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)
Terry H. Lin, Esq.
TIAA-CREF Life Funds
730 Third Avenue
New York, New York 10017-3206
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-490-9000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2017
Item 1. Reports to Stockholders.
Semiannual Report
June 30, 2017
TIAA-CREF Life Funds
The semiannual report contains the financial statements (unaudited).
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Fund performance | ||||
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Financial statements (unaudited) | ||||
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| Inside back cover | |||
Understanding your TIAA-CREF Life Funds report
This semiannual report contains information about the eleven TIAA-CREF Life Funds and describes the funds’ results for the six months ended June 30, 2017. The report contains four main sections:
• | A market review from Brad Finkle, President of TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments. |
• | 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, 2017. |
• | 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. The risks of investing in the TIAA-CREF Life Funds vary from fund to fund; to see the risks of investing in an individual fund, please refer to that fund’s 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 performance, 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 ◾ 2017 Semiannual Report 3
Global equity markets produced solid results throughout the first half of 2017. Steady economic growth in many parts of the world helped propel global stocks higher. The U.S. economy continued to grow, albeit at a slower place, and domestic stocks advanced accordingly. Meanwhile, accommodative monetary policy in many foreign economies pushed international stock prices substantially higher. Long-term yields in the U.S. bond market declined, however, reflecting potential skepticism regarding the future growth prospects of the domestic economy.
• | Returns for the eight TIAA-CREF Life Funds that invest primarily in equities ranged from 3.7% for the Large-Cap Value Fund to 18.7% for the International Equity Fund. |
• | The Bond Fund advanced 2.9% for the six months, while the Balanced Fund returned 7.1%. |
• | Most TIAA-CREF Life Funds outperformed their respective benchmarks for the period. |
TIAA-CREF Life Funds performance review
In the first half of 2017, most of the TIAA-CREF Life Funds outperformed their respective benchmarks. Domestic growth stocks outperformed domestic value stocks during the period.
The Growth Equity Fund and the Growth & Income Fund advanced 17.1% and 10.5%, correspondingly, and surpassed their respective benchmarks for the six months. However, the Large-Cap Value Fund rose a more modest 3.7% and under-performed its benchmark.
The Small-Cap Equity Fund posted a 4.5% gain but trailed the 5.0% rise of its benchmark, the Russell 2000® Index. The Real Estate Securities Fund returned 6.7% and outperformed the FTSE NAREIT All Equity REITs Index.
The Social Choice Equity Fund, which does not invest in certain stocks because of its social criteria, advanced 9.1% and outpaced its benchmark, the Russell 3000® Index. However, the Stock Index Fund returned 8.9% and slightly trailed this same index.
Within the foreign developed-markets category, the International Equity Fund posted a substantial 18.7% gain and was the best absolute performer. The fund also outperformed its benchmark, the MSCI EAFE Index, for the six months.
With respect to fixed-income investments, the Bond Fund rose 2.9% and outpaced its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, by benefiting from strong gains in corporate bonds.
The Balanced Fund, which invests in stock and bond funds, advanced 7.1%, outpacing the 6.0% return of its composite index, while the Money Market Fund benefited from U.S. interest-rate hikes in both March and June of 2017.
For full details on all of the TIAA-CREF Life Funds, please see the commentaries starting on page 10.
4 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Global stocks push higher
The U.S. stock market, as measured by the broad-based Russell 3000 Index, rose 8.9% for the six months, as investors responded to strong corporate profits and continued to hope for government policies that would further stimulate the economy. Many domestic equity markets were at or near all-time highs during the period. Foreign equities, as represented in U.S.- dollar terms by the MSCI EAFE Index, rose at a stronger pace, advancing 13.8%. U.S. fixed-rate investment-grade bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, rose by a more modest 2.3%, reflecting two interest-rate increases during the period by the Federal Reserve. Corporate and municipal bonds continued to show strong returns among sectors in the aggregate index. |
Brad Finkle |
Where can you turn in uncertain times?
Stock markets in the United States are in their ninth year of gains—and continue to rise—even as political issues dominate the headlines. Overseas, Europe and Japan appear to be pulling out of their long-term doldrums. Global markets seem to be performing well, yet some investors still have vivid memories of the last downturn—the “credit crunch” of 2008. So what’s the best course of action?
Attempting to “time the market”—i.e., buying or selling assets based on trying to accurately predict future market price movements—can be a very tricky investment strategy, even for the most seasoned financial professionals. At TIAA, we believe that having the patience and confidence to remain invested in a well-balanced, diversified portfolio of financial assets may be the wiser, more prudent strategy for investors to adopt in working toward their financial goals.
As always, however, we recommend that you consult your financial advisor or call a TIAA financial consultant with any questions about your investments. To learn more, visit us at TIAA.org or call 800-842-2252. We would be happy to assist you.
/s/ Brad Finkle
Brad Finkle
President
TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Investments
TIAA-CREF Life Funds ◾ 2017 Semiannual Report 5
Information on the TIAA-CREF Life Funds
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’ portfolio 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 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-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-Q filings are as of March 31 or September 30. Copies of these forms are available:
• | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.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 www.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 www.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
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 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Equity Indexes
Broad market indexes
The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
The MSCI EAFE Index measures the performance of the leading stocks in 21 developed market 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 leading 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 ◾ 2017 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.
Composite Index
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.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
Russell 1000, Russell 2000 and Russell 3000 are trademarks and service marks of Russell Investments. TIAA products are not promoted or sponsored by, or affiliated with, Russell Investments. 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 the McGraw-Hill Companies, Inc.
FTSE International Limited (“FTSE”) © FTSE 2017. 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 2017 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 on the performance pages are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs incurred by the fund for buying and selling securities. 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, 2017–June 30, 2017).
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 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 that 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 ◾ 2017 Semiannual Report 9
Performance for the six months ended June 30, 2017
The Growth Equity Fund returned 17.13% for the period, compared with the 13.99% return of its benchmark, the Russell 1000® Growth Index. For the twelve months ended June 30, 2017, the fund returned 21.03%, versus 20.42% for the index.
During the six-month period, the domestic economy continued to grow, but at a slower pace. Unemployment remained low, ending the period at 4.4%. The Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%–1.00% and then to 1.00%–1.25%. Inflation remained stable, with annual core inflation, which includes all items except food and energy, rising 1.7% for the twelve months ended June 30, 2017. The broad U.S. stock market, as measured by the Russell 3000® Index, rose 8.93%. Growth stocks outperformed value stocks by a wide margin, while large caps outperformed mid- and small-cap stocks for the period. (Returns by investment style and market capitalization are based on the Russell indexes.)
For the ten years ended June 30, 2017, the Russell 1000 Growth Index posted an average annual return of 8.91%, versus the 5.57% average annual return of the Russell 1000® Value Index.
Fund posts double-digit gains, outperforms its benchmark
Nine of the eleven industry sectors of the Russell 1000 Growth Index generated positive returns for the six months. Information technology (up 19.1%), health care (up 16.8%) and consumer discretionary (up 12.7%) contributed most to the index’s total return given their substantial weights. Together, these three sectors represented more than two-thirds of the total market capitalization of the index on June 30, 2017. The financials, materials and industrials sectors also delivered double-digit gains. Energy (down 17.2%) was the worst-performing sector as oil prices declined over the period. Telecommunication services (down 12.4%) also suffered losses. However, both sectors had minimal impact on the index’s performance due to their low weights.
The fund outperformed its benchmark during the reporting period, primarily due to favorable security selections. Overweight positions in software company Adobe Systems and surgical robotics manufacturer Intuitive Surgical, both of which delivered strong double-digit gains, had the largest impact on the fund’s relative performance. Not owning poorly performing telecommunication services provider Verizon also helped support the fund’s relative results.
Conversely, the most significant detractors from the fund’s performance versus the benchmark were overweight positions in oil and gas companies EOG Resources and Concho Resources, which were hurt by a decline in oil prices. An underweight in Apple, which rose on investor expectations for sales of its next iPhone, also undermined the fund’s relative performance.
10 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Growth Equity Fund
Performance as of June 30, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||||
Ticker
| Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| |||||||||||||||||||||||||
Growth Equity Fund
| TLGQX | 4/3/00 | 17.13 | % | 21.03 | % | 16.20 | % | 9.14 | % | 0.60 | % | 0.52 | % | ||||||||||||||||||
Russell 1000® Growth Index
| — | 13.99 | 20.42 | 15.30 | 8.91 | — | — |
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 may 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 arrangements now in effect will continue through at least April 30, 2018, 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, 2017
Growth Equity Fund
| Beginning
| Ending
| Expenses paid
| |||||||||
Actual return | $1,000.00 | $1,171.25 | $2.80 | |||||||||
5% annual hypothetical return
| 1,000.00 | 1,022.22 | 2.61 |
† | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such 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 ◾ 2017 Semiannual Report 11
Growth Equity Fund
Fund profile
as of 6/30/2017
| ||||
Net assets | $ | 86.96 million | ||
Portfolio turnover rate | 42% | |||
Number of holdings | 82 | |||
Weighted median market capitalization | $ | 69.97 billion | ||
Price/earnings ratio (weighted 12-month trailing average)†
|
| 30.8
|
|
† | 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
| |||
More than $50 billion | 64.7 | |||
More than $15 billion-$50 billion | 29.1 | |||
More than $2 billion-$15 billion
|
| 6.2
|
| |
Total | 100.0 |
Portfolio composition
Sector
| % of net assets
| |||
Information technology | 42.7 | |||
Consumer discretionary | 19.6 | |||
Health care | 16.5 | |||
Industrials | 7.4 | |||
Materials | 3.6 | |||
Consumer staples | 3.5 | |||
Financials | 2.8 | |||
Telecommunication services | 0.9 | |||
Energy | 0.8 | |||
Short-term investments, other assets & liabilities, net
|
| 2.2
|
| |
Total | 100.0 |
12 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Performance for the six months ended June 30, 2017
The Growth & Income Fund returned 10.47% for the period, compared with the 9.34% return of its benchmark, the S&P 500® Index. For the twelve months ended June 30, 2017, the fund returned 18.64%, versus 17.90% for the index.
During the six-month period, the domestic economy continued to grow, but at a slower pace, while unemployment remained low, ending the period at 4.4%. The Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%–1.00% and then to 1.00%–1.25%. The price of oil declined as efforts to limit supply by the Organization of the Petroleum Exporting Countries were offset by increased production in the United States. Growth in consumer spending was modest, while consumer confidence remained upbeat. Inflation remained stable, with annual core inflation, which includes all items except food and energy, rising 1.7% for the twelve months ended June 30, 2017.
The S&P 500 Index, a market capitalization-weighted index of 500 leading companies in leading industries of the U.S. economy, outperformed the 8.93% return of the Russell 3000® Index, a broad measure of the U.S. stock market comprised of small-, mid- and large-cap stocks. The S&P 500 holds large caps, which outpaced the performance of small- and mid-cap stocks included in the Russell 3000 Index.
For the ten years ended June 30, 2017, the S&P 500 Index had an average annual return of 7.18%, versus the 7.26% average annual return of the broad-based Russell 3000 Index.
Fund posts double-digit gains, outperforms its benchmark
Nine of the eleven industry sectors of the S&P 500 Index generated positive returns for the six months. The top-performing sectors were information technology (up 17.2%), health care (up 16.1%) and consumer discretionary (up 11.0%). Together, these three sectors represented nearly one-half of the benchmark’s total market capitalization on June 30, 2017. Energy (down 12.6%) was the worst-performing sector as oil prices declined over the period. Telecommunication services (down 10.7%) also suffered losses.
The fund outperformed its benchmark during the first six months of 2017, primarily due to favorable security selections. An out-of-benchmark investment in French pharmaceutical company Ipsen contributed most to the fund’s relative performance as the stock posted substantial double-digit gains. Excluding poorly performing telecommunication services provider Verizon and an underweight position in Exxon Mobil, which declined along with oil prices, further benefited relative returns.
Conversely, the main detractor from relative performance was an out-of-benchmark position in oil and natural gas developer Continental Resources, followed by out-of-benchmark holdings in department store chain J.C. Penney and United States Steel, a producer of steel products.
TIAA-CREF Life Funds ◾ 2017 Semiannual Report 13
Growth & Income Fund
Performance as of June 30, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||||
Ticker
| Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| |||||||||||||||||||||||||
Growth & Income Fund
| TLGWX | 4/3/00 | 10.47 | % | 18.64 | % | 14.47 | % | 8.42 | % | 0.58 | % | 0.52 | % | ||||||||||||||||||
S&P 500® Index
| — | 9.34 | 17.90 | 14.63 | 7.18 | — | — |
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 may 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 arrangements now in effect will continue through at least April 30, 2018, 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, 2017
Growth & Income Fund
| Beginning
| Ending
| Expenses paid
| |||||||||
Actual return | $1,000.00 | $1,104.71 | $2.71 | |||||||||
5% annual hypothetical return
| 1,000.00 | 1,022.22 | 2.61 |
† | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such 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 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Growth & Income Fund
Fund profile
as of 6/30/2017
| ||||
Net assets | $134.19 million | |||
Portfolio turnover rate | 40% | |||
Number of holdings | 192 | |||
Weighted median market capitalization | $64.25 billion | |||
Price/earnings ratio (weighted 12-month trailing average)†
|
| 28.5
|
|
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
Market capitalization
| % of equity investments
| |||
More than $50 billion | 56.4 | |||
More than $15 billion-$50 billion | 24.6 | |||
More than $2 billion-$ 15 billion | 17.7 | |||
$2 billion or less
|
| 1.3
|
| |
Total | 100.0 |
Portfolio composition
Sector
| % of net assets
| |||
Information technology | 25.1 | |||
Health care | 14.9 | |||
Consumer discretionary | 13.9 | |||
Financials | 13.5 | |||
Industrials | 11.1 | |||
Consumer staples | 8.8 | |||
Energy | 5.7 | |||
Materials | 3.2 | |||
Telecommunication services | 1.5 | |||
Utilities | 1.5 | |||
Real estate | 0.5 | |||
Short-term investments, other assets & liabilities, net
|
| 0.3
|
| |
Total | 100.0 |
TIAA-CREF Life Funds ◾ 2017 Semiannual Report 15
Performance for the six months ended June 30, 2017
The Large-Cap Value Fund returned 3.69% for the period, compared with the 4.66% return of its benchmark, the Russell 1000® Value Index. For the twelve months ended June 30, 2017, the fund returned 17.37%, versus 15.53% for the index.
During the six-month period, the domestic economy continued to grow, but at a slower pace. Unemployment remained low, ending the period at 4.4%. The Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%–1.00% and then to 1.00%–1.25%. Inflation remained stable. The broad U.S. stock market, as measured by the Russell 3000® Index, rose 8.93%. Growth stocks outperformed value stocks by a wide margin, while large caps outperformed mid- and small-cap stocks for the period. (Returns by investment style and market capitalization are based on the Russell indexes.)
For the ten years ended June 30, 2017, the Russell 1000 Value Index generated an average annual return of 5.57%, versus the 8.91% average annual return of the Russell 1000 Growth Index.
Fund advances but trails its benchmark
Nine of the eleven industry sectors of the Russell 1000 Value Index generated positive returns for the six months, with two achieving double-digit gains. Health care (up 16.1%) was the best-performing sector, rising on optimism that lawmakers would pass health care reform legislation. Information technology (up 10.7%) advanced on the back of strong corporate earnings. Financials (up 6.0%)—the largest sector in the benchmark—returned a solid, albeit more subdued, gain. Together, these three sectors represented nearly one-half of the benchmark’s total market capitalization on June 30, 2017. Energy (down 13.2%) was the worst-performing sector as oil prices declined over the period. Telecommunication services (down 9.7%) were pressured by price competition and slow growth in the sector.
The fund trailed its benchmark primarily because of stock selections that did not perform as expected. Chief among these were several positions in the energy sector, including a nonbenchmark holding in Cenovus Energy, as well as overweight investments in Nabors Industries and Weatherford International. An overweight position in department store chain J.C. Penney was also unfavorable, as the company’s same-store sales declined.
Successful stock choices helped offset some of these unfavorable effects. An underweight position in Exxon Mobil was the largest contributor as the stock suffered a loss during the period. An out-of-benchmark investment in forest products company Louisiana-Pacific and an overweight holding in Internet retailer IAC/InterActive also benefited the fund’s performance as these companies produced double-digit gains.
16 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Large-Cap Value Fund
Performance as of June 30, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||||
Ticker
| Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| |||||||||||||||||||||||||
Large-Cap Value Fund
| TLLVX | 10/28/02 | 3.69 | % | 17.37 | % | 13.34 | % | 5.10 | % | 0.64 | % | 0.52 | % | ||||||||||||||||||
Russell 1000® Value Index
| — | 4.66 | 15.53 | 13.94 | 5.57 | — | — |
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 may 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 arrangements now in effect will continue through at least April 30, 2018, 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, 2017
Large-Cap Value Fund
| Beginning
| Ending
| Expenses paid
| |||||||||
Actual return | $1,000.00 | $1,036.94 | $2.63 | |||||||||
5% annual hypothetical return
| 1,000.00 | 1,022.22 | 2.61 |
† | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.52%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such 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 ◾ 2017 Semiannual Report 17
Large-Cap Value Fund
Fund profile
as of 6/30/2017
| ||||
Net assets | $73.95 million | |||
Portfolio turnover rate | 29% | |||
Number of holdings | 181 | |||
Weighted median market capitalization | $47.54 billion | |||
Price/earnings ratio (weighted 12-month trailing average)†
|
| 32.8
|
|
† | 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 6/30/2017 | |||
More than $50 billion | 48.5 | |||
More than $15 billion-$50 billion | 21.9 | |||
More than $2 billion-$ 15 billion | 24.9 | |||
$2 billion or less | 4.7 | |||
Total | 100.0 |
Portfolio composition
Sector
| % of net assets
| |||
Financials | 22.8 | |||
Health care | 14.2 | |||
Information technology | 11.0 | |||
Energy | 10.5 | |||
Consumer staples | 9.1 | |||
Industrials | 8.3 | |||
Consumer discretionary | 8.0 | |||
Materials | 6.2 | |||
Utilities | 4.6 | |||
Telecommunication services | 3.9 | |||
Real estate | 0.8 | |||
Short-term investments, other assets & liabilities, net
|
| 0.6
|
| |
Total | 100.0 |
18 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Performance for the six months ended June 30, 2017
The Real Estate Securities Fund returned 6.70% for the period, compared with the 4.88% return of its benchmark, the FTSE NAREIT All Equity REITs Index. For the twelve months ended June 30, 2017, the fund returned 2.20%, versus 0.22% for the index.
REITs (real estate investment trusts), as measured by the benchmark index, posted positive returns for the six months, supported by favorable property fundamentals and a historically low interest-rate environment. Fueled by strengthening U.S. economic conditions, the Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%–1.00% and then to 1.00%–1.25%. The Fed’s actions contributed to rising yields on short-term U.S. Treasury securities, but yields on 10- and 30-year Treasury bonds fell during the period, reflecting potential concerns about the pace of growth in the second half of 2017 (bond yields move in the opposite direction of prices).
For the ten years ended June 30, 2017, the fund’s benchmark posted an average annual return of 6.21%, trailing the 7.26% average annual gain of the Russell 3000® Index but surpassing the 4.48% average annual return of the Bloomberg Barclays U.S. Aggregate Bond Index.
Sectors post mostly positive results
Among the benchmark’s 16 property sectors and subsectors, most advanced for the six months. The largest gains were seen in the infrastructure (up 22.2%), data centers (up 21.7%) and manufactured homes (up 18.7%) sectors. The largest declines were seen in shopping centers (down 18.0%), regional malls (down 9.4%) and free standing retail (down 6.9%) as investors maintained their generally negative sentiment toward retail real estate.
An overweight position in Rexford Industrial Realty, an industrial REIT, contributed most to relative performance, followed by an overweight investment in enterprise data center provider CyrusOne, both of which delivered double-digit gains. Not holding poorly performing retail REIT Kimco Realty, which owns and operates open-air shopping centers, further benefited relative returns. An overweight position in residential REIT Equity LifeStyle Properties and not owning the Brixmor Property retail REIT rounded out the top-five contributors to performance versus the benchmark.
Conversely, overweight positions in Federal Realty Investment Trust and Spirit Realty Capital detracted most from the fund’s performance relative to its benchmark. The exclusion of wireless telecommunication services provider SBA Communications, followed by overweight positions in office REIT Boston Properties and residential REIT Monogram Residential Trust, detracted further.
During the period, the fund also held stocks of several companies that are not REITs but engage in activities related to real estate.
TIAA-CREF Life Funds ◾ 2017 Semiannual Report 19
Real Estate Securities Fund
Performance as of June 30, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||||
Ticker
| Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| |||||||||||||||||||||||||
Real Estate Securities Fund
| TLRSX | 10/28/02 | 6.70 | % | 2.20 | % | 9.33 | % | 5.73 | % | 0.65 | % | 0.57 | % | ||||||||||||||||||
FTSE NAREIT All Equity REITs Index
| — | 4.88 | 0.22 | 9.95 | 6.21 | — | — |
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 may 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 arrangements now in effect will continue through at least April 30, 2018, 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, 2017
Real Estate Securities Fund
| Beginning
| Ending
| Expenses paid
| |||||||||
Actual return | $1,000.00 | $1,067.01 | $2.92 | |||||||||
5% annual hypothetical return
| 1,000.00 | 1,021.97 | 2.86 |
† | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.57%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such 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 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Real Estate Securities Fund
Fund profile
as of 6/30/2017
| ||||
Net assets | $ | 75.15 million | ||
Portfolio turnover rate | 13% | |||
Number of holdings | 57 | |||
Weighted median market capitalization | $ | 10.64 billion | ||
Price/earnings ratio (weighted 12-month trailing average)†
|
| 36.0
|
|
† | 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
| |||
More than $50 billion | 9.4 | |||
More than $15 billion-$50 billion | 34.6 | |||
More than $2 billion-$15 billion | 43.9 | |||
$2 billion or less | 12.1 | |||
Total | 100.0 |
Portfolio composition
Sector
| % of net assets
| |||
Specialized REITs | 26.7 | |||
Residential REITs | 19.1 | |||
Retail REITs | 13.9 | |||
Office REITs | 13.2 | |||
Industrial REITs | 11.4 | |||
Health care REITs | 5.9 | |||
Hotel & resort REITs | 4.3 | |||
IT consulting & other services | 1.1 | |||
Diversified REITs | 1.1 | |||
Real estate services | 0.8 | |||
Mortgage REITs | 0.7 | |||
Homebuilding | 0.4 | |||
Real estate development | 0.2 | |||
Short-term investments, other assets & liabilities, net
|
| 1.2
|
| |
Total | 100.0 |
TIAA-CREF Life Funds ◾ 2017 Semiannual Report 21
Performance for the six months ended June 30, 2017
The Small-Cap Equity Fund returned 4.47% for the period, compared with the 4.99% return of its benchmark, the Russell 2000® Index. For the twelve months ended June 30, 2017, the fund returned 26.68%, versus 24.60% for the index.
During the six-month period, the domestic economy continued to grow, but at a slower pace. Unemployment remained low, ending the period at 4.4%. The Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%–1.00% and then to 1.00%–1.25%. Inflation remained stable. The broad U.S. stock market, as measured by the Russell 3000® Index, rose 8.93%. Growth stocks outperformed value stocks by a wide margin, while large caps outperformed mid- and small-cap stocks for the period. (Returns by investment style and market capitalization are based on the Russell indexes.)
For the ten years ended June 30, 2017, the Russell 2000 Index posted an average annual return of 6.92%, versus the 7.26% average annual return of the broad-based Russell 3000 Index.
Fund advances but trails its benchmark
Eight of the eleven industry sectors of the Russell 2000 Index registered positive returns for the six months. Health care (up 21.2%) was the standout performer, followed by gains in information technology (up 10.3%). Together, these two growth-oriented sectors accounted for nearly one-third of the benchmark’s total market capitalization on June 30, 2017. The traditionally defensive telecommunication services (up 8.5%) and utilities (up 7.7%) sectors were the next-best performers. Oil prices tumbled during the period as rising U.S. production countered efforts by the Organization of the Petroleum Exporting Countries to curb supply. Against this backdrop, energy (down 29.6%) was the index’s worst-performing sector. Consumer staples (down 6.3%) fell, while financials (down 1.1%)—the benchmark’s largest sector—lost ground.
The fund modestly trailed its benchmark primarily because of stock selections that did not perform as expected. Several positions that lagged were in the energy sector, including overweight investments in Oasis Petroleum, Pioneer Energy Services and Matrix Service Company. An overweight holding in Synchronoss Technologies was another significant detractor. Shares of this software provider dropped in response to news that two key executives were leaving the company following disappointing quarterly operating results.
Favorable allocation decisions partly offset these negative effects. These included an overweight position in Century Aluminum, whose stock surged amid expectations of domestic infrastructure spending. An out-of-benchmark position in medical technology company Hill-Rom Holdings and an overweight in biopharmaceutical firm Clovis Oncology boosted relative results as well. The fund also had a small exposure to derivative instruments, which helped its relative performance.
22 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Small-Cap Equity Fund
Performance as of June 30, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||||
Ticker
| Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| |||||||||||||||||||||||||
Small-Cap Equity Fund
| TLEQX | 10/28/02 | 4.47 | % | 26.68 | % | 14.70 | % | 7.11 | % | 0.71 | % | 0.53 | % | ||||||||||||||||||
Russell 2000® Index
| — | 4.99 | 24.60 | 13.70 | 6.92 | — | — |
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 may 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 arrangements now in effect will continue through at least April 30, 2018, 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, 2017
Small-Cap Equity Fund
| Beginning
| Ending
| Expenses paid
| |||||||||
Actual return | $1,000.00 | $1,044.68 | $2.69 | |||||||||
5% annual hypothetical return
| 1,000.00 | 1,022.17 | 2.66 |
† | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.53%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such 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 ◾ 2017 Semiannual Report 23
Small-Cap Equity Fund
Fund profile
| ||||
as of 6/30/2017
| ||||
Net assets | $54.16 million | |||
Portfolio turnover rate | 43% | |||
Number of holdings | 291 | |||
Weighted median market capitalization | $2.53 billion | |||
Price/earnings ratio (weighted 12-month trailing average)†
|
| 34.5
|
|
† | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Holdings by company size
|
| |||
Market capitalization | % of equity investments
| |||
More than $15 billion-$50 billion | 1.2 | |||
More than $2 billion-$ 15 billion | 59.5 | |||
$2 billion or less | 39.3 | |||
Total | 100.0 |
Portfolio composition
| ||||
Sector
| % of net assets
| |||
Financials | 18.6 | |||
Information technology | 18.3 | |||
Health care | 14.7 | |||
Industrials | 13.1 | |||
Consumer discretionary | 12.5 | |||
Real estate | 6.6 | |||
Materials | 5.4 | |||
Energy | 3.8 | |||
Utilities | 3.4 | |||
Consumer staples | 2.6 | |||
Telecommunication services | 0.9 | |||
Short-term investments, other assets & liabilities, net
|
| 0.1
|
| |
Total | 100.0 |
24 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Performance for the six months ended June 30, 2017
The Social Choice Equity Fund returned 9.07% for the period, compared with the 8.93% return of its benchmark, the Russell 3000® Index. For the twelve months ended June 30, 2017, the fund returned 18.68%, versus 18.51% for the index. The fund uses certain social criteria, while the benchmark does not. Because of its social 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 helped the fund to outperform its benchmark.
The fund’s omission of benchmark stocks Exxon Mobil, General Electric and AT&T contributed the most to relative performance. In 2016, Exxon Mobil reported its worst annual result since 1996. In the first half of 2017, investors were wary as oil prices remained stubbornly low. General Electric’s stock dropped after its most recent financial report showed a decline in revenues. AT&T’s stock fell after the company lost a bidding war for an acquisition that would have helped AT&T build a nationwide 5G network.
However, avoiding certain stocks detracted from relative performance, especially Apple, Amazon.com and Facebook. Apple’s stock was driven higher by investors’ hopes for the new iPhones due out in September. Amazon’s share price topped $1,000 in May and continued to climb. Facebook’s stock rose as the social media giant continued to increase sales and add users.
Stock selections benefit the fund’s performance
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 outperformed the benchmark aided by overweight investments in Tesla, NVIDIA and Altaba. Tesla’s stock hit an all-time high in June amid investor enthusiasm for the electric carmaker’s prospects. NVIDIA’s stock soared after the designer of computer graphics processors reported higher-than-expected revenue and earnings. In general, Altaba was set up as a holding company for Yahoo’s shares of Chinese ecommerce giant Alibaba. Alibaba’s share price rose during the period. Yahoo ceased to be an independent company after Verizon acquired Yahoo’s core Internet business.
These positive effects were partly offset by overweight positions in Verizon, Discover Financial Services and AutoZone. Verizon’s stock generally declined throughout the period as the company’s sales and earnings disappointed investors. The share price of Discover Financial Services dropped on concerns about increased credit card delinquencies. AutoZone’s stock tumbled in May as the auto replacement parts retailer missed profit and sales expectations.
TIAA-CREF Life Funds ◾ 2017 Semiannual Report 25
Social Choice Equity Fund
Performance as of June 30, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||||
Ticker
| Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| |||||||||||||||||||||||||
Social Choice Equity Fund
| TLCHX | 4/3/00 | 9.07 | % | 18.68 | % | 13.96 | % | 6.98 | % | 0.36 | % | 0.22 | % | ||||||||||||||||||
Russell 3000®
| Index | — | 8.93 | 18.51 | 14.58 | 7.26 | — | — |
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 may 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 arrangements now in effect will continue through at least April 30, 2018, 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, 2017
Social Choice Equity Fund
| Beginning
| Ending
| Expenses paid
| |||||||||
Actual return | $1,000.00 | $1,090.70 | $1.14 | |||||||||
5% annual hypothetical return
| 1,000.00 | 1,023.70 | 1.10 |
† | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.22%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such 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 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Social Choice Equity Fund
Fund profile
| ||||
as of 6/30/2017
| ||||
Net assets | $56.22 million | |||
Portfolio turnover rate | 9% | |||
Number of holdings | 603 | |||
Weighted median market capitalization | $44.53 billion | |||
Price/ earnings ratio (weighted 12-month trailing average)†
|
| 25.8
|
|
† | 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
| |||
More than $50 billion | 45.1 | |||
More than $15 billion-$50 billion | 36.4 | |||
More than $2 billion-$ 15 billion | 15.0 | |||
$2 billion or less | 3.5 | |||
Total | 100.0 |
Portfolio composition
| ||||
Sector
| % of net assets
| |||
Information technology | 20.0 | |||
Financials | 16.0 | |||
Health care | 13.6 | |||
Consumer discretionary | 12.7 | |||
Industrials | 10.8 | |||
Consumer staples | 7.9 | |||
Energy | 5.8 | |||
Real estate | 4.2 | |||
Materials | 3.9 | |||
Utilities | 3.0 | |||
Telecommunication services | 1.9 | |||
Short-term investments, other assets & liabilities, net
|
| 0.2
|
| |
Total | 100.0 |
TIAA-CREF Life Funds ◾ 2017 Semiannual Report 27
Performance for the six months ended June 30, 2017
The Stock Index Fund returned 8.86% for the period, compared with the 8.93% return of its benchmark, the Russell 3000® Index. For the twelve months ended June 30, 2017, the fund returned 18.41%, versus 18.51% for the index.
For the six-month period, the fund’s return trailed that of its benchmark index, primarily because of the effect of expenses. The fund’s return includes a deduction for expenses, while the benchmark’s return does not. The fund had a risk profile similar to that of its benchmark.
During the six-month period, the domestic economy continued to grow, but at a slower pace, while unemployment remained low, ending the period at 4.4%. Inflation remained stable, with annual core inflation, which includes all items except food and energy, rising 1.7% for the twelve months ended June 30, 2017. The Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%–1.00% and then to 1.00%–1.25%. Growth in consumer spending was modest, while consumer confidence remained upbeat. The broad U.S. stock market, as measured by the Russell 3000 Index, rose 8.93% for the period. Many major stock indexes were at or near all-time highs by the end of the period as investors responded to strong corporate profits and continued to hope for government policies that would further stimulate the economy. Growth stocks outperformed value equities by a wide margin, while large caps outperformed mid- and small-cap stocks for the period. (Returns by investment style and market capitalization are based on the Russell Indexes.)
Most sectors post solid gains
Nine of the eleven industry sectors in the fund’s benchmark index delivered positive performance for the six months. Health care (up 16.9%), information technology (up 16.6%) and consumer discretionary (up 11.1%) contributed the most to the index’s total return given their substantial weights. Together, these three sectors represented close to one-half of the total market capitalization of the index on June 30, 2017. Materials (up 9.1%) and utilities (up 8.5%) also produced solid gains, but they had less of an impact on the benchmark’s performance given their low weight. Energy (down 14.0%) was the worst-performing sector as oil prices declined over the period. Telecommunication services (down 9.8%), which was the smallest sector in the index at period-end, also suffered losses.
All of the benchmark’s five largest stocks outperformed the benchmark for the six months. Facebook performed best with sizable double-digit gains, followed closely by Amazon.com. Apple was next in line, rising on investor expectations for sales of its next iPhone. Johnson & Johnson and Microsoft also posted strong results.
28 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Stock Index Fund
Performance as of June 30, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||||
Ticker
| Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| |||||||||||||||||||||||||
Stock Index Fund
| TLSTX | 1/4/99 | 8.86 | % | 18.41 | % | 14.51 | % | 7.24 | % | 0.12 | % | 0.09 | % | ||||||||||||||||||
Russell 3000® Index
| — | 8.93 | 18.51 | 14.58 | 7.26 | — | — |
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 may 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 arrangements now in effect will continue through at least April 30, 2018, 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, 2017
Stock Index Fund
| Beginning
| Ending
| Expenses paid
| |||||||||
Actual return | $1,000.00 | $1,088.63 | $0.47 | |||||||||
5% annual hypothetical return
| 1,000.00 | 1,024.35 | 0.45 |
† | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.09%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such 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 ◾ 2017 Semiannual Report 29
Stock Index Fund
Fund profile
as of 6/30/2017
| ||||
Net assets | $ | 402.27 million | ||
Portfolio turnover rate | 4% | |||
Number of holdings | 2,994 | |||
Weighted median market capitalization | $ | 60.56 billion | ||
Price/earnings ratio (weighted 12-month trailing average)†
|
| 26.4
|
|
† | 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
| |||
More than $50 billion | 54.1 | |||
More than $15 billion-$50 billion | 21.5 | |||
More than $2 billion-$ 15 billion | 20.3 | |||
$2 billion or less
|
| 4.1
|
| |
Total | 100.0 |
Portfolio composition
Sector
| % of net assets
| |||
Information technology | 21.1 | |||
Financials | 15.2 | |||
Health care | 13.7 | |||
Consumer discretionary | 12.4 | |||
Industrials | 10.5 | |||
Consumer staples | 7.8 | |||
Energy | 5.5 | |||
Real estate | 4.0 | |||
Materials | 3.3 | |||
Utilities | 3.1 | |||
Telecommunication services | 1.9 | |||
Short-term investments,
|
| 1.5
|
| |
Total | 100.0 |
30 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Performance for the six months ended June 30, 2017
The International Equity Fund returned 18.74% for the period, compared with the 13.81% return of its benchmark, the MSCI EAFE Index. For the twelve months ended June 30, 2017, the fund returned 23.16%, versus 20.27% for the index.
During the six-month period, steady economic growth and accommodative monetary policies pushed international stocks higher—outpacing domestic equity advances by a significant margin. Economic growth in the European Union generally outpaced expansion in the United States, and political uncertainty in Europe faded after the elections in France and the United Kingdom. The Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%–1.00% and then to 1.00%–1.25%. The European Central Bank left its key interest rate unchanged in June. The bank also reaffirmed that it would continue with asset purchases to further stimulate European economies through the end of 2017.
Market performance was positive across countries in the MSCI EAFE Index with most posting double-digit gains in U.S.-dollar terms. The U.S. dollar weakened against most major international currencies, creating a tailwind for many overseas markets.
Fund posts double-digit gains, outperforms its benchmark
The fund’s outperformance of its benchmark was driven by strong stock selections. An overweight investment in Accor, a French hotel operator, was the top contributor to relative performance. Accor’s stock benefited as management reported an increase in net profit and announced acquisitions. The next-best contributor was an out-of-benchmark position in HDFC Bank, a bank in India. The third-largest contributor was an overweight holding in Sony.
Conversely, the main detractors from relative performance were overweight positions in British supermarket chain Tesco and engineering firm Weir Group. Tesco’s sales grew but its stock price fell as weakness in the British pound pushed up food prices. The third-largest detractor was not owning Swiss food giant Nestlé, which performed well.
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 ◾ 2017 Semiannual Report 31
International Equity Fund
Performance as of June 30, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||||
Ticker
| Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| |||||||||||||||||||||||||
International Equity Fund
| TLINX | 4/3/00 | 18.74 | % | 23.16 | % | 10.57 | % | 1.07 | % | 0.69 | % | 0.60 | % | ||||||||||||||||||
MSCI EAFE Index
| — | 13.81 | 20.27 | 8.69 | 1.03 | — | — |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may 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 arrangements now in effect will continue through at least April 30, 2018, 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, 2017
International Equity Fund
| Beginning
| Ending
| Expenses paid
| |||||||||
Actual return | $1,000.00 | $1,187.39 | $3.25 | |||||||||
5% annual hypothetical return
| 1,000.00 | 1,021.82 | 3.01 |
† | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.60%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such 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 2017 Semiannual Report ◾ TIAA-CREF Life Funds
International Equity Fund
Fund profile
as of 6/30/2017
| ||||
Net assets | $ | 103.24 million | ||
Portfolio turnover rate | 58% | |||
Number of holdings | 59 | |||
Weighted median market capitalization | $ | 23.00 billion | ||
Price/earnings ratio (weighted 12-month trailing average)†
|
| 30.0
|
|
† | 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
| |||
Industrials | 25.7 | |||
Financials | 22.7 | |||
Consumer discretionary | 20.4 | |||
Materials | 14.3 | |||
Consumer staples | 6.5 | |||
Information technology | 4.5 | |||
Health care | 2.4 | |||
Real estate | 1.1 | |||
Energy | 0.4 | |||
Short-term investments, other assets & liabilities, net
|
| 2.0
|
| |
Total | 100.0 |
Holdings by company size
Market capitalization
| % of equity investments
| |||
More than $50 billion | 13.4 | |||
More than $15 billion-$50 billion | 48.1 | |||
More than $2 billion-$15 billion | 36.4 | |||
$2 billion or less
|
| 2.1
|
| |
Total | 100.0 |
Holdings by country
|
| |||
% of portfolio investments
| ||||
France | 27.0 | |||
Japan | 14.3 | |||
Germany | 14.0 | |||
India | 12.6 | |||
Italy | 8.6 | |||
United Kingdom | 5.4 | |||
Switzerland | 3.9 | |||
Denmark | 2.4 | |||
9 other nations | 9.9 | |||
Short-term investments
|
| 1.9
|
| |
Total | 100.0 |
TIAA-CREF Life Funds ◾ 2017 Semiannual Report 33
Performance for the six months ended June 30, 2017
The Bond Fund returned 2.88% for the period, compared with 2.27% for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2017, the fund returned 1.37% versus –0.31% for the index.
During the six-month period, the domestic economy continued to grow, but at a slower pace. The national unemployment rate touched a 16-year low of 4.3% in May and ended the period slightly higher at 4.4%. Consumer spending growth was modest, while consumer confidence remained upbeat. Inflation remained stable, with annual core inflation, which includes all items except food and energy, rising 1.7% for the twelve months ended June 30, 2017. The price of oil declined during the period and the U.S. dollar fell slightly against other major international currencies.
The Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%–1.00% and then to 1.00%–1.25%. The Fed’s actions contributed to rising yields on short-term U.S. Treasury securities, but yields on 10- and 30-year Treasury bonds fell during the period, reflecting potential concerns about the pace of growth in the second half of 2017 (bond yields move in the opposite direction of prices). Among specific sectors, corporates and municipals continued to have solid returns. Around the world, central bankers in Europe, the United Kingdom and Japan maintained low interest rates and left asset-purchasing programs in place.
Corporate bonds help the fund to outperform its benchmark
For the six-month period, the benchmark’s returns were driven primarily by corporate bonds, which gained 3.8% and accounted for 25.5% of the index’s total market capitalization. U.S. Treasuries, the largest index sector at 36.4%, and mortgage-backed securities, with a weighting of 27.8%, rose 1.9% and 1.4%, respectively. All sectors in the benchmark had positive performance, with notable gains from municipals, which returned 5.4%, and government credit securities, which returned 3.1%.
An overweight position in strongly performing corporate bonds was the leading contributor to relative performance, boosted further by favorable yield curve positioning. Commercial mortgage-backed securities were the second-largest contributor benefiting from strong security selection. An investment in government credit and positive security selection and yield curve positioning in asset-backed securities also contributed to the fund’s relative performance.
The gains from these securities were partially offset by unfavorable yield curve positioning in U.S. Treasuries and mortgage-backed securities. A small cash position further detracted from the fund’s relative performance.
34 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Bond Fund
Performance as of June 30, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||||
Ticker
| Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| |||||||||||||||||||||||||
Bond Fund
| TLBDX | 7/8/03 | 2.88 | % | 1.37 | % | 2.99 | % | 4.39 | % | 0.42 | % | 0.35 | % | ||||||||||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index
| — | 2.27 | -0.31 | 2.21 | 4.48 | — | — |
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 may 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 arrangements now in effect will continue through at least April 30, 2018, 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, 2017
Bond Fund
| Beginning
| Ending
| Expenses paid
| |||||||||
Actual return | $1,000.00 | $1,028.79 | $1.76 | |||||||||
5% annual hypothetical return
| 1,000.00 | 1,023.06 | 1.76 |
† | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.35%. The expense charges of the fund may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such 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 ◾ 2017 Semiannual Report 35
Bond Fund
Fund profile
as of 6/30/2017
| ||||
Net assets | $187.98 million | |||
Portfolio turnover rate | 83% | |||
Portfolio turnover rate, excluding mortgage dollar roll transactions | 54% | |||
Number of issues | 789 | |||
Option-adjusted duration* | 5.88 years | |||
Average maturity†
|
| 8.09 years
|
|
* | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in 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
| % of net assets as of 6/30/2017
|
| ||
Corporate bonds | 32.8 | |||
U.S. Treasury securities | 19.6 | |||
Mortgage-backed securities | 16.0 | |||
Foreign government & corporate bonds denominated in U.S. dollars | 15.5 | |||
Commercial mortgage-backed securities | 5.9 | |||
Asset-backed securities | 4.2 | |||
Bank loan obligations | 0.7 | |||
U.S. agency securities | 0.2 | |||
Preferred stock | 0.1 | |||
Short-term investments, other assets & liabilities, net | 5.0 | |||
Total | 100.0 |
Holdings by maturity
% of fixed-income investments
| ||||
Less than 1 year | 8.9 | |||
1-3 years | 12.5 | |||
3-5 years | 19.4 | |||
5-10 years | 45.6 | |||
Over 10 years | 13.6 | |||
Total | 100.0 |
Holdings by credit quality§
% of fixed-income investments
| ||||
Aaa/AAA | 38.8 | |||
Aa/AA | 3.5 | |||
A/A | 16.8 | |||
Baa/BBB | 31.0 | |||
Ba/BB | 4.5 | |||
B/B | 2.6 | |||
Below B/B | 2.2 | |||
Non-rated | 0.6 | |||
Total | 100.0 |
§ | 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 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Performance for the six months ended June 30, 2017
The Money Market Fund returned 0.27% for the period, compared with the 0.15% return of the iMoneyNet Money Fund Averages™—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average.
During the six-month period, the domestic economy continued to grow, but at a slower pace. The national unemployment rate touched a 16-year low of 4.3% in May and ended the period slightly higher at 4.4%. Consumer spending growth was modest, while consumer confidence remained upbeat. Inflation remained stable, with annual core inflation, which includes all items except food and energy, rising 1.7% for the twelve months ended June 30, 2017. The price of oil declined during the period and the U.S. dollar fell slightly against other major international currencies.
The Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%–1.00% and then to 1.00%–1.25%. As a result of the Fed’s actions and signals, yields on LIBOR—a key interest-rate benchmark for money market funds—saw impressive gains. For the six months, one-month LIBOR yields increased substantially, rising from 0.77% on January 3, 2017, to 1.22% on June 30, 2017. Over the same period, three-month LIBOR rose from 1.00% to 1.30%; six-month LIBOR rose from 1.32% to 1.45%; and twelve-month LIBOR rose from 1.69% to 1.74%. (LIBOR is an indication of the interest rates that banks offer to lend funds to one another in the international interbank market and is the most widely used benchmark for short-term rates.)
The fund outpaces the iMoneyNet average
In this environment of rising interest rates, the return of the Money Market Fund outpaced that of the iMoneyNet government fund average for the six-month period. In pursuit of additional yield, the fund sought to purchase floating-rate government agency paper. This strategy was generally successful due to the increase in short-term interest rates during the period (floating-rate securities adjust more quickly to interest-rate changes than fixed-rate securities). As of June 27, 2017, the fund’s weighted average maturity was 49 days, versus 33 days for the iMoneyNet government fund average, and this positioning was generally helpful for the fund’s performance. (iMoneyNet releases their data on a weekly basis, and June 27 was the last date of release for the month.)
TIAA-CREF Life Funds ◾ 2017 Semiannual Report 37
Money Market Fund
Net annualized yield for the 7 days ended June 27, 2017*
| Current yield
|
|
| Effective yield
|
| |||
Money Market Fund | 0.78 | % | 0.78 | % | ||||
iMoneyNet Money Fund Averages—All Government†
| 0.52 | 0.52 |
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, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||||
Ticker
| Inception
| 6 months
| 1 year
| 5 years
| 10 years
| gross
| net
| |||||||||||||||||||||||||
Money Market Fund
| TLMXX | 7/8/03 | 0.27 | % | 0.42 | % | 0.12 | % | 0.67 | % | 0.26 | % | 0.15 | % | ||||||||||||||||||
iMoneyNet Money Fund Averages—All Government†
| — | 0.15 | 0.20 | 0.05 | 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 the TIAA-CREF Life Money Market 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 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 total return.
† | The iMoneyNet Money Fund Averages–All Government is a simple average of over 500 money market funds that invest in U.S. Treasuries, U.S. Agencies, repurchase agreements and government-backed floating rate notes. You cannot invest in it directly. Effective October 1, 2016, the iMoneyNet Money Fund Averages–All Taxable peer group was changed to the iMoneyNet Money Fund Averages–All Government. |
‡ | 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 arrangements now in effect will continue through at least April 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
38 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Money Market Fund
Expense example
Six months ended June 30, 2017
Money Market Fund
| Beginning
| Ending
| Expenses paid
| |||||||||
Actual return | $ | 1,000.00 | $ | 1,002.75 | $ | 0.74 | ||||||
5% annual hypothetical return
| 1,000.00 | 1,024.05 | 0.75 |
* | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.15%. The expense charges of the fund reflect a voluntary waiver and may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and 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 6/30/2017
|
| ||
Net assets | $ | 76.01 million | ||
Number of issues
| 132 |
Portfolio composition
| % of net assets as of 6/30/2017
|
| ||
U.S. government agency securities | 63.2 | |||
U.S. Treasury securities | 23.0 | |||
Floating-rate securities, government | 13.4 | |||
Other assets & liabilities, net
| 0.4 | |||
Total | 100.0 |
TIAA-CREF Life Funds ◾ 2017 Semiannual Report 39
Performance for the six months ended June 30 2017
The Balanced Fund returned 7.07% for the period, compared with the 6.04% 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, 2017, the fund returned 10.06%, versus 8.96% for the index.
During the six-month period, the domestic economy continued to grow, but at a slower pace, while unemployment remained low, ending the period at 4.4%. The Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%–1.00% and then to 1.00%–1.25%. The price of oil declined as efforts to limit supply by the Organization of the Petroleum Exporting Countries were offset by increased production in the United States. Growth in consumer spending was modest, while consumer confidence remained upbeat. Inflation remained stable, with annual core inflation, which includes all items except food and energy, rising 1.7% for the twelve months ended June 30, 2017.
U.S stocks, as measured by the broad Russell 3000 Index, rose 8.93%. Growth stocks outperformed value equities by a wide margin, while large caps outperformed mid- and small-cap stocks. (Returns by investment style and market capitalization are based on the Russell Indexes.) The MSCI EAFE Index, which measures the performance of stocks in 21 developed markets outside North America, returned 13.81%. (The MSCI EAFE returns are in U.S. dollars.) Many major stock indexes were at or near all-time highs by the end of the period, with investors responding to strong corporate profits and continuing to hope for government policies that would further stimulate the economy. The broad investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 2.27%, with solid gains from the corporate and municipal bond sectors.
Fund outperforms benchmark, driven by strength in both stocks and bonds
For the six-month period, the fund’s absolute performance benefited from positive returns of stocks and bonds held by the underlying funds of the Balanced Fund. The fund’s international stock holding posted the largest gain.
The fund outpaced its composite benchmark due to the strong relative performance of underlying investments in both stock and bond funds. Among them, the largest contributor was the International Equity Fund, followed by the Bond Fund and the Growth Equity Fund. Conversely, the Large-Cap Value Fund, Small-Cap Equity Fund and Stock Index Fund detracted slightly from the fund’s performance relative to its benchmark. (Performance for the Balanced Fund’s underlying funds can be found at TIAA.org/performance.)
40 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Balanced Fund
Performance as of June 30, 2017
Total return
| Average annual total return
| Annual operating
| ||||||||||||||||||||||||||||
| Ticker
|
| Inception date
|
| 6 months
|
|
| 1 year
|
|
| since inception
|
|
| gross
|
|
| net
|
| ||||||||||||
Balanced Fund
| TLBAX | 1/31/14 | 7.07 | % | 10.06 | % | 6.36 | % | 0.65 | % | 0.51 | % | ||||||||||||||||||
Balanced Fund Composite Index‡
| — | 6.04 | 8.96 | 6.37 | § | — | — | |||||||||||||||||||||||
Broad market indexes | ||||||||||||||||||||||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index
| — | 2.27 | –0.31 | 2.90 | § | — | — | |||||||||||||||||||||||
Russell 3000® Index
| — | 8.93 | 18.51 | 11.15 | § | — | — |
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 may 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 arrangements now in effect will continue through at least April 30, 2018, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
† | The gross and net annual operating expenses include acquired fund fees and expenses, which are the fund’s proportionate amount of the expenses of any investment companies or pools in which it invests. These expenses are not paid directly by fund shareholders. Instead, shareholders bear these expenses indirectly because they reduce fund performance. |
‡ | On June 30, 2017, 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 ◾ 2017 Semiannual Report 41
Balanced Fund
Expense example
Period ended June 30, 2017
| ||||||||||||||||
Balanced Fund
| Beginning
| Ending
| Expenses paid
| Effective
| ||||||||||||
Actual return | $1,000.00 | $1,070.74 | $0.51 | $2.62 | ||||||||||||
5% annual hypothetical return
| 1,000.00 | 1,024.30 | 0.50 | 2.56 |
* | “Expenses paid during period” is based on the fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. The fund’s annualized six-month expense ratio for that period was 0.10%. The expense charges of the fund reflect a voluntary waiver and may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and reimbursement, the expenses of the fund would be higher and its performance lower. |
† | “Effective expenses paid during period” is based on each 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 6/30/2017
|
| |||
Net assets |
| $54.58 million
|
| |
Asset allocation
| ||||
| % of net assets as of 6/30/2017
|
| ||
Equity | ||||
U.S. equity | 40.0 | |||
International equity | 9.9 | |||
Fixed income | 49.5 | |||
Other assets & liabilities, net
|
| 0.6
|
| |
Total | 100.0 |
Target allocation
42 2017 Semiannual Report ◾ TIAA-CREF Life Funds
Summary portfolio of investments (unaudited) |
Growth Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | ||||||||||||||||
2,504 | * | Tesla, Inc | $ | 905,471 | 1.0 | % | ||||||||||
|
| |||||||||||||||
905,471 | 1.0 | |||||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
43,499 | Bank of America Corp | 1,055,286 | 1.2 | |||||||||||||
Other | 274,931 | 0.3 | ||||||||||||||
|
| |||||||||||||||
1,330,217 | 1.5 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
3,155 | Northrop Grumman Corp | 809,920 | 0.9 | |||||||||||||
5,126 | Parker-Hannifin Corp | 819,237 | 0.9 | |||||||||||||
3,574 | Roper Industries, Inc | 827,488 | 1.0 | |||||||||||||
Other | 756,903 | 0.9 | ||||||||||||||
|
| |||||||||||||||
3,213,548 | 3.7 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 799,790 | 0.9 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||||
13,234 | Nike, Inc (Class B) | 780,806 | 0.9 | |||||||||||||
Other | 468,290 | 0.5 | ||||||||||||||
|
| |||||||||||||||
1,249,096 | 1.4 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
14,451 | Marriott International, Inc (Class A) | 1,449,580 | 1.7 | |||||||||||||
21,761 | Starbucks Corp | 1,268,884 | 1.5 | |||||||||||||
Other | 988,701 | 1.1 | ||||||||||||||
|
| |||||||||||||||
3,707,165 | 4.3 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
5,959 | CME Group, Inc | 746,305 | 0.9 | |||||||||||||
Other | 383,075 | 0.4 | ||||||||||||||
|
| |||||||||||||||
1,129,380 | 1.3 | |||||||||||||||
|
| |||||||||||||||
ENERGY | 705,725 | 0.8 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | 1,596,536 | 1.8 | ||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
14,585 | * | Cerner Corp | 969,465 | 1.1 | ||||||||||||
1,972 | * | Intuitive Surgical, Inc | 1,844,549 | 2.1 | ||||||||||||
11,797 | UnitedHealth Group, Inc | 2,187,400 | 2.5 | |||||||||||||
Other | 84,612 | 0.1 | ||||||||||||||
|
| |||||||||||||||
5,086,026 | 5.8 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
15,272 | Estee Lauder Cos (Class A) | 1,465,807 | 1.7 | |||||||||||||
|
| |||||||||||||||
1,465,807 | 1.7 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 43 |
Summary portfolio of investments (unaudited) | continued |
Growth Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
MATERIALS | ||||||||||||||||
7,645 | Albemarle Corp | $ | 806,853 | 0.9 | % | |||||||||||
10,261 | Monsanto Co | 1,214,492 | 1.4 | |||||||||||||
3,161 | Sherwin-Williams Co | 1,109,385 | 1.3 | |||||||||||||
|
| |||||||||||||||
3,130,730 | 3.6 | |||||||||||||||
|
| |||||||||||||||
MEDIA | ||||||||||||||||
41,881 | Comcast Corp (Class A) | 1,630,008 | 1.9 | |||||||||||||
14,195 | Walt Disney Co | 1,508,219 | 1.7 | |||||||||||||
|
| |||||||||||||||
3,138,227 | 3.6 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
3,650 | Allergan plc | 887,278 | 1.0 | |||||||||||||
9,556 | *,n | Celgene Corp | 1,241,038 | 1.4 | ||||||||||||
4,465 | * | Illumina, Inc | 774,767 | 0.9 | ||||||||||||
16,166 | Zoetis, Inc | 1,008,435 | 1.2 | |||||||||||||
Other | 5,382,722 | 6.2 | ||||||||||||||
|
| |||||||||||||||
9,294,240 | 10.7 | |||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
3,397 | * | Amazon.com, Inc | 3,288,296 | 3.8 | ||||||||||||
6,741 | Expedia, Inc | 1,004,072 | 1.2 | |||||||||||||
11,899 | n | Home Depot, Inc | 1,825,307 | 2.1 | ||||||||||||
7,494 | * | NetFlix, Inc | 1,119,679 | 1.3 | ||||||||||||
424 | * | Priceline.com, Inc | 793,100 | 0.9 | ||||||||||||
|
| |||||||||||||||
8,030,454 | 9.3 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
18,337 | Applied Materials, Inc | 757,502 | 0.9 | |||||||||||||
8,705 | Broadcom Ltd | 2,028,700 | 2.3 | |||||||||||||
5,900 | NVIDIA Corp | 852,904 | 1.0 | |||||||||||||
Other | 532,449 | 0.6 | ||||||||||||||
|
| |||||||||||||||
4,171,555 | 4.8 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
15,486 | Activision Blizzard, Inc | 891,529 | 1.0 | |||||||||||||
21,223 | * | Adobe Systems, Inc | 3,001,781 | 3.5 | ||||||||||||
2,126 | * | Alphabet, Inc (Class A) | 1,976,500 | 2.3 | ||||||||||||
3,489 | * | Alphabet, Inc (Class C) | 3,170,559 | 3.6 | ||||||||||||
22,613 | * | Facebook, Inc | 3,414,111 | 3.9 | ||||||||||||
8,260 | * | IAC/InterActiveCorp | 852,762 | 1.0 | ||||||||||||
20,052 | Intuit, Inc | 2,663,106 | 3.1 | |||||||||||||
12,281 | MasterCard, Inc (Class A) | 1,491,528 | 1.7 | |||||||||||||
48,139 | Microsoft Corp | 3,318,221 | 3.8 | |||||||||||||
16,971 | * | PayPal Holdings, Inc | 910,834 | 1.1 | ||||||||||||
8,244 | * | Red Hat, Inc | 789,363 | �� | 0.9 | |||||||||||
21,052 | * | salesforce.com, Inc | 1,823,103 | 2.1 | ||||||||||||
44,398 | Tencent Holdings Ltd | 1,592,775 | 1.8 | |||||||||||||
25,218 | Visa, Inc (Class A) | 2,364,944 | 2.7 | |||||||||||||
Other | 1,364,306 | 1.6 | ||||||||||||||
|
| |||||||||||||||
29,625,422 | 34.1 | |||||||||||||||
|
|
44 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Growth Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
22,710 | Apple, Inc | $ | 3,270,694 | 3.8 | % | |||||||||||
|
| |||||||||||||||
3,270,694 | 3.8 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
12,733 | * | T-Mobile US, Inc | 771,874 | 0.9 | ||||||||||||
|
| |||||||||||||||
771,874 | 0.9 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
16,680 | Delta Air Lines, Inc | 896,383 | 1.0 | |||||||||||||
3,860 | FedEx Corp | 838,894 | 1.0 | |||||||||||||
6,592 | Union Pacific Corp | 717,935 | 0.8 | |||||||||||||
|
| |||||||||||||||
2,453,212 | 2.8 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $56,816,730) | 85,075,169 | 97.8 | |||||||||||||
|
| |||||||||||||||
PURCHASED OPTIONS | ||||||||||||||||
RETAILING | 5,050 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL PURCHASED OPTIONS | (Cost $6,470) | 5,050 | 0.0 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$ 1,450,000 | Federal Home Loan Bank (FHLB) | |||||||||||||||
0.650%, 07/03/17 | 1,450,000 | 1.7 | ||||||||||||||
|
| |||||||||||||||
1,450,000 | 1.7 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $1,449,948) | 1,450,000 | 1.7 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $58,273,148) | 86,530,219 | 99.5 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 429,932 | 0.5 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 86,960,151 | 100.0 | % | ||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 45 |
Summary portfolio of investments (unaudited) | concluded |
Growth Equity Fund § June 30, 2017
* | 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. |
At 6/30/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $167,992 or 0.2% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
“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.
46 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) |
Growth & Income Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 455,253 | 0.3 | % | ||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
98,407 | Bank of America Corp | 2,387,354 | 1.8 | |||||||||||||
31,096 | JPMorgan Chase & Co | 2,842,174 | 2.1 | |||||||||||||
21,446 | Wells Fargo & Co | 1,188,323 | 0.9 | |||||||||||||
Other | 4,411,069 | 3.3 | ||||||||||||||
|
| |||||||||||||||
10,828,920 | 8.1 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
8,412 | Caterpillar, Inc | 903,954 | 0.7 | |||||||||||||
38,225 | n | General Electric Co | 1,032,457 | 0.8 | ||||||||||||
11,786 | n | Honeywell International, Inc | 1,570,956 | 1.2 | ||||||||||||
5,860 | Parker-Hannifin Corp | 936,545 | 0.7 | |||||||||||||
6,448 | Raytheon Co | 1,041,223 | 0.8 | |||||||||||||
Other | 5,844,429 | 4.3 | ||||||||||||||
|
| |||||||||||||||
11,329,564 | 8.5 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | ||||||||||||||||
11,539 | Waste Management, Inc | 846,386 | 0.6 | |||||||||||||
|
| |||||||||||||||
846,386 | 0.6 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 4,126,848 | 3.1 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 2,379,475 | 1.8 | ||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
11,092 | American Express Co | 934,390 | 0.7 | |||||||||||||
25,437 | Morgan Stanley | 1,133,473 | 0.8 | |||||||||||||
Other | 1,968,689 | 1.5 | ||||||||||||||
|
| |||||||||||||||
4,036,552 | 3.0 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
10,659 | Chevron Corp | 1,112,053 | 0.8 | |||||||||||||
7,567 | * | Concho Resources, Inc | 919,617 | 0.7 | ||||||||||||
14,205 | EOG Resources, Inc | 1,285,837 | 0.9 | |||||||||||||
11,004 | Exxon Mobil Corp | 888,353 | 0.7 | |||||||||||||
Other | 3,472,592 | 2.6 | ||||||||||||||
|
| |||||||||||||||
7,678,452 | 5.7 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | 512,581 | 0.4 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
5,385 | n | Costco Wholesale Corp | 861,223 | 0.6 | ||||||||||||
18,194 | *,n | Monster Beverage Corp | 903,878 | 0.7 | ||||||||||||
9,502 | PepsiCo, Inc | 1,097,386 | 0.8 | |||||||||||||
12,781 | Philip Morris International, Inc | 1,501,129 | 1.1 | |||||||||||||
Other | 4,232,967 | 3.2 | ||||||||||||||
|
| |||||||||||||||
8,596,583 | 6.4 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 47 |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
40,376 | * | Boston Scientific Corp | $ | 1,119,223 | 0.8 | % | ||||||||||
6,037 | Cigna Corp | 1,010,533 | 0.8 | |||||||||||||
Other | 6,449,278 | 4.8 | ||||||||||||||
|
| |||||||||||||||
8,579,034 | 6.4 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
12,215 | Colgate-Palmolive Co | 905,498 | 0.6 | |||||||||||||
13,483 | Procter & Gamble Co | 1,175,044 | 0.9 | |||||||||||||
Other | 654,455 | 0.5 | ||||||||||||||
|
| |||||||||||||||
2,734,997 | 2.0 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
13,690 | American International Group, Inc | 855,899 | 0.6 | |||||||||||||
9,607 | Chubb Ltd | 1,396,665 | 1.1 | |||||||||||||
15,277 | Lincoln National Corp | 1,032,420 | 0.7 | |||||||||||||
|
| |||||||||||||||
3,284,984 | 2.4 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
22,115 | Dow Chemical Co | 1,394,793 | 1.0 | |||||||||||||
Other | 2,914,406 | 2.2 | ||||||||||||||
|
| |||||||||||||||
4,309,199 | 3.2 | |||||||||||||||
|
| |||||||||||||||
MEDIA | ||||||||||||||||
45,917 | Comcast Corp (Class A) | 1,787,090 | 1.3 | |||||||||||||
8,282 | n | Walt Disney Co | 879,962 | 0.7 | ||||||||||||
Other | 1,485,564 | 1.1 | ||||||||||||||
|
| |||||||||||||||
4,152,616 | 3.1 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
3,637 | n | Allergan plc | 884,118 | 0.7 | ||||||||||||
7,835 | *,n | Celgene Corp | 1,017,531 | 0.8 | ||||||||||||
11,754 | Eli Lilly & Co | 967,354 | 0.7 | |||||||||||||
6,331 | Ipsen | 866,320 | 0.7 | |||||||||||||
25,954 | Merck & Co, Inc | 1,663,392 | 1.2 | |||||||||||||
Other | 5,942,645 | 4.4 | ||||||||||||||
|
| |||||||||||||||
11,341,360 | 8.5 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 633,014 | 0.5 | ||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
3,080 | * | Amazon.com, Inc | 2,981,440 | 2.2 | ||||||||||||
13,636 | Home Depot, Inc | 2,091,763 | 1.6 | |||||||||||||
Other | 2,450,031 | 1.8 | ||||||||||||||
|
| |||||||||||||||
7,523,234 | 5.6 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
20,889 | Applied Materials, Inc | 862,925 | 0.7 | |||||||||||||
4,715 | Broadcom Ltd | 1,098,831 | 0.8 | |||||||||||||
7,549 | NVIDIA Corp | 1,091,283 | 0.8 | |||||||||||||
Other | 2,061,964 | 1.5 | ||||||||||||||
|
| |||||||||||||||
5,115,003 | 3.8 | |||||||||||||||
|
|
48 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Growth & Income Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
3,822 | * | Alphabet, Inc (Class C) | $ | 3,473,166 | 2.6 | % | ||||||||||
15,274 | * | Facebook, Inc | 2,306,068 | 1.7 | ||||||||||||
47,686 | Microsoft Corp | 3,286,996 | 2.5 | |||||||||||||
31,315 | Oracle Corp | 1,570,134 | 1.2 | |||||||||||||
13,336 | * | salesforce.com, Inc | 1,154,898 | 0.9 | ||||||||||||
13,395 | Visa, Inc (Class A) | 1,256,183 | 0.9 | |||||||||||||
Other | 7,086,223 | 5.3 | ||||||||||||||
|
| |||||||||||||||
20,133,668 | 15.1 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
34,306 | n | Apple, Inc | 4,940,750 | 3.7 | ||||||||||||
31,399 | Cisco Systems, Inc | 982,789 | 0.7 | |||||||||||||
Other | 2,433,896 | 1.8 | ||||||||||||||
|
| |||||||||||||||
8,357,435 | 6.2 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
38,650 | AT&T, Inc | 1,458,264 | 1.1 | |||||||||||||
Other | 596,016 | 0.4 | ||||||||||||||
|
| |||||||||||||||
2,054,280 | 1.5 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
18,538 | CSX Corp | 1,011,433 | 0.7 | |||||||||||||
Other | 1,689,815 | 1.3 | ||||||||||||||
|
| |||||||||||||||
2,701,248 | 2.0 | |||||||||||||||
|
| |||||||||||||||
UTILITIES | ||||||||||||||||
6,973 | NextEra Energy, Inc | 977,126 | 0.7 | |||||||||||||
Other | 1,065,556 | 0.8 | ||||||||||||||
|
| |||||||||||||||
2,042,682 | 1.5 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $95,575,070) | 133,753,368 | 99.7 | |||||||||||||
|
| |||||||||||||||
PURCHASED OPTIONS | ||||||||||||||||
CONSUMER DURABLES & APPAREL | 602 | 0.0 | ||||||||||||||
|
| |||||||||||||||
ENERGY | 385 | 0.0 | ||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | 990 | 0.0 | ||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 425 | 0.0 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | 7,393 | 0.0 | ||||||||||||||
|
| |||||||||||||||
MEDIA | 7,630 | 0.0 | ||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 1,719 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL PURCHASED OPTIONS | (Cost $19,993) | 19,144 | 0.0 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | 650,000 | 0.5 | ||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 49 |
Summary portfolio of investments (unaudited) | concluded |
Growth & Income Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
538,264 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 538,264 | 0.4 | % | ||||||||||
|
| |||||||||||||||
538,264 | 0.4 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $1,188,240) | 1,188,264 | 0.9 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $96,783,303) | 134,960,776 | 100.6 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (768,665 | ) | (0.6 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 134,192,111 | 100.0 | % | ||||||||||||
|
|
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
At 6/30/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $436,390 or 0.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
At 6/30/2017, the aggregate value of securities on loan is $528,514.
“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.
50 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) |
Large-Cap Value Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 767,747 | 1.0 | % | ||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
82,246 | Bank of America Corp | 1,995,288 | 2.7 | |||||||||||||
21,256 | Citigroup, Inc | 1,421,601 | 1.9 | |||||||||||||
12,419 | JPMorgan Chase & Co | 1,135,097 | 1.5 | |||||||||||||
34,397 | Wells Fargo & Co | 1,905,938 | 2.6 | |||||||||||||
11,884 | Zions Bancorporation | 521,826 | 0.7 | |||||||||||||
Other | 1,899,230 | 2.6 | ||||||||||||||
|
| |||||||||||||||
8,878,980 | 12.0 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
9,999 | Fortive Corp | 633,437 | 0.9 | |||||||||||||
34,664 | General Electric Co | 936,275 | 1.3 | |||||||||||||
16,780 | Triumph Group, Inc | 530,248 | 0.7 | |||||||||||||
Other | 3,106,746 | 4.2 | ||||||||||||||
|
| |||||||||||||||
5,206,706 | 7.1 | |||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 1,556,689 | 2.1 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
9,319 | Restaurant Brands International, Inc | 582,810 | 0.8 | |||||||||||||
Other | 1,218,480 | 1.6 | ||||||||||||||
|
| |||||||||||||||
1,801,290 | 2.4 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
4,129 | Goldman Sachs Group, Inc | 916,225 | 1.2 | |||||||||||||
13,923 | Morgan Stanley | 620,409 | 0.8 | |||||||||||||
10,583 | State Street Corp | 949,613 | 1.3 | |||||||||||||
Other | 1,300,570 | 1.8 | ||||||||||||||
|
| |||||||||||||||
3,786,817 | 5.1 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
9,966 | Chevron Corp | 1,039,753 | 1.4 | |||||||||||||
13,166 | EOG Resources, Inc | 1,191,786 | 1.6 | |||||||||||||
10,005 | Exxon Mobil Corp | 807,704 | 1.1 | |||||||||||||
25,633 | * | Matador Resources Co | 547,777 | 0.7 | ||||||||||||
25,979 | Williams Cos, Inc | 786,644 | 1.1 | |||||||||||||
Other | 3,379,958 | 4.6 | ||||||||||||||
|
| |||||||||||||||
7,753,622 | 10.5 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||||
11,007 | Walgreens Boots Alliance, Inc | 861,958 | 1.2 | |||||||||||||
Other | 689,255 | 0.9 | ||||||||||||||
|
| |||||||||||||||
1,551,213 | 2.1 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
12,324 | Kraft Heinz Co | 1,055,427 | 1.4 | |||||||||||||
24,163 | Mondelez International, Inc | 1,043,600 | 1.4 | |||||||||||||
9,182 | Philip Morris International, Inc | 1,078,426 | 1.5 | |||||||||||||
Other | 1,099,241 | 1.5 | ||||||||||||||
|
| |||||||||||||||
4,276,694 | 5.8 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 51 |
Summary portfolio of investments (unaudited) | continued |
Large-Cap Value Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
27,826 | Abbott Laboratories | $ | 1,352,622 | 1.8 | % | |||||||||||
8,632 | Cardinal Health, Inc | 672,605 | 0.9 | |||||||||||||
4,008 | Cigna Corp | 670,899 | 0.9 | |||||||||||||
Other | 1,157,089 | 1.6 | ||||||||||||||
|
| |||||||||||||||
3,853,215 | 5.2 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
10,029 | Procter & Gamble Co | 874,027 | 1.2 | |||||||||||||
|
| |||||||||||||||
874,027 | 1.2 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
14,777 | American International Group, Inc | 923,858 | 1.2 | |||||||||||||
3,836 | * | Berkshire Hathaway, Inc (Class B) | 649,703 | 0.9 | ||||||||||||
4,497 | Chubb Ltd | 653,774 | 0.9 | |||||||||||||
12,892 | Metlife, Inc | 708,286 | 1.0 | |||||||||||||
Other | 1,125,521 | 1.5 | ||||||||||||||
|
| |||||||||||||||
4,061,142 | 5.5 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
9,750 | Dow Chemical Co | 614,932 | 0.8 | |||||||||||||
38,302 | * | Louisiana-Pacific Corp | 923,461 | 1.3 | ||||||||||||
10,955 | WR Grace & Co | 788,870 | 1.1 | |||||||||||||
Other | 2,221,807 | 3.0 | ||||||||||||||
|
| |||||||||||||||
4,549,070 | 6.2 | |||||||||||||||
|
| |||||||||||||||
MEDIA | ||||||||||||||||
8,881 | CBS Corp (Class B) | 566,430 | 0.7 | |||||||||||||
Other | 571,735 | 0.8 | ||||||||||||||
|
| |||||||||||||||
1,138,165 | 1.5 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
11,372 | Agilent Technologies, Inc | 674,473 | 0.9 | |||||||||||||
4,383 | * | Alexion Pharmaceuticals, Inc | 533,280 | 0.7 | ||||||||||||
4,087 | Allergan plc | 993,509 | 1.4 | |||||||||||||
3,154 | Amgen, Inc | 543,213 | 0.7 | |||||||||||||
8,295 | Johnson & Johnson | 1,097,346 | 1.5 | |||||||||||||
10,705 | Merck & Co, Inc | 686,083 | 0.9 | |||||||||||||
13,373 | * | Mylan NV | 519,140 | 0.7 | ||||||||||||
27,918 | Pfizer, Inc | 937,766 | 1.3 | |||||||||||||
Other | 694,526 | 0.9 | ||||||||||||||
|
| |||||||||||||||
6,679,336 | 9.0 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 619,905 | 0.8 | ||||||||||||||
|
| |||||||||||||||
RETAILING | 667,745 | 0.9 | ||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,777,796 | 2.4 | ||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
17,067 | * | eBay, Inc | 595,980 | 0.8 | ||||||||||||
22,229 | Oracle Corp | 1,114,562 | 1.5 |
52 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Large-Cap Value Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
SOFTWARE & SERVICES—continued | ||||||||||||||||
18,782 | Symantec Corp | $ | 530,591 | 0.7 | % | |||||||||||
Other | 1,617,914 | 2.2 | ||||||||||||||
|
| |||||||||||||||
3,859,047 | 5.2 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
26,713 | Cisco Systems, Inc | 836,117 | 1.2 | |||||||||||||
Other | 1,635,848 | 2.2 | ||||||||||||||
|
| |||||||||||||||
2,471,965 | 3.4 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
52,657 | AT&T, Inc | 1,986,749 | 2.7 | |||||||||||||
18,849 | Telephone & Data Systems, Inc | 523,060 | 0.7 | |||||||||||||
Other | 361,701 | 0.5 | ||||||||||||||
|
| |||||||||||||||
2,871,510 | 3.9 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 905,622 | 1.2 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | ||||||||||||||||
27,661 | Exelon Corp | 997,732 | 1.3 | |||||||||||||
5,727 | NextEra Energy, Inc | 802,525 | 1.1 | |||||||||||||
Other | 1,589,902 | 2.2 | ||||||||||||||
|
| |||||||||||||||
3,390,159 | 4.6 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $59,210,910) | 73,298,462 | 99.1 | |||||||||||||
|
| |||||||||||||||
PURCHASED OPTIONS | ||||||||||||||||
DIVERSIFIED FINANCIALS | 226,899 | 0.3 | ||||||||||||||
|
| |||||||||||||||
TOTAL PURCHASED OPTIONS | (Cost $250,241) | 226,899 | 0.3 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$ 750,000 | Federal Home Loan Bank (FHLB) | |||||||||||||||
0.650%, 07/03/17 | 750,000 | 1.0 | ||||||||||||||
|
| |||||||||||||||
750,000 | 1.0 | |||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
239,912 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 239,912 | 0.3 | ||||||||||||
|
| |||||||||||||||
239,912 | 0.3 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $989,885) | 989,912 | 1.3 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $60,451,036) | 74,515,273 | 100.7 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (567,626 | ) | (0.7 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 73,947,647 | 100.0 | % | ||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 53 |
Summary portfolio of investments (unaudited) | concluded |
Large-Cap Value Fund § June 30, 2017
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
At 6/30/2017, the aggregate value of securities on loan is $228,319.
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
54 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) |
Real Estate Securities Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
DIVERSIFIED REITS | ||||||||||||||||
110,000 | Spirit Realty Capital, Inc | $ | 815,100 | 1.1 | % | |||||||||||
|
| |||||||||||||||
815,100 | 1.1 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE REITS | ||||||||||||||||
40,000 | HCP, Inc | 1,278,400 | 1.7 | |||||||||||||
40,000 | Healthcare Trust of America, Inc | 1,244,400 | 1.7 | |||||||||||||
13,000 | Ventas, Inc | 903,240 | 1.2 | |||||||||||||
13,000 | Welltower, Inc | 973,050 | 1.3 | |||||||||||||
|
| |||||||||||||||
4,399,090 | 5.9 | |||||||||||||||
|
| |||||||||||||||
HOMEBUILDING | 329,750 | 0.4 | ||||||||||||||
|
| |||||||||||||||
HOTEL & RESORT REITS | ||||||||||||||||
45,000 | DiamondRock Hospitality Co | 492,750 | 0.7 | |||||||||||||
35,000 | Host Marriott Corp | 639,450 | 0.8 | |||||||||||||
22,000 | Park Hotels & Resorts, Inc | 593,120 | 0.8 | |||||||||||||
65,000 | Sunstone Hotel Investors, Inc | 1,047,800 | 1.4 | |||||||||||||
Other | 437,850 | 0.6 | ||||||||||||||
|
| |||||||||||||||
3,210,970 | 4.3 | |||||||||||||||
|
| |||||||||||||||
INDUSTRIAL REITS | ||||||||||||||||
25,000 | Duke Realty Corp | 698,750 | 0.9 | |||||||||||||
48,000 | Prologis, Inc | 2,814,720 | 3.8 | |||||||||||||
145,000 | Rexford Industrial Realty, Inc | 3,978,800 | 5.3 | |||||||||||||
32,000 | Terreno Realty Corp | 1,077,120 | 1.4 | |||||||||||||
|
| |||||||||||||||
8,569,390 | 11.4 | |||||||||||||||
|
| |||||||||||||||
IT CONSULTING & OTHER SERVICES | ||||||||||||||||
18,000 | * | InterXion Holding NV | 824,040 | 1.1 | ||||||||||||
|
| |||||||||||||||
824,040 | 1.1 | |||||||||||||||
|
| |||||||||||||||
MORTGAGE REITS | ||||||||||||||||
25,000 | Starwood Property Trust, Inc | 559,750 | 0.7 | |||||||||||||
|
| |||||||||||||||
559,750 | 0.7 | |||||||||||||||
|
| |||||||||||||||
OFFICE REITS | ||||||||||||||||
7,450 | Alexandria Real Estate Equities, Inc | 897,501 | 1.2 | |||||||||||||
24,000 | Boston Properties, Inc | 2,952,480 | 3.9 | |||||||||||||
35,000 | Hudson Pacific Properties | 1,196,650 | 1.6 | |||||||||||||
24,000 | Kilroy Realty Corp | 1,803,600 | 2.4 | |||||||||||||
22,500 | SL Green Realty Corp | 2,380,500 | 3.2 | |||||||||||||
7,000 | Vornado Realty Trust | 657,300 | 0.9 | |||||||||||||
|
| |||||||||||||||
9,888,031 | 13.2 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE DEVELOPMENT | 152,686 | 0.2 | ||||||||||||||
|
| |||||||||||||||
REAL ESTATE SERVICES | ||||||||||||||||
30,000 | Kennedy-Wilson Holdings, Inc | 571,500 | 0.8 | |||||||||||||
|
| |||||||||||||||
571,500 | 0.8 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 55 |
Summary portfolio of investments (unaudited) | continued |
Real Estate Securities Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
RESIDENTIAL REITS | ||||||||||||||||
30,000 | American Homes 4 Rent | $ | 677,100 | 0.9 | % | |||||||||||
28,000 | Apartment Investment & Management Co (Class A) | 1,203,160 | 1.6 | |||||||||||||
5,000 | AvalonBay Communities, Inc | 960,850 | 1.3 | |||||||||||||
33,150 | Colony Starwood Homes | 1,137,377 | 1.5 | |||||||||||||
22,000 | Equity Lifestyle Properties, Inc | 1,899,480 | 2.5 | |||||||||||||
40,000 | Equity Residential | 2,633,200 | 3.5 | |||||||||||||
7,000 | Essex Property Trust, Inc | 1,800,890 | 2.4 | |||||||||||||
10,000 | Mid-America Apartment Communities, Inc | 1,053,800 | 1.4 | |||||||||||||
90,000 | Monogram Residential Trust, Inc | 873,900 | 1.2 | |||||||||||||
19,000 | Sun Communities, Inc | 1,666,110 | 2.2 | |||||||||||||
Other | 432,600 | 0.6 | ||||||||||||||
|
| |||||||||||||||
14,338,467 | 19.1 | |||||||||||||||
|
| |||||||||||||||
RETAIL REITS | ||||||||||||||||
15,073 | Agree Realty Corp | 691,399 | 0.9 | |||||||||||||
15,000 | Federal Realty Investment Trust | 1,895,850 | 2.5 | |||||||||||||
75,000 | GGP, Inc | 1,767,000 | 2.4 | |||||||||||||
23,500 | Regency Centers Corp | 1,472,040 | 2.0 | |||||||||||||
50,000 | Retail Opportunities Investment Corp | 959,500 | 1.3 | |||||||||||||
20,000 | Simon Property Group, Inc | 3,235,200 | 4.3 | |||||||||||||
Other | 386,260 | 0.5 | ||||||||||||||
|
| |||||||||||||||
10,407,249 | 13.9 | |||||||||||||||
|
| |||||||||||||||
SPECIALIZED REITS | ||||||||||||||||
28,000 | American Tower Corp | 3,704,960 | 4.9 | |||||||||||||
34,000 | Crown Castle International Corp | 3,406,120 | 4.5 | |||||||||||||
35,000 | CyrusOne, Inc | 1,951,250 | 2.6 | |||||||||||||
7,000 | Digital Realty Trust, Inc | 790,650 | 1.0 | |||||||||||||
8,000 | Equinix, Inc | 3,433,280 | 4.6 | |||||||||||||
13,000 | Extra Space Storage, Inc | 1,014,000 | 1.3 | |||||||||||||
38,000 | Four Corners Property Trust, Inc | 954,180 | 1.3 | |||||||||||||
35,000 | National Storage Affiliates Trust | 808,850 | 1.1 | |||||||||||||
5,500 | Public Storage, Inc | 1,146,915 | 1.5 | |||||||||||||
25,000 | QTS Realty Trust, Inc | 1,308,250 | 1.7 | |||||||||||||
32,000 | Weyerhaeuser Co | 1,072,000 | 1.4 | |||||||||||||
Other | 576,240 | 0.8 | ||||||||||||||
|
| |||||||||||||||
20,166,695 | 26.7 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $55,511,656) | 74,232,718 | 98.8 | |||||||||||||
|
|
56 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Real Estate Securities Fund § June 30, 2017
Principal | Issuer | Value | % of net assets | |||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$ 600,000 | Federal Home Loan Bank (FHLB) | |||||||||||||||
0.650%, 07/03/17 | $ | 600,000 | 0.8 | % | ||||||||||||
|
| |||||||||||||||
600,000 | 0.8 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $599,978) | 600,000 | 0.8 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $56,111,634) | 74,832,718 | 99.6 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 317,203 | 0.4 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 75,149,921 | 100.0 | % | ||||||||||||
|
|
Abbreviation(s):
REIT | Real Estate Investment Trust |
* | Non-income producing |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 57 |
Summary portfolio of investments (unaudited) |
Small-Cap Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 842,286 | 1.5 | % | ||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
9,480 | l | Cathay General Bancorp | 359,766 | 0.7 | ||||||||||||
10,320 | * | Essent Group Ltd | 383,285 | 0.7 | ||||||||||||
12,345 | First Midwest Bancorp, Inc | 287,762 | 0.5 | |||||||||||||
19,700 | FNB Corp | 278,952 | 0.5 | |||||||||||||
21,633 | Fulton Financial Corp | 411,027 | 0.8 | |||||||||||||
8,000 | Hancock Holding Co | 392,000 | 0.7 | |||||||||||||
4,200 | IBERIABANK Corp | 342,300 | 0.6 | |||||||||||||
32,420 | * | MGIC Investment Corp | 363,104 | 0.7 | ||||||||||||
12,530 | Provident Financial Services, Inc | 318,011 | 0.6 | |||||||||||||
23,020 | Radian Group, Inc | 376,377 | 0.7 | |||||||||||||
12,721 | Sterling Bancorp/DE | 295,763 | 0.6 | |||||||||||||
14,710 | Umpqua Holdings Corp | 270,075 | 0.4 | |||||||||||||
10,437 | United Community Banks, Inc | 290,149 | 0.5 | |||||||||||||
6,700 | * | Walker & Dunlop, Inc | 327,161 | 0.6 | ||||||||||||
8,680 | Washington Federal, Inc | 288,176 | 0.5 | |||||||||||||
4,000 | Wintrust Financial Corp | 305,760 | 0.6 | |||||||||||||
Other | 1,864,920 | 3.4 | ||||||||||||||
|
| |||||||||||||||
7,154,588 | 13.1 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
2,855 | * | American Woodmark Corp | 272,795 | 0.5 | ||||||||||||
3,300 | Curtiss-Wright Corp | 302,874 | 0.6 | |||||||||||||
6,287 | EMCOR Group, Inc | 411,044 | 0.8 | |||||||||||||
3,904 | EnerSys | 282,845 | 0.5 | |||||||||||||
4,680 | Toro Co | 324,277 | 0.6 | |||||||||||||
Other | 3,447,542 | 6.4 | ||||||||||||||
|
| |||||||||||||||
5,041,377 | 9.4 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 1,598,297 | 2.9 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 1,818,224 | 3.4 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
4,815 | * | Grand Canyon Education, Inc | 377,544 | 0.7 | ||||||||||||
Other | 1,944,007 | 3.6 | ||||||||||||||
|
| |||||||||||||||
2,321,551 | 4.3 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
4,535 | Evercore Partners, Inc (Class A) | 319,717 | 0.6 | |||||||||||||
3,000 | iShares Russell 2000 Index Fund | 422,760 | 0.8 | |||||||||||||
Other | 837,042 | 1.5 | ||||||||||||||
|
| |||||||||||||||
1,579,519 | 2.9 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
47,440 | * | McDermott International, Inc | 340,145 | 0.6 | ||||||||||||
Other | 1,730,847 | 3.2 | ||||||||||||||
|
| |||||||||||||||
2,070,992 | 3.8 | |||||||||||||||
|
|
58 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Small-Cap Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
FOOD, BEVERAGE & TOBACCO | $ | 1,231,015 | 2.3 | % | ||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
3,850 | Hill-Rom Holdings, Inc | 306,498 | 0.6 | |||||||||||||
1,675 | * | ICU Medical, Inc | 288,937 | 0.5 | ||||||||||||
3,870 | * | Masimo Corp | 352,867 | 0.7 | ||||||||||||
4,300 | * | Medidata Solutions, Inc | 336,260 | 0.6 | ||||||||||||
7,660 | * | Merit Medical Systems, Inc | 292,229 | 0.5 | ||||||||||||
Other | 1,507,872 | 2.8 | ||||||||||||||
|
| |||||||||||||||
3,084,663 | 5.7 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | 158,968 | 0.3 | ||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
14,236 | American Equity Investment Life Holding Co | 374,122 | 0.7 | |||||||||||||
Other | 1,055,522 | 1.9 | ||||||||||||||
|
| |||||||||||||||
1,429,644 | 2.6 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | ||||||||||||||||
13,470 | * | Louisiana-Pacific Corp | 324,761 | 0.6 | ||||||||||||
7,720 | PolyOne Corp | 299,073 | 0.6 | |||||||||||||
Other | 2,275,283 | 4.2 | ||||||||||||||
|
| |||||||||||||||
2,899,117 | 5.4 | |||||||||||||||
|
| |||||||||||||||
MEDIA | ||||||||||||||||
7,780 | * | Live Nation, Inc | 271,133 | 0.5 | ||||||||||||
Other | 262,251 | 0.5 | ||||||||||||||
|
| |||||||||||||||
533,384 | 1.0 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
3,619 | * | PRA Health Sciences, Inc | 271,461 | 0.5 | ||||||||||||
Other | 4,615,554 | 8.5 | ||||||||||||||
|
| |||||||||||||||
4,887,015 | 9.0 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | ||||||||||||||||
2,720 | Coresite Realty | 281,602 | 0.5 | |||||||||||||
10,760 | First Industrial Realty Trust, Inc | 307,951 | 0.6 | |||||||||||||
9,200 | LaSalle Hotel Properties | 274,160 | 0.5 | |||||||||||||
2,409 | PS Business Parks, Inc | 318,927 | 0.6 | |||||||||||||
15,992 | Summit Hotel Properties, Inc | 298,251 | 0.5 | |||||||||||||
Other | 2,088,783 | 3.9 | ||||||||||||||
|
| |||||||||||||||
3,569,674 | 6.6 | |||||||||||||||
|
| |||||||||||||||
RETAILING | 1,244,763 | 2.3 | ||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 2,062,494 | 3.8 | ||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
2,550 | * | CACI International, Inc (Class A) | 318,877 | 0.6 | ||||||||||||
3,456 | * | EPAM Systems, Inc | 290,615 | 0.5 | ||||||||||||
Other | 3,791,748 | 7.0 | ||||||||||||||
|
| |||||||||||||||
4,401,240 | 8.1 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 59 |
Summary portfolio of investments (unaudited) | concluded |
Small-Cap Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
7,177 | * | Sanmina Corp | $ | 273,444 | 0.5 | % | ||||||||||
2,400 | SYNNEX Corp | 287,904 | 0.6 | |||||||||||||
3,300 | * | Tech Data Corp | 333,300 | 0.6 | ||||||||||||
18,867 | * | TTM Technologies, Inc | 327,531 | 0.6 | ||||||||||||
Other | 2,224,926 | 4.1 | ||||||||||||||
|
| |||||||||||||||
3,447,105 | 6.4 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | 470,201 | 0.9 | ||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 438,009 | 0.8 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | ||||||||||||||||
7,833 | Avista Corp | 332,589 | 0.6 | |||||||||||||
4,457 | NorthWestern Corp | 271,966 | 0.5 | |||||||||||||
3,713 | Southwest Gas Corp | 271,272 | 0.5 | |||||||||||||
Other | 966,998 | 1.8 | ||||||||||||||
|
| |||||||||||||||
1,842,825 | 3.4 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $45,349,183) | 54,126,951 | 99.9 | |||||||||||||
|
| |||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
607,074 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 607,074 | 1.1 | ||||||||||||
|
| |||||||||||||||
607,074 | 1.1 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $607,074) | 607,074 | 1.1 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $45,956,257) | 54,734,025 | 101.0 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (570,152 | ) | (1.0 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 54,163,873 | 100.0 | % | ||||||||||||
|
|
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
l | All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements. |
At 6/30/2017, the aggregate value of securities on loan is $582,573.
“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.
60 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) |
Social Choice Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 706,175 | 1.2 | % | ||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
3,336 | PNC Financial Services Group, Inc | 416,566 | 0.7 | |||||||||||||
8,755 | US Bancorp | 454,560 | 0.8 | |||||||||||||
Other | 2,129,637 | 3.8 | ||||||||||||||
|
| |||||||||||||||
3,000,763 | 5.3 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
2,600 | 3M Co | 541,294 | 1.0 | |||||||||||||
2,490 | Illinois Tool Works, Inc | 356,692 | 0.6 | |||||||||||||
Other | 3,224,589 | 5.7 | ||||||||||||||
|
| |||||||||||||||
4,122,575 | 7.3 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 375,248 | 0.7 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | ||||||||||||||||
6,941 | Nike, Inc (Class B) | 409,519 | 0.7 | |||||||||||||
Other | 255,735 | 0.5 | ||||||||||||||
|
| |||||||||||||||
665,254 | 1.2 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
3,647 | McDonald’s Corp | 558,575 | 1.0 | |||||||||||||
7,281 | Starbucks Corp | 424,555 | 0.8 | |||||||||||||
Other | 535,549 | 0.9 | ||||||||||||||
|
| |||||||||||||||
1,518,679 | 2.7 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
4,713 | American Express Co | 397,023 | 0.7 | |||||||||||||
7,513 | Bank of New York Mellon Corp | 383,313 | 0.7 | |||||||||||||
923 | BlackRock, Inc | 389,885 | 0.7 | |||||||||||||
8,890 | Charles Schwab Corp | 381,914 | 0.7 | |||||||||||||
5,110 | IntercontinentalExchange Group, Inc | 336,851 | 0.6 | |||||||||||||
Other | 1,785,168 | 3.1 | ||||||||||||||
|
| |||||||||||||||
3,674,154 | 6.5 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
5,152 | Schlumberger Ltd | 339,208 | 0.6 | |||||||||||||
Other | 2,917,295 | 5.2 | ||||||||||||||
|
| |||||||||||||||
3,256,503 | 5.8 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | 436,753 | 0.8 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
14,546 | Coca-Cola Co | 652,388 | 1.2 | |||||||||||||
4,008 | Kraft Heinz Co | 343,245 | 0.6 | |||||||||||||
8,511 | Mondelez International, Inc | 367,590 | 0.7 | |||||||||||||
5,544 | PepsiCo, Inc | 640,277 | 1.1 | |||||||||||||
Other | 733,313 | 1.3 | ||||||||||||||
|
| |||||||||||||||
2,736,813 | 4.9 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 61 |
Summary portfolio of investments (unaudited) | continued |
Social Choice Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
1,865 | Becton Dickinson & Co | $ | 363,880 | 0.6 | % | |||||||||||
Other | 2,399,469 | 4.3 | ||||||||||||||
|
| |||||||||||||||
2,763,349 | 4.9 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
8,630 | Procter & Gamble Co | 752,105 | 1.3 | |||||||||||||
Other | 512,847 | 0.9 | ||||||||||||||
|
| |||||||||||||||
1,264,952 | 2.2 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
2,854 | Chubb Ltd | 414,915 | 0.7 | |||||||||||||
3,438 | Prudential Financial, Inc | 371,785 | 0.7 | |||||||||||||
Other | 1,555,552 | 2.8 | ||||||||||||||
|
| |||||||||||||||
2,342,252 | 4.2 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | 2,217,542 | 3.9 | ||||||||||||||
|
| |||||||||||||||
MEDIA | ||||||||||||||||
1,250 | * | Charter Communications, Inc | 421,062 | 0.7 | ||||||||||||
4,451 | Time Warner, Inc | 446,925 | 0.8 | |||||||||||||
6,139 | Walt Disney Co | 652,269 | 1.2 | |||||||||||||
Other | 275,739 | 0.5 | ||||||||||||||
|
| |||||||||||||||
1,795,995 | 3.2 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
3,266 | Amgen, Inc | 562,503 | 1.0 | |||||||||||||
8,608 | Bristol-Myers Squibb Co | 479,638 | 0.8 | |||||||||||||
3,767 | * | Celgene Corp | 489,220 | 0.9 | ||||||||||||
6,515 | Gilead Sciences, Inc | 461,131 | 0.8 | |||||||||||||
7,976 | Johnson & Johnson | 1,055,145 | 1.9 | |||||||||||||
10,198 | Merck & Co, Inc | 653,590 | 1.2 | |||||||||||||
Other | 1,197,783 | 2.1 | ||||||||||||||
|
| |||||||||||||||
4,899,010 | 8.7 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | ||||||||||||||||
3,018 | American Tower Corp | 399,342 | 0.7 | |||||||||||||
Other | 1,937,681 | 3.5 | ||||||||||||||
|
| |||||||||||||||
2,337,023 | 4.2 | |||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
4,908 | Lowe’s Companies, Inc | 380,517 | 0.7 | |||||||||||||
2,665 | * | NetFlix, Inc | 398,178 | 0.7 | ||||||||||||
259 | * | Priceline.com, Inc | 484,465 | 0.9 | ||||||||||||
Other | 1,189,001 | 2.1 | ||||||||||||||
|
| |||||||||||||||
2,452,161 | 4.4 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
8,245 | Applied Materials, Inc | 340,601 | 0.6 | |||||||||||||
17,426 | Intel Corp | 587,953 | 1.1 | |||||||||||||
2,845 | NVIDIA Corp | 411,273 | 0.7 |
62 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Social Choice Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—continued | ||||||||||||||||
5,568 | Texas Instruments, Inc | $ | 428,346 | 0.8 | % | |||||||||||
Other | 224,532 | 0.4 | ||||||||||||||
|
| |||||||||||||||
1,992,705 | 3.6 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
3,499 | Accenture plc | 432,756 | 0.8 | |||||||||||||
805 | * | Alphabet, Inc (Class A) | 748,393 | 1.3 | ||||||||||||
836 | * | Alphabet, Inc (Class C) | 759,698 | 1.3 | ||||||||||||
3,661 | International Business Machines Corp | 563,172 | 1.0 | |||||||||||||
4,373 | MasterCard, Inc (Class A) | 531,101 | 1.0 | |||||||||||||
18,581 | Microsoft Corp | 1,280,788 | 2.3 | |||||||||||||
11,795 | Oracle Corp | 591,401 | 1.1 | |||||||||||||
4,357 | * | salesforce.com, Inc | 377,316 | 0.7 | ||||||||||||
Other | 1,880,289 | 3.3 | ||||||||||||||
|
| |||||||||||||||
7,164,914 | 12.8 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
18,837 | Cisco Systems, Inc | 589,598 | 1.0 | |||||||||||||
Other | 1,450,566 | 2.6 | ||||||||||||||
|
| |||||||||||||||
2,040,164 | 3.6 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
14,669 | Verizon Communications, Inc | 655,117 | 1.2 | |||||||||||||
Other | 397,891 | 0.7 | ||||||||||||||
|
| |||||||||||||||
1,053,008 | 1.9 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | ||||||||||||||||
3,505 | Union Pacific Corp | 381,729 | 0.6 | |||||||||||||
3,462 | United Parcel Service, Inc (Class B) | 382,863 | 0.7 | |||||||||||||
Other | 832,117 | 1.5 | ||||||||||||||
|
| |||||||||||||||
1,596,709 | 2.8 | |||||||||||||||
|
| |||||||||||||||
UTILITIES | 1,705,626 | 3.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $34,867,286) | 56,118,327 | 99.8 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $34,867,286) | 56,118,327 | 99.8 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 103,896 | 0.2 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 56,222,223 | 100.0 | % | ||||||||||||
|
|
* | Non-income producing |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 63 |
Summary portfolio of investments (unaudited) |
Stock Index Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 3,807,412 | 1.0 | % | ||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
156,182 | Bank of America Corp | 3,788,975 | 0.9 | |||||||||||||
43,349 | Citigroup, Inc | 2,899,181 | 0.7 | |||||||||||||
55,457 | JPMorgan Chase & Co | 5,068,770 | 1.3 | |||||||||||||
70,707 | Wells Fargo & Co | 3,917,875 | 1.0 | |||||||||||||
Other | 11,346,071 | 2.8 | ||||||||||||||
|
| |||||||||||||||
27,020,872 | 6.7 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | ||||||||||||||||
9,092 | 3M Co | 1,892,864 | 0.5 | |||||||||||||
8,917 | Boeing Co | 1,763,337 | 0.4 | |||||||||||||
136,313 | General Electric Co | 3,681,814 | 0.9 | |||||||||||||
11,938 | Honeywell International, Inc | 1,591,216 | 0.4 | |||||||||||||
Other | 21,424,451 | 5.3 | ||||||||||||||
|
| |||||||||||||||
30,353,682 | 7.5 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 3,521,947 | 0.9 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 5,739,944 | 1.4 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | ||||||||||||||||
12,796 | McDonald’s Corp | 1,959,835 | 0.5 | |||||||||||||
Other | 7,282,014 | 1.8 | ||||||||||||||
|
| |||||||||||||||
9,241,849 | 2.3 | |||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
12,125 | iShares Russell 3000 Index Fund | 1,746,243 | 0.4 | |||||||||||||
Other | 15,732,263 | 3.9 | ||||||||||||||
|
| |||||||||||||||
17,478,506 | 4.3 | |||||||||||||||
|
| |||||||||||||||
ENERGY | ||||||||||||||||
29,644 | Chevron Corp | 3,092,759 | 0.8 | |||||||||||||
66,490 | d | Exxon Mobil Corp | 5,367,738 | 1.3 | ||||||||||||
21,856 | Schlumberger Ltd | 1,438,999 | 0.4 | |||||||||||||
Other | 12,221,454 | 3.0 | ||||||||||||||
|
| |||||||||||||||
22,120,950 | 5.5 | |||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | ||||||||||||||||
22,851 | Wal-Mart Stores, Inc | 1,729,364 | 0.5 | |||||||||||||
Other | 3,734,269 | 0.9 | ||||||||||||||
|
| |||||||||||||||
5,463,633 | 1.4 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
30,303 | Altria Group, Inc | 2,256,665 | 0.6 | |||||||||||||
60,251 | Coca-Cola Co | 2,702,257 | 0.7 | |||||||||||||
22,400 | PepsiCo, Inc | 2,586,976 | 0.6 | |||||||||||||
24,335 | Philip Morris International, Inc | 2,858,146 | 0.7 | |||||||||||||
Other | 9,103,715 | 2.2 | ||||||||||||||
|
| |||||||||||||||
19,507,759 | 4.8 | |||||||||||||||
|
|
64 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Stock Index Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
21,488 | Medtronic plc | $ | 1,907,060 | 0.5 | % | |||||||||||
15,022 | UnitedHealth Group, Inc | 2,785,379 | 0.7 | |||||||||||||
Other | 17,656,771 | 4.4 | ||||||||||||||
|
| |||||||||||||||
22,349,210 | 5.6 | |||||||||||||||
|
| |||||||||||||||
HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
40,155 | Procter & Gamble Co | 3,499,508 | 0.9 | |||||||||||||
Other | 3,073,792 | 0.7 | ||||||||||||||
|
| |||||||||||||||
6,573,300 | 1.6 | |||||||||||||||
|
| |||||||||||||||
INSURANCE | ||||||||||||||||
30,168 | * | Berkshire Hathaway, Inc (Class B) | 5,109,554 | 1.3 | ||||||||||||
Other | 11,682,360 | 2.9 | ||||||||||||||
|
| |||||||||||||||
16,791,914 | 4.2 | |||||||||||||||
|
| |||||||||||||||
MATERIALS | 13,251,191 | 3.3 | ||||||||||||||
|
| |||||||||||||||
MEDIA | ||||||||||||||||
73,873 | Comcast Corp (Class A) | 2,875,137 | 0.7 | |||||||||||||
24,568 | Walt Disney Co | 2,610,350 | 0.6 | |||||||||||||
Other | 5,961,619 | 1.5 | ||||||||||||||
|
| |||||||||||||||
11,447,106 | 2.8 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
24,976 | AbbVie, Inc | 1,811,010 | 0.4 | |||||||||||||
11,534 | Amgen, Inc | 1,986,501 | 0.5 | |||||||||||||
25,887 | Bristol-Myers Squibb Co | 1,442,423 | 0.3 | |||||||||||||
12,146 | * | Celgene Corp | 1,577,401 | 0.4 | ||||||||||||
20,442 | Gilead Sciences, Inc | 1,446,885 | 0.4 | |||||||||||||
42,373 | Johnson & Johnson | 5,605,524 | 1.4 | |||||||||||||
42,935 | Merck & Co, Inc | 2,751,704 | 0.7 | |||||||||||||
92,766 | Pfizer, Inc | 3,116,010 | 0.8 | |||||||||||||
Other | 13,145,443 | 3.2 | ||||||||||||||
|
| |||||||||||||||
32,882,901 | 8.1 | |||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 16,120,491 | 4.0 | ||||||||||||||
|
| |||||||||||||||
RETAILING | ||||||||||||||||
6,231 | * | Amazon.com, Inc | 6,031,608 | 1.5 | ||||||||||||
18,842 | Home Depot, Inc | 2,890,363 | 0.7 | |||||||||||||
Other | 10,575,521 | 2.7 | ||||||||||||||
|
| |||||||||||||||
19,497,492 | 4.9 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
6,218 | Broadcom Ltd | 1,449,105 | 0.4 | |||||||||||||
73,917 | Intel Corp | 2,493,959 | 0.6 | |||||||||||||
Other | 9,362,598 | 2.3 | ||||||||||||||
|
| |||||||||||||||
13,305,662 | 3.3 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | ||||||||||||||||
4,652 | * | Alphabet, Inc (Class A) | 4,324,871 | 1.1 | ||||||||||||
4,738 | * | Alphabet, Inc (Class C) | 4,305,563 | 1.1 | ||||||||||||
36,601 | * | Facebook, Inc | 5,526,019 | 1.4 |
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 65 |
Summary portfolio of investments (unaudited) | continued |
Stock Index Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
SOFTWARE & SERVICES—continued | ||||||||||||||||
13,471 | International Business Machines Corp | $ | 2,072,244 | 0.5 | % | |||||||||||
14,769 | MasterCard, Inc (Class A) | 1,793,695 | 0.4 | |||||||||||||
117,620 | Microsoft Corp | 8,107,547 | 2.0 | |||||||||||||
45,087 | Oracle Corp | 2,260,662 | 0.6 | |||||||||||||
29,100 | Visa, Inc (Class A) | 2,728,998 | 0.7 | |||||||||||||
Other | 19,136,323 | 4.8 | ||||||||||||||
|
| |||||||||||||||
50,255,922 | 12.6 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||
81,822 | Apple, Inc | 11,784,004 | 2.9 | |||||||||||||
78,605 | Cisco Systems, Inc | 2,460,337 | 0.6 | |||||||||||||
Other | 6,685,131 | 1.7 | ||||||||||||||
|
| |||||||||||||||
20,929,472 | 5.2 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
96,473 | AT&T, Inc | 3,639,926 | 0.9 | |||||||||||||
64,047 | Verizon Communications, Inc | 2,860,339 | 0.7 | |||||||||||||
Other | 1,234,841 | 0.3 | ||||||||||||||
|
| |||||||||||||||
7,735,106 | 1.9 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 8,539,655 | 2.1 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | 12,503,335 | 3.1 | ||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $206,655,944) | 396,439,311 | 98.5 | |||||||||||||
|
| |||||||||||||||
RIGHTS / WARRANTS | ||||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 112 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TOTAL RIGHTS / WARRANTS | (Cost $7) | 112 | 0.0 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$ 5,450,000 | Federal Home Loan Bank (FHLB) 0.650%, 07/03/17 | 5,450,000 | 1.4 | |||||||||||||
|
| |||||||||||||||
5,450,000 | 1.4 | |||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
2,965,503 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 2,965,503 | 0.7 | ||||||||||||
|
| |||||||||||||||
2,965,503 | 0.7 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $8,415,306) | 8,415,503 | 2.1 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $215,071,257) | 404,854,926 | 100.6 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (2,580,405 | ) | (0.6 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 402,274,521 | 100.0 | % | ||||||||||||
|
|
66 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Stock Index Fund § June 30, 2017
* | 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. |
At 6/30/2017, the aggregate value of securities on loan is $2,869,437.
“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 § 2017 Semiannual Report | 67 |
Summary portfolio of investments (unaudited) |
International Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
COMMON STOCKS | ||||||||||||||||
AUSTRIA | ||||||||||||||||
49,422 | Wienerberger AG. | $ | 1,124,309 | 1.1 | % | |||||||||||
|
| |||||||||||||||
1,124,309 | 1.1 | |||||||||||||||
|
| |||||||||||||||
CANADA | 419,192 | 0.4 | ||||||||||||||
|
| |||||||||||||||
CHINA | 570,859 | 0.6 | ||||||||||||||
|
| |||||||||||||||
DENMARK | ||||||||||||||||
30,680 | DSV AS | 1,884,492 | 1.8 | |||||||||||||
13,130 | Novo Nordisk AS | 564,160 | 0.6 | |||||||||||||
|
| |||||||||||||||
2,448,652 | 2.4 | |||||||||||||||
|
| |||||||||||||||
FRANCE | ||||||||||||||||
132,987 | Accor S.A. | 6,238,309 | 6.0 | |||||||||||||
62,613 | *,g | ALD S.A. | 983,309 | 1.0 | ||||||||||||
63,492 | Compagnie de Saint-Gobain | 3,390,792 | 3.3 | |||||||||||||
5,925 | Essilor International S.A. | 753,735 | 0.7 | |||||||||||||
9,367 | Kering | 3,189,573 | 3.1 | |||||||||||||
19,730 | Nexity | 1,145,111 | 1.1 | |||||||||||||
60,590 | Schneider Electric S.A. | 4,656,309 | 4.5 | |||||||||||||
72,799 | Societe Generale | 3,925,732 | 3.8 | |||||||||||||
39,828 | Vinci S.A. | 3,397,387 | 3.3 | |||||||||||||
Other | 153,488 | 0.2 | ||||||||||||||
|
| |||||||||||||||
27,833,745 | 27.0 | |||||||||||||||
|
| |||||||||||||||
GERMANY | ||||||||||||||||
21,766 | Henkel KGaA (Preference) | 3,001,394 | 2.9 | |||||||||||||
46,692 | Lanxess AG. | 3,541,132 | 3.4 | |||||||||||||
30,109 | Linde AG. | 5,731,337 | 5.6 | |||||||||||||
55,977 | ThyssenKrupp AG. | 1,595,342 | 1.6 | |||||||||||||
Other | 536,684 | 0.5 | ||||||||||||||
|
| |||||||||||||||
14,405,889 | 14.0 | |||||||||||||||
|
| |||||||||||||||
HONG KONG | ||||||||||||||||
46,085 | Melco Crown Entertainment Ltd (ADR) | 1,034,608 | 1.0 | |||||||||||||
|
| |||||||||||||||
1,034,608 | 1.0 | |||||||||||||||
|
| |||||||||||||||
INDIA | ||||||||||||||||
83,962 | Asian Paints Ltd | 1,430,993 | 1.4 | |||||||||||||
306,007 | * | Crompton Greaves Consumer Electricals Ltd | 1,071,478 | 1.0 | ||||||||||||
4,087 | * | Eicher Motors Ltd | 1,708,352 | 1.6 | ||||||||||||
139,937 | * | Havells India Ltd | 995,603 | 1.0 | ||||||||||||
101,302 | HDFC Bank Ltd | 2,587,715 | 2.5 | |||||||||||||
87,652 | Housing Development Finance Corp | 2,189,021 | 2.1 | |||||||||||||
89,345 | * | IndusInd Bank Ltd | 2,042,690 | 2.0 | ||||||||||||
127,163 | *,g | RBL Bank Ltd | 998,012 | 1.0 | ||||||||||||
|
| |||||||||||||||
13,023,864 | 12.6 | |||||||||||||||
|
|
68 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
International Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
ITALY | ||||||||||||||||
451,033 | Banca Intesa S.p.A. | $ | 1,434,650 | 1.4 | % | |||||||||||
217,731 | Mediobanca S.p.A. | 2,154,020 | 2.1 | |||||||||||||
53,665 | Moncler S.p.A | 1,258,901 | 1.2 | |||||||||||||
214,610 | * | UniCredit S.p.A | 4,019,910 | 3.9 | ||||||||||||
|
| |||||||||||||||
8,867,481 | 8.6 | |||||||||||||||
|
| |||||||||||||||
JAPAN | ||||||||||||||||
158,400 | *,e | Aiful Corp | 579,303 | 0.6 | ||||||||||||
224,065 | Hitachi Ltd | 1,381,516 | 1.3 | |||||||||||||
499,242 | * | Ishikawajima-Harima Heavy Industries Co Ltd | 1,706,100 | 1.6 | ||||||||||||
69,227 | Komatsu Ltd | 1,776,879 | 1.7 | |||||||||||||
28,924 | Konami Corp | 1,610,074 | 1.5 | |||||||||||||
131,704 | Mitsubishi UFJ Financial Group, Inc | 888,349 | 0.9 | |||||||||||||
30,299 | Olympus Corp | 1,110,106 | 1.1 | |||||||||||||
29,070 | Seven & I Holdings Co Ltd | 1,199,557 | 1.2 | |||||||||||||
91,952 | Sony Corp | 3,507,394 | 3.4 | |||||||||||||
Other | 1,020,688 | 1.0 | ||||||||||||||
|
| |||||||||||||||
14,779,966 | 14.3 | |||||||||||||||
|
| |||||||||||||||
NETHERLANDS | ||||||||||||||||
14,640 | Heineken NV | 1,423,515 | 1.4 | |||||||||||||
|
| |||||||||||||||
1,423,515 | 1.4 | |||||||||||||||
|
| |||||||||||||||
SWEDEN | ||||||||||||||||
63,631 | Electrolux AB (Series B) | 2,086,539 | 2.0 | |||||||||||||
|
| |||||||||||||||
2,086,539 | 2.0 | |||||||||||||||
|
| |||||||||||||||
SWITZERLAND | ||||||||||||||||
1,373 | Geberit AG. | 641,136 | 0.6 | |||||||||||||
353,615 | Glencore Xstrata plc | 1,325,075 | 1.3 | |||||||||||||
21,741 | Swatch Group AG. (Registered) | 1,588,233 | 1.5 | |||||||||||||
Other | 475,493 | 0.5 | ||||||||||||||
|
| |||||||||||||||
4,029,937 | 3.9 | |||||||||||||||
|
| |||||||||||||||
TAIWAN | ||||||||||||||||
828,605 | Advanced Semiconductor Engineering, Inc | 1,062,064 | 1.0 | |||||||||||||
|
| |||||||||||||||
1,062,064 | 1.0 | |||||||||||||||
|
| |||||||||||||||
UNITED KINGDOM | ||||||||||||||||
384,445 | CNH Industrial NV | 4,359,892 | 4.2 | |||||||||||||
37,746 | Diageo plc | 1,115,460 | 1.1 | |||||||||||||
Other | 47,349 | 0.0 | ||||||||||||||
|
| |||||||||||||||
5,522,701 | 5.3 | |||||||||||||||
|
| |||||||||||||||
UNITED STATES | ||||||||||||||||
27,984 | WisdomTree Japan Hedged Equity Fund | 1,455,168 | 1.4 | |||||||||||||
|
| |||||||||||||||
1,455,168 | 1.4 | |||||||||||||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 69 |
Summary portfolio of investments (unaudited) | concluded |
International Equity Fund § June 30, 2017
Shares | Company | Value | % of net assets | |||||||||||||
URUGUAY | ||||||||||||||||
139,351 | * | Arcos Dorados Holdings, Inc | $ | 1,038,165 | 1.0 | % | ||||||||||
|
| |||||||||||||||
1,038,165 | 1.0 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS | (Cost $87,342,754) | 101,126,654 | 98.0 | |||||||||||||
|
| |||||||||||||||
Principal |
| Issuer | ||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$ 950,000 | Federal Home Loan Bank (FHLB) | |||||||||||||||
0.650%, 07/03/17 | 950,000 | 0.9 | ||||||||||||||
|
| |||||||||||||||
950,000 | 0.9 | |||||||||||||||
|
| |||||||||||||||
Shares |
| Company | ||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||
1,056,881 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 1,056,881 | 1.0 | ||||||||||||
|
| |||||||||||||||
1,056,881 | 1.0 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $2,006,847) | 2,006,881 | 1.9 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $89,349,601) | 103,133,535 | 99.9 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | 106,112 | 0.1 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 103,239,647 | 100.0 | % | ||||||||||||
|
|
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $999,609. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/17, the aggregate value of these securities, including those in “Other,” was $1,981,321 or 1.9% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Fund uses more specific categories in following its investment limitations on investment concentrations.
70 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary of market values by sector (unaudited) |
International Equity Fund § June 30, 2017
Sector | Value | % of net assets | ||||||
INDUSTRIALS | $ | 26,512,428 | 25.7 | % | ||||
FINANCIALS | 23,448,747 | 22.7 | ||||||
CONSUMER DISCRETIONARY | 21,013,199 | 20.4 | ||||||
MATERIALS | 14,795,536 | 14.3 | ||||||
CONSUMER STAPLES | 6,739,926 | 6.5 | ||||||
INFORMATION TECHNOLOGY | 4,624,513 | 4.5 | ||||||
HEALTH CARE | 2,428,002 | 2.4 | ||||||
REAL ESTATE | 1,145,111 | 1.1 | ||||||
ENERGY | 419,192 | 0.4 | ||||||
SHORT-TERM INVESTMENTS | 2,006,881 | 1.9 | ||||||
OTHER ASSETS & LIABILITIES, NET | 106,112 | 0.1 | ||||||
|
| |||||||
NET ASSETS | $ | 103,239,647 | 100.0 | % | ||||
|
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 71 |
Summary portfolio of investments (unaudited) |
Bond Fund § June 30, 2017
Principal | Issuer | Value | % of net assets | |||||||||||||
BANK LOAN OBLIGATIONS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | $ | 49,366 | 0.0 | % | ||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | 12,880 | 0.0 | ||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 97,548 | 0.1 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 337,744 | 0.3 | ||||||||||||||
|
| |||||||||||||||
ENERGY | 15,825 | 0.0 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO | 29,707 | 0.0 | ||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | 150,173 | 0.1 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | 64,656 | 0.0 | ||||||||||||||
|
| |||||||||||||||
MEDIA | 147,455 | 0.1 | ||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 49,441 | 0.0 | ||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 72,429 | 0.0 | ||||||||||||||
|
| |||||||||||||||
RETAILING | 24,408 | 0.0 | ||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | 65,295 | 0.0 | ||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | 153,446 | 0.1 | ||||||||||||||
|
| |||||||||||||||
TOTAL BANK LOAN OBLIGATIONS | (Cost $1,263,358) | 1,270,373 | 0.7 | |||||||||||||
|
| |||||||||||||||
BONDS | ||||||||||||||||
CORPORATE BONDS | ||||||||||||||||
AUTOMOBILES & COMPONENTS | 1,448,677 | 0.8 | ||||||||||||||
|
| |||||||||||||||
BANKS | ||||||||||||||||
$ 750,000 | Citigroup, Inc | 3.200%, 10/21/26 | 729,469 | 0.4 | ||||||||||||
Other | 12,004,609 | 6.4 | ||||||||||||||
|
| |||||||||||||||
12,734,078 | 6.8 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS | 3,461,716 | 1.8 | ||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES | 1,482,853 | 0.7 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL | 519,777 | 0.3 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES | 352,780 | 0.2 | ||||||||||||||
|
| |||||||||||||||
DIVERSIFIED FINANCIALS | ||||||||||||||||
750,000 | Ford Motor Credit Co LLC | 2.597%, 11/04/19 | 755,020 | 0.4 | ||||||||||||
750,000 | Wells Fargo & Co | 2.100%, 07/26/21 | 739,988 | 0.4 | ||||||||||||
Other | 7,870,377 | 4.2 | ||||||||||||||
|
| |||||||||||||||
9,365,385 | 5.0 | |||||||||||||||
|
| |||||||||||||||
ENERGY | 5,518,799 | 2.9 | ||||||||||||||
|
| |||||||||||||||
FOOD & STAPLES RETAILING | 2,178,219 | 1.1 | ||||||||||||||
|
|
72 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | continued |
Bond Fund § June 30, 2017
Principal | Issuer | Value | % of net assets | |||||||||||||
FOOD, BEVERAGE & TOBACCO | $ | 1,933,716 | 1.0 | % | ||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES | 1,838,899 | 1.0 | ||||||||||||||
|
| |||||||||||||||
INSURANCE | 3,204,338 | 1.7 | ||||||||||||||
|
| |||||||||||||||
MATERIALS | 3,792,188 | 2.1 | ||||||||||||||
|
| |||||||||||||||
MEDIA | 3,470,205 | 1.8 | ||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 4,617,532 | 2.5 | ||||||||||||||
|
| |||||||||||||||
REAL ESTATE | 5,221,665 | 2.8 | ||||||||||||||
|
| |||||||||||||||
RETAILING | 2,604,133 | 1.4 | ||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 629,198 | 0.3 | ||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES | 1,305,393 | 0.7 | ||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT | 1,948,491 | 1.1 | ||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES | ||||||||||||||||
$ 675,000 | Verizon Communications, Inc | 3.450%, 03/15/21 | 698,792 | 0.4 | ||||||||||||
Other | 2,898,603 | 1.5 | ||||||||||||||
|
| |||||||||||||||
3,597,395 | 1.9 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION | 1,909,753 | 1.0 | ||||||||||||||
|
| |||||||||||||||
UTILITIES | 10,181,664 | 5.4 | ||||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS | (Cost $81,947,447) | 83,316,854 | 44.3 | |||||||||||||
|
| |||||||||||||||
GOVERNMENT BONDS | ||||||||||||||||
AGENCY SECURITIES | 405,362 | 0.2 | ||||||||||||||
|
| |||||||||||||||
FOREIGN GOVERNMENT BONDS | 7,562,116 | 4.0 | ||||||||||||||
|
| |||||||||||||||
MORTGAGE BACKED | ||||||||||||||||
1,546,303 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 3.500%, 10/01/45 | 1,597,986 | 0.8 | ||||||||||||
730,541 | FGLMC | 4.000%, 12/01/45 | 776,079 | 0.4 | ||||||||||||
1,014,860 | Federal National Mortgage Association (FNMA) | 3.500%, 07/01/32 | 1,058,005 | 0.6 | ||||||||||||
1,000,000 | h | FNMA | 2.500%, 08/25/32 | 1,003,849 | 0.5 | |||||||||||
1,000,000 | h | FNMA | 3.000%, 08/25/32 | 1,025,156 | 0.5 | |||||||||||
778,064 | FNMA | 5.500%, 07/01/40 | 871,963 | 0.5 | ||||||||||||
789,658 | FNMA | 4.500%, 11/01/44 | 860,139 | 0.5 | ||||||||||||
819,431 | FNMA | 4.000%, 12/01/44 | 872,387 | 0.5 | ||||||||||||
2,745,334 | FNMA | 4.000%, 07/01/45 | 2,915,103 | 1.5 | ||||||||||||
939,108 | FNMA | 3.500%, 01/01/46 | 969,640 | 0.5 | ||||||||||||
629,009 | FNMA | 4.000%, 01/01/46 | 667,513 | 0.4 | ||||||||||||
1,643,395 | FNMA | 3.000%, 11/01/46 | 1,641,986 | 0.9 | ||||||||||||
1,789,014 | FNMA | 3.000%, 12/01/46 | 1,787,480 | 1.0 | ||||||||||||
1,000,912 | FNMA | 3.500%, 01/01/47 | 1,028,335 | 0.5 | ||||||||||||
1,000,000 | h | FNMA | 3.500%, 08/25/47 | 1,024,970 | 0.5 | |||||||||||
5,427,476 | FNMA | 2.500%–7.500%, 08/01/21–07/25/47 | 5,501,733 | 2.9 | ||||||||||||
1,993,772 | Government National Mortgage Association (GNMA) | 3.000%, 05/20/47 | 2,015,821 | 1.1 |
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 73 |
Summary portfolio of investments (unaudited) | continued |
Bond Fund § June 30, 2017
Principal | Issuer | Value | % of net assets | |||||||||||||
MORTGAGE BACKED—continued | ||||||||||||||||
$ 997,845 | GNMA | 3.500%, 05/20/47 | $ | 1,034,404 | 0.5 | % | ||||||||||
1,000,000 | GNMA | 3.500%, 06/20/47 | 1,036,638 | 0.6 | ||||||||||||
Other | 2,419,074 | 1.3 | ||||||||||||||
|
| |||||||||||||||
30,108,261 | 16.0 | |||||||||||||||
|
| |||||||||||||||
U.S. TREASURY SECURITIES | ||||||||||||||||
1,000,000 | United States Treasury Bond | 3.125%, 11/15/41 | 1,060,156 | 0.6 | ||||||||||||
2,935,700 | United States Treasury Bond | 3.000%, 11/15/45 | 3,028,703 | 1.6 | ||||||||||||
1,865,000 | United States Treasury Bond | 2.875%, 11/15/46 | 1,878,478 | 1.0 | ||||||||||||
1,870,000 | United States Treasury Bond | 3.000%, 02/15/47 | 1,932,381 | 1.0 | ||||||||||||
3,500,000 | United States Treasury Note | 0.875%, 05/31/18 | 3,487,694 | 1.9 | ||||||||||||
1,750,000 | United States Treasury Note | 0.625%, 06/30/18 | 1,738,926 | 0.9 | ||||||||||||
1,850,000 | United States Treasury Note | 0.750%, 08/31/18 | 1,837,786 | 1.0 | ||||||||||||
1,000,000 | United States Treasury Note | 0.750%, 09/30/18 | 993,086 | 0.5 | ||||||||||||
900,000 | United States Treasury Note | 1.125%, 01/31/19 | 896,765 | 0.5 | ||||||||||||
1,045,000 | United States Treasury Note | 0.875%, 09/15/19 | 1,032,713 | 0.6 | ||||||||||||
785,000 | United States Treasury Note | 1.625%, 03/15/20 | 787,423 | 0.4 | ||||||||||||
2,270,000 | United States Treasury Note | 1.500%, 05/15/20 | 2,267,340 | 1.2 | ||||||||||||
2,158,000 | United States Treasury Note | 1.375%, 05/31/21 | 2,127,991 | 1.1 | ||||||||||||
1,850,000 | United States Treasury Note | 1.750%, 05/31/22 | 1,838,943 | 1.0 | ||||||||||||
1,000,000 | United States Treasury Note | 1.625%, 05/31/23 | 977,812 | 0.5 | ||||||||||||
2,405,000 | United States Treasury Note | 2.250%, 12/31/23 | 2,428,393 | 1.3 | ||||||||||||
3,605,000 | United States Treasury Note | 2.125%, 03/31/24 | 3,606,691 | 1.9 | ||||||||||||
1,640,000 | United States Treasury Note | 2.375%, 05/15/27 | 1,650,570 | 0.9 | ||||||||||||
2,555,000 | United States Treasury Note | 0.750%–2.000%, 02/28/18–04/30/24 | 2,528,856 | 1.3 | ||||||||||||
Other | 683,809 | 0.4 | ||||||||||||||
|
| |||||||||||||||
36,784,516 | 19.6 | |||||||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT BONDS | (Cost $74,605,516) | 74,860,255 | 39.8 | |||||||||||||
|
| |||||||||||||||
STRUCTURED ASSETS | ||||||||||||||||
ASSET BACKED | ||||||||||||||||
1,000,000 | g | Capital Automotive REIT | 3.660%, 10/15/44 | 1,003,281 | 0.5 | |||||||||||
Series 2014-1A (Class A) | ||||||||||||||||
1,635,625 | g,h | Domino’s Pizza Master Issuer LLC | 3.082%—4.474%,10/25/45–07/25/47 | 1,655,135 | 1.0 | |||||||||||
744,375 | g | Taco Bell Funding LLC | 3.832%, 05/25/46 | 760,982 | 0.4 | |||||||||||
Series 2016-1A (Class A2I) | ||||||||||||||||
Other | 2,771,276 | 1.4 | ||||||||||||||
|
| |||||||||||||||
6,190,674 | 3.3 | |||||||||||||||
|
| |||||||||||||||
OTHER MORTGAGE BACKED | ||||||||||||||||
1,175,000 | i | Bear Stearns Commercial Mortgage Securities Trust | 6.136%, 09/11/42 | 1,179,561 | 0.6 | |||||||||||
Series 2007-T28 (Class AJ) | ||||||||||||||||
1,500,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771%, 05/15/46 | 1,535,625 | 0.8 | |||||||||||
Series 2007-C3 (Class AJ) | ||||||||||||||||
1,190,601 | i | Greenwich Capital Commercial Funding Corp | 5.867%, 12/10/49 | 1,193,810 | 0.7 | |||||||||||
Series 2007-GG11 (Class AM) | ||||||||||||||||
796,010 | i | LB-UBS Commercial Mortgage Trust | 6.114%, 07/15/40 | 797,038 | 0.4 | |||||||||||
Series 2007-C6 (Class AM) |
74 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Bond Fund § June 30, 2017
Principal | Issuer | Value | % of net assets | |||||||||||||
OTHER MORTGAGE BACKED—continued | ||||||||||||||||
$ 800,000 | i | Morgan Stanley Capital I Trust | 5.907%, 06/11/49 | $ | 801,694 | 0.4 | % | |||||||||
Series 2007-IQ15 (Class AJ) | ||||||||||||||||
980,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.818%, 05/15/46 | 985,522 | 0.5 | |||||||||||
Series 2007-C34 (Class AM) | ||||||||||||||||
1,200,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.271%, 05/15/46 | 1,200,861 | 0.7 | |||||||||||
Series 2007-C34 (Class AJ) | ||||||||||||||||
Other | 5,078,664 | 2.7 | ||||||||||||||
|
| |||||||||||||||
12,772,775 | 6.8 | |||||||||||||||
|
| |||||||||||||||
TOTAL STRUCTURED ASSETS | (Cost $18,893,542) | 18,963,449 | 10.1 | |||||||||||||
|
| |||||||||||||||
TOTAL BONDS | (Cost $175,446,505) | 177,140,558 | 94.2 | |||||||||||||
|
| |||||||||||||||
PREFERRED STOCKS | ||||||||||||||||
BANKS | 129,514 | 0.1 | ||||||||||||||
|
| |||||||||||||||
TOTAL PREFERRED STOCKS | (Cost $569,550) | 129,514 | 0.1 | |||||||||||||
|
| |||||||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
10,500,000 | Federal Home Loan Bank (FHLB) | 0.400%, 07/03/17 | 10,500,000 | 5.6 | ||||||||||||
|
| |||||||||||||||
10,500,000 | 5.6 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | (Cost $10,499,767) | 10,500,000 | 5.6 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $187,779,180) | 189,040,445 | 100.6 | |||||||||||||
OTHER ASSETS & LIABILITIES, NET | (1,059,094 | ) | (0.6 | ) | ||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 187,981,351 | 100.0 | % | ||||||||||||
|
|
Abbreviation(s):
REIT | Real Estate Investment Trust |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/17, the aggregate value of these securities was $26,922,298 or 14.3% of net assets. |
h | All or a portion of these securities were purchased on a delayed delivery basis. |
i | Floating or variable rate 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 § 2017 Semiannual Report | 75 |
Summary portfolio of investments (unaudited) |
Money Market Fund § June 30, 2017
Principal | Issuer | Value | % net assets | |||||||||||||
SHORT–TERM INVESTMENTS | ||||||||||||||||
GOVERNMENT AGENCY DEBT | ||||||||||||||||
$ 1,000,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.980%–1.000%, 07/03/17–07/18/17 | $ | 999,737 | 1.3 | % | ||||||||||
1,545,000 | FAMC | 0.640%–1.035%, 07/27/17 | 1,543,983 | 2.0 | ||||||||||||
630,000 | FAMC | 0.860%, 08/01/17 | 629,533 | 0.8 | ||||||||||||
1,000,000 | FAMC | 1.030%, 09/13/17 | 997,883 | 1.3 | ||||||||||||
535,000 | FAMC | 1.030%, 09/20/17 | 533,760 | 0.7 | ||||||||||||
1,000,000 | Federal Farm Credit Bank (FFCB) | 0.580%, 07/06/17 | 999,919 | 1.3 | ||||||||||||
930,000 | FFCB | 0.960%, 07/18/17 | 929,578 | 1.2 | ||||||||||||
1,000,000 | FFCB | 0.850%, 08/07/17 | 999,126 | 1.3 | ||||||||||||
600,000 | FFCB | 0.920%–0.990%, 09/08/17 | 598,875 | 0.8 | ||||||||||||
1,000,000 | FFCB | 1.050%, 10/27/17 | 996,558 | 1.3 | ||||||||||||
4,490,000 | FFCB | 0.750%-1.070%, 07/24/17–11/03/17 | 4,482,615 | 5.9 | ||||||||||||
965,000 | Federal Home Loan Bank (FHLB) | 0.815%–0.850%, 07/07/17 | 964,865 | 1.3 | ||||||||||||
1,100,000 | FHLB | 0.830%–0.870%, 07/14/17 | 1,099,669 | 1.5 | ||||||||||||
650,000 | FHLB | 0.800%–0.850%, 07/17/17 | 649,766 | 0.9 | ||||||||||||
1,700,000 | FHLB | 0.853%–0.930%, 07/19/17 | 1,699,229 | 2.2 | ||||||||||||
1,000,000 | FHLB | 0.854%, 07/21/17 | 999,526 | 1.3 | ||||||||||||
605,000 | FHLB | 0.830%, 07/24/17 | 604,679 | 0.8 | ||||||||||||
768,000 | FHLB | 0.650%, 07/25/17 | 767,667 | 1.0 | ||||||||||||
1,000,000 | FHLB | 0.640%–0.900%, 07/26/17 | 999,465 | 1.3 | ||||||||||||
700,000 | FHLB | 1.030%, 08/04/17 | 699,319 | 0.9 | ||||||||||||
781,000 | FHLB | 0.930%, 08/14/17 | 780,112 | 1.0 | ||||||||||||
1,000,000 | FHLB | 0.955%, 08/23/17 | 998,594 | 1.3 | ||||||||||||
1,015,000 | FHLB | 0.900%–1.030%, 08/25/17 | 1,013,442 | 1.3 | ||||||||||||
1,000,000 | FHLB | 1.000%, 09/08/17 | 998,083 | 1.3 | ||||||||||||
565,000 | FHLB | 1.040%, 09/27/17 | 563,564 | 0.8 | ||||||||||||
6,382,000 | FHLB | 0.650%–1.080%, 07/05/17–11/22/17 | 6,370,272 | 8.4 | ||||||||||||
712,000 | Federal Home Loan Mortgage Corp (FHLMC) | 0.820%–0.920%, 07/17/17 | 711,718 | 1.0 | ||||||||||||
1,000,000 | FHLMC | 1.040%, 09/18/17 | 997,718 | 1.3 | ||||||||||||
765,000 | FHLMC | 1.015%, 10/17/17 | 762,671 | 1.0 | ||||||||||||
5,028,000 | FHLMC | 0.770%–1.090%, 07/03/17–11/10/17 | 5,018,651 | 6.6 | ||||||||||||
1,000,000 | Federal National Mortgage Association (FNMA) | 0.770%, 07/11/17 | 999,786 | 1.3 | ||||||||||||
1,372,000 | FNMA | 0.595%–0.810%, 07/12/17 | 1,371,685 | 1.8 | ||||||||||||
638,000 | FNMA | 1.015%, 09/01/17 | 636,885 | 0.9 | ||||||||||||
1,000,000 | FNMA | 0.990%, 09/06/17 | 998,157 | 1.3 | ||||||||||||
2,631,000 | FNMA | 0.770%–0.970%, 07/05/17–09/11/17 | 2,628,954 | 3.5 | ||||||||||||
1,000,000 | FNMA | 1.060%, 10/06/17 | 997,144 | 1.3 | ||||||||||||
|
| |||||||||||||||
48,043,188 | 63.2 | |||||||||||||||
|
| |||||||||||||||
TREASURY DEBT | ||||||||||||||||
689,000 | United States Treasury Bill | 0.730%–0.800%, 07/06/17 | 688,927 | 0.9 | ||||||||||||
1,230,000 | United States Treasury Bill | 0.579%–0.774%, 07/13/17 | 1,229,729 | 1.6 | ||||||||||||
756,000 | United States Treasury Bill | 0.605%–0.780%, 07/20/17 | 755,708 | 1.0 | ||||||||||||
750,000 | United States Treasury Bill | 0.780%–0.782%, 07/27/17 | 749,577 | 1.0 | ||||||||||||
1,206,000 | United States Treasury Bill | 0.846%–0.891%, 08/03/17 | 1,205,031 | 1.6 | ||||||||||||
1,121,000 | United States Treasury Bill | 0.627%–0.870%, 08/10/17 | 1,120,083 | 1.5 | ||||||||||||
1,214,000 | United States Treasury Bill | 0.650%–0.960%, 08/17/17 | 1,212,744 | 1.6 | ||||||||||||
1,505,000 | United States Treasury Bill | 0.665%–0.955%, 08/24/17 | 1,503,138 | 2.0 | ||||||||||||
76 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Summary portfolio of investments (unaudited) | concluded |
Money Market Fund § June 30, 2017
Principal | Issuer | Value | % net assets | |||||||||||||
TREASURY DEBT—continued | ||||||||||||||||
$ 691,000 | United States Treasury Bill | 0.803%–0.920%, 08/31/17 | $ | 689,955 | 0.9 | % | ||||||||||
804,000 | United States Treasury Bill | 0.897%–0.924%, 09/07/17 | 802,634 | 1.1 | ||||||||||||
800,000 | United States Treasury Bill | 0.916%–0.990%, 09/14/17 | 798,427 | 1.0 | ||||||||||||
650,000 | United States Treasury Bill | 0.910%–0.915%, 09/21/17 | 648,647 | 0.8 | ||||||||||||
1,500,000 | United States Treasury Note | 0.875%, 08/15/17 | 1,499,995 | 2.0 | ||||||||||||
725,000 | United States Treasury Note | 0.625%, 08/31/17 | 724,933 | 0.9 | ||||||||||||
1,200,000 | United States Treasury Note | 1.000%, 09/15/17 | 1,200,429 | 1.6 | ||||||||||||
2,650,000 | United States Treasury Note | 0.500%–1.000%, 07/31/17–02/15/18 | 2,647,966 | 3.5 | ||||||||||||
|
| |||||||||||||||
17,477,923 | 23.0 | |||||||||||||||
|
| |||||||||||||||
VARIABLE RATE SECURITIES | ||||||||||||||||
1,550,000 | i | Federal Agricultural Mortgage Corp (FAMC) | 0.940%–1.146%, 09/06/17–08/03/18 | 1,550,000 | 2.0 | |||||||||||
500,000 | i | Federal Farm Credit Bank (FFCB) | 1.270%, 01/22/18 | 500,470 | 0.7 | |||||||||||
500,000 | i | FFCB | 1.106%, 01/25/19 | 500,039 | 0.7 | |||||||||||
3,675,000 | i | FFCB | 0.952%–1.400%, 08/04/17–06/27/19 | 3,674,675 | 4.8 | |||||||||||
500,000 | i | Federal Home Loan Bank (FHLB) | 0.958%, 01/18/19 | 500,076 | 0.7 | |||||||||||
500,000 | i | FHLB | 1.176%, 02/22/19 | 500,459 | 0.7 | |||||||||||
1,000,000 | i | FHLB | 0.891%–1.036%, 02/23/18–03/06/19 | 999,715 | 1.3 | |||||||||||
1,475,000 | i | Federal National Mortgage Association (FNMA) | 1.086%–1.232%, 07/20/17–10/05/17 | 1,474,812 | 1.9 | |||||||||||
Other | 499,999 | 0.6 | ||||||||||||||
|
| |||||||||||||||
10,200,245 | 13.4 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT–TERM INVESTMENTS | (Cost $75,721,356) | 75,721,356 | 99.6 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $75,721,356) | 75,721,356 | 99.6 | |||||||||||||
�� | OTHER ASSETS & LIABILITIES, NET | 291,729 | 0.4 | |||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 76,013,085 | 100.0 | % | ||||||||||||
|
|
i | Floating or variable rate 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 § 2017 Semiannual Report | 77 |
Summary portfolio of investments (unaudited) |
Balanced Fund § June 30, 2017
Shares | Security | Value | % of net assets | |||||||||||||
TIAA-CREF LIFE FUNDS—99.4%(a) | ||||||||||||||||
FIXED INCOME—49.6% | ||||||||||||||||
1,067,533 | TIAA-CREF Life Bond Fund | $ | 27,083,306 | 49.6 | % | |||||||||||
|
| |||||||||||||||
TOTAL FIXED INCOME | 27,083,306 | 49.6 | ||||||||||||||
|
| |||||||||||||||
INTERNATIONAL EQUITY—9.9% | ||||||||||||||||
256,708 | TIAA-CREF Life International Equity Fund | 5,416,533 | 9.9 | |||||||||||||
|
| |||||||||||||||
TOTAL INTERNATIONAL EQUITY | 5,416,533 | 9.9 | ||||||||||||||
|
| |||||||||||||||
U.S. EQUITY—39.9% | ||||||||||||||||
147,997 | TIAA-CREF Life Growth Equity Fund | 4,787,690 | 8.8 | |||||||||||||
134,957 | TIAA-CREF Life Growth & Income Fund | 5,438,768 | 9.9 | |||||||||||||
137,315 | TIAA-CREF Life Large-Cap Value Fund | 5,010,634 | 9.2 | |||||||||||||
32,844 | TIAA-CREF Life Real Estate Securities Fund | 1,087,808 | 2.0 | |||||||||||||
29,715 | TIAA-CREF Life Small-Cap Equity Fund | 1,090,819 | 2.0 | |||||||||||||
81,660 | TIAA-CREF Life Stock Index Fund | 4,353,305 | 8.0 | |||||||||||||
|
| |||||||||||||||
TOTAL U.S. EQUITY | 21,769,024 | 39.9 | ||||||||||||||
|
| |||||||||||||||
TOTAL TIAA-CREF LIFE FUNDS | (Cost $50,817,095) | 54,268,863 | 99.4 | |||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO | (Cost $50,817,095) | 54,268,863 | 99.4 | |||||||||||||
OTHER ASSETS AND LIABILITIES, NET | 311,439 | 0.6 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS | $ | 54,580,302 | 100.0 | % | ||||||||||||
|
|
(a) | The Fund invests its assets in the affiliated TIAA-CREF Life Funds. |
78 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
[This page intentionally left blank.]
TIAA-CREF Life Funds § 2017 Semiannual Report | 79 |
Statements of assets and liabilities (unaudited) |
TIAA-CREF Life Funds § June 30, 2017
Growth Equity Fund | ||||||||
| ||||||||
ASSETS | ||||||||
Portfolio investments, at value*† | $ | 86,530,219 | ||||||
Cash | 50,264 | |||||||
Cash—foreign^ | — | |||||||
Receivable from securities transactions | 1,322,861 | |||||||
Receivable from Fund shares sold | 301,851 | |||||||
Dividends and interest receivable | 21,486 | |||||||
Due from affiliates | 449 | |||||||
Unrealized appreciation on swap contracts | — | |||||||
Other | 6,576 | |||||||
| ||||||||
Total assets | 88,233,706 | |||||||
| ||||||||
LIABILITIES | ||||||||
Management fees payable | 3,230 | |||||||
Due to affiliates | 2,487 | |||||||
Payable for collateral for securities loaned | — | |||||||
Payable for securities transactions | 1,164,511 | |||||||
Payable for Fund shares redeemed | 65,398 | |||||||
Written optionsà | 5,030 | |||||||
Payable for trustee compensation | 6,262 | |||||||
Accrued expenses and other payables | 26,637 | |||||||
| ||||||||
Total liabilities | 1,273,555 | |||||||
| ||||||||
NET ASSETS | $ | 86,960,151 | ||||||
| ||||||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in-capital | $ | 55,902,800 | ||||||
Undistributed net investment income (loss) | 239,831 | |||||||
Accumulated net realized gain (loss) on total investments | 2,558,874 | |||||||
Net unrealized appreciation (depreciation) on total investments | 28,258,646 | |||||||
| ||||||||
NET ASSETS | $ | 86,960,151 | ||||||
| ||||||||
Outstanding shares of beneficial interest, | 2,687,727 | |||||||
| ||||||||
Net asset value per share | $ | 32.35 | ||||||
| ||||||||
* Includes securities loaned of | $ | — | ||||||
† Portfolio investments, cost | $ | 58,273,148 | ||||||
^ Foreign cash, cost | $ | — | ||||||
à Written options premiums | $ | 6,610 |
80 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Growth & Fund | Large-Cap Fund | Real Estate Securities Fund | Small-Cap Fund | Social Choice Fund | ||||||||||||||||
| ||||||||||||||||||||
$ | 134,960,776 | $ | 74,515,273 | $ | 74,832,718 | $ | 54,734,025 | $ | 56,118,327 | |||||||||||
4,380 | 7,098 | 22,652 | 37,961 | 79,951 | ||||||||||||||||
— | 4,260 | — | — | — | ||||||||||||||||
743,117 | 566,442 | — | 2,114,419 | 37 | ||||||||||||||||
21,799 | — | 85,773 | 15,062 | 23,939 | ||||||||||||||||
104,226 | 84,813 | 310,005 | 66,962 | 57,858 | ||||||||||||||||
632 | 663 | 488 | 745 | 519 | ||||||||||||||||
— | — | — | 8,854 | — | ||||||||||||||||
13,388 | 1,923 | 1,670 | 5,574 | 5,336 | ||||||||||||||||
| ||||||||||||||||||||
135,848,318 | 75,180,472 | 75,253,306 | 56,983,602 | 56,285,967 | ||||||||||||||||
| ||||||||||||||||||||
4,984 | 2,730 | 3,105 | 2,051 | 694 | ||||||||||||||||
2,602 | 2,445 | 2,539 | 2,400 | 2,408 | ||||||||||||||||
538,264 | 239,912 | — | 607,074 | — | ||||||||||||||||
639,083 | 781,500 | — | 2,114,986 | — | ||||||||||||||||
288,388 | 85,750 | 61,068 | 62,622 | 31,963 | ||||||||||||||||
139,851 | 82,059 | — | — | — | ||||||||||||||||
10,275 | 7,748 | 8,606 | 5,824 | 5,607 | ||||||||||||||||
32,760 | 30,681 | 28,067 | 24,772 | 23,072 | ||||||||||||||||
| ||||||||||||||||||||
1,656,207 | 1,232,825 | 103,385 | 2,819,729 | 63,744 | ||||||||||||||||
| ||||||||||||||||||||
$ | 134,192,111 | $ | 73,947,647 | $ | 75,149,921 | $ | 54,163,873 | $ | 56,222,223 | |||||||||||
| ||||||||||||||||||||
$ | 90,443,236 | $ | 58,085,459 | $ | 53,412,314 | $ | 40,921,750 | $ | 32,439,288 | |||||||||||
732,291 | 527,014 | 661,423 | 280,245 | 519,681 | ||||||||||||||||
4,811,160 | 1,258,315 | 2,355,100 | 4,175,256 | 2,012,213 | ||||||||||||||||
38,205,424 | 14,076,859 | 18,721,084 | 8,786,622 | 21,251,041 | ||||||||||||||||
| ||||||||||||||||||||
$ | 134,192,111 | $ | 73,947,647 | $ | 75,149,921 | $ | 54,163,873 | $ | 56,222,223 | |||||||||||
| ||||||||||||||||||||
| 3,330,175 | 2,026,789 | 2,269,075 | 1,475,348 | 1,470,117 | |||||||||||||||
| ||||||||||||||||||||
$40.30 | $36.49 | $33.12 | $36.71 | $38.24 | ||||||||||||||||
| ||||||||||||||||||||
$ | 528,514 | $ | 228,319 | $ | — | $ | 582,573 | $ | — | |||||||||||
$ | 96,783,303 | $ | 60,451,036 | $ | 56,111,634 | $ | 45,956,257 | $ | 34,867,286 | |||||||||||
$ | — | $ | 4,274 | $ | — | $ | — | $ | — | |||||||||||
$ | 168,068 | $ | 94,629 | $ | — | $ | — | $ | — |
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 81 |
Statements of assets and liabilities (unaudited) |
TIAA-CREF Life Funds § June 30, 2017
Stock Index Fund | ||||||||
| ||||||||
ASSETS | ||||||||
Portfolio investments, at value*† | $ | 404,854,926 | ||||||
Affiliated investments, at value‡ | — | |||||||
Cash# | 45,990 | |||||||
Cash—foreign^ | — | |||||||
Receivable from securities transactions | 3,566 | |||||||
Receivable for delayed delivery securities | — | |||||||
Receivable from Fund shares sold | 208,299 | |||||||
Dividends and interest receivable | 421,836 | |||||||
Due from affiliates | 625 | |||||||
Receivable for variation margin on open futures contracts | 2,025 | |||||||
Other | 19,917 | |||||||
| ||||||||
Total assets | 405,557,184 | |||||||
| ||||||||
LIABILITIES | ||||||||
Management fees payable | 1,984 | |||||||
Service agreement fees payable | 10,317 | |||||||
Due to affiliates | 3,052 | |||||||
Payable for collateral for securities loaned | 2,965,503 | |||||||
Payable for securities transactions | — | |||||||
Payable for delayed delivery securities | — | |||||||
Payable for Fund shares redeemed | 232,006 | |||||||
Payable for trustee compensation | 21,817 | |||||||
Accrued expenses and other payables | 47,984 | |||||||
| ||||||||
Total liabilities | 3,282,663 | |||||||
| ||||||||
NET ASSETS | $ | 402,274,521 | ||||||
| ||||||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in-capital | $ | 217,046,199 | ||||||
Undistributed net investment income (loss) | 3,704,979 | |||||||
Accumulated net realized gain (loss) on total investments | (8,234,698 | ) | ||||||
Net unrealized appreciation (depreciation) on total investments | 189,758,041 | |||||||
| ||||||||
NET ASSETS | $ | 402,274,521 | ||||||
| ||||||||
Outstanding shares of beneficial | 7,545,601 | |||||||
| ||||||||
Net asset value per share | $ | 53.31 | ||||||
| ||||||||
* Includes securities loaned of | $ | 2,869,437 | ||||||
# Includes cash collateral for mortgage dollar rolls | $ | — | ||||||
† Portfolio investments, cost | $ | 215,071,257 | ||||||
‡ Affiliated investments, cost | $ | — | ||||||
^ Foreign cash, cost | $ | — |
82 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
concluded |
International Equity Fund | Bond Fund | Money Market Fund | Balanced Fund | |||||||||||||
| ||||||||||||||||
$ | 103,133,535 | $ | 189,040,445 | $ | 75,721,356 | $ | — | |||||||||
— | — | — | 54,268,863 | |||||||||||||
28,633 | 966,221 | 842 | 60,177 | |||||||||||||
36,670 | — | — | — | |||||||||||||
2,116,470 | 745,873 | — | 47,024 | |||||||||||||
— | 6,158,412 | — | — | |||||||||||||
38,578 | 49,574 | 307,842 | 279,988 | |||||||||||||
155,309 | 1,163,103 | 25,381 | — | |||||||||||||
677 | 872 | 760 | 537 | |||||||||||||
— | — | — | — | |||||||||||||
14,225 | 12,940 | 1,130 | 1,133 | |||||||||||||
| ||||||||||||||||
105,524,097 | 198,137,440 | 76,057,311 | 54,657,722 | |||||||||||||
| ||||||||||||||||
4,267 | 4,631 | 632 | 447 | |||||||||||||
— | — | — | 5,166 | |||||||||||||
2,513 | 2,986 | 2,499 | 1,587 | |||||||||||||
1,056,881 | — | — | — | |||||||||||||
1,076,560 | 320,864 | — | 52,649 | |||||||||||||
— | 9,718,882 | — | — | |||||||||||||
104,949 | 1,887 | 12,928 | 998 | |||||||||||||
9,278 | 15,937 | 1,675 | 1,058 | |||||||||||||
30,002 | 90,902 | 26,492 | 15,515 | |||||||||||||
| ||||||||||||||||
2,284,450 | 10,156,089 | 44,226 | 77,420 | |||||||||||||
| ||||||||||||||||
$ | 103,239,647 | $ | 187,981,351 | $ | 76,013,085 | $ | 54,580,302 | |||||||||
| ||||||||||||||||
$ | 112,688,197 | $ | 184,835,632 | $ | 76,013,807 | $ | 51,287,109 | |||||||||
2,427,008 | 2,515,765 | (693 | ) | (26,772 | ) | |||||||||||
(25,661,541 | ) | (631,091 | ) | (29 | ) | (131,803 | ) | |||||||||
13,785,983 | 1,261,045 | — | 3,451,768 | |||||||||||||
| ||||||||||||||||
$ | 103,239,647 | $ | 187,981,351 | $ | 76,013,085 | $ | 54,580,302 | |||||||||
| ||||||||||||||||
| 4,893,340 | 7,409,412 | 76,010,522 | 4,940,537 | ||||||||||||
| ||||||||||||||||
$ | 21.10 | $ | 25.37 | $ | 1.00 | $ | 11.05 | |||||||||
| ||||||||||||||||
$ | 999,609 | $ | — | $ | — | $ | — | |||||||||
$ | — | $ | 960,000 | $ | — | $ | — | |||||||||
$ | 89,349,601 | $ | 187,779,180 | $ | 75,721,356 | $ | — | |||||||||
$ | — | $ | — | $ | — | $ | 50,817,095 | |||||||||
$ | 36,782 | $ | — | $ | — | $ | — |
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 83 |
Statements of operations (unaudited) |
TIAA-CREF Life Funds § For the period ended June 30, 2017
Growth Equity Fund | ||||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends* | $ | 437,295 | ||||||
Income from securities lending | 137 | |||||||
Interest | 2,490 | |||||||
Payment from affiliate | 2,784 | |||||||
| ||||||||
Total income | 442,706 | |||||||
| ||||||||
EXPENSES | ||||||||
Management fees | 184,226 | |||||||
Shareholder servicing | 1,441 | |||||||
Professional fees | 24,070 | |||||||
Custody and accounting fees | 12,040 | |||||||
Administrative service fees | 10,557 | |||||||
Shareholder reports | 7,721 | |||||||
Trustee fees and expenses | 763 | |||||||
Other expenses | 3,035 | |||||||
| ||||||||
Total expenses | 243,853 | |||||||
Less: Expenses reimbursed by the investment adviser | (30,589 | ) | ||||||
| ||||||||
Net expenses | 213,264 | |||||||
| ||||||||
Net investment income (loss) | 229,442 | |||||||
| ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||
Realized gain (loss): | ||||||||
Portfolio investments‡ | 1,874,221 | |||||||
Futures contracts | — | |||||||
Swap contracts | — | |||||||
Written options | 700 | |||||||
Foreign currency transactions | (2,036 | ) | ||||||
| ||||||||
Net realized gain (loss) on total investments | 1,872,885 | |||||||
| ||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||
Portfolio investments | 10,645,077 | |||||||
Futures contracts | — | |||||||
Purchased options | (1,420 | ) | ||||||
Swap contracts | — | |||||||
Written options | 1,580 | |||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | (5 | ) | ||||||
| ||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 10,645,232 | |||||||
| ||||||||
Net realized and unrealized gain (loss) on total investments | 12,518,117 | |||||||
| ||||||||
Net increase (decrease) in net assets from operations | $ | 12,747,559 | ||||||
| ||||||||
* Net of foreign withholding taxes of | $ | 665 | ||||||
‡ Includes net realized gain (loss) from securities sold to affiliates of | $ | 25,044 |
84 | 2017 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 | ||||||||||||||||
| ||||||||||||||||||||
$ | 1,040,894 | $ | 699,187 | $ | 853,018 | $ | 366,237 | $ | 498,583 | |||||||||||
6,442 | 2,099 | — | 3,115 | — | ||||||||||||||||
1,163 | 709 | 3,913 | 756 | 299 | ||||||||||||||||
2,786 | — | — | — | — | ||||||||||||||||
| ||||||||||||||||||||
1,051,285 | 701,995 | 856,931 | 370,108 | 498,882 | ||||||||||||||||
| ||||||||||||||||||||
297,118 | 167,302 | 183,520 | 125,332 | 40,881 | ||||||||||||||||
1,678 | 1,430 | 1,432 | 1,253 | 1,616 | ||||||||||||||||
27,557 | 23,782 | 26,558 | 23,348 | 19,418 | ||||||||||||||||
27,146 | 17,890 | 7,090 | 22,499 | 5,577 | ||||||||||||||||
11,000 | 10,531 | 10,577 | 10,342 | 10,348 | ||||||||||||||||
9,720 | 6,238 | 5,972 | 5,565 | 6,098 | ||||||||||||||||
1,234 | 659 | 748 | 480 | 488 | ||||||||||||||||
11,613 | 11,770 | 12,802 | 5,704 | 7,961 | ||||||||||||||||
| ||||||||||||||||||||
387,066 | 239,602 | 248,699 | 194,523 | 92,387 | ||||||||||||||||
(43,468 | ) | (35,463 | ) | (27,671 | ) | (50,087 | ) | (32,283 | ) | |||||||||||
| ||||||||||||||||||||
343,598 | 204,139 | 221,028 | 144,436 | 60,104 | ||||||||||||||||
| ||||||||||||||||||||
707,687 | 497,856 | 635,903 | 225,672 | 438,778 | ||||||||||||||||
| ||||||||||||||||||||
4,602,098 | 2,871,132 | 868,914 | 3,356,622 | 1,907,737 | ||||||||||||||||
— | — | — | (2,253 | ) | (4,545 | ) | ||||||||||||||
(3,038 | ) | — | — | (29,005 | ) | — | ||||||||||||||
129,207 | — | — | — | — | ||||||||||||||||
(1,183 | ) | (1,244 | ) | — | — | — | ||||||||||||||
| ||||||||||||||||||||
4,727,084 | 2,869,888 | 868,914 | 3,325,364 | 1,903,192 | ||||||||||||||||
| ||||||||||||||||||||
7,742,353 | (601,499 | ) | 3,269,584 | (1,148,167 | ) | 2,398,196 | ||||||||||||||
— | — | — | 2,613 | — | ||||||||||||||||
(1,650 | ) | (23,342 | ) | — | — | — | ||||||||||||||
— | — | — | 8,854 | — | ||||||||||||||||
7,230 | 12,570 | — | — | — | ||||||||||||||||
| 568 | 50 | — | — | — | |||||||||||||||
| ||||||||||||||||||||
| 7,748,501 | (612,221 | ) | 3,269,584 | (1,136,700 | ) | 2,398,196 | |||||||||||||
| ||||||||||||||||||||
12,475,585 | 2,257,667 | 4,138,498 | 2,188,664 | 4,301,388 | ||||||||||||||||
| ||||||||||||||||||||
$ | 13,183,272 | $ | 2,755,523 | $ | 4,774,401 | $ | 2,414,336 | $ | 4,740,166 | |||||||||||
| ||||||||||||||||||||
$ | 10,223 | $ | 8,794 | $ | — | $ | 204 | $ | 44 | |||||||||||
$ | 144,433 | $ | 69,663 | $ | — | $ | 55,027 | $ | 13,004 |
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 85 |
Statements of operations (unaudited) |
TIAA-CREF Life Funds § For the period ended June 30, 2017
Stock Index Fund | ||||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends from unaffiliated investments* | $ | 3,588,401 | ||||||
Income from securities lending | 45,150 | |||||||
Interest* | 10,677 | |||||||
Payment from affiliate | — | |||||||
| ||||||||
Total income | 3,644,228 | |||||||
| ||||||||
EXPENSES | ||||||||
Management fees | 115,835 | |||||||
Shareholder servicing | 1,586 | |||||||
Professional fees | 47,697 | |||||||
Custody and accounting fees | 13,063 | |||||||
Administrative service fees | 12,275 | |||||||
Shareholder reports | 24,746 | |||||||
Trustee fees and expenses | 3,477 | |||||||
Other expenses | 13,901 | |||||||
| ||||||||
Total expenses | 232,580 | |||||||
Less: Expenses reimbursed by the investment adviser | (58,601 | ) | ||||||
| ||||||||
Net expenses | 173,979 | |||||||
| ||||||||
Net investment income (loss) | 3,470,249 | |||||||
| ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||
Realized gain (loss): | ||||||||
Portfolio investments: | ||||||||
Unaffiliated investments‡ | 1,216,241 | |||||||
Affiliated investments | — | |||||||
Futures contracts | 344,844 | |||||||
Foreign currency transactions | — | |||||||
| ||||||||
Net realized gain (loss) on total investments | 1,561,085 | |||||||
| ||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||
Portfolio investments: | ||||||||
Unaffiliated investments | 27,709,376 | |||||||
Affiliated investments | — | |||||||
Futures contracts | (254 | ) | ||||||
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | 10 | |||||||
| ||||||||
Net change in unrealized appreciation (depreciation) on total investments and from affiliated investments | 27,709,132 | |||||||
| ||||||||
Net realized and unrealized gain (loss) on total investments | 29,270,217 | |||||||
| ||||||||
Net increase (decrease) in net assets from operations | $ | 32,740,466 | ||||||
| ||||||||
* Net of foreign withholding taxes of | $ | 951 | ||||||
‡ Includes net realized gain (loss) from securities sold to affiliates of | $ | — |
86 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
concluded |
International Fund | Bond Fund | Money Market Fund | Balanced Fund | |||||||||||||
| ||||||||||||||||
$ | 1,479,315 | $ | — | $ | — | $ | — | |||||||||
30,396 | — | — | — | |||||||||||||
4,410 | 2,808,996 | 265,951 | 152 | |||||||||||||
2,657 | — | — | — | |||||||||||||
| ||||||||||||||||
1,516,778 | 2,808,996 | 265,951 | 152 | |||||||||||||
| ||||||||||||||||
240,349 | 271,712 | 37,851 | 25,782 | |||||||||||||
1,457 | 1,511 | 1,134 | 1,466 | |||||||||||||
31,127 | 26,063 | 22,167 | 16,179 | |||||||||||||
34,104 | — | 15,585 | 5,314 | |||||||||||||
10,663 | 10,917 | 10,545 | 3,804 | |||||||||||||
8,335 | 13,839 | 8,071 | 6,543 | |||||||||||||
930 | 1,893 | 826 | 360 | |||||||||||||
15,255 | 3,947 | 2,821 | 3,228 | |||||||||||||
| ||||||||||||||||
342,220 | 329,882 | 99,000 | 62,676 | |||||||||||||
(52,670 | ) | (12,634 | ) | (42,192 | ) | (36,632 | ) | |||||||||
| ||||||||||||||||
289,550 | 317,248 | 56,808 | 26,044 | |||||||||||||
| ||||||||||||||||
1,227,228 | 2,491,748 | 209,143 | (25,892 | ) | ||||||||||||
| ||||||||||||||||
3,780,685 | 165,752 | (29 | ) | 258 | ||||||||||||
— | — | — | (49,831 | ) | ||||||||||||
— | — | — | — | |||||||||||||
(167,592 | ) | (9,059 | ) | — | — | |||||||||||
| ||||||||||||||||
3,613,093 | 156,693 | (29 | ) | (49,573 | ) | |||||||||||
| ||||||||||||||||
11,641,195 | 2,562,006 | — | — | |||||||||||||
— | — | — | 3,581,571 | |||||||||||||
— | — | — | — | |||||||||||||
| 5,787 | (221 | ) | — | — | |||||||||||
| ||||||||||||||||
| 11,646,982 | 2,561,785 | — | 3,581,571 | ||||||||||||
| ||||||||||||||||
15,260,075 | 2,718,478 | (29 | ) | 3,531,998 | ||||||||||||
| ||||||||||||||||
$ | 16,487,303 | $ | 5,210,226 | $ | 209,114 | $ | 3,506,106 | |||||||||
| ||||||||||||||||
$ | 178,623 | $ | 86 | $ | — | $ | — | |||||||||
$ | 70,332 | $ | — | $ | — | $ | 43 |
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 87 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the period or year ended
Growth Equity Fund | ||||||||||||
June 30, 2017 | December 31, 2016 | |||||||||||
| ||||||||||||
(unaudited) | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 229,442 | $ | 416,795 | ||||||||
Net realized gain (loss) on total investments | 1,872,885 | 2,504,782 | ||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 10,645,232 | (3,869,811 | ) | |||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 12,747,559 | (948,234 | ) | |||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
From net investment income | — | (421,081 | ) | |||||||||
From realized gains | — | (2,165,658 | ) | |||||||||
| ||||||||||||
Total distributions | — | (2,586,739 | ) | |||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 5,681,604 | 11,221,154 | ||||||||||
Reinvestments of distributions | — | 2,586,739 | ||||||||||
Redemptions | (6,214,921 | ) | (17,095,884 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (533,317 | ) | (3,287,991 | ) | ||||||||
| ||||||||||||
Net increase (decrease) in net assets | 12,214,242 | (6,822,964 | ) | |||||||||
NET ASSETS | ||||||||||||
Beginning of period | 74,745,909 | 81,568,873 | ||||||||||
| ||||||||||||
End of period | $ | 86,960,151 | $ | 74,745,909 | ||||||||
| ||||||||||||
Undistributed net investment income (loss) included in net assets | $ | 239,831 | $ | 10,389 | ||||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold | 187,170 | 402,416 | ||||||||||
Shares reinvested | — | 92,648 | ||||||||||
Shares redeemed | (205,169 | ) | (615,003 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (17,999 | ) | (119,939 | ) | ||||||||
|
88 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
Growth & Income Fund | Large-Cap Value Fund | |||||||||||||||
June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | |||||||||||||
| ||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
$ | 707,687 | $ | 1,579,206 | $ | 497,856 | $ | 1,241,389 | |||||||||
4,727,084 | 4,734,625 | 2,869,888 | 2,923,215 | |||||||||||||
7,748,501 | 3,766,474 | (612,221 | ) | 7,634,891 | ||||||||||||
| ||||||||||||||||
13,183,272 | 10,080,305 | 2,755,523 | 11,799,495 | |||||||||||||
| ||||||||||||||||
— | (1,634,183 | ) | — | (1,210,609 | ) | |||||||||||
— | (5,922,373 | ) | — | (2,551,377 | ) | |||||||||||
| ||||||||||||||||
— | (7,556,556 | ) | — | (3,761,986 | ) | |||||||||||
| ||||||||||||||||
3,628,119 | 22,268,489 | 2,631,240 | 10,068,319 | |||||||||||||
— | 7,555,981 | — | 3,761,521 | |||||||||||||
(9,895,437 | ) | (37,315,748 | ) | (6,118,952 | ) | (11,239,555 | ) | |||||||||
| ||||||||||||||||
(6,267,318 | ) | (7,491,278 | ) | (3,487,712 | ) | 2,590,285 | ||||||||||
| ||||||||||||||||
6,915,954 | (4,967,529 | ) | (732,189 | ) | 10,627,794 | |||||||||||
127,276,157 | 132,243,686 | 74,679,836 | 64,052,042 | |||||||||||||
| ||||||||||||||||
$ | 134,192,111 | $ | 127,276,157 | $ | 73,947,647 | $ | 74,679,836 | |||||||||
| ||||||||||||||||
$ | 732,291 | $ | 24,604 | $ | 527,014 | $ | 29,158 | |||||||||
| ||||||||||||||||
94,580 | 624,346 | 72,739 | 307,459 | |||||||||||||
— | 205,773 | — | 106,318 | |||||||||||||
(253,778 | ) | (1,045,983 | ) | (168,319 | ) | (344,079 | ) | |||||||||
| ||||||||||||||||
(159,198 | ) | (215,864 | ) | (95,580 | ) | 69,698 | ||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 89 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the period or year ended
Real Estate Securities Fund | ||||||||||||
June 30, 2017 | December 31, 2016 | |||||||||||
| ||||||||||||
(unaudited) | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 635,903 | $ | 1,266,480 | ||||||||
Net realized gain (loss) on total investments | 868,914 | 5,562,568 | ||||||||||
Net change in unrealized appreciation (depreciation) on total investments | 3,269,584 | (4,091,300 | ) | |||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 4,774,401 | 2,737,748 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
From net investment income | — | (2,008,008 | ) | |||||||||
From realized gains | — | (5,656,596 | ) | |||||||||
| ||||||||||||
Total distributions | — | (7,664,604 | ) | |||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 3,047,513 | 11,672,280 | ||||||||||
Reinvestments of distributions | — | 7,664,024 | ||||||||||
Redemptions | (6,062,763 | ) | (14,241,732 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (3,015,250 | ) | 5,094,572 | |||||||||
| ||||||||||||
Net increase (decrease) in net assets | 1,759,151 | 167,716 | ||||||||||
NET ASSETS | ||||||||||||
Beginning of period | 73,390,770 | 73,223,054 | ||||||||||
| ||||||||||||
End of period | $ | 75,149,921 | $ | 73,390,770 | ||||||||
| ||||||||||||
Undistributed net investment income (loss) included in net assets | $ | 661,423 | $ | 25,520 | ||||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold | 94,632 | 337,254 | ||||||||||
Shares reinvested | — | 249,805 | ||||||||||
Shares redeemed | (189,776 | ) | (417,934 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (95,144 | ) | 169,125 | |||||||||
|
90 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
continued |
Small-Cap Equity Fund | Social Choice Equity Fund | |||||||||||||||||||
June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | |||||||||||||||||
| ||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||
$ | 225,672 | $ | 405,586 | $ | 438,778 | $ | 1,189,394 | |||||||||||||
3,325,364 | 2,626,509 | 1,903,192 | 2,461,331 | |||||||||||||||||
(1,136,700 | ) | 6,035,967 | 2,398,196 | 2,563,969 | ||||||||||||||||
| ||||||||||||||||||||
2,414,336 | 9,068,062 | 4,740,166 | 6,214,694 | |||||||||||||||||
| ||||||||||||||||||||
— | (426,001 | ) | — | (1,145,313 | ) | |||||||||||||||
— | (1,526,358 | ) | — | (3,671,040 | ) | |||||||||||||||
| ||||||||||||||||||||
— | (1,952,359 | ) | — | (4,816,353 | ) | |||||||||||||||
| ||||||||||||||||||||
3,127,267 | 10,263,400 | 1,974,516 | 4,897,370 | |||||||||||||||||
— | 1,952,360 | — | 4,815,469 | |||||||||||||||||
(5,749,687 | ) | (14,362,085 | ) | (3,087,442 | ) | (5,924,144 | ) | |||||||||||||
| ||||||||||||||||||||
(2,622,420 | ) | (2,146,325 | ) | (1,112,926 | ) | 3,788,695 | ||||||||||||||
| ||||||||||||||||||||
(208,084 | ) | 4,969,378 | 3,627,240 | 5,187,036 | ||||||||||||||||
54,371,957 | 49,402,579 | 52,594,983 | 47,407,947 | |||||||||||||||||
| ||||||||||||||||||||
$ | 54,163,873 | $ | 54,371,957 | $ | 56,222,223 | $ | 52,594,983 | |||||||||||||
| ||||||||||||||||||||
$ | 280,245 | $ | 54,573 | $ | 519,681 | $ | 80,903 | |||||||||||||
| ||||||||||||||||||||
87,106 | 332,274 | 53,443 | 139,116 | |||||||||||||||||
— | 55,276 | — | 136,030 | |||||||||||||||||
(159,231 | ) | (465,428 | ) | (83,500 | ) | (168,430 | ) | |||||||||||||
| ||||||||||||||||||||
(72,125 | ) | (77,878 | ) | (30,057 | ) | 106,716 | ||||||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 91 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the period or year ended
Stock Index Fund | ||||||||||||
June 30, 2017 | December 31, 2016 | |||||||||||
| ||||||||||||
(unaudited) | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 3,470,249 | $ | 7,407,950 | ||||||||
Net realized gain (loss) on total investments | 1,561,085 | (2,583,838 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on total investments | 27,709,132 | 36,169,921 | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 32,740,466 | 40,994,033 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
From net investment income | — | (7,364,981 | ) | |||||||||
From realized gains | — | (99,340 | ) | |||||||||
| ||||||||||||
Total distributions | — | (7,464,321 | ) | |||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 31,267,629 | 54,230,839 | ||||||||||
Reinvestments of distributions | — | 7,464,321 | ||||||||||
Redemptions | (26,520,337 | ) | (62,880,734 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 4,747,292 | (1,185,574 | ) | |||||||||
| ||||||||||||
Net increase (decrease) in net assets | 37,487,758 | 32,344,138 | ||||||||||
NET ASSETS | ||||||||||||
Beginning of period | 364,786,763 | 332,442,625 | ||||||||||
| ||||||||||||
End of period | $ | 402,274,521 | $ | 364,786,763 | ||||||||
| ||||||||||||
Undistributed net investment income (loss) included in net assets | $ | 3,704,979 | $ | 234,730 | ||||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold | 611,451 | 1,184,782 | ||||||||||
Shares reinvested | — | 151,283 | ||||||||||
Shares redeemed | (515,361 | ) | (1,382,151 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | 96,090 | (46,086 | ) | |||||||||
|
92 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
continued |
International Equity Fund | Bond Fund | |||||||||||||||
June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | |||||||||||||
| ||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
$ | 1,227,228 | $ | 1,404,287 | $ | 2,491,748 | $ | 5,180,011 | |||||||||
3,613,093 | (3,039,609 | ) | 156,693 | 972,943 | ||||||||||||
11,646,982 | 2,552,810 | 2,561,785 | 1,574,766 | |||||||||||||
| ||||||||||||||||
16,487,303 | 917,488 | 5,210,226 | 7,727,720 | |||||||||||||
| ||||||||||||||||
— | (1,369,100 | ) | — | (5,064,412 | ) | |||||||||||
— | — | — | (1,326,928 | ) | ||||||||||||
| ||||||||||||||||
— | (1,369,100 | ) | — | (6,391,340 | ) | |||||||||||
| ||||||||||||||||
5,210,722 | 13,118,610 | 11,075,387 | 22,516,803 | |||||||||||||
— | 1,369,100 | — | 6,391,111 | |||||||||||||
(7,195,954 | ) | (17,117,993 | ) | (6,147,985 | ) | (31,496,528 | ) | |||||||||
| ||||||||||||||||
(1,985,232 | ) | (2,630,283 | ) | 4,927,402 | (2,588,614 | ) | ||||||||||
| ||||||||||||||||
14,502,071 | (3,081,895 | ) | 10,137,628 | (1,252,234 | ) | |||||||||||
88,737,576 | 91,819,471 | 177,843,723 | 179,095,957 | |||||||||||||
| ||||||||||||||||
$ | 103,239,647 | $ | 88,737,576 | $ | 187,981,351 | $ | 177,843,723 | |||||||||
| ||||||||||||||||
$ | 2,427,008 | $ | 1,199,780 | $ | 2,515,765 | $ | 24,017 | |||||||||
| ||||||||||||||||
268,377 | 747,209 | 442,521 | 878,817 | |||||||||||||
— | 77,089 | — | 261,609 | |||||||||||||
(369,090 | ) | (972,447 | ) | (245,782 | ) | (1,222,039 | ) | |||||||||
| ||||||||||||||||
(100,713 | ) | (148,149 | ) | 196,739 | (81,613 | ) | ||||||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 93 |
Statements of changes in net assets |
TIAA-CREF Life Funds § For the period or year ended
Money Market Fund | ||||||||||||
June 30, 2017 | December 31, 2016 | |||||||||||
| ||||||||||||
(unaudited) | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income (loss) | $ | 209,143 | $ | 215,103 | ||||||||
Net realized gain (loss) on total investments | (29 | ) | 264 | |||||||||
Net change in unrealized appreciation (depreciation) on total investments | — | — | ||||||||||
| ||||||||||||
Net increase (decrease) in net assets from operations | 209,114 | 215,367 | ||||||||||
| ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||
From net investment income | (209,143 | ) | (215,103 | ) | ||||||||
From realized gains | — | — | ||||||||||
| ||||||||||||
Total distributions | (209,143 | ) | (215,103 | ) | ||||||||
| ||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||
Subscriptions | 33,808,310 | 89,664,326 | ||||||||||
Reinvestments of distributions | 209,143 | 215,103 | ||||||||||
Redemptions | (36,263,547 | ) | (82,858,315 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (2,246,094 | ) | 7,021,114 | |||||||||
| ||||||||||||
Net increase (decrease) in net assets | (2,246,123 | ) | 7,021,378 | |||||||||
NET ASSETS | ||||||||||||
Beginning of period | 78,259,208 | 71,237,830 | ||||||||||
| ||||||||||||
End of period | $ | 76,013,085 | $ | 78,259,208 | ||||||||
| ||||||||||||
Undistributed net investment income (loss) included in net assets | $ | (693 | ) | $ | (693 | ) | ||||||
| ||||||||||||
CHANGE IN FUND SHARES | ||||||||||||
Shares sold | 33,808,310 | 89,664,326 | ||||||||||
Shares reinvested | 209,143 | 215,103 | ||||||||||
Shares redeemed | (36,263,547 | ) | (82,858,315 | ) | ||||||||
| ||||||||||||
Net increase (decrease) from shareholder transactions | (2,246,094 | ) | 7,021,114 | |||||||||
|
94 | 2017 Semiannual Report § TIAA-CREF Life Funds | See notes to financial statements |
concluded |
Balanced Fund | ||||||||
June 30, 2017 | December 31, 2016 | |||||||
| ||||||||
(unaudited) | ||||||||
$ | (25,892 | ) | $ | 1,016,426 | ||||
(49,573 | ) | 440,145 | ||||||
3,581,571 | 1,331,597 | |||||||
| ||||||||
3,506,106 | 2,788,168 | |||||||
| ||||||||
— | (1,172,756 | ) | ||||||
— | (778,696 | ) | ||||||
| ||||||||
— | (1,951,452 | ) | ||||||
| ||||||||
4,235,577 | 8,005,105 | |||||||
— | 1,951,031 | |||||||
(3,118,361 | ) | (3,420,780 | ) | |||||
| ||||||||
1,117,216 | 6,535,356 | |||||||
| ||||||||
4,623,322 | 7,372,072 | |||||||
49,956,980 | 42,584,908 | |||||||
| ||||||||
$ | 54,580,302 | $ | 49,956,980 | |||||
| ||||||||
$ | (26,772 | ) | $ | (880 | ) | |||
| ||||||||
393,568 | 774,495 | |||||||
— | 189,420 | |||||||
(293,065 | ) | (333,608 | ) | |||||
| ||||||||
100,503 | 630,307 | |||||||
|
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 95 |
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 on total | from | Net investment income | Net realized gains | Total dividends and distributions | |||||||||||||||||||||||||||||
GROWTH EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | $ | 27.63 | $ | 0.08 | $ | 4.64 | $ | 4.72 | $ | — | $ | — | $ | — | |||||||||||||||||||||
12/31/16 | 28.87 | 0.15 | (0.41 | ) | (0.26 | ) | (0.16 | ) | (0.82 | ) | (0.98 | ) | ||||||||||||||||||||||||
12/31/15 | 27.03 | 0.07 | 2.52 | 2.59 | (0.06 | ) | (0.69 | ) | (0.75 | ) | ||||||||||||||||||||||||||
12/31/14 | 26.37 | 0.09 | 2.89 | 2.98 | (0.08 | ) | (2.24 | ) | (2.32 | ) | ||||||||||||||||||||||||||
12/31/13 | 18.89 | 0.07 | 7.47 | 7.54 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||||
12/31/12 | 16.26 | 0.12 | 2.64 | 2.76 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||||||
GROWTH & INCOME FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | 36.48 | 0.21 | 3.61 | 3.82 | — | — | — | ||||||||||||||||||||||||||||
12/31/16 | 35.69 | 0.46 | 2.63 | 3.09 | (0.50 | ) | (1.80 | ) | (2.30 | ) | ||||||||||||||||||||||||||
12/31/15 | 37.54 | 0.39 | 0.81 | 1.20 | (0.43 | ) | (2.62 | ) | (3.05 | ) | ||||||||||||||||||||||||||
12/31/14 | 37.02 | 0.38 | 3.75 | 4.13 | (0.39 | ) | (3.22 | ) | (3.61 | ) | ||||||||||||||||||||||||||
12/31/13 | 30.37 | 0.40 | 9.98 | 10.38 | (0.39 | ) | (3.34 | ) | (3.73 | ) | ||||||||||||||||||||||||||
12/31/12 | 26.54 | 0.42 | 3.94 | 4.36 | (0.53 | ) | — | (0.53 | ) | |||||||||||||||||||||||||||
LARGE-CAP VALUE FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | 35.19 | 0.24 | 1.06 | 1.30 | — | — | — | ||||||||||||||||||||||||||||
12/31/16 | 31.20 | 0.61 | 5.25 | 5.86 | (0.60 | ) | (1.27 | ) | (1.87 | ) | ||||||||||||||||||||||||||
12/31/15 | 36.80 | 0.46 | (2.38 | ) | (1.92 | ) | (0.59 | ) | (3.09 | ) | (3.68 | ) | ||||||||||||||||||||||||
12/31/14 | 36.64 | 0.66 | 2.64 | 3.30 | (0.68 | ) | (2.46 | ) | (3.14 | ) | ||||||||||||||||||||||||||
12/31/13 | 29.39 | 0.54 | 9.49 | 10.03 | (0.69 | ) | (2.09 | ) | (2.78 | ) | ||||||||||||||||||||||||||
12/31/12 | 24.92 | 0.55 | 4.47 | 5.02 | (0.55 | ) | — | (0.55 | ) | |||||||||||||||||||||||||||
REAL ESTATE SECURITIES FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | 31.04 | 0.28 | 1.80 | 2.08 | — | — | — | ||||||||||||||||||||||||||||
12/31/16 | 33.36 | 0.58 | 0.70 | 1.28 | (0.94 | ) | (2.66 | ) | (3.60 | ) | ||||||||||||||||||||||||||
12/31/15 | 36.64 | 0.79 | 0.71 | 1.50 | (1.00 | ) | (3.78 | ) | (4.78 | ) | ||||||||||||||||||||||||||
12/31/14 | 29.36 | 0.59 | 7.77 | 8.36 | (0.56 | ) | (0.52 | ) | (1.08 | ) | ||||||||||||||||||||||||||
12/31/13 | 29.35 | 0.53 | 0.02 | 0.55 | (0.54 | ) | — | (0.54 | ) | |||||||||||||||||||||||||||
12/31/12 | 24.94 | 0.45 | 4.48 | 4.93 | (0.52 | ) | — | (0.52 | ) | |||||||||||||||||||||||||||
SMALL-CAP EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | 35.14 | 0.15 | 1.42 | 1.57 | — | — | — | ||||||||||||||||||||||||||||
12/31/16 | 30.40 | 0.26 | 5.79 | 6.05 | (0.29 | ) | (1.02 | ) | (1.31 | ) | ||||||||||||||||||||||||||
12/31/15 | 33.57 | 0.23 | (0.32 | ) | (0.09 | ) | (0.21 | ) | (2.87 | ) | (3.08 | ) | ||||||||||||||||||||||||
12/31/14 | 36.32 | 0.27 | 2.18 | 2.45 | (0.27 | ) | (4.93 | ) | (5.20 | ) | ||||||||||||||||||||||||||
12/31/13 | 30.87 | 0.27 | 11.93 | 12.20 | (0.25 | ) | (6.50 | ) | (6.75 | ) | ||||||||||||||||||||||||||
12/31/12 | 27.38 | 0.32 | 3.52 | 3.84 | (0.35 | ) | — | (0.35 | ) |
96 | 2017 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 | Net excluding | Portfolio turnover rate | ||||||||||||||||||||||||||||
$ | 32.35 | 17.13 | %b | 17.13 | %b | $ | 86,960 | 0.60 | %c | 0.52 | %c | 0.56 | %c | 0.55 | %c | 42 | %b | |||||||||||||||||||
27.63 | (0.96 | ) | (0.99 | ) | 74,746 | 0.60 | 0.52 | 0.55 | 0.51 | 106 | ||||||||||||||||||||||||||
28.87 | 9.67 | 9.67 | 81,569 | 0.57 | 0.52 | 0.24 | 0.24 | 78 | ||||||||||||||||||||||||||||
27.03 | 11.25 | 11.25 | 70,492 | 0.59 | 0.52 | 0.35 | 0.35 | 103 | ||||||||||||||||||||||||||||
26.37 | 39.94 | 39.94 | 61,802 | 0.66 | 0.52 | 0.29 | 0.29 | 105 | ||||||||||||||||||||||||||||
18.89 | 16.99 | 16.99 | 42,710 | 0.74 | 0.52 | 0.69 | 0.69 | 155 | ||||||||||||||||||||||||||||
40.30 | 10.47 | b | 10.47 | b | 134,192 | 0.59 | c | 0.52 | c | 1.07 | c | 1.07 | c | 40 | b | |||||||||||||||||||||
36.48 | 8.60 | 8.53 | 127,276 | 0.58 | 0.52 | 1.28 | 1.22 | 88 | ||||||||||||||||||||||||||||
35.69 | 3.34 | 3.34 | 132,244 | 0.55 | 0.52 | 1.01 | �� | 1.01 | 82 | |||||||||||||||||||||||||||
37.54 | 11.09 | 11.09 | 147,873 | 0.56 | 0.52 | 0.98 | 0.98 | 103 | ||||||||||||||||||||||||||||
37.02 | 34.38 | 34.38 | 131,597 | 0.61 | 0.52 | 1.15 | 1.15 | 141 | ||||||||||||||||||||||||||||
30.37 | 16.43 | 16.43 | 92,409 | 0.69 | 0.52 | 1.41 | 1.41 | 115 | ||||||||||||||||||||||||||||
36.49 | 3.69 | b | 3.69 | b | 73,948 | 0.64 | c | 0.55 | c | 1.34 | c | 1.34 | c | 29 | b | |||||||||||||||||||||
35.19 | 18.74 | 18.58 | 74,680 | 0.64 | 0.52 | 1.86 | 1.70 | 68 | ||||||||||||||||||||||||||||
31.20 | (5.00 | ) | (5.00 | ) | 64,052 | 0.58 | 0.52 | 1.25 | 1.25 | 61 | ||||||||||||||||||||||||||
36.80 | 8.98 | 8.98 | 112,643 | 0.56 | 0.52 | 1.75 | 1.75 | 60 | ||||||||||||||||||||||||||||
36.64 | 34.31 | 34.31 | 104,869 | 0.60 | 0.52 | 1.54 | 1.54 | 58 | ||||||||||||||||||||||||||||
29.39 | 20.14 | 20.14 | 71,691 | 0.70 | 0.52 | 1.99 | 1.99 | 77 | ||||||||||||||||||||||||||||
33.12 | 6.70 | b | 6.70 | b | 75,150 | 0.68 | c | 0.60 | c | 1.73 | c | 1.73 | c | 13 | b | |||||||||||||||||||||
31.04 | 3.96 | 3.85 | 73,391 | 0.65 | 0.57 | 1.71 | 1.60 | 59 | ||||||||||||||||||||||||||||
33.36 | 4.37 | 4.37 | 73,223 | 0.59 | 0.57 | 2.12 | 2.12 | 30 | ||||||||||||||||||||||||||||
36.64 | 28.47 | 28.47 | 128,653 | 0.58 | 0.57 | 1.76 | 1.76 | 45 | ||||||||||||||||||||||||||||
29.36 | 1.89 | 1.89 | 96,202 | 0.63 | 0.57 | 1.72 | 1.72 | 58 | ||||||||||||||||||||||||||||
29.35 | 19.79 | 19.79 | 96,421 | 0.71 | 0.57 | 1.59 | 1.59 | 65 | ||||||||||||||||||||||||||||
36.71 | 4.47 | b | 4.47 | b | 54,164 | 0.71 | c | 0.53 | c | 0.83 | c | 0.83 | c | 43 | b | |||||||||||||||||||||
35.14 | 19.87 | 19.87 | 54,372 | 0.71 | 0.53 | 0.84 | 0.84 | 91 | ||||||||||||||||||||||||||||
30.40 | (0.15 | ) | (0.15 | ) | 49,403 | 0.63 | 0.53 | 0.68 | 0.68 | 92 | ||||||||||||||||||||||||||
33.57 | 6.85 | 6.85 | 52,734 | 0.64 | 0.54 | 0.73 | 0.73 | 98 | ||||||||||||||||||||||||||||
36.32 | 39.87 | 39.87 | 51,437 | 0.73 | 0.55 | 0.72 | 0.72 | 87 | ||||||||||||||||||||||||||||
30.87 | 14.02 | 14.02 | 60,081 | 0.75 | 0.55 | 1.08 | 1.08 | 118 |
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 97 |
Financial highlights |
TIAA-CREF Life Funds
Selected per share data | ||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||
Less distributions from | ||||||||||||||||||||||||||||||||||||
For the period or year ended | Net asset value, beginning of period | Net investment income (loss)a | Net realized on total | from | Net investment income | Net realized gains | Total dividends and distributions | |||||||||||||||||||||||||||||
SOCIAL CHOICE EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | $ | 35.06 | $ | 0.29 | $ | 2.89 | $ | 3.18 | $ | — | $ | — | $ | — | |||||||||||||||||||||
12/31/16 | 34.02 | 0.86 | 3.71 | 4.57 | (0.84 | ) | (2.69 | ) | (3.53 | ) | ||||||||||||||||||||||||||
12/31/15 | 38.67 | 0.68 | (1.80 | ) | (1.12 | ) | (0.97 | ) | (2.56 | ) | (3.53 | ) | ||||||||||||||||||||||||
12/31/14 | 36.39 | 0.64 | 3.36 | 4.00 | (0.71 | ) | (1.01 | ) | (1.72 | ) | ||||||||||||||||||||||||||
12/31/13 | 27.53 | 0.55 | 8.84 | 9.39 | (0.53 | ) | — | (0.53 | ) | |||||||||||||||||||||||||||
12/31/12 | 24.61 | 0.58 | 2.87 | 3.45 | (0.53 | ) | — | (0.53 | ) | |||||||||||||||||||||||||||
STOCK INDEX FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | 48.97 | 0.46 | 3.88 | 4.34 | — | — | — | ||||||||||||||||||||||||||||
12/31/16 | 44.35 | 1.00 | 4.64 | 5.64 | (1.01 | ) | (0.01 | ) | (1.02 | ) | ||||||||||||||||||||||||||
12/31/15 | 45.43 | 0.88 | (0.71 | ) | 0.17 | (0.90 | ) | (0.35 | ) | (1.25 | ) | |||||||||||||||||||||||||
12/31/14 | 41.22 | 0.80 | 4.34 | 5.14 | (0.82 | ) | (0.11 | ) | (0.93 | ) | ||||||||||||||||||||||||||
12/31/13 | 31.48 | 0.70 | 9.81 | 10.51 | (0.71 | ) | (0.06 | ) | (0.77 | ) | ||||||||||||||||||||||||||
12/31/12 | 27.81 | 0.68 | 3.87 | 4.55 | (0.68 | ) | (0.20 | ) | (0.88 | ) | ||||||||||||||||||||||||||
INTERNATIONAL EQUITY FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | 17.77 | 0.25 | 3.08 | 3.33 | — | — | — | ||||||||||||||||||||||||||||
12/31/16 | 17.86 | 0.28 | (0.09 | ) | 0.19 | (0.28 | ) | — | (0.28 | ) | ||||||||||||||||||||||||||
12/31/15 | 18.30 | 0.25 | (0.43 | ) | (0.18 | ) | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||||||||
12/31/14 | 20.15 | 0.29 | (1.88 | ) | (1.59 | ) | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||||||||
12/31/13 | 16.60 | 0.33 | 3.67 | 4.00 | (0.45 | ) | — | (0.45 | ) | |||||||||||||||||||||||||||
12/31/12 | 12.85 | 0.32 | 3.70 | 4.02 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||||||||
BOND FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | 24.66 | 0.34 | 0.37 | 0.71 | — | — | — | ||||||||||||||||||||||||||||
12/31/16 | 24.55 | 0.71 | 0.32 | 1.03 | (0.73 | ) | (0.19 | ) | (0.92 | ) | ||||||||||||||||||||||||||
12/31/15 | 25.54 | 0.72 | (0.57 | ) | 0.15 | (0.88 | ) | (0.26 | ) | (1.14 | ) | |||||||||||||||||||||||||
12/31/14 | 24.96 | 0.61 | 0.76 | 1.37 | (0.57 | ) | (0.22 | ) | (0.79 | ) | ||||||||||||||||||||||||||
12/31/13 | 26.15 | 0.64 | (1.04 | ) | (0.40 | ) | (0.62 | ) | (0.17 | ) | (0.79 | ) | ||||||||||||||||||||||||
12/31/12 | 25.60 | 0.77 | 1.00 | 1.77 | (0.74 | ) | (0.48 | ) | (1.22 | ) | ||||||||||||||||||||||||||
MONEY MARKET FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | 1.00 | 0.00 | d | (0.00 | )d | 0.00 | d | (0.00 | )d | — | (0.00 | )d | |||||||||||||||||||||||
12/31/16 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | — | (0.00 | )d | ||||||||||||||||||||||||
12/31/15 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | — | (0.00 | )d | ||||||||||||||||||||||||
12/31/14 | 1.00 | — | 0.00 | d | 0.00 | d | — | — | — | |||||||||||||||||||||||||||
12/31/13 | 1.00 | 0.00 | d | — | 0.00 | d | (0.00 | )d | — | (0.00 | )d | |||||||||||||||||||||||||
12/31/12 | 1.00 | 0.00 | d | 0.00 | d | 0.00 | d | (0.00 | )d | — | (0.00 | )d |
98 | 2017 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 excluding | Portfolio turnover rate | Portfolio turnover rate excluding mortgage dollar rolls | |||||||||||||||||||||||||||||||||
$38.24 | 9.07 | %b | 9.07 | %b | $ | 56,222 | 0.34 | %c | 0.22 | %c | 1.61 | %c | 1.61 | %c | 9 | %b | 9 | %b | ||||||||||||||||||||||||
35.06 | 13.35 | 13.35 | 52,595 | 0.36 | 0.22 | 2.44 | 2.44 | 21 | 21 | |||||||||||||||||||||||||||||||||
34.02 | (2.70 | ) | (2.70 | ) | 47,408 | 0.28 | 0.22 | 1.76 | 1.76 | 9 | 9 | |||||||||||||||||||||||||||||||
38.67 | 10.98 | 10.98 | 71,967 | 0.26 | 0.22 | 1.68 | 1.68 | 10 | 10 | |||||||||||||||||||||||||||||||||
36.39 | 34.13 | 34.13 | 64,931 | 0.33 | 0.22 | 1.68 | 1.68 | 11 | 11 | |||||||||||||||||||||||||||||||||
27.53 | 14.01 | 14.01 | 43,692 | 0.43 | 0.22 | 2.16 | 2.16 | 16 | 16 | |||||||||||||||||||||||||||||||||
53.31 | 8.86 | b | 8.86 | b | 402,275 | 0.12 | c | 0.09 | c | 1.80 | c | 1.80 | c | 4 | b | 4 | b | |||||||||||||||||||||||||
48.97 | 12.71 | 12.71 | 364,787 | 0.12 | 0.09 | 2.19 | 2.19 | 12 | 12 | |||||||||||||||||||||||||||||||||
44.35 | 0.43 | 0.43 | 332,443 | 0.11 | 0.09 | 1.91 | 1.91 | 7 | 7 | |||||||||||||||||||||||||||||||||
45.43 | 12.46 | 12.46 | 328,728 | 0.12 | 0.09 | 1.86 | 1.86 | 8 | 8 | |||||||||||||||||||||||||||||||||
41.22 | 33.43 | 33.43 | 283,117 | 0.16 | 0.09 | 1.90 | 1.90 | 5 | 5 | |||||||||||||||||||||||||||||||||
31.48 | 16.35 | 16.35 | 207,090 | 0.25 | 0.09 | 2.22 | 2.22 | 6 | 6 | |||||||||||||||||||||||||||||||||
21.10 | 18.74 | b | 18.74 | b | 103,240 | 0.71 | c | 0.60 | c | 2.55 | c | 2.55 | c | 58 | b | 58 | b | |||||||||||||||||||||||||
17.77 | 1.06 | 0.96 | 88,738 | 0.69 | 0.60 | 1.57 | 1.47 | 94 | 94 | |||||||||||||||||||||||||||||||||
17.86 | (0.98 | ) | (0.98 | ) | 91,819 | 0.66 | 0.60 | 1.29 | 1.29 | 77 | 77 | |||||||||||||||||||||||||||||||
18.30 | (7.90 | ) | (7.90 | ) | 90,680 | 0.66 | 0.60 | 1.46 | 1.46 | 91 | 91 | |||||||||||||||||||||||||||||||
20.15 | 24.15 | 24.15 | 98,106 | 0.74 | 0.60 | 1.79 | 1.79 | 133 | 133 | |||||||||||||||||||||||||||||||||
16.60 | 31.27 | 31.27 | 77,021 | 0.80 | 0.60 | 2.21 | 2.21 | 111 | 111 | |||||||||||||||||||||||||||||||||
25.37 | 2.88 | b | 2.88 | b | 187,981 | 0.36 | c | 0.35 | c | 2.75 | c | 2.75 | c | 83 | b | 54 | b | |||||||||||||||||||||||||
24.66 | 4.23 | 4.23 | 177,844 | 0.42 | 0.35 | 2.80 | 2.80 | 217 | 143 | |||||||||||||||||||||||||||||||||
24.55 | 0.57 | 0.57 | 179,096 | 0.39 | 0.35 | 2.77 | 2.77 | 155 | 155 | |||||||||||||||||||||||||||||||||
25.54 | 5.47 | 5.47 | 230,823 | 0.39 | 0.35 | 2.38 | 2.38 | 180 | 180 | |||||||||||||||||||||||||||||||||
24.96 | (1.54 | ) | (1.54 | ) | 189,409 | 0.44 | 0.35 | 2.46 | 2.46 | 133 | 133 | |||||||||||||||||||||||||||||||
26.15 | 6.91 | 6.91 | 184,563 | 0.53 | 0.35 | 2.92 | 2.92 | 174 | 174 | |||||||||||||||||||||||||||||||||
1.00 | 0.27 | b | 0.27 | b | 76,013 | 0.26 | c | 0.15 | c | 0.55 | c | 0.55 | c | — | — | |||||||||||||||||||||||||||
1.00 | 0.28 | 0.28 | 78,259 | 0.26 | 0.15 | 0.28 | 0.28 | — | — | |||||||||||||||||||||||||||||||||
1.00 | 0.00 | 0.00 | 71,238 | 0.23 | 0.15 | 0.00 | 0.00 | — | — | |||||||||||||||||||||||||||||||||
1.00 | 0.00 | 0.00 | 68,628 | 0.23 | 0.11 | 0.00 | 0.00 | — | — | |||||||||||||||||||||||||||||||||
1.00 | 0.01 | 0.01 | 73,406 | 0.27 | 0.13 | 0.00 | 0.00 | — | — | |||||||||||||||||||||||||||||||||
1.00 | 0.02 | 0.02 | 62,598 | 0.39 | 0.15 | 0.02 | 0.02 | — | — |
See notes to financial statements | TIAA-CREF Life Funds § 2017 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 on total | Total from | Net investment income | Net realized gains | Total dividends and distributions | |||||||||||||||||||||||||||||
BALANCED FUND |
| |||||||||||||||||||||||||||||||||||
6/30/2017 | # | $ | 10.32 | $ | (0.01 | ) | $ | 0.74 | $ | 0.73 | $ | — | $ | — | $ | — | ||||||||||||||||||||
12/31/16 | 10.12 | 0.23 | 0.39 | 0.62 | (0.25 | ) | (0.17 | ) | (0.42 | ) | ||||||||||||||||||||||||||
12/31/15 | 10.45 | 0.22 | (0.09 | ) | 0.13 | (0.30 | ) | (0.16 | ) | (0.46 | ) | |||||||||||||||||||||||||
12/31/14 | † | 10.00 | 0.29 | 0.43 | 0.72 | (0.27 | ) | (0.00 | )d | (0.27 | ) |
# | Unaudited |
† | The Fund commenced operations on January 31, 2014. |
†† | Total returns for the shares of the Funds do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Funds would have been lower. |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
d | Amount represents less than $0.01 per share. |
e | The Fund’s expenses do not include the expenses of the underlying Funds. |
u | Income reflects voluntary compensation from Advisors in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research provider if Advisor had purchased the research services directly. The total return and net investment income ratio displayed excludes this item. |
100 | 2017 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 expenses | Net expenses | Net investment income (loss) | Portfolio turnover rate | ||||||||||||||||||||||
$ | 11.05 | 7.07 | %b | $ | 54,580 | 0.24 | %ce | 0.10 | %ce | (0.10 | )%c | 9 | %b | |||||||||||||||
10.32 | 6.14 | 49,957 | 0.24 | e | 0.10 | e | 2.20 | 17 | ||||||||||||||||||||
10.12 | 1.28 | 42,585 | 0.23 | e | 0.10 | e | 2.03 | 40 | ||||||||||||||||||||
10.45 | 7.21 | b | 36,932 | 0.49 | ce | 0.10 | ce | 2.99 | c | 59 | b |
See notes to financial statements | TIAA-CREF Life Funds § 2017 Semiannual Report | 101 |
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 Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust consists of the following funds: Growth Equity Fund, Growth & Income Fund, Large-Cap Value Fund, Real Estate Securities Fund, Small-Cap Equity Fund, Social Choice Equity Fund, Stock Index Fund, International Equity Fund, Bond Fund, Money Market Fund and Balanced Fund (collectively the “Funds” or individually, the “Fund”). The Funds are currently available only through the purchase of variable annuity contracts or variable life insurance policies issued by TIAA-CREF Life Insurance Company (“TIAA-CREF Life”).
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Security valuation: For all Funds (other than the Money Market Fund), investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements. Investments held by the Money Market Fund are recorded at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter accreting or amortizing any discount or premium to its face value at a constant rate until maturity.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Dividends from affiliated investments are recorded as dividend income, while capital gain distributions, including short-term capital gain distributions, are recorded as gain distributions from affiliated investments on the Statements of Operations. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
102 | 2017 Semiannual Report § TIAA-CREF Life Funds |
Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.
Distributions to shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.
Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included 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.
TIAA-CREF Life Funds § 2017 Semiannual Report | 103 |
Notes to financial statements (unaudited) |
New accounting pronouncement: In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-01 shortens the premium amortization period on a purchased callable debt security from the security’s contractual life to the earliest call date. It is anticipated that this change will reduce losses recognized when a security is called on an earlier date. This guidance is effective for fiscal years beginning after December 15, 2018. Management has determined that the adoption of this guidance will not materially impact the Funds’ financial statement disclosures.
New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new Forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to Forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Funds’ various filings. The amended S-X disclosures required under this rule will not have an impact on net assets or results of operations but may result in changes to financial statement disclosures.
In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires funds to establish a liquidity risk management program and enhances disclosures regarding funds’ liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Funds’ financial statements and other filings.
In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule is September 5, 2017. This rule is not expected to materially impact the Funds’ financial statements and other filings.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
• | Level 1 – quoted prices in active markets for identical securities |
• | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
• | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
104 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
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 in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
In accordance with ASC 820, certain portfolio investments that are measured at fair value using the NAV per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statements of Assets and Liabilities. As of June 30, 2017, no investments were valued utilizing the practical expedient.
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:
Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized as Level 2 of the fair value hierarchy.
Debt securities: Debt securities will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as Level 3 of the hierarchy.
The Money Market Fund: The Money Market Fund’s portfolio securities are valued on an amortized cost basis. Money Market investments are generally categorized as Level 2 of the fair value hierarchy.
TIAA-CREF Life Funds § 2017 Semiannual Report | 105 |
Notes to financial statements (unaudited) |
Investments in registered investment companies: These investments are valued at their NAV on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.
Futures contracts: Stock and bond index futures contracts, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity exchanges and are categorized as Level 1 of the fair value hierarchy.
Options: Purchased and written options listed or traded 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.
Total return swap contracts: Total return swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Total return swaps are generally categorized as Level 2 in 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.
Transfers between levels are recognized at the end of the reporting period. For the period ended June 30, 2017, there were no material transfers between levels by the Funds.
As of June 30, 2017, 100% of the value of investments in the Social Choice Equity Fund and the Balanced Fund were valued based on Level 1 inputs, while 100% of the value of investments in the Money Market Fund was valued based on Level 2 inputs.
The following table summarizes the market value of the Funds’ investments as of June 30, 2017, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Growth Equity |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Health care | $ | 12,896,465 | $ | 1,483,801 | $ | — | $ | 14,380,266 | ||||||||
Information technology | 35,306,904 | 1,760,767 | — | 37,067,671 | ||||||||||||
All other equity investments* | 33,627,232 | — | — | 33,627,232 | ||||||||||||
Short-term investments | — | 1,450,000 | — | 1,450,000 | ||||||||||||
Purchased options | 5,050 | — | — | 5,050 | ||||||||||||
Written options** | (5,030 | ) | — | — | (5,030 | ) | ||||||||||
| ||||||||||||||||
Total | $ | 81,830,621 | $ | 4,694,568 | $ | — | $ | 86,525,189 | ||||||||
|
106 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
Growth & Income |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Consumer discretionary | $ | 17,468,668 | $ | 1,168,759 | $ | — | $ | 18,637,427 | ||||||||
Consumer staples | 11,359,782 | 484,379 | — | 11,844,161 | ||||||||||||
Financials | 17,116,909 | 1,033,547 | — | 18,150,456 | ||||||||||||
Health care | 18,092,841 | 1,827,553 | — | 19,920,394 | ||||||||||||
Industrials | 14,422,721 | 454,477 | — | 14,877,198 | ||||||||||||
Information technology | 32,607,780 | 998,326 | — | 33,606,106 | ||||||||||||
All other equity investments* | 16,717,626 | — | — | 16,717,626 | ||||||||||||
Short-term investments | 538,264 | 650,000 | — | 1,188,264 | ||||||||||||
Purchased options | 19,144 | — | — | 19,144 | ||||||||||||
Written options** | (139,851 | ) | — | — | (139,851 | ) | ||||||||||
| ||||||||||||||||
Total | $ | 128,203,884 | $ | 6,617,041 | $ | — | $ | 134,820,925 | ||||||||
| ||||||||||||||||
Large-Cap Value |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Consumer discretionary | $ | 5,130,765 | $ | 800,871 | $ | — | $ | 5,931,636 | ||||||||
Energy | 7,629,441 | 124,181 | — | 7,753,622 | ||||||||||||
Financials | 16,187,829 | 539,110 | — | 16,726,939 | ||||||||||||
Industrials | 6,112,168 | — | 160 | 6,112,328 | ||||||||||||
Information technology | 7,828,253 | 280,555 | — | 8,108,808 | ||||||||||||
Materials | 4,339,376 | 209,694 | — | 4,549,070 | ||||||||||||
All other equity investments* | 24,116,059 | — | — | 24,116,059 | ||||||||||||
Short-term investments | 239,912 | 750,000 | — | 989,912 | ||||||||||||
Purchased options | 226,899 | — | — | 226,899 | ||||||||||||
Written options** | (82,059 | ) | — | — | (82,059 | ) | ||||||||||
| ||||||||||||||||
Total | $ | 71,728,643 | $ | 2,704,411 | $ | 160 | $ | 74,433,214 | ||||||||
| ||||||||||||||||
Real Estate Securities |
| |||||||||||||||
Equity investments* | $ | 74,232,718 | $ | — | $ | — | $ | 74,232,718 | ||||||||
Short-term investments | — | 600,000 | — | 600,000 | ||||||||||||
| ||||||||||||||||
Total | $ | 74,232,718 | $ | 600,000 | $ | — | $ | 74,832,718 | ||||||||
| ||||||||||||||||
Small-Cap Equity |
| |||||||||||||||
Equity investments* | $ | 54,126,951 | $ | — | $ | — | $ | 54,126,951 | ||||||||
Short-term investments | 607,074 | — | — | 607,074 | ||||||||||||
Swaps** | — | 8,854 | — | 8,854 | ||||||||||||
| ||||||||||||||||
Total | $ | 54,734,025 | $ | 8,854 | $ | — | $ | 54,742,879 | ||||||||
| ||||||||||||||||
Stock Index |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Health care | $ | 55,230,119 | $ | — | $ | 2,104 | $ | 55,232,223 | ||||||||
Industrials | 42,412,147 | — | 3,138 | 42,415,285 | ||||||||||||
All other equity investments* | 298,791,915 | — | — | 298,791,915 | ||||||||||||
Short-term investments | 2,965,503 | 5,450,000 | — | 8,415,503 | ||||||||||||
Futures** | (25,638 | ) | — | — | (25,638 | ) | ||||||||||
| ||||||||||||||||
Total | $ | 399,374,046 | $ | 5,450,000 | $ | 5,242 | $ | 404,829,288 | ||||||||
|
TIAA-CREF Life Funds § 2017 Semiannual Report | 107 |
Notes to financial statements (unaudited) |
Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| ||||||||||||||||
International Equity |
| |||||||||||||||
Equity investments: | ||||||||||||||||
Asia | $ | — | $ | 27,803,830 | $ | — | $ | 27,803,830 | ||||||||
Europe | — | 65,194,944 | — | 65,194,944 | ||||||||||||
North America | 1,455,168 | — | — | 1,455,168 | ||||||||||||
All other equity investments* | 2,367,395 | 4,305,317 | — | 6,672,712 | ||||||||||||
Short-term investments | 1,056,881 | 950,000 | — | 2,006,881 | ||||||||||||
| ||||||||||||||||
Total | $ | 4,879,444 | $ | 98,254,091 | $ | — | $ | 103,133,535 | ||||||||
| ||||||||||||||||
Bond |
| |||||||||||||||
Bank loan obligations | $ | — | $ | 1,270,373 | $ | — | $ | 1,270,373 | ||||||||
Corporate bonds | — | 83,302,167 | 14,687 | 83,316,854 | ||||||||||||
Government bonds | — | 74,860,255 | — | 74,860,255 | ||||||||||||
Structured assets | — | 18,738,951 | 224,498 | 18,963,449 | ||||||||||||
Preferred stocks | 129,514 | — | — | 129,514 | ||||||||||||
Short-term investments | — | 10,500,000 | — | 10,500,000 | ||||||||||||
| ||||||||||||||||
Total | $ | 129,514 | $ | 188,671,746 | $ | 239,185 | $ | 189,040,445 | ||||||||
|
* | For detailed categories, see the accompanying Summary portfolio of investments. |
** | Derivative instruments, excluding purchased options, are not reflected in the Summary portfolio of 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.
At June 30, 2017, 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 | Portfolio investments | $ | 5,050 | |||||||||||||||||
Equity contracts | Written options | $ | (5,030 | ) | ||||||||||||||||
| ||||||||||||||||||||
Growth & Income Fund | ||||||||||||||||||||
Equity contracts | Portfolio investments | 19,144 | ||||||||||||||||||
Equity contracts | Written options | (139,851 | ) | |||||||||||||||||
| ||||||||||||||||||||
Large-Cap Value Fund | ||||||||||||||||||||
Equity contracts | Portfolio investments | 226,899 | ||||||||||||||||||
Equity contracts | Written options | (82,059 | ) | |||||||||||||||||
| ||||||||||||||||||||
Small-Cap Equity Fund | ||||||||||||||||||||
Equity contracts | Swap contracts | 8,854 | ||||||||||||||||||
| ||||||||||||||||||||
Stock Index Fund | ||||||||||||||||||||
Equity contracts | Futures | * | (25,638 | ) | ||||||||||||||||
|
* | The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts. |
108 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
For the period ended June 30, 2017, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:
Derivative contract | Location | Realized gain (loss) | Change in unrealized appreciation (depreciation) | |||||||||
| ||||||||||||
Growth Equity Fund | ||||||||||||
Equity contracts | Purchased options | $ | — | $ | (1,420 | ) | ||||||
Equity contracts | Written options | 700 | 1,580 | |||||||||
| ||||||||||||
Growth & Income Fund | ||||||||||||
Equity contracts | Purchased options | (3,038 | ) | (1,650 | ) | |||||||
Equity contracts | Written options | 129,207 | 7,230 | |||||||||
| ||||||||||||
Large-Cap Value Fund | ||||||||||||
Equity contracts | Purchased options | — | (23,342 | ) | ||||||||
Equity contracts | Written options | — | 12,570 | |||||||||
| ||||||||||||
Small-Cap Equity Fund | ||||||||||||
Equity contracts | Futures contracts | (2,253 | ) | 2,613 | ||||||||
Equity contracts | Swap contracts | (29,005 | ) | 8,854 | ||||||||
| ||||||||||||
Social Choice Equity Fund | ||||||||||||
Equity contracts | Futures contracts | (4,545 | ) | — | ||||||||
| ||||||||||||
Stock Index Fund | ||||||||||||
Equity contracts | Futures contracts | 344,844 | (254 | ) | ||||||||
|
Futures contracts: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended June 30, 2017, the Small-Cap Equity Fund, the Social Choice Equity Fund and the Stock Index Fund had exposure to futures contracts, based on underlying notional values, generally between 0% and 2% of net assets.
TIAA-CREF Life Funds § 2017 Semiannual Report | 109 |
Notes to financial statements (unaudited) |
At June 30, 2017, the Fund(s) held the following open futures contracts:
Fund | Futures contracts | Number of long contracts | Settlement value | Expiration date | Unrealized gain (loss) | |||||||||||
| ||||||||||||||||
Stock Index | S&P 500 E Mini Index | 45 | $ | 5,447,025 | September 2017 | $ | (25,638 | ) | ||||||||
|
Options: Certain Funds are subject to equity price risk in the normal course of pursuing their investment objectives. To manage the risk, the Funds may invest in both equity and index options. The Funds 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 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, 2017, the Growth Equity Fund, the Growth & Income Fund and the Large-cap Value fund had exposure to options, based on underlying notional values, generally between 0% and 10% of net assets.
Purchased options outstanding as of June 30, 2017 were as follows:
Number of contracts | Value | |||||||
| ||||||||
Growth Equity Fund | ||||||||
Home Depot, Inc, Call, 1/19/18 at $160 | 10 | $ | 5,050 | |||||
| ||||||||
Total | 10 | $ | 5,050 | |||||
|
110 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
Number of contracts | Value | |||||||
| ||||||||
Growth & Income Fund | ||||||||
AstraZeneca plc, Put, 7/21/17 at $32 | 9 | $ | 630 | |||||
Bristol-Myers Squibb Co, Call, 9/15/17 at $60 | 11 | 1,089 | ||||||
Church & Dwight Co, Inc, Call, 10/20/17 at $55 | 5 | 425 | ||||||
Continental Resources, Inc, Call, 9/15/17 at $40 | 7 | 385 | ||||||
DISH Network Corp, Call, 1/19/18 at $65 | 14 | 7,630 | ||||||
Huntsman Corp, Call, 1/19/18 at $28 | 5 | 675 | ||||||
Kapstone Paper and Packaging Corp, Call, 8/18/17 at $22.50 | �� | 11 | 688 | |||||
Kroger Co/The, Call, 10/20/17 at $25 | 11 | 990 | ||||||
Mattel, Inc, Call, 10/20/17 at $25 | 14 | 602 | ||||||
Monsanto Co, Call, 1/19/18 at $115 | 9 | 6,030 | ||||||
| ||||||||
Total | 96 | $ | 19,144 | |||||
| ||||||||
Large-Cap Value Fund | ||||||||
Chicago Board Options Exchange SPX Volatility Index, Call, 10/18/17 at $20 | 361 | $ | 41,154 | |||||
S&P 500 Index, Put, 10/31/17 at $2300 | 61 | 185,745 | ||||||
| ||||||||
Total | 422 | $ | 226,899 | |||||
|
Written options outstanding as of June 30, 2017 were as follows:
Number of contracts | Value | |||||||
| ||||||||
Growth Equity Fund | ||||||||
Home Depot, Inc, Call, 1/19/18 at $170 | 10 | $ | (2,170 | ) | ||||
Home Depot, Inc, Put, 1/19/18 at $135 | 10 | (2,860 | ) | |||||
| ||||||||
Total | 20 | $ | (5,030 | ) | ||||
| ||||||||
Growth & Income Fund | ||||||||
Allergan plc, Put, 8/18/17 at $225 | 2 | $ | (362 | ) | ||||
Analog Devices, Inc, Put, 8/18/17 at $80 | 3 | (1,197 | ) | |||||
Analog Devices, Inc, Put, 12/15/17 at $80 | 4 | (2,740 | ) | |||||
AstraZeneca plc, Call, 7/21/17 at $40 | 17 | (357 | ) | |||||
AstraZeneca plc, Put, 7/21/17 at $30 | 17 | (425 | ) | |||||
BioMarin Pharmaceutical, Inc, Put, 10/20/17 at $80 | 4 | (1,040 | ) | |||||
BioMarin Pharmaceutical, Inc, Put, 10/20/17 at $85 | 3 | (1,344 | ) | |||||
Bluebird Bio, Inc, Put, 7/21/17 at $85 | 5 | (263 | ) | |||||
Bristol-Myers Squibb Co, Put, 9/15/17 at $50 | 22 | (1,430 | ) | |||||
Carnival Corp, Put, 7/21/17 at $60 | 14 | (126 | ) | |||||
Cavium, Inc, Put, 8/18/17 at $55 | 18 | (2,025 | ) | |||||
Celgene Corp, Call, 1/19/18 at $145 | 11 | (4,510 | ) | |||||
Ciena Corp, Call, 7/21/17 at $30 | 9 | (27 | ) | |||||
ConAgra Brands, Inc, Put, 7/21/17 at $35 | 18 | (720 | ) | |||||
Costco Wholesale Corp, Put, 7/14/17 at $152.50 | 4 | (132 | ) | |||||
Costco Wholesale Corp, Put, 7/21/17 at $160 | 4 | (1,012 | ) | |||||
CyberArk Software Ltd, Put, 10/20/17 at $45 | 10 | (1,550 | ) | |||||
|
TIAA-CREF Life Funds § 2017 Semiannual Report | 111 |
Notes to financial statements (unaudited) |
Number of contracts | Value | |||||||
| ||||||||
Growth & Income Fund—continued | ||||||||
DISH Network Corp, Put, 1/19/18 at $52.50 | 18 | $ | (3,960 | ) | ||||
DXC Technology Co, Put, 9/15/17 at $70 | 2 | (210 | ) | |||||
Edwards Lifesciences Corp, Call, 8/18/17 at $120 | 4 | (1,760 | ) | |||||
Edwards Lifesciences Corp, Put, 8/18/17 at $105 | 4 | (460 | ) | |||||
Edwards Lifesciences Corp, Put, 8/18/17 at $85 | 8 | (180 | ) | |||||
Electronic Arts, Inc, Put, 9/15/17 at $95 | 11 | (2,288 | ) | |||||
First Republic Bank, Put, 7/21/17 at $85 | 15 | (225 | ) | |||||
FMC Corp, Put, 8/18/17 at $65 | 11 | (682 | ) | |||||
Gap, Inc, Put, 9/15/17 at $20 | 11 | (517 | ) | |||||
Genesee & Wyoming, Inc, Put, 7/21/17 at $55 | 10 | (50 | ) | |||||
HD Supply Holdings, Inc, Put, 7/21/17 at $32.50 | 17 | (3,400 | ) | |||||
Huntsman Corp, Put, 1/19/18 at $22 | 11 | (935 | ) | |||||
Incyte Corp, Put, 9/15/17 at $110 | 5 | (1,612 | ) | |||||
Itron, Inc, Put, 8/18/17 at $55 | 2 | (65 | ) | |||||
Itron, Inc, Put, 8/18/17 at $60 | 3 | (232 | ) | |||||
JC Penney Co, Inc, Put, 1/19/18 at $4 | 55 | (3,135 | ) | |||||
Kapstone Paper and Packaging, Put, 8/18/17 at $17.50 | 22 | (495 | ) | |||||
Kohl’s Corp, Put, 1/19/18 at $37.50 | 5 | (2,010 | ) | |||||
Kroger Co, Put, 10/20/17 at $20 | 11 | (440 | ) | |||||
Lululemon Athletica, Inc, Put, 9/15/17 at $45 | 5 | (170 | ) | |||||
Lululemon Athletica, Inc, Put, 9/15/17 at $47.50 | 3 | (174 | ) | |||||
Lululemon Athletica, Inc, Put, 9/15/17 at $50 | 2 | (188 | ) | |||||
Lumentum Holdings, Inc, Put, 7/21/17 at $45 | 13 | (195 | ) | |||||
Lumentum Holdings, Inc, Put, 8/18/17 at $45 | 5 | (600 | ) | |||||
Mattel, Inc, Put, 10/20/17 at $20 | 44 | (4,180 | ) | |||||
Mattel, Inc, Put, 1/19/18 at $17 | 22 | (946 | ) | |||||
Meredith Corp, Put, 9/15/17 at $50 | 11 | (468 | ) | |||||
MGM Resorts International, Put, 8/4/17 at $29 | 7 | (350 | ) | |||||
Micron Technology, Inc, Put, 6/30/17 at $28 | 22 | (22 | ) | |||||
MicroStrategy, Inc, Call, 8/18/17 at $200 | 3 | (1,500 | ) | |||||
Monsanto Co, Put, 1/19/18 at $97.50 | 22 | (3,388 | ) | |||||
Monster Beverage Corp, Put, 12/15/17 at $45 | 9 | (1,485 | ) | |||||
PACCAR, Inc, Put, 8/18/17 at $60 | 10 | (700 | ) | |||||
Pinnacle Foods, Inc, Call, 9/15/17 at $75 | 7 | (140 | ) | |||||
Pinnacle Foods, Inc, Put, 9/15/17 at $57.50 | 10 | (1,950 | ) | |||||
Pioneer Natural Resources Co, Put, 9/15/17 at $155 | 11 | (7,150 | ) | |||||
Praxair, Inc, Put, 7/21/17 at $125 | 11 | (671 | ) | |||||
Proofpoint, Inc, Put, 7/21/17 at $80 | 7 | (560 | ) | |||||
Pure Storage, Inc, Put, 8/18/17 at $12.50 | 22 | (1,320 | ) | |||||
Pure Storage, Inc, Put, 9/15/17 at $10 | 88 | (1,980 | ) | |||||
PVH Corp, Call, 8/18/17 at $120 | 3 | (577 | ) | |||||
Regeneron Pharmaceuticals, Inc, Call, 11/17/17 at $575 | 3 | (3,975 | ) | |||||
Regeneron Pharmaceuticals, Inc, Put, 8/18/17 at $390 | 3 | (555 | ) | |||||
Regeneron Pharmaceuticals, Inc, Put, 9/15/17 at $425 | 1 | (870 | ) | |||||
Regeneron Pharmaceuticals, Inc, Put, 11/17/17 at $375 | 3 | (1,920 | ) | |||||
Regeneron Pharmaceuticals, Inc, Put, 11/17/17 at $425 | 3 | (4,725 | ) | |||||
Schlumberger Ltd, Put, 1/19/18 at $70 | 7 | (4,743 | ) | |||||
|
112 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
Number of contracts | Value | |||||||
| ||||||||
Growth & Income Fund—continued | ||||||||
Seattle Genetics, Inc, Put, 7/21/17 at $50 | 10 | $ | (1,200 | ) | ||||
Sempra Energy, Put, 7/21/17 at $110 | 7 | (490 | ) | |||||
Snap-on, Inc, Put, 7/21/17 at $145 | 5 | (485 | ) | |||||
Sprouts Farmers Market, Inc, Put, 9/15/17 at $17.50 | 22 | (440 | ) | |||||
Symantec Corp, Put, 7/21/17 at $26 | 25 | (487 | ) | |||||
Take-Two Interactive Software, Inc, Call, 7/21/17 at $75 | 7 | (1,015 | ) | |||||
Take-Two Interactive Software, Inc, Call, 12/15/17 at $90 | 3 | (615 | ) | |||||
Take-Two Interactive Software, Inc, Put, 9/15/17 at $65 | 14 | (2,520 | ) | |||||
Take-Two Interactive Software, Inc, Put, 12/15/17 at $65 | 3 | (1,050 | ) | |||||
TESARO, Inc, Put, 9/15/17 at $90 | 4 | (540 | ) | |||||
TripAdvisor, Inc, Put, 12/15/17 at $38 | 22 | (8,800 | ) | |||||
Twitter, Inc, Put, 7/21/17 at $15 | 13 | (52 | ) | |||||
Twitter, Inc, Put, 7/21/17 at $16 | 12 | (120 | ) | |||||
Ulta Beauty, Inc, Put, 7/21/17 at $265 | 3 | (210 | ) | |||||
United States Steel Corp, Put, 10/20/17 at $19 | 10 | (1,260 | ) | |||||
United States Steel Corp, Put, 1/19/18 at $24 | 10 | (4,150 | ) | |||||
Universal Display Corp, Put, 9/15/17 at $100 | 5 | (2,785 | ) | |||||
Universal Display Corp, Put, 12/15/17 at $110 | 10 | (13,750 | ) | |||||
Viacom, Inc, Put, 9/15/17 at $37.50 | 14 | (6,384 | ) | |||||
VMware, Inc, Put, 7/21/17 at $85 | 7 | (630 | ) | |||||
Wal-Mart Stores, Inc, Put, 7/21/17 at $72.50 | 3 | (69 | ) | |||||
Wal-Mart Stores, Inc, Put, 7/21/17 at $75 | 11 | (726 | ) | |||||
Walt Disney Co, Put, 7/21/17 at $100 | 7 | (161 | ) | |||||
WR Grace & Co, Put, 7/21/17 at $65 | 10 | (310 | ) | |||||
Xilinx, Inc, Put, 7/21/17 at $57.50 | 14 | (224 | ) | |||||
Yelp, Inc, Put, 8/18/17 at $28 | 11 | (1,650 | ) | |||||
Yelp, Inc, Put, 11/17/17 at $27 | 11 | (2,310 | ) | |||||
| ||||||||
Total | 1,020 | $ | (139,851 | ) | ||||
| ||||||||
Large-Cap Value Fund | ||||||||
Chicago Board Options Exchange SPX Volatility Index, Call, 10/18/17 at $30 | 361 | $ | (16,606 | ) | ||||
S&P 500 Index, Put, 10/31/17 at $2100 | 61 | (65,453 | ) | |||||
| ||||||||
Total | 422 | $ | (82,059 | ) | ||||
|
Transactions in written options and related premiums received during the period ended June 30, 2017 were as follows:
Number of contracts | Premiums | |||||||
| ||||||||
Growth Equity | ||||||||
Outstanding at beginning of period | — | $ | — | |||||
Written | 25 | 7,310 | ||||||
Purchased | — | — | ||||||
Exercised | — | — | ||||||
Expired | (5 | ) | (700 | ) | ||||
| ||||||||
Outstanding at end of period | 20 | $ | 6,610 | |||||
|
TIAA-CREF Life Funds § 2017 Semiannual Report | 113 |
Notes to financial statements (unaudited) |
Number of contracts | Premiums | |||||||
| ||||||||
Growth & Income Fund | ||||||||
Outstanding at beginning of period | 437 | $ | 92,750 | |||||
Written | 4,848 | 530,649 | ||||||
Purchased | (2,325 | ) | (285,783 | ) | ||||
Exercised | (58 | ) | (26,437 | ) | ||||
Expired | (1,882 | ) | (143,111 | ) | ||||
| ||||||||
Outstanding at end of period | 1,020 | $ | 168,068 | |||||
| ||||||||
Large-Cap Value Fund | ||||||||
Outstanding at beginning of period | — | $ | — | |||||
Written | 422 | 94,629 | ||||||
Purchased | — | — | ||||||
Exercised | — | — | ||||||
Expired | — | — | ||||||
| ||||||||
Outstanding at end of period | 422 | $ | 94,629 | |||||
|
Total return swap contracts: Total return swaps are agreements that provide a Fund with a return based on the performance of an underlying asset, in exchange for fee payments to a counterparty based on a specific rate. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty, respectively. Payments received or made at the end of each measurement period are recorded as a realized gain or loss in the Statements of Operations. The swap is valued daily and any change in the value of the swap is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of the swap contract is reflected in unrealized appreciation (depreciation) on swap agreements in the Statements of Assets and Liabilities. Total return swaps are exposed to the market risk factor of the specific underlying financial instrument or index. Additional risks to the Fund include the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The Fund’s maximum loss from counterparty risk is the fair value of the contract. Certain Funds may invest in total return swaps to gain or hedge exposure to the underlying reference assets. During the period ended June 30, 2017, the Small-Cap Equity Fund had exposure to total return swaps, based on underlying notional amounts, generally between 0% and 2% of net assets.
114 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
At June 30, 2017, the Small-Cap Equity Fund held the following open total return swap contracts:
Counterparty | | Notional amount | | | Termination date | | | Fixed payments received by or (paid) by fund per annum | | Total return received by or paid by fund | | Unrealized appreciation (depreciation | ) | |||||
| ||||||||||||||||||
Goldman Sachs | 537,661 | 7/6/2017 | (0.01 | )% | Difference between GSCBTINY Index less Russell 2000 Index and Russell 2500 Index | $ | 8,854 | |||||||||||
Goldman Sachs | 653,845 | 8/3/2017 | (0.04 | ) | Difference between GSCBTINY Index less Russell 2000 Index and Russell 2500 Index | $ | — | |||||||||||
|
Note 4—investment adviser and affiliates
Teachers Advisors, LLC (“Advisors”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”) and a registered investment adviser, provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement between Advisors and the Funds. The Funds have also entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of TIAA, distributes the Funds’ shares. Under the terms of the distribution agreement, TPIS is not compensated. TPIS does not currently enter into agreements, or otherwise pay, other intermediaries to sell shares of the Funds.
As part of the Advisory Agreement, Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of June 30, 2017, 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 | ||||||
|
TIAA-CREF Life Funds § 2017 Semiannual Report | 115 |
Notes to financial statements (unaudited) |
Fund | Investment management fee | Maximum expense amounts* | ||||||
| ||||||||
Small-Cap Equity | 0.46% | 0.53% | ||||||
Social Choice Equity | 0.15 | 0.22 | ||||||
Stock Index | 0.06 | 0.09 | ||||||
International Equity | 0.50 | 0.60 | ||||||
Bond | 0.30 | 0.35 | ||||||
Money Market | 0.10 | 0.15 | ||||||
Balanced | 0.10 | 0.10 | ||||||
|
* | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage and other transactional expenses, acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2018. The reimbursement arrangements can only be changed with the approval of the Board of Trustees. |
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. These amounts are included in Payment from affiliate on the Statements of Operations.
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, 2017, the Funds engaged in the following security transactions with affiliated entities:
Fund | Purchases | Sales | Realized gain (loss) | |||||||||
| ||||||||||||
Life Growth Equity | $ | 196,278 | $ | 257,493 | $ | 25,044 | ||||||
Life Growth & Income | 336,031 | 851,335 | 144,433 | |||||||||
Life Large-Cap Value | 27,212 | 387,454 | 69,663 | |||||||||
Life Small-Cap Equity | 61,701 | 126,993 | 55,027 | |||||||||
Life Social Choice Equity | 106,846 | 58,498 | 13,004 | |||||||||
Life Stock Index | 1,093,282 | — | — | |||||||||
Life International Equity | 2,224,093 | 407,557 | 70,332 | |||||||||
Life Balanced | — | 220,456 | 43 | |||||||||
|
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.
Additionally, at the commencement of operations of each Fund, TIAA, an affiliate, invested in each Fund. During the period ended June 30, 2017, there were no redemptions.
116 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
The following is the percentage of the Funds’ shares owned by affiliates and the Balanced Fund as of June 30, 2017:
Underlying Fund | Investments in funds held by TIAA-CREF Life | Investments in funds held by Life Balanced | Total | |||||||||
| ||||||||||||
Growth Equity | 94 | % | 6 | % | 100 | % | ||||||
Growth & Income | 96 | 4 | 100 | |||||||||
Large-Cap Value | 93 | 7 | 100 | |||||||||
Real Estate Securities | 99 | 1 | 100 | |||||||||
Small-Cap Equity | 98 | 2 | 100 | |||||||||
Social Choice Equity | 100 | — | 100 | |||||||||
Stock Index | 99 | 1 | 100 | |||||||||
International Equity | 95 | 5 | 100 | |||||||||
Bond | 86 | 14 | 100 | |||||||||
Money Market | 100 | — | 100 | |||||||||
Balanced | 100 | — | 100 | |||||||||
|
Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Balanced Fund invests its assets in shares of the affiliated TIAA-CREF Life Funds. Information regarding transactions with affiliated companies is as follows:
Issue | Value at December 31, 2016 | Purchases cost | Sales proceeds | Realized gain (loss) | Dividend income | Value at June 30, 2017 | ||||||||||||||||||
| ||||||||||||||||||||||||
TIAA-CREF Life Balanced Fund | ||||||||||||||||||||||||
TIAA-CREF Life Growth Equity | $ | 4,416,923 | $ | 296,961 | $ | 667,672 | $ | 34,359 | $ | — | $ | 4,787,690 | ||||||||||||
TIAA-CREF Life Growth & Income | 5,022,988 | 363,014 | 462,429 | 211 | — | 5,438,768 | ||||||||||||||||||
TIAA-CREF Life Large-Cap Value | 4,623,160 | 584,260 | 368,482 | (9,523 | ) | — | 5,010,634 | |||||||||||||||||
TIAA-CREF Life Real Estate Securities | 1,029,747 | 156,865 | 168,653 | (13,344 | ) | — | 1,087,808 | |||||||||||||||||
TIAA-CREF Life Small-Cap Equity | 1,007,691 | 137,608 | 101,221 | 587 | — | 1,090,819 | ||||||||||||||||||
TIAA-CREF Life Stock Index | 4,024,156 | 303,522 | 326,448 | 10,320 | — | 4,353,305 | ||||||||||||||||||
TIAA-CREF Life International Equity | 5,087,851 | 509,788 | 1,086,093 | (7,340 | ) | — | 5,416,533 | |||||||||||||||||
TIAA-CREF Life Bond | 24,689,846 | 2,971,586 | 1,307,845 | (65,101 | ) | — | 27,083,306 | |||||||||||||||||
| ||||||||||||||||||||||||
$ | 49,902,362 | $ | 5,323,604 | $ | 4,488,843 | $ | (49,831 | ) | $ | — | $ | 54,268,863 | ||||||||||||
|
Note 5—investments
Securities lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Cash collateral received by the Fund will generally be invested in
TIAA-CREF Life Funds § 2017 Semiannual Report | 117 |
Notes to financial statements (unaudited) |
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. As of June 30, 2017, 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.
Securities purchased on a when-issued or delayed-delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.
Mortgage dollar roll transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
118 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
Net unrealized appreciation (depreciation): At June 30, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio 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 | $ | 58,592,308 | $ | 28,183,856 | $ | (245,945 | ) | $ | 27,937,911 | |||||||
Growth & Income | 97,506,379 | 38,172,522 | (718,125 | ) | 37,454,397 | |||||||||||
Large-Cap Value | 62,047,640 | 14,443,667 | (1,976,034 | ) | 12,467,633 | |||||||||||
Real Estate Securities | 56,156,213 | 19,069,998 | (393,493 | ) | 18,676,505 | |||||||||||
Small-Cap Equity | 46,132,293 | 9,733,637 | (1,131,905 | ) | 8,601,732 | |||||||||||
Social Choice Equity | 34,960,306 | 22,111,594 | (953,573 | ) | 21,158,021 | |||||||||||
Stock Index | 225,396,450 | 186,886,246 | (7,427,770 | ) | 179,458,476 | |||||||||||
International Equity | 89,586,294 | 14,198,654 | (651,413 | ) | 13,547,241 | |||||||||||
Bond | 187,830,729 | 2,692,823 | (1,483,107 | ) | 1,209,716 | |||||||||||
Balanced | 51,569,708 | 2,732,138 | (32,983 | ) | 2,699,155 | |||||||||||
|
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended June 30, 2017 were as follows:
Fund | Non-U.S. government purchases | U.S. government purchases | Non-U.S. government sales | U.S. government sales | ||||||||||||
| ||||||||||||||||
Growth Equity | $ | 33,708,063 | $ | — | $ | 34,800,744 | $ | — | ||||||||
Growth & Income | 52,830,457 | — | 58,447,703 | — | ||||||||||||
Large-Cap Value | 21,750,621 | — | 24,770,412 | — | ||||||||||||
Real Estate Securities | 9,845,345 | — | 9,017,426 | — | ||||||||||||
Small-Cap Equity | 23,413,748 | �� | — | 25,364,987 | — | |||||||||||
Social Choice Equity | 4,955,505 | — | 5,695,019 | — | ||||||||||||
Stock Index | 21,170,620 | — | 14,108,233 | — | ||||||||||||
International Equity | 55,194,688 | — | 55,479,785 | — | ||||||||||||
Bond | 35,076,791 | 118,389,931 | 36,538,969 | 108,140,009 | ||||||||||||
Balanced | 5,601,244 | — | 4,766,741 | — | ||||||||||||
|
Note 6—distributions to shareholders and other tax items
The tax character of distributions paid to shareholders during the year ended December 31, 2016 was as follows:
2016 | ||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | |||||||||
| ||||||||||||
Growth Equity | $ | 421,081 | $ | 2,165,658 | $ | 2,586,739 | ||||||
Growth & Income | 1,573,499 | 5,983,057 | 7,556,556 | |||||||||
Large-Cap Value | 1,210,609 | 2,551,377 | 3,761,986 | |||||||||
|
TIAA-CREF Life Funds § 2017 Semiannual Report | 119 |
Notes to financial statements (unaudited) | concluded |
2016 | ||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | |||||||||
| ||||||||||||
Real Estate Securities | $ | 2,095,950 | $ | 5,568,654 | $ | 7,664,604 | ||||||
Small-Cap Equity | 434,875 | 1,517,484 | 1,952,359 | |||||||||
Social Choice Equity | 1,145,313 | 3,671,040 | 4,816,353 | |||||||||
Stock Index | 7,364,981 | 99,340 | 7,464,321 | |||||||||
International Equity | 1,369,100 | — | 1,369,100 | |||||||||
Bond | 6,140,816 | 250,524 | 6,391,340 | |||||||||
Money Market | 215,103 | — | 215,103 | |||||||||
Balanced | 1,190,563 | 760,889 | 1,951,452 | |||||||||
|
The tax character of the fiscal year 2017 distributions will be determined at the end of the fiscal year.
Note 7—line of credit
Each of the Funds, except the Money Market Fund, participates in a $1.5 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 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. 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, 2017, there were no borrowings under this credit facility by the Funds.
Note 8—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.
120 | 2017 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
Among its other duties, the Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Life Funds (the “Trust”) is responsible for determining whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each of its series (the “Funds”). Under the Agreement, Advisors is responsible for providing investment advisory services 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 Fund.
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that, after an initial period of up to two years, the Agreement for each Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Trustees are interested persons of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.
Overview of the renewal process
The Board held meetings on March 9, 2017 and March 23, 2017, at which it considered the annual renewal of the Agreement with respect to each applicable Fund using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee 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. The Operations Committee also worked with Advisors to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Board during the 2016 renewal process. During a series of meetings held prior to the March 9 and March 23, 2017 Board meetings, the Operations Committee reviewed such guidance and follow-up requests in consultation with Advisors representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to Advisors and the Trust, and then evaluated the information produced in accordance with the guidance and requests.
Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.
TIAA-CREF Life Funds § 2017 Semiannual Report | 121 |
Approval of investment management agreement (unaudited) |
Based on guidance provided by the Operations Committee on behalf of the Board, Broadridge produced, among other information, performance and expense comparison data regarding each Fund, including data relating to each Fund’s management fee rate, total expense ratio, short-term and long-term investment performance, portfolio turnover rate and brokerage commission costs (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commissions) and against a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Broadridge independent of any input from Advisors, and, in the case of the investment performance data, against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies it employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an unbiased view of each Fund’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Broadridge (and not Advisors or the Board).
Among other matters, the Board also requested and reviewed various information provided by Advisors to facilitate the Trustees’ evaluation of the reasonableness of any profits earned by Advisors with respect to its services to each Fund pursuant to the Agreement.
In advance of the Board meetings held on March 9 and March 23, 2017, 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 fee rate under the Agreement to the fee rates of 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 Advisors’ direct fee payments pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading, soft dollar usage and best
122 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
execution practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Funds; (6) information as to any profits earned by Advisors in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Funds and affiliates of Advisors; (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (9) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. The Trustees were given the opportunity to ask questions and request additional information, and they reviewed responses from Advisors to follow-up questions presented by the Board after its initial review of the information described above.
In considering whether to renew the Agreement with respect to each Fund, the Board reviewed various factors with respect to the Fund, including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Fund; (2) the Fund’s investment performance; (3) the costs of the services provided to the Fund and the profits realized or potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Fund grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (7) comparisons of services and fee rates with any contracts entered into by Advisors with other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As a general matter, the Board viewed these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the principal factor in determining whether to renew the Agreement.
In reaching its decisions regarding the renewal of the Agreement for each Fund, the Board took into account the information described above and other information provided to the Board in connection with this process. Additionally, the Board took into account relevant information, including performance data, provided to the Board and its Committees throughout the year as part of the Board’s ongoing duties to oversee and evaluate Advisors’ services to the Funds. In addition to general session meetings 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.
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
TIAA-CREF Life Funds § 2017 Semiannual Report | 123 |
Approval of investment management agreement (unaudited) |
weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Fund. At its meeting on March 23, 2017, the Board voted unanimously to renew the Agreement for each Fund. Set forth below is a summary of the primary factors the Board considered with respect to each Fund.
The nature, extent and quality of services
The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the Funds since their operations commenced. Investment professionals at Advisors also manage various accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Funds and TIAA Separate Account VA-1, as well as 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, recommending 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 investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Funds to the Board on a regular basis; 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 of the Funds, 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 for its portfolio management and other functions, including the impact of recent and anticipated operational changes on such resources, so as to assess whether sufficient resources are being devoted to these functions.
124 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
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 of mutual funds that underlie variable insurance products (as applicable) and its benchmark index. The Board also reviewed the three-year performance of each Fund (as applicable) before any reductions for fees or expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation on each 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 that, in those cases in which a Fund had materially underperformed its peer group or peer universe of mutual funds that underlie variable insurance products for a specified period or, in the case of an index Fund that had deviated from its benchmark by a specified amount, the Board had a dialogue with investment personnel of Advisors, including the pertinent chief investment officer, to consider the factors that contributed to 2016 and longer-term performance. Management also considered whether a closer examination of performance or remedial measures was warranted. 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 for the calendar year 2016. 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 risk Advisors assumes. The Board considered that Advisors had incurred a net loss with respect to each of the Funds under the Agreement for the one-year period ended December 31, 2016. With respect to the Balanced Fund, the Board also considered that Advisors may have indirect earnings or losses with respect to the Fund’s investment in underlying funds also managed by Advisors.
Fees charged by other advisers
The Board considered information regarding fees paid to other advisers for managing similar mutual funds, as analyzed by Broadridge. 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
TIAA-CREF Life Funds § 2017 Semiannual Report | 125 |
Approval of investment management agreement (unaudited) |
uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between a Fund and its comparable mutual funds that underlie variable insurance products. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Funds’ actual management fee rates compare to those of peer mutual funds that underlie variable insurance products. Additionally, the Board considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Fund’s data were derived. Based on all factors considered, the Board concluded that the management fee rates under the Agreement with respect to each Fund were reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.
Economies of scale
The Board considered whether Advisors has experienced or is anticipated to experience economies of scale in connection with the operation of each Fund. The Board also considered that because Advisors operated each Fund at a loss, there was little opportunity to pass economies of scale on to Fund shareholders. Based on all factors considered, the Board concluded that the Funds’ management fee rates were reasonable in light of current economies of scale considerations and current asset levels.
Fee comparison 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, foreign funds (“UCITS”) and separately managed accounts that may have similar investment strategies as certain of the Funds. The Board also considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. Additionally, the Board considered Advisors’ disclosed fee rate schedules for separately managed account mandates with investment strategies similar to the Funds’ 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 is 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 by Advisors; (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. The Board also considered that the management fee rate of the Balanced Fund aligned with the contractual management fee rates of certain other funds of funds managed by
126 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
Advisors including the Lifecycle, Lifecycle Index and Lifestyle Funds (although Advisors currently waives its entire management fee for the Lifecycle Funds and all or a portion of its management fee for the Lifecycle Index Funds).
Other benefits
The Board also considered additional benefits to Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from the advisory 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 nonprofit markets and as a single source for all their financial service needs. Both Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. Advisors may also benefit from the ability to acquire investment research related to commission arrangements made on behalf of the Funds (i.e., soft dollars). Additionally, the Funds are utilized primarily as investment options for products offered by an affiliate of Advisors, TIAA-CREF Life Insurance Company.
Fund-by-fund factors
The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Fund. If a Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. All time periods referenced below are ended December 31, 2016. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2016. Statements below regarding “net loss” refer to Advisors incurring a loss for the services that it rendered to a Fund during 2016 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, 2nd and 1st quintiles of both the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) and the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively. |
TIAA-CREF Life Funds § 2017 Semiannual Report | 127 |
Approval of investment management agreement (unaudited) |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
Growth & Income Fund
• | The Fund’s annual contractual investment management fee rate is 0.45% of average daily net assets. |
• | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
• | The Fund was in the 4th, 1st, 2nd and 1st 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 5 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
Large-Cap Value Fund
• | The Fund’s annual contractual investment management fee rate is 0.45% of average daily net assets. |
• | The Fund’s total expense ratio and actual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. The Fund’s contractual management fee rate was in the 2nd quintile of its Expense Group and 1st quintile of its Expense Universe. |
• | The Fund was in the 3rd, 3rd, 3rd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 2nd, 3rd, 2nd 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 3 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
Real Estate Securities Fund
• | The Fund’s annual contractual investment management fee rate is 0.50% of average daily net assets. |
• | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
• | The Fund was in the 5th, 5th, 5th and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 5th, 4th, 2nd and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
128 | 2017 Semiannual Report § TIAA-CREF Life Funds |
continued |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
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, 1st, 2nd and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 4th, 1st, 2nd and 2nd quintiles of its Performance Universe for each of the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
Social Choice Equity Fund
• | The Fund’s annual contractual investment management fee rate is 0.15% of average daily net assets. |
• | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
• | The Fund was in the 1st, 3rd, 3rd and 1st quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 4th, 3rd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
• | The Fund received an Overall Morningstar Rating of 3 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
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. |
• | 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 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. The Fund’s Performance Universe includes actively-managed funds, while the Fund utilizes a passive investment strategy. |
TIAA-CREF Life Funds § 2017 Semiannual Report | 129 |
Approval of investment management agreement (unaudited) |
• | For the three-year period, the Fund’s relative gross performance (meaning the Fund’s performance without any reductions for fees or expenses, including the effect of net asset rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) was equal to the performance of its benchmark, the Russell 3000® Index. |
• | The Fund received an Overall Morningstar Rating of 4 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period |
International Equity Fund
• | The Fund’s annual contractual investment management fee rate is 0.50% of average daily net assets. |
• | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
• | The Fund was in the 2nd, 4th, 1st and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 3rd, 4th, 1st 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 3 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
Bond Fund
• | The Fund’s annual contractual investment management fee rate is 0.30% of average daily net assets. |
• | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
• | The Fund was in the 1st, 1st, 2nd and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Fund was in the 1st, 1st, 1st 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 4 stars. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
Money Market Fund
• | The Fund’s annual contractual investment management fee rate is 0.10% of average daily net assets. |
• | The Fund’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
130 | 2017 Semiannual Report § TIAA-CREF Life Funds |
concluded |
• | The Fund was in the 1st quintile of both its Performance Group and its Performance Universe for the one-, three-, five- and ten-year periods. |
• | Money market funds are not rated by Morningstar. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period. |
Balanced Fund
• | The Fund’s annual contractual investment management fee rate is 0.10% of average daily net assets. |
• | The Fund’s total expense ratio, actual investment management fee rate and contractual management fee rate were each in the 1st quintile of both its Expense Group and Expense Universe. |
• | The Fund was in the 3rd and 1st quintiles of its Performance Group for its one-year and since-inception periods, respectively, and in the 3rd and 2nd quintiles of its Performance Universe for the one-year and since-inception periods, respectively. |
• | The Fund does not yet have a sufficient track record for a Morningstar rating. |
• | Advisors incurred a net loss with respect to its services to the Fund for the one-year period and also incurred a net loss on each of the underlying funds in which the Fund invested. |
Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Fund.
TIAA-CREF Life Funds § 2017 Semiannual Report | 131 |
Additional information about index providers (unaudited) |
Russell Indexes
The Russell 1000® Index, the Russell 2000® Index, the Russell 3000® Index, the Russell 1000 Value Index and the Russell 1000 Growth Index are trademarks/service marks of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell indexes. The funds are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the funds nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.
Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.
Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE AS TO THE ACCURACY, COMPLETENESS, RELIABILITY OR OTHERWISE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED IN THE RUSSELL INDEXES. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.
Standard & Poor’s Index
The S&P 500® Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the fund. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the fund.
MSCI Indexes
The funds are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service marks of MSCI or its affiliates and have been
132 | 2017 Semiannual Report § TIAA-CREF Life Funds |
licensed for use for certain purposes by Teachers Advisors, LLC. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of these funds or any other person or entity regarding the advisability of investing in funds generally or in these funds particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to these funds or the issuer or owners of these funds or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of these funds or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of these funds to be issued or in the determination or calculation of the equation by or the consideration into which these funds is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of these funds or any other person or entity in connection with the administration, marketing or offering of these funds.
ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THESE FUNDS, OWNERS OF THESE FUNDS, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
No purchaser, seller or holder of these securities, products or funds, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote these securities without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.
TIAA-CREF Life Funds § 2017 Semiannual Report | 133 |
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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 TIAA.org, or call 800-223-1200. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Teachers Personal Investors Services, Inc., Nuveen Securities, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, 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.
©2017 Teachers Insurance and Annuity Association of America–College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
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Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audited Committee of Listed Registrants.
Not Applicable.
Item 6. Schedule of Investments.
TIAA-CREF LIFE FUNDS - Growth Equity Fund
TIAA-CREF LIFE FUNDS
GROWTH EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 97.8% | ||||||||
AUTOMOBILES & COMPONENTS - 1.0% | ||||||||
2,504 | * | Tesla, Inc | $ | 905,471 | ||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 905,471 | |||||||
|
| |||||||
BANKS - 1.5% | ||||||||
43,499 | Bank of America Corp | 1,055,286 | ||||||
3,008 | JPMorgan Chase & Co | 274,931 | ||||||
|
| |||||||
TOTAL BANKS | 1,330,217 | |||||||
|
| |||||||
CAPITAL GOODS - 3.7% | ||||||||
4,988 | * | Gardner Denver Holdings, Inc | 107,791 | |||||
2,137 | General Dynamics Corp | 423,340 | ||||||
3,155 | Northrop Grumman Corp | 809,920 | ||||||
5,126 | Parker-Hannifin Corp | 819,237 | ||||||
1,394 | Rockwell Automation, Inc | 225,772 | ||||||
3,574 | Roper Industries, Inc | 827,488 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 3,213,548 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.9% | ||||||||
7,594 | * | IHS Markit Ltd | 334,440 | |||||
12,037 | Nielsen NV | 465,350 | ||||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 799,790 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 1.4% | ||||||||
7,848 | * | Lululemon Athletica, Inc | 468,290 | |||||
13,234 | Nike, Inc (Class B) | 780,806 | ||||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 1,249,096 | |||||||
|
| |||||||
CONSUMER SERVICES - 4.3% | ||||||||
1,157 | * | Chipotle Mexican Grill, Inc (Class A) | 481,428 | |||||
14,451 | Marriott International, Inc (Class A) | 1,449,580 | ||||||
16,212 | MGM Resorts International | 507,273 | ||||||
21,761 | Starbucks Corp | 1,268,884 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 3,707,165 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 1.3% | ||||||||
8,917 | Charles Schwab Corp | 383,075 | ||||||
5,959 | CME Group, Inc | 746,305 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 1,129,380 | |||||||
|
| |||||||
ENERGY - 0.8% | ||||||||
5,807 | * | Concho Resources, Inc | 705,725 | |||||
|
| |||||||
TOTAL ENERGY | 705,725 | |||||||
|
|
1
TIAA-CREF LIFE FUNDS - Growth Equity Fund
SHARES | COMPANY | VALUE | ||||||
FOOD, BEVERAGE & TOBACCO - 1.8% | ||||||||
4,474 | Costco Wholesale Corp | $ | 715,527 | |||||
11,264 | * | Monster Beverage Corp | 559,596 | |||||
5,411 | Pinnacle Foods, Inc | 321,413 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 1,596,536 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.8% | ||||||||
14,585 | * | Cerner Corp | 969,465 | |||||
1,972 | * | Intuitive Surgical, Inc | 1,844,549 | |||||
1,100 | * | NuVasive, Inc | 84,612 | |||||
11,797 | UnitedHealth Group, Inc | 2,187,400 | ||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 5,086,026 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.7% | ||||||||
15,272 | Estee Lauder Cos (Class A) | 1,465,807 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1,465,807 | |||||||
|
| |||||||
MATERIALS - 3.6% | ||||||||
7,645 | Albemarle Corp | 806,853 | ||||||
10,261 | Monsanto Co | 1,214,492 | ||||||
3,161 | Sherwin-Williams Co | 1,109,385 | ||||||
|
| |||||||
TOTAL MATERIALS | 3,130,730 | |||||||
|
| |||||||
MEDIA - 3.6% | ||||||||
41,881 | Comcast Corp (Class A) | 1,630,008 | ||||||
14,195 | Walt Disney Co | 1,508,219 | ||||||
|
| |||||||
TOTAL MEDIA | 3,138,227 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.7% | ||||||||
5,705 | * | Alexion Pharmaceuticals, Inc | 694,127 | |||||
3,650 | Allergan plc | 887,278 | ||||||
5,342 | * | BioMarin Pharmaceutical, Inc | 485,160 | |||||
9,556 | *,n | Celgene Corp | 1,241,038 | |||||
6,965 | Eli Lilly & Co | 573,220 | ||||||
6,309 | Gilead Sciences, Inc | 446,551 | ||||||
4,465 | * | Illumina, Inc | 774,767 | |||||
3,404 | Ipsen | 465,796 | ||||||
2,741 | * | Jazz Pharmaceuticals plc | 426,225 | |||||
3,128 | Lonza Group AG. | 677,575 | ||||||
7,923 | Novo Nordisk AS | 340,430 | ||||||
1,323 | * | Regeneron Pharmaceuticals, Inc | 649,778 | |||||
4,841 | * | Vertex Pharmaceuticals, Inc | 623,860 | |||||
16,166 | Zoetis, Inc | 1,008,435 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 9,294,240 | |||||||
|
| |||||||
RETAILING - 9.3% | ||||||||
3,397 | * | Amazon.com, Inc | 3,288,296 | |||||
6,741 | Expedia, Inc | 1,004,072 | ||||||
11,899 | n | Home Depot, Inc | 1,825,307 | |||||
7,494 | * | NetFlix, Inc | 1,119,679 | |||||
424 | * | Priceline.com, Inc | 793,100 | |||||
|
| |||||||
TOTAL RETAILING | 8,030,454 | |||||||
|
|
2
TIAA-CREF LIFE FUNDS - Growth Equity Fund
SHARES | COMPANY | VALUE | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.8% | ||||||||
12,293 | * | Advanced Micro Devices, Inc | $ | 153,417 | ||||
18,337 | Applied Materials, Inc | 757,502 | ||||||
8,705 | Broadcom Ltd | 2,028,700 | ||||||
2,680 | Lam Research Corp | 379,032 | ||||||
5,900 | NVIDIA Corp | 852,904 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 4,171,555 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 34.1% | ||||||||
15,486 | Activision Blizzard, Inc | 891,529 | ||||||
21,223 | * | Adobe Systems, Inc | 3,001,781 | |||||
2,126 | * | Alphabet, Inc (Class A) | 1,976,500 | |||||
3,489 | * | Alphabet, Inc (Class C) | 3,170,559 | |||||
19,973 | * | eBay, Inc | 697,457 | |||||
22,613 | * | Facebook, Inc | 3,414,111 | |||||
4,039 | * | Gartner, Inc | 498,857 | |||||
8,260 | * | IAC/InterActiveCorp | 852,762 | |||||
20,052 | Intuit, Inc | 2,663,106 | ||||||
12,281 | MasterCard, Inc (Class A) | 1,491,528 | ||||||
48,139 | Microsoft Corp | 3,318,221 | ||||||
16,971 | * | PayPal Holdings, Inc | 910,834 | |||||
8,244 | * | Red Hat, Inc | 789,363 | |||||
21,052 | * | salesforce.com, Inc | 1,823,103 | |||||
4,567 | g | Scout24 AG. | 167,992 | |||||
44,398 | Tencent Holdings Ltd | 1,592,775 | ||||||
25,218 | Visa, Inc (Class A) | 2,364,944 | ||||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 29,625,422 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.8% | ||||||||
22,710 | Apple, Inc | 3,270,694 | ||||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 3,270,694 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 0.9% | ||||||||
12,733 | * | T-Mobile US, Inc | 771,874 | |||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 771,874 | |||||||
|
| |||||||
TRANSPORTATION - 2.8% | ||||||||
16,680 | Delta Air Lines, Inc | 896,383 | ||||||
3,860 | FedEx Corp | 838,894 | ||||||
6,592 | Union Pacific Corp | 717,935 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | 2,453,212 | |||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $56,816,730) | 85,075,169 | |||||||
|
| |||||||
PURCHASED OPTIONS - 0.0% | ||||||||
RETAILING - 0.0% | ||||||||
1,000 | Home Depot, Inc | 5,050 | ||||||
|
| |||||||
TOTAL RETAILING | 5,050 | |||||||
|
| |||||||
TOTAL PURCHASED OPTIONS (Cost $6,470) | 5,050 | |||||||
|
|
3
TIAA-CREF LIFE FUNDS - Growth Equity Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 1.7% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 1.7% | ||||||||||||||||
$1,450,000 | Federal Home Loan Bank (FHLB) | 0.650 | % | 07/03/17 | $ | 1,450,000 | ||||||||||
|
| |||||||||||||||
1,450,000 | ||||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,449,948) | 1,450,000 | |||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS - 99.5% (Cost $58,273,148) | 86,530,219 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.5% |
| 429,932 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 86,960,151 | ||||||||||||||
|
|
* | Non-income producing |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/17, the aggregate value of these securities was $167,992 or 0.2% 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. |
4
TIAA-CREF LIFE FUNDS - Growth & Income Fund
TIAA-CREF LIFE FUNDS
GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.7% | ||||||||
AUTOMOBILES & COMPONENTS - 0.3% | ||||||||
5,194 | Delphi Automotive plc | $ | 455,253 | |||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 455,253 | |||||||
|
| |||||||
BANKS - 8.1% | ||||||||
69,785 | Banca Intesa S.p.A. | 221,973 | ||||||
98,407 | Bank of America Corp | 2,387,354 | ||||||
10,619 | Citigroup, Inc | 710,199 | ||||||
22,528 | Citizens Financial Group, Inc | 803,799 | ||||||
6,646 | Comerica, Inc | 486,753 | ||||||
2,069 | n | First Republic Bank | 207,107 | |||||
31,061 | Huntington Bancshares, Inc | 419,945 | ||||||
47,013 | ING Groep NV | 811,574 | ||||||
31,096 | JPMorgan Chase & Co | 2,842,174 | ||||||
21,446 | Wells Fargo & Co | 1,188,323 | ||||||
17,074 | Zions Bancorporation | 749,719 | ||||||
|
| |||||||
TOTAL BANKS | 10,828,920 | |||||||
|
| |||||||
CAPITAL GOODS - 8.5% | ||||||||
6,580 | AGCO Corp | 443,426 | ||||||
8,303 | * | Caesarstone Sdot-Yam Ltd | 291,020 | |||||
8,412 | Caterpillar, Inc | 903,954 | ||||||
30,501 | CNH Industrial NV (NYSE) | 347,101 | ||||||
4,500 | Emerson Electric Co | 268,290 | ||||||
3,873 | Equifax, Inc | 532,228 | ||||||
5,522 | Fortive Corp | 349,819 | ||||||
13,160 | * | Gardner Denver Holdings, Inc | 284,388 | |||||
3,846 | General Dynamics Corp | 761,893 | ||||||
38,225 | n | General Electric Co | 1,032,457 | |||||
11,786 | n | Honeywell International, Inc | 1,570,956 | |||||
13,462 | Kennametal, Inc | 503,748 | ||||||
1,905 | Northrop Grumman Corp | 489,032 | ||||||
8,304 | n | PACCAR, Inc | 548,396 | |||||
5,860 | Parker-Hannifin Corp | 936,545 | ||||||
6,448 | Raytheon Co | 1,041,223 | ||||||
3,347 | Rockwell Automation, Inc | 542,080 | ||||||
3,788 | * | WABCO Holdings, Inc | 483,008 | |||||
|
| |||||||
TOTAL CAPITAL GOODS | 11,329,564 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.6% | ||||||||
11,539 | Waste Management, Inc | 846,386 | ||||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 846,386 | |||||||
|
|
5
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
CONSUMER DURABLES & APPAREL - 3.1% | ||||||||
10,743 | Coach, Inc | $ | 508,574 | |||||
11,980 | DR Horton, Inc | 414,148 | ||||||
2,455 | Hasbro, Inc | 273,757 | ||||||
2,815 | * | Mohawk Industries, Inc | 680,357 | |||||
15,341 | Newell Rubbermaid, Inc | 822,584 | ||||||
5,358 | Phillips-Van Heusen Corp | 613,491 | ||||||
9,898 | Sony Corp | 377,547 | ||||||
14,623 | *,g | Spin Master Corp | 436,390 | |||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 4,126,848 | |||||||
|
| |||||||
CONSUMER SERVICES - 1.8% | ||||||||
7,425 | n | Carnival Corp | 486,857 | |||||
655 | * | Chipotle Mexican Grill, Inc (Class A) | 272,545 | |||||
6,242 | Hilton Worldwide Holdings, Inc | 386,068 | ||||||
25,447 | n | MGM Resorts International | 796,237 | |||||
3,264 | Wynn Resorts Ltd | 437,768 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 2,379,475 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 3.0% | ||||||||
11,092 | American Express Co | 934,390 | ||||||
15,812 | Blackstone Group LP | 527,330 | ||||||
5,751 | CME Group, Inc | 720,255 | ||||||
25,437 | Morgan Stanley | 1,133,473 | ||||||
7,418 | Northern Trust Corp | 721,104 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 4,036,552 | |||||||
|
| |||||||
ENERGY - 5.7% | ||||||||
10,659 | Chevron Corp | 1,112,053 | ||||||
7,567 | * | Concho Resources, Inc | 919,617 | |||||
23,494 | * | Continental Resources, Inc | 759,561 | |||||
6,303 | Delek US Holdings, Inc | 166,651 | ||||||
5,550 | * | Diamondback Energy, Inc | 492,895 | |||||
14,205 | EOG Resources, Inc | 1,285,837 | ||||||
11,004 | Exxon Mobil Corp | 888,353 | ||||||
16,820 | * | Parsley Energy, Inc | 466,755 | |||||
2,398 | n | Pioneer Natural Resources Co | 382,673 | |||||
12,706 | * | RSP Permian, Inc | 410,023 | |||||
11,734 | Williams Cos, Inc | 355,306 | ||||||
45,417 | * | WPX Energy, Inc | 438,728 | |||||
|
| |||||||
TOTAL ENERGY | 7,678,452 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 0.4% | ||||||||
6,773 | n | Wal-Mart Stores, Inc | 512,581 | |||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 512,581 | |||||||
|
| |||||||
FOOD, BEVERAGE & TOBACCO - 6.4% | ||||||||
16,500 | Coca-Cola European Partners plc (Class A) | 671,055 | ||||||
16,095 | n | ConAgra Foods, Inc | 575,557 | |||||
2,388 | Constellation Brands, Inc (Class A) | 462,627 | ||||||
5,385 | n | Costco Wholesale Corp | 861,223 | |||||
4,783 | Fresh Del Monte Produce, Inc | 243,502 | ||||||
3,545 | Hershey Co | 380,627 |
6
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
8,935 | Kraft Heinz Co | $ | 765,193 | |||||
16,161 | Mondelez International, Inc | 697,994 | ||||||
18,194 | *,n | Monster Beverage Corp | 903,878 | |||||
9,502 | PepsiCo, Inc | 1,097,386 | ||||||
12,781 | Philip Morris International, Inc | 1,501,129 | ||||||
7,347 | n | Pinnacle Foods, Inc | 436,412 | |||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 8,596,583 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 6.4% | ||||||||
4,215 | Anthem, Inc | 792,968 | ||||||
13,374 | Baxter International, Inc | 809,662 | ||||||
40,376 | * | Boston Scientific Corp | 1,119,223 | |||||
6,037 | Cigna Corp | 1,010,533 | ||||||
6,295 | *,n | Edwards Lifesciences Corp | 744,321 | |||||
3,300 | Humana, Inc | 794,046 | ||||||
3,177 | * | Idexx Laboratories, Inc | 512,831 | |||||
663 | * | Intuitive Surgical, Inc | 620,150 | |||||
3,436 | * | NuVasive, Inc | 264,297 | |||||
4,701 | STERIS plc | 383,132 | ||||||
1,955 | Stryker Corp | 271,315 | ||||||
5,748 | Universal Health Services, Inc (Class B) | 701,716 | ||||||
3,090 | * | WellCare Health Plans, Inc | 554,840 | |||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 8,579,034 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.0% | ||||||||
5,350 | * | Central Garden & Pet Co | 170,076 | |||||
12,215 | Colgate-Palmolive Co | 905,498 | ||||||
2,323 | L’Oreal S.A. | 484,379 | ||||||
13,483 | Procter & Gamble Co | 1,175,044 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 2,734,997 | |||||||
|
| |||||||
INSURANCE - 2.4% | ||||||||
13,690 | American International Group, Inc | 855,899 | ||||||
9,607 | Chubb Ltd | 1,396,665 | ||||||
15,277 | Lincoln National Corp | 1,032,420 | ||||||
|
| |||||||
TOTAL INSURANCE | 3,284,984 | |||||||
|
| |||||||
MATERIALS - 3.2% | ||||||||
22,115 | Dow Chemical Co | 1,394,793 | ||||||
9,327 | n | FMC Corp | 681,337 | |||||
13,186 | International Paper Co | 746,460 | ||||||
5,055 | n | Praxair, Inc | 670,040 | |||||
1,088 | Sherwin-Williams Co | 381,845 | ||||||
6,037 | n | WR Grace & Co | 434,724 | |||||
|
| |||||||
TOTAL MATERIALS | 4,309,199 | |||||||
|
| |||||||
MEDIA - 3.1% | ||||||||
7,670 | CBS Corp (Class B) | 489,193 | ||||||
45,917 | Comcast Corp (Class A) | 1,787,090 | ||||||
4,036 | *,n | DISH Network Corp (Class A) | 253,299 | |||||
22,135 | n | Viacom, Inc (Class B) | 743,072 | |||||
8,282 | n | Walt Disney Co | 879,962 | |||||
|
| |||||||
TOTAL MEDIA | 4,152,616 | |||||||
|
|
7
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.5% | ||||||||
3,637 | n | Allergan plc | $ | 884,118 | ||||
18,187 | n | AstraZeneca plc (ADR) | 619,995 | |||||
4,446 | Bayer AG. | 576,246 | ||||||
4,865 | *,n | BioMarin Pharmaceutical, Inc | 441,839 | |||||
2,382 | *,n | Bluebird Bio, Inc | 250,229 | |||||
9,029 | n | Bristol-Myers Squibb Co | 503,096 | |||||
7,835 | *,n | Celgene Corp | 1,017,531 | |||||
4,903 | * | Clovis Oncology, Inc | 459,068 | |||||
11,754 | Eli Lilly & Co | 967,354 | ||||||
2,821 | *,n | Incyte Corp | 355,192 | |||||
6,331 | Ipsen | 866,320 | ||||||
3,073 | * | Jazz Pharmaceuticals plc | 477,851 | |||||
25,954 | Merck & Co, Inc | 1,663,392 | ||||||
8,960 | Novo Nordisk AS | 384,987 | ||||||
22,279 | Pfizer, Inc | 748,352 | ||||||
1,025 | *,n | Regeneron Pharmaceuticals, Inc | 503,419 | |||||
5,198 | *,n | Seattle Genetics, Inc | 268,945 | |||||
2,527 | *,n | TESARO, Inc | 353,426 | |||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 11,341,360 | |||||||
|
| |||||||
REAL ESTATE - 0.5% | ||||||||
3,148 | Crown Castle International Corp | 315,367 | ||||||
9,482 | Weyerhaeuser Co | 317,647 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 633,014 | |||||||
|
| |||||||
RETAILING - 5.6% | ||||||||
3,080 | * | Amazon.com, Inc | 2,981,440 | |||||
13,636 | Home Depot, Inc | 2,091,763 | ||||||
9,239 | Industria De Diseno Textil S.A. | 354,823 | ||||||
4,476 | * | NetFlix, Inc | 668,759 | |||||
391 | * | Priceline.com, Inc | 731,373 | |||||
2,419 | *,n | Ulta Beauty, Inc | 695,076 | |||||
|
| |||||||
TOTAL RETAILING | 7,523,234 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8% | ||||||||
20,889 | Applied Materials, Inc | 862,925 | ||||||
4,715 | Broadcom Ltd | 1,098,831 | ||||||
18,829 | Intel Corp | 635,290 | ||||||
7,814 | Microchip Technology, Inc | 603,085 | ||||||
7,278 | * | Microsemi Corp | 340,610 | |||||
2,819 | Monolithic Power Systems, Inc | 271,752 | ||||||
7,549 | NVIDIA Corp | 1,091,283 | ||||||
3,284 | n | Xilinx, Inc | 211,227 | |||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 5,115,003 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 15.1% | ||||||||
3,567 | * | Adobe Systems, Inc | 504,517 | |||||
3,822 | * | Alphabet, Inc (Class C) | 3,473,166 | |||||
5,694 | *,n | DXC Technology Co | 436,844 |
8
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
3,400 | *,n | Electronic Arts, Inc | $ | 359,448 | ||||
15,274 | * | Facebook, Inc | 2,306,068 | |||||
5,943 | * | IAC/InterActiveCorp | 613,555 | |||||
47,686 | Microsoft Corp | 3,286,996 | ||||||
1,732 | *,n | MicroStrategy, Inc (Class A) | 331,972 | |||||
6,690 | * | Nutanix, Inc | 134,804 | |||||
31,315 | Oracle Corp | 1,570,134 | ||||||
12,970 | * | PayPal Holdings, Inc | 696,100 | |||||
4,135 | *,n | Proofpoint, Inc | 359,042 | |||||
13,336 | * | salesforce.com, Inc | 1,154,898 | |||||
3,732 | * | ServiceNow, Inc | 395,592 | |||||
21,781 | n | Symantec Corp | 615,313 | |||||
9,790 | *,n | Take-Two Interactive Software, Inc | 718,390 | |||||
18,072 | Tencent Holdings Ltd | 648,332 | ||||||
8,891 | *,n | Twitter, Inc | 158,882 | |||||
6,165 | * | Ubisoft Entertainment | 349,994 | |||||
13,395 | Visa, Inc (Class A) | 1,256,183 | ||||||
6,107 | *,e,n | VMware, Inc (Class A) | 533,935 | |||||
7,645 | *n | Yelp, Inc | 229,503 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 20,133,668 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 6.2% | ||||||||
34,306 | n | Apple, Inc | 4,940,750 | |||||
15,203 | *,n | Ciena Corp | 380,379 | |||||
31,399 | Cisco Systems, Inc | 982,789 | ||||||
2,712 | Cognex Corp | 230,249 | ||||||
20,584 | * | Flextronics International Ltd | 335,725 | |||||
4,983 | *,n | Itron, Inc | 337,598 | |||||
3,962 | National Instruments Corp | 159,352 | ||||||
19,009 | *,n | Pure Storage, Inc | 243,505 | |||||
3,331 | n | Universal Display Corp | 363,912 | |||||
36,389 | * | Viavi Solutions, Inc | 383,176 | |||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 8,357,435 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 1.5% | ||||||||
38,650 | AT&T, Inc | 1,458,264 | ||||||
9,832 | * | T-Mobile US, Inc | 596,016 | |||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 2,054,280 | |||||||
|
| |||||||
TRANSPORTATION - 2.0% | ||||||||
18,538 | CSX Corp | 1,011,433 | ||||||
7,399 | DSV AS | 454,477 | ||||||
3,409 | FedEx Corp | 740,878 | ||||||
7,230 | *,n | Genesee & Wyoming, Inc (Class A) | 494,460 | |||||
|
| |||||||
TOTAL TRANSPORTATION | 2,701,248 | |||||||
|
| |||||||
UTILITIES - 1.5% | ||||||||
7,019 | American Water Works Co, Inc | 547,131 | ||||||
6,973 | NextEra Energy, Inc | 977,126 | ||||||
4,598 | n | Sempra Energy | 518,425 | |||||
|
| |||||||
TOTAL UTILITIES | 2,042,682 | |||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $95,575,070) | 133,753,368 | |||||||
|
|
9
TIAA-CREF LIFE FUNDS - Growth & Income Fund
SHARES | COMPANY | VALUE | ||||||
PURCHASED OPTIONS - 0.0% | ||||||||
CONSUMER DURABLES & APPAREL - 0.0% | ||||||||
1,400 | Mattel, Inc | $ | 602 | |||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 602 | |||||||
|
| |||||||
ENERGY - 0.0% | ||||||||
700 | Continental Resources, Inc | 385 | ||||||
|
| |||||||
TOTAL ENERGY | 385 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 0.0% | ||||||||
1,100 | Kroger Co | 990 | ||||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 990 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.0% | ||||||||
500 | Church & Dwight Co, Inc | 425 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 425 | |||||||
|
| |||||||
MATERIALS - 0.0% | ||||||||
500 | Huntsman Corp | 675 | ||||||
1,100 | Kapstone Paper and Packaging Corp | 688 | ||||||
900 | Monsanto Co | 6,030 | ||||||
|
| |||||||
TOTAL MATERIALS | 7,393 | |||||||
|
| |||||||
MEDIA - 0.0% | ||||||||
1,400 | DISH Network Corp | 7,630 | ||||||
|
| |||||||
TOTAL MEDIA | 7,630 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | ||||||||
900 | AstraZeneca plc | 630 | ||||||
1,100 | Bristol-Myers Squibb Co | 1,089 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 1,719 | |||||||
|
| |||||||
TOTAL PURCHASED OPTIONS (Cost $19,993) | 19,144 | |||||||
|
|
10
TIAA-CREF LIFE FUNDS - Growth & Income Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 0.9% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 0.5% | ||||||||||||||||
$650,000 | Federal Home Loan Bank (FHLB) | 0.650 | % | 07/03/17 | $ | 650,000 | ||||||||||
|
| |||||||||||||||
650,000 | ||||||||||||||||
|
| |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4% | ||||||||||||||||
538,264 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 538,264 | |||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 538,264 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,188,240) | 1,188,264 | |||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS - 100.6% (Cost $96,783,303) | 134,960,776 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.6)% | (768,665 | ) | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 134,192,111 | ||||||||||||||
|
|
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $528,514. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/17, the aggregate value of these securities was $436,390 or 0.3% of net assets. |
n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
11
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
TIAA-CREF LIFE FUNDS
LARGE-CAP VALUE FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.1% | ||||||||
AUTOMOBILES & COMPONENTS - 1.0% | ||||||||
13,549 | General Motors Co | $ | 473,267 | |||||
14,776 | Peugeot S.A. | 294,480 | ||||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 767,747 | |||||||
|
| |||||||
BANKS - 12.0% | ||||||||
103,770 | Banca Intesa S.p.A. | 330,073 | ||||||
82,246 | Bank of America Corp | 1,995,288 | ||||||
21,256 | Citigroup, Inc | 1,421,601 | ||||||
6,876 | Citizens Financial Group, Inc | 245,336 | ||||||
7,013 | Comerica, Inc | 513,632 | ||||||
6,511 | Hilltop Holdings, Inc | 170,653 | ||||||
4,356 | Huntington Bancshares, Inc | 58,893 | ||||||
12,419 | JPMorgan Chase & Co | 1,135,097 | ||||||
30,105 | Regions Financial Corp | 440,737 | ||||||
8,777 | TCF Financial Corp | 139,906 | ||||||
34,397 | Wells Fargo & Co | 1,905,938 | ||||||
11,884 | Zions Bancorporation | 521,826 | ||||||
|
| |||||||
TOTAL BANKS | 8,878,980 | |||||||
|
| |||||||
CAPITAL GOODS - 7.1% | ||||||||
13,019 | * | Colfax Corp | 512,558 | |||||
5,156 | Eaton Corp | 401,291 | ||||||
9,999 | Fortive Corp | 633,437 | ||||||
9,117 | * | Gardner Denver Holdings, Inc | 197,018 | |||||
34,664 | General Electric Co | 936,275 | ||||||
2,044 | * | Herc Holdings, Inc | 80,370 | |||||
2,134 | L3 Technologies, Inc | 356,549 | ||||||
5,115 | Masco Corp | 195,444 | ||||||
5,113 | * | SPX Corp | 128,643 | |||||
8,090 | * | SPX FLOW, Inc | 298,359 | |||||
13,207 | Terex Corp | 495,263 | ||||||
16,780 | Triumph Group, Inc | 530,248 | ||||||
2,806 | United Technologies Corp | 342,641 | ||||||
3,398 | * | USG Corp | 98,610 | |||||
|
| |||||||
TOTAL CAPITAL GOODS | 5,206,706 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 2.1% | ||||||||
41,702 | Cyrela Brazil Realty S.A. | 137,962 | ||||||
16,177 | Mattel, Inc | 348,291 | ||||||
2,097 | Phillips-Van Heusen Corp | 240,106 | ||||||
10,585 | Pulte Homes, Inc | 259,650 | ||||||
7,792 | * | Skechers U.S.A., Inc (Class A) | 229,864 | |||||
2,301 | Sony Corp | 87,769 | ||||||
6,626 | Sony Corp (ADR) | 253,047 | ||||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 1,556,689 | |||||||
|
|
12
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||
CONSUMER SERVICES - 2.4% | ||||||||
6,203 | Carnival Corp | $ | 406,731 | |||||
13,789 | Extended Stay America, Inc | 266,955 | ||||||
11,308 | MGM Resorts International | 353,827 | ||||||
8,109 | Red Rock Resorts, Inc | 190,967 | ||||||
9,319 | Restaurant Brands International, Inc | 582,810 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 1,801,290 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 5.1% | ||||||||
4,123 | American Express Co | 347,322 | ||||||
2,171 | Bank of New York Mellon Corp | 110,764 | ||||||
1,294 | Capital One Financial Corp | 106,910 | ||||||
11,757 | Deutsche Bank AG. (Registered) | 209,037 | ||||||
4,129 | Goldman Sachs Group, Inc | 916,225 | ||||||
4,513 | Legg Mason, Inc | 172,216 | ||||||
13,923 | Morgan Stanley | 620,409 | ||||||
10,583 | State Street Corp | 949,613 | ||||||
11,882 | Synchrony Financial | 354,321 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 3,786,817 | |||||||
|
| |||||||
ENERGY - 10.5% | ||||||||
2,623 | Anadarko Petroleum Corp | 118,927 | ||||||
2,855 | Arch Coal, Inc | 194,996 | ||||||
36 | *,e | California Resources Corp | 308 | |||||
62,372 | Cenovus Energy, Inc | 459,682 | ||||||
9,966 | Chevron Corp | 1,039,753 | ||||||
2,603 | * | Continental Resources, Inc | 84,155 | |||||
148 | * | Diamondback Energy, Inc | 13,144 | |||||
13,166 | EOG Resources, Inc | 1,191,786 | ||||||
10,005 | Exxon Mobil Corp | 807,704 | ||||||
10,730 | * | Jagged Peak Energy, Inc | 143,245 | |||||
25,633 | * | Matador Resources Co | 547,777 | |||||
42,267 | *,e | MEG Energy Corp | 124,181 | |||||
22,359 | Nabors Industries Ltd | 182,002 | ||||||
4,151 | * | Newfield Exploration Co | 118,137 | |||||
14,710 | * | Parsley Energy, Inc | 408,203 | |||||
9,193 | Plains All American Pipeline LP | 241,500 | ||||||
6,116 | Plains GP Holdings LP | 159,995 | ||||||
3,727 | e | RPC, Inc | 75,323 | |||||
11,526 | * | RSP Permian, Inc | 371,944 | |||||
18,344 | * | Transocean Ltd (NYSE) | 150,971 | |||||
116,605 | * | Weatherford International Ltd | 451,261 | |||||
25,979 | Williams Cos, Inc | 786,644 | ||||||
8,487 | * | WPX Energy, Inc | 81,984 | |||||
|
| |||||||
TOTAL ENERGY | 7,753,622 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 2.1% | ||||||||
8,637 | * | US Foods Holding Corp | 235,099 | |||||
11,007 | Walgreens Boots Alliance, Inc | 861,958 | ||||||
6,001 | Wal-Mart Stores, Inc | 454,156 | ||||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 1,551,213 | |||||||
|
|
13
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||
FOOD, BEVERAGE & TOBACCO - 5.8% | ||||||||
9,460 | ConAgra Foods, Inc | $ | 338,289 | |||||
12,324 | Kraft Heinz Co | 1,055,427 | ||||||
4,517 | Lamb Weston Holdings, Inc | 198,929 | ||||||
723 | Molson Coors Brewing Co (Class B) | 62,424 | ||||||
24,163 | Mondelez International, Inc | 1,043,600 | ||||||
9,182 | Philip Morris International, Inc | 1,078,426 | ||||||
8,314 | Pinnacle Foods, Inc | 493,852 | ||||||
166 | Snyder’s-Lance, Inc | 5,747 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 4,276,694 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.2% | ||||||||
27,826 | Abbott Laboratories | 1,352,622 | ||||||
621 | Anthem, Inc | 116,829 | ||||||
1,080 | Baxter International, Inc | 65,383 | ||||||
10,250 | * | Boston Scientific Corp | 284,130 | |||||
8,632 | Cardinal Health, Inc | 672,605 | ||||||
4,008 | Cigna Corp | 670,899 | ||||||
2,777 | * | Laboratory Corp of America Holdings | 428,047 | |||||
2,960 | Medtronic plc | 262,700 | ||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 3,853,215 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.2% | ||||||||
10,029 | Procter & Gamble Co | 874,027 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 874,027 | |||||||
|
| |||||||
INSURANCE - 5.5% | ||||||||
4,362 | Allstate Corp | 385,775 | ||||||
14,777 | American International Group, Inc | 923,858 | ||||||
3,836* | Berkshire Hathaway, Inc (Class B) | 649,703 | ||||||
4,497 | Chubb Ltd | 653,774 | ||||||
6,289 | Hartford Financial Services Group, Inc | 330,613 | ||||||
12,892 | Metlife, Inc | 708,286 | ||||||
2,115 | Travelers Cos, Inc | 267,611 | ||||||
2,046 | W.R. Berkley Corp | 141,522 | ||||||
|
| |||||||
TOTAL INSURANCE | 4,061,142 | |||||||
|
| |||||||
MATERIALS - 6.2% | ||||||||
410 | Acerinox S.A. | 5,623 | ||||||
46,257 | * | AK Steel Holding Corp | 303,908 | |||||
3,506 | Ashland Global Holdings, Inc | 231,080 | ||||||
2,265 | * | Berry Plastics Group, Inc | 129,128 | |||||
9,750 | Dow Chemical Co | 614,932 | ||||||
3,844 | EI du Pont de Nemours & Co | 310,249 | ||||||
24,124 | First Quantum Minerals Ltd | 204,072 | ||||||
5,833 | * | GCP Applied Technologies, Inc | 177,907 | |||||
38,302 | * | Louisiana-Pacific Corp | 923,461 | |||||
13,513 | Olin Corp | 409,174 | ||||||
5,922 | *,e | Ramaco Resources, Inc | 35,828 | |||||
9,570 | Valvoline, Inc | 227,000 |
14
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||
2,837 | Westlake Chemical Corp | $ | 187,838 | |||||
10,955 | WR Grace & Co | 788,870 | ||||||
|
| |||||||
TOTAL MATERIALS | 4,549,070 | |||||||
|
| |||||||
MEDIA - 1.5% | ||||||||
8,881 | CBS Corp (Class B) | 566,430 | ||||||
2,833 | * | DISH Network Corp (Class A) | 177,799 | |||||
1,545 | Time Warner, Inc | 155,134 | ||||||
2,711 | Viacom, Inc (Class B) | 91,008 | ||||||
1,391 | Walt Disney Co | 147,794 | ||||||
|
| |||||||
TOTAL MEDIA | 1,138,165 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.0% |
| |||||||
11,372 | Agilent Technologies, Inc | 674,473 | ||||||
4,383 | * | Alexion Pharmaceuticals, Inc | 533,280 | |||||
4,087 | Allergan plc | 993,509 | ||||||
3,154 | Amgen, Inc | 543,213 | ||||||
6,976 | Bristol-Myers Squibb Co | 388,703 | ||||||
6,126 | * | Endo International plc | 68,427 | |||||
3,354 | Gilead Sciences, Inc | 237,396 | ||||||
8,295 | Johnson & Johnson | 1,097,346 | ||||||
10,705 | Merck & Co, Inc | 686,083 | ||||||
13,373 | * | Mylan NV | 519,140 | |||||
27,918 | Pfizer, Inc | 937,766 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 6,679,336 | |||||||
|
| |||||||
REAL ESTATE - 0.8% | ||||||||
638 | AvalonBay Communities, Inc | 122,605 | ||||||
3,947 | HCP, Inc | 126,146 | ||||||
12,202 | MGM Growth Properties LLC | 356,176 | ||||||
818 | * | Quality Care Properties, Inc | 14,978 | |||||
|
| |||||||
TOTAL REAL ESTATE | 619,905 | |||||||
|
| |||||||
RETAILING - 0.9% | ||||||||
36,070 | * | Groupon, Inc | 138,509 | |||||
200,000 | * | Hengdeli Holdings Ltd | 17,930 | |||||
53,457 | * | JC Penney Co, Inc | 248,575 | |||||
80,000 | Via Varejo S.A. | 262,731 | ||||||
|
| |||||||
TOTAL RETAILING | 667,745 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4% | ||||||||
33,717 | * | Advanced Micro Devices, Inc | 420,788 | |||||
39,221 | Advanced Semiconductor Engineering, Inc (ADR) | 247,485 | ||||||
13,673 | Intel Corp | 461,327 | ||||||
5,922 | * | Mellanox Technologies Ltd | 256,423 | |||||
3,250 | Qualcomm, Inc | 179,465 | ||||||
4,402 | Silicon Motion Technology Corp (ADR) | 212,308 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,777,796 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 5.2% | ||||||||
5,964 | * | Conduent, Inc | 95,066 | |||||
6,801 | * | Dell Technologies, Inc-VMware Inc | 415,609 |
15
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||
17,067 | * | eBay, Inc | $ | 595,980 | ||||
3,695 | * | IAC/InterActiveCorp | 381,472 | |||||
1,490 | * | MicroStrategy, Inc (Class A) | 285,588 | |||||
838 | Nintendo Co Ltd | 280,555 | ||||||
22,229 | Oracle Corp | 1,114,562 | ||||||
1,216 | * | Pandora Media, Inc | 10,847 | |||||
18,782 | Symantec Corp | 530,591 | ||||||
5,045 | * | Teradata Corp | 148,777 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 3,859,047 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.4% | ||||||||
12,346 | * | Ciena Corp | 308,897 | |||||
26,713 | Cisco Systems, Inc | 836,117 | ||||||
4,282 | Corning, Inc | 128,674 | ||||||
7,768 | Hewlett Packard Enterprise Co | 128,871 | ||||||
12,791 | * | Infinera Corp | 136,480 | |||||
8,986 | Juniper Networks, Inc | 250,530 | ||||||
53,384 | Nokia Corp | 328,845 | ||||||
12,306 | Xerox Corp | 353,551 | ||||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 2,471,965 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 3.9% | ||||||||
52,657 | AT&T, Inc | 1,986,749 | ||||||
18,849 | Telephone & Data Systems, Inc | 523,060 | ||||||
8,099 | Verizon Communications, Inc | 361,701 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 2,871,510 | |||||||
|
| |||||||
TRANSPORTATION - 1.2% | ||||||||
15,994 | *,b,m | AMR Corp (Escrow) | 160 | |||||
5,959 | * | Kirby Corp | 398,359 | |||||
13,687 | Knight Transportation, Inc | 507,103 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | 905,622 | |||||||
|
| |||||||
UTILITIES - 4.6% | ||||||||
2,983 | American Electric Power Co, Inc | 207,229 | ||||||
2,777 | Duke Energy Corp | 232,129 | ||||||
2,133 | Edison International | 166,779 | ||||||
27,661 | Exelon Corp | 997,732 | ||||||
4,804 | FirstEnergy Corp | 140,085 | ||||||
5,727 | NextEra Energy, Inc | 802,525 | ||||||
4,177 | PG&E Corp | 277,228 | ||||||
1,179 | Sempra Energy | 132,932 | ||||||
9,449 | Xcel Energy, Inc | 433,520 | ||||||
|
| |||||||
TOTAL UTILITIES | 3,390,159 | |||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $59,210,910) | 73,298,462 | |||||||
|
| |||||||
16
TIAA-CREF LIFE FUNDS - Large-Cap Value Fund
SHARES | COMPANY | VALUE | ||||||||||||||
PURCHASED OPTIONS - 0.3% | ||||||||||||||||
DIVERSIFIED FINANCIALS - 0.3% | ||||||||||||||||
36,100 | Chicago Board Options Exchange SPX Volatility Index | $ | 41,154 | |||||||||||||
6,100 | S&P 500 Index | 185,745 | ||||||||||||||
|
| |||||||||||||||
TOTAL DIVERSIFIED FINANCIALS | 226,899 | |||||||||||||||
|
| |||||||||||||||
TOTAL PURCHASED OPTIONS (Cost $250,241) | 226,899 | |||||||||||||||
|
| |||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.3% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 1.0% |
| |||||||||||||||
$750,000 | Federal Home Loan Bank (FHLB) | 0.650 | % | 07/03/17 | 750,000 | |||||||||||
|
| |||||||||||||||
750,000 | ||||||||||||||||
|
| |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3% | ||||||||||||||||
239,912 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 239,912 | |||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES |
| 239,912 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $989,885) | 989,912 | |||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS - 100.7% (Cost $60,451,036) | 74,515,273 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.7)% |
| (567,626 | ) | |||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 73,947,647 | ||||||||||||||
|
|
Abbreviation(s):
ADR | American Depositary Receipt |
* | Non-income producing |
b | In bankruptcy |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $228,319. |
m | Indicates a security that has been deemed illiquid. |
17
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
TIAA-CREF LIFE FUNDS
REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 98.8% | ||||||||
DIVERSIFIED REITS - 1.1% | ||||||||
110,000 | Spirit Realty Capital, Inc | $ | 815,100 | |||||
|
| |||||||
TOTAL DIVERSIFIED REITS | 815,100 | |||||||
|
| |||||||
HEALTH CARE REITS - 5.9% | ||||||||
40,000 | HCP, Inc | 1,278,400 | ||||||
40,000 | Healthcare Trust of America, Inc | 1,244,400 | ||||||
13,000 | Ventas, Inc | 903,240 | ||||||
13,000 | Welltower, Inc | 973,050 | ||||||
|
| |||||||
TOTAL HEALTH CARE REITS | 4,399,090 | |||||||
|
| |||||||
HOMEBUILDING - 0.4% | ||||||||
25,000 | * | TRI Pointe Homes, Inc | 329,750 | |||||
|
| |||||||
TOTAL HOMEBUILDING | 329,750 | |||||||
|
| |||||||
HOTEL & RESORT REITS - 4.3% | ||||||||
45,000 | DiamondRock Hospitality Co | 492,750 | ||||||
35,000 | Host Marriott Corp | 639,450 | ||||||
15,000 | MGM Growth Properties LLC | 437,850 | ||||||
22,000 | Park Hotels & Resorts, Inc | 593,120 | ||||||
65,000 | Sunstone Hotel Investors, Inc | 1,047,800 | ||||||
|
| |||||||
TOTAL HOTEL & RESORT REITS | 3,210,970 | |||||||
|
| |||||||
INDUSTRIAL REITS - 11.4% | ||||||||
25,000 | Duke Realty Corp | 698,750 | ||||||
48,000 | Prologis, Inc | 2,814,720 | ||||||
145,000 | Rexford Industrial Realty, Inc | 3,978,800 | ||||||
32,000 | Terreno Realty Corp | 1,077,120 | ||||||
|
| |||||||
TOTAL INDUSTRIAL REITS | 8,569,390 | |||||||
|
| |||||||
IT CONSULTING & OTHER SERVICES - 1.1% | ||||||||
18,000 | * | InterXion Holding NV | 824,040 | |||||
|
| |||||||
TOTAL IT CONSULTING & OTHER SERVICES | 824,040 | |||||||
|
| |||||||
MORTGAGE REITS - 0.7% | ||||||||
25,000 | Starwood Property Trust, Inc | 559,750 | ||||||
|
| |||||||
TOTAL MORTGAGE REITS | 559,750 | |||||||
|
| |||||||
OFFICE REITS - 13.2% | ||||||||
7,450 | Alexandria Real Estate Equities, Inc | 897,501 | ||||||
24,000 | Boston Properties, Inc | 2,952,480 | ||||||
35,000 | Hudson Pacific Properties | 1,196,650 | ||||||
24,000 | Kilroy Realty Corp | 1,803,600 | ||||||
22,500 | SL Green Realty Corp | 2,380,500 | ||||||
7,000 | Vornado Realty Trust | 657,300 | ||||||
|
| |||||||
TOTAL OFFICE REITS | 9,888,031 | |||||||
|
|
18
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
SHARES | COMPANY | VALUE | ||||||
REAL ESTATE DEVELOPMENT - 0.2% | ||||||||
8,903 | * | Forestar Group, Inc | $ | 152,686 | ||||
|
| |||||||
TOTAL REAL ESTATE DEVELOPMENT | 152,686 | |||||||
|
| |||||||
REAL ESTATE SERVICES - 0.8% | ||||||||
30,000 | Kennedy-Wilson Holdings, Inc | 571,500 | ||||||
|
| |||||||
TOTAL REAL ESTATE SERVICES | 571,500 | |||||||
|
| |||||||
RESIDENTIAL REITS - 19.1% | ||||||||
30,000 | American Homes 4 Rent | 677,100 | ||||||
28,000 | Apartment Investment & Management Co (Class A) | 1,203,160 | ||||||
5,000 | AvalonBay Communities, Inc | 960,850 | ||||||
33,150 | Colony Starwood Homes | 1,137,377 | ||||||
22,000 | Equity Lifestyle Properties, Inc | 1,899,480 | ||||||
40,000 | Equity Residential | 2,633,200 | ||||||
7,000 | Essex Property Trust, Inc | 1,800,890 | ||||||
20,000 | Invitation Homes, Inc | 432,600 | ||||||
10,000 | Mid-America Apartment Communities, Inc | 1,053,800 | ||||||
90,000 | Monogram Residential Trust, Inc | 873,900 | ||||||
19,000 | Sun Communities, Inc | 1,666,110 | ||||||
|
| |||||||
TOTAL RESIDENTIAL REITS | 14,338,467 | |||||||
|
| |||||||
RETAIL REITS - 13.9% | ||||||||
15,073 | Agree Realty Corp | 691,399 | ||||||
15,000 | Federal Realty Investment Trust | 1,895,850 | ||||||
75,000 | GGP, Inc | 1,767,000 | ||||||
7,000 | Realty Income Corp | 386,260 | ||||||
23,500 | Regency Centers Corp | 1,472,040 | ||||||
50,000 | Retail Opportunities Investment Corp | 959,500 | ||||||
20,000 | Simon Property Group, Inc | 3,235,200 | ||||||
|
| |||||||
TOTAL RETAIL REITS | 10,407,249 | |||||||
|
| |||||||
SPECIALIZED REITS - 26.7% | ||||||||
28,000 | American Tower Corp | 3,704,960 | ||||||
34,000 | Crown Castle International Corp | 3,406,120 | ||||||
35,000 | CyrusOne, Inc | 1,951,250 | ||||||
7,000 | Digital Realty Trust, Inc | 790,650 | ||||||
8,000 | Equinix, Inc | 3,433,280 | ||||||
13,000 | Extra Space Storage, Inc | 1,014,000 | ||||||
38,000 | Four Corners Property Trust, Inc | 954,180 | ||||||
8,000 | Gaming and Leisure Properties, Inc | 301,360 | ||||||
8,000 | Iron Mountain, Inc | 274,880 | ||||||
35,000 | National Storage Affiliates Trust | 808,850 | ||||||
5,500 | Public Storage, Inc | 1,146,915 | ||||||
25,000 | QTS Realty Trust, Inc | 1,308,250 | ||||||
32,000 | Weyerhaeuser Co | 1,072,000 | ||||||
|
| |||||||
TOTAL SPECIALIZED REITS | 20,166,695 | |||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $55,511,656) | 74,232,718 | |||||||
|
|
19
TIAA-CREF LIFE FUNDS - Real Estate Securities Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 0.8% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 0.8% |
| |||||||||||||||
$ 600,000 | Federal Home Loan Bank (FHLB) | 0.650 | % | 07/03/17 | $ | 600,000 | ||||||||||
|
| |||||||||||||||
600,000 | ||||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $599,978) | 600,000 | |||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS - 99.6% (Cost $56,111,634) | 74,832,718 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 317,203 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 75,149,921 | ||||||||||||||
|
|
Abbreviation(s):
REIT | Real Estate Investment Trust |
* | Non-income producing |
20
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
TIAA-CREF LIFE FUNDS
SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.9% | ||||||||
AUTOMOBILES & COMPONENTS - 1.5% | ||||||||
5,540 | Cooper Tire & Rubber Co | $ | 199,994 | |||||
2,500 | LCI Industries, Inc | 256,000 | ||||||
3,909 | Tenneco, Inc | 226,058 | ||||||
1,570 | * | Visteon Corp | 160,234 | |||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 842,286 | |||||||
|
| |||||||
BANKS - 13.1% | ||||||||
2,490 | Banner Corp | 140,710 | ||||||
5,920 | Brookline Bancorp, Inc | 86,432 | ||||||
9,480 | l | Cathay General Bancorp | 359,766 | |||||
3,400 | * | Customers Bancorp, Inc | 96,152 | |||||
3,600 | * | Eagle Bancorp, Inc | 227,880 | |||||
10,320 | * | Essent Group Ltd | 383,285 | |||||
4,360 | * | FCB Financial Holdings, Inc | 208,190 | |||||
18,900 | * | First Bancorp (Puerto Rico) | 109,431 | |||||
12,345 | First Midwest Bancorp, Inc | 287,762 | ||||||
6,300 | * | Flagstar Bancorp, Inc | 194,166 | |||||
19,700 | FNB Corp | 278,952 | ||||||
21,633 | Fulton Financial Corp | 411,027 | ||||||
8,000 | Hancock Holding Co | 392,000 | ||||||
4,200 | IBERIABANK Corp | 342,300 | ||||||
4,620 | Investors Bancorp, Inc | 61,723 | ||||||
32,420 | * | MGIC Investment Corp | 363,104 | |||||
8,263 | Oritani Financial Corp | 140,884 | ||||||
4,871 | Popular, Inc | 203,170 | ||||||
12,530 | Provident Financial Services, Inc | 318,011 | ||||||
23,020 | Radian Group, Inc | 376,377 | ||||||
12,721 | Sterling Bancorp/DE | 295,763 | ||||||
14,710 | Umpqua Holdings Corp | 270,075 | ||||||
5,290 | Union Bankshares Corp | 179,331 | ||||||
10,437 | United Community Banks, Inc | 290,149 | ||||||
4,300 | Valley National Bancorp | 50,783 | ||||||
6,700 | * | Walker & Dunlop, Inc | 327,161 | |||||
8,680 | Washington Federal, Inc | 288,176 | ||||||
4,200 | WesBanco, Inc | 166,068 | ||||||
4,000 | Wintrust Financial Corp | 305,760 | ||||||
|
| |||||||
TOTAL BANKS | 7,154,588 | |||||||
|
| |||||||
CAPITAL GOODS - 9.4% | ||||||||
6,177 | * | Aerojet Rocketdyne Holdings, Inc | 128,481 | |||||
5,600 | Allison Transmission Holdings, Inc | 210,056 | ||||||
2,855 | * | American Woodmark Corp | 272,795 | |||||
4,450 | * | Beacon Roofing Supply, Inc | 218,050 | |||||
3,400 | BWX Technologies, Inc | 165,750 |
21
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
4,630 | * | Colfax Corp | $ | 182,283 | ||||
6,759 | Comfort Systems USA, Inc | 250,759 | ||||||
2,460 | Crane Co | 195,275 | ||||||
3,300 | Curtiss-Wright Corp | 302,874 | ||||||
6,287 | EMCOR Group, Inc | 411,044 | ||||||
3,937 | Encore Wire Corp | 168,110 | ||||||
3,904 | EnerSys | 282,845 | ||||||
1,700 | Kadant, Inc | 127,840 | ||||||
11,900 | * | Meritor, Inc | 197,659 | |||||
2,580 | * | Moog, Inc (Class A) | 185,038 | |||||
16,230 | * | MRC Global, Inc | 268,120 | |||||
6,824 | Mueller Industries, Inc | 207,791 | ||||||
8,700 | * | NOW, Inc | 139,896 | |||||
2,600 | * | Patrick Industries, Inc | 189,410 | |||||
4,680 | Toro Co | 324,277 | ||||||
2,800 | * | Trex Co, Inc | 189,448 | |||||
7,100 | * | Univar, Inc | 207,320 | |||||
3,200 | Woodward Governor Co | 216,256 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 5,041,377 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 2.9% | ||||||||
6,200 | ABM Industries, Inc | 257,424 | ||||||
14,300 | * | ACCO Brands Corp | 166,595 | |||||
5,600 | * | Advanced Disposal Services, Inc | 127,288 | |||||
2,100 | Insperity, Inc | 149,100 | ||||||
9,380 | * | Navigant Consulting, Inc | 185,349 | |||||
4,310 | * | On Assignment, Inc | 233,387 | |||||
801 | Rollins, Inc | 32,609 | ||||||
672 | * | TriNet Group, Inc | 22,001 | |||||
5,128 | Viad Corp | 242,298 | ||||||
2,712 | * | WageWorks, Inc | 182,246 | |||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 1,598,297 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 3.4% | ||||||||
12,910 | Callaway Golf Co | 164,990 | ||||||
2,960 | Columbia Sportswear Co | 171,858 | ||||||
2,690 | * | Helen of Troy Ltd | 253,129 | |||||
3,000 | * | Installed Building Products Inc | 158,850 | |||||
5,633 | La-Z-Boy, Inc | 183,072 | ||||||
4,000 | * | M/I Homes, Inc | 114,200 | |||||
1,520 | Pool Corp | 178,706 | ||||||
5,200 | * | Steven Madden Ltd | 207,740 | |||||
4,356 | * | TopBuild Corp | 231,173 | |||||
2,200 | Tupperware Corp | 154,506 | ||||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 1,818,224 | |||||||
|
| |||||||
CONSUMER SERVICES - 4.3% | ||||||||
18,280 | * | Belmond Ltd. | 243,124 | |||||
1,100 | * | Buffalo Wild Wings, Inc | 139,370 | |||||
4,100 | Choice Hotels International, Inc | 263,425 | ||||||
1,350 | Churchill Downs, Inc | 247,455 | ||||||
3,680 | * | Dave & Buster’s Entertainment, Inc | 244,757 | |||||
10,530 | * | Denny’s Corp | 123,938 |
22
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
4,815 | * | Grand Canyon Education, Inc | $ | 377,544 | ||||
7,330 | ILG, Inc | 201,502 | ||||||
4,300 | * | Sotheby’s (Class A) | 230,781 | |||||
4,900 | Texas Roadhouse, Inc (Class A) | 249,655 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 2,321,551 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 2.9% | ||||||||
3,900 | Artisan Partners Asset Management, Inc | 119,730 | ||||||
13,600 | BGC Partners, Inc (Class A) | 171,904 | ||||||
4,535 | Evercore Partners, Inc (Class A) | 319,717 | ||||||
3,700 | Houlihan Lokey, Inc | 129,130 | ||||||
3,000 | iShares Russell 2000 Index Fund | 422,760 | ||||||
6,110 | New Residential Investment Corp | 95,072 | ||||||
16,400 | * | SLM Corp | 188,600 | |||||
2,884 | * | Stifel Financial Corp | 132,606 | |||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 1,579,519 | |||||||
|
| |||||||
ENERGY - 3.8% | ||||||||
2,000 | Arch Coal, Inc | 136,600 | ||||||
4,300 | * | C&J Energy Services, Inc | 147,361 | |||||
6,447 | Delek US Holdings, Inc | 170,459 | ||||||
4,509 | * | Exterran Corp | 120,390 | |||||
8,160 | Green Plains Renewable Energy, Inc | 167,688 | ||||||
6,600 | * | Gulfport Energy Corp | 97,350 | |||||
47,440 | * | McDermott International, Inc | 340,145 | |||||
19,100 | * | Newpark Resources, Inc | 140,385 | |||||
21,350 | * | Oasis Petroleum, Inc | 171,867 | |||||
6,200 | * | Par Pacific Holdings, Inc | 111,848 | |||||
3,900 | * | Peabody Energy Corp | 95,355 | |||||
17,300 | * | Pioneer Energy Services Corp | 35,465 | |||||
7,130 | * | RSP Permian, Inc | 230,085 | |||||
9,769 | * | Ultra Petroleum Corp | 105,994 | |||||
|
| |||||||
TOTAL ENERGY | 2,070,992 | |||||||
|
| |||||||
FOOD, BEVERAGE & TOBACCO - 2.3% | ||||||||
3,200 | Calavo Growers, Inc | 220,960 | ||||||
11,850 | * | Darling International, Inc | 186,519 | |||||
2,570 | Fresh Del Monte Produce, Inc | 130,838 | ||||||
2,124 | Lancaster Colony Corp | 260,445 | ||||||
1,900 | Sanderson Farms, Inc | 219,735 | ||||||
9,968 | Vector Group Ltd | 212,518 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 1,231,015 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.7% | ||||||||
2,388 | * | Anika Therapeutics, Inc | 117,824 | |||||
1,722 | * | HealthStream, Inc | 45,323 | |||||
3,850 | Hill-Rom Holdings, Inc | 306,498 | ||||||
9,490 | * | HMS Holdings Corp | 175,565 | |||||
1,675 | * | ICU Medical, Inc | 288,937 | |||||
3,430 | * | Magellan Health Services, Inc | 250,047 | |||||
3,870 | * | Masimo Corp | 352,867 | |||||
4,300 | * | Medidata Solutions, Inc | 336,260 | |||||
7,660 | * | Merit Medical Systems, Inc | 292,229 |
23
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
3,971 | * | Natus Medical, Inc | $ | 148,118 | ||||
10,854 | * | OraSure Technologies, Inc | 187,340 | |||||
3,800 | * | Orthofix International NV | 176,624 | |||||
6,573 | * | Premier, Inc | 236,628 | |||||
949 | * | WellCare Health Plans, Inc | 170,403 | |||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 3,084,663 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.3% | ||||||||
2,480 | * | USANA Health Sciences, Inc | 158,968 | |||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 158,968 | |||||||
|
| |||||||
INSURANCE - 2.6% | ||||||||
14,236 | American Equity Investment Life Holding Co | 374,122 | ||||||
10,500 | e | Amtrust Financial Services, Inc | 158,970 | |||||
3,763 | Aspen Insurance Holdings Ltd | 187,585 | ||||||
2,900 | Employers Holdings, Inc | 122,670 | ||||||
4,664 | HCI Group, Inc | 219,115 | ||||||
9,900 | * | Third Point Reinsurance Ltd | 137,610 | |||||
9,110 | Universal Insurance Holdings, Inc | 229,572 | ||||||
|
| |||||||
TOTAL INSURANCE | 1,429,644 | |||||||
|
| |||||||
MATERIALS - 5.4% | ||||||||
4,000 | * | AdvanSix, Inc | 124,960 | |||||
4,600 | Alcoa Corp | 150,190 | ||||||
8,800 | e | Allegheny Technologies, Inc | 149,688 | |||||
8,400 | * | Century Aluminum Co | 130,872 | |||||
13,300 | * | Coeur Mining, Inc | 114,114 | |||||
11,900 | Commercial Metals Co | 231,217 | ||||||
9,351 | * | Ferro Corp | 171,030 | |||||
10,700 | *,m | Ferroglobe plc | 0 | |||||
2,640 | Greif, Inc (Class A) | 147,259 | ||||||
2,270 | Innospec, Inc | 148,798 | ||||||
4,000 | * | Koppers Holdings, Inc | 144,600 | |||||
13,470 | * | Louisiana-Pacific Corp | 324,761 | |||||
3,538 | Minerals Technologies, Inc | 258,982 | ||||||
7,720 | PolyOne Corp | 299,073 | ||||||
8,039 | Schnitzer Steel Industries, Inc (Class A) | 202,583 | ||||||
1,400 | Stepan Co | 121,996 | ||||||
6,200 | * | Summit Materials, Inc | 178,994 | |||||
|
| |||||||
TOTAL MATERIALS | 2,899,117 | |||||||
|
| |||||||
MEDIA - 1.0% | ||||||||
7,780 | * | Live Nation, Inc | 271,133 | |||||
800 | * | Madison Square Garden Co | 157,520 | |||||
5,917 | New York Times Co (Class A) | 104,731 | ||||||
|
| |||||||
TOTAL MEDIA | 533,384 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.0% | ||||||||
17,900 | * | Achillion Pharmaceuticals, Inc | 82,161 | |||||
1,800 | * | Aerie Pharmaceuticals, Inc | 94,590 | |||||
7,460 | * | Amphastar Pharmaceuticals, Inc | 133,236 | |||||
3,800 | * | Ardelyx, Inc | 19,380 |
24
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
15,072 | * | Array Biopharma, Inc | $ | 126,153 | ||||
700 | * | Avexis, Inc | 57,512 | |||||
800 | * | Bluebird Bio, Inc | 84,040 | |||||
2,600 | * | Blueprint Medicines Corp | 131,742 | |||||
4,463 | * | Cambrex Corp | 266,664 | |||||
7,200 | * | Catalent, Inc | 252,720 | |||||
2,600 | * | Clovis Oncology, Inc | 243,438 | |||||
8,800 | * | Corcept Therapeutics, Inc | 103,840 | |||||
4,408 | * | Emergent Biosolutions, Inc | 149,475 | |||||
1,800 | * | Esperion Thereapeutics, Inc | 83,304 | |||||
5,746 | * | FibroGen, Inc | 185,596 | |||||
3,210 | * | Five Prime Therapeutics, Inc | 96,653 | |||||
3,100 | * | Global Blood Therapeutics, Inc | 84,785 | |||||
3,994 | * | INC Research Holdings, Inc | 233,649 | |||||
1,390 | * | Insmed, Inc | 23,852 | |||||
5,800 | * | Karyopharm Therapeutics, Inc | 52,490 | |||||
680 | *,e | Kite Pharma, Inc | 70,496 | |||||
4,210 | * | MacroGenics, Inc | 73,717 | |||||
6,346 | * | Momenta Pharmaceuticals, Inc | 107,247 | |||||
5,400 | * | Nektar Therapeutics | 105,570 | |||||
13,200 | * | Pacific Biosciences of California, Inc | 46,992 | |||||
2,300 | * | Pacira Pharmaceuticals, Inc | 109,710 | |||||
4,230 | Phibro Animal Health Corp | 156,722 | ||||||
2,700 | * | Portola Pharmaceuticals, Inc | 151,659 | |||||
3,619 | * | PRA Health Sciences, Inc | 271,461 | |||||
3,720 | * | Prestige Brands Holdings, Inc | 196,453 | |||||
1,500 | * | Puma Biotechnology, Inc | 131,100 | |||||
4,500 | * | Retrophin, Inc | 87,255 | |||||
1,100 | * | Sage Therapeutics, Inc | 87,604 | |||||
2,400 | * | Sarepta Therapeutics, Inc | 80,904 | |||||
16,180 | * | Spectrum Pharmaceuticals, Inc | 120,541 | |||||
5,767 | * | Supernus Pharmaceuticals, Inc | 248,558 | |||||
6,100 | *,e | TherapeuticsMD, Inc | 32,147 | |||||
1,538 | * | Ultragenyx Pharmaceutical, Inc | 95,525 | |||||
7,300 | * | Vanda Pharmaceuticals, Inc | 118,990 | |||||
4,220 | * | Xencor Inc | 89,084 | |||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 4,887,015 | |||||||
|
| |||||||
REAL ESTATE - 6.6% | ||||||||
4,630 | American Assets Trust, Inc | 182,376 | ||||||
9,900 | CareTrust REIT, Inc | 183,546 | ||||||
4,400 | Chatham Lodging Trust | 88,396 | ||||||
2,720 | Coresite Realty | 281,602 | ||||||
1,830 | DuPont Fabros Technology, Inc | 111,923 | ||||||
2,200 | Entertainment Properties Trust | 158,114 | ||||||
10,760 | First Industrial Realty Trust, Inc | 307,951 | ||||||
8,900 | Hersha Hospitality Trust | 164,739 | ||||||
9,200 | LaSalle Hotel Properties | 274,160 | ||||||
15,580 | Medical Properties Trust, Inc | 200,514 | ||||||
6,900 | Preferred Apartment Communities, Inc | 108,675 | ||||||
2,409 | PS Business Parks, Inc | 318,927 | ||||||
7,430 | Ramco-Gershenson Properties | 95,847 | ||||||
2,000 | Re/Max Holdings, Inc | 112,100 |
25
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
6,556 | RLJ Lodging Trust | $ | 130,268 | |||||
2,015 | Saul Centers, Inc | 116,830 | ||||||
5,020 | STORE Capital Corp | 112,699 | ||||||
15,992 | Summit Hotel Properties, Inc | 298,251 | ||||||
5,600 | Tier REIT, Inc | 103,488 | ||||||
11,320 | Xenia Hotels & Resorts, Inc | 219,268 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 3,569,674 | |||||||
|
| |||||||
RETAILING - 2.3% | ||||||||
5,100 | Caleres, Inc | 141,678 | ||||||
2,620 | Children’s Place Retail Stores, Inc | 267,502 | ||||||
5,080 | * | Francesca’s Holdings Corp | 55,575 | |||||
3,390 | HSN, Inc | 108,141 | ||||||
6,840 | * | Liberty TripAdvisor Holdings, Inc | 79,344 | |||||
5,090 | Nutri/System, Inc | 264,935 | ||||||
30,700 | Office Depot, Inc | 173,148 | ||||||
19,500 | Pier 1 Imports, Inc | 101,205 | ||||||
1,500 | * | Select Comfort Corp | 53,235 | |||||
|
| |||||||
TOTAL RETAILING | 1,244,763 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8% | ||||||||
472 | * | Advanced Energy Industries, Inc | 30,534 | |||||
3,175 | Cabot Microelectronics Corp | 234,410 | ||||||
4,766 | * | Ceva, Inc | 216,615 | |||||
4,200 | * | Cirrus Logic, Inc | 263,424 | |||||
4,682 | * | Entegris, Inc | 102,770 | |||||
7,700 | * | Formfactor, Inc | 95,480 | |||||
7,900 | * | Integrated Device Technology, Inc | 203,741 | |||||
4,228 | * | MaxLinear, Inc | 117,919 | |||||
600 | MKS Instruments, Inc | 40,380 | ||||||
5,400 | * | Nanometrics, Inc | 136,566 | |||||
2,685 | Power Integrations, Inc | 195,736 | ||||||
12,300 | * | Rambus, Inc | 140,589 | |||||
7,070 | * | Semtech Corp | 252,752 | |||||
462 | * | Silicon Laboratories, Inc | 31,578 | |||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 2,062,494 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 8.1% | ||||||||
5,300 | * | Acxiom Corp | 137,694 | |||||
7,230 | * | Barracuda Networks, Inc | 166,724 | |||||
2,550 | * | CACI International, Inc (Class A) | 318,877 | |||||
4,460 | * | Commvault Systems, Inc | 251,767 | |||||
3,400 | CSG Systems International, Inc | 137,972 | ||||||
3,456 | * | EPAM Systems, Inc | 290,615 | |||||
1,720 | * | Euronet Worldwide, Inc | 150,276 | |||||
11,800 | EVERTEC, Inc | 204,140 | ||||||
4,350 | * | ExlService Holdings, Inc | 241,773 | |||||
1,788 | Fair Isaac Corp | 249,265 | ||||||
1,800 | * | HubSpot, Inc | 118,350 | |||||
1,160 | * | MicroStrategy, Inc (Class A) | 222,337 | |||||
12,950 | * | Nuance Communications, Inc | 225,460 | |||||
8,211 | Progress Software Corp | 253,638 | ||||||
2,450 | * | Proofpoint, Inc | 212,734 |
26
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
8,000 | * | Quotient Technology, Inc | $ | 92,000 | ||||
5,500 | * | RingCentral, Inc | 201,025 | |||||
13,100 | TiVo Corp | 244,315 | ||||||
2,300 | * | Trade Desk, Inc | 115,253 | |||||
11,740 | Travelport Worldwide Ltd | 161,542 | ||||||
6,210 | * | Verint Systems, Inc | 252,747 | |||||
6,037 | * | Website Pros, Inc | 152,736 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 4,401,240 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 6.4% | ||||||||
2,450 | * | Anixter International, Inc | 191,590 | |||||
8,060 | * | ARRIS International plc | 225,841 | |||||
8,579 | * | Ciena Corp | 214,647 | |||||
4,800 | * | Fabrinet | 204,768 | |||||
6,110 | * | Finisar Corp | 158,738 | |||||
4,427 | * | II-VI, Inc | 151,846 | |||||
6,310 | * | NCR Corp | 257,700 | |||||
3,300 | * | Netgear, Inc | 142,230 | |||||
11,700 | *,e | Oclaro, Inc | 109,278 | |||||
2,900 | Plantronics, Inc | 151,699 | ||||||
2,100 | * | Rogers Corp | 228,102 | |||||
7,177 | * | Sanmina Corp | 273,444 | |||||
2,400 | SYNNEX Corp | 287,904 | ||||||
3,300 | * | Tech Data Corp | 333,300 | |||||
18,867 | * | TTM Technologies, Inc | 327,531 | |||||
17,900 | * | Viavi Solutions, Inc | 188,487 | |||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 3,447,105 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 0.9% | ||||||||
5,910 | Telephone & Data Systems, Inc | 164,003 | ||||||
33,352 | * | Vonage Holdings Corp | 218,122 | |||||
22,700 | e | Windstream Holdings, Inc | 88,076 | |||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 470,201 | |||||||
|
| |||||||
TRANSPORTATION - 0.8% | ||||||||
8,621 | * | Air Transport Services Group, Inc | 187,765 | |||||
5,330 | * | Hawaiian Holdings, Inc | 250,244 | |||||
|
| |||||||
TOTAL TRANSPORTATION | 438,009 | |||||||
|
| |||||||
UTILITIES - 3.4% | ||||||||
7,833 | Avista Corp | 332,589 | ||||||
4,457 | NorthWestern Corp | 271,966 | ||||||
8,757 | NRG Yield, Inc (Class A) | 149,394 | ||||||
3,600 | ONE Gas, Inc | 251,316 | ||||||
3,579 | Ormat Technologies, Inc | 210,016 | ||||||
4,000 | Otter Tail Corp | 158,400 | ||||||
8,300 | Pattern Energy Group, Inc | 197,872 | ||||||
3,713 | Southwest Gas Corp | 271,272 | ||||||
|
| |||||||
TOTAL UTILITIES | 1,842,825 | |||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $45,349,183) | 54,126,951 | |||||||
|
|
27
TIAA-CREF LIFE FUNDS - Small-Cap Equity Fund
SHARES | COMPANY | VALUE | ||||||
SHORT-TERM INVESTMENTS - 1.1% | ||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1% | ||||||||
607,074 | c | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 607,074 | ||||
|
| |||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 607,074 | |||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $607,074) | 607,074 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 101.0% (Cost $45,956,257) | 54,734,025 | |||||||
OTHER ASSETS & LIABILITIES, NET - (1.0)% | (570,152 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 54,163,873 | ||||||
|
|
Abbreviation(s):
REIT | Real Estate Investment Trust |
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $582,573. |
l | All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements. |
m | Indicates a security that has been deemed illiquid. |
28
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
TIAA-CREF LIFE FUNDS
SOCIAL CHOICE EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 99.8% | ||||||||
AUTOMOBILES & COMPONENTS - 1.2% | ||||||||
229 | BorgWarner, Inc | $ | 9,700 | |||||
23,312 | Ford Motor Co | 260,861 | ||||||
1,838 | Harley-Davidson, Inc | 99,289 | ||||||
292 | * | Modine Manufacturing Co | 4,833 | |||||
117 | Tenneco, Inc | 6,766 | ||||||
898 | * | Tesla, Inc | 324,726 | |||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 706,175 | |||||||
|
| |||||||
BANKS - 5.3% | ||||||||
312 | Ameris Bancorp | 15,038 | ||||||
470 | Associated Banc-Corp | 11,844 | ||||||
984 | Bank Mutual Corp | 9,004 | ||||||
196 | Bank of Hawaii Corp | 16,262 | ||||||
131 | Bank of the Ozarks, Inc | 6,140 | ||||||
7,393 | BB&T Corp | 335,716 | ||||||
310 | Camden National Corp | 13,302 | ||||||
2,642 | CIT Group, Inc | 128,665 | ||||||
7,034 | Citizens Financial Group, Inc | 250,973 | ||||||
2,317 | Comerica, Inc | 169,697 | ||||||
122 | Commerce Bancshares, Inc | 6,933 | ||||||
22 | Community Bank System, Inc | 1,227 | ||||||
69 | Cullen/Frost Bankers, Inc | 6,480 | ||||||
590 | * | Customers Bancorp, Inc | 16,685 | |||||
486 | * | FCB Financial Holdings, Inc | 23,207 | |||||
789 | Federal Agricultural Mortgage Corp (Class C) | 51,048 | ||||||
201 | First Interstate Bancsystem, Inc | 7,477 | ||||||
182 | First Merchants Corp | 7,306 | ||||||
244 | Heritage Financial Corp | 6,466 | ||||||
577 | * | HomeStreet, Inc | 15,968 | |||||
1,569 | * | HomeTrust Bancshares, Inc | 38,284 | |||||
118 | Hope Bancorp, Inc | 2,201 | ||||||
12,026 | Keycorp | 225,367 | ||||||
253 | Lakeland Financial Corp | 11,608 | ||||||
472 | Live Oak Bancshares, Inc | 11,422 | ||||||
1,942 | M&T Bank Corp | 314,507 | ||||||
528 | * | MGIC Investment Corp | 5,914 | |||||
7,071 | New York Community Bancorp, Inc | 92,842 | ||||||
1,016 | Northfield Bancorp, Inc | 17,424 | ||||||
1,023 | OFG Bancorp | 10,230 | ||||||
145 | Old National Bancorp | 2,501 | ||||||
417 | Opus Bank | 10,091 | ||||||
199 | PacWest Bancorp | 9,293 | ||||||
189 | People’s United Financial, Inc | 3,338 | ||||||
3,336 | PNC Financial Services Group, Inc | 416,566 |
29
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
6,085 | Regions Financial Corp | $ | 89,084 | |||||
130 | Stock Yards Bancorp, Inc | 5,057 | ||||||
141 | Sun Bancorp, Inc | 3,476 | ||||||
269 | * | SVB Financial Group | 47,288 | |||||
952 | * | The Bancorp, Inc | 7,216 | |||||
538 | * | Tristate Capital Holdings, Inc | 13,558 | |||||
50 | UMB Financial Corp | 3,743 | ||||||
102 | United Bankshares, Inc | 3,998 | ||||||
3,694 | United Financial Bancorp, Inc (New) | 61,653 | ||||||
8,755 | US Bancorp | 454,560 | ||||||
279 | * | Walker & Dunlop, Inc | 13,624 | |||||
107 | Webster Financial Corp | 5,588 | ||||||
49 | Westamerica Bancorporation | 2,746 | ||||||
110 | * | Western Alliance Bancorp | 5,412 | |||||
290 | Zions Bancorporation | 12,734 | ||||||
|
| |||||||
TOTAL BANKS | 3,000,763 | |||||||
|
| |||||||
CAPITAL GOODS - 7.3% | ||||||||
2,600 | 3M Co | 541,294 | ||||||
356 | A.O. Smith Corp | 20,054 | ||||||
124 | Air Lease Corp | 4,633 | ||||||
3,048 | Ametek, Inc | 184,617 | ||||||
17 | Applied Industrial Technologies, Inc | 1,004 | ||||||
599 | Arconic, Inc | 13,567 | ||||||
107 | Argan, Inc | 6,420 | ||||||
1,093 | Barnes Group, Inc | 63,973 | ||||||
200 | Briggs & Stratton Corp | 4,820 | ||||||
1,027 | * | Builders FirstSource, Inc | 15,734 | |||||
2,105 | Caterpillar, Inc | 226,203 | ||||||
33 | * | Chart Industries, Inc | 1,146 | |||||
1,563 | Cummins, Inc | 253,550 | ||||||
1,749 | Deere & Co | 216,159 | ||||||
832 | * | DigitalGlobe, Inc | 27,706 | |||||
377 | Dover Corp | 30,243 | ||||||
2,685 | Eaton Corp | 208,974 | ||||||
72 | EnerSys | 5,216 | ||||||
389 | * | Esterline Technologies Corp | 36,877 | |||||
1,324 | Fastenal Co | 57,634 | ||||||
164 | Graco, Inc | 17,922 | ||||||
117 | Hexcel Corp | 6,176 | ||||||
2,490 | Illinois Tool Works, Inc | 356,692 | ||||||
1,107 | Ingersoll-Rand plc | 101,169 | ||||||
4,840 | Johnson Controls International plc | 209,862 | ||||||
585 | * | KEYW Holding Corp, The | 5,470 | |||||
1,018 | L3 Technologies, Inc | 170,088 | ||||||
166 | Lincoln Electric Holdings, Inc | 15,287 | ||||||
3,766 | Masco Corp | 143,899 | ||||||
400 | * | Meritor, Inc | 6,644 | |||||
1,418 | Owens Corning, Inc | 94,893 | ||||||
2,211 | PACCAR, Inc | 146,014 | ||||||
294 | Parker-Hannifin Corp | 46,987 | ||||||
882 | Pentair plc | 58,688 | ||||||
4,385 | * | Plug Power, Inc | 8,945 |
30
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
934 | * | Quanta Services, Inc | $ | 30,747 | ||||
519 | Rockwell Automation, Inc | 84,057 | ||||||
2,716 | Rockwell Collins, Inc | 285,397 | ||||||
373 | Roper Industries, Inc | 86,361 | ||||||
131 | Tennant Co | 9,668 | ||||||
143 | Timken Co | 6,614 | ||||||
233 | * | Titan Machinery, Inc | 4,189 | |||||
845 | TransDigm Group, Inc | 227,195 | ||||||
430 | Triton International Ltd | 14,379 | ||||||
259 | * | United Rentals, Inc | 29,192 | |||||
26 | W.W. Grainger, Inc | 4,694 | ||||||
1,351 | * | Wesco Aircraft Holdings, Inc | 14,658 | |||||
179 | Woodward Governor Co | 12,097 | ||||||
86 | Xylem, Inc | 4,767 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 4,122,575 | |||||||
|
| |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.7% | ||||||||
2,963 | * | ACCO Brands Corp | 34,519 | |||||
2,764 | * | Copart, Inc | 87,868 | |||||
245 | Deluxe Corp | 16,959 | ||||||
118 | Exponent, Inc | 6,879 | ||||||
366 | Heidrick & Struggles International, Inc | 7,960 | ||||||
168 | HNI Corp | 6,698 | ||||||
74 | Insperity, Inc | 5,254 | ||||||
190 | Interface, Inc | 3,734 | ||||||
291 | Manpower, Inc | 32,490 | ||||||
1,175 | Robert Half International, Inc | 56,318 | ||||||
160 | * | RPX Corp | 2,232 | |||||
93 | RR Donnelley & Sons Co | 1,166 | ||||||
282 | Tetra Tech, Inc | 12,902 | ||||||
1,367 | Waste Management, Inc | 100,269 | ||||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 375,248 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 1.2% | ||||||||
247 | CalAtlantic Group, Inc | 8,731 | ||||||
200 | Callaway Golf Co | 2,556 | ||||||
212 | * | Century Communities, Inc | 5,258 | |||||
10 | Columbia Sportswear Co | 581 | ||||||
159 | CSS Industries, Inc | 4,159 | ||||||
14 | * | Deckers Outdoor Corp | 956 | |||||
306 | * | Green Brick Partners, Inc | 3,504 | |||||
616 | Hanesbrands, Inc | 14,267 | ||||||
13 | Hasbro, Inc | 1,450 | ||||||
355 | * | Kate Spade & Co | 6,564 | |||||
1,299 | Mattel, Inc | 27,967 | ||||||
72 | * | Meritage Homes Corp | 3,038 | |||||
95 | * | Mohawk Industries, Inc | 22,960 | |||||
200 | Movado Group, Inc | 5,050 | ||||||
1,252 | Newell Rubbermaid, Inc | 67,132 | ||||||
6,941 | Nike, Inc (Class B) | 409,519 | ||||||
71 | * | Tempur Sealy International, Inc | 3,791 | |||||
2 | Tupperware Corp | 140 | ||||||
341 | * | Under Armour, Inc (Class A) | 7,420 |
31
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
965 | VF Corp | $ | 55,584 | |||||
126 | Weyco Group, Inc | 3,513 | ||||||
58 | Whirlpool Corp | 11,114 | ||||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 665,254 | |||||||
|
| |||||||
CONSUMER SERVICES - 2.7% | ||||||||
55 | Bob Evans Farms, Inc | 3,951 | ||||||
121 | Brinker International, Inc | 4,610 | ||||||
356 | Carriage Services, Inc | 9,598 | ||||||
666 | Choice Hotels International, Inc | 42,790 | ||||||
681 | Darden Restaurants, Inc | 61,590 | ||||||
13 | DineEquity, Inc | 573 | ||||||
60 | Dunkin Brands Group, Inc | 3,307 | ||||||
394 | ILG, Inc | 10,831 | ||||||
390 | * | Intrawest Resorts Holdings Inc | 9,259 | |||||
3,301 | Marriott International, Inc (Class A) | 331,123 | ||||||
3,647 | McDonald’s Corp | 558,575 | ||||||
333 | Royal Caribbean Cruises Ltd | 36,373 | ||||||
410 | * | ServiceMaster Global Holdings, Inc | 16,068 | |||||
7,281 | Starbucks Corp | 424,555 | ||||||
27 | Vail Resorts, Inc | 5,476 | ||||||
|
| |||||||
TOTAL CONSUMER SERVICES | 1,518,679 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 6.5% | ||||||||
445 | Ally Financial, Inc | 9,300 | ||||||
4,713 | American Express Co | 397,023 | ||||||
10,301 | Annaly Capital Management, Inc | 124,127 | ||||||
7,513 | Bank of New York Mellon Corp | 383,313 | ||||||
923 | BlackRock, Inc | 389,885 | ||||||
8,890 | Charles Schwab Corp | 381,914 | ||||||
2,462 | CME Group, Inc | 308,341 | ||||||
4,489 | Discover Financial Services | 279,171 | ||||||
234 | * | Encore Capital Group, Inc | 9,395 | |||||
49 | Factset Research Systems, Inc | 8,143 | ||||||
2,467 | Franklin Resources, Inc | 110,497 | ||||||
221 | * | Green Dot Corp | 8,515 | |||||
5,110 | IntercontinentalExchange Group, Inc | 336,851 | ||||||
3,135 | Invesco Ltd | 110,321 | ||||||
566 | Legg Mason, Inc | 21,598 | ||||||
785 | NASDAQ OMX Group, Inc | 56,120 | ||||||
2,889 | Northern Trust Corp | 280,840 | ||||||
1,162 | * | On Deck Capital, Inc | 5,415 | |||||
304 | S&P Global, Inc | 44,381 | ||||||
3,559 | State Street Corp | 319,349 | ||||||
1,143 | T Rowe Price Group, Inc | 84,822 | ||||||
131 | Voya Financial, Inc | 4,833 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 3,674,154 | |||||||
|
| |||||||
ENERGY - 5.8% | ||||||||
519 | * | Antero Resources Corp | 11,216 | |||||
951 | Apache Corp | 45,581 | ||||||
49 | Archrock, Inc | 559 | ||||||
829 | * | Atwood Oceanics, Inc | 6,756 |
32
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
2,002 | Baker Hughes, Inc | $ | 109,129 | |||||
56 | * | CARBO Ceramics, Inc | 384 | |||||
1,813 | * | Cheniere Energy, Inc | 88,311 | |||||
2,376 | * | Clean Energy Fuels Corp | 6,035 | |||||
299 | * | Concho Resources, Inc | 36,337 | |||||
2,944 | ConocoPhillips | 129,418 | ||||||
1,323 | * | Continental Resources, Inc | 42,773 | |||||
170 | Delek US Holdings, Inc | 4,495 | ||||||
2,704 | Devon Energy Corp | 86,447 | ||||||
3,412 | EOG Resources, Inc | 308,854 | ||||||
571 | EQT Corp | 33,455 | ||||||
374 | * | Exterran Corp | 9,986 | |||||
442 | * | Fairmount Santrol Holdings, Inc | 1,724 | |||||
484 | Green Plains Renewable Energy, Inc | 9,946 | ||||||
1,422 | Hess Corp | 62,383 | ||||||
10,406 | Kinder Morgan, Inc | 199,379 | ||||||
3,719 | Marathon Oil Corp | 44,070 | ||||||
3,838 | Marathon Petroleum Corp | 200,843 | ||||||
22 | * | Matrix Service Co | 206 | |||||
1,750 | * | McDermott International, Inc | 12,547 | |||||
3,642 | National Oilwell Varco, Inc | 119,967 | ||||||
347 | * | Natural Gas Services Group, Inc | 8,623 | |||||
2,245 | Noble Energy, Inc | 63,533 | ||||||
3,963 | Occidental Petroleum Corp | 237,265 | ||||||
4 | Oceaneering International, Inc | 91 | ||||||
2 | * | Oil States International, Inc | 54 | |||||
904 | Oneok, Inc | 47,153 | ||||||
2,914 | * | Parker Drilling Co | 3,934 | |||||
193 | * | PDC Energy, Inc | 8,320 | |||||
3,400 | Phillips 66 | 281,146 | ||||||
625 | Pioneer Natural Resources Co | 99,738 | ||||||
12 | Range Resources Corp | 278 | ||||||
679 | * | Renewable Energy Group, Inc | 8,793 | |||||
1,712 | * | Rowan Cos plc | 17,531 | |||||
5,152 | Schlumberger Ltd | 339,208 | ||||||
5 | * | SEACOR Holdings, Inc | 172 | |||||
271 | SM Energy Co | 4,480 | ||||||
893 | * | Superior Energy Services | 9,314 | |||||
548 | b | Tesoro Corp | 51,293 | |||||
1,242 | * | Tetra Technologies, Inc | 3,465 | |||||
336 | * | Unit Corp | 6,293 | |||||
170 | US Silica Holdings Inc | 6,033 | ||||||
4,969 | Valero Energy Corp | 335,209 | ||||||
9,698 | * | Weatherford International Ltd | 37,531 | |||||
3,839 | Williams Cos, Inc | 116,245 | ||||||
|
| |||||||
TOTAL ENERGY | 3,256,503 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 0.8% | ||||||||
913 | Casey’s General Stores, Inc | 97,792 | ||||||
467 | * | Chefs’ Warehouse Holdings, Inc | 6,071 | |||||
219 | * | Natural Grocers by Vitamin C | 1,811 | |||||
493 | * | Performance Food Group Co | 13,508 | |||||
50 | Pricesmart, Inc | 4,380 |
33
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
304 | * | Smart & Final Stores, Inc | $ | 2,766 | ||||
128 | Spartan Stores, Inc | 3,323 | ||||||
2,327 | * | Sprouts Farmers Market, Inc | 52,753 | |||||
954 | * | United Natural Foods, Inc | 35,012 | |||||
592 | * | US Foods Holding Corp | 16,114 | |||||
4,826 | Whole Foods Market, Inc | 203,223 | ||||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 436,753 | |||||||
|
| |||||||
FOOD, BEVERAGE & TOBACCO - 4.9% | ||||||||
286 | Bunge Ltd | 21,336 | ||||||
1,524 | Campbell Soup Co | 79,477 | ||||||
14,546 | Coca-Cola Co | 652,388 | ||||||
151 | * | Darling International, Inc | 2,377 | |||||
1,211 | Dr Pepper Snapple Group, Inc | 110,334 | ||||||
127 | Flowers Foods, Inc | 2,198 | ||||||
4,638 | General Mills, Inc | 256,945 | ||||||
1,613 | Hormel Foods Corp | 55,019 | ||||||
2,869 | Kellogg Co | 199,281 | ||||||
4,008 | Kraft Heinz Co | 343,245 | ||||||
97 | * | Landec Corp | 1,440 | |||||
8,511 | Mondelez International, Inc | 367,590 | ||||||
5,544 | PepsiCo, Inc | 640,277 | ||||||
158 | * | Seneca Foods Corp | 4,906 | |||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 2,736,813 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 4.9% | ||||||||
440 | * | Acadia Healthcare Co, Inc | 21,727 | |||||
1,322 | * | Alere, Inc | 66,351 | |||||
185 | * | Align Technology, Inc | 27,772 | |||||
844 | * | Amedisys, Inc | 53,012 | |||||
1,785 | AmerisourceBergen Corp | 168,736 | ||||||
389 | * | AMN Healthcare Services, Inc | 15,190 | |||||
355 | * | Angiodynamics, Inc | 5,755 | |||||
1,644 | Anthem, Inc | 309,286 | ||||||
784 | * | athenahealth, Inc | 110,191 | |||||
702 | * | AtriCure, Inc | 17,023 | |||||
1,865 | Becton Dickinson & Co | 363,880 | ||||||
386 | * | Brookdale Senior Living, Inc | 5,678 | |||||
650 | * | Capital Senior Living Corp | 9,887 | |||||
2,905 | Cardinal Health, Inc | 226,358 | ||||||
963 | * | Centene Corp | 76,924 | |||||
2,506 | * | Cerus Corp | 6,290 | |||||
41 | Chemed Corp | 8,386 | ||||||
1,939 | Cigna Corp | 324,569 | ||||||
270 | Computer Programs & Systems, Inc | 8,856 | ||||||
118 | Dentsply Sirona, Inc | 7,651 | ||||||
1,918 | * | Edwards Lifesciences Corp | 226,784 | |||||
1,329 | * | Envision Healthcare Corp | 83,288 | |||||
1,269 | * | GenMark Diagnostics, Inc | 15,012 | |||||
147 | * | Henry Schein, Inc | 26,904 | |||||
84 | * | HMS Holdings Corp | 1,554 | |||||
501 | * | Hologic, Inc | 22,735 | |||||
864 | Humana, Inc | 207,896 |
34
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
193 | * | Idexx Laboratories, Inc | $ | 31,154 | ||||
257 | * | Integer Holding Corp | 11,115 | |||||
133 | * | Laboratory Corp of America Holdings | 20,501 | |||||
389 | * | LHC Group, Inc | 26,409 | |||||
548 | * | LifePoint Hospitals, Inc | 36,798 | |||||
645 | * | Omnicell, Inc | 27,800 | |||||
1,080 | * | OraSure Technologies, Inc | 18,641 | |||||
61 | Owens & Minor, Inc | 1,964 | ||||||
634 | Patterson Cos, Inc | 29,766 | ||||||
580 | * | PharMerica Corp | 15,225 | |||||
324 | * | Premier, Inc | 11,664 | |||||
321 | * | Providence Service Corp | 16,246 | |||||
180 | Resmed, Inc | 14,017 | ||||||
321 | * | Teladoc, Inc | 11,139 | |||||
761 | * | Tivity Health, Inc | 30,326 | |||||
111 | * | Triple-S Management Corp (Class B) | 1,877 | |||||
340 | US Physical Therapy, Inc | 20,536 | ||||||
775 | * | Vocera Communications, Inc | 20,476 | |||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 2,763,349 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.2% | ||||||||
5 | Clorox Co | 666 | ||||||
4,013 | Colgate-Palmolive Co | 297,484 | ||||||
712 | Estee Lauder Cos (Class A) | 68,338 | ||||||
950 | Kimberly-Clark Corp | 122,654 | ||||||
350 | Medifast, Inc | 14,514 | ||||||
330 | Natural Health Trends Corp | 9,191 | ||||||
8,630 | Procter & Gamble Co | 752,105 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1,264,952 | |||||||
|
| |||||||
INSURANCE - 4.2% | ||||||||
4,175 | Aflac, Inc | 324,314 | ||||||
1,915 | American International Group, Inc | 119,726 | ||||||
105 | Arthur J. Gallagher & Co | 6,011 | ||||||
959 | Aspen Insurance Holdings Ltd | 47,806 | ||||||
312 | Axis Capital Holdings Ltd | 20,174 | ||||||
2,854 | Chubb Ltd | 414,915 | ||||||
2,226 | Hartford Financial Services Group, Inc | 117,021 | ||||||
2,675 | Marsh & McLennan Cos, Inc | 208,543 | ||||||
2,170 | Principal Financial Group | 139,032 | ||||||
4,725 | Progressive Corp | 208,325 | ||||||
3,438 | Prudential Financial, Inc | 371,785 | ||||||
233 | RenaissanceRe Holdings Ltd | 32,399 | ||||||
124 | Stewart Information Services Corp | 5,627 | ||||||
2,581 | Travelers Cos, Inc | 326,574 | ||||||
|
| |||||||
TOTAL INSURANCE | 2,342,252 | |||||||
|
| |||||||
MATERIALS - 3.9% | ||||||||
1,832 | Air Products & Chemicals, Inc | 262,086 | ||||||
59 | Albemarle Corp | 6,227 | ||||||
47 | Aptargroup, Inc | 4,082 | ||||||
944 | Avery Dennison Corp | 83,421 | ||||||
1,098 | Ball Corp | 46,347 |
35
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
6 | Bemis Co, Inc | $ | 277 | |||||
64 | Carpenter Technology Corp | 2,396 | ||||||
456 | Celanese Corp (Series A) | 43,293 | ||||||
699 | * | Century Aluminum Co | 10,890 | |||||
18 | * | Clearwater Paper Corp | 841 | |||||
1,284 | Commercial Metals Co | 24,948 | ||||||
344 | Eastman Chemical Co | 28,893 | ||||||
2,527 | Ecolab, Inc | 335,459 | ||||||
265 | * | Flotek Industries, Inc | 2,369 | |||||
695 | H.B. Fuller Co | 35,521 | ||||||
182 | Innophos Holdings, Inc | 7,979 | ||||||
72 | International Flavors & Fragrances, Inc | 9,720 | ||||||
1,738 | International Paper Co | 98,388 | ||||||
1,436 | * | Louisiana-Pacific Corp | 34,622 | |||||
2,755 | LyondellBasell Industries AF S.C.A | 232,494 | ||||||
394 | Minerals Technologies, Inc | 28,841 | ||||||
752 | Mosaic Co | 17,168 | ||||||
3,778 | Nucor Corp | 218,633 | ||||||
121 | PolyOne Corp | 4,688 | ||||||
2,291 | Praxair, Inc | 303,672 | ||||||
102 | Reliance Steel & Aluminum Co | 7,427 | ||||||
1,242 | Royal Gold, Inc | 97,087 | ||||||
157 | Sealed Air Corp | 7,027 | ||||||
318 | Sherwin-Williams Co | 111,605 | ||||||
387 | * | Summit Materials, Inc | 11,173 | |||||
69 | Trinseo S.A. | 4,740 | ||||||
48 | United States Lime & Minerals, Inc | 3,767 | ||||||
152 | * | US Concrete, Inc | 11,940 | |||||
1,333 | WestRock Co | 75,528 | ||||||
876 | * | Worthington Industries, Inc | 43,993 | |||||
|
| |||||||
TOTAL MATERIALS | 2,217,542 | |||||||
|
| |||||||
MEDIA - 3.2% | ||||||||
1,250 | * | Charter Communications, Inc | 421,062 | |||||
156 | Cinemark Holdings, Inc | 6,061 | ||||||
1,162 | Clear Channel Outdoor Holdings, Inc (Class A) | 5,636 | ||||||
2,316 | * | Discovery Communications, Inc (Class A) | 59,822 | |||||
3,954 | * | Discovery Communications, Inc (Class C) | 99,680 | |||||
1,519 | Entravision Communications Corp (Class A) | 10,025 | ||||||
1,555 | * | Gray Television, Inc | 21,304 | |||||
83 | John Wiley & Sons, Inc (Class A) | 4,378 | ||||||
2,180 | New York Times Co (Class A) | 38,586 | ||||||
149 | Scripps Networks Interactive (Class A) | 10,178 | ||||||
610 | Sinclair Broadcast Group, Inc (Class A) | 20,069 | ||||||
4,451 | Time Warner, Inc | 446,925 | ||||||
6,139 | Walt Disney Co | 652,269 | ||||||
|
| |||||||
TOTAL MEDIA | 1,795,995 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7% | ||||||||
47 | * | Acadia Pharmaceuticals, Inc | 1,311 | |||||
3,090 | Agilent Technologies, Inc | 183,268 | ||||||
1,264 | * | Akorn, Inc | 42,395 | |||||
3,266 | Amgen, Inc | 562,503 |
36
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
878 | * | BioCryst Pharmaceuticals, Inc | $ | 4,882 | ||||
777 | * | Biogen Idec, Inc | 210,847 | |||||
494 | * | BioMarin Pharmaceutical, Inc | 44,865 | |||||
24 | Bio-Techne Corp | 2,820 | ||||||
8,608 | Bristol-Myers Squibb Co | 479,638 | ||||||
105 | * | Cambrex Corp | 6,274 | |||||
3,767 | * | Celgene Corp | 489,220 | |||||
629 | * | Cempra, Inc | 2,893 | |||||
1,163 | * | Depomed, Inc | 12,491 | |||||
6,515 | Gilead Sciences, Inc | 461,131 | ||||||
343 | * | Inovio Pharmaceuticals, Inc | 2,689 | |||||
335 | * | Intersect ENT, Inc | 9,363 | |||||
414 | * | Intra-Cellular Therapies, Inc | 5,142 | |||||
715 | * | Iovance Biotherapeutics, Inc | 5,255 | |||||
7,976 | Johnson & Johnson | 1,055,145 | ||||||
10,198 | Merck & Co, Inc | 653,590 | ||||||
23 | * | Mettler-Toledo International, Inc | 13,536 | |||||
353 | * | MiMedx Group, Inc | 5,284 | |||||
1,888 | * | Nektar Therapeutics | 36,910 | |||||
1,079 | * | Opko Health, Inc | 7,100 | |||||
468 | * | Prestige Brands Holdings, Inc | 24,715 | |||||
557 | * | Quintiles Transnational Holdings, Inc | 49,851 | |||||
1,256 | * | Sangamo Biosciences, Inc | 11,053 | |||||
52 | * | Sarepta Therapeutics, Inc | 1,753 | |||||
743 | * | Sucampo Pharmaceuticals, Inc (Class A) | 7,801 | |||||
138 | * | TESARO, Inc | 19,301 | |||||
527 | * | Theravance Biopharma, Inc | 20,996 | |||||
1,094 | * | Vertex Pharmaceuticals, Inc | 140,984 | |||||
75 | * | Waters Corp | 13,788 | |||||
4,973 | Zoetis, Inc | 310,216 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 4,899,010 | |||||||
|
| |||||||
REAL ESTATE - 4.2% | ||||||||
203 | * | Altisource Portfolio Solutions S.A. | 4,429 | |||||
641 | American Campus Communities, Inc | 30,319 | ||||||
3,018 | American Tower Corp | 399,342 | ||||||
961 | Boston Properties, Inc | 118,222 | ||||||
511 | CatchMark Timber Trust Inc | 5,810 | ||||||
1,526 | * | CBRE Group, Inc | 55,546 | |||||
339 | Coresite Realty | 35,097 | ||||||
165 | Douglas Emmett, Inc | 6,305 | ||||||
1,687 | Duke Realty Corp | 47,152 | ||||||
782 | Easterly Government Properties, Inc | 16,383 | ||||||
617 | Equinix, Inc | 264,792 | ||||||
1,212 | First Industrial Realty Trust, Inc | 34,687 | ||||||
255 | Forest City Realty Trust, Inc | 6,163 | ||||||
4,150 | HCP, Inc | 132,634 | ||||||
698 | Healthcare Realty Trust, Inc | 23,837 | ||||||
4,187 | Host Marriott Corp | 76,496 | ||||||
223 | * | Howard Hughes Corp | 27,393 | |||||
625 | Iron Mountain, Inc | 21,475 | ||||||
903 | * | iStar Financial, Inc | 10,872 | |||||
15 | Jones Lang LaSalle, Inc | 1,875 |
37
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
14 | Kilroy Realty Corp | $ | 1,052 | |||||
325 | Liberty Property Trust | 13,231 | ||||||
488 | Macerich Co | 28,333 | ||||||
642 | NorthStar Realty Europe Corp | 8,141 | ||||||
557 | Parkway, Inc | 12,750 | ||||||
3,895 | Prologis, Inc | 228,403 | ||||||
296 | QTS Realty Trust, Inc | 15,490 | ||||||
110 | RMR Group, Inc | 5,352 | ||||||
535 | Ryman Hospitality Properties | 34,245 | ||||||
840 | * | SBA Communications Corp | 113,316 | |||||
2,687 | Senior Housing Properties Trust | 54,922 | ||||||
1,158 | Tier REIT, Inc | 21,400 | ||||||
3,397 | UDR, Inc | 132,381 | ||||||
798 | Vornado Realty Trust | 74,932 | ||||||
17 | Washington REIT | 542 | ||||||
3,590 | Welltower, Inc | 268,712 | ||||||
149 | Weyerhaeuser Co | 4,992 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 2,337,023 | |||||||
|
| |||||||
RETAILING - 4.4% | ||||||||
1,681 | * | 1-800-FLOWERS.COM, Inc (Class A) | 16,390 | |||||
77 | Aaron’s, Inc | 2,995 | ||||||
1,224 | American Eagle Outfitters, Inc | 14,749 | ||||||
1,193 | Best Buy Co, Inc | 68,395 | ||||||
427 | Big 5 Sporting Goods Corp | 5,572 | ||||||
708 | * | Cabela’s, Inc | 42,069 | |||||
852 | * | Carmax, Inc | 53,727 | |||||
8 | Chico’s FAS, Inc | 75 | ||||||
3,095 | Dollar General Corp | 223,119 | ||||||
578 | * | Etsy, Inc | 8,670 | |||||
461 | Finish Line, Inc (Class A) | 6,532 | ||||||
1,079 | * | FTD Cos, Inc | 21,580 | |||||
2,759 | Gap, Inc | 60,670 | ||||||
259 | GNC Holdings, Inc | 2,183 | ||||||
6,781 | * | Groupon, Inc | 26,039 | |||||
590 | HSN, Inc | 18,821 | ||||||
1,923 | Kohl’s Corp | 74,362 | ||||||
359 | * | Lands’ End, Inc | 5,349 | |||||
202 | * | LKQ Corp | 6,656 | |||||
4,908 | Lowe’s Companies, Inc | 380,517 | ||||||
2,665 | * | NetFlix, Inc | 398,178 | |||||
573 | Nordstrom, Inc | 27,407 | ||||||
626 | Nutri/System, Inc | 32,583 | ||||||
3,067 | Office Depot, Inc | 17,298 | ||||||
542 | * | Overstock.com, Inc | 8,835 | |||||
476 | PetMed Express, Inc | 19,326 | ||||||
278 | Pier 1 Imports, Inc | 1,443 | ||||||
259 | * | Priceline.com, Inc | 484,465 | |||||
2,660 | Ross Stores, Inc | 153,562 | ||||||
149 | Shoe Carnival, Inc | 3,111 | ||||||
846 | * | Shutterfly, Inc | 40,185 | |||||
1,938 | Staples, Inc | 19,516 | ||||||
135 | Tiffany & Co | 12,673 |
38
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
202 | Tractor Supply Co | $ | 10,950 | |||||
401 | * | Ulta Beauty, Inc | 115,223 | |||||
696 | * | Wayfair, Inc | 53,509 | |||||
7 | Williams-Sonoma, Inc | 340 | ||||||
117 | Winmark Corp | 15,087 | ||||||
|
| |||||||
TOTAL RETAILING | 2,452,161 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6% | ||||||||
428 | Analog Devices, Inc | 33,299 | ||||||
8,245 | Applied Materials, Inc | 340,601 | ||||||
125 | * | Cirrus Logic, Inc | 7,840 | |||||
17,426 | Intel Corp | 587,953 | ||||||
227 | Lam Research Corp | 32,105 | ||||||
111 | Microchip Technology, Inc | 8,567 | ||||||
2,845 | NVIDIA Corp | 411,273 | ||||||
2,778 | * | ON Semiconductor Corp | 39,003 | |||||
977 | Skyworks Solutions, Inc | 93,743 | ||||||
1,068 | * | SunPower Corp | 9,975 | |||||
5,568 | Texas Instruments, Inc | 428,346 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,992,705 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 12.8% | ||||||||
3,499 | Accenture plc | 432,756 | ||||||
756 | * | Actua Corp | 10,622 | |||||
805 | * | Alphabet, Inc (Class A) | 748,393 | |||||
836 | * | Alphabet, Inc (Class C) | 759,698 | |||||
1,054 | * | Angie’s List, Inc | 13,481 | |||||
956 | * | Autodesk, Inc | 96,384 | |||||
2,535 | Automatic Data Processing, Inc | 259,736 | ||||||
438 | Blackbaud, Inc | 37,558 | ||||||
3,108 | CA, Inc | 107,133 | ||||||
31 | * | Cimpress NV | 2,930 | |||||
179 | * | Citrix Systems, Inc | 14,245 | |||||
4,889 | Cognizant Technology Solutions Corp (Class A) | 324,630 | ||||||
155 | Convergys Corp | 3,686 | ||||||
172 | CSG Systems International, Inc | 6,980 | ||||||
532 | * | Ellie Mae, Inc | 58,472 | |||||
54 | Fair Isaac Corp | 7,528 | ||||||
3,661 | International Business Machines Corp | 563,172 | ||||||
1,728 | Intuit, Inc | 229,496 | ||||||
812 | j2 Global, Inc | 69,093 | ||||||
684 | LogMeIn, Inc | 71,478 | ||||||
359 | * | Manhattan Associates, Inc | 17,253 | |||||
4,373 | MasterCard, Inc (Class A) | 531,101 | ||||||
18,581 | Microsoft Corp | 1,280,788 | ||||||
713 | * | NeuStar, Inc (Class A) | 23,778 | |||||
121 | * | New Relic, Inc | 5,204 | |||||
11,795 | Oracle Corp | 591,401 | ||||||
1,429 | * | Perficient, Inc | 26,637 | |||||
417 | * | Qualys, Inc | 17,014 | |||||
855 | * | Quotient Technology, Inc | 9,832 | |||||
261 | * | RingCentral, Inc | 9,540 | |||||
4,357 | * | salesforce.com, Inc | 377,316 |
39
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
1,102 | * | ServiceSource International LLC | $ | 4,276 | ||||
92 | * | SPS Commerce, Inc | 5,866 | |||||
685 | * | Square, Inc | 16,070 | |||||
204 | * | Sykes Enterprises, Inc | 6,840 | |||||
6,911 | Symantec Corp | 195,236 | ||||||
118 | Syntel, Inc | 2,001 | ||||||
214 | * | Teradata Corp | 6,311 | |||||
258 | * | Twilio, Inc | 7,510 | |||||
166 | * | Ultimate Software Group, Inc | 34,870 | |||||
150 | * | Unisys Corp | 1,920 | |||||
496 | * | Vasco Data Security International | 7,118 | |||||
1,760 | * | Website Pros, Inc | 44,528 | |||||
1,289 | * | Workday, Inc | 125,033 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 7,164,914 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 3.6% | ||||||||
48 | * | Anixter International, Inc | 3,754 | |||||
41 | Belden CDT, Inc | 3,093 | ||||||
854 | * | Benchmark Electronics, Inc | 27,584 | |||||
18,837 | Cisco Systems, Inc | 589,598 | ||||||
862 | Cognex Corp | 73,184 | ||||||
318 | * | Coherent, Inc | 71,547 | |||||
3,180 | Corning, Inc | 95,559 | ||||||
800 | * | Cray, Inc | 14,720 | |||||
413 | CTS Corp | 8,921 | ||||||
483 | Daktronics, Inc | 4,651 | ||||||
1,252 | Dolby Laboratories, Inc (Class A) | 61,298 | ||||||
458 | * | Fabrinet | 19,538 | |||||
218 | * | FARO Technologies, Inc | 8,240 | |||||
1,050 | * | Finisar Corp | 27,279 | |||||
9,913 | Hewlett Packard Enterprise Co | 164,457 | ||||||
14,860 | HP, Inc | 259,753 | ||||||
169 | InterDigital, Inc | 13,064 | ||||||
306 | * | IPG Photonics Corp | 44,401 | |||||
440 | * | Itron, Inc | 29,810 | |||||
2,480 | Jabil Circuit, Inc | 72,391 | ||||||
689 | * | Kimball Electronics, Inc | 12,436 | |||||
1,584 | Motorola, Inc | 137,396 | ||||||
333 | National Instruments Corp | 13,393 | ||||||
209 | * | Netgear, Inc | 9,008 | |||||
18 | Plantronics, Inc | 941 | ||||||
282 | * | Plexus Corp | 14,825 | |||||
114 | * | Rogers Corp | 12,383 | |||||
331 | * | Scansource, Inc | 13,339 | |||||
509 | * | Super Micro Computer, Inc | 12,547 | |||||
214 | * | Tech Data Corp | 21,614 | |||||
388 | * | TTM Technologies, Inc | 6,736 | |||||
545 | Universal Display Corp | 59,541 | ||||||
4,635 | Xerox Corp | 133,163 | ||||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 2,040,164 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 1.9% | ||||||||
1,016 | * | Boingo Wireless, Inc | 15,199 |
40
TIAA-CREF LIFE FUNDS - Social Choice Equity Fund
SHARES | COMPANY | VALUE | ||||||
6,621 | CenturyLink, Inc | $ | 158,110 | |||||
308 | * | Cincinnati Bell, Inc | 6,022 | |||||
363 | * | General Communication, Inc (Class A) | 13,300 | |||||
194 | IDT Corp (Class B) | 2,788 | ||||||
713 | * | Iridium Communications, Inc | 7,879 | |||||
1,057 | * | Level 3 Communications, Inc | 62,680 | |||||
459 | * | Lumos Networks Corp | 8,202 | |||||
13,000 | * | Sprint Corp | 106,730 | |||||
14,669 | Verizon Communications, Inc | 655,117 | ||||||
1,213 | * | Vonage Holdings Corp | 7,933 | |||||
2,332 | Windstream Holdings, Inc | 9,048 | ||||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 1,053,008 | |||||||
|
| |||||||
TRANSPORTATION - 2.8% | ||||||||
786 | * | Avis Budget Group, Inc | 21,434 | |||||
6 | CH Robinson Worldwide, Inc | 412 | ||||||
3,738 | CSX Corp | 203,945 | ||||||
2,618 | Delta Air Lines, Inc | 140,691 | ||||||
176 | * | Echo Global Logistics, Inc | 3,503 | |||||
724 | * | Hertz Global Holdings, Inc | 8,326 | |||||
1,143 | Norfolk Southern Corp | 139,103 | ||||||
6 | Ryder System, Inc | 432 | ||||||
5,045 | Southwest Airlines Co | 313,496 | ||||||
15 | * | Spirit Airlines, Inc | 775 | |||||
3,505 | Union Pacific Corp | 381,729 | ||||||
3,462 | United Parcel Service, Inc (Class B) | 382,863 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | 1,596,709 | |||||||
|
| |||||||
UTILITIES - 3.0% | ||||||||
140 | American Water Works Co, Inc | 10,913 | ||||||
1,832 | Centerpoint Energy, Inc | 50,160 | ||||||
3,731 | Consolidated Edison, Inc | 301,539 | ||||||
2,581 | Dominion Resources, Inc | 197,782 | ||||||
220 | Edison International | 17,202 | ||||||
3,211 | Eversource Energy | 194,940 | ||||||
220 | New Jersey Resources Corp | 8,734 | ||||||
236 | NRG Yield, Inc (Class C) | 4,154 | ||||||
3 | Pinnacle West Capital Corp | 256 | ||||||
1,611 | Public Service Enterprise Group, Inc | 69,289 | ||||||
2,111 | Sempra Energy | 238,015 | ||||||
701 | South Jersey Industries, Inc | 23,953 | ||||||
6,923 | Southern Co | 331,473 | ||||||
2,096 | WEC Energy Group, Inc | 128,653 | ||||||
280 | WGL Holdings, Inc | 23,360 | ||||||
2,293 | Xcel Energy, Inc | 105,203 | ||||||
|
| |||||||
TOTAL UTILITIES | 1,705,626 | |||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $34,867,286) | 56,118,327 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.8% (Cost $34,867,286) | 56,118,327 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% | 103,896 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 56,222,223 | ||||||
|
|
Abbreviation(s):
REIT | Real Estate Investment Trust |
* | Non-income producing |
b | In bankruptcy |
41
TIAA-CREF LIFE FUNDS - Stock Index Fund
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 98.5% | ||||||||
AUTOMOBILES & COMPONENTS - 1.0% | ||||||||
1,452 | Adient plc | $ | 94,932 | |||||
1,301 | * | American Axle & Manufacturing Holdings, Inc | 20,296 | |||||
3,312 | BorgWarner, Inc | 140,296 | ||||||
828 | Cooper Tire & Rubber Co | 29,891 | ||||||
274 | * | Cooper-Standard Holding, Inc | 27,638 | |||||
2,264 | Dana Holding Corp | 50,555 | ||||||
4,195 | Delphi Automotive plc | 367,692 | ||||||
407 | * | Dorman Products, Inc | 33,687 | |||||
61,053 | Ford Motor Co | 683,183 | ||||||
545 | * | Fox Factory Holding Corp | 19,402 | |||||
21,472 | General Motors Co | 750,017 | ||||||
4,430 | Gentex Corp | 84,037 | ||||||
573 | * | Gentherm, Inc | 22,232 | |||||
3,947 | Goodyear Tire & Rubber Co | 137,987 | ||||||
2,737 | Harley-Davidson, Inc | 147,853 | ||||||
396 | * | Horizon Global Corp | 5,687 | |||||
377 | LCI Industries, Inc | 38,605 | ||||||
1,077 | Lear Corp | 153,020 | ||||||
772 | * | Modine Manufacturing Co | 12,777 | |||||
292 | * | Motorcar Parts of America, Inc | 8,246 | |||||
125 | * | Shiloh Industries, Inc | 1,467 | |||||
514 | Spartan Motors, Inc | 4,549 | ||||||
330 | Standard Motor Products, Inc | 17,233 | ||||||
449 | * | Stoneridge, Inc | 6,919 | |||||
383 | Superior Industries International, Inc | 7,871 | ||||||
828 | Tenneco, Inc | 47,883 | ||||||
2,036 | * | Tesla, Inc | 736,238 | |||||
763 | Thor Industries, Inc | 79,749 | ||||||
321 | Tower International, Inc | 7,206 | ||||||
496 | * | Visteon Corp | 50,622 | |||||
321 | * | VOXX International Corp (Class A) | 2,632 | |||||
486 | Winnebago Industries, Inc | 17,010 | ||||||
|
| |||||||
TOTAL AUTOMOBILES & COMPONENTS | 3,807,412 | |||||||
|
| |||||||
BANKS - 6.7% | ||||||||
254 | 1st Source Corp | 12,177 | ||||||
233 | Access National Corp | 6,179 | ||||||
95 | ACNB Corp | 2,897 | ||||||
166 | * | Allegiance Bancshares, Inc | 6,358 | |||||
127 | American National Bankshares, Inc | 4,693 | ||||||
563 | Ameris Bancorp | 27,137 | ||||||
129 | Ames National Corp | 3,947 | ||||||
169 | Arrow Financial Corp | 5,349 | ||||||
46 | * | ASB Bancorp, Inc | 2,022 |
42
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,366 | Associated Banc-Corp | $ | 59,623 | |||||
1,440 | Astoria Financial Corp | 29,016 | ||||||
318 | * | Atlantic Capital Bancshares, Inc | 6,042 | |||||
697 | e | Banc of California, Inc | 14,985 | |||||
130 | Bancfirst Corp | 12,558 | ||||||
461 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 12,622 | ||||||
1,326 | Bancorpsouth, Inc | 40,443 | ||||||
838 | Bank Mutual Corp | 7,668 | ||||||
156,182 | Bank of America Corp | 3,788,975 | ||||||
254 | * | Bank of Commerce Holdings | 2,807 | |||||
677 | Bank of Hawaii Corp | 56,171 | ||||||
87 | Bank of Marin Bancorp | 5,355 | ||||||
838 | Bank of NT Butterfield & Son Ltd | 28,576 | ||||||
1,698 | Bank of the Ozarks, Inc | 79,585 | ||||||
238 | BankFinancial Corp | 3,551 | ||||||
1,535 | BankUnited | 51,745 | ||||||
81 | Bankwell Financial Group, Inc | 2,530 | ||||||
511 | Banner Corp | 28,877 | ||||||
219 | Bar Harbor Bankshares | 6,750 | ||||||
12,693 | BB&T Corp | 576,389 | ||||||
152 | BCB Bancorp, Inc | 2,326 | ||||||
276 | Bear State Financial, Inc | 2,611 | ||||||
1,199 | Beneficial Bancorp, Inc | 17,985 | ||||||
557 | Berkshire Hills Bancorp, Inc | 19,579 | ||||||
400 | Blue Hills Bancorp, Inc | 7,160 | ||||||
929 | *,e | BofI Holding, Inc | 22,036 | |||||
421 | BOK Financial Corp | 35,419 | ||||||
1,073 | Boston Private Financial Holdings, Inc | 16,471 | ||||||
287 | Bridge Bancorp, Inc | 9,557 | ||||||
1,046 | Brookline Bancorp, Inc | 15,272 | ||||||
253 | Bryn Mawr Bank Corp | 10,752 | ||||||
124 | * | BSB Bancorp, Inc | 3,627 | |||||
49 | C&F Financial Corp | 2,298 | ||||||
142 | * | Cadence BanCorp | 3,107 | |||||
238 | Camden National Corp | 10,213 | ||||||
1 | Canadian Imperial Bank of Commerce/Canada | 51 | ||||||
452 | Capital Bank Financial Corp | 17,221 | ||||||
156 | Capital City Bank Group, Inc | 3,186 | ||||||
2,332 | Capitol Federal Financial | 33,138 | ||||||
128 | * | Capstar Financial Holdings, Inc | 2,271 | |||||
222 | Carolina Financial Corp | 7,175 | ||||||
1,137 | Cathay General Bancorp | 43,149 | ||||||
840 | Centerstate Banks of Florida, Inc | 20,882 | ||||||
470 | Central Pacific Financial Corp | 14,791 | ||||||
161 | Central Valley Community Bancorp | 3,568 | ||||||
47 | Century Bancorp, Inc | 2,989 | ||||||
244 | Charter Financial Corp | 4,392 | ||||||
1,023 | Chemical Financial Corp | 49,523 | ||||||
46 | Chemung Financial Corp | 1,880 | ||||||
3,166 | CIT Group, Inc | 154,184 | ||||||
43,349 | Citigroup, Inc | 2,899,181 | ||||||
167 | Citizens & Northern Corp | 3,884 | ||||||
7,937 | Citizens Financial Group, Inc | 283,192 |
43
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
236 | City Holding Co | $ | 15,545 | |||||
157 | Civista Bancshares, Inc | 3,278 | ||||||
565 | Clifton Bancorp, Inc | 9,339 | ||||||
226 | CNB Financial Corp | 5,417 | ||||||
587 | CoBiz, Inc | 10,214 | ||||||
121 | Codorus Valley Bancorp, Inc | 3,436 | ||||||
908 | Columbia Banking System, Inc | 36,184 | ||||||
2,759 | Comerica, Inc | 202,069 | ||||||
1,520 | Commerce Bancshares, Inc | 86,382 | ||||||
102 | * | Commerce Union Bancshares, Inc | 2,435 | |||||
763 | Community Bank System, Inc | 42,553 | ||||||
338 | * | Community Bankers Trust Corp | 2,788 | |||||
61 | * | Community Financial Corp | 2,348 | |||||
238 | Community Trust Bancorp, Inc | 10,412 | ||||||
422 | ConnectOne Bancorp, Inc | 9,516 | ||||||
77 | County Bancorp, Inc | 1,848 | ||||||
246 | * | CU Bancorp | 8,893 | |||||
833 | Cullen/Frost Bankers, Inc | 78,227 | ||||||
438 | * | Customers Bancorp, Inc | 12,387 | |||||
1,534 | CVB Financial Corp | 34,408 | ||||||
500 | Dime Community Bancshares | 9,800 | ||||||
45 | DNB Financial Corp | 1,543 | ||||||
489 | * | Eagle Bancorp, Inc | 30,954 | |||||
2,212 | East West Bancorp, Inc | 129,579 | ||||||
100 | *,e | Entegra Financial Corp | 2,275 | |||||
147 | Enterprise Bancorp, Inc | 5,224 | ||||||
347 | Enterprise Financial Services Corp | 14,158 | ||||||
161 | * | Equity Bancshares, Inc | 4,933 | |||||
127 | ESSA Bancorp, Inc | 1,869 | ||||||
1,241 | * | Essent Group Ltd | 46,091 | |||||
68 | Evans Bancorp, Inc | 2,717 | ||||||
72 | Farmers & Merchants Bancorp, Inc | 4,464 | ||||||
111 | Farmers Capital Bank Corp | 4,279 | ||||||
378 | Farmers National Banc Corp | 5,481 | ||||||
98 | * | FB Financial Corp | 3,547 | |||||
545 | * | FCB Financial Holdings, Inc | 26,024 | |||||
139 | Federal Agricultural Mortgage Corp (Class C) | 8,993 | ||||||
321 | Fidelity Southern Corp | 7,338 | ||||||
11,764 | Fifth Third Bancorp | 305,393 | ||||||
202 | Financial Institutions, Inc | 6,020 | ||||||
374 | First Bancorp (NC) | 11,691 | ||||||
2,291 | * | First Bancorp (Puerto Rico) | 13,265 | |||||
162 | First Bancorp, Inc | 4,384 | ||||||
130 | e | First Bancshares, Inc | 3,588 | |||||
510 | First Busey Corp | 14,953 | ||||||
266 | First Business Financial Services, Inc | 6,139 | ||||||
136 | First Citizens Bancshares, Inc (Class A) | 50,687 | ||||||
1,371 | First Commonwealth Financial Corp | 17,384 | ||||||
242 | First Community Bancshares, Inc | 6,619 | ||||||
192 | * | First Community Financial Partners, Inc | 2,477 | |||||
240 | First Connecticut Bancorp | 6,156 | ||||||
156 | First Defiance Financial Corp | 8,218 | ||||||
943 | First Financial Bancorp | 26,121 |
44
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
987 | e | First Financial Bankshares, Inc | $ | 43,625 | ||||
188 | First Financial Corp | 8,892 | ||||||
130 | First Financial Northwest, Inc | 2,097 | ||||||
445 | * | First Foundation, Inc | 7,311 | |||||
59 | First Guaranty Bancshares, Inc | 1,607 | ||||||
837 | First Hawaiian, Inc | 25,629 | ||||||
3,628 | First Horizon National Corp | 63,200 | ||||||
85 | First Internet Bancorp | 2,384 | ||||||
395 | First Interstate Bancsystem, Inc | 14,694 | ||||||
640 | First Merchants Corp | 25,690 | ||||||
93 | First Mid-Illinois Bancshares, Inc | 3,184 | ||||||
1,595 | First Midwest Bancorp, Inc | 37,179 | ||||||
158 | * | First Northwest Bancorp | 2,492 | |||||
321 | First of Long Island Corp | 9,181 | ||||||
2,453 | First Republic Bank | 245,545 | ||||||
334 | * | Flagstar Bancorp, Inc | 10,294 | |||||
358 | Flushing Financial Corp | 10,092 | ||||||
76 | * | FNB Bancorp | 2,087 | |||||
5,018 | FNB Corp | 71,055 | ||||||
206 | * | Franklin Financial Network, Inc | 8,497 | |||||
2,673 | Fulton Financial Corp | 50,787 | ||||||
325 | German American Bancorp, Inc | 11,079 | ||||||
1,201 | Glacier Bancorp, Inc | 43,969 | ||||||
161 | Great Southern Bancorp, Inc | 8,613 | ||||||
849 | Great Western Bancorp, Inc | 34,648 | ||||||
335 | * | Green Bancorp, Inc | 6,499 | |||||
45 | Greene County Bancorp, Inc | 1,224 | ||||||
365 | Guaranty Bancorp | 9,928 | ||||||
26 | Guaranty Bancshares, Inc | 831 | ||||||
1,231 | Hancock Holding Co | 60,319 | ||||||
484 | Hanmi Financial Corp | 13,770 | ||||||
200 | * | HarborOne Bancorp, Inc | 3,992 | |||||
429 | Heartland Financial USA, Inc | 20,206 | ||||||
553 | Heritage Commerce Corp | 7,620 | ||||||
460 | Heritage Financial Corp | 12,190 | ||||||
1,168 | Hilltop Holdings, Inc | 30,613 | ||||||
22 | Hingham Institution for Savings | 4,002 | ||||||
89 | Home Bancorp, Inc | 3,784 | ||||||
1,887 | Home Bancshares, Inc | 46,986 | ||||||
314 | * | HomeStreet, Inc | 8,690 | |||||
265 | * | HomeTrust Bancshares, Inc | 6,466 | |||||
1,956 | Hope Bancorp, Inc | 36,479 | ||||||
334 | Horizon Bancorp | 8,801 | ||||||
129 | * | Howard Bancorp, Inc | 2,483 | |||||
16,717 | Huntington Bancshares, Inc | 226,014 | ||||||
785 | IBERIABANK Corp | 63,977 | ||||||
171 | *,e | Impac Mortgage Holdings, Inc | 2,587 | |||||
399 | Independent Bank Corp (MA) | 26,593 | ||||||
308 | Independent Bank Corp (MI) | 6,699 | ||||||
221 | Independent Bank Group, Inc | 13,149 | ||||||
843 | International Bancshares Corp | 29,547 | ||||||
120 | *,e | Investar Holding Corp | 2,748 | |||||
4,402 | Investors Bancorp, Inc | 58,811 |
45
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
55,457 | JPMorgan Chase & Co | $ | 5,068,770 | |||||
1,407 | Kearny Financial Corp | 20,894 | ||||||
16,982 | Keycorp | 318,243 | ||||||
584 | Lakeland Bancorp, Inc | 11,008 | ||||||
525 | Lakeland Financial Corp | 24,087 | ||||||
141 | LCNB Corp | 2,820 | ||||||
693 | LegacyTexas Financial Group, Inc | 26,424 | ||||||
98 | * | LendingTree, Inc | 16,876 | |||||
310 | Live Oak Bancshares, Inc | 7,502 | ||||||
2,264 | M&T Bank Corp | 366,655 | ||||||
400 | Macatawa Bank Corp | 3,816 | ||||||
318 | MainSource Financial Group, Inc | 10,656 | ||||||
101 | * | Malvern Bancorp, Inc | 2,419 | |||||
1,081 | MB Financial, Inc | 47,607 | ||||||
283 | MBT Financial Corp | 2,745 | ||||||
226 | Mercantile Bank Corp | 7,114 | ||||||
856 | Meridian Bancorp, Inc | 14,466 | ||||||
123 | Meta Financial Group, Inc | 10,947 | ||||||
5,850 | * | MGIC Investment Corp | 65,520 | |||||
38 | e | Middlefield Banc Corp | 1,915 | |||||
125 | Midland States Bancorp, Inc | 4,190 | ||||||
134 | Midsouth Bancorp, Inc | 1,575 | ||||||
169 | MidWestOne Financial Group, Inc | 5,727 | ||||||
101 | MutualFirst Financial, Inc | 3,606 | ||||||
535 | National Bank Holdings Corp | 17,714 | ||||||
109 | e | National Bankshares, Inc | 4,447 | |||||
164 | * | National Commerce Corp | 6,486 | |||||
502 | * | Nationstar Mortgage Holdings, Inc | 8,981 | |||||
669 | NBT Bancorp, Inc | 24,720 | ||||||
7,445 | New York Community Bancorp, Inc | 97,753 | ||||||
140 | * | Nicolet Bankshares, Inc | 7,659 | |||||
875 | * | NMI Holdings, Inc | 10,019 | |||||
115 | Northeast Bancorp | 2,340 | ||||||
643 | Northfield Bancorp, Inc | 11,027 | ||||||
104 | Northrim BanCorp, Inc | 3,162 | ||||||
1,478 | Northwest Bancshares, Inc | 23,072 | ||||||
43 | *,e | Norwood Financial Corp | 1,817 | |||||
233 | OceanFirst Financial Corp | 6,319 | ||||||
596 | e | OFG Bancorp | 5,960 | |||||
68 | e | Ohio Valley Banc Corp | 2,451 | |||||
134 | Old Line Bancshares, Inc | 3,776 | ||||||
2,084 | Old National Bancorp | 35,949 | ||||||
51 | Old Point Financial Corp | 1,677 | ||||||
432 | Old Second Bancorp, Inc | 4,990 | ||||||
319 | Opus Bank | 7,720 | ||||||
610 | Oritani Financial Corp | 10,401 | ||||||
111 | Orrstown Financial Services, Inc | 2,536 | ||||||
344 | Pacific Continental Corp | 8,789 | ||||||
241 | * | Pacific Mercantile Bancorp | 2,121 | |||||
609 | * | Pacific Premier Bancorp, Inc | 22,472 | |||||
1,832 | PacWest Bancorp | 85,554 | ||||||
67 | * | Paragon Commercial Corp | 3,515 | |||||
205 | Park National Corp | 21,263 |
46
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
802 | Park Sterling Bank | $ | 9,528 | |||||
24 | *,e | Parke Bancorp, Inc | 538 | |||||
290 | * | PCSB Financial Corp | 4,947 | |||||
259 | Peapack Gladstone Financial Corp | 8,104 | ||||||
67 | Penns Woods Bancorp, Inc | 2,759 | ||||||
165 | * | PennyMac Financial Services, Inc | 2,756 | |||||
64 | e | Peoples Bancorp of North Carolina, Inc | 2,022 | |||||
261 | Peoples Bancorp, Inc | 8,386 | ||||||
101 | Peoples Financial Services Corp | 4,417 | ||||||
5,487 | People’s United Financial, Inc | 96,900 | ||||||
194 | People’s Utah Bancorp | 5,199 | ||||||
823 | * | PHH Corp | 11,333 | |||||
1,105 | Pinnacle Financial Partners, Inc | 69,394 | ||||||
7,585 | PNC Financial Services Group, Inc | 947,139 | ||||||
1,571 | Popular, Inc | 65,526 | ||||||
188 | Preferred Bank | 10,052 | ||||||
140 | Premier Financial Bancorp, Inc | 2,885 | ||||||
1,035 | Prosperity Bancshares, Inc | 66,488 | ||||||
68 | * | Provident Bancorp, Inc | 1,530 | |||||
94 | Provident Financial Holdings, Inc | 1,810 | ||||||
964 | Provident Financial Services, Inc | 24,466 | ||||||
132 | Prudential Bancorp, Inc | 2,397 | ||||||
190 | QCR Holdings, Inc | 9,006 | ||||||
3,374 | Radian Group, Inc | 55,165 | ||||||
19,461 | Regions Financial Corp | 284,909 | ||||||
670 | Renasant Corp | 29,306 | ||||||
146 | Republic Bancorp, Inc (Class A) | 5,212 | ||||||
750 | * | Republic First Bancorp, Inc | 6,938 | |||||
292 | Riverview Bancorp, Inc | 1,939 | ||||||
540 | S&T Bancorp, Inc | 19,364 | ||||||
361 | Sandy Spring Bancorp, Inc | 14,678 | ||||||
617 | * | Seacoast Banking Corp of Florida | 14,870 | |||||
726 | ServisFirst Bancshares, Inc | 26,782 | ||||||
185 | Shore Bancshares, Inc | 3,043 | ||||||
177 | SI Financial Group, Inc | 2,850 | ||||||
192 | Sierra Bancorp | 4,714 | ||||||
867 | * | Signature Bank | 124,441 | |||||
473 | Simmons First National Corp (Class A) | 25,022 | ||||||
116 | * | SmartFinancial, Inc | 2,770 | |||||
449 | South State Corp | 38,479 | ||||||
101 | * | Southern First Bancshares, Inc | 3,742 | |||||
86 | Southern Missouri Bancorp, Inc | 2,774 | ||||||
169 | Southern National Bancorp of Virginia, Inc | 2,974 | ||||||
433 | Southside Bancshares, Inc | 15,112 | ||||||
265 | Southwest Bancorp, Inc | 6,771 | ||||||
584 | State Bank & Trust Co | 15,838 | ||||||
2,046 | Sterling Bancorp/DE | 47,570 | ||||||
339 | Stock Yards Bancorp, Inc | 13,187 | ||||||
214 | Stonegate Bank | 9,883 | ||||||
164 | Summit Financial Group, Inc | 3,608 | ||||||
174 | Sun Bancorp, Inc | 4,289 | ||||||
109 | * | Sunshine Bancorp, Inc | 2,323 | |||||
7,572 | SunTrust Banks, Inc | 429,484 |
47
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
820 | * | SVB Financial Group | $ | 144,148 | ||||
1,928 | Synovus Financial Corp | 85,295 | ||||||
2,235 | TCF Financial Corp | 35,626 | ||||||
150 | Territorial Bancorp, Inc | 4,679 | ||||||
772 | * | Texas Capital Bancshares, Inc | 59,753 | |||||
1,347 | TFS Financial Corp | 20,838 | ||||||
714 | * | The Bancorp, Inc | 5,412 | |||||
100 | Timberland Bancorp, Inc | 2,527 | ||||||
229 | Tompkins Trustco, Inc | 18,027 | ||||||
881 | TowneBank | 27,135 | ||||||
330 | Trico Bancshares | 11,600 | ||||||
343 | * | Tristate Capital Holdings, Inc | 8,644 | |||||
237 | * | Triumph Bancorp, Inc | 5,818 | |||||
1,387 | Trustco Bank Corp NY | 10,749 | ||||||
1,035 | Trustmark Corp | 33,286 | ||||||
111 | e | Two River Bancorp | 2,063 | |||||
685 | UMB Financial Corp | 51,279 | ||||||
3,528 | Umpqua Holdings Corp | 64,774 | ||||||
621 | Union Bankshares Corp | 21,052 | ||||||
60 | e | Union Bankshares, Inc | 2,850 | |||||
1,552 | United Bankshares, Inc | 60,838 | ||||||
1,078 | United Community Banks, Inc | 29,968 | ||||||
740 | United Community Financial Corp | 6,149 | ||||||
770 | United Financial Bancorp, Inc (New) | 12,851 | ||||||
113 | * | United Security Bancshares | 1,045 | |||||
119 | Unity Bancorp, Inc | 2,047 | ||||||
364 | Univest Corp of Pennsylvania | 10,902 | ||||||
24,816 | US Bancorp | 1,288,447 | ||||||
4,001 | Valley National Bancorp | 47,252 | ||||||
226 | * | Veritex Holdings, Inc | 5,951 | |||||
422 | * | Walker & Dunlop, Inc | 20,606 | |||||
1,396 | Washington Federal, Inc | 46,347 | ||||||
232 | Washington Trust Bancorp, Inc | 11,960 | ||||||
154 | WashingtonFirst Bankshares, Inc | 5,318 | ||||||
384 | Waterstone Financial, Inc | 7,238 | ||||||
1,420 | Webster Financial Corp | 74,152 | ||||||
70,707 | Wells Fargo & Co | 3,917,875 | ||||||
654 | WesBanco, Inc | 25,859 | ||||||
239 | West Bancorporation, Inc | 5,652 | ||||||
399 | Westamerica Bancorporation | 22,360 | ||||||
1,438 | * | Western Alliance Bancorp | 70,750 | |||||
413 | Western New England Bancorp, Inc | 4,192 | ||||||
758 | Wintrust Financial Corp | 57,942 | ||||||
3,175 | * | WMIH Corp | 3,969 | |||||
466 | WSFS Financial Corp | 21,133 | ||||||
76 | * | Xenith Bankshares, Inc | 2,361 | |||||
3,172 | Zions Bancorporation | 139,283 | ||||||
|
| |||||||
TOTAL BANKS | 27,020,872 | |||||||
|
| |||||||
CAPITAL GOODS - 7.5% |
| |||||||
9,092 | 3M Co | 1,892,864 | ||||||
2,220 | A.O. Smith Corp | 125,053 | ||||||
644 | Aaon, Inc | 23,731 |
48
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
511 | AAR Corp | $ | 17,762 | |||||
917 | Actuant Corp (Class A) | 22,558 | ||||||
685 | Acuity Brands, Inc | 139,247 | ||||||
553 | Advanced Drainage Systems, Inc | 11,115 | ||||||
2,370 | * | Aecom Technology Corp | 76,622 | |||||
522 | * | Aegion Corp | 11,421 | |||||
1,069 | * | Aerojet Rocketdyne Holdings, Inc | 22,235 | |||||
318 | * | Aerovironment, Inc | 12,148 | |||||
1,041 | AGCO Corp | 70,153 | ||||||
1,500 | Air Lease Corp | 56,040 | ||||||
726 | Aircastle Ltd | 15,790 | ||||||
148 | Alamo Group, Inc | 13,440 | ||||||
445 | Albany International Corp (Class A) | 23,763 | ||||||
1,475 | Allegion plc | 119,652 | ||||||
91 | Allied Motion Technologies, Inc | 2,477 | ||||||
2,083 | Allison Transmission Holdings, Inc | 78,133 | ||||||
449 | Altra Holdings, Inc | 17,870 | ||||||
317 | * | Ameresco, Inc | 2,441 | |||||
127 | e | American Railcar Industries, Inc | 4,864 | |||||
254 | * | American Woodmark Corp | 24,270 | |||||
3,561 | Ametek, Inc | 215,690 | ||||||
438 | Apogee Enterprises, Inc | 24,896 | ||||||
567 | Applied Industrial Technologies, Inc | 33,481 | ||||||
6,112 | Arconic, Inc | 138,437 | ||||||
244 | Argan, Inc | 14,640 | ||||||
367 | * | Armstrong Flooring, Inc | 6,595 | |||||
662 | * | Armstrong World Industries, Inc | 30,452 | |||||
334 | Astec Industries, Inc | 18,540 | ||||||
340 | * | Astronics Corp | 10,360 | |||||
491 | * | Atkore International Group, Inc | 11,072 | |||||
785 | *,e | Axon Enterprise, Inc | 19,735 | |||||
406 | AZZ, Inc | 22,655 | ||||||
924 | * | Babcock & Wilcox Enterprises, Inc | 10,866 | |||||
782 | Barnes Group, Inc | 45,770 | ||||||
937 | * | Beacon Roofing Supply, Inc | 45,913 | |||||
87 | *,e | Blue Bird Corp | 1,479 | |||||
941 | * | BMC Stock Holdings, Inc | 20,561 | |||||
8,917 | Boeing Co | 1,763,337 | ||||||
656 | Briggs & Stratton Corp | 15,810 | ||||||
1,470 | * | Builders FirstSource, Inc | 22,520 | |||||
1,467 | BWX Technologies, Inc | 71,516 | ||||||
351 | * | Caesarstone Sdot-Yam Ltd | 12,303 | |||||
250 | * | CAI International, Inc | 5,900 | |||||
966 | Carlisle Cos, Inc | 92,156 | ||||||
8,842 | Caterpillar, Inc | 950,161 | ||||||
467 | * | Chart Industries, Inc | 16,219 | |||||
1,542 | e | Chicago Bridge & Iron Co NV | 30,424 | |||||
259 | CIRCOR International, Inc | 15,379 | ||||||
1,386 | * | Colfax Corp | 54,567 | |||||
262 | Columbus McKinnon Corp | 6,660 | ||||||
575 | Comfort Systems USA, Inc | 21,332 | ||||||
388 | * | Commercial Vehicle Group, Inc | 3,279 | |||||
601 | * | Continental Building Products Inc | 14,003 |
49
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
780 | Crane Co | $ | 61,916 | |||||
225 | * | CSW Industrials, Inc | 8,696 | |||||
360 | Cubic Corp | 16,668 | ||||||
2,466 | Cummins, Inc | 400,035 | ||||||
674 | Curtiss-Wright Corp | 61,860 | ||||||
4,988 | Deere & Co | 616,467 | ||||||
973 | * | DigitalGlobe, Inc | 32,401 | |||||
199 | DMC Global, Inc | 2,607 | ||||||
2,065 | Donaldson Co, Inc | 94,040 | ||||||
347 | Douglas Dynamics, Inc | 11,416 | ||||||
2,372 | Dover Corp | 190,282 | ||||||
160 | * | Ducommun, Inc | 5,053 | |||||
240 | * | DXP Enterprises, Inc | 8,280 | |||||
486 | * | Dycom Industries, Inc | 43,507 | |||||
80 | Eastern Co | 2,404 | ||||||
6,998 | Eaton Corp | 544,654 | ||||||
916 | EMCOR Group, Inc | 59,888 | ||||||
10,085 | Emerson Electric Co | 601,268 | ||||||
318 | Encore Wire Corp | 13,579 | ||||||
281 | *,e | Energous Corp | 4,569 | |||||
568 | * | Energy Recovery, Inc | 4,709 | |||||
681 | EnerSys | 49,338 | ||||||
274 | * | Engility Holdings, Inc | 7,782 | |||||
330 | EnPro Industries, Inc | 23,552 | ||||||
56 | e | EnviroStar, Inc | 1,515 | |||||
1,832 | Equifax, Inc | 251,753 | ||||||
398 | ESCO Technologies, Inc | 23,741 | ||||||
408 | * | Esterline Technologies Corp | 38,678 | |||||
4,523 | Fastenal Co | 196,886 | ||||||
819 | Federal Signal Corp | 14,218 | ||||||
2,038 | Flowserve Corp | 94,624 | ||||||
2,196 | Fluor Corp | 100,533 | ||||||
4,728 | Fortive Corp | 299,519 | ||||||
2,359 | Fortune Brands Home & Security, Inc | 153,901 | ||||||
199 | * | Foundation Building Materials, Inc | 2,559 | |||||
719 | Franklin Electric Co, Inc | 29,767 | ||||||
165 | Freightcar America, Inc | 2,869 | ||||||
647 | * | Gardner Denver Holdings, Inc | 13,982 | |||||
608 | e | GATX Corp | 39,076 | |||||
103 | * | Gencor Industries, Inc | 1,669 | |||||
981 | * | Generac Holdings, Inc | 35,444 | |||||
1,013 | General Cable Corp | 16,563 | ||||||
4,070 | General Dynamics Corp | 806,267 | ||||||
136,313 | General Electric Co | 3,681,814 | ||||||
567 | * | Gibraltar Industries, Inc | 20,214 | |||||
336 | Global Brass & Copper Holdings, Inc | 10,265 | ||||||
370 | * | GMS, Inc | 10,397 | |||||
271 | Gorman-Rupp Co | 6,902 | ||||||
920 | Graco, Inc | 100,538 | ||||||
128 | Graham Corp | 2,516 | ||||||
620 | Granite Construction, Inc | 29,909 | ||||||
890 | * | Great Lakes Dredge & Dock Corp | 3,827 | |||||
414 | e | Greenbrier Cos, Inc | 19,147 |
50
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
448 | Griffon Corp | $ | 9,834 | |||||
627 | H&E Equipment Services, Inc | 12,797 | ||||||
187 | Hardinge, Inc | 2,323 | ||||||
1,393 | * | Harsco Corp | 22,427 | |||||
632 | * | HC2 Holdings, Inc | 3,716 | |||||
3,118 | * | HD Supply Holdings, Inc | 95,504 | |||||
356 | HEICO Corp | 25,575 | ||||||
741 | HEICO Corp (Class A) | 45,979 | ||||||
380 | * | Herc Holdings, Inc | 14,942 | |||||
1,413 | Hexcel Corp | 74,592 | ||||||
981 | Hillenbrand, Inc | 35,414 | ||||||
11,938 | Honeywell International, Inc | 1,591,216 | ||||||
857 | Hubbell, Inc | 96,987 | ||||||
710 | Huntington Ingalls | 132,174 | ||||||
96 | Hurco Cos, Inc | 3,336 | ||||||
346 | * | Huttig Building Products, Inc | 2,425 | |||||
158 | Hyster-Yale Materials Handling, Inc | 11,099 | ||||||
1,286 | IDEX Corp | 145,331 | ||||||
137 | * | IES Holdings, Inc | 2,487 | |||||
4,678 | Illinois Tool Works, Inc | 670,123 | ||||||
4,006 | Ingersoll-Rand plc | 366,108 | ||||||
289 | Insteel Industries, Inc | 9,528 | ||||||
1,338 | ITT, Inc | 53,761 | ||||||
1,849 | Jacobs Engineering Group, Inc | 100,567 | ||||||
352 | * | JELD-WEN Holding, Inc | 11,426 | |||||
486 | John Bean Technologies Corp | 47,628 | ||||||
14,586 | Johnson Controls International plc | 632,449 | ||||||
166 | Kadant, Inc | 12,483 | ||||||
415 | Kaman Corp | 20,696 | ||||||
2,207 | KBR, Inc | 33,591 | ||||||
1,244 | Kennametal, Inc | 46,550 | ||||||
770 | * | KEYW Holding Corp, The | 7,199 | |||||
781 | * | KLX, Inc | 39,050 | |||||
1,099 | * | Kratos Defense & Security Solutions, Inc | 13,045 | |||||
1,182 | L3 Technologies, Inc | 197,489 | ||||||
87 | * | Lawson Products, Inc | 1,927 | |||||
285 | *,e | Layne Christensen Co | 2,505 | |||||
122 | * | LB Foster Co (Class A) | 2,617 | |||||
606 | Lennox International, Inc | 111,286 | ||||||
942 | Lincoln Electric Holdings, Inc | 86,749 | ||||||
165 | Lindsay Corp | 14,726 | ||||||
3,946 | Lockheed Martin Corp | 1,095,449 | ||||||
395 | LSI Industries, Inc | 3,575 | ||||||
258 | * | Lydall, Inc | 13,339 | |||||
2,157 | Manitowoc Co, Inc | 12,964 | ||||||
4,995 | Masco Corp | 190,859 | ||||||
503 | * | Masonite International Corp | 37,976 | |||||
1,032 | * | Mastec, Inc | 46,595 | |||||
726 | * | Mercury Systems, Inc | 30,557 | |||||
1,303 | * | Meritor, Inc | 21,643 | |||||
885 | * | Middleby Corp | 107,536 | |||||
662 | * | Milacron Holdings Corp | 11,645 | |||||
168 | Miller Industries, Inc | 4,175 |
51
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
491 | * | Moog, Inc (Class A) | $ | 35,215 | ||||
1,441 | * | MRC Global, Inc | 23,805 | |||||
688 | MSC Industrial Direct Co (Class A) | 59,140 | ||||||
883 | Mueller Industries, Inc | 26,887 | ||||||
2,381 | Mueller Water Products, Inc (Class A) | 27,810 | ||||||
301 | * | MYR Group, Inc | 9,337 | |||||
76 | e | National Presto Industries, Inc | 8,398 | |||||
769 | * | Navistar International Corp | 20,171 | |||||
628 | * | NCI Building Systems, Inc | 10,488 | |||||
136 | * | Neff Corp | 2,584 | |||||
345 | * | Nexeo Solutions, Inc | 2,863 | |||||
442 | NN, Inc | 12,133 | ||||||
899 | Nordson Corp | 109,067 | ||||||
2,527 | Northrop Grumman Corp | 648,706 | ||||||
149 | * | Northwest Pipe Co | 2,423 | |||||
1,637 | * | NOW, Inc | 26,323 | |||||
123 | * | NV5 Holdings, Inc | 5,227 | |||||
44 | Omega Flex, Inc | 2,834 | ||||||
899 | Orbital ATK, Inc | 88,426 | ||||||
454 | * | Orion Marine Group, Inc | 3,391 | |||||
1,151 | Oshkosh Truck Corp | 79,281 | ||||||
1,733 | Owens Corning, Inc | 115,972 | ||||||
5,335 | PACCAR, Inc | 352,323 | ||||||
2,064 | Parker-Hannifin Corp | 329,868 | ||||||
251 | * | Patrick Industries, Inc | 18,285 | |||||
2,566 | Pentair plc | 170,742 | ||||||
763 | * | PGT, Inc | 9,766 | |||||
3,432 | *,e | Plug Power, Inc | 7,001 | |||||
336 | * | Ply Gem Holdings, Inc | 6,031 | |||||
125 | Powell Industries, Inc | 3,999 | ||||||
51 | Preformed Line Products Co | 2,367 | ||||||
613 | Primoris Services Corp | 15,288 | ||||||
418 | * | Proto Labs, Inc | 28,110 | |||||
492 | Quanex Building Products Corp | 10,406 | ||||||
2,309 | * | Quanta Services, Inc | 76,012 | |||||
551 | Raven Industries, Inc | 18,348 | ||||||
4,563 | Raytheon Co | 736,833 | ||||||
360 | * | RBC Bearings, Inc | 36,634 | |||||
687 | Regal-Beloit Corp | 56,025 | ||||||
195 | REV Group, Inc | 5,398 | ||||||
183 | * | Revolution Lighting Technologies, Inc | 1,206 | |||||
1,622 | * | Rexnord Corp | 37,711 | |||||
2,021 | Rockwell Automation, Inc | 327,321 | ||||||
2,540 | Rockwell Collins, Inc | 266,903 | ||||||
1,574 | Roper Industries, Inc | 364,428 | ||||||
96 | * | Rush Enterprises, Inc | 3,495 | |||||
461 | * | Rush Enterprises, Inc (Class A) | 17,140 | |||||
2,647 | * | Sensata Technologies Holding BV | 113,080 | |||||
604 | Simpson Manufacturing Co, Inc | 26,401 | ||||||
516 | * | SiteOne Landscape Supply, Inc | 26,863 | |||||
924 | Snap-On, Inc | 145,992 | ||||||
136 | * | Sparton Corp | 2,991 | |||||
1,889 | Spirit Aerosystems Holdings, Inc (Class A) | 109,449 |
52
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
647 | * | SPX Corp | $ | 16,279 | ||||
646 | * | SPX FLOW, Inc | 23,824 | |||||
195 | Standex International Corp | 17,686 | ||||||
2,397 | Stanley Works | 337,330 | ||||||
394 | * | Sterling Construction Co, Inc | 5,150 | |||||
365 | Sun Hydraulics Corp | 15,575 | ||||||
1,306 | *,e | Sunrun, Inc | 9,299 | |||||
220 | Supreme Industries, Inc | 3,619 | ||||||
520 | * | Teledyne Technologies, Inc | 66,378 | |||||
268 | Tennant Co | 19,778 | ||||||
1,424 | Terex Corp | 53,400 | ||||||
401 | Textainer Group Holdings Ltd | 5,814 | ||||||
4,176 | Textron, Inc | 196,690 | ||||||
267 | * | The ExOne Company | 3,057 | |||||
509 | * | Thermon Group Holdings | 9,758 | |||||
1,085 | Timken Co | 50,181 | ||||||
784 | Titan International, Inc | 9,416 | ||||||
282 | * | Titan Machinery, Inc | 5,070 | |||||
1,606 | Toro Co | 111,280 | ||||||
160 | * | TPI Composites, Inc | 2,957 | |||||
768 | TransDigm Group, Inc | 206,492 | ||||||
451 | * | Trex Co, Inc | 30,515 | |||||
716 | * | Trimas Corp | 14,929 | |||||
2,278 | Trinity Industries, Inc | 63,852 | ||||||
689 | Triton International Ltd | 23,040 | ||||||
753 | Triumph Group, Inc | 23,795 | ||||||
585 | * | Tutor Perini Corp | 16,819 | |||||
142 | * | Twin Disc, Inc | 2,292 | |||||
1,321 | * | United Rentals, Inc | 148,890 | |||||
11,710 | United Technologies Corp | 1,429,908 | ||||||
1,544 | * | Univar, Inc | 45,085 | |||||
291 | Universal Forest Products, Inc | 25,407 | ||||||
1,341 | * | USG Corp | 38,916 | |||||
345 | Valmont Industries, Inc | 51,612 | ||||||
156 | * | Vectrus, Inc | 5,042 | |||||
155 | * | Veritiv Corp | 6,975 | |||||
253 | * | Vicor Corp | 4,529 | |||||
838 | W.W. Grainger, Inc | 151,284 | ||||||
918 | Wabash National Corp | 20,178 | ||||||
790 | * | WABCO Holdings, Inc | 100,733 | |||||
1,341 | Wabtec Corp | 122,702 | ||||||
469 | Watsco, Inc | 72,320 | ||||||
434 | Watts Water Technologies, Inc (Class A) | 27,429 | ||||||
2,009 | * | Welbilt, Inc | 37,870 | |||||
849 | * | Wesco Aircraft Holdings, Inc | 9,212 | |||||
755 | * | WESCO International, Inc | 43,262 | |||||
71 | * | Willis Lease Finance Corp | 1,898 | |||||
826 | Woodward Governor Co | 55,821 | ||||||
2,761 | Xylem, Inc | 153,042 | ||||||
|
| |||||||
TOTAL CAPITAL GOODS | 30,353,682 | |||||||
|
|
53
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.9% | ||||||||
868 | ABM Industries, Inc | $ | 36,039 | |||||
731 | * | Acacia Research (Acacia Technologies) | 2,997 | |||||
1,696 | * | ACCO Brands Corp | 19,758 | |||||
333 | * | Advanced Disposal Services, Inc | 7,569 | |||||
630 | * | Advisory Board Co | 32,445 | |||||
257 | *,e | Aqua Metals, Inc | 3,225 | |||||
601 | * | ARC Document Solutions, Inc | 2,500 | |||||
110 | Barrett Business Services, Inc | 6,302 | ||||||
109 | BG Staffing, Inc | 1,894 | ||||||
723 | Brady Corp (Class A) | 24,510 | ||||||
713 | Brink’s Co | 47,771 | ||||||
599 | * | Casella Waste Systems, Inc (Class A) | 9,830 | |||||
778 | * | CBIZ, Inc | 11,670 | |||||
433 | Ceco Environmental Corp | 3,975 | ||||||
1,356 | Cintas Corp | 170,910 | ||||||
819 | * | Clean Harbors, Inc | 45,725 | |||||
218 | *,e | Cogint, Inc | 1,101 | |||||
3,064 | * | Copart, Inc | 97,405 | |||||
1,794 | e | Covanta Holding Corp | 23,681 | |||||
128 | CRA International, Inc | 4,649 | ||||||
754 | Deluxe Corp | 52,192 | ||||||
579 | Dun & Bradstreet Corp | 62,619 | ||||||
2,090 | *,m | Dyax Corp | 2,320 | |||||
394 | Ennis, Inc | 7,525 | ||||||
556 | Essendant, Inc | 8,245 | ||||||
402 | Exponent, Inc | 23,437 | ||||||
148 | * | Franklin Covey Co | 2,856 | |||||
640 | * | FTI Consulting, Inc | 22,374 | |||||
191 | * | GP Strategies Corp | 5,042 | �� | ||||
1,153 | Healthcare Services Group | 53,995 | ||||||
286 | Heidrick & Struggles International, Inc | 6,220 | ||||||
247 | * | Heritage-Crystal Clean, Inc | 3,927 | |||||
928 | Herman Miller, Inc | 28,211 | ||||||
569 | * | Hill International, Inc | 2,959 | |||||
682 | HNI Corp | 27,191 | ||||||
564 | * | Hudson Technologies, Inc | 4,766 | |||||
334 | * | Huron Consulting Group, Inc | 14,429 | |||||
282 | * | ICF International, Inc | 13,282 | |||||
6,128 | * | IHS Markit Ltd | 269,877 | |||||
708 | * | Innerworkings, Inc | 8,213 | |||||
284 | Insperity, Inc | 20,164 | ||||||
961 | Interface, Inc | 18,884 | ||||||
2,145 | KAR Auction Services, Inc | 90,026 | ||||||
481 | Kelly Services, Inc (Class A) | 10,798 | ||||||
366 | Kforce, Inc | 7,174 | ||||||
577 | Kimball International, Inc (Class B) | 9,630 | ||||||
752 | Knoll, Inc | 15,078 | ||||||
806 | Korn/Ferry International | 27,831 | ||||||
518 | LSC Communications, Inc | 11,085 | ||||||
1,047 | Manpower, Inc | 116,898 | ||||||
491 | Matthews International Corp (Class A) | 30,074 | ||||||
379 | McGrath RentCorp | 13,125 | ||||||
1,666 | *,m | Media General, Inc | 818 | |||||
259 | * | Mistras Group, Inc | 5,690 |
54
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
682 | Mobile Mini, Inc | $ | 20,358 | |||||
518 | MSA Safety, Inc | 42,046 | ||||||
210 | Multi-Color Corp | 17,136 | ||||||
729 | * | Navigant Consulting, Inc | 14,405 | |||||
5,590 | Nielsen NV | 216,109 | ||||||
160 | * | NL Industries, Inc | 1,128 | |||||
781 | * | On Assignment, Inc | 42,291 | |||||
186 | * | Pendrell Corp | 1,345 | |||||
2,896 | Pitney Bowes, Inc | 43,730 | ||||||
482 | Quad Graphics, Inc | 11,047 | ||||||
3,657 | Republic Services, Inc | 233,061 | ||||||
514 | Resources Connection, Inc | 7,042 | ||||||
1,949 | Robert Half International, Inc | 93,416 | ||||||
1,491 | Rollins, Inc | 60,699 | ||||||
703 | * | RPX Corp | 9,807 | |||||
1,060 | RR Donnelley & Sons Co | 13,292 | ||||||
269 | * | SP Plus Corp | 8,218 | |||||
1,350 | Steelcase, Inc (Class A) | 18,900 | ||||||
1,291 | * | Stericycle, Inc | 98,529 | |||||
449 | * | Team, Inc | 10,529 | |||||
864 | Tetra Tech, Inc | 39,528 | ||||||
1,974 | * | TransUnion | 85,494 | |||||
632 | * | TriNet Group, Inc | 20,692 | |||||
645 | * | TrueBlue, Inc | 17,092 | |||||
237 | Unifirst Corp | 33,346 | ||||||
338 | US Ecology, Inc | 17,069 | ||||||
2,395 | * | Verisk Analytics, Inc | 202,066 | |||||
318 | Viad Corp | 15,026 | ||||||
134 | VSE Corp | 6,027 | ||||||
580 | * | WageWorks, Inc | 38,976 | |||||
6,997 | Waste Management, Inc | 513,230 | ||||||
680 | West Corp | 15,858 | ||||||
116 | * | Willdan Group, Inc | 3,544 | |||||
|
| |||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 3,521,947 | |||||||
|
| |||||||
CONSUMER DURABLES & APPAREL - 1.4% | ||||||||
351 | Acushnet Holdings Corp | 6,964 | ||||||
840 | * | American Outdoor Brands Corp | 18,614 | |||||
194 | Bassett Furniture Industries, Inc | 7,362 | ||||||
565 | * | Beazer Homes USA, Inc | 7,752 | |||||
307 | * | Black Diamond, Inc | 2,042 | |||||
1,393 | Brunswick Corp | 87,383 | ||||||
1,137 | CalAtlantic Group, Inc | 40,193 | ||||||
1,433 | Callaway Golf Co | 18,314 | ||||||
750 | Carter’s, Inc | 66,712 | ||||||
132 | * | Cavco Industries, Inc | 17,114 | |||||
269 | * | Century Communities, Inc | 6,671 | |||||
4,356 | Coach, Inc | 206,213 | ||||||
454 | Columbia Sportswear Co | 26,359 | ||||||
1,159 | * | CROCS, Inc | 8,936 | |||||
125 | CSS Industries, Inc | 3,270 | ||||||
167 | Culp, Inc | 5,427 | ||||||
498 | * | Deckers Outdoor Corp | 33,993 |
55
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
108 | * | Delta Apparel, Inc | $ | 2,395 | ||||
5,219 | DR Horton, Inc | 180,421 | ||||||
167 | Escalade, Inc | 2,188 | ||||||
327 | Ethan Allen Interiors, Inc | 10,562 | ||||||
122 | Flexsteel Industries, Inc | 6,601 | ||||||
730 | * | Fossil Group, Inc | 7,555 | |||||
1,886 | Garmin Ltd | 96,243 | ||||||
658 | * | G-III Apparel Group Ltd | 16,417 | |||||
1,762 | *,e | GoPro, Inc | 14,325 | |||||
578 | * | Green Brick Partners, Inc | 6,618 | |||||
5,680 | Hanesbrands, Inc | 131,549 | ||||||
1,776 | Hasbro, Inc | 198,042 | ||||||
411 | * | Helen of Troy Ltd | 38,675 | |||||
173 | Hooker Furniture Corp | 7,119 | ||||||
2,504 | * | Hovnanian Enterprises, Inc (Class A) | 7,011 | |||||
753 | * | Iconix Brand Group, Inc | 5,203 | |||||
379 | * | Installed Building Products Inc | 20,068 | |||||
443 | * | iRobot Corp | 37,274 | |||||
70 | Johnson Outdoors, Inc | 3,375 | ||||||
2,011 | * | Kate Spade & Co | 37,183 | |||||
1,304 | KB Home | 31,257 | ||||||
696 | La-Z-Boy, Inc | 22,620 | ||||||
2,061 | Leggett & Platt, Inc | 108,264 | ||||||
138 | Lennar Corp (B Shares) | 6,206 | ||||||
3,007 | Lennar Corp (Class A) | 160,333 | ||||||
272 | *,e | LGI Homes, Inc | 10,929 | |||||
365 | Libbey, Inc | 2,942 | ||||||
163 | Lifetime Brands, Inc | 2,958 | ||||||
1,513 | * | Lululemon Athletica, Inc | 90,281 | |||||
385 | * | M/I Homes, Inc | 10,992 | |||||
287 | * | Malibu Boats Inc | 7,425 | |||||
156 | Marine Products Corp | 2,435 | ||||||
5,317 | Mattel, Inc | 114,475 | ||||||
295 | MCBC Holdings, Inc | 5,767 | ||||||
585 | MDC Holdings, Inc | 20,668 | ||||||
602 | * | Meritage Homes Corp | 25,404 | |||||
2,405 | * | Michael Kors Holdings Ltd | 87,181 | |||||
959 | * | Mohawk Industries, Inc | 231,781 | |||||
227 | Movado Group, Inc | 5,732 | ||||||
66 | Nacco Industries, Inc (Class A) | 4,676 | ||||||
545 | * | Nautilus, Inc | 10,437 | |||||
389 | * | New Home Co Inc | 4,462 | |||||
7,486 | Newell Rubbermaid, Inc | 401,399 | ||||||
20,718 | Nike, Inc (Class B) | 1,222,362 | ||||||
52 | * | NVR, Inc | 125,352 | |||||
276 | Oxford Industries, Inc | 17,247 | ||||||
199 | * | Perry Ellis International, Inc | 3,873 | |||||
1,215 | Phillips-Van Heusen Corp | 139,118 | ||||||
921 | e | Polaris Industries, Inc | 84,944 | |||||
630 | Pool Corp | 74,069 | ||||||
4,556 | Pulte Homes, Inc | 111,759 | ||||||
885 | Ralph Lauren Corp | 65,313 | ||||||
646 | * | Sequential Brands Group, Inc | 2,578 |
56
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,114 | * | Skechers U.S.A., Inc (Class A) | $ | 62,363 | ||||
922 | * | Steven Madden Ltd | 36,834 | |||||
272 | Sturm Ruger & Co, Inc | 16,905 | ||||||
133 | Superior Uniform Group, Inc | 2,973 | ||||||
957 | * | Taylor Morrison Home Corp | 22,978 | |||||
725 | *,e | Tempur Sealy International, Inc | 38,708 | |||||
2,373 | Toll Brothers, Inc | 93,757 | ||||||
563 | * | TopBuild Corp | 29,878 | |||||
2,459 | * | TRI Pointe Homes, Inc | 32,434 | |||||
774 | Tupperware Corp | 54,358 | ||||||
128 | * | UCP, Inc (Class A) | 1,402 | |||||
2,914 | * | Under Armour, Inc | 58,746 | |||||
2,878 | *,e | Under Armour, Inc (Class A) | 62,625 | |||||
226 | * | Unifi, Inc | 6,961 | |||||
217 | * | Universal Electronics, Inc | 14,506 | |||||
320 | * | Vera Bradley, Inc | 3,130 | |||||
5,190 | VF Corp | 298,944 | ||||||
896 | * | Vista Outdoor, Inc | 20,169 | |||||
99 | Weyco Group, Inc | 2,760 | ||||||
1,133 | Whirlpool Corp | 217,105 | ||||||
428 | * | William Lyon Homes, Inc | 10,332 | |||||
1,465 | Wolverine World Wide, Inc | 41,035 | ||||||
423 | * | Zagg, Inc | 3,659 | |||||
|
| |||||||
TOTAL CONSUMER DURABLES & APPAREL | 5,739,944 | |||||||
|
| |||||||
CONSUMER SERVICES - 2.3% | ||||||||
965 | * | Adtalem Global Education, Inc | 36,622 | |||||
239 | * | American Public Education, Inc | 5,652 | |||||
3,771 | ARAMARK Holdings Corp | 154,536 | ||||||
193 | * | Ascent Media Corp (Series A) | 2,964 | |||||
1,433 | * | Belmond Ltd. | 19,059 | |||||
356 | * | BJ’s Restaurants, Inc | 13,261 | |||||
1,539 | Bloomin’ Brands, Inc | 32,673 | ||||||
331 | Bob Evans Farms, Inc | 23,776 | ||||||
268 | * | Bojangles’, Inc | 4,355 | |||||
1,270 | Boyd Gaming Corp | 31,509 | ||||||
275 | * | Bridgepoint Education, Inc | 4,059 | |||||
791 | * | Bright Horizons Family Solutions | 61,073 | |||||
763 | Brinker International, Inc | 29,070 | ||||||
262 | * | Buffalo Wild Wings, Inc | 33,195 | |||||
757 | * | Caesars Acquisition Co | 14,421 | |||||
872 | *,e | Caesars Entertainment Corp | 10,464 | |||||
222 | * | Cambium Learning Group, Inc | 1,126 | |||||
178 | Capella Education Co | 15,237 | ||||||
1,137 | * | Career Education Corp | 10,915 | |||||
6,377 | Carnival Corp | 418,140 | ||||||
234 | Carriage Services, Inc | 6,309 | ||||||
507 | * | Carrols Restaurant Group, Inc | 6,211 | |||||
348 | * | Century Casinos, Inc | 2,565 | |||||
702 | Cheesecake Factory | 35,311 | ||||||
1,311 | *,e | Chegg, Inc | 16,112 | |||||
396 | * | Chipotle Mexican Grill, Inc (Class A) | 164,776 | |||||
520 | Choice Hotels International, Inc | 33,410 |
57
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
210 | Churchill Downs, Inc | $ | 38,493 | |||||
247 | * | Chuy’s Holdings, Inc | 5,780 | |||||
982 | ClubCorp Holdings, Inc | 12,864 | ||||||
123 | Collectors Universe | 3,057 | ||||||
294 | e | Cracker Barrel Old Country Store, Inc | 49,171 | |||||
1,857 | Darden Restaurants, Inc | 167,947 | ||||||
657 | * | Dave & Buster’s Entertainment, Inc | 43,697 | |||||
331 | * | Del Frisco’s Restaurant Group, Inc | 5,329 | |||||
519 | * | Del Taco Restaurants, Inc | 7,136 | |||||
1,168 | * | Denny’s Corp | 13,747 | |||||
266 | DineEquity, Inc | 11,717 | ||||||
751 | Domino’s Pizza, Inc | 158,859 | ||||||
948 | * | Drive Shack, Inc | 2,986 | |||||
1,432 | Dunkin Brands Group, Inc | 78,932 | �� | |||||
302 | *,e | El Pollo Loco Holdings, Inc | 4,183 | |||||
735 | * | Eldorado Resorts, Inc | 14,700 | |||||
38 | * | Empire Resorts, Inc | 908 | |||||
2,579 | Extended Stay America, Inc | 49,929 | ||||||
402 | * | Fiesta Restaurant Group, Inc | 8,301 | |||||
83 | * | Fogo De Chao, Inc | 1,154 | |||||
149 | Golden Entertainment, Inc | 3,086 | ||||||
73 | Graham Holdings Co | 43,774 | ||||||
732 | * | Grand Canyon Education, Inc | 57,396 | |||||
3,287 | H&R Block, Inc | 101,601 | ||||||
326 | * | Habit Restaurants, Inc | 5,151 | |||||
930 | * | Hilton Grand Vacations, Inc | 33,536 | |||||
3,015 | Hilton Worldwide Holdings, Inc | 186,478 | ||||||
1,746 | * | Houghton Mifflin Harcourt Co | 21,476 | |||||
556 | * | Hyatt Hotels Corp | 31,253 | |||||
1,670 | ILG, Inc | 45,908 | ||||||
1,684 | International Game Technology plc | 30,817 | ||||||
389 | International Speedway Corp (Class A) | 14,607 | ||||||
201 | * | Intrawest Resorts Holdings Inc | 4,772 | |||||
211 | * | J Alexander’s Holdings, Inc | 2,585 | |||||
492 | Jack in the Box, Inc | 48,462 | ||||||
521 | * | K12, Inc | 9,336 | |||||
1,351 | * | La Quinta Holdings, Inc | 19,954 | |||||
5,723 | Las Vegas Sands Corp | 365,642 | ||||||
564 | * | Laureate Education, Inc | 9,887 | |||||
83 | Liberty Tax, Inc | 1,075 | ||||||
322 | * | Lindblad Expeditions Holdings, Inc | 3,381 | |||||
294 | Marcus Corp | 8,879 | ||||||
4,955 | Marriott International, Inc (Class A) | 497,036 | ||||||
340 | Marriott Vacations Worldwide Corp | 40,035 | ||||||
12,796 | McDonald’s Corp | 1,959,835 | ||||||
7,722 | MGM Resorts International | 241,621 | ||||||
173 | * | Monarch Casino & Resort, Inc | 5,233 | |||||
49 | * | Nathan’s Famous, Inc | 3,087 | |||||
279 | *,e | Noodles & Co | 1,088 | |||||
2,457 | * | Norwegian Cruise Line Holdings Ltd | 133,391 | |||||
337 | * | Panera Bread Co (Class A) | 106,034 | |||||
422 | Papa John’s International, Inc | 30,283 | ||||||
1,314 | * | Penn National Gaming, Inc | 28,120 |
58
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
848 | * | Pinnacle Entertainment, Inc | $ | 16,756 | ||||
1,306 | Planet Fitness, Inc | 30,482 | ||||||
320 | * | Potbelly Corp | 3,680 | |||||
142 | e | RCI Hospitality Holdings, Inc | 3,385 | |||||
238 | * | Red Lion Hotels Corp | 1,749 | |||||
204 | * | Red Robin Gourmet Burgers, Inc | 13,311 | |||||
1,049 | Red Rock Resorts, Inc | 24,704 | ||||||
607 | * | Regis Corp | 6,234 | |||||
2,689 | Royal Caribbean Cruises Ltd | 293,719 | ||||||
779 | * | Ruby Tuesday, Inc | 1,566 | |||||
473 | Ruth’s Chris Steak House, Inc | 10,288 | ||||||
843 | * | Scientific Games Corp (Class A) | 22,002 | |||||
1,062 | SeaWorld Entertainment, Inc | 17,279 | ||||||
2,922 | Service Corp International | 97,741 | ||||||
2,101 | * | ServiceMaster Global Holdings, Inc | 82,338 | |||||
337 | *,e | Shake Shack, Inc | 11,755 | |||||
1,116 | Six Flags Entertainment Corp | 66,525 | ||||||
673 | Sonic Corp | 17,828 | ||||||
602 | * | Sotheby’s (Class A) | 32,309 | |||||
164 | Speedway Motorsports, Inc | 2,996 | ||||||
22,121 | Starbucks Corp | 1,289,875 | ||||||
17 | * | Steak N Shake Co | 6,796 | |||||
167 | Strayer Education, Inc | 15,568 | ||||||
1,016 | Texas Roadhouse, Inc (Class A) | 51,765 | ||||||
621 | Vail Resorts, Inc | 125,957 | ||||||
436 | *,e | Weight Watchers International, Inc | 14,571 | |||||
2,954 | Wendy’s | 45,817 | ||||||
454 | Wingstop, Inc | 14,029 | ||||||
1,610 | Wyndham Worldwide Corp | 161,660 | ||||||
1,249 | Wynn Resorts Ltd | 167,516 | ||||||
5,710 | * | Yum China Holdings, Inc | 225,145 | |||||
5,460 | Yum! Brands, Inc | 402,730 | ||||||
274 | * | Zoe’s Kitchen, Inc | 3,263 | |||||
|
| |||||||
TOTAL CONSUMER SERVICES | 9,241,849 | |||||||
|
| |||||||
DIVERSIFIED FINANCIALS - 4.3% | ||||||||
884 | Affiliated Managers Group, Inc | 146,620 | ||||||
430 | AG Mortgage Investment Trust | 7,869 | ||||||
5,559 | AGNC Investment Corp | 118,351 | ||||||
7,199 | Ally Financial, Inc | 150,459 | ||||||
11,633 | American Express Co | 979,964 | ||||||
2,386 | Ameriprise Financial, Inc | 303,714 | ||||||
15,947 | Annaly Capital Management, Inc | 192,161 | ||||||
1,539 | Anworth Mortgage Asset Corp | 9,249 | ||||||
1,170 | Apollo Commercial Real Estate Finance, Inc | 21,704 | ||||||
406 | Ares Commercial Real Estate Corp | 5,315 | ||||||
359 | e | Arlington Asset Investment Corp (Class A) | 4,908 | |||||
566 | ARMOUR Residential REIT, Inc | 14,150 | ||||||
693 | Artisan Partners Asset Management, Inc | 21,275 | ||||||
86 | Associated Capital Group, Inc | 2,924 | ||||||
212 | B. Riley Financial, Inc | 3,933 | ||||||
15,798 | Bank of New York Mellon Corp | 806,014 | ||||||
3,582 | BGC Partners, Inc (Class A) | 45,276 |
59
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,962 | BlackRock, Inc | $ | 828,768 | |||||
7,483 | Capital One Financial Corp | 618,245 | ||||||
1,473 | Capstead Mortgage Corp | 15,363 | ||||||
1,726 | CBOE Holdings, Inc | 157,756 | ||||||
18,561 | Charles Schwab Corp | 797,381 | ||||||
189 | Cherry Hill Mortgage Investment Corp | 3,491 | ||||||
2,903 | Chimera Investment Corp | 54,083 | ||||||
5,344 | CME Group, Inc | 669,283 | ||||||
321 | Cohen & Steers, Inc | 13,013 | ||||||
387 | * | Cowen Group, Inc | 6,289 | |||||
174 | *,e | Credit Acceptance Corp | 44,742 | |||||
2,338 | CYS Investments, Inc | 19,663 | ||||||
49 | Diamond Hill Investment Group, Inc | 9,771 | ||||||
5,936 | Discover Financial Services | 369,160 | ||||||
397 | * | Donnelley Financial Solutions, Inc | 9,115 | |||||
776 | Dynex Capital, Inc | 5,510 | ||||||
4,309 | * | E*TRADE Financial Corp | 163,871 | |||||
1,752 | Eaton Vance Corp | 82,905 | ||||||
241 | * | Elevate Credit, Inc | 1,909 | |||||
129 | Ellington Residential Mortgage REIT | 1,891 | ||||||
375 | * | Encore Capital Group, Inc | 15,056 | |||||
522 | * | Enova International, Inc | 7,752 | |||||
638 | Evercore Partners, Inc (Class A) | 44,979 | ||||||
796 | * | Ezcorp, Inc (Class A) | 6,129 | |||||
613 | Factset Research Systems, Inc | 101,868 | ||||||
1,485 | Federated Investors, Inc (Class B) | 41,951 | ||||||
911 | Financial Engines, Inc | 33,343 | ||||||
737 | FirstCash, Inc | 42,967 | ||||||
1,084 | * | FNFV Group | 17,127 | |||||
5,414 | Franklin Resources, Inc | 242,493 | ||||||
546 | Gain Capital Holdings, Inc | 3,402 | ||||||
93 | GAMCO Investors, Inc (Class A) | 2,753 | ||||||
5,754 | Goldman Sachs Group, Inc | 1,276,813 | ||||||
251 | Great Ajax Corp | 3,509 | ||||||
713 | * | Green Dot Corp | 27,472 | |||||
424 | Greenhill & Co, Inc | 8,522 | ||||||
218 | Hamilton Lane, Inc | 4,794 | ||||||
775 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 17,724 | ||||||
341 | Houlihan Lokey, Inc | 11,901 | ||||||
1,010 | Interactive Brokers Group, Inc (Class A) | 37,794 | ||||||
9,221 | IntercontinentalExchange Group, Inc | 607,848 | ||||||
241 | * | INTL FCStone, Inc | 9,100 | |||||
6,284 | Invesco Ltd | 221,134 | ||||||
1,752 | Invesco Mortgage Capital, Inc | 29,276 | ||||||
524 | Investment Technology Group, Inc | 11,130 | ||||||
12,125 | iShares Russell 3000 Index Fund | 1,746,243 | ||||||
695 | * | KCG Holdings, Inc | 13,858 | |||||
168 | KKR Real Estate Finance Trust, Inc | 3,612 | ||||||
1,088 | Ladder Capital Corp | 14,590 | ||||||
1,533 | * | Ladenburg Thalmann Financial Services, Inc | 3,741 | |||||
1,898 | Lazard Ltd (Class A) | 87,934 | ||||||
1,355 | Legg Mason, Inc | 51,707 | ||||||
5,056 | * | LendingClub Corp | 27,859 |
60
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
5,119 | Leucadia National Corp | $ | 133,913 | |||||
1,384 | LPL Financial Holdings, Inc | 58,765 | ||||||
578 | MarketAxess Holdings, Inc | 116,236 | ||||||
144 | Marlin Business Services Corp | 3,622 | ||||||
6,157 | MFA Mortgage Investments, Inc | 51,657 | ||||||
395 | Moelis & Co | 15,346 | ||||||
2,631 | Moody’s Corp | 320,140 | ||||||
20,695 | Morgan Stanley | 922,169 | ||||||
298 | Morningstar, Inc | 23,345 | ||||||
1,398 | MSCI, Inc (Class A) | 143,980 | ||||||
822 | MTGE Investment Corp | 15,454 | ||||||
1,822 | NASDAQ OMX Group, Inc | 130,255 | ||||||
4,428 | Navient Corp | 73,726 | ||||||
312 | Nelnet, Inc (Class A) | 14,667 | ||||||
4,789 | New Residential Investment Corp | 74,517 | ||||||
1,709 | New York Mortgage Trust, Inc | 10,630 | ||||||
483 | NewStar Financial, Inc | 5,072 | ||||||
3,273 | Northern Trust Corp | 318,168 | ||||||
866 | OM Asset Management plc | 12,869 | ||||||
750 | * | On Deck Capital, Inc | 3,495 | |||||
821 | * | OneMain Holdings, Inc | 20,188 | |||||
147 | Oppenheimer Holdings, Inc | 2,411 | ||||||
511 | Orchid Island Capital, Inc | 5,038 | ||||||
145 | Owens Realty Mortgage, Inc | 2,459 | ||||||
1,030 | PennyMac Mortgage Investment Trust | 18,839 | ||||||
324 | * | Pico Holdings, Inc | 5,670 | |||||
229 | Piper Jaffray Cos | 13,729 | ||||||
271 | PJT Partners, Inc | 10,900 | ||||||
719 | * | PRA Group, Inc | 27,250 | |||||
257 | Pzena Investment Management, Inc (Class A) | 2,611 | ||||||
2,010 | Raymond James Financial, Inc | 161,242 | ||||||
1,174 | Redwood Trust, Inc | 20,005 | ||||||
143 | * | Regional Management Corp | 3,379 | |||||
422 | Resource Capital Corp | 4,292 | ||||||
4,054 | S&P Global, Inc | 591,843 | ||||||
296 | * | Safeguard Scientifics, Inc | 3,522 | |||||
2,194 | * | Santander Consumer USA Holdings, Inc | 27,995 | |||||
2,094 | SEI Investments Co | 112,615 | ||||||
111 | Silvercrest Asset Management Group, Inc | 1,493 | ||||||
6,760 | * | SLM Corp | 77,740 | |||||
2,876 | SPDR Trust Series 1 | 695,417 | ||||||
4,025 | Starwood Property Trust, Inc | 90,120 | ||||||
5,867 | State Street Corp | 526,446 | ||||||
1,033 | * | Stifel Financial Corp | 47,497 | |||||
12,726 | Synchrony Financial | 379,489 | ||||||
3,747 | T Rowe Price Group, Inc | 278,065 | ||||||
3,973 | TD Ameritrade Holding Corp | 170,799 | ||||||
433 | Tiptree Financial, Inc | 3,053 | ||||||
5,213 | Two Harbors Investment Corp | 51,661 | ||||||
382 | e | Virtu Financial, Inc | 6,742 | |||||
103 | Virtus Investment Partners, Inc | 11,428 | ||||||
2,911 | Voya Financial, Inc | 107,387 | ||||||
1,255 | Waddell & Reed Financial, Inc (Class A) | 23,694 |
61
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
614 | Western Asset Mortgage Capital Corp | $ | 6,324 | |||||
125 | Westwood Holdings Group, Inc | 7,086 | ||||||
1,867 | e | WisdomTree Investments, Inc | 18,987 | |||||
90 | * | World Acceptance Corp | 6,742 | |||||
259 | ZAIS Financial Corp | 3,846 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIALS | 17,478,506 | |||||||
|
| |||||||
ENERGY - 5.5% | ||||||||
2,365 | * | Abraxas Petroleum Corp | 3,831 | |||||
30 | Adams Resources & Energy, Inc | 1,232 | ||||||
686 | Alon USA Energy, Inc | 9,138 | ||||||
8,786 | Anadarko Petroleum Corp | 398,357 | ||||||
3,605 | * | Antero Resources Corp | 77,904 | |||||
6,017 | Apache Corp | 288,395 | ||||||
606 | * | Approach Resources, Inc | 2,042 | |||||
338 | Arch Coal, Inc | 23,085 | ||||||
1,237 | Archrock, Inc | 14,102 | ||||||
454 | Ardmore Shipping Corp | 3,700 | ||||||
1,170 | * | Atwood Oceanics, Inc | 9,535 | |||||
6,741 | Baker Hughes, Inc | 367,452 | ||||||
265 | * | Basic Energy Services, Inc | 6,598 | |||||
1,515 | * | Bill Barrett Corp | 4,651 | |||||
314 | * | Bonanza Creek Energy, Inc | 9,957 | |||||
645 | e | Bristow Group, Inc | 4,934 | |||||
669 | * | C&J Energy Services, Inc | 22,927 | |||||
7,214 | Cabot Oil & Gas Corp | 180,927 | ||||||
747 | *,e | California Resources Corp | 6,387 | |||||
3,134 | * | Callon Petroleum Co | 33,252 | |||||
335 | *,e | CARBO Ceramics, Inc | 2,295 | |||||
974 | * | Carrizo Oil & Gas, Inc | 16,967 | |||||
1,732 | *,e | Centennial Resource Development, Inc | 27,400 | |||||
3,192 | * | Cheniere Energy, Inc | 155,482 | |||||
14,182 | *,e | Chesapeake Energy Corp | 70,485 | |||||
29,644 | Chevron Corp | 3,092,759 | ||||||
1,474 | Cimarex Energy Co | 138,571 | ||||||
1,943 | * | Clean Energy Fuels Corp | 4,935 | |||||
1,183 | * | Cloud Peak Energy, Inc | 4,176 | |||||
2,307 | * | Concho Resources, Inc | 280,370 | |||||
19,410 | ConocoPhillips | 853,264 | ||||||
3,564 | * | Consol Energy, Inc | 53,246 | |||||
368 | * | Contango Oil & Gas Co | 2,444 | |||||
1,365 | * | Continental Resources, Inc | 44,130 | |||||
236 | e | CVR Energy, Inc | 5,135 | |||||
967 | Delek US Holdings, Inc | 25,567 | ||||||
6,701 | * | Denbury Resources, Inc | 10,253 | |||||
8,228 | Devon Energy Corp | 263,049 | ||||||
1,283 | DHT Holdings, Inc | 5,324 | ||||||
994 | *,e | Diamond Offshore Drilling, Inc | 10,765 | |||||
1,536 | * | Diamondback Energy, Inc | 136,412 | |||||
356 | * | Dorian LPG Ltd | 2,912 | |||||
582 | * | Dril-Quip, Inc | 28,402 | |||||
153 | * | Earthstone Energy, Inc | 1,532 | |||||
1,319 | * | Eclipse Resources Corp | 3,772 |
62
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,520 | * | Energen Corp | $ | 75,042 | ||||
453 | * | Energy XXI Gulf Coast, Inc | 8,412 | |||||
4,706 | Ensco plc | 24,283 | ||||||
8,980 | EOG Resources, Inc | 812,870 | ||||||
871 | *,e | EP Energy Corp | 3,188 | |||||
2,714 | EQT Corp | 159,013 | ||||||
272 | * | Era Group, Inc | 2,573 | |||||
468 | Evolution Petroleum Corp | 3,791 | ||||||
499 | * | Exterran Corp | 13,323 | |||||
1,888 | *,e | Extraction Oil & Gas, Inc | 25,394 | |||||
66,490 | d | Exxon Mobil Corp | 5,367,738 | |||||
2,427 | *,e | Fairmount Santrol Holdings, Inc | 9,465 | |||||
1,061 | * | Forum Energy Technologies, Inc | 16,552 | |||||
790 | e | Frank’s International NV | 6,549 | |||||
1,164 | e | Frontline Ltd | 6,670 | |||||
635 | GasLog Ltd | 9,684 | ||||||
2,889 | * | Gastar Exploration, Inc | 2,675 | |||||
750 | * | Gener8 Maritime, Inc | 4,267 | |||||
283 | * | Geospace Technologies Corp | 3,914 | |||||
1,502 | Golar LNG Ltd | 33,419 | ||||||
569 | Green Plains Renewable Energy, Inc | 11,693 | ||||||
226 | Gulf Island Fabrication, Inc | 2,622 | ||||||
2,531 | * | Gulfport Energy Corp | 37,332 | |||||
927 | * | Halcon Resources Corp | 4,209 | |||||
223 | Hallador Energy Co | 1,733 | ||||||
13,565 | Halliburton Co | 579,361 | ||||||
2,257 | * | Helix Energy Solutions Group, Inc | 12,729 | |||||
1,615 | e | Helmerich & Payne, Inc | 87,759 | |||||
4,433 | Hess Corp | 194,476 | ||||||
2,770 | HollyFrontier Corp | 76,092 | ||||||
489 | * | Independence Contract Drilling, Inc | 1,902 | |||||
461 | * | International Seaways, Inc | 9,990 | |||||
13 | * | Isramco, Inc | 1,487 | |||||
500 | * | Jagged Peak Energy, Inc | 6,675 | |||||
1,156 | *,e | Jones Energy, Inc (Class A) | 1,850 | |||||
488 | * | Keane Group, Inc | 7,808 | |||||
154 | *,e | Key Energy Services, Inc | 2,963 | |||||
30,164 | Kinder Morgan, Inc | 577,942 | ||||||
3,002 | * | Kosmos Energy LLC | 19,243 | |||||
2,550 | * | Laredo Petroleum Holdings, Inc | 26,826 | |||||
633 | * | Lilis Energy, Inc | 3,102 | |||||
67 | * | Mammoth Energy Services, Inc | 1,246 | |||||
13,286 | Marathon Oil Corp | 157,439 | ||||||
8,083 | Marathon Petroleum Corp | 422,983 | ||||||
1,401 | * | Matador Resources Co | 29,939 | |||||
383 | * | Matrix Service Co | 3,581 | |||||
4,396 | * | McDermott International, Inc | 31,519 | |||||
178 | * | Midstates Petroleum Co, Inc | 2,255 | |||||
2,551 | Murphy Oil Corp | 65,382 | ||||||
4,427 | Nabors Industries Ltd | 36,036 | ||||||
5,943 | National Oilwell Varco, Inc | 195,762 | ||||||
180 | * | Natural Gas Services Group, Inc | 4,473 | |||||
1,393 | Navios Maritime Acq Corp | 2,048 |
63
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
164 | * | NCS Multistage Holdings, Inc | $ | 4,130 | ||||
3,111 | * | Newfield Exploration Co | 88,539 | |||||
1,448 | * | Newpark Resources, Inc | 10,643 | |||||
3,860 | Noble Corp plc | 13,973 | ||||||
7,538 | Noble Energy, Inc | 213,325 | ||||||
1,550 | e | Nordic American Tanker Shipping | 9,827 | |||||
3,641 | * | Oasis Petroleum, Inc | 29,310 | |||||
12,022 | Occidental Petroleum Corp | 719,757 | ||||||
1,532 | Oceaneering International, Inc | 34,991 | ||||||
784 | * | Oil States International, Inc | 21,286 | |||||
3,282 | Oneok, Inc | 171,189 | ||||||
546 | Overseas Shipholding Group, Inc | 1,452 | ||||||
627 | * | Pacific Ethanol, Inc | 3,919 | |||||
355 | Panhandle Oil and Gas, Inc (Class A) | 8,201 | ||||||
482 | * | Par Pacific Holdings, Inc | 8,695 | |||||
2,265 | * | Parker Drilling Co | 3,058 | |||||
3,609 | * | Parsley Energy, Inc | 100,150 | |||||
3,250 | Patterson-UTI Energy, Inc | 65,618 | ||||||
1,704 | e | PBF Energy, Inc | 37,931 | |||||
1,032 | * | PDC Energy, Inc | 44,490 | |||||
761 | * | Peabody Energy Corp | 18,606 | |||||
217 | *,e | Penn Virginia Corp | 7,975 | |||||
176 | * | PHI, Inc | 1,718 | |||||
6,963 | Phillips 66 | 575,770 | ||||||
1,182 | * | Pioneer Energy Services Corp | 2,423 | |||||
2,616 | Pioneer Natural Resources Co | 417,461 | ||||||
377 | * | ProPetro Holding Corp | 5,263 | |||||
3,764 | * | Questar Market Resources, Inc | 38,016 | |||||
3,580 | Range Resources Corp | 82,949 | ||||||
641 | * | Renewable Energy Group, Inc | 8,301 | |||||
335 | *,e | Resolute Energy Corp | 9,973 | |||||
92 | * | Rex American Resources Corp | 8,884 | |||||
2,633 | * | Rice Energy, Inc | 70,117 | |||||
195 | * | RigNet, Inc | 3,130 | |||||
700 | * | Ring Energy, Inc | 9,100 | |||||
1,813 | * | Rowan Cos plc | 18,565 | |||||
901 | e | RPC, Inc | 18,209 | |||||
2,053 | * | RSP Permian, Inc | 66,250 | |||||
1,150 | *,e | Sanchez Energy Corp | 8,257 | |||||
537 | * | SandRidge Energy, Inc | 9,242 | |||||
21,856 | Schlumberger Ltd | 1,438,999 | ||||||
2,573 | Scorpio Tankers, Inc | 10,215 | ||||||
308 | * | SEACOR Holdings, Inc | 10,564 | |||||
303 | * | SEACOR Marine Holdings, Inc | 6,169 | |||||
62 | * | Select Energy Services, Inc | 753 | |||||
1,034 | SemGroup Corp | 27,918 | ||||||
946 | e | Ship Finance International Ltd | 12,866 | |||||
101 | * | SilverBow Resources, Inc | 2,642 | |||||
1,739 | SM Energy Co | 28,746 | ||||||
338 | * | Smart Sand, Inc | 3,012 | |||||
148 | * | Solaris Oilfield Infrastructure, Inc | 1,706 | |||||
7,673 | * | Southwestern Energy Co | 46,652 | |||||
3,127 | * | SRC Energy, Inc | 21,045 |
64
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
300 | * | Stone Energy Corp | $ | 5,514 | ||||
2,325 | * | Superior Energy Services | 24,250 | |||||
3,048 | Targa Resources Investments, Inc | 137,770 | ||||||
818 | e | Teekay Corp | 5,456 | |||||
1,777 | Teekay Tankers Ltd (Class A) | 3,341 | ||||||
847 | * | Tellurian, Inc | 8,495 | |||||
615 | * | Tesco Corp | 2,737 | |||||
2,373 | b | Tesoro Corp | 222,113 | |||||
1,816 | * | Tetra Technologies, Inc | 5,067 | |||||
5,947 | * | Transocean Ltd (NYSE) | 48,944 | |||||
3,046 | * | Ultra Petroleum Corp | 33,049 | |||||
799 | * | Unit Corp | 14,965 | |||||
2,051 | *,e | Uranium Energy Corp | 3,261 | |||||
1,275 | US Silica Holdings Inc | 45,250 | ||||||
7,040 | Valero Energy Corp | 474,918 | ||||||
1,529 | *,e | W&T Offshore, Inc | 2,997 | |||||
14,217 | * | Weatherford International Ltd | 55,020 | |||||
292 | * | Westmoreland Coal Co | 1,422 | |||||
5,622 | * | Whiting Petroleum Corp | 30,977 | |||||
311 | * | WildHorse Resource Development Corp | 3,847 | |||||
701 | * | Willbros Group, Inc | 1,731 | |||||
12,869 | Williams Cos, Inc | 389,673 | ||||||
1,068 | World Fuel Services Corp | 41,065 | ||||||
6,188 | * | WPX Energy, Inc | 59,776 | |||||
|
| |||||||
TOTAL ENERGY | 22,120,950 | |||||||
|
| |||||||
FOOD & STAPLES RETAILING - 1.4% | ||||||||
418 | Andersons, Inc | 14,275 | ||||||
618 | Casey’s General Stores, Inc | 66,194 | ||||||
300 | * | Chefs’ Warehouse Holdings, Inc | 3,900 | |||||
15,962 | CVS Health Corp | 1,284,302 | ||||||
213 | Ingles Markets, Inc (Class A) | 7,093 | ||||||
14,422 | Kroger Co | 336,321 | ||||||
95 | * | Natural Grocers by Vitamin C | 786 | |||||
1,108 | * | Performance Food Group Co | 30,359 | |||||
346 | Pricesmart, Inc | 30,310 | ||||||
16,454 | * | Rite Aid Corp | 48,539 | |||||
389 | * | Smart & Final Stores, Inc | 3,540 | |||||
584 | Spartan Stores, Inc | 15,161 | ||||||
2,100 | * | Sprouts Farmers Market, Inc | 47,607 | |||||
4,220 | * | Supervalu, Inc | 13,884 | |||||
7,713 | Sysco Corp | 388,195 | ||||||
784 | * | United Natural Foods, Inc | 28,773 | |||||
2,100 | * | US Foods Holding Corp | 57,162 | |||||
127 | Village Super Market (Class A) | 3,292 | ||||||
14,540 | Walgreens Boots Alliance, Inc | 1,138,627 | ||||||
22,851 | Wal-Mart Stores, Inc | 1,729,364 | ||||||
148 | Weis Markets, Inc | 7,210 | ||||||
4,957 | Whole Foods Market, Inc | 208,739 | ||||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | 5,463,633 | |||||||
|
|
65
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
FOOD, BEVERAGE & TOBACCO - 4.8% | ||||||||
100 | Alico, Inc | $ | 3,130 | |||||
30,303 | Altria Group, Inc | 2,256,665 | ||||||
532 | *,e | Amplify Snack Brands, Inc | 5,128 | |||||
8,718 | Archer Daniels Midland Co | 360,751 | ||||||
995 | e | B&G Foods, Inc (Class A) | 35,422 | |||||
1,468 | * | Blue Buffalo Pet Products, Inc | 33,485 | |||||
137 | * | Boston Beer Co, Inc (Class A) | 18,105 | |||||
846 | Brown-Forman Corp | 41,708 | ||||||
2,764 | Brown-Forman Corp (Class B) | 134,330 | ||||||
2,172 | Bunge Ltd | 162,031 | ||||||
247 | Calavo Growers, Inc | 17,055 | ||||||
486 | *,e | Cal-Maine Foods, Inc | 19,246 | |||||
2,801 | Campbell Soup Co | 146,072 | ||||||
1,334 | * | Castle Brands, Inc | 2,294 | |||||
72 | Coca-Cola Bottling Co Consolidated | 16,479 | ||||||
60,251 | Coca-Cola Co | 2,702,257 | ||||||
6,348 | ConAgra Foods, Inc | 227,004 | ||||||
2,534 | Constellation Brands, Inc (Class A) | 490,912 | ||||||
6,868 | Costco Wholesale Corp | 1,098,399 | ||||||
190 | * | Craft Brewers Alliance, Inc | 3,202 | |||||
2,547 | * | Darling International, Inc | 40,090 | |||||
1,357 | Dean Foods Co | 23,069 | ||||||
2,871 | Dr Pepper Snapple Group, Inc | 261,577 | ||||||
200 | * | Farmer Bros Co | 6,050 | |||||
2,703 | Flowers Foods, Inc | 46,789 | ||||||
499 | Fresh Del Monte Produce, Inc | 25,404 | ||||||
388 | * | Freshpet, Inc | 6,441 | |||||
9,030 | General Mills, Inc | 500,262 | ||||||
1,593 | * | Hain Celestial Group, Inc | 61,840 | |||||
2,184 | Hershey Co | 234,496 | ||||||
4,210 | Hormel Foods Corp | 143,603 | ||||||
1,103 | * | Hostess Brands, Inc | 17,758 | |||||
1,116 | Ingredion, Inc | 133,038 | ||||||
200 | J&J Snack Foods Corp | 26,414 | ||||||
1,765 | J.M. Smucker Co | 208,852 | ||||||
131 | John B. Sanfilippo & Son, Inc | 8,267 | ||||||
3,849 | Kellogg Co | 267,352 | ||||||
9,428 | Kraft Heinz Co | 807,414 | ||||||
2,262 | Lamb Weston Holdings, Inc | 99,618 | ||||||
289 | Lancaster Colony Corp | 35,437 | ||||||
422 | * | Landec Corp | 6,267 | |||||
244 | * | Lifeway Foods, Inc | 2,279 | |||||
187 | Limoneira Co | 4,419 | ||||||
1,777 | McCormick & Co, Inc | 173,275 | ||||||
203 | Mgp Ingredients, Inc | 10,388 | ||||||
2,670 | Molson Coors Brewing Co (Class B) | 230,528 | ||||||
22,993 | Mondelez International, Inc | 993,068 | ||||||
6,476 | * | Monster Beverage Corp | 321,728 | |||||
183 | National Beverage Corp | 17,121 | ||||||
341 | Omega Protein Corp | 6,104 | ||||||
22,400 | PepsiCo, Inc | 2,586,976 | ||||||
24,335 | Philip Morris International, Inc | 2,858,146 | ||||||
908 | * | Pilgrim’s Pride Corp | 19,903 | |||||
1,851 | Pinnacle Foods, Inc | 109,949 |
66
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,066 | * | Post Holdings, Inc | $ | 82,775 | ||||
404 | * | Primo Water Corp | 5,131 | |||||
12,944 | Reynolds American, Inc | 841,878 | ||||||
315 | Sanderson Farms, Inc | 36,430 | ||||||
4 | Seaboard Corp | 15,980 | ||||||
134 | * | Seneca Foods Corp | 4,161 | |||||
1,236 | Snyder’s-Lance, Inc | 42,790 | ||||||
369 | e | Tootsie Roll Industries, Inc | 12,860 | |||||
864 | * | TreeHouse Foods, Inc | 70,580 | |||||
78 | * | Turning Point Brands, Inc | 1,197 | |||||
4,363 | Tyson Foods, Inc (Class A) | 273,255 | ||||||
340 | Universal Corp | 21,998 | ||||||
1,460 | Vector Group Ltd | 31,127 | ||||||
|
| |||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 19,507,759 | |||||||
|
| |||||||
HEALTH CARE EQUIPMENT & SERVICES - 5.6% | ||||||||
155 | *,e | AAC Holdings, Inc | 1,074 | |||||
339 | Abaxis, Inc | 17,974 | ||||||
26,519 | Abbott Laboratories | 1,289,089 | ||||||
633 | * | Abiomed, Inc | 90,709 | |||||
1,228 | *,e | Acadia Healthcare Co, Inc | 60,639 | |||||
1,245 | * | Accuray, Inc | 5,914 | |||||
449 | Aceto Corp | 6,937 | ||||||
119 | * | Addus HomeCare Corp | 4,427 | |||||
5,067 | Aetna Inc | 769,323 | ||||||
1,360 | * | Alere, Inc | 68,258 | |||||
1,244 | * | Align Technology, Inc | 186,749 | |||||
2,817 | * | Allscripts Healthcare Solutions, Inc | 35,945 | |||||
200 | * | Almost Family, Inc | 12,330 | |||||
460 | * | Amedisys, Inc | 28,893 | |||||
137 | * | American Renal Associates Holdings, Inc | 2,541 | |||||
2,486 | AmerisourceBergen Corp | 235,002 | ||||||
725 | * | AMN Healthcare Services, Inc | 28,311 | |||||
192 | Analogic Corp | 13,949 | ||||||
563 | * | Angiodynamics, Inc | 9,126 | |||||
216 | * | Anika Therapeutics, Inc | 10,657 | |||||
2,249 | * | Antares Pharma, Inc | 7,242 | |||||
4,145 | Anthem, Inc | 779,799 | ||||||
616 | * | athenahealth, Inc | 86,579 | |||||
480 | * | AtriCure, Inc | 11,640 | |||||
27 | Atrion Corp | 17,369 | ||||||
415 | * | AxoGen, Inc | 6,951 | |||||
1,155 | Bard (C.R.), Inc | 365,107 | ||||||
7,849 | Baxter International, Inc | 475,178 | ||||||
3,426 | Becton Dickinson & Co | 668,447 | ||||||
1,877 | *,e | BioScrip, Inc | 5,096 | |||||
439 | * | BioTelemetry, Inc | 14,685 | |||||
21,239 | * | Boston Scientific Corp | 588,745 | |||||
2,873 | * | Brookdale Senior Living, Inc | 42,262 | |||||
590 | Cantel Medical Corp | 45,967 | ||||||
442 | * | Capital Senior Living Corp | 6,723 | |||||
4,951 | Cardinal Health, Inc | 385,782 | ||||||
501 | * | Cardiovascular Systems, Inc | 16,147 |
67
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
977 | *,e | Castlight Health, Inc | $ | 4,055 | ||||
2,638 | * | Centene Corp | 210,723 | |||||
4,552 | * | Cerner Corp | 302,571 | |||||
1,570 | *,e | Cerus Corp | 3,941 | |||||
245 | Chemed Corp | 50,110 | ||||||
3,884 | Cigna Corp | 650,143 | ||||||
240 | * | Civitas Solutions, Inc | 4,200 | |||||
1,533 | * | Community Health Systems, Inc | 15,269 | |||||
168 | e | Computer Programs & Systems, Inc | 5,510 | |||||
586 | * | ConforMIS, Inc | 2,514 | |||||
422 | Conmed Corp | 21,497 | ||||||
756 | Cooper Cos, Inc | 181,002 | ||||||
1,199 | * | Corindus Vascular Robotics, Inc | 2,230 | |||||
163 | * | Corvel Corp | 7,734 | |||||
414 | * | Cotiviti Holdings, Inc | 15,376 | |||||
544 | * | Cross Country Healthcare, Inc | 7,023 | |||||
480 | * | CryoLife, Inc | 9,576 | |||||
202 | * | Cutera, Inc | 5,232 | |||||
9,541 | Danaher Corp | 805,165 | ||||||
2,438 | * | DaVita, Inc | 157,885 | |||||
3,529 | Dentsply Sirona, Inc | 228,820 | ||||||
1,337 | * | DexCom, Inc | 97,802 | |||||
739 | * | Diplomat Pharmacy, Inc | 10,937 | |||||
3,284 | * | Edwards Lifesciences Corp | 388,300 | |||||
1,285 | * | Endologix, Inc | 6,245 | |||||
737 | Ensign Group, Inc | 16,044 | ||||||
193 | * | Entellus Medical, Inc | 3,196 | |||||
1,793 | * | Envision Healthcare Corp | 112,367 | |||||
597 | * | Evolent Health, Inc | 15,134 | |||||
165 | * | Exactech, Inc | 4,917 | |||||
9,407 | * | Express Scripts Holding Co | 600,543 | |||||
97 | * | FONAR Corp | 2,692 | |||||
995 | * | Genesis Health Care, Inc | 1,731 | |||||
665 | * | GenMark Diagnostics, Inc | 7,867 | |||||
445 | * | Glaukos Corp | 18,454 | |||||
1,094 | * | Globus Medical, Inc | 36,266 | |||||
819 | * | Haemonetics Corp | 32,342 | |||||
725 | * | Halyard Health, Inc | 28,478 | |||||
4,673 | * | HCA Holdings, Inc | 407,486 | |||||
768 | * | HealthEquity, Inc | 38,269 | |||||
1,389 | Healthsouth Corp | 67,228 | ||||||
399 | * | HealthStream, Inc | 10,502 | |||||
1,238 | * | Henry Schein, Inc | 226,579 | |||||
1,026 | Hill-Rom Holdings, Inc | 81,680 | ||||||
1,310 | * | HMS Holdings Corp | 24,235 | |||||
4,366 | * | Hologic, Inc | 198,129 | |||||
2,259 | Humana, Inc | 543,561 | ||||||
233 | * | ICU Medical, Inc | 40,192 | |||||
1,376 | * | Idexx Laboratories, Inc | 222,114 | |||||
263 | * | Inogen Inc | 25,095 | |||||
978 | *,e | Inovalon Holdings, Inc | 12,861 | |||||
908 | * | Insulet Corp | 46,589 | |||||
472 | * | Integer Holding Corp | 20,414 |
68
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
966 | * | Integra LifeSciences Holdings Corp | $ | 52,657 | ||||
579 | * | Intuitive Surgical, Inc | 541,579 | |||||
463 | Invacare Corp | 6,112 | ||||||
211 | * | iRhythm Technologies, Inc | 8,965 | |||||
629 | * | K2M Group Holdings, Inc | 15,322 | |||||
1,388 | Kindred Healthcare, Inc | 16,170 | ||||||
1,592 | * | Laboratory Corp of America Holdings | 245,391 | |||||
141 | Landauer, Inc | 7,374 | ||||||
393 | * | Lantheus Holdings, Inc | 6,936 | |||||
236 | LeMaitre Vascular, Inc | 7,368 | ||||||
232 | * | LHC Group, Inc | 15,750 | |||||
582 | * | LifePoint Hospitals, Inc | 39,081 | |||||
755 | * | LivaNova plc | 46,214 | |||||
426 | * | Magellan Health Services, Inc | 31,055 | |||||
699 | * | Masimo Corp | 63,735 | |||||
3,320 | McKesson Corp | 546,273 | ||||||
877 | * | Medidata Solutions, Inc | 68,581 | |||||
1,425 | * | MEDNAX, Inc | 86,027 | |||||
21,488 | Medtronic plc | 1,907,060 | ||||||
646 | Meridian Bioscience, Inc | 10,174 | ||||||
759 | * | Merit Medical Systems, Inc | 28,956 | |||||
687 | * | Molina Healthcare, Inc | 47,527 | |||||
274 | *,e | NantHealth, Inc | 1,159 | |||||
173 | National Healthcare Corp | 12,134 | ||||||
133 | National Research Corp | 3,578 | ||||||
500 | * | Natus Medical, Inc | 18,650 | |||||
585 | * | Neogen Corp | 40,429 | |||||
430 | * | Nevro Corp | 32,005 | |||||
893 | *,e | Novocure Ltd | 15,449 | |||||
791 | * | NuVasive, Inc | 60,844 | |||||
1,011 | * | NxStage Medical, Inc | 25,346 | |||||
144 | *,e | Obalon Therapeutics, Inc | 1,427 | |||||
575 | * | Omnicell, Inc | 24,782 | |||||
873 | * | OraSure Technologies, Inc | 15,068 | |||||
267 | * | Orthofix International NV | 12,410 | |||||
942 | Owens & Minor, Inc | 30,323 | ||||||
346 | * | Oxford Immunotec Global plc | 5,820 | |||||
1,297 | Patterson Cos, Inc | 60,894 | ||||||
456 | * | Penumbra, Inc | 40,014 | |||||
435 | * | PharMerica Corp | 11,419 | |||||
804 | * | Premier, Inc | 28,944 | |||||
199 | * | Providence Service Corp | 10,071 | |||||
145 | * | Pulse Biosciences, Inc | 5,007 | |||||
818 | * | Quality Systems, Inc | 14,078 | |||||
2,140 | Quest Diagnostics, Inc | 237,882 | ||||||
429 | * | Quidel Corp | 11,643 | |||||
391 | * | Quotient Ltd | 2,878 | |||||
1,555 | * | R1 RCM, Inc | 5,831 | |||||
576 | * | RadNet, Inc | 4,464 | |||||
2,183 | Resmed, Inc | 169,990 | ||||||
726 | * | Rockwell Medical, Inc | 5,757 | |||||
837 | * | RTI Biologics, Inc | 4,896 | |||||
1,678 | * | Select Medical Holdings Corp | 25,757 |
69
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
220 | * | Sientra, Inc | $ | 2,138 | ||||
166 | Simulations Plus, Inc | 2,050 | ||||||
659 | * | Spectranetics Corp | 25,306 | |||||
646 | * | Staar Surgical Co | 6,977 | |||||
1,308 | STERIS plc | 106,602 | ||||||
5,326 | Stryker Corp | 739,142 | ||||||
278 | * | Surgery Partners, Inc | 6,325 | |||||
300 | * | SurModics, Inc | 8,445 | |||||
141 | * | Tabula Rasa HealthCare, Inc | 2,122 | |||||
147 | * | Tactile Systems Technology, Inc | 4,201 | |||||
836 | * | Teladoc, Inc | 29,009 | |||||
704 | Teleflex, Inc | 146,263 | ||||||
1,253 | * | Tenet Healthcare Corp | 24,233 | |||||
569 | * | Tivity Health, Inc | 22,675 | |||||
360 | * | Triple-S Management Corp (Class B) | 6,088 | |||||
15,022 | UnitedHealth Group, Inc | 2,785,379 | ||||||
1,322 | Universal Health Services, Inc (Class B) | 161,390 | ||||||
187 | US Physical Therapy, Inc | 11,295 | ||||||
49 | Utah Medical Products, Inc | 3,548 | ||||||
587 | * | Varex Imaging Corp | 19,841 | |||||
1,468 | * | Varian Medical Systems, Inc | 151,483 | |||||
1,245 | * | VCA Antech, Inc | 114,926 | |||||
1,677 | * | Veeva Systems, Inc | 102,817 | |||||
427 | *,e | ViewRay, Inc | 2,763 | |||||
249 | *,e | Viveve Medical, Inc | 1,788 | |||||
433 | * | Vocera Communications, Inc | 11,440 | |||||
685 | * | WellCare Health Plans, Inc | 122,999 | |||||
1,147 | West Pharmaceutical Services, Inc | 108,414 | ||||||
1,633 | * | Wright Medical Group NV | 44,891 | |||||
3,092 | Zimmer Holdings, Inc | 397,013 | ||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 22,349,210 | |||||||
|
| |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.6% | ||||||||
160 | * | Central Garden & Pet Co | 5,086 | |||||
580 | * | Central Garden and Pet Co (Class A) | 17,412 | |||||
3,895 | Church & Dwight Co, Inc | 202,073 | ||||||
2,016 | Clorox Co | 268,612 | ||||||
13,493 | Colgate-Palmolive Co | 1,000,236 | ||||||
7,307 | Coty, Inc | 137,079 | ||||||
893 | * | Edgewell Personal Care Co | 67,886 | |||||
326 | * | elf Beauty, Inc | 8,871 | |||||
957 | Energizer Holdings, Inc | 45,955 | ||||||
3,395 | Estee Lauder Cos (Class A) | 325,852 | ||||||
1,075 | *,e | Herbalife Ltd | 76,680 | |||||
1,858 | * | HRG Group, Inc | 32,905 | |||||
253 | Inter Parfums, Inc | 9,272 | ||||||
5,549 | Kimberly-Clark Corp | 716,431 | ||||||
160 | Medifast, Inc | 6,635 | ||||||
111 | Natural Health Trends Corp | 3,091 | ||||||
140 | Nature’s Sunshine Products, Inc | 1,855 | ||||||
804 | Nu Skin Enterprises, Inc (Class A) | 50,523 | ||||||
127 | Nutraceutical International Corp | 5,290 | ||||||
80 | Oil-Dri Corp of America | 3,361 |
70
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
108 | e | Orchids Paper Products Co | $ | 1,399 | ||||
40,155 | Procter & Gamble Co | 3,499,508 | ||||||
185 | * | Revlon, Inc (Class A) | 4,385 | |||||
381 | Spectrum Brands, Inc | 47,640 | ||||||
180 | * | USANA Health Sciences, Inc | 11,538 | |||||
215 | WD-40 Co | 23,725 | ||||||
|
| |||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 6,573,300 | |||||||
|
| |||||||
INSURANCE - 4.2% | ||||||||
6,087 | Aflac, Inc | 472,838 | ||||||
232 | * | Alleghany Corp | 137,994 | |||||
1,356 | Allied World Assurance Co Holdings Ltd | 71,732 | ||||||
5,704 | Allstate Corp | 504,462 | ||||||
699 | * | AMBAC Financial Group, Inc | 12,128 | |||||
1,193 | American Equity Investment Life Holding Co | 31,352 | ||||||
1,100 | American Financial Group, Inc | 109,307 | ||||||
14,461 | American International Group, Inc | 904,102 | ||||||
114 | American National Insurance Co | 13,280 | ||||||
299 | Amerisafe, Inc | 17,028 | ||||||
1,346 | e | Amtrust Financial Services, Inc | 20,378 | |||||
4,084 | Aon plc | 542,968 | ||||||
1,800 | * | Arch Capital Group Ltd | 167,922 | |||||
443 | Argo Group International Holdings Ltd | 26,846 | ||||||
2,740 | Arthur J. Gallagher & Co | 156,865 | ||||||
930 | Aspen Insurance Holdings Ltd | 46,360 | ||||||
856 | Assurant, Inc | 88,759 | ||||||
1,876 | Assured Guaranty Ltd | 78,304 | ||||||
686 | * | Athene Holding Ltd | 34,032 | |||||
154 | * | Atlas Financial Holdings, Inc | 2,295 | |||||
1,308 | Axis Capital Holdings Ltd | 84,575 | ||||||
144 | Baldwin & Lyons, Inc (Class B) | 3,528 | ||||||
30,168 | * | Berkshire Hathaway, Inc (Class B) | 5,109,554 | |||||
99 | Blue Capital Reinsurance Holdings Ltd | 1,812 | ||||||
1,829 | Brown & Brown, Inc | 78,775 | ||||||
7,287 | Chubb Ltd | 1,059,384 | ||||||
2,411 | Cincinnati Financial Corp | 174,677 | ||||||
712 | *,e | Citizens, Inc (Class A) | 5,255 | |||||
426 | CNA Financial Corp | 20,767 | ||||||
2,753 | Conseco, Inc | 57,483 | ||||||
300 | Crawford & Co (Class B) | 2,790 | ||||||
143 | Donegal Group, Inc (Class A) | 2,274 | ||||||
264 | * | eHealth, Inc | 4,963 | |||||
124 | EMC Insurance Group, Inc | 3,445 | ||||||
488 | Employers Holdings, Inc | 20,642 | ||||||
175 | * | Enstar Group Ltd | 34,764 | |||||
389 | Erie Indemnity Co (Class A) | 48,652 | ||||||
642 | Everest Re Group Ltd | 163,447 | ||||||
150 | FBL Financial Group, Inc (Class A) | 9,225 | ||||||
201 | Federated National Holding Co | 3,216 | ||||||
176 | e | Fidelity & Guaranty Life | 5,465 | |||||
1,680 | First American Financial Corp | 75,079 | ||||||
4,052 | FNF Group | 181,651 | ||||||
7,696 | * | Genworth Financial, Inc (Class A) | 29,014 |
71
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
104 | * | Global Indemnity Ltd | $ | 4,032 | ||||
463 | * | Greenlight Capital Re Ltd (Class A) | 9,677 | |||||
198 | * | Hallmark Financial Services | 2,231 | |||||
664 | Hanover Insurance Group, Inc | 58,850 | ||||||
5,719 | Hartford Financial Services Group, Inc | 300,648 | ||||||
121 | HCI Group, Inc | 5,685 | ||||||
161 | *,e | Health Insurance Innovations, Inc | 3,783 | |||||
362 | Heritage Insurance Holdings, Inc | 4,713 | ||||||
637 | Horace Mann Educators Corp | 24,079 | ||||||
102 | Independence Holding Co | 2,086 | ||||||
166 | Infinity Property & Casualty Corp | 15,604 | ||||||
23 | Investors Title Co | 4,449 | ||||||
269 | James River Group Holdings Ltd | 10,687 | ||||||
614 | Kemper Corp | 23,700 | ||||||
123 | e | Kingstone Cos, Inc | 1,882 | |||||
213 | Kinsale Capital Group, Inc | 7,947 | ||||||
3,506 | Lincoln National Corp | 236,935 | ||||||
4,460 | Loews Corp | 208,773 | ||||||
910 | Maiden Holdings Ltd | 10,101 | ||||||
213 | * | Markel Corp | 207,858 | |||||
8,125 | Marsh & McLennan Cos, Inc | 633,425 | ||||||
2,003 | * | MBIA, Inc | 18,888 | |||||
429 | Mercury General Corp | 23,166 | ||||||
14,354 | Metlife, Inc | 788,609 | ||||||
742 | National General Holdings Corp | 15,656 | ||||||
35 | National Western Life Group, Inc | 11,187 | ||||||
334 | Navigators Group, Inc | 18,337 | ||||||
158 | * | NI Holdings, Inc | 2,825 | |||||
3,754 | Old Republic International Corp | 73,316 | ||||||
313 | OneBeacon Insurance Group Ltd (Class A) | 5,706 | ||||||
727 | Primerica, Inc | 55,070 | ||||||
4,174 | Principal Financial Group | 267,428 | ||||||
820 | ProAssurance Corp | 49,856 | ||||||
9,078 | Progressive Corp | 400,249 | ||||||
6,721 | Prudential Financial, Inc | 726,809 | ||||||
987 | Reinsurance Group of America, Inc (Class A) | 126,721 | ||||||
626 | RenaissanceRe Holdings Ltd | 87,045 | ||||||
600 | RLI Corp | 32,772 | ||||||
227 | Safety Insurance Group, Inc | 15,504 | ||||||
874 | Selective Insurance Group, Inc | 43,744 | ||||||
243 | State Auto Financial Corp | 6,252 | ||||||
436 | State National Cos, Inc | 8,014 | ||||||
351 | Stewart Information Services Corp | 15,928 | ||||||
1,151 | * | Third Point Reinsurance Ltd | 15,999 | |||||
1,804 | Torchmark Corp | 138,006 | ||||||
4,428 | Travelers Cos, Inc | 560,275 | ||||||
342 | *,e | Trupanion, Inc | 7,654 | |||||
338 | United Fire & Casualty Co | 14,892 | ||||||
255 | United Insurance Holdings Corp | 4,011 | ||||||
503 | Universal Insurance Holdings, Inc | 12,676 | ||||||
3,600 | UnumProvident Corp | 167,868 | ||||||
1,209 | Validus Holdings Ltd | 62,832 | ||||||
1,489 | W.R. Berkley Corp | 102,994 |
72
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
68 | White Mountains Insurance Group Ltd | $ | 59,067 | |||||
1,933 | Willis Towers Watson plc | 281,174 | ||||||
3,992 | XL Group Ltd | 174,850 | ||||||
|
| |||||||
TOTAL INSURANCE | 16,791,914 | |||||||
|
| |||||||
MATERIALS - 3.3% | ||||||||
450 | A. Schulman, Inc | 14,400 | ||||||
324 | Advanced Emissions Solutions, Inc | 2,968 | ||||||
461 | * | AdvanSix, Inc | 14,402 | |||||
332 | *,e | AgroFresh Solutions, Inc | 2,384 | |||||
3,278 | Air Products & Chemicals, Inc | 468,951 | ||||||
4,919 | * | AK Steel Holding Corp | 32,318 | |||||
1,726 | Albemarle Corp | 182,162 | ||||||
2,897 | Alcoa Corp | 94,587 | ||||||
1,671 | e | Allegheny Technologies, Inc | 28,424 | |||||
429 | American Vanguard Corp | 7,400 | ||||||
136 | Ampco-Pittsburgh Corp | 2,006 | ||||||
959 | Aptargroup, Inc | 83,299 | ||||||
271 | Ardagh Group S.A. | 6,127 | ||||||
943 | Ashland Global Holdings, Inc | 62,153 | ||||||
1,381 | Avery Dennison Corp | 122,039 | ||||||
3,259 | * | Axalta Coating Systems Ltd | 104,418 | |||||
485 | Balchem Corp | 37,689 | ||||||
5,384 | Ball Corp | 227,259 | ||||||
1,456 | Bemis Co, Inc | 67,340 | ||||||
2,023 | * | Berry Plastics Group, Inc | 115,331 | |||||
597 | * | Boise Cascade Co | 18,149 | |||||
953 | Cabot Corp | 50,919 | ||||||
789 | Calgon Carbon Corp | 11,914 | ||||||
723 | Carpenter Technology Corp | 27,062 | ||||||
2,181 | Celanese Corp (Series A) | 207,064 | ||||||
831 | * | Century Aluminum Co | 12,947 | |||||
3,654 | CF Industries Holdings, Inc | 102,166 | ||||||
111 | Chase Corp | 11,844 | ||||||
2,888 | Chemours Co | 109,513 | ||||||
261 | * | Clearwater Paper Corp | 12,202 | |||||
4,607 | * | Cliffs Natural Resources, Inc | 31,880 | |||||
646 | * | Codexis, Inc | 3,521 | |||||
2,861 | * | Coeur Mining, Inc | 24,547 | |||||
1,801 | Commercial Metals Co | 34,993 | ||||||
532 | Compass Minerals International, Inc | 34,740 | ||||||
116 | * | Core Molding Technologies, Inc | 2,507 | |||||
2,051 | * | Crown Holdings, Inc | 122,363 | |||||
163 | Deltic Timber Corp | 12,170 | ||||||
976 | Domtar Corp | 37,498 | ||||||
19,062 | Dow Chemical Co | 1,202,240 | ||||||
735 | Eagle Materials, Inc | 67,929 | ||||||
2,284 | Eastman Chemical Co | 191,833 | ||||||
4,053 | Ecolab, Inc | 538,036 | ||||||
13,613 | EI du Pont de Nemours & Co | 1,098,705 | ||||||
1,255 | * | Ferro Corp | 22,954 | |||||
1,000 | *,m | Ferroglobe plc | 0 | |||||
835 | *,e | Flotek Industries, Inc | 7,465 |
73
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,122 | FMC Corp | $ | 155,012 | |||||
287 | *,e | Forterra, Inc | 2,362 | |||||
21,225 | * | Freeport-McMoRan Copper & Gold, Inc (Class B) | 254,912 | |||||
400 | FutureFuel Corp | 6,036 | ||||||
1,119 | * | GCP Applied Technologies, Inc | 34,129 | |||||
816 | * | Gold Resource Corp | 3,329 | |||||
4,828 | Graphic Packaging Holding Co | 66,530 | ||||||
87 | Greif, Inc | 5,255 | ||||||
395 | Greif, Inc (Class A) | 22,033 | ||||||
784 | H.B. Fuller Co | 40,070 | ||||||
54 | * | Handy & Harman Ltd | 1,696 | |||||
142 | Hawkins, Inc | 6,582 | ||||||
193 | Haynes International, Inc | 7,008 | ||||||
6,116 | Hecla Mining Co | 31,192 | ||||||
3,115 | Huntsman Corp | 80,492 | ||||||
658 | * | Ingevity Corp | 37,769 | |||||
294 | Innophos Holdings, Inc | 12,889 | ||||||
373 | Innospec, Inc | 24,450 | ||||||
1,246 | International Flavors & Fragrances, Inc | 168,210 | ||||||
6,447 | International Paper Co | 364,965 | ||||||
1,452 | * | Intrepid Potash, Inc | 3,282 | |||||
261 | Kaiser Aluminum Corp | 23,104 | ||||||
1,314 | Kapstone Paper and Packaging Corp | 27,108 | ||||||
2,695 | * | Klondex Mines Ltd | 9,082 | |||||
139 | KMG Chemicals, Inc | 6,765 | ||||||
315 | * | Koppers Holdings, Inc | 11,387 | |||||
468 | * | Kraton Polymers LLC | 16,118 | |||||
357 | Kronos Worldwide, Inc | 6,505 | ||||||
2,201 | * | Louisiana-Pacific Corp | 53,066 | |||||
406 | *,e | LSB Industries, Inc | 4,194 | |||||
5,334 | LyondellBasell Industries AF S.C.A | 450,136 | ||||||
982 | Martin Marietta Materials, Inc | 218,574 | ||||||
300 | Materion Corp | 11,220 | ||||||
541 | Minerals Technologies, Inc | 39,601 | ||||||
6,878 | Monsanto Co | 814,080 | ||||||
5,507 | Mosaic Co | 125,725 | ||||||
371 | Myers Industries, Inc | 6,659 | ||||||
257 | Neenah Paper, Inc | 20,624 | ||||||
116 | NewMarket Corp | 53,416 | ||||||
8,361 | Newmont Mining Corp | 270,813 | ||||||
4,936 | Nucor Corp | 285,646 | ||||||
2,530 | Olin Corp | 76,608 | ||||||
163 | Olympic Steel, Inc | 3,175 | ||||||
694 | * | Omnova Solutions, Inc | 6,767 | |||||
2,494 | * | Owens-Illinois, Inc | 59,656 | |||||
1,455 | Packaging Corp of America | 162,072 | ||||||
658 | PH Glatfelter Co | 12,857 | ||||||
3,394 | * | Platform Specialty Products Corp | 43,036 | |||||
1,269 | PolyOne Corp | 49,161 | ||||||
4,033 | PPG Industries, Inc | 443,469 | ||||||
4,458 | Praxair, Inc | 590,908 | ||||||
201 | Quaker Chemical Corp | 29,191 | ||||||
657 | e | Rayonier Advanced Materials, Inc | 10,328 |
74
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,105 | Reliance Steel & Aluminum Co | $ | 80,455 | |||||
1,018 | Royal Gold, Inc | 79,577 | ||||||
2,028 | RPM International, Inc | 110,627 | ||||||
272 | * | Ryerson Holding Corp | 2,693 | |||||
421 | Schnitzer Steel Industries, Inc (Class A) | 10,609 | ||||||
438 | Schweitzer-Mauduit International, Inc | 16,307 | ||||||
716 | Scotts Miracle-Gro Co (Class A) | 64,053 | ||||||
2,978 | Sealed Air Corp | 133,295 | ||||||
694 | Sensient Technologies Corp | 55,888 | ||||||
1,280 | Sherwin-Williams Co | 449,229 | ||||||
1,161 | Silgan Holdings, Inc | 36,897 | ||||||
1,720 | Sonoco Products Co | 88,442 | ||||||
1,302 | Southern Copper Corp (NY) | 45,088 | ||||||
3,643 | Steel Dynamics, Inc | 130,456 | ||||||
302 | Stepan Co | 26,316 | ||||||
1,652 | * | Summit Materials, Inc | 47,693 | |||||
1,010 | * | SunCoke Energy, Inc | 11,009 | |||||
4,844 | Tahoe Resources, Inc | 41,755 | ||||||
717 | * | TimkenSteel Corp | 11,020 | |||||
322 | * | Trecora Resources | 3,623 | |||||
394 | Tredegar Corp | 6,009 | ||||||
662 | Trinseo S.A. | 45,479 | ||||||
1,081 | Tronox Ltd | 16,345 | ||||||
97 | * | UFP Technologies, Inc | 2,745 | |||||
30 | United States Lime & Minerals, Inc | 2,354 | ||||||
2,721 | e | United States Steel Corp | 60,243 | |||||
238 | *,e | US Concrete, Inc | 18,695 | |||||
592 | Valhi, Inc | 1,764 | ||||||
3,141 | Valvoline, Inc | 74,505 | ||||||
493 | * | Verso Corp | 2,312 | |||||
2,055 | Vulcan Materials Co | 260,327 | ||||||
255 | Warrior Met Coal, Inc | 4,368 | ||||||
559 | Westlake Chemical Corp | 37,011 | ||||||
3,880 | WestRock Co | 219,841 | ||||||
702 | * | Worthington Industries, Inc | 35,254 | |||||
1,067 | WR Grace & Co | 76,835 | ||||||
|
| |||||||
TOTAL MATERIALS | 13,251,191 | |||||||
|
| |||||||
MEDIA - 2.8% | ||||||||
855 | AMC Entertainment Holdings, Inc | 19,451 | ||||||
838 | * | AMC Networks, Inc | 44,758 | |||||
76 | e | Beasley Broadcasting Group, Inc | 745 | |||||
72 | Cable One, Inc | 51,185 | ||||||
5,583 | CBS Corp (Class B) | 356,084 | ||||||
1,847 | * | Central European Media Enterprises Ltd (Class A) (NASDAQ) | 7,388 | |||||
3,108 | * | Charter Communications, Inc | 1,046,930 | |||||
1,638 | Cinemark Holdings, Inc | 63,636 | ||||||
566 | Clear Channel Outdoor Holdings, Inc (Class A) | 2,745 | ||||||
73,873 | Comcast Corp (Class A) | 2,875,137 | ||||||
17 | * | Daily Journal Corp | 3,507 | |||||
2,314 | * | Discovery Communications, Inc (Class A) | 59,771 | |||||
3,280 | * | Discovery Communications, Inc (Class C) | 82,689 | |||||
3,453 | * | DISH Network Corp (Class A) | 216,710 |
75
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
235 | Emerald Expositions Events, Inc | $ | 5,146 | |||||
427 | e | Entercom Communications Corp (Class A) | 4,419 | |||||
1,005 | Entravision Communications Corp (Class A) | 6,633 | ||||||
454 | *,e | Eros International plc | 5,198 | |||||
916 | * | EW Scripps Co (Class A) | 16,314 | |||||
1,767 | Gannett Co, Inc | 15,408 | ||||||
667 | * | Global Eagle Entertainment, Inc | 2,375 | |||||
966 | * | Gray Television, Inc | 13,234 | |||||
248 | * | Hemisphere Media Group, Inc | 2,939 | |||||
902 | * | Imax Corp | 19,844 | |||||
6,172 | Interpublic Group of Cos, Inc | 151,831 | ||||||
693 | John Wiley & Sons, Inc (Class A) | 36,556 | ||||||
170 | * | Liberty Braves Group (Class A) | 4,061 | |||||
525 | * | Liberty Braves Group (Class C) | 12,584 | |||||
392 | * | Liberty Broadband Corp (Class A) | 33,630 | |||||
1,611 | * | Liberty Broadband Corp (Class C) | 139,754 | |||||
398 | *,e | Liberty Media Group (Class A) | 13,942 | |||||
1,656 | * | Liberty Media Group (Class C) | 60,643 | |||||
1,395 | * | Liberty SiriusXM Group (Class A) | 58,562 | |||||
2,800 | * | Liberty SiriusXM Group (Class C) | 116,760 | |||||
786 | * | Lions Gate Entertainment Corp (Class A) | 22,181 | |||||
1,548 | * | Lions Gate Entertainment Corp (Class B) | 40,681 | |||||
2,021 | * | Live Nation, Inc | 70,432 | |||||
200 | * | Loral Space & Communications, Inc | 8,310 | |||||
289 | * | Madison Square Garden Co | 56,904 | |||||
884 | MDC Partners, Inc | 8,752 | ||||||
597 | Meredith Corp | 35,492 | ||||||
934 | * | MSG Networks, Inc | 20,968 | |||||
970 | National CineMedia, Inc | 7,197 | ||||||
804 | New Media Investment Group, Inc | 10,838 | ||||||
1,938 | New York Times Co (Class A) | 34,303 | ||||||
5,954 | News Corp | 81,570 | ||||||
1,884 | News Corp (Class B) | 26,659 | ||||||
706 | Nexstar Broadcasting Group, Inc (Class A) | 42,219 | ||||||
3,620 | Omnicom Group, Inc | 300,098 | ||||||
444 | * | Reading International, Inc | 7,162 | |||||
1,716 | Regal Entertainment Group (Class A) | 35,109 | ||||||
51 | Saga Communications, Inc | 2,333 | ||||||
165 | Salem Communications | 1,172 | ||||||
438 | Scholastic Corp | 19,092 | ||||||
1,324 | Scripps Networks Interactive (Class A) | 90,442 | ||||||
1,071 | Sinclair Broadcast Group, Inc (Class A) | 35,236 | ||||||
23,066 | e | Sirius XM Holdings, Inc | 126,171 | |||||
3,394 | TEGNA, Inc | 48,908 | ||||||
12,161 | Time Warner, Inc | 1,221,086 | ||||||
1,567 | Time, Inc | 22,486 | ||||||
99 | * | Townsquare Media, Inc | 1,014 | |||||
1,130 | Tribune Co | 46,070 | ||||||
414 | * | tronc, Inc | 5,336 | |||||
16,347 | Twenty-First Century Fox, Inc | 463,274 | ||||||
6,929 | Twenty-First Century Fox, Inc (Class B) | 193,111 | ||||||
150 | Viacom, Inc | 5,708 | ||||||
5,481 | Viacom, Inc (Class B) | 183,997 |
76
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
24,568 | Walt Disney Co | $ | 2,610,350 | |||||
583 | World Wrestling Entertainment, Inc (Class A) | 11,876 | ||||||
|
| |||||||
TOTAL MEDIA | 11,447,106 | |||||||
|
| |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1% | ||||||||
24,976 | AbbVie, Inc | 1,811,010 | ||||||
404 | * | Abeona Therapeutics, Inc | 2,586 | |||||
1,514 | * | Acadia Pharmaceuticals, Inc | 42,225 | |||||
406 | *,e | Accelerate Diagnostics, Inc | 11,104 | |||||
492 | * | Acceleron Pharma, Inc | 14,952 | |||||
459 | * | Achaogen, Inc | 9,974 | |||||
1,810 | * | Achillion Pharmaceuticals, Inc | 8,308 | |||||
319 | * | Aclaris Therapeutics, Inc | 8,651 | |||||
662 | * | Acorda Therapeutics, Inc | 13,041 | |||||
265 | *,e | Adamas Pharmaceuticals, Inc | 4,635 | |||||
638 | *,e | Aduro Biotech, Inc | 7,273 | |||||
525 | *,e | Advaxis, Inc | 3,407 | |||||
481 | * | Aerie Pharmaceuticals, Inc | 25,277 | |||||
1,104 | * | Agenus, Inc | 4,317 | |||||
5,050 | Agilent Technologies, Inc | 299,515 | ||||||
653 | * | Agios Pharmaceuticals, Inc | 33,597 | |||||
554 | * | Aimmune Therapeutics, Inc | 11,390 | |||||
576 | * | Akebia Therapeutics, Inc | 8,277 | |||||
1,397 | * | Akorn, Inc | 46,855 | |||||
400 | * | Albany Molecular Research, Inc | 8,680 | |||||
713 | * | Alder Biopharmaceuticals, Inc | 8,164 | |||||
3,416 | * | Alexion Pharmaceuticals, Inc | 415,625 | |||||
2,380 | * | Alkermes plc | 137,969 | |||||
5,264 | Allergan plc | 1,279,626 | ||||||
1,176 | * | Alnylam Pharmaceuticals, Inc | 93,798 | |||||
533 | * | AMAG Pharmaceuticals, Inc | 9,807 | |||||
11,534 | Amgen, Inc | 1,986,501 | ||||||
2,237 | *,e | Amicus Therapeutics, Inc | 22,527 | |||||
552 | * | Amphastar Pharmaceuticals, Inc | 9,859 | |||||
82 | * | AnaptysBio, Inc | 1,962 | |||||
587 | *,e | Anavex Life Sciences Corp | 3,123 | |||||
121 | * | ANI Pharmaceuticals, Inc | 5,663 | |||||
626 | * | Aratana Therapeutics, Inc | 4,526 | |||||
510 | * | Ardelyx, Inc | 2,601 | |||||
502 | * | Arena Pharmaceuticals, Inc | 8,469 | |||||
2,784 | * | Array Biopharma, Inc | 23,302 | |||||
216 | * | Assembly Biosciences, Inc | 4,460 | |||||
356 | *,e | Asterias Biotherapeutics, Inc | 1,264 | |||||
361 | * | Atara Biotherapeutics, Inc | 5,054 | |||||
1,583 | *,e | Athersys, Inc | 2,390 | |||||
231 | * | Audentes Therapeutics, Inc | 4,419 | |||||
317 | * | Avexis, Inc | 26,045 | |||||
454 | * | Axovant Sciences Ltd | 10,528 | |||||
419 | *,e | Bellicum Pharmaceuticals, Inc | 4,894 | |||||
1,257 | * | BioCryst Pharmaceuticals, Inc | 6,989 | |||||
3,323 | * | Biogen Idec, Inc | 901,729 | |||||
155 | * | Biohaven Pharmaceutical Holding Co Ltd | 3,875 | |||||
2,727 | * | BioMarin Pharmaceutical, Inc | 247,666 |
77
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
327 | * | Bio-Rad Laboratories, Inc (Class A) | $ | 74,003 | ||||
89 | * | Biospecifics Technologies Corp | 4,406 | |||||
578 | Bio-Techne Corp | 67,915 | ||||||
1,211 | *,e | BioTime, Inc | 3,815 | |||||
1,696 | * | Bioverativ, Inc | 102,048 | |||||
637 | * | Bluebird Bio, Inc | 66,917 | |||||
607 | * | Blueprint Medicines Corp | 30,757 | |||||
25,887 | Bristol-Myers Squibb Co | 1,442,423 | ||||||
1,641 | Bruker BioSciences Corp | 47,326 | ||||||
470 | * | Calithera Biosciences, Inc | 6,979 | |||||
504 | * | Cambrex Corp | 30,114 | |||||
425 | *,e | Cara Therapeutics Inc | 6,541 | |||||
567 | * | Cascadian Therapeutics, Inc | 2,106 | |||||
1,934 | * | Catalent, Inc | 67,883 | |||||
1,095 | * | Catalyst Pharmaceuticals, Inc | 3,022 | |||||
12,146 | * | Celgene Corp | 1,577,401 | |||||
1,954 | * | Celldex Therapeutics, Inc | 4,826 | |||||
640 | * | Cempra, Inc | 2,944 | |||||
728 | * | Charles River Laboratories International, Inc | 73,637 | |||||
402 | * | ChemoCentryx, Inc | 3,763 | |||||
913 | * | Chimerix, Inc | 4,976 | |||||
315 | * | Clearside Biomedical, Inc | 2,870 | |||||
614 | * | Clovis Oncology, Inc | 57,489 | |||||
601 | * | Coherus Biosciences, Inc | 8,624 | |||||
351 | *,e | Collegium Pharmaceutical, Inc | 4,391 | |||||
271 | * | Concert Pharmaceuticals Inc | 3,780 | |||||
402 | * | Contatus Pharmaceuticals, Inc | 2,316 | |||||
708 | *,e | Corbus Pharmaceuticals Holdings, Inc | 4,460 | |||||
1,401 | * | Corcept Therapeutics, Inc | 16,532 | |||||
330 | * | Corium International, Inc | 2,462 | |||||
145 | *,e | Corvus Pharmaceuticals, Inc | 1,754 | |||||
1,644 | * | Curis, Inc | 3,107 | |||||
639 | * | Cytokinetics, Inc | 7,732 | |||||
459 | * | CytomX Therapeutics, Inc | 7,114 | |||||
928 | * | Depomed, Inc | 9,967 | |||||
587 | * | Dermira, Inc | 17,105 | |||||
2,198 | * | Durect Corp | 3,429 | |||||
760 | *,e | Dynavax Technologies Corp | 7,334 | |||||
122 | *,e | Eagle Pharmaceuticals, Inc | 9,625 | |||||
312 | * | Edge Therapeutics, Inc | 3,201 | |||||
524 | *,e | Editas Medicine, Inc | 8,793 | |||||
15,364 | Eli Lilly & Co | 1,264,457 | ||||||
516 | * | Emergent Biosolutions, Inc | 17,498 | |||||
232 | * | Enanta Pharmaceuticals, Inc | 8,347 | |||||
3,476 | * | Endo International plc | 38,827 | |||||
623 | * | Enzo Biochem, Inc | 6,878 | |||||
620 | * | Epizyme, Inc | 9,362 | |||||
230 | * | Esperion Thereapeutics, Inc | 10,644 | |||||
1,712 | * | Exact Sciences Corp | 60,553 | |||||
4,510 | * | Exelixis, Inc | 111,081 | |||||
531 | * | Fate Therapeutics, Inc | 1,720 | |||||
919 | * | FibroGen, Inc | 29,684 | |||||
428 | * | Five Prime Therapeutics, Inc | 12,887 |
78
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
438 | *,e | Flexion Therapeutics Inc | $ | 8,856 | ||||
419 | * | Fluidigm Corp | 1,693 | |||||
519 | *,e | Fortress Biotech, Inc | 2,465 | |||||
227 | *,e | Foundation Medicine, Inc | 9,023 | |||||
445 | * | Genocea Biosciences Inc | 2,323 | |||||
303 | * | Genomic Health, Inc | 9,863 | |||||
2,277 | *,e | Geron Corp | 6,307 | |||||
20,442 | Gilead Sciences, Inc | 1,446,885 | ||||||
570 | * | Global Blood Therapeutics, Inc | 15,589 | |||||
1,685 | * | Halozyme Therapeutics, Inc | 21,602 | |||||
697 | *,e | Heron Therapeutics, Inc | 9,653 | |||||
99 | * | Heska Corp | 10,105 | |||||
2,514 | * | Horizon Pharma plc | 29,841 | |||||
1,665 | *,e | Idera Pharmaceuticals, Inc | 2,864 | |||||
771 | * | Ignyta, Inc | 7,980 | |||||
2,283 | * | Illumina, Inc | 396,146 | |||||
247 | * | Immune Design Corp | 2,408 | |||||
1,327 | *,e | Immunogen, Inc | 9,435 | |||||
1,579 | *,e | Immunomedics, Inc | 13,943 | |||||
1,124 | * | Impax Laboratories, Inc | 18,096 | |||||
839 | * | INC Research Holdings, Inc | 49,082 | |||||
2,635 | * | Incyte Corp | 331,773 | |||||
1,186 | * | Innoviva, Inc | 15,181 | |||||
1,045 | *,e | Inovio Pharmaceuticals, Inc | 8,193 | |||||
964 | * | Insmed, Inc | 16,542 | |||||
340 | *,e | Insys Therapeutics, Inc | 4,301 | |||||
232 | *,e | Intellia Therapeutics, Inc | 3,712 | |||||
279 | *,e | Intercept Pharmaceuticals, Inc | 33,779 | |||||
388 | * | Intersect ENT, Inc | 10,845 | |||||
527 | * | Intra-Cellular Therapies, Inc | 6,545 | |||||
861 | *,e | Intrexon Corp | 20,741 | |||||
587 | * | Invitae Corp | 5,612 | |||||
1,935 | * | Ionis Pharmaceuticals, Inc | 98,433 | |||||
846 | * | Iovance Biotherapeutics, Inc | 6,218 | |||||
2,083 | * | Ironwood Pharmaceuticals, Inc | 39,327 | |||||
42,373 | Johnson & Johnson | 5,605,524 | ||||||
97 | * | Jounce Therapeutics, Inc | 1,361 | |||||
995 | *,e | Juno Therapeutics, Inc | 29,741 | |||||
499 | * | Karyopharm Therapeutics, Inc | 4,516 | |||||
1,346 | *,e | Keryx Biopharmaceuticals, Inc | 9,732 | |||||
337 | * | Kindred Biosciences Inc | 2,898 | |||||
759 | *,e | Kite Pharma, Inc | 78,686 | |||||
217 | * | Kura Oncology, Inc | 2,018 | |||||
268 | * | La Jolla Pharmaceutical Co | 7,978 | |||||
429 | *,e | Lannett Co, Inc | 8,752 | |||||
657 | *,e | Lexicon Pharmaceuticals, Inc | 10,808 | |||||
305 | * | Ligand Pharmaceuticals, Inc (Class B) | 37,027 | |||||
311 | * | Loxo Oncology, Inc | 24,939 | |||||
628 | Luminex Corp | 13,263 | ||||||
515 | * | MacroGenics, Inc | 9,018 | |||||
60 | * | Madrigal Pharmaceuticals, Inc | 976 | |||||
1,553 | * | Mallinckrodt plc | 69,590 | |||||
873 | * | Matinas BioPharma Holdings, Inc | 1,475 |
79
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,076 | * | Medicines Co | $ | 40,899 | ||||
458 | *,e | MediciNova, Inc | 2,409 | |||||
111 | * | Medpace Holdings, Inc | 3,219 | |||||
42,935 | Merck & Co, Inc | 2,751,704 | ||||||
1,884 | Merrimack Pharmaceuticals, Inc | 2,336 | ||||||
396 | * | Mettler-Toledo International, Inc | 233,062 | |||||
1,570 | *,e | MiMedx Group, Inc | 23,503 | |||||
408 | * | Minerva Neurosciences, Inc | 3,611 | |||||
216 | *,e | Miragen Therapeutics, Inc | 2,793 | |||||
1,150 | * | Momenta Pharmaceuticals, Inc | 19,435 | |||||
8,284 | * | Mylan NV | 321,585 | |||||
257 | * | MyoKardia, Inc | 3,367 | |||||
1,032 | * | Myriad Genetics, Inc | 26,667 | |||||
276 | * | NanoString Technologies, Inc | 4,565 | |||||
479 | *,e | NantKwest, Inc | 3,636 | |||||
482 | * | Natera, Inc | 5,235 | |||||
2,309 | * | Nektar Therapeutics | 45,141 | |||||
820 | * | NeoGenomics, Inc | 7,347 | |||||
297 | * | Neos Therapeutics, Inc | 2,168 | |||||
1,369 | * | Neurocrine Biosciences, Inc | 62,974 | |||||
298 | * | NewLink Genetics Corp | 2,190 | |||||
4,132 | * | Novavax, Inc | 4,752 | |||||
236 | * | Novelion Therapeutics, Inc | 2,178 | |||||
416 | * | Nymox Pharmaceutical Corp | 1,830 | |||||
362 | *,e | Ocular Therapeutix, Inc | 3,356 | |||||
652 | *,e | Omeros Corp | 12,978 | |||||
5,196 | *,e | Opko Health, Inc | 34,190 | |||||
1,615 | *,e | Organovo Holdings, Inc | 4,247 | |||||
444 | * | Otonomy, Inc | 8,369 | |||||
93 | * | Ovid therapeutics, Inc | 976 | |||||
1,315 | * | Pacific Biosciences of California, Inc | 4,681 | |||||
609 | * | Pacira Pharmaceuticals, Inc | 29,049 | |||||
374 | * | Paratek Pharmaceuticals, Inc | 9,013 | |||||
782 | * | Parexel International Corp | 67,964 | |||||
533 | * | Patheon NV | 18,591 | |||||
2,346 | PDL BioPharma, Inc | 5,795 | ||||||
1,714 | PerkinElmer, Inc | 116,792 | ||||||
2,028 | Perrigo Co plc | 153,155 | ||||||
92,766 | Pfizer, Inc | 3,116,010 | ||||||
293 | Phibro Animal Health Corp | 10,856 | ||||||
529 | *,e | Pieris Pharmaceuticals, Inc | 2,677 | |||||
771 | * | Portola Pharmaceuticals, Inc | 43,307 | |||||
585 | * | PRA Health Sciences, Inc | 43,881 | |||||
817 | * | Prestige Brands Holdings, Inc | 43,146 | |||||
1,110 | * | Progenics Pharmaceuticals, Inc | 7,537 | |||||
135 | * | Protagonist Therapeutics, Inc | 1,527 | |||||
594 | * | Prothena Corp plc | 32,147 | |||||
511 | * | PTC Therapeutics, Inc | 9,367 | |||||
453 | * | Puma Biotechnology, Inc | 39,592 | |||||
3,585 | QIAGEN NV | 120,205 | ||||||
1,983 | * | Quintiles Transnational Holdings, Inc | 177,479 | |||||
177 | * | Ra Pharmaceuticals, Inc | 3,317 | |||||
582 | * | Radius Health, Inc | 26,324 |
80
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
137 | * | Reata Pharmaceuticals, Inc | $ | 4,335 | ||||
183 | *,e | Recro Pharma, Inc | 1,286 | |||||
1,227 | * | Regeneron Pharmaceuticals, Inc | 602,629 | |||||
425 | * | REGENXBIO, Inc | 8,394 | |||||
526 | * | Repligen Corp | 21,797 | |||||
594 | * | Retrophin, Inc | 11,518 | |||||
352 | * | Revance Therapeutics, Inc | 9,293 | |||||
1,863 | * | Rigel Pharmaceuticals, Inc | 5,086 | |||||
537 | * | Sage Therapeutics, Inc | 42,767 | |||||
1,110 | * | Sangamo Biosciences, Inc | 9,768 | |||||
821 | * | Sarepta Therapeutics, Inc | 27,676 | |||||
780 | * | Sciclone Pharmaceuticals, Inc | 8,580 | |||||
1,513 | * | Seattle Genetics, Inc | 78,283 | |||||
190 | * | Selecta Biosciences, Inc | 3,773 | |||||
309 | *,e | Seres Therapeutics, Inc | 3,492 | |||||
359 | * | Spark Therapeutics, Inc | 21,447 | |||||
1,209 | * | Spectrum Pharmaceuticals, Inc | 9,007 | |||||
334 | * | Stemline Therapeutics, Inc | 3,073 | |||||
323 | * | Strongbridge Biopharma plc | 2,309 | |||||
357 | * | Sucampo Pharmaceuticals, Inc (Class A) | 3,749 | |||||
725 | * | Supernus Pharmaceuticals, Inc | 31,248 | |||||
152 | * | Syndax Pharmaceuticals, Inc | 2,123 | |||||
3,537 | *,e | Synergy Pharmaceuticals, Inc | 15,740 | |||||
204 | * | Syros Pharmaceuticals, Inc | 3,282 | |||||
648 | *,e | Teligent, Inc | 5,929 | |||||
579 | * | TESARO, Inc | 80,979 | |||||
573 | * | Tetraphase Pharmaceuticals, Inc | 4,085 | |||||
748 | *,e | TG Therapeutics, Inc | 7,517 | |||||
2,459 | * | TherapeuticsMD, Inc | 12,959 | |||||
661 | * | Theravance Biopharma, Inc | 26,334 | |||||
6,115 | Thermo Fisher Scientific, Inc | 1,066,884 | ||||||
145 | *,m | Tobira Therapeutics, Inc | 1,992 | |||||
133 | * | Tocagen, Inc | 1,600 | |||||
667 | * | Trevena, Inc | 1,534 | |||||
618 | * | Ultragenyx Pharmaceutical, Inc | 38,384 | |||||
696 | * | United Therapeutics Corp | 90,292 | |||||
677 | * | Vanda Pharmaceuticals, Inc | 11,035 | |||||
374 | * | VBI Vaccines, Inc | 1,627 | |||||
353 | * | Veracyte, Inc | 2,940 | |||||
516 | * | Versartis, Inc | 9,004 | |||||
3,893 | * | Vertex Pharmaceuticals, Inc | 501,691 | |||||
180 | * | Voyager Therapeutics, Inc | 1,613 | |||||
308 | * | vTv Therapeutics, Inc | 1,531 | |||||
1,318 | * | VWR Corp | 43,507 | |||||
1,194 | * | Waters Corp | 219,505 | |||||
192 | *,e | WaVe Life Sciences Pte Ltd | 3,571 | |||||
233 | *,e | XBiotech, Inc | 1,095 | |||||
584 | * | Xencor Inc | 12,328 | |||||
2,053 | *,e | ZIOPHARM Oncology, Inc | 12,770 | |||||
7,705 | Zoetis, Inc | 480,638 | ||||||
376 | * | Zogenix, Inc | 5,452 | |||||
172 | * | Zynerba Pharmaceuticals, Inc | 2,919 | |||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 32,882,901 | |||||||
|
|
81
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
REAL ESTATE - 4.0% | ||||||||
1,300 | Acadia Realty Trust | $ | 36,140 | |||||
353 | Agree Realty Corp | 16,192 | ||||||
719 | Alexander & Baldwin, Inc | 29,752 | ||||||
33 | Alexander’s, Inc | 13,908 | ||||||
1,367 | Alexandria Real Estate Equities, Inc | 164,682 | ||||||
196 | *,e | Altisource Portfolio Solutions S.A. | 4,277 | |||||
766 | Altisource Residential Corp | 9,912 | ||||||
714 | American Assets Trust,Inc | 28,124 | ||||||
2,096 | American Campus Communities, Inc | 99,141 | ||||||
3,546 | American Homes 4 Rent | 80,033 | ||||||
6,561 | American Tower Corp | 868,152 | ||||||
2,440 | Apartment Investment & Management Co (Class A) | 104,847 | ||||||
3,292 | Apple Hospitality REIT, Inc | 61,593 | ||||||
694 | Armada Hoffler Properties, Inc | 8,987 | ||||||
403 | Ashford Hospitality Prime, Inc | 4,147 | ||||||
1,645 | Ashford Hospitality Trust, Inc | 10,002 | ||||||
179 | * | AV Homes, Inc | 3,589 | |||||
2,156 | AvalonBay Communities, Inc | 414,319 | ||||||
364 | Bluerock Residential Growth REIT, Inc | 4,692 | ||||||
2,402 | Boston Properties, Inc | 295,494 | ||||||
2,649 | Brandywine Realty Trust | 46,437 | ||||||
4,778 | Brixmor Property Group, Inc | 85,431 | ||||||
1,350 | Camden Property Trust | 115,439 | ||||||
1,293 | Care Capital Properties, Inc | 34,523 | ||||||
1,129 | CareTrust REIT, Inc | 20,932 | ||||||
568 | CatchMark Timber Trust Inc | 6,458 | ||||||
2,597 | CBL & Associates Properties, Inc | 21,893 | ||||||
4,596 | * | CBRE Group, Inc | 167,294 | |||||
1,224 | Cedar Realty Trust, Inc | 5,936 | ||||||
572 | Chatham Lodging Trust | 11,491 | ||||||
909 | Chesapeake Lodging Trust | 22,243 | ||||||
471 | City Office REIT, Inc | 5,982 | ||||||
226 | Clipper Realty, Inc | 2,789 | ||||||
8,425 | Colony NorthStar, Inc | 118,708 | ||||||
1,571 | Colony Starwood Homes | 53,901 | ||||||
1,903 | Columbia Property Trust, Inc | 42,589 | ||||||
199 | Community Healthcare Trust, Inc | 5,092 | ||||||
74 | Consolidated-Tomoka Land Co | 4,214 | ||||||
1,864 | CoreCivic, Inc | 51,409 | ||||||
185 | CorEnergy Infrastructure Trust, Inc | 6,214 | ||||||
582 | Coresite Realty | 60,254 | ||||||
1,557 | Corporate Office Properties Trust | 54,542 | ||||||
6,513 | Cousins Properties, Inc | 57,249 | ||||||
5,713 | Crown Castle International Corp | 572,328 | ||||||
2,820 | CubeSmart | 67,793 | ||||||
1,354 | CyrusOne, Inc | 75,486 | ||||||
1,441 | DCT Industrial Trust, Inc | 77,007 | ||||||
4,843 | DDR Corp | 43,926 | ||||||
3,453 | DiamondRock Hospitality Co | 37,810 | ||||||
2,474 | Digital Realty Trust, Inc | 279,438 | ||||||
2,266 | Douglas Emmett, Inc | 86,584 |
82
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
5,382 | Duke Realty Corp | $ | 150,427 | |||||
1,209 | DuPont Fabros Technology, Inc | 73,942 | ||||||
587 | Easterly Government Properties, Inc | 12,298 | ||||||
515 | EastGroup Properties, Inc | 43,157 | ||||||
1,148 | Education Realty Trust, Inc | 44,485 | ||||||
2,070 | Empire State Realty Trust, Inc | 42,994 | ||||||
976 | Entertainment Properties Trust | 70,145 | ||||||
1,212 | Equinix, Inc | 520,142 | ||||||
2,199 | * | Equity Commonwealth | 69,488 | |||||
1,245 | Equity Lifestyle Properties, Inc | 107,493 | ||||||
5,584 | Equity Residential | 367,595 | ||||||
1,023 | Essex Property Trust, Inc | 263,187 | ||||||
1,905 | Extra Space Storage, Inc | 148,590 | ||||||
482 | Farmland Partners, Inc | 4,309 | ||||||
1,127 | Federal Realty Investment Trust | 142,442 | ||||||
2,111 | FelCor Lodging Trust, Inc | 15,220 | ||||||
1,811 | First Industrial Realty Trust, Inc | 51,831 | ||||||
906 | First Potomac Realty Trust | 10,066 | ||||||
3,533 | Forest City Realty Trust, Inc | 85,393 | ||||||
651 | * | Forestar Group, Inc | 11,165 | |||||
840 | Four Corners Property Trust, Inc | 21,092 | ||||||
1,621 | Franklin Street Properties Corp | 17,961 | ||||||
102 | * | FRP Holdings, Inc | 4,707 | |||||
2,889 | Gaming and Leisure Properties, Inc | 108,829 | ||||||
1,959 | Geo Group, Inc | 57,928 | ||||||
426 | Getty Realty Corp | 10,693 | ||||||
9,650 | GGP, Inc | 227,354 | ||||||
475 | Gladstone Commercial Corp | 10,350 | ||||||
244 | Global Medical REIT, Inc | 2,181 | ||||||
1,165 | * | Global Net Lease, Inc | 25,910 | |||||
1,082 | Government Properties Income Trust | 19,811 | ||||||
2,256 | Gramercy Property Trust | 67,026 | ||||||
7,353 | HCP, Inc | 235,002 | ||||||
1,600 | Healthcare Realty Trust, Inc | 54,640 | ||||||
3,069 | Healthcare Trust of America, Inc | 95,477 | ||||||
697 | Hersha Hospitality Trust | 12,901 | ||||||
565 | HFF, Inc (Class A) | 19,645 | ||||||
1,490 | Highwoods Properties, Inc | 75,558 | ||||||
2,629 | Hospitality Properties Trust | 76,635 | ||||||
11,436 | Host Marriott Corp | 208,936 | ||||||
579 | * | Howard Hughes Corp | 71,124 | |||||
2,438 | Hudson Pacific Properties | 83,355 | ||||||
1,062 | Independence Realty Trust, Inc | 10,482 | ||||||
1,924 | Investors Real Estate Trust | 11,948 | ||||||
1,370 | Invitation Homes, Inc | 29,633 | ||||||
4,103 | Iron Mountain, Inc | 140,979 | ||||||
1,070 | * | iStar Financial, Inc | 12,883 | |||||
145 | Jernigan Capital, Inc | 3,190 | ||||||
705 | Jones Lang LaSalle, Inc | 88,125 | ||||||
1,291 | Kennedy-Wilson Holdings, Inc | 24,594 | ||||||
1,527 | Kilroy Realty Corp | 114,754 | ||||||
6,452 | Kimco Realty Corp | 118,394 | ||||||
1,264 | Kite Realty Group Trust | 23,928 |
83
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,299 | Lamar Advertising Co | $ | 95,567 | |||||
1,767 | LaSalle Hotel Properties | 52,657 | ||||||
3,541 | Lexington Realty Trust | 35,091 | ||||||
2,305 | Liberty Property Trust | 93,837 | ||||||
715 | Life Storage, Inc | 52,982 | ||||||
612 | LTC Properties, Inc | 31,451 | ||||||
2,145 | Macerich Co | 124,539 | ||||||
1,437 | Mack-Cali Realty Corp | 39,000 | ||||||
406 | * | Marcus & Millichap, Inc | 10,702 | |||||
98 | * | Maui Land & Pineapple Co, Inc | 1,989 | |||||
453 | MedEquities Realty Trust, Inc | 5,717 | ||||||
5,409 | Medical Properties Trust, Inc | 69,614 | ||||||
1,748 | Mid-America Apartment Communities, Inc | 184,204 | ||||||
1,089 | Monmouth Real Estate Investment Corp (Class A) | 16,389 | ||||||
2,632 | Monogram Residential Trust, Inc | 25,557 | ||||||
570 | National Health Investors, Inc | 45,144 | ||||||
2,325 | National Retail Properties, Inc | 90,908 | ||||||
730 | National Storage Affiliates Trust | 16,870 | ||||||
1,266 | New Senior Investment Group, Inc | 12,723 | ||||||
280 | NexPoint Residential Trust, Inc | 6,969 | ||||||
892 | NorthStar Realty Europe Corp | 11,311 | ||||||
2,933 | Omega Healthcare Investors, Inc | 96,848 | ||||||
251 | One Liberty Properties, Inc | 5,881 | ||||||
2,153 | Outfront Media, Inc | 49,777 | ||||||
3,099 | Paramount Group, Inc | 49,584 | ||||||
2,021 | Park Hotels & Resorts, Inc | 54,486 | ||||||
663 | Parkway, Inc | 15,176 | ||||||
1,101 | Pebblebrook Hotel Trust | 35,496 | ||||||
1,134 | Pennsylvania REIT | 12,837 | ||||||
2,397 | Physicians Realty Trust | 48,276 | ||||||
2,219 | Piedmont Office Realty Trust, Inc | 46,777 | ||||||
651 | Potlatch Corp | 29,751 | ||||||
467 | Preferred Apartment Communities, Inc | 7,355 | ||||||
8,253 | Prologis, Inc | 483,956 | ||||||
358 | PS Business Parks, Inc | 47,396 | ||||||
2,317 | Public Storage, Inc | 483,164 | ||||||
754 | QTS Realty Trust, Inc | 39,457 | ||||||
1,587 | * | Quality Care Properties, Inc | 29,058 | |||||
1,479 | RAIT Investment Trust | 3,239 | ||||||
1,201 | Ramco-Gershenson Properties | 15,493 | ||||||
2,010 | Rayonier, Inc | 57,828 | ||||||
349 | Re/Max Holdings, Inc | 19,561 | ||||||
2,208 | Realogy Holdings Corp | 71,650 | ||||||
4,275 | Realty Income Corp | 235,895 | ||||||
2,330 | Regency Centers Corp | 145,951 | ||||||
1,675 | Retail Opportunities Investment Corp | 32,143 | ||||||
3,851 | Retail Properties of America, Inc | 47,021 | ||||||
1,026 | Rexford Industrial Realty, Inc | 28,153 | ||||||
1,906 | RLJ Lodging Trust | 37,872 | ||||||
148 | RMR Group, Inc | 7,200 | ||||||
778 | Ryman Hospitality Properties | 49,800 | ||||||
994 | Sabra Healthcare REIT, Inc | 23,955 | ||||||
177 | Saul Centers, Inc | 10,262 |
84
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,896 | * | SBA Communications Corp | $ | 255,770 | ||||
968 | Select Income REIT | 23,261 | ||||||
3,633 | Senior Housing Properties Trust | 74,259 | ||||||
458 | Seritage Growth Properties | 19,213 | ||||||
4,870 | Simon Property Group, Inc | 787,771 | ||||||
1,551 | SL Green Realty Corp | 164,096 | ||||||
7,580 | Spirit Realty Capital, Inc | 56,168 | ||||||
831 | * | St. Joe Co | 15,581 | |||||
1,388 | * | STAG Industrial, Inc | 38,309 | |||||
2,666 | STORE Capital Corp | 59,852 | ||||||
93 | Stratus Properties, Inc | 2,734 | ||||||
1,590 | Summit Hotel Properties, Inc | 29,654 | ||||||
1,091 | Sun Communities, Inc | 95,670 | ||||||
3,681 | Sunstone Hotel Investors, Inc | 59,338 | ||||||
1,459 | Tanger Factory Outlet Centers, Inc | 37,905 | ||||||
931 | Taubman Centers, Inc | 55,441 | ||||||
224 | * | Tejon Ranch Co | 4,623 | |||||
762 | Terreno Realty Corp | 25,649 | ||||||
721 | Tier REIT, Inc | 13,324 | ||||||
30 | * | Transcontinental Realty Investors, Inc | 807 | |||||
568 | * | Trinity Place Holdings, Inc | 4,038 | |||||
4,118 | UDR, Inc | 160,478 | ||||||
435 | UMH Properties, Inc | 7,417 | ||||||
2,586 | Uniti Group, Inc | 65,012 | ||||||
198 | Universal Health Realty Income Trust | 15,749 | ||||||
1,414 | Urban Edge Properties | 33,554 | ||||||
465 | Urstadt Biddle Properties, Inc (Class A) | 9,207 | ||||||
5,532 | Ventas, Inc | 384,363 | ||||||
15,295 | VEREIT, Inc | 124,501 | ||||||
2,668 | Vornado Realty Trust | 250,525 | ||||||
2,855 | Washington Prime Group, Inc | 23,896 | ||||||
1,207 | Washington REIT | 38,503 | ||||||
1,872 | Weingarten Realty Investors | 56,347 | ||||||
5,720 | Welltower, Inc | 428,142 | ||||||
11,653 | Weyerhaeuser Co | 390,376 | ||||||
550 | Whitestone REIT | 6,738 | ||||||
1,596 | WP Carey, Inc | 105,352 | ||||||
1,682 | Xenia Hotels & Resorts, Inc | 32,580 | ||||||
|
| |||||||
TOTAL REAL ESTATE | 16,120,491 | |||||||
|
| |||||||
RETAILING - 4.9% | ||||||||
426 | * | 1-800-FLOWERS.COM, Inc (Class A) | 4,154 | |||||
988 | Aaron’s, Inc | 38,433 | ||||||
1,069 | Abercrombie & Fitch Co (Class A) | 13,298 | ||||||
1,104 | Advance Auto Parts, Inc | 128,715 | ||||||
6,231 | * | Amazon.com, Inc | 6,031,608 | |||||
2,547 | American Eagle Outfitters, Inc | 30,691 | ||||||
122 | *,e | America’s Car-Mart, Inc | 4,746 | |||||
305 | * | Asbury Automotive Group, Inc | 17,248 | |||||
88 | * | At Home Group, Inc | 2,050 | |||||
1,001 | *,e | Autonation, Inc | 42,202 | |||||
456 | * | AutoZone, Inc | 260,130 | |||||
603 | * | Barnes & Noble Education, Inc | 6,410 |
85
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
965 | Barnes & Noble, Inc | $ | 7,334 | |||||
2,179 | Bed Bath & Beyond, Inc | 66,242 | ||||||
4,134 | Best Buy Co, Inc | 237,002 | ||||||
334 | e | Big 5 Sporting Goods Corp | 4,359 | |||||
744 | Big Lots, Inc | 35,935 | ||||||
176 | * | Boot Barn Holdings, Inc | 1,246 | |||||
442 | e | Buckle, Inc | 7,868 | |||||
165 | * | Build-A-Bear Workshop, Inc | 1,724 | |||||
1,083 | * | Burlington Stores, Inc | 99,625 | |||||
789 | * | Cabela’s, Inc | 46,882 | |||||
639 | Caleres, Inc | 17,751 | ||||||
208 | Camping World Holdings, Inc | 6,417 | ||||||
2,903 | * | Carmax, Inc | 183,063 | |||||
230 | *,e | Carvana Co | 4,708 | |||||
368 | Cato Corp (Class A) | 6,473 | ||||||
2,056 | Chico’s FAS, Inc | 19,368 | ||||||
288 | Children’s Place Retail Stores, Inc | 29,405 | ||||||
243 | Citi Trends, Inc | 5,156 | ||||||
291 | * | Conn’s, Inc | 5,558 | |||||
231 | *,e | Container Store Group, Inc | 1,368 | |||||
680 | Core-Mark Holding Co, Inc | 22,481 | ||||||
1,351 | Dick’s Sporting Goods, Inc | 53,810 | ||||||
236 | e | Dillard’s, Inc (Class A) | 13,615 | |||||
4,311 | Dollar General Corp | 310,780 | ||||||
3,523 | * | Dollar Tree, Inc | 246,328 | |||||
1,032 | DSW, Inc (Class A) | 18,266 | ||||||
144 | *,e | Duluth Holdings, Inc | 2,622 | |||||
1,811 | * | Etsy, Inc | 27,165 | |||||
1,899 | Expedia, Inc | 282,856 | ||||||
1,208 | * | Express Parent LLC | 8,154 | |||||
608 | Finish Line, Inc (Class A) | 8,615 | ||||||
839 | * | Five Below, Inc | 41,421 | |||||
162 | * | Floor & Decor Holdings, Inc | 6,360 | |||||
2,044 | Foot Locker, Inc | 100,728 | ||||||
616 | * | Francesca’s Holdings Corp | 6,739 | |||||
543 | e | Fred’s, Inc (Class A) | 5,012 | |||||
254 | * | FTD Cos, Inc | 5,080 | |||||
142 | * | Gaia, Inc | 1,590 | |||||
1,573 | GameStop Corp (Class A) | 33,993 | ||||||
3,661 | Gap, Inc | 80,505 | ||||||
313 | * | Genesco, Inc | 10,611 | |||||
2,250 | Genuine Parts Co | 208,710 | ||||||
1,054 | e | GNC Holdings, Inc | 8,885 | |||||
324 | Group 1 Automotive, Inc | 20,516 | ||||||
5,389 | * | Groupon, Inc | 20,694 | |||||
904 | Guess?, Inc | 11,553 | ||||||
286 | Haverty Furniture Cos, Inc | 7,179 | ||||||
323 | * | Hibbett Sports, Inc | 6,702 | |||||
18,842 | Home Depot, Inc | 2,890,363 | ||||||
475 | HSN, Inc | 15,152 | ||||||
185 | * | J. Jill, Inc | 2,274 | |||||
4,827 | *,e | JC Penney Co, Inc | 22,446 | |||||
247 | * | Kirkland’s, Inc | 2,539 |
86
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,690 | Kohl’s Corp | $ | 104,022 | |||||
3,738 | L Brands, Inc | 201,441 | ||||||
221 | *,e | Lands’ End, Inc | 3,293 | |||||
837 | * | Liberty Expedia Holdings, Inc | 45,215 | |||||
6,458 | * | Liberty Interactive Corp | 158,479 | |||||
1,108 | * | Liberty TripAdvisor Holdings, Inc | 12,853 | |||||
1,244 | * | Liberty Ventures | 65,049 | |||||
367 | Lithia Motors, Inc (Class A) | 34,582 | ||||||
4,825 | * | LKQ Corp | 158,984 | |||||
13,448 | Lowe’s Companies, Inc | 1,042,623 | ||||||
442 | *,e | Lumber Liquidators, Inc | 11,077 | �� | ||||
4,746 | Macy’s, Inc | 110,297 | ||||||
389 | * | MarineMax, Inc | 7,605 | |||||
1,815 | * | Michaels Cos, Inc | 33,614 | |||||
452 | Monro Muffler, Inc | 18,871 | ||||||
539 | * | Murphy USA, Inc | 39,945 | |||||
6,426 | * | NetFlix, Inc | 960,109 | |||||
1,826 | Nordstrom, Inc | 87,338 | ||||||
463 | Nutri/System, Inc | 24,099 | ||||||
7,986 | Office Depot, Inc | 45,041 | ||||||
742 | * | Ollie’s Bargain Outlet Holdings, Inc | 31,609 | |||||
1,400 | * | O’Reilly Automotive, Inc | 306,236 | |||||
263 | * | Overstock.com, Inc | 4,287 | |||||
419 | * | Party City Holdco, Inc | 6,557 | |||||
554 | Penske Auto Group, Inc | 24,326 | ||||||
306 | e | PetMed Express, Inc | 12,424 | |||||
1,303 | Pier 1 Imports, Inc | 6,763 | ||||||
769 | * | Priceline.com, Inc | 1,438,430 | |||||
699 | e | Rent-A-Center, Inc | 8,192 | |||||
536 | *,e | RH | 34,583 | |||||
6,011 | Ross Stores, Inc | 347,015 | ||||||
2,233 | * | Sally Beauty Holdings, Inc | 45,218 | |||||
660 | * | Select Comfort Corp | 23,423 | |||||
203 | Shoe Carnival, Inc | 4,239 | ||||||
526 | * | Shutterfly, Inc | 24,985 | |||||
1,085 | e | Signet Jewelers Ltd | 68,615 | |||||
297 | Sonic Automotive, Inc (Class A) | 5,777 | ||||||
571 | *,e | Sportsman’s Warehouse Holdings, Inc | 3,083 | |||||
10,025 | Staples, Inc | 100,952 | ||||||
856 | e | Tailored Brands, Inc | 9,553 | |||||
8,657 | Target Corp | 452,675 | ||||||
1,689 | Tiffany & Co | 158,546 | ||||||
528 | Tile Shop Holdings, Inc | 10,903 | ||||||
297 | Tilly’s, Inc | 3,015 | ||||||
10,102 | TJX Companies, Inc | 729,061 | ||||||
2,087 | Tractor Supply Co | 113,136 | ||||||
1,758 | * | TripAdvisor, Inc | 67,156 | |||||
929 | * | Ulta Beauty, Inc | 266,939 | |||||
1,403 | * | Urban Outfitters, Inc | 26,012 | |||||
409 | * | Vitamin Shoppe, Inc | 4,765 | |||||
600 | * | Wayfair, Inc | 46,128 | |||||
258 | West Marine, Inc | 3,315 | ||||||
1,350 | Williams-Sonoma, Inc | 65,475 |
87
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
37 | Winmark Corp | $ | 4,771 | |||||
314 | * | Zumiez, Inc | 3,878 | |||||
|
| |||||||
TOTAL RETAILING | 19,497,492 | |||||||
|
| |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3% | ||||||||
289 | *,e | Acacia Communications, Inc | 11,985 | |||||
617 | * | Advanced Energy Industries, Inc | 39,914 | |||||
12,896 | * | Advanced Micro Devices, Inc | 160,942 | |||||
302 | * | Alpha & Omega Semiconductor Ltd | 5,034 | |||||
507 | *,e | Ambarella, Inc | 24,615 | |||||
1,455 | * | Amkor Technology, Inc | 14,215 | |||||
5,665 | Analog Devices, Inc | 440,737 | ||||||
17,012 | Applied Materials, Inc | 702,766 | ||||||
510 | * | Axcelis Technologies, Inc | 10,684 | |||||
582 | * | AXT, Inc | 3,696 | |||||
6,218 | Broadcom Ltd | 1,449,105 | ||||||
1,076 | Brooks Automation, Inc | 23,338 | ||||||
418 | Cabot Microelectronics Corp | 30,861 | ||||||
1,029 | * | Cavium, Inc | 63,932 | |||||
333 | * | Ceva, Inc | 15,135 | |||||
1,003 | * | Cirrus Logic, Inc | 62,908 | |||||
420 | Cohu, Inc | 6,611 | ||||||
1,538 | * | Cree, Inc | 37,912 | |||||
99 | * | CyberOptics Corp | 2,044 | |||||
5,135 | Cypress Semiconductor Corp | 70,093 | ||||||
584 | * | Diodes, Inc | 14,034 | |||||
338 | * | DSP Group, Inc | 3,921 | |||||
2,131 | * | Entegris, Inc | 46,775 | |||||
1,272 | * | First Solar, Inc | 50,727 | |||||
1,075 | * | Formfactor, Inc | 13,330 | |||||
200 | * | GSI Technology, Inc | 1,572 | |||||
187 | * | Ichor Holdings Ltd | 3,770 | |||||
285 | *,e | Impinj, Inc | 13,865 | |||||
657 | * | Inphi Corp | 22,535 | |||||
2,070 | * | Integrated Device Technology, Inc | 53,385 | |||||
73,917 | Intel Corp | 2,493,959 | ||||||
386 | IXYS Corp | 6,350 | ||||||
2,428 | Kla-Tencor Corp | 222,186 | ||||||
981 | * | Kopin Corp | 3,640 | |||||
2,530 | Lam Research Corp | 357,818 | ||||||
1,895 | * | Lattice Semiconductor Corp | 12,621 | |||||
627 | * | MA-COM Technology Solutions | 34,968 | |||||
6,300 | Marvell Technology Group Ltd | 104,076 | ||||||
4,449 | Maxim Integrated Products, Inc | 199,760 | ||||||
927 | * | MaxLinear, Inc | 25,854 | |||||
3,307 | Microchip Technology, Inc | 255,234 | ||||||
16,400 | * | Micron Technology, Inc | 489,704 | |||||
1,806 | * | Microsemi Corp | 84,521 | |||||
858 | MKS Instruments, Inc | 57,743 | ||||||
620 | Monolithic Power Systems, Inc | 59,768 | ||||||
364 | * | Nanometrics, Inc | 9,206 | |||||
478 | *,e | NeoPhotonics Corp Ltd | 3,690 | |||||
77 | NVE Corp | 5,929 |
88
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
8,913 | NVIDIA Corp | $ | 1,288,463 | |||||
5,219 | * | NXP Semiconductors NV | 571,220 | |||||
6,533 | * | ON Semiconductor Corp | 91,723 | |||||
409 | * | PDF Solutions, Inc | 6,728 | |||||
1,020 | * | Photronics, Inc | 9,588 | |||||
419 | * | Pixelworks, Inc | 1,923 | |||||
446 | Power Integrations, Inc | 32,513 | ||||||
1,982 | * | Qorvo, Inc | 125,500 | |||||
23,162 | Qualcomm, Inc | 1,279,006 | ||||||
1,707 | * | Rambus, Inc | 19,511 | |||||
488 | * | Rudolph Technologies, Inc | 11,151 | |||||
1,008 | * | Semtech Corp | 36,036 | |||||
609 | * | Sigma Designs, Inc | 3,563 | |||||
654 | * | Silicon Laboratories, Inc | 44,701 | |||||
2,897 | Skyworks Solutions, Inc | 277,967 | ||||||
886 | *,e | SunPower Corp | 8,275 | |||||
3,141 | Teradyne, Inc | 94,324 | ||||||
15,755 | Texas Instruments, Inc | 1,212,032 | ||||||
506 | * | Ultra Clean Holdings | 9,488 | |||||
729 | * | Veeco Instruments, Inc | 20,303 | |||||
1,557 | Versum Materials, Inc | 50,603 | ||||||
846 | * | Xcerra Corp | 8,265 | |||||
3,931 | Xilinx, Inc | 252,842 | ||||||
754 | Xperi Corp | 22,469 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 13,305,662 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 12.6% | ||||||||
681 | * | 2U, Inc | 31,953 | |||||
1,358 | * | 8x8, Inc | 19,759 | |||||
754 | * | A10 Networks, Inc | 6,364 | |||||
9,721 | Accenture plc | 1,202,293 | ||||||
1,810 | * | ACI Worldwide, Inc | 40,490 | |||||
11,589 | Activision Blizzard, Inc | 667,179 | ||||||
552 | * | Actua Corp | 7,756 | |||||
1,208 | * | Acxiom Corp | 31,384 | |||||
7,688 | * | Adobe Systems, Inc | 1,087,391 | |||||
2,666 | * | Akamai Technologies, Inc | 132,793 | |||||
318 | * | Alarm.com Holdings, Inc | 11,966 | |||||
764 | Alliance Data Systems Corp | 196,111 | ||||||
4,652 | * | Alphabet, Inc (Class A) | 4,324,871 | |||||
4,738 | * | Alphabet, Inc (Class C) | 4,305,563 | |||||
146 | *,e | Alteryx, Inc | 2,850 | |||||
273 | * | Amber Road, Inc | 2,340 | |||||
2,323 | Amdocs Ltd | 149,741 | ||||||
370 | * | American Software, Inc (Class A) | 3,807 | |||||
617 | * | Angie’s List, Inc | 7,891 | |||||
1,355 | * | Ansys, Inc | 164,876 | |||||
116 | * | Appfolio, Inc | 3,782 | |||||
272 | * | Apptio, Inc | 4,719 | |||||
1,169 | * | Aspen Technology, Inc | 64,599 | |||||
1,143 | * | Atlassian Corp plc | 40,211 | |||||
3,250 | * | Autodesk, Inc | 327,665 | |||||
7,015 | Automatic Data Processing, Inc | 718,757 |
89
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
727 | * | Bankrate, Inc | $ | 9,342 | ||||
395 | * | Barracuda Networks, Inc | 9,109 | |||||
1,241 | * | Bazaarvoice, Inc | 6,143 | |||||
245 | *,e | Benefitfocus, Inc | 8,906 | |||||
448 | * | Black Knight Financial Services, Inc | 18,346 | |||||
741 | Blackbaud, Inc | 63,541 | ||||||
841 | * | Blackhawk Network Holdings, Inc | 36,668 | |||||
173 | * | Blackline, Inc | 6,183 | |||||
637 | * | Blucora, Inc | 13,504 | |||||
2,283 | Booz Allen Hamilton Holding Co | 74,289 | ||||||
626 | * | Bottomline Technologies, Inc | 16,082 | |||||
1,225 | * | Box, Inc | 22,344 | |||||
460 | * | Brightcove, Inc | 2,852 | |||||
1,810 | Broadridge Financial Solutions, Inc | 136,764 | ||||||
480 | * | BroadSoft, Inc | 20,664 | |||||
4,577 | CA, Inc | 157,769 | ||||||
379 | * | CACI International, Inc (Class A) | 47,394 | |||||
4,408 | * | Cadence Design Systems, Inc | 147,624 | |||||
998 | * | Callidus Software, Inc | 24,152 | |||||
391 | * | Carbonite, Inc | 8,524 | |||||
236 | *,e | CardConnect Corp | 3,552 | |||||
708 | * | Cardtronics plc | 23,265 | |||||
253 | * | Care.com, Inc | 3,820 | |||||
1,131 | * | Cars.com, Inc | 30,119 | |||||
169 | Cass Information Systems, Inc | 11,093 | ||||||
2,114 | CDK Global, Inc | 131,195 | ||||||
378 | * | ChannelAdvisor Corp | 4,366 | |||||
390 | *,e | Cimpress NV | 36,867 | |||||
2,391 | * | Citrix Systems, Inc | 190,276 | |||||
206 | *,e | Cloudera, Inc | 3,300 | |||||
9,163 | Cognizant Technology Solutions Corp (Class A) | 608,423 | ||||||
462 | * | CommerceHub, Inc | 8,057 | |||||
207 | * | CommerceHub, Inc (Series A) | 3,606 | |||||
606 | * | Commvault Systems, Inc | 34,209 | |||||
3,045 | * | Conduent, Inc | 48,537 | |||||
1,462 | Convergys Corp | 34,766 | ||||||
807 | * | Cornerstone OnDemand, Inc | 28,850 | |||||
503 | * | CoStar Group, Inc | 132,591 | |||||
464 | * | Coupa Software, Inc | 13,447 | |||||
520 | CSG Systems International, Inc | 21,102 | ||||||
2,529 | CSRA, Inc | 80,296 | ||||||
3,211 | * | Dell Technologies, Inc-VMware Inc | 196,224 | |||||
789 | * | DHI Group, Inc | 2,249 | |||||
157 | *,e | Digimarc Corp | 6,304 | |||||
958 | DST Systems, Inc | 59,109 | ||||||
4,447 | * | DXC Technology Co | 341,174 | |||||
15,868 | * | eBay, Inc | 554,111 | |||||
387 | e | Ebix, Inc | 20,859 | |||||
4,697 | * | Electronic Arts, Inc | 496,567 | |||||
527 | * | Ellie Mae, Inc | 57,923 | |||||
895 | * | Endurance International Group Holdings, Inc | 7,473 | |||||
382 | * | EnerNOC, Inc | 2,960 | |||||
665 | * | Envestnet, Inc | 26,334 |
90
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
764 | * | EPAM Systems, Inc | $ | 64,245 | ||||
781 | * | Euronet Worldwide, Inc | 68,236 | |||||
271 | * | Everbridge, Inc | 6,602 | |||||
989 | * | Everi Holdings, Inc | 7,200 | |||||
941 | EVERTEC, Inc | 16,279 | ||||||
203 | * | EXA Corp | 2,801 | |||||
511 | * | ExlService Holdings, Inc | 28,401 | |||||
36,601 | * | Facebook, Inc | 5,526,019 | |||||
486 | Fair Isaac Corp | 67,753 | ||||||
5,114 | Fidelity National Information Services, Inc | 436,736 | ||||||
2,753 | * | FireEye, Inc | 41,873 | |||||
1,318 | * | First American Corp | 57,175 | |||||
5,779 | * | First Data Corp | 105,178 | |||||
3,378 | * | Fiserv, Inc | 413,264 | |||||
812 | * | Five9, Inc | 17,474 | |||||
1,436 | * | FleetCor Technologies, Inc | 207,086 | |||||
178 | Forrester Research, Inc | 6,969 | ||||||
2,302 | * | Fortinet, Inc | 86,187 | |||||
1,373 | * | Gartner, Inc | 169,579 | |||||
2,241 | Genpact Ltd | 62,367 | ||||||
560 | * | Gigamon, Inc | 22,036 | |||||
2,375 | Global Payments, Inc | 214,510 | ||||||
117 | * | Global Sources Ltd | 2,340 | |||||
1,606 | * | Glu Mobile, Inc | 4,015 | |||||
1,226 | * | GoDaddy, Inc | 52,007 | |||||
890 | *,e | Gogo, Inc | 10,262 | |||||
1,334 | * | GrubHub, Inc | 58,162 | |||||
477 | * | GTT Communications, Inc | 15,097 | |||||
357 | * | Guidance Software, Inc | 2,360 | |||||
1,159 | * | Guidewire Software, Inc | 79,635 | |||||
450 | Hackett Group, Inc | 6,975 | ||||||
751 | * | Hortonworks, Inc | 9,673 | |||||
502 | * | HubSpot, Inc | 33,006 | |||||
1,101 | * | IAC/InterActiveCorp | 113,667 | |||||
524 | * | Imperva, Inc | 25,073 | |||||
513 | * | Information Services Group, Inc | 2,108 | |||||
66 | *,e | Inspired Entertainment, Inc | 858 | |||||
330 | * | Instructure, Inc | 9,735 | |||||
1,276 | * | Internap Network Services Corp | 4,683 | |||||
13,471 | International Business Machines Corp | 2,072,244 | ||||||
3,810 | Intuit, Inc | 506,006 | ||||||
736 | j2 Global, Inc | 62,626 | ||||||
1,251 | Jack Henry & Associates, Inc | 129,941 | ||||||
198 | * | Leaf Group Ltd | 1,544 | |||||
2,223 | Leidos Holdings, Inc | 114,907 | ||||||
1,126 | * | Limelight Networks, Inc | 3,254 | |||||
325 | * | Liquidity Services, Inc | 2,064 | |||||
827 | * | Liveperson, Inc | 9,097 | |||||
811 | LogMeIn, Inc | 84,749 | ||||||
1,102 | * | Manhattan Associates, Inc | 52,962 | |||||
349 | Mantech International Corp (Class A) | 14,442 | ||||||
14,769 | MasterCard, Inc (Class A) | 1,793,695 | ||||||
565 | *,e | Match Group, Inc | 9,820 |
91
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,014 | MAXIMUS, Inc | $ | 63,507 | |||||
1,034 | * | Meet Group, Inc | 5,222 | |||||
117,620 | Microsoft Corp | 8,107,547 | ||||||
147 | * | MicroStrategy, Inc (Class A) | 28,175 | |||||
573 | * | MINDBODY, Inc | 15,586 | |||||
467 | * | Mitek Systems, Inc | 3,923 | |||||
872 | * | MobileIron, Inc | 5,276 | |||||
351 | * | Model N, Inc | 4,668 | |||||
445 | * | MoneyGram International, Inc | 7,676 | |||||
644 | Monotype Imaging Holdings, Inc | 11,785 | ||||||
228 | * | MuleSoft, Inc | 5,686 | |||||
117 | NCI, Inc (Class A) | 2,469 | ||||||
863 | * | NeuStar, Inc (Class A) | 28,781 | |||||
458 | * | New Relic, Inc | 19,699 | |||||
1,004 | NIC, Inc | 19,026 | ||||||
4,492 | * | Nuance Communications, Inc | 78,206 | |||||
542 | *,e | Nutanix, Inc | 10,921 | |||||
178 | * | Okta, Inc | 4,058 | |||||
218 | *,e | Ominto, Inc | 3,324 | |||||
45,087 | Oracle Corp | 2,260,662 | ||||||
3,551 | *,e | Pandora Media, Inc | 31,675 | |||||
202 | *,e | Park City Group, Inc | 2,454 | |||||
5,152 | Paychex, Inc | 293,355 | ||||||
764 | * | Paycom Software, Inc | 52,265 | |||||
401 | * | Paylocity Holding Corp | 18,117 | |||||
17,748 | * | PayPal Holdings, Inc | 952,535 | |||||
570 | Pegasystems, Inc | 33,259 | ||||||
509 | * | Perficient, Inc | 9,488 | |||||
637 | * | Planet Payment, Inc | 2,102 | |||||
307 | * | Presidio, Inc | 4,393 | |||||
766 | Progress Software Corp | 23,662 | ||||||
666 | * | Proofpoint, Inc | 57,829 | |||||
410 | * | PROS Holdings, Inc | 11,230 | |||||
1,796 | * | PTC, Inc | 98,995 | |||||
483 | * | Q2 Holdings, Inc | 17,847 | |||||
144 | QAD, Inc (Class A) | 4,615 | ||||||
485 | * | Qualys, Inc | 19,788 | |||||
583 | * | QuinStreet, Inc | 2,431 | |||||
1,155 | * | Quotient Technology, Inc | 13,282 | |||||
302 | * | Rapid7, Inc | 5,083 | |||||
299 | * | RealNetworks, Inc | 1,295 | |||||
914 | * | RealPage, Inc | 32,858 | |||||
2,796 | * | Red Hat, Inc | 267,717 | |||||
138 | Reis, Inc | 2,932 | ||||||
187 | * | Rightside Group Ltd | 1,986 | |||||
973 | * | RingCentral, Inc | 35,563 | |||||
584 | * | Rocket Fuel, Inc | 1,606 | |||||
279 | * | Rosetta Stone, Inc | 3,008 | |||||
709 | * | Rubicon Project, Inc | 3,644 | |||||
3,264 | Sabre Corp | 71,057 | ||||||
10,596 | * | salesforce.com, Inc | 917,614 | |||||
682 | Science Applications International Corp | 47,344 | ||||||
96 | * | SecureWorks Corp | 892 |
92
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
2,616 | * | ServiceNow, Inc | $ | 277,296 | ||||
1,229 | * | ServiceSource International LLC | 4,768 | |||||
309 | * | Shutterstock, Inc | 13,621 | |||||
710 | * | Silver Spring Networks, Inc | 8,009 | |||||
2,155 | * | Splunk, Inc | 122,598 | |||||
256 | * | SPS Commerce, Inc | 16,323 | |||||
3,467 | * | Square, Inc | 81,336 | |||||
2,690 | SS&C Technologies Holdings, Inc | 103,323 | ||||||
252 | * | Stamps.com, Inc | 39,028 | |||||
141 | * | StarTek, Inc | 1,726 | |||||
605 | * | Sykes Enterprises, Inc | 20,286 | |||||
9,669 | Symantec Corp | 273,149 | ||||||
630 | * | Synchronoss Technologies, Inc | 10,363 | |||||
2,399 | * | Synopsys, Inc | 174,959 | |||||
543 | Syntel, Inc | 9,209 | ||||||
937 | * | Tableau Software, Inc | 57,410 | |||||
1,553 | * | Take-Two Interactive Software, Inc | 113,959 | |||||
317 | * | TechTarget, Inc | 3,287 | |||||
485 | * | TeleNav, Inc | 3,928 | |||||
235 | TeleTech Holdings, Inc | 9,588 | ||||||
2,058 | * | Teradata Corp | 60,690 | |||||
1,823 | TiVo Corp | 33,999 | ||||||
2,840 | Total System Services, Inc | 165,430 | ||||||
267 | * | Trade Desk, Inc | 13,379 | |||||
1,927 | Travelport Worldwide Ltd | 26,515 | ||||||
963 | * | TrueCar, Inc | 19,193 | |||||
143 | *,e | Tucows, Inc | 7,650 | |||||
972 | *,e | Twilio, Inc | 28,295 | |||||
10,458 | * | Twitter, Inc | 186,884 | |||||
539 | * | Tyler Technologies, Inc | 94,686 | |||||
444 | * | Ultimate Software Group, Inc | 93,267 | |||||
769 | *,e | Unisys Corp | 9,843 | |||||
106 | * | Upland Software, Inc | 2,331 | |||||
2,511 | * | Vantiv, Inc | 159,047 | |||||
297 | * | Varonis Systems, Inc | 11,048 | |||||
469 | * | Vasco Data Security International | 6,730 | |||||
1,007 | * | Verint Systems, Inc | 40,985 | |||||
1,404 | * | VeriSign, Inc | 130,516 | |||||
766 | *,e | VirnetX Holding Corp | 3,485 | |||||
427 | * | Virtusa Corp | 12,554 | |||||
29,100 | Visa, Inc (Class A) | 2,728,998 | ||||||
1,135 | *,e | VMware, Inc (Class A) | 99,233 | |||||
575 | * | WebMD Health Corp (Class A) | 33,724 | |||||
623 | * | Website Pros, Inc | 15,762 | |||||
7,633 | Western Union Co | 145,409 | ||||||
613 | * | WEX, Inc | 63,917 | |||||
2,039 | * | Workday, Inc | 197,783 | |||||
379 | * | Workiva, Inc | 7,220 | |||||
407 | * | Xactly Corp | 6,370 | |||||
376 | * | XO Group, Inc | 6,625 | |||||
1,209 | * | Yelp, Inc | 36,294 | |||||
181 | *,e | Yext, Inc | 2,413 | |||||
1,505 | * | Zendesk, Inc | 41,809 |
93
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
820 | * | Zillow Group, Inc | $ | 40,049 | ||||
1,605 | * | Zillow Group, Inc (Class C) | 78,661 | |||||
803 | * | Zix Corp | 4,569 | |||||
11,803 | * | Zynga, Inc | 42,963 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 50,255,922 | |||||||
|
| |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 5.2% | ||||||||
1,699 | *,e | 3D Systems Corp | 31,771 | |||||
806 | Adtran, Inc | 16,644 | ||||||
513 | * | Aerohive Networks, Inc | 2,565 | |||||
400 | * | Agilysys, Inc | 4,048 | |||||
141 | *,e | Akoustis Technologies, Inc | 1,232 | |||||
4,781 | Amphenol Corp (Class A) | 352,933 | ||||||
430 | * | Anixter International, Inc | 33,626 | |||||
81,822 | Apple, Inc | 11,784,004 | ||||||
285 | *,e | Applied Optoelectronics, Inc | 17,610 | |||||
825 | * | Arista Networks, Inc | 123,577 | |||||
2,818 | * | ARRIS International plc | 78,960 | |||||
1,383 | * | Arrow Electronics, Inc | 108,455 | |||||
470 | * | Avid Technology, Inc | 2,472 | |||||
1,997 | Avnet, Inc | 77,643 | ||||||
720 | AVX Corp | 11,765 | ||||||
438 | Badger Meter, Inc | 17,454 | ||||||
144 | Bel Fuse, Inc (Class B) | 3,557 | ||||||
636 | Belden CDT, Inc | 47,974 | ||||||
773 | * | Benchmark Electronics, Inc | 24,968 | |||||
6,353 | Brocade Communications Systems, Inc | 80,111 | ||||||
528 | * | CalAmp Corp | 10,734 | |||||
643 | * | Calix, Inc | 4,405 | |||||
2,397 | CDW Corp | 149,884 | ||||||
2,191 | * | Ciena Corp | 54,819 | |||||
78,605 | Cisco Systems, Inc | 2,460,337 | ||||||
153 | * | Clearfield, Inc | 2,020 | |||||
1,299 | Cognex Corp | 110,285 | ||||||
382 | * | Coherent, Inc | 85,946 | |||||
2,887 | * | CommScope Holding Co, Inc | 109,793 | |||||
356 | Comtech Telecommunications Corp | 6,753 | ||||||
375 | * | Control4 Corp | 7,354 | |||||
14,201 | Corning, Inc | 426,740 | ||||||
351 | e | CPI Card Group, Inc | 1,000 | |||||
622 | * | Cray, Inc | 11,445 | |||||
485 | CTS Corp | 10,476 | ||||||
548 | Daktronics, Inc | 5,277 | ||||||
1,043 | Diebold, Inc | 29,204 | ||||||
400 | * | Digi International, Inc | 4,060 | |||||
856 | Dolby Laboratories, Inc (Class A) | 41,910 | ||||||
250 | * | Eastman Kodak Co | 2,275 | |||||
740 | * | EchoStar Corp (Class A) | 44,918 | |||||
447 | * | Electro Scientific Industries, Inc | 3,683 | |||||
717 | * | Electronics for Imaging, Inc | 33,971 | |||||
381 | EMCORE Corp | 4,058 | ||||||
202 | * | ePlus, Inc | 14,968 | |||||
1,698 | * | Extreme Networks, Inc | 15,656 |
94
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,020 | * | F5 Networks, Inc | $ | 129,601 | ||||
561 | * | Fabrinet | 23,932 | |||||
256 | * | FARO Technologies, Inc | 9,677 | |||||
1,732 | * | Finisar Corp | 44,997 | |||||
2,680 | *,e | Fitbit, Inc | 14,231 | |||||
2,126 | Flir Systems, Inc | 73,687 | ||||||
1,256 | * | Harmonic, Inc | 6,594 | |||||
1,906 | Harris Corp | 207,907 | ||||||
25,987 | Hewlett Packard Enterprise Co | 431,124 | ||||||
26,686 | HP, Inc | 466,471 | ||||||
909 | * | II-VI, Inc | 31,179 | |||||
400 | * | Immersion Corp | 3,632 | |||||
2,249 | * | Infinera Corp | 23,997 | |||||
554 | * | Insight Enterprises, Inc | 22,154 | |||||
539 | InterDigital, Inc | 41,665 | ||||||
294 | * | Intevac, Inc | 3,263 | |||||
563 | * | IPG Photonics Corp | 81,691 | |||||
397 | * | Iteris, Inc | 2,469 | |||||
536 | * | Itron, Inc | 36,314 | |||||
2,790 | Jabil Circuit, Inc | 81,440 | ||||||
5,844 | Juniper Networks, Inc | 162,931 | ||||||
700 | * | Kemet Corp | 8,960 | |||||
2,888 | * | Keysight Technologies, Inc | 112,430 | |||||
411 | * | Kimball Electronics, Inc | 7,419 | |||||
1,352 | * | Knowles Corp | 22,876 | |||||
254 | * | KVH Industries, Inc | 2,413 | |||||
350 | Littelfuse, Inc | 57,750 | ||||||
950 | * | Lumentum Holdings, Inc | 54,198 | |||||
509 | * | Maxwell Technologies, Inc | 3,049 | |||||
49 | Mesa Laboratories, Inc | 7,022 | ||||||
569 | Methode Electronics, Inc | 23,443 | ||||||
1,025 | *,e | Microvision, Inc | 2,173 | |||||
2,561 | Motorola, Inc | 222,141 | ||||||
261 | MTS Systems Corp | 13,520 | ||||||
171 | * | Napco Security Technologies, Inc | 1,607 | |||||
1,665 | National Instruments Corp | 66,966 | ||||||
1,908 | * | NCR Corp | 77,923 | |||||
4,267 | NetApp, Inc | 170,893 | ||||||
505 | * | Netgear, Inc | 21,766 | |||||
1,389 | * | Netscout Systems, Inc | 47,782 | |||||
497 | * | Novanta, Inc | 17,892 | |||||
2,605 | *,e | Oclaro, Inc | 24,331 | |||||
280 | * | OSI Systems, Inc | 21,042 | |||||
1,393 | * | Palo Alto Networks, Inc | 186,397 | |||||
291 | Park Electrochemical Corp | 5,360 | ||||||
196 | PC Connection, Inc | 5,304 | ||||||
150 | * | PC Mall, Inc | 2,813 | |||||
526 | Plantronics, Inc | 27,515 | ||||||
521 | * | Plexus Corp | 27,389 | |||||
1,450 | * | Pure Storage, Inc | 18,575 | |||||
326 | * | Quantenna Communications, Inc | 6,194 | |||||
437 | * | Quantum Corp | 3,413 | |||||
553 | * | Radisys Corp | 2,079 |
95
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
281 | * | Rogers Corp | $ | 30,522 | ||||
1,157 | * | Sanmina Corp | 44,082 | |||||
381 | * | Scansource, Inc | 15,354 | |||||
1,028 | * | ShoreTel, Inc | 5,962 | |||||
704 | * | Sonus Networks, Inc | 5,238 | |||||
776 | * | Stratasys Ltd | 18,089 | |||||
589 | * | Super Micro Computer, Inc | 14,519 | |||||
548 | * | Synaptics, Inc | 28,337 | |||||
461 | SYNNEX Corp | 55,302 | ||||||
187 | Systemax, Inc | 3,516 | ||||||
545 | * | Tech Data Corp | 55,045 | |||||
3,952 | * | Trimble Navigation Ltd | 140,968 | |||||
1,439 | * | TTM Technologies, Inc | 24,981 | |||||
362 | *,e | Ubiquiti Networks, Inc | 18,813 | |||||
652 | Universal Display Corp | 71,231 | ||||||
591 | * | USA Technologies, Inc | 3,073 | |||||
1,742 | * | VeriFone Systems, Inc | 31,530 | |||||
830 | * | Viasat, Inc | 54,946 | |||||
3,584 | * | Viavi Solutions, Inc | 37,740 | |||||
2,099 | Vishay Intertechnology, Inc | 34,843 | ||||||
161 | * | Vishay Precision Group, Inc | 2,785 | |||||
4,521 | Western Digital Corp | 400,561 | ||||||
3,647 | Xerox Corp | 104,778 | ||||||
819 | * | Zebra Technologies Corp (Class A) | 82,326 | |||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 20,929,472 | |||||||
|
| |||||||
TELECOMMUNICATION SERVICES - 1.9% | ||||||||
96,473 | AT&T, Inc | 3,639,926 | ||||||
110 | ATN International, Inc | 7,528 | ||||||
542 | * | Boingo Wireless, Inc | 8,108 | |||||
8,452 | e | CenturyLink, Inc | 201,834 | |||||
645 | * | Cincinnati Bell, Inc | 12,610 | |||||
635 | Cogent Communications Group, Inc | 25,464 | ||||||
800 | e | Consolidated Communications Holdings, Inc | 17,176 | |||||
362 | * | Fairpoint Communications, Inc | 5,665 | |||||
18,484 | e | Frontier Communications Corp | 21,441 | |||||
422 | * | General Communication, Inc (Class A) | 15,462 | |||||
6,815 | *,e | Globalstar, Inc | 14,516 | |||||
126 | * | Hawaiian Telcom Holdco, Inc | 3,149 | |||||
263 | IDT Corp (Class B) | 3,779 | ||||||
509 | * | Intelsat S.A. | 1,558 | |||||
1,269 | *,e | Iridium Communications, Inc | 14,022 | |||||
4,626 | * | Level 3 Communications, Inc | 274,322 | |||||
323 | * | Lumos Networks Corp | 5,772 | |||||
259 | * | Ooma, Inc | 2,072 | |||||
1,000 | * | Orbcomm, Inc | 11,300 | |||||
184 | *,e | pdvWireless, Inc | 4,287 | |||||
728 | Shenandoah Telecom Co | 22,350 | ||||||
309 | Spok Holdings, Inc | 5,469 | ||||||
9,867 | * | Sprint Corp | 81,008 | |||||
135 | * | Straight Path Communications, Inc | 24,253 | |||||
1,512 | Telephone & Data Systems, Inc | 41,958 | ||||||
4,607 | * | T-Mobile US, Inc | 279,276 |
96
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
247 | * | US Cellular Corp | $ | 9,465 | ||||
64,047 | Verizon Communications, Inc | 2,860,339 | ||||||
3,101 | * | Vonage Holdings Corp | 20,281 | |||||
2,934 | e | Windstream Holdings, Inc | 11,384 | |||||
2,891 | * | Zayo Group Holdings, Inc | 89,332 | |||||
|
| |||||||
TOTAL TELECOMMUNICATION SERVICES | 7,735,106 | |||||||
|
| |||||||
TRANSPORTATION - 2.1% | ||||||||
818 | * | Air Transport Services Group, Inc | 17,816 | |||||
1,881 | Alaska Air Group, Inc | 168,839 | ||||||
203 | Allegiant Travel Co | 27,527 | ||||||
79 | Amerco, Inc | 28,919 | ||||||
6,977 | American Airlines Group, Inc | 351,083 | ||||||
378 | Arkansas Best Corp | 7,787 | ||||||
363 | * | Atlas Air Worldwide Holdings, Inc | 18,930 | |||||
1,171 | * | Avis Budget Group, Inc | 31,933 | |||||
2,198 | CH Robinson Worldwide, Inc | 150,959 | ||||||
480 | Copa Holdings S.A. (Class A) | 56,160 | ||||||
542 | Costamare, Inc | 3,962 | ||||||
185 | * | Covenant Transportation Group, Inc | 3,243 | |||||
13,790 | CSX Corp | 752,382 | ||||||
306 | * | Daseke, Inc | 3,406 | |||||
10,586 | Delta Air Lines, Inc | 568,892 | ||||||
609 | * | Eagle Bulk Shipping, Inc | 2,881 | |||||
427 | * | Echo Global Logistics, Inc | 8,497 | |||||
2,803 | Expeditors International of Washington, Inc | 158,313 | ||||||
3,880 | FedEx Corp | 843,240 | ||||||
466 | Forward Air Corp | 24,829 | ||||||
127 | * | Genco Shipping & Trading Ltd | 1,203 | |||||
955 | * | Genesee & Wyoming, Inc (Class A) | 65,312 | |||||
828 | * | Hawaiian Holdings, Inc | 38,875 | |||||
728 | Heartland Express, Inc | 15,157 | ||||||
866 | *,e | Hertz Global Holdings, Inc | 9,959 | |||||
505 | * | Hub Group, Inc (Class A) | 19,367 | |||||
1,355 | J.B. Hunt Transport Services, Inc | 123,820 | ||||||
5,119 | * | JetBlue Airways Corp | 116,867 | |||||
1,654 | Kansas City Southern Industries, Inc | 173,091 | ||||||
834 | * | Kirby Corp | 55,753 | |||||
1,137 | Knight Transportation, Inc | 42,126 | ||||||
719 | Landstar System, Inc | 61,546 | ||||||
1,216 | Macquarie Infrastructure Co LLC | 95,334 | ||||||
319 | Marten Transport Ltd | 8,741 | ||||||
668 | Matson, Inc | 20,067 | ||||||
1,552 | * | Navios Maritime Holdings, Inc | 2,126 | |||||
4,537 | Norfolk Southern Corp | 552,153 | ||||||
956 | Old Dominion Freight Line | 91,049 | ||||||
124 | Park-Ohio Holdings Corp | 4,724 | ||||||
580 | * | Radiant Logistics, Inc | 3,120 | |||||
411 | * | Roadrunner Transportation Services Holdings, Inc | 2,988 | |||||
834 | Ryder System, Inc | 60,031 | ||||||
719 | * | Safe Bulkers, Inc | 1,647 | |||||
390 | * | Saia, Inc | 20,007 | |||||
401 | Schneider National, Inc | 8,970 |
97
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
934 | * | Scorpio Bulkers, Inc | $ | 6,631 | ||||
751 | Skywest, Inc | 26,360 | ||||||
8,801 | Southwest Airlines Co | 546,894 | ||||||
1,133 | * | Spirit Airlines, Inc | 58,519 | |||||
1,199 | * | Swift Transportation Co, Inc | 31,774 | |||||
12,667 | Union Pacific Corp | 1,379,562 | ||||||
4,403 | * | United Continental Holdings, Inc | 331,326 | |||||
10,814 | United Parcel Service, Inc (Class B) | 1,195,920 | ||||||
122 | Universal Truckload Services, Inc | 1,830 | ||||||
701 | Werner Enterprises, Inc | 20,574 | ||||||
1,715 | * | XPO Logistics, Inc | 110,840 | |||||
521 | * | YRC Worldwide, Inc | 5,794 | |||||
|
| |||||||
TOTAL TRANSPORTATION | 8,539,655 | |||||||
|
| |||||||
UTILITIES - 3.1% | ||||||||
10,340 | AES Corp | 114,877 | ||||||
892 | Allete, Inc | 63,939 | ||||||
3,565 | Alliant Energy Corp | 143,206 | ||||||
3,776 | Ameren Corp | 206,434 | ||||||
7,732 | American Electric Power Co, Inc | 537,142 | ||||||
561 | American States Water Co | 26,597 | ||||||
2,765 | American Water Works Co, Inc | 215,532 | ||||||
2,787 | Aqua America, Inc | 92,807 | ||||||
177 | * | AquaVenture Holdings Ltd | 2,696 | |||||
111 | Artesian Resources Corp | 4,178 | ||||||
1,866 | * | Atlantic Power Corp | 4,478 | |||||
1,638 | Atmos Energy Corp | 135,872 | ||||||
895 | Avangrid, Inc | 39,514 | ||||||
1,041 | Avista Corp | 44,201 | ||||||
832 | Black Hills Corp | 56,135 | ||||||
324 | * | Cadiz, Inc | 4,374 | |||||
742 | California Water Service Group | 27,306 | ||||||
5,615 | * | Calpine Corp | 75,971 | |||||
6,767 | Centerpoint Energy, Inc | 185,280 | ||||||
244 | Chesapeake Utilities Corp | 18,288 | ||||||
4,375 | CMS Energy Corp | 202,344 | ||||||
165 | Connecticut Water Service, Inc | 9,159 | ||||||
4,796 | Consolidated Edison, Inc | 387,613 | ||||||
213 | Consolidated Water Co, Inc | 2,641 | ||||||
102 | Delta Natural Gas Co, Inc | 3,108 | ||||||
9,695 | Dominion Resources, Inc | 742,928 | ||||||
2,733 | DTE Energy Co | 289,124 | ||||||
10,984 | Duke Energy Corp | 918,153 | ||||||
1,845 | * | Dynegy, Inc | 15,258 | |||||
4,924 | Edison International | 385,008 | ||||||
667 | El Paso Electric Co | 34,484 | ||||||
2,813 | Entergy Corp | 215,954 | ||||||
4,939 | Eversource Energy | 299,847 | ||||||
14,510 | Exelon Corp | 523,376 | ||||||
6,954 | FirstEnergy Corp | 202,779 | ||||||
182 | Genie Energy Ltd | 1,387 | ||||||
133 | Global Water Resources, Inc | 1,317 | ||||||
3,467 | Great Plains Energy, Inc | 101,514 |
98
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
1,875 | Hawaiian Electric Industries, Inc | $ | 60,712 | |||||
870 | Idacorp, Inc | 74,254 | ||||||
2,961 | MDU Resources Group, Inc | 77,578 | ||||||
640 | MGE Energy, Inc | 41,184 | ||||||
240 | Middlesex Water Co | 9,504 | ||||||
1,172 | National Fuel Gas Co | 65,444 | ||||||
1,312 | New Jersey Resources Corp | 52,086 | ||||||
7,332 | NextEra Energy, Inc | 1,027,433 | ||||||
4,785 | NiSource, Inc | 121,348 | ||||||
445 | Northwest Natural Gas Co | 26,633 | ||||||
871 | NorthWestern Corp | 53,148 | ||||||
4,799 | NRG Energy, Inc | 82,639 | ||||||
535 | NRG Yield, Inc (Class A) | 9,127 | ||||||
981 | NRG Yield, Inc (Class C) | 17,266 | ||||||
3,173 | OGE Energy Corp | 110,389 | ||||||
811 | ONE Gas, Inc | 56,616 | ||||||
751 | Ormat Technologies, Inc | 44,069 | ||||||
743 | Otter Tail Corp | 29,423 | ||||||
1,257 | Pattern Energy Group, Inc | 29,967 | ||||||
7,814 | PG&E Corp | 518,615 | ||||||
1,744 | Pinnacle West Capital Corp | 148,519 | ||||||
1,320 | PNM Resources, Inc | 50,490 | ||||||
1,479 | Portland General Electric Co | 67,575 | ||||||
10,731 | PPL Corp | 414,860 | ||||||
7,920 | Public Service Enterprise Group, Inc | 340,639 | ||||||
250 | * | Pure Cycle Corp | 1,937 | |||||
105 | *,e | RGC Resources, Inc | 2,975 | |||||
1,942 | SCANA Corp | 130,133 | ||||||
3,883 | Sempra Energy | 437,808 | ||||||
254 | SJW Corp | 12,492 | ||||||
1,236 | South Jersey Industries, Inc | 42,234 | ||||||
15,300 | Southern Co | 732,564 | ||||||
699 | Southwest Gas Corp | 51,069 | ||||||
172 | e | Spark Energy, Inc | 3,234 | |||||
732 | Spire, Inc | 51,057 | ||||||
1,539 | TerraForm Global, Inc | 7,772 | ||||||
1,278 | TerraForm Power, Inc | 15,336 | ||||||
2,656 | UGI Corp | 128,577 | ||||||
217 | Unitil Corp | 10,483 | ||||||
1,461 | Vectren Corp | 85,381 | ||||||
3,786 | Vistra Energy Corp | 63,567 | ||||||
557 | *,e | Vivint Solar, Inc | 3,258 | |||||
4,947 | WEC Energy Group, Inc | 303,647 | ||||||
2,248 | Westar Energy, Inc | 119,189 | ||||||
793 | WGL Holdings, Inc | 66,160 | ||||||
7,913 | Xcel Energy, Inc | 363,048 | ||||||
203 | York Water Co | 7,075 | ||||||
|
| |||||||
TOTAL UTILITIES | 12,503,335 | |||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $206,655,944) | 396,439,311 | |||||||
|
|
99
TIAA-CREF LIFE FUNDS - Stock Index Fund
SHARES | COMPANY | VALUE | ||||||
RIGHTS / WARRANTS - 0.0% | ||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | ||||||||
118 | m | Forest Laboratories, Inc CVR | $ | 112 | ||||
|
| |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 112 | |||||||
|
| |||||||
SOFTWARE & SERVICES - 0.0% | ||||||||
299 | m | Gerber Scientific, Inc | 0 | |||||
|
| |||||||
TOTAL SOFTWARE & SERVICES | 0 | |||||||
|
| |||||||
TOTAL RIGHTS / WARRANTS (Cost $7) | 112 | |||||||
|
|
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 2.1% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 1.4% | ||||||||||||||||
$5,450,000 | Federal Home Loan Bank (FHLB) | 0.650 | % | 07/03/17 | 5,450,000 | |||||||||||
|
| |||||||||||||||
5,450,000 | ||||||||||||||||
|
|
SHARES | COMPANY | |||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7% | ||||||||
2,965,503 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 2,965,503 | |||||
|
| |||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 2,965,503 | |||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $8,415,306) | 8,415,503 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.6% (Cost $215,071,257) | 404,854,926 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.6)% | (2,580,405 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 402,274,521 | ||||||
|
|
Abbreviation(s):
REIT | Real Estate Investment Trust |
SPDR | Standard & Poor’s Depository Receipts |
* | Non-income producing |
b | In bankruptcy |
c | Investments made with cash collateral received from securities on loan. |
d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,869,437. |
m | Indicates a security that has been deemed illiquid. |
100
TIAA-CREF LIFE FUNDS - International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
SHARES | COMPANY | VALUE | ||||||
COMMON STOCKS - 98.0% | ||||||||
AUSTRIA - 1.1% | ||||||||
49,422 | Wienerberger AG. | $ | 1,124,309 | |||||
|
| |||||||
TOTAL AUSTRIA | 1,124,309 | |||||||
|
| |||||||
CANADA - 0.4% | ||||||||
14,347 | Suncor Energy, Inc | 419,192 | ||||||
|
| |||||||
TOTAL CANADA | 419,192 | |||||||
|
| |||||||
CHINA - 0.6% | ||||||||
2,091 | * | Alibaba Group Holding Ltd (ADR) | 294,622 | |||||
7,700 | Tencent Holdings Ltd | 276,237 | ||||||
|
| |||||||
TOTAL CHINA | 570,859 | |||||||
|
| |||||||
DENMARK - 2.4% | ||||||||
30,680 | DSV AS | 1,884,492 | ||||||
13,130 | Novo Nordisk AS | 564,160 | ||||||
|
| |||||||
TOTAL DENMARK | 2,448,652 | |||||||
|
| |||||||
FRANCE - 27.0% | ||||||||
132,987 | Accor S.A. | 6,238,309 | ||||||
62,613 | *,g | ALD S.A. | 983,309 | |||||
2,132 | BNP Paribas | 153,488 | ||||||
63,492 | Compagnie de Saint-Gobain | 3,390,792 | ||||||
5,925 | Essilor International S.A. | 753,735 | ||||||
9,367 | Kering | 3,189,573 | ||||||
19,730 | Nexity | 1,145,111 | ||||||
60,590 | Schneider Electric S.A. | 4,656,309 | ||||||
72,799 | Societe Generale | 3,925,732 | ||||||
39,828 | Vinci S.A. | 3,397,387 | ||||||
|
| |||||||
TOTAL FRANCE | 27,833,745 | |||||||
|
| |||||||
GERMANY - 14.0% | ||||||||
14,297 | Deutsche Post AG. | 536,684 | ||||||
21,766 | Henkel KGaA (Preference) | 3,001,394 | ||||||
46,692 | Lanxess AG. | 3,541,132 | ||||||
30,109 | Linde AG. | 5,731,337 | ||||||
55,977 | ThyssenKrupp AG. | 1,595,342 | ||||||
|
| |||||||
TOTAL GERMANY | 14,405,889 | |||||||
|
| |||||||
HONG KONG - 1.0% | ||||||||
46,085 | Melco Crown Entertainment Ltd (ADR) | 1,034,608 | ||||||
|
| |||||||
TOTAL HONG KONG | 1,034,608 | |||||||
|
| |||||||
INDIA - 12.6% | ||||||||
83,962 | Asian Paints Ltd | 1,430,993 |
101
TIAA-CREF LIFE FUNDS - International Equity Fund
SHARES | COMPANY | VALUE | ||||||
306,007 | * | Crompton Greaves Consumer Electricals Ltd | $ | 1,071,478 | ||||
4,087 | * | Eicher Motors Ltd | 1,708,352 | |||||
139,937 | * | Havells India Ltd | 995,603 | |||||
101,302 | HDFC Bank Ltd | 2,587,715 | ||||||
87,652 | Housing Development Finance Corp | 2,189,021 | ||||||
89,345 | * | IndusInd Bank Ltd | 2,042,690 | |||||
127,163 | *,g | RBL Bank Ltd | 998,012 | |||||
|
| |||||||
TOTAL INDIA | 13,023,864 | |||||||
|
| |||||||
ITALY - 8.6% | ||||||||
451,033 | Banca Intesa S.p.A. | 1,434,650 | ||||||
217,731 | Mediobanca S.p.A. | 2,154,020 | ||||||
53,665 | Moncler S.p.A | 1,258,901 | ||||||
214,610 | * | UniCredit S.p.A | 4,019,910 | |||||
|
| |||||||
TOTAL ITALY | 8,867,481 | |||||||
|
| |||||||
JAPAN - 14.3% | ||||||||
158,400 | *,e | Aiful Corp | 579,303 | |||||
29,402 | Dai-ichi Mutual Life Insurance Co | 533,688 | ||||||
224,065 | Hitachi Ltd | 1,381,516 | ||||||
499,242 | * | Ishikawajima-Harima Heavy Industries Co Ltd | 1,706,100 | |||||
69,227 | Komatsu Ltd | 1,776,879 | ||||||
28,924 | Konami Corp | 1,610,074 | ||||||
131,704 | Mitsubishi UFJ Financial Group, Inc | 888,349 | ||||||
30,299 | Olympus Corp | 1,110,106 | ||||||
29,070 | Seven & I Holdings Co Ltd | 1,199,557 | ||||||
91,952 | Sony Corp | 3,507,394 | ||||||
11,703 | Tokio Marine Holdings, Inc | 487,000 | ||||||
|
| |||||||
TOTAL JAPAN | 14,779,966 | |||||||
|
| |||||||
NETHERLANDS - 1.4% | ||||||||
14,640 | Heineken NV | 1,423,515 | ||||||
|
| |||||||
TOTAL NETHERLANDS | 1,423,515 | |||||||
|
| |||||||
SWEDEN - 2.0% | ||||||||
63,631 | Electrolux AB (Series B) | 2,086,539 | ||||||
|
| |||||||
TOTAL SWEDEN | 2,086,539 | |||||||
|
| |||||||
SWITZERLAND - 3.9% | ||||||||
1,658 | e | Burckhardt Compression Holding AG. | 475,493 | |||||
1,373 | Geberit AG. | 641,136 | ||||||
353,615 | Glencore Xstrata plc | 1,325,075 | ||||||
21,741 | Swatch Group AG. (Registered) | 1,588,233 | ||||||
|
| |||||||
TOTAL SWITZERLAND | 4,029,937 | |||||||
|
| |||||||
TAIWAN - 1.0% | ||||||||
828,605 | Advanced Semiconductor Engineering, Inc | 1,062,064 | ||||||
|
| |||||||
TOTAL TAIWAN | 1,062,064 | |||||||
|
| |||||||
UNITED KINGDOM - 5.3% | ||||||||
384,445 | CNH Industrial NV | 4,359,892 | ||||||
37,746 | Diageo plc | 1,115,460 |
102
TIAA-CREF LIFE FUNDS - International Equity Fund
SHARES | COMPANY | VALUE | ||||||||||||||
1,118 | Rio Tinto plc | $ | 47,349 | |||||||||||||
|
| |||||||||||||||
TOTAL UNITED KINGDOM | 5,522,701 | |||||||||||||||
|
| |||||||||||||||
UNITED STATES - 1.4% |
| |||||||||||||||
27,984 | WisdomTree Japan Hedged Equity Fund | 1,455,168 | ||||||||||||||
|
| |||||||||||||||
TOTAL UNITED STATES | 1,455,168 | |||||||||||||||
|
| |||||||||||||||
URUGUAY - 1.0% |
| |||||||||||||||
139,351 | * | Arcos Dorados Holdings, Inc | 1,038,165 | |||||||||||||
|
| |||||||||||||||
TOTAL URUGUAY | 1,038,165 | |||||||||||||||
|
| |||||||||||||||
TOTAL COMMON STOCKS (Cost $87,342,754) | 101,126,654 | |||||||||||||||
|
| |||||||||||||||
PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
SHORT-TERM INVESTMENTS - 1.9% |
| |||||||||||||||
GOVERNMENT AGENCY DEBT - 0.9% |
| |||||||||||||||
$950,000 | Federal Home Loan Bank (FHLB) | 0.650 | % | 07/03/17 | 950,000 | |||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT |
| 950,000 | ||||||||||||||
|
| |||||||||||||||
SHARES | COMPANY | |||||||||||||||
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.0% | ||||||||||||||||
1,056,881 | c | State Street Navigator Securities Lending Government Money Market Portfolio |
| 1,056,881 | ||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES |
| 1,056,881 | ||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,006,847) | 2,006,881 | |||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS - 99.9% (Cost $89,349,601) | 103,133,535 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 106,112 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 103,239,647 | ||||||||||||||
|
|
Abbreviation(s):
ADR American Depositary Receipt
* | Non-income producing |
c | Investments made with cash collateral received from securities on loan. |
e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $999,609. |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/17, the aggregate value of these securities was $1,981,321 or 1.9% of net assets. |
103
TIAA-CREF LIFE FUNDS - International Equity Fund
TIAA-CREF LIFE FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
June 30, 2017
SECTOR | VALUE | % OF NET ASSETS | ||||||
INDUSTRIALS | $ | 26,512,428 | 25.7 | % | ||||
FINANCIALS | 23,448,746 | 22.7 | ||||||
CONSUMER DISCRETIONARY | 21,013,200 | 20.4 | ||||||
MATERIALS | 14,795,537 | 14.3 | ||||||
CONSUMER STAPLES | 6,739,926 | 6.5 | ||||||
INFORMATION TECHNOLOGY | 4,624,513 | 4.5 | ||||||
HEALTH CARE | 2,428,001 | 2.4 | ||||||
REAL ESTATE | 1,145,111 | 1.1 | ||||||
ENERGY | 419,192 | 0.4 | ||||||
SHORT-TERM INVESTMENTS | 2,006,881 | 1.9 | ||||||
OTHER ASSETS & LIABILITIES, NET | 106,112 | 0.1 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 103,239,647 | 100.0 | % | ||||
|
|
|
|
104
TIAA-CREF LIFE FUNDS - Bond Fund
TIAA-CREF LIFE FUNDS
BOND FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
BANK LOAN OBLIGATIONS - 0.7% |
| |||||||||||||||
AUTOMOBILES & COMPONENTS - 0.0% | ||||||||||||||||
$ 48,757 | i | Dealer Tire LLC | 5.060 | % | 12/22/21 | $ | 49,366 | |||||||||
|
| |||||||||||||||
TOTAL AUTOMOBILES & COMPONENTS | 49,366 | |||||||||||||||
|
| |||||||||||||||
CAPITAL GOODS - 0.0% | ||||||||||||||||
12,845 | i | Zebra Technologies Corp | 3.723 | 10/27/21 | 12,880 | |||||||||||
|
| |||||||||||||||
TOTAL CAPITAL GOODS | 12,880 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | ||||||||||||||||
96,994 | i | TransUnion LLC | 3.726 | 04/09/23 | 97,548 | |||||||||||
|
| |||||||||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 97,548 | |||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES - 0.3% | ||||||||||||||||
74,301 | i | Allied Universal Holdco LLC | 5.046 | 07/28/22 | 74,456 | |||||||||||
96,000 | i | Jackson Hewitt Tax Service, Inc | 8.172 | 07/30/20 | 91,200 | |||||||||||
98,313 | i | KinderCare Education LLC | 5.046 | 08/12/22 | 98,744 | |||||||||||
73,115 | i | ProQuest, LLC | 5.476 | 10/24/21 | 73,344 | |||||||||||
|
| |||||||||||||||
TOTAL CONSUMER SERVICES | 337,744 | |||||||||||||||
|
| |||||||||||||||
ENERGY - 0.0% | ||||||||||||||||
15,000 | i | California Resources Corp | 11.534 | 12/31/21 | 15,825 | |||||||||||
|
| |||||||||||||||
TOTAL ENERGY | 15,825 | |||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO - 0.0% | ||||||||||||||||
29,626 | i | Hostess Brands LLC | 3.730 | 08/03/22 | 29,707 | |||||||||||
|
| |||||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 29,707 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 0.1% | ||||||||||||||||
97,182 | i | DaVita HealthCare Partners, Inc | 3.980 | 06/24/21 | 97,304 | |||||||||||
52,711 | i | Greatbatch Ltd | 4.710 | 10/27/22 | 52,869 | |||||||||||
|
| |||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 150,173 | |||||||||||||||
|
| |||||||||||||||
MATERIALS - 0.0% | ||||||||||||||||
24,604 | i | Plaze, Inc | 4.550 | 07/29/22 | 24,676 | |||||||||||
40,000 | i | Solenis International LP | 7.952 | 07/29/22 | 39,980 | |||||||||||
|
| |||||||||||||||
TOTAL MATERIALS | 64,656 | |||||||||||||||
|
| |||||||||||||||
MEDIA - 0.1% | ||||||||||||||||
98,250 | i | CDS US Intermediate Holdings, Inc | 5.300 | 07/08/22 | 98,618 | |||||||||||
49,219 | i | CSC Holdings LLC | 3.460 | 07/17/25 | 48,837 | |||||||||||
|
| |||||||||||||||
TOTAL MEDIA | 147,455 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | ||||||||||||||||
49,211 | i | Quintiles IMS, Inc | 3.172 | 03/07/24 | 49,441 | |||||||||||
|
| |||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 49,441 | |||||||||||||||
|
|
105
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
REAL ESTATE - 0.0% | ||||||||||||||||
$ 72,574 | i | DTZ US Borrower LLC | 4.420 | % | 11/04/21 | $ | 72,429 | |||||||||
|
| |||||||||||||||
TOTAL REAL ESTATE |
| 72,429 | ||||||||||||||
|
| |||||||||||||||
RETAILING - 0.0% | ||||||||||||||||
24,551 | i | CHI Doors Holdings Corp | 4.480 | 07/31/22 | 24,408 | |||||||||||
|
| |||||||||||||||
TOTAL RETAILING |
| 24,408 | ||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES - 0.0% | ||||||||||||||||
47,952 | i | Mitchell International, Inc | 4.670 | 10/13/20 | 48,162 | |||||||||||
976 | i | SS&C European Holdings SARL | 3.480 | 07/08/22 | 979 | |||||||||||
16,099 | i | SS&C Technologies, Inc | 3.480 | 07/08/22 | 16,154 | |||||||||||
|
| |||||||||||||||
TOTAL SOFTWARE & SERVICES |
| 65,295 | ||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | ||||||||||||||||
87,700 | i | CommScope, Inc | 3.296 | 12/29/22 | 87,956 | |||||||||||
65,091 | i | Sensata Technologies BV | 3.380 | 10/14/21 | 65,490 | |||||||||||
|
| |||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
| 153,446 | ||||||||||||||
|
| |||||||||||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $1,263,358) | 1,270,373 | |||||||||||||||
|
| |||||||||||||||
BONDS - 94.2% | ||||||||||||||||
CORPORATE BONDS - 44.3% | ||||||||||||||||
AUTOMOBILES & COMPONENTS - 0.8% | ||||||||||||||||
175,000 | g | BMW US Capital LLC | 2.000 | 04/11/21 | 173,408 | |||||||||||
100,000 | g | Dana Financing Luxembourg Sarl | 6.500 | 06/01/26 | 106,438 | |||||||||||
125,000 | Delphi Automotive plc | 3.150 | 11/19/20 | 127,681 | ||||||||||||
100,000 | Delphi Automotive plc | 4.400 | 10/01/46 | 99,857 | ||||||||||||
100,000 | Ford Motor Co | 4.346 | 12/08/26 | 102,986 | ||||||||||||
100,000 | Goodyear Tire & Rubber Co | 5.000 | 05/31/26 | 103,500 | ||||||||||||
200,000 | g | Hyundai Capital America | 2.000 | 07/01/19 | 198,418 | |||||||||||
200,000 | g | Hyundai Capital Services, Inc | 3.000 | 03/06/22 | 199,190 | |||||||||||
175,000 | Magna International, Inc | 3.625 | 06/15/24 | 179,699 | ||||||||||||
150,000 | g | ZF North America Capital, Inc | 4.500 | 04/29/22 | 157,500 | |||||||||||
|
| |||||||||||||||
TOTAL AUTOMOBILES & COMPONENTS |
| 1,448,677 | ||||||||||||||
|
| |||||||||||||||
BANKS - 6.8% | ||||||||||||||||
200,000 | g,i | Akbank TAS | 7.200 | 03/16/27 | 209,280 | |||||||||||
300,000 | Bank of America Corp | 2.151 | 11/09/20 | 298,616 | ||||||||||||
200,000 | Bank of America Corp | 3.875 | 08/01/25 | 206,921 | ||||||||||||
300,000 | Bank of America Corp | 3.248 | 10/21/27 | 289,933 | ||||||||||||
200,000 | i | Bank of America Corp | 3.824 | 01/20/28 | 203,494 | |||||||||||
225,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 09/08/19 | 225,677 | |||||||||||
150,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 3.250 | 09/08/24 | 151,805 | |||||||||||
125,000 | Barclays plc | 3.650 | 03/16/25 | 124,429 | ||||||||||||
100,000 | g | BPCE S.A. | 3.000 | 05/22/22 | 100,900 | |||||||||||
250,000 | Branch Banking & Trust Co | 2.300 | 10/15/18 | 251,597 |
106
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 60,000 | Capital One Bank USA NA | 3.375 | % | 02/15/23 | $ | 60,504 | ||||||||||
750,000 | Citigroup, Inc | 3.200 | 10/21/26 | 729,469 | ||||||||||||
200,000 | i | Citigroup, Inc | 3.887 | 01/10/28 | 203,274 | |||||||||||
100,000 | Citizens Bank NA | 2.650 | 05/26/22 | 99,719 | ||||||||||||
125,000 | Compass Bank | 2.875 | 06/29/22 | 124,509 | ||||||||||||
250,000 | Cooperatieve Rabobank UA | 2.500 | 01/19/21 | 251,458 | ||||||||||||
325,000 | Cooperatieve Rabobank UA | 3.750 | 07/21/26 | 324,979 | ||||||||||||
100,000 | g | Credit Agricole S.A. | 2.500 | 04/15/19 | 100,983 | |||||||||||
200,000 | g | DBS Group Holdings Ltd | 2.246 | 07/16/19 | 200,467 | |||||||||||
75,000 | Discover Bank | 3.100 | 06/04/20 | 76,423 | ||||||||||||
125,000 | Discover Bank | 3.200 | 08/09/21 | 127,300 | ||||||||||||
200,000 | g | GTH Finance BV | 7.250 | 04/26/23 | 220,602 | |||||||||||
150,000 | g | HSBC Bank plc | 4.125 | 08/12/20 | 158,380 | |||||||||||
375,000 | HSBC Holdings plc | 2.650 | 01/05/22 | 373,731 | ||||||||||||
225,000 | i | HSBC Holdings plc | 3.262 | 03/13/23 | 229,238 | |||||||||||
200,000 | HSBC Holdings plc | 4.375 | 11/23/26 | 207,545 | ||||||||||||
200,000 | i | HSBC Holdings plc | 4.041 | 03/13/28 | 207,178 | |||||||||||
375,000 | JPMorgan Chase & Co | 2.750 | 06/23/20 | 381,343 | ||||||||||||
325,000 | JPMorgan Chase & Co | 2.295 | 08/15/21 | 323,078 | ||||||||||||
200,000 | i | JPMorgan Chase & Co | 2.776 | 04/25/23 | 200,337 | |||||||||||
150,000 | JPMorgan Chase & Co | 2.700 | 05/18/23 | 148,335 | ||||||||||||
350,000 | JPMorgan Chase & Co | 3.200 | 06/15/26 | 345,928 | ||||||||||||
175,000 | JPMorgan Chase & Co | 2.950 | 10/01/26 | 168,910 | ||||||||||||
100,000 | i | JPMorgan Chase & Co | 5.150 | 12/30/49 | 102,950 | |||||||||||
80,000 | KeyBank NA | 2.500 | 12/15/19 | 80,802 | ||||||||||||
100,000 | Lloyds Banking Group plc | 3.000 | 01/11/22 | 100,977 | ||||||||||||
100,000 | g | Macquarie Bank Ltd | 2.600 | 06/24/19 | 100,850 | |||||||||||
225,000 | Manufacturers & Traders Trust Co | 2.100 | 02/06/20 | 225,314 | ||||||||||||
225,000 | Mitsubishi UFJ Financial Group, Inc | 3.677 | 02/22/27 | 232,249 | ||||||||||||
250,000 | National Australia Bank Ltd | 2.500 | 07/12/26 | 235,965 | ||||||||||||
175,000 | PNC Bank NA | 2.200 | 01/28/19 | 175,947 | ||||||||||||
225,000 | PNC Bank NA | 2.250 | 07/02/19 | 226,654 | ||||||||||||
350,000 | PNC Bank NA | 2.600 | 07/21/20 | 354,927 | ||||||||||||
150,000 | PNC Bank NA | 2.700 | 11/01/22 | 150,022 | ||||||||||||
140,000 | g,i | Rabobank Nederland NV | 11.000 | 12/30/49 | 162,610 | |||||||||||
500,000 | Royal Bank of Canada | 1.200 | 09/19/17 | 499,800 | ||||||||||||
300,000 | g | Skandinaviska Enskilda Banken AB | 2.625 | 11/17/20 | 303,636 | |||||||||||
75,000 | Sumitomo Mitsui Banking Corp | 2.500 | 07/19/18 | 75,557 | ||||||||||||
150,000 | Sumitomo Mitsui Banking Corp | 2.450 | 01/16/20 | 150,918 | ||||||||||||
250,000 | Sumitomo Mitsui Banking Corp | 3.650 | 07/23/25 | 259,934 | ||||||||||||
250,000 | Sumitomo Mitsui Financial Group, Inc | 2.442 | 10/19/21 | 248,926 | ||||||||||||
125,000 | SunTrust Banks, Inc | 2.900 | 03/03/21 | 126,894 | ||||||||||||
100,000 | SunTrust Banks, Inc | 2.750 | 05/01/23 | 99,674 | ||||||||||||
100,000 | Synchrony Bank | 3.000 | 06/15/22 | 99,537 | ||||||||||||
250,000 | Toronto-Dominion Bank | 2.500 | 12/14/20 | 252,862 | ||||||||||||
100,000 | i | Toronto-Dominion Bank | 3.625 | 09/15/31 | 99,218 | |||||||||||
200,000 | g | Turkiye Is Bankasi | 5.500 | 04/21/22 | 200,714 | |||||||||||
125,000 | UnionBanCal Corp | 3.500 | 06/18/22 | 128,749 | ||||||||||||
370,000 | US Bank NA | 2.800 | 01/27/25 | 366,495 | ||||||||||||
200,000 | Westpac Banking Corp | 2.700 | 08/19/26 | 191,800 | ||||||||||||
150,000 | i | Westpac Banking Corp | 4.322 | 11/23/31 | 153,755 | |||||||||||
|
| |||||||||||||||
TOTAL BANKS |
| 12,734,078 | ||||||||||||||
|
|
107
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
CAPITAL GOODS - 1.8% | ||||||||||||||||
$ 200,000 | g | Adani Ports & Special Economic Zone Ltd | 4.000 | % | 07/30/27 | $ | 197,875 | |||||||||
250,000 | Air Lease Corp | 3.875 | 04/01/21 | 260,759 | ||||||||||||
100,000 | Eaton Corp | 4.000 | 11/02/32 | 103,566 | ||||||||||||
150,000 | Embraer Netherlands Finance BV | 5.400 | 02/01/27 | 156,750 | ||||||||||||
125,000 | Ingersoll-Rand Luxembourg Finance S.A. | 3.550 | 11/01/24 | 128,029 | ||||||||||||
175,000 | Lockheed Martin Corp | 2.500 | 11/23/20 | 177,387 | ||||||||||||
100,000 | Lockheed Martin Corp | 3.550 | 01/15/26 | 103,630 | ||||||||||||
150,000 | g | Molex Electronic Technologies LLC | 2.878 | 04/15/20 | 151,070 | |||||||||||
200,000 | g | Molex Electronic Technologies LLC | 3.900 | 04/15/25 | 203,903 | |||||||||||
200,000 | g | Myriad International Holdings BV | 4.850 | 07/06/27 | 200,500 | |||||||||||
100,000 | g | Parker-Hannifin Corp | 3.250 | 03/01/27 | 101,034 | |||||||||||
125,000 | Rockwell Automation, Inc | 2.050 | 03/01/20 | 125,065 | ||||||||||||
175,000 | Rockwell Collins, Inc | 3.500 | 03/15/27 | 177,475 | ||||||||||||
125,000 | Roper Technologies, Inc | 3.800 | 12/15/26 | 128,445 | ||||||||||||
250,000 | g | Siemens Financieringsmaatschappij NV | 1.700 | 09/15/21 | 244,192 | |||||||||||
250,000 | g | Siemens Financieringsmaatschappij NV | 2.350 | 10/15/26 | 236,068 | |||||||||||
100,000 | g | Stena AB | 7.000 | 02/01/24 | 92,750 | |||||||||||
100,000 | Textron, Inc | 3.875 | 03/01/25 | 102,732 | ||||||||||||
425,000 | Timken Co | 3.875 | 09/01/24 | 423,382 | ||||||||||||
150,000 | United Technologies Corp | 3.750 | 11/01/46 | 147,104 | ||||||||||||
|
| |||||||||||||||
TOTAL CAPITAL GOODS |
| 3,461,716 | ||||||||||||||
|
| |||||||||||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.7% | ||||||||||||||||
25,000 | AECOM | 5.750 | 10/15/22 | 26,156 | ||||||||||||
50,000 | AECOM | 5.875 | 10/15/24 | 54,375 | ||||||||||||
225,000 | g | Daimler Finance North America LLC | 2.200 | 10/30/21 | 222,252 | |||||||||||
25,000 | Equifax, Inc | 3.250 | 06/01/26 | 24,428 | ||||||||||||
45,000 | g | Herc Rentals, Inc | 7.750 | 06/01/24 | 47,475 | |||||||||||
75,000 | Republic Services, Inc | 3.800 | 05/15/18 | 76,326 | ||||||||||||
350,000 | Republic Services, Inc | 3.550 | 06/01/22 | 364,248 | ||||||||||||
150,000 | Republic Services, Inc | 3.200 | 03/15/25 | 151,194 | ||||||||||||
290,000 | Republic Services, Inc | 2.900 | 07/01/26 | 284,352 | ||||||||||||
75,000 | United Rentals North America, Inc | 5.500 | 07/15/25 | 78,563 | ||||||||||||
50,000 | Waste Management, Inc | 2.400 | 05/15/23 | 49,334 | ||||||||||||
50,000 | Waste Management, Inc | 3.900 | 03/01/35 | 51,674 | ||||||||||||
50,000 | Waste Management, Inc | 4.100 | 03/01/45 | 52,476 | ||||||||||||
|
| |||||||||||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
| 1,482,853 | ||||||||||||||
|
| |||||||||||||||
CONSUMER DURABLES & APPAREL - 0.3% | ||||||||||||||||
75,000 | Newell Rubbermaid, Inc | 3.150 | 04/01/21 | 76,775 | ||||||||||||
100,000 | Newell Rubbermaid, Inc | 3.900 | 11/01/25 | 103,563 | ||||||||||||
125,000 | Newell Rubbermaid, Inc | 4.200 | 04/01/26 | 132,736 | ||||||||||||
100,000 | PVH Corp | 4.500 | 12/15/22 | 103,250 | ||||||||||||
100,000 | Whirlpool Corp | 3.700 | 03/01/23 | 103,453 | ||||||||||||
|
| |||||||||||||||
TOTAL CONSUMER DURABLES & APPAREL |
| 519,777 | ||||||||||||||
|
| |||||||||||||||
CONSUMER SERVICES - 0.2% | ||||||||||||||||
100,000 | ADT Corp | 6.250 | 10/15/21 | 108,875 | ||||||||||||
100,000 | Aramark Services, Inc | 4.750 | 06/01/26 | 103,750 | ||||||||||||
65,000 | g | International Game Technology | 5.625 | 02/15/20 | 69,105 | |||||||||||
70,000 | Speedway Motorsports, Inc | 5.125 | 02/01/23 | 71,050 | ||||||||||||
|
| |||||||||||||||
TOTAL CONSUMER SERVICES |
| 352,780 | ||||||||||||||
|
|
108
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
DIVERSIFIED FINANCIALS - 5.0% | ||||||||||||||||
$ 125,000 | American Express Centurion Bank | 6.000 | % | 09/13/17 | $ | 126,021 | ||||||||||
225,000 | American Express Credit Corp | 2.700 | 03/03/22 | 226,871 | ||||||||||||
175,000 | American Express Credit Corp | 3.300 | 05/03/27 | 174,474 | ||||||||||||
200,000 | g,i | Banco Mercantil del Norte S.A. | 5.750 | 10/04/31 | 199,600 | |||||||||||
50,000 | Bank of New York Mellon Corp | 5.450 | 05/15/19 | 53,272 | ||||||||||||
225,000 | g | Bayer US Finance LLC | 2.375 | 10/08/19 | 226,802 | |||||||||||
200,000 | g | Bayer US Finance LLC | 3.375 | 10/08/24 | 204,799 | |||||||||||
125,000 | Berkshire Hathaway, Inc | 3.125 | 03/15/26 | 126,419 | ||||||||||||
175,000 | Capital One Financial Corp | 3.050 | 03/09/22 | 176,356 | ||||||||||||
175,000 | Capital One Financial Corp | 3.750 | 03/09/27 | 174,384 | ||||||||||||
125,000 | Credit Suisse | 2.300 | 05/28/19 | 125,827 | ||||||||||||
250,000 | g | Credit Suisse Group AG. | 3.574 | 01/09/23 | 256,339 | |||||||||||
200,000 | Credit Suisse Group Funding Guernsey Ltd | 3.800 | 06/09/23 | 206,163 | ||||||||||||
150,000 | Credit Suisse Group Funding Guernsey Ltd | 3.750 | 03/26/25 | 151,566 | ||||||||||||
125,000 | g | EDP Finance BV | 3.625 | 07/15/24 | 124,055 | |||||||||||
35,000 | Ford Motor Credit Co LLC | 6.625 | 08/15/17 | 35,192 | ||||||||||||
750,000 | Ford Motor Credit Co LLC | 2.597 | 11/04/19 | 755,020 | ||||||||||||
325,000 | Ford Motor Credit Co LLC | 3.200 | 01/15/21 | 329,846 | ||||||||||||
200,000 | Ford Motor Credit Co LLC | 3.339 | 03/28/22 | 202,925 | ||||||||||||
275,000 | Ford Motor Credit Co LLC | 4.134 | 08/04/25 | 279,770 | ||||||||||||
300,000 | General Motors Financial Co, Inc | 3.200 | 07/06/21 | 303,344 | ||||||||||||
125,000 | General Motors Financial Co, Inc | 3.950 | 04/13/24 | 126,744 | ||||||||||||
300,000 | Goldman Sachs Group, Inc | 3.500 | 01/23/25 | 303,285 | ||||||||||||
100,000 | i | Goldman Sachs Group, Inc | 3.691 | 06/05/28 | 100,408 | |||||||||||
125,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 138,804 | ||||||||||||
100,000 | Goldman Sachs Group, Inc | 4.750 | 10/21/45 | 110,802 | ||||||||||||
200,000 | g | GrupoSura Finance S.A. | 5.500 | 04/29/26 | 215,250 | |||||||||||
200,000 | g | ICICI Bank Ltd | 4.000 | 03/18/26 | 202,051 | |||||||||||
100,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 112,883 | ||||||||||||
100,000 | Legg Mason, Inc | 2.700 | 07/15/19 | 100,845 | ||||||||||||
100,000 | Legg Mason, Inc | 3.950 | 07/15/24 | 101,462 | ||||||||||||
325,000 | Morgan Stanley | 1.875 | 01/05/18 | 325,393 | ||||||||||||
175,000 | Morgan Stanley | 2.750 | 05/19/22 | 174,942 | ||||||||||||
450,000 | Morgan Stanley | 3.125 | 07/27/26 | 437,557 | ||||||||||||
150,000 | Morgan Stanley | 3.625 | 01/20/27 | 150,957 | ||||||||||||
50,000 | National Rural Utilities Cooperative Finance Corp | 10.375 | 11/01/18 | 55,607 | ||||||||||||
125,000 | Raymond James Financial, Inc | 4.950 | 07/15/46 | 135,842 | ||||||||||||
300,000 | Shire Acquisitions Investments Ireland DAC | 3.200 | 09/23/26 | 293,387 | ||||||||||||
125,000 | TD Ameritrade Holding Corp | 3.300 | 04/01/27 | 124,691 | ||||||||||||
150,000 | g | UBS Group Funding Jersey Ltd | 2.950 | 09/24/20 | 153,222 | |||||||||||
200,000 | g | UBS Group Funding Jersey Ltd | 2.650 | 02/01/22 | 199,554 | |||||||||||
175,000 | Unilever Capital Corp | 2.900 | 05/05/27 | 172,657 | ||||||||||||
750,000 | Wells Fargo & Co | 2.100 | 07/26/21 | 739,988 | ||||||||||||
200,000 | Wells Fargo & Co | 3.069 | 01/24/23 | 202,658 | ||||||||||||
225,000 | i | Wells Fargo & Co | 3.584 | 05/22/28 | 227,351 | |||||||||||
|
| |||||||||||||||
TOTAL DIVERSIFIED FINANCIALS |
| 9,365,385 | ||||||||||||||
|
| |||||||||||||||
ENERGY - 2.9% | ||||||||||||||||
100,000 | Anadarko Petroleum Corp | 5.550 | 03/15/26 | 111,761 | ||||||||||||
250,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 249,487 | ||||||||||||
300,000 | BP Capital Markets plc | 2.315 | 02/13/20 | 302,732 |
109
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 125,000 | g | Cenovus Energy, Inc | 4.250 | % | 04/15/27 | $ | 119,091 | |||||||||
125,000 | g | Cenovus Energy, Inc | 5.400 | 06/15/47 | 116,821 | |||||||||||
10,000 | Cheniere Corpus Christi Holdings LLC | 7.000 | 06/30/24 | 11,150 | ||||||||||||
150,000 | Concho Resources, Inc | 5.500 | 04/01/23 | 154,125 | ||||||||||||
50,000 | Ecopetrol S.A. | 5.875 | 09/18/23 | 54,675 | ||||||||||||
25,000 | Enbridge Energy Partners LP | 5.200 | 03/15/20 | 26,510 | ||||||||||||
100,000 | Enbridge Energy Partners LP | 4.375 | 10/15/20 | 105,244 | ||||||||||||
150,000 | Enbridge Energy Partners LP | 5.875 | 10/15/25 | 171,132 | ||||||||||||
100,000 | EnCana Corp | 3.900 | 11/15/21 | 101,919 | ||||||||||||
155,000 | EnLink Midstream Partners LP | 4.850 | 07/15/26 | 161,280 | ||||||||||||
200,000 | Enterprise Products Operating LLC | 3.750 | 02/15/25 | 205,978 | ||||||||||||
100,000 | Enterprise Products Operating LLC | 3.700 | 02/15/26 | 101,860 | ||||||||||||
75,000 | Enterprise Products Operating LLC | 4.450 | 02/15/43 | 74,633 | ||||||||||||
175,000 | Enterprise Products Operating LLC | 4.850 | 03/15/44 | 185,756 | ||||||||||||
75,000 | Enterprise Products Operating LLC | 5.100 | 02/15/45 | 82,469 | ||||||||||||
25,000 | EP Energy LLC | 6.375 | 06/15/23 | 14,687 | ||||||||||||
75,000 | Exterran Partners LP | 6.000 | 10/01/22 | 72,750 | ||||||||||||
200,000 | Exxon Mobil Corp | 2.222 | 03/01/21 | 201,294 | ||||||||||||
50,000 | Ferrellgas Partners LP | 6.750 | 01/15/22 | 47,125 | ||||||||||||
75,000 | Hess Corp | 4.300 | 04/01/27 | 73,266 | ||||||||||||
100,000 | Husky Energy, Inc | 3.950 | 04/15/22 | 103,358 | ||||||||||||
100,000 | Magellan Midstream Partners LP | 4.250 | 09/15/46 | 97,785 | ||||||||||||
150,000 | Marathon Oil Corp | 2.700 | 06/01/20 | 148,665 | ||||||||||||
100,000 | Marathon Petroleum Corp | 3.625 | 09/15/24 | 101,052 | ||||||||||||
52,000 | Noble Energy, Inc | 5.625 | 05/01/21 | 53,490 | ||||||||||||
200,000 | ONE Gas, Inc | 2.070 | 02/01/19 | 200,447 | ||||||||||||
100,000 | ONE Gas, Inc | 3.610 | 02/01/24 | 104,255 | ||||||||||||
100,000 | Petrobras Global Finance BV | 6.125 | 01/17/22 | 103,250 | ||||||||||||
50,000 | Petrobras Global Finance BV | 7.250 | 03/17/44 | 49,163 | ||||||||||||
50,000 | Petroleos Mexicanos | 5.500 | 02/04/19 | 52,200 | ||||||||||||
75,000 | Petroleos Mexicanos | 6.375 | 02/04/21 | 81,173 | ||||||||||||
150,000 | Petroleos Mexicanos | 3.500 | 01/30/23 | 143,775 | ||||||||||||
80,000 | Petroleos Mexicanos | 4.250 | 01/15/25 | 77,800 | ||||||||||||
150,000 | g | Petroleos Mexicanos | 6.500 | 03/13/27 | 161,138 | |||||||||||
75,000 | Phillips 66 | 4.875 | 11/15/44 | 80,452 | ||||||||||||
45,000 | Pioneer Natural Resources Co | 7.500 | 01/15/20 | 50,642 | ||||||||||||
150,000 | Pioneer Natural Resources Co | 3.450 | 01/15/21 | 154,099 | ||||||||||||
125,000 | Pioneer Natural Resources Co | 4.450 | 01/15/26 | 131,444 | ||||||||||||
32,000 | Questar Market Resources, Inc | 6.875 | 03/01/21 | 33,200 | ||||||||||||
175,000 | g | Sabine Pass Liquefaction LLC | 4.200 | 03/15/28 | 176,824 | |||||||||||
75,000 | Shell International Finance BV | 2.375 | 08/21/22 | 74,559 | ||||||||||||
75,000 | Shell International Finance BV | 4.000 | 05/10/46 | 74,207 | ||||||||||||
100,000 | Statoil ASA | 1.200 | 01/17/18 | 99,849 | ||||||||||||
200,000 | Statoil ASA | 2.450 | 01/17/23 | 198,105 | ||||||||||||
10,000 | Tesoro Logistics LP | 6.125 | 10/15/21 | 10,400 | ||||||||||||
10,000 | Tesoro Logistics LP | 6.375 | 05/01/24 | 10,825 | ||||||||||||
100,000 | TransCanada PipeLines Ltd | 5.850 | 03/15/36 | 123,194 | ||||||||||||
50,000 | Vale Overseas Ltd | 4.375 | 01/11/22 | 50,890 | ||||||||||||
25,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 26,813 | ||||||||||||
|
| |||||||||||||||
TOTAL ENERGY |
| 5,518,799 | ||||||||||||||
|
|
110
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
FOOD & STAPLES RETAILING - 1.1% | ||||||||||||||||
$ 100,000 | g | Albertsons Cos LLC | 6.625 | % | 06/15/24 | $ | 99,250 | |||||||||
400,000 | CVS Health Corp | 2.800 | 07/20/20 | 407,208 | ||||||||||||
275,000 | CVS Health Corp | 2.125 | 06/01/21 | 271,622 | ||||||||||||
421,000 | CVS Health Corp | 3.875 | 07/20/25 | 437,772 | ||||||||||||
275,000 | CVS Health Corp | 2.875 | 06/01/26 | 266,526 | ||||||||||||
140,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 137,725 | ||||||||||||
100,000 | SYSCO Corp | 2.500 | 07/15/21 | 100,263 | ||||||||||||
100,000 | SYSCO Corp | 3.250 | 07/15/27 | 98,382 | ||||||||||||
250,000 | Walgreens Boots Alliance, Inc | 3.800 | 11/18/24 | 259,672 | ||||||||||||
100,000 | Walgreens Boots Alliance, Inc | 3.450 | 06/01/26 | 99,799 | ||||||||||||
|
| |||||||||||||||
�� | TOTAL FOOD & STAPLES RETAILING | 2,178,219 | ||||||||||||||
|
| |||||||||||||||
FOOD, BEVERAGE & TOBACCO - 1.0% | ||||||||||||||||
250,000 | Anheuser-Busch InBev Finance, Inc | 2.650 | 02/01/21 | 253,331 | ||||||||||||
150,000 | Anheuser-Busch InBev Finance, Inc | 3.300 | 02/01/23 | 154,440 | ||||||||||||
200,000 | Anheuser-Busch InBev Finance, Inc | 4.900 | 02/01/46 | 226,046 | ||||||||||||
100,000 | Anheuser-Busch InBev Worldwide, Inc | 4.950 | 01/15/42 | 113,027 | ||||||||||||
225,000 | Constellation Brands, Inc | 6.000 | 05/01/22 | 256,611 | ||||||||||||
150,000 | g | Heineken NV | 3.500 | 01/29/28 | 152,243 | |||||||||||
100,000 | g | Heineken NV | 4.350 | 03/29/47 | 104,319 | |||||||||||
100,000 | Mead Johnson Nutrition Co | 3.000 | 11/15/20 | 102,568 | ||||||||||||
275,000 | PepsiCo, Inc | 3.450 | 10/06/46 | 258,787 | ||||||||||||
175,000 | g | Pernod-Ricard S.A. | 4.250 | 07/15/22 | 186,623 | |||||||||||
125,000 | Tyson Foods, Inc | 3.550 | 06/02/27 | 125,721 | ||||||||||||
|
| |||||||||||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 1,933,716 | |||||||||||||||
|
| |||||||||||||||
HEALTH CARE EQUIPMENT & SERVICES - 1.0% | ||||||||||||||||
250,000 | Becton Dickinson and Co | 3.700 | 06/06/27 | 250,392 | ||||||||||||
150,000 | Cardinal Health, Inc | 3.410 | 06/15/27 | 149,359 | ||||||||||||
100,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 103,381 | ||||||||||||
375,000 | Express Scripts Holding Co | 3.400 | 03/01/27 | 361,961 | ||||||||||||
15,000 | HCA, Inc | 6.500 | 02/15/20 | 16,369 | ||||||||||||
150,000 | HCA, Inc | 5.875 | 03/15/22 | 166,312 | ||||||||||||
30,000 | LifePoint Health, Inc | 5.375 | 05/01/24 | 31,050 | ||||||||||||
200,000 | Medtronic, Inc | 4.625 | 03/15/45 | 225,411 | ||||||||||||
100,000 | Thermo Fisher Scientific, Inc | 2.400 | 02/01/19 | 100,745 | ||||||||||||
100,000 | Thermo Fisher Scientific, Inc | 3.300 | 02/15/22 | 103,447 | ||||||||||||
125,000 | Thermo Fisher Scientific, Inc | 3.150 | 01/15/23 | 127,155 | ||||||||||||
100,000 | Thermo Fisher Scientific, Inc | 2.950 | 09/19/26 | 97,249 | ||||||||||||
105,000 | Zimmer Holdings, Inc | 3.550 | 04/01/25 | 106,068 | ||||||||||||
|
| |||||||||||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 1,838,899 | |||||||||||||||
|
| |||||||||||||||
INSURANCE - 1.7% | ||||||||||||||||
100,000 | ACE INA Holdings, Inc | 2.875 | 11/03/22 | 101,716 | ||||||||||||
125,000 | Aetna, Inc | 1.500 | 11/15/17 | 125,004 | ||||||||||||
100,000 | Aetna, Inc | 4.125 | 11/15/42 | 101,957 | ||||||||||||
100,000 | Allstate Corp | 3.280 | 12/15/26 | 101,503 | ||||||||||||
100,000 | i | Allstate Corp | 5.750 | 08/15/53 | 109,500 | |||||||||||
100,000 | American Financial Group, Inc | 3.500 | 08/15/26 | 99,062 | ||||||||||||
200,000 | American International Group, Inc | 2.300 | 07/16/19 | 201,069 | ||||||||||||
90,000 | American International Group, Inc | 3.750 | 07/10/25 | 91,680 | ||||||||||||
150,000 | Aon plc | 3.875 | 12/15/25 | 156,760 | ||||||||||||
200,000 | Children’s Hospital Medic | 4.268 | 05/15/44 | 213,677 | ||||||||||||
20,000 | Cigna Corp | 5.125 | 06/15/20 | 21,691 |
111
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 100,000 | Cigna Corp | 4.500 | % | 03/15/21 | $ | 106,691 | ||||||||||
100,000 | CNA Financial Corp | 3.950 | 05/15/24 | 103,739 | ||||||||||||
100,000 | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 101,827 | ||||||||||||
100,000 | Humana, Inc | 3.850 | 10/01/24 | 103,934 | ||||||||||||
100,000 | Humana, Inc | 3.950 | 03/15/27 | 104,227 | ||||||||||||
125,000 | Mercury General Corp | 4.400 | 03/15/27 | 126,699 | ||||||||||||
100,000 | MetLife, Inc | 3.600 | 11/13/25 | 103,734 | ||||||||||||
100,000 | g | Prudential Funding LLC | 6.750 | 09/15/23 | 119,292 | |||||||||||
100,000 | g | Swiss Re Treasury US Corp | 2.875 | 12/06/22 | 100,402 | |||||||||||
25,000 | Travelers Cos, Inc | 5.800 | 05/15/18 | 25,902 | ||||||||||||
100,000 | Travelers Cos, Inc | 4.000 | 05/30/47 | 102,254 | ||||||||||||
150,000 | UnitedHealth Group, Inc | 3.750 | 07/15/25 | 158,002 | ||||||||||||
100,000 | UnitedHealth Group, Inc | 3.450 | 01/15/27 | 102,831 | ||||||||||||
225,000 | UnitedHealth Group, Inc | 4.250 | 04/15/47 | 239,497 | ||||||||||||
250,000 | WellPoint, Inc | 3.125 | 05/15/22 | 254,629 | ||||||||||||
25,000 | WR Berkley Corp | 5.375 | 09/15/20 | 27,059 | ||||||||||||
|
| |||||||||||||||
TOTAL INSURANCE | 3,204,338 | |||||||||||||||
|
| |||||||||||||||
MATERIALS - 2.1% | ||||||||||||||||
100,000 | Agrium, Inc | 4.125 | 03/15/35 | 99,624 | ||||||||||||
200,000 | g | Air Liquide Finance S.A. | 1.750 | 09/27/21 | 194,696 | |||||||||||
35,000 | Air Products & Chemicals, Inc | 4.375 | 08/21/19 | 36,813 | ||||||||||||
100,000 | Albemarle Corp | 5.450 | 12/01/44 | 116,321 | ||||||||||||
25,000 | Barrick Gold Corp | 3.850 | 04/01/22 | 26,677 | ||||||||||||
25,000 | Berry Plastics Corp | 6.000 | 10/15/22 | 26,656 | ||||||||||||
40,000 | BHP Billiton Finance USA Ltd | 5.000 | 09/30/43 | 46,351 | ||||||||||||
50,000 | Blue Cube Spinco, Inc | 9.750 | 10/15/23 | 60,500 | ||||||||||||
50,000 | Blue Cube Spinco, Inc | 10.000 | 10/15/25 | 61,500 | ||||||||||||
200,000 | g | Cemex SAB de C.V. | 7.750 | 04/16/26 | 228,750 | |||||||||||
100,000 | Corning, Inc | 1.450 | 11/15/17 | 99,940 | ||||||||||||
200,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 4.500 | 09/16/25 | 213,506 | |||||||||||
100,000 | g | CRH America Finance, Inc | 3.400 | 05/09/27 | 100,017 | |||||||||||
105,000 | Crown Americas LLC | 4.500 | 01/15/23 | 109,987 | ||||||||||||
200,000 | g | Equate Petrochemical BV | 3.000 | 03/03/22 | 197,005 | |||||||||||
100,000 | g | Georgia-Pacific LLC | 3.600 | 03/01/25 | 103,112 | |||||||||||
125,000 | g | Glencore Funding LLC | 4.125 | 05/30/23 | 128,261 | |||||||||||
125,000 | g | Glencore Funding LLC | 4.625 | 04/29/24 | 130,708 | |||||||||||
250,000 | g | Glencore Funding LLC | 4.000 | 03/27/27 | 246,000 | |||||||||||
50,000 | Hexion US Finance Corp | 6.625 | 04/15/20 | 45,625 | ||||||||||||
200,000 | g | Inversiones CMPC S.A. | 4.375 | 04/04/27 | 203,278 | |||||||||||
200,000 | g | Klabin Finance S.A. | 5.250 | 07/16/24 | 202,200 | |||||||||||
260,000 | Monsanto Co | 3.375 | 07/15/24 | 263,797 | ||||||||||||
150,000 | Newmont Mining Corp | 4.875 | 03/15/42 | 158,697 | ||||||||||||
25,000 | Nucor Corp | 4.000 | 08/01/23 | 26,421 | ||||||||||||
80,000 | g | Owens-Brockway Glass Container, Inc | 5.875 | 08/15/23 | 88,200 | |||||||||||
150,000 | Packaging Corp of America | 3.650 | 09/15/24 | 152,967 | ||||||||||||
100,000 | Potash Corp of Saskatchewan, Inc | 3.625 | 03/15/24 | 101,283 | ||||||||||||
70,000 | g | Sealed Air Corp | 5.250 | 04/01/23 | 75,075 | |||||||||||
100,000 | Sherwin-Williams Co | 3.450 | 06/01/27 | 100,712 | ||||||||||||
25,000 | Sherwin-Williams Co | 4.500 | 06/01/47 | 26,234 | ||||||||||||
25,000 | Steel Dynamics, Inc | 5.125 | 10/01/21 | 25,674 | ||||||||||||
50,000 | Teck Resources Ltd | 3.750 | 02/01/23 | 48,688 | ||||||||||||
45,000 | g | Univar, Inc | 6.750 | 07/15/23 | 46,913 | |||||||||||
|
| |||||||||||||||
TOTAL MATERIALS | 3,792,188 | |||||||||||||||
|
|
112
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
MEDIA - 1.8% | ||||||||||||||||
$ 500,000 | 21st Century Fox America, Inc | 3.000 | % | 09/15/22 | $ | 507,222 | ||||||||||
50,000 | 21st Century Fox America, Inc | 6.900 | 08/15/39 | 66,078 | ||||||||||||
100,000 | AMC Entertainment, Inc | 5.875 | 02/15/22 | 104,500 | ||||||||||||
150,000 | CBS Corp | 2.300 | 08/15/19 | 150,986 | ||||||||||||
100,000 | CBS Corp | 2.900 | 01/15/27 | 94,724 | ||||||||||||
100,000 | CBS Corp | 3.375 | 02/15/28 | 98,021 | ||||||||||||
250,000 | Charter Communications Operating LLC | 3.579 | 07/23/20 | 258,324 | ||||||||||||
175,000 | Charter Communications Operating LLC | 4.464 | 07/23/22 | 186,436 | ||||||||||||
325,000 | Charter Communications Operating LLC | 4.908 | 07/23/25 | 351,134 | ||||||||||||
75,000 | Cinemark USA, Inc | 4.875 | 06/01/23 | 76,617 | ||||||||||||
300,000 | Comcast Corp | 3.200 | 07/15/36 | 281,147 | ||||||||||||
50,000 | g | EMI Music Publishing Group North America Holdings, Inc | 7.625 | 06/15/24 | 55,625 | |||||||||||
15,000 | g | Gannett Co, Inc | 4.875 | 09/15/21 | 15,413 | |||||||||||
80,000 | g | Gannett Co, Inc | 5.500 | 09/15/24 | 82,400 | |||||||||||
100,000 | g | NBC Universal Enterprise, Inc | 1.662 | 04/15/18 | 100,175 | |||||||||||
125,000 | g | NBC Universal Enterprise, Inc | 1.974 | 04/15/19 | 125,441 | |||||||||||
50,000 | g | Nielsen Finance LLC | 5.000 | 04/15/22 | 51,875 | |||||||||||
50,000 | Outfront Media Capital LLC | 5.250 | 02/15/22 | 51,812 | ||||||||||||
50,000 | g | Sirius XM Radio, Inc | 5.375 | 07/15/26 | 51,750 | |||||||||||
75,000 | Time Warner Cable, Inc | 5.875 | 11/15/40 | 83,693 | ||||||||||||
450,000 | Time Warner, Inc | 2.100 | 06/01/19 | 450,203 | ||||||||||||
100,000 | Time Warner, Inc | 3.800 | 02/15/27 | 100,687 | ||||||||||||
125,000 | Walt Disney Co | 2.450 | 03/04/22 | 125,942 | ||||||||||||
|
| |||||||||||||||
TOTAL MEDIA | 3,470,205 | |||||||||||||||
|
| |||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.5% | ||||||||||||||||
100,000 | Abbott Laboratories | 3.875 | 09/15/25 | 102,862 | ||||||||||||
400,000 | Abbott Laboratories | 3.750 | 11/30/26 | 408,366 | ||||||||||||
100,000 | Abbott Laboratories | 5.300 | 05/27/40 | 113,362 | ||||||||||||
425,000 | AbbVie, Inc | 2.500 | 05/14/20 | 429,896 | ||||||||||||
300,000 | AbbVie, Inc | 3.200 | 05/14/26 | 296,487 | ||||||||||||
550,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 568,941 | ||||||||||||
100,000 | Actavis Funding SCS | 4.550 | 03/15/35 | 106,821 | ||||||||||||
100,000 | Amgen, Inc | 1.850 | 08/19/21 | 97,759 | ||||||||||||
150,000 | Amgen, Inc | 2.600 | 08/19/26 | 141,971 | ||||||||||||
100,000 | AstraZeneca plc | 3.125 | 06/12/27 | 99,681 | ||||||||||||
175,000 | Celgene Corp | 2.875 | 08/15/20 | 178,937 | ||||||||||||
250,000 | Celgene Corp | 3.875 | 08/15/25 | 261,111 | ||||||||||||
250,000 | Gilead Sciences, Inc | 3.650 | 03/01/26 | 257,497 | ||||||||||||
150,000 | Gilead Sciences, Inc | 2.950 | 03/01/27 | 145,597 | ||||||||||||
150,000 | Johnson & Johnson | 2.950 | 03/03/27 | 151,810 | ||||||||||||
100,000 | Johnson & Johnson | 3.625 | 03/03/37 | 104,697 | ||||||||||||
100,000 | Mylan NV | 3.750 | 12/15/20 | 103,932 | ||||||||||||
100,000 | Mylan NV | 3.950 | 06/15/26 | 101,334 | ||||||||||||
175,000 | Novartis Capital Corp | 3.000 | 11/20/25 | 176,820 | ||||||||||||
200,000 | Novartis Capital Corp | 3.100 | 05/17/27 | 202,431 | ||||||||||||
73,000 | Perrigo Finance plc | 4.900 | 12/15/44 | 74,130 | ||||||||||||
150,000 | Pfizer, Inc | 4.125 | 12/15/46 | 159,336 | ||||||||||||
200,000 | g | Roche Holdings, Inc | 2.375 | 01/28/27 | 189,698 | |||||||||||
50,000 | Teva Pharmaceutical Finance Netherlands III BV | 2.200 | 07/21/21 | 49,078 | ||||||||||||
100,000 | Teva Pharmaceutical Finance Netherlands III BV | 3.150 | 10/01/26 | 94,978 | ||||||||||||
|
| |||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 4,617,532 | |||||||||||||||
|
|
113
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
REAL ESTATE - 2.8% | ||||||||||||||||
$ 100,000 | Alexandria Real Estate Equities, Inc | 3.950 | % | 01/15/27 | $ | 101,860 | ||||||||||
100,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/28 | 101,700 | ||||||||||||
200,000 | American Tower Corp | 3.300 | 02/15/21 | 205,208 | ||||||||||||
50,000 | American Tower Corp | 4.400 | 02/15/26 | 52,418 | ||||||||||||
150,000 | Brandywine Operating Partnership LP | 4.100 | 10/01/24 | 150,528 | ||||||||||||
100,000 | Brixmor Operating Partnership LP | 3.875 | 08/15/22 | 102,239 | ||||||||||||
125,000 | Brixmor Operating Partnership LP | 3.250 | 09/15/23 | 122,161 | ||||||||||||
200,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/25 | 197,391 | ||||||||||||
100,000 | Brixmor Operating Partnership LP | 4.125 | 06/15/26 | 99,429 | ||||||||||||
35,000 | Camden Property Trust | 4.625 | 06/15/21 | 37,267 | ||||||||||||
100,000 | Camden Property Trust | 2.950 | 12/15/22 | 99,285 | ||||||||||||
100,000 | Crown Castle International Corp | 2.250 | 09/01/21 | 98,401 | ||||||||||||
110,000 | Crown Castle International Corp | 4.875 | 04/15/22 | 120,154 | ||||||||||||
100,000 | DCT Industrial Operating Partnership LP | 4.500 | 10/15/23 | 105,234 | ||||||||||||
100,000 | DDR Corp | 3.625 | 02/01/25 | 95,140 | ||||||||||||
75,000 | DDR Corp | 4.250 | 02/01/26 | 73,539 | ||||||||||||
100,000 | DDR Corp | 4.700 | 06/01/27 | 100,227 | ||||||||||||
100,000 | Developers Diversified Realty Corp | 4.750 | 04/15/18 | 101,958 | ||||||||||||
40,000 | Developers Diversified Realty Corp | 7.875 | 09/01/20 | 45,815 | ||||||||||||
100,000 | Duke Realty LP | 3.250 | 06/30/26 | 98,209 | ||||||||||||
100,000 | Equity One, Inc | 3.750 | 11/15/22 | 103,469 | ||||||||||||
75,000 | Essex Portfolio LP | 3.375 | 01/15/23 | 75,715 | ||||||||||||
100,000 | Federal Realty Investment Trust | 3.250 | 07/15/27 | 98,122 | ||||||||||||
25,000 | Healthcare Realty Trust, Inc | 5.750 | 01/15/21 | 27,379 | ||||||||||||
100,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 101,709 | ||||||||||||
175,000 | Healthcare Realty Trust, Inc | 3.875 | 05/01/25 | 176,412 | ||||||||||||
100,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 102,010 | ||||||||||||
125,000 | Healthcare Trust of America Holdings LP | 3.500 | 08/01/26 | 122,247 | ||||||||||||
100,000 | Highwoods Realty LP | 3.875 | 03/01/27 | 99,944 | ||||||||||||
100,000 | Host Hotels & Resorts LP | 4.500 | 02/01/26 | 104,873 | ||||||||||||
100,000 | Kimco Realty Corp | 3.400 | 11/01/22 | 101,929 | ||||||||||||
100,000 | Liberty Property LP | 3.250 | 10/01/26 | 96,873 | ||||||||||||
100,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 105,834 | ||||||||||||
125,000 | Mid-America Apartments LP | 3.750 | 06/15/24 | 128,134 | ||||||||||||
100,000 | Mid-America Apartments LP | 3.600 | 06/01/27 | 99,494 | ||||||||||||
50,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 52,071 | ||||||||||||
100,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 101,120 | ||||||||||||
100,000 | National Retail Properties, Inc | 4.000 | 11/15/25 | 102,269 | ||||||||||||
150,000 | Regency Centers LP | 3.900 | 11/01/25 | 153,121 | ||||||||||||
200,000 | Regency Centers LP | 3.600 | 02/01/27 | 198,642 | ||||||||||||
175,000 | Simon Property Group LP | 3.375 | 06/15/27 | 174,178 | ||||||||||||
50,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 50,570 | ||||||||||||
100,000 | Weingarten Realty Investors | 3.500 | 04/15/23 | 100,660 | ||||||||||||
100,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 104,674 | ||||||||||||
100,000 | Weingarten Realty Investors | 3.850 | 06/01/25 | 100,651 | ||||||||||||
100,000 | Weingarten Realty Investors | 3.250 | 08/15/26 | 95,335 | ||||||||||||
325,000 | Welltower, Inc | 4.000 | 06/01/25 | 336,067 | ||||||||||||
|
| |||||||||||||||
TOTAL REAL ESTATE | 5,221,665 | |||||||||||||||
|
|
114
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
RETAILING - 1.4% | ||||||||||||||||
$ 100,000 | g | Argos Merger Sub, Inc | 7.125 | % | 03/15/23 | $ | 89,000 | |||||||||
25,000 | Asbury Automotive Group, Inc | 6.000 | 12/15/24 | 25,437 | ||||||||||||
100,000 | AutoNation, Inc | 3.350 | 01/15/21 | 101,803 | ||||||||||||
300,000 | AutoZone, Inc | 2.500 | 04/15/21 | 299,190 | ||||||||||||
100,000 | AutoZone, Inc | 3.250 | 04/15/25 | 98,257 | ||||||||||||
15,000 | Dollar Tree, Inc | 5.750 | 03/01/23 | 15,806 | ||||||||||||
125,000 | Enable Midstream Partners LP | 4.400 | 03/15/27 | 125,463 | ||||||||||||
200,000 | Home Depot, Inc | 2.000 | 04/01/21 | 199,420 | ||||||||||||
150,000 | Home Depot, Inc | 3.350 | 09/15/25 | 155,774 | ||||||||||||
100,000 | Home Depot, Inc | 3.000 | 04/01/26 | 100,544 | ||||||||||||
100,000 | Home Depot, Inc | 3.500 | 09/15/56 | 90,767 | ||||||||||||
75,000 | L Brands, Inc | 6.875 | 11/01/35 | 72,375 | ||||||||||||
75,000 | L Brands, Inc | 6.750 | 07/01/36 | 72,000 | ||||||||||||
125,000 | Macy’s Retail Holdings, Inc | 4.500 | 12/15/34 | 103,508 | ||||||||||||
70,000 | Men’s Wearhouse, Inc | 7.000 | 07/01/22 | 61,250 | ||||||||||||
550,000 | O’Reilly Automotive, Inc | 3.550 | 03/15/26 | 553,825 | ||||||||||||
125,000 | g | Rolls-Royce plc | 2.375 | 10/14/20 | 125,089 | |||||||||||
100,000 | g | Rolls-Royce plc | 3.625 | 10/14/25 | 103,009 | |||||||||||
100,000 | Target Corp | 2.500 | 04/15/26 | 94,813 | ||||||||||||
125,000 | Target Corp | 3.625 | 04/15/46 | 116,803 | ||||||||||||
|
| |||||||||||||||
TOTAL RETAILING | 2,604,133 | |||||||||||||||
|
| |||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3% | ||||||||||||||||
300,000 | Intel Corp | 3.150 | 05/11/27 | 301,058 | ||||||||||||
125,000 | Intel Corp | 4.100 | 05/11/47 | 129,602 | ||||||||||||
100,000 | Maxim Integrated Products, Inc | 3.450 | 06/15/27 | 98,942 | ||||||||||||
100,000 | Texas Instruments, Inc | 2.625 | 05/15/24 | 99,596 | ||||||||||||
|
| |||||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 629,198 | |||||||||||||||
|
| |||||||||||||||
SOFTWARE & SERVICES - 0.7% | ||||||||||||||||
100,000 | Activision Blizzard Inc | 2.300 | 09/15/21 | 99,339 | ||||||||||||
100,000 | Activision Blizzard Inc | 3.400 | 09/15/26 | 100,281 | ||||||||||||
575,000 | Microsoft Corp | 2.400 | 08/08/26 | 553,426 | ||||||||||||
100,000 | Microsoft Corp | 4.100 | 02/06/37 | 107,840 | ||||||||||||
100,000 | Microsoft Corp | 4.250 | 02/06/47 | 108,429 | ||||||||||||
100,000 | NCR Corp | 5.875 | 12/15/21 | 104,000 | ||||||||||||
50,000 | g | Open Text Corp | 5.625 | 01/15/23 | 52,125 | |||||||||||
50,000 | g | Open Text Corp | 5.875 | 06/01/26 | 53,781 | |||||||||||
125,000 | Oracle Corp | 2.500 | 05/15/22 | 126,172 | ||||||||||||
|
| |||||||||||||||
TOTAL SOFTWARE & SERVICES | 1,305,393 | |||||||||||||||
|
| |||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 1.1% | ||||||||||||||||
200,000 | Amphenol Corp | 3.125 | 09/15/21 | 204,630 | ||||||||||||
250,000 | Apple, Inc | 3.200 | 05/11/27 | 252,372 | ||||||||||||
150,000 | g | Broadcom Corp | 3.875 | 01/15/27 | 154,051 | |||||||||||
250,000 | Cisco Systems, Inc | 1.850 | 09/20/21 | 246,893 | ||||||||||||
75,000 | g | CommScope, Inc | 5.000 | 06/15/21 | 76,687 | |||||||||||
75,000 | g | CommScope, Inc | 5.500 | 06/15/24 | 78,070 | |||||||||||
100,000 | g | Diamond Finance Corp | 3.480 | 06/01/19 | 102,342 | |||||||||||
225,000 | g | Diamond Finance Corp | 4.420 | 06/15/21 | 237,178 | |||||||||||
100,000 | g | Diamond Finance Corp | 6.020 | 06/15/26 | 110,161 | |||||||||||
125,000 | g | Seagate HDD Cayman | 4.250 | 03/01/22 | 127,051 |
115
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 100,000 | Tyco Electronics Group S.A. | 2.375 | % | 12/17/18 | $ | 100,636 | ||||||||||
150,000 | Tyco Electronics Group S.A. | 3.500 | 02/03/22 | 155,234 | ||||||||||||
100,000 | Tyco Electronics Group S.A. | 3.700 | 02/15/26 | 103,186 | ||||||||||||
|
| |||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,948,491 | |||||||||||||||
|
| |||||||||||||||
TELECOMMUNICATION SERVICES - 1.9% | ||||||||||||||||
200,000 | Alibaba Group Holding Ltd | 2.500 | 11/28/19 | 201,560 | ||||||||||||
125,000 | AT&T, Inc | 1.400 | 12/01/17 | 124,898 | ||||||||||||
200,000 | AT&T, Inc | 4.600 | 02/15/21 | 213,290 | ||||||||||||
125,000 | AT&T, Inc | 3.400 | 05/15/25 | 122,897 | ||||||||||||
125,000 | AT&T, Inc | 4.250 | 03/01/27 | 129,236 | ||||||||||||
150,000 | AT&T, Inc | 4.500 | 05/15/35 | 147,727 | ||||||||||||
125,000 | AT&T, Inc | 5.250 | 03/01/37 | 133,316 | ||||||||||||
100,000 | AT&T, Inc | 4.750 | 05/15/46 | 98,195 | ||||||||||||
125,000 | AT&T, Inc | 5.450 | 03/01/47 | 134,745 | ||||||||||||
200,000 | g | Bharti Airtel International Netherlands BV | 5.125 | 03/11/23 | 210,359 | |||||||||||
100,000 | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 148,325 | ||||||||||||
250,000 | g | MTN Mauritius Investment Ltd | 5.373 | 02/13/22 | 257,406 | |||||||||||
50,000 | Orange S.A. | 5.500 | 02/06/44 | 59,769 | ||||||||||||
100,000 | Telefonica Emisiones SAU | 4.103 | 03/08/27 | 103,325 | ||||||||||||
50,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 54,062 | ||||||||||||
675,000 | Verizon Communications, Inc | 3.450 | 03/15/21 | 698,792 | ||||||||||||
400,000 | Verizon Communications, Inc | 4.150 | 03/15/24 | 421,080 | ||||||||||||
258,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 249,287 | ||||||||||||
100,000 | Verizon Communications, Inc | 4.125 | 08/15/46 | 89,126 | ||||||||||||
|
| |||||||||||||||
TOTAL TELECOMMUNICATION SERVICES | 3,597,395 | |||||||||||||||
|
| |||||||||||||||
TRANSPORTATION - 1.0% | ||||||||||||||||
165,000 | g | Asciano Finance Ltd | 5.000 | 04/07/18 | 168,012 | |||||||||||
125,000 | Burlington Northern Santa Fe LLC | 4.125 | 06/15/47 | 131,646 | ||||||||||||
225,000 | Canadian Pacific Railway Co | 2.900 | 02/01/25 | 223,010 | ||||||||||||
175,000 | CSX Corp | 3.250 | 06/01/27 | 176,662 | ||||||||||||
100,000 | CSX Corp | 3.800 | 11/01/46 | 97,146 | ||||||||||||
200,000 | Delta Air Lines, Inc | 3.625 | 03/15/22 | 205,295 | ||||||||||||
125,000 | FedEx Corp | 3.250 | 04/01/26 | 126,086 | ||||||||||||
20,000 | FedEx Corp | 4.750 | 11/15/45 | 21,628 | ||||||||||||
400,000 | Kansas City Southern | 2.350 | 05/15/20 | 399,290 | ||||||||||||
100,000 | Kansas City Southern | 4.950 | 08/15/45 | 109,198 | ||||||||||||
250,000 | g | TTX Co | 3.600 | 01/15/25 | 251,780 | |||||||||||
|
| |||||||||||||||
TOTAL TRANSPORTATION | 1,909,753 | |||||||||||||||
|
| |||||||||||||||
UTILITIES - 5.4% | ||||||||||||||||
100,000 | AEP Transmission Co LLC | 3.100 | 12/01/26 | 99,727 | ||||||||||||
100,000 | AEP Transmission Co LLC | 4.000 | 12/01/46 | 103,469 | ||||||||||||
8,000 | i | AES Corp | 4.202 | 06/01/19 | 8,000 | |||||||||||
100,000 | AES Corp | 4.875 | 05/15/23 | 101,875 | ||||||||||||
200,000 | AGL Capital Corp | 3.875 | 11/15/25 | 205,499 | ||||||||||||
100,000 | Alabama Power Co | 4.150 | 08/15/44 | 104,441 | ||||||||||||
100,000 | American Water Capital Corp | 3.000 | 12/01/26 | 98,935 | ||||||||||||
100,000 | American Water Capital Corp | 4.000 | 12/01/46 | 103,854 | ||||||||||||
100,000 | g | APT Pipelines Ltd | 4.250 | 07/15/27 | 102,384 | |||||||||||
75,000 | Atmos Energy Corp | 8.500 | 03/15/19 | 83,044 | ||||||||||||
200,000 | Black Hills Corp | 4.250 | 11/30/23 | 211,731 |
116
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 100,000 | Black Hills Corp | 3.150 | % | 01/15/27 | $ | 96,701 | ||||||||||
200,000 | Carolina Power & Light Co | 5.300 | 01/15/19 | 211,075 | ||||||||||||
100,000 | CMS Energy Corp | 3.600 | 11/15/25 | 102,316 | ||||||||||||
25,000 | Connecticut Light & Power Co | 5.500 | 02/01/19 | 26,376 | ||||||||||||
125,000 | Consolidated Edison Co of New York, Inc | 3.850 | 06/15/46 | 126,204 | ||||||||||||
150,000 | Consolidated Edison Co of New York, Inc | 3.875 | 06/15/47 | 152,394 | ||||||||||||
100,000 | Consolidated Edison, Inc | 2.000 | 05/15/21 | 98,432 | ||||||||||||
15,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 15,996 | ||||||||||||
100,000 | Duke Energy Corp | 1.800 | 09/01/21 | 97,608 | ||||||||||||
150,000 | Duke Energy Corp | 2.650 | 09/01/26 | 142,475 | ||||||||||||
100,000 | Duke Energy Corp | 3.750 | 09/01/46 | 95,143 | ||||||||||||
300,000 | g | Electricite de France S.A. | 2.350 | 10/13/20 | 301,140 | |||||||||||
150,000 | Energy Transfer Partners LP | 4.050 | 03/15/25 | 150,615 | ||||||||||||
150,000 | Energy Transfer Partners LP | 4.750 | 01/15/26 | 156,062 | ||||||||||||
100,000 | Energy Transfer Partners LP | 5.150 | 02/01/43 | 95,025 | ||||||||||||
200,000 | Energy Transfer Partners LP | 5.150 | 03/15/45 | 194,563 | ||||||||||||
100,000 | Entergy Corp | 2.950 | 09/01/26 | 95,766 | ||||||||||||
175,000 | Exelon Generation Co LLC | 3.400 | 03/15/22 | 178,109 | ||||||||||||
150,000 | g | FirstEnergy Transmission LLC | 4.350 | 01/15/25 | 156,752 | |||||||||||
150,000 | Fortis, Inc | 3.055 | 10/04/26 | 144,764 | ||||||||||||
125,000 | Great Plains Energy, Inc | 3.900 | 04/01/27 | 126,466 | ||||||||||||
50,000 | Indiana Michigan Power Co | 7.000 | 03/15/19 | 53,956 | ||||||||||||
100,000 | Indiana Michigan Power Co | 3.750 | 07/01/47 | 97,276 | ||||||||||||
25,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 26,370 | ||||||||||||
100,000 | Interstate Power & Light Co | 3.700 | 09/15/46 | 96,313 | ||||||||||||
200,000 | g | KazMunayGas National Co JSC | 3.875 | 04/19/22 | 197,948 | |||||||||||
100,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 104,264 | ||||||||||||
200,000 | g | Listrindo Capital BV | 4.950 | 09/14/26 | 202,500 | |||||||||||
100,000 | MidAmerican Energy Co | 4.250 | 05/01/46 | 107,317 | ||||||||||||
80,000 | MPLX LP | 4.000 | 02/15/25 | 80,551 | ||||||||||||
100,000 | MPLX LP | 4.125 | 03/01/27 | 100,351 | ||||||||||||
100,000 | MPLX LP | 5.200 | 03/01/47 | 102,558 | ||||||||||||
200,000 | g | NBK SPC Ltd | 2.750 | 05/30/22 | 197,546 | |||||||||||
250,000 | NextEra Energy Capital Holdings, Inc | 3.550 | 05/01/27 | 253,852 | ||||||||||||
175,000 | NiSource Finance Corp | 3.490 | 05/15/27 | 176,223 | ||||||||||||
50,000 | NiSource Finance Corp | 4.800 | 02/15/44 | 54,237 | ||||||||||||
100,000 | NiSource Finance Corp | 4.375 | 05/15/47 | 103,260 | ||||||||||||
100,000 | Northeast Utilities | 1.450 | 05/01/18 | 99,856 | ||||||||||||
100,000 | NRG Energy, Inc | 6.250 | 05/01/24 | 101,000 | ||||||||||||
125,000 | Oncor Electric Delivery Co LLC | 2.150 | 06/01/19 | 125,072 | ||||||||||||
125,000 | Pacific Gas & Electric Co | 4.250 | 03/15/46 | 133,177 | ||||||||||||
100,000 | Pacific Gas & Electric Co | 4.000 | 12/01/46 | 102,981 | ||||||||||||
200,000 | g | Perusahaan Listrik Negara PT | 4.125 | 05/15/27 | 196,546 | |||||||||||
175,000 | Phillips 66 Partners LP | 3.550 | 10/01/26 | 169,996 | ||||||||||||
100,000 | Phillips 66 Partners LP | 4.900 | 10/01/46 | 98,756 | ||||||||||||
300,000 | PPL Capital Funding, Inc | 4.200 | 06/15/22 | 317,638 | ||||||||||||
250,000 | PPL Electric Utilities Corp | 3.000 | 09/15/21 | 256,451 | ||||||||||||
50,000 | Progress Energy, Inc | 7.050 | 03/15/19 | 54,128 | ||||||||||||
80,000 | Public Service Co of Colorado | 4.750 | 08/15/41 | 89,876 | ||||||||||||
100,000 | Public Service Co of Oklahoma | 5.150 | 12/01/19 | 106,596 | ||||||||||||
100,000 | Public Service Electric & Gas Co | 3.800 | 03/01/46 | 101,841 | ||||||||||||
200,000 | g | Saka Energi Indonesia PT | 4.450 | 05/05/24 | 200,645 | |||||||||||
125,000 | Sempra Energy | 2.875 | 10/01/22 | 125,293 |
117
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 125,000 | Southern Co | 4.400 | % | 07/01/46 | $ | 127,454 | ||||||||||
100,000 | Southern Co Gas Capital Corp | 3.950 | 10/01/46 | 95,596 | ||||||||||||
150,000 | Southern Power Co | 2.500 | 12/15/21 | 148,619 | ||||||||||||
150,000 | Southern Power Co | 4.150 | 12/01/25 | 156,659 | ||||||||||||
150,000 | Spectra Energy Partners LP | 4.500 | 03/15/45 | 148,038 | ||||||||||||
200,000 | g | Tengizchevroil Finance Co International Ltd | 4.000 | 08/15/26 | 192,532 | |||||||||||
55,000 | Virginia Electric & Power Co | 2.950 | 01/15/22 | 56,139 | ||||||||||||
125,000 | Virginia Electric & Power Co | 3.500 | 03/15/27 | 128,545 | ||||||||||||
100,000 | Virginia Electric & Power Co | 4.000 | 11/15/46 | 103,265 | ||||||||||||
100,000 | Western Gas Partners LP | 4.000 | 07/01/22 | 102,498 | ||||||||||||
100,000 | Western Gas Partners LP | 3.950 | 06/01/25 | 99,358 | ||||||||||||
200,000 | Western Gas Partners LP | 4.650 | 07/01/26 | 204,746 | ||||||||||||
75,000 | Williams Partners LP | 3.600 | 03/15/22 | 76,616 | ||||||||||||
100,000 | Williams Partners LP | 4.500 | 11/15/23 | 106,731 | ||||||||||||
75,000 | Williams Partners LP | 4.900 | 01/15/45 | 75,197 | ||||||||||||
100,000 | Xcel Energy, Inc | 3.350 | 12/01/26 | 100,935 | ||||||||||||
35,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 37,421 | ||||||||||||
|
| |||||||||||||||
TOTAL UTILITIES | 10,181,664 | |||||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS (Cost $81,947,447) | 83,316,854 | |||||||||||||||
|
| |||||||||||||||
GOVERNMENT BONDS - 39.8% | ||||||||||||||||
AGENCY SECURITIES - 0.2% | ||||||||||||||||
400,000 | Private Export Funding Corp (PEFCO) | 2.250 | 03/15/20 | 405,362 | ||||||||||||
|
| |||||||||||||||
TOTAL AGENCY SECURITIES | 405,362 | |||||||||||||||
|
| |||||||||||||||
FOREIGN GOVERNMENT BONDS - 4.0% | ||||||||||||||||
200,000 | Argentine Republic Government International Bond | 5.625 | 01/26/22 | 204,800 | ||||||||||||
200,000 | g | Bermuda Government International Bond | 3.717 | 01/25/27 | 200,766 | |||||||||||
BRL 350,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/21 | 105,888 | ||||||||||||
$ 150,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.875 | 07/28/20 | 149,791 | |||||||||||
200,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 195,000 | ||||||||||||
200,000 | Colombia Government International Bond | 5.000 | 06/15/45 | 201,200 | ||||||||||||
200,000 | g | Costa Rica Government International Bond | 7.158 | 03/12/45 | 210,000 | |||||||||||
200,000 | g | Croatia Government International Bond | 6.750 | 11/05/19 | 217,759 | |||||||||||
225,000 | g | Ecuador Government International Bond | 9.650 | 12/13/26 | 224,707 | |||||||||||
125,000 | g | El Salvador Government International Bond | 8.625 | 02/28/29 | 130,000 | |||||||||||
100,000 | European Investment Bank | 4.875 | 02/15/36 | 127,732 | ||||||||||||
200,000 | g | Export Credit Bank of Turkey | 5.375 | 10/24/23 | 201,674 | |||||||||||
250,000 | g | Guatemala Government International Bond | 4.500 | 05/03/26 | 252,647 | |||||||||||
200,000 | g | Guatemala Government International Bond | 4.375 | 06/05/27 | 198,500 | |||||||||||
196,000 | g,i | Ivory Coast Government International Bond (Step Bond) | 5.750 | 12/31/32 | 187,833 | |||||||||||
150,000 | Jamaica Government International Bond | 8.000 | 03/15/39 | 177,000 | ||||||||||||
200,000 | Japan Bank for International Cooperation | 2.375 | 04/20/26 | 193,889 | ||||||||||||
200,000 | g,i | Kommunalbanken AS. | 1.352 | 02/20/18 | 200,184 | |||||||||||
250,000 | g | Korea Housing Finance Corp | 2.000 | 10/11/21 | 242,010 | |||||||||||
350,000 | g | Kuwait International Government Bond | 2.750 | 03/20/22 | 350,757 | |||||||||||
100,000 | Mexico Government International Bond | 4.000 | 10/02/23 | 104,555 | ||||||||||||
250,000 | Mexico Government International Bond | 4.150 | 03/28/27 | 258,875 | ||||||||||||
200,000 | Mexico Government International Bond | 4.750 | 03/08/44 | 200,200 | ||||||||||||
200,000 | Nigeria Government International Bond | 5.625 | 06/27/22 | 197,700 |
118
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 250,000 | g | Oman Government International Bond | 6.500 | % | 03/08/47 | $ | 255,245 | |||||||||
200,000 | Panama Government International Bond | 4.500 | 05/15/47 | 202,500 | ||||||||||||
200,000 | g | Paraguay Government International Bond | 4.700 | 03/27/27 | 205,250 | |||||||||||
200,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.400 | 03/29/22 | 202,000 | |||||||||||
125,000 | Peruvian Government International Bond | 5.625 | 11/18/50 | 151,437 | ||||||||||||
150,000 | g | Provincia de Buenos Aires | 7.875 | 06/15/27 | 155,295 | |||||||||||
200,000 | g | Provincia de Mendoza Argentina | 8.375 | 05/19/24 | 213,294 | |||||||||||
200,000 | g | Senegal Government International Bond | 6.250 | 05/23/33 | 202,664 | |||||||||||
200,000 | g | Southern Gas Corridor CJSC | 6.875 | 03/24/26 | 216,500 | |||||||||||
200,000 | g | Sri Lanka Government International Bond | 5.750 | 01/18/22 | 206,672 | |||||||||||
200,000 | g | Sri Lanka Government International Bond | 6.200 | 05/11/27 | 199,683 | |||||||||||
100,000 | Turkey Government International Bond | 6.000 | 03/25/27 | 106,321 | ||||||||||||
UYU 2,765,000 | g | Uruguay Government International Bond | 9.875 | 06/20/22 | 99,208 | |||||||||||
$ 125,000 | Uruguay Government International Bond | 4.375 | 10/27/27 | 132,812 | ||||||||||||
70,000 | Uruguay Government International Bond | 5.100 | 06/18/50 | 71,312 | ||||||||||||
200,000 | g | Zambia Government International Bond | 8.500 | 04/14/24 | 208,456 | |||||||||||
|
| |||||||||||||||
TOTAL FOREIGN GOVERNMENT BONDS | 7,562,116 | |||||||||||||||
|
| |||||||||||||||
MORTGAGE BACKED - 16.0% | ||||||||||||||||
269,022 | Federal Home Loan Mortgage Corp (FHLMC) | 3.500 | 08/15/43 | 281,418 | ||||||||||||
630,053 | FHLMC | 3.500 | 07/15/46 | 120,431 | ||||||||||||
1,547 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 6.000 | 03/01/33 | 1,739 | ||||||||||||
100,407 | FGLMC | 6.000 | 11/01/33 | 115,370 | ||||||||||||
16,804 | FGLMC | 5.000 | 05/01/34 | 18,384 | ||||||||||||
10,605 | FGLMC | 6.000 | 09/01/34 | 12,018 | ||||||||||||
6,598 | FGLMC | 6.000 | 04/01/35 | 7,415 | ||||||||||||
3,487 | FGLMC | 5.000 | 02/01/36 | 3,804 | ||||||||||||
199 | FGLMC | 6.500 | 05/01/36 | 220 | ||||||||||||
28,456 | FGLMC | 6.000 | 08/01/37 | 32,449 | ||||||||||||
6,431 | FGLMC | 6.500 | 09/01/37 | 7,233 | ||||||||||||
6,469 | FGLMC | 6.500 | 11/01/37 | 7,385 | ||||||||||||
22,771 | FGLMC | 5.000 | 04/01/38 | 25,074 | ||||||||||||
3,634 | FGLMC | 6.500 | 05/01/38 | 4,074 | ||||||||||||
4,570 | FGLMC | 5.500 | 01/01/39 | 5,036 | ||||||||||||
17,925 | FGLMC | 5.000 | 07/01/39 | 19,675 | ||||||||||||
28,409 | FGLMC | 5.000 | 01/01/40 | 31,035 | ||||||||||||
403,768 | FGLMC | 3.500 | 04/01/45 | 417,533 | ||||||||||||
1,546,303 | FGLMC | 3.500 | 10/01/45 | 1,597,986 | ||||||||||||
730,541 | FGLMC | 4.000 | 12/01/45 | 776,079 | ||||||||||||
630,555 | FGLMC | 3.500 | 08/01/46 | 651,607 | ||||||||||||
48,997 | Federal National Mortgage Association (FNMA) | 6.000 | 08/01/21 | 52,014 | ||||||||||||
1,528 | FNMA | 5.500 | 09/01/24 | 1,692 | ||||||||||||
124,872 | FNMA | 3.500 | 01/01/26 | 130,166 | ||||||||||||
277,783 | FNMA | 3.500 | 06/01/32 | 289,794 | ||||||||||||
1,014,860 | FNMA | 3.500 | 07/01/32 | 1,058,005 | ||||||||||||
10,781 | FNMA | 6.500 | 07/01/32 | 12,434 | ||||||||||||
1,000,000 | h | FNMA | 2.500 | 08/25/32 | 1,003,849 | |||||||||||
1,000,000 | h | FNMA | 3.000 | 08/25/32 | 1,025,156 | |||||||||||
253,670 | FNMA | 5.500 | 03/01/34 | 284,294 | ||||||||||||
19,711 | FNMA | 6.500 | 02/01/35 | 21,814 | ||||||||||||
205,398 | FNMA | 5.000 | 05/01/35 | 225,460 |
119
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 7,613 | FNMA | 7.500 | % | 07/01/35 | $ | 7,665 | ||||||||||
283,769 | FNMA | 5.000 | 02/01/36 | 311,510 | ||||||||||||
5,063 | FNMA | 6.500 | 09/01/36 | 5,604 | ||||||||||||
12,419 | FNMA | 7.000 | 02/01/37 | 13,530 | ||||||||||||
22,635 | FNMA | 7.000 | 04/01/37 | 26,266 | ||||||||||||
1,927 | FNMA | 6.500 | 08/01/37 | 2,132 | ||||||||||||
2,883 | FNMA | 7.000 | 11/01/37 | 3,212 | ||||||||||||
1,129 | FNMA | 6.500 | 02/01/38 | 1,250 | ||||||||||||
228 | FNMA | 6.500 | 03/01/38 | 252 | ||||||||||||
59,042 | FNMA | 6.500 | 07/01/39 | 65,343 | ||||||||||||
243,198 | FNMA | 4.500 | 09/01/39 | 265,577 | ||||||||||||
183,713 | FNMA | 4.500 | 10/01/39 | 200,614 | ||||||||||||
72,998 | FNMA | 5.000 | 03/01/40 | 80,495 | ||||||||||||
778,064 | FNMA | 5.500 | 07/01/40 | 871,963 | ||||||||||||
353,333 | FNMA | 6.000 | 10/01/40 | 402,685 | ||||||||||||
151,602 | FNMA | 5.000 | 02/01/41 | 168,742 | ||||||||||||
133,044 | FNMA | 5.000 | 07/01/41 | 145,723 | ||||||||||||
526,933 | FNMA | 3.000 | 06/25/42 | 536,430 | ||||||||||||
556,171 | FNMA | 4.500 | 08/01/42 | 603,333 | ||||||||||||
332,015 | FNMA | 3.500 | 11/25/42 | 65,594 | ||||||||||||
549,356 | FNMA | 4.500 | 10/01/43 | 596,217 | ||||||||||||
432,831 | FNMA | 4.500 | 10/01/44 | 471,562 | ||||||||||||
789,658 | FNMA | 4.500 | 11/01/44 | 860,139 | ||||||||||||
819,431 | FNMA | 4.000 | 12/01/44 | 872,387 | ||||||||||||
2,745,334 | FNMA | 4.000 | 07/01/45 | 2,915,103 | ||||||||||||
459,910 | FNMA | 4.000 | 09/01/45 | 489,651 | ||||||||||||
939,108 | FNMA | 3.500 | 01/01/46 | 969,640 | ||||||||||||
629,009 | FNMA | 4.000 | 01/01/46 | 667,513 | ||||||||||||
92,923 | FNMA | 3.500 | 10/25/46 | 20,678 | ||||||||||||
1,643,395 | FNMA | 3.000 | 11/01/46 | 1,641,986 | ||||||||||||
1,789,014 | FNMA | 3.000 | 12/01/46 | 1,787,480 | ||||||||||||
1,000,912 | FNMA | 3.500 | 01/01/47 | 1,028,335 | ||||||||||||
1,000,000 | h | FNMA | 3.500 | 08/25/47 | 1,024,970 | |||||||||||
7,505 | Government National Mortgage Association (GNMA) | 5.000 | 03/15/34 | 8,179 | ||||||||||||
80,390 | GNMA | 5.000 | 06/15/34 | 88,028 | ||||||||||||
8,002 | GNMA | 5.000 | 04/15/38 | 8,794 | ||||||||||||
3,868 | GNMA | 6.000 | 08/15/38 | 4,362 | ||||||||||||
4,062 | GNMA | 6.000 | 08/20/38 | 4,588 | ||||||||||||
23,967 | GNMA | 4.500 | 04/15/40 | 25,701 | ||||||||||||
598,971 | GNMA | 3.500 | 10/20/42 | 113,910 | ||||||||||||
294,861 | GNMA | 3.500 | 09/20/44 | 306,638 | ||||||||||||
483,167 | GNMA | 3.500 | 11/20/46 | 96,974 | ||||||||||||
1,993,772 | GNMA | 3.000 | 05/20/47 | 2,015,821 | ||||||||||||
997,845 | GNMA | 3.500 | 05/20/47 | 1,034,404 | ||||||||||||
1,000,000 | GNMA | 3.500 | 06/20/47 | 1,036,638 | ||||||||||||
|
| |||||||||||||||
TOTAL MORTGAGE BACKED | 30,108,261 | |||||||||||||||
|
| |||||||||||||||
U.S. TREASURY SECURITIES - 19.6% | ||||||||||||||||
1,000,000 | United States Treasury Bond | 3.125 | 11/15/41 | 1,060,156 | ||||||||||||
2,935,700 | United States Treasury Bond | 3.000 | 11/15/45 | 3,028,703 | ||||||||||||
290,000 | United States Treasury Bond | 2.500 | 05/15/46 | 270,278 | ||||||||||||
1,865,000 | United States Treasury Bond | 2.875 | 11/15/46 | 1,878,478 |
120
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 1,870,000 | United States Treasury Bond | 3.000 | % | 02/15/47 | $ | 1,932,381 | ||||||||||
400,000 | United States Treasury Bond | 3.000 | 05/15/47 | 413,531 | ||||||||||||
250,000 | United States Treasury Note | 0.750 | 02/28/18 | 249,219 | ||||||||||||
400,000 | United States Treasury Note | 0.875 | 03/31/18 | 398,843 | ||||||||||||
3,500,000 | United States Treasury Note | 0.875 | 05/31/18 | 3,487,694 | ||||||||||||
1,750,000 | United States Treasury Note | 0.625 | 06/30/18 | 1,738,926 | ||||||||||||
1,850,000 | United States Treasury Note | 0.750 | 08/31/18 | 1,837,786 | ||||||||||||
1,000,000 | United States Treasury Note | 0.750 | 09/30/18 | 993,086 | ||||||||||||
255,000 | United States Treasury Note | 1.250 | 12/31/18 | 254,591 | ||||||||||||
900,000 | United States Treasury Note | 1.125 | 01/31/19 | 896,765 | ||||||||||||
75,000 | United States Treasury Note | 1.125 | 02/28/19 | 74,719 | ||||||||||||
170,000 | United States Treasury Note | 1.250 | 04/30/19 | 169,588 | ||||||||||||
480,000 | United States Treasury Note | 1.250 | 05/31/19 | 478,856 | ||||||||||||
1,045,000 | United States Treasury Note | 0.875 | 09/15/19 | 1,032,713 | ||||||||||||
785,000 | United States Treasury Note | 1.625 | 03/15/20 | 787,423 | ||||||||||||
2,270,000 | United States Treasury Note | 1.500 | 05/15/20 | 2,267,340 | ||||||||||||
2,158,000 | United States Treasury Note | 1.375 | 05/31/21 | 2,127,991 | ||||||||||||
1,850,000 | United States Treasury Note | 1.750 | 05/31/22 | 1,838,943 | ||||||||||||
300,000 | United States Treasury Note | 1.625 | 04/30/23 | 293,473 | ||||||||||||
1,000,000 | United States Treasury Note | 1.625 | 05/31/23 | 977,812 | ||||||||||||
325,000 | United States Treasury Note | 1.375 | 09/30/23 | 311,899 | ||||||||||||
2,405,000 | United States Treasury Note | 2.250 | 12/31/23 | 2,428,393 | ||||||||||||
3,605,000 | United States Treasury Note | 2.125 | 03/31/24 | 3,606,691 | ||||||||||||
300,000 | United States Treasury Note | 2.000 | 04/30/24 | 297,668 | ||||||||||||
1,640,000 | United States Treasury Note | 2.375 | 05/15/27 | 1,650,570 | ||||||||||||
|
| |||||||||||||||
TOTAL U.S. TREASURY SECURITIES | 36,784,516 | |||||||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT BONDS (Cost $74,605,516) | 74,860,255 | |||||||||||||||
|
| |||||||||||||||
STRUCTURED ASSETS - 10.1% | ||||||||||||||||
ASSET BACKED - 3.3% | ||||||||||||||||
79,510 | i | ACE Securities Corp Home Equity Loan Trust | 1.951 | 08/25/35 | 79,501 | |||||||||||
Series - 2005 HE5 (Class M2) | ||||||||||||||||
72,433 | AmeriCredit Automobile Receivables Trust | 1.270 | 07/08/19 | 72,415 | ||||||||||||
Series - 2014 4 (Class A3) | ||||||||||||||||
200,000 | AmeriCredit Automobile Receivables Trust | 3.340 | 08/08/21 | 202,814 | ||||||||||||
Series - 2015 3 (Class D) | ||||||||||||||||
200,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.040 | 03/20/19 | 201,044 | |||||||||||
Series - 2012 3A (Class B) | ||||||||||||||||
1,000,000 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 1,003,281 | |||||||||||
Series - 2014 1A (Class A) | ||||||||||||||||
499,167 | g | Capital Automotive REIT | 3.870 | 04/15/47 | 505,085 | |||||||||||
Series - 2017 1A (Class A1) | ||||||||||||||||
215,717 | g,i | CBRE Realty Finance | 1.450 | 04/07/52 | 92,102 | |||||||||||
Series - 2007 1A (Class A2) | ||||||||||||||||
9,202 | m | CCR, Inc | 1.439 | 07/10/17 | 9,199 | |||||||||||
Series - 2010 CX (Class C) | ||||||||||||||||
19,046 | Centex Home Equity | 5.540 | 01/25/32 | 19,020 | ||||||||||||
Series - 2002 A (Class AF6) | ||||||||||||||||
488,750 | g | DB Master Finance LLC | 3.262 | 02/20/45 | 491,678 | |||||||||||
Series - 2015 1A (Class A2I) |
121
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 641,875 | g | Domino’s Pizza Master Issuer LLC | 3.484 | % | 10/25/45 | $ | 648,249 | |||||||||
Series - 2015 1A (Class A2I) | ||||||||||||||||
493,750 | g | Domino’s Pizza Master Issuer LLC | 4.474 | 10/25/45 | 509,308 | |||||||||||
Series - 2015 1A (Class A2II) | ||||||||||||||||
500,000 | g,h | Domino’s Pizza Master Issuer LLC | 3.082 | 07/25/47 | 497,578 | |||||||||||
Series - 2017 1A (Class A2II) | ||||||||||||||||
110,759 | i | Lehman XS Trust | 6.500 | 06/25/46 | 95,326 | |||||||||||
Series - 2006 13 (Class 2A1) | ||||||||||||||||
76,054 | g,i | Orange Lake Timeshare Trust | 3.030 | 07/09/29 | 75,869 | |||||||||||
Series - 2014 AA (Class B) | ||||||||||||||||
78,750 | Residential Funding Mortgage Securities II, Inc (Step Bond) | 6.060 | 02/25/36 | 82,364 | ||||||||||||
Series - 2006 HI1 (Class M2) | ||||||||||||||||
29,964 | g | Sierra Receivables Funding Co LLC | 1.590 | 11/20/29 | 29,906 | |||||||||||
Series - 2013 1A (Class A) | ||||||||||||||||
47,941 | g | Sierra Receivables Funding Co LLC | 2.390 | 11/20/29 | 47,935 | |||||||||||
Series - 2013 1A (Class B) | ||||||||||||||||
345,315 | g | SLM Student Loan Trust | 3.830 | 01/17/45 | 351,407 | |||||||||||
Series - 2012 A (Class A2) | ||||||||||||||||
170,515 | g | SolarCity LMC | 4.020 | 07/20/44 | 166,498 | |||||||||||
Series - 2014 2 (Class A) | ||||||||||||||||
199,139 | g | SpringCastle America Funding LLC | 3.050 | 04/25/29 | 200,313 | |||||||||||
Series - 2016 AA (Class A) | ||||||||||||||||
744,375 | g | Taco Bell Funding LLC | 3.832 | 05/25/46 | 760,982 | |||||||||||
Series - 2016 1A (Class A2I) | ||||||||||||||||
48,429 | g,m | Wachovia Amortization Controlled Heloc NIM | 5.683 | 08/12/47 | 48,800 | |||||||||||
Series - 2006 N1 (Class N1) | ||||||||||||||||
|
| |||||||||||||||
TOTAL ASSET BACKED | 6,190,674 | |||||||||||||||
|
| |||||||||||||||
OTHER MORTGAGE BACKED - 6.8% | ||||||||||||||||
73,010 | g | Banc of America Commercial Mortgage Trust | 5.416 | 01/15/49 | 73,421 | |||||||||||
Series - 2007 1 (Class AM) | ||||||||||||||||
85,786 | i | Banc of America Commercial Mortgage Trust | 5.482 | 01/15/49 | 85,687 | |||||||||||
Series - 2007 1 (Class AMFX) | ||||||||||||||||
165,000 | g,i | Banc of America Commercial Mortgage Trust | 5.821 | 02/10/51 | 161,687 | |||||||||||
Series - 2007 4 (Class E) | ||||||||||||||||
150,000 | g,i | Banc of America Commercial Mortgage Trust | 6.000 | 02/10/51 | 149,234 | |||||||||||
Series - 2007 4 (Class D) | ||||||||||||||||
1,175,000 | i | Bear Stearns Commercial Mortgage Securities Trust | 6.136 | 09/11/42 | 1,179,561 | |||||||||||
Series - 2007 T28 (Class AJ) | ||||||||||||||||
108,656 | i | CHL Mortgage Pass-Through Trust | 3.348 | 02/20/35 | 109,398 | |||||||||||
Series - 2004 HYB9 (Class 1A1) | ||||||||||||||||
325,964 | g,i | Citigroup Mortgage Loan Trust | 1.204 | 05/25/37 | 316,401 | |||||||||||
Series - 2015 8 (Class 1A1) | ||||||||||||||||
1,500,000 | i | COBALT CMBS Commercial Mortgage Trust | 5.771 | 05/15/46 | 1,535,625 | |||||||||||
Series - 2007 C3 (Class AJ) | ||||||||||||||||
200,000 | i | Credit Suisse Commercial Mortgage Trust | 5.903 | 09/15/39 | 204,824 | |||||||||||
Series - 2007 C4 (Class A1AJ) | ||||||||||||||||
87,275 | i | Credit Suisse Commercial Mortgage Trust | 5.625 | 01/15/49 | 89,497 | |||||||||||
Series - 2007 C2 (Class AJ) | ||||||||||||||||
175,000 | g,i | DBUBS Mortgage Trust | 5.871 | 11/10/46 | 191,139 | |||||||||||
Series - 2011 LC1A (Class C) | ||||||||||||||||
1,190,601 | i | Greenwich Capital Commercial Funding Corp | 5.867 | 12/10/49 | 1,193,810 | |||||||||||
Series - 2007 GG11 (Class AM) |
122
TIAA-CREF LIFE FUNDS - Bond Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 364,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.801 | % | 02/15/46 | $ | 384,273 | |||||||||
Series - 2011 C3 (Class D) | ||||||||||||||||
100,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.581 | 07/15/46 | 107,672 | |||||||||||
Series - 2011 C4 (Class C) | ||||||||||||||||
295,974 | i | JP Morgan Chase Commercial Mortgage Securities Trust | 6.192 | 02/15/51 | 300,095 | |||||||||||
Series - 2007 LD12 (Class AM) | ||||||||||||||||
75,681 | i | LB-UBS Commercial Mortgage Trust | 6.049 | 06/15/38 | 75,792 | |||||||||||
Series - 2006 C4 (Class B) | ||||||||||||||||
33,976 | i | LB-UBS Commercial Mortgage Trust | 5.533 | 02/15/40 | 33,943 | |||||||||||
Series - 2007 C1 (Class C) | ||||||||||||||||
250,000 | i | LB-UBS Commercial Mortgage Trust | 5.563 | 02/15/40 | 249,038 | |||||||||||
Series - 2007 C1 (Class D) | ||||||||||||||||
796,010 | i | LB-UBS Commercial Mortgage Trust | 6.114 | 07/15/40 | 797,038 | |||||||||||
Series - 2007 C6 (Class AM) | ||||||||||||||||
294,714 | g,i | LVII Resecuritization Trust | 3.851 | 07/25/47 | 294,898 | |||||||||||
Series - 2015 A (Class A) | ||||||||||||||||
170,000 | i | Merrill Lynch Mortgage Trust | 6.542 | 02/12/51 | 171,751 | |||||||||||
Series - 0 C1 (Class AJA) | ||||||||||||||||
451,437 | i | Morgan Stanley Capital I Trust | 5.389 | 11/12/41 | 451,992 | |||||||||||
Series - 2006 HQ10 (Class AJ) | ||||||||||||||||
40,073 | i | Morgan Stanley Capital I Trust | 5.832 | 07/12/44 | 40,049 | |||||||||||
Series - 2006 HQ9 (Class B) | ||||||||||||||||
100,000 | i | Morgan Stanley Capital I Trust | 5.842 | 07/12/44 | 99,835 | |||||||||||
Series - 2006 HQ9 (Class C) | ||||||||||||||||
800,000 | i | Morgan Stanley Capital I Trust | 5.907 | 06/11/49 | 801,694 | |||||||||||
Series - 2007 IQ15 (Class AJ) | ||||||||||||||||
250,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 3.416 | 09/25/24 | 256,821 | |||||||||||
Series - 2014 HQ2 (Class M2) | ||||||||||||||||
149,143 | i | Structured Agency Credit Risk Debt Note (STACR) | 3.416 | 03/25/25 | 150,870 | |||||||||||
Series - 2015 HQ1 (Class M2) | ||||||||||||||||
250,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 5.016 | 03/25/25 | 271,844 | |||||||||||
Series - 2015 HQ1 (Class M3) | ||||||||||||||||
46,033 | i | Structured Agency Credit Risk Debt Note (STACR) | 2.316 | 05/25/25 | 46,141 | |||||||||||
Series - 2015 HQ2 (Class M1) | ||||||||||||||||
275,000 | i | Structured Agency Credit Risk Debt Note (STACR) | 3.166 | 05/25/25 | 280,202 | |||||||||||
Series - 2015 HQ2 (Class M2) | ||||||||||||||||
155,857 | i | Wachovia Bank Commercial Mortgage Trust | 5.780 | 01/15/45 | 155,612 | |||||||||||
Series - 2006 C23 (Class F) | ||||||||||||||||
980,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.818 | 05/15/46 | 985,522 | |||||||||||
Series - 2007 C34 (Class AM) | ||||||||||||||||
1,200,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.271 | 05/15/46 | 1,200,861 | |||||||||||
Series - 2007 C34 (Class AJ) | ||||||||||||||||
200,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.126 | 04/15/47 | 202,920 | |||||||||||
Series - 2007 C31 (Class C) | ||||||||||||||||
70,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.953 | 02/15/51 | 69,934 | |||||||||||
Series - 2007 C33 (Class AM) | ||||||||||||||||
50,000 | g,i | Wells Fargo Mortgage Backed Securities Trust | 5.276 | 11/15/43 | 53,694 | |||||||||||
Series - 2010 C1 (Class B) | ||||||||||||||||
|
| |||||||||||||||
TOTAL OTHER MORTGAGE BACKED | 12,772,775 | |||||||||||||||
|
| |||||||||||||||
TOTAL STRUCTURED ASSETS (Cost $18,893,542) | 18,963,449 | |||||||||||||||
|
| |||||||||||||||
TOTAL BONDS (Cost $175,446,505) | 177,140,558 | |||||||||||||||
|
|
123
TIAA-CREF LIFE FUNDS - Bond Fund
SHARES | COMPANY | RATE | MATURITY DATE | VALUE | ||||||||||||
PREFERRED STOCKS - 0.1% | ||||||||||||||||
BANKS - 0.1% | ||||||||||||||||
5,517 | * | Federal Home Loan Mortgage Corp | 8.375 | % | 12/30/49 | $ | 30,068 | |||||||||
17,265 | * | Federal National Mortgage Association | 8.250 | 12/30/49 | 99,446 | |||||||||||
|
| |||||||||||||||
TOTAL BANKS |
| 129,514 | ||||||||||||||
|
| |||||||||||||||
TOTAL PREFERRED STOCKS (Cost $569,550) | 129,514 | |||||||||||||||
|
| |||||||||||||||
PRINCIPAL | ISSUER | |||||||||||||||
SHORT-TERM INVESTMENTS - 5.6% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 5.6% | ||||||||||||||||
$10,500,000 | Federal Home Loan Bank (FHLB) | 0.400 | 07/03/17 | 10,500,000 | ||||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 10,500,000 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,499,767) | 10,500,000 | |||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS - 100.6% (Cost $187,779,180) | 189,040,445 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.6)% | (1,059,094 | ) | ||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 187,981,351 | ||||||||||||||
|
|
Abbreviation(s):
BRL | Brazilian Real |
UYU | Uruguayan Peso |
REIT | Real Estate Investment Trust |
* | Non-income producing |
g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/17, the aggregate value of these securities was $26,922,298 or 14.3% of net assets. |
h | All or a portion of these securities were purchased on a delayed delivery basis. |
i | Floating or variable rate security. Coupon reflects the rate at period end. |
m | Indicates a security that has been deemed illiquid. |
124
TIAA-CREF LIFE FUNDS - Money Market Fund
TIAA-CREF LIFE FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
SHORT-TERM INVESTMENTS - 99.6% | ||||||||||||||||
GOVERNMENT AGENCY DEBT - 63.2% | ||||||||||||||||
$ 500,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.980 | % | 07/03/17 | $ | 499,973 | ||||||||||
500,000 | FAMC | 1.000 | 07/18/17 | 499,764 | ||||||||||||
1,545,000 | FAMC | 0.640-1.035 | 07/27/17 | 1,543,983 | ||||||||||||
630,000 | FAMC | 0.860 | 08/01/17 | 629,533 | ||||||||||||
1,000,000 | FAMC | 1.030 | 09/13/17 | 997,883 | ||||||||||||
535,000 | FAMC | 1.030 | 09/20/17 | 533,760 | ||||||||||||
1,000,000 | Federal Farm Credit Bank (FFCB) | 0.580 | 07/06/17 | 999,919 | ||||||||||||
930,000 | FFCB | 0.960 | 07/18/17 | 929,578 | ||||||||||||
500,000 | FFCB | 0.990 | 07/24/17 | 499,684 | ||||||||||||
500,000 | FFCB | 0.810 | 07/25/17 | 499,730 | ||||||||||||
500,000 | FFCB | 0.990 | 08/02/17 | 499,560 | ||||||||||||
500,000 | FFCB | 0.810 | 08/03/17 | 499,629 | ||||||||||||
1,000,000 | FFCB | 0.850 | 08/07/17 | 999,126 | ||||||||||||
300,000 | FFCB | 0.950 | 09/01/17 | 299,509 | ||||||||||||
290,000 | FFCB | 0.930 | 09/05/17 | 289,505 | ||||||||||||
600,000 | FFCB | 0.920-0.990 | 09/08/17 | 598,875 | ||||||||||||
500,000 | FFCB | 1.030 | 09/20/17 | 498,841 | ||||||||||||
410,000 | FFCB | 1.030 | 09/26/17 | 408,979 | ||||||||||||
500,000 | FFCB | 1.070 | 10/02/17 | 498,618 | ||||||||||||
250,000 | FFCB | 0.750 | 10/16/17 | 249,443 | ||||||||||||
1,000,000 | FFCB | 1.050 | 10/27/17 | 996,558 | ||||||||||||
240,000 | FFCB | 1.060 | 11/03/17 | 239,117 | ||||||||||||
500,000 | Federal Home Loan Bank (FHLB) | 0.800 | 07/05/17 | 499,955 | ||||||||||||
229,000 | FHLB | 0.855 | 07/06/17 | 228,973 | ||||||||||||
965,000 | FHLB | 0.815-0.850 | 07/07/17 | 964,865 | ||||||||||||
350,000 | FHLB | 0.800 | 07/12/17 | 349,914 | ||||||||||||
345,000 | FHLB | 1.001 | 07/13/17 | 344,885 | ||||||||||||
1,100,000 | FHLB | 0.830-0.870 | 07/14/17 | 1,099,669 | ||||||||||||
650,000 | FHLB | 0.800-0.850 | 07/17/17 | 649,766 | ||||||||||||
1,700,000 | FHLB | 0.853-0.930 | 07/19/17 | 1,699,229 | ||||||||||||
1,000,000 | FHLB | 0.854 | 07/21/17 | 999,526 | ||||||||||||
605,000 | FHLB | 0.830 | 07/24/17 | 604,679 | ||||||||||||
768,000 | FHLB | 0.650 | 07/25/17 | 767,667 | ||||||||||||
1,000,000 | FHLB | 0.640-0.900 | 07/26/17 | 999,465 | ||||||||||||
480,000 | FHLB | 0.900 | 07/28/17 | 479,676 | ||||||||||||
429,000 | FHLB | 0.902 | 08/02/17 | 428,656 | ||||||||||||
700,000 | FHLB | 1.030 | 08/04/17 | 699,319 | ||||||||||||
113,000 | FHLB | 0.650 | 08/11/17 | 112,916 | ||||||||||||
781,000 | FHLB | 0.930 | 08/14/17 | 780,112 | ||||||||||||
1,000,000 | FHLB | 0.955 | 08/23/17 | 998,594 | ||||||||||||
1,015,000 | FHLB | 0.900-1.030 | 08/25/17 | 1,013,442 | ||||||||||||
489,000 | FHLB | 0.920-0.950 | 08/28/17 | 488,261 | ||||||||||||
496,000 | FHLB | 0.900-0.970 | 08/30/17 | 495,210 | ||||||||||||
460,000 | FHLB | 1.005 | 09/06/17 | 459,140 |
125
TIAA-CREF LIFE FUNDS - Money Market Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 1,000,000 | FHLB | 1.000 | % | 09/08/17 | $ | 998,083 | ||||||||||
500,000 | FHLB | 1.050 | 09/20/17 | 498,819 | ||||||||||||
565,000 | FHLB | 1.040 | 09/27/17 | 563,564 | ||||||||||||
250,000 | FHLB | 1.080 | 10/19/17 | 249,175 | ||||||||||||
463,000 | FHLB | 0.990 | 10/20/17 | 461,587 | ||||||||||||
150,000 | FHLB | 1.070 | 10/25/17 | 149,483 | ||||||||||||
328,000 | FHLB | 1.050 | 11/01/17 | 326,823 | ||||||||||||
100,000 | FHLB | 1.080 | 11/02/17 | 99,628 | ||||||||||||
500,000 | FHLB | 1.075 | 11/10/17 | 498,029 | ||||||||||||
200,000 | FHLB | 1.073 | 11/22/17 | 199,142 | ||||||||||||
484,000 | Federal Home Loan Mortgage Corp (FHLMC) | 0.770-0.790 | 07/03/17 | 483,979 | ||||||||||||
712,000 | FHLMC | 0.820-0.920 | 07/17/17 | 711,718 | ||||||||||||
500,000 | FHLMC | 0.780 | 07/20/17 | 499,794 | ||||||||||||
425,000 | FHLMC | 0.840 | 08/01/17 | 424,693 | ||||||||||||
300,000 | FHLMC | 0.820 | 08/03/17 | 299,774 | ||||||||||||
198,000 | FHLMC | 0.825 | 08/08/17 | 197,828 | ||||||||||||
250,000 | FHLMC | 1.000 | 08/11/17 | 249,715 | ||||||||||||
400,000 | FHLMC | 1.010 | 08/18/17 | 399,461 | ||||||||||||
258,000 | FHLMC | 0.990 | 09/06/17 | 257,525 | ||||||||||||
213,000 | FHLMC | 0.950 | 09/15/17 | 212,573 | ||||||||||||
1,000,000 | FHLMC | 1.040 | 09/18/17 | 997,718 | ||||||||||||
765,000 | FHLMC | 1.015 | 10/17/17 | 762,671 | ||||||||||||
250,000 | FHLMC | 1.020 | 10/18/17 | 249,228 | ||||||||||||
500,000 | FHLMC | 1.025 | 10/19/17 | 498,434 | ||||||||||||
500,000 | FHLMC | 1.000 | 10/24/17 | 498,403 | ||||||||||||
500,000 | FHLMC | 1.020 | 11/02/17 | 498,243 | ||||||||||||
250,000 | FHLMC | 1.090 | 11/10/17 | 249,001 | ||||||||||||
500,000 | Federal National Mortgage Association (FNMA) | 0.790 | 07/05/17 | 499,956 | ||||||||||||
1,000,000 | FNMA | 0.770 | 07/11/17 | 999,786 | ||||||||||||
1,372,000 | FNMA | 0.595-0.810 | 07/12/17 | 1,371,685 | ||||||||||||
326,000 | FNMA | 0.770 | 07/14/17 | 325,909 | ||||||||||||
500,000 | FNMA | 0.820 | 07/19/17 | 499,795 | ||||||||||||
405,000 | FNMA | 0.780 | 08/01/17 | 404,728 | ||||||||||||
500,000 | FNMA | 0.970 | 08/23/17 | 499,286 | ||||||||||||
638,000 | FNMA | 1.015 | 09/01/17 | 636,885 | ||||||||||||
1,000,000 | FNMA | 0.990 | 09/06/17 | 998,157 | ||||||||||||
400,000 | FNMA | 0.900 | 09/11/17 | 399,280 | ||||||||||||
1,000,000 | FNMA | 1.060 | 10/06/17 | 997,144 | ||||||||||||
|
| |||||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 48,043,188 | |||||||||||||||
|
| |||||||||||||||
TREASURY DEBT - 23.0% | ||||||||||||||||
689,000 | United States Treasury Bill | 0.730-0.800 | 07/06/17 | 688,927 | ||||||||||||
1,230,000 | United States Treasury Bill | 0.579-0.774 | 07/13/17 | 1,229,729 | ||||||||||||
756,000 | United States Treasury Bill | 0.605-0.780 | 07/20/17 | 755,708 | ||||||||||||
750,000 | United States Treasury Bill | 0.780-0.782 | 07/27/17 | 749,577 | ||||||||||||
1,206,000 | United States Treasury Bill | 0.846-0.891 | 08/03/17 | 1,205,031 | ||||||||||||
1,121,000 | United States Treasury Bill | 0.627-0.870 | 08/10/17 | 1,120,083 | ||||||||||||
1,214,000 | United States Treasury Bill | 0.650-0.960 | 08/17/17 | 1,212,744 | ||||||||||||
1,505,000 | United States Treasury Bill | 0.665-0.955 | 08/24/17 | 1,503,138 | ||||||||||||
691,000 | United States Treasury Bill | 0.803-0.920 | 08/31/17 | 689,955 | ||||||||||||
804,000 | United States Treasury Bill | 0.897-0.924 | 09/07/17 | 802,634 | ||||||||||||
800,000 | United States Treasury Bill | 0.916-0.990 | 09/14/17 | 798,427 | ||||||||||||
650,000 | United States Treasury Bill | 0.910-0.915 | 09/21/17 | 648,647 |
126
TIAA-CREF LIFE FUNDS - Money Market Fund
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE | ||||||||||||
$ 500,000 | United States Treasury Note | 0.500 | % | 07/31/17 | $ | 499,953 | ||||||||||
500,000 | United States Treasury Note | 0.625 | 07/31/17 | 499,986 | ||||||||||||
1,500,000 | United States Treasury Note | 0.875 | 08/15/17 | 1,499,995 | ||||||||||||
725,000 | United States Treasury Note | 0.625 | 08/31/17 | 724,933 | ||||||||||||
1,200,000 | United States Treasury Note | 1.000 | 09/15/17 | 1,200,429 | ||||||||||||
250,000 | United States Treasury Note | 0.625 | 11/30/17 | 249,610 | ||||||||||||
300,000 | United States Treasury Note | 0.875 | 11/30/17 | 299,888 | ||||||||||||
200,000 | United States Treasury Note | 1.000 | 12/15/17 | 200,000 | ||||||||||||
250,000 | United States Treasury Note | 0.750 | 01/31/18 | 249,391 | ||||||||||||
250,000 | United States Treasury Note | 0.875 | 01/31/18 | 249,590 | ||||||||||||
400,000 | United States Treasury Note | 1.000 | 02/15/18 | 399,548 | ||||||||||||
|
| |||||||||||||||
TOTAL TREASURY DEBT | 17,477,923 | |||||||||||||||
|
| |||||||||||||||
VARIABLE RATE SECURITIES - 13.4% | ||||||||||||||||
250,000 | i | Federal Agricultural Mortgage Corp (FAMC) | 1.146 | 09/06/17 | 250,000 | |||||||||||
300,000 | i | FAMC | 1.070 | 09/21/17 | 300,000 | |||||||||||
500,000 | i | FAMC | 0.940 | 04/27/18 | 500,000 | |||||||||||
500,000 | i | FAMC | 0.956 | 08/03/18 | 500,000 | |||||||||||
300,000 | i | Federal Farm Credit Bank (FFCB) | 1.116 | 08/04/17 | 299,975 | |||||||||||
300,000 | i | FFCB | 0.952 | 08/15/17 | 300,000 | |||||||||||
300,000 | i | FFCB | 1.228 | 11/13/17 | 299,994 | |||||||||||
500,000 | i | FFCB | 1.270 | 01/22/18 | 500,470 | |||||||||||
425,000 | i | FFCB | 1.110 | 02/02/18 | 424,723 | |||||||||||
250,000 | i | FFCB | 1.149 | 02/06/18 | 249,964 | |||||||||||
250,000 | i | FFCB | 1.366 | 02/23/18 | 249,975 | |||||||||||
500,000 | i | FFCB | 0.989 | 08/08/18 | 500,006 | |||||||||||
300,000 | i | FFCB | 1.400 | 08/10/18 | 300,067 | |||||||||||
300,000 | i | FFCB | 1.250 | 08/27/18 | 299,982 | |||||||||||
500,000 | i | FFCB | 1.159 | 09/17/18 | 499,939 | |||||||||||
500,000 | i | FFCB | 1.106 | 01/25/19 | 500,039 | |||||||||||
250,000 | i | FFCB | 1.170 | 06/27/19 | 250,050 | |||||||||||
300,000 | i | Federal Home Loan Bank (FHLB) | 1.036 | 02/23/18 | 300,027 | |||||||||||
300,000 | i | FHLB | 0.891 | 04/20/18 | 300,009 | |||||||||||
500,000 | i | FHLB | 0.958 | 01/18/19 | 500,076 | |||||||||||
500,000 | i | FHLB | 1.176 | 02/22/19 | 500,459 | |||||||||||
400,000 | i | FHLB | 0.988 | 03/06/19 | 399,679 | |||||||||||
200,000 | i | Federal Home Loan Mortgage Corp (FHLMC) | 1.344 | 07/21/17 | 199,999 | |||||||||||
300,000 | i | FHLMC | 1.072 | 11/13/17 | 300,000 | |||||||||||
500,000 | i | Federal National Mortgage Association (FNMA) | 1.232 | 07/20/17 | 499,981 | |||||||||||
500,000 | i | FNMA | 1.182 | 08/16/17 | 499,994 | |||||||||||
475,000 | i | FNMA | 1.086 | 10/05/17 | 474,837 | |||||||||||
|
| |||||||||||||||
TOTAL VARIABLE RATE SECURITIES | 10,200,245 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $75,721,356) | 75,721,356 | |||||||||||||||
|
| |||||||||||||||
TOTAL PORTFOLIO - 99.6% (Cost $75,721,356) | 75,721,356 | |||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 291,729 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS - 100.0% | $ | 76,013,085 | ||||||||||||||
|
|
i | Floating or variable rate security. Coupon reflects the rate at period end. |
127
TIAA-CREF LIFE FUNDS - Balanced Fund
TIAA-CREF LIFE FUNDS
BALANCED FUND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2017
SHARES | SECURITY | VALUE | ||||||
TIAA-CREF Life Funds - 99.4%(a) | ||||||||
FIXED INCOME - 49.6% | ||||||||
1,067,533 | TIAA-CREF Life Bond Fund | $ | 27,083,306 | |||||
|
| |||||||
TOTAL FIXED INCOME | 27,083,306 | |||||||
|
| |||||||
INTERNATIONAL EQUITY - 9.9% | ||||||||
256,708 | TIAA-CREF Life International Equity Fund | 5,416,533 | ||||||
|
| |||||||
TOTAL INTERNATIONAL EQUITY | 5,416,533 | |||||||
|
| |||||||
U.S. EQUITY - 39.9% | ||||||||
147,997 | TIAA-CREF Life Growth Equity Fund | 4,787,690 | ||||||
134,957 | TIAA-CREF Life Growth & Income Fund | 5,438,768 | ||||||
137,315 | TIAA-CREF Life Large-Cap Value Fund | 5,010,634 | ||||||
32,844 | TIAA-CREF Life Real Estate Securities Fund | 1,087,808 | ||||||
29,715 | TIAA-CREF Life Small-Cap Equity Fund | 1,090,819 | ||||||
81,660 | TIAA-CREF Life Stock Index Fund | 4,353,305 | ||||||
|
| |||||||
TOTAL U.S. EQUITY | 21769024 | |||||||
|
| |||||||
TOTAL TIAA-CREF LIFE FUNDS (Cost $50,817,095) | 54,268,863 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.4% (Cost $50,817,095) | 54,268,863 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.6% | 311,439 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 54,580,302 | ||||||
|
|
(a) | The Fund invests its assets in the affiliated TIAA-CREF Life Funds. |
128
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Exhibits.
12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TIAA-CREF LIFE FUNDS | ||||||
Dated: August 15, 2017 | By: | /s/ Bradley Finkle | ||||
Bradley Finkle | ||||||
Principal Executive Officer and President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Dated: August 15, 2017 | By: | /s/ Bradley Finkle | ||||
Bradley Finkle | ||||||
Principal Executive Officer and President (principal executive officer) |
Dated: August 15, 2017 | By: | /s/ E. Scott Wickerham | ||||
E. Scott Wickerham | ||||||
Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer) |
EXHIBIT INDEX
Item 12. Exhibits.
12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer