorable security selection. The top contributor to relative performance was an out-of-benchmark position in Microsoft. Microsoft shares surged amid strong demand for its products and services as people sheltered in place. The next-largest contributors were an overweight investment in Home Depot and an out-of-benchmark investment in professional services firm Accenture.

The largest detractor for the period was an overweight position in Diamondback Energy, an oil and natural gas producer that was hurt by the weakness in oil prices. Other major detractors included overweight holdings in Citigroup and JPMorgan Chase. Worries that low interest rates and the economic downturn would dampen banks’ profitability negatively affected these stocks.

16      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Large-Cap Value Fund

Performance as of June 30, 2020

			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		–16.02	%		–7.66	%		3.06	%		9.30	%		0.62	%		0.52	%
Russell 1000® Value Index		—		–16.26			–8.84			4.64			10.41			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2020

Large-Cap Value Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)
Actual return	$	1,000.00	$	839.81	$	2.38
5% annual hypothetical return		1,000.00		1,022.28		2.61

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     17

Large-Cap Value Fund

Fund profile

	as of 6/30/2020
Net assets	$	60.00 million
Portfolio turnover rate*		15%
Number of holdings		89
Weighted median market capitalization	$	102.82 billion
Price/earnings ratio (weighted 12-month trailing average)†		17.2

* The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized.

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

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2020
More than $50 billion		70.2
More than $15 billion–$50 billion		23.5
More than $2 billion–$15 billion		6.3
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2020
Financials		21.0
Health care		16.8
Industrials		13.9
Information technology		13.7
Communication services		8.9
Consumer staples		5.5
Consumer discretionary		4.8
Energy		4.6
Materials		4.4
Utilities		4.1
Real estate		1.5
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

18      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Real Estate Securities Fund

Performance for the six months ended June 30, 2020

The Real Estate Securities Fund returned –8.97% for the period, compared with the –13.30% return of its benchmark, the FTSE Nareit All Equity REITs Index. For the twelve months ended June 30, 2020, the Fund returned –1.10%, versus –6.47% for the index.

During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. REITs returned –23.44% in the first half of the period as the global impact of the virus became more apparent. However, in the final three months REITs rallied, advancing 13.25%.

The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%. Yields on U.S. Treasury securities of all maturities fell sharply during the period, boosting bond prices (bond yields move in the opposite direction of prices).

Fund surpassed its benchmark

Among the benchmark’s 16 property sectors and subsectors, most were negative for the period. The largest losses were seen in the regional malls (down 51.8%), lodging/resorts (down 48.6%) and shopping centers (down 36.2%) sectors. The best-performing sector was data centers (up 19.2%).

For the six-month period, the Fund declined but significantly outperformed its benchmark, mostly due to astute security selection and allocation decisions. An out-of-benchmark allocation to technology services company GDS Holdings contributed most to relative performance, followed by an underweight position in hotel properties REIT Park Hotels & Resorts, which performed poorly. Overweight positions in QTS Realty Trust, a provider of data center solutions, and Equinix, an Internet connection and data center REIT, also contributed to the Fund’s relative performance versus the benchmark as both posted double-digit gains.

These positive effects were partly offset by an overweight position in retail REIT SITE Centers, which struggled during the period, and underweight positions in office services REIT Digital Realty Trust and telecommunication services company Crown Castle International—both of which benefited from strong leasing activity in their respective businesses. An overweight position in Hudson Pacific Properties, an office property REIT, also impacted the Fund’s relative performance as it struggled during the period.

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     19

Real Estate Securities Fund

Performance as of June 30, 2020

			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		–8.97	%		–1.10	%		7.89	%		11.13	%		0.63	%		0.57	%
FTSE Nareit All Equity REITs Index		—		–13.30			–6.47			6.56			10.39			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2020

Real Estate Securities Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)
Actual return	$	1,000.00	$	910.26	$	2.71
5% annual hypothetical return		1,000.00		1,022.03		2.87

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.57%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

20      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Real Estate Securities Fund

Fund profile

	as of 6/30/2020
Net assets	$	74.41 million
Portfolio turnover rate*		21%
Number of holdings		69
Weighted median market capitalization	$	19.60 billion
Price/earnings ratio (weighted 12-month trailing average)†		37.6

* The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized.

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

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2020
More than $50 billion		29.7
More than $15 billion–$50 billion		25.6
More than $2 billion–$15 billion		43.3
$2 billion or less		1.4
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2020
Specialized REITs		36.3
Residential REITs		19.4
Industrial REITs		15.6
Health care REITs		7.9
Retail REITs		7.0
Office REITs		6.1
Internet services & infrastructure		2.5
Hotel & resort REITs		1.7
Casinos & gaming		0.9
Asset management & custody banks		0.8
Diversified REITs		0.7
Hotels resorts & cruise lines		0.5
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     21

Small-Cap Equity Fund

Performance for the six months ended June 30, 2020

The Small-Cap Equity Fund returned –17.29% for the period, compared with the –12.98% return of its benchmark, the Russell 2000^® Index. For the twelve months ended June 30, 2020, the Fund returned –13.49%, versus –6.63% for the index.

During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%.

The U.S. stock market, as measured by the Russell 3000^® Index, declined sharply early in the period but rallied in the latter months to post an overall return of –3.48%. Growth stocks advanced, outperforming value shares, while large-cap stocks surpassed smaller equities. (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 2000 Index posted negative returns for the six months. Energy (down 51.7%)—the index’s smallest sector—was the worst performer and a meaningful detractor from the index’s return amid plummeting oil prices. Other major detractors included financials (down 27.2%), real estate (down 22.8%) and industrials (down 15.1%). Together, these four sectors accounted for more than 40.0% of the benchmark’s total market capitalization on June 30, 2020. Health care (up 6.7%)—the index’s largest component—and information technology (down 2.1%) were the best-performing sectors.

The Fund underperformed its benchmark for the period, as certain stock selections did not perform as anticipated. The largest detractors were an underweight position in Teladoc Health, a virtual health care company that experienced robust demand, and a lack of exposure to Quidel, a maker of medical diagnostic products that received regulatory approval for a new coronavirus test. The next-largest detractors were overweight positions in energy firms ProPetro Holding and NexTier Oilfield Solutions.

On the positive side, the top contributor to the Fund’s relative performance was an overweight position in Boston Beer, which continued to benefit from the success of its hard seltzer and tea products. Next came overweight holdings in Lattice Semiconductor, networking hardware supplier Inphi and retailer BJ’s Wholesale Club.

22      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Small-Cap Equity Fund

Performance as of June 30, 2020

			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		–17.29	%		–13.49	%		3.22	%		10.15	%		0.72	%		0.53	%
Russell 2000® Index		—		–12.98			–6.63			4.29			10.50			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2020

Small-Cap Equity Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)
Actual return	$	1,000.00	$	827.11	$	2.41
5% annual hypothetical return		1,000.00		1,022.23		2.66

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.53%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     23

Small-Cap Equity Fund

Fund profile

	as of 6/30/2020
Net assets	$	44.84 million
Portfolio turnover rate*		56%
Number of holdings		408
Weighted median market capitalization	$	1.74 billion
Price/earnings ratio (weighted 12-month trailing average)†		13.3

* The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized.

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

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2020
More than $2 billion–$15 billion		43.5
$2 billion or less		56.5
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2020
Health care		19.1
Industrials		15.5
Financials		14.4
Information technology		13.8
Consumer discretionary		12.2
Real estate		6.7
Materials		4.4
Utilities		3.1
Consumer staples		3.0
Energy		2.4
Communication services		1.8
Short-term investments, other assets & liabilities, net		3.6
Total		100.0

24      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Social Choice Equity Fund

Performance for the six months ended June 30, 2020

The Social Choice Equity Fund returned –2.69% for the period, compared with the –3.48% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2020, the Fund returned 8.21%, versus 6.53% for the index. The Fund utilizes environmental, social and governance (ESG) criteria, while the benchmark does not.

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

The Fund benefited by avoiding banking giants JPMorgan Chase and Wells Fargo, along with Berkshire Hathaway. In general, banks were hurt by declining revenues and the necessity of increasing reserves in anticipation of the economic effects of COVID-19. Berkshire Hathaway’s business segments were restrained by efforts to contain the coronavirus.

On the other hand, excluding PayPal, Facebook and Netflix was detrimental. PayPal has stepped up to help customers and small businesses manage through the pandemic. Facebook reported increasing numbers of active users as people sheltering in place sought to stay connected to family and friends. Netflix saw higher revenues and membership growth as its entertainment offerings were utilized by people confined to their homes.

Fund surpassed its benchmark

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

The Fund benefited from overweight positions in several strong-performing stocks. Information technology company NVIDIA reported a year-over-year double-digit revenue increase. Electric car maker Tesla achieved its third sequential profitable quarter and a corresponding surge in its stock price. Software company Adobe experienced record quarterly revenue, helped by its subscription-based business model.

Conversely, certain Fund investments did not perform as anticipated. First was an underweight position in Amazon.com, which saw strong sales as homebound consumers turned to online shopping and utilized Amazon’s services. Overweight positions in energy giant Schlumberger and U.S. Bancorp also detracted. Schlumberger saw revenues decline, hurt by reduced customer spending and a plunge in oil prices, while U.S. Bancorp’s net income dropped due to increased loan-loss provisions.

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     25

Social Choice Equity Fund

Performance as of June 30, 2020

			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		–2.69	%		8.21	%		10.13	%		12.91	%		0.31	%		0.22	%
Russell 3000® Index		—		–3.48			6.53			10.03			13.72			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2020

Social Choice Equity Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)
Actual return	$	1,000.00	$	973.13	$	1.08
5% annual hypothetical return		1,000.00		1,023.77		1.11

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.22%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

26      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Social Choice Equity Fund

Fund profile

	as of 6/30/2020
Net assets	$	66.92 million
Portfolio turnover rate*		18%
Number of holdings		582
Weighted median market capitalization	$	65.17 billion
Price/earnings ratio (weighted 12-month trailing average)†		31.9

* The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized.

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

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2020
More than $50 billion		59.2
More than $15 billion–$50 billion		23.7
More than $2 billion–$15 billion		14.4
$2 billion or less		2.7
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2020
Information technology		25.7
Health care		15.4
Financials		11.2
Consumer discretionary		10.6
Industrials		9.1
Communication services		8.6
Consumer staples		6.2
Real estate		3.6
Utilities		3.1
Materials		3.0
Energy		2.8
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     27

Stock Index Fund

Performance for the six months ended June 30, 2020

The Stock Index Fund returned –3.50% for the period, compared with the –3.48% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2020, the Fund returned 6.40%, versus 6.53% for the index.

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

During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%.

The U.S. stock market, as measured by the Russell 3000 Index, was negative across most investment styles and capitalization sizes. Growth stocks advanced, outperforming value shares, while large-cap stocks surpassed smaller equities. (Returns by investment style and capitalization size are based on the Russell indexes.)

Most benchmark sectors suffered losses

Eight of the eleven industry sectors in the Russell 3000 Index lost ground for the six months. Energy (down 36.3%) was the worst-performing sector as oil prices plunged. Financials (down 24.2%)—the third-largest sector in the benchmark—was the biggest detractor from the index’s return. Industrials (down 14.6%) and real estate (down 13.9%) were also significant detractors. Together, these four sectors accounted for more than one-quarter of the benchmark’s total market capitalization on June 30, 2020. Information technology (up 14.7%)—the benchmark’s largest sector—was the best performer, as technology stocks generally fared well during the COVID-19 crisis. Consumer discretionary and health care were also beneficial.

For the six-month period, all of the five largest stocks in the Russell 3000 Index posted solid gains and exceeded the overall return of the benchmark. Amazon.com performed best, benefiting from surging demand due to COVID-19. Next in line were Microsoft, which continued to profit from its cloud-computing business, and Apple, which reported strong revenues. Alphabet (the parent company of Google) and Facebook advanced more modestly.

28      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Stock Index Fund

Performance as of June 30, 2020

			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		–3.50	%		6.40	%		9.95	%		13.63	%		0.10	%		0.09	%
Russell 3000® Index		—		–3.48			6.53			10.03			13.72			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2020

Stock Index Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)
Actual return	$	1,000.00	$	965.02	$	0.44
5% annual hypothetical return		1,000.00		1,024.42		0.45

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.09%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     29

Stock Index Fund

Fund profile

	as of 6/30/2020
Net assets	$	555.79 million
Portfolio turnover rate*		2%
Number of holdings		2,830
Weighted median market capitalization	$	102.54 billion
Price/earnings ratio (weighted 12-month trailing average)†		31.5

* The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized.

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

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2020
More than $50 billion		63.0
More than $15 billion–$50 billion		18.4
More than $2 billion–$15 billion		15.5
$2 billion or less		3.1
Total		100.0

Portfolio composition

Sector	% of net assets as of 6/30/2020
Information technology		26.3
Health care		14.8
Consumer discretionary		11.2
Financials		10.4
Communication services		9.7
Industrials		8.6
Consumer staples		6.2
Real estate		3.6
Utilities		3.0
Materials		2.7
Energy		2.6
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

30      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

International Equity Fund

Performance for the six months ended June 30, 2020

The International Equity Fund returned –9.36% for the period, compared with the –11.34% return of its benchmark, the MSCI EAFE^® Index. For the twelve months ended June 30, 2020, the Fund returned –1.29%, versus –5.13% for the index.

International equities in both developed and emerging markets declined for the period, rattled by the COVID-19 pandemic and efforts to limit its spread. Most global economies shrank during the first quarter of 2020. The 19-nation euro area’s economy contracted by 3.1% on a year-over-year basis, while China’s economy shrank by 6.8% for the same period. The Japanese economy contracted by an annualized rate of 2.2% during the first quarter of 2020. In the face of the pandemic, central banks acted quickly: the U.S. Federal Reserve lowered the federal funds target rate twice in March to 0.00%–0.25%; the European Central Bank increased its pandemic emergency purchase program to more than 1.3 trillion euros; and the Bank of England reduced its benchmark interest rate to 0.1% in March.

Within the MSCI EAFE Index, which includes 21 developed nations outside North America, all but two country components declined in both U.S.-dollar and local-currency terms for the six months.

Fund surpassed its benchmark

The Fund declined but outperformed its benchmark as a result of favorable allocation decisions and stock choices. The top contributor was an overweight position in Japanese game maker Nintendo, which benefited from strong sales. Next in line were overweight positions in Swiss chemical producer Lonza Group and Japanese pharmaceutical company Daiichi Sankyo.

In contrast, overweight investments in Airbus, Britain’s Lloyds Banking Group and Italian bank UniCredit detracted most as all performed poorly.

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     31

International Equity Fund

Performance as of June 30, 2020

			Total return						Average annual total return						Annual operating expenses*
	Inception date		6 months			1 year			5 years			10 years			gross			net
International Equity Fund		4/3/00		–9.36	%		–1.29	%		0.73	%		5.55	%		0.71	%		0.60	%
MSCI EAFE® Index		—		–11.34			–5.13			2.05			5.73			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2020

International Equity Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)
Actual return	$	1,000.00	$	906.40	$	2.84
5% annual hypothetical return		1,000.00		1,021.88		3.02

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.60%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

32      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

International Equity Fund

Fund profile

	as of 6/30/2020
Net assets	$	97.74 million
Portfolio turnover rate*		83%
Number of holdings		75
Weighted median market capitalization	$	53.01 billion
Price/earnings ratio (weighted 12-month trailing average)†		20.4

* The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized.

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

Portfolio composition

Sector	% of net assets as of 6/30/2020
Health care		16.7
Industrials		15.1
Financials		14.1
Consumer discretionary		13.4
Information technology		11.7
Consumer staples		8.5
Materials		8.1
Communication services		4.1
Utilities		3.3
Energy		0.6
Short-term investments, other assets & liabilities, net		4.4
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2020
More than $50 billion		57.5
More than $15 billion–$50 billion		36.2
More than $2 billion–$15 billion		6.3
Total		100.0

Holdings by country

	% of portfolio investments as of 6/30/2020
Japan		20.5
France		14.1
Germany		11.1
United Kingdom		10.7
Switzerland		8.3
Australia		5.8
Denmark		4.7
Netherlands		4.1
11 other nations		16.6
Short-term investments		4.1
Total		100.0

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     33

Core Bond Fund

Performance for the six months ended June 30, 2020

The Core Bond Fund (formerly the Bond Fund) returned 4.34% for the period, compared with the 6.14% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2020, the Fund returned 6.93%, versus 8.74% for the index.

During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020.

The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%. Yields on U.S. Treasury securities of all maturities fell sharply during the period, boosting bond prices (bond yields move in the opposite direction of prices). Economies around the world were also rattled by the pandemic, and foreign central banks responded similarly with accommodative measures. The European Central Bank increased its pandemic emergency purchase program to more than 1.3 trillion euros. The Bank of England reduced its benchmark interest rate to 0.1% in March.

Fund trailed its benchmark

All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the six-month period. U.S. Treasuries, the largest index sector with a weight of 39.5%, advanced 8.7% and was the primary driver of the benchmark’s overall performance. Corporate bonds, which accounted for 25.3% of the index’s total market capitalization on June 30, 2020, returned 5.0%. Mortgage-backed securities—the benchmark’s second-largest sector at 26.2%—rose 3.6%. Government credit securities and commercial mortgage-backed securities (CMBS) both advanced 5.2%.

The Fund underperformed its benchmark for the period primarily due to sector allocation. Much of the underperformance occurred in the first quarter of 2020 as a result of the COVID-19 related shock. The Fund’s broad overweight to non-Treasury spread sectors was the largest detractor as U.S. Treasuries handily outperformed all other sectors. An overweight allocation to corporate bonds, including a small high-yield corporate position, detracted most. While security selection within the investment-grade corporate sector was positive as companies with the financial flexibility to weather a recession were emphasized, it was not enough to offset the negative impact of the sector allocation. Security selection within CMBS and asset-backed securities also hurt. Yield curve positioning modestly hindered results due to a slightly shorter duration than the Fund’s benchmark, as interest rates generally fell during the period.

34      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Core Bond Fund

Performance as of June 30, 2020

			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		4.34	%		6.93	%		4.37	%		4.05	%		0.37	%		0.35	%
Bloomberg Barclays U.S. Aggregate Bond Index		—		6.14			8.74			4.30			3.82			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

Expense example

Six months ended June 30, 2020

Core Bond Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)
Actual return	$	1,000.00	$	1,043.44	$	1.78
5% annual hypothetical return		1,000.00		1,023.12		1.76

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.35%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     35

Core Bond Fund

Fund profile

	as of 6/30/2020
Net assets	$	203.01 million
Portfolio turnover rate*		59%
Portfolio turnover rate, excluding mortgage dollar-roll transactions*		47%
Number of issues		947
Option-adjusted duration‡		5.35 years
Average maturity§		7.81 years

* The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized.

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

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

Portfolio composition

Sector	% of net assets as of 6/30/2020
Corporate bonds		34.9
Mortgage-backed securities		19.9
Foreign government & corporate bonds denominated in U.S. dollars		13.9
U.S. Treasury securities		8.6
Asset-backed securities		8.2
Commercial mortgage-backed securities		6.6
Municipal bonds		3.8
Bank loan obligations		1.4
Preferred stock		0.1
Short-term investments, other assets & liabilities, net		2.6
Total		100.0

Holdings by maturity

	% of fixed-income investments (excluding short-term  investments) as of 6/30/2020
Less than 1 year		5.3
1–3 years		17.6
3–5 years		24.1
5–10 years		36.9
Over 10 years		16.1
Total		100.0

Holdings by credit quality

	% of fixed-income investments (excluding short-term  investments) as of 6/30/2020
U.S. Treasury & U.S. agency securities*		28.0
Aaa/AAA		6.6
Aa/AA		7.6
A/A		19.0
Baa/BBB		30.9
Ba/BB		2.6
B/B		1.8
Below B/B		0.6
Non-rated		2.9
Total		100.0

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

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

36      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Money Market Fund

Performance for the six months ended June 30, 2020

The Money Market Fund returned 0.41% for the six months, compared with the 0.27% 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 closed 2019 with steady, moderate growth, but it was jolted in March 2020 by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. In March, the Federal Reserve took swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. The Fed also stated that it remains committed to monetary policies designed to spur economic growth.

As a result of the heightened volatility in the financial markets during the period, government money market fund assets experienced steady increases, with growth of more than $1 trillion between December 2019 and May 2020.

The low interest-rate environment pushed yields on the short-term government securities in which the Fund invests sharply lower. The “secured overnight financing rate” (SOFR), which represents dealer transactions in Treasury collateralized overnight repurchase agreements, has become widely accepted by government agencies as a key indicator of short-term government money market rates. Over the six-month period, SOFR declined from 1.54% on January 2, 2020, to 0.10% on June 30, 2020. As a result, with short-term interest rates at historic lows, money market fund yields followed suit—a trend that is expected to continue.

Fund surpassed the iMoneyNet average

For the six-month period, the Money Market Fund’s return outperformed that of the iMoneyNet average. In pursuit of additional yield, the Fund continued to invest in longer-dated floating-rate government agency securities, which was generally beneficial. As of June 30, 2020, the Fund’s weighted average maturity (WAM) was 49 days, versus 42 days for the iMoneyNet average, and this longer WAM also benefited the Fund’s relative performance.

Effective October 1, 2020, Joseph Rolston is no longer a portfolio manager of the Money Market Fund. Chad Kemper and Andrew Hurst each continue to be portfolio managers on the Fund.

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     37

Money Market Fund

Net annualized yield for the 7 days ended June 30, 2020^§

	Current yield			Effective yield
Money Market Fund		0.02	%		0.02	%
iMoneyNet Money Fund Averages™—All Government‡		0.03			0.03

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

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

Performance as of June 30, 2020

			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		0.41	%		1.35	%		1.05	%		0.53	%		0.23	%		0.15	%
iMoneyNet Money Fund Averages™—All Government‡		—		0.27			1.06			0.80			0.41			—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

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

38      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Money Market Fund

Expense example

Six months ended June 30, 2020

Money Market Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)
Actual return	$	1,000.00	$	1,004.06	$	0.75
5% annual hypothetical return		1,000.00		1,024.12		0.75

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.15%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

Fund profile

	as of 6/30/2020
Net assets	$	130.75 million
Number of issues		79

Portfolio composition

Sector	% of net assets as of 6/30/2020
U.S. government agency securities*		48.8
U.S. Treasury securities*		35.8
Floating-rate securities, government*		15.7
Other assets & liabilities, net		–0.3
Total		100.0

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     39

Balanced Fund

Performance for the six months ended June 30, 2020

The Balanced Fund returned –0.08% for the period, compared with the 0.92% return of its benchmark, the Balanced Fund Composite Index, which is a weighted average of the Russell 3000^® Index, the MSCI EAFE^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2020, the Fund returned 5.59%, versus 7.06% for the index.

During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%.

U.S. stocks, as measured by the Russell 3000 Index, posted an overall return of –3.48%. Growth stocks advanced, outperforming value shares, while large-cap stocks surpassed smaller equities. (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 –11.34%. (The MSCI EAFE Index returns are in U.S. dollars.) The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, rose 6.14%, driven by declining market yields as well as strength in the U.S. Treasuries sector.

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 mostly by losses in U.S. stocks held by the underlying funds of the Balanced Fund. The Small-Cap Equity Fund posted the largest decline, followed by the Large-Cap Value Fund. In contrast, the Growth Equity Fund was a bright spot as it posted double-digit gains.

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

Conversely, the Growth Equity Fund was the largest contributor to the Fund’s performance relative to its benchmark. The International Equity Fund and the Real Estate Securities Fund were also beneficial.

40      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Balanced Fund

Performance as of June 30, 2020

			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		–0.08	%		5.59	%		6.04	%		6.22	%		0.61	%		0.51	%
Balanced Fund Composite Index†		—		0.92			7.06			6.67			6.73	§		—			—
Broad market index
Morningstar Moderately Conservative Target Risk Index		—		0.78			5.74			5.58			5.21	§		—			—

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

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

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

* The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least April 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower.

^#  These expenses include underlying fund expenses.

^†  As of the close of business on June 30, 2020, the Balanced Fund Composite Index consisted of: 50.0% Bloomberg Barclays U.S. Aggregate Bond Index; 40.0% Russell 3000^® Index; and 10.0% MSCI EAFE^® Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

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

TIAA-CREF Life Funds  ◾  2020 Semiannual Report     41

Balanced Fund

Expense example

Six months ended June 30, 2020

Balanced Fund	Beginning account value (1/1/20)		Ending account value (6/30/20)		Expenses paid during period* (1/1/20–6/30/20)		Effective expenses paid during period† (1/1/20–6/30/20)
Actual return	$	1,000.00	$	999.20	$	0.50	$	2.54
5% annual hypothetical return		1,000.00		1,024.37		0.50		2.56

* “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Fund’s annualized six-month expense ratio for that period was 0.10%. The expense charges of the Fund may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the Fund would be higher and its performance lower.

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

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

Fund profile

	as of 6/30/2020
Net assets	$	64.55 million

Asset allocation

	% of net assets as of 6/30/20
Equity
U.S. equity		40.16
International equity		10.03
Fixed income		49.74
Other assets & liabilities, net		0.07
Total		100.00

Target allocation

  Equity  50.00% Fixed Income  50.00%

42      2020 Semiannual Report  ∎  TIAA-CREF Life Funds

Summary portfolio of investments (unaudited)

Growth Equity Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	2,965	*	Tesla, Inc	$	3,201,636		2.5	%
			Other		195,034		0.1
					3,396,670		2.6
	CAPITAL GOODS
	24,038	*	Raytheon Technologies Corp		1,481,221		1.1
			Other		723,852		0.6
					2,205,073		1.7
	COMMERCIAL & PROFESSIONAL SERVICES
	6,007		Equifax, Inc		1,032,483		0.8
			Other		999,559		0.8
					2,032,042		1.6
	CONSUMER DURABLES & APPAREL
	24,039		Nike, Inc (Class B)		2,357,024		1.8
					2,357,024		1.8
	CONSUMER SERVICES
	15,274		Starbucks Corp		1,124,013		0.9
			Other		154,686		0.1
					1,278,699		1.0
	DIVERSIFIED FINANCIALS
	6,749		S&P Global, Inc		2,223,661		1.7
			Other		957,967		0.8
					3,181,628		2.5
	ENERGY				250,651		0.2
	HEALTH CARE EQUIPMENT & SERVICES
	18,736		Alcon, Inc (XNYS)		1,073,948		0.8
			Other		2,003,496		1.6
					3,077,444		2.4
	MATERIALS
	2,004		Sherwin-Williams Co		1,158,011		0.9
			Other		681,934		0.5
					1,839,945		1.4
	MEDIA & ENTERTAINMENT
	2,108	*	Alphabet, Inc (Class A)		2,989,249		2.3
	1,831	*	Alphabet, Inc (Class C)		2,588,320		2.0
	28,693	*	Facebook, Inc		6,515,320		5.0
	3,655	*	Match Group, Inc		1,182,027		0.9
	3,274	*	Netflix, Inc		1,489,801		1.2
	20,640		Walt Disney Co		2,301,566		1.8
			Other		1,124,310		0.9
					18,190,593		14.1

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 43

Summary portfolio of investments (unaudited) continued

Growth Equity Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	15,806		AbbVie, Inc	$	1,551,833		1.2	%
	33,024		AstraZeneca plc		3,436,953		2.7
	8,455	*	BioMarin Pharmaceutical, Inc		1,042,840		0.8
	15,746		Eli Lilly & Co		2,585,178		2.0
	4,061	*	Illumina, Inc		1,503,991		1.2
	2,476		Lonza Group AG.		1,311,530		1.0
	4,378	*	Regeneron Pharmaceuticals, Inc		2,730,340		2.1
	10,527	*	Vertex Pharmaceuticals, Inc		3,056,093		2.4
	61,501	*,g	Wuxi Biologics Cayman, Inc		1,128,888		0.9
	9,023		Zoetis, Inc		1,236,512		0.9
			Other		2,115,046		1.6
					21,699,204		16.8
	RETAILING
	3,527	*	Amazon.com, Inc		9,730,358		7.5
	652	*	Booking Holdings, Inc		1,038,206		0.8
	5,602		Home Depot, Inc		1,403,357		1.1
	10,638		Lowe’s Companies, Inc		1,437,407		1.1
	24,298		TJX Companies, Inc		1,228,507		1.0
			Other		483,529		0.4
					15,321,364		11.9
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	23,143	*	Advanced Micro Devices, Inc		1,217,553		0.9
	18,941		Applied Materials, Inc		1,144,983		0.9
	3,718		Broadcom, Inc		1,173,438		0.9
	4,235		Lam Research Corp		1,369,853		1.0
	33,499		Marvell Technology Group Ltd		1,174,475		0.9
	8,476		NVIDIA Corp		3,220,117		2.5
	11,091		NXP Semiconductors NV		1,264,818		1.0
	10,007		Texas Instruments, Inc		1,270,589		1.0
			Other		647,867		0.5
					12,483,693		9.6
	SOFTWARE & SERVICES
	6,519	*	Adobe, Inc		2,837,786		2.2
	1,171	*,g	Adyen NV		1,704,383		1.3
	11,017	*	Akamai Technologies, Inc		1,179,811		0.9
	6,858		Intuit, Inc		2,031,271		1.6
	8,053		Mastercard, Inc (Class A)		2,381,272		1.8
	34,934		Microsoft Corp		7,109,418		5.5
	14,564	*	PayPal Holdings, Inc		2,537,486		1.9
	20,415	*	salesforce.com, Inc		3,824,342		3.0
	19,453		Visa, Inc (Class A)		3,757,736		2.9
			Other		3,502,190		2.7
					30,865,695		23.8

44 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Growth Equity Fund  §  June 30, 2020

Shares			Company		Value		% of net assets
	TECHNOLOGY HARDWARE & EQUIPMENT
	17,968	n	Apple, Inc		$	6,554,727		5.1	%
	10,803	*	Keysight Technologies, Inc			1,088,726		0.8
						7,643,453		5.9
	TELECOMMUNICATION SERVICES					290,891		0.2
	TRANSPORTATION
	6,937		Kansas City Southern			1,035,625		0.8
	40,908	*	Uber Technologies, Inc			1,271,420		1.0
						2,307,045		1.8
			TOTAL COMMON STOCKS	(Cost $74,784,789)		128,421,114		99.3
			TOTAL PORTFOLIO	(Cost $74,784,789)		128,421,114		99.3
			OTHER ASSETS & LIABILITIES, NET			872,497		0.7
			NET ASSETS		$	129,293,611		100.0	%

* 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 6/30/20, the aggregate value of these securities, including those in “Other,” is $2,833,271 or 2.2% of net assets.

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

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

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

Written options outstanding as of June 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Apple, Inc, Call		4	$	(3,494	)	$	330.00		09/18/20	$	(18,200	)
Apple, Inc, Call		4		(3,451	)		350.00		09/18/20		(12,240	)
Apple, Inc, Call		4		(4,702	)		330.00		12/18/20		(20,928	)
Apple, Inc, Put		4		(1,719	)		240.00		07/17/20		(28	)
Apple, Inc, Put		4		(2,966	)		240.00		09/18/20		(648	)
Apple, Inc, Put		4		(8,532	)		250.00		12/18/20		(2,160	)
Total		24	$	(24,864	)					$	(54,204	)

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 45

Summary portfolio of investments (unaudited)

Growth & Income Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	662,710		0.5	%
	BANKS
	85,795		Bank of America Corp		2,037,631		1.4
	30,180	n	Citigroup, Inc		1,542,198		1.1
	26,692		JPMorgan Chase & Co		2,510,649		1.7
			Other		194,170		0.1
					6,284,648		4.3
	CAPITAL GOODS
	9,768		Dover Corp		943,198		0.7
	10,943		Eaton Corp		957,294		0.7
	9,726	n	Honeywell International, Inc		1,406,282		1.0
	4,866		L3Harris Technologies, Inc		825,614		0.6
			Other		5,874,184		3.9
					10,006,572		6.9
	COMMERCIAL & PROFESSIONAL SERVICES				1,362,731		0.9
	CONSUMER DURABLES & APPAREL				2,681,349		1.8
	CONSUMER SERVICES				798,348		0.5
	DIVERSIFIED FINANCIALS
	25,862		Morgan Stanley		1,249,135		0.8
			Other		1,668,932		1.2
					2,918,067		2.0
	ENERGY
	16,633	n	Chevron Corp		1,484,163		1.0
			Other		1,813,272		1.3
					3,297,435		2.3
	FOOD & STAPLES RETAILING
	10,971		Walmart, Inc		1,314,106		0.9
					1,314,106		0.9
	FOOD, BEVERAGE & TOBACCO
	21,332		Coca-Cola Co		953,114		0.6
	21,629		Mondelez International, Inc		1,105,891		0.8
	11,147		PepsiCo, Inc		1,474,302		1.0
			Other		1,853,822		1.3
					5,387,129		3.7
	HEALTH CARE EQUIPMENT & SERVICES
	11,759		Baxter International, Inc		1,012,450		0.7
	24,928	*,n	Boston Scientific Corp		875,222		0.6
	7,769		Danaher Corp		1,373,792		0.9
	3,483	n	Humana, Inc		1,350,533		0.9
	3,654		UnitedHealth Group, Inc		1,077,747		0.7
			Other		5,630,111		4.0
					11,319,855		7.8

46 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	HOUSEHOLD & PERSONAL PRODUCTS
	17,395		Procter & Gamble Co	$	2,079,920		1.4	%
			Other		1,384,695		1.0
					3,464,615		2.4
	INSURANCE
	7,124		Chubb Ltd		902,041		0.6
			Other		2,651,260		1.9
					3,553,301		2.5
	MATERIALS
	8,275		Linde plc		1,755,210		1.2
			Other		2,803,122		1.9
					4,558,332		3.1
	MEDIA & ENTERTAINMENT
	3,182	*,n	Alphabet, Inc (Class C)		4,498,107		3.1
	26,353		Comcast Corp (Class A)		1,027,240		0.7
	13,551	*	Facebook, Inc		3,077,026		2.1
	2,711	*	Netflix, Inc		1,233,613		0.9
	13,007	n	Walt Disney Co		1,450,411		1.0
			Other		1,719,912		1.2
					13,006,309		9.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	19,860		AbbVie, Inc		1,949,855		1.4
	6,360		Eli Lilly & Co		1,044,185		0.7
	1,835	*	Regeneron Pharmaceuticals, Inc		1,144,398		0.8
			Other		8,380,231		5.7
					12,518,669		8.6
	REAL ESTATE
	4,337		American Tower Corp		1,121,288		0.8
	10,482		Prologis, Inc		978,285		0.7
			Other		334,997		0.2
					2,434,570		1.7
	RETAILING
	2,398	*,n	Amazon.com, Inc		6,615,650		4.6
	11,051		Best Buy Co, Inc		964,421		0.7
	8,698	n	Home Depot, Inc		2,178,936		1.5
			Other		3,146,754		2.1
					12,905,761		8.9
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	24,546		Intel Corp		1,468,587		1.0
	25,395		Marvell Technology Group Ltd		890,349		0.6
	4,680		NVIDIA Corp		1,777,979		1.2
	11,296		QUALCOMM, Inc		1,030,308		0.7
			Other		4,596,232		3.2
					9,763,455		6.7

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 47

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  §  June 30, 2020

Shares			Company		Value			% of net assets
	SOFTWARE & SERVICES
	6,388		Fidelity National Information Services, Inc		$	856,567			0.6	%
	6,162	n	Mastercard, Inc (Class A)			1,822,103			1.3
	43,791		Microsoft Corp			8,911,906			6.1
	10,050	*	PayPal Holdings, Inc			1,751,012			1.2
	8,153	*	salesforce.com, Inc			1,527,301			1.0
			Other			2,645,758			1.8
						17,514,647			12.0
	TECHNOLOGY HARDWARE & EQUIPMENT
	23,311	n	Apple, Inc			8,503,853			5.8
	23,504		Cisco Systems, Inc			1,096,226			0.8
	9,939		TE Connectivity Ltd			810,525			0.5
			Other			1,626,526			1.1
						12,037,130			8.2
	TELECOMMUNICATION SERVICES
	33,205		AT&T, Inc			1,003,787			0.7
	24,010		Verizon Communications, Inc			1,323,671			0.9
			Other			920,098			0.6
						3,247,556			2.2
	TRANSPORTATION
	8,411		United Parcel Service, Inc (Class B)			935,135			0.6
			Other			520,943			0.4
						1,456,078			1.0
	UTILITIES
	5,003		NextEra Energy, Inc			1,201,571			0.8
			Other			2,017,835			1.4
						3,219,406			2.2
			TOTAL COMMON STOCKS	(Cost $92,679,328)		145,712,779			100.1
	PURCHASED OPTIONS
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					480			0.0
			TOTAL PURCHASED OPTIONS	(Cost $18,012)		480			0.0
	RIGHTS / WARRANTS
	TELECOMMUNICATION SERVICES					479			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $1,055)		479			0.0
Principal			Issuer
	SHORT-TERM INVESTMENTS
	REPURCHASE AGREEMENT					350,000			0.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $350,000)		350,000			0.2
			TOTAL PORTFOLIO	(Cost $93,048,395)		146,063,738			100.3
			OTHER ASSETS & LIABILITIES, NET			(538,558	)		(0.3	)
			NET ASSETS		$	145,525,180			100.0	%

48 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  §  June 30, 2020

* 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.

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

At 6/30/20, the aggregate value of securities on loan is $280,661. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 6/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $376,533 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Purchased options outstanding as of June 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date		Value
Biogen, Inc, Call		6	$	18,012	$	390.00		09/18/20	$	480

Written options outstanding as of June 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Acuity Brands, Inc, Put		5	$	(10,917	)	$	85.00		12/18/20	$	(4,075	)
Alliance Data Systems Corp, Put		20		(19,303	)		55.00		12/18/20		(34,100	)
Alphabet, Inc, Call		1		(3,407	)		1,700.00		09/18/20		(475	)
Alphabet, Inc, Put		2		(8,968	)		1,340.00		09/18/20		(10,450	)
Amazon.com, Inc, Call		3		(14,828	)		2,940.00		07/31/20		(16,725	)
Amazon.com, Inc, Put		3		(5,044	)		2,400.00		07/02/20		(39	)
Apple, Inc, Call		7		(17,966	)		350.00		12/18/20		(29,155	)
Apple, Inc, Call		1		(1,524	)		380.00		01/15/21		(2,770	)
Apple, Inc, Put		6		(5,795	)		265.00		01/15/21		(4,470	)
Apple, Inc, Put		1		(1,250	)		290.00		01/15/21		(1,175	)
Apple, Inc, Put		7		(10,737	)		300.00		01/15/21		(9,380	)
Arista Networks, Inc, Put		2		(4,527	)		165.00		01/15/21		(1,970	)
Aspen Technology, Inc, Put		4		(3,898	)		90.00		12/18/20		(2,660	)
Aspen Technology, Inc, Put		4		(4,859	)		95.00		12/18/20		(3,320	)
Becton Dickinson and Co, Put		3		(1,987	)		220.00		07/17/20		(519	)
Biogen, Inc, Call		6		(11,388	)		420.00		09/18/20		(270	)
Biogen, Inc, Put		3		(9,271	)		265.00		01/15/21		(9,090	)
Biogen, Inc, Put		5		(17,640	)		270.00		01/15/21		(16,400	)
Boeing Co, Put		1		(10,228	)		220.00		01/15/21		(5,851	)
Boston Scientific Corp, Put		10		(1,130	)		30.00		11/20/20		(1,360	)
Carlisle Cos, Inc, Call		5		(1,617	)		150.00		12/18/20		(1,638	)
Carlisle Cos, Inc, Put		5		(7,555	)		115.00		12/18/20		(5,600	)

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 49

Summary portfolio of investments (unaudited) continued

Growth & Income Fund  §  June 30, 2020

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Chevron Corp, Call		3	$	(1,206	)	$	105.00		09/18/20	$	(390	)
Chevron Corp, Call		2		(350	)		110.00		09/18/20		(134	)
Chevron Corp, Put		5		(1,653	)		92.50		08/21/20		(4,175	)
Children’s Place, Inc, Call		14		(12,291	)		50.00		12/18/20		(7,070	)
Children’s Place, Inc, Call		12		(4,175	)		60.00		12/18/20		(4,080	)
Children’s Place, Inc, Call		14		(14,111	)		50.00		01/15/21		(7,770	)
Children’s Place, Inc, Put		42		(20,494	)		40.00		07/17/20		(19,740	)
Children’s Place, Inc, Put		12		(17,855	)		45.00		12/18/20		(17,160	)
Chipotle Mexican Grill, Inc, Call		1		(5,853	)		1,120.00		09/18/20		(5,280	)
Chipotle Mexican Grill, Inc, Put		1		(4,708	)		860.00		09/18/20		(1,840	)
Citigroup, Inc, Call		14		(740	)		56.50		07/02/20		(56	)
Corteva, Inc, Call		26		(1,666	)		32.00		07/17/20		(130	)
Corteva, Inc, Put		26		(530	)		24.00		07/17/20		(650	)
Darden Restaurants, Inc, Put		32		(18,174	)		60.00		10/16/20		(13,376	)
Darden Restaurants, Inc, Put		16		(10,223	)		65.00		10/16/20		(9,600	)
Deckers Outdoor Corp, Put		6		(7,255	)		160.00		12/18/20		(7,800	)
DexCom, Inc, Put		7		(17,695	)		320.00		12/18/20		(17,325	)
Enphase Energy, Inc, Put		11		(979	)		40.00		07/17/20		(1,045	)
Enphase Energy, Inc, Put		11		(7,325	)		40.00		08/21/20		(3,916	)
FedEx Corp, Put		8		(12,299	)		155.00		01/15/21		(20,820	)
FMC Corp, Call		3		(252	)		115.00		07/17/20		(68	)
FMC Corp, Put		3		(600	)		95.00		07/17/20		(495	)
FTI Consulting, Inc, Put		10		(1,304	)		85.00		08/21/20		(1,600	)
Guidewire Software, Inc, Put		4		(4,199	)		85.00		10/16/20		(670	)
Guidewire Software, Inc, Put		4		(3,852	)		80.00		12/18/20		(850	)
Hartford Financial Services Group, Inc, Call		12		(3,041	)		50.00		09/18/20		(486	)
Hartford Financial Services Group, Inc, Put		12		(3,968	)		45.00		09/18/20		(9,150	)
Hasbro, Inc, Put		5		(5,585	)		72.50		10/16/20		(3,300	)
Hasbro, Inc, Put		4		(5,652	)		72.50		01/15/21		(3,760	)
Hess Corp, Put		8		(6,235	)		37.50		11/20/20		(2,196	)
Home Depot, Inc, Call		1		(1,298	)		260.00		01/15/21		(2,910	)
Home Depot, Inc, Call		3		(4,154	)		270.00		01/15/21		(3,960	)
Home Depot, Inc, Put		3		(1,644	)		205.00		08/21/20		(645	)
Humana, Inc, Call		3		(8,307	)		430.00		11/20/20		(5,085	)
Jazz Pharmaceuticals plc, Put		6		(6,285	)		105.00		11/20/20		(5,820	)
KB Home, Put		28		(1,423	)		25.00		07/17/20		(448	)
Keysight Technologies, Inc, Put		5		(1,249	)		82.50		08/21/20		(575	)
Keysight Technologies, Inc, Put		5		(830	)		85.00		08/21/20		(825	)
Kirby Corp, Put		20		(15,852	)		50.00		12/18/20		(11,400	)
Lululemon Athletica, Inc, Call		3		(14,856	)		310.00		12/18/20		(11,871	)
Lululemon Athletica, Inc, Call		8		(31,836	)		300.00		01/15/21		(38,160	)
Lululemon Athletica, Inc, Put		8		(22,003	)		260.00		01/15/21		(15,760	)
Lululemon Athletica, Inc, Put		8		(19,073	)		270.00		01/15/21		(19,000	)
M&T Bank Corp, Put		4		(7,976	)		110.00		10/16/20		(6,000	)
Mastercard, Inc, Call		2		(1,376	)		335.00		10/16/20		(1,150	)
Mastercard, Inc, Put		2		(3,778	)		260.00		10/16/20		(2,002	)

50 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Growth & Income Fund  §  June 30, 2020

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Motorola Solutions, Inc, Put		4	$	(512	)	$	135.00		07/17/20	$	(856	)
Motorola Solutions, Inc, Put		3		(2,162	)		110.00		10/16/20		(736	)
Motorola Solutions, Inc, Put		10		(20,182	)		140.00		01/15/21		(14,450	)
Nektar Therapeutics, Put		20		(5,286	)		18.00		08/21/20		(1,000	)
Netflix, Inc, Call		3		(6,201	)		500.00		09/18/20		(5,754	)
Northrop Grumman Corp, Put		2		(2,873	)		280.00		11/20/20		(3,212	)
PVH Corp, Put		10		(14,749	)		55.00		01/15/21		(14,600	)
Roku, Inc, Put		7		(7,457	)		105.00		10/16/20		(8,050	)
Roku, Inc, Put		7		(13,866	)		95.00		10/16/20		(5,250	)
Strategic Education, Inc, Put		3		(5,521	)		135.00		08/21/20		(1,770	)
Teradata Corp, Put		37		(10,962	)		25.00		12/18/20		(20,720	)
Universal Display Corp, Put		4		(8,837	)		130.00		12/18/20		(5,100	)
Universal Health Services, Inc, Put		8		(16,415	)		115.00		12/18/20		(21,480	)
VF Corp, Put		11		(12,035	)		60.00		11/20/20		(8,140	)
Walt Disney Co, Put		3		(5,534	)		115.00		09/18/20		(2,838	)
World Wrestling Entertainment, Inc, Put		22		(11,125	)		30.00		10/16/20		(2,596	)
World Wrestling Entertainment, Inc, Put		16		(9,295	)		40.00		01/15/21		(8,480	)
Wynn Resorts Ltd, Put		5		(7,780	)		90.00		09/18/20		(9,915	)
Wynn Resorts Ltd, Put		5		(12,729	)		85.00		12/18/20		(10,400	)
Wynn Resorts Ltd, Put		10		(26,059	)		85.00		01/15/21		(22,300	)
Xilinx, Inc, Put		7		(4,655	)		77.50		01/15/21		(2,555	)
Zendesk, Inc, Put		11		(2,000	)		65.00		08/21/20		(825	)
Zimmer Biomet Holdings, Inc, Call		5		(3,433	)		145.00		09/18/20		(750	)
Zimmer Biomet Holdings, Inc, Put		5		(2,807	)		125.00		09/18/20		(6,175	)
Zscaler, Inc, Put		7		(1,473	)		80.00		08/21/20		(595	)
Zscaler, Inc, Put		6		(1,845	)		75.00		09/18/20		(1,140	)
Total		772	$	(725,842	)					$	(631,722	)

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 51

Summary portfolio of investments (unaudited)

Large-Cap Value Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	COMMON STOCKS
	BANKS
	76,000		Bank of America Corp	$	1,805,000		3.0	%
	29,725		Citigroup, Inc		1,518,947		2.5
	23,650		JPMorgan Chase & Co		2,224,519		3.7
	16,625		US Bancorp		612,133		1.0
			Other		935,993		1.6
					7,096,592		11.8
	CAPITAL GOODS
	5,591		Deere & Co		878,626		1.5
	5,874		Dover Corp		567,194		1.0
	8,050		Honeywell International, Inc		1,163,950		1.9
	15,777		Masco Corp		792,163		1.3
	3,856		Parker-Hannifin Corp		706,689		1.2
	7,700		Trane Technologies plc		685,146		1.1
			Other		2,157,430		3.6
					6,951,198		11.6
	CONSUMER DURABLES & APPAREL
	223	*	NVR, Inc		726,701		1.2
					726,701		1.2
	CONSUMER SERVICES				821,249		1.4
	DIVERSIFIED FINANCIALS
	7,750		American Express Co		737,800		1.2
	4,820		Goldman Sachs Group, Inc		952,528		1.6
			Other		347,130		0.6
					2,037,458		3.4
	ENERGY
	13,125		Chevron Corp		1,171,144		1.9
	13,600		ConocoPhillips		571,472		1.0
			Other		1,013,591		1.7
					2,756,207		4.6
	FOOD & STAPLES RETAILING
	8,195		Walmart, Inc		981,597		1.7
					981,597		1.7
	FOOD, BEVERAGE & TOBACCO
	12,700		Mondelez International, Inc		649,351		1.1
			Other		794,259		1.3
					1,443,610		2.4
	HEALTH CARE EQUIPMENT & SERVICES
	2,850		Anthem, Inc		749,493		1.2
	4,100		Cigna Corp		769,365		1.3
	11,275		CVS Health Corp		732,537		1.2
	6,700		Medtronic plc		614,390		1.0
	2,775		UnitedHealth Group, Inc		818,486		1.4

52 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Large-Cap Value Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES—continued
	6,800		Zimmer Biomet Holdings, Inc	$	811,648		1.4	%
			Other		647,030		1.1
					5,142,949		8.6
	HOUSEHOLD & PERSONAL PRODUCTS
	7,200		Procter & Gamble Co		860,904		1.4
					860,904		1.4
	INSURANCE
	21,500		American International Group, Inc		670,370		1.1
	4,725	*	Berkshire Hathaway, Inc (Class B)		843,460		1.4
	6,748		Chubb Ltd		854,432		1.4
			Other		1,135,107		1.9
					3,503,369		5.8
	MATERIALS
	10,798	*	Crown Holdings, Inc		703,274		1.2
	5,688		PPG Industries, Inc		603,269		1.0
			Other		1,308,368		2.2
					2,614,911		4.4
	MEDIA & ENTERTAINMENT
	600	*	Alphabet, Inc (Class C)		848,166		1.4
	33,750		Comcast Corp (Class A)		1,315,575		2.2
	11,925		Walt Disney Co		1,329,757		2.3
			Other		423,333		0.7
					3,916,831		6.6
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	10,605		Bristol-Myers Squibb Co		623,574		1.0
	13,050		Johnson & Johnson		1,835,222		3.1
	7,809		Merck & Co, Inc		603,870		1.0
	33,550		Pfizer, Inc		1,097,085		1.8
			Other		749,240		1.3
					4,908,991		8.2
	REAL ESTATE
	7,038		Prologis, Inc		656,856		1.1
			Other		262,888		0.4
					919,744		1.5
	RETAILING
	5,254		Home Depot, Inc		1,316,180		2.2
					1,316,180		2.2
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	12,774		Applied Materials, Inc		772,188		1.3
	24,500		Intel Corp		1,465,835		2.5
			Other		1,720,165		2.8
					3,958,188		6.6

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 53

Summary portfolio of investments (unaudited) continued

Large-Cap Value Fund  §  June 30, 2020

Shares			Company		Value			% of net assets
	SOFTWARE & SERVICES
	3,680		Accenture plc		$	790,170			1.3	%
	5,500		Microsoft Corp			1,119,305			1.9
			Other			358,315			0.6
						2,267,790			3.8
	TECHNOLOGY HARDWARE & EQUIPMENT
	21,750		Cisco Systems, Inc			1,014,420			1.7
	9,014		TE Connectivity Ltd			735,092			1.2
			Other			270,165			0.4
						2,019,677			3.3
	TELECOMMUNICATION SERVICES
	11,550		Verizon Communications, Inc			636,752			1.1
			Other			759,699			1.2
						1,396,451			2.3
	TRANSPORTATION
	5,900		Union Pacific Corp			997,513			1.6
			Other			407,979			0.7
						1,405,492			2.3
	UTILITIES
	7,905		American Electric Power Co, Inc			629,554			1.0
	6,122		Entergy Corp			574,305			1.0
	18,462		FirstEnergy Corp			715,956			1.2
			Other			534,858			0.9
						2,454,673			4.1
			TOTAL COMMON STOCKS	(Cost $53,767,272)		59,500,762			99.2
	RIGHTS / WARRANTS
	TELECOMMUNICATION SERVICES					366			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $805)		366			0.0
Principal			Issuer
	SHORT-TERM INVESTMENTS
	REPURCHASE AGREEMENT
	$670,000	r	Fixed Income Clearing Corp	0.070%, 07/01/20		670,000			1.1
						670,000			1.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $670,000)		670,000			1.1
			TOTAL PORTFOLIO	(Cost $54,438,077)		60,171,128			100.3
			OTHER ASSETS & LIABILITIES, NET			(171,272	)		(0.3	)
			NET ASSETS		$	59,999,856			100.0	%

54 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Large-Cap Value Fund  §  June 30, 2020

* Non-income producing

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $670,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $683,512.

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

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

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 55

Summary portfolio of investments (unaudited)

Real Estate Securities Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	COMMON STOCKS
	ASSET MANAGEMENT & CUSTODY BANKS
	10,000		Blackstone Group, Inc	$	566,600		0.8	%
					566,600		0.8
	CASINOS & GAMING				665,925		0.9
	DIVERSIFIED REITS
	15,000		STORE Capital Corp		357,150		0.5
			Other		128,744		0.2
					485,894		0.7
	HEALTH CARE REITS
	55,000		Healthpeak Properties Inc		1,515,800		2.1
	15,000		Omega Healthcare Investors, Inc		445,950		0.6
	26,000		Sabra Healthcare REIT, Inc		375,180		0.5
	33,000		Ventas, Inc		1,208,460		1.6
	35,000		Welltower, Inc		1,811,250		2.4
			Other		490,800		0.7
					5,847,440		7.9
	HOTEL & RESORT REITS
	27,000		Host Hotels and Resorts, Inc		291,330		0.4
	18,000		MGM Growth Properties LLC		489,780		0.7
	40,000		Park Hotels & Resorts, Inc		395,600		0.5
			Other		81,960		0.1
					1,258,670		1.7
	HOTELS, RESORTS & CRUISE LINES				391,810		0.5
	INDUSTRIAL REITS
	25,000		Americold Realty Trust		907,500		1.2
	25,000		Duke Realty Corp		884,750		1.2
	5,500		EastGroup Properties, Inc		652,355		0.9
	59,000		Prologis, Inc		5,506,470		7.4
	60,000		Rexford Industrial Realty, Inc		2,485,800		3.3
	22,000		Terreno Realty Corp		1,158,080		1.6
					11,594,955		15.6
	INTERNET SERVICES & INFRASTRUCTURE
	13,000	*	GDS Holdings Ltd (ADR)		1,035,580		1.4
	60,000	*	Megaport Ltd		504,639		0.7
	50,000	*	NEXTDC Ltd		343,912		0.4
					1,884,131		2.5
	OFFICE REITS
	12,500		Alexandria Real Estate Equities, Inc		2,028,125		2.7
	11,000		Boston Properties, Inc		994,180		1.4
	7,500		Kilroy Realty Corp		440,250		0.6
	9,000		SL Green Realty Corp		443,610		0.6

56 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Real Estate Securities Fund  §  June 30, 2020

Shares		Company		Value		% of net assets
	OFFICE REITS—continued
	10,000	Vornado Realty Trust		$	382,100		0.5	%
		Other			223,980		0.3
					4,512,245		6.1
	RESIDENTIAL REITS
	47,000	American Homes 4 Rent			1,264,300		1.7
	8,000	AvalonBay Communities, Inc			1,237,120		1.7
	5,000	Camden Property Trust			456,100		0.6
	45,000	Equity Lifestyle Properties, Inc			2,811,600		3.8
	22,000	Equity Residential			1,294,040		1.7
	2,500	Essex Property Trust, Inc			572,925		0.8
	85,000	Invitation Homes, Inc			2,340,050		3.1
	13,000	Mid-America Apartment Communities, Inc			1,490,710		2.0
	22,000	Sun Communities, Inc			2,984,960		4.0
					14,451,805		19.4
	RETAIL REITS
	13,000	Agree Realty Corp			854,230		1.2
	21,000	Realty Income Corp			1,249,500		1.7
	25,000	Regency Centers Corp			1,147,250		1.5
	19,000	Simon Property Group, Inc			1,299,220		1.7
		Other			631,170		0.9
					5,181,370		7.0
	SPECIALIZED REITS
	30,000	American Tower Corp			7,756,200		10.4
	22,500	Crown Castle International Corp			3,765,375		5.0
	7,500	CyrusOne, Inc			545,625		0.7
	14,000	Digital Realty Trust, Inc			1,989,540		2.7
	7,000	Equinix, Inc			4,916,100		6.6
	8,000	Extra Space Storage, Inc			738,960		1.0
	30,367	Gaming and Leisure Properties, Inc			1,050,698		1.4
	4,000	Lamar Advertising Co			267,040		0.4
	7,000	Public Storage, Inc			1,343,230		1.8
	8,000	SBA Communications Corp			2,383,360		3.2
	55,000	VICI Properties, Inc			1,110,450		1.5
	34,000	Weyerhaeuser Co			763,640		1.0
		Other			481,920		0.6
					27,112,138		36.3
		TOTAL COMMON STOCKS	(Cost $51,027,308)		73,952,983		99.4

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 57

Summary portfolio of investments (unaudited) concluded

Real Estate Securities Fund  §  June 30, 2020

Principal			Issuer		Value			% of net assets
	SHORT-TERM INVESTMENTS
	REPURCHASE AGREEMENT
	$650,000	r	Fixed Income Clearing Corp	0.070%, 07/01/20	$	650,000			0.9	%
						650,000			0.9
			TOTAL SHORT-TERM INVESTMENTS	(Cost $650,000)		650,000			0.9
			TOTAL PORTFOLIO	(Cost $51,677,308)		74,602,983			100.3
			OTHER ASSETS & LIABILITIES, NET			(191,262	)		(0.3	)
			NET ASSETS		$	74,411,721			100.0	%

Abbreviation(s):

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $650,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $663,020.

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

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

58 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Small-Cap Equity Fund  §   June 30, 2020

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	397,213		0.9	%
	BANKS
	6,651		Essent Group Ltd		241,232		0.5
	24,870		Investors Bancorp, Inc		211,395		0.5
	15,457		Radian Group, Inc		239,738		0.5
	13,443		United Community Banks, Inc		270,473		0.6
			Other		3,392,776		7.6
					4,355,614		9.7
	CAPITAL GOODS
	5,182		Advanced Drainage Systems, Inc		255,991		0.6
	7,818	*	Atkore International Group, Inc		213,822		0.5
	7,677	*	BMC Stock Holdings, Inc		193,000		0.4
	7,901		Comfort Systems USA, Inc		321,966		0.7
	4,390		EMCOR Group, Inc		290,355		0.6
	6,691		Federal Signal Corp		198,923		0.4
	1,520	*	RBC Bearings, Inc		203,741		0.5
	13,455		Rexnord Corp		392,213		0.9
			Other		2,615,518		5.9
					4,685,529		10.5
	COMMERCIAL & PROFESSIONAL SERVICES
	5,103		Exponent, Inc		412,986		0.9
	5,110	*	TriNet Group, Inc		311,403		0.7
			Other		814,181		1.8
					1,538,570		3.4
	CONSUMER DURABLES & APPAREL
	1,160	*	Deckers Outdoor Corp		227,812		0.5
	6,230	*	YETI Holdings, Inc		266,208		0.6
			Other		1,279,305		2.9
					1,773,325		4.0
	CONSUMER SERVICES				1,368,569		3.0
	DIVERSIFIED FINANCIALS
	6,312		Stifel Financial Corp		299,378		0.7
			Other		1,047,422		2.3
					1,346,800		3.0
	ENERGY				1,075,349		2.4
	FOOD & STAPLES RETAILING				257,083		0.6
	FOOD, BEVERAGE & TOBACCO				725,113		1.6
	HEALTH CARE EQUIPMENT & SERVICES
	3,011		Conmed Corp		216,762		0.5
	9,618	*	HMS Holdings Corp		311,527		0.7
			Other		2,438,171		5.4
					2,966,460		6.6

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 59

Summary portfolio of investments (unaudited) continued

Small-Cap Equity Fund  §   June 30, 2020

Shares			Company	Value		% of net assets
	HOUSEHOLD & PERSONAL PRODUCTS			$	349,347		0.8	%
	INSURANCE				770,094		1.7
	MATERIALS
	6,585		Boise Cascade Co		247,662		0.6
	14,460		Commercial Metals Co		294,984		0.7
	3,144		Materion Corp		193,325		0.4
	8,643		PolyOne Corp		226,706		0.5
			Other		1,009,010		2.2
					1,971,687		4.4
	MEDIA & ENTERTAINMENT				467,743		1.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	14,578	*	Amicus Therapeutics, Inc		219,836		0.5
	4,826	*	Natera, Inc		240,624		0.6
			Other		5,106,981		11.4
					5,567,441		12.5
	REAL ESTATE
	3,371		EastGroup Properties, Inc		399,834		0.9
	7,957		National Storage Affiliates Trust		228,048		0.5
	2,661		PS Business Parks, Inc		352,316		0.8
	9,376		STAG Industrial, Inc		274,904		0.6
			Other		1,728,106		3.9
					2,983,208		6.7
	RETAILING
	10,503	*	BJ’s Wholesale Club Holdings, Inc		391,447		0.9
	10,999		Rent-A-Center, Inc		305,992		0.7
	4,823	*	Sleep Number Corp		200,830		0.4
			Other		1,030,755		2.3
					1,929,024		4.3
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	8,835	*	Formfactor, Inc		259,131		0.6
	7,722	*	Lattice Semiconductor Corp		219,228		0.5
	19,396	*	Rambus, Inc		294,819		0.7
			Other		659,140		1.4
					1,432,318		3.2
	SOFTWARE & SERVICES
	18,840	*	Digital Turbine, Inc		236,819		0.5
	3,869		Mantech International Corp (Class A)		264,988		0.6
	13,287		Perspecta, Inc		308,657		0.7
	5,018		Progress Software Corp		194,447		0.4
	4,607	*,d	SPS Commerce, Inc		346,078		0.8
	4,578	*	Workiva, Inc		244,877		0.5
			Other		1,698,391		3.8
					3,294,257		7.3

60 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Small-Cap Equity Fund  §   June 30, 2020

Shares			Company		Value			% of net assets
	TECHNOLOGY HARDWARE & EQUIPMENT
	4,353	*	Insight Enterprises, Inc		$	214,168			0.5	%
	8,821	*	Sanmina Corp			220,878			0.5
			Other			1,047,645			2.3
						1,482,691			3.3
	TELECOMMUNICATION SERVICES					361,382			0.8
	TRANSPORTATION
	4,671	*	Hub Group, Inc (Class A)			223,554			0.5
			Other			504,003			1.1
						727,557			1.6
	UTILITIES
	6,919		Avista Corp			251,783			0.6
	3,610		NorthWestern Corp			196,817			0.4
	6,813		Portland General Electric Co			284,852			0.6
	3,627		Spire, Inc			238,330			0.5
			Other			409,026			1.0
						1,380,808			3.1
			TOTAL COMMON STOCKS	(Cost $42,219,338)		43,207,182			96.4
Principal			Issuer
	SHORT-TERM INVESTMENTS
	REPURCHASE AGREEMENT
	$1,590,000	r	Fixed Income Clearing Corp	0.070%, 07/01/20		1,590,000			3.5
						1,590,000			3.5
Shares			Company
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	252,290	c	State Street Navigator Securities Lending Government Money Market Portfolio			252,290			0.6
						252,290			0.6
			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,842,290)		1,842,290			4.1
			TOTAL PORTFOLIO	(Cost $44,061,628)		45,049,472			100.5
			OTHER ASSETS & LIABILITIES, NET			(214,126	)		(0.5	)
			NET ASSETS		$	44,835,346			100.0	%

* Non-income producing

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

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

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $1,590,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $1,621,891.

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

At 6/30/20, the aggregate value of securities on loan is $360,209.See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 61

Summary portfolio of investments (unaudited) concluded

Small-Cap Equity Fund  §   June 30, 2020

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

Futures contracts outstanding as of June 30, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date		Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		21		09/18/20	$	1,523,235	$	1,509,480	$	(13,755	)

62 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Social Choice Equity Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	540	*	Tesla, Inc	$	583,097		0.9	%
			Other		73,053		0.1
					656,150		1.0
	BANKS
	3,588		PNC Financial Services Group, Inc		377,494		0.6
			Other		1,523,502		2.2
					1,900,996		2.8
	CAPITAL GOODS
	2,945		3M Co		459,391		0.7
	2,193		Illinois Tool Works, Inc		383,446		0.6
			Other		2,774,153		4.1
					3,616,990		5.4
	COMMERCIAL & PROFESSIONAL SERVICES				985,178		1.5
	CONSUMER DURABLES & APPAREL
	5,438		Nike, Inc (Class B)		533,196		0.8
			Other		438,548		0.6
					971,744		1.4
	CONSUMER SERVICES
	6,268		Starbucks Corp		461,262		0.7
			Other		1,048,129		1.6
					1,509,391		2.3
	DIVERSIFIED FINANCIALS
	687		BlackRock, Inc		373,790		0.6
	4,625		Intercontinental Exchange Group, Inc		423,650		0.6
	9,005		Morgan Stanley		434,941		0.7
	1,510		S&P Global, Inc		497,515		0.7
			Other		1,916,311		2.9
					3,646,207		5.5
	ENERGY
	5,721		Chevron Corp		510,485		0.8
			Other		1,361,887		2.0
					1,872,372		2.8
	FOOD & STAPLES RETAILING				351,505		0.5
	FOOD, BEVERAGE & TOBACCO
	14,315		Coca-Cola Co		639,594		0.9
	5,408		PepsiCo, Inc		715,262		1.1
			Other		793,581		1.2
					2,148,437		3.2

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 63

Summary portfolio of investments (unaudited) continued

Social Choice Equity Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES
	3,078		UnitedHealth Group, Inc	$	907,856		1.4	%
			Other		3,759,228		5.6
					4,667,084		7.0
	HOUSEHOLD & PERSONAL PRODUCTS
	7,967		Procter & Gamble Co		952,614		1.4
			Other		718,715		1.1
					1,671,329		2.5
	INSURANCE				1,960,461		2.9
	MATERIALS
	1,957		Ecolab, Inc		389,345		0.6
	2,642		Linde plc		560,395		0.8
			Other		1,058,381		1.6
					2,008,121		3.0
	MEDIA & ENTERTAINMENT
	5,026		Activision Blizzard, Inc		381,473		0.6
	772	*	Alphabet, Inc (Class A)		1,094,735		1.6
	764	*	Alphabet, Inc (Class C)		1,079,998		1.6
	18,055		Comcast Corp (Class A)		703,784		1.1
			Other		1,637,926		2.4
					4,897,916		7.3
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	5,359		AbbVie, Inc		526,147		0.8
	2,504		Amgen, Inc		590,593		0.9
	9,609		Bristol-Myers Squibb Co		565,009		0.8
	3,673		Eli Lilly & Co		603,033		0.9
	5,145		Gilead Sciences, Inc		395,856		0.6
	9,494		Merck & Co, Inc		734,171		1.1
	1,674	*	Vertex Pharmaceuticals, Inc		485,979		0.7
	3,173		Zoetis, Inc		434,828		0.7
			Other		1,299,951		1.9
					5,635,567		8.4
	REAL ESTATE
	2,209		American Tower Corp		571,115		0.9
	4,814		Prologis, Inc		449,291		0.7
			Other		1,408,324		2.0
					2,428,730		3.6
	RETAILING
	289	*	Booking Holdings, Inc		460,186		0.7
	7,832		eBay, Inc		410,788		0.6
	3,433		Home Depot, Inc		860,001		1.3
	2,946		Lowe’s Companies, Inc		398,063		0.6
			Other		1,814,589		2.7
					3,943,627		5.9

64 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Social Choice Equity Fund  §  June 30, 2020

Shares			Company		Value		% of net assets
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	14,676		Intel Corp		$	878,065		1.3	%
	2,163		NVIDIA Corp			821,745		1.2
	4,542		Texas Instruments, Inc			576,698		0.9
			Other			509,983		0.8
						2,786,491		4.2
	SOFTWARE & SERVICES
	2,890		Accenture plc			620,541		0.9
	1,822	*	Adobe, Inc			793,135		1.2
	1,593	*	Autodesk, Inc			381,030		0.6
	4,603		International Business Machines Corp			555,904		0.8
	1,577		Intuit, Inc			467,092		0.7
	17,915	d	Microsoft Corp			3,645,882		5.4
	3,593	*	salesforce.com, Inc			673,077		1.0
			Other			2,173,494		3.3
						9,310,155		13.9
	TECHNOLOGY HARDWARE & EQUIPMENT
	9,764		Apple, Inc			3,561,907		5.3
	16,242		Cisco Systems, Inc			757,527		1.2
			Other			735,618		1.1
						5,055,052		7.6
	TELECOMMUNICATION SERVICES
	14,746		Verizon Communications, Inc			812,947		1.2
			Other			69,402		0.1
						882,349		1.3
	TRANSPORTATION
	5,313		CSX Corp			370,529		0.6
	3,878		United Parcel Service, Inc (Class B)			431,156		0.7
			Other			684,235		0.9
						1,485,920		2.2
	UTILITIES					2,044,739		3.1
			TOTAL COMMON STOCKS	(Cost $44,664,381)		66,436,511		99.3
Principal			Issuer
	SHORT-TERM INVESTMENTS
	REPURCHASE AGREEMENT					270,000		0.4
Shares			Company
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	46,292	c	State Street Navigator Securities Lending Government Money Market Portfolio			46,292		0.1
						46,292		0.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $316,292)		316,292		0.5
			TOTAL PORTFOLIO	(Cost $44,980,673)		66,752,803		99.8
			OTHER ASSETS & LIABILITIES, NET			168,775		0.2
			NET ASSETS		$	66,921,578		100.0	%

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 65

Summary portfolio of investments (unaudited) concluded

Social Choice Equity Fund  §  June 30, 2020

* Non-income producing

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

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

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

At 6/30/20, the aggregate value of securities on loan is $184,298. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

Futures contracts outstanding as of June 30, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		3	09/18/20	$	476,263	$	463,530	$	(12,733	)

66 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Stock Index Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS
	2,667	*	Tesla, Inc	$	2,879,853		0.5	%
			Other		2,349,641		0.4
					5,229,494		0.9
	BANKS
	139,601		Bank of America Corp		3,315,524		0.6
	54,653		JPMorgan Chase & Co		5,140,661		1.0
			Other		13,652,757		2.4
					22,108,942		4.0
	CAPITAL GOODS				32,097,701		5.8
	COMMERCIAL & PROFESSIONAL SERVICES				5,984,185		1.0
	CONSUMER DURABLES & APPAREL
	21,869		Nike, Inc (Class B)		2,144,255		0.4
			Other		5,015,057		0.9
					7,159,312		1.3
	CONSUMER SERVICES
	13,431		McDonald’s Corp		2,477,616		0.5
			Other		7,667,744		1.3
					10,145,360		1.8
	DIVERSIFIED FINANCIALS				17,696,324		3.2
	ENERGY
	33,740		Chevron Corp		3,010,620		0.6
	76,363	d	Exxon Mobil Corp		3,414,953		0.6
			Other		7,965,219		1.4
					14,390,792		2.6
	FOOD & STAPLES RETAILING
	7,973		Costco Wholesale Corp		2,417,493		0.4
	25,170		Walmart, Inc		3,014,863		0.6
			Other		1,953,829		0.3
					7,386,185		1.3
	FOOD, BEVERAGE & TOBACCO
	69,821		Coca-Cola Co		3,119,602		0.6
	25,039		PepsiCo, Inc		3,311,658		0.6
			Other		11,296,527		2.0
					17,727,787		3.2
	HEALTH CARE EQUIPMENT & SERVICES
	31,216		Abbott Laboratories		2,854,079		0.5
	24,220		Medtronic plc		2,220,974		0.4
	17,024		UnitedHealth Group, Inc		5,021,229		0.9
			Other		25,881,076		4.7
					35,977,358		6.5

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 67

Summary portfolio of investments (unaudited) continued

Stock Index Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	HOUSEHOLD & PERSONAL PRODUCTS
	43,949		Procter & Gamble Co	$	5,254,982		1.0	%
			Other		4,031,755		0.7
					9,286,737		1.7
	INSURANCE
	35,168	*	Berkshire Hathaway, Inc (Class B)		6,277,840		1.1
			Other		11,690,549		2.1
					17,968,389		3.2
	MATERIALS				14,940,305		2.7
	MEDIA & ENTERTAINMENT
	5,418	*	Alphabet, Inc (Class A)		7,682,995		1.4
	5,348	*	Alphabet, Inc (Class C)		7,559,986		1.4
	81,813		Comcast Corp (Class A)		3,189,071		0.6
	43,339	*	Facebook, Inc		9,840,987		1.8
	7,679	*	Netflix, Inc		3,494,252		0.6
	32,457		Walt Disney Co		3,619,280		0.7
			Other		8,887,098		1.5
					44,273,669		8.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	31,797		AbbVie, Inc		3,121,829		0.6
	10,628		Amgen, Inc		2,506,720		0.5
	40,882		Bristol-Myers Squibb Co		2,403,862		0.4
	15,220		Eli Lilly & Co		2,498,820		0.4
	47,589		Johnson & Johnson		6,692,441		1.2
	45,604		Merck & Co, Inc		3,526,557		0.6
	100,384		Pfizer, Inc		3,282,557		0.6
	7,136		Thermo Fisher Scientific, Inc		2,585,658		0.5
			Other		19,439,221		3.5
					46,057,665		8.3
	REAL ESTATE				19,832,307		3.6
	RETAILING
	7,648	*	Amazon.com, Inc		21,099,455		3.8
	19,385		Home Depot, Inc		4,856,136		0.9
			Other		13,878,759		2.5
					39,834,350		7.2
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	7,063		Broadcom, Inc		2,229,153		0.4
	76,500		Intel Corp		4,576,995		0.8
	10,670		NVIDIA Corp		4,053,640		0.7
	16,575		Texas Instruments, Inc		2,104,528		0.4
			Other		11,899,205		2.1
					24,863,521		4.4

68 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Stock Index Fund  §  June 30, 2020

Shares			Company		Value			% of net assets
	SOFTWARE & SERVICES
	11,519		Accenture plc		$	2,473,360			0.5	%
	8,694	*	Adobe, Inc			3,784,585			0.7
	15,929		Mastercard, Inc (Class A)			4,710,205			0.8
	135,159		Microsoft Corp			27,506,208			4.9
	21,209	*	PayPal Holdings, Inc			3,695,244			0.7
	15,634	*	salesforce.com, Inc			2,928,717			0.5
	30,478		Visa, Inc (Class A)			5,887,435			1.1
			Other			33,383,568			6.0
						84,369,322			15.2
	TECHNOLOGY HARDWARE & EQUIPMENT
	73,811		Apple, Inc			26,926,253			4.9
	76,638		Cisco Systems, Inc			3,574,396			0.7
			Other			6,771,782			1.1
						37,272,431			6.7
	TELECOMMUNICATION SERVICES
	128,661		AT&T, Inc			3,889,422			0.7
	74,813		Verizon Communications, Inc			4,124,441			0.8
			Other			1,731,131			0.2
						9,744,994			1.7
	TRANSPORTATION					9,974,182			1.8
	UTILITIES
	8,853		NextEra Energy, Inc			2,126,225			0.4
			Other			14,317,849			2.6
						16,444,074			3.0
			TOTAL COMMON STOCKS	(Cost $261,678,643)		550,765,386			99.1
	RIGHTS / WARRANTS
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					44			0.0
	TELECOMMUNICATION SERVICES					1,157			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $2,571)		1,201			0.0
Principal			Issuer
	SHORT-TERM INVESTMENTS
	REPURCHASE AGREEMENT
	$4,860,000	r	Fixed Income Clearing Corp	0.070%, 07/01/20		4,860,000			0.9
						4,860,000			0.9
Shares			Company
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,295,108	c	State Street Navigator Securities Lending Government Money Market Portfolio			2,295,108			0.4
						2,295,108			0.4
			TOTAL SHORT-TERM INVESTMENTS	(Cost $7,155,108)		7,155,108			1.3
			TOTAL PORTFOLIO	(Cost $268,836,322)		557,921,695			100.4
			OTHER ASSETS & LIABILITIES, NET			(2,130,670	)		(0.4	)
			NET ASSETS		$	555,791,025			100.0	%

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 69

Summary portfolio of investments (unaudited) concluded

Stock Index Fund  §  June 30, 2020

* Non-income producing

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

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

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $4,860,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $4,957,308.

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

At 6/30/20, the aggregate value of securities on loan is $3,038,336. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 6/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, is $29,342 or 0.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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

Futures contracts outstanding as of June 30, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		31	09/18/20	$	4,880,827	$	4,789,810	$	(91,017	)

70 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

International Equity Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	COMMON STOCKS
	AUSTRALIA
	41,068		BHP Billiton Ltd	$	1,022,507		1.1	%
	8,270		CSL Ltd		1,644,812		1.7
	120,983		Fortescue Metals Group Ltd		1,176,157		1.2
			Other		1,799,340		1.8
					5,642,816		5.8
	BRAZIL				755,156		0.8
	CHINA
	13,349	*	GDS Holdings Ltd (ADR)		1,063,381		1.1
			Other		1,957,381		2.0
					3,020,762		3.1
	DENMARK
	13,471		DSV AS		1,654,709		1.7
	25,952		Novo Nordisk AS		1,690,714		1.7
	10,449	g	Orsted AS		1,205,830		1.3
					4,551,253		4.7
	FINLAND				560,941		0.6
	FRANCE
	22,804		Airbus SE		1,633,993		1.7
	38,991		BNP Paribas S.A.		1,557,846		1.6
	36,086		Compagnie de Saint-Gobain		1,302,017		1.3
	108,932		Credit Agricole S.A.		1,034,383		1.1
	7,651		Dassault Systemes S.A.		1,328,159		1.4
	8,487		Essilor International S.A.		1,091,499		1.1
	2,131		Kering		1,165,058		1.2
	12,476		Sanofi-Aventis		1,272,359		1.3
	18,831		Schneider Electric S.A.		2,094,697		2.1
	13,854		Vinci S.A.		1,284,587		1.3
					13,764,598		14.1
	GERMANY
	15,512		Bayer AG.		1,149,803		1.1
	13,672		Bayerische Motoren Werke AG.		872,829		0.9
	95,045		Infineon Technologies AG.		2,227,112		2.3
	6,895		SAP AG.		963,848		1.0
	23,503		Siemens AG.		2,771,875		2.8
			Other		2,815,004		2.9
					10,800,471		11.0
	HONG KONG
	51,399		Hong Kong Exchanges and Clearing Ltd		2,189,170		2.2
					2,189,170		2.2
	IRELAND
	44,310		CRH plc		1,525,161		1.6
					1,525,161		1.6

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 71

Summary portfolio of investments (unaudited) continued

International Equity Fund  §  June 30, 2020

Shares			Company	Value		% of net assets
	ITALY
	27,171		Moncler S.p.A	$	1,044,821		1.1	%
	143,589		UniCredit S.p.A.		1,325,213		1.3
			Other		703,015		0.7
					3,073,049		3.1
	JAPAN
	32,500		Daiichi Sankyo Co Ltd		2,658,227		2.7
	8,184		Daikin Industries Ltd		1,324,171		1.4
	50,151	*	Hitachi Ltd		1,594,041		1.6
	19,600	e	Kao Corp		1,555,413		1.6
	6,173		Nintendo Co Ltd		2,759,754		2.8
	49,300		Recruit Holdings Co Ltd		1,695,435		1.7
	45,792		Sony Corp		3,161,028		3.2
	40,200		Sumitomo Mitsui Financial Group, Inc		1,134,516		1.2
	33,983		Toyota Motor Corp		2,136,989		2.2
			Other		1,898,439		2.0
					19,918,013		20.4
	KOREA, REPUBLIC OF				689,174		0.7
	NETHERLANDS
	6,764		ASML Holding NV		2,474,358		2.5
	224,891		ING Groep NV		1,567,693		1.6
					4,042,051		4.1
	RUSSIA				995,287		1.0
	SPAIN				706,587		0.7
	SWITZERLAND
	130,070	*	Credit Suisse Group		1,353,361		1.4
	3,054		Lonza Group AG.		1,617,696		1.6
	16,531		Nestle S.A.		1,832,802		1.9
	9,555		Roche Holding AG.		3,310,325		3.4
					8,114,184		8.3
	TAIWAN
	19,036		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		1,080,674		1.1
					1,080,674		1.1
	UNITED KINGDOM
	28,903		Ashtead Group plc		974,986		1.0
	24,634		AstraZeneca plc		2,563,769		2.6
	39,977		British American Tobacco plc		1,533,230		1.6
	7,508		Linde plc (Xetra)		1,590,153		1.6
	15,960		Reckitt Benckiser Group plc		1,468,295		1.5
	558,609		Tesco plc		1,571,179		1.6
			Other		738,386		0.8
					10,439,998		10.7

72 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

International Equity Fund  §  June 30, 2020

Shares			Company		Value		% of net assets
	UNITED STATES
	18,565		Las Vegas Sands Corp		$	845,450		0.9	%
			Other			697,226		0.7
						1,542,676		1.6
			TOTAL COMMON STOCKS	(Cost $96,790,569)		93,412,021		95.6
Principal			Issuer
	SHORT-TERM INVESTMENTS
	REPURCHASE AGREEMENT
	$4,000,000	r	Fixed Income Clearing Corp	0.070%, 07/01/20		4,000,000		4.1
						4,000,000		4.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $4,000,000)		4,000,000		4.1
			TOTAL PORTFOLIO	(Cost $100,790,569)		97,412,021		99.7
			OTHER ASSETS & LIABILITIES, NET			324,622		0.3
			NET ASSETS		$	97,736,643		100.0	%

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,517,992. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities, including those in “Other,” is $1,719,787 or 1.8% of net assets.

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $4,000,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $4,080,097.

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

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

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 73

Summary of market values by sector (unaudited)

International Equity Fund  §  June 30, 2020

Sector	Value		% of net assets
HEALTH CARE	$	16,421,663		16.7	%
INDUSTRIALS		14,736,471		15.1
FINANCIALS		13,822,101		14.1
CONSUMER DISCRETIONARY		13,049,193		13.4
INFORMATION TECHNOLOGY		11,429,190		11.7
CONSUMER STAPLES		8,266,345		8.5
MATERIALS		7,870,294		8.1
COMMUNICATION SERVICES		4,045,029		4.1
UTILITIES		3,210,795		3.3
ENERGY		560,940		0.6
SHORT-TERM INVESTMENTS		4,000,000		4.1
OTHER ASSETS & LIABILITIES, NET		324,622		0.3
NET ASSETS	$	97,736,643		100.0	%

74 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited)

Core Bond Fund  §  June 30, 2020

Principal		Issuer			Value		% of net assets
	BANK LOAN OBLIGATIONS
	BANKS				$	71,347		0.0	%
	CAPITAL GOODS					123,359		0.1
	COMMERCIAL & PROFESSIONAL SERVICES					247,002		0.1
	CONSUMER SERVICES					124,395		0.1
	DIVERSIFIED FINANCIALS					32,724		0.0
	ENERGY					117,574		0.1
	FOOD, BEVERAGE & TOBACCO					264,287		0.1
	HEALTH CARE EQUIPMENT & SERVICES					380,564		0.2
	INSURANCE					185,372		0.1
	MATERIALS					327,908		0.2
	MEDIA & ENTERTAINMENT					109,391		0.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					141,476		0.1
	REAL ESTATE					92,309		0.0
	RETAILING					24,051		0.0
	SOFTWARE & SERVICES					162,187		0.1
	TECHNOLOGY HARDWARE & EQUIPMENT					173,657		0.1
	TELECOMMUNICATION SERVICES					161,948		0.1
	TRANSPORTATION					73,173		0.0
	UTILITIES					33,573		0.0
		TOTAL BANK LOAN OBLIGATIONS	(Cost $3,053,801)			2,846,297		1.4
	BONDS
	CORPORATE BONDS
	AUTOMOBILES & COMPONENTS					853,048		0.4
	BANKS
	$  1,450,000	Bank of America Corp	2.456%, 10/22/25			1,522,176		0.7
	1,825,000	Bank of America Corp	2.592%–6.100%, 08/01/25–N/A	‡		2,021,091		1.0
	775,000	Citigroup, Inc	2.666%, 01/29/31			804,263		0.4
	600,000	JPMorgan Chase & Co	2.739%, 10/15/30			643,584		0.3
		Other				11,904,723		5.8
						16,895,837		8.2
	CAPITAL GOODS					2,331,079		1.2
	COMMERCIAL & PROFESSIONAL SERVICES					2,006,004		1.0
	CONSUMER DURABLES & APPAREL					20,946		0.0

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 75

Summary portfolio of investments (unaudited) continued

Core Bond Fund  §  June 30, 2020

Principal		Issuer		Value		% of net assets
	CONSUMER SERVICES			$	935,307		0.5	%
	DIVERSIFIED FINANCIALS
	$     900,000	General Motors Financial Co, Inc	3.450%, 01/14/22		914,770		0.4
	700,000	Morgan Stanley	3.125%, 07/27/26		772,262		0.4
		Other			7,666,857		3.9
					9,353,889		4.7
	ENERGY				6,485,393		3.2
	FOOD & STAPLES RETAILING				1,622,544		0.8
	FOOD, BEVERAGE & TOBACCO				2,952,213		1.4
	HEALTH CARE EQUIPMENT & SERVICES				4,659,646		2.2
	INSURANCE				3,802,789		1.9
	MATERIALS				2,632,360		1.3
	MEDIA & ENTERTAINMENT
	600,000	Charter Communications Operating LLC	4.800%, 03/01/50		680,043		0.3
	1,925,000	Comcast Corp	1.950%–4.150%, 04/15/24–01/15/51		2,123,623		1.1
		Other			2,586,392		1.3
					5,390,058		2.7
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				3,987,057		2.0
	REAL ESTATE				5,787,032		2.8
	RETAILING				951,850		0.5
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				1,406,592		0.7
	SOFTWARE & SERVICES				2,603,299		1.3
	TECHNOLOGY HARDWARE & EQUIPMENT
	575,000	Apple, Inc	2.050%, 09/11/26		614,360		0.3
		Other			1,304,286		0.7
					1,918,646		1.0
	TELECOMMUNICATION SERVICES
	975,000	AT&T, Inc	4.350%, 03/01/29		1,136,575		0.6
	633,000	Verizon Communications, Inc	4.329%, 09/21/28		762,021		0.4
		Other			3,788,726		1.8
					5,687,322		2.8
	TRANSPORTATION				2,110,996		1.0
	UTILITIES				5,524,028		2.7
		TOTAL CORPORATE BONDS	(Cost $83,767,509)		89,917,935		44.3

76 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) continued

Core Bond Fund  §  June 30, 2020

Principal			Issuer		Value		% of net assets
	GOVERNMENT BONDS
	FOREIGN GOVERNMENT BONDS
	$   1,000,000		Kreditanstalt fuer Wiederaufbau	2.750%, 10/01/20	$	1,006,388		0.5	%
			Other			6,105,969		3.0
						7,112,357		3.5
	MORTGAGE BACKED
	1,905,581		Federal Home Loan Mortgage Corp (FHLMC)	3.000%, 11/01/49		2,028,934		1.0
	727,270		Federal Home Loan Mortgage Corp Gold (FGLMC)	3.500%, 08/01/45		802,436		0.4
	986,465		FGLMC	3.500%, 10/01/45		1,078,518		0.5
	1,212,309		FGLMC	3.000%, 02/01/47		1,281,993		0.6
	618,354		FGLMC	3.500%, 03/01/48		675,597		0.3
	2,189,281		FGLMC	3.500%–5.000%, 06/01/36–08/01/48		2,403,618		1.2
	1,112,724		Federal National Mortgage Association (FNMA)	3.000%, 12/25/45		1,162,478		0.6
	608,930		FNMA	3.500%, 01/01/46		665,611		0.3
	581,278		FNMA	3.500%, 07/01/46		634,825		0.3
	600,863		FNMA	3.000%, 11/01/46		634,610		0.3
	895,382		FNMA	3.000%, 02/25/48		950,201		0.5
	743,071		FNMA	4.500%, 03/01/48		831,931		0.4
	2,000,000	h	FNMA	2.000%, 07/25/50		2,045,703		1.0
	3,000,000	h	FNMA	2.500%, 07/25/50		3,126,211		1.5
	4,000,000	h	FNMA	3.000%, 07/25/50		4,211,562		2.1
	9,013,207	i	FNMA	0.000%–7.500%, 08/01/21–08/01/49		9,419,926		4.7
			Other			2,015,744		1.0
						33,969,898		16.7
	MUNICIPAL BONDS
	1,400,000		State of Illinois	5.100%, 06/01/33		1,420,230		0.7
	1,000,000		State of Texas	3.295%, 10/01/25		1,128,360		0.6
			Other			5,160,122		2.5
						7,708,712		3.8
	U.S. TREASURY SECURITIES
	800,000		United States Treasury Bond	3.125%, 11/15/41		1,083,250		0.5
	2,935,700		United States Treasury Bond	3.000%, 11/15/45		3,955,512		2.0
	1,865,000		United States Treasury Bond	2.875%, 11/15/46		2,478,920		1.2
	765,000		United States Treasury Bond	3.000%, 05/15/47		1,042,193		0.5
	560,000		United States Treasury Bond	3.125%, 05/15/48		784,416		0.4
	1,016,800	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/24		1,069,736		0.5
	850,000		United States Treasury Note	2.500%, 12/31/20		859,894		0.4
	1,440,000		United States Treasury Note	2.500%, 02/28/21		1,462,275		0.7
	1,125,000		United States Treasury Note	2.250%, 03/31/21		1,142,666		0.6
	1,505,000		United States Treasury Note	2.250%, 04/30/21		1,530,926		0.8
	1,600,000		United States Treasury Note	0.125%, 06/30/22		1,599,062		0.8
			Other			348,669		0.2
						17,357,519		8.6
			TOTAL GOVERNMENT BONDS	(Cost $62,113,852)		66,148,486		32.6

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 77

Summary portfolio of investments (unaudited) continued

Core Bond Fund  §  June 30, 2020

Principal			Issuer		Value		% of net assets
	STRUCTURED ASSETS
	ASSET BACKED
	$      949,016	g	Capital Automotive REIT
			Series—2014 1A (Class A)	3.660%, 10/15/44	$	939,524		0.5	%
			Other			17,734,170		8.7
						18,673,694		9.2
	OTHER MORTGAGE BACKED
	697,448	g,i	Agate Bay Mortgage Trust
			Series - 2015 6 (Class A9)	3.500%, 09/25/45		721,516		0.4
	745,447		COMM Mortgage Trust
			Series - 2012 CR4 (Class A3)	2.853%, 10/15/45		760,118		0.4
	1,000,000	g,i	COMM Mortgage Trust
			Series - 2013 CR8 (Class B)	4.084%, 06/10/46		1,028,754		0.5
	600,000	i	COMM Mortgage Trust
			Series - 2015 LC23 (Class AM)	4.158%, 10/10/48		646,042		0.3
	2,934,100	g,i	COMM Mortgage Trust	3.603%–4.888%, 07/10/45–10/10/48		3,003,414		1.5
	1,000,000	g,i	DBUBS Mortgage Trust
			Series - 2011 LC2A (Class D)	5.714%, 07/10/44		832,773		0.4
	680,000		JPMBB Commercial Mortgage Securities Trust
			Series - 2014 C21 (Class A5)	3.775%, 08/15/47		737,294		0.4
	1,850,000	i	JPMBB Commercial Mortgage Securities Trust	3.917%–4.773%, 05/15/48–08/15/48		1,955,241		1.0
	845,161	g,i	Sequoia Mortgage Trust
			Series - 2019 4 (Class A1)	3.500%, 11/25/49		868,782		0.4
	675,000	g,i	UBS-Barclays Commercial Mortgage Trust
			Series - 2013 C6 (Class B)	3.875%, 04/10/46		652,317		0.3
			Other			8,680,391		4.2
						19,886,642		9.8
			TOTAL STRUCTURED ASSETS	(Cost $38,659,512)		38,560,336		19.0
			TOTAL BONDS	(Cost $184,540,873)		194,626,757		95.9
Shares			Company
	PREFERRED STOCKS
	BANKS					181,062		0.1
			TOTAL PREFERRED STOCKS	(Cost $569,550)		181,062		0.1
Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	1,400,000		Federal Home Loan Bank (FHLB)	0.110%, 07/08/20		1,399,967		0.6
	1,000,000		FHLB	0.130%, 07/20/20		999,937		0.5
						2,399,904		1.1

78 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Core Bond Fund  §  June 30, 2020

Principal			Issuer		Value			% of net assets
	REPURCHASE AGREEMENT
	$ 10,710,000	r	Fixed Income Clearing Corp	0.070%, 07/01/20	$	10,710,000			5.3	%
						10,710,000			5.3
			TOTAL SHORT-TERM INVESTMENTS	(Cost $13,109,901)		13,109,904			6.4
			TOTAL PORTFOLIO	(Cost $201,274,125)		210,764,020			103.8
			OTHER ASSETS & LIABILITIES, NET			(7,757,825	)		(3.8	)
			NET ASSETS		$	203,006,195			100.0	%

^‡  Perpetual security

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 6/30/20, the aggregate value of these securities, including those in “Other,” is $49,137,010 or 24.2% 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 Corporation, 0.070% dated 6/30/20 to be repurchased at $10,710,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $10,924,219.

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

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

Forward foreign currency contracts outstanding as of June 30, 2020 were as follows:

Currency to be purchased	Receive		Currency to be sold		Deliver		Counterparty	Settlement date	Unrealized appreciation (depreciation)
$		488,856		EUR		452,000	AUSTRALIA AND NEW ZEALAND BANKING GROUP	07/27/20		$(19,376	)

Abbreviation(s):

EUR Euro

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 79

Summary portfolio of investments (unaudited)

Money Market Fund  §  June 30, 2020

Principal		Issuer		Value		% net assets
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$2,000,000	Federal Home Loan Bank (FHLB)	0.010%, 07/08/20	$	1,999,961		1.5	%
	2,000,000	FHLB	0.010%, 07/17/20		1,999,551		1.5
	2,260,000	FHLB	0.010%, 07/20/20		2,259,857		1.7
	2,400,000	FHLB	0.010%, 07/22/20		2,399,841		1.8
	1,300,000	FHLB	0.010%, 07/24/20		1,299,906		1.0
	1,162,000	FHLB	0.010%, 07/28/20		1,161,895		0.9
	1,700,000	FHLB	0.010%, 07/31/20		1,699,851		1.3
	1,400,000	FHLB	0.010%, 08/03/20		1,399,852		1.1
	1,500,000	FHLB	0.010%, 08/05/20		1,499,796		1.2
	4,201,000	FHLB	0.010%, 08/07/20		4,200,474		3.2
	2,500,000	FHLB	0.010%, 08/12/20		2,499,633		1.9
	2,995,000	FHLB	0.010%, 08/14/20		2,994,436		2.3
	2,500,000	FHLB	0.010%, 08/28/20		2,499,416		1.9
	3,100,000	FHLB	0.010%, 09/04/20		3,099,124		2.4
	5,000,000	FHLB	0.010%, 09/09/20		4,995,528		3.8
	2,000,000	FHLB	0.010%, 09/11/20		1,999,340		1.5
	1,696,000	FHLB	0.010%, 09/14/20		1,695,435		1.3
	3,850,000	FHLB	0.010%, 09/15/20		3,847,641		3.0
	1,200,000	FHLB	0.010%, 09/18/20		1,199,671		0.9
	2,000,000	FHLB	0.010%, 12/18/20		1,998,394		1.5
	7,865,000	FHLB	0.010%, 07/06/20–12/02/20		7,862,450		6.0
	1,600,000	Federal Home Loan Mortgage Corp (FHLMC)	0.010%, 07/29/20		1,599,851		1.2
	3,624,000	FHLMC	0.010%, 08/19/20		3,623,605		2.8
	2,500,000	FHLMC	0.010%, 09/17/20		2,499,350		1.9
		Other			1,528,609		1.2
					63,863,467		48.8
	TREASURY DEBT
	2,500,000	United States Cash Management Bill	0.010%, 09/08/20		2,499,272		1.9
	3,000,000	United States Cash Management Bill	0.010%, 09/22/20		2,998,963		2.3
	1,500,000	United States Cash Management Bill	0.010%, 09/29/20		1,499,625		1.2
	2,000,000	United States Cash Management Bill	0.010%, 11/17/20		1,998,788		1.5
	3,173,000	United States Cash Management Bill	0.010%, 12/01/20		3,170,896		2.4
	1,038,000	United States Treasury Bill	0.010%, 07/09/20		1,037,996		0.8
	1,306,000	United States Treasury Bill	0.010%, 07/14/20		1,305,951		1.0
	8,800,000	United States Treasury Bill	0.010%, 07/21/20		8,799,584		6.7
	2,660,000	United States Treasury Bill	0.010%, 07/28/20		2,659,720		2.0
	3,025,000	United States Treasury Bill	0.010%, 08/04/20		3,024,713		2.3
	2,100,000	United States Treasury Bill	0.010%, 08/06/20		2,099,727		1.6
	2,600,000	United States Treasury Bill	0.010%, 08/18/20		2,599,542		2.0
	2,501,000	United States Treasury Bill	0.010%, 08/25/20		2,500,499		1.9
	2,161,000	United States Treasury Bill	0.010%, 08/27/20		2,160,547		1.7
	2,000,000	United States Treasury Bill	0.010%, 09/24/20		1,999,344		1.5
	2,000,000	United States Treasury Bill	0.010%, 10/01/20		1,999,831		1.5
	1,923,000	United States Treasury Bill	0.010%, 10/15/20		1,922,103		1.5
	2,558,000	United States Treasury Bill	0.010%, 07/16/20–10/29/20		2,557,637		2.0
					46,834,738		35.8

80 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Money Market Fund  §  June 30, 2020

Principal			Issuer		Value			% net assets
	VARIABLE RATE SECURITIES
	$ 1,000,000	i	Federal Agricultural Mortgage Corp (FAMC), FRED – 3.020%	0.230%, 09/01/20	$	1,000,000			0.8	%
	2,000,000	i	FAMC, SOFR + 0.080%	0.160%, 12/21/20		2,000,000			1.5
	1,000,000	i	FAMC, SOFR + 0.070%	0.150%, 02/08/21		1,000,000			0.8
	2,500,000	i	Federal Farm Credit Bank (FFCB), US Treasury Bill 3 M + 0.045%–US Treasury Bill 3 M + 0.160%	0.195%–0.310%, 07/09/20–01/19/21		2,499,865			1.9
	1,000,000	i	Federal Home Loan Bank (FHLB), SOFR + 0.100%	0.180%, 07/29/20		1,000,000			0.8
	1,000,000	i	FHLB, SOFR + 0.120%	0.200%, 10/07/20		1,000,000			0.8
	2,000,000	i	FHLB, SOFR + 0.130%	0.210%, 10/16/20		2,000,000			1.5
	2,000,000	i	FHLB, SOFR + 0.090%	0.170%, 12/04/20		2,000,000			1.5
	2,500,000	i	FHLB, SOFR + 0.230%	0.310%, 04/13/21		2,500,000			1.9
	1,000,000	i	Federal Home Loan Mortgage Corp (FHLMC), SOFR + 0.030%	0.110%, 02/24/21		1,000,000			0.8
	2,000,000	i	Federal National Mortgage Association (FNMA), SOFR + 0.050%	0.130%, 03/04/21		2,000,000			1.5
			Other			2,500,000			1.9
						20,499,865			15.7
			TOTAL SHORT-TERM INVESTMENTS	(Cost $131,198,070)		131,198,070			100.3
			TOTAL PORTFOLIO	(Cost $131,198,070)		131,198,070			100.3
			OTHER ASSETS & LIABILITIES, NET			(452,615	)		(0.3	)
			NET ASSETS		$	130,745,455			100.0	%

Abbreviation(s):

FRED Federal Bank Prime Loan Rate

M Month

SOFR Secure Overnight Financing Rate

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

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

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

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 81

Portfolio of investments (unaudited)

Balanced Fund  §  June 30, 2020

Shares		Security		Value		% of net assets
	TIAA-CREF LIFE FUNDS—99.9%a
	FIXED INCOME—49.7%
	2,905,820	TIAA-CREF Life Core Bond Fund		$	32,109,312		49.7	%
		TOTAL FIXED INCOME			32,109,312		49.7
	INTERNATIONAL EQUITY—10.0%
	879,804	TIAA-CREF Life International Equity Fund			6,475,359		10.0
		TOTAL INTERNATIONAL EQUITY			6,475,359		10.0
	U.S. EQUITY—40.2%
	332,591	TIAA-CREF Life Growth Equity Fund			6,146,289		9.5
	360,294	TIAA-CREF Life Growth & Income Fund			6,503,311		10.1
	436,893	TIAA-CREF Life Large-Cap Value Fund			5,474,273		8.5
	90,770	TIAA-CREF Life Real Estate Securities Fund			1,288,930		2.0
	120,696	TIAA-CREF Life Small-Cap Equity Fund			1,310,759		2.0
	192,440	TIAA-CREF Life Stock Index Fund			5,203,574		8.1
		TOTAL U.S. EQUITY			25,927,136		40.2
		TOTAL TIAA-CREF LIFE FUNDS	(Cost$56,075,756)		64,511,807		99.9
		TOTAL PORTFOLIO	(Cost $56,075,756)		64,511,807		99.9
		OTHER ASSETS & LIABILITIES, NET			42,319		0.1
		NET ASSETS		$	64,554,126		100.0	%

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

82 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

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TIAA-CREF Life Funds   §   2020 Semiannual Report 83

Statements of assets and liabilities (unaudited)

TIAA-CREF Life Funds  §  June 30, 2020

	Growth Equity Fund
ASSETS
Portfolio investments, at value*†	$	128,421,114
Cash		—
Receivable from securities transactions		2,281,785
Receivable from Fund shares sold		204,015
Dividends and interest receivable		37,705
Due from affiliates		5,059
Other		17,674
Total assets		130,967,352
LIABILITIES
Management fees payable		46,859
Due to affiliates		7,044
Overdraft payable		231,442
Payable for collateral for securities loaned		—
Payable for securities transactions		924,325
Payable for Fund shares redeemed		352,331
Written optionsà		54,204
Payable for variation margin on futures contracts		—
Payable for trustee compensation		8,112
Accrued expenses and other payables		49,424
Total liabilities		1,673,741
NET ASSETS	$	129,293,611
NET ASSETS CONSIST OF:
Paid-in-capital	$	58,857,579
Total distributable earnings (loss)		70,436,032
NET ASSETS	$	129,293,611
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		6,995,056
Net asset value per share	$	18.48
*  Includes securities loaned of	$	—
†   Portfolio investments, cost	$	74,784,789
à  Written options premiums	$	24,864

84 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund		Large-Cap Value Fund		Real Estate Securities Fund		Small-Cap Equity Fund			Social Choice Equity Fund
$	146,063,738	$	60,171,128	$	74,602,983	$	45,049,472		$	66,752,803
	8,536		2,223		1,148		32,179			24,277
	1,123,537		343,276		—		523,639			761,692
	54,942		336,466		9,950		428			1,929
	95,772		55,823		233,121		24,468			53,506
	5,177		7,273		5,752		10,333			6,220
	25,543		14,870		16,460		6,639			6,611
	147,377,245		60,931,059		74,869,414		45,647,158			67,607,038
	53,708		22,289		31,054		16,716			8,216
	7,256		6,947		6,994		6,869			6,903
	—		—		—		—			—
	—		—		—		252,290			46,292
	942,994		800,543		—		406,120			520,133
	151,855		59,904		374,102		62,013			53,115
	631,722		—		—		—			—
	—		—		—		13,712			12,727
	12,622		8,854		9,633		6,656			6,662
	51,908		32,666		35,910		47,436			31,412
	1,852,065		931,203		457,693		811,812			685,460
$	145,525,180	$	59,999,856	$	74,411,721	$	44,835,346		$	66,921,578
$	86,177,195	$	54,694,582	$	47,753,898	$	45,845,585		$	38,814,098
	59,347,985		5,305,274		26,657,823		(1,010,239	)		28,107,480
$	145,525,180	$	59,999,856	$	74,411,721	$	44,835,346		$	66,921,578
	8,061,860		4,788,783		5,241,497		4,128,134			4,106,758
$	18.05	$	12.53	$	14.20	$	10.86		$	16.30
$	280,661	$	—	$	—	$	360,209		$	184,298
$	93,048,395	$	54,438,077	$	51,677,308	$	44,061,628		$	44,980,673
$	725,842	$	—	$	—	$	—		$	—

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 85

Statements of assets and liabilities (unaudited)

TIAA-CREF Life Funds  §  June 30, 2020

	Stock Index Fund
ASSETS
Portfolio investments, at value*†	$	557,921,695
Affiliated investments, at value‡		—
Cash§		158,106
Cash—foreign ^		—
Receivable from securities transactions		—
Receivable for delayed delivery securities		12,914
Receivable from Fund shares sold		131,076
Dividends and interest receivable		449,965
Due from affiliates		4,205
Other		30,348
Total assets		558,708,309
LIABILITIES
Management fees payable		27,324
Due to affiliates		8,742
Overdraft payable		—
Payable for collateral for securities loaned		2,295,108
Payable for securities transactions		—
Payable for delayed delivery securities		—
Payable for Fund shares redeemed		393,325
Payable for variation margin on futures contracts		90,951
Payable for forward foreign currency contracts		—
Payable for trustee compensation		30,434
Accrued expenses and other payables		71,400
Total liabilities		2,917,284
NET ASSETS	$	555,791,025
NET ASSETS CONSIST OF:
Paid-in-capital	$	259,699,040
Total distributable earnings (loss)		296,091,985
NET ASSETS	$	555,791,025
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value)		20,554,799
Net asset value per share	$	27.04
*  Includes securities loaned of	$	3,038,336
†   Portfolio investments, cost	$	268,836,322
‡   Affiliated investments, cost	$	—
§   Includes cash collateral for mortgage dollar rolls of	$	—
^  Foreign cash, cost	$	—

86 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

International Equity Fund			Core Bond Fund		Money Market Fund		Balanced Fund
$	97,412,021		$	210,764,020	$	131,198,070	$	—
	—			—		—		64,511,807
	9,378			981,913		83		—
	90,259			—		—		—
	243,499			734,179		—		425,962
	—			2,255,295		—		—
	21,685			20,313		95,130		516
	306,734			1,167,133		5,796		—
	8,678			9,842		6,879		5,965
	21,597			17,016		—		2,487
	98,113,851			215,949,711		131,305,958		64,946,737
	40,096			49,659		10,218		5,303
	7,062			7,382		6,973		2,704
	—			—		—		55,276
	—			—		—		—
	90,259			500,000		—		306,818
	—			11,869,618		—		—
	166,650			394,666		500,943		—
	—			—		—		—
	—			19,376		—		—
	10,788			18,786		32		2,499
	62,353			84,029		42,337		20,011
	377,208			12,943,516		560,503		392,611
$	97,736,643		$	203,006,195	$	130,745,455	$	64,554,126
$	104,983,020		$	183,204,654	$	130,731,888	$	54,033,647
	(7,246,377	)		19,801,541		13,567		10,520,479
$	97,736,643		$	203,006,195	$	130,745,455	$	64,554,126
	13,281,440			18,372,023		130,729,536		5,189,143
$	7.36		$	11.05	$	1.00	$	12.44
$	1,517,992		$	—	$	—	$	—
$	100,790,569		$	201,274,125	$	131,198,070	$	—
$	—		$	—	$	—	$	56,075,756
$	—		$	960,000	$	—	$	—
$	90,916		$	—	$	—	$	—

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 87

Statements of operations (unaudited)

TIAA-CREF Life Funds  §  For the period ended June 30, 2020

	Growth Equity Fund
INVESTMENT INCOME
Dividends*	$	494,183
Payment from affiliate		9,206
Interest		3,018
Income from securities lending		666
Total income		507,073
EXPENSES
Management fees		263,775
Shareholder servicing		1,370
Custody and accounting fees		25,469
Administrative service fees		14,875
Shareholder reports		9,013
Professional fees		8,494
Trustee fees and expenses		802
Other expenses		14,432
Total expenses		338,230
Less: Expenses reimbursed by the investment adviser		(33,320	)
Net expenses		304,910
Net investment income (loss)		202,163
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		6,632,699
Written options		2,253
Futures contracts		—
Foreign currency transactions		1,606
Net realized gain (loss) on total investments		6,636,558
Change in unrealized appreciation (depreciation) on:
Portfolio investments		8,551,901
Purchased options		—
Written options		(29,340	)
Futures contracts		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		81
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		8,522,642
Net realized and unrealized gain (loss) on total investments		15,159,200
Net increase (decrease) in net assets from operations	$	15,361,363
*   Net of foreign withholding taxes of	$	4,964

88 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund			Large-Cap Value Fund			Real Estate Securities Fund			Small-Cap Equity Fund			Social Choice Equity Fund
$	1,162,301		$	802,232		$	923,077		$	155,629		$	528,178
	12,436			5,341			6,800			—			—
	2,192			1,045			3,130			7,954			803
	1,849			5			—			4,219			1,837
	1,178,778			808,623			933,007			167,802			530,818
	321,663			141,407			190,046			101,481			48,193
	1,564			1,352			1,403			1,187			1,533
	25,103			17,468			12,592			30,796			13,093
	15,270			14,516			14,642			14,324			14,475
	10,779			9,206			7,479			6,329			6,742
	9,495			7,571			8,314			5,945			4,204
	1,027			472			555			331			457
	16,345			14,243			15,396			15,784			21,423
	401,246			206,235			250,427			176,177			110,120
	(29,457	)		(42,804	)		(33,747	)		(59,167	)		(39,410	)
	371,789			163,431			216,680			117,010			70,710
	806,989			645,192			716,327			50,792			460,108
	(2,123,701	)		(1,353,920	)		(2,907,509	)		(4,095,601	)		518,749
	(385,543	)		—			—			—			—
	—			—			—			11,682			60,807
	(441	)		—			(130	)		—			—
	(2,509,685	)		(1,353,920	)		(2,907,639	)		(4,083,919	)		579,556
	(5,057,864	)		(11,613,268	)		(5,450,039	)		(5,014,323	)		(2,985,596	)
	(17,396	)		—			—			—			—
	(12,201	)		—			—			—			—
	—			—			—			(13,895	)		(16,986	)
	64			1			—			—			—
	(5,087,397	)		(11,613,267	)		(5,450,039	)		(5,028,218	)		(3,002,582	)
	(7,597,082	)		(12,967,187	)		(8,357,678	)		(9,112,137	)		(2,423,026	)
$	(6,790,093	)	$	(12,321,995	)	$	(7,641,351	)	$	(9,061,345	)	$	(1,962,918	)
$	6,482		$	434		$	—		$	461		$	21

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 89

Statements of operations (unaudited)

TIAA-CREF Life Funds  §  For the period ended June 30, 2020

	Stock Index Fund
INVESTMENT INCOME
Dividends*	$	4,505,073
Payment from affiliate		—
Interest		9,907
Income from securities lending		40,938
Total income		4,555,918
EXPENSES
Management fees		160,572
Shareholder servicing		1,490
Custody and accounting fees		17,352
Administrative service fees		19,028
Shareholder reports		27,275
Professional fees		24,125
Trustee fees and expenses		3,905
Other expenses		16,741
Total expenses		270,488
Less: Expenses reimbursed by the investment adviser		(29,590	)
Net expenses		240,898
Net investment income (loss)		4,315,020
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments
Unaffiliated investments		65,376
Affiliated investments		—
Futures contracts		17,843
Forward foreign currency contracts		—
Swap contracts		—
Foreign currency transactions		—
Net realized gain (loss) on total investments		83,219
Change in unrealized appreciation (depreciation) on:
Portfolio investments
Unaffiliated investments		(24,978,124	)
Affiliated investments		—
Futures contracts		(107,489	)
Forward foreign currency contracts		—
Swap contracts		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		—
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments		(25,085,613	)
Net realized and unrealized gain (loss) on total investments		(25,002,394	)
Net increase (decrease) in net assets from operations	$	(20,687,374	)
*   Net of foreign withholding taxes of	$	330

90 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

International Equity Fund			Core Bond Fund			Money Market Fund			Balanced Fund
$	1,114,646		$	—		$	—		$	—
	10,608			—			—			—
	11,626			3,132,563			530,242			144
	2,174			—			—			—
	1,139,054			3,132,563			530,242			144
	233,121			298,775			57,424			31,736
	1,415			1,419			852			1,353
	40,904			29,640			24,154			5,401
	14,817			15,692			13,060			7,512
	11,527			14,035			11,163			6,421
	11,995			20,141			5,652			361
	673			1,501			796			488
	5,472			14,463			8,362			12,426
	319,924			395,666			121,463			65,698
	(40,150	)		(46,444	)		(35,242	)		(33,928	)
	279,774			349,222			86,221			31,770
	859,280			2,783,341			444,021			(31,626	)
	(3,441,422	)		2,079,151			4,826			1,276
	—			—			—			80,477
	—			2,464			—			—
	—			14,283			—			—
	—			86,647			—			—
	(53,184	)		6,461			—			—
	(3,494,606	)		2,189,006			4,826			81,753
	(7,293,432	)		3,229,240			—			—
	—			—			—			(140,767	)
	—			—			—			—
	—			(19,376	)		—			—
	—			55,324			—			—
	1,881			252			—			—
	(7,291,551	)		3,265,440			—			(140,767	)
	(10,786,157	)		5,454,446			4,826			(59,014	)
$	(9,926,877	)	$	8,237,787		$	448,847		$	(90,640	)
$	122,743		$	(1,683	)	$	—		$	—

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 91

Statements of changes in net assets

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

	Growth Equity Fund
	June 30, 2020			December 31, 2019
	(unaudited)
OPERATIONS
Net investment income (loss)	$	202,163		$	445,946
Net realized gain (loss) on total investments		6,636,558			10,445,567
Net change in unrealized appreciation (depreciation) on total investments		8,522,642			18,901,582
Net increase (decrease) in net assets from operations		15,361,363			29,793,095
DISTRIBUTIONS TO SHAREHOLDERS		—			(9,852,252	)
Total distributions		—			(9,852,252	)
SHAREHOLDER TRANSACTIONS
Subscriptions		16,969,161			19,747,363
Reinvestments of distributions		—			9,852,252
Redemptions		(20,975,426	)		(29,818,242	)
Net increase (decrease) from shareholder transactions		(4,006,265	)		(218,627	)
Net increase (decrease) in net assets		11,355,098			19,722,216
NET ASSETS
Beginning of period		117,938,513			98,216,297
End of period	$	129,293,611		$	117,938,513
CHANGE IN FUND SHARES
Shares sold		1,103,464			1,254,743
Shares reinvested		—			648,174
Shares redeemed		(1,309,921	)		(1,853,506	)
Net increase (decrease) from shareholder transactions		(206,457	)		49,411

92 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

Growth & Income Fund						Large-Cap Value Fund
June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019
(unaudited)						(unaudited)
$	806,989		$	2,007,637		$	645,192		$	1,303,774
	(2,509,685	)		6,538,991			(1,353,920	)		58,734
	(5,087,397	)		29,549,956			(11,613,267	)		16,022,389
	(6,790,093	)		38,096,584			(12,321,995	)		17,384,897
	—			(10,482,636	)		—			(4,521,279	)
	—			(10,482,636	)		—			(4,521,279	)
	5,229,062			10,802,608			3,422,430			5,506,608
	—			10,481,822			—			4,520,681
	(13,138,592	)		(18,341,918	)		(6,201,614	)		(10,745,965	)
	(7,909,530	)		2,942,512			(2,779,184	)		(718,676	)
	(14,699,623	)		30,556,460			(15,101,179	)		12,144,942
	160,224,803			129,668,343			75,101,035			62,956,093
$	145,525,180		$	160,224,803		$	59,999,856		$	75,101,035
	310,709			600,798			276,013			390,939
	—			597,595			—			327,823
	(764,606	)		(1,025,933	)		(520,199	)		(762,899	)
	(453,897	)		172,460			(244,186	)		(44,137	)

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 93

Statements of changes in net assets

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

	Real Estate Securities Fund
	June 30, 2020			December 31, 2019
	(unaudited)
OPERATIONS
Net investment income (loss)	$	716,327		$	1,458,833
Net realized gain (loss) on total investments		(2,907,639	)		4,606,778
Net change in unrealized appreciation (depreciation) on total investments		(5,450,039	)		14,591,340
Net increase (decrease) in net assets from operations		(7,641,351	)		20,656,951
DISTRIBUTIONS TO SHAREHOLDERS		—			(2,961,221	)
Total distributions		—			(2,961,221	)
SHAREHOLDER TRANSACTIONS
Subscriptions		3,989,914			9,358,741
Reinvestments of distributions		—			2,960,994
Redemptions		(6,913,592	)		(12,180,978	)
Net increase (decrease) from shareholder transactions		(2,923,678	)		138,757
Net increase (decrease) in net assets		(10,565,029	)		17,834,487
NET ASSETS
Beginning of period		84,976,750			67,142,263
End of period	$	74,411,721		$	84,976,750
CHANGE IN FUND SHARES
Shares sold		278,467			625,756
Shares reinvested		—			191,898
Shares redeemed		(483,167	)		(825,812	)
Net increase (decrease) from shareholder transactions		(204,700	)		(8,158	)

94 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

continued

Small-Cap Equity Fund						Social Choice Equity Fund
June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019
(unaudited)						(unaudited)
$	50,792		$	456,316		$	460,108		$	1,119,613
	(4,083,919	)		1,822,390			579,556			4,208,956
	(5,028,218	)		8,502,220			(3,002,582	)		11,924,427
	(9,061,345	)		10,780,926			(1,962,918	)		17,252,996
	—			(7,432,814	)		—			(9,738,511	)
	—			(7,432,814	)		—			(9,738,511	)
	3,365,246			5,501,866			3,336,796			3,636,248
	—			7,432,814			—			9,736,822
	(3,077,243	)		(9,098,858	)		(5,341,943	)		(5,838,722	)
	288,003			3,835,822			(2,005,147	)		7,534,348
	(8,773,342	)		7,183,934			(3,968,065	)		15,048,833
	53,608,688			46,424,754			70,889,643			55,840,810
$	44,835,346		$	53,608,688		$	66,921,578		$	70,889,643
	339,700			400,288			216,583			222,007
	—			597,013			—			630,623
	(294,201	)		(655,934	)		(341,059	)		(350,023	)
	45,499			341,367			(124,476	)		502,607

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 95

Statements of changes in net assets

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

	Stock Index Fund
	June 30, 2020			December 31, 2019
	(unaudited)
OPERATIONS
Net investment income (loss)	$	4,315,020		$	10,021,008
Net realized gain (loss) on total investments		83,219			2,087,958
Net change in unrealized appreciation (depreciation) on total investments		(25,085,613	)		122,828,981
Net increase (decrease) in net assets from operations		(20,687,374	)		134,937,947
DISTRIBUTIONS TO SHAREHOLDERS		—			(12,650,546	)
Total distributions		—			(12,650,546	)
SHAREHOLDER TRANSACTIONS
Subscriptions		27,648,757			76,894,751
Reinvestments of distributions		—			12,650,546
Redemptions		(35,325,973	)		(57,204,427	)
Net increase (decrease) from shareholder transactions		(7,677,216	)		32,340,870
Net increase (decrease) in net assets		(28,364,590	)		154,628,271
NET ASSETS
Beginning of period		584,155,615			429,527,344
End of period	$	555,791,025		$	584,155,615
CHANGE IN FUND SHARES
Shares sold		1,093,394			3,010,585
Shares reinvested		—			489,005
Shares redeemed		(1,386,261	)		(2,228,220	)
Net increase (decrease) from shareholder transactions		(292,867	)		1,271,370

96 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

continued

International Equity Fund						Core Bond Fund
June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019
(unaudited)						(unaudited)
$	859,280		$	1,677,107		$	2,783,341		$	6,035,594
	(3,494,606	)		(2,246,662	)		2,189,006			1,752,631
	(7,291,551	)		20,631,816			3,265,440			10,108,997
	(9,926,877	)		20,062,261			8,237,787			17,897,222
	—			(6,557,386	)		—			(5,808,915	)
	—			(6,557,386	)		—			(5,808,915	)
	7,317,011			12,862,037			10,029,045			23,263,126
	—			6,557,386			—			5,808,719
	(7,272,045	)		(11,356,621	)		(18,261,425	)		(27,444,248	)
	44,966			8,062,802			(8,232,380	)		1,627,597
	(9,881,911	)		21,567,677			5,407			13,715,904
	107,618,554			86,050,877			203,000,788			189,284,884
$	97,736,643		$	107,618,554		$	203,006,195		$	203,000,788
	1,065,763			1,659,808			930,710			2,237,072
	—			875,485			—			551,112
	(1,031,140	)		(1,462,998	)		(1,719,566	)		(2,632,437	)
	34,623			1,072,295			(788,856	)		155,747

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 97

Statements of changes in net assets

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

	Money Market Fund
	June 30, 2020			December 31, 2019
	(unaudited)
OPERATIONS
Net investment income (loss)	$	444,021		$	2,092,715
Net realized gain (loss) on total investments		4,826			8,629
Net change in unrealized appreciation (depreciation) on total investments		—			—
Net increase (decrease) in net assets from operations		448,847			2,101,344
DISTRIBUTIONS TO SHAREHOLDERS		(444,047	)		(2,091,692	)
Total distributions		(444,047	)		(2,091,692	)
SHAREHOLDER TRANSACTIONS
Subscriptions		73,406,343			116,458,260
Reinvestments of distributions		444,047			2,091,692
Redemptions		(48,916,039	)		(117,423,088	)
Net increase (decrease) from shareholder transactions		24,934,351			1,126,864
Net increase (decrease) in net assets		24,939,151			1,136,516
NET ASSETS
Beginning of period		105,806,304			104,669,788
End of period	$	130,745,455		$	105,806,304
CHANGE IN FUND SHARES
Shares sold		73,406,344			116,458,259
Shares reinvested		444,047			2,091,693
Shares redeemed		(48,916,038	)		(117,423,088	)
Net increase (decrease) from shareholder transactions		24,934,353			1,126,864

98 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

Balanced Fund
June 30, 2020			December 31, 2019
(unaudited)
$	(31,626	)	$	1,314,625
	81,753			1,590,276
	(140,767	)		7,785,706
	(90,640	)		10,690,607
	—			(2,758,032	)
	—			(2,758,032	)
	1,707,517			6,014,729
	—			2,757,506
	(5,887,985	)		(4,395,874	)
	(4,180,468	)		4,376,361
	(4,271,108	)		12,308,936
	68,825,234			56,516,298
$	64,554,126		$	68,825,234
	144,060			499,847
	—			230,368
	(484,382	)		(366,998	)
	(340,322	)		363,217

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 99

Financial highlights

TIAA-CREF Life Funds

				Selected per share data
						Gain (loss) from investment operations
														Less distributions from
	For the period or year ended			Net asset value, beginning of period		Net investment income (loss)a		Net realized and unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains			Total dividends and distributions
GROWTH EQUITY FUND
		6/30/20	#	$	16.38	$	0.03	$	2.07		$	2.10		$	—		$	—		$	—
		12/31/19			13.73		0.06		4.05			4.11			(0.07	)		(1.39	)		(1.46	)
		12/31/18			14.65		0.07		0.07			0.14			(0.06	)		(1.00	)		(1.06	)
		12/31/17	*		11.05		0.06		3.74			3.80			—			(0.20	)		(0.20	)
		12/31/16	*		11.55		0.06		(0.17	)		(0.11	)		(0.06	)		(0.33	)		(0.39	)
		12/31/15	*		10.81		0.03		1.01			1.04			(0.02	)		(0.28	)		(0.30	)
GROWTH & INCOME FUND
		6/30/20	#		18.82		0.10		(0.87	)		(0.77	)		—			—			—
		12/31/19			15.54		0.24		4.35			4.59			(0.19	)		(1.12	)		(1.31	)
		12/31/18			17.96		0.19		(1.26	)		(1.07	)		(0.17	)		(1.18	)		(1.35	)
		12/31/17	*		14.59		0.16		3.32			3.48			—			(0.11	)		(0.11	)
		12/31/16	*		14.28		0.18		1.05			1.23			(0.20	)		(0.72	)		(0.92	)
		12/31/15	*		15.02		0.16		0.32			0.48			(0.17	)		(1.05	)		(1.22	)
LARGE-CAP VALUE FUND
		6/30/20	#		14.92		0.13		(2.52	)		(2.39	)		—			—			—
		12/31/19			12.40		0.26		3.21			3.47			(0.26	)		(0.69	)		(0.95	)
		12/31/18			15.75		0.25		(2.23	)		(1.98	)		(0.22	)		(1.15	)		(1.37	)
		12/31/17	*		14.08		0.21		1.52			1.73			—			(0.06	)		(0.06	)
		12/31/16	*		12.48		0.24		2.11			2.35			(0.24	)		(0.51	)		(0.75	)
		12/31/15	*		14.72		0.18		(0.95	)		(0.77	)		(0.24	)		(1.23	)		(1.47	)
REAL ESTATE SECURITIES FUND
		6/30/20	#		15.60		0.13		(1.53	)		(1.40	)		—			—			—
		12/31/19			12.31		0.27		3.58			3.85			(0.29	)		(0.27	)		(0.56	)
		12/31/18			13.58		0.30		(0.82	)		(0.52	)		(0.27	)		(0.48	)		(0.75	)
		12/31/17	*		12.42		0.24		1.27			1.51			—			(0.35	)		(0.35	)
		12/31/16	*		13.34		0.23		0.29			0.52			(0.38	)		(1.06	)		(1.44	)
		12/31/15	*		14.66		0.32		0.27			0.59			(0.40	)		(1.51	)		(1.91	)
SMALL-CAP EQUITY FUND
		6/30/20	#		13.13		0.01		(2.28	)		(2.27	)		—			—			—
		12/31/19			12.41		0.12		2.71			2.83			(0.08	)		(2.03	)		(2.11	)
		12/31/18			15.81		0.08		(1.61	)		(1.53	)		(0.10	)		(1.77	)		(1.87	)
		12/31/17	*		14.06		0.10		1.97			2.07			—			(0.32	)		(0.32	)
		12/31/16	*		12.16		0.10		2.32			2.42			(0.12	)		(0.40	)		(0.52	)
		12/31/15	*		13.43		0.09		(0.13	)		(0.04	)		(0.08	)		(1.15	)		(1.23	)

100 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

								Ratios and supplemental data
										Ratios to average net assets
Net asset value, end of period		Total return††			Total return excluding payment from affiliatesu			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliatesu			Portfolio turnover rate
$	18.48		12.82	%b		12.81	%b	$	129,294		0.58	%c		0.52	%c		0.34	%c		0.33	%c		60	%b
	16.38		30.73			30.72			117,939		0.57			0.52			0.39			0.38			108
	13.73		(0.21	)		(0.22	)		98,216		0.56			0.52			0.43			0.43			90
	14.65		34.54			34.53			97,100		0.59			0.52			0.43			0.43			81
	11.05		(0.96	)		(0.99	)		74,746		0.60			0.52			0.55			0.51			106
	11.55		9.67			9.67			81,569		0.57			0.52			0.24			0.24			78
	18.05		(4.09	)b		(4.10	)b		145,525		0.56	c		0.52	c		1.13	c		1.11	c		41	b
	18.82		30.10			30.09			160,225		0.55			0.52			1.35			1.34			63
	15.54		(7.25	)		(7.26	)		129,668		0.56			0.52			1.03			1.03			61
	17.96		23.91			23.91			145,806		0.58			0.52			1.00			1.00			70
	14.59		8.60			8.53			127,276		0.58			0.52			1.28			1.22			88
	14.28		3.34			3.34			132,244		0.55			0.52			1.01			1.01			82
	12.53		(16.02	)b		(16.03	)b		60,000		0.66	c		0.52	c		2.05	c		2.04	c		15	b
	14.92		28.66			28.65			75,101		0.62			0.52			1.87			1.86			19
	12.40		(14.13	)		(14.14	)		62,956		0.63			0.52			1.67			1.67			107
	15.75		12.34			12.34			76,470		0.63			0.53			1.39			1.39			55
	14.08		18.74			18.58			74,680		0.64			0.52			1.86			1.70			68
	12.48		(5.00	)		(5.00	)		64,052		0.58			0.52			1.25			1.25			61
	14.20		(8.97	)b		(8.98	)b		74,412		0.66	c		0.57	c		1.88	c		1.87	c		21	b
	15.60		31.33			31.32			84,977		0.63			0.57			1.83			1.82			35
	12.31		(4.23	)		(4.24	)		67,142		0.65			0.57			2.29			2.28			34
	13.58		12.32			12.32			77,144		0.66			0.58			1.86			1.86			35
	12.42		3.96			3.85			73,391		0.65			0.57			1.71			1.60			59
	13.34		4.37			4.37			73,223		0.59			0.57			2.12			2.12			30
	10.86		(17.29	)b		(17.29	)b		44,835		0.80	c		0.53	c		0.23	c		0.23			56	b
	13.13		23.72			23.72			53,609		0.72			0.53			0.88			0.88			124
	12.41		(12.05	)		(12.05	)		46,425		0.66			0.53			0.52			0.52			86
	15.81		14.90			14.90			58,589		0.71			0.53			0.68			0.68			77
	14.06		19.87			19.87			54,372		0.71			0.53			0.84			0.84			91
	12.16		(0.15	)		(0.15	)		49,403		0.63			0.53			0.68			0.68			92

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 101

Financial highlights

TIAA-CREF Life Funds

				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
	For the period or year ended			Net asset value, beginning of period		Net investment income (loss)a			Net realized and unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains			Total dividends and distributions
SOCIAL CHOICE EQUITY FUND
		6/30/20	#	$	16.75	$	0.11		$	(0.56	)	$	(0.45	)	$	—		$	—		$	—
		12/31/19			14.98		0.29			4.18			4.47			(0.28	)		(2.42	)		(2.70	)
		12/31/18			16.90		0.29			(1.06	)		(0.77	)		(0.29	)		(0.86	)		(1.15	)
		12/31/17	*		14.02		0.27			2.66			2.93			(0.00	)d		(0.05	)		(0.05	)
		12/31/16	*		13.61		0.34			1.48			1.82			(0.34	)		(1.07	)		(1.41	)
		12/31/15	*		15.47		0.27			(0.72	)		(0.45	)		(0.39	)		(1.02	)		(1.41	)
STOCK INDEX FUND
		6/30/20	#		28.02		0.21			(1.19	)		(0.98	)		—			—			—
		12/31/19			21.94		0.50			6.21			6.71			(0.43	)		(0.20	)		(0.63	)
		12/31/18			23.68		0.46			(1.62	)		(1.16	)		(0.40	)		(0.18	)		(0.58	)
		12/31/17	*		19.59		0.40			3.71			4.11			—			(0.02	)		(0.02	)
		12/31/16	*		17.74		0.40			1.86			2.26			(0.41	)		(0.00	)		(0.41	)
		12/31/15	*		18.17		0.35			(0.28	)		0.07			(0.36	)		(0.14	)		(0.50	)
INTERNATIONAL EQUITY FUND
		06/30/20			8.12		0.06			(0.82	)		(0.76	)		—			—			—
		12/31/19			7.07		0.14			1.45			1.59			(0.17	)		(0.37	)		(0.54	)
		12/31/18			9.35		0.17			(2.36	)		(2.19	)		(0.09	)		—			(0.09	)
		12/31/17	*		7.11		0.10			2.24			2.34			(0.10	)		—			(0.10	)
		12/31/16	*		7.14		0.11			(0.03	)		0.08			(0.11	)		—			(0.11	)
		12/31/15	*		7.32		0.10			(0.18	)		(0.08	)		(0.10	)		—			(0.10	)
CORE BOND FUND
		6/30/20	#		10.59		0.15			0.31			0.46			—			—			—
		12/31/19			9.96		0.32			0.62			0.94			(0.31	)		—			(0.31	)
		12/31/18			10.31		0.30			(0.38	)		(0.08	)		(0.27	)		—			(0.27	)
		12/31/17	*		9.86		0.27			0.18			0.45			(0.00	)d		—			(0.00	)d
		12/31/16	*		9.82		0.28			0.13			0.41			(0.29	)		(0.08	)		(0.37	)
		12/31/15	*		10.22		0.29			(0.23	)		0.06			(0.35	)		(0.11	)		(0.46	)
MONEY MARKET FUND
		6/30/20	#		1.00		0.00	d		—			0.00	d		(0.00	)d		—			—
		12/31/19			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)
		12/31/18			1.00		0.02			—			0.02			(0.02	)		—			(0.02	)
		12/31/17			1.00		0.01			—			0.01			(0.01	)		—			(0.01	)
		12/31/16			1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		—			(0.00	)d
		12/31/15			1.00		0.00	d		0.00	d		0.00	d		(0.00	)d		—			(0.00	)d

102 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

continued

								Ratios and supplemental data
										Ratios to average net assets
Net asset value, end of period		Total return††			Total return excluding payment from affiliatesu			Net assets at end of period (in thousands)		Gross expenses			Net expenses			Net investment income (loss)			Net investment income (loss) excluding payment from affiliatesu			Portfolio turnover rate			Portfolio turnover rate excluding mortgage dollar rolls
$	16.30		(2.69	)%b		(2.69	)%b	$	66,922		0.34	%c		0.22	%c		1.43	%c		1.43	%c		18	%b		18	b
	16.75		31.38			31.38			70,890		0.31			0.22			1.75			1.75			27			27
	14.98		(5.55	)		(5.55	)		55,841		0.32			0.22			1.68			1.68			38			38
	16.90		20.96			20.96			61,385		0.33			0.22			1.75			1.75			13			13
	14.02		13.35			13.35			52,595		0.36			0.22			2.44			2.44			21			21
	13.61		(2.70	)		(2.70	)		47,408		0.28			0.22			1.76			1.76			9			9
	27.04		(3.50	)b		(3.50	)b		555,791		0.10	c		0.09	c		1.61	c		1.61	c		2	b		2	b
	28.02		30.81			30.81			584,156		0.10			0.09			1.94			1.94			3			3
	21.94		(5.28	)		(5.28	)		429,527		0.10			0.09			1.89			1.89			4			4
	23.68		21.01			21.01			445,430		0.12			0.09			1.88			1.88			7			7
	19.59		12.71			12.71			364,787		0.12			0.09			2.19			2.19			12			12
	17.74		0.43			0.43			332,443		0.11			0.09			1.91			1.91			7			7
	7.36		(9.36	)b		(9.37	)b		97,737		0.69	c		0.60	c		1.84	c		1.82	c		83	b		83	b
	8.12		23.07			23.06			107,619		0.71			0.60			1.75			1.74			108			108
	7.07		(23.58	)		(23.59	)		86,051		0.71			0.60			1.96			1.95			67			67
	9.35		32.98			32.97			115,406		0.70			0.60			1.24			1.24			119			119
	7.11		1.06			0.96			88,738		0.69			0.60			1.57			1.47			94			94
	7.14		(0.98	)		(0.98	)		91,819		0.66			0.60			1.29			1.29			77			77
	11.05		4.34	b		4.34	b		203,006		0.40	c		0.35	c		2.79	c		2.79	c		59	b		47	b
	10.59		9.48			9.48			203,001		0.37			0.35			3.04			3.04			117			111
	9.96		(0.79	)		(0.79	)		189,285		0.38			0.35			3.01			3.01			147			139
	10.31		4.54			4.54			199,969		0.36			0.35			2.69			2.69			147			114
	9.86		4.23			4.23			177,844		0.42			0.35			2.80			2.80			217			143
	9.82		0.57			0.57			179,096		0.39			0.35			2.77			2.77			155			155
	1.00		0.41	b		0.41	b		130,745		0.21	c		0.15	c		0.77	c		0.77	c		—			—
	1.00		2.09			2.09			105,806		0.23			0.15			2.06			2.06			—			—
	1.00		1.71			1.71			104,670		0.24			0.15			1.73			1.73			—			—
	1.00		0.74			0.74			82,411		0.26			0.15			0.75			0.75			—			—
	1.00		0.28			0.28			78,259		0.26			0.15			0.28			0.28			—			—
	1.00		0.00			0.00			71,238		0.23			0.15			0.00			0.00			—			—

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 103

Financial highlights

TIAA-CREF Life Funds

				Selected per share data
						Gain (loss) from investment operations
															Less distributions from
	For the period or year ended			Net asset value, beginning of period		Net investment income (loss)a			Net realized and unrealized gain (loss) on total investments			Total gain (loss) from investment operations			Net investment income			Net realized gains			Total dividends and distributions
BALANCED FUND
		6/30/20	#	$	12.45	$	(0.01	)	$	0.00		$	(0.01	)	$	—		$	—		$	—
		12/31/19			10.94		0.25			1.79			2.04			(0.26	)		(0.27	)		(0.53	)
		12/31/18			11.63		0.21			(0.84	)		(0.63	)		(0.00	)d		(0.06	)		(0.06	)
		12/31/17			10.32		0.00			1.42			1.42			—			(0.11	)		(0.11	)
		12/31/16			10.12		0.23			0.39			0.62			(0.25	)		(0.17	)		(0.42	)
		12/31/15			10.45		0.22			(0.09	)		0.13			(0.30	)		(0.16	)		(0.46	)

# Unaudited

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

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

a Based on average shares outstanding.

b The percentages shown for this period are not annualized.

c The percentages shown for this period are annualized.

d Amount represents less than $0.01 per share.

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

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

104 2020 Semiannual Report   §   TIAA-CREF Life Funds See notes to financial statements

concluded

					Ratios and supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return††			Net assets at end of period (in thousands)		Gross expensese			Net expensese			Net investment income (loss)			Portfolio turnover rate
$	12.44		(0.08	)%b	$	64,554		0.21	%c		0.10	%c		(0.10	)%c		13	%b
	12.45		18.81			68,825		0.20			0.10			2.07			19
	10.94		(5.47	)		56,516		0.21			0.10			1.77			17
	11.63		13.82			59,343		0.23			0.10			0.02			14
	10.32		6.14			49,957		0.24			0.10			2.20			17
	10.12		1.28			42,585		0.23			0.10			2.03			40

See notes to financial statements TIAA-CREF Life Funds   §   2020 Semiannual Report 105

Notes to financial statements (unaudited)

TIAA_CREF Life Funds

Note 1—organization and significant accounting policies

TIAA-CREF Life Funds (the “Trust”) is a Delaware statutory trust that is registered with the U.S. Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust consists of the following funds: Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, 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”).

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.

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.

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

106 2020 Semiannual Report   §   TIAA-CREF Life Funds

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Dividends from affiliated investments are recorded as dividend income, while capital gain distributions, including short-term capital gain distributions, are recorded as gain distributions from affiliated investments on the Statements of operations. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. In many cases, these estimates are based on data from the prior calendar year end.

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

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

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

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

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax

TIAA-CREF Life Funds   §   2020 Semiannual Report 107

Notes to financial statements (unaudited)

differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

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

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

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

New accounting pronouncements: In March 2020, FASB issued 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 at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.

108 2020 Semiannual Report   §   TIAA-CREF Life Funds

continued

Note 2—valuation of investments

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

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

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

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

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized as Level 2 of the fair value hierarchy.

TIAA-CREF Life Funds   §   2020 Semiannual Report 109

Notes to financial statements (unaudited)

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

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

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

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

Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate and are categorized as Level 2 of the fair value hierarchy.

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

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

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

As of June 30, 2020, 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs, while 100% of the value in the Balanced Fund was based on Level 1 inputs.

110 2020 Semiannual Report   §   TIAA-CREF Life Funds

continued

The following table summarizes the market value of the Funds’ investments as of June 30, 2020, based on the inputs used to value them:

Fund	Level 1			Level 2		Level 3		Total
Growth Equity
Equity investments:
Communication services	$	18,191,532		$	289,952	$	—	$	18,481,484
Health care		18,725,918			6,050,730		—		24,776,648
Information technology		49,288,457			1,704,383		—		50,992,840
All other equity investments*		34,170,142			—		—		34,170,142
Written options**		(54,204	)		—		—		(54,204	)
Total	$	120,321,845		$	8,045,065	$	—	$	128,366,910
Growth & Income
Equity investments:
Communication services	$	15,960,373		$	293,970	$	—	$	16,254,343
Consumer discretionary		16,246,875			801,293		—		17,048,168
Consumer staples		9,500,056			665,795		—		10,165,851
Health care		21,100,051			2,738,473		—		23,838,524
Industrials		12,304,437			520,943		—		12,825,380
All other equity investments*		65,580,992			—		—		65,580,992
Short-term investments		—			350,000		—		350,000
Purchased options		480			—		—		480
Written options**		(631,722	)		—		—		(631,722	)
Total	$	140,061,542		$	5,370,474	$	—	$	145,432,016
Large-Cap Value
Equity investments*	$	59,501,128		$	—	$	—	$	59,501,128
Short-term investments		—			670,000		—		670,000
Total	$	59,501,128		$	670,000	$	—	$	60,171,128
Real Estate Securities
Equity investments:
Internet services & infrastructure	$	1,035,580		$	848,551	$	—	$	1,884,131
All other equity investments*		72,068,852			—		—		72,068,852
Short-term investments		—			650,000		—		650,000
Total	$	73,104,432		$	1,498,551	$	—	$	74,602,983
Small-Cap Equity
Equity investments:
Information technology	$	6,096,166		$	113,100	$	—	$	6,209,266
All other equity investments*		36,997,916			—		—		36,997,916
Short-term investments		252,290			1,590,000		—		1,842,290
Futures contracts**		(13,755	)		—		—		(13,755	)
Total	$	43,332,617		$	1,703,100	$	—	$	45,035,717
Social Choice Equity
Equity investments:
Information technology	$	17,065,568		$	86,130	$	—	$	17,151,698
All other equity investments*		49,284,813			—		—		49,284,813
Short-term investments		46,292			270,000		—		316,292
Futures contracts**		(12,733	)		—		—		(12,733	)
Total	$	66,383,940		$	356,130	$	—	$	66,740,070

TIAA-CREF Life Funds   §   2020 Semiannual Report 111

Notes to financial statements (unaudited)

Fund	Level 1			Level 2			Level 3		Total
Stock Index
Equity investments:
Financials	$	57,773,539		$	—		$	117	$	57,773,656
Health care		82,033,438			—			1,629		82,035,067
Information technology		146,410,010			95,265			—		146,505,275
All other equity investments*		264,452,589			—			—		264,452,589
Short-term investments		2,295,108			4,860,000			—		7,155,108
Futures contracts**		(91,017	)		—			—		(91,017	)
Total	$	552,873,667		$	4,955,265		$	1,746	$	557,830,678
International Equity
Equity investments:
Asia	$	1,868,589		$	23,259,356		$	—	$	25,127,945
Australasia		—			5,642,816			—		5,642,816
Europe		—			54,785,604			—		54,785,604
All other equity investments*		3,618,638			4,237,018			—		7,855,656
Short-term investments		—			4,000,000			—		4,000,000
Total	$	5,487,227		$	91,924,794		$	—	$	97,412,021
Core Bond
Bank loan obligations	$	—		$	2,846,297		$	—	$	2,846,297
Corporate bonds		204,119			89,713,816			—		89,917,935
Government bonds		—			65,760,041			388,445		66,148,486
Structured assets		—			38,060,336			500,000		38,560,336
Preferred stocks		181,062			—			—		181,062
Short-term investments		—			13,109,904			—		13,109,904
Forward foreign currency contracts**		—			(19,376	)		—		(19,376	)
Total	$	385,181		$	209,471,018		$	888,445	$	210,744,644

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

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

Note 3—derivative instruments

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

112 2020 Semiannual Report   §   TIAA-CREF Life Funds

continued

At June 30, 2020, the following Funds have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows:

	Assets derivatives				Liabilities derivatives
Derivative contract	Location		Fair value amount		Location	Fair value amount
Growth Equity Fund
Equity contracts					Written options	$	(54,204	)
Growth & Income Fund
Equity contracts		Portfolio investments	$	480	Written options		(631,722	)
Small-Cap Equity Fund
Equity contracts					Futures contracts*		(13,755	)
Social Choice Equity Fund
Equity contracts					Futures contracts*		(12,733	)
Stock Index Fund
Equity contracts					Futures contracts*		(91,017	)
Core Bond Fund
Foreign-exchange contracts					Forward foreign currency contracts		(19,376	)

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

For the period ended June 30, 2020, the effect of derivative contracts on the Funds’ Statements of operations was as follows:

Derivative contracts	Location	Realized gain (loss)			Change in unrealized appreciation (depreciation)
Growth Equity Fund
Equity contracts	Written options	$	2,253		$	(29,340	)
Growth & Income Fund
Equity contracts	Purchased options		—			(17,396	)
Equity contracts	Written options		(385,543	)		(12,201	)
Small-Cap Equity Fund
Equity contracts	Futures transactions		11,682			(13,895	)
Social Choice Equity Fund
Equity contracts	Futures transactions		60,807			(16,986	)
Stock Index Fund
Equity contracts	Futures transactions		17,843			(107,489	)

TIAA-CREF Life Funds   §   2020 Semiannual Report 113

Notes to financial statements (unaudited)

Derivative contracts	Location	Realized gain (loss)		Change in unrealized appreciation (depreciation)
Core Bond Fund
Equity contracts	Futures transactions	$	2,464	$	—
Foreign-exchange contracts	Forward foreign currency contracts		14,283		(19,376	)
Credit contracts	Swap transactions		86,647		55,324

Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearinghouse (exchange traded). To manage the risk, the Funds may invest in both equity and index options. The Funds use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the Summary portfolio of investments, and written options are separately reflected as a liability in the Statements of assets and liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the period ended June 30, 2020, the Growth Equity Fund and Growth & Income Fund had exposure to options, based on underlying notional values, generally between 0% and 10% of net assets. The purchased and written options outstanding as of June 30, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

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

114 2020 Semiannual Report   §   TIAA-CREF Life Funds

continued

such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended June 30, 2020, the Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund and the Core Bond Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 4% of net assets. The futures contracts outstanding as of June 30, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

Forward foreign currency contracts: Certain Funds are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Funds use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of assets and liabilities. The Funds realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their 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. During the period ended June 30, 2020, the Core Bond Fund had exposure to forwards, based on underlying notional values of 0% of net assets. The forward contracts outstanding as of June 30, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

Credit default swap contracts: Certain Funds are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled either directly with the counterparty (bilateral) or through a central clearinghouse (centrally cleared). A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Funds are required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Funds. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future

TIAA-CREF Life Funds   §   2020 Semiannual Report 115

Notes to financial statements (unaudited)

payment that the Funds could be required to make under the contract. In return, the Funds receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Funds keep the stream of payments with no payment obligations. When the Funds sell a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Funds.

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

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

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

The Funds (other than the Money Market Fund) invest in credit default swaps to hedge or manage the risks associated with assets held in the Funds and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the period ended June 30, 2020, the Core Bond Fund had exposure to credit default swap contracts, based on underlying notional values, generally between 2% and 4% of net assets. There are no credit default swap contracts outstanding as of June 30, 2020.

Note 4—investment adviser and affiliates

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

116 2020 Semiannual Report   §   TIAA-CREF Life Funds

continued

the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.

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

As part of the Advisory Agreement, Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of June 30, 2020, the investment management fees and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets:

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

* Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions and other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least April 30, 2021. The reimbursement arrangements can only be changed with the approval of the Board of Trustees.

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

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended June 30, 2020, these transactions did not materially impact the funds.

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.

TIAA-CREF Life Funds   §   2020 Semiannual Report 117

Notes to financial statements (unaudited)

The following is the percentage of the Funds’ shares owned by affiliates and the Balanced Fund as of June 30, 2020:

Underlying Fund	Investments in funds held by TIAA-CREF Life			Investments in funds held by Balanced Fund			Total
Growth Equity		95	%		5	%		100	%
Growth & Income		96			4			100
Large-Cap Value		91			9			100
Real Estate Securities		98			2			100
Small-Cap Equity		97			3			100
Social Choice Equity		100			—			100
Stock Index		99			1			100
International Equity		93			7			100
Core Bond		84			16			100
Money Market		100			—			100
Balanced		100			—			100

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

Issue	Value at 12/31/19		Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Value at 6/30/20
TIAA-CREF Life Balanced Fund
TIAA-CREF Life Funds:
Growth Equity	$	6,417	$	745	$	1,831	$	201		$	614		$	—	$	6,146
Growth & Income		6,953		704		926		11			(239	)		—		6,503
Large-Cap Value		6,050		1,189		836		(94	)		(835	)		—		5,474
Real Estate Securities		1,404		226		249		4			(96	)		—		1,289
Small Cap Equity		1,380		352		221		(65	)		(135	)		—		1,311
Stock Index		5,531		490		673		66			(210	)		—		5,204
International Equity		6,941		1,230		1,066		(144	)		(485	)		—		6,476
Core Bond		34,080		3,194		6,511		101			1,245			—		32,109
	$	68,756	$	8,130	$	12,313	$	80		$	(141	)	$	—	$	64,512

Note 5—investments

Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business

118 2020 Semiannual Report   §   TIAA-CREF Life Funds

continued

day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of assets and liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of assets and liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities. As of June 30, 2020, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

At June 30, 2020, the total value of securities on loan and the total value of collateral received were as follows:

Fund	Aggregate value of securities on loan		Cash collateral received*		Non-cash collateral received		Total collateral received
Growth & Income	$	280,661	$	—	$	284,554	$	284,554
Small-Cap Equity		360,209		252,290		72,144		324,434
Social Choice Equity		184,298		46,292		135,716		182,008
Stock Index		3,038,336		2,295,108		536,791		2,831,899
International Equity		1,517,992		—		1,601,362		1,601,362

* May include cash and investment of cash collateral.

Repurchase agreements: Each Fund may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Fund’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Fund maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

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

TIAA-CREF Life Funds   §   2020 Semiannual Report 119

Notes to financial statements (unaudited)

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

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

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

Unfunded loan commitment: The Funds may enter into loan commitments to fund a portion of a delayed-draw term loan facility. The Funds are obligated to fund loan commitments at the borrower’s discretion. The Funds reserve against such contingent obligation by segregating short-term securities or cash. At June 30, 2020 no Funds held unfunded loan commitments. Unfunded loan commitments are marked-to-market daily. Interest income and the change in unrealized appreciation (depreciation) are included on the Statements of operations.

Net unrealized appreciation (depreciation): At June 30, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
Growth Equity	$	75,117,447	$	54,554,548	$	(1,305,085	)	$	53,249,463
Growth & Income		93,099,458		56,281,638		(3,949,080	)		52,332,558
Large-Cap Value		55,445,179		8,423,149		(3,697,200	)		4,725,949
Real Estate Securities		51,765,611		24,392,195		(1,554,823	)		22,837,372
Small-Cap Equity		44,255,186		5,636,925		(4,856,394	)		780,531
Social Choice Equity		45,034,389		24,300,999		(2,595,318	)		21,705,681
Stock Index		278,943,680		312,572,770		(33,685,772	)		278,886,998
International Equity		101,524,199		7,866,657		(11,978,835	)		(4,112,178	)
Core Bond		201,344,639		12,023,336		(2,623,331	)		9,400,005
Balanced		57,126,840		8,820,098		(1,435,131	)		7,384,967

120 2020 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 in income and/or capital gains for tax reporting.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended June 30, 2020 were as follows:

Fund	Non-U.S. government purchases			U.S. government purchases		Non-U.S. government sales			U.S. government sales
Growth Equity	$	70,493,418		$	—	$	74,755,533		$	—
Growth & Income		58,808,006			—		65,711,147			—
Large-Cap Value		9,444,787			—		11,343,184			—
Real Estate Securities		15,806,269			—		17,325,360			—
Small-Cap Equity		24,515,095			—		25,029,019			—
Social Choice Equity		11,700,313			—		13,353,335			—
Stock Index		11,122,258			—		15,578,016			—
International Equity		75,593,710			—		75,100,542			—
Core Bond		(52,791,175	)		166,897,334		(36,924,464	)		151,944,895
Balanced		8,483,144			—		12,668,207			—

Note 6—distributions to shareholders and other tax items

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

			2019
Fund	Ordinary income		Long-term capital gains		Total
Growth Equity	$	468,046	$	9,384,206	$	9,852,252
Growth & Income		1,506,220		8,976,416		10,482,636
Large-Cap Value		1,238,952		3,282,327		4,521,279
Real Estate Securities		1,549,733		1,411,488		2,961,221
Small-Cap Equity		2,115,655		5,317,159		7,432,814
Social Choice Equity		1,161,461		8,577,050		9,738,511
Stock Index		8,740,571		3,909,975		12,650,546
International Equity		2,028,157		4,529,229		6,557,386
Core Bond		5,808,915		—		5,808,915
Money Market		2,091,692		—		2,091,692
Balanced		1,455,348		1,302,684		2,758,032

The tax character of the fiscal year 2020 distributions will be determined at the end of the fiscal year.

TIAA-CREF Life Funds   §   2020 Semiannual Report 121

Notes to financial statements (unaudited) concluded

Note 7—inter-fund lending program

Pursuant to an exemptive order issued by the Commission, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended June 30, 2020, there were no inter-fund borrowing or lending transactions.

Note 8—line of credit

Each of the Funds, except the Money Market Fund, participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. 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, 2020, there were no borrowings under this credit facility by the Funds.

Note 9—legal proceedings

The Social Choice Equity Fund was named as defendant and a putative member of the proposed defendant class of shareholders, or could be added as a defendant, in pending litigation by the Bankruptcy Litigation Trustee for the Tribune Company (Tribune) and certain creditors of Tribune, as a result of its ownership of shares of Tribune in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The plaintiffs in that litigation seek to recover payments of the proceeds of the LBO. The litigation is now part of a multi-district litigation proceeding in the Southern District of New York and the Second Court of Appeals. The Fund’s exposure related to this matter is estimated to be 0.18% of net assets as of June 30, 2020.

122 2020 Semiannual Report   §   TIAA-CREF Life Funds

Approval of investment
management agreement (unaudited)

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

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

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

Under normal circumstances, Section 15(c) requires this annual renewal to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order on March 13, 2020, as extended on March 25, 2020 (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 telephonic meeting on March 26, 2020, in order to consider the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic-related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.

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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 Advisors’ representatives, 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 insurance 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 discussed, 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 requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.

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In advance of the Board meeting held on March 26, 2020, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Fund’s investment performance and a narrative analysis of the performance of each Fund that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Fund’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Fund’s management fee rate and performance to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Funds in addition to the Funds’ direct fee payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Funds at 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) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

On March 12, 2020, the Board met informally to discuss Advisors’ materials, which led to the Trustees providing additional questions to, and requesting additional information from, Advisors. Subsequently, at the March 26, 2020 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 discussed 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

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are shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (7) comparisons of the services provided by Advisors to, and the fee rates and performance of, the Fund to other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As part of the Board’s review of these factors, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Funds in particular including, among other information, the current and expected impact on the Funds’ performance and operations. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 26, 2020 meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed renewal of the Agreement for each Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 26, 2020 meeting, the oversight and evaluation of Advisors’ services to the Funds by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and discuss, 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 26, 2020, all Board members voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.

The nature, extent and quality of services

The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also

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

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

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

Investment performance

The Board considered the investment performance of each Fund, over the periods indicated in the Fund-by-Fund synopsis below. The Board considered each Fund’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index or, in circumstances where a Fund’s peer group or peer universe was not viewed as a representative basis for comparison, other comparative information deemed relevant by management and/or the Board. The Board also discussed the three-year performance of the Stock Index Fund before any reductions for fees and expenses. In this analysis, the Board considered the

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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 2019. The Board considered Advisors’ profit calculations with respect to its services to each Fund both before and after taking into account the costs incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Funds and recognized the entrepreneurial and other risks assumed by Advisors in managing the Funds. The Board considered that Advisors calculated that it had incurred a net loss with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2019.

Fees charged by other advisers

The Board considered comparative information regarding each Fund’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds that underlie variable insurance products to other advisers, as analyzed by Broadridge and reflected in the Fund-by-Fund synopsis below. The Board determined that the management fee rate charged to a Fund under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds that underlie variable insurance products. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds that underlie variable insurance products. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of similar mutual funds that underlie variable insurance products. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to

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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’ compensation of the Funds for some of the soft dollar amounts the Funds spent on research during the year, as well as Advisors’ commitment to compensate the Funds for all of their soft dollar expense in 2021. Based on all factors considered, the Board concluded that the Funds’ management fee rate schedules were reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Board considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Funds. The Board considered the management fee rates and the performance of such investment companies and accounts. The Board considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered Advisors’ representation that, while management fee rates charged to the Funds may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; (5) may target different investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.

Other benefits

The Board also considered additional “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

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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.

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 “1^st” 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, 2019. 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, 2019. Statements below regarding “net loss” refer to Advisors’ calculation that it incurred a loss for the services that it rendered to a Fund during 2019 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, 4th 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 4th, 3rd, 4th 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.

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Growth & Income Fund

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

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

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

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

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

Large-Cap Value Fund

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

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

• The Fund was in the 1st, 5th, 4th and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 5th, 5th and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

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

• The Board considered that the Fund underwent a portfolio manager change in January 2020.

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

Real Estate Securities Fund

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

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

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

• The Fund received an Overall Morningstar Rating of 5 stars.

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

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Small-Cap Equity Fund

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

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

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

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

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

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

Stock Index Fund

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

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

• For the three-year period, the Fund’s adjusted relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses, including the effect of net asset value rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000^® Index, differed by -3 basis points. For reference, one basis point equals 0.01%.

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

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

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International Equity Fund

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

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

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

• 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, 2nd, 1st 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 3 stars.

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

Money Market Fund

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

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

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

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Balanced Fund

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

• The Fund’s total expense ratio was in the 2nd quintile of its Expense Group and in the 1st quintile of its Expense Universe. The Fund’s actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe.

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

• The Fund received an Overall Morningstar Rating of 5 stars.

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

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

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Liquidity risk management program

Discussion of the operation and effectiveness of the Funds’ liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each series of the Trust covered by this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage each Fund’s liquidity risk. The Program consists of various provisions relating to assessing and managing Fund liquidity risk, as discussed further below. The Funds’ Board of Trustees (the “Board”) previously approved the designation of Advisors (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

At a February 11, 2020 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 December 1, 2018 through November 30, 2019 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Funds’ liquidity developments.

In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.

Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

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Liquidity risk management program (concluded)

The Liquidity Rule also limits each Fund’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on illiquid investments.

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Additional information about
index providers (unaudited)

Russell indexes

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®,” “Russell^®” and “FTSE Russell^®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Bloomberg Barclays indexes

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

FTSE index

Source: FTSE International Limited (“FTSE”) © FTSE 2020. “FTSE^®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. “Nareit^®” is a trade mark of the National Association of Real Estate Investment Trusts (“Nareit”). All intellectual property rights in the Index vest in FTSE and Nareit. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Standard & Poor’s index

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

TIAA-CREF Life Funds   §   2020 Semiannual Report 137

Additional information about
index providers (unaudited)

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

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

MSCI indexes

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

138 2020 Semiannual Report   §   TIAA-CREF Life Funds

concluded

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

Morningstar index

©2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

TIAA-CREF Life Funds   §   2020 Semiannual Report 139

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

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Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF LIFE FUNDS - Growth Equity Fund

TIAA-CREF LIFE FUNDS

GROWTH EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 2.6%
2,503		Aptiv plc	$	195,034
2,965	*	Tesla, Inc		3,201,636
		TOTAL AUTOMOBILES & COMPONENTS		3,396,670
CAPITAL GOODS - 1.7%
3,949		Boeing Co		723,852
24,038	*	Raytheon Technologies Corp		1,481,221
		TOTAL CAPITAL GOODS		2,205,073
COMMERCIAL & PROFESSIONAL SERVICES - 1.6%
6,222	*	Clarivate Analytics plc		138,937
1,211	*	CoStar Group, Inc		860,622
6,007		Equifax, Inc		1,032,483
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,032,042
CONSUMER DURABLES & APPAREL - 1.8%
24,039		Nike, Inc (Class B)		2,357,024
		TOTAL CONSUMER DURABLES & APPAREL		2,357,024
CONSUMER SERVICES - 1.0%
2,106		Hilton Worldwide Holdings, Inc		154,686
15,274		Starbucks Corp		1,124,013
		TOTAL CONSUMER SERVICES		1,278,699
DIVERSIFIED FINANCIALS - 2.5%
2,727		Apollo Global Management, Inc		136,132
8,972		Intercontinental Exchange Group, Inc		821,835
6,749		S&P Global, Inc		2,223,661
		TOTAL DIVERSIFIED FINANCIALS		3,181,628
ENERGY - 0.2%
4,867		Concho Resources, Inc		250,651
		TOTAL ENERGY		250,651
HEALTH CARE EQUIPMENT & SERVICES - 2.4%
18,736		Alcon, Inc		1,073,948
25,375	*	Boston Scientific Corp		890,916
4,285	*	Guardant Health, Inc		347,642
660	*	Intuitive Surgical, Inc		376,088
2,158		Stryker Corp		388,850
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,077,444
MATERIALS - 1.4%
3,215		Linde plc		681,934
2,004		Sherwin-Williams Co		1,158,011
		TOTAL MATERIALS		1,839,945
MEDIA & ENTERTAINMENT - 14.1%
2,108	*	Alphabet, Inc (Class A)		2,989,249
1,831	*	Alphabet, Inc (Class C)		2,588,320
28,693	*	Facebook, Inc		6,515,320
3,655	*	Match Group, Inc		1,182,027
3,536	*	Match Group, Inc		289,952

1

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
3,274	*	Netflix, Inc	$	1,489,801
28,008	*	Twitter, Inc		834,358
20,640		Walt Disney Co		2,301,566
		TOTAL MEDIA & ENTERTAINMENT		18,190,593
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 16.8%
15,806		AbbVie, Inc		1,551,833
1,400		Amgen, Inc		330,204
33,024		AstraZeneca plc		3,436,953
29,853	*	Avantor, Inc		507,501
8,455	*	BioMarin Pharmaceutical, Inc		1,042,840
15,746		Eli Lilly & Co		2,585,178
4,061	*	Illumina, Inc		1,503,991
6,173	*	IQVIA Holdings, Inc		875,825
2,476		Lonza Group AG.		1,311,530
2,661		Novo Nordisk AS		173,358
4,378	*	Regeneron Pharmaceuticals, Inc		2,730,340
2,141	*	Royalty Pharma plc		103,946
731	*	Seattle Genetics, Inc		124,212
10,527	*	Vertex Pharmaceuticals, Inc		3,056,093
61,501	*,g	Wuxi Biologics Cayman, Inc		1,128,888
9,023		Zoetis, Inc		1,236,512
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		21,699,204
RETAILING - 11.9%
3,527	*	Amazon.com, Inc		9,730,358
652	*	Booking Holdings, Inc		1,038,206
5,602		Home Depot, Inc		1,403,357
10,638		Lowe’s Companies, Inc		1,437,407
24,298		TJX Companies, Inc		1,228,507
2,377	*	Ulta Beauty, Inc		483,529
		TOTAL RETAILING		15,321,364
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 9.6%
23,143	*	Advanced Micro Devices, Inc		1,217,553
18,941		Applied Materials, Inc		1,144,983
3,718		Broadcom, Inc		1,173,438
4,235		Lam Research Corp		1,369,853
33,499		Marvell Technology Group Ltd		1,174,475
8,476		NVIDIA Corp		3,220,117
11,091		NXP Semiconductors NV		1,264,818
5,067		Skyworks Solutions, Inc		647,867
10,007		Texas Instruments, Inc		1,270,589
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		12,483,693
SOFTWARE & SERVICES - 23.8%
6,519	*	Adobe, Inc		2,837,786
1,171	*,g	Adyen NV		1,704,383
11,017	*	Akamai Technologies, Inc		1,179,811
2,174	*	Atlassian Corp plc		391,907
1,974	*	Crowdstrike Holdings, Inc		197,972
6,858		Intuit, Inc		2,031,271
8,053		Mastercard, Inc (Class A)		2,381,272
34,934		Microsoft Corp		7,109,418
14,564	*	PayPal Holdings, Inc		2,537,486
20,415	*	salesforce.com, Inc		3,824,342
1,767	*	ServiceNow, Inc		715,741
250	*	Shopify, Inc (Class A)		237,300
2,703	*	Splunk, Inc		537,086
4,211	*	Twilio, Inc		923,978
19,453		Visa, Inc (Class A)		3,757,736
1,965	*	Zoom Video Communications, Inc		498,206
		TOTAL SOFTWARE & SERVICES		30,865,695

2

TIAA-CREF LIFE FUNDS - Growth Equity Fund

SHARES		COMPANY	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 5.9%
17,968	n	Apple, Inc	$	6,554,727
10,803	*	Keysight Technologies, Inc		1,088,726
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		7,643,453
TELECOMMUNICATION SERVICES - 0.2%
2,793	*	T-Mobile US, Inc		290,891
		TOTAL TELECOMMUNICATION SERVICES		290,891
TRANSPORTATION - 1.8%
6,937		Kansas City Southern		1,035,625
40,908	*	Uber Technologies, Inc		1,271,420
		TOTAL TRANSPORTATION		2,307,045
		TOTAL COMMON STOCKS		128,421,114
		(Cost $74,784,789)
		TOTAL INVESTMENTS - 99.3%		128,421,114
		(Cost $74,784,789)
		OTHER ASSETS & LIABILITIES, NET - 0.7%		872,497
		NET ASSETS - 100.0%	$	129,293,611

* 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 6/30/2020, the aggregate value of these securities is $2,833,271 or 2.2% of net assets.

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

Written options outstanding as of June 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Apple, Inc, Call		4	$	(3,494	)	$	330.00		09/18/20	$	(18,200	)
Apple, Inc, Call		4		(3,451	)		350.00		09/18/20		(12,240	)
Apple, Inc, Call		4		(4,702	)		330.00		12/18/20		(20,928	)
Apple, Inc, Put		4		(1,719	)		240.00		07/17/20		(28	)
Apple, Inc, Put		4		(2,966	)		240.00		09/18/20		(648	)
Apple, Inc, Put		4		(8,532	)		250.00		12/18/20		(2,160	)
Total		24	$	(24,864	)					$	(54,204	)

3

TIAA-CREF LIFE FUNDS - Growth & Income Fund

TIAA-CREF LIFE FUNDS

GROWTH & INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

SHARES		COMPANY	VALUE
COMMON STOCKS - 100.1%
AUTOMOBILES & COMPONENTS - 0.5%
8,505		Aptiv plc	$	662,710
		TOTAL AUTOMOBILES & COMPONENTS		662,710
BANKS - 4.3%
85,795		Bank of America Corp		2,037,631
30,180	n	Citigroup, Inc		1,542,198
26,692		JPMorgan Chase & Co		2,510,649
12,519		Radian Group, Inc		194,170
		TOTAL BANKS		6,284,648
CAPITAL GOODS - 6.9%
2,633	n	Carlisle Cos, Inc		315,091
4,640		Deere & Co		729,176
9,768		Dover Corp		943,198
10,943		Eaton Corp		957,294
25,103	n	General Electric Co		171,454
3,902		HEICO Corp (Class A)		316,999
6,264		Hexcel Corp		283,258
9,726	n	Honeywell International, Inc		1,406,282
12,589		ITT, Inc		739,478
4,866		L3Harris Technologies, Inc		825,614
2,023	n	Northrop Grumman Corp		621,951
3,637		Otis Worldwide Corp		206,800
7,174		Owens Corning, Inc		400,022
11,327	*	Raytheon Technologies Corp		697,970
2,076	*	Teledyne Technologies, Inc		645,532
8,389		Trane Technologies plc		746,453
		TOTAL CAPITAL GOODS		10,006,572
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
1,267		Equifax, Inc		217,772
2,482	*,n	FTI Consulting, Inc		284,313
4,681	*	Stericycle, Inc		262,043
5,652		Waste Management, Inc		598,603
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,362,731
CONSUMER DURABLES & APPAREL - 1.8%
5,180		Brunswick Corp		331,572
2,046	*,n	Lululemon Athletica, Inc		638,372
47,693	*	Mattel, Inc		461,191
5,979		Nike, Inc (Class B)		586,241
20,839	*,g	Spin Master Corp		376,533
3,995	*	Tempur Sealy International, Inc		287,440
		TOTAL CONSUMER DURABLES & APPAREL		2,681,349
CONSUMER SERVICES - 0.5%
355	*,n	Chipotle Mexican Grill, Inc (Class A)		373,588
3,240	*	Flutter Entertainment plc		424,760
		TOTAL CONSUMER SERVICES		798,348
DIVERSIFIED FINANCIALS - 2.0%
6,718		Blackstone Group, Inc		380,642
11,040		Discover Financial Services		552,993
25,862		Morgan Stanley		1,249,135

4

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
15,762		Voya Financial, Inc	$	735,297
		TOTAL DIVERSIFIED FINANCIALS		2,918,067
ENERGY - 2.3%
16,633	n	Chevron Corp		1,484,163
10,255	n	Hess Corp		531,312
5,074		Pioneer Natural Resources Co		495,730
53,353		Range Resources Corp		300,377
8,260		Valero Energy Corp		485,853
		TOTAL ENERGY		3,297,435
FOOD & STAPLES RETAILING - 0.9%
10,971		Walmart, Inc		1,314,106
		TOTAL FOOD & STAPLES RETAILING		1,314,106
FOOD, BEVERAGE & TOBACCO - 3.7%
11,012		Campbell Soup Co		546,525
21,332		Coca-Cola Co		953,114
15,379		ConAgra Brands, Inc		540,879
7,980		Diageo plc		265,234
21,629		Mondelez International, Inc		1,105,891
7,230	*	Monster Beverage Corp		501,184
11,147		PepsiCo, Inc		1,474,302
		TOTAL FOOD, BEVERAGE & TOBACCO		5,387,129
HEALTH CARE EQUIPMENT & SERVICES - 7.8%
5,586		Abbott Laboratories		510,728
11,759		Baxter International, Inc		1,012,450
24,928	*,n	Boston Scientific Corp		875,222
4,236	*	Centene Corp		269,198
4,291		Cigna Corp		805,206
7,769		Danaher Corp		1,373,792
1,581	*,n	DexCom, Inc		640,937
5,666	*	Edwards Lifesciences Corp		391,577
14,094	*	Envista Holdings Corp		297,243
3,204	*	Guardant Health, Inc		259,941
3,483	n	Humana, Inc		1,350,533
1,803	*	IDEXX Laboratories, Inc		595,279
3,271		Quest Diagnostics, Inc		372,763
3,526		STERIS plc		541,030
3,654		UnitedHealth Group, Inc		1,077,747
761		West Pharmaceutical Services, Inc		172,876
6,479	n	Zimmer Biomet Holdings, Inc		773,333
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		11,319,855
HOUSEHOLD & PERSONAL PRODUCTS - 2.4%
3,684		Estee Lauder Cos (Class A)		695,097
17,395		Procter & Gamble Co		2,079,920
4,354		Reckitt Benckiser Group plc		400,561
8,320		Reynolds Consumer Products Inc		289,037
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		3,464,615
INSURANCE - 2.5%
15,559		American International Group, Inc		485,130
4,712		Assurant, Inc		486,702
7,124		Chubb Ltd		902,041
2,853		Everest Re Group Ltd		588,288
11,763	n	Hartford Financial Services Group, Inc		453,464
17,461		Metlife, Inc		637,676
		TOTAL INSURANCE		3,553,301

5

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
MATERIALS - 3.1%
12,562	n	Corteva, Inc	$	336,536
15,141		DuPont de Nemours, Inc		804,441
1,372		Ecolab, Inc		272,960
5,508	n	FMC Corp		548,707
8,275		Linde plc		1,755,210
5,291		PPG Industries, Inc		561,164
2,411		Vulcan Materials Co		279,314
		TOTAL MATERIALS		4,558,332
MEDIA & ENTERTAINMENT - 9.0%
3,182	*,n	Alphabet, Inc (Class C)		4,498,107
26,353		Comcast Corp (Class A)		1,027,240
13,551	*	Facebook, Inc		3,077,026
3,585	*	Match Group, Inc		293,970
2,711	*,n	Netflix, Inc		1,233,613
20,795	*	Snap, Inc		488,475
4,321	*	Take-Two Interactive Software, Inc		603,082
14,339		ViacomCBS, Inc (Class B)		334,385
13,007	n	Walt Disney Co		1,450,411
		TOTAL MEDIA & ENTERTAINMENT		13,006,309
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.6%
19,860		AbbVie, Inc		1,949,855
7,510	*	Acadia Pharmaceuticals, Inc		364,010
1,956		Amgen, Inc		461,342
6,025		AstraZeneca plc		627,048
28,642	*	Avantor, Inc		486,914
2,025	*	BioMarin Pharmaceutical, Inc		249,763
3,472	*	Bluebird Bio, Inc		211,931
5,212		Daiichi Sankyo Co Ltd		426,298
6,360		Eli Lilly & Co		1,044,185
2,301	*,e	GW Pharmaceuticals plc (ADR)		282,379
7,949	*	Horizon Therapeutics Plc		441,805
3,271	*	IQVIA Holdings, Inc		464,089
1,073		Lonza Group AG.		568,365
9,772		Merck & Co, Inc		755,669
3,019	*	Neurocrine Biosciences, Inc		368,318
5,991		Perrigo Co plc		331,123
23,565		Pfizer, Inc		770,576
1,835	*	Regeneron Pharmaceuticals, Inc		1,144,398
1,277		Roche Holding AG.		442,416
5,491	*	Royalty Pharma plc		266,588
3,276		Sanofi-Aventis		334,101
1,102	*	Seattle Genetics, Inc		187,252
2,249		Vifor Pharma AG.		340,244
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		12,518,669
REAL ESTATE - 1.7%
4,337		American Tower Corp		1,121,288
477		Equinix, Inc		334,997
10,482		Prologis, Inc		978,285
		TOTAL REAL ESTATE		2,434,570
RETAILING - 8.9%
2,398	*,n	Amazon.com, Inc		6,615,650
11,051		Best Buy Co, Inc		964,421
12,113	*	BJ’s Wholesale Club Holdings, Inc		451,452
1,040	*	Burlington Stores, Inc		204,807
11,241	n	Children’s Place, Inc		420,638
7,148		Dick’s Sporting Goods, Inc		294,927
6,439		Expedia Group Inc		529,286
8,698	n	Home Depot, Inc		2,178,936

6

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY	VALUE
1,154	*	O’Reilly Automotive, Inc	$	486,607
6,329		Target Corp		759,037
		TOTAL RETAILING		12,905,761
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.7%
14,654	*	Advanced Micro Devices, Inc		770,947
8,626	*	Cree, Inc		510,573
6,329	*,n	Enphase Energy, Inc		301,070
4,200	*	Inphi Corp		493,500
24,546		Intel Corp		1,468,587
25,395		Marvell Technology Group Ltd		890,349
2,606		Monolithic Power Systems, Inc		617,622
4,680		NVIDIA Corp		1,777,979
4,684		NXP Semiconductors NV		534,163
11,296		QUALCOMM, Inc		1,030,308
4,852		Skyworks Solutions, Inc		620,377
8,429		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		478,514
1,801	n	Universal Display Corp		269,466
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		9,763,455
SOFTWARE & SERVICES - 12.0%
1,468	*	CACI International, Inc (Class A)		318,380
6,388		Fidelity National Information Services, Inc		856,567
5,835	*	Fiserv, Inc		569,613
6,162	n	Mastercard, Inc (Class A)		1,822,103
43,791		Microsoft Corp		8,911,906
10,050	*	PayPal Holdings, Inc		1,751,012
3,548	*	Proofpoint, Inc		394,254
8,153	*	salesforce.com, Inc		1,527,301
1,934	*	ServiceNow, Inc		783,386
2,975	*	Synopsys, Inc		580,125
		TOTAL SOFTWARE & SERVICES		17,514,647
TECHNOLOGY HARDWARE & EQUIPMENT - 8.2%
23,311	n	Apple, Inc		8,503,853
23,504		Cisco Systems, Inc		1,096,226
31,112	*	CommScope Holding Co, Inc		259,163
6,386		FLIR Systems, Inc		259,080
7,450	*,n	Keysight Technologies, Inc		750,811
2,551	n	Motorola Solutions, Inc		357,472
9,939		TE Connectivity Ltd		810,525
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		12,037,130
TELECOMMUNICATION SERVICES - 2.2%
33,205		AT&T, Inc		1,003,787
4,485		Cogent Communications Group, Inc		346,960
5,503	*	T-Mobile US, Inc		573,138
24,010		Verizon Communications, Inc		1,323,671
		TOTAL TELECOMMUNICATION SERVICES		3,247,556
TRANSPORTATION - 1.0%
4,241		DSV AS		520,943
8,411		United Parcel Service, Inc (Class B)		935,135
		TOTAL TRANSPORTATION		1,456,078
UTILITIES - 2.2%
1,024		American Electric Power Co, Inc		81,551
18,364		Centerpoint Energy, Inc		342,856
24,074		Equitable Holdings, Inc		464,387
18,778		FirstEnergy Corp		728,211
5,003		NextEra Energy, Inc		1,201,571

7

TIAA-CREF LIFE FUNDS - Growth & Income Fund

SHARES		COMPANY						VALUE
15,512		PPL Corp						$	400,830
		TOTAL UTILITIES							3,219,406
		TOTAL COMMON STOCKS							145,712,779
		(Cost $92,679,328)
PURCHASED OPTIONS - 0.0%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
600	n	Biogen, Inc							480
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							480
		TOTAL PURCHASED OPTIONS							480
		(Cost $18,012)
RIGHTS / WARRANTS - 0.0%
TELECOMMUNICATION SERVICES - 0.0%
2,853		T-Mobile US, Inc							479
		TOTAL TELECOMMUNICATION SERVICES							479
		TOTAL RIGHTS / WARRANTS							479
		(Cost $1,055)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.2%
REPURCHASE AGREEMENT - 0.2%
$350,000	r	Fixed Income Clearing Corp		0.070	%		07/01/20		350,000
		TOTAL REPURCHASE AGREEMENT							350,000
		TOTAL SHORT-TERM INVESTMENTS							350,000
		(Cost $350,000)
		TOTAL INVESTMENTS - 100.3%							146,063,738
		(Cost $93,048,395)
		OTHER ASSETS & LIABILITIES, NET - (0.3)%							(538,558	)
		NET ASSETS - 100.0%						$	145,525,180

Abbreviation(s):

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 $280,661.

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 6/30/2020, the aggregate value of these securities is $376,533 or 0.3% of net assets.

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

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $350,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $357,048.

Purchased options outstanding as of June 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date		Value
Biogen, Inc, Call		6	$	18,012	$	390.00		09/18/20	$	480

Written options outstanding as of June 30, 2020 were as follows:

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Acuity Brands, Inc, Put		5	$	(10,917	)	$	85.00		12/18/20	$	(4,075	)
Alliance Data Systems Corp, Put		20		(19,303	)		55.00		12/18/20		(34,100	)
Alphabet, Inc, Call		1		(3,407	)		1,700.00		09/18/20		(475	)
Alphabet, Inc, Put		2		(8,968	)		1,340.00		09/18/20		(10,450	)
Amazon.com, Inc, Call		3		(14,828	)		2,940.00		07/31/20		(16,725	)

8

TIAA-CREF LIFE FUNDS - Growth & Income Fund

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Amazon.com, Inc, Put		3	$	(5,044	)	$	2,400.00		07/02/20	$	(39	)
Apple, Inc, Call		7		(17,966	)		350.00		12/18/20		(29,155	)
Apple, Inc, Call		1		(1,524	)		380.00		01/15/21		(2,770	)
Apple, Inc, Put		6		(5,795	)		265.00		01/15/21		(4,470	)
Apple, Inc, Put		1		(1,250	)		290.00		01/15/21		(1,175	)
Apple, Inc, Put		7		(10,737	)		300.00		01/15/21		(9,380	)
Arista Networks, Inc, Put		2		(4,527	)		165.00		01/15/21		(1,970	)
Aspen Technology, Inc, Put		4		(3,898	)		90.00		12/18/20		(2,660	)
Aspen Technology, Inc, Put		4		(4,859	)		95.00		12/18/20		(3,320	)
Becton Dickinson and Co, Put		3		(1,987	)		220.00		07/17/20		(519	)
Biogen, Inc, Call		6		(11,388	)		420.00		09/18/20		(270	)
Biogen, Inc, Put		3		(9,271	)		265.00		01/15/21		(9,090	)
Biogen, Inc, Put		5		(17,640	)		270.00		01/15/21		(16,400	)
Boeing Co, Put		1		(10,228	)		220.00		01/15/21		(5,851	)
Boston Scientific Corp, Put		10		(1,130	)		30.00		11/20/20		(1,360	)
Carlisle Cos, Inc, Call		5		(1,617	)		150.00		12/18/20		(1,638	)
Carlisle Cos, Inc, Put		5		(7,555	)		115.00		12/18/20		(5,600	)
Chevron Corp, Call		3		(1,206	)		105.00		09/18/20		(390	)
Chevron Corp, Call		2		(350	)		110.00		09/18/20		(134	)
Chevron Corp, Put		5		(1,653	)		92.50		08/21/20		(4,175	)
Children’s Place, Inc, Call		14		(12,291	)		50.00		12/18/20		(7,070	)
Children’s Place, Inc, Call		12		(4,175	)		60.00		12/18/20		(4,080	)
Children’s Place, Inc, Call		14		(14,111	)		50.00		01/15/21		(7,770	)
Children’s Place, Inc, Put		42		(20,494	)		40.00		07/17/20		(19,740	)
Children’s Place, Inc, Put		12		(17,855	)		45.00		12/18/20		(17,160	)
Chipotle Mexican Grill, Inc, Call		1		(5,853	)		1,120.00		09/18/20		(5,280	)
Chipotle Mexican Grill, Inc, Put		1		(4,708	)		860.00		09/18/20		(1,840	)
Citigroup, Inc, Call		14		(740	)		56.50		07/02/20		(56	)
Corteva, Inc, Call		26		(1,666	)		32.00		07/17/20		(130	)
Corteva, Inc, Put		26		(530	)		24.00		07/17/20		(650	)
Darden Restaurants, Inc, Put		32		(18,174	)		60.00		10/16/20		(13,376	)
Darden Restaurants, Inc, Put		16		(10,223	)		65.00		10/16/20		(9,600	)
Deckers Outdoor Corp, Put		6		(7,255	)		160.00		12/18/20		(7,800	)
DexCom, Inc, Put		7		(17,695	)		320.00		12/18/20		(17,325	)
Enphase Energy, Inc, Put		11		(979	)		40.00		07/17/20		(1,045	)
Enphase Energy, Inc, Put		11		(7,325	)		40.00		08/21/20		(3,916	)
FedEx Corp, Put		8		(12,299	)		155.00		01/15/21		(20,820	)
FMC Corp, Call		3		(252	)		115.00		07/17/20		(68	)
FMC Corp, Put		3		(600	)		95.00		07/17/20		(495	)
FTI Consulting, Inc, Put		10		(1,304	)		85.00		08/21/20		(1,600	)
Guidewire Software, Inc, Put		4		(4,199	)		85.00		10/16/20		(670	)
Guidewire Software, Inc, Put		4		(3,852	)		80.00		12/18/20		(850	)
Hartford Financial Services Group, Inc, Call		12		(3,041	)		50.00		09/18/20		(486	)
Hartford Financial Services Group, Inc, Put		12		(3,968	)		45.00		09/18/20		(9,150	)
Hasbro, Inc, Put		5		(5,585	)		72.50		10/16/20		(3,300	)
Hasbro, Inc, Put		4		(5,652	)		72.50		01/15/21		(3,760	)
Hess Corp, Put		8		(6,235	)		37.50		11/20/20		(2,196	)
Home Depot, Inc, Call		1		(1,298	)		260.00		01/15/21		(2,910	)
Home Depot, Inc, Call		3		(4,154	)		270.00		01/15/21		(3,960	)
Home Depot, Inc, Put		3		(1,644	)		205.00		08/21/20		(645	)
Humana, Inc, Call		3		(8,307	)		430.00		11/20/20		(5,085	)
Jazz Pharmaceuticals plc, Put		6		(6,285	)		105.00		11/20/20		(5,820	)
KB Home, Put		28		(1,423	)		25.00		07/17/20		(448	)
Keysight Technologies, Inc, Put		5		(1,249	)		82.50		08/21/20		(575	)
Keysight Technologies, Inc, Put		5		(830	)		85.00		08/21/20		(825	)
Kirby Corp, Put		20		(15,852	)		50.00		12/18/20		(11,400	)
Lululemon Athletica, Inc, Call		3		(14,856	)		310.00		12/18/20		(11,871	)
Lululemon Athletica, Inc, Call		8		(31,836	)		300.00		01/15/21		(38,160	)
Lululemon Athletica, Inc, Put		8		(22,003	)		260.00		01/15/21		(15,760	)
Lululemon Athletica, Inc, Put		8		(19,073	)		270.00		01/15/21		(19,000	)
M&T Bank Corp, Put		4		(7,976	)		110.00		10/16/20		(6,000	)
Mastercard, Inc, Call		2		(1,376	)		335.00		10/16/20		(1,150	)
Mastercard, Inc, Put		2		(3,778	)		260.00		10/16/20		(2,002	)
Motorola Solutions, Inc, Put		4		(512	)		135.00		07/17/20		(856	)
Motorola Solutions, Inc, Put		3		(2,162	)		110.00		10/16/20		(736	)

9

TIAA-CREF LIFE FUNDS - Growth & Income Fund

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Motorola Solutions, Inc, Put		10	$	(20,182	)	$	140.00		01/15/21	$	(14,450	)
Nektar Therapeutics, Put		20		(5,286	)		18.00		08/21/20		(1,000	)
Netflix, Inc, Call		3		(6,201	)		500.00		09/18/20		(5,754	)
Northrop Grumman Corp, Put		2		(2,873	)		280.00		11/20/20		(3,212	)
PVH Corp, Put		10		(14,749	)		55.00		01/15/21		(14,600	)
Roku, Inc, Put		7		(7,457	)		105.00		10/16/20		(8,050	)
Roku, Inc, Put		7		(13,866	)		95.00		10/16/20		(5,250	)
Strategic Education, Inc, Put		3		(5,521	)		135.00		08/21/20		(1,770	)
Teradata Corp, Put		37		(10,962	)		25.00		12/18/20		(20,720	)
Universal Display Corp, Put		4		(8,837	)		130.00		12/18/20		(5,100	)
Universal Health Services, Inc, Put		8		(16,415	)		115.00		12/18/20		(21,480	)
VF Corp, Put		11		(12,035	)		60.00		11/20/20		(8,140	)
Walt Disney Co, Put		3		(5,534	)		115.00		09/18/20		(2,838	)
World Wrestling Entertainment, Inc, Put		22		(11,125	)		30.00		10/16/20		(2,596	)
World Wrestling Entertainment, Inc, Put		16		(9,295	)		40.00		01/15/21		(8,480	)
Wynn Resorts Ltd, Put		5		(7,780	)		90.00		09/18/20		(9,915	)
Wynn Resorts Ltd, Put		5		(12,729	)		85.00		12/18/20		(10,400	)
Wynn Resorts Ltd, Put		10		(26,059	)		85.00		01/15/21		(22,300	)
Xilinx, Inc, Put		7		(4,655	)		77.50		01/15/21		(2,555	)
Zendesk, Inc, Put		11		(2,000	)		65.00		08/21/20		(825	)
Zimmer Biomet Holdings, Inc, Call		5		(3,433	)		145.00		09/18/20		(750	)
Zimmer Biomet Holdings, Inc, Put		5		(2,807	)		125.00		09/18/20		(6,175	)
Zscaler, Inc, Put		7		(1,473	)		80.00		08/21/20		(595	)
Zscaler, Inc, Put		6		(1,845	)		75.00		09/18/20		(1,140	)
Total		772	$	(725,842	)					$	(631,722	)

10

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

TIAA-CREF LIFE FUNDS

LARGE-CAP VALUE FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.2%
BANKS - 11.8%
76,000		Bank of America Corp	$	1,805,000
29,725		Citigroup, Inc		1,518,947
23,650		JPMorgan Chase & Co		2,224,519
5,350		PNC Financial Services Group, Inc		562,873
16,625		US Bancorp		612,133
14,575		Wells Fargo & Co		373,120
		TOTAL BANKS		7,096,592
CAPITAL GOODS - 11.6%
3,278		Allegion plc		335,077
800		Boeing Co		146,640
3,856		Caterpillar, Inc		487,784
5,591		Deere & Co		878,626
5,874		Dover Corp		567,194
5,784		Eaton Corp		505,984
8,050		Honeywell International, Inc		1,163,950
15,777		Masco Corp		792,163
3,856		Parker-Hannifin Corp		706,689
7,000	*	Raytheon Technologies Corp		431,340
1,798		Stanley Black & Decker, Inc		250,605
7,700		Trane Technologies plc		685,146
		TOTAL CAPITAL GOODS		6,951,198
CONSUMER DURABLES & APPAREL - 1.2%
223	*	NVR, Inc		726,701
		TOTAL CONSUMER DURABLES & APPAREL		726,701
CONSUMER SERVICES - 1.4%
4,400		Hilton Worldwide Holdings, Inc		323,180
2,700		McDonald’s Corp		498,069
		TOTAL CONSUMER SERVICES		821,249
DIVERSIFIED FINANCIALS - 3.4%
7,750		American Express Co		737,800
638		BlackRock, Inc		347,130
4,820		Goldman Sachs Group, Inc		952,528
		TOTAL DIVERSIFIED FINANCIALS		2,037,458
ENERGY - 4.6%
13,125		Chevron Corp		1,171,144
13,600		ConocoPhillips		571,472
9,500		EOG Resources, Inc		481,270
9,050		Valero Energy Corp		532,321
		TOTAL ENERGY		2,756,207
FOOD & STAPLES RETAILING - 1.7%
8,195		Walmart, Inc		981,597
		TOTAL FOOD & STAPLES RETAILING		981,597
FOOD, BEVERAGE & TOBACCO - 2.4%
12,700		Mondelez International, Inc		649,351
1,900		PepsiCo, Inc		251,294
7,750		Philip Morris International, Inc		542,965
		TOTAL FOOD, BEVERAGE & TOBACCO		1,443,610

11

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY	VALUE
HEALTH CARE EQUIPMENT & SERVICES - 8.6%
2,512		Abbott Laboratories	$	229,672
2,850		Anthem, Inc		749,493
4,100		Cigna Corp		769,365
11,275		CVS Health Corp		732,537
4,300		HCA Healthcare, Inc		417,358
6,700		Medtronic plc		614,390
2,775		UnitedHealth Group, Inc		818,486
6,800		Zimmer Biomet Holdings, Inc		811,648
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		5,142,949
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
7,200		Procter & Gamble Co		860,904
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		860,904
INSURANCE - 5.8%
21,500		American International Group, Inc		670,370
4,725	*	Berkshire Hathaway, Inc (Class B)		843,460
6,748		Chubb Ltd		854,432
7,905		Lincoln National Corp		290,825
4,801		Marsh & McLennan Cos, Inc		515,483
5,399		Prudential Financial, Inc		328,799
		TOTAL INSURANCE		3,503,369
MATERIALS - 4.4%
8,002		Ball Corp		556,059
14,943		Corteva, Inc		400,323
10,798	*	Crown Holdings, Inc		703,274
6,625		DuPont de Nemours, Inc		351,986
5,688		PPG Industries, Inc		603,269
		TOTAL MATERIALS		2,614,911
MEDIA & ENTERTAINMENT - 6.6%
600	*	Alphabet, Inc (Class C)		848,166
830	*	Charter Communications, Inc		423,333
33,750		Comcast Corp (Class A)		1,315,575
11,925		Walt Disney Co		1,329,757
		TOTAL MEDIA & ENTERTAINMENT		3,916,831
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
2,198		Amgen, Inc		518,420
10,605		Bristol-Myers Squibb Co		623,574
3,000		Gilead Sciences, Inc		230,820
13,050		Johnson & Johnson		1,835,222
7,809		Merck & Co, Inc		603,870
33,550		Pfizer, Inc		1,097,085
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4,908,991
REAL ESTATE - 1.5%
1,700		AvalonBay Communities, Inc		262,888
7,038		Prologis, Inc		656,856
		TOTAL REAL ESTATE		919,744
RETAILING - 2.2%
5,254		Home Depot, Inc		1,316,180
		TOTAL RETAILING		1,316,180
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.6%
4,000		Analog Devices, Inc		490,560
12,774		Applied Materials, Inc		772,188
24,500		Intel Corp		1,465,835
775		Lam Research Corp		250,681

12

TIAA-CREF LIFE FUNDS - Large-Cap Value Fund

SHARES		COMPANY						VALUE
10,605	*	Micron Technology, Inc						$	546,370
3,793		NXP Semiconductors NV							432,554
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							3,958,188
SOFTWARE & SERVICES - 3.8%
3,680		Accenture plc							790,170
5,500		Microsoft Corp							1,119,305
6,483		Oracle Corp							358,315
		TOTAL SOFTWARE & SERVICES							2,267,790
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
21,750		Cisco Systems, Inc							1,014,420
15,500		HP, Inc							270,165
9,014		TE Connectivity Ltd							735,092
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							2,019,677
TELECOMMUNICATION SERVICES - 2.3%
10,950		AT&T, Inc							331,018
4,116	*	T-Mobile US, Inc							428,681
11,550		Verizon Communications, Inc							636,752
		TOTAL TELECOMMUNICATION SERVICES							1,396,451
TRANSPORTATION - 2.3%
5,850		CSX Corp							407,979
5,900		Union Pacific Corp							997,513
		TOTAL TRANSPORTATION							1,405,492
UTILITIES - 4.1%
7,905		American Electric Power Co, Inc							629,554
19,000		Centerpoint Energy, Inc							354,730
6,122		Entergy Corp							574,305
18,462		FirstEnergy Corp							715,956
750		NextEra Energy, Inc							180,128
		TOTAL UTILITIES							2,454,673
		TOTAL COMMON STOCKS							59,500,762
		(Cost $53,767,272)
RIGHTS / WARRANTS - 0.0%
TELECOMMUNICATION SERVICES - 0.0%
2,175		T-Mobile US, Inc							366
		TOTAL TELECOMMUNICATION SERVICES							366
		TOTAL RIGHTS / WARRANTS							366
		(Cost $805)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.1%
REPURCHASE AGREEMENT - 1.1%
$670,000	r	Fixed Income Clearing Corp		0.070	%		07/01/20		670,000
		TOTAL REPURCHASE AGREEMENT							670,000
		TOTAL SHORT-TERM INVESTMENTS							670,000
		(Cost $670,000)
		TOTAL INVESTMENTS - 100.3% (Cost $54,438,077)							60,171,128
		OTHER ASSETS & LIABILITIES, NET - (0.3)%							(171,272	)
		NET ASSETS - 100.0%						$	59,999,856

* Non-income producing

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $670,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $683,512.

13

TIAA-CREF LIFE FUNDS – Real Estate Securities Fund

TIAA-CREF LIFE FUNDS

REAL ESTATE SECURITIES FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.4%
ASSET MANAGEMENT & CUSTODY BANKS - 0.8%
10,000		Blackstone Group, Inc	$	566,600
		TOTAL ASSET MANAGEMENT & CUSTODY BANKS		566,600
CASINOS & GAMING - 0.9%
5,000		Las Vegas Sands Corp		227,700
15,000		MGM Resorts International		252,000
2,500		Wynn Resorts Ltd		186,225
		TOTAL CASINOS & GAMING		665,925
DIVERSIFIED REITS - 0.7%
3,000		Essential Properties Realty Trust, Inc		44,520
15,000		STORE Capital Corp		357,150
1,245		WP Carey, Inc		84,224
		TOTAL DIVERSIFIED REITS		485,894
HEALTH CARE REITS - 7.9%
10,000		Healthcare Trust of America, Inc		265,200
55,000		Healthpeak Properties Inc		1,515,800
12,000		Medical Properties Trust, Inc		225,600
15,000		Omega Healthcare Investors, Inc		445,950
26,000		Sabra Healthcare REIT, Inc		375,180
33,000		Ventas, Inc		1,208,460
35,000		Welltower, Inc		1,811,250
		TOTAL HEALTH CARE REITS		5,847,440
HOTEL & RESORT REITS - 1.7%
27,000		Host Hotels and Resorts, Inc		291,330
18,000		MGM Growth Properties LLC		489,780
40,000		Park Hotels & Resorts, Inc		395,600
6,000		Pebblebrook Hotel Trust		81,960
		TOTAL HOTEL & RESORT REITS		1,258,670
HOTELS, RESORTS & CRUISE LINES - 0.5%
3,000		Hilton Worldwide Holdings, Inc		220,350
2,000		Marriott International, Inc (Class A)		171,460
		TOTAL HOTELS, RESORTS & CRUISE LINES		391,810
INDUSTRIAL REITS - 15.6%
25,000		Americold Realty Trust		907,500
25,000		Duke Realty Corp		884,750
5,500		EastGroup Properties, Inc		652,355
59,000		Prologis, Inc		5,506,470
60,000		Rexford Industrial Realty, Inc		2,485,800
22,000		Terreno Realty Corp		1,158,080
		TOTAL INDUSTRIAL REITS		11,594,955
INTERNET SERVICES & INFRASTRUCTURE - 2.5%
13,000	*	GDS Holdings Ltd (ADR)		1,035,580
60,000	*	Megaport Ltd		504,639
50,000	*	NEXTDC Ltd		343,912
		TOTAL INTERNET SERVICES & INFRASTRUCTURE		1,884,131
OFFICE REITS - 6.1%
12,500		Alexandria Real Estate Equities, Inc		2,028,125
11,000		Boston Properties, Inc		994,180
6,000		Highwoods Properties, Inc		223,980
7,500		Kilroy Realty Corp		440,250
9,000		SL Green Realty Corp		443,610
10,000		Vornado Realty Trust		382,100
		TOTAL OFFICE REITS		4,512,245

14

TIAA-CREF LIFE FUNDS – Real Estate Securities Fund

SHARES		COMPANY						VALUE
RESIDENTIAL REITS - 19.4%
47,000		American Homes 4 Rent						$	1,264,300
8,000		AvalonBay Communities, Inc							1,237,120
5,000		Camden Property Trust							456,100
45,000		Equity Lifestyle Properties, Inc							2,811,600
22,000		Equity Residential							1,294,040
2,500		Essex Property Trust, Inc							572,925
85,000		Invitation Homes, Inc							2,340,050
13,000		Mid-America Apartment Communities, Inc							1,490,710
22,000		Sun Communities, Inc							2,984,960
		TOTAL RESIDENTIAL REITS							14,451,805
RETAIL REITS - 7.0%
13,000		Agree Realty Corp							854,230
6,000		Brixmor Property Group, Inc							76,920
10,000		Macerich Co							89,700
21,000		Realty Income Corp							1,249,500
25,000		Regency Centers Corp							1,147,250
19,000		Simon Property Group, Inc							1,299,220
24,000		SITE Centers Corp							194,400
4,500		Spirit Realty Capital, Inc							156,870
3,000		Taubman Centers, Inc							113,280
		TOTAL RETAIL REITS							5,181,370
SPECIALIZED REITS - 36.3%
30,000		American Tower Corp							7,756,200
22,500		Crown Castle International Corp							3,765,375
7,500		CyrusOne, Inc							545,625
14,000		Digital Realty Trust, Inc							1,989,540
7,000		Equinix, Inc							4,916,100
8,000		Extra Space Storage, Inc							738,960
30,367		Gaming and Leisure Properties, Inc							1,050,698
4,000		Lamar Advertising Co							267,040
8,000		Outfront Media, Inc							113,360
7,000		Public Storage, Inc							1,343,230
4,000		QTS Realty Trust, Inc							256,360
8,000		SBA Communications Corp							2,383,360
12,000		Uniti Group, Inc							112,200
55,000		VICI Properties, Inc							1,110,450
34,000		Weyerhaeuser Co							763,640
		TOTAL SPECIALIZED REITS							27,112,138
		TOTAL COMMON STOCKS							73,952,983
		(Cost $51,027,308)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.9%
REPURCHASE AGREEMENT - 0.9%
$650,000	r	Fixed Income Clearing Corp		0.070	%		07/01/20		650,000
		TOTAL REPURCHASE AGREEMENT							650,000
		TOTAL SHORT-TERM INVESTMENTS							650,000
		(Cost $650,000)
		TOTAL INVESTMENTS - 100.3% (Cost $51,677,308)							74,602,983
		OTHER ASSETS & LIABILITIES, NET - (0.3)%							(191,262	)
		NET ASSETS - 100.0%						$	74,411,721

Abbreviation(s):

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $650,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $663,020.

15

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

TIAA-CREF LIFE FUNDS

SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

SHARES		COMPANY	VALUE
COMMON STOCKS - 96.4%
AUTOMOBILES & COMPONENTS - 0.9%
9,260	*	Adient plc	$	152,049
1,100	*	Gentherm, Inc		42,790
15,880		Goodyear Tire & Rubber Co		142,047
2,920	*	Stoneridge, Inc		60,327
		TOTAL AUTOMOBILES & COMPONENTS		397,213
BANKS - 9.7%
1,260		Amalgamated Bank		15,927
4,456	*	Axos Financial, Inc		98,389
5,422		Bank of NT Butterfield & Son Ltd		132,243
2,398		Cadence BanCorp		21,246
5,854		Cathay General Bancorp		153,960
3,570		Central Pacific Financial Corp		57,227
3,062		ConnectOne Bancorp, Inc		49,360
4,463	*	Customers Bancorp, Inc		53,645
6,651		Essent Group Ltd		241,232
1,954		Federal Agricultural Mortgage Corp		125,076
1,662		First Bancorp		41,683
3,800		First Financial Bancorp		52,782
1,595		First Merchants Corp		43,974
6,740		First Midwest Bancorp, Inc		89,979
4,010		Flagstar Bancorp, Inc		118,014
3,287		Glacier Bancorp, Inc		115,998
4,399		Great Western Bancorp, Inc		60,530
3,030		Heritage Commerce Corp		22,740
7,356		Hilltop Holdings, Inc		135,718
3,270		Horizon Bancorp		34,956
3,244		IBERIABANK Corp		147,732
1,804		Independent Bank Corp		26,790
3,760		Independent Bank Group, Inc		152,355
24,870		Investors Bancorp, Inc		211,395
4,400		Kearny Financial Corp		35,992
2,839		Lakeland Bancorp, Inc		32,450
500		Lakeland Financial Corp		23,295
5,037		Meta Financial Group, Inc		91,522
11,026	*	Mr Cooper Group, Inc		137,164
4,160		National Bank Holdings Corp		112,320
4,549	*	NMI Holdings, Inc		73,148
4,235		OceanFirst Financial Corp		74,663
9,755		OFG Bancorp		130,424
5,670		Pacific Premier Bancorp, Inc		122,926
690		Peapack Gladstone Financial Corp		12,924
4,333		PennyMac Financial Services, Inc		181,076
3,664		Premier Financial Corp		64,743
884		QCR Holdings, Inc		27,563
15,457		Radian Group, Inc		239,738
1,185		Sandy Spring Bancorp, Inc		29,364
8,140		Simmons First National Corp (Class A)		139,275
726		South State Corp		34,601
6,920	*	The Bancorp, Inc		67,816
3,610	*	Tristate Capital Holdings, Inc		56,713
1,599		United Bankshares, Inc		44,228
13,443		United Community Banks, Inc		270,473
2,957		Walker & Dunlop, Inc		150,245
		TOTAL BANKS		4,355,614

16

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
CAPITAL GOODS - 10.5%
5,182		Advanced Drainage Systems, Inc	$	255,991
1,206	*	Aerojet Rocketdyne Holdings, Inc		47,806
1,330	*	Aerovironment, Inc		105,908
2,155		Arcosa, Inc		90,941
7,818	*	Atkore International Group, Inc		213,822
890	*	Axon Enterprise, Inc		87,336
3,116		AZZ, Inc		106,941
7,677	*	BMC Stock Holdings, Inc		193,000
8,178	*	Builders FirstSource, Inc		169,285
1,660	*	Chart Industries, Inc		80,493
2,849		Columbus McKinnon Corp		95,299
7,901		Comfort Systems USA, Inc		321,966
1,308		CSW Industrials, Inc		90,396
4,390		EMCOR Group, Inc		290,355
2,567		EnPro Industries, Inc		126,527
9,090	*	Evoqua Water Technologies Corp		169,074
6,691		Federal Signal Corp		198,923
4,142	*	Foundation Building Materials, Inc		64,657
3,699	*	Gibraltar Industries, Inc		177,589
6,421	*	GMS, Inc		157,892
8,720	*	Great Lakes Dredge & Dock Corp		80,747
1,980		Insteel Industries, Inc		37,759
2,586	*	Mastec, Inc		116,034
1,510	*	Mercury Systems, Inc		118,777
5,182		Mueller Industries, Inc		137,738
4,818	*	Parsons Corp		174,604
11,760	*	Plug Power, Inc		96,550
750		Powell Industries, Inc		20,542
1,520	*	RBC Bearings, Inc		203,741
13,455		Rexnord Corp		392,213
4,980		Shyft Group, Inc		83,863
2,090	*	SPX Corp		86,003
1,888	*	Vectrus, Inc		92,757
		TOTAL CAPITAL GOODS		4,685,529
COMMERCIAL & PROFESSIONAL SERVICES - 3.4%
4,373	*	CBIZ, Inc		104,821
956		CRA International, Inc		37,762
2,240		Ennis, Inc		40,634
5,103		Exponent, Inc		412,986
1,650	*	Franklin Covey Co		35,310
7,310		Healthcare Services Group		178,803
2,373		Heidrick & Struggles International, Inc		51,304
2,050	*	Huron Consulting Group, Inc		90,712
780		ICF International, Inc		50,567
2,628		Kforce, Inc		76,869
1,200		McGrath RentCorp		64,812
4,270	*	Precigen, Inc		21,111
777		Tetra Tech, Inc		61,476
5,110	*	TriNet Group, Inc		311,403
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,538,570
CONSUMER DURABLES & APPAREL - 4.0%
4,266	*	Century Communities, Inc		130,795
3,610	*	CROCS, Inc		132,920
1,160	*	Deckers Outdoor Corp		227,812
1,986	*	Installed Building Products, Inc		136,597
550		Johnson Outdoors, Inc		50,061
3,185		La-Z-Boy, Inc		86,186
4,680	*	Purple Innovation, Inc		84,240
6,394	*	Skyline Champion Corp		155,630
10,965	*	Sonos, Inc		160,418
1,370		Sturm Ruger & Co, Inc		104,120

17

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
5,820	*	Taylor Morrison Home Corp	$	112,268
8,582	*	TRI Pointe Homes, Inc		126,070
6,230	*	YETI Holdings, Inc		266,208
		TOTAL CONSUMER DURABLES & APPAREL		1,773,325
CONSUMER SERVICES - 3.0%
6,136	*	Adtalem Global Education, Inc		191,136
2,190	*	American Public Education, Inc		64,824
4,010		BBX Capital Corp		10,185
198	*	Biglari Holdings, Inc (B Shares)		13,658
1,360		Carriage Services, Inc		24,643
2,250	*	Chegg, Inc		151,335
3,570	*	Chuy’s Holdings, Inc		53,122
712		Collectors Universe		24,407
4,421	*	Denny’s Corp		44,652
3,330	*	GAN Ltd		84,749
4,629	*	K12, Inc		126,094
10,420	*	Laureate Education, Inc		103,835
6,930	*	Noodles & Co		41,927
9,559	*	Perdoceo Education Corp		152,275
2,330	*	Select Interior Concepts Inc		8,155
2,501		Texas Roadhouse, Inc (Class A)		131,478
1,900		Twin River Worldwide Holdings Inc		42,351
3,930	*	WW International Inc		99,743
		TOTAL CONSUMER SERVICES		1,368,569
DIVERSIFIED FINANCIALS - 3.0%
1,770		Ares Management Corp		70,269
6,358	*	Blucora, Inc		72,609
10,918		Brightsphere Investment Group, Inc		136,038
3,410	*	Cannae Holdings, Inc		140,151
14,560		Chimera Investment Corp		139,922
8,350		Colony Credit Real Estate, Inc		58,617
5,023		Cowen Group, Inc		81,423
763		Curo Group Holdings Corp		6,260
2,237	*	Encore Capital Group, Inc		76,461
4,400	*	Enova International, Inc		65,428
960		Hamilton Lane, Inc		64,675
4,326		Invesco Mortgage Capital, Inc		16,179
1,400		Piper Jaffray Cos		82,824
2,828		Sculptor Capital Management, Inc		36,566
6,312		Stifel Financial Corp		299,378
		TOTAL DIVERSIFIED FINANCIALS		1,346,800
ENERGY - 2.4%
20,480	*	Antero Resources Corp		52,019
9,633		Berry Petroleum Co LLC		46,527
7,770		Brigham Minerals, Inc		95,960
4,781		Delek US Holdings, Inc		83,237
9,820	*	Green Plains Inc		100,311
32,620		Kosmos Energy Ltd		54,149
30,563	*	NexTier Oilfield Solutions, Inc		74,879
9,300	*	Oceaneering International, Inc		59,427
9,675	*	Par Pacific Holdings, Inc		86,978
14,220		Patterson-UTI Energy, Inc		49,344
5,530		PBF Energy, Inc		56,627
14,800	*	ProPetro Holding Corp		76,072
4,315	*,e	Renewable Energy Group, Inc		106,926
17,940	*	Southwestern Energy Co		45,927
3,376		World Fuel Services Corp		86,966
		TOTAL ENERGY		1,075,349
FOOD & STAPLES RETAILING - 0.6%
3,952		Andersons, Inc		54,380

18

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
2,373		Natural Grocers by Vitamin C	$	35,310
4,604	*	Performance Food Group Co		134,161
1,954	*	Rite Aid Corp		33,232
		TOTAL FOOD & STAPLES RETAILING		257,083
FOOD, BEVERAGE & TOBACCO - 1.6%
2,280	e	B&G Foods, Inc (Class A)		55,586
335	*	Boston Beer Co, Inc (Class A)		179,778
2,344		Calavo Growers, Inc		147,461
637	*	Celsius Holdings, Inc		7,440
8,762	*	Hostess Brands, Inc		107,071
425		Lancaster Colony Corp		65,871
8,714	*	Simply Good Foods Co		161,906
		TOTAL FOOD, BEVERAGE & TOBACCO		725,113
HEALTH CARE EQUIPMENT & SERVICES - 6.6%
690	*	Addus HomeCare Corp		63,866
4,005	*	Angiodynamics, Inc		40,731
3,145	*	AtriCure, Inc		141,368
27,780	*	Brookdale Senior Living, Inc		81,951
2,100	*	Co-Diagnostics, Inc		40,255
3,011		Conmed Corp		216,762
3,880	*	Covetrus, Inc		69,413
1,190		Ensign Group, Inc		49,801
1,890	*	Globus Medical, Inc		90,172
2,484	*	HealthStream, Inc		54,971
9,618	*	HMS Holdings Corp		311,527
8,655	*	Inovalon Holdings, Inc		166,695
2,314	*	Integer Holding Corp		169,038
9,191	*	Lantheus Holdings, Inc		131,431
2,724	*	LivaNova plc		131,106
1,698	*	Magellan Health Services, Inc		123,920
7,260	*	Meridian Bioscience, Inc		169,085
2,200	*	Natus Medical, Inc		48,004
2,678	*	NuVasive, Inc		149,057
4,065	*	Orthofix Medical Inc		130,080
4,375		Patterson Cos, Inc		96,250
2,658	*	Pennant Group, Inc		60,071
14,730	*	R1 RCM, Inc		164,240
9,164	*	Select Medical Holdings Corp		134,986
690	*	Teladoc, Inc		131,680
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		2,966,460
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
5,010	*	BellRing Brands, Inc		99,899
8,392	*	elf Beauty, Inc		160,035
1,500	*	Lifevantage Corp		20,280
1,990		Reynolds Consumer Products Inc		69,133
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		349,347
INSURANCE - 1.7%
5,220		American Equity Investment Life Holding Co		128,986
3,075		Amerisafe, Inc		188,067
1,900	*	Benefytt Technologies, Inc		38,874
1,240		Fidelity National Financial Inc		38,018
2,414		Heritage Insurance Holdings, Inc		31,599
1,995		James River Group Holdings Ltd		89,775
4,080		National General Holdings Corp		88,169
8,972	*	Third Point Reinsurance Ltd		67,380
1,780		United Insurance Holdings Corp		13,920
4,806		Universal Insurance Holdings, Inc		85,306
		TOTAL INSURANCE		770,094

19

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
MATERIALS - 4.4%
6,585		Boise Cascade Co	$	247,662
14,460		Commercial Metals Co		294,984
10,700	*,†	Ferroglobe plc		0
1,138		Innospec, Inc		87,910
3,144		Materion Corp		193,325
3,360		Myers Industries, Inc		48,888
980		Olympic Steel, Inc		11,515
4,011		PH Glatfelter Co		64,377
8,643		PolyOne Corp		226,706
3,350		Schnitzer Steel Industries, Inc (Class A)		59,094
3,300		Sensient Technologies Corp		172,128
1,945		Stepan Co		188,859
11,993	*	Summit Materials, Inc		192,847
5,450		Trinseo S.A.		120,772
2,525	*	US Concrete, Inc		62,620
		TOTAL MATERIALS		1,971,687
MEDIA & ENTERTAINMENT - 1.0%
14	*	Black Diamond Therapeutics, Inc		590
1,240	*	Cardlytics, Inc		86,775
1,704	*	Cargurus, Inc		43,196
5,570		Cinemark Holdings, Inc		64,334
4,129	*	Liberty Braves Group (Class C)		81,506
3,728	*	TechTarget, Inc		111,952
5,650	*	WideOpenWest, Inc		29,776
2,145	*	Yelp, Inc		49,614
		TOTAL MEDIA & ENTERTAINMENT		467,743
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.5%
2,200	*	Acadia Pharmaceuticals, Inc		106,634
6,620	*	Adamas Pharmaceuticals, Inc		16,947
8,170	*	Affimed NV		37,705
9,608	*	Akebia Therapeutics, Inc		130,477
1,920	*	Allogene Therapeutics, Inc		82,214
14,578	*	Amicus Therapeutics, Inc		219,836
1,460	*	Arcus Biosciences, Inc		36,120
93	*	Arcutis Biotherapeutics, Inc		2,812
1,540	*	Arena Pharmaceuticals, Inc		96,943
4,150	*	Arrowhead Pharmaceuticals Inc		179,238
2,830	*	Arvinas, Inc		94,918
3,150	*	Assembly Biosciences, Inc		73,458
1,120	*	Axsome Therapeutics, Inc		92,154
94	*	Beam Therapeutics, Inc		2,632
18,932	*	BioDelivery Sciences International, Inc		82,544
1,190	*	Biohaven Pharmaceutical Holding Co Ltd		87,001
1,820	*	Bioxcel Therapeutics Inc		96,478
1,910	*	Blueprint Medicines Corp		148,980
4,174	*	Cara Therapeutics, Inc		71,375
3,663	*	CareDx, Inc		129,780
2,720	*	ChemoCentryx, Inc		156,509
5,130	*	Chiasma, Inc		27,599
3,621	*	Concert Pharmaceuticals, Inc		36,029
9,250	*,e	Corbus Pharmaceuticals Holdings, Inc		77,607
3,170	*	Corcept Therapeutics, Inc		53,319
7,245	*	CytomX Therapeutics, Inc		60,351
2,360	*	Fate Therapeutics, Inc		80,972
13,320	*	Fluidigm Corp		53,413
1,800	*	Harpoon Therapeutics, Inc		29,880
6,680	*	Heron Therapeutics, Inc		98,263
1,700	*	Immunovant, Inc		41,758
4,440	*	Inovio Pharmaceuticals, Inc		119,658
2,690	*	Intellia Therapeutics, Inc		56,544
6,163	*	Intersect ENT, Inc		83,447

20

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
3,360	*	Intra-Cellular Therapies, Inc	$	86,251
2,170	*,e	Invitae Corp		65,729
2,350	*	Iovance Biotherapeutics, Inc		64,508
11,220	*	Ironwood Pharmaceuticals, Inc		115,790
22,410	*	Kadmon Holdings, Inc		114,739
1,860	*,e	Kala Pharmaceuticals, Inc		19,549
3,910	*	Kiniksa Pharmaceuticals Ltd		99,627
5,975	*	Kura Oncology, Inc		97,393
4,240	*	MacroGenics, Inc		118,381
14,249	*	MEI Pharma, Inc		58,848
4,290	*	Mersana Therapeutics, Inc		100,386
3,370	*	Momenta Pharmaceuticals, Inc		112,120
3,390	*	NanoString Technologies, Inc		99,497
4,826	*	Natera, Inc		240,624
195	*	NeoGenomics, Inc		6,041
700	*	Neoleukin Therapeutics, Inc		11,326
1,990	*	Novavax, Inc		165,867
5,421	*	Omeros Corp		79,797
28	*	Passage Bio, Inc		765
4,285		Phibro Animal Health Corp		112,567
4,475	*	Puma Biotechnology, Inc		46,674
2,391	*	Quanterix Corp		65,489
590	*	Reata Pharmaceuticals, Inc		92,052
1,676	*	Replimune Group, Inc		41,649
7,947	*	Retrophin, Inc		162,198
43	*	REVOLUTION Medicines, Inc		1,358
4,130	*	Rocket Pharmaceuticals, Inc		86,441
94	*	Schrodinger, Inc		8,608
2,743	*	Sorrento Therapeutics, Inc		16,673
2,720	*	Twist Bioscience Corp		123,216
1,440	*	Ultragenyx Pharmaceutical, Inc		112,637
2,920	*,e	UroGen Pharma Ltd		76,270
4,887	*	Voyager Therapeutics, Inc		61,674
5,150	*	Zogenix, Inc		139,102
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,567,441
REAL ESTATE - 6.7%
4,190		Acadia Realty Trust		54,386
4,844		American Assets Trust, Inc		134,857
6,790		Armada Hoffler Properties, Inc		67,561
4,198		Bluerock Residential Growth REIT, Inc		33,920
36,640		Colony Capital, Inc		87,936
18,888		Diversified Healthcare Trust		83,580
3,371		EastGroup Properties, Inc		399,834
4,638		First Industrial Realty Trust, Inc		178,285
15,016		Geo Group, Inc		177,639
8,270		Global Net Lease, Inc		138,357
6,450		Independence Realty Trust, Inc		74,111
7,957		National Storage Affiliates Trust		228,048
11,243		Newmark Group, Inc		54,641
2,090		Office Properties Income Trust		54,277
11,548		Piedmont Office Realty Trust, Inc		191,812
2,661		PS Business Parks, Inc		352,316
900		QTS Realty Trust, Inc		57,681
11,940		Retail Properties of America, Inc		87,401
2,190		RMR Group, Inc		64,539
2,351		Saul Centers, Inc		75,867
9,376		STAG Industrial, Inc		274,904
6,400		Summit Hotel Properties, Inc		37,952
7,840		Uniti Group, Inc		73,304
		TOTAL REAL ESTATE		2,983,208
RETAILING - 4.3%
6,345	*	1-800-FLOWERS.COM, Inc (Class A)		127,027
2,509		Aaron’s, Inc		113,909

21

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY	VALUE
8,260		Bed Bath & Beyond, Inc	$	87,556
10,503	*	BJ’s Wholesale Club Holdings, Inc		391,447
3,450		Chico’s FAS, Inc		4,761
9,030	*	Conn’s, Inc		91,113
6,183	*	Hibbett Sports, Inc		129,472
3,220	*	Lands’ End, Inc		25,889
420	*	Murphy USA, Inc		47,288
10,999		Rent-A-Center, Inc		305,992
1,204		Shoe Carnival, Inc		35,241
4,823	*	Sleep Number Corp		200,830
6,302	*	Sportsman’s Warehouse Holdings, Inc		89,803
935	*	Stamps.com, Inc		171,750
3,906	*	Zumiez, Inc		106,946
		TOTAL RETAILING		1,929,024
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
3,970	*	Axcelis Technologies, Inc		110,564
2,871		Brooks Automation, Inc		127,013
8,835	*	Formfactor, Inc		259,131
1,136	*	Inphi Corp		133,480
7,722	*	Lattice Semiconductor Corp		219,228
14,431	*	NeoPhotonics Corp Ltd		128,147
330		NVE Corp		20,404
2,930	*	PDF Solutions, Inc		57,311
19,396	*	Rambus, Inc		294,819
820	*	Silicon Laboratories, Inc		82,221
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,432,318
SOFTWARE & SERVICES - 7.3%
4,650	*	ACI Worldwide, Inc		125,503
3,610	*	Benefitfocus, Inc		38,844
1,705	*	Bottomline Technologies, Inc		86,563
4,260	*	Box, Inc		88,438
11,180	*	Cloudera, Inc		142,210
4,200	*	Commvault Systems, Inc		162,540
18,840	*	Digital Turbine, Inc		236,819
2,471	*	Envestnet, Inc		181,717
810	*	Everbridge, Inc		112,072
3,869		Mantech International Corp (Class A)		264,988
2,348		NIC, Inc		53,910
13,287		Perspecta, Inc		308,657
5,018		Progress Software Corp		194,447
1,155	*	Rapid7, Inc		58,928
2,385		Science Applications International Corp		185,267
1,040	*	SecureWorks Corp		11,887
4,607	*,d	SPS Commerce, Inc		346,078
5,966	*	Tenable Holdings, Inc		177,846
4,928	*	Upland Software, Inc		171,297
7,020	*	Upwork, Inc		101,369
4,578	*	Workiva, Inc		244,877
		TOTAL SOFTWARE & SERVICES		3,294,257
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
3,622	*	Agilysys, Inc		64,979
2,256		Comtech Telecommunications Corp		38,104
1,210	*	ePlus, Inc		85,523
17,742	*	Extreme Networks, Inc		77,000
5,160	*	Fitbit, Inc		33,334
4,353	*	Insight Enterprises, Inc		214,168
1,530	*	Lumentum Holdings, Inc		124,588
2,269	*	OSI Systems, Inc		169,358
4,480		Plantronics, Inc		65,766
5,340	*	Ribbon Communications, Inc		20,986
8,821	*	Sanmina Corp		220,878

22

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

SHARES		COMPANY						VALUE
780	*	Tech Data Corp						$	113,100
6,306	*	TTM Technologies, Inc							74,789
12,390	*	Viavi Solutions, Inc							157,849
906	*	Vishay Precision Group, Inc							22,269
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,482,691
TELECOMMUNICATION SERVICES - 0.8%
6,210	*	Boingo Wireless, Inc							82,717
2,367	*	Cincinnati Bell, Inc							35,150
530		Cogent Communications Group, Inc							41,001
5,720	*	Liberty Latin America Ltd (Class A)							55,598
2,070		Spok Holdings, Inc							19,355
12,680	*	Vonage Holdings Corp							127,561
		TOTAL TELECOMMUNICATION SERVICES							361,382
TRANSPORTATION - 1.6%
3,031		ArcBest Corp							80,352
4,530	*	Avis Budget Group, Inc							103,692
2,381		Forward Air Corp							118,621
7,443		Heartland Express, Inc							154,963
4,671	*	Hub Group, Inc (Class A)							223,554
1,284		Marten Transport Ltd							32,306
3,580	*	Radiant Logistics, Inc							14,069
		TOTAL TRANSPORTATION							727,557
UTILITIES - 3.1%
6,919		Avista Corp							251,783
2,058		Black Hills Corp							116,606
4,057		Clearway Energy, Inc (Class A)							85,075
460		Northwest Natural Holding Co							25,663
3,610		NorthWestern Corp							196,817
6,813		Portland General Electric Co							284,852
2,490		South Jersey Industries, Inc							62,225
1,730		Southwest Gas Holdings Inc							119,457
3,627		Spire, Inc							238,330
		TOTAL UTILITIES							1,380,808
		TOTAL COMMON STOCKS							43,207,182
		(Cost $42,219,338)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 4.1%
REPURCHASE AGREEMENT - 3.5%
$1,590,000	r	Fixed Income Clearing Corp		0.070	%		07/01/20		1,590,000
		TOTAL REPURCHASE AGREEMENT							1,590,000
SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%
252,290	c	State Street Navigator Securities Lending Government Money Market Portfolio							252,290
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES							252,290
		TOTAL SHORT-TERM INVESTMENTS							1,842,290
		(Cost $1,842,290)
		TOTAL INVESTMENTS - 100.5%							45,049,472
		(Cost $44,061,628)
		OTHER ASSETS & LIABILITIES, NET - (0.5)%							(214,126	)
		NET ASSETS - 100.0%						$	44,835,346

Abbreviation(s):

REIT Real Estate Investment Trust

23

TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund

* 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 $360,209.

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $1,590,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $1,621,891.

Futures contracts outstanding as of June 30, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		21	09/18/20	$	1,523,235	$	1,509,480	$	(13,755	)

24

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

TIAA-CREF LIFE FUNDS

SOCIAL CHOICE EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 1.0%
768		Aptiv plc	$	59,843
114		BorgWarner, Inc		4,024
1,215	*	Tenneco, Inc		9,186
540	*	Tesla, Inc		583,097
		TOTAL AUTOMOBILES & COMPONENTS		656,150
BANKS - 2.8%
242		Ameris Bancorp		5,709
746		Associated Banc-Corp		10,205
6,993		Bank of New York Mellon Corp		270,279
564		Bank OZK		13,237
618		Berkshire Hills Bancorp, Inc		6,810
126		Camden National Corp		4,352
6,332		Citizens Financial Group, Inc		159,820
1,588		Comerica, Inc		60,503
18		Commerce Bancshares, Inc		1,070
69		Cullen/Frost Bankers, Inc		5,155
710	*	Customers Bancorp, Inc		8,534
94	*	Equity Bancshares, Inc		1,639
208		Federal Agricultural Mortgage Corp		13,314
577		First Republic Bank		61,156
693		Great Western Bancorp, Inc		9,536
664		Hanmi Financial Corp		6,447
244		Heritage Financial Corp		4,880
381		HomeStreet, Inc		9,376
251		HomeTrust Bancshares, Inc		4,016
3,317		Huntington Bancshares, Inc		29,969
1,508		Investors Bancorp, Inc		12,818
1,081		Kearny Financial Corp		8,843
3,899		Keycorp		47,490
329		Live Oak Bancshares, Inc		4,774
1,198		M&T Bank Corp		124,556
528		MGIC Investment Corp		4,324
180	*	Mr Cooper Group, Inc		2,239
333		National Bank Holdings Corp		8,991
6,674		New York Community Bancorp, Inc		68,075
479		Northfield Bancorp, Inc		5,518
145		Old National Bancorp		1,995
1,908		People’s United Financial, Inc		22,076
615		Pinnacle Financial Partners, Inc		25,824
3,588		PNC Financial Services Group, Inc		377,494
9,834		Regions Financial Corp		109,354
47		Signature Bank		5,025
130		Stock Yards Bancorp, Inc		5,226
262	*	SVB Financial Group		56,469
102		TFS Financial Corp		1,460
567	*	The Bancorp, Inc		5,557
538	*	Tristate Capital Holdings, Inc		8,452
7,137		Truist Financial Corp		267,994
50		UMB Financial Corp		2,578
102		United Bankshares, Inc		2,821
182		Univest Financial Corp		2,938
107		Webster Financial Corp		3,061
280		WesBanco, Inc		5,687
49		Westamerica Bancorporation		2,814
604		Zions Bancorporation		20,536
		TOTAL BANKS		1,900,996

25

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
CAPITAL GOODS - 5.4%
2,945		3M Co	$	459,391
146	*	Aegion Corp		2,317
518	*	Astronics Corp		5,470
1,174	*	Axon Enterprise, Inc		115,205
711		Barnes Group, Inc		28,127
1,964	*	Bloom Energy Corp		21,368
223		Carlisle Cos, Inc		26,686
2,599		Caterpillar, Inc		328,773
540		Cubic Corp		25,936
507		Cummins, Inc		87,843
1,036		Curtiss-Wright Corp		92,494
1,380		Deere & Co		216,867
2,411		Eaton Corp		210,914
1,689		Fastenal Co		72,357
1,380		Fortive Corp		93,371
267	*	Herc Holdings, Inc		8,205
1,838		Hexcel Corp		83,114
27		IDEX Corp		4,267
2,193		Illinois Tool Works, Inc		383,446
4,469		Johnson Controls International plc		152,572
2,353		Masco Corp		118,144
1,299	*	Mercury Systems, Inc		102,179
302		Moog, Inc (Class A)		16,000
32		Owens Corning, Inc		1,784
758		PACCAR, Inc		56,736
647		Parker-Hannifin Corp		118,576
326	*,e	Plug Power, Inc		2,676
87		Quanta Services, Inc		3,413
538		Rockwell Automation, Inc		114,594
518		Roper Technologies Inc		201,119
116		Snap-On, Inc		16,067
251	*	Sunrun, Inc		4,950
508	*	Teledyne Technologies, Inc		157,963
972		Trane Technologies plc		86,489
208	*	Trimas Corp		4,982
404	*	United Rentals, Inc		60,212
91	*	Vectrus, Inc		4,471
186		W.W. Grainger, Inc		58,434
31	*	WESCO International, Inc		1,088
484		Woodward Inc		37,534
475		Xylem, Inc		30,856
		TOTAL CAPITAL GOODS		3,616,990
COMMERCIAL & PROFESSIONAL SERVICES - 1.5%
590		ACCO Brands Corp		4,189
188		Cintas Corp		50,076
1,918	*	Copart, Inc		159,712
165	*	FTI Consulting, Inc		18,901
112		Heidrick & Struggles International, Inc		2,421
164	*	Huron Consulting Group, Inc		7,257
34		ICF International, Inc		2,204
3,676		IHS Markit Ltd		277,538
478		Kelly Services, Inc (Class A)		7,560
902		Nielsen NV		13,404
138		Resources Connection, Inc		1,652
788		Robert Half International, Inc		41,630
1,708		TransUnion		148,664
177		Verisk Analytics, Inc		30,125
437		Viad Corp		8,449
1,996		Waste Management, Inc		211,396
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		985,178
CONSUMER DURABLES & APPAREL - 1.4%
200		Callaway Golf Co		3,502
215	*	Century Communities, Inc		6,592

26

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
10		Columbia Sportswear Co	$	806
643		DR Horton, Inc		35,654
468		Ethan Allen Interiors, Inc		5,536
74		Garmin Ltd		7,215
447	*	Green Brick Partners, Inc		5,297
13		Hasbro, Inc		974
325	*	iRobot Corp		27,267
495		Lennar Corp (Class A)		30,502
371	*	Lululemon Athletica, Inc		115,756
255	*	Mohawk Industries, Inc		25,949
144		Newell Brands Inc		2,287
5,438		Nike, Inc (Class B)		533,196
29	*	NVR, Inc		94,504
1,740	*	Sonos, Inc		25,456
841		VF Corp		51,251
		TOTAL CONSUMER DURABLES & APPAREL		971,744
CONSUMER SERVICES - 2.3%
389	*	American Public Education, Inc		11,514
464	*	Bright Horizons Family Solutions		54,381
356		Carriage Services, Inc		6,451
521		Darden Restaurants, Inc		39,476
1,161	e	Dave & Buster’s Entertainment, Inc		15,476
13		Dine Brands Global Inc.		547
315		Domino’s Pizza, Inc		116,374
78		Dunkin Brands Group, Inc		5,088
372	*	El Pollo Loco Holdings, Inc		5,491
228	*	frontdoor, Inc		10,107
95		Graham Holdings Co		32,554
3,293		Hilton Worldwide Holdings, Inc		241,871
216		Marriott Vacations Worldwide Corp		17,757
384	*	Planet Fitness, Inc		23,259
649	*	Regis Corp		5,309
1,514		Royal Caribbean Cruises Ltd		76,154
1,135		Service Corp International		44,140
1,217	*	ServiceMaster Global Holdings, Inc		43,435
35	*	Shake Shack, Inc		1,854
1,017		Six Flags Entertainment Corp		19,536
6,268		Starbucks Corp		461,262
266		Vail Resorts, Inc		48,452
983		Wendy’s		21,410
320	*	WW International Inc		8,122
2,294		Yum! Brands, Inc		199,371
		TOTAL CONSUMER SERVICES		1,509,391
DIVERSIFIED FINANCIALS - 5.5%
1,224		Ally Financial, Inc		24,272
3,552		American Express Co		338,150
687		BlackRock, Inc		373,790
5,921		Charles Schwab Corp		199,774
1,767		CME Group, Inc		287,208
5,111		Discover Financial Services		256,010
297		E*TRADE Financial Corp		14,770
119		Factset Research Systems, Inc		39,088
1,411		Franklin Resources, Inc		29,589
105	*	Green Dot Corp		5,153
4,625		Intercontinental Exchange Group, Inc		423,650
686		Invesco Ltd		7,381
524		Legg Mason, Inc		26,069
191		MarketAxess Holdings, Inc		95,676
910		Moody’s Corp		250,004
9,005		Morgan Stanley		434,941
291		Nasdaq Inc		34,766
1,684		Northern Trust Corp		133,609
65	*	PRA Group, Inc		2,513

27

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
204		Redwood Trust, Inc	$	1,428
1,510		S&P Global, Inc		497,515
1,745		State Street Corp		110,895
368		T Rowe Price Group, Inc		45,448
311		Voya Financial, Inc		14,508
		TOTAL DIVERSIFIED FINANCIALS		3,646,207
ENERGY - 2.8%
5,621		Antero Midstream Corp		28,667
2,315		Apache Corp		31,252
3,008		Baker Hughes Co		46,293
49	*	ChampionX Corp		478
1,843	*	Cheniere Energy, Inc		89,054
5,721		Chevron Corp		510,485
239		Cimarex Energy Co		6,570
6,568		ConocoPhillips		275,987
59		Delek US Holdings, Inc		1,027
2,858		EQT Corp		34,010
3,806	*	Gulfport Energy Corp		4,149
3,419	*	Helix Energy Solutions Group, Inc		11,864
1,324		Hess Corp		68,596
13,220		Kinder Morgan, Inc		200,547
4,968		Kosmos Energy Ltd		8,247
18,145		Marathon Oil Corp		111,047
41	*	Matrix Service Co		399
94		National Oilwell Varco, Inc		1,152
2,156		Noble Energy, Inc		19,318
230		ONEOK, Inc		7,641
2,817		Parsley Energy, Inc		30,086
6,936		Schlumberger Ltd		127,553
63	*	Select Energy Services, Inc		309
9,944	*	Southwestern Energy Co		25,457
2,803		Valero Energy Corp		164,872
3,539		Williams Cos, Inc		67,312
		TOTAL ENERGY		1,872,372
FOOD & STAPLES RETAILING - 0.5%
751		Casey’s General Stores, Inc		112,290
531	*	Chefs’ Warehouse Holdings, Inc		7,211
180	*	Performance Food Group Co		5,245
500		Pricesmart, Inc		30,165
877		SpartanNash Co		18,636
2,766	*	Sprouts Farmers Market, Inc		70,782
1,207	*	United Natural Foods, Inc		21,979
3,629	*	US Foods Holding Corp		71,564
272		Weis Markets, Inc		13,633
		TOTAL FOOD & STAPLES RETAILING		351,505
FOOD, BEVERAGE & TOBACCO - 3.2%
417	*	Beyond Meat, Inc		55,870
76		Bunge Ltd		3,126
1,096		Campbell Soup Co		54,395
14,315		Coca-Cola Co		639,594
710		Fresh Del Monte Produce, Inc		17,480
5,089		General Mills, Inc		313,737
2,861		Hormel Foods Corp		138,100
1,828		Kellogg Co		120,758
483		McCormick & Co, Inc		86,655
5,408		PepsiCo, Inc		715,262
79	*	TreeHouse Foods, Inc		3,460
		TOTAL FOOD, BEVERAGE & TOBACCO		2,148,437
HEALTH CARE EQUIPMENT & SERVICES - 7.0%
507	*	Abiomed, Inc		122,471
592	*	Align Technology, Inc		162,468

28

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
3,728	*	Allscripts Healthcare Solutions, Inc	$	25,239
977	*	Angiodynamics, Inc		9,936
2,703	*	Antares Pharma, Inc		7,433
417	*	AtriCure, Inc		18,744
66	*	Axonics Modulation Technologies, Inc		2,317
71	*	BioTelemetry, Inc		3,208
1,979		Cardinal Health, Inc		103,284
287	*	Cardiovascular Systems, Inc		9,055
738	*	Centene Corp		46,900
4,382		Cerner Corp		300,386
3,201	*	Cerus Corp		21,127
945		Cigna Corp		177,329
389		Computer Programs & Systems, Inc		8,865
485		Cooper Cos, Inc		137,565
1,291	*	Covetrus, Inc		23,096
4,826		CVS Health Corp		313,545
2,413		Dentsply Sirona, Inc		106,317
4,944	*	Edwards Lifesciences Corp		341,680
1,912	*	Envista Holdings Corp		40,324
1,591	*	GenMark Diagnostics, Inc		23,404
178	*	Glaukos Corp		6,839
676	*	Globus Medical, Inc		32,252
138	*	Guardant Health, Inc		11,196
102	*	Haemonetics Corp		9,135
1,468		HCA Healthcare, Inc		142,484
655	*	Health Catalyst, Inc		19,106
294	*	Henry Schein, Inc		17,167
157	*	Heska Corp		14,628
327		Hill-Rom Holdings, Inc		35,898
797	*	HMS Holdings Corp		25,815
1,250	*	Hologic, Inc		71,250
477		Humana, Inc		184,957
693	*	IDEXX Laboratories, Inc		228,801
110	*	Inogen, Inc		3,907
257	*	Integer Holding Corp		18,774
532	*	Laboratory Corp of America Holdings		88,371
301		LeMaitre Vascular, Inc		7,946
14	*	LHC Group, Inc		2,440
85	*	LivaNova plc		4,091
1,120	*	Meridian Bioscience, Inc		26,085
1,266	*	Merit Medical Systems, Inc		57,793
1,173	*	NextGen Healthcare, Inc		12,880
498	*	Omnicell, Inc		35,169
1,495	*	OraSure Technologies, Inc		17,387
412	*	Orthofix Medical Inc		13,184
417		Owens & Minor, Inc		3,178
170	*	Penumbra, Inc		30,399
80	*	Premier, Inc		2,742
50	*	Providence Service Corp		3,946
298		Quest Diagnostics, Inc		33,960
348	*	Quidel Corp		77,862
949		Resmed, Inc		182,208
580	*	Staar Surgical Co		35,693
356		STERIS plc		54,625
391	*	Surgery Partners, Inc		4,524
377	*	Tactile Systems Technology, Inc		15,619
321	*	Tandem Diabetes Care, Inc		31,753
158	*	Tivity Health, Inc		1,790
225	*	Triple-S Management Corp (Class B)		4,280
3,078		UnitedHealth Group, Inc		907,856
424	*	Varian Medical Systems, Inc		51,948
740	*	Vocera Communications, Inc		15,688
514		West Pharmaceutical Services, Inc		116,765
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,667,084
HOUSEHOLD & PERSONAL PRODUCTS - 2.5%
781		Clorox Co		171,328
3,580		Colgate-Palmolive Co		262,271

29

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
947		Estee Lauder Cos (Class A)	$	178,680
753		Kimberly-Clark Corp		106,436
7,967		Procter & Gamble Co		952,614
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,671,329
INSURANCE - 2.9%
3,778		Aflac, Inc		136,121
1,321		Allstate Corp		128,124
868		Aon plc		167,177
2,765		Chubb Ltd		350,104
18	*	eHealth, Inc		1,768
2,583		Loews Corp		88,571
3,264		Marsh & McLennan Cos, Inc		350,456
3,407		Progressive Corp		272,935
3,702		Prudential Financial, Inc		225,452
1,812		Travelers Cos, Inc		206,659
4		White Mountains Insurance Group Ltd		3,552
150		Willis Towers Watson plc		29,542
		TOTAL INSURANCE		1,960,461
MATERIALS - 3.0%
140		Aptargroup, Inc		15,677
2,822		Ball Corp		196,101
62	*	Berry Global Group, Inc		2,748
1,021	*	Century Aluminum Co		7,280
6,121		DuPont de Nemours, Inc		325,209
1,957		Ecolab, Inc		389,345
99		H.B. Fuller Co		4,415
168		International Flavors & Fragrances, Inc		20,573
2,642		Linde plc		560,395
1,745		Mosaic Co		21,830
5,034		Newmont Goldcorp Corp		310,799
1,834		Nucor Corp		75,946
253		PPG Industries, Inc		26,833
27		Reliance Steel & Aluminum Co		2,563
1,968	*	Summit Materials, Inc		31,646
283		Trinseo S.A.		6,271
423	*	US Concrete, Inc		10,490
		TOTAL MATERIALS		2,008,121
MEDIA & ENTERTAINMENT - 7.3%
5,026		Activision Blizzard, Inc		381,473
772	*	Alphabet, Inc (Class A)		1,094,735
764	*	Alphabet, Inc (Class C)		1,079,998
34		Cable One, Inc		60,345
43	*	Cardlytics, Inc		3,009
2,461		Cinemark Holdings, Inc		28,425
18,055		Comcast Corp (Class A)		703,784
3,695	*	Discovery, Inc (Class A)		77,965
5,403	*	Discovery, Inc (Class C)		104,062
1,804	*	Electronic Arts, Inc		238,218
1,061	*	Gray Television, Inc		14,801
1,131	*	iHeartMedia, Inc		9,901
1,046	*	Imax Corp		11,726
642		John Wiley & Sons, Inc (Class A)		25,038
2,358	*	Liberty Broadband Corp (Class C)		292,298
260		Loral Space & Communications, Inc		5,075
236	*	Madison Square Garden Co		34,666
869		New York Times Co (Class A)		36,524
4,128		Omnicom Group, Inc		225,389
477		Scholastic Corp		14,281
1,242		Sinclair Broadcast Group, Inc (Class A)		22,927
19,983		Sirius XM Holdings, Inc		117,300
841	*	Take-Two Interactive Software, Inc		117,378
246		TEGNA, Inc		2,740

30

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
2,499		TripAdvisor, Inc	$	47,506
542		World Wrestling Entertainment, Inc (Class A)		23,550
13,082	*	Zynga, Inc		124,802
		TOTAL MEDIA & ENTERTAINMENT		4,897,916
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%
5,359		AbbVie, Inc		526,147
784	*	Acadia Pharmaceuticals, Inc		38,000
454	*	Accelerate Diagnostics, Inc		6,639
987	*	Aerie Pharmaceuticals, Inc		14,568
2,093		Agilent Technologies, Inc		184,958
637	*	Agios Pharmaceuticals, Inc		34,067
21	*,e	Akcea Therapeutics, Inc		288
2,504		Amgen, Inc		590,593
586	*	AnaptysBio, Inc		13,091
544	*	Assembly Biosciences, Inc		12,686
898	*	Atara Biotherapeutics, Inc		13,084
98	*	Avrobio, Inc		1,710
33	*	Axsome Therapeutics, Inc		2,715
3,404	*	BioCryst Pharmaceuticals, Inc		16,220
821	*	Biogen, Inc		219,659
675	*	BioMarin Pharmaceutical, Inc		83,255
971	*	Bluebird Bio, Inc		59,270
9,609		Bristol-Myers Squibb Co		565,009
701	*	Collegium Pharmaceutical, Inc		12,268
3,673		Eli Lilly & Co		603,033
70	*,e	Esperion Thereapeutics, Inc		3,592
453	*,e	Flexion Therapeutics, Inc		5,957
5,145		Gilead Sciences, Inc		395,856
414	*	Halozyme Therapeutics, Inc		11,099
192	*	Horizon Therapeutics Plc		10,671
447	*	Immunomedics, Inc		15,842
513	*	Insmed, Inc		14,128
335	*	Intersect ENT, Inc		4,536
1,239	*	Intra-Cellular Therapies, Inc		31,805
800	*	IQVIA Holdings, Inc		113,504
374	*	Jazz Pharmaceuticals plc		41,267
245	*	Karyopharm Therapeutics, Inc		4,640
1,108	*	MacroGenics, Inc		30,935
9,494		Merck & Co, Inc		734,171
80	*	Mettler-Toledo International, Inc		64,444
34	*	Mirati Therapeutics, Inc		3,882
52	*	MyoKardia, Inc		5,024
9,124	*,e	Opko Health, Inc		31,113
547		Perrigo Co plc		30,233
842	*	Prothena Corp plc		8,807
202	*	Repligen Corp		24,969
1,002	*	Revance Therapeutics, Inc		24,469
89	*	Sage Therapeutics, Inc		3,701
1,162	*	Sangamo Therapeutics Inc		10,412
5,141	*,e	TherapeuticsMD, Inc		6,426
60	*	Tricida, Inc		1,649
366	*	Ultragenyx Pharmaceutical, Inc		28,629
1,674	*	Vertex Pharmaceuticals, Inc		485,979
272	*	Waters Corp		49,069
576	*	ZIOPHARM Oncology, Inc		1,889
3,173		Zoetis, Inc		434,828
177	*	Zogenix, Inc		4,781
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		5,635,567
REAL ESTATE - 3.6%
659		Alexandria Real Estate Equities, Inc		106,923
2,209		American Tower Corp		571,115
1,030		Boston Properties, Inc		93,091
1,255		CatchMark Timber Trust, Inc		11,107

31

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
1,015	*	CBRE Group, Inc	$	45,898
118		Coresite Realty		14,285
406		Cousins Properties, Inc		12,111
403		CyrusOne, Inc		29,318
2,684		DiamondRock Hospitality Co		14,843
165		Douglas Emmett, Inc		5,059
352		Easterly Government Properties, Inc		8,138
500		Equinix, Inc		351,150
582		First Industrial Realty Trust, Inc		22,372
1,028		Franklin Street Properties Corp		5,233
2,994		Healthpeak Properties Inc		82,515
2,262		Host Hotels and Resorts, Inc		24,407
457	*	Howard Hughes Corp		23,741
184		Hudson Pacific Properties		4,629
54		Jones Lang LaSalle, Inc		5,587
14		Kilroy Realty Corp		822
1,023		Kimco Realty Corp		13,135
3,283		Macerich Co		29,449
463		Paramount Group, Inc		3,570
5,447		Park Hotels & Resorts, Inc		53,871
4,814		Prologis, Inc		449,291
89		QTS Realty Trust, Inc		5,704
147		Realogy Holdings Corp		1,089
150		Regency Centers Corp		6,884
8		RMR Group, Inc		236
634		SBA Communications Corp		188,881
530		UDR, Inc		19,811
470		Ventas, Inc		17,211
17		Washington REIT		377
2,499		Welltower, Inc		129,323
3,453		Weyerhaeuser Co		77,554
		TOTAL REAL ESTATE		2,428,730
RETAILING - 5.9%
595	*	1-800-FLOWERS.COM, Inc (Class A)		11,912
77		Aaron’s, Inc		3,496
346		Advance Auto Parts, Inc		49,288
57		Big Lots, Inc		2,394
2,639	*	BJ’s Wholesale Club Holdings, Inc		98,356
289	*	Booking Holdings, Inc		460,186
45	*	CarMax, Inc		4,030
7,832		eBay, Inc		410,788
2,770	*	Etsy, Inc		294,257
3,227		Expedia Group Inc		265,259
65	*	Five Below, Inc		6,949
1,470	*,e	GameStop Corp (Class A)		6,380
596		Gap, Inc		7,521
316	*	Genesco, Inc		6,845
5		Genuine Parts Co		435
537	*	Groupon, Inc		9,730
180		Haverty Furniture Cos, Inc		2,880
364	*	Hibbett Sports, Inc		7,622
3,433		Home Depot, Inc		860,001
119	*	Lands’ End, Inc		957
1,082	*	LKQ Corp		28,348
2,946		Lowe’s Companies, Inc		398,063
2,208	e	Macy’s, Inc		15,191
431	*	MarineMax, Inc		9,650
1,637	*	Quotient Technology, Inc		11,983
1,245	*	RealReal, Inc		15,924
568		Ross Stores, Inc		48,416
149		Shoe Carnival, Inc		4,361
2,792		Target Corp		334,845
348		Tiffany & Co		42,435
4,028		TJX Companies, Inc		203,656
202		Tractor Supply Co		26,622

32

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
251	*	Ulta Beauty, Inc	$	51,058
1,177	*,e	Wayfair, Inc		232,587
28		Winmark Corp		4,795
234	*	Zumiez, Inc		6,407
		TOTAL RETAILING		3,943,627
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.2%
4,685		Applied Materials, Inc		283,208
289	*	Cirrus Logic, Inc		17,854
191	*	Cree, Inc		11,305
784	*	First Solar, Inc		38,808
14,676		Intel Corp		878,065
394		Lam Research Corp		127,443
84		NVE Corp		5,194
2,163		NVIDIA Corp		821,745
261	*	Silicon Laboratories, Inc		26,171
4,542		Texas Instruments, Inc		576,698
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,786,491
SOFTWARE & SERVICES - 13.9%
2,890		Accenture plc		620,541
1,822	*	Adobe, Inc		793,135
298	*	Aspen Technology, Inc		30,876
1,593	*	Autodesk, Inc		381,030
2,417	*	Avaya Holdings Corp		29,874
634	*	Benefitfocus, Inc		6,822
193		Blackbaud, Inc		11,016
948	*	Blackline, Inc		78,599
1,843	*	Cadence Design Systems, Inc		176,854
664	*	Ceridian HCM Holding, Inc		52,635
164	*	ChannelAdvisor Corp		2,598
4,496	*	Conduent, Inc		10,745
790		CSG Systems International, Inc		32,698
5,664		DXC Technology Co		93,456
540	*	Elastic NV		49,793
769	*	ExlService Holdings, Inc		48,755
770	*	Five9, Inc		85,216
303	*	HubSpot, Inc		67,978
4,603		International Business Machines Corp		555,904
1,577		Intuit, Inc		467,092
3,032	*	Limelight Networks, Inc		22,315
235	*	Liveperson, Inc		9,736
1,169		LogMeIn, Inc		99,096
17,915	d	Microsoft Corp		3,645,882
1,206	*	New Relic, Inc		83,093
1,513	*	Nutanix, Inc		35,866
136	*	OneSpan, Inc		3,798
386	*	Paylocity Holding Corp		56,314
739	*	Perficient, Inc		26,441
322	*	Qualys, Inc		33,494
394	*	Rapid7, Inc		20,102
195	*	Rosetta Stone, Inc		3,288
6,447		Sabre Corp		51,963
3,593	*	salesforce.com, Inc		673,077
1,390		Science Applications International Corp		107,975
480	*	Smartsheet, Inc		24,442
880	*	SPS Commerce, Inc		66,106
1,463	*	SVMK, Inc		34,439
977	*	Sykes Enterprises, Inc		27,024
2,620	*	Teradata Corp		54,496
362		TTEC Holdings, Inc		16,855
614	*	Virtusa Corp		19,937
1,641	*	VMware, Inc (Class A)		254,125
1,017	*	WEX, Inc		167,815
127	*	Workiva, Inc		6,793
1,921	*	Zendesk, Inc		170,066
		TOTAL SOFTWARE & SERVICES		9,310,155

33

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

SHARES		COMPANY	VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 7.6%
9,764		Apple, Inc	$	3,561,907
41		Belden CDT, Inc		1,335
108		Benchmark Electronics, Inc		2,333
1,828	*	Ciena Corp		99,004
16,242		Cisco Systems, Inc		757,527
413		CTS Corp		8,277
931		Dolby Laboratories, Inc (Class A)		61,325
44	*	Fabrinet		2,747
21,081		Hewlett Packard Enterprise Co		205,118
2,507		HP, Inc		43,697
117	*	Insight Enterprises, Inc		5,756
43		InterDigital, Inc		2,435
69	*	Itron, Inc		4,571
691	*	Keysight Technologies, Inc		69,639
373	*	Kimball Electronics, Inc		5,050
189	*	Lumentum Holdings, Inc		15,390
68	*	Novanta, Inc		7,260
633	*	Ribbon Communications, Inc		2,488
176	*	Rogers Corp		21,930
354		Synnex Corp		42,399
594	*	Tech Data Corp		86,130
476	*	Trimble Inc		20,558
841	*	TTM Technologies, Inc		9,974
1,192		Vishay Intertechnology, Inc		18,202
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,055,052
TELECOMMUNICATION SERVICES - 1.3%
808	*	Boingo Wireless, Inc		10,763
2,305	*	Iridium Communications, Inc		58,639
14,746		Verizon Communications, Inc		812,947
		TOTAL TELECOMMUNICATION SERVICES		882,349
TRANSPORTATION - 2.2%
8		Amerco, Inc		2,417
662		ArcBest Corp		17,550
368	*	Avis Budget Group, Inc		8,424
762		CH Robinson Worldwide, Inc		60,244
5,313		CSX Corp		370,529
10,539		Delta Air Lines, Inc		295,619
623	*	Echo Global Logistics, Inc		13,469
56		Kansas City Southern		8,360
1,583		Norfolk Southern Corp		277,927
6		Ryder System, Inc		225
3,878		United Parcel Service, Inc (Class B)		431,156
		TOTAL TRANSPORTATION		1,485,920
UTILITIES - 3.1%
3,834		American Electric Power Co, Inc		305,340
416		American Water Works Co, Inc		53,522
1,610		Centerpoint Energy, Inc		30,059
98		CMS Energy Corp		5,725
2,631		Consolidated Edison, Inc		189,248
2,549		Dominion Energy, Inc		206,928
253		DTE Energy Co		27,197
1,906		Eversource Energy		158,713
2,866		Public Service Enterprise Group, Inc		140,892
2,264		Sempra Energy		265,409
261		South Jersey Industries, Inc		6,522
6,922		Southern Co		358,906
281		UGI Corp		8,936
1,532		WEC Energy Group, Inc		134,280
2,449		Xcel Energy, Inc		153,062
		TOTAL UTILITIES		2,044,739
		TOTAL COMMON STOCKS		66,436,511
		(Cost $44,664,381)

34

TIAA-CREF LIFE FUNDS - Social Choice Equity Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 0.5%
REPURCHASE AGREEMENT - 0.4%
$270,000	r	Fixed Income Clearing Corp		0.070	%		07/01/20	$	270,000
		TOTAL REPURCHASE AGREEMENT							270,000
SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.1%
46,292	c	State Street Navigator Securities Lending Government Money Market Portfolio							46,292
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES							46,292
		TOTAL SHORT-TERM INVESTMENTS							316,292
		(Cost $316,292)
		TOTAL INVESTMENTS - 99.8% (Cost $44,980,673)							66,752,803
		OTHER ASSETS & LIABILITIES, NET - 0.2%							168,775
		NET ASSETS - 100.0%						$	66,921,578

* Non-income producing

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

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $184,298.

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $270,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $275,490.

Futures contracts outstanding as of June 30, 2020 were as follows:

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		3	09/18/20	$	476,263	$	463,530	$	(12,733	)

35

TIAA-CREF LIFE FUNDS - Stock Index Fund

TIAA-CREF LIFE FUNDS

STOCK INDEX FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.1%
AUTOMOBILES & COMPONENTS - 0.9%
1,634	*	Adient plc	$	26,830
1,752	*	American Axle & Manufacturing Holdings, Inc		13,315
4,756		Aptiv plc		370,588
3,646		BorgWarner, Inc		128,704
828		Cooper Tire & Rubber Co		22,861
1,016	*	Cooper-Standard Holding, Inc		13,462
2,264		Dana Inc		27,598
511	*	Dorman Products, Inc		34,273
71,027		Ford Motor Co		431,844
713	*	Fox Factory Holding Corp		58,901
22,630		General Motors Co		572,539
4,530		Gentex Corp		116,738
573	*	Gentherm, Inc		22,290
5,104		Goodyear Tire & Rubber Co		45,655
2,737		Harley-Davidson, Inc		65,059
377		LCI Industries, Inc		43,348
1,077		Lear Corp		117,415
772	*	Modine Manufacturing Co		4,261
292	*	Motorcar Parts of America, Inc		5,160
330		Standard Motor Products, Inc		13,596
449	*	Stoneridge, Inc		9,276
995	*	Tenneco, Inc		7,522
2,667	*	Tesla, Inc		2,879,853
1,012		Thor Industries, Inc		107,808
496	*	Visteon Corp		33,976
486		Winnebago Industries, Inc		32,377
1,128	*	Workhorse Group, Inc		19,616
296	*	XPEL, Inc		4,629
		TOTAL AUTOMOBILES & COMPONENTS		5,229,494
BANKS - 4.0%
184		1st Constitution Bancorp		2,282
254		1st Source Corp		9,037
95		ACNB Corp		2,487
166		Allegiance Bancshares, Inc		4,215
197		Amalgamated Bank		2,490
442	*	Amerant Bancorp Inc		6,648
127		American National Bankshares, Inc		3,180
1,222		Ameris Bancorp		28,827
129		Ames National Corp		2,546
184		Arrow Financial Corp		5,470
2,719		Associated Banc-Corp		37,196
318	*	Atlantic Capital Bancshares, Inc		3,867
1,279		Atlantic Union Bankshares Corp		29,622
164		Auburn National Bancorporation, Inc		9,363
945	*	Axos Financial, Inc		20,866
697		Banc of California, Inc		7,548
529		Bancfirst Corp		21,462
1,940		BancorpSouth Bank		44,116
117	e	Bank First Corp		7,500
139,601		Bank of America Corp		3,315,524
254		Bank of Commerce Holdings		1,925
861		Bank of Hawaii Corp		52,874
174		Bank of Marin Bancorp		5,799
14,497		Bank of New York Mellon Corp		560,309
1,235		Bank of NT Butterfield & Son Ltd		30,122

36

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
130		Bank of Princeton	$	2,610
2,233		Bank OZK		52,408
487		Bank7 Corp		5,286
238		BankFinancial Corp		1,999
1,888		BankUnited		38,232
81		Bankwell Financial Group, Inc		1,288
511		Banner Corp		19,418
219		Bar Harbor Bankshares		4,903
163	*	Baycom Corp		2,104
152		BCB Bancorp, Inc		1,411
641		Berkshire Hills Bancorp, Inc		7,064
717		BOK Financial Corp		40,467
1,073		Boston Private Financial Holdings, Inc		7,382
287		Bridge Bancorp, Inc		6,555
385	*	Bridgewater Bancshares, Inc		3,946
1,046		Brookline Bancorp, Inc		10,544
253		Bryn Mawr Bank Corp		6,998
147		Business First Bancshares, Inc		2,256
120		Byline Bancorp, Inc		1,572
283		C&F Financial Corp		9,410
2,216		Cadence BanCorp		19,634
59		Cambridge Bancorp		3,495
238		Camden National Corp		8,220
693	*	Capital Bancorp, Inc		7,415
156		Capital City Bank Group, Inc		3,268
2,332		Capitol Federal Financial		25,675
128		Capstar Financial Holdings, Inc		1,536
419		Carter Bank & Trust		3,381
1,496		Cathay General Bancorp		39,345
287		CBTX, Inc		6,027
470		Central Pacific Financial Corp		7,534
161		Central Valley Community Bancorp		2,478
47		Century Bancorp, Inc		3,653
46		Chemung Financial Corp		1,256
337		ChoiceOne Financial Services, Inc		9,962
1,706		CIT Group, Inc		35,365
37,583		Citigroup, Inc		1,920,491
167		Citizens & Northern Corp		3,449
7,915		Citizens Financial Group, Inc		199,775
394		Citizens Holding Co		9,850
236		City Holding Co		15,380
157		Civista Bancshares, Inc		2,418
226		CNB Financial Corp		4,052
524	*	Coastal Financial Corp		7,608
139		Codorus Valley Bancorp, Inc		1,922
1,129		Columbia Banking System, Inc		32,001
1,254	*	Columbia Financial, Inc		17,500
2,606		Comerica, Inc		99,289
1,894		Commerce Bancshares, Inc		112,636
1,009		Community Bank System, Inc		57,533
1,382		Community Bankers Trust Corp		7,601
61		Community Financial Corp		1,488
238		Community Trust Bancorp, Inc		7,797
422		ConnectOne Bancorp, Inc		6,803
858	*	CrossFirst Bankshares, Inc		8,391
1,101		Cullen/Frost Bankers, Inc		82,256
438	*	Customers Bancorp, Inc		5,265
2,357		CVB Financial Corp		44,170
1,348		Delmar Bancorp		8,856
500		Dime Community Bancshares		6,865
638		Eagle Bancorp, Inc		20,894
2,453		East West Bancorp, Inc		88,897
147		Enterprise Bancorp, Inc		3,502
347		Enterprise Financial Services Corp		10,799
161	*	Equity Bancshares, Inc		2,808

37

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
578	*	Esquire Financial Holdings, Inc	$	9,768
660		ESSA Bancorp, Inc		9,187
2,039		Essent Group Ltd		73,955
384		Evans Bancorp, Inc		8,932
144	e	Farmers & Merchants Bancorp, Inc		3,059
378		Farmers National Banc Corp		4,483
362		FB Financial Corp		8,967
139		Federal Agricultural Mortgage Corp		8,897
44	e	Fidelity D&D Bancorp, Inc		2,116
12,985		Fifth Third Bancorp		250,351
202		Financial Institutions, Inc		3,759
440		First Bancorp		11,035
3,399		First Bancorp		19,000
162		First Bancorp, Inc		3,515
130		First Bancshares, Inc		2,925
354		First Bank		2,308
586		First Busey Corp		10,929
266		First Business Financial Services, Inc		4,376
97	e	First Capital Inc		6,739
117		First Choice Bancorp		1,916
132		First Citizens Bancshares, Inc (Class A)		53,463
1,371		First Commonwealth Financial Corp		11,352
242		First Community Bancshares, Inc		5,433
1,990		First Financial Bancorp		27,641
2,288		First Financial Bankshares, Inc		66,100
188		First Financial Corp		6,926
445		First Foundation, Inc		7,271
70		First Guaranty Bancshares, Inc		856
2,293		First Hawaiian, Inc		39,531
5,859		First Horizon National Corp		58,356
85		First Internet Bancorp		1,413
744		First Interstate Bancsystem, Inc		23,034
960		First Merchants Corp		26,467
93		First Mid-Illinois Bancshares, Inc		2,439
1,595		First Midwest Bancorp, Inc		21,293
158		First Northwest Bancorp		1,962
321		First of Long Island Corp		5,245
3,138		First Republic Bank		332,597
610		Flagstar Bancorp, Inc		17,952
358		Flushing Financial Corp		4,124
5,725		FNB Corp		42,937
1,710		FNCB Bancorp Inc		9,832
206		Franklin Financial Network, Inc		5,304
220		Franklin Financial Services Corp		5,698
247		FS Bancorp, Inc		9,527
2,673		Fulton Financial Corp		28,147
325		German American Bancorp, Inc		10,107
1,494		Glacier Bancorp, Inc		52,723
161		Great Southern Bancorp, Inc		6,498
849		Great Western Bancorp, Inc		11,682
45		Greene County Bancorp, Inc		1,003
26		Guaranty Bancshares, Inc		673
1,895		Hancock Whitney Corp		40,174
484		Hanmi Financial Corp		4,700
1,147	*	HarborOne Northeast Bancorp, Inc		9,795
317		Hawthorn Bancshares Inc		6,246
429		Heartland Financial USA, Inc		14,346
553		Heritage Commerce Corp		4,150
460		Heritage Financial Corp		9,200
1,168		Hilltop Holdings, Inc		21,550
22		Hingham Institution for Savings		3,691
89		Home Bancorp, Inc		2,381
2,960		Home Bancshares, Inc		45,525
314		HomeStreet, Inc		7,728
265		HomeTrust Bancshares, Inc		4,240

38

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,956		Hope Bancorp, Inc	$	18,034
501		Horizon Bancorp		5,356
129	*	Howard Bancorp, Inc		1,370
18,430		Huntington Bancshares, Inc		166,515
909		IBERIABANK Corp		41,396
491		Independent Bank Corp		32,941
308		Independent Bank Corp		4,574
488		Independent Bank Group, Inc		19,774
843		International Bancshares Corp		26,993
120		Investar Holding Corp		1,740
4,402		Investors Bancorp, Inc		37,417
54,653		JPMorgan Chase & Co		5,140,661
2,079		Kearny Financial Corp		17,006
17,530		Keycorp		213,515
584		Lakeland Bancorp, Inc		6,675
525		Lakeland Financial Corp		24,460
393		Landmark Bancorp, Inc		9,711
141		LCNB Corp		2,250
147	*,e	LendingTree, Inc		42,561
85		Level One Bancorp, Inc		1,423
310		Live Oak Bancshares, Inc		4,498
341		Luther Burbank Corp		3,410
2,351		M&T Bank Corp		244,433
400		Macatawa Bank Corp		3,128
226		Mercantile Bank Corp		5,108
155		Merchants Bancorp		2,866
856		Meridian Bancorp, Inc		9,930
589	*	Meridian Corp		9,336
753		Meta Financial Group, Inc		13,682
101	*	Metropolitan Bank Holding Corp		3,240
6,281		MGIC Investment Corp		51,441
449		Middlefield Banc Corp		9,317
324		Midland States Bancorp, Inc		4,844
169		MidWestOne Financial Group, Inc		3,380
236	*	MMA Capital Holdings Inc		5,456
1,477	*	Mr Cooper Group, Inc		18,374
142		MVB Financial Corp		1,889
535		National Bank Holdings Corp		14,445
109		National Bankshares, Inc		3,117
669		NBT Bancorp, Inc		20,578
8,219		New York Community Bancorp, Inc		83,834
140	*	Nicolet Bankshares, Inc		7,672
1,146	*	NMI Holdings, Inc		18,428
115		Northeast Bank		2,018
643		Northfield Bancorp, Inc		7,407
104		Northrim BanCorp, Inc		2,615
2,189		Northwest Bancshares, Inc		22,383
64		Norwood Financial Corp		1,587
530	e	Oak Valley Bancorp		6,720
714		OceanFirst Financial Corp		12,588
596		OFG Bancorp		7,968
287		Ohio Valley Banc Corp		6,472
3,054		Old National Bancorp		42,023
432		Old Second Bancorp, Inc		3,361
809		OP Bancorp		5,582
249		Origin Bancorp, Inc		5,478
111		Orrstown Financial Services, Inc		1,637
1,405		Pacific Premier Bancorp, Inc		30,460
2,138		PacWest Bancorp		42,140
205		Park National Corp		14,428
713		Parke Bancorp, Inc		9,661
226		PCB Bancorp		2,328
290		PCSB Financial Corp		3,677
259	*	PDL Community Bancorp		2,637
259		Peapack Gladstone Financial Corp		4,851

39

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
100		Penns Woods Bancorp, Inc	$	2,271
815		PennyMac Financial Services, Inc		34,059
365		Peoples Bancorp of North Carolina, Inc		6,450
261		Peoples Bancorp, Inc		5,554
101		Peoples Financial Services Corp		3,857
7,639		People’s United Financial, Inc		88,383
194		People’s Utah Bancorp		4,359
1,330		Pinnacle Financial Partners, Inc		55,847
7,686		PNC Financial Services Group, Inc		808,644
1,634		Popular, Inc		60,736
188		Preferred Bank		8,056
175		Premier Financial Bancorp, Inc		2,243
586		Premier Financial Corp		10,355
1,690		Prosperity Bancshares, Inc		100,352
741		Provident Bancorp Inc		5,824
1,634		Provident Financial Services, Inc		23,611
609		Prudential Bancorp, Inc		7,332
190		QCR Holdings, Inc		5,924
3,586		Radian Group, Inc		55,619
104		RBB Bancorp		1,420
17,794		Regions Financial Corp		197,869
102		Reliant Bancorp Inc		1,662
670		Renasant Corp		16,683
146		Republic Bancorp, Inc (Class A)		4,776
750	*	Republic First Bancorp, Inc		1,830
369		Riverview Bancorp, Inc		2,085
540		S&T Bancorp, Inc		12,663
495		Sandy Spring Bancorp, Inc		12,266
151		SB One Bancorp		2,975
617	*	Seacoast Banking Corp of Florida		12,587
290	*	Select Bancorp, Inc		2,361
726		ServisFirst Bancshares, Inc		25,962
185		Shore Bancshares, Inc		2,052
192		Sierra Bancorp		3,625
980		Signature Bank		104,782
678	*	Silvergate Capital Corp		9,492
1,396		Simmons First National Corp (Class A)		23,886
116		SmartFinancial, Inc		1,877
1,389		South State Corp		66,200
101	*	Southern First Bancshares, Inc		2,799
86		Southern Missouri Bancorp, Inc		2,090
169		Southern National Bancorp of Virginia, Inc		1,638
432		Southside Bancshares, Inc		11,975
154	*	Spirit of Texas Bancshares, Inc		1,896
3,716		Sterling Bancorp		43,552
259		Sterling Bancorp, Inc		927
339		Stock Yards Bancorp, Inc		13,628
164		Summit Financial Group, Inc		2,703
955	*	SVB Financial Group		205,831
2,625		Synovus Financial Corp		53,891
2,958		TCF Financial Corp		87,024
150		Territorial Bancorp, Inc		3,568
932	*	Texas Capital Bancshares, Inc		28,771
1,347		TFS Financial Corp		19,276
714	*	The Bancorp, Inc		6,997
100		Timberland Bancorp, Inc		1,821
229		Tompkins Financial Corp		14,832
996		Towne Bank		18,765
618		Trico Bancshares		18,818
343	*	Tristate Capital Holdings, Inc		5,389
599	*	Triumph Bancorp, Inc		14,538
24,428		Truist Financial Corp		917,271
1,387		Trustco Bank Corp NY		8,780
1,035		Trustmark Corp		25,378
685		UMB Financial Corp		35,312

40

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,528		Umpqua Holdings Corp	$	37,538
1,802		United Bankshares, Inc		49,843
1,078		United Community Banks, Inc		21,689
113		United Security Bancshares		756
119		Unity Bancorp, Inc		1,702
364		Univest Financial Corp		5,875
24,589		US Bancorp		905,367
7,103		Valley National Bancorp		55,545
1,054		Veritex Holdings, Inc		18,656
543		Walker & Dunlop, Inc		27,590
1,396		Washington Federal, Inc		37,469
232		Washington Trust Bancorp, Inc		7,598
384		Waterstone Financial, Inc		5,695
1,651		Webster Financial Corp		47,235
67,776		Wells Fargo & Co		1,735,066
875		WesBanco, Inc		17,771
239		West Bancorporation, Inc		4,180
533		Westamerica Bancorporation		30,605
1,643		Western Alliance Bancorp		62,220
413		Western New England Bancorp, Inc		2,391
886		Wintrust Financial Corp		38,647
827		WSFS Financial Corp		23,735
3,111		Zions Bancorporation		105,774
		TOTAL BANKS		22,108,942
CAPITAL GOODS - 5.8%
10,146		3M Co		1,582,675
2,472		A.O. Smith Corp		116,481
724		Aaon, Inc		39,306
511		AAR Corp		10,562
685		Acuity Brands, Inc		65,582
823		Advanced Drainage Systems, Inc		40,656
2,826	*	Aecom Technology Corp		106,201
522	*	Aegion Corp		8,284
1,354	*	Aerojet Rocketdyne Holdings, Inc		53,673
407	*	Aerovironment, Inc		32,409
1,119		AGCO Corp		62,060
1,858		Air Lease Corp		54,421
148		Alamo Group, Inc		15,191
620		Albany International Corp (Class A)		36,400
1,625		Allegion plc		166,108
91		Allied Motion Technologies, Inc		3,212
2,145		Allison Transmission Holdings, Inc		78,893
990		Altra Industrial Motion Corp		31,541
317	*	Ameresco, Inc		8,806
254	*	American Woodmark Corp		19,215
4,160		Ametek, Inc		371,779
438		Apogee Enterprises, Inc		10,092
567		Applied Industrial Technologies, Inc		35,375
909		Arcosa, Inc		38,360
244		Argan, Inc		11,561
902		Armstrong World Industries, Inc		70,320
334		Astec Industries, Inc		15,468
340	*	Astronics Corp		3,590
983	*	Atkore International Group, Inc		26,885
1,101	*	Axon Enterprise, Inc		108,041
406		AZZ, Inc		13,934
782		Barnes Group, Inc		30,936
1,120	*	Beacon Roofing Supply, Inc		29,534
967	*	Bloom Energy Corp		10,521
87	*	Blue Bird Corp		1,304
1,549	*	BMC Stock Holdings, Inc		38,942
9,635		Boeing Co		1,766,096
2,096	*	Builders FirstSource, Inc		43,387
1,753		BWX Technologies, Inc		99,290

41

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
351		Caesarstone Sdot-Yam Ltd	$	4,159
250	*	CAI International, Inc		4,165
994		Carlisle Cos, Inc		118,952
15,728		Carrier Global Corp		349,476
9,770		Caterpillar, Inc		1,235,905
624	*	Chart Industries, Inc		30,258
259	*	CIRCOR International, Inc		6,599
1,647	*	Colfax Corp		45,951
262		Columbus McKinnon Corp		8,764
575		Comfort Systems USA, Inc		23,431
2,558	*	Concrete Pumping Holdings Inc		8,902
320	*	Construction Partners Inc		5,683
347	*	Cornerstone Building Brands, Inc		2,103
901		Crane Co		53,573
225		CSW Industrials, Inc		15,550
633		Cubic Corp		30,403
2,665		Cummins, Inc		461,738
801		Curtiss-Wright Corp		71,513
5,094		Deere & Co		800,522
2,390		Donaldson Co, Inc		111,183
347		Douglas Dynamics, Inc		12,187
2,649		Dover Corp		255,787
160	*	Ducommun, Inc		5,579
240	*	DXP Enterprises, Inc		4,778
486	*	Dycom Industries, Inc		19,873
80		Eastern Co		1,430
7,246		Eaton Corp		633,880
916		EMCOR Group, Inc		60,584
10,778		Emerson Electric Co		668,559
318		Encore Wire Corp		15,525
568	*	Energy Recovery, Inc		4,314
917		Enerpac Tool Group Corp		16,139
681		EnerSys		43,843
330		EnPro Industries, Inc		16,266
502		ESCO Technologies, Inc		42,434
56	*	EVI Industries, Inc		1,216
1,481	*	Evoqua Water Technologies Corp		27,547
10,323		Fastenal Co		442,237
1,130		Federal Signal Corp		33,595
2,325		Flowserve Corp		66,309
2,709		Fluor Corp		32,725
5,394		Fortive Corp		364,958
2,359		Fortune Brands Home & Security, Inc		150,811
199	*	Foundation Building Materials, Inc		3,106
719		Franklin Electric Co, Inc		37,762
3,705	*	FuelCell Energy, Inc		8,373
730	*	Gates Industrial Corp plc		7,504
608		GATX Corp		37,076
103	*	Gencor Industries, Inc		1,302
1,125	*	Generac Holdings, Inc		137,171
4,582		General Dynamics Corp		684,826
156,890		General Electric Co		1,071,559
230	*	General Finance Corp		1,543
567	*	Gibraltar Industries, Inc		27,222
829	*	GMS, Inc		20,385
271		Gorman-Rupp Co		8,423
3,008		Graco, Inc		144,354
1,413		GrafTech International Ltd		11,276
128		Graham Corp		1,631
696		Granite Construction, Inc		13,321
890	*	Great Lakes Dredge & Dock Corp		8,241
720		Greenbrier Cos, Inc		16,380
448		Griffon Corp		8,297
627		H&E Equipment Services, Inc		11,587
1,393	*	Harsco Corp		18,819

42

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
3,020	*	HD Supply Holdings, Inc	$	104,643
760		HEICO Corp		75,734
1,362		HEICO Corp (Class A)		110,649
672		Helios Technologies, Inc		25,032
380	*	Herc Holdings, Inc		11,677
1,608		Hexcel Corp		72,714
1,600		Hillenbrand, Inc		43,312
12,676		Honeywell International, Inc		1,832,823
7,052		Howmet Aerospace, Inc		111,774
1,006		Hubbell, Inc		126,112
726		Huntington Ingalls		126,680
96		Hurco Cos, Inc		2,685
158		Hyster-Yale Materials Handling, Inc		6,108
1,385		IDEX Corp		218,885
137	*	IES Holdings, Inc		3,174
5,695		Illinois Tool Works, Inc		995,771
6,120	*	Ingersoll Rand, Inc		172,094
289		Insteel Industries, Inc		5,511
1,602		ITT, Inc		94,102
2,295		Jacobs Engineering Group, Inc		194,616
1,178	*	JELD-WEN Holding, Inc		18,978
486		John Bean Technologies Corp		41,806
13,545		Johnson Controls International plc		462,426
166		Kadant, Inc		16,544
670		Kaman Corp		27,872
1,244		Kennametal, Inc		35,715
1,807	*	Kratos Defense & Security Solutions, Inc		28,243
3,891		L3Harris Technologies, Inc		660,186
87	*	Lawson Products, Inc		2,807
122	*	LB Foster Co (Class A)		1,558
606		Lennox International, Inc		141,192
1,115		Lincoln Electric Holdings, Inc		93,928
165		Lindsay Corp		15,215
4,478		Lockheed Martin Corp		1,634,112
478		Luxfer Holdings plc		6,764
258	*	Lydall, Inc		3,499
539	*	Manitowoc Co, Inc		5,864
4,795		Masco Corp		240,757
503	*	Masonite International Corp		39,123
1,083	*	Mastec, Inc		48,594
906	e	Maxar Technologies, Inc		16,272
952	*	Mercury Systems, Inc		74,884
1,303	*	Meritor, Inc		25,799
1,001	*	Middleby Corp		79,019
168		Miller Industries, Inc		5,001
661		Moog, Inc (Class A)		35,020
1,441	*	MRC Global, Inc		8,516
884		MSC Industrial Direct Co (Class A)		64,364
883		Mueller Industries, Inc		23,470
2,381		Mueller Water Products, Inc (Class A)		22,453
301	*	MYR Group, Inc		9,605
76		National Presto Industries, Inc		6,642
783	*	Navistar International Corp		22,081
1,965		NN, Inc		9,314
1,070		Nordson Corp		202,990
2,820		Northrop Grumman Corp		866,981
149	*	Northwest Pipe Co		3,735
1,637	*	NOW, Inc		14,127
224	*	NV5 Global Inc		11,386
2,708		nVent Electric plc		50,721
44		Omega Flex, Inc		4,655
1,266		Oshkosh Corp		90,671
7,416		Otis Worldwide Corp		421,674
2,030		Owens Corning, Inc		113,193
6,174		PACCAR, Inc		462,124

43

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
291		Park Aerospace Corp	$	3,242
2,304		Parker-Hannifin Corp		422,254
328	*	Parsons Corp		11,887
381		Patrick Industries, Inc		23,336
3,071		Pentair plc		116,667
763	*	PGT, Inc		11,964
5,705	*,e	Plug Power, Inc		46,838
125		Powell Industries, Inc		3,424
51		Preformed Line Products Co		2,551
613		Primoris Services Corp		10,887
509	*	Proto Labs, Inc		57,247
492		Quanex Building Products Corp		6,829
2,579		Quanta Services, Inc		101,174
551		Raven Industries, Inc		11,852
25,735	*	Raytheon Technologies Corp		1,585,791
477	*	RBC Bearings, Inc		63,937
790		Regal-Beloit Corp		68,983
2,049	*	Resideo Technologies, Inc		24,014
562		REV Group, Inc		3,428
2,011		Rexnord Corp		58,621
2,103		Rockwell Automation, Inc		447,939
1,893		Roper Technologies Inc		734,976
461		Rush Enterprises, Inc (Class A)		19,113
96		Rush Enterprises, Inc (Class B)		3,423
2,806	*	Sensata Technologies Holding plc		104,467
514		Shyft Group, Inc		8,656
842		Simpson Manufacturing Co, Inc		71,031
727	*	SiteOne Landscape Supply, Inc		82,856
1,023		Snap-On, Inc		141,696
1,891		Spirit Aerosystems Holdings, Inc (Class A)		45,271
647	*	SPX Corp		26,624
646	*	SPX FLOW, Inc		24,186
195		Standex International Corp		11,222
2,683		Stanley Black & Decker, Inc		373,957
394	*	Sterling Construction Co, Inc		4,125
2,418	*	Sunrun, Inc		47,683
187		Systemax, Inc		3,841
642	*	Teledyne Technologies, Inc		199,630
268		Tennant Co		17,423
1,185		Terex Corp		22,242
427	*	Textainer Group Holdings Ltd		3,493
4,224		Textron, Inc		139,012
509	*	Thermon Group Holdings		7,416
1,188		Timken Co		54,042
282	*	Titan Machinery, Inc		3,063
1,953		Toro Co		129,562
776	*	TPI Composites, Inc		18,135
4,338		Trane Technologies plc		385,995
930		TransDigm Group, Inc		411,107
1,061	*	Trex Co, Inc		138,004
716	*	Trimas Corp		17,148
1,884	e	Trinity Industries, Inc		40,110
1,005		Triton International Ltd		30,391
753		Triumph Group, Inc		6,785
585	*	Tutor Perini Corp		7,125
1,316	*	United Rentals, Inc		196,137
2,797	*	Univar Solutions Inc		47,157
345		Valmont Industries, Inc		39,199
156	*	Vectrus, Inc		7,664
155	*	Veritiv Corp		2,629
3,438	*	Vertiv Holdings Co		46,619
253	*	Vicor Corp		18,203
1,053	*	Virgin Galactic Holdings, Inc		17,206
557	*,e	Vivint Solar, Inc		5,514
795		W.W. Grainger, Inc		249,757

44

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
918		Wabash National Corp	$	9,749
3,206		Wabtec Corp		184,569
609		Watsco, Inc		108,219
522		Watts Water Technologies, Inc (Class A)		42,282
2,009	*	Welbilt, Inc		12,235
971	*	WESCO International, Inc		34,092
71	*	Willis Lease Finance Corp		1,724
876	*	Willscot Corp		10,766
1,032		Woodward Inc		80,032
3,335		Xylem, Inc		216,642
		TOTAL CAPITAL GOODS		32,097,701
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
1,317		ABM Industries, Inc		47,807
731	*	Acacia Research (Acacia Technologies)		2,990
1,696		ACCO Brands Corp		12,042
1,679	e	ADT, Inc		13,398
1,378	*	Advanced Disposal Services, Inc		41,574
2,415	*,g	API Group Corp		29,342
962	*	ASGN Inc		64,146
110		Barrett Business Services, Inc		5,844
109		BG Staffing, Inc		1,234
1,020		Brady Corp (Class A)		47,756
329	*	BrightView Holdings, Inc		3,685
1,022		Brink’s Co		46,511
801	*	Casella Waste Systems, Inc (Class A)		41,748
778	*	CBIZ, Inc		18,649
433	*	Ceco Environmental Corp		2,853
390	*	Cimpress plc		29,773
1,560		Cintas Corp		415,522
819	*	Clean Harbors, Inc		49,124
3,641	*	Copart, Inc		303,186
701	*	CoStar Group, Inc		498,180
1,794		Covanta Holding Corp		17,204
128		CRA International, Inc		5,056
754		Deluxe Corp		17,749
235	*	Emerald Holding, Inc		724
394		Ennis, Inc		7,147
2,227		Equifax, Inc		382,777
944		Exponent, Inc		76,398
178	*	Forrester Research, Inc		5,703
148	*	Franklin Covey Co		3,167
640	*	FTI Consulting, Inc		73,312
191	*	GP Strategies Corp		1,639
1,153		Healthcare Services Group		28,202
286		Heidrick & Struggles International, Inc		6,183
247	*	Heritage-Crystal Clean, Inc		4,313
928		Herman Miller, Inc		21,910
682		HNI Corp		20,849
334	*	Huron Consulting Group, Inc		14,780
2,455	*	IAA, Inc		94,689
282		ICF International, Inc		18,282
7,257		IHS Markit Ltd		547,903
734		Insperity, Inc		47,512
961		Interface, Inc		7,823
2,455		KAR Auction Services, Inc		33,781
481		Kelly Services, Inc (Class A)		7,607
366		Kforce, Inc		10,706
577		Kimball International, Inc (Class B)		6,670
752		Knoll, Inc		9,167
1,048		Korn/Ferry International		32,205
1,129		Manpower, Inc		77,619
491		Matthews International Corp (Class A)		9,378
379		McGrath RentCorp		20,470
259	*	Mistras Group, Inc		1,023

45

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
682		Mobile Mini, Inc	$	20,119
663		MSA Safety, Inc		75,874
6,597		Nielsen NV		98,031
2,896		Pitney Bowes, Inc		7,530
861	*,e	Precigen, Inc		4,296
482		Quad Graphics, Inc		1,567
3,844		Republic Services, Inc		315,400
514		Resources Connection, Inc		6,153
2,179		Robert Half International, Inc		115,117
2,670		Rollins, Inc		113,181
269	*	SP Plus Corp		5,571
1,776		Steelcase, Inc (Class A)		21,419
1,556	*	Stericycle, Inc		87,105
449	*	Team, Inc		2,501
1,049		Tetra Tech, Inc		82,997
3,332		TransUnion		290,017
778	*	TriNet Group, Inc		47,411
645	*	TrueBlue, Inc		9,849
237		Unifirst Corp		42,411
338	*	US Ecology, Inc		11,451
2,892		Verisk Analytics, Inc		492,218
440		Viad Corp		8,369
1,216	*	Vivint Smart Home, Inc		21,073
134		VSE Corp		4,206
7,649		Waste Management, Inc		810,106
116	*	Willdan Group, Inc		2,901
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		5,984,185
CONSUMER DURABLES & APPAREL - 1.3%
707		Acushnet Holdings Corp		24,597
565	*	Beazer Homes USA, Inc		5,690
1,458		Brunswick Corp		93,327
1,433		Callaway Golf Co		25,092
2,340	*	Capri Holdings Ltd		36,574
750		Carter’s, Inc		60,525
132	*	Cavco Industries, Inc		25,456
608	*	Century Communities, Inc		18,641
307		Clarus Corp		3,555
604		Columbia Sportswear Co		48,670
1,159	*	CROCS, Inc		42,674
513	*	Deckers Outdoor Corp		100,748
6,017		DR Horton, Inc		333,643
167		Escalade, Inc		2,331
327		Ethan Allen Interiors, Inc		3,868
730	*	Fossil Group, Inc		3,394
2,695		Garmin Ltd		262,762
682	*	G-III Apparel Group Ltd		9,064
1,762	*,e	GoPro, Inc		8,387
578	*	Green Brick Partners, Inc		6,849
132		Hamilton Beach Brands Holding Co		1,571
6,499		Hanesbrands, Inc		73,374
2,303		Hasbro, Inc		172,610
470	*	Helen of Troy Ltd		88,623
173		Hooker Furniture Corp		3,365
379	*	Installed Building Products, Inc		26,068
443	*,e	iRobot Corp		37,168
75		Johnson Outdoors, Inc		6,826
1,651		KB Home		50,653
811	e	Kontoor Brands, Inc		14,444
696		La-Z-Boy, Inc		18,834
2,404		Leggett & Platt, Inc		84,501
224		Lennar Corp (B Shares)		10,324
4,977		Lennar Corp (Class A)		306,683
353	*	LGI Homes, Inc		31,075
163		Lifetime Brands, Inc		1,095

46

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
95	*,e	Lovesac Co	$	2,492
2,058	*	Lululemon Athletica, Inc		642,117
385	*	M/I Homes, Inc		13,259
287	*	Malibu Boats, Inc		14,910
156		Marine Products Corp		2,161
295	*	MasterCraft Boat Holdings, Inc		5,620
6,326	*	Mattel, Inc		61,172
1,006		MDC Holdings, Inc		35,914
640	*	Meritage Homes Corp		48,717
998	*	Mohawk Industries, Inc		101,556
227		Movado Group, Inc		2,461
66		Nacco Industries, Inc (Class A)		1,538
6,518		Newell Brands Inc		103,506
21,869		Nike, Inc (Class B)		2,144,255
58	*	NVR, Inc		189,007
276		Oxford Industries, Inc		12,147
1,748	*	Peloton Interactive, Inc		100,982
1,026		Polaris Inc		94,956
4,730		Pulte Homes, Inc		160,962
327	*	Purple Innovation, Inc		5,886
1,215		PVH Corp		58,381
885		Ralph Lauren Corp		64,180
508		Rocky Brands, Inc		10,444
2,609	*	Skechers U.S.A., Inc (Class A)		81,870
1,043	*	Skyline Champion Corp		25,387
840	*	Smith & Wesson Brands, Inc		18,077
1,224	*	Sonos, Inc		17,907
1,383		Steven Madden Ltd		34,146
272		Sturm Ruger & Co, Inc		20,672
133		Superior Uniform Group, Inc		1,782
4,883		Tapestry, Inc		64,846
2,547	*	Taylor Morrison Home Corp		49,132
893	*	Tempur Sealy International, Inc		64,251
2,197		Toll Brothers, Inc		71,600
563	*	TopBuild Corp		64,053
2,459	*	TRI Pointe Homes, Inc		36,123
917		Tupperware Brands Corp		4,356
3,682	*	Under Armour, Inc (Class A)		35,863
3,626	*	Under Armour, Inc (Class C)		32,054
226	*	Unifi, Inc		2,911
217	*	Universal Electronics, Inc		10,160
320	*	Vera Bradley, Inc		1,421
5,754		VF Corp		350,649
1,021	*	Vista Outdoor, Inc		14,753
1,133		Whirlpool Corp		146,757
1,465		Wolverine World Wide, Inc		34,882
1,310	*	YETI Holdings, Inc		55,976
		TOTAL CONSUMER DURABLES & APPAREL		7,159,312
CONSUMER SERVICES - 1.8%
700	*	Accel Entertainment, Inc		6,741
965	*	Adtalem Global Education, Inc		30,060
239	*	American Public Education, Inc		7,074
4,424		ARAMARK Holdings Corp		99,850
1,019		BBX Capital Corp		2,588
17	*	Biglari Holdings, Inc (B Shares)		1,173
356		BJ’s Restaurants, Inc		7,455
1,539		Bloomin’ Brands, Inc		16,406
141		Bluegreen Vacations Corp		764
1,270		Boyd Gaming Corp		26,543
1,085	*	Bright Horizons Family Solutions		127,162
763		Brinker International, Inc		18,312
10,452	*	Caesars Entertainment Corp		126,783
8,262	e	Carnival Corp		135,662
234		Carriage Services, Inc		4,240

47

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
507	*	Carrols Restaurant Group, Inc	$	2,454
348	*	Century Casinos, Inc		1,444
702	e	Cheesecake Factory		16,090
2,161	*	Chegg, Inc		145,349
496	*	Chipotle Mexican Grill, Inc (Class A)		521,970
695	e	Choice Hotels International, Inc		54,835
630		Churchill Downs, Inc		83,884
247	*	Chuy’s Holdings, Inc		3,675
463		Cracker Barrel Old Country Store, Inc		51,351
2,330		Darden Restaurants, Inc		176,544
1,277	e	Dave & Buster’s Entertainment, Inc		17,022
519	*	Del Taco Restaurants, Inc		3,078
1,168	*	Denny’s Corp		11,797
266	e	Dine Brands Global Inc.		11,199
706		Domino’s Pizza, Inc		260,825
1,539		Dunkin Brands Group, Inc		100,389
302	*	El Pollo Loco Holdings, Inc		4,457
1,495	*	Eldorado Resorts, Inc		59,890
3,065		Extended Stay America, Inc		34,297
402	*	Fiesta Restaurant Group, Inc		2,565
333		Franchise Group, Inc		7,286
1,596	*	frontdoor, Inc		70,751
149	*	Golden Entertainment, Inc		1,329
73		Graham Holdings Co		25,015
902	*	Grand Canyon Education, Inc		81,658
3,572		H&R Block, Inc		51,008
1,521	*	Hilton Grand Vacations, Inc		29,735
4,955		Hilton Worldwide Holdings, Inc		363,945
6,486	*	Houghton Mifflin Harcourt Co		11,740
738		Hyatt Hotels Corp		37,114
1,684	e	International Game Technology plc		14,988
490		Jack in the Box, Inc		36,304
521	*	K12, Inc		14,192
6,007		Las Vegas Sands Corp		273,559
1,806	*	Laureate Education, Inc		17,997
322	*	Lindblad Expeditions Holdings, Inc		2,486
4,872		Marriott International, Inc (Class A)		417,676
777		Marriott Vacations Worldwide Corp		63,877
13,431		McDonald’s Corp		2,477,616
8,599		MGM Resorts International		144,463
173	*	Monarch Casino & Resort, Inc		5,896
49		Nathan’s Famous, Inc		2,756
279	*	Noodles & Co		1,688
4,556	*	Norwegian Cruise Line Holdings Ltd		74,855
1,026	e	OneSpaWorld Holdings Ltd		4,894
565		Papa John’s International, Inc		44,867
2,326	*,e	Penn National Gaming, Inc		71,036
1,137	*	Perdoceo Education Corp		18,112
1,475	*	Planet Fitness, Inc		89,341
2,642	*	PlayAGS, Inc		8,930
142		RCI Hospitality Holdings, Inc		1,968
1,056	*	Red Robin Gourmet Burgers, Inc		10,771
1,049		Red Rock Resorts, Inc		11,444
607	*	Regis Corp		4,965
3,106		Royal Caribbean Cruises Ltd		156,232
473		Ruth’s Hospitality Group Inc		3,860
843	*	Scientific Games Corp (Class A)		13,033
1,062	*	SeaWorld Entertainment, Inc		15,728
3,136		Service Corp International		121,959
2,355	*	ServiceMaster Global Holdings, Inc		84,050
596	*	Shake Shack, Inc		31,576
1,370		Six Flags Entertainment Corp		26,318
21,102		Starbucks Corp		1,552,896
403		Strategic Education, Inc		61,921
5,209	*	Target Hospitality Corp		8,803

48

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,286		Texas Roadhouse, Inc (Class A)	$	67,605
368	e	Twin River Worldwide Holdings Inc		8,203
720		Vail Resorts, Inc		131,148
2,954		Wendy’s		64,338
513		Wingstop, Inc		71,292
881	*	WW International Inc		22,360
1,610		Wyndham Destinations, Inc		45,370
1,610		Wyndham Hotels & Resorts, Inc		68,618
1,791		Wynn Resorts Ltd		133,412
6,516		Yum China Holdings, Inc		313,224
5,468		Yum! Brands, Inc		475,224
		TOTAL CONSUMER SERVICES		10,145,360
DIVERSIFIED FINANCIALS - 3.2%
887		Affiliated Managers Group, Inc		66,135
10,367		AGNC Investment Corp		133,734
6,863		Ally Financial, Inc		136,093
11,814		American Express Co		1,124,693
2,227		Ameriprise Financial, Inc		334,139
25,755		Annaly Capital Management, Inc		168,953
1,539		Anworth Mortgage Asset Corp		2,616
2,943		Apollo Commercial Real Estate Finance, Inc		28,871
3,019		Apollo Global Management, Inc		150,708
1,747		Arbor Realty Trust, Inc		16,142
406		Ares Commercial Real Estate Corp		3,703
1,696		Ares Management Corp		67,331
359		Arlington Asset Investment Corp (Class A)		1,066
566		ARMOUR Residential REIT, Inc		5,315
870		Artisan Partners Asset Management, Inc		28,275
253	*	Assetmark Financial Holdings, Inc		6,904
86	e	Associated Capital Group, Inc		3,155
746	*	Atlanticus Holdings Corp		7,714
212		B. Riley Financial, Inc		4,613
461		Banco Latinoamericano de Exportaciones S.A. (Class E)		5,301
4,169		BGC Partners, Inc (Class A)		11,423
2,664		BlackRock, Inc		1,449,456
2,460		Blackstone Mortgage Trust, Inc		59,261
637	*	Blucora, Inc		7,275
866		Brightsphere Investment Group, Inc		10,790
2,136		Broadmark Realty Capital, Inc		20,228
267	*,†	Calamos Asset Management, Inc		0
1,450	*	Cannae Holdings, Inc		59,595
8,197		Capital One Financial Corp		513,050
1,473		Capstead Mortgage Corp		8,087
1,967		Carlyle Group, Inc		54,879
2,009		CBOE Global Markets, Inc		187,400
20,967		Charles Schwab Corp		707,427
192		Cherry Hill Mortgage Investment Corp		1,732
4,001		Chimera Investment Corp		38,450
6,413		CME Group, Inc		1,042,369
461		Cohen & Steers, Inc		31,371
1,289		Colony Credit Real Estate, Inc		9,049
387		Cowen Group, Inc		6,273
186	*,e	Credit Acceptance Corp		77,936
153		Curo Group Holdings Corp		1,250
49		Diamond Hill Investment Group, Inc		5,570
5,541		Discover Financial Services		277,549
397	*	Donnelley Financial Solutions, Inc		3,335
258		Dynex Capital, Inc		3,689
4,037		E*TRADE Financial Corp		200,760
2,009		Eaton Vance Corp		77,547
548		Ellington Financial Inc		6,455
546	*	Encore Capital Group, Inc		18,662
522	*	Enova International, Inc		7,762
638		Evercore Inc		37,591

49

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
796	*	Ezcorp, Inc (Class A)	$	5,015
688		Factset Research Systems, Inc		225,987
1,485		Federated Investors, Inc (Class B)		35,194
737		FirstCash, Inc		49,733
730	*	Focus Financial Partners, Inc		24,126
4,985		Franklin Resources, Inc		104,535
546		Gain Capital Holdings, Inc		3,287
93		GAMCO Investors, Inc (Class A)		1,238
5,921		Goldman Sachs Group, Inc		1,170,108
662		Granite Point Mortgage Trust, Inc		4,753
259		Great Ajax Corp		2,383
905	*	Green Dot Corp		44,417
424		Greenhill & Co, Inc		4,236
344		Hamilton Lane, Inc		23,175
733		Houlihan Lokey, Inc		40,784
1,406		Interactive Brokers Group, Inc (Class A)		58,729
9,781		Intercontinental Exchange Group, Inc		895,940
6,556		Invesco Ltd		70,543
3,050		Invesco Mortgage Capital, Inc		11,407
4,274		Jefferies Financial Group, Inc		66,461
9,400		KKR & Co, Inc		290,272
168		KKR Real Estate Finance Trust, Inc		2,785
1,766		Ladder Capital Corp		14,305
1,898		Lazard Ltd (Class A)		54,340
1,557		Legg Mason, Inc		77,461
1,011	*	LendingClub Corp		4,600
1,449		LPL Financial Holdings, Inc		113,602
658		MarketAxess Holdings, Inc		329,605
144		Marlin Business Services Corp		1,218
9,365		MFA Financial Inc		23,319
877		Moelis & Co		27,327
2,929		Moody’s Corp		804,684
19,917		Morgan Stanley		961,991
423		Morningstar, Inc		59,630
1,489		MSCI, Inc (Class A)		497,058
2,010		Nasdaq Inc		240,135
3,674		Navient Corp		25,828
312		Nelnet, Inc (Class A)		14,895
7,422		New Residential Investment Corp		55,145
6,454		New York Mortgage Trust, Inc		16,845
483	*,†	NewStar Financial, Inc		117
3,538		Northern Trust Corp		280,705
1,264		OneMain Holdings, Inc		31,019
697	*	Oportun Financial Corp		9,368
147		Oppenheimer Holdings, Inc		3,203
511		Orchid Island Capital, Inc		2,407
1,723		PennyMac Mortgage Investment Trust		30,204
324	*	Pico Holdings, Inc		2,731
229		Piper Jaffray Cos		13,548
397		PJT Partners, Inc		20,382
719	*	PRA Group, Inc		27,797
257		Pzena Investment Management, Inc (Class A)		1,398
2,261		Raymond James Financial, Inc		155,625
271		Ready Capital Corp		2,355
1,174		Redwood Trust, Inc		8,218
143	*	Regional Management Corp		2,533
4,360		S&P Global, Inc		1,436,533
296		Safeguard Scientifics, Inc		2,072
1,493		Santander Consumer USA Holdings, Inc		27,486
375		Sculptor Capital Management, Inc		4,849
2,234		SEI Investments Co		122,825
111		Silvercrest Asset Management Group, Inc		1,411
6,969		SLM Corp		48,992
5,018		Starwood Property Trust, Inc		75,069
6,367		State Street Corp		404,623

50

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,286		Stifel Financial Corp	$	60,995
241	*	StoneX Group, Inc		13,255
10,548		Synchrony Financial		233,744
4,095		T Rowe Price Group, Inc		505,733
4,825		TD Ameritrade Holding Corp		175,534
867		TPG RE Finance Trust, Inc		7,456
1,436		Tradeweb Markets, Inc		83,489
4,626		Two Harbors Investment Corp		23,315
1,248		Virtu Financial, Inc		29,453
103		Virtus Investment Partners, Inc		11,978
2,393		Voya Financial, Inc		111,633
1,255		Waddell & Reed Financial, Inc (Class A)		19,465
614		Western Asset Mortgage Capital Corp		1,682
125		Westwood Holdings Group, Inc		1,969
1,867		WisdomTree Investments, Inc		6,478
90	*	World Acceptance Corp		5,897
		TOTAL DIVERSIFIED FINANCIALS		17,696,324
ENERGY - 2.6%
5,078		Antero Midstream Corp		25,898
4,322	*	Antero Resources Corp		10,978
6,619		Apache Corp		89,356
338	*	Arch Resources, Inc		9,603
2,039		Archrock, Inc		13,233
454		Ardmore Shipping Corp		1,970
11,798		Baker Hughes Co		181,571
2,302		Berry Petroleum Co LLC		11,119
314	*	Bonanza Creek Energy, Inc		4,653
289		Brigham Minerals, Inc		3,569
90	*	Bristow Group, Inc		1,254
7,113		Cabot Oil & Gas Corp		122,201
845		Cactus, Inc		17,432
3,257	*	ChampionX Corp		31,788
4,052	*	Cheniere Energy, Inc		195,793
33,740		Chevron Corp		3,010,620
1,704		Cimarex Energy Co		46,843
1,943	*	Clean Energy Fuels Corp		4,313
3,564	*	CNX Resources Corp		30,829
3,544		Concho Resources, Inc		182,516
19,393		ConocoPhillips		814,894
2,222	*	CONSOL Energy, Inc		11,266
1,567	*	Contango Oil & Gas Co		3,588
1,365	e	Continental Resources, Inc		23,928
583		CVR Energy, Inc		11,724
1,312		Delek US Holdings, Inc		22,842
7,329	*	Devon Energy Corp		83,111
2,136		DHT Holdings, Inc		10,958
406	*	Diamond S Shipping Inc		3,244
2,909		Diamondback Energy, Inc		121,654
333		DMC Global, Inc		9,191
424	*	Dorian LPG Ltd		3,282
582	*	Dril-Quip, Inc		17,338
153	*,e	Earthstone Energy, Inc		435
4,596		EnCana Corp		43,892
1,385	*,e	Energy Fuels, Inc		2,091
10,604		EOG Resources, Inc		537,199
4,284		EQT Corp		50,980
7,406		Equitrans Midstream Corp		61,544
468		Evolution Petroleum Corp		1,310
499	*	Exterran Corp		2,690
76,363	d	Exxon Mobil Corp		3,414,953
790	*	Frank’s International NV		1,762
2,068		Frontline Ltd		14,435
1,502	*	Golar LNG Ltd		10,874
308	*	Goodrich Petroleum Corp		2,218

51

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
569	*	Green Plains Inc	$	5,812
11,706	*	Gulfport Energy Corp		12,760
15,738		Halliburton Co		204,279
2,257	*	Helix Energy Solutions Group, Inc		7,832
2,085		Helmerich & Payne, Inc		40,678
4,862		Hess Corp		251,900
2,656		HollyFrontier Corp		77,555
461		International Seaways, Inc		7,533
35,318		Kinder Morgan, Inc		535,774
6,823		Kosmos Energy Ltd		11,326
1,013	e	Liberty Oilfield Services, Inc		5,551
1,787	*	Magnolia Oil & Gas Corp		10,829
14,625		Marathon Oil Corp		89,505
11,742		Marathon Petroleum Corp		438,916
1,952	*	Matador Resources Co		16,592
383	*	Matrix Service Co		3,723
672	*	Montage Resources Corp		2,654
2,772		Murphy Oil Corp		38,254
89	*,e	Nabors Industries Ltd		3,295
918	*,e	National Energy Services Reunited Corp		6,316
6,945		National Oilwell Varco, Inc		85,076
6,210	*	Newpark Resources, Inc		13,848
2,138	*	NexTier Oilfield Solutions, Inc		5,238
8,473		Noble Energy, Inc		75,918
2,408		Nordic American Tankers Ltd		9,776
14,687		Occidental Petroleum Corp		268,772
1,532	*	Oceaneering International, Inc		9,789
784	*	Oil States International, Inc		3,724
7,835		ONEOK, Inc		260,279
546	*	Overseas Shipholding Group, Inc		1,016
482	*	Par Pacific Holdings, Inc		4,333
4,736		Parsley Energy, Inc		50,580
3,250		Patterson-UTI Energy, Inc		11,277
2,058		PBF Energy, Inc		21,074
1,666	*	PDC Energy, Inc		20,725
1,293		Peabody Energy Corp		3,724
217	*	Penn Virginia Corp		2,068
7,911		Phillips 66		568,801
2,980		Pioneer Natural Resources Co		291,146
1,178	*	ProPetro Holding Corp		6,055
3,580		Range Resources Corp		20,155
641	*,e	Renewable Energy Group, Inc		15,884
92	*	Rex American Resources Corp		6,382
901	*,e	RPC, Inc		2,775
25,323		Schlumberger Ltd		465,690
688		Scorpio Tankers, Inc		8,813
308	*	SEACOR Holdings, Inc		8,723
988	*	Select Energy Services, Inc		4,841
946		SFL Corp Ltd		8,788
1,739		SM Energy Co		6,521
678		Solaris Oilfield Infrastructure, Inc		5,031
10,291	*	Southwestern Energy Co		26,345
300	*	Talos Energy, Inc		2,760
4,054		Targa Resources Investments, Inc		81,364
2,673	*,e	Tellurian, Inc		3,074
384	*	Tidewater, Inc		2,147
9,049	*,e	Transocean Ltd		16,560
2,051	*,e	Uranium Energy Corp		1,800
3,880	e	US Silica Holdings, Inc		14,007
7,396		Valero Energy Corp		435,033
1,529	*,e	W&T Offshore, Inc		3,486
21,790		Williams Cos, Inc		414,446
1,068		World Fuel Services Corp		27,512
7,431	*	WPX Energy, Inc		47,410
		TOTAL ENERGY		14,390,792

52

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
FOOD & STAPLES RETAILING - 1.3%
418		Andersons, Inc	$	5,752
618		Casey’s General Stores, Inc		92,403
300	*	Chefs’ Warehouse Holdings, Inc		4,074
7,973		Costco Wholesale Corp		2,417,493
1,225	*	Grocery Outlet Holding Corp		49,980
626	*	HF Foods Group Inc		5,665
213		Ingles Markets, Inc (Class A)		9,174
14,043		Kroger Co		475,355
286		Natural Grocers by Vitamin C		4,256
2,310	*	Performance Food Group Co		67,313
385		Pricesmart, Inc		23,227
862	*,e	Rite Aid Corp		14,706
584		SpartanNash Co		12,410
2,100	*	Sprouts Farmers Market, Inc		53,739
8,648		SYSCO Corp		472,700
784	*	United Natural Foods, Inc		14,277
3,868	*	US Foods Holding Corp		76,277
127		Village Super Market (Class A)		3,520
13,248		Walgreens Boots Alliance, Inc		561,583
25,170		Walmart, Inc		3,014,863
148		Weis Markets, Inc		7,418
		TOTAL FOOD & STAPLES RETAILING		7,386,185
FOOD, BEVERAGE & TOBACCO - 3.2%
99		Alico, Inc		3,085
33,541		Altria Group, Inc		1,316,484
10,119		Archer-Daniels-Midland Co		403,748
1,190	e	B&G Foods, Inc (Class A)		29,012
924	*	Beyond Meat, Inc		123,798
152	*	Boston Beer Co, Inc (Class A)		81,571
896		Brown-Forman Corp (Class A)		51,583
3,249		Brown-Forman Corp (Class B)		206,831
2,572		Bunge Ltd		105,786
345		Calavo Growers, Inc		21,704
486	*	Cal-Maine Foods, Inc		21,617
3,182		Campbell Soup Co		157,923
615	*	Celsius Holdings, Inc		7,239
69,821		Coca-Cola Co		3,119,602
72		Coca-Cola Consolidated Inc		16,502
8,960		ConAgra Brands, Inc		315,123
2,884		Constellation Brands, Inc (Class A)		504,556
190	*	Craft Brewers Alliance, Inc		2,924
2,988	*	Darling International, Inc		73,565
200	*	Farmer Bros Co		1,468
3,751		Flowers Foods, Inc		83,872
499		Fresh Del Monte Produce, Inc		12,285
696	*	Freshpet, Inc		58,227
10,995		General Mills, Inc		677,842
1,593	*	Hain Celestial Group, Inc		50,195
2,590		Hershey Co		335,716
4,973		Hormel Foods Corp		240,047
2,702	*	Hostess Brands, Inc		33,018
1,227		Ingredion, Inc		101,841
277		J&J Snack Foods Corp		35,215
2,019		J.M. Smucker Co		213,630
199		John B. Sanfilippo & Son, Inc		16,981
4,500		Kellogg Co		297,270
5,948		Keurig Dr Pepper, Inc		168,923
11,401		Kraft Heinz Co		363,578
2,706		Lamb Weston Holdings, Inc		172,995
364		Lancaster Colony Corp		56,416
422	*	Landec Corp		3,359
187		Limoneira Co		2,710

53

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,188		McCormick & Co, Inc	$	392,549
203		MGP Ingredients, Inc		7,451
3,002		Molson Coors Brewing Co (Class B)		103,149
25,482		Mondelez International, Inc		1,302,895
6,686	*	Monster Beverage Corp		463,474
183	*,e	National Beverage Corp		11,167
1,827	*,e	New Age Beverages Corp		2,795
25,039		PepsiCo, Inc		3,311,658
28,299		Philip Morris International, Inc		1,982,628
908	*	Pilgrim’s Pride Corp		15,336
1,211	*	Post Holdings, Inc		106,108
2,638		Primo Water Corp		36,272
317		Sanderson Farms, Inc		36,737
4		Seaboard Corp		11,735
134	*	Seneca Foods Corp		4,531
1,484	*	Simply Good Foods Co		27,573
401	e	Tootsie Roll Industries, Inc		13,742
1,099	*	TreeHouse Foods, Inc		48,136
78		Turning Point Brands, Inc		1,943
5,131		Tyson Foods, Inc (Class A)		306,372
619		Universal Corp		26,314
2,682		Vector Group Ltd		26,981
		TOTAL FOOD, BEVERAGE & TOBACCO		17,727,787
HEALTH CARE EQUIPMENT & SERVICES - 6.5%
357	*	1Life Healthcare, Inc		12,966
31,216		Abbott Laboratories		2,854,079
785	*	Abiomed, Inc		189,625
1,640	*	Acadia Healthcare Co, Inc		41,197
1,245	*	Accuray, Inc		2,527
230	*	Addus HomeCare Corp		21,289
1,412	*	Align Technology, Inc		387,509
2,817	*	Allscripts Healthcare Solutions, Inc		19,071
996	*	Alphatec Holdings Inc		4,681
577	*	Amedisys, Inc		114,558
137	*	American Renal Associates Holdings, Inc		893
2,641		AmerisourceBergen Corp		266,134
862	*	AMN Healthcare Services, Inc		38,997
563	*	Angiodynamics, Inc		5,726
2,249	*	Antares Pharma, Inc		6,185
4,554		Anthem, Inc		1,197,611
398	*,e	Apollo Medical Holdings, Inc		6,567
1,361	*	Apyx Medical Corp		7,554
673	*	AtriCure, Inc		30,251
27		Atrion Corp		17,199
725	*	Avanos Medical, Inc		21,308
560	*,e	AxoGen, Inc		5,174
439	*	Axonics Modulation Technologies, Inc		15,413
9,188		Baxter International, Inc		791,087
4,875		Becton Dickinson & Co		1,166,441
679	*	BioTelemetry, Inc		30,684
25,296	*	Boston Scientific Corp		888,143
2,873	*	Brookdale Senior Living, Inc		8,475
785		Cantel Medical Corp		34,721
5,299		Cardinal Health, Inc		276,555
501	*	Cardiovascular Systems, Inc		15,807
10,369	*	Centene Corp		658,950
5,531		Cerner Corp		379,150
2,819	*	Cerus Corp		18,605
3,853	*	Change Healthcare, Inc		43,154
2,933	*	Chembio Diagnostics, Inc		9,532
292		Chemed Corp		131,712
6,536		Cigna Corp		1,226,480
457	*	Co-Diagnostics, Inc		8,843
168		Computer Programs & Systems, Inc		3,829

54

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
422		Conmed Corp	$	30,380
861		Cooper Cos, Inc		244,214
163	*	Corvel Corp		11,555
1,718	*	Covetrus, Inc		30,735
544	*	Cross Country Healthcare, Inc		3,351
480	*	CryoLife, Inc		9,202
595	*,e	CryoPort, Inc		17,999
202	*	Cutera, Inc		2,458
23,592		CVS Health Corp		1,532,772
466	*,e	CytoSorbents Corp		4,613
11,312		Danaher Corp		2,000,301
1,515	*	DaVita, Inc		119,897
3,982		Dentsply Sirona, Inc		175,447
1,662	*	DexCom, Inc		673,775
11,162	*	Edwards Lifesciences Corp		771,406
1,608		Encompass Health Corp		99,583
1,049		Ensign Group, Inc		43,901
2,830	*	Envista Holdings Corp		59,685
623	*	Enzo Biochem, Inc		1,395
1,209	*	Evolent Health, Inc		8,608
572	*	Fulgent Genetics, Inc		9,152
1,004	*	GenMark Diagnostics, Inc		14,769
627	*	Glaukos Corp		24,089
1,419	*	Globus Medical, Inc		67,700
1,327	*	Guardant Health, Inc		107,659
886	*	Haemonetics Corp		79,350
636	*	Hanger Inc		10,532
4,822		HCA Healthcare, Inc		468,023
562	*,e	Health Catalyst, Inc		16,394
1,277	*	HealthEquity, Inc		74,922
399	*	HealthStream, Inc		8,830
2,677	*	Henry Schein, Inc		156,310
99	*	Heska Corp		9,224
1,196		Hill-Rom Holdings, Inc		131,297
1,770	*	HMS Holdings Corp		57,330
4,675	*	Hologic, Inc		266,475
2,388		Humana, Inc		925,947
362	*	ICU Medical, Inc		66,720
1,514	*	IDEXX Laboratories, Inc		499,862
812	*	InfuSystem Holdings, Inc		9,370
263	*	Inogen, Inc		9,342
1,431	*	Inovalon Holdings, Inc		27,561
423	*	Inspire Medical Systems, Inc		36,809
1,123	*	Insulet Corp		218,154
572	*	Integer Holding Corp		41,785
1,378	*	Integra LifeSciences Holdings Corp		64,752
100	*	IntriCon Corp		1,352
2,092	*	Intuitive Surgical, Inc		1,192,084
733		Invacare Corp		4,669
477	*	iRhythm Technologies, Inc		55,280
1,743	*	Laboratory Corp of America Holdings		289,530
1,098	*	Lantheus Holdings, Inc		15,703
236		LeMaitre Vascular, Inc		6,230
528	*	LHC Group, Inc		92,041
970	*	LivaNova plc		46,686
936	*	Livongo Health, Inc		70,378
426	*	Magellan Health Services, Inc		31,089
849	*	Masimo Corp		193,563
2,921		McKesson Corp		448,140
1,627	*	MEDNAX, Inc		27,822
24,220		Medtronic plc		2,220,974
646	*	Meridian Bioscience, Inc		15,045
985	*	Merit Medical Systems, Inc		44,965
49		Mesa Laboratories, Inc		10,623
1,068	*	Molina Healthcare, Inc		190,083

55

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
173		National Healthcare Corp	$	10,975
208		National Research Corp		12,108
500	*	Natus Medical, Inc		10,910
1,021	*	Neogen Corp		79,230
613	*	Nevro Corp		73,235
818	*	NextGen Healthcare, Inc		8,982
1,767	*	Novocure Ltd		104,783
959	*	NuVasive, Inc		53,378
758	*	Omnicell, Inc		53,530
545	*,e	OptimizeRx Corp		7,101
469	*	Option Care Health, Inc		6,510
873	*	OraSure Technologies, Inc		10,153
267	*	Orthofix Medical Inc		8,544
333	*	OrthoPediatrics Corp		14,572
1,103		Owens & Minor, Inc		8,405
1,530		Patterson Cos, Inc		33,660
524	*	Pennant Group, Inc		11,842
597	*	Penumbra, Inc		106,756
419	*,e	PetIQ, Inc		14,598
495	*	Phreesia, Inc		13,999
1,247	*	PPD, Inc		33,420
1,204	*	Premier, Inc		41,273
441	*	Progyny, Inc		11,382
335	*	Protara Therapeutics, Inc		9,822
199	*	Providence Service Corp		15,703
240	*,e	Pulse Biosciences, Inc		2,510
2,406		Quest Diagnostics, Inc		274,188
665	*	Quidel Corp		148,787
1,080	*	Quotient Ltd		7,992
1,555	*	R1 RCM, Inc		17,338
576	*	RadNet, Inc		9,141
1,114	*	Repro-Med Systems, Inc		10,004
2,601		Resmed, Inc		499,392
1,575	*	Retractable Technologies, Inc		11,056
1,842	*,e	Rockwell Medical, Inc		3,592
837	*	RTI Surgical Holdings Inc		2,662
250	*	SeaSpine Holdings Corp		2,617
1,678	*	Select Medical Holdings Corp		24,717
594	*	Shockwave Medical Inc		28,138
442	*	SI-BONE, Inc		7,045
1,519	*	Sientra, Inc		5,879
548	*	Silk Road Medical Inc		22,956
166		Simulations Plus, Inc		9,930
793	*	Staar Surgical Co		48,801
1,527		STERIS plc		234,303
6,282		Stryker Corp		1,131,954
328	*	Surgery Partners, Inc		3,795
300	*	SurModics, Inc		12,972
280	*,e	Tabula Rasa HealthCare, Inc		15,324
280	*,e	Tactile Systems Technology, Inc		11,600
1,069	*	Tandem Diabetes Care, Inc		105,745
1,340	*	Teladoc, Inc		255,726
818		Teleflex, Inc		297,736
2,181	*	Tenet Healthcare Corp		39,498
668	*	Tivity Health, Inc		7,568
347	*	Transmedics Group, Inc		6,218
378	*	Triple-S Management Corp (Class B)		7,190
17,024		UnitedHealth Group, Inc		5,021,229
1,348		Universal Health Services, Inc (Class B)		125,216
187		US Physical Therapy, Inc		15,151
49		Utah Medical Products, Inc		4,342
344	*	Vapotherm, Inc		14,101
587	*	Varex Imaging Corp		8,893
1,656	*	Varian Medical Systems, Inc		202,893
2,386	*	Veeva Systems, Inc		559,326

56

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,376	*	Venus Concept, Inc	$	8,292
615	*	Viemed Healthcare, Inc		5,904
2,186	*,e	ViewRay, Inc		4,897
433	*	Vocera Communications, Inc		9,180
1,346		West Pharmaceutical Services, Inc		305,771
2,118	*,e	Wright Medical Group NV		62,947
3,694		Zimmer Biomet Holdings, Inc		440,916
341	*,e	Zynex Inc		8,481
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		35,977,358
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
722	*	BellRing Brands, Inc		14,397
160	*	Central Garden & Pet Co		5,758
580	*	Central Garden and Pet Co (Class A)		19,598
4,520		Church & Dwight Co, Inc		349,396
2,289		Clorox Co		502,138
15,173		Colgate-Palmolive Co		1,111,574
5,109		Coty, Inc		22,837
893	*	Edgewell Personal Care Co		27,826
326	*	elf Beauty, Inc		6,217
1,154		Energizer Holdings, Inc		54,804
4,009		Estee Lauder Cos (Class A)		756,418
1,810	*	Herbalife Nutrition Ltd		81,414
253		Inter Parfums, Inc		12,182
6,140		Kimberly-Clark Corp		867,889
160	e	Medifast, Inc		22,203
140	*	Nature’s Sunshine Products, Inc		1,261
992		Nu Skin Enterprises, Inc (Class A)		37,924
80		Oil-Dri Corp of America		2,776
43,949		Procter & Gamble Co		5,254,982
185	*,e	Revlon, Inc (Class A)		1,832
871		Reynolds Consumer Products Inc		30,259
808		Spectrum Brands Holdings, Inc		37,087
180	*	USANA Health Sciences, Inc		13,217
266		WD-40 Co		52,748
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		9,286,737
INSURANCE - 3.2%
12,833		Aflac, Inc		462,373
257		Alleghany Corp		125,709
5,706		Allstate Corp		553,425
699	*	AMBAC Financial Group, Inc		10,010
1,557		American Equity Investment Life Holding Co		38,473
1,392		American Financial Group, Inc		88,336
15,568		American International Group, Inc		485,410
234		American National Insurance Co		16,864
299		Amerisafe, Inc		18,287
4,145		Aon plc		798,327
6,987	*	Arch Capital Group Ltd		200,178
509	*	Argo Group International Holdings Ltd		17,728
3,466		Arthur J. Gallagher & Co		337,900
1,099		Assurant, Inc		113,516
1,586		Assured Guaranty Ltd		38,714
2,113	*	Athene Holding Ltd		65,904
1,578		Axis Capital Holdings Ltd		64,004
161	*	Benefytt Technologies, Inc		3,294
35,168	*	Berkshire Hathaway, Inc (Class B)		6,277,840
1,831	*	Brighthouse Financial, Inc		50,938
4,413		Brown & Brown, Inc		179,874
8,113		Chubb Ltd		1,027,268
2,719		Cincinnati Financial Corp		174,098
712	*,e	Citizens, Inc (Class A)		4,265
571		CNA Financial Corp		18,358
2,753		Conseco, Inc		42,864
143		Donegal Group, Inc (Class A)		2,033

57

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
494	*	eHealth, Inc	$	48,531
488		Employers Holdings, Inc		14,713
247	*	Enstar Group Ltd		37,734
436		Erie Indemnity Co (Class A)		83,668
731		Everest Re Group Ltd		150,732
150		FBL Financial Group, Inc (Class A)		5,384
201		FedNat Holding Co		2,225
4,916		Fidelity National Financial Inc		150,725
1,977		First American Financial Corp		94,936
10,754	*	Genworth Financial, Inc (Class A)		24,842
104		Global Indemnity Ltd		2,490
1,976		Globe Life, Inc		146,678
297	*	Goosehead Insurance, Inc		22,323
463	*	Greenlight Capital Re Ltd (Class A)		3,019
724		Hanover Insurance Group, Inc		73,363
6,514		Hartford Financial Services Group, Inc		251,115
121		HCI Group, Inc		5,588
362		Heritage Insurance Holdings, Inc		4,739
637		Horace Mann Educators Corp		23,397
90		Independence Holding Co		2,753
23		Investors Title Co		2,790
648		James River Group Holdings Ltd		29,160
1,193		Kemper Corp		86,516
347		Kinsale Capital Group, Inc		53,858
3,518		Lincoln National Corp		129,427
4,406		Loews Corp		151,082
247	*	Markel Corp		228,023
9,143		Marsh & McLennan Cos, Inc		981,684
2,003	*	MBIA, Inc		14,522
429		Mercury General Corp		17,482
13,696		Metlife, Inc		500,178
1,362		National General Holdings Corp		29,433
35		National Western Life Group, Inc		7,112
158	*	NI Holdings, Inc		2,334
5,185		Old Republic International Corp		84,567
336	*	Palomar Holdings, Inc		28,815
727		Primerica, Inc		84,768
5,023		Principal Financial Group		208,655
820		ProAssurance Corp		11,865
10,610		Progressive Corp		849,967
144		Protective Insurance Corp		2,170
7,136		Prudential Financial, Inc		434,582
1,153		Reinsurance Group of America, Inc (Class A)		90,441
834		RenaissanceRe Holdings Ltd		142,639
600		RLI Corp		49,260
227		Safety Insurance Group, Inc		17,311
1,030		Selective Insurance Group, Inc		54,322
243		State Auto Financial Corp		4,338
351		Stewart Information Services Corp		11,411
1,153	*	Third Point Reinsurance Ltd		8,659
433		Tiptree Inc		2,793
4,571		Travelers Cos, Inc		521,323
515	*,e	Trupanion, Inc		21,985
338		United Fire Group Inc		9,366
255		United Insurance Holdings Corp		1,994
503		Universal Insurance Holdings, Inc		8,928
3,600		Unum Group		59,724
2,544		W.R. Berkley Corp		145,746
347	*	Watford Holdings Ltd		5,791
56		White Mountains Insurance Group Ltd		49,726
2,329		Willis Towers Watson plc		458,697
		TOTAL INSURANCE		17,968,389
MATERIALS - 2.7%
324	e	Advanced Emissions Solutions, Inc		1,571

58

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
461	*	AdvanSix, Inc	$	5,412
4,010		Air Products & Chemicals, Inc		968,255
1,889		Albemarle Corp		145,850
3,306	*	Alcoa Corp		37,159
2,222	*	Allegheny Technologies, Inc		22,642
28,435		Amcor plc		290,321
429		American Vanguard Corp		5,903
2,424	*,e	Amyris, Inc		10,351
1,207		Aptargroup, Inc		135,160
1,763	*	Arconic Corp		24,559
271		Ardagh Group S.A.		3,499
1,151		Ashland Global Holdings, Inc		79,534
1,514		Avery Dennison Corp		172,732
3,978	*	Axalta Coating Systems Ltd		89,704
605		Balchem Corp		57,390
5,786		Ball Corp		402,069
2,289	*	Berry Global Group, Inc		101,448
597		Boise Cascade Co		22,453
953		Cabot Corp		35,309
645	*	Caledonia Mining Corp plc		11,171
723		Carpenter Technology Corp		17,554
2,145		Celanese Corp (Series A)		185,199
831	*	Century Aluminum Co		5,925
3,995		CF Industries Holdings, Inc		112,419
111		Chase Corp		11,378
2,911		Chemours Co		44,684
261	*	Clearwater Paper Corp		9,430
7,433	e	Cleveland-Cliffs, Inc		41,030
4,597	*	Coeur Mining, Inc		23,353
1,801		Commercial Metals Co		36,740
532		Compass Minerals International, Inc		25,935
13,566		Corteva, Inc		363,433
2,327	*	Crown Holdings, Inc		151,558
976		Domtar Corp		20,603
13,404		Dow, Inc		546,347
13,281		DuPont de Nemours, Inc		705,620
799		Eagle Materials, Inc		56,106
2,397		Eastman Chemical Co		166,927
4,493		Ecolab, Inc		893,882
3,394	*	Element Solutions, Inc		36,825
1,255	*	Ferro Corp		14,985
1,000	*,†	Ferroglobe plc		0
2,366		FMC Corp		235,701
325	*	Forterra, Inc		3,627
25,598		Freeport-McMoRan, Inc (Class B)		296,169
400		FutureFuel Corp		4,780
1,119	*	GCP Applied Technologies, Inc		20,791
816	*	Gold Resource Corp		3,354
4,828		Graphic Packaging Holding Co		67,544
395		Greif, Inc (Class A)		13,592
87		Greif, Inc (Class B)		3,639
784		H.B. Fuller Co		34,966
142		Hawkins, Inc		6,046
193		Haynes International, Inc		4,508
9,984		Hecla Mining Co		32,648
3,508		Huntsman Corp		63,039
823	*	Ingevity Corp		43,265
373		Innospec, Inc		28,814
1,890		International Flavors & Fragrances, Inc		231,449
7,037		International Paper Co		247,773
1,493	*	Intrepid Potash, Inc		1,478
261		Kaiser Aluminum Corp		19,215
315	*	Koppers Holdings, Inc		5,935
468	*	Kraton Corp		8,087
357		Kronos Worldwide, Inc		3,716

59

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
9,482		Linde plc	$	2,011,227
2,532	*	Livent Corp		15,597
2,113		Louisiana-Pacific Corp		54,198
4,643		LyondellBasell Industries NV		305,138
2,371	*,e	Marrone Bio Innovations, Inc		2,774
1,122		Martin Marietta Materials, Inc		231,772
300		Materion Corp		18,447
741		Minerals Technologies, Inc		34,775
6,456		Mosaic Co		80,765
371		Myers Industries, Inc		5,398
257		Neenah Inc		12,711
131		NewMarket Corp		52,463
14,644		Newmont Goldcorp Corp		904,121
3,868	*	Novagold Resources Inc		35,508
5,438		Nucor Corp		225,188
2,868		O-I Glass, Inc		25,755
3,054		Olin Corp		35,090
163		Olympic Steel, Inc		1,915
1,050		Orion Engineered Carbons SA		11,120
1,735		Packaging Corp of America		173,153
658		PH Glatfelter Co		10,561
1,490		PolyOne Corp		39,083
4,254		PPG Industries, Inc		451,179
868	*	PQ Group Holdings, Inc		11,492
201		Quaker Chemical Corp		37,316
877	*	Rayonier Advanced Materials, Inc		2,464
1,190		Reliance Steel & Aluminum Co		112,967
1,158		Royal Gold, Inc		143,963
2,346		RPM International, Inc		176,091
272	*	Ryerson Holding Corp		1,531
421		Schnitzer Steel Industries, Inc (Class A)		7,426
670		Schweitzer-Mauduit International, Inc		22,385
716		Scotts Miracle-Gro Co (Class A)		96,281
2,697		Sealed Air Corp		88,596
907		Sensient Technologies Corp		47,309
1,484		Sherwin-Williams Co		857,529
1,660		Silgan Holdings, Inc		53,767
1,952		Sonoco Products Co		102,070
1,339		Southern Copper Corp		53,252
3,643		Steel Dynamics, Inc		95,046
410		Stepan Co		39,811
1,996	*	Summit Materials, Inc		32,096
1,010		SunCoke Energy, Inc		2,990
717	*	TimkenSteel Corp		2,789
322	*	Trecora Resources		2,019
394		Tredegar Corp		6,068
733		Trinseo S.A.		16,243
1,458		Tronox Holdings plc		10,527
1,265		UFP Industries, Inc		62,630
97	*	UFP Technologies, Inc		4,274
30		United States Lime & Minerals, Inc		2,533
3,845		United States Steel Corp		27,761
238	*	US Concrete, Inc		5,902
3,456		Valvoline, Inc		66,804
1,196		Verso Corp		14,304
2,303		Vulcan Materials Co		266,803
1,163		Warrior Met Coal, Inc		17,899
559		Westlake Chemical Corp		29,990
4,647		WestRock Co		131,324
702	*	Worthington Industries, Inc		26,185
1,011		WR Grace and Co		51,369
		TOTAL MATERIALS		14,940,305
MEDIA & ENTERTAINMENT - 8.0%
13,809		Activision Blizzard, Inc		1,048,103

60

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
5,418	*	Alphabet, Inc (Class A)	$	7,682,995
5,348	*	Alphabet, Inc (Class C)		7,559,986
5,822	*	Altice USA, Inc		131,228
855	e	AMC Entertainment Holdings, Inc		3,668
741	*	AMC Networks, Inc		17,332
210	*	Black Diamond Therapeutics, Inc		8,854
380	*	Boston Omaha Corp		6,080
89		Cable One, Inc		157,962
460	*	Cardlytics, Inc		32,191
1,488	*	Cargurus, Inc		37,721
1,131	*	Cars.com, Inc		6,515
1,847	*	Central European Media Enterprises Ltd (Class A)		6,538
2,707	*	Charter Communications, Inc		1,380,678
2,021		Cinemark Holdings, Inc		23,343
81,813		Comcast Corp (Class A)		3,189,071
17	*,e	Daily Journal Corp		4,590
2,011	*	DHI Group, Inc		4,223
2,851	*,e	Discovery, Inc (Class A)		60,156
6,033	*	Discovery, Inc (Class C)		116,196
4,492	*	DISH Network Corp (Class A)		155,019
5,198	*	Electronic Arts, Inc		686,396
2,184		Entercom Communications Corp (Class A)		3,014
1,005		Entravision Communications Corp (Class A)		1,437
454	*,e	Eros International plc		1,435
641	*	Eventbrite Inc		5,493
249	*	EverQuote Inc		14,482
916		EW Scripps Co (Class A)		8,015
43,339	*	Facebook, Inc		9,840,987
1,809	*	Fluent, Inc		3,220
6,206		Fox Corp (Class A)		166,445
2,830		Fox Corp (Class B)		75,957
142	*	Gaia, Inc		1,190
7,680	*,e	Gannett Co, Inc		10,598
2,289	*	Glu Mobile, Inc		21,219
1,876	*	Gray Television, Inc		26,170
248	*	Hemisphere Media Group, Inc		2,438
1,063	*	iHeartMedia, Inc		8,876
902	*	Imax Corp		10,111
7,004		Interpublic Group of Cos, Inc		120,189
693		John Wiley & Sons, Inc (Class A)		27,027
170	*	Liberty Braves Group (Class A)		3,414
525	*	Liberty Braves Group (Class C)		10,363
471	*	Liberty Broadband Corp (Class A)		57,551
1,881	*	Liberty Broadband Corp (Class C)		233,169
398	*	Liberty Media Group (Class A)		11,614
3,565	*	Liberty Media Group (Class C)		113,046
1,592	*	Liberty SiriusXM Group (Class A)		54,956
3,230	*	Liberty SiriusXM Group (Class C)		111,273
1,108	*	Liberty TripAdvisor Holdings, Inc		2,360
786	*	Lions Gate Entertainment Corp (Class A)		5,824
1,548	*	Lions Gate Entertainment Corp (Class B)		10,573
2,516	*	Live Nation, Inc		111,534
439	*	LiveXLive Media, Inc		1,589
200		Loral Space & Communications, Inc		3,904
336	*	Madison Square Garden Co		49,355
336	*	Madison Square Garden Entertainment Corp		25,200
294		Marcus Corp		3,901
1,051	e	Match Group, Inc		112,510
1,354	*	Match Group, Inc (Euro OTC)		437,884
1,034	*	Meet Group, Inc		6,452
597	e	Meredith Corp		8,686
934	*	MSG Networks, Inc		9,293
970		National CineMedia, Inc		2,881
7,679	*	Netflix, Inc		3,494,252
2,867		New York Times Co (Class A)		120,500

61

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
6,379		News Corp (Class A)	$	75,655
1,884		News Corp (Class B)		22,514
706		Nexstar Media Group Inc		59,085
3,956		Omnicom Group, Inc		215,998
7,175	*	Pinterest, Inc		159,070
1,085	*	QuinStreet, Inc		11,349
1,825	*	Roku, Inc		212,667
51		Saga Communications, Inc		1,306
438		Scholastic Corp		13,114
1,071	e	Sinclair Broadcast Group, Inc (Class A)		19,771
21,717		Sirius XM Holdings, Inc		127,479
2,373	*	Spotify Technology S.A.		612,685
2,057	*	Take-Two Interactive Software, Inc		287,095
317	*	TechTarget, Inc		9,519
4,451		TEGNA, Inc		49,584
414		Tribune Publishing Co		4,136
1,758		TripAdvisor, Inc		33,420
963	*	TrueCar, Inc		2,484
13,717	*	Twitter, Inc		408,629
89	e	ViacomCBS, Inc (Class A)		2,278
9,833		ViacomCBS, Inc (Class B)		229,306
32,457		Walt Disney Co		3,619,280
341	*	WideOpenWest, Inc		1,797
894		World Wrestling Entertainment, Inc (Class A)		38,844
1,209	*	Yelp, Inc		27,964
1,056	*	Zillow Group, Inc (Class A)		60,699
2,429	*,e	Zillow Group, Inc (Class C)		139,935
16,643	*	Zynga, Inc		158,774
		TOTAL MEDIA & ENTERTAINMENT		44,273,669
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
968	*	10X Genomics, Inc		86,452
31,797		AbbVie, Inc		3,121,829
2,140	*	Abeona Therapeutics, Inc		6,238
2,077	*	Acadia Pharmaceuticals, Inc		100,672
406	*,e	Accelerate Diagnostics, Inc		6,155
843	*	Acceleron Pharma, Inc		80,313
1,198	*	Adaptive Biotechnologies Corp		57,959
4,274	*	Aduro Biotech, Inc		9,873
1,303	*	Adverum Biotechnologies, Inc		27,207
1,425	*	Aeglea BioTherapeutics, Inc		13,181
702	*	Aerie Pharmaceuticals, Inc		10,362
1,315	*	Affimed NV		6,069
2,431	*	Agenus, Inc		9,554
3,534	*	Agile Therapeutics, Inc		9,825
5,650		Agilent Technologies, Inc		499,290
1,081	*	Agios Pharmaceuticals, Inc		57,812
554	*,e	Aimmune Therapeutics, Inc		9,257
239	*,e	Akcea Therapeutics, Inc		3,274
2,414	*	Akebia Therapeutics, Inc		32,782
198	*	Akero Therapeutics, Inc		4,934
147	*	Albireo Pharma, Inc		3,894
1,801	*,†	Alder Biopharmaceuticals Inc		1,585
824	*	Alector, Inc		20,139
3,746	*	Alexion Pharmaceuticals, Inc		420,451
2,871	*	Alkermes plc		55,712
430	*,e	Allakos, Inc		30,900
897	*	Allogene Therapeutics, Inc		38,410
2,045	*	Alnylam Pharmaceuticals, Inc		302,885
533	*,e	AMAG Pharmaceuticals, Inc		4,077
10,628		Amgen, Inc		2,506,720
4,499	*	Amicus Therapeutics, Inc		67,845
2,013	*	Amneal Pharmaceuticals, Inc		9,582
552	*	Amphastar Pharmaceuticals, Inc		12,398
305	*	AnaptysBio, Inc		6,814

62

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,126	*	Anavex Life Sciences Corp	$	5,540
121	*	ANI Pharmaceuticals, Inc		3,913
216	*	Anika Therapeutics, Inc		8,150
1,139	*	Apellis Pharmaceuticals, Inc		37,200
239	*	Applied Therapeutics, Inc		8,640
252	*	Aprea Therapeutics, Inc		9,773
1,749	*	Aquestive Therapeutics, Inc		8,500
237	*	Arcturus Therapeutics Holdings, Inc		11,077
524	*	Arcus Biosciences, Inc		12,964
163	*	Arcutis Biotherapeutics, Inc		4,929
1,294	*	Ardelyx, Inc		8,954
994	*	Arena Pharmaceuticals, Inc		62,572
1,723	*	Arrowhead Pharmaceuticals Inc		74,416
517	*	Arvinas, Inc		17,340
2,170	*	Aspira Women’s Health, Inc		8,333
540	*	Assembly Biosciences, Inc		12,593
719	*	Atara Biotherapeutics, Inc		10,476
1,288	*	Athenex, Inc		17,723
1,583	*	Athersys, Inc		4,369
377	*	Atreca, Inc		8,023
7,308	*	Avantor, Inc		124,236
913	*	Avenue Therapeutics, Inc		9,833
813	*	Avid Bioservices, Inc		5,337
621	*	Avrobio, Inc		10,836
493	*	Axsome Therapeutics, Inc		40,564
6,623	*	Aytu BioScience, Inc		9,405
208	*	Beam Therapeutics, Inc		5,824
758	*	Bellerophon Therapeutics, Inc		9,513
2,781	*	BioCryst Pharmaceuticals, Inc		13,251
1,476	*	BioDelivery Sciences International, Inc		6,435
2,938	*	Biogen, Inc		786,062
836	*	Biohaven Pharmaceutical Holding Co Ltd		61,120
3,224	*	BioMarin Pharmaceutical, Inc		397,648
379	*	Bio-Rad Laboratories, Inc (Class A)		171,115
89	*	Biospecifics Technologies Corp		5,454
657		Bio-Techne Corp		173,494
200	*	Bioxcel Therapeutics Inc		10,602
1,143	*	Bluebird Bio, Inc		69,769
957	*	Blueprint Medicines Corp		74,646
1,343	*,e	Bridgebio Pharma, Inc		43,795
40,882		Bristol-Myers Squibb Co		2,403,862
1,641		Bruker BioSciences Corp		66,756
470	*	Calithera Biosciences, Inc		2,482
390	*,e	Calyxt, Inc		1,923
425	*,e	Cara Therapeutics, Inc		7,267
744	*	CareDx, Inc		26,360
807	*	CASI Pharmaceuticals, Inc		2,017
180	*	Castle Biosciences, Inc		6,784
2,649	*	Catalent, Inc		194,172
2,895	*	Catalyst Pharmaceuticals, Inc		13,375
349	*	Cellular Biomedicine Group, Inc		5,225
636	*,e	CEL-SCI Corp		9,489
1,640	*	Cerecor Inc		4,264
1,068	*	Champions Oncology, Inc		10,210
837	*	Charles River Laboratories International, Inc		145,931
2,254	*,e	Checkpoint Therapeutics Inc		4,463
823	*	ChemoCentryx, Inc		47,355
1,052	*	Chiasma, Inc		5,660
913	*	Chimerix, Inc		2,830
1,076	*	ChromaDex Corp		4,939
1,365	*,e	Clovis Oncology, Inc		9,214
646	*	Codexis, Inc		7,364
4,202	*	Cohbar, Inc		6,513
1,104	*	Coherus Biosciences, Inc		19,717
902	*	Collegium Pharmaceutical, Inc		15,785
271	*	Concert Pharmaceuticals, Inc		2,696

63

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
480	*	Constellation Pharmaceuticals, Inc	$	14,424
708	*	Corbus Pharmaceuticals Holdings, Inc		5,940
1,983	*	Corcept Therapeutics, Inc		33,354
1,038	*,e	CorMedix Inc		6,539
410	*	Cortexyme Inc		18,983
477	*	Crinetics Pharmaceuticals, Inc		8,357
707	*	Cue Biopharma, Inc		17,329
949	*	Cymabay Therapeutics, Inc		3,312
991	*	Cytokinetics, Inc		23,358
459	*	CytomX Therapeutics, Inc		3,823
610	*	Deciphera Pharmaceuticals, Inc		36,429
957	*	Denali Therapeutics, Inc		23,140
1,142	*	Dicerna Pharmaceuticals, Inc		29,007
3,554	*	Durect Corp		8,245
1,710	*	Dynavax Technologies Corp		15,168
122	*	Eagle Pharmaceuticals, Inc		5,854
969	*,e	Editas Medicine, Inc		28,663
279	*	Eidos Therapeutics, Inc		13,300
426	*	Eiger BioPharmaceuticals, Inc		4,090
7,079	*	Elanco Animal Health, Inc		151,845
15,220		Eli Lilly & Co		2,498,820
1,184	*	Eloxx Pharmaceuticals, Inc		3,588
788	*	Emergent Biosolutions, Inc		62,315
232	*	Enanta Pharmaceuticals, Inc		11,649
3,476	*	Endo International plc		11,923
1,795	*	Epizyme, Inc		28,828
495	*,e	Esperion Thereapeutics, Inc		25,398
2,630	*	Evelo Biosciences, Inc		12,887
271	*	Evofem Biosciences Inc		767
159	*,e	Evolus, Inc		843
2,660	*	Exact Sciences Corp		231,260
5,221	*	Exelixis, Inc		123,947
3,547	*	Exicure, Inc		8,655
1,157	*	Fate Therapeutics, Inc		39,697
1,457	*	FibroGen, Inc		59,052
428	*	Five Prime Therapeutics, Inc		2,611
438	*	Flexion Therapeutics, Inc		5,760
1,214	*	Fluidigm Corp		4,868
3,677	*	Fortress Biotech, Inc		9,854
497	*	Frequency Therapeutics, Inc		11,555
532	*	Fulcrum Therapeutics, Inc		9,730
626	*	G1 Therapeutics, Inc		15,187
3,958	*	Geron Corp		8,628
22,677		Gilead Sciences, Inc		1,744,768
1,063	*	Global Blood Therapeutics, Inc		67,107
541	*	GlycoMimetics, Inc		2,034
1,085	*	Gossamer Bio, Inc		14,105
815	*	Gritstone Oncology, Inc		5,412
2,341	*	Halozyme Therapeutics, Inc		62,762
254	*	Harpoon Therapeutics, Inc		4,216
1,529	*	Heron Therapeutics, Inc		22,492
600	*	Homology Medicines, Inc		9,114
3,357	*	Horizon Therapeutics Plc		186,582
6,897	*	iBio, Inc		15,311
125	*	IGM Biosciences, Inc		9,125
2,653	*	Illumina, Inc		982,539
3,250	*	Immunogen, Inc		14,950
3,683	*	Immunomedics, Inc		130,526
328	*	Immunovant, Inc		7,987
3,290	*	Incyte Corp		342,061
1,186	*	Innoviva, Inc		16,580
2,606	*,e	Inovio Pharmaceuticals, Inc		70,232
1,788	*,e	Insmed, Inc		49,242
1,074	*,e	Intellia Therapeutics, Inc		22,575
455	*	Intercept Pharmaceuticals, Inc		21,799
388	*	Intersect ENT, Inc		5,254

64

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
967	*	Intra-Cellular Therapies, Inc	$	24,823
2,050	*,e	Invitae Corp		62,094
2,281	*	Ionis Pharmaceuticals, Inc		134,488
2,420	*	Iovance Biotherapeutics, Inc		66,429
3,377	*	IQVIA Holdings, Inc		479,129
2,735	*	Ironwood Pharmaceuticals, Inc		28,225
1,613	*	IVERIC bio, Inc		8,226
1,000	*	Jazz Pharmaceuticals plc		110,340
47,589		Johnson & Johnson		6,692,441
461	*	Jounce Therapeutics, Inc		3,181
3,128	*	Kadmon Holdings, Inc		16,015
798	*,e	Kala Pharmaceuticals, Inc		8,387
390	*	KalVista Pharmaceuticals Inc		4,719
269	*	Karuna Therapeutics, Inc		29,983
1,306	*	Karyopharm Therapeutics, Inc		24,736
1,049	*	Kezar Life Sciences, Inc		5,434
977	*	Kindred Biosciences, Inc		4,387
334	*	Kiniksa Pharmaceuticals Ltd		8,510
530	*	Kodiak Sciences, Inc		28,684
199	*	Krystal Biotech Inc		8,243
918	*	Kura Oncology, Inc		14,963
1,211	*,e	La Jolla Pharmaceutical Co		5,159
429	*	Lannett Co, Inc		3,115
657	*,e	Lexicon Pharmaceuticals, Inc		1,311
305	*,e	Ligand Pharmaceuticals, Inc (Class B)		34,114
908	*	Liquidia Technologies, Inc		7,645
674	*	LogicBio Therapeutics, Inc		5,702
628		Luminex Corp		20,429
842	*	MacroGenics, Inc		23,509
152	*	Madrigal Pharmaceuticals, Inc		17,214
395	*	Magenta Therapeutics, Inc		2,966
2,279	*	MannKind Corp		3,988
2,772	*	Marinus Pharmaceuticals, Inc		7,041
458	*,e	MediciNova, Inc		2,482
535	*	Medpace Holdings, Inc		49,766
1,875	*	MEI Pharma, Inc		7,744
206	*	MeiraGTx Holdings plc		2,579
98	*	Menlo Therapeutics, Inc		170
45,604		Merck & Co, Inc		3,526,557
1,080	*	Mersana Therapeutics, Inc		25,272
425	*	Mettler-Toledo International, Inc		342,359
553	*	Minerva Neurosciences, Inc		1,996
651	*	Mirati Therapeutics, Inc		74,325
4,836	*	Moderna, Inc		310,520
512	*	Molecular Templates, Inc		7,060
2,222	*	Momenta Pharmaceuticals, Inc		73,926
244	*	Morphic Holding, Inc		6,600
2,333	*	Mustang Bio, Inc		7,419
9,534	*	Mylan NV		153,307
880	*	MyoKardia, Inc		85,026
1,012	*	Myriad Genetics, Inc		11,476
771	*	NanoString Technologies, Inc		22,629
506	*	NantKwest, Inc		6,214
1,238	*	Natera, Inc		61,727
3,021	*	Nektar Therapeutics		69,966
1,811	*	NeoGenomics, Inc		56,105
538	*	Neoleukin Therapeutics, Inc		8,931
1,620	*	Neurocrine Biosciences, Inc		197,640
255	*	NextCure Inc		5,467
443	*	NGM Biopharmaceuticals Inc		8,745
1,041	*	Novavax, Inc		86,767
2,778	*	Nymox Pharmaceutical Corp		9,862
362	*	Ocular Therapeutix, Inc		3,015
230	*	Odonate Therapeutics, Inc		9,738
652	*,e	Omeros Corp		9,597
2,006	*	Oncocyte Corp		3,831

65

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
5,196	*,e	Opko Health, Inc	$	17,718
258	*,e	Optinose, Inc		1,920
1,465	*	Orgenesis, Inc		8,907
784	*	Ovid therapeutics, Inc		5,778
3,121	*	Pacific Biosciences of California, Inc		10,767
609	*	Pacira BioSciences Inc		31,954
916	*	Paratek Pharmaceuticals, Inc		4,782
233	*	Passage Bio, Inc		6,368
2,346	*	PDL BioPharma, Inc		6,827
1,920	*	PerkinElmer, Inc		188,333
2,396		Perrigo Co plc		132,427
527	*	Pfenex, Inc		4,400
100,384		Pfizer, Inc		3,282,557
195	*	Phathom Pharmaceuticals, Inc		6,417
293		Phibro Animal Health Corp		7,697
529	*	Pieris Pharmaceuticals, Inc		1,640
1,365	*	Portola Pharmaceuticals, Inc		24,556
1,084	*	PRA Health Sciences, Inc		105,462
654	*	Precision BioSciences Inc		5,448
817	*	Prestige Consumer Healthcare, Inc.		30,687
518	*	Principia Biopharma, Inc		30,971
1,110	*,†	Progenics Pharmaceuticals, Inc		0
398	*	Protagonist Therapeutics, Inc		7,029
594	*	Prothena Corp plc		6,213
750	*	Provention Bio, Inc		10,582
1,091	*	PTC Therapeutics, Inc		55,357
453	*	Puma Biotechnology, Inc		4,725
3,971	*	QIAGEN NV		169,999
334	*	Quanterix Corp		9,148
582	*	Radius Health, Inc		7,933
192	*	RAPT Therapeutics, Inc		5,572
446	*	Reata Pharmaceuticals, Inc		69,585
22	*	Recro Pharma, Inc		100
1,739	*	Regeneron Pharmaceuticals, Inc		1,084,527
641	*	REGENXBIO, Inc		23,608
249	*	Relmada Therapeutics, Inc		11,143
918	*	Repligen Corp		113,474
560	*	Replimune Group, Inc		13,916
594	*	Retrophin, Inc		12,124
1,100	*	Revance Therapeutics, Inc		26,862
259	*	REVOLUTION Medicines, Inc		8,177
568	*	Rhythm Pharmaceuticals, Inc		12,666
1,863	*	Rigel Pharmaceuticals, Inc		3,409
856	*	Rocket Pharmaceuticals, Inc		17,916
1,149	*,e	Rubius Therapeutics, Inc		6,871
944	*	Sage Therapeutics, Inc		39,252
1,935	*	Sangamo Therapeutics Inc		17,338
1,328	*	Sarepta Therapeutics, Inc		212,932
162	*	Satsuma Pharmaceuticals, Inc		4,659
640	*	Scholar Rock Holding Corp		11,654
252	*	Schrodinger, Inc		23,076
2,177	*	Seattle Genetics, Inc		369,916
3,323	*	Selecta Biosciences, Inc		9,437
1,040	*	Seres Therapeutics, Inc		4,950
842	*	SIGA Technologies, Inc		4,976
5,525	*	Soleno Therapeutics, Inc		12,265
625	*	Solid Biosciences, Inc		1,831
3,244	*,e	Sorrento Therapeutics, Inc		20,372
1,594	*	Spectrum Pharmaceuticals, Inc		5,388
683	*	Spero Therapeutics, Inc		9,241
373	*	SpringWorks Therapeutics, Inc		15,666
311	*	Stoke Therapeutics, Inc		7,411
2,342	*	Strongbridge Biopharma plc		8,853
725	*	Supernus Pharmaceuticals, Inc		17,219
555	*	Syndax Pharmaceuticals, Inc		8,225
1,109	*	Syneos Health, Inc		64,599

66

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,268	*	Syros Pharmaceuticals, Inc	$	13,517
639	*	TCR2 Therapeutics Inc		9,815
1,920	*	TG Therapeutics, Inc		37,402
2,459	*,e	TherapeuticsMD, Inc		3,074
661	*	Theravance Biopharma, Inc		13,874
7,136		Thermo Fisher Scientific, Inc		2,585,658
909	*	Translate Bio, Inc		16,289
650	*	Tricida, Inc		17,862
502	*	Turning Point Therapeutics Inc		32,424
529	*	Twist Bioscience Corp		23,964
4,055	*	Tyme Technologies, Inc		5,393
996	*,e	Ultragenyx Pharmaceutical, Inc		77,907
751	*	United Therapeutics Corp		90,871
415	*	UNITY Biotechnology, Inc		3,602
496	*,e	UroGen Pharma Ltd		12,956
677	*	Vanda Pharmaceuticals, Inc		7,745
3,760	*	Vaxart, Inc		33,276
3,113	*	VBI Vaccines, Inc		9,650
818	*	Veracyte, Inc		21,186
2,895	*	Verastem, Inc		4,979
597	*	Vericel Corp		8,251
295	*	Verrica Pharmaceuticals, Inc		3,248
699	*	Versartis, Inc		8,136
4,703	*	Vertex Pharmaceuticals, Inc		1,365,328
353	*	Viela Bio, Inc		15,292
1,907	*,e	Viking Therapeutics, Inc		13,749
820	*	Vir Biotechnology, Inc		33,595
593	*	Voyager Therapeutics, Inc		7,484
1,120	*	Waters Corp		202,048
504	*,e	WaVe Life Sciences Ltd		5,247
748	*	X4 Pharmaceuticals, Inc		6,971
344	*	XBiotech, Inc		4,716
962	*	Xencor, Inc		31,159
740	*	Xeris Pharmaceuticals, Inc		1,968
525	*	Y-mAbs Therapeutics, Inc		22,680
172	*	Zentalis Pharmaceuticals, Inc		8,259
3,757	*,e	ZIOPHARM Oncology, Inc		12,323
8,597		Zoetis, Inc		1,178,133
966	*	Zogenix, Inc		26,092
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		46,057,665
REAL ESTATE - 3.6%
1,300		Acadia Realty Trust		16,874
848		Agree Realty Corp		55,722
1,021		Alexander & Baldwin, Inc		12,446
57		Alexander’s, Inc		13,731
2,221		Alexandria Real Estate Equities, Inc		360,357
196	*	Altisource Portfolio Solutions S.A.		2,889
714		American Assets Trust, Inc		19,878
2,413		American Campus Communities, Inc		84,358
1,878		American Finance Trust, Inc		14,902
4,773		American Homes 4 Rent		128,394
1,157	*	American Realty Investors, Inc		10,401
7,967		American Tower Corp		2,059,788
3,797		Americold Realty Trust		137,831
2,760		Apartment Investment & Management Co		103,886
4,063		Apple Hospitality REIT, Inc		39,249
1,769		Armada Hoffler Properties, Inc		17,602
2,519		AvalonBay Communities, Inc		389,538
379		Bluerock Residential Growth REIT, Inc		3,062
2,732		Boston Properties, Inc		246,918
2,649		Brandywine Realty Trust		28,848
5,555		Brixmor Property Group, Inc		71,215
881		Brookfield Property REIT, Inc		8,775
572		Brt Realty Trust		6,189

67

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,599		Camden Property Trust	$	145,861
1,679		CareTrust REIT, Inc		28,812
568		CatchMark Timber Trust, Inc		5,027
6,225	*	CBRE Group, Inc		281,494
572		Chatham Lodging Trust		3,501
262		CIM Commercial Trust Corp		2,824
471		City Office REIT, Inc		4,738
588		Clipper Realty, Inc		4,763
8,422		Colony Capital, Inc		20,213
1,903		Columbia Property Trust, Inc		25,005
544		Community Healthcare Trust, Inc		22,250
2,491		CoreCivic, Inc		23,316
185		CorEnergy Infrastructure Trust, Inc		1,693
675		CorePoint Lodging, Inc		2,842
696		Coresite Realty		84,258
2,132		Corporate Office Properties Trust		54,025
2,578		Cousins Properties, Inc		76,902
7,522		Crown Castle International Corp		1,258,807
74		CTO Realty Growth, Inc		2,923
3,658		CubeSmart		98,729
1,631	*	Cushman & Wakefield plc		20,322
2,071		CyrusOne, Inc		150,665
3,453		DiamondRock Hospitality Co		19,095
4,835		Digital Realty Trust, Inc		687,102
4,896		Diversified Healthcare Trust		21,665
2,632		Douglas Emmett, Inc		80,697
6,950		Duke Realty Corp		245,960
1,427		Easterly Government Properties, Inc		32,992
673		EastGroup Properties, Inc		79,825
3,012		Empire State Realty Trust, Inc		21,084
1,375		EPR Properties		45,554
1,589		Equinix, Inc		1,115,955
2,199		Equity Commonwealth		70,808
3,276		Equity Lifestyle Properties, Inc		204,684
6,666		Equity Residential		392,094
1,394		Essential Properties Realty Trust, Inc		20,687
1,175		Essex Property Trust, Inc		269,275
515	*	eXp World Holdings Inc		8,781
2,226		Extra Space Storage, Inc		205,616
482		Farmland Partners, Inc		3,302
1,347		Federal Realty Investment Trust		114,778
2,259		First Industrial Realty Trust, Inc		86,836
240	*	Forestar Group, Inc		3,619
1,235		Four Corners Property Trust, Inc		30,134
1,621		Franklin Street Properties Corp		8,251
874		Front Yard Residential Corp		7,604
102	*	FRP Holdings, Inc		4,139
3,613		Gaming and Leisure Properties, Inc		125,010
2,553		Geo Group, Inc		30,202
763		Getty Realty Corp		22,646
475		Gladstone Commercial Corp		8,906
687		Gladstone Land Corp		10,896
1,151		Global Medical REIT, Inc		13,041
1,848		Global Net Lease, Inc		30,917
1,190		Hannon Armstrong Sustainable Infrastructure Capital, Inc		33,867
2,421		Healthcare Realty Trust, Inc		70,911
3,603		Healthcare Trust of America, Inc		95,552
9,296		Healthpeak Properties Inc		256,198
697		Hersha Hospitality Trust		4,015
1,796		Highwoods Properties, Inc		67,045
12,997		Host Hotels and Resorts, Inc		140,238
692	*	Howard Hughes Corp		35,949
2,438		Hudson Pacific Properties		61,340
2,499		Independence Realty Trust, Inc		28,714
1,471		Industrial Logistics Properties Trust		30,229
254		Innovative Industrial Properties, Inc		22,357

68

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
192		Investors Real Estate Trust	$	13,534
9,619		Invitation Homes, Inc		264,811
4,939		Iron Mountain, Inc		128,908
1,070		iStar Inc		13,182
2,053		JBG SMITH Properties		60,707
145		Jernigan Capital, Inc		1,984
940		Jones Lang LaSalle, Inc		97,252
2,137		Kennedy-Wilson Holdings, Inc		32,525
1,970		Kilroy Realty Corp		115,639
7,240		Kimco Realty Corp		92,962
1,264		Kite Realty Group Trust		14,587
1,519		Lamar Advertising Co		101,408
5,428		Lexington Realty Trust		57,265
858		Life Storage, Inc		81,467
917		LTC Properties, Inc		34,543
2,640		Macerich Co		23,681
1,437		Mack-Cali Realty Corp		21,972
406	*	Marcus & Millichap, Inc		11,717
169	*	Maui Land & Pineapple Co, Inc		1,876
9,371		Medical Properties Trust, Inc		176,175
2,012		Mid-America Apartment Communities, Inc		230,716
2,033		Monmouth Real Estate Investment Corp (Class A)		29,458
885		National Health Investors, Inc		53,737
3,001		National Retail Properties, Inc		106,475
1,008		National Storage Affiliates Trust		28,889
3,834		New Senior Investment Group, Inc		13,879
2,520		Newmark Group, Inc		12,247
478		NexPoint Residential Trust, Inc		16,897
965		Office Properties Income Trust		25,061
3,987		Omega Healthcare Investors, Inc		118,534
251		One Liberty Properties, Inc		4,423
2,970		Outfront Media, Inc		42,085
3,099		Paramount Group, Inc		23,893
4,260		Park Hotels & Resorts, Inc		42,131
2,135		Pebblebrook Hotel Trust		29,164
3,336		Physicians Realty Trust		58,447
2,219		Piedmont Office Realty Trust, Inc		36,858
1,281		PotlatchDeltic Corp		48,716
1,193		Preferred Apartment Communities, Inc		9,067
13,359		Prologis, Inc		1,246,795
358		PS Business Parks, Inc		47,399
2,646		Public Storage, Inc		507,741
1,162		QTS Realty Trust, Inc		74,473
302	*	Rafael Holdings, Inc		4,340
2,525		Rayonier, Inc		62,595
349		Re/Max Holdings, Inc		10,969
2,208		Realogy Holdings Corp		16,361
6,053		Realty Income Corp		360,154
1,597	*	Redfin Corp		66,930
2,945		Regency Centers Corp		135,146
2,533		Retail Opportunities Investment Corp		28,699
3,851		Retail Properties of America, Inc		28,189
274		Retail Value, Inc		3,387
1,780		Rexford Industrial Realty, Inc		73,745
3,486		RLJ Lodging Trust		32,908
497		RMR Group, Inc		14,647
1,201		RPT Realty		8,359
778		Ryman Hospitality Properties		26,919
3,697		Sabra Healthcare REIT, Inc		53,348
319		Safehold, Inc		18,339
445		Saul Centers, Inc		14,360
2,007		SBA Communications Corp		597,925
793	*	Seritage Growth Properties		9,040
3,197		Service Properties Trust		22,667
5,464		Simon Property Group, Inc		373,628
2,580		SITE Centers Corp		20,898

69

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,436		SL Green Realty Corp	$	70,780
1,927		Spirit Realty Capital, Inc		67,175
831	*	St. Joe Co		16,138
2,541		STAG Industrial, Inc		74,502
3,908		STORE Capital Corp		93,049
93	*	Stratus Properties, Inc		1,842
2,137		Summit Hotel Properties, Inc		12,672
1,680		Sun Communities, Inc		227,942
4,750		Sunstone Hotel Investors, Inc		38,713
1,459		Tanger Factory Outlet Centers, Inc		10,403
1,248		Taubman Centers, Inc		47,124
268	*	Tejon Ranch Co		3,859
1,413		Terreno Realty Corp		74,380
5,209		UDR, Inc		194,712
435		UMH Properties, Inc		5,625
3,290		Uniti Group, Inc		30,762
198		Universal Health Realty Income Trust		15,739
2,537		Urban Edge Properties		30,114
1,302		Urstadt Biddle Properties, Inc (Class A)		15,468
6,646		Ventas, Inc		243,377
18,626		VEREIT, Inc		119,765
8,138		VICI Properties, Inc		164,306
3,062		Vornado Realty Trust		116,999
1,848		Washington REIT		41,026
2,450		Weingarten Realty Investors		46,379
7,527		Welltower, Inc		389,522
13,181		Weyerhaeuser Co		296,045
550		Whitestone REIT		3,999
2,940		WP Carey, Inc		198,891
2,548		Xenia Hotels & Resorts, Inc		23,773
		TOTAL REAL ESTATE		19,832,307
RETAILING - 7.2%
426	*	1-800-FLOWERS.COM, Inc (Class A)		8,529
1,334		Aaron’s, Inc		60,564
1,074		Abercrombie & Fitch Co (Class A)		11,427
1,214		Advance Auto Parts, Inc		172,934
7,648	*	Amazon.com, Inc		21,099,455
2,547	e	American Eagle Outfitters, Inc		27,762
122	*	America’s Car-Mart, Inc		10,720
305	*	Asbury Automotive Group, Inc		23,586
908	*,e	At Home Group, Inc		5,893
1,001	*	Autonation, Inc		37,618
423	*	AutoZone, Inc		477,195
2,179	e	Bed Bath & Beyond, Inc		23,097
4,166		Best Buy Co, Inc		363,567
744		Big Lots, Inc		31,248
2,427	*	BJ’s Wholesale Club Holdings, Inc		90,454
739	*	Booking Holdings, Inc		1,176,739
408	*	Boot Barn Holdings, Inc		8,796
526	e	Buckle, Inc		8,248
1,177	*	Burlington Stores, Inc		231,787
639		Caleres, Inc		5,329
598	e	Camping World Holdings, Inc		16,242
2,903	*	CarMax, Inc		259,964
977	*,e	Carvana Co		117,435
368		Cato Corp (Class A)		3,010
9,594		Chico’s FAS, Inc		13,240
288	e	Children’s Place, Inc		10,777
243		Citi Trends, Inc		4,913
291	*	Conn’s, Inc		2,936
231	*	Container Store Group, Inc		748
775		Core-Mark Holding Co, Inc		19,340
1,574		Designer Brands, Inc		10,656
1,148		Dick’s Sporting Goods, Inc		47,366

70

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
236	e	Dillard’s, Inc (Class A)	$	6,086
4,558		Dollar General Corp		868,345
4,246	*	Dollar Tree, Inc		393,519
144	*,e	Duluth Holdings, Inc		1,061
12,098		eBay, Inc		634,540
2,359	*	Envela Corp		14,390
2,169	*	Etsy, Inc		230,413
2,504		Expedia Group Inc		205,829
1,208	*	Express Parent LLC		1,860
969	*	Five Below, Inc		103,596
1,425	*	Floor & Decor Holdings, Inc		82,151
1,924		Foot Locker, Inc		56,104
185	*,e	Funko, Inc		1,073
622	*,e	GameStop Corp (Class A)		2,699
3,661		Gap, Inc		46,202
313	*	Genesco, Inc		6,780
2,563		Genuine Parts Co		222,878
324		Group 1 Automotive, Inc		21,374
354	*	Groupon, Inc		6,414
1,683	*	GrubHub, Inc		118,315
904		Guess?, Inc		8,742
286		Haverty Furniture Cos, Inc		4,576
323	*	Hibbett Sports, Inc		6,764
19,385		Home Depot, Inc		4,856,136
619	*	Hudson Ltd		3,015
2,978		Kohl’s Corp		61,853
4,373		L Brands, Inc		65,464
221	*	Lands’ End, Inc		1,777
325	*	Liquidity Services, Inc		1,937
367		Lithia Motors, Inc (Class A)		55,538
5,503	*	LKQ Corp		144,179
13,656		Lowe’s Companies, Inc		1,845,199
442	*	Lumber Liquidators, Inc		6,126
5,634	e	Macy’s, Inc		38,762
389	*	MarineMax, Inc		8,710
1,815	*,e	Michaels Cos, Inc		12,832
566		Monro Muffler, Inc		31,096
539	*	Murphy USA, Inc		60,686
1,613	*	National Vision Holdings, Inc		49,229
1,826	e	Nordstrom, Inc		28,285
8,884		Office Depot, Inc		20,877
911	*	Ollie’s Bargain Outlet Holdings, Inc		88,959
1,325	*	O’Reilly Automotive, Inc		558,713
752	*	Overstock.com, Inc		21,379
554		Penske Auto Group, Inc		21,445
306		PetMed Express, Inc		10,906
716		Pool Corp		194,659
1,155	*	Quotient Technology, Inc		8,455
7,241	*	Qurate Retail Group, Inc QVC Group		68,789
1,105	*	RealReal, Inc		14,133
699		Rent-A-Center, Inc		19,446
304	*	RH		75,666
6,307		Ross Stores, Inc		537,609
2,067	*	Rubicon Project, Inc		13,787
2,233	*	Sally Beauty Holdings, Inc		27,979
203		Shoe Carnival, Inc		5,942
309		Shutterstock, Inc		10,806
961	e	Signet Jewelers Ltd		9,869
507	*	Sleep Number Corp		21,111
455		Sonic Automotive, Inc (Class A)		14,519
571	*	Sportsman’s Warehouse Holdings, Inc		8,137
279	*	Stamps.com, Inc		51,250
989	*,e	Stitch Fix Inc		24,666
9,020		Target Corp		1,081,769
2,104		Tiffany & Co		256,562
297		Tilly’s, Inc		1,684

71

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
21,619		TJX Companies, Inc	$	1,093,057
2,095		Tractor Supply Co		276,100
977	*	Ulta Beauty, Inc		198,741
1,237	*	Urban Outfitters, Inc		18,827
1,125	*	US Auto Parts Network, Inc		9,742
4,220	*	Waitr Holdings Inc		11,099
1,183	*,e	Wayfair, Inc		233,773
99		Weyco Group, Inc		2,137
1,350		Williams-Sonoma, Inc		110,714
37		Winmark Corp		6,336
314	*	Zumiez, Inc		8,597
		TOTAL RETAILING		39,834,350
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%
728	*	Acacia Communications, Inc		48,914
617	*	Advanced Energy Industries, Inc		41,826
20,982	*	Advanced Micro Devices, Inc		1,103,863
302	*	Alpha & Omega Semiconductor Ltd		3,286
507	*	Ambarella, Inc		23,221
1,455	*	Amkor Technology, Inc		17,911
6,664		Analog Devices, Inc		817,273
16,623		Applied Materials, Inc		1,004,860
945	*	Atomera, Inc		8,505
510	*	Axcelis Technologies, Inc		14,204
582	*	AXT, Inc		2,770
7,063		Broadcom, Inc		2,229,153
1,252		Brooks Automation, Inc		55,388
535		Cabot Microelectronics Corp		74,654
333	*	Ceva, Inc		12,461
1,003	*	Cirrus Logic, Inc		61,965
598		Cohu, Inc		10,369
1,899	*	Cree, Inc		112,402
273	*	CyberOptics Corp		8,793
836	*	Diodes, Inc		42,385
406	*	DSP Group, Inc		6,447
2,013	*	Enphase Energy, Inc		95,758
2,561		Entegris, Inc		151,227
1,588	*	First Solar, Inc		78,606
1,075	*	Formfactor, Inc		31,530
1,429	*	GSI Technology, Inc		10,260
434	*	Ichor Holdings Ltd		11,536
285	*	Impinj, Inc		7,829
822	*	Inphi Corp		96,585
76,500		Intel Corp		4,576,995
2,813		KLA Corp		547,072
2,620		Lam Research Corp		847,465
2,478	*	Lattice Semiconductor Corp		70,350
799	*	MACOM Technology Solutions Holdings, Inc		27,446
11,900		Marvell Technology Group Ltd		417,214
4,859		Maxim Integrated Products, Inc		294,504
927	*	MaxLinear, Inc		19,893
4,231		Microchip Technology, Inc		445,567
20,156	*	Micron Technology, Inc		1,038,437
1,013		MKS Instruments, Inc		114,712
807		Monolithic Power Systems, Inc		191,259
943	*	Nanometrics, Inc		32,100
478	*	NeoPhotonics Corp Ltd		4,245
77		NVE Corp		4,761
10,670		NVIDIA Corp		4,053,640
7,472	*	ON Semiconductor Corp		148,095
409	*	PDF Solutions, Inc		8,000
1,020	*	Photronics, Inc		11,353
495		Power Integrations, Inc		58,474
2,109	*	Qorvo, Inc		233,108
20,317		QUALCOMM, Inc		1,853,114

72

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,364	*	Rambus, Inc	$	35,933
1,307	*	Semtech Corp		68,252
797	*	Silicon Laboratories, Inc		79,915
209	*	SiTime Corp		9,909
3,033		Skyworks Solutions, Inc		387,799
170	*	SMART Global Holdings, Inc		4,621
871	*	SolarEdge Technologies, Inc		120,877
886	*,e	SunPower Corp		6,787
548	*	Synaptics, Inc		32,946
3,009		Teradyne, Inc		254,291
16,575		Texas Instruments, Inc		2,104,528
789	*	Ultra Clean Holdings		17,855
754		Universal Display Corp		112,813
729	*	Veeco Instruments, Inc		9,834
4,425		Xilinx, Inc		435,376
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		24,863,521
SOFTWARE & SERVICES - 15.2%
1,101	*	2U, Inc		41,794
1,702	*	8x8, Inc		27,232
754	*	A10 Networks, Inc		5,135
11,519		Accenture plc		2,473,360
2,058	*	ACI Worldwide, Inc		55,545
8,694	*	Adobe, Inc		3,784,585
2,865	*	Akamai Technologies, Inc		306,813
790	*	Alarm.com Holdings, Inc		51,200
829		Alliance Data Systems Corp		37,404
677	*	Altair Engineering, Inc		26,911
944	*,e	Alteryx, Inc		155,080
2,449		Amdocs Ltd		149,095
370	*	American Software, Inc (Class A)		5,831
2,321	*	Anaplan, Inc		105,165
1,554	*	Ansys, Inc		453,348
306	*	Appfolio, Inc		49,789
528	*	Appian Corp		27,060
1,300	*	Aspen Technology, Inc		134,693
2,234	*	Atlassian Corp plc		402,723
3,961	*	Autodesk, Inc		947,432
7,767		Automatic Data Processing, Inc		1,156,429
1,377	*	Avalara, Inc		183,265
1,730	*	Avaya Holdings Corp		21,383
527	*	Benefitfocus, Inc		5,671
281	*	Bill.Com Holdings, Inc		25,349
2,568	*	Black Knight, Inc		186,334
919		Blackbaud, Inc		52,457
875	*	Blackline, Inc		72,546
2,513		Booz Allen Hamilton Holding Co		195,486
808	*	Bottomline Technologies, Inc		41,022
2,592	*	Box, Inc		53,810
460	*	Brightcove, Inc		3,625
2,063		Broadridge Financial Solutions, Inc		260,330
451	*	CACI International, Inc (Class A)		97,813
5,009	*	Cadence Design Systems, Inc		480,664
708	*	Cardtronics plc		16,978
222		Cass Information Systems, Inc		8,665
2,269		CDK Global, Inc		93,982
664	*	Cerence Inc		27,118
1,888	*	Ceridian HCM Holding, Inc		149,662
378	*	ChannelAdvisor Corp		5,988
2,198		Citrix Systems, Inc		325,106
3,805	*	Cloudera, Inc		48,400
1,939	*	Cloudflare, Inc		69,707
9,775		Cognizant Technology Solutions Corp (Class A)		555,415
606	*	Commvault Systems, Inc		23,452
3,045	*	Conduent, Inc		7,278

73

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,318		CoreLogic Inc	$	88,596
985	*	Cornerstone OnDemand, Inc		37,982
1,191	*	Coupa Software, Inc		329,955
2,069	*	Crowdstrike Holdings, Inc		207,500
520		CSG Systems International, Inc		21,523
2,733	*	Datadog, Inc		237,634
348	*,e	Digimarc Corp		5,565
1,755	*	Digital Turbine, Inc		22,060
3,168	*	DocuSign, Inc		545,561
549	*	Domo, Inc		17,661
4,320	*	Dropbox, Inc		94,046
4,799		DXC Technology Co		79,183
2,709	*	Dynatrace, Inc		109,985
387		Ebix, Inc		8,653
543	*	eGain Corp		6,033
970	*	Elastic NV		89,444
895	*	Endurance International Group Holdings, Inc		3,607
884	*	Envestnet, Inc		65,009
940	*	EPAM Systems, Inc		236,889
898	*	Euronet Worldwide, Inc		86,046
614	*	Everbridge, Inc		84,953
989	*	Everi Holdings, Inc		5,103
941		EVERTEC, Inc		26,442
774	*	Evo Payments, Inc		17,670
511	*	ExlService Holdings, Inc		32,397
516	*	Fair Isaac Corp		215,709
1,308	*	Fastly, Inc		111,350
11,140		Fidelity National Information Services, Inc		1,493,763
3,709	*	FireEye, Inc		45,157
10,108	*	Fiserv, Inc		986,743
1,139	*	Five9, Inc		126,053
1,496	*	FleetCor Technologies, Inc		376,289
713	*	ForeScout Technologies, Inc		15,116
2,417	*	Fortinet, Inc		331,782
1,574	*	Gartner, Inc		190,973
3,573		Genpact Ltd		130,486
5,392		Global Payments, Inc		914,591
966		GlobalSCAPE, Inc		9,418
644	*	Globant S.A.		96,503
3,013	*	GoDaddy, Inc		220,943
1,073	*	GreenSky, Inc		5,258
620	*,e	GTT Communications, Inc		5,059
1,102	*,e	GTY Technology Holdings Inc		4,590
1,428	*	Guidewire Software, Inc		158,294
450		Hackett Group, Inc		6,093
759	*	HubSpot, Inc		170,282
139	*	I3 Verticals, Inc		4,205
513	*	Information Services Group, Inc		1,062
156	*	Intelligent Systems Corp		5,316
16,032		International Business Machines Corp		1,936,185
4,573		Intuit, Inc		1,354,477
914	*	j2 Global, Inc		57,774
1,391		Jack Henry & Associates, Inc		255,986
2,207		KBR, Inc		49,768
2,410		Leidos Holdings, Inc		225,745
2,061	*	Limelight Networks, Inc		15,169
1,122	*	Liveperson, Inc		46,484
1,208	*	LiveRamp Holdings, Inc		51,304
929		LogMeIn, Inc		78,751
945	*	Majesco		7,428
1,102	*	Manhattan Associates, Inc		103,808
473		Mantech International Corp (Class A)		32,396
15,929		Mastercard, Inc (Class A)		4,710,205
1,221		MAXIMUS, Inc		86,019
1,450	*	Medallia, Inc		36,598
135,159		Microsoft Corp		27,506,208

74

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
147	*	MicroStrategy, Inc (Class A)	$	17,389
967	*	Mimecast Ltd		40,285
467	*	Mitek Systems, Inc		4,488
2,278	*	MobileIron, Inc		11,231
704	*	Model N, Inc		24,471
747	*	MongoDB, Inc		169,076
885	*	New Relic, Inc		60,976
1,445		NIC, Inc		33,177
10,159		NortonLifelock, Inc		201,453
5,319	*	Nuance Communications, Inc		134,597
3,066	*	Nutanix, Inc		72,680
2,061	*	Okta, Inc		412,674
469	*	OneSpan, Inc		13,099
35,654		Oracle Corp		1,970,597
1,219	*	Pagerduty, Inc		34,888
1,736	*	Palo Alto Networks, Inc		398,707
5,839		Paychex, Inc		442,304
896	*	Paycom Software, Inc		277,518
612	*	Paylocity Holding Corp		89,285
21,209	*	PayPal Holdings, Inc		3,695,244
655	*	Paysign Inc		6,360
804		Pegasystems, Inc		81,341
509	*	Perficient, Inc		18,212
2,607		Perspecta, Inc		60,561
249	*	Ping Identity Holding Corp		7,990
1,674	*	Pluralsight, Inc		30,216
766		Progress Software Corp		29,682
989	*	Proofpoint, Inc		109,898
671	*	PROS Holdings, Inc		29,813
1,840	*	PTC, Inc		143,134
857	*	Q2 Holdings, Inc		73,522
144		QAD, Inc (Class A)		5,944
667	*	Qualys, Inc		69,381
847	*	Rapid7, Inc		43,214
1,516	*	RealPage, Inc		98,555
628	*	Repay Holdings Corp		15,468
1,545	*	Rimini Street, Inc		7,957
1,368	*	RingCentral, Inc		389,894
279	*	Rosetta Stone, Inc		4,704
5,212		Sabre Corp		42,009
1,565	*	SailPoint Technologies Holding, Inc		41,426
15,634	*	salesforce.com, Inc		2,928,717
433		Sapiens International Corp NV		12,115
1,043		Science Applications International Corp		81,020
96	*	SecureWorks Corp		1,097
3,440	*	ServiceNow, Inc		1,393,406
307	*,e	ShotSpotter, Inc		7,736
6,726	*	Slack Technologies, Inc		209,111
1,969	*	Smartsheet, Inc		100,261
852	*	SolarWinds Corp		15,055
2,866	*	Splunk, Inc		569,474
599	*	SPS Commerce, Inc		44,997
6,488	*	Square, Inc		680,851
4,161		SS&C Technologies Holdings, Inc		235,013
2,770	*	StoneCo Ltd		107,365
2,089	*	SVMK, Inc		49,175
1,480		Switch, Inc		26,374
605	*	Sykes Enterprises, Inc		16,734
1,067	*	Synchronoss Technologies, Inc		3,767
2,702	*	Synopsys, Inc		526,890
485	*	TeleNav, Inc		2,663
1,038	*	Tenable Holdings, Inc		30,943
2,058	*	Teradata Corp		42,806
747	*	Trade Desk, Inc		303,655
453		TTEC Holdings, Inc		21,092
143	*,e	Tucows, Inc		8,197

75

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
2,306	*	Twilio, Inc	$	505,983
732	*	Tyler Technologies, Inc		253,916
769	*	Unisys Corp		8,390
395	*	Upland Software, Inc		13,730
1,635	*	Upwork, Inc		23,609
536	*	Varonis Systems, Inc		47,425
1,154	*	Verint Systems, Inc		52,138
1,861	*	VeriSign, Inc		384,911
422	*	Veritone, Inc		6,271
2,291	*	Verra Mobility Corp		23,551
1,303		VirnetX Holding Corp		8,469
427	*	Virtusa Corp		13,865
30,478		Visa, Inc (Class A)		5,887,435
1,376	*,e	VMware, Inc (Class A)		213,087
7,616		Western Union Co		164,658
739	*	WEX, Inc		121,942
3,061	*	Workday, Inc		573,509
617	*	Workiva, Inc		33,003
1,587		Xperi Holding Corp		23,424
1,753	*	Yext, Inc		29,117
1,979	*	Zendesk, Inc		175,201
803	*	Zix Corp		5,541
3,011	*	Zoom Video Communications, Inc		763,409
1,267	*	Zscaler, Inc		138,737
1,498	*	Zuora Inc		19,100
		TOTAL SOFTWARE & SERVICES		84,369,322
TECHNOLOGY HARDWARE & EQUIPMENT - 6.7%
1,699	*,e	3D Systems Corp		11,876
806		Adtran, Inc		8,810
400	*	Agilysys, Inc		7,176
5,236		Amphenol Corp (Class A)		501,661
73,811		Apple, Inc		26,926,253
285	*,e	Applied Optoelectronics, Inc		3,098
1,083	*	Arista Networks, Inc		227,462
1,226	*	Arlo Technologies, Inc		3,163
1,493	*	Arrow Electronics, Inc		102,554
470	*	Avid Technology, Inc		3,417
1,997		Avnet, Inc		55,686
438		Badger Meter, Inc		27,559
144		Bel Fuse, Inc (Class B)		1,545
636		Belden CDT, Inc		20,702
773		Benchmark Electronics, Inc		16,697
528	*	CalAmp Corp		4,229
643	*	Calix, Inc		9,581
1,029	*	Casa Systems, Inc		4,281
2,565		CDW Corp		298,002
2,798	*	Ciena Corp		151,540
76,638		Cisco Systems, Inc		3,574,396
153	*	Clearfield, Inc		2,136
2,887		Cognex Corp		172,412
382	*	Coherent, Inc		50,034
3,172	*	CommScope Holding Co, Inc		26,423
356		Comtech Telecommunications Corp		6,013
13,563		Corning, Inc		351,282
485		CTS Corp		9,719
548		Daktronics, Inc		2,384
2,789	*	Dell Technologies, Inc		153,228
1,043	*	Diebold, Inc		6,321
400	*	Digi International, Inc		4,660
1,151		Dolby Laboratories, Inc (Class A)		75,816
740	*	EchoStar Corp (Class A)		20,690
202	*	ePlus, Inc		14,277
1,698	*	Extreme Networks, Inc		7,369
1,098	*	F5 Networks, Inc		153,149

76

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
727	*	Fabrinet	$	45,379
256	*	FARO Technologies, Inc		13,722
4,513	*	Fitbit, Inc		29,154
2,414		FLIR Systems, Inc		97,936
1,256	*	Harmonic, Inc		5,966
23,481		Hewlett Packard Enterprise Co		228,470
25,857		HP, Inc		450,687
1,598	*	II-VI, Inc		75,458
400	*	Immersion Corp		2,492
2,966	*	Infinera Corp		17,559
1,774	*,e	Inseego Corp		20,578
698	*	Insight Enterprises, Inc		34,342
1,417	*	Intellicheck, Inc		10,698
539		InterDigital, Inc		30,524
631	*	IPG Photonics Corp		101,206
397	*	Iteris, Inc		1,888
678	*	Itron, Inc		44,917
2,790		Jabil Inc		89,503
6,230		Juniper Networks, Inc		142,418
3,422	*	Keysight Technologies, Inc		344,869
411	*	Kimball Electronics, Inc		5,565
1,352	*	Knowles Corp		20,631
254	*	KVH Industries, Inc		2,268
375		Littelfuse, Inc		63,986
1,378	*	Lumentum Holdings, Inc		112,210
569		Methode Electronics, Inc		17,787
3,074		Motorola Solutions, Inc		430,760
261		MTS Systems Corp		4,591
171	*	Napco Security Technologies, Inc		4,000
2,304		National Instruments Corp		89,188
2,406	*	NCR Corp		41,672
4,038		NetApp, Inc		179,166
505	*	Netgear, Inc		13,074
1,389	*	Netscout Systems, Inc		35,503
829	*	nLight, Inc		18,453
592	*	Novanta, Inc		63,208
280	*	OSI Systems, Inc		20,899
985	*	PAE, Inc		9,417
182	*,e	PAR Technology Corp		5,447
196		PC Connection, Inc		9,087
526	e	Plantronics, Inc		7,722
521	*	Plexus Corp		36,762
4,045	*	Pure Storage, Inc		70,100
1,954	*	Research Frontiers, Inc		7,933
704	*	Ribbon Communications, Inc		2,767
323	*	Rogers Corp		40,246
1,157	*	Sanmina Corp		28,971
381	*	Scansource, Inc		9,178
764	*	Super Micro Computer, Inc		21,690
805		Synnex Corp		96,415
657	*	Tech Data Corp		95,265
4,551	*	Trimble Inc		196,558
1,439	*	TTM Technologies, Inc		17,066
156		Ubiquiti, Inc		27,231
1,003	*	Viasat, Inc		38,485
4,189	*	Viavi Solutions, Inc		53,368
2,099		Vishay Intertechnology, Inc		32,052
161	*	Vishay Precision Group, Inc		3,957
5,297		Western Digital Corp		233,863
271	*,e	Wrap Technologies Inc		2,840
3,647		Xerox Holdings Corp		55,763
953	*	Zebra Technologies Corp (Class A)		243,920
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		37,272,431

77

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
TELECOMMUNICATION SERVICES - 1.7%
3,945		Alaska Communications Systems Group, Inc	$	11,007
184	*	Anterix, Inc		8,343
128,661		AT&T, Inc		3,889,422
251		ATN International, Inc		15,203
342	*	Bandwidth Inc		43,434
1,215	*	Boingo Wireless, Inc		16,184
19,284		CenturyLink, Inc		193,419
727	*	Cincinnati Bell, Inc		10,796
772		Cogent Communications Group, Inc		59,722
1,064	*	Consolidated Communications Holdings, Inc		7,203
1,815	*	GCI Liberty, Inc		129,083
4,527	*,e	Gogo, Inc		14,305
1,842	*	Iridium Communications, Inc		46,860
681	*	Liberty Latin America Ltd (Class A)		6,619
1,811	*	Liberty Latin America Ltd (Class C)		17,096
259	*	Ooma, Inc		4,268
1,000	*	ORBCOMM, Inc		3,850
869		Shenandoah Telecom Co		42,833
309		Spok Holdings, Inc		2,889
1,775		Telephone & Data Systems, Inc		35,287
9,715	*	T-Mobile US, Inc		1,011,817
247	*	US Cellular Corp		7,625
74,813		Verizon Communications, Inc		4,124,441
4,303	*	Vonage Holdings Corp		43,288
		TOTAL TELECOMMUNICATION SERVICES		9,744,994
TRANSPORTATION - 1.8%
1,148	*	Air Transport Services Group, Inc		25,566
2,129		Alaska Air Group, Inc		77,198
268		Allegiant Travel Co		29,268
157		Amerco, Inc		47,444
7,444		American Airlines Group, Inc		97,293
378		ArcBest Corp		10,021
363	*	Atlas Air Worldwide Holdings, Inc		15,620
1,153	*	Avis Budget Group, Inc		26,392
2,384		CH Robinson Worldwide, Inc		188,479
554		Copa Holdings S.A. (Class A)		28,010
542		Costamare, Inc		3,014
185	*	Covenant Transportation Group, Inc		2,670
13,764		CSX Corp		959,901
828	*	Daseke, Inc		3,254
11,365		Delta Air Lines, Inc		318,788
609	*	Eagle Bulk Shipping, Inc		1,334
427	*	Echo Global Logistics, Inc		9,232
3,051		Expeditors International of Washington, Inc		231,998
4,319		FedEx Corp		605,610
725		Forward Air Corp		36,119
127		Genco Shipping & Trading Ltd		798
828		Hawaiian Holdings, Inc		11,625
728		Heartland Express, Inc		15,157
505	*	Hub Group, Inc (Class A)		24,169
1,477		JB Hunt Transport Services, Inc		177,742
5,315	*	JetBlue Airways Corp		57,933
1,750		Kansas City Southern		261,258
1,157	*	Kirby Corp		61,969
2,188	e	Knight-Swift Transportation Holdings, Inc		91,261
719		Landstar System, Inc		80,751
4,260	*	Lyft, Inc (Class A)		140,623
1,216		Macquarie Infrastructure Co LLC		37,319
531		Marten Transport Ltd		13,360
668		Matson, Inc		19,439
1,581	*	Mesa Air Group, Inc		5,439
4,655		Norfolk Southern Corp		817,278
1,737		Old Dominion Freight Line		294,578

78

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
34	*	PAM Transportation Services, Inc	$	1,046
124		Park-Ohio Holdings Corp		2,057
580	*	Radiant Logistics, Inc		2,279
883		Ryder System, Inc		33,121
715	*	Safe Bulkers, Inc		872
499	*	Saia, Inc		55,479
932		Schneider National, Inc		22,992
93		Scorpio Bulkers, Inc		1,423
802		Skywest, Inc		26,161
10,524		Southwest Airlines Co		359,710
1,539	*	Spirit Airlines, Inc		27,394
24,552	*	Uber Technologies, Inc		763,076
12,282		Union Pacific Corp		2,076,518
5,147	*	United Airlines Holdings Inc		178,138
12,743		United Parcel Service, Inc (Class B)		1,416,767
122		Universal Logistics Holdings Inc		2,120
315	*	US Xpress Enterprises, Inc		1,890
1,147		Werner Enterprises, Inc		49,929
1,622	*	XPO Logistics, Inc		125,300
		TOTAL TRANSPORTATION		9,974,182
UTILITIES - 3.0%
11,476		AES Corp		166,287
1,097		Allete, Inc		59,907
4,427		Alliant Energy Corp		211,788
4,560		Ameren Corp		320,842
9,066		American Electric Power Co, Inc		722,016
745		American States Water Co		58,579
3,315		American Water Works Co, Inc		426,508
111		Artesian Resources Corp		4,028
1,866	*,e	Atlantic Power Corp		3,732
2,213		Atmos Energy Corp		220,371
1,049		Avangrid, Inc		44,037
1,326		Avista Corp		48,253
1,043		Black Hills Corp		59,096
499		Brookfield Infrastructure Corp		22,725
324	*,e	Cadiz, Inc		3,292
1,034		California Water Service Group		49,322
8,716		Centerpoint Energy, Inc		162,728
358		Chesapeake Utilities Corp		30,072
545		Clearway Energy, Inc (Class A)		11,429
1,281		Clearway Energy, Inc (Class C)		29,540
4,975		CMS Energy Corp		290,640
5,982		Consolidated Edison, Inc		430,285
420		Consolidated Water Co, Inc		6,061
15,028		Dominion Energy, Inc		1,219,973
3,346		DTE Energy Co		359,695
13,079		Duke Energy Corp		1,044,881
6,442		Edison International		349,865
818		El Paso Electric Co		54,806
3,547		Entergy Corp		332,744
7,483		Equitable Holdings, Inc		144,347
3,872		Essential Utilities Inc		163,553
4,232		Evergy, Inc		250,915
5,871		Eversource Energy		488,878
17,695		Exelon Corp		642,152
9,412		FirstEnergy Corp		364,997
1,409		Genie Energy Ltd		10,370
133		Global Water Resources, Inc		1,402
2,117		Hawaiian Electric Industries, Inc		76,339
960		Idacorp, Inc		83,875
3,858		MDU Resources Group, Inc		85,571
640		MGE Energy, Inc		41,286
240		Middlesex Water Co		16,123

79

TIAA-CREF LIFE FUNDS - Stock Index Fund

SHARES		COMPANY	VALUE
1,632		National Fuel Gas Co	$	68,430
1,561		New Jersey Resources Corp		50,967
8,853		NextEra Energy, Inc		2,126,225
6,737		NiSource, Inc		153,199
666		Northwest Natural Holding Co		37,156
1,170		NorthWestern Corp		63,788
4,538		NRG Energy, Inc		147,757
3,806		OGE Energy Corp		115,550
919		ONE Gas, Inc		70,809
751		Ormat Technologies, Inc		47,681
743		Otter Tail Corp		28,821
9,382	*,b	PG&E Corp		83,218
2,036		Pinnacle West Capital Corp		149,218
1,605		PNM Resources, Inc		61,696
1,712		Portland General Electric Co		71,579
14,087		PPL Corp		364,008
9,020		Public Service Enterprise Group, Inc		443,423
250	*	Pure Cycle Corp		2,298
105		RGC Resources, Inc		2,538
5,236		Sempra Energy		613,816
505		SJW Corp		31,366
1,730		South Jersey Industries, Inc		43,233
18,748		Southern Co		972,084
1,057		Southwest Gas Holdings Inc		72,986
162		Spark Energy, Inc		1,145
907		Spire, Inc		59,599
576	*	Sunnova Energy International, Inc		9,832
2,000		TerraForm Power, Inc		36,880
3,726		UGI Corp		118,487
537		Unitil Corp		24,068
8,582		Vistra Energy Corp		159,797
5,574		WEC Energy Group, Inc		488,561
9,613		Xcel Energy, Inc		600,813
203		York Water Co		9,736
		TOTAL UTILITIES		16,444,074
		TOTAL COMMON STOCKS		550,765,386
		(Cost $261,678,643)
RIGHTS / WARRANTS - 0.0%
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
5		Pulse Biosciences, Inc		0
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		0
MEDIA & ENTERTAINMENT - 0.0%
1,666	†	Media General, Inc		0
		TOTAL MEDIA & ENTERTAINMENT		0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
626	†	Elanco Animal Health, Inc CVR		35
145	†	Tobira Therapeutics, Inc		9
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		44
TELECOMMUNICATION SERVICES - 0.0%
6,884		T-Mobile US, Inc		1,157
		TOTAL TELECOMMUNICATION SERVICES		1,157
		TOTAL RIGHTS / WARRANTS		1,201
		(Cost $2,571)

80

TIAA-CREF LIFE FUNDS - Stock Index Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 1.3%
REPURCHASE AGREEMENT - 0.9%
$4,860,000	r	Fixed Income Clearing Corp		0.070	%		07/01/20	$	4,860,000
		TOTAL REPURCHASE AGREEMENT							4,860,000
SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
2,295,108	c	State Street Navigator Securities Lending Government Money Market Portfolio							2,295,108
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES							2,295,108
		TOTAL SHORT-TERM INVESTMENTS							7,155,108
		(Cost $7,155,108)
		TOTAL INVESTMENTS - 100.4% (Cost $268,836,322)							557,921,695
		OTHER ASSETS & LIABILITIES, NET - (0.4)%							(2,130,670	)
		NET ASSETS - 100.0%						$	555,791,025

Abbreviation(s):

CVR Contingent Value Right

REIT Real Estate Investment Trust

* Non-income producing

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

b In bankruptcy

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

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $3,038,336.

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 6/30/2020, the aggregate value of these securities is $29,342 or 0.0% of net assets.

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $4,860,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $4,957,308.

Futures contracts outstanding as of June 30, 2020 were as follows:
Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		31	09/18/20	$	4,880,827	$	4,789,810	$	(91,017	)

81

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

SHARES		COMPANY	VALUE
COMMON STOCKS - 95.6%
AUSTRALIA - 5.8%
41,068		BHP Billiton Ltd	$	1,022,507
13,974		Commonwealth Bank of Australia		674,865
8,270		CSL Ltd		1,644,812
120,983		Fortescue Metals Group Ltd		1,176,157
101,424	*,e	NEXTDC Ltd		697,617
7,585		Rio Tinto plc		426,858
		TOTAL AUSTRALIA		5,642,816
BRAZIL - 0.8%
23,400		Cia Brasileira de Distribuicao		305,425
76,000		Lojas Americanas S.A. (Preference)		449,731
		TOTAL BRAZIL		755,156
CHINA - 3.1%
3,733	*	Alibaba Group Holding Ltd (ADR)		805,208
13,349	*	GDS Holdings Ltd (ADR)		1,063,381
9,960		Tencent Holdings Ltd		638,216
28,000	*,g	Wuxi Biologics Cayman, Inc		513,957
		TOTAL CHINA		3,020,762
DENMARK - 4.7%
13,471		DSV AS		1,654,709
25,952		Novo Nordisk AS		1,690,714
10,449	g	Orsted AS		1,205,830
		TOTAL DENMARK		4,551,253
FINLAND - 0.6%
14,282		Neste Oil Oyj		560,941
		TOTAL FINLAND		560,941
FRANCE - 14.1%
22,804		Airbus SE		1,633,993
38,991		BNP Paribas S.A.		1,557,846
36,086		Compagnie de Saint-Gobain		1,302,017
108,932		Credit Agricole S.A.		1,034,383
7,651		Dassault Systemes S.A.		1,328,159
8,487		Essilor International S.A.		1,091,499
2,131		Kering		1,165,058
12,476		Sanofi-Aventis		1,272,359
18,831		Schneider Electric S.A.		2,094,697
13,854		Vinci S.A.		1,284,587
		TOTAL FRANCE		13,764,598
GERMANY - 11.0%
2,956		Adidas-Salomon AG.		779,354
5,992		BASF SE		336,566
15,512		Bayer AG.		1,149,803
13,672		Bayerische Motoren Werke AG.		872,829
7,852		HeidelbergCement AG.		420,331
95,045		Infineon Technologies AG.		2,227,112
12,923	*	Lanxess AG.		683,388
17,007		RWE AG.		595,365
6,895		SAP AG.		963,848
23,503		Siemens AG.		2,771,875
		TOTAL GERMANY		10,800,471

82

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY	VALUE
HONG KONG - 2.2%
51,399		Hong Kong Exchanges and Clearing Ltd	$	2,189,170
		TOTAL HONG KONG		2,189,170
IRELAND - 1.6%
44,310		CRH plc		1,525,161
		TOTAL IRELAND		1,525,161
ITALY - 3.1%
81,288		Enel S.p.A.		703,015
27,171		Moncler S.p.A		1,044,821
143,589		UniCredit S.p.A.		1,325,213
		TOTAL ITALY		3,073,049
JAPAN - 20.4%
32,500		Daiichi Sankyo Co Ltd		2,658,227
8,184		Daikin Industries Ltd		1,324,171
50,151	*	Hitachi Ltd		1,594,041
19,600	e	Kao Corp		1,555,413
6,173		Nintendo Co Ltd		2,759,754
60,200		ORIX Corp		747,519
49,300		Recruit Holdings Co Ltd		1,695,435
25,200	*	SBI Holdings, Inc		546,853
45,792		Sony Corp		3,161,028
40,200		Sumitomo Mitsui Financial Group, Inc		1,134,516
13,800		Tokio Marine Holdings, Inc		604,067
33,983		Toyota Motor Corp		2,136,989
		TOTAL JAPAN		19,918,013
KOREA, REPUBLIC OF - 0.7%
1,670		LG Chem Ltd		689,174
		TOTAL KOREA, REPUBLIC OF		689,174
NETHERLANDS - 4.1%
6,764		ASML Holding NV		2,474,358
224,891		ING Groep NV		1,567,693
		TOTAL NETHERLANDS		4,042,051
RUSSIA - 1.0%
30,708	*	Sberbank of Russia (ADR)		348,229
12,936	*	Yandex NV		647,058
		TOTAL RUSSIA		995,287
SPAIN - 0.7%
60,523		Iberdrola S.A.		706,587
		TOTAL SPAIN		706,587
SWITZERLAND - 8.3%
130,070	*	Credit Suisse Group		1,353,361
3,054		Lonza Group AG.		1,617,696
16,531		Nestle S.A.		1,832,802
9,555		Roche Holding AG.		3,310,325
		TOTAL SWITZERLAND		8,114,184
TAIWAN - 1.1%
19,036		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		1,080,674
		TOTAL TAIWAN		1,080,674
UNITED KINGDOM - 10.7%
28,903		Ashtead Group plc		974,986
24,634		AstraZeneca plc		2,563,769
39,977		British American Tobacco plc		1,533,230

83

TIAA-CREF LIFE FUNDS - International Equity Fund

SHARES		COMPANY						VALUE
7,508		Linde plc (Xetra)						$	1,590,153
1,914,110		Lloyds TSB Group plc							738,386
15,960		Reckitt Benckiser Group plc							1,468,295
558,609		Tesco plc							1,571,179
		TOTAL UNITED KINGDOM							10,439,998
UNITED STATES - 1.6%
18,565		Las Vegas Sands Corp							845,450
9,360		Wynn Resorts Ltd							697,226
		TOTAL UNITED STATES							1,542,676
		TOTAL COMMON STOCKS							93,412,021
		(Cost $96,790,569)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 4.1%
REPURCHASE AGREEMENT - 4.1%
$4,000,000	r	Fixed Income Clearing Corp		0.070	%		07/01/20		4,000,000
		TOTAL REPURCHASE AGREEMENT							4,000,000
		TOTAL SHORT-TERM INVESTMENTS							4,000,000
		(Cost $4,000,000)
		TOTAL INVESTMENTS - 99.7%							97,412,021
		(Cost $100,790,569)
		OTHER ASSETS & LIABILITIES, NET - 0.3%							324,622
		NET ASSETS - 100.0%						$	97,736,643

Abbreviation(s):

ADR American Depositary Receipt

* Non-income producing

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,517,992.

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 6/30/2020, the aggregate value of these securities is $1,719,787 or 1.8% of net assets.

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $4,000,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $4,080,097.

84

TIAA-CREF LIFE FUNDS - International Equity Fund

TIAA-CREF LIFE FUNDS

INTERNATIONAL EQUITY FUND

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

June 30, 2020

SECTOR	VALUE		% OF NET ASSETS
HEALTH CARE	$	16,421,663		16.7	%
INDUSTRIALS		14,736,471		15.1
FINANCIALS		13,822,101		14.1
CONSUMER DISCRETIONARY		13,049,193		13.4
INFORMATION TECHNOLOGY		11,429,190		11.7
CONSUMER STAPLES		8,266,345		8.5
MATERIALS		7,870,294		8.1
COMMUNICATION SERVICES		4,045,029		4.1
UTILITIES		3,210,795		3.3
ENERGY		560,940		0.6
SHORT-TERM INVESTMENTS		4,000,000		4.1
OTHER ASSETS & LIABILITIES, NET		324,622		0.3
NET ASSETS	$	97,736,643		100.0	%

85

TIAA-CREF LIFE FUNDS - Core Bond Fund

TIAA-CREF LIFE FUNDS

CORE BOND FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
BANK LOAN OBLIGATIONS - 1.4%
BANKS - 0.0%
$           98,500	i	BCPE Rover Merger Sub, Inc	LIBOR 1 M + 4.250%		4.428	%		11/28/25	$	71,347
		TOTAL BANKS								71,347
CAPITAL GOODS - 0.1%
48,490	i	Sensata Technologies, Inc	LIBOR 1 M + 1.750%		1.940			09/18/26		34,995
98,130	i	TransDigm, Inc	LIBOR 1 M + 2.250%		2.428			08/22/24		88,364
		TOTAL CAPITAL GOODS								123,359
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
98,608	i	GFL Environmental, Inc	LIBOR 3 M + 3.000%		4.000			05/30/25		57,870
9,053	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		4.250			11/14/22		94,154
49,619	i	Trans Union LLC	LIBOR 1 M + 1.750%		1.928			11/16/26		94,978
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES								247,002
CONSUMER SERVICES - 0.1%
115,000	i,q	CDS US Intermediate Holdings, Inc	LIBOR 3 M + 3.750%		4.750			07/08/22		42,748
34,732	i	KUEHG Corp	LIBOR 3 M + 3.750%		4.750			02/21/25		38,323
75,000	i	Scientific Games International, Inc	LIBOR 1 and 3 M + 2.750%		3.612			08/14/24		43,324
		TOTAL CONSUMER SERVICES								124,395
DIVERSIFIED FINANCIALS - 0.0%
9,755	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		2.428			03/24/25		32,724
		TOTAL DIVERSIFIED FINANCIALS								32,724
ENERGY - 0.1%
50,594	i	Buckeye Partners LP	LIBOR 1 M + 2.750%		2.923			11/02/26		71,558
98,254	i	Delek US Holdings, Inc	LIBOR 1 M + 2.250%		2.428			03/31/25		46,016
		TOTAL ENERGY								117,574
FOOD, BEVERAGE & TOBACCO - 0.1%
74,622	i	Froneri US, Inc	LIBOR 1 M + 2.250%		2.428			01/29/27		140,719
39,364	i	Hostess Brands LLC	LIBOR 1 and 3 M + 2.250%		3.010			08/01/25		123,568
		TOTAL FOOD, BEVERAGE & TOBACCO								264,287
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
48,609	i	Da Vinci Purchaser Corp	LIBOR 3 M + 4.000%		5.238			01/08/27		72,844
252,908	i	Endo Luxembourg Finance I Co Sarl	LIBOR 3 M + 4.250%		5.000			04/29/24		93,767
95,794	i	Envision Healthcare Corp	LIBOR 1 M + 3.750%		3.928			10/10/25		64,030
75,000	i	Greatbatch Ltd	LIBOR 1 M + 2.500%		3.500			10/27/22		31,882
35,427	i	Grifols Worldwide Operations USA, Inc	LIBOR 1 M + 2.000%		2.109			11/15/27		71,724
34,697	i	NMN Holdings III Corp	LIBOR 1 M + 3.750%		3.928			11/13/25		38,136
40,678	i	NMN Holdings III Corp	LIBOR 1 M + 3.750%		3.928			11/13/25		8,181
		TOTAL HEALTH CARE EQUIPMENT & SERVICES								380,564
INSURANCE - 0.1%
94,521	i	Acrisure LLC	LIBOR 1 M + 3.500%		3.678			02/15/27		92,604
150,000	i	NFP Corp	LIBOR 1 M + 3.250%		3.428			02/15/27		92,768
		TOTAL INSURANCE								185,372
MATERIALS - 0.2%
48,738	i	Berry Global, Inc	LIBOR 1 M + 2.000%		2.177			10/01/22		97,227
98,750	i	Chemours Co	LIBOR 1 M + 1.750%		1.930			04/03/25		46,704

86

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$           34,825	i	Messer Industries USA, Inc	LIBOR 3 M + 2.500%		2.808	%		03/01/26	$	93,936
100,000	i	Starfruit US Holdco LLC	LIBOR 1 M + 3.000%		3.188			10/01/25		90,041
		TOTAL MATERIALS								327,908
MEDIA & ENTERTAINMENT - 0.0%
32,434	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		2.180			10/04/23		46,923
50,000	i	Nielsen Finance LLC	LIBOR 1 M + 3.750%		4.750			06/06/25		14,831
49,747	i	Virgin Media Bristol LLC	LIBOR 1 M + 2.500%		2.685			01/31/28		47,637
		TOTAL MEDIA & ENTERTAINMENT								109,391
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
68,571	i	Bausch Health Americas, Inc	LIBOR 1 M + 3.000%		3.190			06/02/25		75,295
15,000	i	Bausch Health Americas, Inc	LIBOR 1 M + 2.750%		2.940			11/27/25		66,181
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES								141,476
REAL ESTATE - 0.0%
99,485	i	Cushman & Wakefield plc	LIBOR 1 M + 2.750%		2.928			08/21/25		92,309
		TOTAL REAL ESTATE								92,309
RETAILING - 0.0%
99,750	i	Camelot Finance S.A.	LIBOR 1 M + 3.000%		3.178			10/28/26		24,051
		TOTAL RETAILING								24,051
SOFTWARE & SERVICES - 0.1%
74,625	i	Dun & Bradstreet Corp	LIBOR 1 M + 4.000%		4.184			02/06/26		72,755
45,449	i	NeuStar, Inc	LIBOR 3 M + 3.500%		4.572			08/08/24		89,432
		TOTAL SOFTWARE & SERVICES								162,187
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
24,875	i	Dell International LLC	LIBOR 1 M + 2.000%		2.750			09/19/25		91,956
97,985	i	Plantronics, Inc	LIBOR 1 and 3 M + 2.500%		3.572			07/02/25		81,701
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT								173,657
TELECOMMUNICATION SERVICES - 0.1%
11,765	i	CNT Holdings III Corp	LIBOR 3 M + 3.000%		4.080			01/22/23		47,196
8,726	i	T-Mobile USA, Inc	LIBOR 1 M + 3.000%		3.178			04/01/27		114,752
		TOTAL TELECOMMUNICATION SERVICES								161,948
TRANSPORTATION - 0.0%
96,215	i	American Airlines, Inc	LIBOR 1 M + 2.000%		2.185			12/14/23		38,577
93,907	i	Delta Air Lines, Inc	LIBOR 3 M + 4.750%		5.510			04/27/23		9,794
25,000	h,i	United Air Lines, Inc	LIBOR 2 M + 5.250%		6.500			06/26/27		24,802
		TOTAL TRANSPORTATION								73,173
UTILITIES - 0.0%
74,813	i	ProQuest LLC	LIBOR 1 M + 3.500%		3.678			10/23/26		33,573
		TOTAL UTILITIES								33,573
		TOTAL BANK LOAN OBLIGATIONS								2,846,297
		(Cost $3,053,801)
BONDS - 95.9%
CORPORATE BONDS - 44.3%
AUTOMOBILES & COMPONENTS - 0.4%
13,000	g	Adient US LLC			9.000			04/15/25		14,004
100,000	g	Dana Financing Luxembourg SARL			6.500			06/01/26		103,500
5,000		Dana, Inc			5.375			11/15/27		4,963
50,000		Ford Motor Co			8.500			04/21/23		52,875
100,000	g	Gates Global LLC			6.250			01/15/26		99,041
150,000		General Motors Co			6.125			10/01/25		168,571
125,000		General Motors Co			5.200			04/01/45		120,884

87

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE			VALUE
$         100,000	g	Hyundai Capital America		3.000	%		02/10/27		$	98,750
175,000		Magna International, Inc		3.625			06/15/24			190,460
		TOTAL AUTOMOBILES & COMPONENTS								853,048
BANKS - 8.2%
200,000	g	Australia & New Zealand Banking Group Ltd		2.950			07/22/30			204,047
200,000	g	Banco del Estado de Chile		2.704			01/09/25			205,500
200,000	g	Banco Internacional del Peru SAA Interbank		3.375			01/18/23			202,942
200,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		5.375			04/17/25			218,880
200,000		Banco Santander S.A.		3.800			02/23/28			217,033
200,000		Bancolombia S.A.		3.000			01/29/25			196,020
200,000	g	Bank Leumi Le-Israel BM		3.275			01/29/31			194,286
200,000		Bank of America Corp		3.875			08/01/25			226,446
600,000		Bank of America Corp		2.456			10/22/25			631,216
500,000		Bank of America Corp		4.250			10/22/26			573,161
200,000		Bank of America Corp		3.248			10/21/27			220,575
100,000		Bank of America Corp		3.824			01/20/28			113,730
125,000		Bank of America Corp		3.419			12/20/28			139,205
325,000		Bank of America Corp		2.884			10/22/30			351,592
850,000		Bank of America Corp		2.496			02/13/31			890,960
275,000		Bank of America Corp		2.592			04/29/31			290,882
100,000		Bank of America Corp		6.100			N/A	‡		105,500
200,000		Barclays plc		4.338			05/16/24			215,396
75,000	g	BPCE S.A.		4.625			07/11/24			81,800
125,000		Citigroup, Inc		3.875			03/26/25			136,152
250,000		Citigroup, Inc		3.106			04/08/26			268,039
500,000		Citigroup, Inc		3.200			10/21/26			548,338
175,000		Citigroup, Inc		4.300			11/20/26			198,628
195,000		Citigroup, Inc		4.450			09/29/27			222,221
775,000		Citigroup, Inc		2.666			01/29/31			804,263
150,000		Citigroup, Inc		4.412			03/31/31			177,403
200,000		Citigroup, Inc		5.000			N/A	‡		188,261
100,000		Citizens Bank NA		2.650			05/26/22			103,345
250,000	g	Cooperatieve Rabobank UA		2.625			07/22/24			265,491
250,000		Cooperatieve Rabobank UA		3.750			07/21/26			274,810
200,000	g	Credicorp Ltd		2.750			06/17/25			199,030
150,000	g	Credit Agricole S.A.		3.250			10/04/24			161,065
250,000	g	Credit Agricole S.A.		1.907			06/16/26			253,437
125,000		Discover Bank		3.200			08/09/21			127,779
150,000		Discover Bank		2.450			09/12/24			157,314
150,000		Discover Bank		3.450			07/27/26			162,168
250,000		Discover Bank		2.700			02/06/30			251,815
200,000		HSBC Holdings plc		3.033			11/22/23			208,957
100,000		HSBC Holdings plc		3.803			03/11/25			108,042
510,000		HSBC Holdings plc		4.292			09/12/26			567,313
50,000		HSBC Holdings plc		4.375			11/23/26			55,374
200,000		HSBC Holdings plc		4.041			03/13/28			221,010
200,000		HSBC Holdings plc		4.950			03/31/30			239,346
250,000		Huntington National Bank		2.500			08/07/22			259,472
200,000	g	ING Groep NV		4.625			01/06/26			234,327
150,000		JPMorgan Chase & Co		2.700			05/18/23			158,102
225,000		JPMorgan Chase & Co		2.301			10/15/25			235,693
75,000		JPMorgan Chase & Co		2.083			04/22/26			77,815
250,000		JPMorgan Chase & Co		3.200			06/15/26			277,489
500,000		JPMorgan Chase & Co		3.702			05/06/30			574,243
600,000		JPMorgan Chase & Co		2.739			10/15/30			643,584
250,000		JPMorgan Chase & Co		2.522			04/22/31			264,027
350,000		JPMorgan Chase & Co		2.956			05/13/31			372,183
100,000		JPMorgan Chase & Co		5.000			N/A	‡		96,181
125,000		MUFG Americas Holdings Corp		3.500			06/18/22			131,233

88

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE			VALUE
$         100,000		PNC Bank NA			2.700	%		10/22/29		$	106,567
200,000		Royal Bank of Canada			2.550			07/16/24			212,389
200,000		Royal Bank of Scotland Group plc			3.073			05/22/28			209,938
200,000		Santander Holdings USA, Inc			3.400			01/18/23			208,185
300,000	g	Skandinaviska Enskilda Banken AB			2.625			11/17/20			302,310
200,000		Sumitomo Mitsui Financial Group, Inc			2.696			07/16/24			211,874
250,000		Toronto-Dominion Bank			1.850			09/11/20			250,743
100,000		Toronto-Dominion Bank			3.625			09/15/31			111,673
100,000		Truist Bank			2.750			05/01/23			105,487
125,000		Truist Bank			2.150			12/06/24			131,421
200,000		Truist Financial Corp			4.950			N/A	‡		204,500
200,000	g,i	United Overseas Bank Ltd	LIBOR 3 M + 0.480%		1.523			04/23/21			199,657
125,000		Westpac Banking Corp			4.110			07/24/34			137,972
		TOTAL BANKS									16,895,837
CAPITAL GOODS - 1.2%
200,000	g	BAE Systems plc			3.400			04/15/30			218,117
10,000	g	Beacon Roofing Supply, Inc			4.500			11/15/26			9,834
200,000	g	BOC Aviation Ltd			3.000			09/11/29			197,100
13,000		Howmet Aerospace, Inc			6.875			05/01/25			14,119
125,000		Ingersoll-Rand Luxembourg Finance S.A.			3.800			03/21/29			141,425
100,000		L3Harris Technologies, Inc			3.850			06/15/23			108,725
100,000		L3Harris Technologies, Inc			2.900			12/15/29			107,662
100,000		Lockheed Martin Corp			1.850			06/15/30			102,475
100,000		Lockheed Martin Corp			2.800			06/15/50			105,478
200,000	g	Molex Electronic Technologies LLC			3.900			04/15/25			208,395
175,000		Northrop Grumman Corp			3.250			01/15/28			195,521
300,000		Parker-Hannifin Corp			3.250			06/14/29			331,403
100,000		Raytheon Technologies Corp			2.250			07/01/30			104,320
125,000		Roper Technologies, Inc			3.800			12/15/26			142,759
175,000		United Technologies Corp			4.125			11/16/28			206,231
20,000	g	WESCO Distribution, Inc			7.125			06/15/25			21,094
15,000	g	WESCO Distribution, Inc			7.250			06/15/28			15,819
100,000		Xylem, Inc			2.250			01/30/31			100,602
		TOTAL CAPITAL GOODS									2,331,079
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
15,000	g	ASGN, Inc			4.625			05/15/28			14,649
10,000	g	GFL Environmental, Inc			4.250			06/01/25			10,087
65,000	g	GFL Environmental, Inc			5.125			12/15/26			67,275
100,000		IHS Markit Ltd			4.125			08/01/23			109,310
100,000		IHS Markit Ltd			4.250			05/01/29			114,411
50,000	g	Prime Security Services Borrower LLC			5.750			04/15/26			51,813
20,000	g	Prime Security Services Borrower LLC			6.250			01/15/28			18,838
350,000		Republic Services, Inc			3.550			06/01/22			367,701
290,000		Republic Services, Inc			2.900			07/01/26			316,792
100,000		Verisk Analytics, Inc			4.125			03/15/29			116,815
100,000		Verisk Analytics, Inc			3.625			05/15/50			113,281
100,000		Visa, Inc			2.700			04/15/40			107,130
100,000		Waste Management, Inc			2.950			06/15/24			102,373
300,000		Waste Management, Inc			3.450			06/15/29			310,424
50,000		Waste Management, Inc			4.100			03/01/45			59,771
100,000		Waste Management, Inc			4.150			07/15/49			125,334
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES									2,006,004
CONSUMER DURABLES & APPAREL - 0.0%
20,000		Newell Brands, Inc			4.875			06/01/25			20,946
		TOTAL CONSUMER DURABLES & APPAREL									20,946
CONSUMER SERVICES - 0.5%
500,000		Anheuser-Busch Cos LLC			3.650			02/01/26			561,425
60,000		Boyd Gaming Corp			6.000			08/15/26			55,800

89

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$           37,000	g	Cedar Fair LP		5.500	%		05/01/25	$	37,185
6,000	g	Hilton Domestic Operating Co, Inc		5.375			05/01/25		5,977
6,000	g	Hilton Domestic Operating Co, Inc		5.750			05/01/28		6,060
60,000	g	International Game Technology plc		6.250			01/15/27		61,200
200,000	g	Sands China Ltd		3.800			01/08/26		205,502
2,000	g	Yum! Brands, Inc		7.750			04/01/25		2,158
		TOTAL CONSUMER SERVICES							935,307
DIVERSIFIED FINANCIALS - 4.7%
150,000		AerCap Ireland Capital DAC		3.650			07/21/27		132,705
100,000		Ameriprise Financial, Inc		3.000			03/22/22		104,063
100,000		Bank of Montreal		3.803			12/15/32		107,631
25,000		Berkshire Hathaway, Inc		3.125			03/15/26		28,007
150,000	g	BNP Paribas S.A.		2.819			11/19/25		157,093
200,000	g	BNP Paribas S.A.		2.219			06/09/26		204,328
200,000	g	BNP Paribas S.A.		3.052			01/13/31		210,389
360,000		Capital One Bank USA NA		3.375			02/15/23		379,051
200,000	g	Credit Suisse Group AG.		2.997			12/14/23		208,177
200,000		Credit Suisse Group Funding Guernsey Ltd		3.800			06/09/23		215,360
150,000		Credit Suisse Group Funding Guernsey Ltd		3.750			03/26/25		165,326
150,000		Ford Motor Credit Co LLC		3.096			05/04/23		142,155
200,000		GE Capital International Funding Co		3.373			11/15/25		209,854
425,000		GE Capital International Funding Co		4.418			11/15/35		431,480
900,000		General Motors Financial Co, Inc		3.450			01/14/22		914,770
350,000		General Motors Financial Co, Inc		2.750			06/20/25		344,913
100,000		General Motors Financial Co, Inc		5.650			01/17/29		111,400
300,000		Goldman Sachs Group, Inc		3.500			01/23/25		326,597
325,000		Goldman Sachs Group, Inc		3.691			06/05/28		364,004
150,000		Goldman Sachs Group, Inc		2.600			02/07/30		156,593
100,000		Goldman Sachs Group, Inc		4.017			10/31/38		116,829
125,000		Goldman Sachs Group, Inc		4.800			07/08/44		162,952
50,000		Icahn Enterprises LP		5.250			05/15/27		48,250
100,000		International Lease Finance Corp		5.875			08/15/22		105,208
150,000		Morgan Stanley		3.125			01/23/23		159,046
400,000		Morgan Stanley		2.720			07/22/25		424,726
100,000		Morgan Stanley		2.188			04/28/26		104,001
700,000		Morgan Stanley		3.125			07/27/26		772,262
150,000		Morgan Stanley		2.699			01/22/31		159,321
200,000	g	Power Finance Corp Ltd		3.950			04/23/30		189,065
200,000	g	REC Ltd		4.750			05/19/23		205,180
15,000		Springleaf Finance Corp		5.375			11/15/29		14,100
200,000	g	Swiss Re Finance Luxembourg SA		5.000			04/02/49		223,623
150,000		Synchrony Financial		4.250			08/15/24		157,753
150,000		Toronto-Dominion Bank		1.150			06/12/25		151,827
200,000	g	UBS AG.		2.450			12/01/20		201,281
200,000	g	UBS Group AG.		2.859			08/15/23		207,160
150,000		Wells Fargo & Co		3.750			01/24/24		163,897
100,000		Wells Fargo & Co		3.550			09/29/25		111,673
100,000		Wells Fargo & Co		3.000			10/23/26		109,065
425,000		Wells Fargo & Co		2.393			06/02/28		439,037
200,000		Wells Fargo & Co		2.879			10/30/30		213,737
		TOTAL DIVERSIFIED FINANCIALS							9,353,889
ENERGY - 3.2%
150,000		Chevron Corp		1.554			05/11/25		154,083
100,000		Chevron Corp		2.236			05/11/30		104,678
150,000		Diamondback Energy, Inc		2.875			12/01/24		150,248
50,000		Ecopetrol S.A.		5.875			09/18/23		53,500
75,000		Ecopetrol S.A.		6.875			04/29/30		86,325
60,000		Ecopetrol S.A.		5.875			05/28/45		62,793
150,000		Enbridge, Inc		3.125			11/15/29		157,186
100,000		Energy Transfer Operating LP		2.900			05/15/25		102,397

90

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$         150,000		Energy Transfer Operating LP		4.750	%		01/15/26	$	163,818
150,000		Energy Transfer Operating LP		4.950			06/15/28		161,054
150,000		Energy Transfer Operating LP		3.750			05/15/30		148,222
100,000		Energy Transfer Operating LP		6.250			04/15/49		105,977
175,000		Energy Transfer Operating LP		5.000			05/15/50		165,343
100,000		Enterprise Products Operating LLC		3.700			02/15/26		112,380
100,000		Enterprise Products Operating LLC		3.125			07/31/29		107,016
100,000		Enterprise Products Operating LLC		4.250			02/15/48		108,772
100,000		Enterprise Products Operating LLC		4.200			01/31/50		110,645
100,000		Enterprise Products Operating LLC		3.950			01/31/60		103,393
100,000		Magellan Midstream Partners LP		3.250			06/01/30		105,926
25,000		Marathon Oil Corp		4.400			07/15/27		24,535
75,000		Marathon Petroleum Corp		3.800			04/01/28		79,493
225,000		MPLX LP		4.000			03/15/28		237,059
225,000		MPLX LP		4.500			04/15/38		224,923
125,000		MPLX LP		4.700			04/15/48		128,151
34,000		Murphy Oil Corp		5.875			12/01/27		29,920
25,000		Noble Energy, Inc		3.850			01/15/28		24,149
100,000		Noble Energy, Inc		5.050			11/15/44		90,870
75,000		Occidental Petroleum Corp		4.100			02/15/47		50,531
100,000		ONEOK, Inc		4.000			07/13/27		101,483
125,000		ONEOK, Inc		4.550			07/15/28		131,033
225,000		ONEOK, Inc		4.350			03/15/29		236,655
225,000		ONEOK, Inc		3.400			09/01/29		218,807
100,000		ONEOK, Inc		3.100			03/15/30		95,653
100,000		ONEOK, Inc		4.500			03/15/50		93,055
200,000	g	Pertamina Persero PT		3.650			07/30/29		207,974
100,000		Petrobras Global Finance BV		5.999			01/27/28		104,750
100,000		Petrobras Global Finance BV		5.600			01/03/31		100,450
100,000		Petroleos Mexicanos		6.500			03/13/27		90,252
200,000	g	Petroleos Mexicanos		5.950			01/28/31		165,030
200,000	g	Petronas Capital Ltd		3.500			04/21/30		221,766
200,000		Phillips 66 Partners LP		3.150			12/15/29		204,717
175,000		Sabine Pass Liquefaction LLC		4.200			03/15/28		187,682
125,000		Sunoco Logistics Partners Operations LP		4.000			10/01/27		128,060
25,000		Sunoco Logistics Partners Operations LP		5.400			10/01/47		24,592
25,000		Targa Resources Partners LP		5.875			04/15/26		24,750
25,000		Targa Resources Partners LP		6.500			07/15/27		25,063
240,000	g	Thaioil Treasury Center Co Ltd		2.500			06/18/30		239,451
150,000		Total Capital International S.A.		3.127			05/29/50		153,112
350,000		TransCanada PipeLines Ltd		4.250			05/15/28		402,613
40,000		USA Compression Partners LP		6.875			04/01/26		38,650
25,000		USA Compression Partners LP		6.875			09/01/27		23,745
25,000		Vale Overseas Ltd		6.875			11/21/36		32,663
75,000		Williams Partners LP		3.750			06/15/27		80,000
		TOTAL ENERGY							6,485,393
FOOD & STAPLES RETAILING - 0.8%
100,000		Costco Wholesale Corp		1.375			06/20/27		102,101
100,000		Costco Wholesale Corp		1.600			04/20/30		101,030
100,000		Costco Wholesale Corp		1.750			04/20/32		101,518
109,000		Ingles Markets, Inc		5.750			06/15/23		109,545
100,000		Kroger Co		3.700			08/01/27		114,193
110,000		Kroger Co		3.875			10/15/46		123,184
50,000		Kroger Co		4.450			02/01/47		60,560
450,000		Walmart, Inc		3.700			06/26/28		533,159
200,000		Walmart, Inc		2.375			09/24/29		218,206
125,000		Walmart, Inc		3.950			06/28/38		159,048
		TOTAL FOOD & STAPLES RETAILING							1,622,544
FOOD, BEVERAGE & TOBACCO - 1.4%
75,000		Altria Group, Inc		4.800			02/14/29		87,427

91

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$         100,000		Altria Group, Inc		3.400	%		05/06/30	$	107,570
100,000		Altria Group, Inc		5.950			02/14/49		131,111
35,000		Anheuser-Busch InBev Finance, Inc		3.300			02/01/23		37,017
380,000		Anheuser-Busch InBev Worldwide, Inc		4.750			01/23/29		459,059
85,000		Anheuser-Busch InBev Worldwide, Inc		4.439			10/06/48		97,882
200,000		BAT Capital Corp		4.906			04/02/30		234,851
100,000		Coca-Cola Co		1.450			06/01/27		102,702
100,000		Constellation Brands, Inc		4.400			11/15/25		115,586
100,000		Constellation Brands, Inc		3.700			12/06/26		111,587
100,000		Constellation Brands, Inc		3.150			08/01/29		107,204
100,000		Constellation Brands, Inc		2.875			05/01/30		105,932
100,000		Diageo Capital plc		2.125			10/24/24		105,163
100,000		Diageo Capital plc		2.375			10/24/29		106,732
200,000		Diageo Capital plc		2.000			04/29/30		206,934
150,000	g	Embotelladora Andina S.A.		3.950			01/21/50		150,075
100,000		JM Smucker Co		2.375			03/15/30		102,076
100,000		JM Smucker Co		3.550			03/15/50		103,131
100,000		Kellogg Co		3.400			11/15/27		112,256
125,000		Philip Morris International, Inc		2.100			05/01/30		128,766
100,000		Tyson Foods, Inc		3.900			09/28/23		109,159
100,000		Tyson Foods, Inc		5.100			09/28/48		129,993
		TOTAL FOOD, BEVERAGE & TOBACCO							2,952,213
HEALTH CARE EQUIPMENT & SERVICES - 2.2%
163,000		Becton Dickinson & Co		3.700			06/06/27		182,364
100,000		Boston Scientific Corp		4.000			03/01/29		114,399
75,000		Centene Corp		4.250			12/15/27		77,393
200,000		Children’s Hospital Medic		4.268			05/15/44		247,234
100,000		Cigna Corp		2.400			03/15/30		103,749
100,000		Cigna Corp		3.200			03/15/40		105,895
100,000		Covidien International Finance S.A.		3.200			06/15/22		104,884
150,000		CVS Health Corp		2.625			08/15/24		160,163
275,000		CVS Health Corp		2.875			06/01/26		297,751
300,000		CVS Health Corp		4.300			03/25/28		350,728
225,000		CVS Health Corp		3.750			04/01/30		258,725
400,000		CVS Health Corp		4.780			03/25/38		496,894
200,000		CVS Health Corp		5.050			03/25/48		260,154
100,000		CVS Health Corp		4.250			04/01/50		120,283
250,000		Dartmouth-Hitchcock Health		4.178			08/01/48		271,156
60,000	g	DaVita, Inc		4.625			06/01/30		59,670
160,000		HCA, Inc		5.625			09/01/28		178,466
100,000		HCA, Inc		5.500			06/15/47		121,735
100,000		Humana, Inc		3.950			03/15/27		113,440
25,000	g	Molina Healthcare, Inc		4.375			06/15/28		25,062
500,000	g	SBA Tower Trust		2.836			01/15/25		515,507
10,000	g	Teleflex, Inc		4.250			06/01/28		10,250
10,000	g	Tenet Healthcare Corp		4.625			06/15/28		9,797
100,000		Thermo Fisher Scientific, Inc		4.133			03/25/25		114,217
175,000		Thermo Fisher Scientific, Inc		2.950			09/19/26		193,567
100,000		Zimmer Biomet Holdings, Inc		3.700			03/19/23		106,365
55,000		Zimmer Biomet Holdings, Inc		3.550			04/01/25		59,798
		TOTAL HEALTH CARE EQUIPMENT & SERVICES							4,659,646
INSURANCE - 1.9%
100,000		American Financial Group, Inc		3.500			08/15/26		106,582
200,000		American International Group, Inc		3.900			04/01/26		225,900
175,000		Aon plc		3.500			06/14/24		190,662
100,000		Berkshire Hathaway Finance Corp		1.850			03/12/30		102,792
100,000		Berkshire Hathaway Finance Corp		4.250			01/15/49		128,113
100,000		Chubb INA Holdings, Inc		2.875			11/03/22		105,118
100,000		CNA Financial Corp		3.950			05/15/24		108,713
100,000		CNA Financial Corp		3.450			08/15/27		106,650
100,000		CNA Financial Corp		3.900			05/01/29		110,171
100,000	g,h	Equitable Financial Life Global Funding		1.400			07/07/25		100,203

92

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$         100,000	g	Five Corners Funding Trust II		2.850	%		05/15/30	$	103,116
100,000		Hartford Financial Services Group, Inc		2.800			08/19/29		105,858
100,000		Hartford Financial Services Group, Inc		4.300			04/15/43		114,995
100,000		Hartford Financial Services Group, Inc		3.600			08/19/49		105,394
100,000	g	Liberty Mutual Group, Inc		3.951			10/15/50		105,620
100,000		MetLife, Inc		3.600			11/13/25		113,656
100,000	g	Metropolitan Life Global Funding I		2.950			04/09/30		109,561
100,000		Principal Financial Group, Inc		3.700			05/15/29		113,749
100,000	g	Prudential Funding LLC		6.750			09/15/23		116,529
200,000		Reinsurance Group of America, Inc		3.900			05/15/29		217,888
100,000		Travelers Cos, Inc		2.550			04/27/50		98,806
500,000	g,i	Vitality Re IV Ltd		1.879			01/08/21		475,000
500,000	g,i	Vitality Re IX Ltd		1.722			01/10/22		475,000
250,000	g,i	Vitality Re X Ltd		1.879			01/10/23		237,500
25,000		WR Berkley Corp		5.375			09/15/20		25,213
		TOTAL INSURANCE							3,802,789
MATERIALS - 1.3%
100,000		Air Products and Chemicals, Inc		1.500			10/15/25		103,409
100,000		Air Products and Chemicals, Inc		2.050			05/15/30		105,080
14,000	g	Arconic Corp		6.000			05/15/25		14,403
5,000	g	Arconic Rolled Products Corp		6.125			02/15/28		4,999
100,000		Bemis Co, Inc		2.630			06/19/30		102,503
200,000	g	Celulosa Arauco y Constitucion S.A.		4.250			04/30/29		205,502
200,000	g	Cemex SAB de C.V.		5.450			11/19/29		184,740
200,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.150			01/14/30		207,908
40,000	g	Enviva Partners LP		6.500			01/15/26		41,600
50,000		International Paper Co		5.000			09/15/35		61,020
50,000		International Paper Co		4.350			08/15/48		58,972
200,000	g	Inversiones CMPC S.A.		3.850			01/13/30		204,100
100,000	g	James Hardie International Finance DAC		4.750			01/15/25		101,750
100,000		LyondellBasell Industries NV		6.000			11/15/21		105,574
100,000	g	Midwest Connector Capital Co LLC		3.900			04/01/24		105,072
100,000	g	Midwest Connector Capital Co LLC		4.625			04/01/29		107,772
100,000		Newmont Corp		2.250			10/01/30		101,320
100,000		Nutrien Ltd		3.375			03/15/25		109,006
100,000		Nutrien Ltd		2.950			05/13/30		105,966
60,000	g	OCI NV		6.625			04/15/23		60,300
80,000	g	Owens-Brockway Glass Container, Inc		5.875			08/15/23		82,600
19,000	g	PolyOne Corp		5.750			05/15/25		19,546
150,000		Sherwin-Williams Co		2.300			05/15/30		152,939
48,000	g	Tronox, Inc		6.500			05/01/25		48,240
10,000	g	Univar Solutions USA, Inc		5.125			12/01/27		10,116
100,000		Vulcan Materials Co		3.500			06/01/30		108,592
100,000		WRKCo, Inc		4.900			03/15/29		119,331
		TOTAL MATERIALS							2,632,360
MEDIA & ENTERTAINMENT - 2.7%
200,000	g	Cable Onda S.A.		4.500			01/30/30		202,574
150,000		Charter Communications Operating LLC		3.750			02/15/28		163,486
125,000		Charter Communications Operating LLC		4.200			03/15/28		140,126
50,000		Charter Communications Operating LLC		5.125			07/01/49		57,724
600,000		Charter Communications Operating LLC		4.800			03/01/50		680,043
100,000		Comcast Corp		3.700			04/15/24		110,973
200,000		Comcast Corp		3.950			10/15/25		229,190
300,000		Comcast Corp		2.350			01/15/27		320,546
150,000		Comcast Corp		3.150			02/15/28		167,474
150,000		Comcast Corp		4.150			10/15/28		180,456

93

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$         200,000		Comcast Corp		2.650	%		02/01/30	$	217,460
100,000		Comcast Corp		1.950			01/15/31		101,847
300,000		Comcast Corp		3.200			07/15/36		333,466
250,000		Comcast Corp		3.450			02/01/50		283,358
175,000		Comcast Corp		2.800			01/15/51		178,853
53,000		Discovery Communications LLC		2.950			03/20/23		55,681
100,000		Discovery Communications LLC		4.125			05/15/29		114,154
100,000		Discovery Communications LLC		5.200			09/20/47		116,300
100,000	g	Gray Escrow, Inc		7.000			05/15/27		102,500
35,000		Grupo Televisa SAB		6.625			01/15/40		45,282
50,000	g	Nielsen Finance LLC		5.000			04/15/22		49,860
50,000	g	Sirius XM Radio, Inc		4.125			07/01/30		49,323
75,000	g	TEGNA, Inc		4.625			03/15/28		69,000
60,000	g	Terrier Media Buyer, Inc		8.875			12/15/27		57,525
75,000		Time Warner Cable LLC		5.875			11/15/40		92,370
100,000	g	Upjohn, Inc		2.700			06/22/30		102,741
100,000	g	Upjohn, Inc		3.850			06/22/40		107,248
100,000		ViacomCBS, Inc		3.375			02/15/28		106,249
50,000		ViacomCBS, Inc		5.850			09/01/43		59,112
500,000		Walt Disney Co		3.000			09/15/22		527,407
100,000		Walt Disney Co		2.000			09/01/29		102,791
250,000		Walt Disney Co		2.650			01/13/31		264,939
		TOTAL MEDIA & ENTERTAINMENT							5,390,058
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.0%
100,000		Abbott Laboratories		3.875			09/15/25		114,728
227,000		Abbott Laboratories		3.750			11/30/26		264,109
100,000		Abbott Laboratories		5.300			05/27/40		144,817
100,000		AbbVie, Inc		2.850			05/14/23		105,471
300,000	g	AbbVie, Inc		2.950			11/21/26		328,265
350,000	g	AbbVie, Inc		3.200			11/21/29		389,234
225,000	g	AbbVie, Inc		4.050			11/21/39		260,957
125,000		AbbVie, Inc		4.400			11/06/42		150,705
50,000		AbbVie, Inc		4.450			05/14/46		60,689
100,000	g	AbbVie, Inc		4.250			11/21/49		119,871
100,000		AstraZeneca plc		3.125			06/12/27		111,355
15,000	g	Bausch Health Cos, Inc		5.000			01/30/28		14,122
75,000	g	Bristol-Myers Squibb Co		3.875			08/15/25		85,319
275,000	g	Bristol-Myers Squibb Co		3.450			11/15/27		316,488
250,000	g	Bristol-Myers Squibb Co		3.400			07/26/29		291,370
100,000	g	Bristol-Myers Squibb Co		4.250			10/26/49		132,773
5,000	g	Jaguar Holding Co II		4.625			06/15/25		5,088
5,000	g	Jaguar Holding Co II		5.000			06/15/28		5,119
100,000		Johnson & Johnson		2.450			03/01/26		109,487
50,000		Johnson & Johnson		2.900			01/15/28		56,260
100,000		Johnson & Johnson		3.400			01/15/38		118,097
100,000		Merck & Co, Inc		1.450			06/24/30		100,201
100,000		Merck & Co, Inc		2.450			06/24/50		100,361
175,000		Novartis Capital Corp		3.000			11/20/25		194,264
175,000	h	Takeda Pharmaceutical Co Ltd		2.050			03/31/30		173,213
100,000	h	Takeda Pharmaceutical Co Ltd		3.025			07/09/40		100,762
150,000		Teva Pharmaceutical Finance Netherlands III BV		3.150			10/01/26		133,932
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							3,987,057
REAL ESTATE - 2.8%
100,000		Alexandria Real Estate Equities, Inc		3.950			01/15/27		112,098
100,000		Alexandria Real Estate Equities, Inc		3.950			01/15/28		114,057
100,000		Alexandria Real Estate Equities, Inc		4.900			12/15/30		124,522
100,000		American Tower Corp		3.000			06/15/23		106,645
100,000		American Tower Corp		2.950			01/15/25		108,718
50,000		American Tower Corp		3.375			10/15/26		55,611
150,000		American Tower Corp		3.800			08/15/29		170,446
250,000		American Tower Corp		2.900			01/15/30		266,772

94

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$         150,000		Brandywine Operating Partnership LP		4.100	%		10/01/24	$	156,239
200,000		Brixmor Operating Partnership LP		3.850			02/01/25		206,534
100,000		Camden Property Trust		3.150			07/01/29		110,841
100,000		Camden Property Trust		2.800			05/15/30		108,029
110,000		Crown Castle International Corp		4.875			04/15/22		117,515
50,000		Crown Castle International Corp		3.800			02/15/28		56,189
350,000		Crown Castle International Corp		2.250			01/15/31		352,527
100,000		Crown Castle International Corp		3.250			01/15/51		99,797
50,000		Digital Realty Trust LP		3.700			08/15/27		57,030
100,000		Duke Realty LP		3.250			06/30/26		109,660
100,000		Duke Realty LP		1.750			07/01/30		99,313
100,000		Equinix, Inc		2.150			07/15/30		98,783
75,000		Essex Portfolio LP		3.375			01/15/23		78,560
100,000		Essex Portfolio LP		3.000			01/15/30		108,782
100,000		Healthcare Realty Trust, Inc		3.750			04/15/23		104,109
175,000		Healthcare Realty Trust, Inc		3.875			05/01/25		185,901
100,000		Healthcare Realty Trust, Inc		2.400			03/15/30		95,119
100,000		Healthcare Trust of America Holdings LP		3.700			04/15/23		104,618
125,000		Healthcare Trust of America Holdings LP		3.500			08/01/26		135,049
100,000		Healthcare Trust of America Holdings LP		3.100			02/15/30		100,870
100,000		Highwoods Realty LP		3.875			03/01/27		105,627
50,000		iStar, Inc		4.750			10/01/24		46,687
13,000	g	MGM Growth Properties Operating Partnership LP		4.625			06/15/25		12,741
100,000		Mid-America Apartments LP		4.300			10/15/23		109,784
125,000		Mid-America Apartments LP		3.750			06/15/24		135,346
100,000		Mid-America Apartments LP		3.600			06/01/27		110,945
200,000		Mid-America Apartments LP		2.750			03/15/30		211,494
100,000		National Retail Properties, Inc		3.300			04/15/23		104,137
100,000		National Retail Properties, Inc		4.000			11/15/25		109,493
100,000		ProLogis LP		2.250			04/15/30		105,274
15,000	g	Realogy Group LLC		7.625			06/15/25		14,963
100,000		Regency Centers Corp		3.750			11/15/22		104,157
150,000		Regency Centers LP		3.900			11/01/25		160,560
200,000		Regency Centers LP		3.600			02/01/27		212,846
100,000		Regency Centers LP		2.950			09/15/29		101,480
87,000		SITE Centers Corp		3.625			02/01/25		87,664
50,000	g	VICI Properties LP		3.500			02/15/25		47,000
50,000		Weingarten Realty Investors		3.375			10/15/22		51,031
100,000		Weingarten Realty Investors		3.500			04/15/23		102,645
100,000		Weingarten Realty Investors		4.450			01/15/24		105,893
100,000		Weingarten Realty Investors		3.850			06/01/25		103,150
100,000		Weingarten Realty Investors		3.250			08/15/26		99,781
		TOTAL REAL ESTATE							5,787,032
RETAILING - 0.5%
50,000		AutoNation, Inc		3.800			11/15/27		51,713
10,000	g	Camelot Finance S.A.		4.500			11/01/26		9,975
18,000	g	L Brands, Inc		6.875			07/01/25		18,585
7,000	g	L Brands, Inc		9.375			07/01/25		7,009
45,000	g	Lithia Motors, Inc		4.625			12/15/27		44,550
15,000	g	Macy’s, Inc		8.375			06/15/25		14,925
125,000		O’Reilly Automotive, Inc		3.600			09/01/27		140,456
100,000		O’Reilly Automotive, Inc		4.200			04/01/30		117,078
200,000	g	Prosus NV		3.680			01/21/30		209,373
15,000		QVC, Inc		4.750			02/15/27		14,505
200,000		Target Corp		2.350			02/15/30		213,824
100,000		Target Corp		2.650			09/15/30		109,857
		TOTAL RETAILING							951,850

95

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.7%
$         350,000	g	Broadcom, Inc		4.150	%		11/15/30	$	380,815
300,000		Intel Corp		2.875			05/11/24		324,993
70,000		Intel Corp		2.600			05/19/26		76,221
100,000		Intel Corp		3.750			03/25/27		116,404
25,000		Intel Corp		3.734			12/08/47		30,113
100,000		Lam Research Corp		4.000			03/15/29		118,813
100,000	g	NXP BV		3.875			06/18/26		111,892
100,000	g	NXP BV		3.400			05/01/30		107,605
100,000		Texas Instruments, Inc		2.625			05/15/24		107,416
25,000		Texas Instruments, Inc		4.150			05/15/48		32,320
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							1,406,592
SOFTWARE & SERVICES - 1.3%
150,000		Adobe, Inc		2.300			02/01/30		161,960
100,000		Fidelity National Information Services, Inc		3.750			05/21/29		117,148
250,000		Fiserv, Inc		2.750			07/01/24		266,579
250,000		Fiserv, Inc		3.500			07/01/29		280,728
100,000		Global Payments, Inc		2.650			02/15/25		106,133
175,000		Global Payments, Inc		3.200			08/15/29		187,425
125,000		International Business Machines Corp		2.850			05/13/22		130,743
200,000		International Business Machines Corp		3.500			05/15/29		231,116
275,000		International Business Machines Corp		1.950			05/15/30		281,211
400,000		Microsoft Corp		2.400			08/08/26		436,681
63,000		Microsoft Corp		4.100			02/06/37		81,262
110,000		Microsoft Corp		3.700			08/08/46		137,967
37,000		Microsoft Corp		2.525			06/01/50		38,284
15,000	g	Open Text Holdings, Inc		4.125			02/15/30		14,738
15,000	g	Presidio Holdings, Inc		4.875			02/01/27		14,662
100,000		salesforce.com, Inc		3.700			04/11/28		116,662
		TOTAL SOFTWARE & SERVICES							2,603,299
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
200,000		Amphenol Corp		2.800			02/15/30		212,606
275,000		Apple, Inc		2.450			08/04/26		298,787
575,000		Apple, Inc		2.050			09/11/26		614,360
75,000		Broadcom Corp		3.875			01/15/27		81,080
250,000		Cisco Systems, Inc		1.850			09/20/21		254,451
100,000		Corning, Inc		4.375			11/15/57		115,389
225,000	g	Dell International LLC		4.420			06/15/21		231,269
100,000	g	Dell International LLC		5.300			10/01/29		110,704
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,918,646
TELECOMMUNICATION SERVICES - 2.8%
250,000		AT&T, Inc		3.400			05/15/25		274,889
175,000		AT&T, Inc		3.600			07/15/25		194,361
100,000		AT&T, Inc		3.800			02/15/27		112,609
975,000		AT&T, Inc		4.350			03/01/29		1,136,575
325,000		AT&T, Inc		4.300			02/15/30		379,701
150,000		AT&T, Inc		4.500			05/15/35		177,949
75,000		AT&T, Inc		4.500			03/09/48		88,009
400,000		AT&T, Inc		3.650			06/01/51		417,275
200,000	g	C&W Senior Financing Designated Activity Co		7.500			10/15/26		204,500
50,000		Deutsche Telekom International Finance BV		8.750			06/15/30		77,878
200,000	g	MTN Mauritius Investment Ltd		6.500			10/13/26		210,994
50,000		Orange S.A.		5.375			01/13/42		70,005
100,000		Rogers Communications, Inc		3.700			11/15/49		110,047
100,000		Telefonica Emisiones SAU		4.103			03/08/27		114,139
50,000		T-Mobile USA, Inc		6.375			03/01/25		51,375
225,000	g	T-Mobile USA, Inc		3.875			04/15/30		250,778
250,000	g	T-Mobile USA, Inc		2.550			02/15/31		250,880

96

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$         100,000	g	T-Mobile USA, Inc		4.500	%		04/15/50	$	117,795
14,000		Verizon Communications, Inc		3.376			02/15/25		15,537
50,000		Verizon Communications, Inc		4.125			03/16/27		58,940
633,000		Verizon Communications, Inc		4.329			09/21/28		762,021
100,000		Verizon Communications, Inc		3.150			03/22/30		113,033
258,000		Verizon Communications, Inc		4.272			01/15/36		319,415
150,000		Vodafone Group plc		4.250			09/17/50		178,617
		TOTAL TELECOMMUNICATION SERVICES							5,687,322
TRANSPORTATION - 1.0%
150,000		Boeing Co		2.950			02/01/30		146,483
25,000		Boeing Co		3.250			02/01/35		22,787
25,000		Boeing Co		3.750			02/01/50		22,570
100,000		Burlington Northern Santa Fe LLC		3.050			02/15/51		108,539
100,000		Canadian Pacific Railway Co		2.050			03/05/30		102,322
100,000		CSX Corp		3.800			03/01/28		115,362
100,000		CSX Corp		4.250			03/15/29		119,570
175,000		CSX Corp		2.400			02/15/30		184,837
125,000		CSX Corp		3.350			09/15/49		137,406
200,000		Delta Air Lines, Inc		2.900			10/28/24		162,203
44,000	g	Delta Air Lines, Inc		7.000			05/01/25		45,420
100,000		Delta Air Lines, Inc		3.750			10/28/29		80,000
375,000		FedEx Corp		3.100			08/05/29		400,187
200,000	g	Indian Railway Finance Corp Ltd		3.249			02/13/30		197,780
100,000		Union Pacific Corp		3.950			09/10/28		118,706
125,000		Union Pacific Corp		3.839			03/20/60		146,824
		TOTAL TRANSPORTATION							2,110,996
UTILITIES - 2.7%
199,000	g	Adani Transmission Ltd		4.250			05/21/36		190,278
100,000		AEP Transmission Co LLC		3.100			12/01/26		111,898
100,000		AEP Transmission Co LLC		4.000			12/01/46		120,029
100,000		American Water Capital Corp		3.000			12/01/26		107,261
100,000		American Water Capital Corp		2.800			05/01/30		108,727
100,000		American Water Capital Corp		4.000			12/01/46		120,549
150,000		American Water Capital Corp		3.750			09/01/47		174,159
100,000		American Water Capital Corp		3.450			05/01/50		112,351
125,000		Baltimore Gas & Electric Co		3.750			08/15/47		144,937
100,000		Baltimore Gas & Electric Co		3.200			09/15/49		106,073
50,000		Berkshire Hathaway Energy Co		3.250			04/15/28		56,536
200,000		Black Hills Corp		4.250			11/30/23		217,771
100,000		Black Hills Corp		3.150			01/15/27		105,076
100,000		Dominion Energy Gas Holdings LLC		2.500			11/15/24		105,422
175,000		DTE Electric Co		2.250			03/01/30		184,180
75,000		DTE Electric Co		2.950			03/01/50		78,401
175,000		Exelon Generation Co LLC		3.400			03/15/22		181,874
100,000		Florida Power & Light Co		3.990			03/01/49		128,462
100,000		Florida Power & Light Co		3.150			10/01/49		113,658
100,000		Indiana Michigan Power Co		3.750			07/01/47		113,115
150,000		MidAmerican Energy Co		3.650			04/15/29		178,984
125,000		MidAmerican Energy Co		3.650			08/01/48		147,994
100,000	g	Narragansett Electric Co		3.395			04/09/30		112,611
200,000		NextEra Energy Capital Holdings, Inc		2.250			06/01/30		205,454
100,000		NiSource, Inc		3.600			05/01/30		114,259
100,000		Northern States Power Co		2.900			03/01/50		109,314
125,000		Northern States Power Co		2.600			06/01/51		126,012
50,000		NRG Energy, Inc		5.750			01/15/28		52,750
100,000		NSTAR Electric Co		3.950			04/01/30		119,912
125,000		Ohio Power Co		4.150			04/01/48		153,882
125,000		Ohio Power Co		4.000			06/01/49		151,475
100,000		ONE Gas, Inc		3.610			02/01/24		109,414
100,000		PECO Energy Co		3.000			09/15/49		105,668
200,000		PECO Energy Co		2.800			06/15/50		206,368

97

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$         200,000	g	Perusahaan Listrik Negara PT			3.875	%		07/17/29	$	208,700
175,000		PSEG Power LLC			3.850			06/01/23		188,960
200,000	g	PTTEP Treasury Center Co Ltd			2.587			06/10/27		204,119
125,000		Public Service Co of Colorado			3.200			03/01/50		139,672
100,000		Public Service Electric & Gas Co			3.200			08/01/49		111,363
55,000		Virginia Electric & Power Co			2.950			01/15/22		56,509
75,000		Virginia Electric & Power Co			2.950			11/15/26		83,158
50,000		Virginia Electric & Power Co			3.500			03/15/27		56,693
		TOTAL UTILITIES								5,524,028
		TOTAL CORPORATE BONDS								89,917,935
		(Cost $83,767,509)
GOVERNMENT BONDS - 32.6%
FOREIGN GOVERNMENT BONDS - 3.5%
50,000	†	Argentina Republic Government International Bond			5.625			01/26/22		20,725
200,000	g	Bermuda Government International Bond			3.717			01/25/27		212,000
250,000	g	Bermuda Government International Bond			4.750			02/15/29		281,500
200,000	g	BNG Bank NV			2.625			02/27/24		215,914
200,000		Brazilian Government International Bond			3.875			06/12/30		192,860
200,000		Colombia Government International Bond			5.000			06/15/45		224,500
200,000	g	Costa Rica Government International Bond			5.625			04/30/43		149,300
225,000	†,g	Ecuador Government International Bond			9.650			12/13/26		96,190
200,000	g	Egypt Government International Bond			5.577			02/21/23		204,225
100,000		European Investment Bank			4.875			02/15/36		152,106
250,000	g	Guatemala Government International Bond			4.500			05/03/26		259,875
250,000	g	Iraq Government International Bond			5.800			01/15/28		225,405
200,000		Japan Bank for International Cooperation			2.375			04/20/26		217,825
100,000	g	Japan Finance Organization for Municipalities			3.000			03/12/24		108,021
300,000	g	Jordan Government International Bond			4.950			07/07/25		300,000
200,000	g	Korea Electric Power Corp			1.125			06/15/25		200,316
250,000	g	Korea Housing Finance Corp			2.000			10/11/21		253,590
1,000,000		Kreditanstalt fuer Wiederaufbau			2.750			10/01/20		1,006,388
250,000		Mexico Government International Bond			4.150			03/28/27		267,500
225,000		Mexico Government International Bond			3.250			04/16/30		222,977
32,000		Mexico Government International Bond			6.050			01/11/40		38,960
160,000	g	Panama Notas del Tesoro			3.750			04/17/26		167,200
150,000	†,g	Provincia de Buenos Aires			7.875			06/15/27		61,501
200,000	†,g	Provincia de Mendoza Argentina			8.375			05/19/24		104,002
200,000	g	Qatar Government International Bond			3.750			04/16/30		227,143
300,000	g	Republic of Uzbekistan Government International Bond			4.750			02/20/24		315,611
500,000	g	Saudi Government International Bond			3.750			01/21/55		509,012
200,000		State of Israel			3.375			01/15/50		219,084
EUR     575,000	g	Ukraine Government International Bond			4.375			01/27/30		552,600
200,000	†,g	Zambia Government International Bond			8.500			04/14/24		106,027
		TOTAL FOREIGN GOVERNMENT BONDS								7,112,357
MORTGAGE BACKED - 16.7%
140,663		Federal Home Loan Mortgage Corp (FHLMC)			3.500			08/15/43		145,613
156,510		FHLMC			3.500			03/15/44		171,854
133,631	i	FHLMC	LIBOR 1 M + 5.920%		5.735			03/15/44		27,807
520,273		FHLMC			4.000			10/01/47		581,914
213,531	i	FHLMC	LIBOR 1 M + 9.920%		9.624			06/15/48		268,776
312,823	i	FHLMC	LIBOR 1 M + 9.840%		9.544			10/15/48		399,309

98

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$      1,905,581		FHLMC			3.000	%		11/01/49	$	2,028,934
30,398		Federal Home Loan Mortgage Corp Gold (FGLMC)			5.000			06/01/36		34,877
10,151		FGLMC			5.000			07/01/39		11,651
240,483		FGLMC			3.500			04/01/45		263,947
727,270		FGLMC			3.500			08/01/45		802,436
986,465		FGLMC			3.500			10/01/45		1,078,518
309,071		FGLMC			4.000			12/01/45		341,020
342,760		FGLMC			3.500			08/01/46		374,368
1,212,309		FGLMC			3.000			02/01/47		1,281,993
18,151		FGLMC			4.500			06/01/47		20,132
511,952		FGLMC			4.000			09/01/47		557,800
191,761		FGLMC			3.500			12/01/47		209,563
618,354		FGLMC			3.500			03/01/48		675,597
180,049		FGLMC			4.000			03/01/48		198,953
150,690		FGLMC			4.000			07/01/48		165,016
203,815		FGLMC			4.500			08/01/48		226,291
6,753		Federal National Mortgage Association (FNMA)			6.000			08/01/21		6,898
154,274		FNMA			3.500			06/01/32		166,191
356,724		FNMA			3.000			10/01/32		374,856
140,815		FNMA			5.000			05/01/35		161,548
6,962		FNMA			7.500			07/01/35		6,990
156,256		FNMA			5.000			02/01/36		179,360
335,905		FNMA			3.000			10/01/39		353,913
153,296		FNMA			3.000			05/01/40		161,769
312,365		FNMA			5.000			09/01/40		358,813
150,213		FNMA			4.000			09/01/42		163,594
166,172	i	FNMA	LIBOR 1 M + 5.950%		5.766			09/25/43		37,671
68,156		FNMA			4.000			01/01/44		75,356
55,116		FNMA			4.500			03/01/44		61,557
284,364		FNMA			4.500			10/01/44		315,554
540,484		FNMA			4.500			11/01/44		599,211
150,762		FNMA			5.000			11/01/44		172,936
56,084		FNMA			4.000			01/01/45		61,090
358,933		FNMA			3.000			02/25/45		375,647
64,730		FNMA			3.000			02/25/45		66,766
186,134		FNMA			4.000			06/01/45		204,145
151,194		FNMA			4.000			12/01/45		167,014
1,112,724		FNMA			3.000			12/25/45		1,162,478
608,930		FNMA			3.500			01/01/46		665,611
398,850		FNMA			4.000			01/01/46		441,004
24,303		FNMA			4.000			03/01/46		26,659
234,294		FNMA			3.500			07/01/46		256,104
581,278		FNMA			3.500			07/01/46		634,825
260,765		FNMA			3.000			10/01/46		270,174
600,863		FNMA			3.000			11/01/46		634,610
100,709		FNMA			3.000			04/25/47		107,722
46,226		FNMA			3.500			08/01/47		49,447
432,797		FNMA			3.500			09/01/47		462,085
30,041		FNMA			3.000			11/01/47		31,121
54,113		FNMA			3.000			11/01/47		56,038
277,482		FNMA			3.500			11/01/47		303,872
508,236		FNMA			4.000			12/01/47		561,822
75,005	h	FNMA			4.000			12/01/47		79,951
381,964		FNMA			3.500			01/01/48		418,725
106,215		FNMA			3.500			01/01/48		115,783
186,393		FNMA			4.500			01/01/48		208,760
175,185		FNMA			4.500			02/01/48		196,134
895,382		FNMA			3.000			02/25/48		950,201
400,607		FNMA			3.500			03/01/48		422,749
156,697		FNMA			4.000			03/01/48		173,101
743,071		FNMA			4.500			03/01/48		831,931
273,168		FNMA			4.000			04/01/48		289,869
148,680		FNMA			4.500			05/01/48		166,460

99

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
$         108,426		FNMA		4.500	%		05/01/48	$	121,393
206,508		FNMA		5.000			08/01/48		234,177
233,276		FNMA		0.000			11/25/48		216,869
233,276		FNMA		3.000			11/25/48		25,687
104,298		FNMA		3.000			08/01/49		113,341
2,000,000	h	FNMA		2.000			07/25/50		2,045,703
3,000,000	h	FNMA		2.500			07/25/50		3,126,211
4,000,000	h	FNMA		3.000			07/25/50		4,211,562
4,333		Government National Mortgage Association (GNMA)		5.000			03/15/34		4,741
46,862		GNMA		5.000			06/15/34		51,538
4,661		GNMA		5.000			04/15/38		5,325
7,768		GNMA		4.500			04/15/40		8,604
269,688		GNMA		4.000			06/20/46		31,596
291,408		GNMA		3.500			01/20/49		318,667
		TOTAL MORTGAGE BACKED							33,969,898
MUNICIPAL BONDS - 3.8%
200,000		City & County of San Francisco CA Community Facilities District		3.264			09/01/25		215,042
200,000		City & County of San Francisco CA Community Facilities District		4.038			09/01/34		221,718
100,000		City of Austin TX Electric Utility Revenue		2.456			11/15/22		104,451
100,000		City of Austin TX Electric Utility Revenue		2.524			11/15/23		106,121
100,000		City of Austin TX Electric Utility Revenue		2.574			11/15/24		107,721
100,000		City of Austin TX Electric Utility Revenue		2.677			11/15/25		109,488
300,000		City of New York NY		3.430			12/01/24		327,243
270,000		Commonwealth Financing Authority		3.864			06/01/38		317,857
500,000		County of Miami-Dade FL Aviation Revenue		3.049			10/01/26		506,605
415,000		Denver City & County School District No		4.242			12/15/37		500,278
300,000		Florida Hurricane Catastrophe Fund Finance Corp		2.995			07/01/20		300,000
300,000		Health & Educational Facilities Authority of the State of Missouri		3.651			01/15/46		361,707
335,000		Michigan Finance Authority		2.862			09/01/49		339,228
350,000		Michigan Finance Authority		2.988			09/01/49		352,930
170,000		New York State Dormitory Authority		4.294			07/01/44		187,833
200,000		Public Finance Authority		4.269			07/01/40		225,338
1,400,000		State of Illinois		5.100			06/01/33		1,420,230
300,000		State of Oregon Department of Administrative Services		4.103			05/01/39		328,362
1,000,000		State of Texas		3.295			10/01/25		1,128,360
500,000		University of California		3.063			07/01/25		548,200
		TOTAL MUNICIPAL BONDS							7,708,712
U.S. TREASURY SECURITIES - 8.6%
800,000		United States Treasury Bond		3.125			11/15/41		1,083,250
2,935,700		United States Treasury Bond		3.000			11/15/45		3,955,512
1,865,000		United States Treasury Bond		2.875			11/15/46		2,478,920
765,000		United States Treasury Bond		3.000			05/15/47		1,042,193
560,000		United States Treasury Bond		3.125			05/15/48		784,416
176,000		United States Treasury Bond		3.375			11/15/48		258,479
1,016,800	k	United States Treasury Inflation Indexed Bonds		0.500			04/15/24		1,069,736
850,000		United States Treasury Note		2.500			12/31/20		859,894
1,440,000		United States Treasury Note		2.500			02/28/21		1,462,275
1,125,000		United States Treasury Note		2.250			03/31/21		1,142,666
1,505,000		United States Treasury Note		2.250			04/30/21		1,530,926
1,600,000		United States Treasury Note		0.125			06/30/22		1,599,062

100

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$           90,000		United States Treasury Note			0.250	%		06/15/23	$	90,190
		TOTAL U.S. TREASURY SECURITIES								17,357,519
		TOTAL GOVERNMENT BONDS								66,148,486
		(Cost $62,113,852)
STRUCTURED ASSETS - 19.0%
ASSET BACKED - 9.2%
100,000	g	AMSR Trust			1.819			04/17/37		101,078
		Series - 2020 SFR1 (Class A)
100,000	g,i	AMSR Trust			3.148			01/19/39		101,137
		Series - 2019 SFR1 (Class C)
100,000	g,i	AMSR Trust			3.247			01/19/39		99,147
		Series - 2019 SFR1 (Class D)
15,354	i	Asset Backed Securities Corp Home Equity Loan Trust	LIBOR 1 M + 0.900%		3.386			08/25/34		15,054
		Series - 2004 HE5 (Class M1)
500,000	g	Avis Budget Rental Car Funding AESOP LLC			3.450			03/20/23		501,612
		Series - 2019 1A (Class A)
200,000	g	Avis Budget Rental Car Funding AESOP LLC			3.700			03/20/23		193,337
		Series - 2019 1A (Class B)
500,000	g	Avis Budget Rental Car Funding AESOP LLC			2.970			03/20/24		501,617
		Series - 2017 2A (Class A)
328,559	g	BRE Grand Islander Timeshare Issuer LLC			3.280			09/26/33		327,009
		Series - 2019 A (Class A)
949,016	g	Capital Automotive REIT			3.660			10/15/44		939,524
		Series - 2014 1A (Class A)
470,519	g	Capital Automotive REIT			3.870			04/15/47		470,966
		Series - 2017 1A (Class A1)
245,619	g	Capital Automotive REIT			2.690			02/15/50		245,700
		Series - 2020 1A (Class A1)
250,000	g	Capital Automotive REIT			3.480			02/15/50		237,078
		Series - 2020 1A (Class A5)
500,000	†,g,h,i	Cayuga Park CLO, Ltd.	LIBOR 3 M + 1.600%		0.000			07/17/31		500,000
		Series - 2020 1A (Class A)
144,702	†,g,i	CBRE Realty Finance	LIBOR 3 M + 0.300%		2.343			04/07/52		0
		Series - 2007 1A (Class A2)
7,691		Centex Home Equity			5.540			01/25/32		7,875
		Series - 2002 A (Class AF6)
488,750	g	DB Master Finance LLC			3.629			11/20/47		504,664
		Series - 2017 1A (Class A2I)
124,063	g	DB Master Finance LLC			3.787			05/20/49		128,031
		Series - 2019 1A (Class A2I)
124,063	g	DB Master Finance LLC			4.352			05/20/49		134,152
		Series - 2019 1A (Class A23)
128,474	g	Diamond Resorts Owner Trust			3.700			01/21/31		131,023
		Series - 2018 1 (Class A)
177,790	g	Diamond Resorts Owner Trust			2.890			02/20/32		178,567
		Series - 2019 1A (Class A)
336,874	g	Domino’s Pizza Master Issuer LLC			4.474			10/25/45		364,390
		Series - 2015 1A (Class A2II)
243,750	g	Domino’s Pizza Master Issuer LLC			3.082			07/25/47		248,961
		Series - 2017 1A (Class A2II)
221,063	g	Domino’s Pizza Master Issuer LLC			4.116			07/25/48		235,330
		Series - 2018 1A (Class A2I)
104,805	g,i	Ellington Loan Acquisition Trust	LIBOR 1 M + 1.100%		1.285			05/25/37		104,018
		Series - 2007 2 (Class A2C)
152,667	g	HERO Funding Trust			3.190			09/20/48		156,186
		Series - 2017 3A (Class A1)
152,668	g	HERO Funding Trust			3.950			09/20/48		160,096
		Series - 2017 3A (Class A2)

101

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$         402,910	g	Hertz Vehicle Financing II LP			3.290	%		02/25/24	$	399,219
		Series - 2018 1A (Class A)
201,514	g	Hertz Vehicle Financing II LP			3.420			05/25/25		199,362
		Series - 2019 2A (Class A)
306,191	g	Hilton Grand Vacations Trust			2.960			12/26/28		282,891
		Series - 2017 AA (Class B)
209,856	g	Hilton Grand Vacations Trust			2.340			07/25/33		209,856
		Series - 2019 AA (Class A)
209,856	g	Hilton Grand Vacations Trust			2.840			07/25/33		190,941
		Series - 2019 AA (Class C)
8,870	i	Home Equity Asset Trust	LIBOR 1 M + 1.500%		3.986			06/25/33		8,713
		Series - 2003 1 (Class M1)
472,545	g	Horizon Aircraft Finance II Ltd			3.721			07/15/39		415,661
		Series - 2019 1 (Class A)
242,560	g	Horizon Aircraft Finance III Ltd			3.425			11/15/39		209,727
		Series - 2019 2 (Class A)
92,866	g,i	Invitation Homes Trust	LIBOR 1 M + 1.000%		1.194			07/17/37		92,175
		Series - 2018 SFR3 (Class A)
93,714	g,i	Invitation Homes Trust	LIBOR 1 M + 1.100%		1.294			01/17/38		93,509
		Series - 2018 SFR4 (Class A)
100,000	g,i	Invitation Homes Trust	LIBOR 1 M + 1.650%		1.844			01/17/38		97,630
		Series - 2018 SFR4 (Class D)
73,976	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.320%		0.505			03/25/37		70,854
		Series - 2007 CH3 (Class A1B)
118,023	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		0.345			06/25/37		114,291
		Series - 2007 CH5 (Class A1)
368,720	g	MVW Owner Trust			2.420			12/20/34		366,701
		Series - 2017 1A (Class A)
260,685	g	MVW Owner Trust			3.450			01/21/36		266,429
		Series - 2018 1A (Class A)
238,195	g	MVW Owner Trust			3.000			11/20/36		228,337
		Series - 2019 1A (Class B)
154,827	g	MVW Owner Trust			3.330			11/20/36		144,137
		Series - 2019 1A (Class C)
425,617	g	MVW Owner Trust			2.680			10/20/38		378,277
		Series - 2019 2A (Class C)
250,000	g	Navient Student Loan Trust			3.390			12/15/59		258,718
		Series - 2019 BA (Class A2A)
500,000	g,i	Octagon Investment Partners 46 Ltd	LIBOR 3 M + 1.650%		0.000			07/15/33		500,000
		Series - 2020 2A (Class A)
250,000	g	OneMain Financial Issuance Trust			3.840			05/14/32		259,082
		Series - 2020 1A (Class A)
21,069	g,i	Orange Lake Timeshare Trust			3.030			07/09/29		21,020
		Series - 2014 AA (Class B)
500,000	g	PFS Financing Corp			1.270			06/16/25		501,260
		Series - 2020 A (Class A)
491,250	g	Planet Fitness Master Issuer LLC			4.262			09/05/48		493,392
		Series - 2018 1A (Class A2I)
99,814	g	Progress Residential Trust			2.897			12/17/34		100,247
		Series - 2017 SFR2 (Class A)
100,000	g	Progress Residential Trust			2.937			10/17/36		101,969
		Series - 2019 SFR4 (Class B)
80,641	g	PRPM LLC (Step Bond)			3.967			04/25/24		81,257
		Series - 2019 2A (Class A1)
497,503	g	SERVPRO Master Issuer LLC			3.882			10/25/49		500,155
		Series - 2019 1A (Class A2)
472,658	g	Settlement Fee Finance LLC			3.840			11/01/49		466,797
		Series - 2019 1A (Class A)
282,408	g	Sierra Timeshare Receivables Funding LLC			3.200			03/20/34		269,160
		Series - 2017 1A (Class B)
130,699	g	Sierra Timeshare Receivables Funding LLC			3.200			01/20/36		133,246
		Series - 2019 1A (Class A)

102

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$         130,699	g	Sierra Timeshare Receivables Funding LLC			3.770	%		01/20/36	$	126,633
		Series - 2019 1A (Class C)
155,149	g	Sierra Timeshare Receivables Funding LLC			3.120			05/20/36		147,966
		Series - 2019 2A (Class C)
175,894	g	Sierra Timeshare Receivables Funding LLC			3.000			08/20/36		162,201
		Series - 2019 3A (Class C)
56,638	g	SoFi Professional Loan Program LLC			2.760			12/26/36		56,957
		Series - 2016 A (Class A2)
475,802	g	SoFi Professional Loan Program LLC			2.840			01/25/41		486,375
		Series - 2017 F (Class A2FX)
273,207	g	SoFi Professional Loan Program LLC			2.060			05/15/46		275,400
		Series - 2020 A (Class A1FX)
143,264	g	SolarCity LMC			4.020			07/20/44		141,775
		Series - 2014 2 (Class A)
383,717	g	Sonic Capital LLC			3.845			01/20/50		402,177
		Series - 2020 1A (Class A2I)
91,610	g,i	Starwood Waypoint Homes	LIBOR 1 M + 0.950%		1.135			01/17/35		91,215
		Series - 2017 1 (Class A)
6,596	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 0.900%		1.085			09/25/34		6,239
		Series - 2004 8 (Class M1)
16,330	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 1.000%		1.185			09/25/34		15,879
		Series - 2004 8 (Class A9)
97,000	g	Taco Bell Funding LLC			4.970			05/25/46		102,642
		Series - 2016 1A (Class A23)
492,500	g	Taco Bell Funding LLC			4.318			11/25/48		502,980
		Series - 2018 1A (Class A2I)
323,988	g	TLF National Tax Lien Trust			3.840			12/15/29		326,684
		Series - 2017 1A (Class B)
200,000	g	Tricon American Homes Trust			4.878			11/17/33		199,785
		Series - 2016 SFR1 (Class E)
99,063	g	Tricon American Homes Trust			2.716			09/17/34		100,855
		Series - 2017 SFR1 (Class A)
100,000	g	Tricon American Homes Trust			4.011			09/17/34		100,263
		Series - 2017 SFR1 (Class E)
99,556	g	Tricon American Homes Trust			2.928			01/17/36		103,476
		Series - 2017 SFR2 (Class A)
100,000	g	Tricon American Homes Trust			3.275			01/17/36		103,378
		Series - 2017 SFR2 (Class B)
290,000		Verizon Owner Trust			1.850			07/22/24		297,630
		Series - 2020 A (Class A1A)
75,263	g	VOLT LXXV LLC (Step Bond)			3.967			02/25/49		75,609
		Series - 2019 NPL2 (Class A1)
100,000	g	VOLT LXXXIV LLC (Step Bond)			3.967			12/27/49		96,708
		Series - 2019 NP10 (Class A1B)
487,500	g	Wendys Funding LLC			3.573			03/15/48		505,269
		Series - 2018 1A (Class A2I)
200,000		World Omni Auto Receivables Trust			1.700			01/17/23		204,033
		Series - 2020 A (Class A3)
		TOTAL ASSET BACKED								18,673,694
OTHER MORTGAGE BACKED - 9.8%
32,100	g,i	Agate Bay Mortgage Trust			3.500			11/25/44		33,177
		Series - 2014 3 (Class A13)
697,448	g,i	Agate Bay Mortgage Trust			3.500			09/25/45		721,516
		Series - 2015 6 (Class A9)
22,915	i	Alternative Loan Trust	LIBOR 1 M + 0.500%		0.685			06/25/34		22,131
		Series - 2004 8CB (Class M1)
200,000	g	BBCMS Trust			4.197			08/10/35		221,494
		Series - 2015 SRCH (Class A2)
400,000		Benchmark Mortgage Trust			4.267			03/15/52		458,337
		Series - 2019 B9 (Class AS)

103

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$         250,000	i	CF Mortgage Trust			3.603	%		04/15/52	$	251,646
		Series - 2020 P1 (Class A2)
500,000		CFCRE Commercial Mortgage Trust			3.644			12/10/54		538,416
		Series - 2016 C7 (Class ASB)
32,430	i	CHL Mortgage Pass-Through Trust			3.633			02/20/35		31,606
		Series - 2004 HYB9 (Class 1A1)
250,000	g,i	Citigroup Commercial Mortgage Trust			3.635			05/10/35		256,664
		Series - 2013 375P (Class B)
500,000	g,i	COMM Mortgage Trust			4.386			07/10/45		501,247
		Series - 2013 CR9 (Class B)
745,447		COMM Mortgage Trust			2.853			10/15/45		760,118
		Series - 2012 CR4 (Class A3)
1,000,000	g,i	COMM Mortgage Trust			4.084			06/10/46		1,028,754
		Series - 2013 CR8 (Class B)
184,100	i	COMM Mortgage Trust			4.888			08/10/47		177,088
		Series - 2014 CR19 (Class C)
300,000	i	COMM Mortgage Trust			3.603			03/10/48		313,632
		Series - 2015 CR22 (Class AM)
200,000	g,i	COMM Mortgage Trust			4.244			03/10/48		156,983
		Series - 2015 CR22 (Class D)
250,000		COMM Mortgage Trust			3.801			05/10/48		269,629
		Series - 2015 CR23 (Class AM)
550,000	i	COMM Mortgage Trust			4.183			05/10/48		568,683
		Series - 2015 CR23 (Class B)
200,000	i	COMM Mortgage Trust			4.435			05/10/48		197,675
		Series - 2015 CR23 (Class C)
500,000		COMM Mortgage Trust			3.696			08/10/48		551,610
		Series - 2015 CR24 (Class A5)
250,000		COMM Mortgage Trust			3.984			10/10/48		266,867
		Series - 2015 CR27 (Class AM)
600,000	i	COMM Mortgage Trust			4.158			10/10/48		646,042
		Series - 2015 LC23 (Class AM)
163,493	i	Connecticut Avenue Securities	LIBOR 1 M + 2.600%		2.785			05/25/24		142,972
		Series - 2014 C02 (Class 1M2)
199,223	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		3.185			07/25/24		174,449
		Series - 2014 C03 (Class 1M2)
10,719	i	Connecticut Avenue Securities	LIBOR 1 M + 5.000%		5.185			11/25/24		11,011
		Series - 2014 C04 (Class 2M2)
17,536	i	Connecticut Avenue Securities	LIBOR 1 M + 5.550%		5.735			04/25/28		18,570
		Series - 2015 C04 (Class 2M2)
27,507	i	Connecticut Avenue Securities	LIBOR 1 M + 5.700%		5.885			04/25/28		28,908
		Series - 2015 C04 (Class 1M2)
32,194	i	Connecticut Avenue Securities	LIBOR 1 M + 6.750%		6.935			08/25/28		33,737
		Series - 2016 C01 (Class 1M2)
46,557	i	Connecticut Avenue Securities	LIBOR 1 M + 6.000%		6.185			09/25/28		48,278
		Series - 2016 C02 (Class 1M2)
48,636	i	Connecticut Avenue Securities	LIBOR 1 M + 5.900%		6.085			10/25/28		50,556
		Series - 2016 C03 (Class 2M2)
65,935	i	Connecticut Avenue Securities	LIBOR 1 M + 4.450%		4.635			01/25/29		67,373
		Series - 2016 C05 (Class 2M2)
125,317	i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		1.035			09/25/29		113,061
		Series - 2017 C02 (Class 2ED4)
59,195	i	Connecticut Avenue Securities	LIBOR 1 M + 2.200%		2.385			01/25/30		59,438
		Series - 2017 C05 (Class 1M2A)
190,000	i	Connecticut Avenue Securities	LIBOR 1 M + 0.450%		0.635			07/25/30		184,553
		Series - 2018 C01 (Class 1EB1)
33,641	i	Connecticut Avenue Securities	LIBOR 1 M + 0.900%		1.085			08/25/30		32,179
		Series - 2018 C02 (Class 2EA2)
127,437	i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		1.035			10/25/30		125,507
		Series - 2018 C03 (Class 1EA2)
11,893	g,i	Connecticut Avenue Securities	LIBOR 1 M + 2.450%		2.635			07/25/31		11,602
		Series - 2019 R01 (Class 2M2)
68,199	g,i	Connecticut Avenue Securities	LIBOR 1 M + 0.800%		0.985			01/25/40		67,811
		Series - 2020 R01 (Class 1M1)

104

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$           40,000	g,i	Credit Suisse Commercial Mortgage Trust	LIBOR 1 M + 0.650%		0.835	%		05/25/36	$	39,308
		Series - 2006 CF2 (Class M3)
1,000,000	g,i	DBUBS Mortgage Trust			5.714			07/10/44		832,773
		Series - 2011 LC2A (Class D)
100,000	g,i	Ellington Financial Mortgage Trust			3.587			06/25/59		94,641
		Series - 2019 1 (Class M1)
67,966	i	Fieldstone Mortgage Investment Trust	LIBOR 1 M + 0.735%		0.920			12/25/35		67,148
		Series - 2005 2 (Class M2)
222,466	g,i	FirstKey Mortgage Trust			3.500			11/25/44		228,943
		Series - 2014 1 (Class A8)
64,446	g,i	Flagstar Mortgage Trust			3.500			03/25/47		65,445
		Series - 2017 1 (Class 1A5)
94,250	g,i	Flagstar Mortgage Trust			4.111			10/25/47		94,392
		Series - 2017 2 (Class B3)
40,757	g,i	Flagstar Mortgage Trust			4.000			09/25/48		41,652
		Series - 2018 5 (Class A11)
47,825	g,i	GS Mortgage-Backed Securities Corp Trust			4.000			11/25/49		48,885
		Series - 2019 PJ2 (Class A4)
53,723	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		0.814			08/19/45		50,260
		Series - 2005 11 (Class 2A1A)
400,000	g	Hudson Yards Mortgage Trust			2.835			08/10/38		424,974
		Series - 2016 10HY (Class A)
100,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp			5.526			07/15/46		99,917
		Series - 2011 C4 (Class C)
300,000	g	JP Morgan Chase Commercial Mortgage Securities Trust			4.021			07/05/32		299,373
		Series - 2012 HSBC (Class C)
29,988	g,i	JP Morgan Mortgage Trust			3.500			05/25/46		30,291
		Series - 2016 1 (Class A5)
44,729	g,i	JP Morgan Mortgage Trust			3.500			05/25/46		46,262
		Series - 2016 1 (Class A13)
23,439	g,i	JP Morgan Mortgage Trust			3.500			01/25/47		24,205
		Series - 2017 1 (Class A3)
91,675	g,i	JP Morgan Mortgage Trust			3.500			05/25/47		94,912
		Series - 2017 2 (Class A13)
26,812	g,i	JP Morgan Mortgage Trust			3.500			08/25/47		27,130
		Series - 2017 3 (Class 1A5)
23,946	g,i	JP Morgan Mortgage Trust			3.500			09/25/48		24,834
		Series - 2018 3 (Class A13)
52,475	g,i	JP Morgan Mortgage Trust			3.500			10/25/48		53,654
		Series - 2018 4 (Class A5)
38,461	g,i	JP Morgan Mortgage Trust			3.500			10/25/48		39,442
		Series - 2018 5 (Class A13)
31,551	g,i	JP Morgan Mortgage Trust			4.000			01/25/49		31,852
		Series - 2018 8 (Class A5)
29,625	g,i	JP Morgan Mortgage Trust			4.000			01/25/49		30,286
		Series - 2018 8 (Class A13)
20,317	g,i	JP Morgan Mortgage Trust			4.000			02/25/49		20,770
		Series - 2018 9 (Class A13)
24,189	g,i	JP Morgan Mortgage Trust			4.000			05/25/49		24,920
		Series - 2019 1 (Class A3)
86,275	g,i	JP Morgan Mortgage Trust			4.000			05/25/49		88,173
		Series - 2019 1 (Class A15)
9,602	g,i	JP Morgan Mortgage Trust			4.000			08/25/49		9,656
		Series - 2019 2 (Class A4)
24,474	g,i	JP Morgan Mortgage Trust			4.757			09/25/49		25,921
		Series - 2019 3 (Class B1)
104,138	g,i	JP Morgan Mortgage Trust			3.883			06/25/50		99,430
		Series - 2020 1 (Class B2)
680,000		JPMBB Commercial Mortgage Securities Trust			3.775			08/15/47		737,294
		Series - 2014 C21 (Class A5)

105

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$         500,000	i	JPMBB Commercial Mortgage Securities Trust			3.917	%		05/15/48	$	541,805
		Series - 2015 C29 (Class AS)
400,000	i	JPMBB Commercial Mortgage Securities Trust			4.118			05/15/48		402,245
		Series - 2015 C29 (Class B)
500,000		JPMBB Commercial Mortgage Securities Trust			4.106			08/15/48		536,043
		Series - 2015 C31 (Class AS)
450,000	i	JPMBB Commercial Mortgage Securities Trust			4.773			08/15/48		475,148
		Series - 2015 C31 (Class B)
84,747	i	Merrill Lynch Mortgage Investors Trust	LIBOR 1 M + 0.260%		2.278			01/25/37		78,024
		Series - 2006 WMC1 (Class A1B)
328,128	i	Morgan Stanley Bank of America Merrill Lynch Trust			4.384			02/15/47		348,639
		Series - 2014 C14 (Class AS)
120,000	i	Morgan Stanley Bank of America Merrill Lynch Trust			4.610			02/15/48		110,150
		Series - 2015 C20 (Class C)
39,586	i	Morgan Stanley Capital I Trust	LIBOR 1 M + 0.825%		1.010			08/25/34		39,065
		Series - 2004 HE6 (Class M1)
500,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 1.500%		1.685			07/15/36		489,993
		Series - 2019 MILE (Class A)
61,484	g,i	New Residential Mortgage Loan Trust			3.750			05/28/52		65,628
		Series - 2015 1A (Class A3)
39,309	g,i	Sequoia Mortgage Trust			3.500			05/25/45		40,543
		Series - 2015 2 (Class A1)
142,059	g,i	Sequoia Mortgage Trust			3.500			11/25/46		145,175
		Series - 2016 3 (Class A10)
66,904	g,i	Sequoia Mortgage Trust			3.500			02/25/47		69,278
		Series - 2017 2 (Class A19)
71,127	g,i	Sequoia Mortgage Trust			3.500			02/25/48		73,095
		Series - 2018 2 (Class A1)
228,729	g,i	Sequoia Mortgage Trust			3.500			03/25/48		235,047
		Series - 2018 3 (Class A1)
50,221	g,i	Sequoia Mortgage Trust			3.500			03/25/48		51,078
		Series - 2018 3 (Class A4)
30,123	g,i	Sequoia Mortgage Trust			4.000			09/25/48		30,342
		Series - 2018 7 (Class A4)
41,044	g,i	Sequoia Mortgage Trust			4.000			11/25/48		41,844
		Series - 2018 8 (Class A19)
105,192	g,i	Sequoia Mortgage Trust			4.000			06/25/49		108,001
		Series - 2019 2 (Class A1)
52,596	g,i	Sequoia Mortgage Trust			4.000			06/25/49		53,680
		Series - 2019 2 (Class A19)
845,161	g,i	Sequoia Mortgage Trust			3.500			11/25/49		868,782
		Series - 2019 4 (Class A1)
282,679	g,i	Sequoia Mortgage Trust			3.500			12/25/49		290,601
		Series - 2019 5 (Class A1)
159,007	g,i	Sequoia Mortgage Trust			3.500			12/25/49		164,765
		Series - 2019 5 (Class A19)
130,482	g,i	Sequoia Mortgage Trust			3.000			04/25/50		136,501
		Series - 2020 3 (Class A19)
61,347	g,i	Shellpoint Co-Originator Trust			3.500			04/25/47		63,193
		Series - 2017 1 (Class A19)
37,042	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 4.150%		4.335			01/25/25		37,596
		Series - 2015 DN1 (Class M3)
103,074	i	STACR	LIBOR 1 M + 3.800%		3.985			03/25/25		104,520
		Series - 2015 HQ1 (Class M3)
74,606	i	STACR	LIBOR 1 M + 1.950%		2.135			05/25/25		74,861
		Series - 2015 HQ2 (Class M2)

106

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$           31,393	i	STACR	LIBOR 1 M + 0.750%		0.935	%		03/25/30	$	31,393
		Series - 2017 DNA3 (Class M1)
168,594	i	STACR	LIBOR 1 M + 0.950%		1.135			04/25/30		168,294
		Series - 2017 HQA3 (Class M2AS)
12,444	g,i	STACR			3.726			02/25/48		12,444
		Series - 2018 SPI1 (Class M1)
6,192	g,i	STACR			3.809			05/25/48		6,182
		Series - 2018 SPI2 (Class M1)
15,407	g,i	STACR			4.466			11/25/48		15,201
		Series - 2018 SPI4 (Class M2)
100,000	g,i	STACR	LIBOR 1 M + 2.050%		2.235			11/25/49		96,994
		Series - 2019 HQA4 (Class M2)
40,000	g,i	STACR	LIBOR 1 M + 1.850%		2.035			02/25/50		37,924
		Series - 2020 DNA2 (Class M2)
37,000	g,i	STACR	LIBOR 1 M + 3.100%		3.285			03/25/50		35,425
		Series - 2020 HQA2 (Class M2)
675,000	g,i	UBS-Barclays Commercial Mortgage Trust			3.875			04/10/46		652,317
		Series - 2013 C6 (Class B)
50,000	g,i	Wells Fargo Commercial Mortgage Trust			5.276			11/15/43		50,131
		Series - 2010 C1 (Class B)
38,179	g,i	Wells Fargo Mortgage Backed Securities Trust			4.000			04/25/49		39,333
		Series - 2019 2 (Class A17)
82,122	g,i	Wells Fargo Mortgage Backed Securities Trust			3.500			09/25/49		84,404
		Series - 2019 4 (Class A1)
40,000		WFRBS Commercial Mortgage Trust			3.345			05/15/45		40,895
		Series - 2013 C13 (Class AS)
		TOTAL OTHER MORTGAGE BACKED								19,886,642
		TOTAL STRUCTURED ASSETS								38,560,336
		(Cost $38,659,512)
		TOTAL BONDS								194,626,757
		(Cost $184,540,873)
SHARES		COMPANY
PREFERRED STOCKS - 0.1%
BANKS - 0.1%
5,517	*	Federal Home Loan Mortgage Corp								43,805
17,265	*	Federal National Mortgage Association								137,257
		TOTAL BANKS								181,062
		TOTAL PREFERRED STOCKS								181,062
		(Cost $569,550)
SHORT-TERM INVESTMENTS - 6.4%
GOVERNMENT AGENCY DEBT - 1.1%
1,400,000		Federal Home Loan Bank (FHLB)			0.110			07/08/20		1,399,967
1,000,000		FHLB			0.130			07/20/20		999,937
		TOTAL GOVERNMENT AGENCY DEBT								2,399,904

107

TIAA-CREF LIFE FUNDS - Core Bond Fund

PRINCIPAL		ISSUER	RATE			MATURITY DATE		VALUE
REPURCHASE AGREEMENT - 5.3%
$10,710,000	r	Fixed Income Clearing Corp		0.070	%		07/01/20	$	10,710,000
		TOTAL REPURCHASE AGREEMENT							10,710,000
		TOTAL SHORT-TERM INVESTMENTS							13,109,904
		(Cost $13,109,901)
		TOTAL INVESTMENTS - 103.8%							210,764,020
		(Cost $201,274,125)
		OTHER ASSETS & LIABILITIES, NET - (3.8)%							(7,757,825	)
		NET ASSETS - 100.0%						$	203,006,195

Abbreviation(s):

EUR Euro

LIBOR London Interbank Offered Rate

M Month

REIT Real Estate Investment Trust

Y Year

* Non-income producing

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

‡ Perpetual security

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 6/30/2020, the aggregate value of these securities is $48,240,820 or 23.8% 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.

q In default

r Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $10,710,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $10,924,219.

Forward foreign currency contracts outstanding as of June 30, 2020 were as follows:    

Currency to be purchased	Receive		Currency to be sold		Deliver		Counterparty	Settlement date	Unrealized appreciation (depreciation)
$		488,856		EUR		452,000	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	07/27/20		$(19,376	)

108

TIAA-CREF LIFE FUNDS - Money Market Fund

TIAA-CREF LIFE FUNDS

MONEY MARKET FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

PRINCIPAL	ISSUER	RATE			MATURITY DATE		VALUE
SHORT-TERM INVESTMENTS - 100.3%
GOVERNMENT AGENCY DEBT - 48.8%
$1,000,000	Federal Agricultural Mortgage Corp (FAMC)		0.010	%		07/29/20	$	999,766
470,000	Federal Home Loan Bank (FHLB)		0.010			07/06/20		469,994
2,000,000	FHLB		0.010			07/08/20		1,999,961
200,000	FHLB		0.010			07/09/20		199,990
225,000	FHLB		0.010			07/13/20		224,989
1,000,000	FHLB		0.010			07/15/20		999,907
2,000,000	FHLB		0.010			07/17/20		1,999,551
2,260,000	FHLB		0.010			07/20/20		2,259,857
2,400,000	FHLB		0.010			07/22/20		2,399,841
1,300,000	FHLB		0.010			07/24/20		1,299,906
1,162,000	FHLB		0.010			07/28/20		1,161,895
1,700,000	FHLB		0.010			07/31/20		1,699,851
1,400,000	FHLB		0.010			08/03/20		1,399,852
1,500,000	FHLB		0.010			08/05/20		1,499,796
4,201,000	FHLB		0.010			08/07/20		4,200,474
2,500,000	FHLB		0.010			08/12/20		2,499,633
2,995,000	FHLB		0.010			08/14/20		2,994,436
1,000,000	FHLB		0.010			08/19/20		999,837
600,000	FHLB		0.010			08/24/20		599,856
1,000,000	FHLB		0.010			08/26/20		999,782
500,000	FHLB		0.010			08/27/20		499,881
2,500,000	FHLB		0.010			08/28/20		2,499,416
3,100,000	FHLB		0.010			09/04/20		3,099,124
5,000,000	FHLB		0.010			09/09/20		4,995,528
2,000,000	FHLB		0.010			09/11/20		1,999,340
1,696,000	FHLB		0.010			09/14/20		1,695,435
3,850,000	FHLB		0.010			09/15/20		3,847,641
1,200,000	FHLB		0.010			09/18/20		1,199,671
200,000	FHLB		0.010			09/21/20		199,909
1,000,000	FHLB		0.010			09/23/20		999,323
670,000	FHLB		0.010			09/24/20		669,731
1,000,000	FHLB		0.010			12/02/20		999,251
2,000,000	FHLB		0.010			12/18/20		1,998,394
1,600,000	Federal Home Loan Mortgage Corp (FHLMC)		0.010			07/29/20		1,599,851
3,624,000	FHLMC		0.010			08/19/20		3,623,605
2,500,000	FHLMC		0.010			09/17/20		2,499,350
124,000	FHLMC		0.010			10/05/20		123,949
405,000	Federal National Mortgage Association (FNMA)		0.010			09/02/20		404,894
	TOTAL GOVERNMENT AGENCY DEBT							63,863,467
TREASURY DEBT - 35.8%
2,500,000	United States Cash Management Bill		0.010			09/08/20		2,499,272
3,000,000	United States Cash Management Bill		0.010			09/22/20		2,998,963
1,500,000	United States Cash Management Bill		0.010			09/29/20		1,499,625
2,000,000	United States Cash Management Bill		0.010			11/17/20		1,998,788
3,173,000	United States Cash Management Bill		0.010			12/01/20		3,170,896
1,038,000	United States Treasury Bill		0.010			07/09/20		1,037,996
1,306,000	United States Treasury Bill		0.010			07/14/20		1,305,951
1,000,000	United States Treasury Bill		0.010			07/16/20		999,971
8,800,000	United States Treasury Bill		0.010			07/21/20		8,799,584
2,660,000	United States Treasury Bill		0.010			07/28/20		2,659,720
3,025,000	United States Treasury Bill		0.010			08/04/20		3,024,713
2,100,000	United States Treasury Bill		0.010			08/06/20		2,099,727

109

TIAA-CREF LIFE FUNDS - Money Market Fund

PRINCIPAL		ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE		VALUE
$2,600,000		United States Treasury Bill			0.010	%		08/18/20	$	2,599,542
1,000,000		United States Treasury Bill			0.010			08/20/20		999,832
2,501,000		United States Treasury Bill			0.010			08/25/20		2,500,499
2,161,000		United States Treasury Bill			0.010			08/27/20		2,160,547
500,000		United States Treasury Bill			0.010			09/17/20		499,864
2,000,000		United States Treasury Bill			0.010			09/24/20		1,999,344
2,000,000		United States Treasury Bill			0.010			10/01/20		1,999,831
1,923,000		United States Treasury Bill			0.010			10/15/20		1,922,103
25,000		United States Treasury Bill			0.010			10/22/20		24,987
33,000		United States Treasury Bill			0.000			10/29/20		32,983
		TOTAL TREASURY DEBT								46,834,738
VARIABLE RATE SECURITIES - 15.7%
500,000	i	Federal Agricultural Mortgage Corp (FAMC)	EFFR + 0.100%		0.180			07/06/20		500,000
500,000	i	FAMC	EFFR + 0.090%		0.170			07/08/20		500,000
1,000,000	i	FAMC	FRED - 3.020%		0.230			09/01/20		1,000,000
2,000,000	i	FAMC	SOFR + 0.080%		0.160			12/21/20		2,000,000
1,000,000	i	FAMC	SOFR + 0.070%		0.150			02/08/21		1,000,000
1,000,000	i	Federal Farm Credit Bank (FFCB)	FRED - 2.960%		0.290			07/09/20		999,998
500,000	i	FFCB	US Treasury Bill 3 M + 0.045%		0.195			08/17/20		499,997
500,000	i	FFCB	FRED - 3.020%		0.230			09/28/20		499,897
500,000	i	FFCB	US Treasury Bill 3 M + 0.160%		0.310			01/19/21		499,973
1,000,000	i	Federal Home Loan Bank (FHLB)	SOFR + 0.100%		0.180			07/29/20		1,000,000
1,000,000	i	FHLB	SOFR + 0.120%		0.200			10/07/20		1,000,000
2,000,000	i	FHLB	SOFR + 0.130%		0.210			10/16/20		2,000,000
2,000,000	i	FHLB	SOFR + 0.090%		0.170			12/04/20		2,000,000
2,500,000	i	FHLB	SOFR + 0.230%		0.310			04/13/21		2,500,000
500,000	i	FHLB	SOFR + 0.055%		0.135			05/14/21		500,000
1,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	SOFR + 0.030%		0.110			02/24/21		1,000,000
500,000	i	Federal National Mortgage Association (FNMA)	SOFR + 0.060%		0.140			07/30/20		500,000
500,000	i	FNMA	SOFR + 0.075%		0.155			10/30/20		500,000
2,000,000	i	FNMA	SOFR + 0.050%		0.130			03/04/21		2,000,000
		TOTAL VARIABLE RATE SECURITIES								20,499,865
		TOTAL SHORT-TERM INVESTMENTS								131,198,070
		(Cost $131,198,070)
		TOTAL INVESTMENTS - 100.3%								131,198,070
		(Cost $131,198,070)
		OTHER ASSETS & LIABILITIES, NET - (0.3)%								(452,615	)
		NET ASSETS - 100.0%							$	130,745,455

Abbreviation(s):

EFFR Effective Federal Funds Rate

FRED Federal Bank Prime Loan Rate

M Month

SOFR Secure Overnight Financing Rate

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

110

TIAA-CREF LIFE FUNDS - Balanced Fund

TIAA-CREF LIFE FUNDS

BALANCED FUND

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

SHARES	SECURITY	VALUE
TIAA-CREF LIFE FUNDS - 99.9% a
FIXED INCOME - 49.7%
2,905,820	TIAA-CREF Life Core Bond Fund	$	32,109,312
	TOTAL FIXED INCOME		32,109,312
INTERNATIONAL EQUITY - 10.0%
879,804	TIAA-CREF Life International Equity Fund		6,475,359
	TOTAL INTERNATIONAL EQUITY		6,475,359
U.S. EQUITY - 40.2%
332,591	TIAA-CREF Life Growth Equity Fund		6,146,289
360,294	TIAA-CREF Life Growth & Income Fund		6,503,311
436,893	TIAA-CREF Life Large-Cap Value Fund		5,474,273
90,770	TIAA-CREF Life Real Estate Securities Fund		1,288,930
120,696	TIAA-CREF Life Small-Cap Equity Fund		1,310,759
192,440	TIAA-CREF Life Stock Index Fund		5,203,574
	TOTAL U.S. EQUITY		25,927,136
	TOTAL TIAA-CREF LIFE FUNDS		64,511,807
	(Cost $56,075,756)
	TOTAL INVESTMENTS - 99.9%		64,511,807
	(Cost $56,075,756)
	OTHER ASSETS & LIABILITIES, NET - 0.1%		42,319
	NET ASSETS - 100.0%	$	64,554,126

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

111

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not Applicable

Item 13. Exhibits.

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

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

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

SIGNATURES

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

	TIAA-CREF LIFE FUNDS
Dated: August 14, 2020	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

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

Dated: August 14, 2020	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President (principal executive officer)
Dated: August 14, 2020	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 14, 2020	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 14, 2020	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 14, 2020	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)
Dated: August 14, 2020	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)